N-CSR 1 c56262_ncsr.htm

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number File No. 811-4415

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

730 Third Avenue, New York, New York 10017-3206
(Address of principal executive offices) (Zip code)

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

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2008

Item 1. Reports to Stockholders.






(COVER PAGE)

2008 ANNUAL REPORT


COLLEGE
RETIREMENT
EQUITIES FUND

DECEMBER 31, 2008
Audited financial statements



Stock

Global Equities

Growth

Equity Index



Bond Market

Inflation-Linked Bond

Social Choice

Money Market

SIGN UP FOR ELECTRONIC DELIVERY AT
tiaa-cref.org



PERFORMANCE OVERVIEW AS OF DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total return

 

Average annual total return

 

 

 

 

 

 

 

 

 

Inception date

 

1 year

 

5 years

 

10 years

 

since
inception

 

EQUITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CREF Stock

 

 

8/1/1952

 

 

–39.68

%

 

–1.49

%

 

–0.73

%

 

9.38

%

CREF Global Equities

 

 

5/1/1992

 

 

–42.29

 

 

–1.21

 

 

–1.01

 

 

5.61

*

CREF Growth

 

 

4/29/1994

 

 

–39.78

 

 

–3.64

 

 

–4.94

 

 

4.16

*

CREF Equity Index

 

 

4/29/1994

 

 

–37.50

 

 

–2.33

 

 

–1.12

 

 

6.37

*

FIXED INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CREF Bond Market

 

 

3/1/1990

 

 

1.24

 

 

3.53

 

 

5.00

 

 

6.73

*

CREF Inflation-Linked Bond

 

 

5/1/1997

 

 

–1.78

 

 

3.84

 

 

6.48

 

 

6.09

*

EQUITIES & FIXED INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CREF Social Choice

 

 

3/1/1990

 

 

–23.45

 

 

0.23

 

 

1.52

 

 

7.67

*

MONEY MARKET

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CREF Money Market†

 

 

4/1/1988

 

 

2.44

 

 

3.18

 

 

3.34

 

 

4.61

*

 

 

 

 

 

NET ANNUALIZED YIELD

 

 

 

 

(30-day period ended 12/31/2008)

 

 

 

 

 

 


Effective

 

CREF Bond Market

 

 

3.50

%

 

 

 

 

 

 

 

 

NET ANNUALIZED YIELD

 

 

 

 

 

 

 

(7-day period ended 12/30/2008)

 

 

 

 

 

 

 

 

 

 

Current

 

Effective

 

CREF Money Market†

 

 

1.26

%

 

1.27

%

 

 

*

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

 

 

†

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

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


UNDERSTANDING YOUR CREF REPORT

This report contains information about the eight CREF accounts and describes the accounts’ results for the twelve months ended on December 31, 2008. The report contains five main sections:

 

 

 

 

•

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

 

 

 

 

•

The report to CREF participants from Edward Grzybowski, the chief investment officer of TIAA-CREF Investment Management, LLC, the accounts’ investment adviser, explains how returns among various types of investments differed during the twelve-month period.

 

 

 

 

•

The account performance section compares each account’s investment returns with those of that account’s benchmark index and Morningstar peer group.

 

 

 

 

•

The summary portfolios of investments list the industries and types of securities in which each account had investments as of December 31, 2008, and the largest individual holdings the account held on that date.

 

 

 

 

•

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

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

CONTENTS

 

 

 

 

Summary portfolios of investments

 

39

 

 

 

 

 

Financial statements

 

 

 

Statements of assets and liabilities

 

80

 

Statements of operations

 

82

 

Statements of changes in net assets

 

84

 

Financial highlights

 

90

 

Notes to financial statements

 

98

 

 

 

 

 

Report of independent registered public accounting firm

 

111

 

 

 

 

 

2008 annual meeting

 

112

 

 

 

 

 

Management

 

113

 

 

 

 

 

How to reach us

 

Inside back cover

 

REPORT TO CREF PARTICIPANTS

An escalating credit crisis caused a rapid slowdown in economic growth in the United States during 2008 and sent stock prices lower in many world markets.

          The MSCI World IndexSM, which tracks stock performance in 23 developed nations, including the United States, posted a decline of 40.7%.

          The broad U.S. stock market, as measured by the Russell 3000® Index, lost 37.3%. Foreign stocks, as measured by the MSCI EAFE®+Canada Index, fell 43.6%, in terms of dollars.

          Losses in the stock markets were driven by two major factors: investors’ concerns about corporate profits and liquidity problems that forced many investors, large and small, to sell substantial portions of their holdings.

          The market for bonds held up much better because many investors sought safety in U.S. Treasury securities. The Barclays Capital U.S. Aggregate Bond Index, which replaced the Lehman aggregate index and tracks the U.S. investment-grade, fixed-rate bond market, posted a return of 5.2%.

          Meanwhile, the problems in the financial markets took their toll on the nation’s economy. Over the course of 2008, more than 3.5 million Americans lost their jobs, raising the unemployment rate from 4.9% to 7.2%. According to initial estimates, gross domestic product grew by just 1.3%.

CREF’s results differ sharply by asset class

With such steep declines in stock prices, the four CREF accounts that invest entirely in stocks had significant equity depreciation. Since our strategy is to be fully invested in order to capture the market’s gains, we inevitably participate in a market downturn when one occurs.

          Of the equity accounts, the Equity Index Account held up best; it lost 37.5%, in line with the return of its benchmark but slightly better than its peers in its Morningstar category.

          The Stock Account dropped 39.7%, lagging both its composite benchmark and its Morningstar peers. The Growth Account lost 39.8%, slightly more than its benchmark but better than its Morningstar category. The Global Equities Account’s loss of 42.3% placed it behind both its benchmark and its Morningstar peers.

          The best results of the period came from the Money Market Account, which gained 2.4%, nearly half a percentage point more than the average U.S. money market fund, as measured by iMoneyNet.

          The Bond Market Account returned 1.2%, lagging its benchmark but outpacing its Morningstar peers by nearly six percentage points. The Inflation-Linked Bond Account posted a 1.8% loss, but that was better than its benchmark’s return and that of its Morningstar peers.

 

 

2

2008 Annual Report § College Retirement Equities Fund

  (Photo of Edward J. Grzybowski)
   
  Edward J. Grzybowski
Chief Investment Officer
TIAA-CREF Investment Management, LLC

          The Social Choice Account, which invests in both stocks and bonds, saw gains in its fixed-income segment that partly offset losses from the account’s stock holdings. The account declined 23.5%—a loss that was more than four-and-a-half percentage points smaller than the drop in its Morningstar category.

          During the year, the CREF accounts incurred expenses that were higher than anticipated. This resulted primarily from declines in the global financial markets, which lowered the value of the accounts’ assets, against which expenses are assessed.

Dealing with a market downturn

At TIAA-CREF we recognize that our participants are not speculators, but investors. You are allocating your retirement assets in the hope of providing for a secure retirement and that requires a long-term perspective. If you are already retired, you also have a long-term view because you are seeking to maximize your lifetime income.

          A long-term investor’s best friend is diversification. While no investment strategy can guarantee against loss, diversifying your assets can limit your losses when declines occur in one investment area but not in others. It can also help ensure that, when a given area does well, you will be able to share in its rewards.

          If you are concerned about the downturn in the stock market and want to review your options, I hope you will visit our website or call us. We want to do everything we can to help you through these difficult times.

/s/ Edward J. Grzybowski

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

 

 

College Retirement Equities Fund § 2008 Annual Report

3

MORE INFORMATION FOR CREF PARTICIPANTS

Portfolio holdings

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

          You can obtain a complete list of CREF’s holdings (called “CREF Schedules of Investments”) as of the most recently completed fiscal quarter (currently for the period ended December 31, 2008) in the following ways:

 

 

•

By visiting our website at tiaa-cref.org; or

 

 

•

By calling us at 800 842-2776 to request a copy, which will be provided free of charge.

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

 

 

•

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

 

 

•

From the SEC’s Office of Investor Education and Advocacy. (Call 202 551-8090 for more information.)

Proxy voting

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

Contacting TIAA-CREF

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

Account management

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

 

 

4

2008 Annual Report § College Retirement Equities Fund

SPECIAL TERMS

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

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

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

Benchmarks (benchmark indexes) are groups of securities, such as the Russell 3000® Index or the MSCI EAFE®+Canada Index, whose performance can be used as a standard by which to judge the performance of a variable annuity.*

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

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

Expense ratio is a measure of the annual amount that investors pay for the management of an annuity account. It is expressed as a percentage of the account’s average net assets and does not include front-end or back-end sales charges, if any, or trading costs.

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

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

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

Overweight holding is a security that forms a larger percentage of an account, in terms of market capitalization, than that security’s percentage of the benchmark.

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

Portfolio turnover rate is calculated by dividing the value of securities bought or sold during the fiscal year (whichever is less) by the average value of the portfolio during that period.

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

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

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

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

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

 

 

*

Russell 3000 is a trademark and service mark of Russell Investment Group. TIAA-CREF products are not promoted or sponsored by, or affiliated with, Russell Investment Group. EAFE (which stands for Europe, Australasia, Far East) is a trademark of MSCI, Inc. You cannot invest directly in any index.

 

 

College Retirement Equities Fund § 2008 Annual Report

5

IMPORTANT INFORMATION ABOUT EXPENSES

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

 

 

•

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

 

 

•

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

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

          The examples assume $1,000 was invested on July 1, 2008, and held for six months until December 31, 2008.

Actual expenses

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

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

Hypothetical example for comparison purposes

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

          This hypothetical example cannot be used to estimate the actual expenses you paid for the period but rather allows you to compare the ongoing costs of investing in this account with the costs of other accounts. To do so, compare our 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other accounts and mutual funds.

 

 

6

2008 Annual Report § College Retirement Equities Fund

CREF STOCK ACCOUNT

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2008

The CREF Stock Account returned –39.68% for the year, compared with the –39.19% return of its composite benchmark, a weighted average of the Russell 3000® Index, the MSCI EAFE®+Canada Index, the MSCI EAFE+Canada Small Cap Index and the MSCI Emerging Markets IndexSM.

          The average return of the account’s peers, as defined by the Morningstar Large Blend category, was –37.79%. The Morningstar category included 2,086 funds as of December 31, 2008.

Stocks hit by global credit crisis

Amid the continuing credit crisis and a global economic slowdown, both U.S. and foreign stocks suffered losses of history-making size in 2008. For the year as a whole, the Russell 3000 Index, which measures the broad U.S. stock market, fell 37.31%—its worst calendar-year performance since the index began in 1979. The S&P 500® Index, which has a longer history, was down 37.00%—its largest drop since 1931. The MSCI EAFE+Canada Index, which tracks stocks in 22 developed foreign countries, tumbled 43.56% in dollar terms.

          Currency factors aggravated foreign stock losses for U.S. investors. For the year, the EAFE+Canada index returned –39.64% in terms of local currencies. A steep drop in the value of the euro and the pound versus the dollar lowered the EAFE+Canada’s return in dollar terms by nearly four percentage points, to –43.56%.

          The MSCI Emerging Markets Index, which tracks stocks in 24 emerging markets, plunged 53.33% in dollars during the year.

Severity of downturn limits successful stock selections

The account’s return lagged the broad U.S. stock market’s by almost two-and-a-half percentage points because about one-quarter of the account’s portfolio was allocated to foreign stocks. However, the account closely tracked its composite benchmark, after accounting for expenses. Stock selections in both its foreign and domestic segments produced mixed results.

          A lower-than-benchmark weighting in ExxonMobil reduced relative performance, as did overweight positions that included the Royal Bank of Scotland and energy provider Denbury Resources.

          Among the holdings that helped the account’s relative performance were overweights such as Occidental Petroleum and two drug companies: U.S.-based Abbott Laboratories and Switzerland’s Novartis. Underweighting insurer American International Group (AIG) and avoiding Russian energy giant Gazprom also helped.

 

 

College Retirement Equities Fund § 2008 Annual Report

7

CREF STOCK ACCOUNT

INVESTMENT OBJECTIVE

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

PRINCIPAL INVESTMENT RISKS

The account is subject to market risk, company risk, foreign investment risk and small-cap/mid-cap risk. For a detailed discussion of risk, please see the prospectus.

THE ACCOUNT’S BENCHMARK

The account’s composite benchmark is a weighted average of four indexes: the Russell 3000® Index, which measures the performance of the broad U.S. stock market; the MSCI EAFE®+Canada Index, which measures stocks in 22 developed nations outside the United States; the MSCI Emerging Markets IndexSM, which measures stocks in 24 emerging-market nations; and the MSCI EAFE+Canada Small Cap Index, which measures small-cap stocks in 22 developed nations outside the United States. (You cannot invest directly in these indexes.)

PERFORMANCE AS OF DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total
return

 

Average annual
total return

 

 

 

 

 

 

1 year

 

5 years

 

10 years

 

CREF Stock Account

 

 

–39.68%

 

 

–1.49

%

 

–0.73

%

CREF Composite Benchmark

 

 

–39.19

 

 

–1.18

 

 

–0.36

 

Benchmark components (percentage of composite index)

 

 

 

 

 

 

 

 

 

 

Russell 3000 Index (74.6%)

 

 

–37.31

 

 

–1.95

 

 

–0.80

 

MSCI EAFE+Canada Index (22.0%)

 

 

–43.56

 

 

1.91

 

 

1.21

 

MSCI Emerging Markets Index (2.5%)

 

 

–53.33

 

 

7.66

 

 

—

 

MSCI EAFE+Canada Small Cap Index (0.9%)

 

 

–48.03

 

 

0.74

 

 

—

 

Morningstar Large Blend*

 

 

–37.79

 

 

–2.47

 

 

–0.84

 

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

 

 

*

The returns represent the historical performance of funds included in the Morningstar category at December 31, 2008. The return of a $10,000 investment over ten years is calculated by linking the monthly returns of those funds in the category that operated during all or part of that period.

Russell 3000 is a trademark and service mark of Russell Investment Group. TIAA-CREF products are not promoted or sponsored by, or affiliated with, Russell Investment Group. EAFE (which stands for Europe, Australasia, Far East) is a trademark of MSCI, Inc. MSCI Emerging Markets Index is a service mark of MSCI, Inc.

 

 

8

2008 Annual Report § College Retirement Equities Fund

$10,000 OVER 10 YEARS

(LINE GRAPH)

An investment of $10,000 in this account on December 31, 1998, would be worth $9,296 at the end of the period, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the two main components of the account’s composite benchmark and its Morningstar peer group during the same period.

CALENDAR YEAR TOTAL RETURN SINCE 1999

(BAR CHART)

 

 

College Retirement Equities Fund § 2008 Annual Report

9

CREF STOCK ACCOUNT

EXPENSE EXAMPLE

Six months ended December 31, 2008

 

 

 

 

 

 

 

 

CREF Stock Account

 

Starting
account value
(7/1/08)

 

Ending
account value
(12/31/08)

 


Expenses paid*
(7/1/08–
12/31/08)

 

Actual return

 

$1,000.00

 

$   677.10

 

$2.61

 

5% annual hypothetical return

 

1,000.00

 

1,021.99

 

3.15

 

 

 

*

“Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half-year. The account’s annualized six-month expense ratio for that period was 0.62%.

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

 

 

 

 

ACCOUNT PROFILE

 

 

 


Inception date

 

 

8/1/1952

Net assets

 

 

$76.51 billion

2008 actual expense ratio

 

 

0.64%

Number of holdings

 

 

7,487

Portfolio turnover rate

 

 

53%

Weighted median market capitalization

 

 

$24.9 billion

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

 

 

10.9

Dividend yield

 

 

3.23%

 

 

 

 

 

HOLDINGS BY COMPANY SIZE

 

 

 

 

 


% of portfolio investments

 

 

Over $15 billion

 

 

61.37

 

$4 billion–$15 billion

 

 

19.89

 

Under $4 billion

 

 

18.74

 

 

Total

 

 

100.00

 

 

 

 

 

 

HOLDINGS BY COUNTRY

 

 

 

 

 


% of portfolio investments

 

 

United States

 

 

73.4

 

Japan

 

 

5.4

 

United Kingdom

 

 

4.4

 

France

 

 

2.2

 

Germany

 

 

2.2

 

Switzerland

 

 

2.1

 

Canada

 

 

1.9

 

52 other nations

 

 

8.0

 

Short-term investments

 

 

0.4

 

 

Total

 

 

100.0

 

 

 

 

 

 

PORTFOLIO COMPOSITION

 

 

 

 

 


% of portfolio investments

 

 

Consumer products & services

 

 

19.5

 

Manufacturing & materials

 

 

17.3

 

Financial

 

 

17.2

 

Technology

 

 

17.0

 

Health care

 

 

12.7

 

Energy

 

 

11.1

 

Utilities

 

 

4.8

 

Short-term investments

 

 

0.4

 

 

Total

 

 

100.0

 

 

 

10

2008 Annual Report § College Retirement Equities Fund

CREF GLOBAL EQUITIES ACCOUNT

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2008

The CREF Global Equities Account returned –42.29% for the year, compared with the –40.71% return of its benchmark, the MSCI World IndexSM, and the –41.94% average return of its peers, as defined by the Morningstar World Stock category, which included 647 funds as of December 31, 2008.

Global stocks plummet

Pressured by the global credit crunch and rapidly deteriorating economic conditions, every stock market represented in the MSCI World Index recorded a double-digit loss in 2008, in some cases posting declines of greater than 50%.

          The falling value of the euro and the pound versus the dollar magnified foreign stock losses for U.S. investors. For the year, the World index tumbled 38.69% in terms of local currencies and 40.71% in dollars.

European stocks fall the farthest

In 2008 the benchmark’s European segment lost 46.4% in dollar terms. British, French and German stocks—the three largest components of this segment, based on market capitalization at year-end—fell 48.3%, 43.3% and 45.9%, respectively. The benchmark’s Pacific stocks declined 36.4%. Japan, the largest component of the Pacific segment, lost 29.2%, while other Pacific stocks plunged 50.5%. North American stocks, which represented more than half of the benchmark’s market capitalization at the end of 2008, dropped 38.2%.

Stock selections detract from return

The account declined more than its benchmark largely because of stock selections that produced outsized losses. The largest detractor from the account’s relative return was an underweight position in ExxonMobil.

          Also hurting the account’s relative performance were overweight positions that included British mining company Anglo American and three financial companies: Bermuda-based insurer XL Capital, Italian bank Unicredito Italiano and the Royal Bank of Scotland.

          These negative effects more than offset the positive contributions to relative performance from overweights in such companies as British food service giant Compass Group, Japanese game maker Nintendo and Swiss drug maker Novartis. Among the underweights that helped were two financial companies, U.S. insurer American International Group (AIG) and Belgian-Dutch bank Fortis.

 

 

College Retirement Equities Fund § 2008 Annual Report

11

CREF GLOBAL EQUITIES ACCOUNT

INVESTMENT OBJECTIVE

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

PRINCIPAL INVESTMENT RISKS

The account is subject to market risk, company risk, foreign investment risk and small-cap/mid-cap risk. For a detailed discussion of risk, please see the prospectus.

THE ACCOUNT’S BENCHMARK

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

PERFORMANCE AS OF DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 


Total
return

 

Average annual
total return

 

 

 

 

 

 

1 year

 

5 years

 

10 years

 

CREF Global Equities Account

 

  –42.29%

 

  –1.21%

 

  –1.01%

 

MSCI World Index

 

–40.71

 

–0.51

 

–0.65

 

Morningstar World Stock*

 

–41.94

 

–0.31

 

1.67

 

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

 

 

*

The returns represent the historical performance of funds included in the Morningstar category at December 31, 2008. The return of a $10,000 investment over ten years is calculated by linking the monthly returns of those funds in the category that operated during all or part of that period.

MSCI World Index is a service mark of MSCI, Inc.

 

 

12

2008 Annual Report § College Retirement Equities Fund


$10,000 OVER 10 YEARS

(METROPOLITAN WEST LOGO)

An investment of $10,000 in this account on December 31, 1998, would be worth $9,030 at the end of the period, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the account’s benchmark and Morningstar peer group during the same period.

CALENDAR YEAR TOTAL RETURN SINCE 1999

(METROPOLITAN WEST LOGO)

 

 

College Retirement Equities Fund § 2008 Annual Report

13

CREF GLOBAL EQUITIES ACCOUNT

EXPENSE EXAMPLE

Six months ended December 31, 2008

 

 

 

 

 

 

 

 

CREF Global Equities Account

 


Starting
account value
(7/1/08)

 

Ending
account value
(12/31/08)

 

Expenses paid*
(7/1/08–
12/31/08)

 

Actual return

 

$1,000.00

 

$   648.50

 

$2.69

 

5% annual hypothetical return

 

1,000.00

 

1,021.83

 

3.30

 

 

 

*

“Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half-year. The account’s annualized six-month expense ratio for that period was 0.65%.

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

 

 

ACCOUNT PROFILE

 


Inception date

5/1/1992

Net assets

$9.65 billion

2008 actual expense ratio

0.68%

Number of holdings

2,067

Portfolio turnover rate

76%

Weighted median market capitalization

$31.6 billion

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

10.4

Dividend yield

3.72%


 

 

 

HOLDINGS BY COMPANY SIZE

 

 


% of portfolio investments

Over $15 billion

 

67.58

$4 billion–$15 billion

 

20.90

Under $4 billion

 

11.52

Total

 

100.00

 

 

 

HOLDINGS BY COUNTRY

 

 


% of portfolio investments

United States

 

49.8

Japan

 

10.4

United Kingdom

 

9.9

France

 

5.1

Switzerland

 

4.9

Germany

 

4.3

Canada

 

3.3

Australia

 

2.3

36 other nations

 

9.7

Short-term investments

 

0.3

Total

 

100.0

 

 

 

PORTFOLIO COMPOSITION

 

 


% of portfolio investments

Financial

 

20.6

Consumer products & services

 

20.2

Manufacturing & materials

 

16.2

Technology

 

15.8

Health care

 

12.0

Energy

 

10.6

Utilities

 

4.3

Short-term investments

 

0.3

Total

 

100.0

 

 

 

14

2008 Annual Report § College Retirement Equities Fund

CREF GROWTH ACCOUNT

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2008

The CREF Growth Account returned –39.78% for the year, compared with the –38.44% return of its benchmark, the Russell 1000® Growth Index, and the –40.67% average return of its peers, as defined by the Morningstar Large Growth category, which included 1,809 funds as of December 31, 2008.

Large-cap growth trails large-cap value

In 2008, large-cap growth stocks declined more than large-cap value issues, which fell 36.85%, as measured by the Russell 1000 Value Index. This conforms to the long-term pattern; the large-cap value category has outpaced large-cap growth during eight of the last ten years.

          For the ten years ended December 31, 2008, the Russell 1000 Growth Index posted an average annual return of –4.27%—more than five percentage points behind the 1.36% average annual return of the Russell 1000 Value Index.

Losses in the largest sectors drive down the benchmark

All twelve sectors of the Russell 1000 Growth Index suffered double-digit declines during 2008. Returns were driven by outsized losses in the benchmark’s three largest sectors, in terms of market capitalization: technology (down 41.8%), consumer discretionary (down 34.1%) and health care (down 24.6%). The smaller “other energy” sector, which fell 58.7%, was also a major factor in the benchmark’s decline.

          The sector that held up best in the broad-based sell-off was consumer staples, which dropped 18.4%.

Stock choices trim return

The account lagged its benchmark because of several stock selections that underperformed in a heavily down market. These included overweight positions in Prudential Financial and energy provider Denbury Resources, along with underweight holdings in ExxonMobil and Anheuser-Busch. An out-of-benchmark stake in Norwegian solar energy company Renewable Energy also trimmed returns.

          These results were partly offset by positive contributions to relative performance, such as overweight positions in biotechnology companies Gilead Sciences and Celgene. Nonbenchmark investments in Israel’s Teva Pharmaceuticals and credit reporting agency Experian also aided returns.

          On December 31, 2008, foreign securities made up 3.59% of the account’s total portfolio investments. Many of these securities were held as American Depositary Receipts, which are receipts for shares of a foreign stock traded on a U.S. exchange.

 

 

College Retirement Equities Fund § 2008 Annual Report

15

CREF GROWTH ACCOUNT

INVESTMENT OBJECTIVE

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

PRINCIPAL INVESTMENT RISKS

The account is subject to market risk, company risk, foreign investment risk, small-cap/mid-cap risk and growth investing style risk. The account is also subject to the risk of investing in stocks of companies involved in reorganizations and other special situations. For a detailed discussion of risk, please see the prospectus.

THE ACCOUNT’S BENCHMARK

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

 

 

 

 

 

 

 

 

 

 

PERFORMANCE AS OF DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

Total
return

 

Average annual
total return

 

 

 

 

 

 

1 year

 

5 years

 

10 years

 

CREF Growth Account

 

–39.78

 %

 

 

–3.64

%

 

–4.94

%

Russell 1000 Growth Index

 

–38.44

  

 

 

–3.42

 

 

–4.27

 

Morningstar Large Growth*

 

–40.67

  

 

 

–3.37

 

 

–2.46

 

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

 

 

*

The returns represent the historical performance of funds included in the Morningstar category at December 31, 2008. The return of a $10,000 investment over ten years is calculated by linking the monthly returns of those funds in the category that operated during all or part of that period.

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

 

 

16

2008 Annual Report § College Retirement Equities Fund


$10,000 OVER 10 YEARS

(LINE GRAPH)

An investment of $10,000 in this account on December 31, 1998, would be worth $6,024 at the end of the period, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the account’s benchmark and Morningstar peer group during the same period.

CALENDAR YEAR TOTAL RETURN SINCE 1999

(BAR CHART)

 

 

College Retirement Equities Fund § 2008 Annual Report

17

CREF GROWTH ACCOUNT

EXPENSE EXAMPLE

Six months ended December 31, 2008

 

 

 

 

 

 

 

 

 

 

 

CREF Growth Account

 


Starting
account value
(7/1/08)

 

Ending
account value
(12/31/08)

 

Expenses paid*
(7/1/08–
12/31/08)

 

Actual return

 

 

$1,000.00

 

 

$   666.70

 

 

$2.60

 

5% annual hypothetical return

 

 

1,000.00

 

 

1,021.99

 

 

3.15

 

 

 

*

“Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half-year. The account’s annualized six-month expense ratio for that period was 0.62%.

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

 

 

 

ACCOUNT PROFILE

 

 


Inception date

 

4/29/1994

Net assets

 

$8.22 billion

2008 actual expense ratio

 

0.69%

Number of holdings

 

679

Portfolio turnover rate

 

82%

Weighted median market capitalization

 

$32.1 billion

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

 

12.3

Dividend yield

 

1.78%

 

 

 

HOLDINGS BY COMPANY SIZE

 

 

 

 


% of portfolio investments

Over $15 billion

 

66.77

$4 billion–$15 billion

 

23.83

Under $4 billion

 

9.40

Total

 

100.00

 

 

 

PORTFOLIO COMPOSITION

 

 

 

 


% of portfolio investments

Technology

 

29.4

Consumer products & services

 

21.2

Manufacturing & materials

 

16.5

Health care

 

15.6

Financial

 

8.0

Energy

 

7.5

Utilities

 

1.2

Short-term investments

 

0.6

Total

 

100.0

 

 

18

2008 Annual Report § College Retirement Equities Fund

CREF EQUITY INDEX ACCOUNT

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2008

The CREF Equity Index Account returned –37.50% for the year, compared with the –37.31% return of its benchmark, the Russell 3000® Index, and the –37.79% average return of its peers, as defined by the Morningstar Large Blend category, which included 2,086 funds as of December 31, 2008.

Index posts its worst year

During the twelve-month period, the U.S. stock market posted large losses as a result of deteriorating conditions in the credit and housing markets, rising unemployment and declining corporate profits. It was the largest downturn for the broad-based Russell 3000 Index during a calendar year since its inception in 1979.

          After an 11.05% drop during the first half of the reporting period, the market sell-off intensified during the second half of the year, when the index fell 29.52% as the overall global economic outlook continued to weaken.

          However, the return of domestic stocks for the year held up better than that of foreign issues, which fell 43.38%, as measured by the MSCI EAFE® Index.

          For the ten years ended December 31, 2008, the average annual return of the Russell 3000 was –0.80%, versus the 0.80% average annual gain of the EAFE.

Declines hit all sectors

The market’s fall in 2008 was broad-based. All twelve of the benchmark’s industry sectors posted double-digit losses. Among the biggest detractors from performance were the financials, technology and “other energy” sectors, which fell 48.9%, 42.2% and 53.4%, respectively. On December 31, 2008, these sectors made up more than one-third of the benchmark’s total market capitalization.

Losses among the largest stocks differ sharply

While none of the largest stocks in the index was immune to the market downturn, their results were very different, depending on the degree of each company’s involvement in the troubled financial and technology industries. In descending order according to market capitalization size, the five largest stocks in the benchmark performed as follows: ExxonMobil, –13.1%; Procter & Gamble, –13.8%; General Electric, –54.0%; AT&T, –28.0%; and Johnson & Johnson, –7.8%.

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

 

 

College Retirement Equities Fund § 2008 Annual Report

19

CREF EQUITY INDEX ACCOUNT

INVESTMENT OBJECTIVE

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

PRINCIPAL INVESTMENT RISKS

The account is subject to market risk, company risk, small-cap/mid-cap risk and index risk. For a detailed discussion of risk, please see the prospectus.

THE ACCOUNT’S BENCHMARK

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

 

 

 

 

 

 

 

 

PERFORMANCE AS OF DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 


Total
return

 

Average annual
total return

 

 

 

 

 

 

 

1 year

 

5 years

 

10 years

 

CREF Equity Index Account

 

–37.50

 %

 

–2.33

 %

 

–1.12

 %

 

Russell 3000 Index

 

–37.31

  

 

–1.95

  

 

–0.80

  

 

Morningstar Large Blend*

 

–37.79

  

 

–2.47

  

 

–0.84

  

 

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

 

 

*

The returns represent the historical performance of funds included in the Morningstar category at December 31, 2008. The return of a $10,000 investment over ten years is calculated by linking the monthly returns of those funds in the category that operated during all or part of that period.

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

 

 

20

2008 Annual Report § College Retirement Equities Fund

$10,000 OVER 10 YEARS

(LINE GRAPH)

An investment of $10,000 in this account on December 31, 1998, would be worth $8,934 at the end of the period, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the account’s benchmark and Morningstar peer group during the same period.

CALENDAR YEAR TOTAL RETURN SINCE 1999

(BAR CHART)

 

 

College Retirement Equities Fund § 2008 Annual Report

21

CREF EQUITY INDEX ACCOUNT

EXPENSE EXAMPLE

Six months ended December 31, 2008

 

 

 

 

 

 

 

 

 

 

 

CREF Equity Index Account

 


Starting
account value
(7/1/08)

 

Ending
account value
(12/31/08)

 

Expenses paid*
(7/1/08–
12/31/08)

 

Actual return

 

 

$1,000.00

 

 

$   704.40

 

 

$2.44

 

5% annual hypothetical return

 

 

1,000.00

 

 

1,022.24

 

 

2.90

 

 

 

*

“Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half-year. The account’s annualized six-month expense ratio for that period was 0.57%.

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

 

 

 

ACCOUNT PROFILE

 

 

Inception date

 


4/29/1994

Net assets

 

$7.17 billion

2008 actual expense ratio

 

0.59%

Number of holdings

 

2,894

Portfolio turnover rate

 

7%

Weighted median market capitalization

 

$26.1 billion

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

 

11.7

Dividend yield

 

2.79%

 

 

 

HOLDINGS BY COMPANY SIZE

 

 


% of portfolio investments

Over $15 billion

 

61.39

$4 billion–$15 billion

 

19.21

Under $4 billion

 

19.40

Total

 

100.00

 

 

 

PORTFOLIO COMPOSITION

 

 


% of portfolio investments

Consumer products & services

 

19.8

Technology

 

18.3

Manufacturing & materials

 

15.9

Financial

 

15.5

Health care

 

14.1

Energy

 

11.6

Utilities

 

4.6

Short-term investments

 

0.2

Total

 

100.0

 

 

22

2008 Annual Report § College Retirement Equities Fund

CREF BOND MARKET ACCOUNT

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2008

The CREF Bond Market Account returned 1.24% for the year, compared with the 5.24% gain of its benchmark, the Barclays Capital U.S. Aggregate Bond Index, and the –4.70% average return of its peers, as defined by the Morningstar Intermediate-Term Bond category, which included 1,135 funds as of December 31, 2008.

Fourth-quarter rally boosts bonds

The Barclays Capital U.S. Aggregate Bond Index, which measures the broad U.S. investment-grade, fixed-rate bond market, advanced 2.17% in the first quarter of 2008 but lost ground in the second and third quarters, posting a 0.63% gain for the first nine months of the year. (The account’s benchmark, formerly the Lehman Brothers U.S. Aggregate Index, changed its name in November.)

          During this period, the Federal Reserve cut its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) four times, to 2.00%. The Fed’s actions were intended to jump-start the sagging U.S. economy and calm the financial markets, which were rattled by the economic downturn and problems in the credit market.

          In the fourth quarter, unemployment rose sharply, consumers reduced spending, housing prices plummeted and foreclosures mounted. In response, the Fed cut its target rate another three times, essentially to 0%. Worried investors sought safety and liquidity in U.S. Treasuries, and the benchmark climbed 4.58% in the year’s last quarter.

Treasuries outperform other fixed-income securities

As Treasury prices rose, their yields fell: 2-year Treasury notes declined from 3.05% at the beginning of 2008 to 0.76% at year-end; the 10-year Treasury yield slid from 4.04% to 2.25%.

          With cash flowing into U.S. Treasuries, that component of the index soared 13.74% for the year, versus 8.34% for mortgage-backed securities, –12.72% for asset-backed securities and –4.94% for corporate bonds.

Account trails the benchmark but tops its peers

The account lagged its benchmark primarily because of underweights in U.S. Treasury and agency securities and overweights in mortgage- and asset-backed securities. Nevertheless, the account outperformed its peers because early on its managers, recognizing the troubling signs within the credit market, increased the credit quality of the account’s investment portfolio. In addition, the portfolio’s broad diversification helped offset the negative effects of positions in distressed financial companies.

 

 

College Retirement Equities Fund § 2008 Annual Report

23

CREF BOND MARKET ACCOUNT

INVESTMENT OBJECTIVE

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

PRINCIPAL INVESTMENT RISKS

The account is subject to income volatility risk, credit risk, call risk, interest-rate risk and illiquid security risk. The account invests in asset- and mortgage-backed securities and is subject to prepayment risk, where falling interest rates can cause security prices and income to decline due to prepayment of principal, as well as to extension risk, where rising rates can cause security prices to decline because expected prepayments of principal do not occur. In addition, the account is subject to the risks of non-investment-grade securities. For a detailed discussion of risk, please see the prospectus.

THE ACCOUNT’S BENCHMARK

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

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE AS OF DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

Total
return

 


Average annual
total return

 

 

 

 

 

 

 

1 year

 

 

5 years

 

 

10 years

 

CREF Bond Market Account

 

 

1.24

 %

 

 

3.53

%

 

5.00

%

Barclays Capital U.S. Aggregate Bond Index

 

 

5.24

  

 

 

4.65

 

 

5.63

 

Morningstar Intermediate-Term Bond*

 

 

–4.70

  

 

 

1.81

 

 

4.01

 

 

 

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

 

 

*

The returns represent the historical performance of funds included in the Morningstar category at December 31, 2008. The return of a $10,000 investment over ten years is calculated by linking the monthly returns of those funds in the category that operated during all or part of that period.

 

 

24

2008 Annual Report § College Retirement Equities Fund

$10,000 OVER 10 YEARS

(LINE GRAPH)

An investment of $10,000 in this account on December 31, 1998, would be worth $16,296 at the end of the period, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the account’s benchmark and Morningstar peer group during the same period.

CALENDAR YEAR TOTAL RETURN SINCE 1999

(BAR CHART)

 

 

College Retirement Equities Fund § 2008 Annual Report

25

CREF BOND MARKET ACCOUNT

EXPENSE EXAMPLE

 

 

 

 

 

 

 

 

 

 

 

Six months ended December 31, 2008

CREF Bond Market Account

 


Starting
account value
(7/1/08)

 

Ending
account value
(12/31/08)

 

Expenses paid*
(7/1/08–
12/31/08)

 

Actual return

 

 

$1,000.00

 

 

$1,008.80

 

 

$3.03

 

5% annual hypothetical return

 

 

1,000.00

 

 

1,022.09

 

 

3.05

 

 

 

*

“Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half-year. The account’s annualized six-month expense ratio for that period was 0.60%.

 

 

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

 

 

 

ACCOUNT PROFILE

 

 

Inception date

 


3/1/1990

Net assets

 

$8.71 billion

2008 actual expense ratio

 

0.61%

Number of issues

 

716

Portfolio turnover rate

 

125%

Average quality

 

Aa1/AA+

Option-adjusted duration

 

3.67 years

Average coupon

 

5.15%

Average yield to maturity

 

5.21%

Average maturity

 

4.91 years

 

 

 

PORTFOLIO COMPOSITION

 

 

 

 


% of portfolio investments

Mortgage-backed securities & commercial mortgage-backed securities

 

40.0

U.S. Treasury securities

 

20.4

Corporate bonds

 

15.2

U.S. agency securities

 

7.1

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

 

4.9

Asset-backed securities

 

4.4

Mutual funds

 

0.1

Short-term investments

 

7.9

Total

 

100.0

 

 

26

2008 Annual Report § College Retirement Equities Fund

CREF INFLATION-LINKED BOND ACCOUNT

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2008

The CREF Inflation-Linked Bond Account returned –1.78% for the year, compared with the –2.35% return of its benchmark, the Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series L), and the –4.08% average return of its peers, as defined by the Morningstar Inflation-Protected Bond category, which included 160 funds as of December 31, 2008.

TIPS gain, then retreat

In the first half of 2008, the Federal Reserve lowered its target for the federal funds rate (the interest rate commercial U.S. banks charge one another for overnight loans) four times, to 2.00%. The Fed acted to boost the slowing U.S. economy, address problems in the banking system and stabilize the financial markets. Meanwhile, inflation climbed, with oil prices leading the way. Many investors sought safety in U.S. Treasury securities, and the Barclays Capital TIPS Index gained 4.88% for the first six months of 2008. (The account’s benchmark, formerly the Lehman Brothers U.S. TIPS Index, changed its name in November.)

          In the year’s second half, unemployment soared and gross domestic product fell. The drop during the third quarter was 0.5% and in the fourth quarter, the decline was an estimated 3.8%. In response, the Fed cut rates three more times, essentially to 0%. Consumers sharply reduced spending, and the increasingly sluggish economy sent oil prices to $45 a barrel by year-end, from $146 a barrel in July. Year-over-year inflation, which had reached 5.6% in July, dropped in December to 0.1%. As the threat of inflation receded, TIPS lost 6.90% for the last six months of 2008.

TIPS shine over the long term

In 2008, TIPS lagged the 5.24% advance of the broad bond market, as represented by the Barclays Capital U.S. Aggregate Bond Index. However, for the ten years ended December 31, 2008, the 6.78% average annual return of TIPS surpassed the 5.63% gain of the Barclays aggregate bond index.

The account outperforms its benchmark and peers

Despite the effects of expenses, the account’s return was better than that of its benchmark. (The account’s return includes a deduction for expenses; the benchmark’s does not.) In addition, the account topped the average return of similar inflation-linked bond funds. Keeping the account’s duration—a measure of sensitivity to interest-rate changes—close to that of the benchmark helped the account more closely track its benchmark’s performance.

 

 

College Retirement Equities Fund § 2008 Annual Report

27

CREF INFLATION-LINKED BOND ACCOUNT

INVESTMENT OBJECTIVE

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

PRINCIPAL INVESTMENT RISKS

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

THE ACCOUNT’S BENCHMARK

The Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series L) measures the performance of fixed-income securities with fixed-rate coupon payments whose payments are adjusted for inflation, as measured by the Consumer Price Index for All Urban Consumers (CPI-U). You cannot invest directly in this index.

 

 

 

 

 

 

 

 

 

 

PERFORMANCE AS OF DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total
return

 

Average annual
total return

 

 

 

 

 

 

1 year

 

5 years

 

10 years

 

CREF Inflation-Linked Bond Account

 

–1.78

 %

 

 

3.84

%

 

6.48

%

Barclays Capital U.S. Treasury Inflation
Protected Securities Index (Series L)

 

–2.35

  

 

 

4.07

 

 

6.78

 

Morningstar Inflation-Protected Bond*

 

–4.08

  

 

 

3.14

 

 

5.38

 

 

 

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

 

 

*

The returns represent the historical performance of funds included in the Morningstar category at December 31, 2008. The return of a $10,000 investment over ten years is calculated by linking the monthly returns of those funds in the category that operated during all or part of that period.

 

 

28

2008 Annual Report § College Retirement Equities Fund

$10,000 OVER 10 YEARS

(LINE GRAPH)

An investment of $10,000 in this account on December 31, 1998, would be worth $18,739 at the end of the period, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the account’s benchmark and Morningstar peer group during the same period.

CALENDAR YEAR TOTAL RETURN SINCE 1999

(BAR CHART)

 

 

College Retirement Equities Fund § 2008 Annual Report

29

CREF INFLATION-LINKED BOND ACCOUNT

EXPENSE EXAMPLE

 

 

 

 

 

 

 

 

 

 

 

Six months ended December 31, 2008

 

 

 

 

 

 

 

CREF Inflation-Linked
Bond Account

 


Starting
account value
(7/1/08)

 

Ending
account value
(12/31/08)

 

Expenses paid*
(7/1/08–
12/31/08)

 

Actual return

 

 

$1,000.00

 

 

$   937.90

 

 

$2.87

 

5% annual hypothetical return

 

 

1,000.00

 

 

1,022.14

 

 

3.00

 

 

 

*

“Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half-year. The account’s annualized six-month expense ratio for that period was 0.59%.

 

 

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

 

 

 

 

ACCOUNT PROFILE

 

 

 


Inception date

 

 

5/1/1997

Net assets

 

 

$6.06 billion

2008 actual expense ratio

 

 

0.58%

Number of issues

 

 

26

Portfolio turnover rate

 

 

19%

Average quality

 

 

AAA

Option-adjusted duration

 

 

7.60 years

Average coupon

 

 

2.35%

Average yield to maturity

 

 

6.40%

Average maturity

 

 

8.87 years

 

 

 

 

 

HOLDINGS BY MATURITY

 

 

 

 

 

 


% of portfolio investments

 

1–3 years

 

 

16.7

 

3–5 years

 

 

16.4

 

5–10 years

 

 

38.4

 

10–20 years

 

 

20.8

 

Over 20 years

 

 

7.7

 

Total

 

 

100.0

 

 

 

30

2008 Annual Report § College Retirement Equities Fund

CREF SOCIAL CHOICE ACCOUNT

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2008

The CREF Social Choice Account returned –23.45% for the year, compared with the –22.05% return of its composite benchmark, a weighted average of the Russell 3000® Index, the MSCI EAFE®+Canada Index and the Barclays Capital U.S. Aggregate Bond Index. (This bond index, formerly the Lehman Brothers U.S. Aggregate Index, changed its name in November.)

          The average return of the account’s peers, as defined by the Morningstar Moderate Allocation category, was –28.00%. The Morningstar category included 1,206 funds as of December 31, 2008. Neither the benchmark nor the Morningstar category screens investments according to social criteria, as the account does.

Stock exclusions weigh on the account’s return

Because of its social screens, the account did not invest in a number of stocks that were included in its composite benchmark. During the period, the net effect of avoiding these stocks was to lower the account’s return relative to that of its benchmark.

          The exclusion of ExxonMobil, the largest stock in the Russell 3000 Index in terms of market capitalization as of December 31, 2008, was the portfolio’s biggest detractor from relative performance. The absence of Chevron, Pfizer and Wal-Mart, which rose 20% for the year, also hindered returns.

          The account benefited, however, from the exclusion of two major financial companies: American International Group (down 97.3%) and Citigroup (down 76.0%).

Strategies help mitigate risk

Because of the exclusion of some stocks in the composite benchmark, the account’s managers use statistical techniques to help ensure that the risk characteristics of the portfolio resemble those of the benchmark. One method is to overweight or underweight specific stocks relative to the benchmark.

          For the year, the account’s performance benefited from overweight holdings in Volkswagen and Wells Fargo. However, an underweight position in AT&T reduced returns.

Bonds post positive return

During the year, the account’s fixed-income component registered a positive return and easily outpaced the equity component; this reflected bonds’ solid outperformance of stocks during the year. In relative terms, the bond segment lagged the Barclays index primarily because of an underweight in U.S. Treasuries, which performed exceptionally well as investors favored their higher credit quality and greater liquidity.

 

 

College Retirement Equities Fund § 2008 Annual Report

31

CREF SOCIAL CHOICE ACCOUNT

INVESTMENT OBJECTIVE

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

PRINCIPAL INVESTMENT RISKS

The account is subject to market risk, company risk, the risks of socially screened investing, foreign investment risk, small-cap/mid-cap risk, income volatility risk, credit risk, call risk, interest-rate risk, prepayment risk and extension risk. For a detailed discussion of risk, please see the prospectus.

THE ACCOUNT’S BENCHMARK

The account’s composite benchmark is a weighted average of three indexes: the Russell 3000® Index, which measures the performance of the broad U.S. stock market; the Barclays Capital U.S. Aggregate Bond Index, which measures the performance of the U.S. investment-grade, fixed-rate bond market; and the MSCI EAFE®+Canada Index, which measures stocks in 22 developed nations outside the United States. You cannot invest directly in these indexes.

 

 

 

 

 

 

 

 

 

 

PERFORMANCE AS OF DECEMBER 31, 2008

 

 

 

 

 

 

 

 

Total
return

 

Average annual
total return

 

 

 

 

 

 

1 year

 

5 years

 

10 years

 

CREF Social Choice Account

 

–23.45

 %

 

 

0.23

%

 

1.52

%

CREF Social Choice Composite Benchmark

 

–22.05

  

 

 

1.02

 

 

2.06

 

Benchmark components (percentage of composite index)

 

 

 

 

 

 

 

 

 

Russell 3000 Index (47%)

 

–37.31

  

 

 

–1.95

 

 

–0.80

 

Barclays Capital U.S. Aggregate Bond Index (40%)

 

5.24

  

 

 

4.65

 

 

5.63

 

MSCI EAFE+Canada Index (13%)

 

–43.56

  

 

 

1.91

 

 

1.21

 

Morningstar Moderate Allocation*

 

–28.00

  

 

 

–0.60

 

 

1.19

 

 

 

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

 

 

*

The returns represent the historical performance of funds included in the Morningstar category at December 31, 2008. The return of a $10,000 investment over ten years is calculated by linking the monthly returns of those funds in the category that operated during all or part of that period.

 

 

Russell 3000 is a trademark and service mark of Russell Investment Group. TIAA-CREF products are not promoted or sponsored by, or affiliated with, Russell Investment Group. EAFE (which stands for Europe, Australasia, Far East) is a trademark of MSCI, Inc.

 

 

32

2008 Annual Report § College Retirement Equities Fund

$10,000 OVER 10 YEARS

(LINE GRAPH)

An investment of $10,000 in this account on December 31, 1998, would be worth $11,630 at the end of the period, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the two main components of the account’s composite benchmark and its Morningstar peer group during the same period.

CALENDAR YEAR TOTAL RETURN SINCE 1999

(BAR CHART)


 

 

College Retirement Equities Fund § 2008 Annual Report

33

CREF SOCIAL CHOICE ACCOUNT

EXPENSE EXAMPLE

Six months ended December 31, 2008

 

 

 

 

 

 

 

 

 

 

 

CREF Social Choice Account

 


Starting
account value
(7/1/08)

 

Ending
account value
(12/31/08)

 

Expenses paid*
(7/1/08–
12/31/08)

 

Actual return

 

 

$1,000.00

 

 

$   813.60

 

 

$2.74

 

5% annual hypothetical return

 

 

1,000.00

 

 

1,022.09

 

 

3.05

 

 

 

*

“Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half-year. The account’s annualized six-month expense ratio for that period was 0.60%.

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

ACCOUNT PROFILE

 

 


Inception date

3/1/1990

Net assets

$6.89 billion

2008 actual expense ratio

0.61%

Portfolio turnover rate

77%

Equity segment

 

Number of holdings

1,093

Weighted median market capitalization

$18.6 billion

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

12.1

Dividend yield

2.70%

Fixed-income segment

 

Number of issues

470

Average quality

Aa1/AA+

Option-adjusted duration

3.93 years

Average coupon

5.30%

Average yield to maturity

5.79%

Average maturity

5.53 years

PORTFOLIO COMPOSITION

 

 

 


% of portfolio investments

Equities

56.1

Long-term bonds

35.0

Short-term investments

8.9

Total

100.0

 

 

 

 

HOLDINGS BY COMPANY SIZE

 

 

Equity segment


% of equity investments

Over $15 billion

57.36

$4 billion–$15 billion

27.01

Under $4 billion

15.63

Total

100.00

 

 

34

2008 Annual Report § College Retirement Equities Fund

CREF MONEY MARKET ACCOUNT

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2008

The CREF Money Market Account returned 2.44% for the year, compared with the 2.04% gain of the iMoneyNet Money Fund Report Averages™—All Taxable, a simple average of over 1,000 taxable money market funds.

The Fed unlocks the credit market

During 2008 the Federal Reserve took unprecedented measures to support the U.S. money market, which had all but ground to a halt several times since August 2007, when news first emerged of widespread losses in the U.S. financial sector. The situation spread internationally, prompting foreign central banks to initiate their own recovery plans.

          Following three rate cuts in late 2007, the Fed lowered the federal funds target rate seven more times in 2008, from 4.25% to essentially 0%. (The federal funds rate is the interest rate U.S. commercial banks charge one another for overnight loans.) The Fed made cash more readily available to banks through its auction program and guaranteed investors that it would purchase temporarily hard-to-sell securities. At the same time, the U.S. Treasury Department began investing directly in troubled institutions.

LIBOR zigzags through the year

In early 2008, LIBOR fell along with interest rates, then remained flat when the Fed kept rates steady. (LIBOR, a measure of the interest rate that banks charge one another for loans in the London market, is the most widely used benchmark for short-term rates.) When Lehman Brothers collapsed in September, LIBOR rose sharply. To stabilize the market, the Fed resumed its rate-cutting campaign, and LIBOR eventually fell. One-month LIBOR rates dropped during the year from 4.60% to 0.44%, while twelve-month LIBOR declined from 4.22% to 2.00%.

The account balances return and risk

The account increased its investments in longer-maturity securities to benefit from their higher yields. On December 30, 2008, its weighted average maturity was 63 days, versus 47 days for the average iMoneyNet fund.

          To limit risk, the account increased its holdings in U.S. agency securities to 38.8% of its portfolio from 32.2% one year earlier and reduced its position in commercial paper to 46.7% from 51.3%. The remainder of the portfolio consisted of certificates of deposit (13.1%) and banker’s acceptances (1.4%).

          On December 31, 2008, foreign securities made up 14.70% of the account’s total portfolio investments.

 

 

College Retirement Equities Fund § 2008 Annual Report

35

CREF MONEY MARKET ACCOUNT

INVESTMENT OBJECTIVE

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

PRINCIPAL INVESTMENT RISKS

The account is subject to current income risk and, to a lesser extent, income volatility risk, credit risk, call risk, interest-rate risk, prepayment risk, extension risk and foreign investment risk. An investment in the CREF Money Market Account, as in the other CREF variable annuity accounts, is not a deposit of any bank and is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. For a detailed discussion of risk, please see the prospectus.

NET ANNUALIZED YIELD FOR THE 7 DAYS ENDED DECEMBER 30, 2008*

 

 

 

 

 

 

 

 

 

 


Current yield

 

Effective yield

 

CREF Money Market Account

 

 

1.26

%

 

1.27

%

iMoneyNet Money Fund Report AveragesTM—All Taxable

 

 

0.76

 

 

0.76

 

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

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

PERFORMANCE AS OF DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

Total
return

 


Average annual
total return

 

 

 

 

 

 

1 year

 

5 years

 

10 years

 

CREF Money Market Account

 

2.44

 %

 

 

3.18

%

 

3.34

%

iMoneyNet Money Fund Report Averages—All Taxable

 

2.04

  

 

 

2.93

 

 

3.06

 

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

 

 

36

2008 Annual Report § College Retirement Equities Fund

$10,000 OVER 10 YEARS

(LINE GRAPH)

An investment of $10,000 in this account on December 31, 1998, would be worth $13,898 at the end of the period, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the value of the average iMoneyNet fund during the same period.

CALENDAR YEAR TOTAL RETURN SINCE 1999

(BAR CHART)

 

 

College Retirement Equities Fund § 2008 Annual Report

37

CREF MONEY MARKET ACCOUNT

EXPENSE EXAMPLE

Six months ended December 31, 2008

 

 

 

 

 

 

 

 

 

 

 

CREF Money Market Account

 


Starting
account value
(7/1/08)

 

Ending
account value
(12/31/08)

 

Expenses paid*
(7/1/08–
12/31/08)

 

Actual return

 

 

$1,000.00

 

 

$1,010.90

 

 

$2.78

 

5% annual hypothetical return

 

 

1,000.00

 

 

1,022.34

 

 

2.80

 

 

 

*

“Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half-year. The account’s annualized six-month expense ratio for that period was 0.55%.

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

ACCOUNT PROFILE

 

 

 


Inception date

 

4/1/1988

Net assets

 

$15.13 billion

2008 actual expense ratio

 

0.56%

PORTFOLIO COMPOSITION

 

 

 

 

 


% of portfolio investments

Commercial paper

 

46.7

U.S. agency securities

 

38.8

Certificates of deposit

 

13.1

Banker’s acceptances

 

1.4

Total

 

100.0

 

 

38

2008 Annual Report § College Retirement Equities Fund

 

SUMMARY PORTFOLIO OF INVESTMENTS

 

CREF STOCK ACCOUNT § DECEMBER 31, 2008


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

 

 

Value
(000)

 

% of net
assets

 

GOVERNMENT BONDS

 

 

 

 

 

 

 

 

 

U.S. TREASURY SECURITIES

 

 

 

$

355

 

 

—

%**

 

 

 

 

 

 

 

 

 

TOTAL GOVERNMENT BONDS (Cost $323)

 

 

 

 

355

 

 

—

**

 

 

 

 

 

 

 

 

 

COMMON STOCKS

 

 

 

 

 

 

 

 

 

ADMINISTRATION OF ECONOMIC PROGRAMS

 

 

 

 

6,086

 

 

0.01

 

 

 

 

 

AGRICULTURAL PRODUCTION-CROPS

 

 

 

 

4,197

 

 

0.01

 

 

 

 

 

AGRICULTURAL PRODUCTION-LIVESTOCK

 

 

 

 

4,325

 

 

0.01

 

 

 

 

 

 

 

 

 

 

AGRICULTURAL SERVICES

 

 

 

 

2,457

 

 

—

**

 

 

 

 

 

 

 

 

 

AMUSEMENT AND RECREATION SERVICES

 

 

 

 

349,530

 

 

0.46

 

 

 

 

 

 

 

 

 

 

APPAREL AND ACCESSORY STORES

 

 

 

 

376,371

 

 

0.49

 

 

 

 

 

 

 

 

 

 

APPAREL AND OTHER TEXTILE PRODUCTS

 

 

 

 

137,994

 

 

0.18

 

 

 

 

 

 

 

 

 

 

AUTO REPAIR, SERVICES AND PARKING

 

 

 

 

77,740

 

 

0.10

 

 

 

 

 

 

 

 

 

 

AUTOMOTIVE DEALERS AND SERVICE STATIONS

 

 

 

 

120,070

 

 

0.16

 

 

 

 

 

 

 

 

 

 

BUILDING MATERIALS AND GARDEN SUPPLIES

 

 

 

 

410,546

 

 

0.54

 

 

 

 

 

 

 

 

 

 

BUSINESS SERVICES

 

 

 

 

 

 

 

 

 

 

1,476,077

*

 

 

Google, Inc (Class A)

 

 

 

 

454,116

 

 

0.59

 

 

45,836,106

 

 

 

Microsoft Corp

 

 

 

 

891,055

 

 

1.17

 

 

26,450,604

*

 

 

Oracle Corp

 

 

 

 

468,970

 

 

0.61

 

 

 

 

 

 

Other

 

 

 

 

2,473,110

 

 

3.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,287,251

 

 

5.60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CHEMICALS AND ALLIED PRODUCTS

 

 

 

 

 

 

 

 

 

 

10,478,988

 

 

 

Abbott Laboratories

 

 

 

 

559,263

 

 

0.73

 

 

7,823,356

*

 

 

Amgen, Inc

 

 

 

 

451,798

 

 

0.59

 

 

12,501,881

 

 

 

Bristol-Myers Squibb Co

 

 

 

 

290,669

 

 

0.38

 

 

6,228,670

*

 

 

Gilead Sciences, Inc

 

 

 

 

318,533

 

 

0.42

 

 

14,956,337

 

 

 

Johnson & Johnson

 

 

 

 

894,837

 

 

1.17

 

 

12,474,926

 

 

 

Merck & Co, Inc

 

 

 

 

379,237

 

 

0.49

 

 

3,988,549

 

 

 

Monsanto Co

 

 

 

 

280,594

 

 

0.37

 

 

6,006,316

 

 

 

Novartis AG.

 

 

 

 

300,805

 

 

0.39

 

 

39,451,068

 

 

 

Pfizer, Inc

 

 

 

 

698,677

 

 

0.91

 

 

16,801,179

 

 

 

Procter & Gamble Co

 

 

 

 

1,038,648

 

 

1.36

 

 

9,814,891

 

 

 

Wyeth

 

 

 

 

368,156

 

 

0.48

 

 

 

 

 

 

Other

 

 

 

 

4,343,738

 

 

5.68

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,924,955

 

 

12.97

 

 

 

 

 

 

 

 

 

 

 

COAL MINING

 

 

 

 

 

 

 

 

204,983

 

 

0.27

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2008 Annual Report

39

 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

 

 

CREF STOCK ACCOUNT § DECEMBER 31, 2008


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

Value
(000)

 

% of net
assets

 

COMMUNICATIONS

 

 

 

 

 

 

 

 

32,946,582

 

 

 

AT&T, Inc

 

$

938,979

 

 

1.23

%

 

15,953,258

 

 

 

Verizon Communications, Inc

 

 

540,816

 

 

0.71

 

 

 

 

 

 

Other

 

 

2,625,347

 

 

3.43

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,105,142

 

 

5.37

 

 

 

 

 

 

 

 

DEPOSITORY INSTITUTIONS

 

 

 

 

 

 

 

 

28,492,673

 

 

 

Bank of America Corp

 

 

401,178

 

 

0.52

 

 

22,032,655

 

 

 

JPMorgan Chase & Co

 

 

694,691

 

 

0.91

 

 

26,565,058

 

 

 

Wells Fargo & Co

 

 

783,139

 

 

1.02

 

 

 

 

 

 

Other

 

 

4,539,968

 

 

5.94

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,418,976

 

 

8.39

 

 

 

 

 

 

 

 

EATING AND DRINKING PLACES

 

 

 

 

 

 

 

 

6,342,981

 

 

 

McDonald’s Corp

 

 

394,469

 

 

0.52

 

 

 

 

 

 

Other

 

 

384,527

 

 

0.50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

778,996

 

 

1.02

 

 

 

 

 

 

 

 

EDUCATIONAL SERVICES

 

 

136,604

 

 

0.18

 

 

 

ELECTRIC, GAS, AND SANITARY SERVICES

 

 

3,979,585

 

 

5.20

 

 

 

 

 

 

 

 

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT

 

 

 

 

 

 

 

 

5,214,370

*

 

 

Apple Computer, Inc

 

 

445,046

 

 

0.58

 

 

36,067,378

*

 

 

Cisco Systems, Inc

 

 

587,898

 

 

0.77

 

 

61,715,456

 

 

 

General Electric Co

 

 

999,790

 

 

1.31

 

 

35,232,517

 

 

 

Intel Corp

 

 

516,509

 

 

0.68

 

 

10,347,454

 

 

 

Qualcomm, Inc

 

 

370,749

 

 

0.48

 

 

 

 

 

 

Other

 

 

2,028,940

 

 

2.65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,948,932

 

 

6.47

 

 

 

 

 

 

 

 

ENGINEERING AND MANAGEMENT SERVICES

 

 

894,659

 

 

1.17

 

 

 

ENVIRONMENTAL QUALITY AND HOUSING

 

 

353

 

 

—

**

 

 

EXECUTIVE, LEGISLATIVE AND GENERAL

 

 

398

 

 

—

**

 

 

FABRICATED METAL PRODUCTS

 

 

403,147

 

 

0.53

 

 

 

FISHING, HUNTING, AND TRAPPING

 

 

419

 

 

—

**

 

 

FOOD AND KINDRED PRODUCTS

 

 

 

 

 

 

 

 

13,411,185

 

 

 

Coca-Cola Co

 

 

607,125

 

 

0.80

 

 

7,337,572

 

 

 

Nestle S.A.

 

 

290,555

 

 

0.38

 

 

10,255,280

 

 

 

PepsiCo, Inc

 

 

561,683

 

 

0.73

 

 

 

 

 

 

Other

 

 

1,662,968

 

 

2.17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,122,331

 

 

4.08

 

 

 

 

 

 

 

 

FOOD STORES

 

 

615,147

 

 

0.80

 

 

 

FORESTRY

 

 

46,880

 

 

0.06

 

 

 

FURNITURE AND FIXTURES

 

 

112,397

 

 

0.15

 

 

 

 

 

 

40

2008 Annual Report § College Retirement Equities Fund

See notes to financial statements

 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

 

 

CREF STOCK ACCOUNT § DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

Value
(000)

 

% of net
assets

 

FURNITURE AND HOME FURNISHINGS STORES

 

$

149,949

 

 

0.20

%

 

 

 

 

 

 

 

GENERAL BUILDING CONTRACTORS

 

 

377,745

 

 

0.49

 

 

 

 

 

 

 

 

GENERAL MERCHANDISE STORES

 

 

 

 

 

 

 

 

13,847,455

 

 

 

Wal-Mart Stores, Inc

 

 

776,287

 

 

1.01

 

 

 

 

 

 

Other

 

 

540,676

 

 

0.71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,316,963

 

 

1.72

 

 

 

 

 

 

 

 

HEALTH SERVICES

 

 

581,456

 

 

0.76

 

 

 

 

 

 

 

 

HEAVY CONSTRUCTION, EXCEPT BUILDING

 

 

101,936

 

 

0.13

 

 

 

 

 

 

 

 

HOLDING AND OTHER INVESTMENT OFFICES

 

 

1,565,259

 

 

2.05

 

 

 

 

 

 

 

 

HOTELS AND OTHER LODGING PLACES

 

 

208,311

 

 

0.27

 

 

 

 

 

 

 

 

INDUSTRIAL MACHINERY AND EQUIPMENT

 

 

 

 

 

 

 

 

17,406,163

 

 

 

Hewlett-Packard Co

 

 

631,670

 

 

0.83

 

 

7,733,870

 

 

 

International Business Machines Corp

 

 

650,882

 

 

0.85

 

 

 

 

 

 

Other

 

 

1,998,297

 

 

2.61

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,280,849

 

 

4.29

 

 

 

 

 

 

 

 

INSTRUMENTS AND RELATED PRODUCTS

 

 

2,244,570

 

 

2.93

 

 

 

 

 

 

 

 

INSURANCE AGENTS, BROKERS AND SERVICE

 

 

301,923

 

 

0.39

 

 

 

 

 

 

 

 

INSURANCE CARRIERS

 

 

3,158,083

 

 

4.13

 

 

 

 

 

 

 

 

JUSTICE, PUBLIC ORDER AND SAFETY

 

 

19,087

 

 

0.02

 

 

 

 

 

 

 

 

LEATHER AND LEATHER PRODUCTS

 

 

108,907

 

 

0.14

 

 

 

 

 

 

 

 

LEGAL SERVICES

 

 

26,028

 

 

0.03

 

 

 

 

 

 

 

 

LOCAL AND INTERURBAN PASSENGER TRANSIT

 

 

12,432

 

 

0.02

 

 

 

 

 

 

 

 

LUMBER AND WOOD PRODUCTS

 

 

11,928

 

 

0.02

 

 

 

 

 

 

 

 

METAL MINING

 

 

996,090

 

 

1.30

 

 

 

 

 

 

 

 

MISCELLANEOUS MANUFACTURING INDUSTRIES

 

 

317,501

 

 

0.42

 

 

 

 

 

 

 

 

MISCELLANEOUS REPAIR SERVICES

 

 

90

 

 

—

**

 

 

 

 

 

 

 

MISCELLANEOUS RETAIL

 

 

 

 

 

 

 

 

10,601,967

 

 

 

CVS Corp

 

 

304,702

 

 

0.40

 

 

 

 

 

 

Other

 

 

508,532

 

 

0.66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

813,234

 

 

1.06

 

 

 

 

 

 

 

 

MOTION PICTURES

 

 

437,938

 

 

0.57

 

 

 

 

 

 

 

 

NONDEPOSITORY INSTITUTIONS

 

 

438,547

 

 

0.57

 

 

 

 

 

 

 

 

NONMETALLIC MINERALS, EXCEPT FUELS

 

 

56,075

 

 

0.07

 

 

 

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2008 Annual Report

41

 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

 

 

CREF STOCK ACCOUNT § DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

Value
(000)

 

% of net
assets

 

OIL AND GAS EXTRACTION

 

 

 

 

 

 

 

 

3,987,277

 

 

 

Apache Corp

 

$

297,171

 

 

0.39

%

 

8,736,579

 

 

 

Occidental Petroleum Corp

 

 

524,106

 

 

0.69

 

 

 

 

 

 

Other

 

 

2,551,901

 

 

3.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,373,178

 

 

4.41

 

 

 

 

 

 

 

 

PAPER AND ALLIED PRODUCTS

 

 

298,805

 

 

0.39

 

 

 

 

 

 

 

 

PERSONAL SERVICES

 

 

96,897

 

 

0.13

 

 

 

 

 

 

 

 

PETROLEUM AND COAL PRODUCTS

 

 

 

 

 

 

 

 

40,266,140

 

 

 

BP plc

 

 

304,515

 

 

0.40

 

 

10,960,852

 

 

 

Chevron Corp

 

 

810,775

 

 

1.06

 

 

7,503,441

 

 

 

ConocoPhillips

 

 

388,679

 

 

0.51

 

 

26,388,717

 

 

 

Exxon Mobil Corp

 

 

2,106,612

 

 

2.75

 

 

 

 

 

 

Other

 

 

1,213,038

 

 

1.58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,823,619

 

 

6.30

 

 

 

 

 

 

 

 

PIPELINES, EXCEPT NATURAL GAS

 

 

68,286

 

 

0.09

 

 

 

 

 

 

 

 

PRIMARY METAL INDUSTRIES

 

 

601,774

 

 

0.79

 

 

 

PRINTING AND PUBLISHING

 

 

287,236

 

 

0.38

 

 

 

 

 

 

 

 

RAILROAD TRANSPORTATION

 

 

713,483

 

 

0.93

 

 

 

 

 

 

 

 

REAL ESTATE

 

 

365,281

 

 

0.48

 

 

 

 

 

 

 

 

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS

 

 

437,623

 

 

0.57

 

 

 

 

 

 

 

 

SECURITY AND COMMODITY BROKERS

 

 

1,422,560

 

 

1.86

 

 

 

 

 

 

 

 

SOCIAL SERVICES

 

 

3,536

 

 

— **

 

 

 

 

 

 

 

 

SPECIAL TRADE CONTRACTORS

 

 

58,016

 

 

0.08

 

 

 

 

 

 

 

 

STONE, CLAY, AND GLASS PRODUCTS

 

 

351,588

 

 

0.46

 

 

 

 

 

 

 

 

TEXTILE MILL PRODUCTS

 

 

30,754

 

 

0.04

 

 

 

 

 

 

 

 

TOBACCO PRODUCTS

 

 

 

 

 

 

 

 

12,782,820  

 

 

 

Philip Morris International, Inc

 

 

556,181

 

 

0.73

 

 

 

 

 

 

Other

 

 

486,588

 

 

0.63

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,042,769

 

 

1.36

 

 

 

 

 

 

 

 

TRANSPORTATION BY AIR

 

 

367,655

 

 

0.48

 

 

 

 

 

 

 

 

TRANSPORTATION EQUIPMENT

 

 

2,055,291

 

 

2.69

 

 

 

 

 

 

 

 

TRANSPORTATION SERVICES

 

 

149,780

 

 

0.20

 

 

 

 

 

 

 

 

TRUCKING AND WAREHOUSING

 

 

370,814

 

 

0.48

 

 

 

 

 

 

42

2008 Annual Report § College Retirement Equities Fund

See notes to financial statements

 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

 

 

CREF STOCK ACCOUNT § DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

 

 

Value
(000)

 

% of net
assets

 

WATER TRANSPORTATION

 

 

 

$

211,889

 

 

0.28

%

 

 

 

 

 

 

 

 

 

WHOLESALE TRADE-DURABLE GOODS

 

 

 

 

513,735

 

 

0.67

 

 

 

 

 

 

 

 

 

 

WHOLESALE TRADE-NONDURABLE GOODS

 

 

 

 

659,736

 

 

0.86

 

 

 

 

 
TOTAL COMMON STOCKS
   (Cost $104,665,304)

 

 

76,299,677

 

 

99.73

 

 

 

 

 

 

 

 

 

 

MUTUAL FUNDS

 

 

 

 

1,337

 

 

—

**

 

 

 

 

TOTAL MUTUAL FUNDS

    (Cost $4,618)

 

 

1,337

 

—

**

 

 

 

 

 

 

 

 

 

PREFERRED STOCKS

 

 

 

 

 

 

 

 

 

HOLDING AND OTHER INVESTMENT OFFICES

 

 

 

 

3,868

 

 

0.01

 

 

 

 

 

 

 

 

 

 

SECURITY AND COMMODITY BROKERS

 

 

 

 

224

 

 

—

**

 

 

 

 

 

 

 

 

 

TRANSPORTATION BY AIR

 

 

 

 

—

^

 

—

**

 

 

 

 

TOTAL PREFERRED STOCKS

 

(Cost $10,431)

 

 

4,092

 

 

0.01

 

 

 

 

 

 

 

 

 

 

RIGHTS / WARRANTS

 

 

 

 

 

 

 

 

 

CHEMICALS AND ALLIED PRODUCTS

 

 

 

 

—

^

 

—

**

 

 

 

 

 

 

 

 

 

COMMUNICATIONS

 

 

 

 

—

^

 

—

**

 

 

 

 

 

 

 

 

 

DEPOSITORY INSTITUTIONS

 

 

 

 

3,055

 

 

—

**

 

 

 

 

 

 

 

 

 

ELECTRIC, GAS, AND SANITARY SERVICES

 

 

 

 

10

 

 

—

**

 

 

 

 

 

 

 

 

 

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT

 

 

 

 

6

 

 

—

**

 

 

 

 

 

 

 

 

 

FABRICATED METAL PRODUCTS

 

 

 

 

15

 

 

—

**

 

 

 

 

 

 

 

 

 

FOOD AND KINDRED PRODUCTS

 

 

 

 

74

 

 

—

**

 

 

 

 

 

 

 

 

 

FOOD STORES

 

 

 

 

—

^

 

—

**

 

 

 

 

 

 

 

 

 

GENERAL BUILDING CONTRACTORS

 

 

 

 

60

 

 

—

**

 

 

 

 

 

 

 

 

 

HOLDING AND OTHER INVESTMENT OFFICES

 

 

 

 

307

 

 

—

**

 

 

 

 

 

 

 

 

 

INDUSTRIAL MACHINERY AND EQUIPMENT

 

 

 

 

8

 

 

—

**

 

 

 

 

 

 

 

 

 

METAL MINING

 

 

 

 

—

^

 

—

**

 

 

 

 

 

 

 

 

 

NONDEPOSITORY INSTITUTIONS

 

 

 

 

517

 

 

—

**

 

 

 

 

 

 

 

 

 

PRIMARY METAL INDUSTRIES

 

 

 

 

4

 

 

—

**

 

 

 

 

 

 

 

 

 

REAL ESTATE

 

 

 

 

73

 

 

—

**

 

 

 

 

 

 

 

 

 

TEXTILE MILL PRODUCTS

 

 

 

 

—

^

 

—

**

 

 

 

 

 

 

 

 

 

WATER TRANSPORTATION

 

 

 

 

158

 

 

—

**

 

 

 

 

TOTAL RIGHTS / WARRANTS

 

(Cost $2,015)

 

 

4,287

 

 

—

**

 

 

 

 

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2008 Annual Report

43


 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

 

CREF STOCK ACCOUNT § DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

Issuer

 

 

 

Value
(000)

 

% of net
assets

 

SHORT-TERM INVESTMENTS

 

 

 

 

 

 

 

 

 

U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES

 

(Cost $272,223)

 

$

272,433

 

 

0.36

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED

 

 

 

 

 

 

 

REPURCHASE AGREEMENTS

 

 

 

 

 

 

 

 

$

300,000,000

 

 

 

Bank of America Corp

 

01/02/09

 

 

300,000

 

 

0.39

 

 

500,000,000

 

 

 

Bank of America Corp

 

01/02/09

 

 

500,000

 

 

0.65

 

 

450,000,000

 

 

 

BNP Paribas, Inc

 

01/02/09

 

 

450,000

 

 

0.59

 

 

700,000,000

 

 

 

Goldman Sachs Group, Inc

 

01/12/09

 

 

700,000

 

 

0.91

 

 

500,000,000

 

 

 

Goldman Sachs Group, Inc

 

12/30/13

 

 

500,000

 

 

0.65

 

 

500,000,000

 

 

 

Merrill Lynch & Co, Inc

 

12/30/13

 

 

500,000

 

 

0.65

 

 

500,000,000

 

 

 

Salomon Brothers

 

01/02/09

 

 

500,000

 

 

0.65

 

 

365,000,000

 

 

 

UBS Warburg

 

01/02/09

 

 

365,000

 

 

0.48

 

 

425,000,000

 

 

 

UBS Warburg

 

01/30/09

 

 

425,000

 

 

0.56

 

 

 

 

 

 

Other

 

 

 

 

660,000

 

 

0.87

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,900,000

 

 

6.40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES

 

 

 

 

 

 

 

 

343,000,000

 

 

 

Federal National Mortgage Association (FNMA)

 

0.000%, 06/11/09

 

 

342,554

 

 

0.45

 

 

437,000,000

 

 

 

FNMA

 

0.000%, 06/22/09

 

 

436,388

 

 

0.57

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

778,942

 

 

1.02

 

 

 

 

 

 

 

 

 

 

VARIABLE RATE SECURITIES

 

 

 

3,118,633

 

 

4.08

 

 

 

 

TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED

 

(Cost $9,091,922)

 

 

8,797,575

 

 

11.50

 

 

 

 

 

 

 

 

 

 

TOTAL SHORT-TERM INVESTMENTS

 

(Cost $9,364,145)

 

 

9,070,008

 

 

11.86

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL PORTFOLIO

 

(Cost $114,046,836)

 

 

85,379,756

 

 

111.60

 

 

 

 

 

 

OTHER ASSETS & LIABILITIES,NET

 

 

 

 

(8,874,727

)

 

(11.60

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET ASSETS

 

 

 

$

76,505,029

 

 

100.00

%

 

 

 

 

 

 

 

 

 

 

 

 

44

2008 Annual Report § College Retirement Equities Fund

See notes to financial statements


 

 

SUMMARY PORTFOLIO OF INVESTMENTS

concluded

 

CREF STOCK ACCOUNT § DECEMBER 31, 2008

 

 

 

 

 

The following abbreviations are used in portfolio descriptions:

 

 

 

plc

Public Limited Company

 

 

 

 

*

Non-income producing.

 

 

 

**

Percentage represents less than 0.01%.

 

 

 

^

Amount represents less than $1,000.

 

 

 

 

Cost amounts are in thousands.

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

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2008 Annual Report

45

SUMMARY OF MARKET VALUES BY COUNTRY

CREF STOCK ACCOUNT §  DECEMBER 31, 2008

 

 

 

 

 

 

 

Country

 

Value

 

% of
market
value

 

DOMESTIC

 

 

 

 

 

 

UNITED STATES

 

$

65,267,546,242

 

76.44

%

 

 

TOTAL DOMESTIC

 

 

65,267,546,242

 

76.44

 

 

 

 

 

 

 

 

 

 

FOREIGN

 

 

 

 

 

 

AFGHANISTAN

 

 

2,345,356

 

0.00

 

ARGENTINA

 

 

4,114,750

 

0.01

 

AUSTRALIA

 

 

780,988,004

 

0.91

 

AUSTRIA

 

 

97,492,474

 

0.11

 

BAHAMAS

 

 

482,210

 

0.00

 

BELGIUM

 

 

93,710,270

 

0.11

 

BERMUDA

 

 

17,758,917

 

0.02

 

BRAZIL

 

 

359,500,463

 

0.42

 

CANADA

 

 

1,451,596,541

 

1.70

 

CAYMAN ISLANDS

 

 

6,012,681

 

0.01

 

CHILE

 

 

27,202,691

 

0.03

 

CHINA

 

 

441,729,899

 

0.52

 

COLOMBIA

 

 

11,516,829

 

0.01

 

CZECH REPUBLIC

 

 

18,365,828

 

0.02

 

DENMARK

 

 

91,526,832

 

0.11

 

EGYPT

 

 

13,211,135

 

0.02

 

FINLAND

 

 

160,032,648

 

0.19

 

FRANCE

 

 

1,669,824,576

 

1.96

 

GERMANY

 

 

1,667,430,301

 

1.95

 

GHANA

 

 

98,519

 

0.00

 

GREECE

 

 

78,512,286

 

0.09

 

HONG KONG

 

 

327,740,888

 

0.38

 

HUNGARY

 

 

11,558,613

 

0.01

 

INDIA

 

 

157,780,849

 

0.19

 

INDONESIA

 

 

28,581,639

 

0.03

 

IRELAND

 

 

51,576,401

 

0.06

 

ISLE OF MAN

 

 

1,323,855

 

0.00

 

ISRAEL

 

 

128,350,708

 

0.15

 

ITALY

 

 

504,615,422

 

0.59

 

 

 

 

 

 

 

 

Country

 

Value

 

% of
market
value

 

JAPAN

 

$

4,171,108,287

 

4.89

%

KAZAKHSTAN

 

 

1,477,232

 

0.00

 

KOREA, REPUBLIC OF

 

 

269,742,130

 

0.32

 

LIECHTENSTEIN

 

 

477,657

 

0.00

 

LUXEMBOURG

 

 

20,980,589

 

0.02

 

MALAYSIA

 

 

89,456,541

 

0.10

 

MEXICO

 

 

99,675,720

 

0.12

 

MOROCCO

 

 

9,858,534

 

0.01

 

NETHERLANDS ANTILLES

 

 

1,771,244

 

0.00

 

NETHERLANDS

 

 

375,513,206

 

0.44

 

NEW ZEALAND

 

 

16,772,759

 

0.02

 

NORWAY

 

 

71,732,677

 

0.09

 

PAKISTAN

 

 

1,882,684

 

0.00

 

PANAMA

 

 

48,105,245

 

0.06

 

PERU

 

 

11,883,973

 

0.01

 

PHILIPPINES

 

 

20,215,755

 

0.02

 

POLAND

 

 

30,482,214

 

0.04

 

PORTUGAL

 

 

16,377,811

 

0.02

 

PUERTO RICO

 

 

4,738,383

 

0.01

 

RUSSIA

 

 

119,308,786

 

0.14

 

SINGAPORE

 

 

177,397,520

 

0.21

 

SOUTH AFRICA

 

 

193,004,819

 

0.23

 

SPAIN

 

 

638,077,123

 

0.75

 

SWEDEN

 

 

212,574,875

 

0.25

 

SWITZERLAND

 

 

1,571,970,009

 

1.84

 

TAIWAN

 

 

265,546,663

 

0.31

 

THAILAND

 

 

36,412,545

 

0.04

 

TURKEY

 

 

28,839,226

 

0.03

 

UNITED KINGDOM

 

 

3,401,843,628

 

3.99

 

 

 

TOTAL FOREIGN

 

 

20,112,209,420

 

23.56

 

 

 

 

TOTAL PORTFOLIO

 

$

85,379,755,662

 

100.00

%

 

 

 

 

 

46

2008 Annual Report § College Retirement Equities Fund

See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS

CREF GLOBAL EQUITIES ACCOUNT §  DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Company

 

Value
(000)

 

% of net
assets

 

COMMON STOCKS

 

 

 

 

 

 

ADMINISTRATION OF ECONOMIC PROGRAMS

 

$

337

 

—

%**

 

 

AMUSEMENT AND RECREATION SERVICES

 

 

20,128

 

0.21

 

 

 

APPAREL AND ACCESSORY STORES

 

 

48,954

 

0.51

 

 

 

 

 

 

APPAREL AND OTHER TEXTILE PRODUCTS

 

 

14,413

 

0.15

 

 

 

 

 

 

AUTO REPAIR, SERVICES AND PARKING

 

 

8,204

 

0.09

 

 

 

 

 

 

AUTOMOTIVE DEALERS AND SERVICE STATIONS

 

 

11,689

 

0.12

 

 

 

 

 

 

BUILDING MATERIALS AND GARDEN SUPPLIES

 

 

26,566

 

0.28

 

 

 

 

 

 

BUSINESS SERVICES

 

 

 

 

 

 

197,969

 

*

Google, Inc (Class A)

 

 

60,905

 

0.63

 

3,719,631

 

 

Microsoft Corp

 

 

72,310

 

0.75

 

2,932,874

 

*

Oracle Corp

 

 

52,000

 

0.54

 

 

 

 

Other

 

 

251,714

 

2.61

 

 

 

 

 

 

 

 

 

 

 

 

436,929

 

4.53

 

 

 

 

 

 

 

 

 

 

 

 

 

CHEMICALS AND ALLIED PRODUCTS

 

 

 

 

 

 

1,333,320

 

 

Abbott Laboratories

 

 

71,159

 

0.74

 

1,006,002

 

*

Amgen, Inc

 

 

58,097

 

0.60

 

1,245,870

 

 

Johnson & Johnson

 

 

74,540

 

0.77

 

2,131,932

 

 

Merck & Co, Inc

 

 

64,811

 

0.67

 

694,557

 

 

Monsanto Co

 

 

48,862

 

0.51

 

2,119,936

 

 

Novartis AG.

 

 

106,169

 

1.10

 

2,647,017

 

 

Pfizer, Inc

 

 

46,879

 

0.49

 

1,024,494

 

 

Procter & Gamble Co

 

 

63,334

 

0.66

 

401,215

 

 

Roche Holding AG.

 

 

62,115

 

0.64

 

1,577,673

 

 

Wyeth

 

 

59,179

 

0.61

 

 

 

 

Other

 

 

612,719

 

6.35

 

 

 

 

 

 

 

 

 

 

 

 

1,267,864

 

13.14

 

 

 

 

 

 

COAL MINING

 

 

17,331

 

0.18

 

 

 

 

 

 

COMMUNICATIONS

 

 

 

 

 

 

 

 

2,354,351

 

 

AT&T, Inc

 

 

67,099

 

0.70

 

32,123,314

 

 

Vodafone Group plc

 

 

64,197

 

0.66

 

 

 

 

Other

 

 

459,215

 

4.76

 

 

 

 

 

 

 

 

 

 

 

 

590,511

 

6.12

 

 

 

 

 

 

DEPOSITORY INSTITUTIONS

 

 

 

 

 

 

6,844,882

 

e

Banco Santander Central Hispano SA

 

 

66,126

 

0.69

 

1,921,293

 

 

JPMorgan Chase & Co

 

 

60,578

 

0.63

 

7,967,763

 

e

Mitsubishi UFJ Financial Group, Inc

 

 

50,079

 

0.52

 

3,707,907

 

 

UBS A.G.

 

 

53,948

 

0.56

 

3,580,200

 

 

Wells Fargo & Co

 

 

105,544

 

1.09

 

 

 

 

Other

 

 

565,124

 

5.85

 

 

 

 

 

 

 

 

 

 

 

 

901,399

 

9.34

 

 

 

 

 

 

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2008 Annual Report

47

 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

CREF GLOBAL EQUITIES ACCOUNT §  DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Company

 

Value
(000)

 

% of net
assets

 

EATING AND DRINKING PLACES

 

 

 

 

 

 

14,416,558

 

 

Compass Group plc

 

$

71,303

 

0.74

%

 

 

 

Other

 

 

59,435

 

0.61

 

 

 

 

 

 

 

 

 

 

 

 

130,738

 

1.35

 

 

 

 

 

 

EDUCATIONAL SERVICES

 

 

7,099

 

0.07

 

 

 

 

 

 

ELECTRIC, GAS, AND SANITARY SERVICES

 

 

 

 

 

 

1,365,690

 

 

E.ON AG.

 

 

53,627

 

0.56

 

1,130,754

 

e

Gaz de France

 

 

55,524

 

0.57

 

 

 

 

Other

 

 

386,336

 

4.00

 

 

 

 

 

 

 

 

 

 

 

 

495,487

 

5.13

 

 

 

 

 

 

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT

 

 

 

 

 

 

3,812,537

 

*

Cisco Systems, Inc

 

 

62,144

 

0.64

 

4,640,618

 

 

General Electric Co

 

 

75,178

 

0.78

 

 

 

 

Other

 

 

335,114

 

3.47

 

 

 

 

 

 

 

 

 

 

 

 

472,436

 

4.89

 

 

 

 

 

 

ENGINEERING AND MANAGEMENT SERVICES

 

 

62,004

 

0.64

 

 

 

 

 

 

FABRICATED METAL PRODUCTS

 

 

37,096

 

0.38

 

 

 

 

 

 

FOOD AND KINDRED PRODUCTS

 

 

 

 

 

 

1,214,822

 

 

Coca-Cola Co

 

 

54,995

 

0.57

 

2,702,945

 

 

Nestle SA

 

 

107,031

 

1.11

 

1,283,657

 

 

PepsiCo, Inc

 

 

70,306

 

0.73

 

2,229,212

 

 

Unilever plc

 

 

50,608

 

0.52

 

 

 

 

Other

 

 

173,229

 

1.80

 

 

 

 

 

 

 

 

 

 

 

 

456,169

 

4.73

 

 

 

 

 

 

FOOD STORES

 

 

121,578

 

1.26

 

 

 

 

 

 

FORESTRY

 

 

3,460

 

0.04

 

 

 

 

 

 

FURNITURE AND FIXTURES

 

 

5,752

 

0.06

 

 

 

 

 

 

FURNITURE AND HOME FURNISHINGS STORES

 

 

20,488

 

0.21

 

 

 

 

 

 

GENERAL BUILDING CONTRACTORS

 

 

50,768

 

0.53

 

 

 

 

 

 

GENERAL MERCHANDISE STORES

 

 

 

 

 

 

1,139,743

 

 

Wal-Mart Stores, Inc

 

 

63,894

 

0.66

 

 

 

 

Other

 

 

75,912

 

0.79

 

 

 

 

 

 

 

 

 

 

 

 

139,806

 

1.45

 

 

 

 

 

 

HEALTH SERVICES

 

 

52,534

 

0.54

 

 

 

 

 

 

HEAVY CONSTRUCTION, EXCEPT BUILDING

 

 

20,693

 

0.21

 

 

 

 

 

 

 

48

2008 Annual Report § College Retirement Equities Fund

See notes to financial statements

 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

CREF GLOBAL EQUITIES ACCOUNT §  DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Company

 

Value
(000)

 

% of net
assets

 

HOLDING AND OTHER INVESTMENT OFFICES

 

 

 

 

 

 

2,063,666

 

e

iShares MSCI EAFE Index Fund

 

$

92,597

 

0.96

%

998,433

 

 

SPDR Trust Series 1

 

 

90,099

 

0.93

 

 

 

 

Other

 

 

172,218

 

1.79

 

 

 

 

 

 

 

 

 

 

 

 

354,914

 

3.68

 

 

 

 

 

 

HOTELS AND OTHER LODGING PLACES

 

 

53,950

 

0.56

 

 

 

INDUSTRIAL MACHINERY AND EQUIPMENT

 

 

 

 

 

 

2,553,913

 

 

Hewlett-Packard Co

 

 

92,682

 

0.96

 

694,203

 

 

International Business Machines Corp

 

 

58,424

 

0.60

 

924,545

 

e

Siemens AG.

 

 

69,603

 

0.72

 

 

 

 

Other

 

 

187,981

 

1.95

 

 

 

 

 

 

 

 

 

 

 

 

408,690

 

4.23

 

 

 

 

 

 

INSTRUMENTS AND RELATED PRODUCTS

 

 

154,822

 

1.60

 

 

 

INSURANCE AGENTS, BROKERS AND SERVICE

 

 

65,247

 

0.68

 

 

 

INSURANCE CARRIERS

 

 

 

 

 

 

2,226,773

 

 

Aetna, Inc

 

 

63,463

 

0.66

 

 

 

 

Other

 

 

412,679

 

4.27

 

 

 

 

 

 

 

 

 

 

 

 

476,142

 

4.93

 

 

 

 

 

 

LEATHER AND LEATHER PRODUCTS

 

 

12,949

 

0.13

 

 

 

 

 

 

LEGAL SERVICES

 

 

1,402

 

0.01

 

 

 

 

 

 

LOCAL AND INTERURBAN PASSENGER TRANSIT

 

 

1,350

 

0.01

 

 

 

 

 

 

LUMBER AND WOOD PRODUCTS

 

 

538

 

0.01

 

 

 

 

 

 

METAL MINING

 

 

201,362

 

2.09

 

 

 

 

 

 

MISCELLANEOUS MANUFACTURING INDUSTRIES

 

 

 

 

 

 

213,369

 

e

Nintendo Co Ltd

 

 

81,539

 

0.85

 

 

 

 

Other

 

 

19,631

 

0.20

 

 

 

 

 

 

 

 

 

 

 

 

101,170

 

1.05

 

 

 

 

 

 

MISCELLANEOUS RETAIL

 

 

 

 

 

 

1,786,889

 

 

CVS Corp

 

 

51,355

 

0.53

 

 

 

 

Other

 

 

54,909

 

0.57

 

 

 

 

 

 

 

 

 

 

 

 

106,264

 

1.10

 

 

 

 

 

 

MOTION PICTURES

 

 

51,373

 

0.53

 

 

 

 

 

 

NONDEPOSITORY INSTITUTIONS

 

 

58,524

 

0.61

 

 

 

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2008 Annual Report

49

 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

CREF GLOBAL EQUITIES ACCOUNT §  DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Company

 

Value
(000)

 

% of net
assets

 

NONMETALLIC MINERALS, EXCEPT FUELS

 

$

4,856

 

0.05

%

 

 

OIL AND GAS EXTRACTION

 

 

 

 

 

 

1,206,578

 

 

Occidental Petroleum Corp

 

 

72,382

 

0.75

 

 

 

 

Other

 

 

289,572

 

3.00

 

 

 

 

 

 

 

 

 

 

 

 

361,954

 

3.75

 

 

 

 

 

 

PAPER AND ALLIED PRODUCTS

 

 

24,566

 

0.25

 

 

 

 

 

 

PERSONAL SERVICES

 

 

5,847

 

0.06

 

 

 

 

 

 

PETROLEUM AND COAL PRODUCTS

 

 

 

 

 

 

10,908,310

 

 

BP plc

 

 

82,495

 

0.85

 

1,206,474

 

 

Chevron Corp

 

 

89,243

 

0.92

 

2,076,353

 

 

Exxon Mobil Corp

 

 

165,755

 

1.72

 

1,194,451

 

 

Total SA

 

 

64,604

 

0.67

 

 

 

 

Other

 

 

183,267

 

1.90

 

 

 

 

 

 

 

 

 

 

 

 

585,364

 

6.06

 

 

 

 

 

 

PIPELINES, EXCEPT NATURAL GAS

 

 

10,339

 

0.11

 

 

 

 

 

 

PRIMARY METAL INDUSTRIES

 

 

76,997

 

0.80

 

 

 

 

 

 

PRINTING AND PUBLISHING

 

 

50,893

 

0.53

 

 

 

 

 

 

RAILROAD TRANSPORTATION

 

 

85,386

 

0.88

 

 

 

 

 

 

REAL ESTATE

 

 

71,395

 

0.74

 

 

 

 

 

 

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS

 

 

59,182

 

0.61

 

 

 

 

 

 

SECURITY AND COMMODITY BROKERS

 

 

142,708

 

1.48

 

 

 

 

 

 

SPECIAL TRADE CONTRACTORS

 

 

527

 

0.01

 

 

 

 

 

 

STONE, CLAY, AND GLASS PRODUCTS

 

 

49,362

 

0.51

 

 

 

 

 

 

TEXTILE MILL PRODUCTS

 

 

2,473

 

0.03

 

 

 

 

 

 

TOBACCO PRODUCTS

 

 

 

 

 

 

1,195,261

 

 

Philip Morris International, Inc

 

 

52,006

 

0.54

 

 

 

 

Other

 

 

75,370

 

0.78

 

 

 

 

 

 

 

 

 

 

 

 

127,376

 

1.32

 

 

 

 

 

 

TRANSPORTATION BY AIR

 

 

26,305

 

0.27

 

 

 

 

 

 

TRANSPORTATION EQUIPMENT

 

 

222,398

 

2.30

 

 

 

 

 

 

TRANSPORTATION SERVICES

 

 

6,613

 

0.07

 

 

 

 

 

 

TRUCKING AND WAREHOUSING

 

 

63,340

 

0.66

 

 

 

 

 

 

WATER TRANSPORTATION

 

 

31,377

 

0.33

 

 

 

 

 

 

WHOLESALE TRADE-DURABLE GOODS

 

 

44,815

 

0.46

 

 

 

 

 

 

WHOLESALE TRADE-NONDURABLE GOODS

 

 

72,907

 

0.76

 

 

 

 

 

 

 

TOTAL COMMON STOCKS (Cost $13,471,940)

 

 

9,596,110

 

99.42

 

 

 

 

 

 

 

 

 

 

50

2008 Annual Report § College Retirement Equities Fund

See notes to financial statements

 

 

SUMMARY PORTFOLIO OF INVESTMENTS

concluded

CREF GLOBAL EQUITIES ACCOUNT § DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Company

 

 

 

 

Value
(000)

 

% of net
assets

 

RIGHTS / WARRANTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HOLDING AND OTHER INVESTMENT OFFICES

 

 

 

$

1

 

 

—

%**

 

 

 

 

NONDEPOSITORY INSTITUTIONS

 

 

 

 

332

 

 

—

**

 

 

 

 

PRIMARY METAL INDUSTRIES

 

 

 

 

1

 

 

—

**

 

 

 

 

REAL ESTATE

 

 

 

 

45

 

 

—

**

 

 

 

 

WATER TRANSPORTATION

 

 

 

 

102

 

 

—

**

 

 

 

 

TOTAL RIGHTS / WARRANTS

 

(Cost $1,267)

 

 

481

 

 

—

**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

Issuer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS

 

 

 

 

 

 

 

 

 

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES

 

(Cost $27,500)

 

 

27,509

 

 

0.29

 

 

 

 

 

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED

 

 

 

 

 

 

 

 

 

 

REPURCHASE AGREEMENTS

 

 

 

 

 

 

 

 

 

$

200,000,000

 

 

Barclays Capital

 

01/02/09

 

 

200,000

 

 

2.07

 

 

225,000,000

 

 

Merrill Lynch & Co, Inc

 

01/02/09

 

 

225,000

 

 

2.33

 

 

200,000,000

 

 

UBS Warburg

 

01/02/09

 

 

200,000

 

 

2.07

 

 

75,000,000

 

 

UBS Warburg

 

01/30/09

 

 

75,000

 

 

0.78

 

 

 

 

 

 

 

 

 

 

 

 

 

 

700,000

 

 

7.25

 

 

 

 

 

U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES

 

 

 

 

 

 

 

 

 

 

57,000,000

 

 

Federal National Mortgage Association (FNMA)

 

0.000%, 06/11/09

 

 

56,926

 

 

0.59

 

 

63,000,000

 

 

FNMA

 

0.000%, 06/22/09

 

 

62,912

 

 

0.65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

119,838

 

 

1.24

 

 

 

 

 

VARIABLE RATE SECURITIES

 

 

 

 

582,929

 

 

6.04

 

 

 

 

 

TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED

 

(Cost $1,455,517)

 

 

1,402,767

 

 

14.53

 

 

 

 

 

TOTAL SHORT-TERM INVESTMENTS

 

(Cost $1,483,017)

 

 

1,430,276

 

 

14.82

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL PORTFOLIO

 

(Cost $14,956,224)

 

 

11,026,867

 

 

114.24

 

OTHER ASSETS AND LIABILITIES, NET

 

 

 

 

(1,374,887

)

 

(14.24

)

 

 

 

 

TOTAL NET ASSETS

 

 

 

$

9,651,980

 

 

100.00

%

 

 

 

 

 

 

The following abbreviations are used in portfolio descriptions:

 

plc

Public Limited Company

SA

Special Assessment

SPDR

Standard & Poor’s Depository Receipts

 

 

*

Non-income producing

 

**

Percentage represents less than 0.01%

 

e

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

 

Cost amounts are in thousands.

 

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

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2008 Annual Report

51

SUMMARY OF MARKET VALUES BY COUNTRY

CREF GLOBAL EQUITIES ACCOUNT § DECEMBER 31, 2008

 

 

 

 

 

 

 

 

Country

 

Value

 

% of
market
value

 

DOMESTIC

 

 

 

 

 

 

 

UNITED STATES

 

$

6,218,434,495

 

 

56.39

%

 

 

TOTAL DOMESTIC

 

 

6,218,434,495

 

 

56.39

 

 

 

FOREIGN

 

 

 

 

 

 

 

AFGHANISTAN

 

 

1,859,394

 

 

0.02

 

AUSTRALIA

 

 

219,140,472

 

 

1.99

 

AUSTRIA

 

 

23,702,229

 

 

0.22

 

BELGIUM

 

 

19,184,719

 

 

0.17

 

BRAZIL

 

 

36,802,615

 

 

0.33

 

CANADA

 

 

314,793,591

 

 

2.86

 

CHILE

 

 

500,717

 

 

0.00

 

CHINA

 

 

57,885,213

 

 

0.53

 

CZECH REPUBLIC

 

 

3,534,874

 

 

0.03

 

DENMARK

 

 

22,240,169

 

 

0.20

 

FINLAND

 

 

41,070,700

 

 

0.37

 

FRANCE

 

 

491,372,944

 

 

4.46

 

GERMANY

 

 

416,498,724

 

 

3.78

 

GREECE

 

 

19,052,490

 

 

0.17

 

HONG KONG

 

 

76,837,323

 

 

0.70

 

INDIA

 

 

18,543,207

 

 

0.17

 

INDONESIA

 

 

2,177,333

 

 

0.02

 

IRELAND

 

 

13,850,375

 

 

0.13

 

ISLE OF MAN

 

 

405,454

 

 

0.00

 

ISRAEL

 

 

16,406,858

 

 

0.15

 

ITALY

 

 

115,592,423

 

 

1.05

 

 

 

 

 

 

 

 

 

Country

 

Value

 

% of
market
value

 

JAPAN

 

$

1,003,927,168

 

 

9.10

%

KOREA, REPUBLIC OF

 

 

9,345,299

 

 

0.09

 

LUXEMBOURG

 

 

5,772,153

 

 

0.05

 

MALAYSIA

 

 

17,829,279

 

 

0.16

 

MEXICO

 

 

688,112

 

 

0.01

 

NETHERLANDS

 

 

90,416,068

 

 

0.82

 

NEW ZEALAND

 

 

666,311

 

 

0.01

 

NORWAY

 

 

13,616,294

 

 

0.12

 

PANAMA

 

 

2,713,042

 

 

0.02

 

PERU

 

 

1,534,471

 

 

0.01

 

PHILIPPINES

 

 

15,116,431

 

 

0.14

 

PORTUGAL

 

 

4,728,721

 

 

0.04

 

RUSSIA

 

 

282,403

 

 

0.00

 

SINGAPORE

 

 

38,817,590

 

 

0.35

 

SOUTH AFRICA

 

 

7,078,729

 

 

0.06

 

SPAIN

 

 

162,217,835

 

 

1.47

 

SWEDEN

 

 

40,747,255

 

 

0.37

 

SWITZERLAND

 

 

474,937,097

 

 

4.31

 

TAIWAN

 

 

32,514,310

 

 

0.30

 

THAILAND

 

 

18,412,298

 

 

0.17

 

UNITED ARAB EMIRATES

 

 

1,622,844

 

 

0.01

 

UNITED KINGDOM

 

 

953,996,595

 

 

8.65

 

 

 

TOTAL FOREIGN

 

 

4,808,432,129

 

 

43.61

 

 

 

 

 

 

 

 

 

 

 

TOTAL PORTFOLIO

 

$

11,026,866,624

 

 

100.00

%

 

 

 

 

 

52

2008 Annual Report § College Retirement Equities Fund

See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS

CREF GROWTH ACCOUNT § DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

Value
(000)

 

% of net
assets

 

COMMON STOCKS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AMUSEMENT AND RECREATION SERVICES

 

$

10,811

 

 

0.13

%

 

 

APPAREL AND ACCESSORY STORES

 

 

53,068

 

 

0.65

 

 

 

APPAREL AND OTHER TEXTILE PRODUCTS

 

 

16,579

 

 

0.20

 

 

 

AUTO REPAIR, SERVICES AND PARKING

 

 

2,899

 

 

0.04

 

 

 

AUTOMOTIVE DEALERS AND SERVICE STATIONS

 

 

30,647

 

 

0.37

 

 

 

BUILDING MATERIALS AND GARDEN SUPPLIES

 

 

19,002

 

 

0.23

 

 

 

BUSINESS SERVICES

 

 

 

 

 

 

 

 

2,018,977

 

*

 

Adobe Systems, Inc

 

 

42,984

 

 

0.52

 

 

4,516,008

 

*

 

eBay, Inc

 

 

63,043

 

 

0.77

 

 

7,759,390

 

 

 

Experian Group Ltd

 

 

48,194

 

 

0.59

 

 

560,074

 

*

 

Google, Inc (Class A)

 

 

172,307

 

 

2.10

 

 

2,064,798

 

*

 

Intuit, Inc

 

 

49,122

 

 

0.60

 

 

11,066,059

 

 

 

Microsoft Corp

 

 

215,124

 

 

2.62

 

 

1,888,811

 

 

 

Omnicom Group, Inc

 

 

50,847

 

 

0.62

 

 

8,388,343

 

*

 

Oracle Corp

 

 

148,725

 

 

1.81

 

 

1,248,149

 

 

 

Visa, Inc (Class A)

 

 

65,465

 

 

0.79

 

 

 

 

 

 

Other

 

 

277,430

 

 

3.36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,133,241

 

 

13.78

 

 

 

 

 

 

 

 

CHEMICALS AND ALLIED PRODUCTS

 

 

 

 

 

 

 

 

3,182,425

 

 

 

Abbott Laboratories

 

 

169,846

 

 

2.07

 

 

2,085,479

 

 

 

Avon Products, Inc

 

 

50,114

 

 

0.61

 

 

2,502,763

 

 

 

Bristol-Myers Squibb Co

 

 

58,189

 

 

0.71

 

 

1,117,531

 

 

 

Colgate-Palmolive Co

 

 

76,596

 

 

0.93

 

 

1,094,401

 

*

 

Genentech, Inc

 

 

90,737

 

 

1.10

 

 

2,974,140

 

*

 

Gilead Sciences, Inc

 

 

152,098

 

 

1.85

 

 

776,358

 

 

 

Johnson & Johnson

 

 

46,449

 

 

0.56

 

 

1,510,615

 

 

 

Monsanto Co

 

 

106,272

 

 

1.29

 

 

1,249,438

 

 

 

Procter & Gamble Co

 

 

77,240

 

 

0.94

 

 

1,530,472

 

 

 

Teva Pharmaceutical Industries Ltd (ADR)

 

 

65,152

 

 

0.79

 

 

 

 

 

 

Other

 

 

356,600

 

 

4.34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,249,293

 

 

15.19

 

 

 

 

 

 

 

 

COAL MINING

 

 

26,624

 

 

0.32

 

 

 

COMMUNICATIONS

 

 

 

 

 

 

 

 

2,626,017

 

*

 

DIRECTV Group, Inc

 

 

60,162

 

 

0.73

 

 

 

 

 

 

Other

 

 

147,265

 

 

1.79

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

207,427

 

 

2.52

 

 

 

 

 

 

 

 

DEPOSITORY INSTITUTIONS

 

 

 

 

 

 

 

 

4,127,134

 

 

 

Western Union Co

 

 

59,183

 

 

0.72

 

 

 

 

 

 

Other

 

 

93,496

 

 

1.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

152,679

 

 

1.86

 

 

 

 

 

 

 

 

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2008 Annual Report

53

 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

CREF GROWTH ACCOUNT § DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

 

Value
(000)

 

 

% of net
assets

 

EATING AND DRINKING PLACES

 

 

 

 

 

 

 

 

1,841,084

 

 

 

McDonald’s Corp

 

$

114,497

 

 

1.39

%

 

 

 

 

 

Other

 

 

26,459

 

 

0.32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

140,956

 

 

1.71

 

 

 

 

 

 

 

 

EDUCATIONAL SERVICES

 

 

30,739

 

 

0.37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ELECTRIC, GAS, AND SANITARY SERVICES

 

 

122,443

 

 

1.49

 

 

 

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT

 

 

 

 

 

 

 

 

1,499,790

 

*

 

Apple Computer, Inc

 

 

128,007

 

 

1.56

 

 

11,649,788

 

*

 

Cisco Systems, Inc

 

 

189,892

 

 

2.31

 

 

295,103

 

*

 

First Solar, Inc

 

 

40,712

 

 

0.50

 

 

9,932,376

 

 

 

Intel Corp

 

 

145,609

 

 

1.77

 

 

4,075,895

 

 

 

Qualcomm, Inc

 

 

146,039

 

 

1.78

 

 

 

 

 

 

Other

 

 

158,512

 

 

1.92

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

808,771

 

 

9.84

 

 

 

 

 

 

 

 

ENGINEERING AND MANAGEMENT SERVICES

 

 

 

 

 

 

 

 

1,008,997

 

*

 

Celgene Corp

 

 

55,777

 

 

0.68

 

 

979,537

 

*

 

Jacobs Engineering Group, Inc

 

 

47,116

 

 

0.57

 

 

 

 

 

 

Other

 

 

89,580

 

 

1.09

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

192,473

 

 

2.34

 

 

 

 

 

 

 

 

FABRICATED METAL PRODUCTS

 

 

35,773

 

 

0.44

 

 

 

FOOD AND KINDRED PRODUCTS

 

 

 

 

 

 

 

 

1,935,220

 

 

 

Coca-Cola Co

 

 

87,607

 

 

1.07

 

 

784,058

 

 

 

General Mills, Inc

 

 

47,632

 

 

0.58

 

 

1,913,631

 

 

 

PepsiCo, Inc

 

 

104,809

 

 

1.27

 

 

 

 

 

 

Other

 

 

21,847

 

 

0.27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

261,895

 

 

3.19

 

 

 

 

 

 

 

 

FOOD STORES

 

 

37,381

 

 

0.45

 

 

 

FORESTRY

 

 

271

 

 

—

**

 

 

FURNITURE AND FIXTURES

 

 

2,588

 

 

0.03

 

 

 

FURNITURE AND HOME FURNISHINGS STORES

 

 

53,372

 

 

0.65

 

 

 

GENERAL BUILDING CONTRACTORS

 

 

1,618

 

 

0.02

 

 

 

GENERAL MERCHANDISE STORES

 

 

 

 

 

 

 

 

2,842,177

 

 

 

Wal-Mart Stores, Inc

 

 

159,333

 

 

1.94

 

 

 

 

 

 

Other

 

 

84,272

 

 

1.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

243,605

 

 

2.96

 

 

 

 

 

 

 

 

HEALTH SERVICES

 

 

 

 

 

 

 

 

1,250,207

 

*

 

Medco Health Solutions, Inc

 

 

52,396

 

 

0.64

 

 

 

 

 

 

Other

 

 

66,373

 

 

0.80

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

118,769

 

 

1.44

 

 

 

 

 

 

 

 

 

 

 

54

2008 Annual Report § College Retirement Equities Fund

See notes to financial statements

 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

CREF GROWTH ACCOUNT § DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

 

Value
(000)

 

 

% of net
assets

 

HEAVY CONSTRUCTION, EXCEPT BUILDING

 

$

2,841

 

 

0.03

%

 

 

HOLDING AND OTHER INVESTMENT OFFICES

 

 

 

 

 

 

 

 

2,020,750

 

 

 

iShares Russell 1000 Growth Index Fund

 

 

74,889

 

 

0.91

 

 

 

 

 

 

Other

 

 

24,098

 

 

0.29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

98,987

 

 

1.20

 

 

 

 

 

 

 

 

HOTELS AND OTHER LODGING PLACES

 

 

22,110

 

 

0.27

 

 

 

INDUSTRIAL MACHINERY AND EQUIPMENT

 

 

 

 

 

 

 

 

5,473,266

 

 

 

Hewlett-Packard Co

 

 

198,625

 

 

2.42

 

 

1,938,083

 

 

 

International Business Machines Corp

 

 

163,109

 

 

1.98

 

 

 

 

 

 

Other

 

 

232,419

 

 

2.83

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

594,153

 

 

7.23

 

 

 

 

 

 

 

 

INSTRUMENTS AND RELATED PRODUCTS

 

 

 

 

 

 

 

 

974,394

 

 

 

Baxter International, Inc

 

 

52,218

 

 

0.64

 

 

1,311,307

 

 

 

Emerson Electric Co

 

 

48,007

 

 

0.58

 

 

 

 

 

 

Other

 

 

258,677

 

 

3.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

358,902

 

 

4.37

 

 

 

 

 

 

 

 

INSURANCE AGENTS, BROKERS AND SERVICE

 

 

601

 

 

0.01

 

 

 

INSURANCE CARRIERS

 

 

161,623

 

 

1.97

 

 

 

JUSTICE, PUBLIC ORDER AND SAFETY

 

 

1,657

 

 

0.02

 

 

 

LEATHER AND LEATHER PRODUCTS

 

 

16,521

 

 

0.20

 

 

 

LEGAL SERVICES

 

 

2,015

 

 

0.02

 

 

 

METAL MINING

 

 

46,677

 

 

0.57

 

 

 

MISCELLANEOUS MANUFACTURING INDUSTRIES

 

 

 

 

 

 

 

 

163,535

 

 

 

Nintendo Co Ltd

 

 

62,495

 

 

0.76

 

 

 

 

 

 

Other

 

 

14,722

 

 

0.18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

77,217

 

 

0.94

 

 

 

 

 

 

 

 

MISCELLANEOUS RETAIL

 

 

 

 

 

 

 

 

2,261,490

 

 

 

CVS Corp

 

 

64,995

 

 

0.79

 

 

 

 

 

 

Other

 

 

72,980

 

 

0.89

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

137,975

 

 

1.68

 

 

 

 

 

 

 

 

MOTION PICTURES

 

 

28,133

 

 

0.34

 

 

 

NONDEPOSITORY INSTITUTIONS

 

 

21,807

 

 

0.27

 

 

 

OIL AND GAS EXTRACTION

 

 

 

 

 

 

 

 

1,667,561

 

 

 

Occidental Petroleum Corp

 

 

100,037

 

 

1.22

 

 

2,753,992

 

 

 

Schlumberger Ltd

 

 

116,576

 

 

1.42

 

 

 

 

 

 

Other

 

 

224,936

 

 

2.73

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

441,549

 

 

5.37

 

 

 

 

 

 

 

 

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2008 Annual Report

55

 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

CREF GROWTH ACCOUNT § DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

 

 

Value
(000)

 

 

% of net
assets

 

PAPER AND ALLIED PRODUCTS

 

 

$

12,586

 

 

0.15

%

 

 

 

PERSONAL SERVICES

 

 

 

7,634

 

 

0.09

 

 

 

 

PETROLEUM AND COAL PRODUCTS

 

 

 

 

 

 

 

 

 

1,639,411

 

 

 

Exxon Mobil Corp

 

 

 

130,874

 

 

1.59

 

 

 

 

 

 

Other

 

 

 

36,956

 

 

0.45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

167,830

 

 

2.04

 

 

 

 

 

 

 

 

 

PRIMARY METAL INDUSTRIES

 

 

 

 

 

 

 

 

 

735,423

 

 

 

Precision Castparts Corp

 

 

 

43,743

 

 

0.53

 

 

 

 

 

 

Other

 

 

 

49,731

 

 

0.61

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

93,474

 

 

1.14

 

 

 

 

 

 

 

 

 

PRINTING AND PUBLISHING

 

 

 

27,916

 

 

0.34

 

 

 

 

RAILROAD TRANSPORTATION

 

 

 

99,529

 

 

1.21

 

 

 

 

REAL ESTATE

 

 

 

2,630

 

 

0.03

 

 

 

 

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS

 

 

 

22,869

 

 

0.28

 

 

 

 

SECURITY AND COMMODITY BROKERS

 

 

 

 

 

 

 

 

 

4,262,442

 

 

 

Charles Schwab Corp

 

 

 

68,924

 

 

0.84

 

 

 

 

 

 

Other

 

 

 

110,928

 

 

1.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

179,852

 

 

2.19

 

 

 

 

 

 

 

 

 

SPECIAL TRADE CONTRACTORS

 

 

 

2,742

 

 

0.03

 

 

 

 

STONE, CLAY, AND GLASS PRODUCTS

 

 

 

49,598

 

 

0.60

 

 

 

 

TOBACCO PRODUCTS

 

 

 

 

 

 

 

 

 

2,626,998

 

 

 

Altria Group, Inc

 

 

 

39,563

 

 

0.48

 

 

2,842,189

 

 

 

Philip Morris International, Inc

 

 

 

123,663

 

 

1.50

 

 

 

 

 

 

Other

 

 

 

4,722

 

 

0.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

167,948

 

 

2.04

 

 

 

 

 

 

 

 

 

TRANSPORTATION BY AIR

 

 

 

16,984

 

 

0.21

 

 

 

 

TRANSPORTATION EQUIPMENT

 

 

 

 

 

 

 

 

 

1,044,111

 

 

 

Boeing Co

 

 

 

44,552

 

 

0.54

 

 

544,876

 

 

 

Lockheed Martin Corp

 

 

 

45,813

 

 

0.56

 

 

 

 

 

 

Other

 

 

 

116,486

 

 

1.42

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

206,851

 

 

2.52

 

 

 

 

 

 

 

 

 

TRANSPORTATION SERVICES

 

 

 

16,400

 

 

0.20

 

 

 

 

TRUCKING AND WAREHOUSING

 

 

 

38,299

 

 

0.47

 

 

 

 

WATER TRANSPORTATION

 

 

 

4,564

 

 

0.06

 

 

 

 

WHOLESALE TRADE-DURABLE GOODS

 

 

 

15,135

 

 

0.19

 

 

 

 

WHOLESALE TRADE-NONDURABLE GOODS

 

 

 

52,047

 

 

0.63

 

 

 

 

 

 

 

 

 

TOTAL COMMON STOCKS

 

(Cost $10,986,506)

 

8,150,580

 

 

99.13

 

 

 

 

 

 

 

 

 

 

 

 

56

2008 Annual Report § College Retirement Equities Fund

See notes to financial statements

 

 

SUMMARY PORTFOLIO OF INVESTMENTS

concluded

CREF GROWTH ACCOUNT § DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Issuer

 

 

 

Value
(000)

 

 

% of net
assets

 

SHORT-TERM INVESTMENTS

 

 

 

 

 

 

 

 

U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES

 

 

$

50,336

 

 

0.61

%

 

 

 

 

 

 

 

 

TOTAL SHORT-TERM INVESTMENTS

 

(Cost $50,284)

 

50,336

 

 

0.61

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL PORTFOLIO

 

(Cost $11,036,790)

 

8,200,916

 

 

99.74

 

 

 

 

 

 

OTHER ASSETS AND LIABILITIES, NET

 

 

 

21,436

 

 

0.26

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL NET ASSETS

 

 

$

8,222,352

 

 

100.00

%

 

 

 

 

 

 

 

 

 

The following abbreviations are used in portfolio descriptions:

ADR American Depositary Receipt

 

 

*

Non-income producing.

**

Percentage represents less than 0.01%.

 

Cost amounts are in thousands.

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

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2008 Annual Report

57

SUMMARY OF MARKET VALUES BY COUNTRY

CREF GROWTH ACCOUNT § DECEMBER 31, 2008

 

 

 

 

 

 

 

 

Country

 

 

Value

 

 

% of
market
value

 

DOMESTIC

 

 

 

 

 

 

 

UNITED STATES

 

$

7,802,635,785

 

 

95.14

%

 

 

TOTAL DOMESTIC

 

 

7,802,635,785

 

 

95.14

 

 

 

 

 

 

 

 

 

 

 

FOREIGN

 

 

 

 

 

 

 

BERMUDA

 

 

1,280,869

 

 

0.02

 

BRAZIL

 

 

17,226,566

 

 

0.21

 

CANADA

 

 

34,438,916

 

 

0.42

 

CHINA

 

 

3,676,578

 

 

0.04

 

CZECH REPUBLIC

 

 

703,055

 

 

0.01

 

FRANCE

 

 

7,386,728

 

 

0.09

 

GUERNSEY, C.I.

 

 

1,380,968

 

 

0.02

 

ISRAEL

 

 

65,152,175

 

 

0.79

 

JAPAN

 

 

62,495,168

 

 

0.76

 

NORWAY

 

 

4,252,592

 

 

0.05

 

PANAMA

 

 

593,575

 

 

0.01

 

POLAND

 

 

776,495

 

 

0.01

 

SWITZERLAND

 

 

123,663,643

 

 

1.51

 

UNITED KINGDOM

 

 

75,252,856

 

 

0.92

 

 

 

TOTAL FOREIGN

 

 

398,280,184

 

 

4.86

 

 

 

 

 

 

 

 

 

 

 

TOTAL PORTFOLIO

 

$

8,200,915,969

 

 

100.00

%

 

 

 

 

 

58

2008 Annual Report § College Retirement Equities Fund

See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS

CREF EQUITY INDEX ACCOUNT • DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

Value
(000)

 

% of net
assets

 

COMMON STOCKS

 

 

 

 

 

 

 

AGRICULTURAL PRODUCTION-CROPS

 

$

558

 

 

0.01

%

 

 

 

 

 

 

 

AGRICULTURAL PRODUCTION-LIVESTOCK

 

 

593

 

 

0.01

 

 

 

 

 

 

 

 

AGRICULTURAL SERVICES

 

 

187

 

 

—

**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AMUSEMENT AND RECREATION SERVICES

 

 

 

 

 

 

 

 

1,404,578

 

 

 

Walt Disney Co

 

 

31,870

 

 

0.44

 

 

 

 

 

 

Other

 

 

5,721

 

 

0.08

 

 

 

 

 

 

 

 

 

37,591

 

 

0.52

 

 

 

 

 

 

 

 

APPAREL AND ACCESSORY STORES

 

 

33,804

 

 

0.47

 

 

 

 

 

 

 

 

APPAREL AND OTHER TEXTILE PRODUCTS

 

 

9,555

 

 

0.13

 

 

 

 

 

 

 

 

AUTO REPAIR, SERVICES AND PARKING

 

 

4,004

 

 

0.06

 

 

 

 

 

 

 

 

AUTOMOTIVE DEALERS AND SERVICE STATIONS

 

 

13,396

 

 

0.19

 

 

 

 

 

 

 

 

BUILDING MATERIALS AND GARDEN SUPPLIES

 

 

 

 

 

 

 

 

1,245,282

 

 

 

Home Depot, Inc

 

 

28,666

 

 

0.40

 

 

 

 

 

 

Other

 

 

26,626

 

 

0.37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

55,292

 

 

0.77

 

 

 

 

 

 

 

 

BUSINESS SERVICES

 

 

 

 

 

 

 

 

174,930

 

*

 

Google, Inc (Class A)

 

 

53,817

 

 

0.75

 

 

5,931,839

 

 

 

Microsoft Corp

 

 

115,315

 

 

1.61

 

 

2,872,470

 

*

 

Oracle Corp

 

 

50,929

 

 

0.71

 

 

 

 

 

 

Other

 

 

258,404

 

 

3.60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

478,465

 

 

6.67

 

 

 

 

 

 

 

 

CHEMICALS AND ALLIED PRODUCTS

 

 

 

 

 

 

 

 

1,139,642

 

 

 

Abbott Laboratories

 

 

60,823

 

 

0.85

 

 

803,987

 

*

 

Amgen, Inc

 

 

46,430

 

 

0.65

 

 

1,462,507

 

 

 

Bristol-Myers Squibb Co

 

 

34,003

 

 

0.47

 

 

738,698

 

 

 

Eli Lilly & Co

 

 

29,747

 

 

0.41

 

 

343,701

 

*

 

Genentech, Inc

 

 

28,496

 

 

0.40

 

 

681,553

 

*

 

Gilead Sciences, Inc

 

 

34,855

 

 

0.49

 

 

2,082,535

 

 

 

Johnson & Johnson

 

 

124,598

 

 

1.74

 

 

1,586,391

 

 

 

Merck & Co, Inc

 

 

48,226

 

 

0.67

 

 

405,188

 

 

 

Monsanto Co

 

 

28,505

 

 

0.40

 

 

5,000,480

 

 

 

Pfizer, Inc

 

 

88,559

 

 

1.23

 

 

2,227,714

 

 

 

Procter & Gamble Co

 

 

137,717

 

 

1.92

 

 

984,185

 

 

 

Wyeth

 

 

36,917

 

 

0.51

 

 

 

 

 

 

Other

 

 

263,986

 

 

3.68

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

962,862

 

 

13.42

 

 

 

 

 

 

 

 

COAL MINING

 

 

 

 

 

 

12,600

 

 

0.18

 

 

 

 

 

 

 

 

 

 

 

See notes to financial statements

College Retirement Equities Fund •2008 Annual Report

59

 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

CREF EQUITY INDEX ACCOUNT • DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

Value
(000)

 

% of net
assets

 

COMMUNICATIONS

 

 

 

 

 

 

 

 

4,383,820

 

 

 

AT&T, Inc

 

$

124,939

 

 

1.74

%

 

2,073,414

 

 

 

Comcast Corp (Class A)

 

 

34,999

 

 

0.49

 

 

2,103,852

 

 

 

Verizon Communications, Inc

 

 

71,321

 

 

0.99

 

 

 

 

 

 

Other

 

 

100,327

 

 

1.40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

331,586

 

 

4.62

 

 

 

 

 

 

 

 

 

DEPOSITORY INSTITUTIONS

 

 

 

 

 

 

 

 

3,700,021

 

 

 

Bank of America Corp

 

 

52,096

 

 

0.73

 

 

4,023,032

 

 

 

Citigroup, Inc

 

 

26,995

 

 

0.38

 

 

2,740,757

 

 

 

JPMorgan Chase & Co

 

 

86,416

 

 

1.20

 

 

1,283,599

 

 

 

US Bancorp

 

 

32,103

 

 

0.45

 

 

2,800,228

 

 

 

Wells Fargo & Co

 

 

82,551

 

 

1.15

 

 

 

 

 

 

Other

 

 

215,582

 

 

3.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

495,743

 

 

6.91

 

 

 

 

 

 

 

 

 

EATING AND DRINKING PLACES

 

 

 

 

 

 

 

 

836,910

 

 

 

McDonald’s Corp

 

 

52,047

 

 

0.73

 

 

 

 

 

 

Other

 

 

29,448

 

 

0.41

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

81,495

 

 

1.14

 

 

 

 

 

 

 

 

 

EDUCATIONAL SERVICES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,823

 

 

0.25

 

 

 

 

 

 

 

 

 

ELECTRIC, GAS, AND SANITARY SERVICES

 

 

 

 

 

 

 

 

485,420

 

 

 

Exelon Corp

 

 

26,994

 

 

0.37

 

 

 

 

 

 

Other

 

 

324,031

 

 

4.52

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

351,025

 

 

4.89

 

 

 

 

 

 

 

 

 

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT

 

 

 

 

 

 

 

 

651,225

 

*

 

Apple Computer, Inc

 

 

55,582

 

 

0.77

 

 

4,359,156

 

*

 

Cisco Systems, Inc

 

 

71,054

 

 

0.99

 

 

7,779,365

 

 

 

General Electric Co

 

 

126,026

 

 

1.76

 

 

4,224,770

 

 

 

Intel Corp

 

 

61,935

 

 

0.86

 

 

1,194,308

 

 

 

Qualcomm, Inc

 

 

42,792

 

 

0.60

 

 

 

 

 

 

Other

 

 

169,132

 

 

2.36

 

 

 

 

 

 

 

 

 

526,521

 

 

7.34

 

 

 

 

 

 

 

 

 

ENGINEERING AND MANAGEMENT SERVICES

 

 

96,527

 

 

1.35

 

 

 

 

 

 

 

 

 

FABRICATED METAL PRODUCTS

 

 

40,480

 

 

0.56

 

 

 

 

 

 

 

 

 

FISHING, HUNTING, AND TRAPPING

 

 

40

 

 

—

**

 

 

 

 

 

 

 

 

FOOD AND KINDRED PRODUCTS

 

 

 

 

 

 

 

 

1,714,181

 

 

 

Coca-Cola Co

 

 

77,601

 

 

1.08

 

 

1,084,912

 

 

 

Kraft Foods, Inc (Class A)

 

 

29,130

 

 

0.41

 

 

1,170,764

 

 

 

PepsiCo, Inc

 

 

64,123

 

 

0.90

 

 

 

 

 

 

Other

 

 

115,026

 

 

1.60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

285,880

 

 

3.99

 

 

 

 

 

 

 

 

 

FOOD STORES

 

 

32,676

 

 

0.46

 

 

 

 

 

 

 

 

 

FORESTRY

 

 

6,495

 

 

0.09

 

 

 

 

 

 

 

 

 

 

 

 

60

2008 Annual Report • College Retirement Equities Fund

See notes to financial statements

 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

CREF EQUITY INDEX ACCOUNT § DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

Value
(000)

 

% of net
assets

 

FURNITURE AND FIXTURES

 

$

16,467

 

 

0.23

%

 

 

 

 

 

 

 

FURNITURE AND HOME FURNISHINGS STORES

 

 

16,697

 

 

0.23

 

 

 

 

 

 

 

 

GENERAL BUILDING CONTRACTORS

 

 

14,205

 

 

0.20

 

 

 

 

 

 

 

 

GENERAL MERCHANDISE STORES

 

 

 

 

 

 

 

 

1,657,774

 

 

 

Wal-Mart Stores, Inc

 

 

92,935

 

 

1.29

 

 

 

 

 

 

Other

 

 

58,662

 

 

0.82

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

151,597

 

 

2.11

 

 

 

 

 

 

 

 

HEALTH SERVICES

 

 

73,042

 

 

1.02

 

 

 

 

 

 

 

 

HEAVY CONSTRUCTION, EXCEPT BUILDING

 

 

4,391

 

 

0.06

 

 

 

 

 

 

 

 

HOLDING AND OTHER INVESTMENT OFFICES

 

 

 

 

 

 

 

 

842,304

 

 

 

iShares Russell 3000 Index Fund

 

 

43,876

 

 

0.61

 

 

 

 

 

 

Other

 

 

136,103

 

 

1.90

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

179,979

 

 

2.51

 

 

 

 

 

 

 

 

HOTELS AND OTHER LODGING PLACES

 

 

14,163

 

 

0.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INDUSTRIAL MACHINERY AND EQUIPMENT

 

 

 

 

 

 

 

 

1,820,096

 

 

 

Hewlett-Packard Co

 

 

66,051

 

 

0.92

 

 

1,015,158

 

 

 

International Business Machines Corp

 

 

85,436

 

 

1.19

 

 

 

 

 

 

Other

 

 

166,294

 

 

2.32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

317,781

 

 

4.43

 

 

 

 

 

 

 

 

INSTRUMENTS AND RELATED PRODUCTS

 

 

276,713

 

 

3.86

 

 

 

 

 

 

 

 

INSURANCE AGENTS, BROKERS AND SERVICE

 

 

28,360

 

 

0.40

 

 

 

 

 

 

 

 

INSURANCE CARRIERS

 

 

264,224

 

 

3.68

 

 

 

 

 

 

 

 

JUSTICE, PUBLIC ORDER AND SAFETY

 

 

2,260

 

 

0.03

 

 

 

 

 

 

 

 

LEATHER AND LEATHER PRODUCTS

 

 

7,670

 

 

0.11

 

 

 

 

 

 

 

 

LEGAL SERVICES

 

 

1,968

 

 

0.03

 

 

 

 

 

 

 

 

LOCAL AND INTERURBAN PASSENGER TRANSIT

 

 

297

 

 

—

**

 

 

 

 

 

 

 

LUMBER AND WOOD PRODUCTS

 

 

1,079

 

 

0.01

 

 

 

 

 

 

 

 

METAL MINING

 

 

28,421

 

 

0.40

 

 

 

 

 

 

 

 

MISCELLANEOUS MANUFACTURING INDUSTRIES

 

 

17,284

 

 

0.24

 

 

 

 

 

 

 

 

MISCELLANEOUS RETAIL

 

 

 

 

 

 

 

 

1,052,786

 

 

 

CVS Corp

 

 

30,257

 

 

0.42

 

 

 

 

 

 

Other

 

 

58,660

 

 

0.82

 

 

 

 

 

 

 

 

 

88,917

 

 

1.24

 

 

 

 

 

 

 

 

MOTION PICTURES

 

 

49,720

 

 

0.69

 

 

 

 

 

 

 

 

NONDEPOSITORY INSTITUTIONS

 

 

43,116

 

 

0.60

 

 

 

 

 

 

 

 

NONMETALLIC MINERALS, EXCEPT FUELS

 

 

7,409

 

 

0.10

 

 

 

 

 

 

 

 

 

 

 

See notes to financial statements

College Retirement Equities Fund • 2008 Annual Report

61

 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

CREF EQUITY INDEX ACCOUNT § DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

 

Value
(000)

 

 

% of net
assets

 

OIL AND GAS EXTRACTION

 

 

 

 

 

 

 

 

606,089

 

 

 

Occidental Petroleum Corp

 

$

36,359

 

 

0.51%

 

 

882,467

 

 

 

Schlumberger Ltd

 

 

37,355

 

 

0.52

 

 

 

 

 

 

Other

 

 

212,546

 

 

2.96

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

286,260

 

 

3.99

 

 

 

 

 

 

 

 

PAPER AND ALLIED PRODUCTS

 

 

30,280

 

 

0.42

 

 

 

 

 

 

 

 

PERSONAL SERVICES

 

 

11,889

 

 

0.17

 

 

 

 

 

 

 

 

PETROLEUM AND COAL PRODUCTS

 

 

 

 

 

 

 

 

1,529,183

 

 

 

Chevron Corp

 

 

113,114

 

 

1.58

 

 

1,137,402

 

 

 

ConocoPhillips

 

 

58,917

 

 

0.82

 

 

3,902,820

 

 

 

Exxon Mobil Corp

 

 

311,562

 

 

4.34

 

 

 

 

 

 

Other

 

 

49,038

 

 

0.68

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

532,631

 

 

7.42

 

 

 

 

 

 

 

 

PIPELINES, EXCEPT NATURAL GAS

 

 

7,286

 

 

0.10

 

 

 

 

 

 

 

 

PRIMARY METAL INDUSTRIES

 

 

52,346

 

 

0.73

 

 

 

 

 

 

 

 

PRINTING AND PUBLISHING

 

 

20,070

 

 

0.28

 

 

 

 

 

 

 

 

RAILROAD TRANSPORTATION

 

 

58,534

 

 

0.82

 

 

 

 

 

 

 

 

REAL ESTATE

 

 

4,404

 

 

0.06

 

 

 

 

 

 

 

 

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS

 

 

22,612

 

 

0.32

 

 

 

 

 

 

 

 

SECURITY AND COMMODITY BROKERS

 

 

 

 

 

 

 

 

325,274

 

 

 

Goldman Sachs Group, Inc

 

 

27,450

 

 

0.38

 

 

 

 

 

 

Other

 

 

109,198

 

 

1.52

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

136,648

 

 

1.90

 

 

 

 

 

 

 

 

SOCIAL SERVICES

 

 

294

 

 

—

**

 

 

 

 

 

 

 

SPECIAL TRADE CONTRACTORS

 

 

6,399

 

 

0.09

 

 

 

 

 

 

 

 

STONE, CLAY, AND GLASS PRODUCTS

 

 

 

 

 

 

 

 

519,436

 

 

 

3M Co

 

 

29,888

 

 

0.42

 

 

 

 

 

 

Other

 

 

7,592

 

 

0.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

37,480

 

 

0.52

 

 

 

 

 

 

 

 

TEXTILE MILL PRODUCTS

 

 

2,305

 

 

0.03

 

 

 

 

 

 

 

 

TOBACCO PRODUCTS

 

 

 

 

 

 

 

 

1,557,583

 

 

 

Philip Morris International, Inc

 

 

67,770

 

 

0.94

 

 

 

 

 

 

Other

 

 

43,589

 

 

0.61

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

111,359

 

 

1.55

 

 

 

 

 

 

 

 

TRANSPORTATION BY AIR

 

 

35,150

 

 

0.49

 

 

 

 

 

 

 

 

TRANSPORTATION EQUIPMENT

 

 

 

 

 

 

 

 

717,477

 

 

 

United Technologies Corp

 

 

38,457

 

 

0.54

 

 

 

 

 

 

Other

 

 

134,328

 

 

1.87

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

172,785

 

 

2.41

 

 

 

 

 

 

 

 

 

 

 
62 2008 Annual Report § College Retirement Equities Fund

See notes to financial statements

 

 

SUMMARY PORTFOLIO OF INVESTMENTS

concluded

CREF EQUITY INDEX ACCOUNT § DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

 

 

 

Value
(000)

 

% of net
assets

 

TRANSPORTATION SERVICES

 

 

 

$

15,796

 

0.22

%

 

 

 

 

TRUCKING AND WAREHOUSING

 

 

 

 

 

 

 

 

 

504,949

 

 

 

United Parcel Service, Inc (Class B)

 

 

 

 

27,853

 

0.39

 

 

 

 

 

 

Other

 

 

 

 

7,469

 

0.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35,322

 

0.49

 

 

 

 

 

WATER TRANSPORTATION

 

 

 

 

17,725

 

0.25

 

 

 

 

 

WHOLESALE TRADE-DURABLE GOODS

 

 

 

 

26,191

 

0.37

 

 

 

 

 

WHOLESALE TRADE-NONDURABLE GOODS

 

 

 

 

44,628

 

0.62

 

 

 

 

 

 

 

 

 

 

TOTAL COMMON STOCKS

 

(Cost $8,455,419)

 

 

7,149,352

 

99.66

 

 

 

 

 

SHORT-TERM INVESTMENTS

 

 

 

 

 

 

 

 

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES

 

 

 

 

12,236

 

0.17

 

 

 

 

 

 

 

 

 

 

TOTAL SHORT-TERM INVESTMENTS

 

(Cost $12,222)

 

 

12,236

 

0.17

 

 

 

 

 

 

 

 

 

 

TOTAL PORTFOLIO

 

(Cost $8,467,641)

 

 

7,161,588

 

99.83

 

 

 

 

 

 

OTHER ASSETS AND LIABILITIES, NET

 

 

 

 

12,025

 

0.17

 

 

 

 

 

 

 

 

 

 

TOTAL NET ASSETS

 

 

 

$

7,173,613

 

100.00

%

 

 

 

 

 

 

 

 

 

 

 

*

Non-income producing.

 

 

**

Percentage represents less than 0.01%.

 

 

Cost amounts are in thousands.

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

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2008 Annual Report

63

SUMMARY PORTFOLIO OF INVESTMENTS

CREF BOND MARKET ACCOUNT § DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

Issuer

 

Rating†  

 

Value
(000)

 

 

% of net
assets

 

BONDS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CORPORATE BONDS

 

 

 

 

 

 

 

AMUSEMENT AND RECREATION SERVICES

 

$

16,487

 

 

0.19

%

 

 

APPAREL AND OTHER TEXTILE PRODUCTS

 

1,548

 

 

0.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BUILDING MATERIALS AND GARDEN SUPPLIES

 

 

11,132

 

 

0.13

 

 

 

BUSINESS SERVICES

 

 

25,495

 

 

0.29

 

 

 

CHEMICALS AND ALLIED PRODUCTS

 

 

56,102

 

 

0.64

 

 

 

COMMUNICATIONS

 

 

210,561

 

 

2.42

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DEPOSITORY INSTITUTIONS

 

 

 

 

 

 

 

$

29,135,000

g

 

 

BA Covered Bond Issuer

 

5.500%, 06/14/12

Aaa

 

30,006

 

 

0.35

 

 

30,500,000

g

 

 

Banco Bilbao Vizcaya Argentaria S.A.

 

5.750%, 07/20/17

Aaa

 

30,499

 

 

0.35

 

 

45,000,000

g

 

 

Depfa ACS Bank

 

5.125%, 03/16/37

Aa1

 

32,586

 

 

0.37

 

 

30,000,000

g

 

 

Hypothekenbank in Essen AG.

 

5.000%, 01/20/12

Aaa

 

32,431

 

 

0.37

 

 

 

 

 

 

Other

 

 

 

 

244,580

 

 

2.81

 

 

 

 

 

 

 

 

 

 

 

 

 

370,102

 

 

4.25

 

 

 

 

 

 

 

 

 

 

ELECTRIC, GAS, AND SANITARY SERVICES

 

147,194

 

 

1.69

 

 

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT

 

 

9,957

 

 

0.11

 

 

 

ENGINEERING AND MANAGEMENT SERVICES

 

 

3,216

 

 

0.04

 

 

 

FOOD AND KINDRED PRODUCTS

 

 

59,965

 

 

0.69

 

 

 

FOOD STORES

 

 

15,541

 

 

0.18

 

 

 

FOREIGN GOVERNMENT BONDS

 

 

2,049

 

 

0.02

 

 

 

FURNITURE AND HOME FURNISHINGS STORES

 

 

3,906

 

 

0.04

 

 

 

GENERAL MERCHANDISE STORES

 

 

16,296

 

 

0.19

 

 

 

HEALTH SERVICES

 

 

7,266

 

 

0.08

 

 

 

HOLDING AND OTHER INVESTMENT OFFICES

 

 

16,855

 

 

0.19

 

 

 

HOTELS AND OTHER LODGING PLACES

 

 

1,671

 

 

0.02

 

 

 

INDUSTRIAL MACHINERY AND EQUIPMENT

 

 

26,629

 

 

0.31

 

 

 

INSTRUMENTS AND RELATED PRODUCTS

 

 

12,920

 

 

0.15

 

 

 

INSURANCE CARRIERS

 

 

43,946

 

 

0.50

 

 

 

METAL MINING

 

 

15,425

 

 

0.18

 

 

 

MISCELLANEOUS RETAIL

 

 

8,157

 

 

0.09

 

 

 

MOTION PICTURES

 

 

20,757

 

 

0.24

 

 

 

 

 

 

64

2008 Annual Report § College Retirement Equities Fund

See notes to financial statements

 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

CREF BOND MARKET ACCOUNT § DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

Issuer

 

Rating†  

Value
(000)

 

% of net
assets

 

NONDEPOSITORY INSTITUTIONS

 

$

196,046

 

 

2.25

%

 

 

NONMETALLIC MINERALS, EXCEPT FUELS

 

 

1,659

 

 

0.02

 

 

 

OIL AND GAS EXTRACTION

 

 

125,196

 

 

1.44

 

 

 

PAPER AND ALLIED PRODUCTS

 

 

6,205

 

 

0.07

 

 

 

PETROLEUM AND COAL PRODUCTS

 

 

5,241

 

 

0.06

 

 

 

PIPELINES, EXCEPT NATURAL GAS

 

 

14,762

 

 

0.17

 

 

 

PRIMARY METAL INDUSTRIES

 

 

13,760

 

 

0.16

 

 

 

PRINTING AND PUBLISHING

 

 

19,127

 

 

0.22

 

 

 

RAILROAD TRANSPORTATION

 

 

19,410

 

 

0.22

 

 

 

REAL ESTATE

 

 

731

 

 

0.01

 

 

 

SECURITY AND COMMODITY BROKERS

 

 

112,825

 

 

1.30

 

 

 

STONE, CLAY, AND GLASS PRODUCTS

 

 

8,088

 

 

0.09

 

 

 

TOBACCO PRODUCTS

 

 

13,178

 

 

0.15

 

 

 

TRANSPORTATION BY AIR

 

 

4,515

 

 

0.05

 

 

 

TRANSPORTATION EQUIPMENT

 

 

23,679

 

 

0.27

 

 

 

WHOLESALE TRADE-DURABLE GOODS

 

 

3,448

 

 

0.04

 

 

 

WHOLESALE TRADE-NONDURABLE GOODS

 

 

2,532

 

 

0.03

 

 

 

 

 

 

 

 

TOTAL CORPORATE BONDS

 

(Cost $1,748,751)

 

 

1,673,579

 

 

19.21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GOVERNMENT BONDS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AGENCY SECURITIES

 

 

 

 

 

 

 

 

 

$

31,850,000

 

 

 

Federal Farm Credit Bank (FFCB)

 

2.625%, 04/21/11

Aaa

 

32,773

 

 

0.38

 

 

49,520,000

 

 

 

Federal Home Loan Bank (FHLB)

 

3.375%, 06/24/11

Aaa

 

51,820

 

 

0.59

 

 

74,000,000

 

 

 

FHLB

 

3.625%, 09/16/11

Aaa

 

78,300

 

 

0.90

 

 

108,725,000

 

 

 

Federal Home Loan Mortgage Corp

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(FHLMC)

 

3.500–5.500%,6/11/09–05/29/13

Aaa

 

115,086

 

 

1.32

 

 

116,475,000

 

 

 

Federal National Mortgage Association (FNMA)

 

2.875%, 10/12/10

Aaa

 

120,139

 

 

1.38

 

 

 

 

 

 

Other

 

 

 

 

232,854

 

 

2.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

630,972

 

 

7.24

 

 

 

 

 

 

 

 

 

 

FOREIGN GOVERNMENT BONDS

 

 

138,161

 

 

1.59

 

 

 

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2008 Annual Report

65

 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

 

 

CREF BOND MARKET ACCOUNT § DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

Issuer

 

Rating†

 

Value
(000)

 

% of net
assets

 

MORTGAGE BACKED

 

 

 

 

 

 

 

 

 

$

188,007,535

 

 

 

Federal Home Loan Mortgage Corp

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(FHLMC)

 

4.330–6.090%, 9/15/16–09/01/37

 

$

191,959

 

 

2.20

%

 

28,195,329

 

i

 

FHLMC

 

5.710%, 06/01/37

 

 

28,803

 

 

0.33

 

 

423,856,011

 

 

 

Federal Home Loan Mortgage Corp Gold

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(FGLMC)

 

4.000–8.000%, 9/01/10–7/01/38

 

 

435,661

 

 

5.00

 

 

51,308,086

 

 

 

FGLMC

 

4.500%, 06/01/21

 

 

52,598

 

 

0.60

 

 

46,669,169

 

 

 

FGLMC

 

7.000%, 12/01/33

 

 

49,046

 

 

0.56

 

 

68,701,160

 

 

 

FGLMC

 

5.000%, 01/01/34

 

 

70,379

 

 

0.81

 

 

57,456,746

 

 

 

FGLMC

 

5.500%, 01/01/37

 

 

58,878

 

 

0.68

 

 

32,283,711

 

 

 

FGLMC

 

5.500%, 04/01/37

 

 

33,080

 

 

0.38

 

 

48,469,564

 

 

 

FGLMC

 

5.500%, 05/01/37

 

 

49,666

 

 

0.57

 

 

1,177,262,973

 

i

 

Federal National Mortgage Association

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(FNMA)

 

4.000–9.000%, 11/01/10–02/25/39

 

 

1,210,683

 

 

13.91

 

 

27,952,646

 

 

 

FNMA

 

5.000%, 07/01/23

 

 

28,734

 

 

0.33

 

 

40,000,000

 

 

 

FNMA

 

5.500%, 01/25/24

 

 

41,188

 

 

0.47

 

 

49,739,229

 

 

 

FNMA

 

5.000%, 11/01/33

 

 

50,915

 

 

0.58

 

 

66,279,527

 

 

 

FNMA

 

5.000%, 08/01/34

 

 

67,833

 

 

0.78

 

 

76,465,376

 

 

 

FNMA

 

5.500%, 02/01/35

 

 

78,571

 

 

0.90

 

 

30,948,018

 

 

 

FNMA

 

5.500%, 09/01/35

 

 

31,800

 

 

0.37

 

 

31,155,227

 

i

 

FNMA

 

5.980%, 07/01/36

 

 

31,860

 

 

0.37

 

 

56,314,820

 

i

 

FNMA

 

5.820%, 11/01/36

 

 

57,602

 

 

0.66

 

 

51,284,887

 

 

 

FNMA

 

5.500%, 02/01/37

 

 

52,633

 

 

0.60

 

 

35,776,068

 

 

 

FNMA

 

5.500%, 03/01/37

 

 

36,715

 

 

0.42

 

 

56,411,667

 

 

 

FNMA

 

6.000%, 06/01/37

 

 

58,139

 

 

0.67

 

 

31,053,003

 

 

 

FNMA

 

6.500%, 10/01/37

 

 

32,289

 

 

0.37

 

 

81,791,536

 

 

 

FNMA

 

5.500%, 02/01/38

 

 

83,929

 

 

0.96

 

 

125,000,000

 

 

 

FNMA

 

6.000%, 01/25/39

 

 

128,672

 

 

1.48

 

 

140,064,551

 

v

 

Government National Mortgage Association

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(GNMA)

 

5.500–9.500%, 12/15/09–01/15/44

 

 

144,017

 

 

1.65

 

 

60,000,000

 

 

 

GNMA

 

5.000%, 01/01/39

 

 

61,500

 

 

0.71

 

 

88,000,000

 

 

 

GNMA

 

5.500%, 01/15/39

 

 

90,613

 

 

1.04

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,257,763

 

 

37.40

 

 

 

 

 

 

 

 

 

 

MUNICIPAL BONDS

 

 

 

 

 

 

2,052

 

 

0.02

 

 

 

 

 

 

 

 

 

 

U.S. TREASURY SECURITIES

 

 

 

 

 

 

 

 

306,072,000

 

 

 

United States Treasury Bond

 

8.000%, 11/15/21

 

 

464,082

 

 

5.33

 

 

58,400,000

 

 

 

United States Treasury Bond

 

5.250%, 02/15/29

 

 

77,444

 

 

0.89

 

 

162,924,418

 

 

 

United States Treasury Inflation Indexed Note

0.875%, 04/15/10

 

 

153,124

 

 

1.76

 

 

40,212,000

 

 

 

United States Treasury Note

 

1.500%, 10/31/10

 

 

40,812

 

 

0.47

 

 

53,080,000

 

 

 

United States Treasury Note

 

3.375%, 07/31/13

 

 

57,978

 

 

0.67

 

 

131,829,000

 

 

 

United States Treasury Note

 

3.125%, 09/30/13

 

 

142,241

 

 

1.63

 

 

315,514,000

 

 

 

United States Treasury Note

 

2.750%, 10/31/13

 

 

335,431

 

 

3.85

 

 

87,833,000

 

 

 

United States Treasury Note

 

2.000%, 11/30/13

 

 

90,111

 

 

1.03

 

 

47,070,000

 

 

 

United States Treasury Note

 

1.500%, 12/31/13

 

 

46,963

 

 

0.54

 

 

54,964,000

 

 

 

United States Treasury Note

 

4.750%, 08/15/17

 

 

65,716

 

 

0.75

 

 

70,666,000

 

 

 

United States Treasury Note

 

4.000%, 08/15/18

 

 

81,603

 

 

0.94

 

 

110,785,000

 

 

 

United States Treasury Note

 

3.750%, 11/15/18

 

 

125,412

 

 

1.44

 

 

 

 

 

 

Other

 

 

 

 

155,514

 

 

1.78

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,836,431

 

 

21.08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL GOVERNMENT BONDS

 

(Cost $5,589,200)

 

 

5,865,379

 

 

67.33

 

 

 

 

 

 

 

 

 

 

 

 

 

66

2008 Annual Report § College Retirement Equities Fund

See notes to financial statements

 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

 

 

CREF BOND MARKET ACCOUNT § DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

Issuer

 

 

 

Rating†

 

Value
(000)

 

% of net
assets

 

STRUCTURED ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET BACKED

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

41,000,000

 

 

 

Household Automotive Trust Series 2006-3 (Class A4)

 

5.340%, 09/17/13

 

Aaa

 

$

35,764

 

 

0.41

%

 

 

 

 

 

Other

 

 

 

 

 

 

354,691

 

 

4.08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

390,455

 

 

4.49

 

 

 

 

 

 

 

 

 

 

 

 

OTHER MORTGAGE BACKED

 

 

 

 

 

 

339,000

 

 

3.89

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL STRUCTURED ASSETS

 

(Cost $957,619)

 

 

 

 

729,455

 

 

8.38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL BONDS

 

(Cost $8,295,570)

 

 

 

 

8,268,413

 

 

94.92

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PREFERRED STOCKS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DEPOSITORY INSTITUTIONS

 

 

 

 

 

 

2,014

 

 

0.02

 

 

 

 

 

 

 

NONDEPOSITORY INSTITUTIONS

 

 

 

 

 

 

1,451

 

 

0.02

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL PREFERRED STOCKS

 

(Cost $53,292)

 

 

 

 

3,465

 

 

0.04

 

 

 

 

 

 

 

TIAA-CREF MUTUAL FUND

 

 

 

 

 

 

 

 

 

 

 

 

485,646

 

a

 

TIAA-CREF High-Yield Fund

 

 

 

 

 

 

3,467

 

 

0.04

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL TIAA-CREF MUTUAL FUND

 

(Cost $4,535)

 

 

 

 

3,467

 

 

0.04

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

Issuer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMMERCIAL PAPER

 

 

 

 

 

 

190,172

 

 

2.18

 

 

 

 

 

 

 

 

 

 

 

 

U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES

 

 

 

 

 

 

 

 

 

 

$

61,630,000

 

 

 

Federal Home Loan Bank (FHLB)

 

0.000%, 02/02/09

 

 

61,629

 

 

0.71

 

 

29,630,000

 

 

 

FHLB

 

0.000%, 03/24/09

 

 

29,625

 

 

0.34

 

 

30,374,000

 

 

 

FHLB

 

0.000%, 03/31/09

 

 

30,369

 

 

0.35

 

 

128,410,000

 

 

 

Federal Home Loan Mortgage Corp (FHLMC)

 

0.000%, 01/20/09–04/17/09

 

 

128,379

 

 

1.47

 

 

50,000,000

 

 

 

FHLMC

 

0.000%, 02/23/09

 

 

49,999

 

 

0.57

 

 

34,566,000

 

 

 

FHLMC

 

0.000%, 04/01/09

 

 

34,553

 

 

0.40

 

 

98,842,000

 

 

 

Federal National Mortgage Association (FNMA)

 

0.000%, 01/16/09–12/01/09

 

 

98,676

 

 

1.13

 

 

40,000,000

 

 

 

FNMA

 

0.000%, 03/24/09

 

 

39,994

 

 

0.46

 

 

 

 

 

 

Other

 

 

 

 

 

 

48,605

 

 

0.56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

521,829

 

 

5.99

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL SHORT-TERM INVESTMENTS

 

(Cost $710,739)

 

 

 

 

712,001

 

 

8.17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL PORTFOLIO

 

(Cost $9,064,136)

 

 

 

 

8,987,346

 

 

103.17

 

 

 

 

 

 

OTHER ASSETS AND LIABILITIES, NET

 

 

 

 

 

 

(276,116

)

 

(3.17

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL NET ASSETS

 

 

 

 

 

$

8,711,230

 

 

100.00

%

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2008 Annual Report   67

 

 

SUMMARY PORTFOLIO OF INVESTMENTS

concluded

 

 

CREF BOND MARKET ACCOUNT § DECEMBER 31, 2008

 

 

 

†

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

 

 

a

Affiliated Holding

 

 

g

Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At December 31, 2008 the value of these securities amounted to $125,521,835 or 1.44% of net assets.

 

 

i

Floating rate or variable rate securities reflects the rate in effect as of December 31, 2008.

 

 

v

Represents fair value as determined in good faith under procedures approved by the Board of Trustees. Only a portion of this security was fair valued. The value of the portion amounted to $8,091,106 which represents 0.09% of net assets.

 

 

Cost amounts are in thousands.

 

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

 

 

 

68

2008 Annual Report § College Retirement Equities Fund

See notes to financial statements

PORTFOLIO OF INVESTMENTS

CREF INFLATION-LINKED BOND ACCOUNT § DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

Issuer

 

 

Value
(000)

 

% of net
assets

 

GOVERNMENT BONDS

 

 

 

 

 

 

 

 

U.S. TREASURY SECURITIES

 

 

 

 

 

 

 

 

$

363,199,773

 

k

 

United States Treasury Inflation Indexed Bonds

2.380%, 01/15/25

 

$

356,957

 

 

5.89

%

 

238,744,899

 

k

 

United States Treasury Inflation Indexed Bonds

2.000%, 01/15/26

 

 

224,887

 

 

3.71

 

 

196,485,812

 

k

 

United States Treasury Inflation Indexed Bonds

2.380%, 01/15/27

 

 

197,391

 

 

3.26

 

 

180,557,352

 

k

 

United States Treasury Inflation Indexed Bonds

1.750%, 01/15/28

 

 

166,818

 

 

2.75

 

 

255,200,617

 

k

 

United States Treasury Inflation Indexed Bonds

3.630%, 04/15/28

 

 

304,028

 

 

5.02

 

 

298,345,798

 

k

 

United States Treasury Inflation Indexed Bonds

3.880%, 04/15/29

 

 

368,480

 

 

6.08

 

 

77,820,993

 

k

 

United States Treasury Inflation Indexed Bonds

3.380%, 04/15/32

 

 

95,957

 

 

1.58

 

 

169,502,440

 

k

 

United States Treasury Inflation Indexed Notes

4.250%, 01/15/10

 

 

166,470

 

 

2.75

 

 

418,089,192

 

k

 

United States Treasury Inflation Indexed Notes

0.880%, 04/15/10

 

 

392,939

 

 

6.48

 

 

179,338,797

 

k

 

United States Treasury Inflation Indexed Notes

3.500%, 01/15/11

 

 

176,018

 

 

2.90

 

 

270,343,224

 

k

 

United States Treasury Inflation Indexed Notes

2.380%, 04/15/11

 

 

264,028

 

 

4.36

 

 

77,530,619

 

k

 

United States Treasury Inflation Indexed Notes

3.380%, 01/15/12

 

 

76,695

 

 

1.27

 

 

193,481,247

 

k

 

United States Treasury Inflation Indexed Notes

2.000%, 04/15/12

 

 

188,674

 

 

3.11

 

 

327,346,641

 

k

 

United States Treasury Inflation Indexed Notes

3.000%, 07/15/12

 

 

320,825

 

 

5.29

 

 

100,805,800

 

k

 

United States Treasury Inflation Indexed Notes

0.630%, 04/15/13

 

 

96,380

 

 

1.59

 

 

320,259,153

 

k

 

United States Treasury Inflation Indexed Notes

1.880%, 07/15/13

 

 

301,519

 

 

4.98

 

 

320,726,042

 

k

 

United States Treasury Inflation Indexed Notes

2.000%, 01/15/14

 

 

303,888

 

 

5.01

 

 

299,026,933

 

k

 

United States Treasury Inflation Indexed Notes

2.000%, 07/15/14

 

 

282,791

 

 

4.67

 

 

291,050,700

 

k

 

United States Treasury Inflation Indexed Notes

1.630%, 01/15/15

 

 

269,904

 

 

4.45

 

 

244,033,580

 

k

 

United States Treasury Inflation Indexed Notes

1.880%, 07/15/15

 

 

230,516

 

 

3.80

 

 

249,796,641

 

k

 

United States Treasury Inflation Indexed Notes

2.000%, 01/15/16

 

 

239,219

 

 

3.95

 

 

249,816,656

 

k

 

United States Treasury Inflation Indexed Notes

2.500%, 07/15/16

 

 

247,845

 

 

4.09

 

 

225,124,720

 

k

 

United States Treasury Inflation Indexed Notes

2.380%, 01/15/17

 

 

223,348

 

 

3.69

 

 

202,788,200

 

k

 

United States Treasury Inflation Indexed Notes

2.630%, 07/15/17

 

 

207,811

 

 

3.43

 

 

207,392,766

 

k

 

United States Treasury Inflation Indexed Notes

1.630%, 01/15/18

 

 

196,845

 

 

3.25

 

 

109,106,076

 

k

 

United States Treasury Inflation Indexed Notes

1.380%, 07/15/18

 

 

102,040

 

 

1.68

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,002,273

 

 

99.04

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL GOVERNMENT BONDS

 

 (Cost $6,217,084)

 

 

6,002,273

 

 

99.04

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL PORTFOLIO

 

 (Cost $6,217,084)

 

 

6,002,273

 

 

99.04

 

 

 

 

 

 

OTHER ASSETS AND LIABILITIES, NET

 

 

 

58,050

 

 

0.96

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL NET ASSETS

 

 

$

6,060,323

 

 

100.00

%

 

 

 

 

 

 

 

 

 

 

 

 

 

k

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

 

 

 

Cost amounts are in thousands.

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2008 Annual Report

69

SUMMARY PORTFOLIO OF INVESTMENTS

CREF SOCIAL CHOICE ACCOUNT § DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Value
(000)

 

% of net
assets

 

BONDS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CORPORATE BONDS

 

 

 

 

 

 

 

AMUSEMENT AND RECREATION SERVICES

 

$

1,739

 

 

0.02

%

 

 

ASSET BACKED

 

 

114,323

 

 

1.66

 

 

 

BUILDING MATERIALS AND GARDEN SUPPLIES

 

 

9,279

 

 

0.13

 

 

 

CHEMICALS AND ALLIED PRODUCTS

 

 

10,540

 

 

0.15

 

 

 

COMMUNICATIONS

 

 

34,982

 

 

0.51

 

 

 

DEPOSITORY INSTITUTIONS

 

 

101,824

 

 

1.48

 

 

 

ELECTRIC, GAS, AND SANITARY SERVICES

 

 

89,214

 

 

1.29

 

 

 

FABRICATED METAL PRODUCTS

 

 

3,982

 

 

0.06

 

 

 

FOOD AND KINDRED PRODUCTS

 

 

14,280

 

 

0.21

 

 

 

FURNITURE AND FIXTURES

 

 

3,594

 

 

0.05

 

 

 

GENERAL BUILDING CONTRACTORS

 

 

6,176

 

 

0.09

 

 

 

GENERAL MERCHANDISE STORES

 

 

2,006

 

 

0.03

 

 

 

HEALTH SERVICES

 

 

1,378

 

 

0.02

 

 

 

HOLDING AND OTHER INVESTMENT OFFICES

 

 

10,227

 

 

0.15

 

 

 

INDUSTRIAL MACHINERY AND EQUIPMENT

 

 

16,241

 

 

0.24

 

 

 

INSTRUMENTS AND RELATED PRODUCTS

 

 

12,269

 

 

0.18

 

 

 

INSURANCE CARRIERS

 

 

41,415

 

 

0.60

 

 

 

MISCELLANEOUS MANUFACTURING INDUSTRIES

 

 

5,088

 

 

0.07

 

 

 

MISCELLANEOUS RETAIL

 

 

5,903

 

 

0.09

 

 

 

MOTION PICTURES

 

 

7,348

 

 

0.11

 

 

 

NONDEPOSITORY INSTITUTIONS

 

 

27,284

 

 

0.40

 

 

 

NONMETALLIC MINERALS, EXCEPT FUELS

 

 

2,212

 

 

0.03

 

 

 

OIL AND GAS EXTRACTION

 

 

49,323

 

 

0.72

 

 

 

OTHER MORTGAGE BACKED

 

 

95,287

 

 

1.38

 

 

 

PAPER AND ALLIED PRODUCTS

 

 

2,049

 

 

0.03

 

 

 

PETROLEUM AND COAL PRODUCTS

 

 

6,570

 

 

0.10

 

 

 

PIPELINES, EXCEPT NATURAL GAS

 

 

2,075

 

 

0.03

 

 

 

PRIMARY METAL INDUSTRIES

 

 

5,137

 

 

0.07

 

 

 

PRINTING AND PUBLISHING

 

 

2,438

 

 

0.04

 

 

 

RAILROAD TRANSPORTATION

 

 

10,778

 

 

0.16

 

 

 

 

 

 

70

2008 Annual Report § College Retirement Equities Fund

See notes to financial statements


 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

CREF SOCIAL CHOICE ACCOUNT § DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

Issuer

 

 

Value
(000)

 

 

% of net
assets

 

SECURITY AND COMMODITY BROKERS

 

 

$

8,525

 

 

0.12

%

 

 

 

SOCIAL SERVICES

 

 

 

10,977

 

 

0.16

 

 

 

 

STONE, CLAY, AND GLASS PRODUCTS

 

 

 

5,137

 

 

0.07

 

 

 

 

TRANSPORTATION BY AIR

 

 

 

8,037

 

 

0.12

 

 

 

 

TRANSPORTATION EQUIPMENT

 

 

 

7,027

 

 

0.10

 

 

 

 

TRANSPORTATION SERVICES

 

 

 

1,325

 

 

0.02

 

 

 

 

TRUCKING AND WAREHOUSING

 

 

 

5,063

 

 

0.07

 

 

 

 

WHOLESALE TRADE-DURABLE GOODS

 

 

 

2,107

 

 

0.03

 

 

 

 

WHOLESALE TRADE-NONDURABLE GOODS

 

 

 

16,779

 

 

0.24

 

 

 

 

 

 

 

 

 

TOTAL CORPORATE BONDS

 

 (Cost $883,548)

 

 

759,938

 

 

11.03

 

 

 

 

GOVERNMENT BONDS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AGENCY SECURITIES

 

 

 

114,742

 

 

1.66

 

 

 

 

FOREIGN GOVERNMENT BONDS

 

 

 

66,990

 

 

0.97

 

 

 

 

MORTGAGE BACKED

 

 

 

 

 

 

 

 

 

$

62,000,000

 

 

 

Federal National Mortgage Association (FNMA)

6.000%, 12/01/99

 

 

63,821

 

 

0.93

 

 

35,214,370

 

 

 

FNMA

6.500%, 03/01/38

 

 

36,612

 

 

0.53

 

 

30,161,725

 

i

 

FNMA

5.880%, 01/01/37

 

 

30,973

 

 

0.45

 

 

30,000,000

 

 

 

FNMA

5.500%, 12/01/99

 

 

30,750

 

 

0.44

 

 

27,387,096

 

 

 

FNMA

5.000%, 03/01/34

 

 

28,034

 

 

0.41

 

 

48,000,000

 

 

 

Government National Mortgage Association (GNMA)

5.500%, 01/15/39

 

 

49,425

 

 

0.72

 

 

 

 

 

 

Other

 

 

 

816,176

 

 

11.84

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,055,791

 

 

15.32

 

 

 

 

 

 

 

 

 

MUNICIPAL BONDS

 

 

 

96,847

 

 

1.41

 

 

 

 

U.S. TREASURY SECURITIES

 

 

 

 

 

 

 

 

 

65,800,000

 

 

 

United States Treasury Bond

8.000%, 11/15/21

 

 

99,769

 

 

1.45

 

 

21,665,000

 

 

 

United States Treasury Bond

4.380%, 02/15/38

 

 

29,018

 

 

0.42

 

 

56,484,000

 

 

 

United States Treasury Note

2.000%, 11/30/13

 

 

57,949

 

 

0.84

 

 

47,068,000

 

 

 

United States Treasury Note

2.750%, 10/31/13

 

 

50,039

 

 

0.73

 

 

34,000,000

 

 

 

United States Treasury Note

3.750%, 11/15/18

 

 

38,489

 

 

0.56

 

 

32,182,000

 

 

 

United States Treasury Note

4.000%, 08/15/18

 

 

37,163

 

 

0.54

 

 

27,295,000

 

 

 

United States Treasury Note

4.750%, 08/15/17

 

 

32,635

 

 

0.47

 

 

28,875,000

 

 

 

United States Treasury Note

3.380%, 07/31/13

 

 

31,539

 

 

0.46

 

 

30,270,000

 

 

 

United States Treasury Note

1.500%, 12/31/13

 

 

30,201

 

 

0.44

 

 

 

 

 

 

Other

 

 

 

67,224

 

 

0.97

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

474,026

 

 

6.88

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL GOVERNMENT BONDS

 

 (Cost $1,717,208)

 

 

1,808,396

 

 

26.24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL BONDS

 

 (Cost $2,600,756)

 

 

2,568,334

 

 

37.27

 

 

 

 

 

 

 

 

 

 

 

 

See notes to financial statements

College Retirement Equities Fund §2008 Annual Report

71

 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

CREF SOCIAL CHOICE ACCOUNT § DECEMBER 31, 2008


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

 

 

Value
(000)

 

 

% of net
assets

 

PREFERRED STOCKS

 

 

 

 

 

 

 

 

COMMUNICATIONS

 

 

$

3,000

 

 

0.04

%

 

 

 

DEPOSITORY INSTITUTIONS

 

 

 

1,262

 

 

0.02

 

 

 

 

NONDEPOSITORY INSTITUTIONS

 

 

 

706

 

 

0.01

 

 

 

 

TOTAL PREFERRED STOCKS

 

 (Cost $31,519)

 

 

4,968

 

 

0.07

 

 

 

 

COMMON STOCKS

 

 

 

 

 

 

 

 

AMUSEMENT AND RECREATION SERVICES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,234,538

 

 

 

Walt Disney Co

 

 

 

28,012

 

 

0.41

 

 

 

 

 

 

Other

 

 

 

188

 

 

—

**

 

 

 

 

 

 

 

28,200

 

 

0.41

 

 

 

 

APPAREL AND ACCESSORY STORES

 

 

 

28,032

 

 

0.41

 

 

 

 

APPAREL AND OTHER TEXTILE PRODUCTS

 

 

 

3,398

 

 

0.05

 

 

 

 

AUTO REPAIR, SERVICES AND PARKING

 

 

 

899

 

 

0.01

 

 

 

 

AUTOMOTIVE DEALERS AND SERVICE STATIONS

 

 

 

4,835

 

 

0.07

 

 

 

 

BUILDING MATERIALS AND GARDEN SUPPLIES

 

 

 

 

 

 

 

 

 

1,169,748

 

 

 

Home Depot, Inc

 

 

 

26,928

 

 

0.39

 

 

 

 

 

 

Other

 

 

 

16,143

 

 

0.23

 

 

 

 

 

 

 

 

 

 

 

 

 

43,071

 

 

0.62

 

 

 

 

BUSINESS SERVICES

 

 

 

 

 

 

 

 

 

86,066

 

*

 

Google, Inc (Class A)

 

 

 

26,478

 

 

0.38

 

 

3,396,605

 

 

 

Microsoft Corp

 

 

 

66,030

 

 

0.96

 

 

 

 

 

 

Other

 

 

 

127,917

 

 

1.86

 

 

 

 

 

 

 

 

 

 

 

 

 

220,425

 

 

3.20

 

 

 

 

CHEMICALS AND ALLIED PRODUCTS

 

 

 

 

 

 

 

 

 

629,730

 

*

 

Amgen, Inc

 

 

 

36,367

 

 

0.53

 

 

1,177,779

 

 

 

Bristol-Myers Squibb Co

 

 

 

27,383

 

 

0.40

 

 

685,270

 

 

 

Eli Lilly & Co

 

 

 

27,596

 

 

0.40

 

 

327,890

 

*

 

Genentech, Inc

 

 

 

27,185

 

 

0.39

 

 

506,042

 

*

 

Gilead Sciences, Inc

 

 

 

25,879

 

 

0.38

 

 

1,196,929

 

 

 

Johnson & Johnson

 

 

 

71,612

 

 

1.04

 

 

1,251,239

 

 

 

Procter & Gamble Co

 

 

 

77,352

 

 

1.12

 

 

712,750

 

 

 

Wyeth

 

 

 

26,735

 

 

0.39

 

 

 

 

 

 

Other

 

 

 

281,493

 

 

4.08

 

 

 

 

 

 

 

 

 

 

 

 

 

601,602

 

 

8.73

 

 

 

 

COMMUNICATIONS

 

 

 

 

 

 

 

 

 

1,410,734

 

 

 

Verizon Communications, Inc

 

 

 

47,824

 

 

0.69

 

 

 

 

 

 

Other

 

 

 

153,819

 

 

2.23

 

 

 

 

 

 

 

 

 

 

 

 

 

201,643

 

 

2.92

 

 

 

 

 

 

 

72

2008 Annual Report § College Retirement Equities Fund

See notes to financial statements


 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

CREF SOCIAL CHOICE ACCOUNT § DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

Value
(000)

 

% of net
assets

 

DEPOSITORY INSTITUTIONS

 

 

 

 

 

 

 

 

2,068,912

 

 

 

Bank of America Corp

 

$

29,130

 

 

0.42

%

 

1,084,441

 

 

 

US Bancorp

 

 

27,122

 

 

0.40

 

 

1,549,728

 

 

 

Wells Fargo & Co

 

 

45,686

 

 

0.66

 

 

 

 

 

 

Other

 

 

217,712

 

 

3.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

319,650

 

 

4.64

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EATING AND DRINKING PLACES

 

 

 

 

 

 

 

 

620,450

 

 

 

McDonald’s Corp

 

 

38,586

 

 

0.56

 

 

 

 

 

 

Other

 

 

7,040

 

 

0.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

45,626

 

 

0.66

 

 

 

 

 

 

 

 

EDUCATIONAL SERVICES

 

 

1,760

 

 

0.03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ELECTRIC, GAS, AND SANITARY SERVICES

 

 

289,250

 

 

4.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT

 

 

 

 

 

 

 

 

2,795,905

 

*

 

Cisco Systems, Inc

 

 

45,573

 

 

0.66

 

 

2,902,889

 

 

 

Intel Corp

 

 

42,556

 

 

0.62

 

 

856,767

 

 

 

Qualcomm, Inc

 

 

30,698

 

 

0.45

 

 

 

 

 

 

Other

 

 

94,511

 

 

1.37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

213,338

 

 

3.10

 

 

 

 

 

 

 

 

ENGINEERING AND MANAGEMENT SERVICES

 

 

31,307

 

 

0.45

 

 

 

 

 

 

 

 

FABRICATED METAL PRODUCTS

 

 

30,233

 

 

0.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FOOD AND KINDRED PRODUCTS

 

 

 

 

 

 

 

 

808,709

 

 

 

PepsiCo, Inc

 

 

44,293

 

 

0.64

 

 

 

 

 

 

Other

 

 

109,097

 

 

1.59

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

153,390

 

 

2.23

 

 

 

 

 

 

 

 

FOOD STORES

 

 

 

 

 

 

30,048

 

 

0.44

 

 

 

 

 

 

 

 

FORESTRY

 

 

 

 

 

 

4,292

 

 

0.06

 

 

 

 

 

 

 

 

FURNITURE AND FIXTURES

 

 

17,273

 

 

0.25

 

 

 

 

 

 

 

 

FURNITURE AND HOME FURNISHINGS STORES

 

 

8,016

 

 

0.12

 

 

 

 

 

 

 

 

GENERAL BUILDING CONTRACTORS

 

 

12,358

 

 

0.18

 

 

 

 

 

 

 

 

GENERAL MERCHANDISE STORES

 

 

53,431

 

 

0.78

 

 

 

 

 

 

 

 

HEALTH SERVICES

 

 

 

 

13,307

 

 

0.19

 

 

 

 

 

 

 

 

HEAVY CONSTRUCTION, EXCEPT BUILDING

 

 

7,759

 

 

0.11

 

 

 

 

 

 

 

 

HOLDING AND OTHER INVESTMENT OFFICES

 

 

59,702

 

 

0.87

 

 

 

 

 

 

 

 

HOTELS AND OTHER LODGING PLACES

 

 

15,709

 

 

0.23

 

 

 

 

 

 

 

 

INDUSTRIAL MACHINERY AND EQUIPMENT

 

 

 

 

 

 

 

 

1,221,802

 

 

 

Hewlett-Packard Co

 

 

44,339

 

 

0.64

 

 

628,238

 

 

 

International Business Machines Corp

 

 

52,873

 

 

0.77

 

 

 

 

 

 

Other

 

 

107,367

 

 

1.56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

204,579

 

 

2.97

 

 

 

 

 

 

 

 

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2008 Annual Report

73

 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

CREF SOCIAL CHOICE ACCOUNT § DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

Value
(000)

 

% of net
assets

 

INSTRUMENTS AND RELATED PRODUCTS

 

 

 

 

 

 

 

 

700,783

 

 

 

Emerson Electric Co

 

$

25,656

 

 

0.37

%

 

 

 

 

 

Other

 

 

152,461

 

 

2.21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

178,117

 

 

2.58

 

 

 

 

 

 

 

 

INSURANCE AGENTS, BROKERS AND SERVICE

 

 

19,632

 

 

0.28

 

 

 

 

 

 

 

 

INSURANCE CARRIERS

 

 

211,351

 

 

3.07

 

 

 

 

 

 

 

 

LEATHER AND LEATHER PRODUCTS

 

 

3,715

 

 

0.05

 

 

 

 

 

 

 

 

LEGAL SERVICES

 

 

371

 

 

0.01

 

 

 

 

 

 

 

 

LOCAL AND INTERURBAN PASSENGER TRANSIT

 

 

1,161

 

 

0.02

 

 

 

 

 

 

 

 

LUMBER AND WOOD PRODUCTS

 

 

150

 

 

—

**

 

 

 

 

 

 

 

METAL MINING

 

 

24,767

 

 

0.36

 

 

 

 

 

 

 

 

MISCELLANEOUS MANUFACTURING INDUSTRIES

 

 

13,263

 

 

0.19

 

 

 

 

 

 

 

 

MISCELLANEOUS RETAIL

 

 

56,949

 

 

0.83

 

 

 

 

 

 

 

 

MOTION PICTURES

 

 

 

29,186

 

 

0.42

 

 

 

 

 

 

 

 

NONDEPOSITORY INSTITUTIONS

 

 

31,587

 

 

0.46

 

 

 

 

 

 

 

 

NONMETALLIC MINERALS, EXCEPT FUELS

 

 

13,979

 

 

0.20

 

 

 

 

 

 

 

 

OIL AND GAS EXTRACTION

 

 

202,569

 

 

2.94

 

 

 

 

 

 

 

 

PAPER AND ALLIED PRODUCTS

 

 

34,806

 

 

0.51

 

 

 

 

 

 

 

 

PERSONAL SERVICES

 

 

 

961

 

 

0.01

 

 

 

 

 

 

 

 

PETROLEUM AND COAL PRODUCTS

 

 

98,698

 

 

1.43

 

 

 

 

 

 

 

 

PIPELINES, EXCEPT NATURAL GAS

 

 

14,377

 

 

0.21

 

 

 

 

 

 

 

 

PRIMARY METAL INDUSTRIES

 

 

51,703

 

 

0.75

 

 

 

 

 

 

 

 

PRINTING AND PUBLISHING

 

 

30,579

 

 

0.44

 

 

 

 

 

 

 

 

RAILROAD TRANSPORTATION

 

 

40,285

 

 

0.58

 

 

 

 

 

 

 

 

REAL ESTATE

 

 

 

20,950

 

 

0.30

 

 

 

 

 

 

 

 

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS

 

 

24,890

 

 

0.36

 

 

 

 

 

 

 

 

SECURITY AND COMMODITY BROKERS

 

 

99,145

 

 

1.44

 

 

 

 

 

 

 

 

SOCIAL SERVICES

 

 

132

 

 

—

**

 

 

 

 

 

 

 

SPECIAL TRADE CONTRACTORS

 

 

1,924

 

 

0.03

 

 

 

 

 

 

 

 

STONE, CLAY, AND GLASS PRODUCTS

 

 

 

 

 

 

 

 

476,471

 

 

 

3M Co

 

 

27,416

 

 

0.40

 

 

 

 

 

 

Other

 

 

14,808

 

 

0.21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

42,224

 

 

0.61

 

 

 

 

 

 

 

 

 

 

 
74 2008 Annual Report § College Retirement Equities Fund

See notes to financial statements

 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

CREF SOCIAL CHOICE ACCOUNT § DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Company

 

 

 

 

 

Value
(000)

 

 

% of net
assets

 

TEXTILE MILL PRODUCTS

 

 

 

$

770

 

 

0.01

%

 

 

 

 

 

 

 

 

 

TRANSPORTATION BY AIR

 

 

 

 

38,307

 

 

0.56

 

 

 

 

 

 

 

 

 

 

TRANSPORTATION EQUIPMENT

 

 

 

 

63,146

 

 

0.92

 

 

 

 

 

 

 

 

 

 

TRANSPORTATION SERVICES

 

 

 

 

7,486

 

 

0.11

 

 

 

 

 

 

 

 

 

 

TRUCKING AND WAREHOUSING

 

 

 

 

 

 

 

 

 

 

501,034

 

 

United Parcel Service, Inc (Class B)

 

 

 

 

27,637

 

 

0.40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

11,289

 

 

0.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38,926

 

 

0.56

 

 

 

 

 

 

 

 

 

 

WATER TRANSPORTATION

 

 

 

 

5,193

 

 

0.08

 

 

 

 

 

 

 

 

 

 

WHOLESALE TRADE-DURABLE GOODS

 

 

 

 

34,279

 

 

0.50

 

 

 

 

 

 

 

 

 

 

WHOLESALE TRADE-NONDURABLE GOODS

 

 

 

 

29,000

 

 

0.42

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL COMMON STOCKS

 

(Cost $5,017,933)

 

 

4,107,711

 

 

59.61

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

Issuer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS

 

 

 

 

 

 

 

 

 

U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES

 

 

 

 

 

 

 

 

 

 

35,000,000

 

 

Federal Home Loan Bank (FHLB)

 

0.000%, 02/18/09

 

 

35,000

 

 

0.51

 

 

49,600,000

 

 

FHLB

 

 

0.000%, 06/15/09

 

 

49,532

 

 

0.72

 

 

50,000,000

 

 

FHLB

 

 

0.000%, 06/29/09

 

 

49,926

 

 

0.72

 

 

30,000,000

 

 

Federal Home Loan Mortgage Corp (FHLMC)

 

0.000%, 02/20/09

 

 

30,000

 

 

0.44

 

 

27,055,000

 

 

FHLMC

 

 

0.000%, 04/14/09

 

 

27,043

 

 

0.39

 

 

26,703,000

 

 

Federal National Mortgage Corp (FNMA)

 

0.000%, 01/05/09

 

 

26,703

 

 

0.39

 

 

27,545,000

 

 

FNMA

 

 

0.000%, 04/20/09

 

 

27,533

 

 

0.40

 

 

 

 

 

Other

 

 

 

 

 

60,049

 

 

0.87

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL U.S. GOVERNMENT AND AGENCIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DISCOUNT AND COUPON NOTES

 

(Cost $315,967)

 

 

305,786

 

 

4.44

 

 

 

 

 

 

 

 

 

 

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED

 

 

 

 

 

 

 

 

 

COMMERCIAL PAPER

 

 

 

 

63,394

 

 

0.92

 

 

 

 

 

 

 

 

 

 

U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES

 

 

 

 

 

 

 

 

 

 

79,759,000

 

 

FNMA

 

0.000%, 1/20/2009-04/29/09

 

 

79,744

 

 

1.16

 

 

28,400,000

 

 

FNMA

 

 

0.000%, 09/01/09

 

 

28,295

 

 

0.41

 

 

85,950,000

 

 

Federal Home Loan Mortgage Corp (FHLMC)

 

0.000%, 04/01/09

 

 

85,918

 

 

1.25

 

 

 

 

 

Other

 

 

 

 

 

89,084

 

 

1.29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

283,041

 

 

4.11

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED

 

(Cost $335,238)

 

 

346,435

 

 

5.03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL SHORT-TERM INVESTMENTS

 

(Cost $651,205)

 

 

652,221

 

 

9.47

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL PORTFOLIO

 

(Cost $8,301,413)

 

 

7,333,234

 

 

106.42

 

 

 

 

 

 

OTHER ASSETS AND LIABILITIES, NET

 

 

 

 

(442,677

)

 

(6.42

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL NET ASSETS

 

 

 

$

6,890,557

 

 

100.00

%

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2008 Annual Report

75


 

 

SUMMARY PORTFOLIO OF INVESTMENTS

concluded

CREF SOCIAL CHOICE ACCOUNT § DECEMBER 31, 2008

 

 

*

Non-income producing.

 

 

**

Percentage represents less than 0.01%.

 

 

i

Floating rate or variable rate securities reflects the rate in effect as of December 31, 2008.

 

 

Cost amounts are in thousands.

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

 

 

 

76

2008 Annual Report § College Retirement Equities Fund

See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS

CREF MONEY MARKET ACCOUNT § DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

Issuer

 

 

 

 

 

Value
(000)

 

% of net
assets

 

GOVERNMENT BONDS

 

 

 

 

 

 

 

 

 

 

 

AGENCY SECURITIES

 

 

 

 

 

$

30,596

 

 

0.20%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL GOVERNMENT BONDS

 

(Cost $30,553)

 

 

30,596

 

 

0.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS

 

 

 

 

 

 

 

 

 

 

 

BANKER’S ACCEPTANCES

 

 

 

 

 

 

 

 

 

 

 

$

154,945,000

 

 

 

Bank of America NA

 

 

 

0.000%, 01/02/2009–06/22/09

 

 

154,655

 

 

1.02

 

 

 

 

 

 

Other

 

 

 

 

 

 

52,234

 

 

0.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

206,889

 

 

1.37

 

 

 

 

 

 

 

 

 

 

 

 

CERTIFICATES OF DEPOSIT

 

 

 

 

 

 

 

 

 

 

 

 

189,865,000

 

 

 

Abbey National Treasury

 

 

 

1.730%, 02/17/09–03/06/09

 

 

189,918

 

 

1.25

 

 

110,000,000

 

 

 

Bank of America NA

 

 

 

2.920%, 02/06/09–06/19/09

 

 

110,056

 

 

0.73

 

 

205,000,000

 

 

 

Bank of Nova Scotia

 

 

 

1.900%, 01/22/09–03/13/09

 

 

205,080

 

 

1.36

 

 

99,000,000

 

 

 

BNP Paribas, Inc

 

 

 

2.150%, 02/25/09–03/04/09

 

 

99,121

 

 

0.65

 

 

140,000,000

 

 

 

Calyon

 

 

 

2.120%, 02/02/09–03/16/09

 

 

140,054

 

 

0.93

 

 

102,000,000

 

 

 

Lloyds Bank plc

 

 

 

1.980%, 02/25/09–03/06/09

 

 

102,104

 

 

0.67

 

 

165,000,000

 

 

 

Royal Bank of Canada

 

 

 

2.250%, 02/06/09–03/04/09

 

 

165,085

 

 

1.09

 

 

165,000,000

 

 

 

Societe Generale North America, Inc

 

 

 

3.300%, 01/21/09–04/06/09

 

 

165,151

 

 

1.09

 

 

270,000,000

 

 

 

Toronto Dominion Bank

 

 

 

2.920%, 01/13/09–07/20/09

 

 

270,386

 

 

1.79

 

 

90,000,000

 

 

 

US Bank NA

 

 

 

2.930%, 02/10/09

 

 

90,123

 

 

0.60

 

 

 

 

 

 

Other

 

 

 

 

 

 

440,425

 

 

2.91

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,977,503

 

 

13.07

 

 

 

 

 

 

 

 

 

 

 

 

COMMERCIAL PAPER

 

 

 

 

 

 

 

 

 

 

 

 

121,280,000

 

 

 

Abbey National LLC

 

 

 

0.000%, 03/11/09–09/14/09

 

 

120,398

 

 

0.80

 

 

106,816,000

 

 

 

American Honda Finance Corp

 

 

 

0.000%, 02/19/09–03/05/09

 

 

106,625

 

 

0.70

 

 

90,000,000

 

 

 

Bank of Nova Scotia

 

 

 

0.000%, 01/21/09–03/24/09

 

 

89,790

 

 

0.59

 

 

105,000,000

 

 

 

BNP Paribas, Inc

 

 

 

0.000%, 01/07/09–01/27/09

 

 

104,911

 

 

0.69

 

 

124,079,000

 

 

 

Cafco LLC

 

 

 

0.000%, 01/12/09–02/03/09

 

 

123,907

 

 

0.82

 

 

124,920,000

 

 

 

Ciesco LLC

 

 

 

0.000%, 01/12/09–03/23/09

 

 

124,679

 

 

0.82

 

 

135,000,000

 

p

 

Citigroup Funding, Inc

 

 

 

0.000%, 01/06/09–03/06/09

 

 

134,823

 

 

0.89

 

 

100,000,000

 

p

 

Citigroup Funding, Inc

 

 

 

0.000%, 03/20/09

 

 

99,945

 

 

0.66

 

 

190,000,000

 

 

 

Coca-Cola Co

 

 

 

0.000%, 01/08/09–02/03/09

 

 

189,900

 

 

1.25

 

 

196,325,000

 

 

 

Danske Corp

 

 

 

0.000%, 01/16/09–03/16/09

 

 

195,983

 

 

1.30

 

 

130,000,000

 

 

 

Eli Lilly & Co

 

 

 

0.000%, 01/29/09–02/25/09

 

 

129,941

 

 

0.86

 

 

111,075,000

 

p

 

General Electric Capital Corp

 

 

 

0.000%, 03/03/09–06/15/09

 

 

110,987

 

 

0.73

 

 

215,585,000

 

 

 

Govco LLC

 

 

 

0.000%, 01/06/09–06/17/09

 

 

214,752

 

 

1.42

 

 

240,000,000

 

 

 

HSBC Finance Corp

 

 

 

0.000%, 01/14/09–03/26/09

 

 

239,499

 

 

1.58

 

 

151,665,000

 

 

 

ING US Funding LLC

 

 

 

0.000%, 01/06/09–03/04/09

 

 

151,427

 

 

1.00

 

 

119,500,000

 

 

 

Johnson & Johnson

 

 

 

0.000%, 01/23/09–04/28/09

 

 

119,402

 

 

0.79

 

 

274,000,000

 

 

 

Kitty Hawk Funding Corp

 

 

 

0.000%, 01/12/09–03/20/09

 

 

273,426

 

 

1.81

 

 

90,823,000

 

 

 

Lloyds Bank plc

 

 

 

0.000%, 03/05/09–04/08/09

 

 

90,560

 

 

0.60

 

 

176,035,000

 

 

 

Nestle Capital Corp

 

 

 

0.000%, 02/02/09–04/09/09

 

 

175,934

 

 

1.16

 

 

286,467,000

 

 

 

Old Line Funding LLC

 

 

 

0.000%, 01/06/09–03/09/09

 

 

285,977

 

 

1.89

 

 

193,150,000

 

 

 

Park Avenue Rec Corp

 

 

 

0.000%, 01/07/09–03/09/09

 

 

193,018

 

 

1.28

 

 

171,330,000

 

 

 

Pfizer, Inc

 

 

 

0.000%, 01/05/09–04/02/09

 

 

171,237

 

 

1.13

 

 

289,380,000

 

 

 

Private Export Funding Corp

 

 

 

0.000%, 01/02/09–06/01/09

 

 

288,908

 

 

1.91

 

 

151,540,000

 

 

 

Procter & Gamble Co

 

 

 

0.000%, 01/15/09–02/26/09

 

 

151,459

 

 

1.00

 

 

127,280,000

 

 

 

Procter & Gamble International

 

 

 

0.000%, 01/08/09–04/03/09

 

 

127,215

 

 

0.84

 


 

 

 

See notes to financial statements

College Retirement Equities Fund § 2008 Annual Report

77

 

 

SUMMARY PORTFOLIO OF INVESTMENTS

concluded

 

 

CREF MONEY MARKET ACCOUNT § DECEMBER 31, 2008

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

Issuer

 

 

 

 

 

Value
(000)

 

% of net
assets

 

$

307,300,000

 

 

 

Rabobank USA Financial Corp

 

 

 

0.000%, 01/23/09–03/31/09

 

$

306,998

 

 

2.03

%

 

299,917,000

 

 

 

Ranger Funding Co LLC

 

 

 

0.000%, 01/06/09–04/09/09

 

 

299,670

 

 

1.98

 

 

151,144,000

 

 

 

Sheffield Receivable

 

 

 

0.000%, 01/07/09–03/05/09

 

 

150,922

 

 

1.00

 

 

235,000,000

 

 

 

Shell International Finance BV

 

 

 

0.000%, 01/05/09–03/02/09

 

 

234,843

 

 

1.55

 

 

115,610,000

 

 

 

Societe Generale North America, Inc

 

 

 

0.000%, 02/12/09–03/23/09

 

 

115,324

 

 

0.76

 

 

175,000,000

 

 

 

Svensk Exportkredit AB

 

 

 

0.000%, 02/04/09–05/01/09

 

 

174,581

 

 

1.15

 

 

250,000,000

 

 

 

Toyota Motor Credit Corp

 

 

 

0.000%, 01/21/09–04/29/09

 

 

249,527

 

 

1.65

 

 

213,410,000

 

 

 

UBS Finance (Delaware) LLC

 

 

 

0.000%, 01/16/09–04/03/09

 

 

213,124

 

 

1.41

 

 

245,855,000

 

 

 

Unilever Capital Corp

 

 

 

0.000%, 03/02/09–04/29/09

 

 

245,623

 

 

1.62

 

 

322,689,000

 

 

 

Yorktown Capital LLC

 

 

 

0.000%, 01/14/09–04/03/09

 

 

321,906

 

 

2.13

 

 

 

 

 

 

Other

 

 

 

 

 

 

696,815

 

 

4.61

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,024,036

 

 

46.41

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES

 

 

 

 

1,810,812,000

 

 

 

Federal Home Loan Bank (FHLB)

 

 

 

01/07/09–12/14/09

 

 

1,809,276

 

 

11.96

 

 

98,235,000

 

 

 

(FHLB)

 

 

 

01/16/09–08/04/09

 

 

98,906

 

 

0.65

 

 

2,135,351,000

 

 

 

Federal Home Loan Mortgage Corp (FHLMC)

 

01/02/09–11/09/09

 

 

2,134,642

 

 

14.10

 

 

1,554,605,000

 

 

 

Federal National Mortgage Association (FNMA)

 

01/05/09–12/01/09

 

 

1,553,710

 

 

10.27

 

 

 

 

 

 

Other

 

 

 

 

 

 

29,865

 

 

0.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,626,399

 

 

37.18

 

 

 

 

 

 

 

 

 

 

 

 

U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES

 

 

156,118

 

 

1.03

 

 

 

 

 

 

 

 

 

 

 

 

VARIABLE NOTES

 

 

 

 

 

 

88,926

 

 

0.59

 

 

 

 

 

 

 

 

 

 

 

TOTAL SHORT-TERM INVESTMENTS

 

(Cost $15,062,910)

 

 

15,079,871

 

 

99.65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL PORTFOLIO

 

(Cost $15,093,463)

 

 

15,110,467

 

 

99.85

 

 

OTHER ASSETS & LIABILITIES, NET

 

 

 

 

22,540

 

 

0.15

 

 

 

 

 

 

 

NET ASSETS

 

 

 

$

15,133,007

 

 

100.00

%

 

 

 

 

 


 

The following abbreviations are used in portfolio descriptions:

LLC Limited Liability Company

plc Public Limited Company

p  Security participates in the FDIC Temporary Liquidity Guarantee Program.

 

Cost amounts are in thousands.

 

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


 

 

 

78 2008 Annual Report § College Retirement Equities Fund

See notes to financial statements


[This page intentionally left blank.]

 

 

College Retirement Equities Fund § 2008 Annual Report

79

STATEMENTS OF ASSETS AND LIABILITIES

COLLEGE RETIREMENT EQUITIES FUND § DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(amounts in thousands, except
accumulation unit value)

 

Stock
Account

 

Global Equities
Account

 

Growth
Account

 

Equity Index
Account

 

Bond Market
Account

 

Inflation-
Linked Bond
Account

 

Social Choice
Account

 

Money Market
Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio investments, at cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaffiliated issuers

 

$

113,964,386

 

$

14,956,224

 

$

11,036,790

 

$

8,467,641

 

$

9,059,601

 

$

6,217,084

 

$

8,301,413

 

$

15,093,463

 

Affiliated issuers

 

 

82,450

 

 

—

 

 

—

 

 

—

 

 

4,535

 

 

—

 

 

—

 

 

—

 

Total portfolio investments, at cost

 

 

114,046,836

 

 

14,956,224

 

 

11,036,790

 

 

8,467,641

 

 

9,064,136

 

 

6,217,084

 

 

8,301,413

 

 

15,093,463

 

Portfolio investments, at value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaffiliated issuers

 

 

85,349,403

 

 

11,026,867

 

 

8,200,916

 

 

7,161,588

 

 

8,983,879

 

 

6,002,273

 

 

7,333,234

 

 

15,110,467

 

Affiliated issuers

 

 

30,353

 

 

—

 

 

—

 

 

—

 

 

3,467

 

 

—

 

 

—

 

 

—

 

Total portfolio investments, at value*

 

$

85,379,756

 

$

11,026,867

 

$

8,200,916

 

$

7,161,588

 

$

8,987,346

 

$

6,002,273

 

$

7,333,234

 

$

15,110,467

 

Cash

 

 

333,681

 

 

39,735

 

 

9,859

 

 

3,163

 

 

13,808

 

 

2,774

 

 

22,710

 

 

17

 

Cash – foreign**

 

 

23,432

 

 

23,944

 

 

—

 

 

—

 

 

—

 

 

—

 

 

128

 

 

—

 

Dividends and interest receivable

 

 

176,328

 

 

21,550

 

 

13,415

 

 

15,174

 

 

63,388

 

 

55,096

 

 

29,411

 

 

10,208

 

Receivable from securities sold

 

 

159,039

 

 

45,065

 

 

48,435

 

 

4

 

 

212,728

 

 

—

 

 

64,534

 

 

—

 

Amounts due from TIAA

 

 

23,087

 

 

8,268

 

 

5,930

 

 

6,446

 

 

7,315

 

 

404

 

 

3,652

 

 

12,884

 

Other

 

 

1,296

 

 

—

 

 

—

 

 

—

 

 

4,861

 

 

—

 

 

2,563

 

 

—

 

Total assets

 

 

86,096,619

 

 

11,165,429

 

 

8,278,555

 

 

7,186,375

 

 

9,289,446

 

 

6,060,547

 

 

7,456,232

 

 

15,133,576

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payable for collateral for securities loaned

 

 

9,408,873

 

 

1,489,759

 

 

—

 

 

—

 

 

—

 

 

—

 

 

335,238

 

 

—

 

Amount due to investment adviser

 

 

1,029

 

 

129

 

 

96

 

 

83

 

 

102

 

 

55

 

 

87

 

 

168

 

Accumulation withdrawals payable

 

 

2,153

 

 

—

 

 

—

 

 

—

 

 

133

 

 

125

 

 

—

 

 

28

 

Payable for securities purchased

 

 

179,247

 

 

23,439

 

 

56,005

 

 

12,496

 

 

577,981

 

 

—

 

 

230,350

 

 

—

 

Other

 

 

288

 

 

122

 

 

102

 

 

183

 

 

—

 

 

44

 

 

—

 

 

373

 

Total liabilities

 

 

9,591,590

 

 

1,513,449

 

 

56,203

 

 

12,762

 

 

578,216

 

 

224

 

 

565,675

 

 

569

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulation Fund

 

$

66,931,412

 

$

9,428,531

 

$

8,098,009

 

$

7,029,802

 

$

8,520,090

 

$

5,871,437

 

$

6,684,559

 

$

14,846,278

 

Annuity Fund

 

 

9,573,617

 

 

223,449

 

 

124,343

 

 

143,811

 

 

191,140

 

 

188,886

 

 

205,998

 

 

286,729

 

Total net assets

 

$

76,505,029

 

$

9,651,980

 

$

8,222,352

 

$

7,173,613

 

$

8,711,230

 

$

6,060,323

 

$

6,890,557

 

$

15,133,007

 

 

Accumulation units outstanding

 

 

424,360

 

 

146,822

 

 

177,770

 

 

112,828

 

 

99,848

 

 

115,929

 

 

66,369

 

 

582,112

 

Accumulation unit value

 

$

157.72

 

$

64.22

 

$

45.55

 

$

62.31

 

$

85.33

 

$

50.65

 

$

100.72

 

$

25.50

 

*   Includes securities loaned of:

 

$

9,204,689

 

$

1,431,982

 

 

—

 

 

—

 

 

—

 

 

—

 

$

332,869

 

 

—

 

** Cost:

 

$

23,044

 

$

24,203

 

 

—

 

 

—

 

 

—

 

 

—

 

$

130

 

 

—

 

80

2008 Annual Report § College Retirement Equities Fund

See notes to financial statements

See notes to financial statements

College Retirement Equities Fund § 2008 Annual Report

81


STATEMENTS OF OPERATIONS

COLLEGE RETIREMENT EQUITIES FUND § FOR THE YEAR ENDED DECEMBER 31, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(amounts in thousands)

 

Stock
Account

 

Global Equities
Account

 

Growth
Account

 

Equity Index
Account

 

Bond Market
Account

 

Inflation-
Linked Bond
Account

 

Social Choice
Account

 

Money Market
Account

 

INVESTMENT INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

11,951

 

$

987

 

$

2,128

 

$

1,866

 

$

417,011

 

$

332,578

 

$

173,893

 

$

368,666

 

Dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaffiliated issuers

 

 

2,738,041

 

 

421,522

 

 

148,479

 

 

204,096

 

 

4,490

 

 

—

 

 

123,450

 

 

—

 

Affiliated issuers

 

 

1,440

 

 

—

 

 

—

 

 

—

 

 

356

 

 

—

 

 

—

 

 

—

 

Foreign taxes withheld:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaffiliated issuers

 

 

(94,116

)

 

(24,877

)

 

(1,019

)

 

(15

)

 

—

 

 

—

 

 

(3,120

)

 

—

 

Affiliated issuers

 

 

(181

)

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Income from security lending

 

 

147,954

 

 

24,639

 

 

4,457

 

 

9,481

 

 

550

 

 

5

 

 

3,890

 

 

—

 

Total income

 

 

2,805,089

 

 

422,271

 

 

154,045

 

 

215,428

 

 

422,407

 

 

332,583

 

 

298,113

 

 

368,666

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Administrative

 

 

463,041

 

 

59,412

 

 

47,543

 

 

40,842

 

 

33,656

 

 

24,729

 

 

34,479

 

 

53,525

 

Distribution

 

 

88,684

 

 

11,322

 

 

9,129

 

 

7,822

 

 

6,560

 

 

4,872

 

 

6,674

 

 

10,548

 

Investment Advisory

 

 

140,654

 

 

23,367

 

 

20,551

 

 

7,291

 

 

9,465

 

 

6,658

 

 

8,433

 

 

8,294

 

Mortality and expense risk charges

 

 

5,448

 

 

701

 

 

570

 

 

481

 

 

412

 

 

316

 

 

413

 

 

657

 

Total expenses

 

 

697,827

 

 

94,802

 

 

77,793

 

 

56,436

 

 

50,093

 

 

36,575

 

 

49,999

 

 

73,024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

2,107,262

 

 

327,469

 

 

76,252

 

 

158,992

 

 

372,314

 

 

296,008

 

 

248,114

 

 

295,642

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio investments

 

 

(8,830,311

)

 

(2,326,701

)

 

(1,211,176

)

 

34,946

 

 

(133,695

)

 

(79,085

)

 

283,770

 

 

(1

)

Futures transactions

 

 

—

 

 

(7,124

)

 

(37,031

)

 

(21,098

)

 

—

 

 

—

 

 

—

 

 

—

 

Foreign currency transactions

 

 

(17,046

)

 

(4,052

)

 

44

 

 

—

 

 

—

 

 

—

 

 

(1,386

)

 

—

 

Net realized gain (loss) on total investments

 

 

(8,847,357

)

 

(2,337,877

)

 

(1,248,163

)

 

13,848

 

 

(133,695

)

 

(79,085

)

 

282,384

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized appreciation (depreciation) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio investments

 

 

(44,992,491

)

 

(5,226,766

)

 

(4,291,767

)

 

(4,479,319

)

 

(138,240

)

 

(444,386

)

 

(2,667,343

)

 

18,952

 

Futures transactions

 

 

—

 

 

—

 

 

1,459

 

 

139

 

 

—

 

 

—

 

 

—

 

 

—

 

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

 

 

(2,172

)

 

(1,563

)

 

(20

)

 

—

 

 

—

 

 

—

 

 

(40

)

 

—

 

Net change in unrealized appreciation (depreciation) on total investments

 

 

(44,994,663

)

 

(5,228,329

)

 

(4,290,328

)

 

(4,479,180

)

 

(138,240

)

 

(444,386

)

 

(2,667,383

)

 

18,952

 

Net realized and unrealized gain (loss) on total investments

 

 

(53,842,020

)

 

(7,566,206

)

 

(5,538,491

)

 

(4,465,332

)

 

(271,935

)

 

(523,471

)

 

(2,384,999

)

 

18,951

 

Net increase (decrease) in net assets resulting from operations

 

$

(51,734,758

)

$

(7,238,737

)

$

(5,462,239

)

$

(4,306,340

)

$

100,379

 

$

(227,463

)

$

(2,136,885

)

$

314,593

 

82

2008 Annual Report § College Retirement Equities Fund

See notes to financial statements

See notes to financial statements

College Retirement Equities Fund § 2008 Annual Report

83

STATEMENTS OF CHANGES IN NET ASSETS

COLLEGE RETIREMENT EQUITIES FUND § FOR THE YEAR ENDED DECEMBER 31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock Account

 

Global Equities Account

 

Growth Account

 

 

 

 

 

 

(amounts in thousands except
accumulation units)

 

2008

 

2007

 

2008

 

2007

 

2008

 

2007

 

 

FROM OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

2,107,262

 

$

1,958,419

 

$

327,469

 

$

257,298

 

$

76,252

 

$

76,245

 

Net realized gain (loss) on total investments

 

 

(8,847,357

)

 

15,385,173

 

 

(2,337,877

)

 

1,643,795

 

 

(1,248,163

)

 

1,937,857

 

Net change in unrealized appreciation (depreciation) on total investments

 

 

(44,994,663

)

 

(6,955,623

)

 

(5,228,329

)

 

(338,263

)

 

(4,290,328

)

 

(67,567

)

Net increase (decrease) in net assets resulting from operations

 

 

(51,734,758

)

 

10,387,969

 

 

(7,238,737

)

 

1,562,830

 

 

(5,462,239

)

 

1,946,535

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FROM PARTICIPANT TRANSACTIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Premiums

 

 

6,643,439

 

 

3,996,363

 

 

1,440,820

 

 

1,031,127

 

 

1,190,092

 

 

926,819

 

Net transfers from (to) TIAA*

 

 

—

 

 

(701,077

)

 

—

 

 

(17,603

)

 

—

 

 

(3,857

)

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

 

 

(2,521,016

)

 

(3,739,742

)

 

(627,601

)

 

(97,013

)

 

(415,846

)

 

(469,091

)

Annuity payments

 

 

(2,040,630

)

 

(2,191,070

)

 

(67,637

)

 

(71,212

)

 

(32,540

)

 

(33,219

)

Withdrawals and death benefits

 

 

(8,401,876

)

 

(4,289,204

)

 

(1,316,147

)

 

(621,044

)

 

(940,459

)

 

(469,333

)

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

 

 

(6,320,083

)

 

(6,924,730

)

 

(570,565

)

 

224,255

 

 

(198,753

)

 

(48,681

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets

 

 

(58,054,841

)

 

3,463,239

 

 

(7,809,302

)

 

1,787,085

 

 

(5,660,992

)

 

1,897,854

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

134,559,870

 

 

131,096,631

 

 

17,461,282

 

 

15,674,197

 

 

13,883,344

 

 

11,985,490

 

End of year

 

$

76,505,029

 

$

134,559,870

 

$

9,651,980

 

$

17,461,282

 

$

8,222,352

 

$

13,883,344

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACCUMULATION UNITS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credited for premiums

 

 

31,053,768

 

 

14,678,238

 

 

16,192,508

 

 

9,088,302

 

 

19,357,073

 

 

12,779,334

 

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

 

 

(54,427,305

)

 

(36,432,903

)

 

(22,494,321

)

 

(7,259,809

)

 

(22,257,692

)

 

(13,931,829

)

Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

447,733,651

 

 

469,488,316

 

 

153,123,325

 

 

151,294,832

 

 

180,671,026

 

 

181,823,521

 

End of year

 

 

424,360,114

 

 

447,733,651

 

 

146,821,512

 

 

153,123,325

 

 

177,770,407

 

 

180,671,026

 

 

 

*

Net transfers from (to) TIAA in the current year are included in premiums, and withdrawals and death benefits.
Previous year amounts remain as reported.

84

2008 Annual Report § College Retirement Equities Fund

See notes to financial statements

See notes to financial statements

College Retirement Equities Fund § 2008 Annual Report

85

 

 

STATEMENTS OF CHANGES IN NET ASSETS

continued

COLLEGE RETIREMENT EQUITIES FUND § FOR THE YEAR ENDED DECEMBER 31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Index Account

 

Bond Market Account

 

Inflation-Linked Bond Account

 

 

 

 

 

 

(amounts in thousands except
accumulation units)

 

2008

 

2007

 

2008

 

2007

 

2008

 

2007

 

 

FROM OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

158,992

 

$

163,726

 

$

372,314

 

$

338,624

 

$

296,008

 

$

200,877

 

Net realized gain (loss) on total investments

 

 

13,848

 

 

365,181

 

 

(133,695

)

 

(3,387

)

 

(79,085

)

 

(1,279

)

Net change in unrealized appreciation (depreciation) on total investments

 

 

(4,479,180

)

 

9,272

 

 

(138,240

)

 

77,700

 

 

(444,386

)

 

230,933

 

Net increase (decrease) in net assets resulting from operations

 

 

(4,306,340

)

 

538,179

 

 

100,379

 

 

412,937

 

 

(227,463

)

 

430,531

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FROM PARTICIPANT TRANSACTIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Premiums

 

 

1,107,879

 

 

813,145

 

 

1,162,955

 

 

514,311

 

 

1,666,438

 

 

300,702

 

Net transfers from (to) TIAA*

 

 

—

 

 

(28,010

)

 

—

 

 

68,347

 

 

—

 

 

37,858

 

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

 

 

(181,685

)

 

(614,320

)

 

662,114

 

 

641,514

 

 

1,022,777

 

 

533,761

 

Annuity payments

 

 

(46,722

)

 

(49,756

)

 

(48,203

)

 

(40,655

)

 

(44,298

)

 

(34,839

)

Withdrawals and death benefits

 

 

(873,070

)

 

(468,257

)

 

(845,811

)

 

(311,491

)

 

(1,186,964

)

 

(181,942

)

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

 

 

6,402

 

 

(347,198

)

 

931,055

 

 

872,026

 

 

1,457,953

 

 

655,540

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets

 

 

(4,299,938

)

 

190,981

 

 

1,031,434

 

 

1,284,963

 

 

1,230,490

 

 

1,086,071

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

11,473,551

 

 

11,282,570

 

 

7,679,796

 

 

6,394,833

 

 

4,829,833

 

 

3,743,762

 

End of year

 

$

7,173,613

 

$

11,473,551

 

$

8,711,230

 

$

7,679,796

 

$

6,060,323

 

$

4,829,833

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACCUMULATION UNITS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credited for premiums

 

 

13,443,195

 

 

7,739,115

 

 

13,780,973

 

 

5,917,963

 

 

31,720,195

 

 

5,797,664

 

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

 

 

(13,223,266

)

 

(11,011,546

)

 

(2,848,769

)

 

4,794,011

 

 

(6,316,746

)

 

7,246,452

 

Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

112,607,693

 

 

115,880,124

 

 

88,915,388

 

 

78,203,414

 

 

90,525,872

 

 

77,481,756

 

End of year

 

 

112,827,622

 

 

112,607,693

 

 

99,847,592

 

 

88,915,388

 

 

115,929,321

 

 

90,525,872

 

 

 

*

Net transfers from (to) TIAA in the current year are included in premiums, and withdrawals and death benefits.
Previous year amounts remain as reported.

86

2008 Annual Report § College Retirement Equities Fund

See notes to financial statements

See notes to financial statements

College Retirement Equities Fund § 2008 Annual Report

87

 

 

STATEMENTS OF CHANGES IN NET ASSETS

concluded

COLLEGE RETIREMENT EQUITIES FUND § FOR THE YEAR ENDED DECEMBER 31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Social Choice Account

 

Money Market Account

 

 

 

 

 

(amounts in thousands except
accumulation units)

 

2008

 

2007

 

2008

 

2007

 

 

FROM OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

248,114

 

$

255,980

 

$

295,642

 

$

514,618

 

Net realized gain (loss) on total investments

 

 

282,384

 

 

237,494

 

 

(1

)

 

51

 

Net change in unrealized appreciation (depreciation) on total investments

 

 

(2,667,383

)

 

(70,626

)

 

18,952

 

 

(1,665

)

Net increase (decrease) in net assets resulting from operations

 

 

(2,136,885

)

 

422,848

 

 

314,593

 

 

513,004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FROM PARTICIPANT TRANSACTIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

Premiums

 

 

754,539

 

 

612,268

 

 

6,362,828

 

 

1,284,524

 

Net transfers from (to) TIAA*

 

 

—

 

 

(18,036

)

 

—

 

 

330,603

 

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

 

 

(222,396

)

 

(212,989

)

 

2,283,653

 

 

1,370,895

 

Annuity payments

 

 

(40,616

)

 

(41,743

)

 

(88,145

)

 

(72,381

)

Withdrawals and death benefits

 

 

(661,126

)

 

(298,203

)

 

(5,661,607

)

 

(1,075,477

)

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

 

 

(169,599

)

 

41,297

 

 

2,896,729

 

 

1,838,164

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets

 

 

(2,306,484

)

 

464,145

 

 

3,211,322

 

 

2,351,168

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

9,197,041

 

 

8,732,896

 

 

11,921,685

 

 

9,570,517

 

End of year

 

$

6,890,557

 

$

9,197,041

 

$

15,133,007

 

$

11,921,685

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACCUMULATION UNITS

 

 

 

 

 

 

 

 

 

 

 

 

 

Credited for premiums

 

 

6,377,916

 

 

4,461,911

 

 

252,151,700

 

 

46,265,833

 

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

 

 

(7,781,286

)

 

(4,074,193

)

 

(138,788,425

)

 

29,569,160

 

Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

67,772,603

 

 

67,384,885

 

 

468,748,860

 

 

392,913,867

 

End of year

 

 

66,369,233

 

 

67,772,603

 

 

582,112,135

 

 

468,748,860

 

 

 

*

Net transfers from (to) TIAA in the current year are included in premiums, and withdrawals and death benefits.
Previous year amounts remain as reported.

88

2008 Annual Report § College Retirement Equities Fund

See notes to financial statements

See notes to financial statements

College Retirement Equities Fund § 2008 Annual Report

89

FINANCIAL HIGHLIGHTS

COLLEGE RETIREMENT EQUITIES FUND § FOR THE YEAR ENDED

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock Account

 

 

 

 

12/31/08

 

12/31/07

 

12/31/06

 

12/31/05

 

12/31/04

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

 

$

5.339

 

$

4.754

 

$

4.329

 

$

3.819

 

$

3.564

 

Expenses

 

 

1.113

 

 

0.992

 

 

1.095

 

 

0.901

 

 

0.717

 

Net investment income

 

 

4.226

 

 

3.762

 

 

3.234

 

 

2.918

 

 

2.847

 

Net realized and unrealized gain (loss) on investments

 

 

(107.993

)

 

15.589

 

 

32.372

 

 

11.478

 

 

19.297

 

Net change in accumulation unit value

 

 

(103.767

)

 

19.351

 

 

35.606

 

 

14.396

 

 

22.144

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulation unit value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

261.490

 

 

242.139

 

 

206.533

 

 

192.137

 

 

169.993

 

End of year

 

$

157.723

 

$

261.490

 

$

242.139

 

$

206.533

 

$

192.137

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL RETURN*

 

 

(39.68

)%

 

7.99

%

 

17.24

%

 

7.49

%

 

13.03

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

0.64

%

 

0.52

%

 

0.49

%

 

0.46

%

 

0.41

%

Net investment income

 

 

1.95

%

 

1.44

%

 

1.44

%

 

1.49

%

 

1.63

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio turnover rate

 

 

53

%

 

49

%

 

51

%

 

58

%

 

58

%

Accumulation units outstanding at end of year†

 

 

424

 

 

448

 

 

469

 

 

484

 

 

495

 

Accumulation fund net assets†

 

$

66,931

 

$

117,078

 

$

113,675

 

$

99,968

 

$

95,028

 

Net assets at end of year†

 

$

76,505

 

$

134,560

 

$

131,097

 

$

115,864

 

$

110,782

 

 

*

Based on per accumulation data.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

†

Millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

90

2008 Annual Report § College Retirement Equities Fund

See notes to financial statements

 

 

 

 

FINANCIAL HIGHLIGHTS

continued

COLLEGE RETIREMENT EQUITIES FUND § FOR THE YEAR ENDED

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Equities Account

 

 

 

 

 

12/31/08

 

 

12/31/07

 

 

12/31/06

 

 

12/31/05

 

 

12/31/04

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

 

$

2.587

 

$

2.069

 

$

1.716

 

$

1.641

 

$

1.462

 

Expenses

 

 

0.462

 

 

0.409

 

 

0.481

 

 

0.397

 

 

0.323

 

Net investment income

 

 

2.125

 

 

1.660

 

 

1.235

 

 

1.244

 

 

1.139

 

Net realized and unrealized gain (loss) on investments

 

 

(49.181

)

 

8.522

 

 

14.969

 

 

6.205

 

 

8.064

 

Net change in accumulation unit value

 

 

(47.056

)

 

10.182

 

 

16.204

 

 

7.449

 

 

9.203

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulation unit value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

111.273

 

 

101.091

 

 

84.887

 

 

77.438

 

 

68.235

 

End of year

 

$

64.217

 

$

111.273

 

$

101.091

 

$

84.887

 

$

77.438

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL RETURN*

 

 

(42.29

)%

 

10.07

%

 

19.09

%

 

9.62

%

 

13.49

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

0.68

%

 

0.56

%

 

0.52

%

 

0.50

%

 

0.46

%

Net investment income

 

 

2.34

%

 

1.53

%

 

1.35

%

 

1.57

%

 

1.62

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio turnover rate

 

 

76

%

 

108

%

 

137

%

 

137

%

 

74

%

Accumulation units outstanding at end of year†

 

 

147

 

 

153

 

 

151

 

 

139

 

 

130

 

Accumulation fund net assets†

 

$

9,429

 

$

17,039

 

$

15,293

 

$

11,803

 

$

10,050

 

Net assets at end of year†

 

$

9,652

 

$

17,461

 

$

15,674

 

$

12,101

 

$

10,311

 

 

*

Based on per accumulation data.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

†

Millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2008 Annual Report

91

 

 

FINANCIAL HIGHLIGHTS

continued

COLLEGE RETIREMENT EQUITIES FUND § FOR THE YEAR ENDED

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Growth Account

 

 

 

 

 

 

12/31/08

 

12/31/07

 

12/31/06

 

12/31/05

 

12/31/04

 

 

FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD

Investment income

 

$

0.740

 

$

0.694

 

$

0.625

 

$

0.520

 

$

0.672

 

Expenses

 

 

0.316

 

 

0.272

 

 

0.321

 

 

0.291

 

 

0.249

 

Net investment income

 

 

0.424

 

 

0.422

 

 

0.304

 

 

0.229

 

 

0.423

 

Net realized and unrealized gain (loss) on investments

 

 

(30.509

)

 

10.416

 

 

3.066

 

 

2.935

 

 

3.005

 

Net change in accumulation unit value

 

 

(30.085

)

 

10.838

 

 

3.370

 

 

3.164

 

 

3.428

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulation unit value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

75.638

 

 

64.800

 

 

61.430

 

 

58.266

 

 

54.838

 

End of year

 

$

45.553

 

$

75.638

 

$

64.800

 

$

61.430

 

$

58.266

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL RETURN*

 

 

(39.78

)%

 

16.73

%

 

5.49

%

 

5.43

%

 

6.25

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

0.69

%

 

0.55

%

 

0.52

%

 

0.50

%

 

0.45

%

Net investment income

 

 

0.68

%

 

0.60

%

 

0.49

%

 

0.39

%

 

0.77

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio turnover rate

 

 

82

%

 

127

%

 

109

%

 

87

%

 

65

%

Accumulation units outstanding at end of year†

 

 

178

 

 

181

 

 

182

 

 

194

 

 

196

 

Accumulation fund net assets†

 

$

8,098

 

$

13,666

 

$

11,780

 

$

11,918

 

$

11,435

 

Net assets at end of year†

 

$

8,222

 

$

13,883

 

$

11,985

 

$

12,128

 

$

11,654

 

 

 

*

Based on per accumulation data.

 

 

†

Millions

 

 

 

92

2008 Annual Report § College Retirement Equities Fund

See notes to financial statements

 

 

FINANCIAL HIGHLIGHTS

continued

COLLEGE RETIREMENT EQUITIES FUND § FOR THE YEAR ENDED

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Index Account

 

 

 

 

 

 

12/31/08

 

12/31/07

 

12/31/06

 

12/31/05

 

12/31/04

 

 

FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD

 

Investment income

 

$

1.823

 

$

1.806

 

$

1.636

 

$

1.441

 

$

1.400

 

Expenses

 

 

0.429

 

 

0.383

 

 

0.385

 

 

0.325

 

 

0.256

 

Net investment income

 

 

1.394

 

 

1.423

 

 

1.251

 

 

1.116

 

 

1.144

 

Net realized and unrealized gain (loss) on investments

 

 

(38.771

)

 

3.050

 

 

11.332

 

 

3.320

 

 

6.954

 

Net change in accumulation unit value

 

 

(37.377

)

 

4.473

 

 

12.583

 

 

4.436

 

 

8.098

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulation unit value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

99.683

 

 

95.210

 

 

82.627

 

 

78.191

 

 

70.093

 

End of year

 

$

62.306

 

$

99.683

 

$

95.210

 

$

82.627

 

$

78.191

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL RETURN*

 

 

(37.50

)%

 

4.70

%

 

15.23

%

 

5.67

%

 

11.55

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

0.59

%

 

0.47

%

 

0.43

%

 

0.41

%

 

0.36

%

Net investment income

 

 

1.67

%

 

1.39

%

 

1.39

%

 

1.40

%

 

1.60

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio turnover rate

 

 

7

%

 

9

%

 

10

%

 

7

%

 

3

%

Accumulation units outstanding at end of year†

 

 

113

 

 

113

 

 

116

 

 

117

 

 

113

 

Accumulation fund net assets†

 

$

7,030

 

$

11,225

 

$

11,033

 

$

9,658

 

$

8,813

 

Net assets at end of year†

 

$

7,174

 

$

11,474

 

$

11,283

 

$

9,877

 

$

9,019

 

 

 

*

Based on per accumulation data.

 

 

†

Millions

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2008 Annual Report

93

 

 

FINANCIAL HIGHLIGHTS

continued

COLLEGE RETIREMENT EQUITIES FUND § FOR THE YEAR ENDED

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bond Market Account

 

 

 

 

 

12/31/08

 

12/31/07

 

12/31/06

 

12/31/05

 

12/31/04

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD

 

Investment income

 

$

4.241

 

$

4.260

 

$

3.990

 

$

3.437

 

$

3.265

 

Expenses

 

 

0.416

 

 

0.315

 

 

0.373

 

 

0.342

 

 

0.292

 

Net investment income

 

 

3.825

 

 

3.945

 

 

3.617

 

 

3.095

 

 

2.973

 

Net realized and unrealized gain (loss) on investments

 

 

(2.777

)

 

0.806

 

 

(0.467

)

 

(1.414

)

 

0.015

 

Net change in accumulation unit value

 

 

1.048

 

 

4.751

 

 

3.150

 

 

1.681

 

 

2.988

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulation unit value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

84.283

 

 

79.532

 

 

76.382

 

 

74.701

 

 

71.713

 

End of year

 

$

85.331

 

$

84.283

 

$

79.532

 

$

76.382

 

$

74.701

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL RETURN*

 

 

1.24

%

 

5.97

%

 

4.12

%

 

2.25

%

 

4.17

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

0.61

%

 

0.51

%

 

0.48

%

 

0.45

%

 

0.40

%

Net investment income

 

 

4.53

%

 

4.86

%

 

4.69

%

 

4.09

%

 

4.07

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio turnover rate

 

 

125

%

 

174

%

 

219

%

 

275

%

 

100

%

Accumulation units outstanding at end of year†

 

 

100

 

 

89

 

 

78

 

 

74

 

 

70

 

Accumulation fund net assets†

 

$

8,520

 

$

7,494

 

$

6,219

 

$

5,627

 

$

5,247

 

Net assets at end of year†

 

$

8,711

 

$

7,680

 

$

6,395

 

$

5,797

 

$

5,416

 

 

 

*

Based on per accumulation data.

 

†

Millions

 

 

 

94

2008 Annual Report § College Retirement Equities Fund

See notes to financial statements

 

 

FINANCIAL HIGHLIGHTS

continued

COLLEGE RETIREMENT EQUITIES FUND § FOR THE YEAR ENDED

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inflation-Linked Bond Account

 

 

 

 

 

12/31/08

 

12/31/07

 

12/31/06

 

12/31/05

 

12/31/04

 

FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD

 

Investment income

 

$

2.700

 

$

2.618

 

$

1.560

 

$

2.657

 

$

2.028

 

Expenses

 

 

0.249

 

 

0.186

 

 

0.228

 

 

0.194

 

 

0.166

 

Net investment income

 

 

2.451

 

 

2.432

 

 

1.332

 

 

2.463

 

 

1.862

 

Net realized and unrealized gain (loss) on investments

 

 

(3.367

)

 

2.695

 

 

(1.339

)

 

(1.316

)

 

1.497

 

Net change in accumulation unit value

 

 

(0.916

)

 

5.127

 

 

(0.007

)

 

1.147

 

 

3.359

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulation unit value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

51.563

 

 

46.436

 

 

46.443

 

 

45.296

 

 

41.937

 

End of year

 

$

50.647

 

$

51.563

 

$

46.436

 

$

46.443

 

$

45.296

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL RETURN*

 

 

(1.78

)%

 

11.04

%

 

(0.01

)%

 

2.53

%

 

8.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

0.58

%

 

0.50

%

 

0.49

%

 

0.43

%

 

0.39

%

Net investment income

 

 

4.69

%

 

5.00

%

 

2.83

%

 

5.47

%

 

4.34

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio turnover rate

 

 

19

%

 

13

%

 

23

%

 

24

%

 

110

%

Accumulation units outstanding at end of year†

 

 

116

 

 

91

 

 

77

 

 

83

 

 

73

 

Accumulation fund net assets†

 

$

5,871

 

$

4,668

 

$

3,597

 

$

3,844

 

$

3,290

 

Net assets at end of year†

 

$

6,060

 

$

4,830

 

$

3,744

 

$

4,000

 

$

3,425

 

 

 

*

Based on per accumulation data.

 

†

Millions

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2008 Annual Report

95

 

 

FINANCIAL HIGHLIGHTS

continued

 

 

COLLEGE RETIREMENT EQUITIES FUND § FOR THE YEAR ENDED

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Social Choice Account

 

 

 

 

 

12/31/08

 

12/31/07

 

12/31/06

 

12/31/05

 

12/31/04

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD

 

 

 

Investment income

 

$

4.191

 

$

4.165

 

$

3.687

 

$

2.987

 

$

2.883

 

Expenses

 

 

0.600

 

 

0.492

 

 

0.535

 

 

0.465

 

 

0.377

 

Net investment income

 

 

3.591

 

 

3.673

 

 

3.152

 

 

2.522

 

 

2.506

 

Net realized and unrealized gain (loss) on investments

 

 

(34.439

)

 

2.371

 

 

8.412

 

 

2.877

 

 

6.473

 

Net change in accumulation unit value

 

 

(30.848

)

 

6.044

 

 

11.564

 

 

5.399

 

 

8.979

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulation unit value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

131.566

 

 

125.522

 

 

113.958

 

 

108.559

 

 

99.580

 

End of year

 

$

100.718

 

$

131.566

 

$

125.522

 

$

113.958

 

$

108.559

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL RETURN*

 

 

(23.45

)%

 

4.81

%

 

10.15

%

 

4.97

%

 

9.02

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

0.61

%

 

0.48

%

 

0.45

%

 

0.42

%

 

0.37

%

Net investment income

 

 

3.02

%

 

2.81

%

 

2.65

%

 

2.29

%

 

2.46

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio turnover rate

 

 

77

%

 

60

%

 

84

%

 

97

%

 

37

%

Accumulation units outstanding at end of year†

 

 

66

 

 

68

 

 

67

 

 

66

 

 

62

 

Accumulation fund net assets†

 

$

6,685

 

$

8,917

 

$

8,458

 

$

7,539

 

$

6,765

 

Net assets at end of year†

 

$

6,891

 

$

9,197

 

$

8,733

 

$

7,794

 

$

7,002

 

 

 

*

Based on per accumulation data.

 

 

†

Millions

 

 

 

96

2008 Annual Report § College Retirement Equities Fund

See notes to financial statements

 

 

FINANCIAL HIGHLIGHTS

concluded

 

 

COLLEGE RETIREMENT EQUITIES FUND § FOR THE YEAR ENDED

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market Account

 

 

 

 

 

12/31/08

 

12/31/07

 

12/31/06

 

12/31/05

 

12/31/04

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD

 

 

 

Investment income

 

$

0.700

 

$

1.258

 

$

1.169

 

$

0.726

 

$

0.307

 

Expenses

 

 

0.124

 

 

0.092

 

 

0.098

 

 

0.090

 

 

0.078

 

Net investment income

 

 

0.576

 

 

1.166

 

 

1.071

 

 

0.636

 

 

0.229

 

Net realized and unrealized gain (loss) on investments

 

 

0.032

 

 

(0.004

)

 

—

 

 

0.003

 

 

(0.006

)

Net change in accumulation unit value

 

 

0.608

 

 

1.162

 

 

1.071

 

 

0.639

 

 

0.223

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulation unit value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

24.896

 

 

23.734

 

 

22.663

 

 

22.024

 

 

21.801

 

End of year

 

$

25.504

 

$

24.896

 

$

23.734

 

$

22.663

 

$

22.024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL RETURN*

 

 

2.44

%

 

4.90

%

 

4.73

%

 

2.90

%

 

1.02

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

0.56

%

 

0.45

%

 

0.43

%

 

0.41

%

 

0.36

%

Net investment income

 

 

2.25

%

 

4.79

%

 

4.64

%

 

2.86

%

 

1.05

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulation units outstanding at end of year†

 

 

582

 

 

469

 

 

393

 

 

317

 

 

298

 

Accumulation fund net assets†

 

$

14,846

 

$

11,670

 

$

9,327

 

$

7,176

 

$

6,554

 

Net assets at end of year†

 

$

15,133

 

$

11,922

 

$

9,571

 

$

7,406

 

$

6,781

 

 

 

*

Based on per accumulation data.

 

 

†

Millions

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2008 Annual Report

97

NOTES TO FINANCIAL STATEMENTS

COLLEGE RETIREMENT EQUITIES FUND

Note 1—significant accounting policies

The purpose of the College Retirement Equities Fund (“CREF”), as stated in its charter, is to aid and strengthen non-profit educational and research organizations, governmental entities and other non-profit institutions by providing its employees with variable retirement benefits. CREF is registered with the Securities and Exchange Commission under the Investment Company Act of 1940 as an open-end management investment company. It consists of eight investment portfolios: the Stock, Global Equities, Growth, Equity Index, Bond Market, Inflation-Linked Bond, Social Choice and Money Market Accounts (individually referred to as the “Account” or collectively referred to as the “Accounts”). The financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (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: In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement of Account Standards No. 157, “Fair Value Measurement” (“SFAS 157”). SFAS 157 defines fair value, establishes a framework for measuring fair value under accounting principles accepted in the United States of America and expands disclosure about fair value measurements. SFAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007. SFAS 157 was adopted by the Accounts as of January 1, 2008.

Equity securities listed or traded on a national market or 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 official closing values of such securities as of the date of valuation in the country where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. If events materially affecting the value of foreign securities occur

 

 

98

2008 Annual Report § College Retirement Equities Fund

between the time when the exchange on which they are traded closes and the time when the Account’s net assets are calculated, such securities may be valued at fair value in accordance with procedures adopted by the Board of Trustees. Stock and bond index futures and options, which are traded on the commodities exchanges, are valued at the last sales price as of the close of such commodities exchanges.

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.

Various inputs are used in determining the value of the Accounts’ 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 Account’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 Accounts as of December 31, 2008:

 

 

College Retirement Equities Fund § 2008 Annual Report

99

NOTES TO FINANCIAL STATEMENTS

 

 

 

 

 

 

 

 

 

 

Portfolio
Investments

 

Other Financial
Instruments

*

Stock Account

 

 

 

 

 

Level 1

 

$

57,013,386,400

 

$

—

 

Level 2

 

 

28,351,539,935

 

 

—

 

Level 3

 

 

14,829,327

 

 

—

 

Total

 

$

85,379,755,662

 

$

—

 

Global Equities Account

 

 

 

 

 

 

 

Level 1

 

$

4,994,970,615

 

$

—

 

Level 2

 

 

6,031,896,009

 

 

—

 

Level 3

 

 

—

 

 

—

 

Total

 

$

11,026,866,624

 

$

—

 

Growth Account

 

 

 

 

 

 

 

Level 1

 

$

8,017,874,771

 

$

—

 

Level 2

 

 

183,041,198

 

 

—

 

Level 3

 

 

—

 

 

—

 

Total

 

$

8,200,915,969

 

$

—

 

Equity Index Account

 

 

 

 

 

 

 

Level 1

 

$

7,149,351,862

 

$

—

 

Level 2

 

 

12,235,765

 

 

—

 

Level 3

 

 

341

 

 

—

 

Total

 

$

7,161,587,968

 

$

—

 

Bond Market Account

 

 

 

 

 

 

 

Level 1

 

$

6,932,526

 

$

—

 

Level 2

 

 

8,980,413,586

 

 

—

 

Level 3

 

 

—

 

 

—

 

Total

 

$

8,987,346,112

 

$

—

 

Inflation-Linked Bond Account

 

 

 

 

 

 

 

Level 1

 

$

—

 

$

—

 

Level 2

 

 

6,002,272,970

 

 

—

 

Level 3

 

 

—

 

 

—

 

Total

 

$

6,002,272,970

 

$

—

 

Social Choice Account

 

 

 

 

 

 

 

Level 1

 

$

3,241,526,094

 

$

—

 

Level 2

 

 

4,091,707,962

 

 

—

 

Level 3

 

 

—

 

 

—

 

Total

 

$

7,333,234,056

 

$

—

 

Money Market Account

 

 

 

 

 

 

 

Level 1

 

$

—

 

$

—

 

Level 2

 

 

15,110,466,712

 

 

—

 

Level 3

 

 

—

 

 

—

 

Total

 

$

15,110,466,712

 

$

—

 

 

 

*

Other financial instruments are derivative instruments not reflected in the Summary portfolios of investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

 

 

100

2008 Annual Report § College Retirement Equities Fund

continued

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 and investment income: 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 specific identified cost basis.

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

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

Mortgage dollar roll transactions: The Accounts may enter into mortgage dollar rolls in which the Accounts sell mortgage-backed securities for delivery and contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. During the roll period, the Account forgoes principal and interest paid on the securities. The Accounts’ policy is to record the dollar rolls 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 the 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.

 

 

College Retirement Equities Fund § 2008 Annual Report

101

NOTES TO FINANCIAL STATEMENTS

Cash: The Accounts hold cash with the custodian. Accounts are charged a fee for overdrafts.

Repurchase agreements: The Accounts enter into repurchase agreements with brokers. 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 effects 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 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. These contracts may involve market risk in excess of the unrealized gain or loss reflected

 

 

102

2008 Annual Report § College Retirement Equities Fund

continued

in the Statements of assets and liabilities. There were no open forward foreign currency contracts for the year ended December 31, 2008.

Securities lending: The Accounts (excluding the Money Market Account) may lend portfolio securities to qualified financial institutions and brokers. By lending such securities, the Accounts attempt to increase their net investment income through the receipt of interest (after rebates and fees) on collateral. Such income is reflected separately on the Statements of operations. The value of the loaned securities, the value of the securities purchased with cash collateral, and the liability to return the cash collateral received are reflected on the Statements of assets and liabilities.

Lending Accounts’ securities exposes the Accounts to risks such as the following: (i) the borrower may fail to return the loaned securities; (ii) the borrower may not be able to provide additional collateral; (iii) the Accounts may experience delays in recovery of the loaned securities or delays in access to collateral; or (iv) the Accounts may experience losses relating to the reinvestment of cash collateral. To minimize certain of these risks, loan counterparties pledge cash collateral equal to at least 102% of the market value of the securities loaned for U.S. securities and 105% of the market value of the securities loaned for foreign securities. However, these percentages are subject to daily market fluctuations which may cause the loans to be under collateralized for a period of time. As of December 31, 2008, the cash collateral for the Stock and Global Equities Accounts is invested in individual securities selected by the lending agent, pursuant to investment restrictions defined by the investment adviser. The Growth, Equity Index, Bond Market, and Inflation-Linked Bond Accounts may invest in the State Street Navigator Securities Lending Portfolio. As of December 31, 2008, there were no securities lending for those Accounts. The cash collateral for the Social Choice Account is invested in short-term instruments by TIAA-CREF Investment Management, LLC.

At December 31, 2008, the market value of investments of cash collateral for securities loaned (securities, cash, and other assets) and the amounts owed to lending counterparties are as follows:

 

 

 

 

 

 

 

 

Account

 

Market Value

 

Amounts Owed
to Lending
Counterparties

 

Stock

 

$

9,114,761,930

 

$

9,408,873,428

 

Global Equities

 

 

1,437,045,199

 

 

1,489,758,981

 

Social Choice

 

 

346,435,137

 

 

335,238,085

 

Futures contracts: The Accounts 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,

 

 

College Retirement Equities Fund § 2008 Annual Report

103

NOTES TO FINANCIAL STATEMENTS

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. There were no open futures contracts for the year ended December 31, 2008.

Securities purchased on a when-issued or delayed-delivery basis: The Accounts 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 the 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 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 to the principal amount due to inflation is reflected in the interest income on the Statements of operations.

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 that 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.

 

 

104

2008 Annual Report § College Retirement Equities Fund

continued

There are no unrecognized tax benefits in the accompanying Financial Statements. The Accounts are no longer subject to income tax examinations by tax authorities for years before 2005.

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

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

Note 2—management agreements

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

Administrative services and distribution functions, pursuant to a 12b-1 plan, for the CREF Accounts are provided by TIAA-CREF Individual & Institutional Services, LLC (“Services”) in accordance with a Principal Underwriting and Administrative Services Agreement with CREF. Services, a wholly-owned subsidiary of TIAA, is a registered broker-dealer and member of the Financial Industry Regulatory Authority (“FINRA”). Effective January 1, 2009, TIAA was appointed Administrator for the CREF Accounts.

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

The Trustees of the Accounts, all of whom are independent, receive remuneration for their services, plus travel and other expenses incurred in attending Board meetings. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred may be invested notionally in certain TIAA-CREF products selected by the trustees.

 

 

College Retirement Equities Fund § 2008 Annual Report

105

NOTES TO FINANCIAL STATEMENTS

TIAA charges a mortality and expense charge to CREF in an amount equal to 0.005% of the net assets of each Account to guarantee that CREF participants transferring funds to TIAA for the immediate purchase of lifetime payout annuities will not be charged more than the rate stipulated in the CREF contract. Such expense is reflected on the Statements of operations.

Certain affiliated entities may pay fund expenses on behalf of the Accounts. The Accounts reimburse the affiliated entities for any such payment. Amounts owed to Account affiliates for payment of fund expenses are disclosed as due to affiliates on the Statements of assets and liabilities. Such expense is reflected on the Statements of operations.

 

 

106

2008 Annual Report § College Retirement Equities Fund

continued

Note 3—investments and affiliates

At December 31, 2008, net unrealized appreciation (depreciation) based on aggregate cost of portfolio investments for each of the Accounts, consisting of gross unrealized appreciation and gross unrealized depreciation, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross
Unrealized
Appreciation

 

Gross
Unrealized
(Depreciation)

 

Net Unrealized
Appreciation
(Depreciation)

 

Stock Account

 

$

2,632,573,459

 

$

(31,299,653,660

)

$

(28,667,080,201

)

Global Equities Account

 

$

145,649,407

 

$

(4,075,007,183

)

$

(3,929,357,776

)

Growth Account

 

$

108,926,660

 

$

(2,944,800,803

)

$

(2,835,874,143

)

Equity Index Account

 

$

1,257,567,835

 

$

(2,563,621,104

)

$

(1,306,053,269

)

Bond Market Account

 

$

341,559,193

 

$

(418,349,031

)

$

(76,789,838

)

Inflation-Linked Bond Account

 

$

61,414,716

 

$

(276,226,133

)

$

(214,811,417

)

Social Choice Account

 

$

487,489,204

 

$

(1,455,668,573

)

$

(968,179,369

)

Money Market Account

 

$

20,061,025

 

$

(3,056,837

)

$

17,004,188

 

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

 

 

College Retirement Equities Fund § 2008 Annual Report

107

 

 

NOTES TO FINANCIAL STATEMENTS

continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issue

 

Value at
December 31, 2007

 

Purchase
Cost

 

Proceeds

 

Realized
Gain/(Loss)

 

Dividend
Income

 

Withholding
Expense

 

Shares at
December 31, 2008

 

Value at
December 31, 2008

 

Stock Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Daishin Securities Co

 

$

6,450,000

 

$

—

 

$

—

 

$

—

 

$

599,118

 

$

122,354

 

 

500,000

 

$

2,270,222

 

Digital Garage, Inc

 

 

22,772,663

 

 

—

 

 

509,406

 

 

(819,551

)

 

683,336

 

 

47,834

 

 

12,380

 

 

11,172,938

 

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

)

 

—

 

 

—

 

 

—

 

 

—

 

Information Development Co

 

 

2,493,627

 

 

—

 

 

—

 

 

(6,038

)

 

82,623

 

 

5,784

 

 

431,900

 

 

2,363,181

 

Intelligent Wave, Inc

 

 

4,234,608

 

 

—

 

 

69,947

 

 

(272,665

)

 

75,168

 

 

5,262

 

 

15,915

 

 

2,594,875

 

MPM Bioventures II

 

 

12,086,377

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

21,967,242

 

 

9,918,210

 

Skyline Venture Partners

 

 

3,695,430

 

 

37,500

 

 

—

 

 

—

 

 

—

 

 

—

 

 

4,216,676

 

 

2,017,722

 

 

 

 

 

 

$

1,205,846

 

$

17,624,764

 

$

(5,716,524

)

$

1,440,245

 

$

181,234

 

 

 

 

$

30,353,132

 

Bond Market Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TIAA-CREF High-Yield Fund

 

$

4,305,350

 

$

355,877

 

$

—

 

$

—

 

$

355,877

 

$

—

 

 

485,646

 

$

3,467,512

 

 

 

 

 

 

$

355,877

 

$

—

 

$

—

 

$

355,877

 

$

—

 

 

 

 

$

3,467,512

 

Purchases and sales of portfolio securities, excluding short-term government securities and money market instruments, for the Accounts for the year ended December 31, 2008, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock
Account

 

Global Equities
Account

 

Growth
Account

 

Equity Index
Account

 

Bond Market
Account

 

Inflation-Linked
Bond Account

 

Social Choice
Account

 

Purchases:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Government

 

$

57,625,466,976

 

$

10,656,693,090

 

$

9,331,223,558

 

$

860,675,521

 

$

1,794,085,403

 

$

—

 

$

3,294,703,168

 

Government

 

 

—

 

 

—

 

 

—

 

 

—

 

 

9,372,601,027

 

 

2,754,959,688

 

 

3,030,266,246

 

Total Purchases

 

$

57,625,466,976

 

$

10,656,693,090

 

$

9,331,223,558

 

$

860,675,521

 

$

11,166,686,430

 

$

2,754,959,688

 

$

6,324,969,414

 

Sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Government

 

$

62,094,227,141

 

$

10,868,548,124

 

$

9,378,707,979

 

$

706,913,148

 

$

1,879,190,650

 

$

—

 

$

3,045,232,682

 

Government

 

 

—

 

 

—

 

 

—

 

 

—

 

 

7,911,259,899

 

 

1,176,296,127

 

 

3,199,955,525

 

Total Sales

 

$

62,094,227,141

 

$

10,868,548,124

 

$

9,378,707,979

 

$

706,913,148

 

$

9,790,450,549

 

$

1,176,296,127

 

$

6,245,188,207

 

108

2008 annual Report § College Retirement Equities Fund

 

 

College Retirement Equities Fund § 2008 annual Report

109

 

 

NOTES TO FINANCIAL STATEMENTS

concluded

Note 4—line of credit

Each of the Accounts, except the Bond Market and Money Market Accounts, participates in a $1.25 billion unsecured revolving credit facility to be used for temporary purposes, including the funding of participant withdrawals. Certain affiliated accounts and mutual funds, each of which is managed by Investment Management, or an affiliate of Investment Management, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating Account. Interest associated with any borrowing under the facility is charged to the borrowing Accounts at rates that are based on the Federal Funds Rate in effect during the time of the borrowing. The Accounts are not liable for borrowings under the facility by affiliated accounts or mutual funds. For the year ended December 31, 2008, there were no borrowings under this credit facility by the Accounts.

Note 5—new accounting pronouncement

In March 2008, FASB issued Statement of Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities—an amendment of FASB Statement No. 133” (“SFAS 161”). SFAS 161 requires enhanced disclosures about an account’s derivative and hedging activities thereby improving the transparency of the financial reporting. SFAS 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. Management is currently evaluating the impact of the adoption of SFAS 161 will have on the financial statements.

 

 

110

2008 Annual Report § College Retirement Equities Fund

REPORT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM

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

In our opinion, the accompanying statements of assets and liabilities, including the summary portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Stock Account, Global Equities Account, Growth Account, Equity Index Account, Bond Market Account, Inflation-Linked Bond Account, Social Choice Account and Money Market Account (constituting the College Retirement Equities Fund, hereafter referred to as the “Funds”) at December 31, 2008, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the four years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2008 by correspondence with the custodians and brokers, provide a reasonable basis for our opinion. The financial highlights which were included in the financial statements for the year ended December 31, 2004, were audited by other auditors whose report dated February 25, 2005 expressed an unqualified opinion on those financial statements.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP
New York, New York
February 24, 2009

 

 

College Retirement Equities Fund § 2008 Annual Report

111

2008 ANNUAL MEETING (UNAUDITED)

COLLEGE RETIREMENT EQUITIES FUND

Trustees

On July 15, 2008, at an annual meeting of participants, the following persons were elected to serve on the Board:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nominee

 

 

Dollars for

 

 

Percent

 

 

Dollars against

 

 

Percent

 

 

Dollars abstain

 

 

Percent

 

Forrest Berkley

 

$

29,080,797,481.19

 

 

94.192

 

$

813,148,894.20

 

 

2.634

 

$

979,870,405.79

 

 

3.174

 

Nancy A. Eckl

 

 

29,131,285,720.58

 

 

94.356

 

 

783,121,867.28

 

 

2.537

 

 

959,409,193.32

 

 

3.108

 

Eugene Flood, Jr.

 

 

29,131,752,895.94

 

 

94.357

 

 

796,246,722.87

 

 

2.579

 

 

945,817,162.37

 

 

3.063

 

Michael A. Forrester

 

 

28,995,528,074.34

 

 

93.916

 

 

855,924,143.02

 

 

2.772

 

 

1,022,364,563.82

 

 

3.311

 

Howell E. Jackson

 

 

29,110,391,886.13

 

 

94.288

 

 

812,648,490.18

 

 

2.632

 

 

950,776,404.87

 

 

3.080

 

Nancy L. Jacob

 

 

29,131,925,798.72

 

 

94.358

 

 

813,402,835.46

 

 

2.635

 

 

928,488,147.00

 

 

3.007

 

Bridget A. Macaskill

 

 

29,102,816,400.71

 

 

94.264

 

 

821,112,059.62

 

 

2.660

 

 

949,888,320.85

 

 

3.077

 

James M. Poterba

 

 

29,245,922,311.70

 

 

94.727

 

 

700,644,892.49

 

 

2.269

 

 

927,249,576.99

 

 

3.003

 

Maceo K. Sloan

 

 

28,939,653,774.79

 

 

93.735

 

 

950,391,335.18

 

 

3.078

 

 

983,771,671.21

 

 

3.186

 

Laura T. Starks

 

 

29,262,580,054.45

 

 

94.781

 

 

697,033,635.99

 

 

2.258

 

 

914,203,090.74

 

 

2.961

 

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

Independent registered public accounting firm

At that same meeting, CREF participants also ratified PricewaterhouseCoopers LLP to serve as the Accounts’ independent registered public accounting firm:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Account

 

 

Dollars for

 

 

Percent

 

 

Dollars against

 

 

Percent

 

 

Dollars abstain

 

 

Percent

 

Overall

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CREF Accounts

 

$

29,546,319,795.34

 

 

95.700

 

$

517,984,930.52

 

 

1.678

 

$

809,512,055.32

 

 

2.622

 

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

 

 

112

2008 Annual Report § College Retirement Equities Fund


 

MANAGEMENT (UNAUDITED)

 

TRUSTEES AND OFFICERS OF THE COLLEGE RETIREMENT EQUITIES FUND § DECEMBER 31, 2008


 

 

 

 

 

 

 

 

 

 

 

Disinterested trustees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

Position(s)
Held with
Fund

 

Term of Office
and Length of
Time Served

 

Principal Occupation(s)
During Past 5 Years

 

Number of
Portfolios
in Fund
Complex
Overseen
by Trustee

 

Other Directorships
Held by Trustees

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

 

Trustee

 

One-year term
Trustee since
2006.

 

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

 

61

 

Director and member of the Investment Committee, the Maine Coast Heritage Trust, Investment Committee member, Gulf of Maine Research Institute, the Boston Athenaeum, Investment Maine Community Foundation and Carnegie Endowment for International Peace; and Director, Appalachian Mountain Club.

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

 

Trustee

 

One year term.
Trustee since
September 2007.

 

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

 

61

 

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

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

 

Trustee

 

One-year term.
Trustee since
2005.

 

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

 

61

 

None

 

 

 

 

College Retirement Equities Fund § 2008 Annual Report

113

 

 

MANAGEMENT (UNAUDITED)

continued

 

 

TRUSTEES AND OFFICERS OF THE COLLEGE RETIREMENT EQUITIES FUND § DECEMBER 31, 2008


 

 

 

 

 

 

 

 

 

 

 

Disinterested trustees—concluded

 

 

 

 

 

 

 

 

 

 

 

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

 

Position(s)
Held with
Fund

 

Term of Office
and Length of
Time Served

 

Principal Occupation(s)
During Past 5 Years

 

Number of
Portfolios
in Fund
Complex
Overseen
by Trustee

 

Other Directorships
Held by Trustees

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

 

Trustee

 

One year term.
Trustee since
2007.

 

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

 

61

 

None

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

 

Trustee

 

One-year term.
Trustee since
2005.

 

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

 

61

 

None

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

 

Chairman of
the Board,
Trustee

 

One-year term.
Trustee since
1979.

 

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

 

61

 

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

 

 

 

114

2008 Annual Report § College Retirement Equities Fund

 

 

 

 

 

 

 

 

 

 

 

 

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

 

Trustee

 

One-year term.
Trustee since
2003.

 

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

 

61

 

Director, Prudential plc, International Advisory Board, and British-American Business Council.

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

 

Trustee

 

One-year term.
Trustee since
2006.

 

President and CEO, National Bureau of Economic Research (since 2008); Head (2006-2008) and Associate Head (1994-2000 and 2001–2006) Economics Department, Massachusetts Institute of Technology (MIT), Mitsui Professor of Economics, MIT (1996-present). Program Director, National Bureau of Economic Research (1990-2008).

 

61

 

The Jeffrey Company and Jeflion Company (unregistered investment companies); and National Bureau of Economic Research.

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

 

Trustee

 

One-year term.
Trustee since
1991.

 

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

 

61

 

Director, SCANA Corporation (energy holding company) and NCM Capital Investment Trust.

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

 

Trustee

 

One-year term.
Trustee since
2006.

 

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

 

61

 

None

 

 

 

 

College Retirement Equities Fund § 2008 Annual Report

115

 

 

MANAGEMENT (UNAUDITED)

continued

 

 

TRUSTEES AND OFFICERS OF THE COLLEGE RETIREMENT EQUITIES FUND § DECEMBER 31, 2008


 

 

 

 

 

 

 

Executive officers

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

Position(s)
Held with
Fund

 

Term of Office
and Length of
Time Served

 

Principal Occupation(s) During Past 5 Years

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

 

Executive Vice
President

 

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

 

Executive Vice President of Client Services of TIAA and TIAA-CREF Funds, CREF, TIAA-CREF Life Funds and TIAA Separate Account VA-1 (collectively, the “TIAA-CREF Fund Complex”) (since August 2008); Executive Vice President of Individual Client Services of TIAA and the TIAA-CREF Fund Complex (2007-2008). President and Chief Executive Officer, TIAA-CREF Individual & Institutional Services, LLC (“Services”) (since July 2007); Senior Managing Director and Head of Wealth Management Group, TIAA (since 2004). Formerly Partner, Spyglass Investments (2002-2003); Partner and Managing Director, President of Global Business Development for the Mutual Fund Group and Head of International Mutual Fund and Offshore Business of Zurich Scudder Investments; and Head of U.S. Scudder Direct Retail Business and Chief Executive Officer of Scudder Brokerage (1997-2003).

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

 

Vice President
and Chief
Compliance
Officer

 

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

 

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

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

 

Executive Vice
President

 

One-year term.
Executive Vice
President since
1997.

 

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

 

 

 

116

2008 Annual Report § College Retirement Equities Fund

 

 

 

 

 

 

 

 

Jonathan Feigelson
TIAA-CREF
730 Third Avenue
New York, NY 10017-3206
DOB: 1/10/62

 

Senior Vice
President and
Acting General
Counsel

 

One-year term.
Senior Vice
President and
Acting General
Counsel since
October 2008.

 

Senior Vice President and Acting General Counsel of the TIAA-CREF Fund Complex (since 2008); Senior Vice President and Deputy General Counsel of TIAA (since August 2006). Formerly, Managing Director and General Counsel, ABN AMRO (2002-August 2006).

Roger W. Ferguson, Jr.
TIAA-CREF
730 Third Avenue
New York, NY 10017-3206
DOB: 10/28/51

 

President and
Chief Executive
Officer

 

One-year term.
President and
Chief Executive
Officer since
2008.

 

President and Chief Executive Officer of TIAA (since April 2008), and President and Chief Executive Officer of CREF and TIAA Separate Account VA-1 (since April 2008). Formerly, Chairman, Head of Financial Services and Member of the Executive Committee of Swiss Re America Holding Corporation (2006-2008); Vice Chairman and Member of the Board of Governors of the United States Federal Reserve System (1997-2006); Partner and Associate, McKinsey & Company (1984-1997).

Phillip G. Goff
TIAA-CREF
730 Third Avenue
New York, NY 10017-3206
DOB: 11/22/63

 

Treasurer

 

One-year term.
Treasurer since
2008.

 

Treasurer of CREF and TIAA Separate Account VA-1 (since August 2008); and Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2007). Formerly Funds Treasurer (2006-2/2007) of TIAA-CREF Fund Complex; Chief Financial Officer, Van Kampen Funds (2005-2006); and Vice President and Chief Financial Officer, Enterprise Capital Management and the Enterprise Group of Funds (1995-2005).

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

 

Executive Vice
President

 

One-year term.
Executive Vice
President since
2003.

 

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

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

 

Executive Vice
President

 

One-year term.
Executive Vice
President since
2003.

 

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

William Mostyn III
TIAA-CREF
730 Third Avenue
New York, NY 10017-3206
DOB: 1/1/48

 

Vice President
and Corporate
Secretary

 

One-year term.
Vice President
and Corporate
Secretary since
May 2008.

 

Vice President and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex (since May 2008). Formerly, Deputy General Counsel and Corporate Secretary, Bank of America (2005-2008); and Deputy General Counsel, Secretary and Corporate Governance Officer, The Gillette Company (2000-2005).

 

 

 

 

College Retirement Equities Fund § 2008 Annual Report

117

 

 

MANAGEMENT (UNAUDITED)

concluded

 

 

TRUSTEES AND OFFICERS OF THE COLLEGE RETIREMENT EQUITIES FUND § DECEMBER 31, 2008


 

 

 

 

 

 

 

Executive officers—concluded

 

 

 

 

 

 

 

 

 

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

 

Position(s)
Held with
Fund

 

Term of Office
and Length of
Time Served

 

Principal Occupation(s) During Past 5 Years

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

 

Executive Vice
President

 

One-year term.
Executive Vice
President since
2003.

 

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

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

 

Executive Vice
President and
Chief Financial
Officer

 

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

 

Executive Vice President and Chief Financial Officer of TIAA, CREF and TIAA Separate Account VA-1 (since 2006). Manager and Executive Vice President of TCIM; and Director and Executive Vice President of Advisors. Formerly Executive Vice President and Chief Financial Officer of TIAA-CREF Life Funds, TIAA-CREF Mutual Funds and TIAA-CREF Institutional Mutual Funds (2006–2/2007); Executive Vice President, Finance, Golden West Financial Corporation (2003-2005) and Senior Vice President, Chief Financial Officer and Director, Bechtel Group, Inc. (1999-2002).

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

 

Executive Vice
President

 

One-year term.
Executive Vice
President since
2008.

 

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

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

 

Executive Vice
President

 

One-year term.
Executive Vice
President since
2000.

 

Executive Vice President Institutional Development and Sales of TIAA and the TIAA-CREF Fund Complex (since 2008); Executive Vice President, Strategy Implementation and Policy of TIAA and the TIAA-CREF Fund Complex (2006-2008); and Director and President of TIAA-CREF Enterprises, Inc. (since 2000). Formerly, Executive Vice President, Product Management of TIAA and TIAA-CREF Fund Complex (2000-2005); President and Chief Executive Officer, Horizon Mercy (1996-2000).

 

 

 

118

2008 Annual Report § College Retirement Equities Fund

 

 

 

 

 

 

 

 

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

 

Executive Vice
President

 

One-year term.
Executive Vice
President since
2006.

 

Executive Vice President, Product Development and Management of TIAA and the TIAA-CREF Fund Complex (since 2008); Executive Vice President, Institutional Client Services (2006-2008); Director of Tuition Financing and Manager of Services (2006); President and CEO, TIAA-CREF Redwood LLC (2006). Formerly Senior Vice President, Pension Products (2003-2006), Vice President, Support Services (1998-2003), of TIAA and the TIAA-CREF Fund Complex.

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

 

 

 

 

College Retirement Equities Fund § 2008 Annual Report

119

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HOW TO REACH US

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Self-directed brokerage accounts for investing in stocks, bonds and mutual funds

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TIAA-CREF TRUST COMPANY, FSB

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

888 842-9001
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ADVISOR SERVICES

888 842-0318
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You should carefully consider the investment objectives, risks, charges and expenses of any account before investing. For a prospectus that contains this and other important information, please visit tiaa-cref.org, or call 877 518-9161. Please read the prospectus carefully before investing. Investment products are not FDIC insured, may lose value and are not bank guaranteed. TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA/SIPC, distribute securities products. TIAA-CREF Investment Management, LLC serves as investment manager to CREF. Teachers Insurance and Annuity Association (TIAA), New York, NY, and TIAA-CREF Life Insurance Co., New York, NY, issue insurance and annuities. TIAA-CREF Brokerage Services is a division of TIAA-CREF Individual & Institutional Services, LLC. TIAA-CREF Trust Company, FSB provides trust services.

 

©2009 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), New York, NY 10017-3206

 

 

 

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(LOGO)   Printed on recycled paper

A10922 (2/09)


C43734

 

Item 2. Code of Ethics.

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

2(b) No response required.

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

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

2(e) Not applicable.

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

Item 3. Audit Committee Financial Expert.

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

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

Item 4. Principal Accountant Fees and Services.

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

4(a) Audit Fees.

For the fiscal years ended December 31, 2008 and December 31, 2007, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $1,003,600 and $1,040,000, respectively.

4(b) Audit Related Fees.

For the fiscal years ended December 31, 2008 and December 31, 2007, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended December 31, 2008 and December 31, 2007, the Audit-Related Fees billed by PwC to Teachers Advisors, Inc. (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.

4(c) Tax Fees.

For the fiscal years ended December 31, 2008 and December 31, 2007, PwC’s aggregate fees for tax services billed to the Registrant were $0 and $142,985, respectively.

For the fiscal years ended December 31, 2008 and December 31, 2007, PwC’s aggregate fees for tax services billed to the Fund Service Providers were $0 and $0, respectively.

4(d) All Other Fees.

For the fiscal years ended December 31, 2008 and December 31, 2007, PwC’s aggregate fees for all other services billed to the Registrant were $0 and $0, respectively.

For the fiscal years ended December 31, 2008 and December 31, 2007, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

4(e)(1) Preapproval Policy.

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

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

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

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

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2008 and December 31, 2007 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2008 and December 31, 2007 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2008 and December 31, 2007 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2008 and December 31, 2007 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2008 and December 31, 2007 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2008 and December 31, 2007 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

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

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

For the fiscal years ended December 31, 2008 and December 31, 2007, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $0 and $0, respectively.

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

Item 5. Audited Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.



COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
COLLEGE RETIREMENT EQUITIES FUND
CREF STOCK ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2008
          VALUE  
PRINCIPAL
     ISSUER   (000)  
 
GOVERNMENT BONDS - 0.00%**      
U.S. TREASURY SECURITIES - 0.00%**      
$         325,000     United States Treasury Notes, 5.000%, 02/15/2011
$
 355  
      TOTAL U.S. TREASURY SECURITIES   355  
 
      TOTAL GOVERNMENT BONDS   355  
      (Cost $323)      
 
SHARES
     COMPANY      
 
COMMON STOCKS - 99.73%
     
 
ADMINISTRATION OF ECONOMIC PROGRAMS - 0.01%      
26,248 e   Bureau Veritas S.A.   1,049  
221,017     Centrais Eletricas Brasileiras S.A.   2,292  
247,281     Centrais Eletricas Brasileiras S.A.   2,745  
      TOTAL ADMINISTRATION OF ECONOMIC PROGRAMS   6,086  
 
AGRICULTURAL PRODUCTION-CROPS - 0.01%      
241,107 e*   Chiquita Brands International, Inc   3,564  
17,176     Griffin Land & Nurseries, Inc (Class A)   633  
      TOTAL AGRICULTURAL PRODUCTION-CROPS   4,197  
 
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%      
71,914 e   Cal-Maine Foods, Inc   2,064  
1,894 e   Seaboard Corp   2,261  
      TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK   4,325  
 
AGRICULTURAL SERVICES - 0.00%**      
39,800 e*   Black Earth Farming Ltd   94  
62,985 e*   Cadiz, Inc   788  
52,744 e   Calavo Growers, Inc   607  
15,320 e*   Hanfeng Evergreen, Inc   70  
14,000     Hokuto Corp   397  
3,150     KWS Saat AG.   501  
      TOTAL AGRICULTURAL SERVICES   2,457  
 
AMUSEMENT AND RECREATION SERVICES - 0.46%      
56,007     888 Holdings plc   80  
879 e   Accordia Golf Co Ltd   453  
83,392     Arena Leisure plc   30  
216,097 e   Aristocrat Leisure Ltd   585  
28,500     Aruze Corp   288  
325,479 e*   Bally Technologies, Inc   7,821  
712,200     Berjaya Sports Toto BHD   984  
43,181     Betsson AB (Series B)   382  
15,824 e*   bwin Interactive Entertainment   306  
51,911 e   Churchill Downs, Inc   2,098  
6,874 e*   Codere S.A.   83  
9,300     CTS Eventim AG.   319  
63,536 e   Dover Downs Gaming & Entertainment, Inc   202  
22,623     Dover Motorsports, Inc   29  

1

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
8,925 *   Euro Disney SCA
$
 45  
109     Fields Corp   178  
5,644 *   Fiera Milano S.p.A.   34  
23,000 e   Fuji Kyuko Co Ltd   110  
26,656,000 e*   Galaxy Entertainment Group Ltd   3,646  
251,000 e*   Gallant Venture Ltd   21  
2,983 e   GL Events   54  
26,544 e*   Great Canadian Gaming Corp   78  
5,383 e*   Groupe Partouche   21  
19,255 e*   Gruppo Coin S.p.A.   60  
16,900 e   Heiwa Corp   170  
392,052     IG Group Holdings plc   1,444  
168,157 e   International Speedway Corp (Class A)   4,831  
60,482     Intralot S.A.-Integrated Lottery Systems & Services   252  
29,084 *   Juventus Football Club S.p.A.   31  
123,860     Kangwon Land, Inc   1,370  
3,172,274     Ladbrokes plc   8,438  
5,253,000     Leisure & Resorts World Corp   82  
174,682 e*   Life Time Fitness, Inc   2,262  
405,908 e*   Live Nation, Inc   2,330  
17,672 e   Lottomatica S.p.A.   440  
57,062     Luminar Group Holdings plc   111  
3,784 *   Meetic   55  
238,095 e*   Melco PBL Entertainment Macau Ltd (ADR)   755  
8,613,900     NagaCorp Ltd   1,189  
474,854     OPAP S.A.   13,650  
62,908 e   Oriental Land Co Ltd   5,165  
668     Pacific Golf Group International Holdings KK   236  
29,049     Paddy Power plc   542  
670 *   Parken Sport & Entertainment AS   50  
66,701 e*   PartyGaming plc   187  
1,194,312 e*   Penn National Gaming, Inc   25,534  
1,133,997 e*   Pinnacle Entertainment, Inc   8,709  
1,139,017     Publishing & Broadcasting Ltd   1,493  
374,102 e*   Rank Group plc   364  
3,208,200     Resorts World BHD   2,096  
50,575,000 *   Rexcapital Financial Holdings Ltd   1,214  
321 e   Round One Corp   238  
176,215 e   Sega Sammy Holdings, Inc   2,055  
498,640 e*   Six Flags, Inc   155  
7,800     SkiStar AB (Series B)   65  
128,407     Sky City Entertainment Group Ltd   234  
24,320 *   Snai S.p.A.   75  
80,391     Speedway Motorsports, Inc   1,295  
174,151 *   Sportingbet plc   83  
360,334 e   TABCORP Holdings Ltd   1,756  
666,200     Tanjong plc   2,561  
2,171,312 e   Tattersall's Ltd   4,224  
220,669 e*   Ticketmaster   1,417  
136,000     Tokyo Dome Corp   512  
90,322 e*   Town Sports International Holdings, Inc   288  
940 e   USJ Co Ltd   346  
37,600 e   Valor Co Ltd   415  
55,477 e   Vocento S.A.   262  
9,069,936     Walt Disney Co   205,797  
480,395 e   Warner Music Group Corp   1,451  
281,806     William Hill plc   871  

2

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
853,731 e*   WMS Industries, Inc
$
 22,965  
106,089 e   World Wrestling Entertainment, Inc (Class A)   1,175  
16,000     Yomiuri Land Co Ltd   49  
25,100     Yoshimoto Kogyo Co Ltd   334  
      TOTAL AMUSEMENT AND RECREATION SERVICES   349,530  
 
APPAREL AND ACCESSORY STORES - 0.49%
     
302,336 e   Abercrombie & Fitch Co (Class A)   6,975  
520,775 e*   Aeropostale, Inc   8,384  
175,291 e*   American Apparel, Inc   349  
1,592,190 e   American Eagle Outfitters, Inc   14,903  
208,220 *   AnnTaylor Stores Corp   1,201  
35,400     Aoyama Trading Co Ltd   564  
2,220,000 *   Apac Resources Ltd   97  
197,543 e   Bebe Stores, Inc   1,476  
2,793,400 e   Belle International Holdings Ltd   1,225  
235,871 e   Brown Shoe Co, Inc   1,998  
118,980 e   Buckle, Inc   2,596  
1,015,730 e   Burberry Group plc   3,238  
57,368 e*   Cache, Inc   116  
330,559 *   Carter's, Inc   6,367  
202,837 e*   Casual Male Retail Group, Inc   105  
179,510     Cato Corp (Class A)   2,711  
3,664     Charles Voegele Holding AG.   96  
148,361 *   Charlotte Russe Holding, Inc   963  
690,616 e*   Charming Shoppes, Inc   1,685  
1,078,828 e*   Chico's FAS, Inc   4,510  
136,249 e*   Children's Place Retail Stores, Inc   2,954  
17,600 e   Chiyoda Co Ltd   330  
217,944 e   Christopher & Banks Corp   1,220  
64,663 e*   Citi Trends, Inc   952  
363,318 e*   Collective Brands, Inc   4,258  
254,366 e*   Dress Barn, Inc   2,732  
70,597 e*   DSW, Inc (Class A)   880  
2,731     Etam Developpement S.A.   27  
88,514     Fast Retailing Co Ltd   12,988  
250,243     Finish Line, Inc (Class A)   1,401  
875,026 e   Foot Locker, Inc   6,423  
20,066     Forzani Group Ltd/The   117  
239,186     Foschini Ltd   1,242  
3,676,511     Gap, Inc   49,228  
864,000 e   Giordano International Ltd   217  
379,808 e*   Hanesbrands, Inc   4,843  
538,737 e   Hennes & Mauritz AB (B Shares)   21,428  
18,950 e   Honeys Co Ltd   185  
830,503 e*   HOT Topic, Inc   7,699  
123,247 e   Inditex S.A.   5,488  
168,000     IT Ltd   11  
219,205 e*   J Crew Group, Inc   2,674  
96,653 e*   JOS A Bank Clothiers, Inc   2,527  
55,874     KappAhl Holding AB   170  
2,085,551 *   Kohl's Corp   75,497  
4,112,000 *   LeRoi Holdings Ltd   68  
1,970,164 e   Limited Brands, Inc   19,780  
10,696     Lotte Shopping Co Ltd   1,816  
8,416 e   Macintosh Retail Group NV   76  
228,470 *   New York & Co, Inc   530  

3

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
43,500 e   Nishimatsuya Chain Co Ltd
$
 398  
785,406 e   Nordstrom, Inc   10,454  
422,065 *   Pacific Sunwear Of California, Inc   671  
191,000 e   Ports Design Ltd   232  
36,235 e   Reitmans Canada Ltd   342  
18,500     Right On Co Ltd   301  
218,860     rnb Retail and Brands AB   84  
1,074,562 e   Ross Stores, Inc   31,947  
34,957 *   Shoe Carnival, Inc   334  
83,603     Sports Direct International plc   50  
215,308 e   Stage Stores, Inc   1,776  
29,239 e*   Syms Corp   260  
141,345 e   Talbots, Inc   338  
468,866     Truworths International Ltd   1,730  
111,608 e*   Tween Brands, Inc   482  
173,745 e*   Under Armour, Inc (Class A)   4,142  
29,700 e   United Arrows Ltd   229  
2,140,527 e*   Urban Outfitters, Inc   32,065  
681,668 e*   Wet Seal, Inc (Class A)   2,025  
865,607     Woolworths Holdings Ltd   1,191  
      TOTAL APPAREL AND ACCESSORY STORES   376,371  
 
APPAREL AND OTHER TEXTILE PRODUCTS - 0.18%
     
14,687     Aeffe S.p.A.   14  
189,000     Anta Sports Products Ltd   86  
54,203     Benetton Group S.p.A.   470  
534,000     C C Land Holdings Ltd   134  
2,267,000     China Dongxiang Group Co   550  
212,000     China Ting Group Holdings Ltd   14  
70,391 e   Columbia Sportswear Co   2,490  
9,400 e   Daidoh Ltd   72  
504,449 e   Debenhams plc   178  
48,000 e   Descente Ltd   227  
4,569 e*   Escada AG.   21  
1,565     Gamma Holding NV   14  
5,594     Gerry Weber International AG.   163  
65,369 e*   G-III Apparel Group Ltd   418  
707,197 e   Guess ?, Inc   10,855  
367,000 e   Gunze Ltd   1,210  
159,486 *   Gymboree Corp   4,161  
30,544 e   Hermes International   4,246  
6,471 e   Hugo Boss AG.   134  
308,183 e   Jones Apparel Group, Inc   1,806  
715,000 e   Li Ning Co Ltd   1,116  
30 *   Link Theory Holdings Co Ltd   33  
1,432,146 e   Liz Claiborne, Inc   3,724  
94,886 e*   Lululemon Athletica, Inc   753  
136,659 e*   Maidenform Brands, Inc   1,387  
3,083     Mariella Burani S.p.A.   44  
100,385 e   New Wave Group AB (B Shares)   81  
99,667     Onward Kashiyama Co Ltd   795  
678,136 e   Pacific Brands Ltd   203  
683,112     Phillips-Van Heusen Corp   13,751  
454,310 e   Polo Ralph Lauren Corp (Class A)   20,630  
683,604 *   Quiksilver, Inc   1,258  
13,200     Sanei-International Co Ltd   130  
49,000 e   Sanyo Shokai Ltd   194  

4

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
78,190 e   Shimamura Co Ltd
$
 6,037  
242,100     Stella International Holdings Ltd   197  
19,694     Ten Cate NV   439  
29,000     Tokyo Style Co Ltd   211  
95,986 e*   True Religion Apparel, Inc   1,194  
68,000     USI Holdings Ltd   11  
957,213 e   VF Corp   52,427  
71,000 e   Wacoal Holdings Corp   920  
264,695 *   Warnaco Group, Inc   5,196  
      TOTAL APPAREL AND OTHER TEXTILE PRODUCTS   137,994  
 
AUTO REPAIR, SERVICES AND PARKING - 0.10%
     
50,719 e*   Amerco, Inc   1,751  
141,654 *   Avis Europe plc   8  
69,619     Dechra Pharmaceuticals plc   368  
175,660 e*   Dollar Thrifty Automotive Group, Inc   192  
48,950 e   Genus plc   468  
179,587 e   Helphire plc   253  
1,300,598 e*   Hertz Global Holdings, Inc   6,594  
5,300     Localiza Rent A CAR   16  
71,738 *   Midas, Inc   753  
92,432     Monro Muffler, Inc   2,357  
29,354     Northgate plc   32  
84,700 e   Park24 Co Ltd   638  
309,059     Ryder System, Inc   11,985  
30,769     Sixt AG.   437  
3,086     Sixt AG.   50  
353,431 e   Standard Chartered plc   4,200  
3,457,874     Standard Chartered plc   43,501  
82,994 e*   Standard Parking Corp   1,605  
200,836 e*   Wright Express Corp   2,532  
      TOTAL AUTO REPAIR, SERVICES AND PARKING   77,740  
 
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.16%      
628,968 e   Advance Auto Parts   21,165  
51,333 e*   America's Car-Mart, Inc   709  
148,928     Asbury Automotive Group, Inc   681  
780,315 e*   Autonation, Inc   7,710  
315,870 e*   Autozone, Inc   44,054  
141,600 e   Canadian Tire Corp Ltd (Class A)   4,984  
757,836 e*   Carmax, Inc   5,972  
427,226 e*   Copart, Inc   11,616  
2,000 e   Gulliver International Co Ltd   34  
161,848 e   Halfords Group plc   566  
242,821     Inchcape plc   128  
54,007     Lookers plc   18  
81,334 e*   MarineMax, Inc   276  
65,038     MOL Hungarian Oil and Gas plc   3,356  
463,767 e*   O'Reilly Automotive, Inc   14,256  
213,122 e   Pendragon plc   5  
297,964 e   Penske Auto Group, Inc   2,288  
2,862 e*   Rodriguez Group   5  
196,035 e*   Rush Enterprises, Inc (Class A)   1,680  
141,978 e   Sonic Automotive, Inc (Class A)   565  
740 e*   TravelCenters of America LLC   2  
      TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS   120,070  

5

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.54%      
43,594     Alesco Corp Ltd
$
 84  
91,857 e*   Builders FirstSource, Inc   141  
13,700     Clas Ohlson AB (B Shares)   101  
8,486     Dalhoff Larsen & Horneman AS (Class B)   42  
75,500 e   DCM Japan Holdings Co Ltd   537  
520,994 e   Fastenal Co   18,157  
9,747,220     Home Depot, Inc   224,381  
34,700 e   Keiyo Co Ltd   245  
1,316,419     Kingfisher plc   2,555  
7,501,266     Lowe's Cos, Inc   161,427  
52,715 e*   Lumber Liquidators, Inc   556  
29,000     Nice Holdings, Inc   50  
48,489     Praktiker Bau- und Heimwerkermaerkte AG.   534  
101,121 e*   RONA, Inc   983  
143,605 e   Travis Perkins plc   702  
14,000 e   Wood One Co Ltd   51  
      TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES   410,546  
 
BUSINESS SERVICES - 5.60%
     
2,304,370 *   3Com Corp   5,254  
75,479 e*   3D Systems Corp   599  
255,163 e   Aaron Rents, Inc   6,793  
251,082     ABM Industries, Inc   4,783  
15,722 e*   Absolute Software Corp   42  
135 e*   Access Co Ltd   381  
202,581 e*   ACI Worldwide, Inc   3,221  
4,092,007 *   Activision Blizzard, Inc   35,355  
347,194 e*   Actuate Corp   1,028  
343,043 e   Acxiom Corp   2,782  
73,490     Adecco S.A.   2,516  
122,317 e   Administaff, Inc   2,652  
3,499,865 *   Adobe Systems, Inc   74,512  
93,621 e*   Advent Software, Inc   1,870  
673,043 e   Aegis Group plc   721  
13,200     Aeon Delight Co Ltd   383  
599,311 *   Affiliated Computer Services, Inc (Class A)   27,538  
202,320 e   Aggreko plc   1,297  
251,975 e   Aircastle Ltd   1,205  
815,589 e*   Akamai Technologies, Inc   12,307  
634,393 e*   Alliance Data Systems Corp   29,518  
137,147 e   Alpha Systems, Inc   3,586  
110,596 *   Altran Technologies S.A.   418  
1,259,673 *   Amdocs Ltd   23,040  
197,219 *   American Reprographics Co   1,361  
114,881     American Software, Inc (Class A)   540  
234,334 *   AMN Healthcare Services, Inc   1,983  
339,917     Anite plc   132  
464,390 e*   Ansys, Inc   12,952  
182,076     Arbitron, Inc   2,418  
11,016 e*   ArcSight, Inc   88  
434,887 e   Argo Graphics, Inc   5,854  
494,429 e*   Ariba, Inc   3,565  
11,012 e*   Arques Industries AG.   39  
829,669 *   Art Technology Group, Inc   1,601  
12,900 e   Asatsu-DK, Inc   286  
1,038,430 e   Ashtead Group plc   638  

6

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
51,448     Asseco Poland S.A.
$
 823  
70,598 e*   Asset Acceptance Capital Corp   361  
104,587 e*   athenahealth, Inc   3,935  
189,774 e   Atos Origin S.A.   4,726  
1,268,701 e*   Autodesk, Inc   24,930  
2,355,584     Automatic Data Processing, Inc   92,669  
2,394,167 e*   Autonomy Corp plc   32,735  
507,423     Aveva Group plc   4,158  
371,116 *   Avis Budget Group, Inc   260  
254,560 e*   Avocent Corp   4,559  
60,103     B2W Companhia Global Do Varejo   613  
62,806 e*   Bankrate, Inc   2,387  
17,488     Bechtle AG.   340  
167,387 e   BGC Partners, Inc (Class A)   462  
224,711 e   Blackbaud, Inc   3,034  
167,278 e*   Blackboard, Inc   4,388  
185,093 e*   Blue Coat Systems, Inc   1,555  
881,752 *   BMC Software, Inc   23,728  
116,899 e*   Bottomline Technologies, Inc   830  
305,497 e*   BPZ Energy, Inc   1,955  
290,868     Brady Corp (Class A)   6,966  
271,115     Brink's Co   7,288  
229,247 e*   Brink's Home Security Holdings, Inc   5,025  
15,075     Brunel International   178  
34,252 *   Bull S.A.   55  
1,714,771     CA, Inc   31,775  
51,167     Cabcharge Australia Ltd   227  
222,784 *   CACI International, Inc (Class A)   10,045  
879,631 e*   Cadence Design Systems, Inc   3,219  
39,913 e*   CAI International, Inc   127  
152,806 e*   Callidus Software, Inc   457  
45,926     Cam Finanziaria S.p.A.   18  
100,800 e   Capcom Co Ltd   2,280  
73,960 e*   Capella Education Co   4,346  
541,204 e*   Cavium Networks, Inc   5,688  
221,044 e*   CBIZ, Inc   1,912  
8,436     Cegid Group   93  
31,600     Century Leasing System, Inc   282  
236,142 e*   Cerner Corp   9,080  
854,081 *   CGI Group, Inc (Class A)   6,642  
171,300 *   Check Point Software Technologies   3,253  
3,484,000 e*   China LotSynergy Holdings Ltd   56  
5,300     Chiyoda Integre Co Ltd   65  
174,055 *   Chordiant Software, Inc   463  
320,998 *   Ciber, Inc   1,544  
640,979 *   Citrix Systems, Inc   15,108  
148,353 e*   Clear Channel Outdoor Holdings, Inc (Class A)   912  
54,794 *   Clinical Data, Inc   488  
254,844 e*   Cogent Communications Group, Inc   1,664  
275,957 e*   Cogent, Inc   3,745  
217,464     Cognex Corp   3,218  
1,441,363 e*   Cognizant Technology Solutions Corp (Class A)   26,031  
255,152 e*   Commvault Systems, Inc   3,422  
141,717 e   Compass Diversified Trust   1,594  
76,265 e*   Compellent Technologies, Inc   742  
186,140 e   Computacenter plc   241  
58,678 e   Computer Programs & Systems, Inc   1,573  

7

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
1,147,362 *   Computer Sciences Corp
$
 40,318  
1,170,105 e   Computershare Ltd   6,363  
1,555,140 *   Compuware Corp   10,497  
89,837 e*   COMSYS IT Partners, Inc   201  
231,818 e*   Concur Technologies, Inc   7,608  
50,780 e   Connaught plc   254  
100,170 e*   Constant Contact, Inc   1,327  
431,448 *   Convergys Corp   2,766  
1,242,000     COSCO Pacific Ltd   1,268  
96,821 e*   CoStar Group, Inc   3,189  
8,935     Cramo Oyj (Series B)   59  
190,000     CSE Global Ltd   49  
242,816 e*   CSG Systems International, Inc   4,242  
44,200     CSK Holdings Corp   243  
57,068 e   Ctrip.com International Ltd (ADR)   1,358  
293 e   CyberAgent, Inc   182  
381,783 e*   Cybersource Corp   4,578  
178,270 e   Dassault Systemes S.A.   8,010  
166,135 e*   Data Domain, Inc   3,123  
218,075 e*   DealerTrack Holdings, Inc   2,593  
67,923 e*   Deltek, Inc   315  
339,344     Deluxe Corp   5,077  
177 e   Dena Co Ltd   573  
1,558 e   Dentsu, Inc   3,042  
9,230     Devoteam S.A.   126  
124,636 e*   Dice Holdings, Inc   509  
209,296 *   Digital River, Inc   5,191  
117,514 e*   DivX, Inc   615  
30,439 e*   Digimarc Corp   305  
80,909 *   Double-Take Software, Inc   726  
187,676 e*   DST Systems, Inc   7,128  
8,400     DTS Corp   80  
34,700 e   Duskin Co Ltd   615  
364,660 *   DynCorp International, Inc (Class A)   5,532  
10,201 e   eAccess Ltd   6,390  
727,660 e*   Earthlink, Inc   4,919  
7,520,174 *   eBay, Inc   104,982  
32,797 e*   Ebix, Inc   784  
148,182 e*   Echelon Corp   1,208  
273,438 e*   Eclipsys Corp   3,880  
13,771     Econocom Group   123  
79,300     EDB Business Partner ASA   157  
106,479     Electro Rent Corp   1,188  
1,404,078 e*   Electronic Arts, Inc   22,521  
316,866 *   Electronics for Imaging, Inc   3,029  
904,302 e   Emeco Holdings Ltd   180  
157,000 e*   Ementor ASA   381  
1,821     Engineering Ingegneria Informatica S.p.A.   38  
79 e   en-japan, Inc   52  
398,922 e*   Entrust, Inc   630  
335,598 e*   Epicor Software Corp   1,611  
184,085 e*   EPIQ Systems, Inc   3,076  
690,838     Equifax, Inc   18,321  
15,078     Euromoney Institutional Investor plc   48  
448,935 e*   Evergreen Energy, Inc   130  
4,571     Exact Holding NV   84  
103,823 e*   ExlService Holdings, Inc   890  

8

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
856,284 e*   Expedia, Inc
$
 7,056  
1,390,765     Experian Group Ltd   8,638  
376,548 e*   F5 Networks, Inc   8,608  
170,808 e   Factset Research Systems, Inc   7,557  
280,704 e   Fair Isaac Corp   4,733  
184,464 e*   FalconStor Software, Inc   513  
832,756 e   Fidelity National Information Services, Inc   13,549  
43,578     Fidessa Group plc   309  
4,288     Fimalac   134  
49,501 *   First Advantage Corp (Class A)   700  
11,304 e*   FirstService Corp   146  
818,063 *   Fiserv, Inc   29,753  
21,101     Fluidra S.A.   67  
92,952 *   Forrester Research, Inc   2,622  
108,084     F-Secure Oyj   286  
30,100 e   FUJI SOFT, Inc   639  
3,128,908 e   Fujitsu Ltd   15,213  
99     Future Architect, Inc   39  
30,097     Fuyo General Lease Co Ltd   589  
374,487 e*   Gartner, Inc   6,677  
5,764 e*   General de Alquiler de Maquinaria   45  
123,546 e*   Gerber Scientific, Inc   631  
31,126 e   Gestevision Telecinco S.A.   335  
162,197 e   Gevity HR, Inc   245  
15,823 e   GFI Informatique   57  
242,331 e*   Global Cash Access, Inc   538  
117,059 e*   Global Sources Ltd   638  
20,900 e   GMO internet, Inc   108  
1,476,077 *   Google, Inc (Class A)   454,115  
43 e   Gourmet Navigator, Inc   115  
350,000 *   Gravity Co Ltd (ADR)   175  
202     Green Hospital Supply, Inc   90  
5,502     Grenkeleasing AG.   137  
531,674     Group 4 Securicor plc   1,567  
21,228 e   Groupe Steria SCA   235  
54,262     Gruppo Editoriale L'Espresso S.p.A.   89  
51,608 e*   Guidance Software, Inc   211  
86,958 e*   H&E Equipment Services, Inc   670  
348,688 e*   Hackett Group, Inc   1,018  
18,482 e   Hakuhodo DY Holdings, Inc   1,008  
380,691 e   Havas S.A.   777  
6,312,552     Hays plc   6,330  
170,668     HCL Technologies Ltd   404  
218,792 e   Healthcare Services Group   3,485  
136,164 e   Heartland Payment Systems, Inc   2,383  
97,286 e   Heidrick & Struggles International, Inc   2,096  
957,000 *   Hi Sun Technology China Ltd   84  
29,200     Hitachi Information Systems Ltd   603  
9,000 e   Hitachi Systems & Services Ltd   94  
322,874 e*   HLTH Corp   3,377  
120,975 *   HMS Holdings Corp   3,813  
179,006     Hogg Robinson Group plc   13  
41,225 e*   HSW International, Inc   16  
138,818 *   Hudson Highland Group, Inc   465  
285,055 *   Hypercom Corp   308  
83,718 e*   i2 Technologies, Inc   535  
177,083 *   IBA Health Group Ltd   76  

9

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
17,600 e   IBJ Leasing Co Ltd
$
 319  
38,408 *   ICT Group, Inc   176  
21,749     IDS Scheer AG.   182  
255,192 e   IFIL - Investments S.p.A.   660  
159,185 *   iGate Corp   1,036  
175,466 *   IHS, Inc (Class A)   6,566  
1,349,857     IMS Health, Inc   20,464  
114,800 e   Indra Sistemas S.A.   2,635  
102,100     Ines Corp   519  
214,092     infoGROUP, Inc   1,015  
477,676 e*   Informatica Corp   6,558  
431,900 a   Information Development Co   2,363  
15,300     Information Services International-Dentsu Ltd   99  
184,925 e   Infospace, Inc   1,396  
459,598     Infosys Technologies Ltd   10,523  
256,965     Infosys Technologies Ltd (ADR)   6,314  
139,400 e*   Innerworkings, Inc   913  
88,650 e*   Integral Systems, Inc   1,068  
15,915 a,e   Intelligent Wave, Inc   2,595  
183,586     Interactive Data Corp   4,527  
105,058 e*   Interactive Intelligence, Inc   673  
297,256 e*   Internap Network Services Corp   743  
113,997 e*   Internet Brands, Inc (Class A)   663  
232,231 e*   Internet Capital Group, Inc   1,266  
34 e   Internet Initiative Japan, Inc   40  
4,117,730 e*   Interpublic Group of Cos, Inc   16,306  
278,689 *   Interwoven, Inc   3,511  
44,461     Intrum Justitia AB   454  
1,237,968 *   Intuit, Inc   29,451  
217,277 e*   inVentiv Health, Inc   2,507  
104,273 e   Iress Market Technology Ltd   374  
729,527 e*   Iron Mountain, Inc   18,041  
58,429 *   IT Holdings Corp   916  
238,615     ITE Group plc   208  
379,600 e   Jack Henry & Associates, Inc   7,368  
51,449 e   JC Decaux S.A.   879  
196,029 *   JDA Software Group, Inc   2,574  
220,645 e   JSR Corp   2,482  
1,929,058 e*   Juniper Networks, Inc   33,778  
113 e   Kakaku.com, Inc   440  
5,063 *   Kardex AG.   144  
128,808     Kelly Services, Inc (Class A)   1,676  
134,621 e*   Kenexa Corp   1,074  
81,666 e*   Keynote Systems, Inc   630  
159,920 *   Kforce, Inc   1,228  
149,803 e*   Knot, Inc   1,246  
442,933 e   Konami Corp   11,483  
48,785     Kontron AG.   501  
247,518 e*   Korn/Ferry International   2,827  
267,129 e*   Lamar Advertising Co (Class A)   3,355  
55,623     Lavendon Group plc   142  
605,131 e*   Lawson Software, Inc   2,868  
15,100 *   LBI International AB   24  
240,484 e*   Limelight Networks, Inc   589  
50,850 *   Liquidity Services, Inc   424  
2,853,992 e   LogicaCMG plc   2,831  
25,647 e*   MacDonald Dettwiler & Associates Ltd   453  

10

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
379 e   Macromill, Inc
$
 461  
209,319 e*   Magma Design Automation, Inc   214  
123,085 e*   Manhattan Associates, Inc   1,946  
513,241     Manpower, Inc   17,445  
132,202 *   Mantech International Corp (Class A)   7,164  
129,190 e   Marchex, Inc (Class B)   753  
409 e*   Mastech Holdings, Inc   1  
406,332 e   Mastercard, Inc (Class A)   58,077  
821,012 e*   McAfee, Inc   28,382  
29,900     Meitec Corp   517  
506,273 e*   Mentor Graphics Corp   2,617  
252,515     Michael Page International plc   780  
254,278     Micro Focus International plc   1,033  
45,836,106     Microsoft Corp   891,054  
58,852 e*   MicroStrategy, Inc (Class A)   2,185  
169,270 e*   Midway Games, Inc   32  
188,650 e   Misys plc   269  
113,636 e   Mitsubishi UFJ Lease & Finance Co Ltd   2,896  
304 e*   Mixi Inc   1,866  
296,580 e*   ModusLink Global Solutions, Inc   857  
63,814 *   Monotype Imaging Holdings, Inc   370  
677,595 e*   Monster Worldwide, Inc   8,192  
78,900 e   Morgan Sindall plc   615  
8,700 e   Moshi Moshi Hotline, Inc   234  
595,188 e*   Move, Inc   952  
540,070 *   MPS Group, Inc   4,067  
236,642 *   MSC.Software Corp   1,581  
221,427     MYOB Ltd   171  
34,439 e*   NCI, Inc (Class A)   1,038  
900,164 *   NCR Corp   12,728  
1,721,297     NEC Corp   5,823  
27,000     NEC Fielding Ltd   365  
25,700     NEC Networks & System Integration Corp   314  
208,339 *   Ness Technologies, Inc   892  
76,631 *   Netease.com (ADR)   1,694  
218,534 e*   NetFlix, Inc   6,532  
132,479 *   Netscout Systems, Inc   1,142  
38,048 e*   NetSuite, Inc   321  
46,545 *   NHN Corp   4,920  
291,758     NIC, Inc   1,342  
84,000     Nihon Unisys Ltd   689  
4,700 e   Nippon Kanzai Co Ltd   94  
282,238 e   Nippon System Development Co Ltd   2,222  
365,401     Nippon Systemware Co Ltd   1,431  
16,800     Nishio Rent All Co Ltd   121  
99,340     Nomura Research Institute Ltd   1,895  
1,664,865 *   Novell, Inc   6,476  
7,700     NS Solutions Corp   101  
4,695 e   NTT Data Corp   18,916  
754,168 e*   Nuance Communications, Inc   7,813  
2,500 e   OBIC Business Consultants Ltd   104  
29,073 e   Obic Co Ltd   4,748  
1,858,820 e   Omnicom Group, Inc   50,039  
309,844 e*   Omniture, Inc   3,297  
186,112 *   On Assignment, Inc   1,055  
131,300 e*   Online Resources Corp   622  
33,291 e*   Open Text Corp   998  

11

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
778,249 *   OpenTV Corp (Class A)
$
 957  
44,000 *   Opera Software ASA   115  
70,207 *   Opnet Technologies, Inc   692  
22 e   OPT, Inc   39  
26,450,604 *   Oracle Corp   468,969  
231,706 e   Oracle Corp Japan   10,036  
15,436     Ordina NV   61  
9,669     Otsuka Corp   440  
732,379 *   Parametric Technology Corp   9,265  
594     Pasona Group, Inc   316  
275,000 m,v   PCA Corp   2,820  
111,701 e   PC-Tel, Inc   734  
131,062     Pegasystems, Inc   1,620  
185,558 e*   Perficient, Inc   887  
508,454 *   Perot Systems Corp (Class A)   6,951  
265,994 *   Phase Forward, Inc   3,330  
32,057     Phoenix IT Group Ltd   80  
166,770 *   Phoenix Technologies Ltd   584  
2,316,000     Pico Far East Holdings Ltd   124  
75,506 e*   Portfolio Recovery Associates, Inc   2,555  
386,087 *   Premiere Global Services, Inc   3,324  
202,693 *   Progress Software Corp   3,904  
129,042 e   Promotora de Informaciones S.A.   416  
73,459 *   PROS Holdings, Inc   422  
20,979     Prosegur Cia de Seguridad S.A.   698  
31,881 e*   Protection One, Inc   152  
488,412 e   Publicis Groupe S.A.   12,489  
1,124     PubliGroupe AG.   67  
72,352 e   QAD, Inc   303  
89,376 e   Quality Systems, Inc   3,899  
400,060 *   Quest Software, Inc   5,037  
96,941 e*   Rackspace Hosting, Inc   522  
136,942 *   Radiant Systems, Inc   461  
140,646 e*   Radisys Corp   778  
14,964 e   Rakuten, Inc   9,527  
31,679 e   Ramirent Oyj   148  
66,344 e   Randstad Holdings NV   1,342  
266,008 e*   Raser Technologies, Inc   1,008  
555,852 *   RealNetworks, Inc   1,962  
1,317,748 *   Red Hat, Inc   17,421  
48,038 e   Renaissance Learning, Inc   432  
379,822 *   Rent-A-Center, Inc   6,704  
27,200 e   Ricoh Leasing Co Ltd   494  
103,537 e   Rightmove plc   262  
200,380 e*   RightNow Technologies, Inc   1,549  
105,800 e*   Riskmetrics Group, Inc   1,575  
111,685     Ritchie Bros Auctioneers, Inc   2,376  
777,520 e   Robert Half International, Inc   16,188  
209,538     Rollins, Inc   3,788  
248,178 e*   RSC Holdings, Inc   2,114  
16,550 *   S1 Corp   715  
335,564 *   S1 Corp   2,648  
458,069     Sage Group plc   1,120  
936,100 e*   Salesforce.com, Inc   29,965  
39,843 e*   Sandvine Corp   26  
1,411,805 e   SAP AG.   51,230  
602,496 *   Sapient Corp   2,675  

12

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
487,410     Satyam Computer Services Ltd
$
 1,709  
62,226 *   SDL plc   205  
374,941 e   Secom Co Ltd   19,348  
286,669 e   Securitas AB (B Shares)   2,413  
71,919 e   Seek Ltd   158  
4,851 *   SeLoger.com   71  
12,363 e   SGS S.A.   12,930  
2,865 e   SimCorp AS   322  
44,591 e*   Sina Corp   1,032  
1,455,000     Singapore Post Ltd   803  
26,562     Skilled Group Ltd   26  
165,466 e*   Smith Micro Software, Inc   920  
6,352     Societe Des Autoroutes Paris-Rhin-Rhone   439  
862,512 e   Softbank Corp   15,664  
18,761     Software AG.   1,069  
23,900 e   Sohgo Security Services Co Ltd   249  
232,951 e*   Sohu.com, Inc   11,028  
795     So-net Entertainment Corp   2,006  
45 e   So-net M3, Inc   154  
380,833 *   SonicWALL, Inc   1,516  
1,080,210 e*   Sonus Networks, Inc   1,707  
10,139     Sopra Group S.A.   352  
525,618     Sorun Corp   3,057  
344,017 e   Sotheby's (Class A)   3,058  
108,049 e*   Sourcefire, Inc   605  
20,985     Speedy Hire plc   42  
311,276 *   Spherion Corp   688  
126,076 e   Spotless Group Ltd   248  
90,759 e*   SPSS, Inc   2,447  
146,395 e   Square Enix Co Ltd   4,724  
221,493 e*   SRA International, Inc (Class A)   3,821  
44,653     Sthree plc   93  
104,888 e*   Stratasys, Inc   1,128  
63,074     STW Communications Group Ltd   30  
199,952 e*   SuccessFactors, Inc   1,148  
7,359,384 *   Sun Microsystems, Inc   28,113  
237,246 e*   SupportSoft, Inc   529  
13,182     Sword Group   180  
23,733 *   SXC Health Solutions Corp   437  
462,045 e*   Sybase, Inc   11,445  
167,064 e*   SYKES Enterprises, Inc   3,194  
4,818,113 e*   Symantec Corp   65,141  
106,869 e*   Synchronoss Technologies, Inc   1,139  
86,963 e*   SYNNEX Corp   985  
594,664 *   Synopsys, Inc   11,013  
64,674 e   Syntel, Inc   1,495  
1,166,040     Taiwan Secom Co Ltd   1,688  
13,750,530     Taiwan-Sogo Shinkong Security Corp   6,788  
502,526 e   Take-Two Interactive Software, Inc   3,799  
71,655 e   TAL International Group, Inc   1,010  
164,278 e*   Taleo Corp (Class A)   1,286  
195,522     Tata Consultancy Services Ltd   1,918  
53,398 e*   TechTarget, Inc   231  
32,989 *   Telecity Group plc   83  
39,852 e   Teleperformance   1,103  
260,262 *   TeleTech Holdings, Inc   2,173  
725,305 e*   Temenos Group AG.   9,788  

13

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY    (000)  
1,226,700 e   Tencent Holdings Ltd
$
 7,914  
51,612 e   Textainer Group Holdings Ltd   547  
111,501 e   TheStreet.com, Inc   324  
1,342,070 e*   THQ, Inc   5,623  
1,075,751 e*   TIBCO Software, Inc   5,583  
55,364     Tietoenator Oyj   609  
7,500     TKC   156  
125,622 *   TNS, Inc   1,180  
27,800 e   Tokyo Leasing Co Ltd   232  
548,000 *   Tom Group Ltd   23  
65,200 e   Tomra Systems ASA   223  
634,429     Total System Services, Inc   8,882  
10,050     TradeDoubler AB   49  
185,167 e*   TradeStation Group, Inc   1,194  
11,200 e   Trans Cosmos, Inc/Japan   80  
97,462 e   Trend Micro, Inc   3,423  
290,274 e*   TrueBlue, Inc   2,778  
55,609 e*   UBISOFT Entertainment   1,078  
123,680 e*   Ultimate Software Group, Inc   1,806  
57,997 e*   Unica Corp   318  
1,514,770 *   Unisys Corp   1,288  
7,494     Unit 4 Agresso NV   82  
101,793 e   United Internet AG.   921  
456,506 e   United Online, Inc   2,771  
237,153 e*   United Rentals, Inc   2,163  
51,419     USG People NV   659  
99,792     USS Co Ltd   5,295  
496,253 e*   Valueclick, Inc   3,394  
149,281 e*   Vasco Data Security International   1,542  
142,000     Venture Corp Ltd   432  
85     VeriSign Japan KK   25  
670,415 e*   VeriSign, Inc   12,792  
112,011     Viad Corp   2,771  
124,612 e*   Vignette Corp   1,173  
13,944 e*   Virtusa Corp   79  
2,841,463     Visa, Inc (Class A)   149,035  
98,800 *   VisionChina Media, Inc (ADR)   540  
362,304 e*   VMware, Inc (Class A)   8,583  
82,064 *   Vocus, Inc   1,494  
76,082 e*   Volt Information Sciences, Inc   550  
28,875 e*   WebMD Health Corp (Class A)   681  
235,347 *   Websense, Inc   3,523  
144,632 e*   Web.com Group, Inc   529  
476,374 *   Wind River Systems, Inc   4,302  
301,961     Wipro Ltd   1,447  
41,446 e*   Wirecard AG.   242  
145     Works Applications Co Ltd   87  
114,693 e   Wotif.com Holdings Ltd   294  
7,970,611     WPP plc   46,126  
22,524 e   Yahoo! Japan Corp   9,242  
8,247,293 e*   Yahoo!, Inc   100,617  
      TOTAL BUSINESS SERVICES   4,287,251  
 
CHEMICALS AND ALLIED PRODUCTS - 12.97%
     
10,478,988     Abbott Laboratories   559,264  
73,781 b,e,m,v*   Able Laboratories, Inc   - ^
27,560 e*   Abraxis Bioscience, Inc   1,817  

14

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
158,165 e*   Acadia Pharmaceuticals, Inc
$
 142  
45,271     Accsys Technologies plc   101  
199,358 e*   Acorda Therapeutics, Inc   4,089  
117,949 e*   Actelion Ltd   6,673  
12,399 e*   Acura Pharmaceuticals, Inc   91  
55,000     ADEKA Corp   406  
352,222 e*   Adolor Corp   585  
308,104     Agrium, Inc   10,350  
450,959 e   Air Liquide   41,028  
1,215,931     Air Products & Chemicals, Inc   61,125  
266,400     Air Water, Inc   2,375  
485,273     Alapis Holding Industrial and Commercial S.A.   364  
153,460 *   Albany Molecular Research, Inc   1,495  
315,561 e   Albemarle Corp   7,037  
1,125,454     Alberto-Culver Co   27,585  
428,297 e*   Alexion Pharmaceuticals, Inc   15,500  
106,882 e*   Alexza Pharmaceuticals, Inc   339  
4,275 e   ALK-Abello AS   422  
584,429 *   Alkermes, Inc   6,224  
254,753 e*   Allos Therapeutics, Inc   1,559  
224,633 e*   Alnylam Pharmaceuticals, Inc   5,555  
– e*   Alpharma, Inc (Class A)   - ^
89,645 e*   AMAG Pharmaceuticals, Inc   3,214  
329,500 e*   American Oriental Bioengineering, Inc   2,237  
101,894 e   American Vanguard Corp   1,192  
7,823,356 *   Amgen, Inc   451,799  
7,433 e*   Amicus Therapeutics, Inc   59  
3,448     Amorepacific Corp   1,803  
60 *   AnGes MG, Inc   90  
176,630 *   Antisoma plc   60  
128,756 e   Arch Chemicals, Inc   3,357  
57,205 *   Ardea Biosciences, Inc   685  
375,373 e*   Arena Pharmaceuticals, Inc   1,565  
12,900 e   Arisawa Manufacturing Co Ltd   45  
87,981 e*   Ark Therapeutics Group plc   50  
43,197 e   Arkema   736  
288,467 e*   Arqule, Inc   1,217  
278,945 e*   Array Biopharma, Inc   1,130  
1,075,492 e   Asahi Kasei Corp   4,747  
345,805 *   Aspen Pharmacare Holdings Ltd   1,257  
983,815     Astellas Pharma, Inc   40,270  
2,950,198 e   AstraZeneca plc   119,063  
343,911 e   AstraZeneca plc (ADR)   14,111  
17,738 e*   Atrium Innovations, Inc   186  
17,166     Auriga Industries (Class B)   295  
221,471 e*   Auxilium Pharmaceuticals, Inc   6,299  
186,284 e*   Aventine Renewable Energy Holdings, Inc   121  
362,137 e   Avery Dennison Corp   11,853  
4,418,374     Avon Products, Inc   106,174  
18,208 *   Axis-Shield plc   80  
4,568     Bachem Holding AG.   347  
91,014 e   Balchem Corp   2,267  
1,516,511     BASF AG.   58,922  
2,963 e*   Basilea Pharmaceutica   421  
28,157 e   Beiersdorf AG.   1,668  
36,438 e*   Biodel, Inc   176  
119,819 e*   BioForm Medical, Inc   109  

15

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
1,461,478 *   Biogen Idec, Inc
$
 69,610  
558,776 e*   BioMarin Pharmaceuticals, Inc   9,946  
62,514 e*   BioMimetic Therapeutics, Inc   576  
2,885     Biotest AG.   225  
5,620     Biotest AG.   371  
253,348 e   Biovail Corp   2,368  
11,070     Boiron S.A.   267  
165,851     Braskem S.A.   395  
12,501,881     Bristol-Myers Squibb Co   290,669  
219,911 e   Cabot Corp   3,365  
95,969 e*   Cadence Pharmaceuticals, Inc   694  
306,411 e*   Calgon Carbon Corp   4,706  
154,907 *   Cambrex Corp   716  
74,454 e*   Caraco Pharmaceutical Laboratories Ltd   441  
26,532 *   Cardiome Pharma Corp   120  
1,651,775     Celanese Corp (Series A)   20,532  
807,677 e*   Cell Genesys, Inc   178  
101,516 e*   Celldex Therapeutics, Inc   804  
378,176 e*   Cephalon, Inc   29,135  
388,065     CF Industries Holdings, Inc   19,077  
239,240 e*   Charles River Laboratories International, Inc   6,268  
360,984 e*   Chattem, Inc   25,821  
29,399     Chemring Group plc   824  
779,372     Chemtura Corp   1,091  
26,874 e*   China Precision Steel, Inc   34  
396,661     Christian Dior S.A.   22,193  
195,728 e   Chugai Pharmaceutical Co Ltd   3,805  
40,000 e   Chugoku Marine Paints Ltd   294  
504,070 e   Church & Dwight Co, Inc   28,288  
40,255 m,v*   Ciba Holding AG.   1,800  
349,955     Cipla Ltd   1,340  
197,319 e   Clariant AG.   1,356  
982,102     Clorox Co   54,566  
190 e   CMIC Co Ltd   48  
3,327,002     Colgate-Palmolive Co   228,033  
251,081 e*   Columbia Laboratories, Inc   319  
80,595 e*   Cougar Biotechnology, Inc   2,095  
82,324     Croda International   615  
7,985 *   CropEnergies AG.   33  
1,359,211 e   CSL Ltd   31,936  
361,139 e*   Cubist Pharmaceuticals, Inc   8,725  
179,791 e*   Cypress Bioscience, Inc   1,230  
691,176     Cytec Industries, Inc   14,667  
151,911 e*   Cytokinetics, Inc   433  
101,396 e*   Cytori Therapeutics, Inc   366  
38,000     Dai Nippon Toryo Co Ltd   43  
217,785 e   Daicel Chemical Industries Ltd   1,032  
1,104,317     Daiichi Sankyo Co Ltd   26,115  
25,000     Dainichiseika Color & Chemicals Manufacturing Co Ltd   70  
378,784     Dainippon Ink and Chemicals, Inc   799  
807,787 e   Dainippon Sumitomo Pharma Co Ltd   7,563  
89,000     Daiso Co Ltd   256  
541,421 e*   Dendreon Corp   2,480  
5,576 *   Devgen   27  
25,505     DiaSorin S.p.A.   519  
483,809 e*   Discovery Laboratories, Inc   542  
84,162 e*   Dov Pharmaceutical, Inc   1  

16

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
3,485,648     Dow Chemical Co
$
 52,598  
103,153     Dr Reddy's Laboratories Ltd   992  
577,609     DSM NV   14,713  
4,934,112     Du Pont (E.I.) de Nemours & Co   124,833  
358,186 e*   Durect Corp   1,214  
4,600     Earth Chemical Co Ltd   135  
283,435 e   Eastman Chemical Co   8,988  
1,421,412     Ecolab, Inc   49,963  
230,961 e   Eisai Co Ltd   9,638  
476,482 *   Elan Corp plc   2,759  
308,671 e*   Elan Corp plc (ADR)   1,852  
647,833     Elementis plc   347  
4,879,220     Eli Lilly & Co   196,486  
144,968 e*   Elizabeth Arden, Inc   1,828  
94,929 e*   Emergent Biosolutions, Inc   2,479  
4,172     EMS-Chemie Holding AG.   351  
99,100     Engro Chemical Pakistan Ltd   121  
256,476 e*   Enzon Pharmaceuticals, Inc   1,495  
28     EPS Co Ltd   121  
2,001 e   Eramet   384  
397,663 e   Estee Lauder Cos (Class A)   12,312  
761,204     Eternal Chemical Co Ltd   373  
134,612 *   Facet Biotech Corp   1,291  
86,066 e   FAES FARMA S.A.   367  
21,800 e   Fancl Corp   290  
85,500     Fauji Fertilizer Co Ltd   64  
263,844 e   Ferro Corp   1,860  
168,188     Fertilizantes Fosfatados S.A.   806  
137,425     Filtrona plc   270  
442,001     FMC Corp   19,771  
2,069,938 *   Forest Laboratories, Inc   52,721  
2,988,460     Formosa Chemicals & Fibre Corp   3,642  
4,356,235     Formosa Plastics Corp   5,787  
9,352     Fuchs Petrolub AG.   443  
4,535     Fuchs Petrolub AG.   244  
3,182,101 *   Genentech, Inc   263,828  
26,558 e*   Genmab AS   1,031  
1,361,686 *   Genzyme Corp   90,375  
436,620 e*   Geron Corp   2,039  
6,228,670 *   Gilead Sciences, Inc   318,534  
6,245 e   Givaudan S.A.   4,935  
7,544,480     GlaxoSmithKline plc   139,331  
111,069     Glenmark Pharmaceuticals Ltd   675  
168,846 e   Grifols S.A.   2,958  
95,725 e*   GTx, Inc   1,612  
17,000 e   Gun-Ei Chemical Industry Co Ltd   41  
6,257     H&R WASAG AG.   96  
266,079     H.B. Fuller Co   4,287  
320,529 e*   Halozyme Therapeutics, Inc   1,795  
68,794     Hanwha Chemical Corp   336  
77,945     Haw Par Corp Ltd   196  
67,101     Henkel KGaA   1,749  
125,390 e   Henkel KGaA   3,928  
66,452     Hikma Pharmaceuticals plc   334  
970,658     Hindustan Lever Ltd   4,987  
110,700     Hisamitsu Pharmaceutical Co, Inc   4,525  
13,976     Honam Petrochemical Corp   587  

17

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
640,180 *   Hospira, Inc
$
 17,170  
755,635 e*   Human Genome Sciences, Inc   1,602  
754,774 e   Huntsman Corp   2,596  
149,838 e*   ICO, Inc   473  
118,271 e*   Idenix Pharmaceuticals, Inc   685  
148,331 e*   Idera Pharmaceuticals, Inc   1,139  
208,216 e*   Idexx Laboratories, Inc   7,512  
416,661 *   Immucor, Inc   11,075  
238,761 e*   Immunogen, Inc   1,024  
3,918,643 e   Incitec Pivot Ltd   6,803  
393,886 e*   Indevus Pharmaceuticals, Inc   1,237  
70,032     Innophos Holdings, Inc   1,387  
164,317     Innospec, Inc   968  
248,040 e*   Inspire Pharmaceuticals, Inc   893  
1,663     Inter Parfums S.A.   42  
57,851 e   Inter Parfums, Inc   444  
87,304 *   Intercell AG.   2,746  
161,768 e*   InterMune, Inc   1,712  
276,850 e   International Flavors & Fragrances, Inc   8,228  
265,338 e*   Inverness Medical Innovations, Inc   5,018  
797,619 *   Life Technologies Corp   18,592  
268,855     Ipsen   10,460  
163,000 *   Ishihara Sangyo Kaisha Ltd   138  
557,691     Israel Chemicals Ltd   3,883  
237,056 e*   Javelin Pharmaceuticals, Inc   296  
6,283 e*   Jazz Pharmaceuticals, Inc   12  
14,956,337     Johnson & Johnson   894,838  
85,353 e   Kaiser Aluminum Corp   1,922  
99,000     Kaken Pharmaceutical Co Ltd   1,090  
140,476 e   Kansai Paint Co Ltd   722  
1,096,576     Kao Corp   33,309  
9,500 e   Katakura Industries Co Ltd   114  
51,757 e   Kemira Oyj   435  
1,759,096 *   King Pharmaceuticals, Inc   18,682  
518,894     Kingboard Chemical Holdings Ltd   931  
44,000     Kissei Pharmaceutical Co Ltd   1,363  
11,000 *   Koatsu Gas Kogyo Co Ltd   61  
121,743 e   Koppers Holdings, Inc   2,632  
13,900     Kose Corp   349  
738,773     Kuraray Co Ltd   5,788  
73,000 e   KUREHA CORP   365  
162,900 e*   KV Pharmaceutical Co (Class A)   469  
19,000 e   Kyorin Co Ltd   271  
347,540 e   Kyowa Hakko Kogyo Co Ltd   3,649  
234,078     La Seda de Barcelona S.A. (Class B)   113  
118,811 e*   Landec Corp   782  
827,837 e   Lanxess AG.   16,143  
10,125     LG Household & Health Care Ltd   1,543  
489,711 e*   Ligand Pharmaceuticals, Inc (Class B)   1,342  
121,691     Linde AG.   10,213  
44,500     Lintec Corp   620  
160,000 e   Lion Corp   866  
201,794 e   Lonza Group AG.   18,709  
285,617 e   L'Oreal S.A.   24,734  
392,358     Lubrizol Corp   14,278  
69,465     Lupin Ltd   881  
181,984     Maire Tecnimont S.p.A.   377  

18

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
316,110     Makhteshim-Agan Industries Ltd
$
 1,028  
10,600     Mandom Corp   302  
98,798 e   Mannatech, Inc   242  
272,113 e*   MannKind Corp   933  
12,290 e*   MAP Pharmaceuticals, Inc   86  
25,498 e*   Marshall Edwards, Inc   18  
207,978 e   Martek Biosciences Corp   6,304  
75,062     Mcbride plc   132  
136,836 e   Meda AB (A Shares)   947  
651,635 e*   Medarex, Inc   3,636  
466,235 e   Mediceo Paltac Holdings Co Ltd   5,608  
331,194 *   Medicines Co   4,878  
335,730 e   Medicis Pharmaceutical Corp (Class A)   4,667  
13,327 *   Medigene AG.   82  
143,778 e*   Medivation, Inc   2,095  
12,474,926     Merck & Co, Inc   379,238  
51,774     Merck KGaA   4,632  
229,168 e   Meridian Bioscience, Inc   5,837  
319,026     Methanex Corp   3,540  
191,970 e*   MiddleBrook Pharmaceuticals, Inc   288  
14,800     Milbon Co Ltd   415  
116,192     Minerals Technologies, Inc   4,752  
41,900     Miraca Holdings, Inc   908  
2,522,803 e   Mitsubishi Chemical Holdings Corp   11,179  
265,337     Mitsubishi Gas Chemical Co, Inc   1,089  
74,000 e   Mochida Pharmaceutical Co Ltd   894  
89,963 e*   Molecular Insight Pharmaceuticals, Inc   387  
123,738 e*   Momenta Pharmaceuticals, Inc   1,435  
3,988,549     Monsanto Co   280,594  
18,300 *   Morphosys AG.   490  
801,152     Mosaic Co   27,720  
6,154,422 e*   Mylan Laboratories, Inc   60,867  
317,422 e*   Nabi Biopharmaceuticals   1,063  
562,761 e   Nalco Holding Co   6,494  
5,346,981     Nan Ya Plastics Corp   5,751  
66,801 e*   Nanosphere, Inc   318  
54,742 *   Natraceutical S.A.   39  
138,281     Natura Cosmeticos S.A.   1,126  
580,000     Natural Beauty Bio-Technology Ltd   91  
427,727 *   NBTY, Inc   6,694  
284,891 e*   Neurocrine Biosciences, Inc   912  
75,011 e   NewMarket Corp   2,619  
82,500     Nichi-iko Pharmaceutical Co Ltd   2,551  
24,395 e*   NicOx S.A.   263  
19,000 e   Nihon Nohyaku Co Ltd   128  
58,000 e   Nihon Parkerizing Co Ltd   503  
485,550 e   Nippon Chemiphar Co Ltd   1,523  
160,000     Nippon Kayaku Co Ltd   840  
77,000 e   Nippon Paint Co Ltd   310  
75,000     Nippon Shinyaku Co Ltd   895  
82,000 e   Nippon Shokubai Co Ltd   632  
165,000     Nippon Soda Co Ltd   664  
23,000     Nippon Synthetic Chemical Industry Co Ltd   65  
62,000     Nippon Valqua Industries Ltd   163  
269,943 e   Nissan Chemical Industries Ltd   2,617  
47,224 e   NL Industries, Inc   633  
17,700     Noevir Co Ltd   171  

19

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
357,549 e   Nova Chemicals Corp
$
 1,694  
6,006,316     Novartis AG.   300,805  
103,093     Novartis AG. (ADR)   5,130  
276,095 e*   Novavax, Inc   522  
134,124 e*   Noven Pharmaceuticals, Inc   1,475  
574,658     Novo Nordisk AS (Class B)   29,643  
43,088 e   Novozymes AS (B Shares)   3,456  
342,658 *   NPS Pharmaceuticals, Inc   2,128  
269,784     Nufarm Ltd   1,973  
63,746     Nuplex Industries Ltd   112  
104,898 *   Obagi Medical Products, Inc   783  
426,333 e   Olin Corp   7,708  
178,416 e*   OM Group, Inc   3,766  
20,637     Omega Pharma S.A.   775  
– e*   Omrix Biopharmaceuticals, Inc   - ^
154,495     Ono Pharmaceutical Co Ltd   8,044  
289,234 e*   Onyx Pharmaceuticals, Inc   9,880  
32,657     OPG Groep NV   422  
76,663 *   Opko Health, Inc   124  
150,959 e*   Optimer Pharmaceuticals, Inc   1,828  
257,146 e*   OraSure Technologies, Inc   946  
104,922 e*   Orexigen Therapeutics, Inc   585  
27,315 e   Oriflame Cosmetics S.A.   798  
142,680     Oriola-KD Oyj (B Shares)   257  
50,448     Orion Oyj (Class B)   858  
339,578 e*   OSI Pharmaceuticals, Inc   13,261  
77,204 e*   Osiris Therapeutics, Inc   1,479  
193,765 e*   Pacific Ethanol, Inc   85  
171,831 e*   Pain Therapeutics, Inc   1,017  
201,232 e*   Par Pharmaceutical Cos, Inc   2,699  
332,367 *   Parexel International Corp   3,227  
33,958 *   Patheon, Inc   61  
673,067 e   PDL BioPharma, Inc   4,160  
273,576 e   Perrigo Co   8,839  
79,038 *   Petkim Petrokimya Holding   237  
143,777 e*   PetMed Express, Inc   2,535  
39,451,068     Pfizer, Inc   698,678  
86,424 e*   Pharmasset, Inc   1,133  
68,835 *   Pharmaxis Ltd   58  
170,310 e*   PharMerica Corp   2,669  
529,188 e*   PolyOne Corp   1,667  
824,749 *   Potash Corp of Saskatchewan   59,820  
52,152     Potash Corp of Saskatchewan   3,819  
121,292 e*   Pozen, Inc   611  
1,323,032     PPG Industries, Inc   56,136  
1,616,885     Praxair, Inc   95,978  
186,296 *   Prestige Brands Holdings, Inc   1,965  
16,801,179     Procter & Gamble Co   1,038,649  
131,985 e*   Progenics Pharmaceuticals, Inc   1,361  
20,135 *   Protalix BioTherapeutics, Inc   37  
353,600     PTT Chemical PCL   330  
106,775     PZ Cussons plc   249  
74,112 *   QLT, Inc   175  
331,575 e*   Questcor Pharmaceuticals, Inc   3,087  
160,379 *   Quidel Corp   2,096  
87,398     Ranbaxy Laboratories Ltd   453  
2,873,857     Reckitt Benckiser Group plc   106,520  

20

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
157,611     Recordati S.p.A.
$
 865  
144,993 e*   Rexahn Pharmaceuticals, Inc   129  
81,787 e*   Rhodia S.A.   512  
15,181     Richter Gedeon Nyrt   2,254  
1,197,026     Roche Holding AG.   185,320  
230,982 *   Rockwood Holdings, Inc   2,495  
539,651     Rohm & Haas Co   33,345  
40,000     Rohto Pharmaceutical Co Ltd   554  
440,223     RPM International, Inc   5,851  
35,000     Sakai Chemical Industry Co Ltd   95  
267,944 e*   Salix Pharmaceuticals Ltd   2,366  
1,490,074 e   Sanofi-Aventis   94,036  
97,704 e   Santen Pharmaceutical Co Ltd   2,952  
24,000 e   Sanyo Chemical Industries Ltd   142  
2,109     Sartorius Stedim Biotech   38  
5,200 e   Sawai Pharmaceutical Co Ltd   257  
8,680,900     Schering-Plough Corp   147,836  
283,488 e   Scotts Miracle-Gro Co (Class A)   8,425  
13,400     Seikagaku Corp   146  
272,080 e   Sensient Technologies Corp   6,497  
382,528 *   Sepracor, Inc   4,200  
611,930 e   Sherwin-Williams Co   36,563  
810,575     Shin-Etsu Chemical Co Ltd   37,409  
17,200 e   Shin-Etsu Polymer Co Ltd   83  
441,231     Shionogi & Co Ltd   11,395  
2,482,174     Shire Ltd   36,116  
367,296 e   Shire plc (ADR)   16,448  
792,807 e   Shiseido Co Ltd   16,304  
1,961,798     Showa Denko KK   2,841  
200,969     Sidi Kerir Petrochemcials Co   377  
676,029 e   Sigma-Aldrich Corp   28,555  
4,844,000 e   Sinochem Hong Kong Holding Ltd   2,344  
2,706,000 e   Sinopec Shanghai Petrochemical Co Ltd   695  
22,731 e*   Sociedad Nacional de Industrias Apicaciones Celulosa Espanola S.A.   26  
105,664     Sociedad Quimica y Minera de Chile S.A. (Class B)   2,529  
478,171 e*   Solutia, Inc   2,152  
103,487 e   Solvay S.A.   7,631  
290,000     SP Chemicals Ltd   146  
18,000 e   SSP Co Ltd   120  
4,900     ST CORP   67  
50,269     Stada Arzneimittel AG.   1,444  
4,486 e   Stallergenes   238  
8,600 e   Stella Chemifa Corp   135  
35,932     Stepan Co   1,688  
14,522 e*   Sucampo Pharmaceuticals, Inc (Class A)   83  
1,758,665     Sumitomo Chemical Co Ltd   6,029  
17,000     Sumitomo Seika Chemicals Co Ltd   51  
126,800     Sun Pharmaceuticals Industries Ltd   2,769  
80,807 e*   SurModics, Inc   2,042  
181,102     Syngenta AG.   35,182  
131,111 e*   Synta Pharmaceuticals Corp   802  
204,655 e   Taisho Pharmaceutical Co Ltd   4,359  
1,296,000     Taiwan Fertilizer Co Ltd   2,061  
10,400 e   Taiyo Ink Manufacturing Co Ltd   200  
235,343 e   Taiyo Nippon Sanso Corp   1,816  
1,578,997     Takeda Pharmaceutical Co Ltd   82,301  
244,136     Tanabe Seiyaku Co Ltd   3,685  

21

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY  
(000)
 
89,218 e*   Targacept, Inc
$
 317  
142,500     Tenma Corp   2,165  
26,530     Tessenderlo Chemie NV   798  
842,349     Teva Pharmaceutical Industries Ltd   36,085  
1,614,712 e   Teva Pharmaceutical Industries Ltd (ADR)   68,738  
24,182 e*   Theratechnologies, Inc   39  
831,001 e*   Theravance, Inc   10,296  
198,000     Toagosei Co Ltd   599  
570,000 e   Tokai Carbon Co Ltd   2,406  
450,929 e   Tokuyama Corp   3,823  
16,800 e   Tokyo Ohka Kogyo Co Ltd   237  
439,933 e   Toray Industries, Inc   2,239  
21,400     Torii Pharmaceutical Co Ltd   339  
343,750 e   Tosoh Corp   848  
6,500 e   Towa Pharmaceutical Co Ltd   289  
272,000 e   Toyo Ink Manufacturing Co Ltd   774  
271,000 e   Toyobo Co Ltd   413  
5,503 e*   Transgene S.A.   91  
3,132 e   Tronox, Inc (Class B)   - ^
111,600 e   Tsumura & Co   4,142  
3,906,988     UBE Industries Ltd   10,975  
45,363 e   UCB S.A.   1,469  
102,154 e*   Ulta Salon Cosmetics & Fragrance, Inc   846  
290,740 e*   Unifi, Inc   820  
69,567     Unipetrol   576  
478,000     United Laboratories Ltd   126  
124,180 e*   United Therapeutics Corp   7,767  
171,511 f   Uralkali (GDR)   1,528  
43,768 e*   USANA Health Sciences, Inc   1,499  
640,864 e*   USEC, Inc   2,877  
372,164 e*   Valeant Pharmaceuticals International   8,523  
351,149 e   Valspar Corp   6,352  
133,020 *   Vectura Group plc   98  
677,884 e*   Vertex Pharmaceuticals, Inc   20,594  
32,600 e   Victrex plc   225  
6,011     Virbac S.A.   484  
422,253 e*   Viropharma, Inc   5,498  
100,859     Wacker Chemie AG.   10,800  
2,637,702     Wah Lee Industrial Corp   1,672  
520,557 e*   Warner Chilcott Ltd (Class A)   7,548  
583,300 e*   Watson Pharmaceuticals, Inc   15,498  
97,520 e   Westlake Chemical Corp   1,589  
401,262 e*   WR Grace & Co   2,396  
9,814,891     Wyeth   368,157  
131,172 e*   Xenoport, Inc   3,290  
650,758 e*   XOMA Ltd   403  
231,533 e   Yara International ASA   5,093  
8,831 *   Yuhan Corp   1,550  
45,484     Yule Catto & Co plc   36  
95,024 e   Zeltia S.A.   459  
25,232     Zentiva NV   1,439  
119,000 e   Zeon Corp   407  
8,000     ZERIA Pharmaceutical Co Ltd   91  
181,409 e*   Zymogenetics, Inc   544  
      TOTAL CHEMICALS AND ALLIED PRODUCTS   9,924,955  

22

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
COAL MINING - 0.27%
     
685,812 e*   Alpha Natural Resources, Inc
$
 11,103  
100,547     Anglo Pacific Group plc   145  
508,139 e   Arch Coal, Inc   8,277  
716,624 e   Centennial Coal Co Ltd   1,659  
55,979,400 e   China Coal Energy Co   44,565  
3,234,500     China Shenhua Energy Co Ltd   6,844  
35,742 *   CIC Energy Corp   54  
881,666     Consol Energy, Inc   25,198  
90,153     Felix Resources Ltd   553  
347,746 e   Gloucester Coal Ltd   941  
655,678 e*   International Coal Group, Inc   1,508  
148,307 e*   James River Coal Co   2,274  
122,769     Kumba Resources Ltd   955  
62,226 e   MacArthur Coal Ltd   131  
392,554 e   Massey Energy Co   5,413  
115,000 e   Mitsui Mining Co Ltd   173  
136,223 *   National Coal Corp   173  
2,289,231 e   Peabody Energy Corp   52,080  
17,409,194     PT Bumi Resources Tbk   1,469  
901,000     PT Tambang Batubara Bukit Asam Tbk   581  
748,833     Sasol Ltd   22,681  
519,942 e   Sasol Ltd (ADR)   15,770  
52,335 *   UK Coal plc   76  
170,500 *   Western Canadian Coal Corp   98  
64,582 e*   Westmoreland Coal Co   717  
134,922 e   Whitehaven Coal Ltd   135  
1,920,000 e   Yanzhou Coal Mining Co Ltd   1,410  
      TOTAL COAL MINING   204,983  
 
COMMUNICATIONS - 5.37%
     
516 *   Acotel Group S.p.A.   29  
296,793 e   Adtran, Inc   4,416  
1,495,411     Advanced Info Service PCL   3,375  
98,866 f   AFK Sistema (GDR)   544  
231,433 e   Alaska Communications Systems Group, Inc   2,171  
19,612,113 e   America Movil S.A. de C.V. (Series L)   30,066  
2,303,789 *   American Tower Corp (Class A)   67,547  
9,811 e   Amper S.A.   62  
165,520 e*   Anixter International, Inc   4,985  
30,763 e   Antena 3 de Television S.A.   188  
254,542 e*   Aruba Networks, Inc   649  
449,800     Astro All Asia Networks plc   287  
32,946,582     AT&T, Inc   938,978  
57,333     Atlantic Tele-Network, Inc   1,522  
109,713 *   Audiovox Corp (Class A)   550  
655,644 e   Austar United Communications Ltd   338  
130,146     Austereo Group Ltd   114  
66,854 *   Avanzit S.A.   83  
25,600 e*   Axtel SAB de CV   14  
706,532     BCE, Inc   14,383  
870,100     BEC World PCL   500  
110,133 e   Belgacom S.A.   4,184  
1,098,461     Bezeq Israeli Telecommunication Corp Ltd   1,803  
70,415     Brasil Telecom Participacoes S.A.   1,779  
174,460     Brasil Telecom Participacoes S.A.   1,303  
161,165     Brasil Telecom S.A.   943  
246,672 *   Brightpoint, Inc   1,073  

23

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
1,004,681     British Sky Broadcasting plc
$
 6,934  
58,908,824 e   BT Group plc   114,509  
874,679     Cable & Wireless plc   1,968  
750,978 e   Cablevision Systems Corp (Class A)   12,647  
89,948     Canal Plus   515  
24,447 e*   CanWest Global Communications Corp   16  
96,962 e   Carphone Warehouse Group plc   125  
744,800 e*   Carso Global Telecom SAB de CV (Series A1)   2,980  
118,838 e*   Cbeyond Communications, Inc   1,899  
3,039,690 e   CBS Corp (Class B)   24,895  
42,600     Cellcom Israel Ltd   941  
444,267 *   Centennial Communications Corp (Class A)   3,581  
143,540 e*   Central European Media Enterprises Ltd (Class A)   3,118  
31,099 *   Central European Media Enterprises Ltd (Class A)   636  
758,522 e   CenturyTel, Inc   20,730  
2,375,911 e*   Charter Communications, Inc (Class A)   194  
1,937,100 e   China Communications Services Corp Ltd   1,215  
6,768,147 e   China Mobile Hong Kong Ltd   67,942  
15,211,711 e   China Telecom Corp Ltd   5,672  
6,520,217 e   China Unicom Ltd   7,824  
8,409,419 *   Chunghwa Telecom Co Ltd   13,709  
1,459,732 e*   Cincinnati Bell, Inc   2,817  
1,105,980 e*   Citadel Broadcasting Corp   177  
1,446,000     Citic 1616 Holdings Ltd   187  
220,655 e*   Clearwire Corp (Class A)   1,088  
15,977 e   Cogeco Cable, Inc   447  
159,679 *   Colt Telecom Group S.A.   154  
14,897,342     Comcast Corp (Class A)   251,467  
159,826 f   Comstar United Telesystems (GDR)   631  
125,612 e   Consolidated Communications Holdings, Inc   1,492  
60,073     Corus Entertainment, Inc (Class B)   680  
151,698 e*   Cox Radio, Inc (Class A)   912  
1,129,526 e*   Crown Castle International Corp   19,857  
113,981 e*   Crown Media Holdings, Inc (Class A)   325  
286,939 e*   CTC Media, Inc   1,377  
205,653 e*   Cumulus Media, Inc (Class A)   512  
7,707,726     Deutsche Telekom AG.   116,536  
82,939 e*   DG FastChannel, Inc   1,035  
335,900     Digi.Com BHD   2,116  
2,824 *   Digital Multimedia Technologies S.p.A.   50  
4,583,072 e*   DIRECTV Group, Inc   104,998  
2,346,701 e*   DISH Network Corp (Class A)   26,025  
31 e   Dwango Co Ltd   58  
49,312     Egyptian Co for Mobile Services   1,314  
41,098 e   Elisa Oyj (Series A)   715  
1,221,583     Embarq Corp   43,928  
108,800     Empresa Nacional de Telecomunicaciones S.A.   1,178  
157,303 e   Entercom Communications Corp (Class A)   193  
403,056 e*   Entravision Communications Corp (Class A)   629  
133,465 e*   Equinix, Inc   7,099  
136,063 e   Eutelsat Communications   3,196  
530,911 e   Fairpoint Communications, Inc   1,741  
3,379,262     Far EasTone Telecommunications Co Ltd   3,841  
17,757     Fastweb   531  
602,237 e*   FiberTower Corp   96  
36,778 e   Fisher Communications, Inc   759  
45,298 *   Forthnet S.A.   45  

24

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
2,803,409 e   France Telecom S.A.
$
 77,782  
87,258 e*   Freenet AG.   517  
1,124,595 e   Frontier Communications Corp   9,829  
959     Fuji Television Network, Inc   1,372  
273,427 *   General Communication, Inc (Class A)   2,212  
85,487 e*   GeoEye, Inc   1,644  
147,714 e*   Global Crossing Ltd   1,173  
320,769     Global Payments, Inc   10,518  
60,827 *   Global Traffic Network, Inc   355  
83,797 *   Global Village Telecom Holding S.A.   912  
143,214 e*   Globalstar, Inc   29  
129,110     Globe Telecom, Inc   2,105  
297,670 e   Gray Television, Inc   119  
2,682,673 e   Grupo Televisa S.A.   7,909  
87,515 e   Hearst-Argyle Television, Inc   530  
829,425     Hellenic Telecommunications Organization S.A.   13,720  
18,241 e   Hikari Tsushin, Inc   347  
35,725 e*   Hughes Communications, Inc   569  
12,828 e*   Hungarian Telephone & Cable   110  
1,020,751 e   Hutchison Telecommunications International Ltd   274  
795,787 e*   IAC/InterActiveCorp   12,518  
173,371 e   Ibasis, Inc   244  
606,249 e*   ICO Global Communications Holdings Ltd (Class A)   685  
373,039 e*   IDT Corp (Class B)   149  
12,414 e   Iliad S.A.   1,070  
331,389 e   Inmarsat plc   2,246  
36,000 *   Intracom Holdings S.A.   37  
159,323 e   Iowa Telecommunications Services, Inc   2,275  
86,803 *   iPCS, Inc   595  
1,160,727     ITV plc   663  
264,312 e*   j2 Global Communications, Inc   5,297  
481,716 e,m,v*   Jazztel plc   108  
3,749     Jupiter Telecommunications Co   3,902  
298,840     Kcom Group plc   58  
6,699     KDDI Corp   47,833  
156,719 e*   Knology, Inc   809  
145,915     KT Corp   4,352  
83,518 *   KT Freetel Co Ltd   2,093  
203,206 e*   Leap Wireless International, Inc   5,464  
6,373,025 e*   Level 3 Communications, Inc   4,461  
47,580     LG Dacom Corp   764  
168,934     LG Telecom Ltd   1,345  
1,280,591 e*   Liberty Global, Inc (Class A)   20,387  
569,394 e*   Liberty Media Corp - Capital (Series A)   2,682  
2,401,494 *   Liberty Media Corp - Entertainment (Series A)   41,978  
2,578,490 *   Liberty Media Holding Corp (Interactive A)   8,045  
179,873 e*   Lin TV Corp (Class A)   196  
19,256     LS Cable Ltd   1,195  
18,384     M6-Metropole Television   354  
581,935 e   Macquarie Communications Infrastructure Group   343  
480,450     Magyar Telekom   1,349  
22,443 e   Manitoba Telecom Services, Inc   654  
188,527     Maroc Telecom   3,611  
281,521 e*   Mastec, Inc   3,260  
215,162 e*   Mediacom Communications Corp (Class A)   925  
244,164 e   Mediaset S.p.A.   1,407  
860,825 e*   MetroPCS Communications, Inc   12,783  

25

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
223,711     Mobile TeleSystems (ADR)
$
 5,969  
368,000     MobileOne Ltd   378  
123,023     Mobistar S.A.   8,831  
38,432 e   Modern Times Group AB (B Shares)   841  
1,727,855     MTN Group Ltd   20,278  
421,196     Naspers Ltd (N Shares)   7,574  
196,234 *   NET Servicos de Comunicacao S.A.   1,118  
408,572 e*   NeuStar, Inc (Class A)   7,816  
96,907 *   Neutral Tandem, Inc   1,572  
182,091 e*   Nextwave Wireless, Inc   16  
893,869 *   NII Holdings, Inc (Class B)   16,251  
20,030     Nippon Telegraph & Telephone Corp   103,409  
1,000 *   Nippon Television Network Corp   106  
266,512 e*   Novatel Wireless, Inc   1,237  
10,801     NRJ Group   79  
161,398     NTELOS Holdings Corp   3,980  
19,722     NTT DoCoMo, Inc   38,819  
504,340     Orascom Telecom Holding SAE   2,787  
152,324 e*   Orbcomm, Inc   329  
748,651 e*   PAETEC Holding Corp   1,078  
927,000 *   Pakistan Telecommunication Co Ltd   198  
106,455     Partner Communications   1,733  
9,841,100 *   Paxys, Inc   127  
21,677,973 e   PCCW Ltd   10,349  
62,317     Philippine Long Distance Telephone Co   2,848  
49,008     Philippine Long Distance Telephone Co (ADR)   2,301  
1,752,000     Phoenix Satellite Television Holdings Ltd   161  
226,454 e   Portugal Telecom SGPS S.A.   1,911  
12,644     Preformed Line Products Co   582  
43,611 e*   Premiere AG.   230  
65,376 e   ProSiebenSat.1 Media AG.   220  
2,641,600     PT Indosat Tbk   1,405  
51,776 e   PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.   267  
10,869,325     PT Telekomunikasi Indonesia Tbk (Series B)   6,947  
78,908 *   QSC AG.   140  
7,611,648 e   Qwest Communications International, Inc   27,706  
230,718 *   RCN Corp   1,361  
1,497     Reply S.p.A.   35  
23,685     Reverse Corp Ltd   18  
839,787 e   Rogers Communications, Inc (Class B)   24,891  
66,500 e   Rostelecom (ADR)   3,689  
3,445,627     Royal KPN NV   49,716  
35,618     Salmat Ltd   79  
174,458 e*   SAVVIS, Inc   1,202  
546,642 e*   SBA Communications Corp (Class A)   8,921  
657,060 e   Scripps Networks Interactive (Class A)   14,455  
227,285 e   SES Global S.A.   4,366  
853,596 e   Seven Network Ltd   4,225  
2,067 *   Seven Network Ltd   109  
711,495 e   Shaw Communications, Inc (B Shares)   12,455  
128,073 e   Shenandoah Telecom Co   3,592  
290,017 e   Sinclair Broadcast Group, Inc (Class A)   899  
9,992,905     Singapore Telecommunications Ltd   17,687  
40,310     SK Telecom Co Ltd   6,700  
30,000     SK Telecom Co Ltd (ADR)   545  
81,006     Sky Network Television Ltd   175  
1,498 e   Sky Perfect Jsat Corp   732  

26

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
108,000     SmarTone Telecommunications Holding Ltd
$
 80  
35,928 e   Societe Television Francaise 1   521  
1,403,375 e*   SONAECOM - SGPS S.A.   1,961  
17,058,197 *   Sprint Nextel Corp   31,217  
1,515,000     StarHub Ltd   2,040  
11,419     Swisscom AG.   3,704  
107,577 e*   Switch & Data Facilities Co, Inc   795  
341,718 *   Syniverse Holdings, Inc   4,080  
3,823,842     Taiwan Mobile Co Ltd   5,674  
78,562     Tele Norte Leste Participacoes S.A.   1,304  
284,878     Tele Norte Leste Participacoes S.A.   3,935  
124,230 e   Tele2 AB (B Shares)   1,124  
87,800 *   Telecom Argentina S.A. (ADR) (Class B)   667  
4,598,331     Telecom Corp of New Zealand Ltd   6,154  
459,734     Telecom Egypt   1,356  
480,183 e*   Telecom Italia Media S.p.A.   61  
4,773,134 e   Telecom Italia S.p.A.   7,853  
3,390,456     Telecom Italia S.p.A.   3,860  
55,646     Telecom Plus plc   245  
268,446 e*   TeleCommunication Systems, Inc (Class A)   2,306  
109,968     Telefonica O2 Czech Republic A.S.   2,530  
6,119,690     Telefonica S.A.   138,132  
6,828,619 e   Telefonos de Mexico S.A. de C.V. (Series L)   7,076  
7,142     Telegate AG.   61  
3,814,922 e   Telekom Austria AG.   55,508  
3,671,100     Telekom Malaysia BHD   3,268  
753,733     Telekomunikacja Polska S.A.   4,884  
57,800     Telemar Norte Leste S.A.   1,376  
223,391 e   Telenet Group Holding NV   3,819  
1,147,173 e   Telenor ASA   7,739  
569,752 e   Telephone & Data Systems, Inc   18,090  
137,776 *   Telesp Celular Participacoes S.A.   1,668  
317,514     Television Broadcasts Ltd   1,034  
4,216,865 e   TeliaSonera AB   21,236  
307,668     Telkom S.A. Ltd   3,810  
6,897,059 e   Telmex Internacional SAB de CV   3,910  
8,518,291     Telstra Corp Ltd   22,746  
235,026     TELUS Corp   6,644  
246,589     TELUS Corp   7,425  
115,856 e   Ten Network Holdings Ltd   95  
276,921 e*   Terremark Worldwide, Inc   1,077  
316,456 e*   TerreStar Corp   127  
1,750     Thrane & Thrane AS   52  
669,498     Tim Participacoes S.A.   847  
2,896,183 e*   Time Warner Cable, Inc (Class A)   62,123  
167,346 e*   Tiscali S.p.A.   170  
556,746 e*   TiVo, Inc   3,986  
27,200     Tokyo Broadcasting System, Inc   415  
90,000     Total Access Communication PCL   83  
9,682,000 *   True Corp PCL   504  
703,790 *   Turk Telekomunikasyon AS   1,587  
709,734     Turkcell Iletisim Hizmet AS   4,023  
84     TV Asahi Corp   113  
1,700     TV Tokyo Corp   80  
150,106     TVN S.A.   682  
200 e   Uralsvyazinform (ADR)   - ^
113,175 *   US Cellular Corp   4,894  

27

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
      
           
          VALUE  
SHARES
     COMPANY  
(000)
 
156,831     USA Mobility, Inc
$
 1,815  
80,096 e*   Usen Corp   100  
39,928     UTV Media plc   63  
15,953,258     Verizon Communications, Inc   540,816  
9,083 *   VERSATEL AG.   138  
3,626,289 *   Viacom, Inc (Class B)   69,117  
58,808     Videsh Sanchar Nigam Ltd   606  
516,050     Vimpel-Communications (ADR)   3,695  
142,995 e*   Virgin Mobile USA, Inc (Class A)   120  
2,260,139 e   Vivendi Universal S.A.   73,092  
89,567,502     Vodafone Group plc   178,998  
413,740     Vodafone Group plc (ADR)   8,457  
200     VolgaTelecom (ADR)                    - ^
216,685 e*   Vonage Holdings Corp   143  
2,259,644     Windstream Corp   20,789  
13 e*   Xanadoo Co (Class A)   4  
239,619     ZEE Telefilms Ltd   688  
      TOTAL COMMUNICATIONS   4,105,142  
 
DEPOSITORY INSTITUTIONS - 8.39%      
94,527 e   1st Source Corp   2,234  
761,030     77 Bank Ltd   4,142  
146,257 e   Abington Bancorp, Inc   1,353  
328,035     ABSA Group Ltd   3,837  
820,256     African Bank Investments Ltd   2,280  
94,243     Agricultural Bank of Greece   183  
5,100     Aichi Bank Ltd   388  
1,019,241     Akbank TAS   3,156  
73,000     Akita Bank Ltd   315  
1,131,900     Alliance Financial Group BHD   595  
3,454,591     Allied Irish Banks plc   8,312  
844,289     Alpha Bank S.A.   7,863  
22,060 e   Amagerbanken AS   82  
125,713 e   Amcore Financial, Inc   455  
76,032 e   Ameris Bancorp   901  
33,754 e   Ames National Corp   896  
2,500,267     AMMB Holdings BHD   1,785  
101,107 e   Anchor Bancorp Wisconsin, Inc   279  
697,763     Anglo Irish Bank Corp plc   166  
84,000 *   Aomori Bank Ltd   379  
564,834     Aozora Bank Ltd   531  
43,226 e   Arrow Financial Corp   1,087  
438,937 e   Associated Banc-Corp   9,187  
317,562     Astoria Financial Corp   5,233  
525,588 *   Asya Katilim Bankasi AS   395  
34,465     Attijariwafa Bank   1,097  
3,631,402 e   Australia & New Zealand Banking Group Ltd   38,711  
144,000     Awa Bank Ltd   1,011  
363,398 e   Banca Carige S.p.A.   884  
16,220     Banca Generali SpA   64  
3,898     Banca IFIS S.p.A.   34  
445,597     Banca Intesa S.p.A.   1,153  
12,694,578     Banca Intesa S.p.A.   46,115  
855,236 e   Banca Monte dei Paschi di Siena S.p.A.   1,868  
42,055     Banca Popolare dell'Etruria e del Lazio   239  
183,955 e   Banca Popolare di Milano   1,106  
19,537     Banca Profilo S.p.A.   13  

28

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
47,856 e   Bancfirst Corp
$
 2,533  
230,733 e   Banche Popolari Unite Scpa   3,384  
5,930,586 e   Banco Bilbao Vizcaya Argentaria S.A.   73,482  
72,115 e   Banco BPI S.A.   175  
1,581,550     Banco Bradesco S.A.   15,320  
782,813 e*   Banco Comercial Portugues S.A.   887  
35,608     Banco de Credito e Inversiones   606  
874,900     Banco de Oro Universal Bank   452  
291,687 e   Banco de Sabadell S.A.   1,997  
166,898     Banco de Valencia S.A.   1,785  
17,049     Banco di Desio e della Brianza S.p.A.   111  
348,100     Banco do Brasil S.A.   2,191  
189,623     Banco do Estado do Rio Grande do Sul   455  
73,787 e   Banco Espirito Santo S.A.   686  
1,301,467     Banco Itau Holding Financeira S.A.   14,566  
186,133 e   Banco Latinoamericano de Exportaciones S.A. (Class E)   2,673  
39,600 e   Banco Macro S.A. (ADR) (Class B)   428  
129,253 e   Banco Pastor S.A.   918  
207,982     Banco Popolare Scarl   1,475  
469,843 e   Banco Popular Espanol S.A.   4,075  
23,152,915 e   Banco Santander Central Hispano S.A.   223,673  
61,215,562     Banco Santander Chile S.A.   1,977  
244,190     BanColombia S.A.   1,433  
54,988     BanColombia S.A.   314  
88,191 f   BanColombia S.A. (ADR)   2,059  
281,259 e   Bancorpsouth, Inc   6,570  
90,533 e   BancTrust Financial Group, Inc   1,336  
90,500     Bangkok Bank PCL   182  
1,401,700     Bangkok Bank PCL   2,839  
229,842     Banif SGPS S.A.   348  
211 *   Bank BPH S.A.   3  
33,417     Bank Handlowy w Warszawie S.A.   541  
1,061,104     Bank Hapoalim Ltd   2,276  
1,195,573     Bank Leumi Le-Israel   2,501  
294,978     Bank Millennium S.A.   287  
292,315 e   Bank Mutual Corp   3,373  
28,492,673     Bank of America Corp   401,177  
40,972     Bank of Attica   167  
2,572,500     Bank of Ayudhya PCL   681  
28,270,000 e   Bank of China Ltd   7,733  
6,226,022 e   Bank of Communications Co Ltd   4,491  
4,250,824 e   Bank of East Asia Ltd   8,885  
274,297     Bank of Hawaii Corp   12,390  
8,000     Bank of Ikeda Ltd   390  
548,077     Bank of Ireland   635  
6,400 e   Bank of Iwate Ltd   398  
698,270 e   Bank of Kyoto Ltd   7,826  
978,239 e   Bank of Montreal   24,763  
61,000     Bank of Nagoya Ltd   338  
8,240,896     Bank of New York Mellon Corp   233,465  
1,809,761 e   Bank of Nova Scotia   48,832  
61,800     Bank of Okinawa Ltd   2,520  
105,398 e   Bank of Queensland Ltd   730  
220,000     Bank of Saga Ltd   818  
65,722 e   Bank of the Ozarks, Inc   1,948  
1,238,880     Bank of the Philippine Islands   1,035  
253,600 e   Bank of the Ryukyus Ltd   2,502  

29

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
1,793,349 e   Bank of Yokohama Ltd
$
 10,579  
5,954,000     Bank Rakyat Indonesia   2,532  
20,463     Bank Sarasin & Compagnie AG.   611  
24,508     Bank Zachodni WBK S.A.   916  
124,289 e   BankFinancial Corp   1,267  
79,347 e   Bankinter S.A.   718  
69,009 e   Banner Corp   649  
2,653     Banque Cantonale Vaudoise   799  
44,759 m,v   Banque Marocaine du Commerce Exterieur   1,511  
14,467,808 e   Barclays plc   31,909  
2,696     Basler Kantonalbank   292  
2,409,946 e   BB&T Corp   66,177  
375,297 e   Bendigo Bank Ltd   2,878  
182,497 e*   Beneficial Mutual Bancorp, Inc   2,053  
53,776 e   Berkshire Hills Bancorp, Inc   1,660  
33,718     BinckBank NV   255  
2,296,645 e   BNP Paribas   96,572  
5,933,767     BOC Hong Kong Holdings Ltd   6,722  
76,601 e   BOK Financial Corp   3,095  
321,721 e   Boston Private Financial Holdings, Inc   2,201  
9,748 *   BRE Bank S.A.   646  
329,137 e   Brookline Bancorp, Inc   3,505  
4,394 e   Brooklyn Federal Bancorp, Inc   62  
35,543 e   Bryn Mawr Bank Corp   714  
2,640,548     Bumiputra-Commerce Holdings BHD   4,465  
23,716 *   Caja de Ahorros del Mediterraneo   186  
40,592 e   Camden National Corp   1,095  
521,428     Canadian Imperial Bank of Commerce/Canada   21,579  
31,476 e   Canadian Western Bank   316  
67,325 e   Capital City Bank Group, Inc   1,834  
84,639 e   Capitol Bancorp Ltd   660  
89,329 e   Capitol Federal Financial   4,073  
131,372 e   Cardinal Financial Corp   748  
131,386 e   Cascade Bancorp   887  
33,398 e   Cass Information Systems, Inc   1,017  
6,308,666     Cathay Financial Holding Co Ltd   7,016  
285,182 e   Cathay General Bancorp   6,773  
49,957 e   Centerstate Banks of Florida, Inc   849  
155,177 e   Central Pacific Financial Corp   1,558  
4,024,000     Chang Hwa Commercial Bank   1,569  
125,865 e   Chemical Financial Corp   3,509  
1,589,103     Chiba Bank Ltd   9,938  
14,800 *   Chiba Kogyo Bank Ltd   212  
6,314,000 e   China Citic Bank   2,159  
35,566,545 e   China Construction Bank   19,504  
8,688,449     China Development Financial Holding Corp   1,917  
3,423,123 e   China Merchants Bank Co Ltd   6,343  
8,686,657     Chinatrust Financial Holding Co   3,679  
45,000     Chong Hing Bank Ltd   54  
115,000 e   Chugoku Bank Ltd   1,777  
117,000     Chukyo Bank Ltd   450  
27,582,118     Citigroup, Inc   185,076  
46,907 e   Citizens & Northern Corp   926  
718,427 e   Citizens Republic Bancorp, Inc   2,141  
75,675 e   City Bank   394  
98,040 e   City Holding Co   3,410  
138,929 e   City National Corp   6,766  

30

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
           
          VALUE  
SHARES
     COMPANY   (000)  
70,609 e   Clifton Savings Bancorp, Inc
$
 837  
95,909 e   CoBiz, Inc   934  
1,081,571 e   Colonial Bancgroup, Inc   2,239  
111,945 e   Columbia Banking System, Inc   1,336  
20,507     Comdirect Bank AG.   181  
699,047 e   Comerica, Inc   13,876  
235,562     Commerce Bancshares, Inc   10,353  
240,972     Commercial International Bank   1,627  
563,818 e   Commerzbank AG.   5,357  
1,662,497 e,m   Commonwealth Bank of Australia   33,498  
320,624 *   Commonwealth Bank of Australia   6,460  
201,612 e   Community Bank System, Inc   4,917  
80,348 e   Community Trust Bancorp, Inc   2,953  
196,132 e   Corus Bankshares, Inc   218  
73,570     Credicorp Ltd   3,692  
449,352 e   Credit Agricole S.A.   4,997  
85,786     Credito Artigiano S.p.A.   242  
75,527     Credito Emiliano S.p.A.   399  
317,908 e   Cullen/Frost Bankers, Inc   16,112  
378,797 e   CVB Financial Corp   4,508  
127,980     Daegu Bank   696  
116,400 e   Dah Sing Banking Group Ltd   84  
80,000 e   Dah Sing Financial Holdings Ltd   205  
348,000     Daishi Bank Ltd   1,547  
444,783 e   Danske Bank AS   4,481  
15,298     Datacash Group plc   50  
2,933,599 e   DBS Group Holdings Ltd   17,144  
449,222 e   Deutsche Bank AG.   17,765  
26,646 e   Deutsche Postbank AG.   577  
805,953 e   Dexia   3,585  
137,714     Dime Community Bancshares   1,832  
667,592 e   DNB NOR Holding ASA   2,649  
126,942 e*   Dollar Financial Corp   1,308  
2,582,408     E.Sun Financial Holding Co Ltd   687  
366,867 e   East West Bancorp, Inc   5,859  
365,854     EFG Eurobank Ergasias S.A.   2,899  
41,438 e   EFG International   740  
132,000     Ehime Bank Ltd   459  
74,000     Eighteenth Bank Ltd   277  
23,342 *   Emporiki Bank S.A.   185  
33,775 e*   Encore Bancshares, Inc   372  
50,485 e   Enterprise Financial Services Corp   769  
346,700     EON Capital BHD   321  
445,774 e   Erste Bank der Oesterreichischen Sparkassen AG.   10,379  
99,261 e   ESSA Bancorp, Inc   1,403  
259,875 e*   Euronet Worldwide, Inc   3,017  
33,205 e   Farmers Capital Bank Corp   811  
1,814,178 e   Fifth Third Bancorp   14,985  
55,108 e   Financial Institutions, Inc   791  
4,960 e   Fionia Bank AS   20  
73,208 e   First Bancorp   1,343  
410,421 e   First Bancorp   4,572  
46,801 e   First Bancorp, Inc   931  
146,991 e   First Busey Corp (Class A)   2,681  
24,676     First Citizens Bancshares, Inc (Class A)   3,770  
441,752 e   First Commonwealth Financial Corp   5,469  
46,985 e   First Community Bancshares, Inc   1,638  

31

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
201,718 e   First Financial Bancorp
$
 2,499  
109,226 e   First Financial Bankshares, Inc   6,030  
64,943 e   First Financial Corp   2,662  
80,748 e   First Financial Holdings, Inc   1,634  
126,575     First Financial Northwest, Inc   1,182  
2,961,721 e   First Horizon National Corp   31,305  
109,820 e   First Merchants Corp   2,439  
278,355 e   First Midwest Bancorp, Inc   5,559  
667,800 e   First Niagara Financial Group, Inc   10,798  
122,028 e   First Place Financial Corp   467  
44,347 e   First South Bancorp, Inc   557  
77,342 e*   FirstFed Financial Corp   135  
474,672     FirstMerit Corp   9,773  
3,091,558     FirstRand Ltd   5,387  
260,635 e*   Flagstar Bancorp, Inc   185  
127,177 e   Flushing Financial Corp   1,521  
487,429 e   FNB Corp   6,434  
2,118,448     Fortis   2,736  
8,016 e*   Fox Chase Bancorp, Inc   88  
259,028 e   Frontier Financial Corp   1,129  
518,000     Fubon Bank Hong Kong Ltd   167  
4,679,818     Fubon Financial Holding Co Ltd   3,408  
12,275,587     Fuhwa Financial Holdings Co Ltd   5,499  
86,000     Fukui Bank Ltd   321  
1,086,647     Fukuoka Financial Group, Inc   4,750  
85,000     Fukushima Bank Ltd   49  
726,290 e   Fulton Financial Corp   6,987  
20,784 *   Geniki Bank   46  
332,817 e   Glacier Bancorp, Inc   6,330  
32,570     Greek Postal Savings Bank   253  
58,005 e   Greene County Bancshares, Inc   785  
1,401,703 e   Grupo Financiero Banorte S.A. de C.V.   2,518  
400 e*   Grupo Financiero Galicia S.A. (ADR) (Class B)   1  
697,368 e   Grupo Financiero Inbursa S.A.   1,629  
366,001 e*   Guaranty Bancorp   732  
681,408 e   Gunma Bank Ltd   4,362  
324,566 e   Hachijuni Bank Ltd   1,867  
139,467 e   Hancock Holding Co   6,340  
1,010,096     Hang Seng Bank Ltd   13,255  
196,239 e   Hanmi Financial Corp   404  
199,121 e   Harleysville National Corp   2,875  
293,185     HDFC Bank Ltd   6,008  
78,062 e   Heartland Financial USA, Inc   1,607  
60,550 e   Heritage Commerce Corp   681  
54,000     Higashi-Nippon Bank Ltd   188  
104,000     Higo Bank Ltd   657  
357,300 e   Hiroshima Bank Ltd   1,564  
288,000 e   Hokkoku Bank Ltd   1,010  
336,000 e   Hokuetsu Bank Ltd   762  
3,758,300     Hokuhoku Financial Group, Inc   8,897  
84,848 e   Home Bancshares, Inc   2,287  
26,839 e   Home Capital Group, Inc   431  
10,218     Home Federal Bancorp, Inc   110  
500,000     Hong Leong Bank BHD   737  
313,100     Hong Leong Credit BHD   360  
7,350     HQ AB   56  
13,475,980     HSBC Holdings plc   128,263  

32

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
3,464,440     Hua Nan Financial Holdings Co Ltd
$
 1,942  
3,209,506     Hudson City Bancorp, Inc   51,224  
1,458,002 e   Huntington Bancshares, Inc   11,168  
135,000     Hyakugo Bank Ltd   817  
217,000     Hyakujushi Bank Ltd   1,235  
80,897 e   IBERIABANK Corp   3,883  
777,563     ICICI Bank Ltd   7,152  
1,193,552 e   ICICI Bank Ltd (ADR)   22,976  
97,488 e   Independent Bank Corp   2,550  
43,763,000 e   Industrial & Commercial Bank of China   23,039  
190,750     Industrial Bank Of Korea   1,197  
25,667 b,e*   IndyMac Bancorp, Inc   4  
3,354     ING Bank Slaski S.A.   487  
1,833,548     ING Groep NV   20,180  
109,777 e   Integra Bank Corp   150  
310,349     International Bancshares Corp   6,775  
272,232     Investec Ltd   1,236  
345,267     Investec plc   1,415  
253,886 *   Investors Bancorp, Inc   3,410  
511,330     Israel Discount Bank Ltd   460  
200,000 e   Iyo Bank Ltd   2,489  
1,044,826 e   Joyo Bank Ltd   5,942  
22,032,655     JPMorgan Chase & Co   694,690  
612,118     Julius Baer Holding AG.   23,724  
189,000     Juroku Bank Ltd   901  
17,351 e*   Jyske Bank   405  
142,000     Kagawa Bank Ltd   767  
167,000     Kagoshima Bank Ltd   1,395  
140,000     Kansai Urban Banking Corp   216  
22,100 e   Kanto Tsukuba Bank Ltd   76  
5,806     KAS Bank NV   80  
2,865,468     Kasikornbank PCL   3,758  
92,896 e   Kearny Financial Corp   1,189  
166,000     Keiyo Bank Ltd   856  
2,894,911 e   Keycorp   24,665  
930,000 e   Kiyo Holdings, Inc   1,423  
17,793     Komercni Banka A.S.   2,899  
274,842     Korea Exchange Bank   1,415  
127,022     Kotak Mahindra Bank Ltd   932  
2,643,900     Krung Thai Bank PCL   292  
114,939 e   Lakeland Bancorp, Inc   1,294  
78,767 e   Lakeland Financial Corp   1,876  
18,421     Laurentian Bank of Canada   515  
9,938     Liechtenstein Landesbank   478  
8,640,498 e   Lloyds TSB Group plc   15,653  
3,702,746 v*   Lloyds TSB Group plc   - ^
265,241 e   M&T Bank Corp   15,227  
118,988 e   MainSource Financial Group, Inc   1,844  
2,472,250     Malayan Banking BHD   3,644  
884,797 e   Marshall & Ilsley Corp   12,069  
190,130 e   MB Financial, Inc   5,314  
281,805     MCB Bank Ltd   448  
164,504 e   Mediobanca S.p.A.   1,692  
8,448,360     Mega Financial Holding Co Ltd   2,948  
30,350     Meliorbanca S.p.A.   126  
52,938 e*   Meridian Interstate Bancorp, Inc   490  
334,582 *   Metavante Technologies, Inc   5,390  

33

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
           
          VALUE  
SHARES
     COMPANY   (000)  
538,200     Metropolitan Bank & Trust
$
 270  
170,000     Michinoku Bank Ltd   406  
96,192 e   Midwest Banc Holdings, Inc   135  
52,000 e   Mie Bank Ltd   213  
77,000     Minato Bank Ltd   120  
24,087,069 e   Mitsubishi UFJ Financial Group, Inc   151,391  
2,498,800 e   Mitsui Trust Holdings, Inc   12,286  
66,000     Miyazaki Bank Ltd   251  
134,633     Mizrahi Tefahot Bank Ltd   693  
17,687 e   Mizuho Financial Group, Inc   50,281  
1,129,000 e   Mizuho Trust & Banking Co Ltd   1,432  
24,000     Musashino Bank Ltd   938  
141,000 e   Nanto Bank Ltd   818  
122,714 e   Nara Bancorp, Inc   1,206  
19,311 e   NASB Financial, Inc   521  
2,288,746     National Australia Bank Ltd   33,303  
283,655     National Bank of Canada   7,192  
1,047,097     National Bank of Greece S.A.   19,213  
174,947     National Bank Of Pakistan   111  
11,191,573 e   National City Corp   20,257  
457,952 e   National Penn Bancshares, Inc   6,645  
356,350     Natixis   619  
195,463 e   NBT Bancorp, Inc   5,465  
226,364     Nedbank Group Ltd   2,338  
279,351 e*   Net 1 UEPS Technologies, Inc   3,827  
1,299,329 e   New York Community Bancorp, Inc   15,540  
601,551 e   NewAlliance Bancshares, Inc   7,922  
606,693     Nishi-Nippon City Bank Ltd   1,765  
89,510 e   Nordea Bank AB   645  
3,090,845 e   Nordea Bank AB   22,031  
22,377 *   Northern Rock PLC   29  
1,364,159     Northern Trust Corp   71,127  
102,641     Northfield Bancorp, Inc   1,155  
92,551 e   Northwest Bancorp, Inc   1,979  
49,551     OceanFirst Financial Corp   823  
216,000     Ogaki Kyoritsu Bank Ltd   1,015  
67,000     Oita Bank Ltd   456  
324,476 e   OKO Bank (Class A)   4,513  
376,261 e   Old National Bancorp   6,833  
75,913 e   Old Second Bancorp, Inc   881  
133,221 e   Oriental Financial Group, Inc   806  
80,118 e*   Oritani Financial Corp   1,350  
306,000 e*   OTP Bank Rt   4,600  
1,335,887     Oversea-Chinese Banking Corp   4,627  
251,707 e   Pacific Capital Bancorp   4,249  
54,763 e   Pacific Continental Corp   820  
144,090 e   PacWest Bancorp   3,876  
61,220 e   Park National Corp   4,393  
23,957     PayPoint plc   172  
43,855     Peapack Gladstone Financial Corp   1,168  
26,552 e*   Pennsylvania Commerce Bancorp, Inc   708  
75,996 e   Peoples Bancorp, Inc   1,454  
2,049,253     People's United Financial, Inc   36,538  
1,316 b,e*   PFF Bancorp, Inc   - ^
97,342 e   Piccolo Credito Valtellinese Scarl   967  
118,310 e*   Pinnacle Financial Partners, Inc   3,527  
101,737     Piraeus Bank S.A.   905  

34

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
           
          VALUE  
SHARES
     COMPANY   (000)  
1,512,709 e   PNC Financial Services Group, Inc
$
 74,123  
1,138,868     Popular, Inc   5,877  
555,287     Powszechna Kasa Oszczednosci Bank Polski S.A.   6,653  
105,536 e   Premierwest Bancorp   706  
104,782 e   PrivateBancorp, Inc   3,401  
220,489 e   Prosperity Bancshares, Inc   6,524  
186,488 e   Provident Bankshares Corp   1,801  
365,403     Provident Financial Services, Inc   5,591  
257,294 e   Provident New York Bancorp   3,190  
13,279,000     PT Bank Central Asia Tbk   4,015  
1,845,000     PT Bank Danamon Indonesia Tbk   535  
8,313,500     PT Bank Mandiri Persero Tbk   1,578  
1,038,200     Public Bank BHD   2,626  
154,360     Pusan Bank   732  
57,714 e   Raiffeisen International Bank Holding AG.   1,604  
2,380,468 e   Regions Financial Corp   18,949  
109,570 e   Renasant Corp   1,866  
66,665 e   Republic Bancorp, Inc (Class A)   1,813  
4,791 e   Resona Holdings, Inc   7,087  
588,400     RHB Capital BHD   663  
49,361 e   Rockville Financial, Inc   690  
55,315 e   Roma Financial Corp   696  
5,200     Roskilde Bank   - ^
2,330,613 e   Royal Bank of Canada   68,153  
135,601 e   Royal Bank of Canada   4,022  
64,058     Royal Bank of Scotland Group plc   43  
46,357,971     Royal Bank of Scotland Group plc   32,926  
141,805 e   S&T Bancorp, Inc   5,034  
74,326 e   S.Y. Bancorp, Inc   2,044  
86,918 e   Sandy Spring Bancorp, Inc   1,897  
110,000     San-In Godo Bank Ltd   892  
37,340 e   Santander BanCorp   466  
962     Sapporo Hokuyo Holdings, Inc   3,704  
50,865 e,f,m,v   Sberbank (GDR)   7,258  
55,750 e   SCBT Financial Corp   1,923  
81,224 e   Seacoast Banking Corp of Florida   536  
413 *   Seven Bank Ltd   1,579  
152,000 e   Shiga Bank Ltd   998  
78,000     Shikoku Bank Ltd   422  
4,900     Shimizu Bank Ltd   230  
4,208,212     Shin Kong Financial Holding Co Ltd   1,141  
4,170,010 e   Shinsei Bank Ltd   6,600  
1,564,143     Shizuoka Bank Ltd   18,177  
46,000     Shonai Bank Ltd   76  
44,830 e   Shore Bancshares, Inc   1,075  
1,676,900     Siam Commercial Bank PCL   2,363  
37,453 e   Sierra Bancorp   787  
221,378 e*   Signature Bank   6,351  
91,318 e   Simmons First National Corp (Class A)   2,691  
6,297,947     SinoPac Financial Holdings Co Ltd   1,372  
732,160 e   Skandinaviska Enskilda Banken AB (Class A)   5,910  
53,182 e   Smithtown Bancorp, Inc   853  
1,686,231 e   Societe Generale   84,382  
429,661 e   South Financial Group, Inc   1,856  
81,351 e   Southside Bancshares, Inc   1,912  
87,980 e   Southwest Bancorp, Inc   1,140  
1,773,022 e*   Sovereign Bancorp, Inc   5,284  

35

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
57,000 e   Sparebanken Midt-Norge
$
 251  
18,100     Sparebanken Nord-Norge   116  
1,044     St Galler Kantonalbank   380  
1,248,708     Standard Bank Group Ltd   11,211  
72,969 e   State Bancorp, Inc   711  
41,122     State Bank of India Ltd   1,088  
14,115 e,f   State Bank of India Ltd (GDR)   776  
2,761,263     State Street Corp   108,600  
118,664 e   StellarOne Corp   2,005  
109,018 e   Sterling Bancorp   1,530  
435,439 e   Sterling Bancshares, Inc   2,647  
306,428 e   Sterling Financial Corp   2,697  
50,581 e   Suffolk Bancorp   1,817  
13,105 e   Sumitomo Mitsui Financial Group, Inc   54,357  
1,837,815     Sumitomo Trust & Banking Co Ltd   10,864  
94,124 e*   Sun Bancorp, Inc   705  
1,674,342     Suncorp-Metway Ltd   9,806  
2,021,267 e   SunTrust Banks, Inc   59,708  
839,837 e   Suruga Bank Ltd   8,343  
482,682 e   Susquehanna Bancshares, Inc   7,679  
186,369 e*   SVB Financial Group   4,888  
174,437     Svenska Handelsbanken (A Shares)   2,885  
120,100 e   Swedbank AB (A Shares)   709  
63,573 e   Sydbank AS   782  
956,098 e   Synovus Financial Corp   7,936  
4,318,000     Taishin Financial Holdings Co Ltd   760  
2,512,000 *   Taiwan Business Bank   537  
4,063,401 e   TCF Financial Corp   55,506  
147,572 *   Texas Capital Bancshares, Inc   1,972  
417,646 e   TFS Financial Corp   5,388  
19,691,100 *   TMB Bank PCL   338  
57,000     Tochigi Bank Ltd   348  
74,000     Toho Bank Ltd   326  
90,000     Tokushima Bank Ltd   473  
14,500 e   Tokyo Tomin Bank Ltd   235  
35,051 e   Tompkins Trustco, Inc   2,031  
1,575,746 e   Toronto-Dominion Bank   55,461  
284,000 *   Towa Bank Ltd   224  
115,545 e   TowneBank   2,864  
85,040 e   Trico Bancshares   2,123  
408,370 e   Trustco Bank Corp NY   3,884  
294,647 e   Trustmark Corp   6,361  
2,545,495 *   Turkiye Garanti Bankasi AS   4,288  
330,561     Turkiye Halk Bankasi AS   985  
1,097,257     Turkiye Is Bankasi (Series C)   2,915  
785,951     Turkiye Vakiflar Bankasi Tao   596  
13,457,083 *   UBS A.G.   195,792  
889,420 e*   UBS AG.   12,719  
647,185 e   UCBH Holdings, Inc   4,453  
177,268 e   UMB Financial Corp   8,711  
338,859 e   Umpqua Holdings Corp   4,903  
1,162,684     Unibanco - Uniao de Bancos Brasileiros S.A.   7,404  
42,784,312 e   UniCredito Italiano S.p.A   108,780  
83,082 e   Union Bankshares Corp   2,060  
301,512     United Bank Ltd   141  
221,813 e   United Bankshares, Inc   7,369  
228,161 e   United Community Banks, Inc   3,099  

36

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
           
          VALUE  
SHARES
     COMPANY   (000)  
184,554 e   United Community Financial Corp
$
 166  
115,003     United Financial Bancorp, Inc   1,741  
779,320 e   United Overseas Bank Ltd   6,989  
39,501 e   United Security Bancshares   458  
68,753 e   Univest Corp of Pennsylvania   2,210  
9,357,387     US Bancorp   234,028  
204,814     UTI Bank Ltd   2,122  
950,439 e   Valley National Bancorp   19,246  
4,476     Verwalt & Privat-Bank AG.   597  
61,229     ViewPoint Financial Group   983  
31,169 e   Vontobel Holding AG.   656  
915,693 e,f   VTB Bank OJSC (GDR)   1,987  
16,145 e   W Holding Co, Inc   166  
12,476,837 e   Wachovia Corp   69,122  
293,696 e   Washington Federal, Inc   4,394  
71,237 e   Washington Trust Bancorp, Inc   1,407  
113,955     Waterland Financial Holdings   18  
55,788 e*   Waterstone Financial, Inc   187  
391,770 e   Webster Financial Corp   5,399  
26,565,058     Wells Fargo & Co   783,138  
143,015 e   WesBanco, Inc   3,891  
91,694 e   West Bancorporation, Inc   1,123  
94,006 e   West Coast Bancorp   620  
156,057 e   Westamerica Bancorporation   7,982  
113,400 e*   Western Alliance Bancorp   1,144  
5,100,250     Western Union Co   73,138  
185,577 e   Westfield Financial, Inc   1,915  
2,935,536 e   Westpac Banking Corp   34,732  
224,858 e   Whitney Holding Corp   3,595  
232,313 e   Wilmington Trust Corp   5,167  
108,754 e   Wilshire Bancorp, Inc   987  
137,127 e   Wing Hang Bank Ltd   790  
140,968 e   Wintrust Financial Corp   2,900  
246,360     Woori Finance Holdings Co Ltd   1,281  
35,619     WSFS Financial Corp   1,709  
176     Yachiyo Bank Ltd   553  
62,004 e   Yadkin Valley Financial Corp   884  
57,000     Yamagata Bank Ltd   389  
361,000     Yamaguchi Financial Group, Inc   4,060  
103,000     Yamanashi Chuo Bank Ltd   607  
849,564 *   Yapi ve Kredi Bankasi   1,156  
442,186 e   Zions Bancorporation   10,838  
      TOTAL DEPOSITORY INSTITUTIONS   6,418,976  
 
EATING AND DRINKING PLACES - 1.02%
     
201,103 *   AFC Enterprises   943  
2,224,000     Ajisen China Holdings Ltd   1,036  
25,915 e   Autogrill S.p.A.   199  
85,678 e*   BJ's Restaurants, Inc   923  
170,605 e   Bob Evans Farms, Inc   3,485  
963,661 e   Brinker International, Inc   10,157  
88,179 e*   Buffalo Wild Wings, Inc   2,262  
601,873 e   Burger King Holdings, Inc   14,373  
284,000     Cafe de Coral Holdings Ltd   575  
140,535 e*   California Pizza Kitchen, Inc   1,507  
114,479 e   Cracker Barrel Old Country Store, Inc   2,357  
147,556 *   CEC Entertainment, Inc   3,578  

37

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
363,654 e*   Cheesecake Factory
$
 3,673  
116,819 e*   Chipotle Mexican Grill, Inc (Class A)   7,240  
392 e*   Chipotle Mexican Grill, Inc (Class B)   22  
290,077     CKE Restaurants, Inc   2,518  
2,100     Coco's Japan Co Ltd   45  
14,500 e*   Colowide Co Ltd   87  
19,973,992     Compass Group plc   98,789  
2,715,893 e   Darden Restaurants, Inc   76,534  
752,167 e*   Denny's Corp   1,497  
82,905 e   DineEquity, Inc   958  
206,832 e*   Domino's Pizza, Inc   974  
23,410 e*   Einstein Noah Restaurant Group, Inc   135  
1,431,144 e   Enterprise Inns plc   1,142  
169,889 e   Greene King plc   965  
2,700 e   Ichibanya Co Ltd   62  
318,552 e*   Jack in the Box, Inc   7,037  
371,200     Jollibee Foods Corp   331  
4,350 e   Kappa Create Co Ltd   104  
3,000     Kentucky Fried Chicken Japan Ltd   52  
7,500     Kisoji Co Ltd   154  
552,731 e*   Krispy Kreme Doughnuts, Inc   929  
66,376 e   Landry's Restaurants, Inc   770  
114,757 e*   Luby's, Inc   481  
261,047     Marston's plc   439  
6,342,981     McDonald's Corp   394,470  
46,300 e   McDonald's Holdings Co Japan Ltd   927  
116,628 e   Mitchells & Butlers plc   268  
10,700 e   MOS Food Services, Inc   158  
155,464     O'Charleys, Inc   311  
123,059     Onex Corp   1,813  
149,407 e*   Papa John's International, Inc   2,754  
124,194 e*   PF Chang's China Bistro, Inc   2,601  
11,100 e   Plenus Co Ltd   200  
90,261 e   Punch Taverns plc   75  
87,916 e*   Red Robin Gourmet Burgers, Inc   1,480  
139,720     Restaurant Group plc   214  
30,802 e*   Rick's Cabaret International, Inc   123  
10,200 e   Royal Holdings Co Ltd   106  
309,364 e*   Ruby Tuesday, Inc   483  
91,608 e*   Ruth's Chris Steak House, Inc   126  
25,300 e   Saizeriya Co Ltd   355  
88,195 e   Sodexho Alliance S.A.   4,852  
314,357 e*   Sonic Corp   3,826  
5,600 e*   St Marc Holdings Co Ltd   168  
119     Starbucks Coffee Japan Ltd   50  
168,452 e*   Steak N Shake Co   1,002  
215,000     Tao Heung Holdings Ltd   45  
254,203 e*   Texas Roadhouse, Inc (Class A)   1,970  
649,686 e   Tim Hortons, Inc   18,737  
18,500 e   WATAMI Co Ltd   477  
2,068,728 e   Wendy's/Arby's Group, Inc (Class A)   10,219  
47,153 e   Wetherspoon (J.D.) plc   211  
55,010     Whitbread plc   725  
437 e   Yoshinoya D&C Co Ltd   522  
2,639,297     Yum! Brands, Inc   83,138  
43,500 e   Zensho Co Ltd   257  
      TOTAL EATING AND DRINKING PLACES   778,996  

38

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
 
EDUCATIONAL SERVICES - 0.18%      
1,299,039 e,m,v   ABC Learning Centres Ltd
$
 489  
3,190 *   Academedia AB (B Shares)   30  
56,030 e*   American Public Education, Inc   2,084  
710,793 *   Apollo Group, Inc (Class A)   54,461  
109,917     Benesse Corp   4,810  
424,168     CAE, Inc   2,783  
397,678 e*   Career Education Corp   7,134  
487,785 e*   Corinthian Colleges, Inc   7,985  
319,523     DeVry, Inc   18,344  
17,030 e*   Grand Canyon Education, Inc   320  
198,505 e*   ITT Educational Services, Inc   18,854  
34,219 e*   K12, Inc   653  
46,609 e*   Learning Tree International, Inc   397  
16,858 e*   Lincoln Educational Services Corp   223  
70,305 e*   Princeton Review, Inc   347  
838,000     Raffles Education Corp Ltd   329  
60,514 e   Strayer Education, Inc   12,975  
122,738 e*   Universal Technical Institute, Inc   2,107  
82,735     UP, Inc   476  
335,000     YBM Sisa.com, Inc   1,803  
      TOTAL EDUCATIONAL SERVICES   136,604  
 
ELECTRIC, GAS, AND SANITARY SERVICES - 5.20%
     
1,844,651 e   A2A S.p.A.   3,316  
94,125 e   ACEA S.p.A.   1,283  
13,342 e   AcegasAps S.p.A.   94  
42,967     Actelios S.p.A.   186  
3,549,765 e*   AES Corp   29,250  
112,200     AES Tiete S.A.   714  
381,480     AGL Energy Ltd   4,059  
262,158     AGL Resources, Inc   8,219  
41,431     Algonquin Power Income Fund   78  
807,280     Allegheny Energy, Inc   27,335  
133,356     Allete, Inc   4,303  
438,849     Alliant Energy Corp   12,806  
716,077     Ameren Corp   23,817  
96,931     American Ecology Corp   1,961  
2,170,932     American Electric Power Co, Inc   72,249  
91,129     American States Water Co   3,005  
506,125 e   American Water Works Co, Inc   10,568  
458,608     Aqua America, Inc   9,443  
127,662     Ascopiave S.p.A.   266  
31,074     Atco Ltd (Class T)   957  
411,845     Atmos Energy Corp   9,761  
287,994     Avista Corp   5,581  
462,816 e*   Beacon Power Corp   245  
52,435 e   BFI Canada Ltd   446  
13,301     BKW FMB Energie AG.   1,284  
202,124 e   Black Hills Corp   5,449  
34,642 e   Boralex Power Income Fund   89  
8,577 *   Boralex, Inc   52  
1,147,957     British Energy Group plc   12,766  
112,019 e   California Water Service Group   5,201  
1,956,209 e*   Calpine Corp   14,241  
56,447 e*   Canadian Hydro Developers, Inc   136  

39

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
126,352     Canadian Utilities Ltd (Class A)
$
 4,145  
121,442 *   Casella Waste Systems, Inc (Class A)   495  
2,267,740     Centerpoint Energy, Inc   28,619  
76,471 e   Central Vermont Public Service Corp   1,825  
19,156,149     Centrica plc   73,261  
22,147 e*   Ceres Power Holdings plc   26  
241,790     CEZ   10,286  
93,182 e   CH Energy Group, Inc   4,789  
46,958     Chemtrade Logistics Income Fund   330  
44,917 e   Chesapeake Utilities Corp   1,414  
3,049,000 e   China Resources Power Holdings Co   5,862  
3,353,848 e*   China Water Affairs Group Ltd   411  
1,639,718     Chubu Electric Power Co, Inc   49,942  
414,776     Chugoku Electric Power Co, Inc   10,921  
34,700     Cia de Transmissao de Energia Eletrica Paulista   625  
330,441 e   CIR-Compagnie Industriali Riunite S.p.A.   345  
114,477 e*   Clean Energy Fuels Corp   691  
112,947 e*   Clean Harbors, Inc   7,165  
323,784     Cleco Corp   7,392  
2,896,993 e   CLP Holdings Ltd   19,662  
2,431,151 e   CMS Energy Corp   24,579  
298,876     Cofide S.p.A.   158  
6,447,386 *   Colbun S.A.   1,007  
118,995     Companhia de Saneamento Basico do Estado de Sao Paulo   1,417  
315,012     Companhia Energetica de Minas Gerais   4,292  
171,788     Companhia Energetica de Sao Paulo (Class B)   1,112  
107,002     Companhia Paranaense de Energia   1,101  
45,289 e   Connecticut Water Service, Inc   1,069  
1,014,220 e   Consolidated Edison, Inc   39,484  
78,183 e   Consolidated Water Co, Inc   977  
4,168,838     Constellation Energy Group, Inc   104,596  
722,351     Contact Energy Ltd   3,094  
623,212 e*   Covanta Holding Corp   13,686  
135,500     CPFL Energia S.A.   1,752  
228,191 e   Crosstex Energy, Inc   890  
3,299,000 e   Datang International Power Generation Co Ltd   1,745  
559,691 *   Dogan Sirketler Grubu Holdings   373  
2,007,238     Dominion Resources, Inc   71,939  
383,435 e   DPL, Inc   8,758  
1,287,404     Drax Group plc   10,384  
713,150 e   DTE Energy Co   25,438  
1,350,955     DUET Group   1,629  
6,789,509     Duke Energy Corp   101,911  
3,817,874 e*   Dynegy, Inc (Class A)   7,636  
3,865,352     E.ON AG.   151,781  
6,459 e   EDF Energies Nouvelles S.A.   227  
1,699,048     Edison International   54,573  
64,292     EDP - Energias do Brasil S.A.   623  
167,125 *   EDP Renovaveis S.A.   1,162  
2,429,051 e   El Paso Corp   19,019  
249,052 *   El Paso Electric Co   4,505  
451,547     Electric Power Development Co   17,749  
963,271 e   Electricite de France   55,568  
40,000     Electricity Generating PCL   79  
128,903     Eletropaulo Metropolitana de Sao Paulo S.A.   1,410  
44,937 *   ElSwedy Cables Holding Co   619  
184,406 e   Empire District Electric Co   3,246  

40

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
3,659,545     Empresa Nacional de Electricidad S.A.
$
 4,192  
142,566     Enagas   3,148  
633,629 e   Enbridge, Inc   20,305  
4,999,908     Enel S.p.A.   32,207  
451,346 e   Energen Corp   13,238  
1,000,986 e   Energias de Portugal S.A.   3,750  
1,172,882 e   Energy Developments Ltd   1,922  
20,343     Energy Savings Income Fund   144  
357,888 e*   Energy World Corp Ltd   45  
208,939 e   EnergySolutions, Inc   1,181  
50,739 e*   EnerNOC, Inc   377  
14,255,201     Enersis S.A.   3,685  
11,356 *   EnerTAD S.p.A.   10  
74,619     Enia S.p.A.   415  
244,460     Enka Insaat ve Sanayi AS   831  
837,602     Entergy Corp   69,630  
565,659     Envestra Ltd   144  
4,461,167 e   Exelon Corp   248,085  
20,909     Fersa Energias Renovables S.A.   65  
1,871,600     FirstEnergy Corp   90,922  
261,315     Fortis, Inc   5,205  
791,076     Fortum Oyj   17,194  
2,414,648     FPL Group, Inc   121,529  
303,377 e   Gas Natural SDG S.A.   8,255  
4,629     Gas Plus   50  
2,707,061 e   Gaz de France   132,926  
469,000     Glow Energy PCL   306  
13,155     Great Lakes Hydro Income Fund   170  
407,001 e   Great Plains Energy, Inc   7,867  
15,300 *   Greentech Energy Systems   67  
3,062,000     Guangdong Investments Ltd   1,229  
6,650 e   Hafslund ASA (B shares)   66  
193,370     Hastie Group Ltd   175  
126,318 e   Hastings Diversified Utilities Fund   192  
409,965 e   Hawaiian Electric Industries, Inc   9,077  
261,145 e   Hera S.p.A.   568  
363,429 e   Hokkaido Electric Power Co, Inc   9,188  
245,835     Hokuriku Electric Power Co   6,954  
3,984,712 e   Hong Kong & China Gas Ltd   6,015  
3,172,302 e   Hong Kong Electric Holdings Ltd   17,805  
15,674,000 e*   Huadian Power International Co   3,741  
3,034,000 e   Huaneng Power International, Inc   2,192  
41,063 e   Hunting plc   247  
804,848 *   Iberdrola Renovables   3,509  
6,977,416     Iberdrola S.A.   65,041  
249,730     Idacorp, Inc   7,355  
5,900     Innergex Power Income Fund   44  
417,688 e   Integrys Energy Group, Inc   17,952  
415,173 *   Interconexion Electrica S.A.   1,311  
700 e,m,v   Interconexion Electrica S.A.(ADR)   48  
2,330,069     International Power plc   8,049  
489,499     Iride S.p.A.   655  
271,057 e   ITC Holdings Corp   11,840  
223,000 e   Iwatani International Corp   559  
45     Japan Wind Development Co Ltd   134  
1,547,873     Kansai Electric Power Co, Inc   44,836  
47,102     Keyera Facilities Income Fund   680  

41

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
430,710 *   KOC Holding AS
$
 731  
287,787     Korea Electric Power Corp   6,710  
24,554     Korea Gas Corp   1,137  
923,461     Kyushu Electric Power Co, Inc   24,516  
133,492     Laclede Group, Inc   6,253  
14,537     Lassila & Tikanoja Oyj   227  
503,850 m,v   Manila Electric Co   630  
717,130     MDU Resources Group, Inc   15,476  
118,009 e   MGE Energy, Inc   3,894  
71,294 e   Middlesex Water Co   1,228  
800,830 e*   Mirant Corp   15,112  
3,085,374     MMC Corp BHD   927  
512,189 e   National Fuel Gas Co   16,047  
3,517,804     National Grid plc   34,595  
248,955     New Jersey Resources Corp   9,796  
23,773 e   Newalta Income Fund   123  
252,907 e   Nicor, Inc   8,786  
1,536,092     NiSource, Inc   16,851  
950,687 e   Northeast Utilities   22,874  
39,620     Northland Power Income Fund   372  
494,398 e   Northumbrian Water Group plc   1,679  
157,966 e   Northwest Natural Gas Co   6,987  
240,536 e   NorthWestern Corp   5,645  
1,769,515 e*   NRG Energy, Inc   41,283  
360,126 e   NSTAR   13,141  
891,806     NTPC Ltd   3,306  
281,161 e*   Ocean Power Technologies, Inc   1,881  
38,255 e   Oest Elektrizitatswirts AG. (Class A)   1,769  
312,270 e   OGE Energy Corp   8,050  
16,300     Okinawa Electric Power Co, Inc   1,211  
363,508 e   Oneok, Inc   10,585  
82,974     Ormat Industries   514  
114,304 e   Ormat Technologies, Inc   3,643  
4,167,430 e   Osaka Gas Co Ltd   19,271  
192,719 e   Otter Tail Corp   4,496  
218,595 e   Pennon Group plc   1,564  
994,961     Pepco Holdings, Inc   17,671  
479,000     Petronas Gas BHD   1,357  
2,332,869 e   PG&E Corp   90,305  
87,857 e*   Pico Holdings, Inc   2,335  
413,259     Piedmont Natural Gas Co, Inc   13,088  
148,430 e*   Pike Electric Corp   1,826  
345,695 e   Pinnacle West Capital Corp   11,107  
487,867 e*   Plug Power, Inc   498  
476,705 e   PNM Resources, Inc   4,805  
5,791,000     PNOC Energy Development Corp   241  
1,183,183     Polish Oil & Gas Co   1,438  
364,576     Portland General Electric Co   7,098  
2,588 *   Poweo   35  
2,559,219     PPL Corp   78,542  
1,399,680 e   Progress Energy, Inc   55,777  
495,639 m,v*   Progress Energy, Inc   5  
11,385,000     PT Perusahaan Gas Negara   1,990  
178,784     Public Power Corp   2,868  
4,004,421     Public Service Enterprise Group, Inc   116,809  
516,447     Puget Energy, Inc   14,084  
1,209,054     Questar Corp   39,524  

42

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
362,200     Ratchaburi Electricity Generating Holding PCL
$
 448  
85,736     Red Electrica de Espana   4,371  
117,794 *   Reliance Energy Ltd   1,401  
591,258 *   Reliance Natural Resources Ltd   694  
1,980,439 *   Reliant Energy, Inc   11,447  
4,507,056 e   Republic Services, Inc   111,730  
90,911 e   Resource America, Inc (Class A)   364  
499,846 e   RWE AG.   44,395  
11,134     RWE AG.   840  
108,000 e   Saibu Gas Co Ltd   302  
516,340 e   SCANA Corp   18,382  
621,795     Scottish & Southern Energy plc   10,880  
1,438 e   Seche Environnement S.A.   89  
6,948 e   Sechilienne-Sidec   309  
1,459,149     Sempra Energy   62,204  
569,633     Severn Trent plc   9,812  
150,575     Shanks Group plc   236  
191,835 e   Shikoku Electric Power Co, Inc   6,468  
17,500     Shizuoka Gas Co Ltd   112  
1,237,555     NV Energy, Inc   12,239  
65,000 *   Sino-Environment Technology Group Ltd   27  
70,391 e   SJW Corp   2,108  
2,269,106 e   Snam Rete Gas S.p.A.   12,675  
12,633 e*   Solaria Energia y Medio Ambiente S.A.   35  
181,751     South Jersey Industries, Inc   7,243  
2,948,476 e   Southern Co   109,094  
391,416     Southern Union Co   5,104  
224,856     Southwest Gas Corp   5,671  
123,450 e   Southwest Water Co   398  
603,048     SP AusNet   399  
355,917 e*   Stericycle, Inc   18,536  
83,430 e*   Suez Environnement S.A.   1,397  
77,128     Tata Power Co Ltd   1,186  
778,505 e   TECO Energy, Inc   9,615  
1,542,575     Tenaga Nasional BHD   2,786  
3,113,050     Terna Rete Elettrica Nazionale S.p.A.   10,273  
1,185,000 e   Toho Gas Co Ltd   7,819  
531,958     Tohoku Electric Power Co, Inc   14,390  
2,688,644     Tokyo Electric Power Co, Inc   89,752  
4,848,098     Tokyo Gas Co Ltd   24,574  
155,696     Tractebel Energia S.A.   1,238  
291,236     TransAlta Corp   5,733  
670,761     UGI Corp   16,380  
142,007 e   UIL Holdings Corp   4,264  
77,400     Ultrapar Participacoes S.A.   1,687  
16,300 *   Unified Energy System (ADR)   1,663  
45,938 f,m,v*   Unified Energy System (GDR)   4,594  
977,257 e   Union Fenosa S.A.   24,486  
198,771 e   Unisource Energy Corp   5,836  
534,486     United Utilities Group plc   4,814  
8,306     Universal Energy Group Ltd   37  
329,637     Vector Ltd   387  
275,248 e   Vectren Corp   6,884  
289,168 e   Veolia Environnement   8,923  
426,695 *   Waste Connections, Inc   13,471  
2,164,111     Waste Management, Inc   71,719  
140,041 e*   Waste Services, Inc   921  

43

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
1,134,505     Westar Energy, Inc
$
 23,269  
274,666 e   WGL Holdings, Inc   8,979  
2,225,052     Williams Cos, Inc   32,219  
667,628 e   Wisconsin Energy Corp   28,027  
3,922,994     Xcel Energy, Inc   72,772  
7,873,522     YTL Power International   4,324  
8,286 e   Zhongde Waste Technology AG.   159  
      TOTAL ELECTRIC, GAS, AND SANITARY SERVICES   3,979,585  
 
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.47%
     
374,000 *   AAC Acoustic Technologies Holdings, Inc   168  
6,001 e*   Aastra Technologies Ltd   58  
2,342,572 e   ABB Ltd   35,725  
49,672     ABB Ltd India   463  
194,805 e*   Acme Packet, Inc   1,025  
146,195 e*   Actel Corp   1,713  
221,720 e   Acuity Brands, Inc   7,740  
706,787 *   Adaptec, Inc   2,332  
405,098 e*   ADC Telecommunications, Inc   2,216  
220,526 *   Advanced Analogic Technologies, Inc   666  
220,298 e*   Advanced Battery Technologies, Inc   586  
192,380 *   Advanced Energy Industries, Inc   1,914  
2,081,655 e*   Advanced Micro Devices, Inc   4,496  
4,179,873     Advanced Semiconductor Engineering, Inc   1,503  
92,719     Aga Rangemaster Group plc   96  
6,000 e   Aiphone Co Ltd   112  
119,536 e*   Airvana, Inc   732  
2,882,981 e*   Alcatel S.A.   6,143  
20,500 e   Alpine Electronics, Inc   165  
528,692     Alps Electric Co Ltd   2,608  
1,150,054 e   Altera Corp   19,217  
214,504 e*   American Superconductor Corp   3,499  
479,565     Ametek, Inc   14,488  
733,480 e*   Amkor Technology, Inc   1,599  
929,325     Amphenol Corp (Class A)   22,285  
280,194 e*   Anadigics, Inc   415  
1,564,900     Analog Devices, Inc   29,764  
289,766 e   Ansaldo STS S.p.A.   4,107  
5,214,370 *   Apple Computer, Inc   445,046  
540,618 e*   Applied Micro Circuits Corp   2,125  
70,232 e   Applied Signal Technology, Inc   1,260  
122,183     Arcelik AS   163  
856,029 e   ARM Holdings plc   1,065  
725,438 *   Arris Group, Inc   5,767  
11,848 e*   Ascent Solar Technologies, Inc   45  
11,241 *   Ascom Holding AG.   88  
6,615,150     Asustek Computer, Inc   7,418  
313,163 e*   Atheros Communications, Inc   4,481  
3,130,584 e*   Atmel Corp   9,799  
161,266 e*   ATMI, Inc   2,488  
7,037,377     AU Optronics Corp   5,297  
572,930 e   AU Optronics Corp (ADR)   4,400  
10,815     Austria Technologie & Systemtechnik AG.   50  
11,451     Austriamicrosystems AG.   137  
132,843 *   Avanex Corp   139  
4,813,506     Avermedia Technologies   3,388  
15,400 e   Avex Group Holdings, Inc   171  

44

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
752,147 *   Avnet, Inc
$
 13,697  
186,659 e   AVX Corp   1,482  
65     Axell Corp   224  
72,056 e*   AZZ, Inc   1,809  
272,846 e   Baldor Electric Co   4,870  
4,350 e   Bang & Olufsen AS (B Shares)   48  
4,747 e   Barco NV   118  
70,127 e   Bel Fuse, Inc (Class B)   1,487  
389,796 *   Benchmark Electronics, Inc   4,978  
299,443 e*   BigBand Networks, Inc   1,653  
576,705 e*   Bookham, Inc   260  
3,433,133 *   Broadcom Corp (Class A)   58,260  
605,900 e   Byd Co Ltd   993  
1,987 e*   C&D Technologies, Inc   6  
10,900     Canon Electronics, Inc   155  
745,115 e*   Capstone Turbine Corp   626  
8,954 e   Carbone Lorraine   222  
164,359 *   Celestica, Inc   752  
1,641 e*   Centrotherm Photovoltaics AG.   47  
157,386 e*   Ceradyne, Inc   3,197  
108,140 e*   Ceva, Inc   757  
983,000 e*   Chartered Semiconductor Manufacturing Ltd   123  
229,211 *   Checkpoint Systems, Inc   2,255  
377,511     Cheng Uei Precision Industry Co Ltd   414  
4,269,920     Chi Mei Optoelectronics Corp   1,405  
164,529 e*   China BAK Battery, Inc   267  
11,538 e,m,v*   China Energy Savings Technology, Inc   1  
152,396 e*   China Security & Surveillance Technology, Inc   675  
107,195 e   Chloride Group plc   222  
20,854 e   Chrysalis Group plc   17  
7,441,000     Chunghwa Picture Tubes Ltd   757  
303,309 e*   Ciena Corp   2,032  
36,067,378 *   Cisco Systems, Inc   587,898  
47,000     Clarion Co Ltd   32  
17,100 e   CMK Corp   51  
211,575     Compal Communications, Inc   114  
132,718 e*   Comtech Telecommunications Corp   6,081  
104,027 e*   Conergy AG.   145  
1,032,735     Cooper Industries Ltd (Class A)   30,187  
9,400 e   Cosel Co Ltd   76  
44,022 e*   CPI International, Inc   381  
306,137 e*   Cree, Inc   4,858  
55,063 e*   CSR plc   134  
191,130     CTS Corp   1,053  
91,221 e   Cubic Corp   2,481  
774,160 e*   Cypress Semiconductor Corp   3,460  
44,000 e   Daihen Corp   172  
526,478     Daiichikosho Co Ltd   5,414  
117,000 e   Dainippon Screen Manufacturing Co Ltd   228  
31,000     Daiwa Industries Ltd   107  
37,735     De'Longhi S.p.A.   77  
155,723 e*   Diodes, Inc   944  
316,418 e*   Dolby Laboratories, Inc (Class A)   10,366  
201,822 *   DSP Group, Inc   1,619  
91,989 e*   DTS, Inc   1,688  
56,166     E2V Technologies plc   170  
712,812     Eaton Corp   35,434  

45

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
177,427 e*   EchoStar Corp (Class A)
$
 2,638  
15,700 e   Eizo Nanao Corp   256  
486,000     Elan Microelectronics Corp   341  
151,799 *   Electro Scientific Industries, Inc   1,031  
8,661     Elica S.p.A.   10  
96,147 e*   Elpida Memory, Inc   595  
16,300 e*   Eltek ASA   3  
356,761 e*   Emcore Corp   464  
85,489 *   EMS Technologies, Inc   2,212  
302,210 e*   Energizer Holdings, Inc   16,362  
242,652 e*   Energy Conversion Devices, Inc   6,117  
150,138 e*   EnerSys   1,652  
11,962 *   Entropic Communications, Inc   6  
477,578     Epistar Corp   431  
97,000 e   Epson Toyocom Corp   183  
2,968,919 e   Ericsson (LM) (B Shares)   23,145  
720,027 e*   Evergreen Solar, Inc   2,297  
272,339     Everlight Electronics Co Ltd   358  
25,655 *   Evertz Technologies Ltd   286  
– e   Evertz Technologies Ltd   - ^
8,157     EVS Broadcast Equipment S.A.   289  
182,257 e*   Exar Corp   1,216  
427,944 *   Exide Technologies   2,264  
1,763,614 e*   Fairchild Semiconductor International, Inc   8,624  
2,137,220 e*   Finisar Corp   812  
273,648 e*   First Solar, Inc   37,752  
112,570     Fisher & Paykel Appliances Holdings Ltd   89  
21,000     Formosa Sumco Technology Corp   42  
14,500     Foster Electric Co Ltd   113  
1,921,100 e*   Foxconn International Holdings Ltd   637  
502,793     Foxconn Technology Co Ltd   1,183  
116,809 e   Franklin Electric Co, Inc   3,284  
337,429 e*   FuelCell Energy, Inc   1,309  
1,925,042 e   Fuji Electric Holdings Co Ltd   2,900  
106,000 e   Fujitsu General Ltd   194  
13,500 e   Funai Electric Co Ltd   279  
15,500     Futaba Corp/Chiba   197  
146,182 e   Gamesa Corp Tecnologica S.A.   2,665  
49,795 e*   Gemalto NV   1,239  
61,715,456     General Electric Co   999,790  
163 e   Geo Corp   134  
1,312,500     Geodesic Information Systems Ltd   1,878  
10,259     Gewiss S.p.A.   38  
106,269 e*   Globecomm Systems, Inc   583  
150,229 e*   GN Store Nord   296  
778,731 *   GrafTech International Ltd   6,479  
125,268 e*   Greatbatch, Inc   3,315  
6,672 e*   GreenHunter Energy, Inc   33  
247,000 e   GS Yuasa Corp   1,496  
117,020 e*   GT Solar International, Inc   338  
4,283,727 *   GVK Power & Infrastructure Ltd   1,956  
211,752     Halma plc   617  
149,200 e   Hamamatsu Photonics KK   2,860  
4,556,140     HannStar Display Corp   594  
390,949     Harman International Industries, Inc   6,541  
592,837 *   Harmonic, Inc   3,326  
612,139     Harris Corp   23,292  

46

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
159,035 e*   Harris Stratex Networks, Inc (Class A)
$
 821  
173,424 *   Helen of Troy Ltd   3,011  
845,595 e*   Hexcel Corp   6,249  
708,368     High Tech Computer Corp   7,058  
21,523 e   Hirose Electric Co Ltd   2,178  
117,425     Hitachi Chemical Co Ltd   1,220  
192,790     Hitachi High-Technologies Corp   3,087  
3,844,389     Hitachi Ltd   14,920  
22,200     Hitachi Maxell Ltd   207  
114,003 e*   Hittite Microwave Corp   3,359  
8,839,645     Hon Hai Precision Industry Co, Ltd   17,292  
77,100 e   Hosiden Corp   1,219  
524,806 e   Hoya Corp   9,166  
7,672     Huber & Suhner AG.   270  
132,975 e*   Hutchinson Technology, Inc   463  
318,090 *   Hynix Semiconductor, Inc   1,743  
94,950 e   Ibiden Co Ltd   1,969  
18,000     Ichikoh Industries Ltd   26  
4,000     Icom, Inc   85  
11,100     Idec Corp   114  
110,418 *   Imagination Technologies Group plc   99  
171,136 e   Imation Corp   2,322  
60,249     Imtech NV   1,005  
59,002 e   Indesit Co S.p.A.   360  
437 e   Index Corp   24  
347,550 e*   Infineon Technologies AG.   468  
496,854 e*   Infinera Corp   4,452  
1,863,796     InnoLux Display Corp   1,377  
937,100 *   Inotera Memories, Inc   230  
1,272,660 *   Integrated Device Technology, Inc   7,140  
35,232,517     Intel Corp   516,509  
285,743 e*   InterDigital, Inc   7,858  
585,998 *   International Rectifier Corp   7,911  
430,298 e   Intersil Corp (Class A)   3,954  
7,023     Ion Beam Applications   76  
92,661 e*   IPG Photonics Corp   1,221  
91,474 e*   iRobot Corp   826  
128,980 e   IXYS Corp   1,065  
28,000 e   Japan Aviation Electronics Industry Ltd   117  
57,000     Japan Radio Co Ltd   87  
248,189 e*   Jarden Corp   2,854  
1,517,771 e*   JDS Uniphase Corp   5,540  
1,069,086     Johnson Electric Holdings Ltd   181  
856,700 e*   JVC KENWOOD Holdings, Inc   340  
535,721 e*   Kemet Corp   145  
266,669     Kinsus Interconnect Technology Corp   250  
13,600     Koa Corp   78  
792,824 e   Koninklijke Philips Electronics NV   15,242  
9,850     Koor Industries Ltd   104  
14,831 e   Kudelski S.A.   159  
184,735 e   Kyocera Corp   13,374  
924,546     L-3 Communications Holdings, Inc   68,213  
110,745     Laird Group plc   221  
893,572 e*   Lattice Semiconductor Corp   1,349  
26,835 e   Legrand S.A.   510  
332     LEM Holding S.A.   41  
15,189     LG Electronics, Inc   402  

47

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
100,454     LG Electronics, Inc
$
 6,100  
146,715 e   Lincoln Electric Holdings, Inc   7,472  
1,425,815 e   Linear Technology Corp   31,539  
111,740 e*   Littelfuse, Inc   1,855  
18,530     Loewe AG.   229  
59,040 e*   Loral Space & Communications, Inc   858  
133,340 e   LSI Industries, Inc   916  
3,284,872 e*   LSI Logic Corp   10,807  
18,217 e   Mabuchi Motor Co Ltd   755  
3,204,437     Macronix International   845  
746 *   Manz Automation AG.   44  
2,267,738 *   Marvell Technology Group Ltd   15,126  
384,000 *   Matsunichi Communication Holdings Ltd   233  
2,322,689 e   Matsushita Electric Industrial Co Ltd   28,551  
631,657     Matsushita Electric Works Ltd   5,632  
264,383 e*   Mattson Technology, Inc   373  
651,301     Maxim Integrated Products, Inc   7,438  
97,756 e*   Maxwell Technologies, Inc   496  
1,110,000     Meadville Holdings Ltd   115  
1,024,769     MediaTek, Inc   6,885  
130,382 e*   Medis Technologies Ltd   59  
14,600 e   Megachips Corp   264  
66,000     Meidensha Corp   211  
3,700     Meiko Electronics Co   36  
16,202     Melexis NV   113  
1,276,314 e*   MEMC Electronic Materials, Inc   18,226  
143,837 *   Mercury Computer Systems, Inc   908  
232,352     Methode Electronics, Inc   1,566  
1,196 *   Meyer Burger Technology AG.   140  
289,905     Micrel, Inc   2,119  
648,254 e   Microchip Technology, Inc   12,660  
5,188,268 e*   Micron Technology, Inc   13,697  
11,120 *   Micronas Semiconductor Holdings, Inc   33  
434,425 e*   Microsemi Corp   5,491  
289,233 *   Microtune, Inc   590  
293,383 e*   Microvision, Inc   493  
57,724 e   Millicom International Cellular S.A.   2,727  
24,900 e   Mimasu Semiconductor Industry Co Ltd   237  
231,704 e   Minebea Co Ltd   802  
276,410 e*   MIPS Technologies, Inc   307  
4,116,676     Mitsubishi Electric Corp   25,798  
10,700 e   Mitsui High-Tec, Inc   58  
322,852     Mitsumi Electric Co Ltd   5,653  
460,080 e   Molex, Inc   6,667  
162,352 e*   Monolithic Power Systems, Inc   2,047  
228,393 e*   Moog, Inc (Class A)   8,352  
231,145     Motech Industries, Inc   545  
8,577,326     Motorola, Inc   37,998  
831,389 e*   MRV Communications, Inc   640  
96,709 e*   Multi-Fineline Electronix, Inc   1,131  
264,791 e   Murata Manufacturing Co Ltd   10,383  
174,273     Nan Ya Printed Circuit Board Corp   366  
2,605,096 *   Nanya Technology Corp   479  
21,584 e   National Presto Industries, Inc   1,662  
1,716,956 e   National Semiconductor Corp   17,290  
8,912 e*   NEC Electronics Corp   84  
21,000 e*   NEC Tokin Corp   84  

48

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
196,500     Neo-Neon Holdings Ltd
$
 38  
3,123,717 *   NetApp, Inc   43,638  
95,303 e*   Netlogic Microsystems, Inc   2,098  
25,550 e   Nexans S.A.   1,511  
103,886 e   NGK Spark Plug Co Ltd   835  
63,715 *   Nice Systems Ltd   1,400  
53,100     Nichicon Corp   341  
20,700 e   Nidec Copal Electronics Corp   111  
161,150 e   Nidec Corp   6,302  
9,300 e   Nihon Dempa Kogyo Co Ltd   110  
115,000 e   Nippon Carbon Co Ltd   347  
98,000 e   Nippon Chemi-Con Corp   210  
23,300 e   Nissha Printing Co Ltd   927  
56,000     Nissin Electric Co Ltd   250  
149,983     Nitto Denko Corp   2,871  
11,200 e   Nitto Kogyo Corp   102  
9,850 e   NKT Holding AS   201  
9,000     Nohmi Bosai Ltd   118  
6,482,216 e   Nokia Oyj   101,721  
242,378 e*   Nortel Networks Corp   63  
464,899 e*   Novellus Systems, Inc   5,737  
28,361 e*   NVE Corp   741  
2,919,070 e*   Nvidia Corp   23,557  
5,600 e   Obara Corp   32  
148     Okinawa Cellular Telephone Co   321  
268,312 e*   Omnivision Technologies, Inc   1,409  
235,008 e   Omron Corp   3,158  
3,050,531 e*   ON Semiconductor Corp   10,372  
111,266 e*   Oplink Communications, Inc   957  
124,862 e*   OpNext, Inc   219  
14,598 e*   Option NV   39  
175,000     Origin Electric Co Ltd   479  
12,985 e*   Orion Energy Systems, Inc   70  
86,830 *   OSI Systems, Inc   1,203  
92,363 *   Pace plc   73  
603,350     Panasonic Corp (ADR)   7,506  
104,169 e   Park Electrochemical Corp   1,975  
122,693 e*   Parkervision, Inc   303  
10,459 *   Parrot S.A.   63  
104,649 *   Pericom Semiconductor Corp   573  
246,414 *   Photronics, Inc   481  
181,246 e   Pioneer Corp   335  
280,092     Plantronics, Inc   3,697  
221,339 *   Plexus Corp   3,752  
138,442 e*   PLX Technology, Inc   238  
1,318,334 e*   PMC - Sierra, Inc   6,407  
454,739 *   Polycom, Inc   6,144  
80,609 e*   Polypore International, Inc   609  
54,998 *   Powell Industries, Inc   1,596  
163,786 e   Power Integrations, Inc   3,256  
7,065,035 *   Powerchip Semiconductor Corp   842  
457,492 e*   Power-One, Inc   544  
971,525     Powertech Technology, Inc   1,616  
768,356 e*   Powerwave Technologies, Inc   384  
5,245,000 *   ProMOS Technologies, Inc   388  
220,924     PV Crystalox Solar plc   318  
47,404 e*   Q-Cells AG.   1,772  

49

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
639,240 e*   QLogic Corp
$
 8,591  
10,347,454     Qualcomm, Inc   370,749  
2,199,102     Quanta Computer, Inc   2,319  
489,910 e*   Quantum Fuel Systems Technologies Worldwide, Inc   416  
365,203 e*   Rambus, Inc   5,814  
93,801 e   Raven Industries, Inc   2,261  
199,126     Redes Energeticas Nacionais S.A.   785  
189,130 e   Regal-Beloit Corp   7,185  
668,207     Reliance Communication Ventures Ltd   3,116  
310,009 e*   Renewable Energy Corp AS   2,969  
866,918 *   Research In Motion Ltd   34,761  
161,979     Reunert Ltd   888  
1,308,941 e*   RF Micro Devices, Inc   1,021  
28,493 *   RHJ International   138  
114,700     Richtek Technology Corp   458  
2,137,038     Ricoh Co Ltd   27,390  
33,700 e   Rinnai Corp   1,322  
99,884 *   Rogers Corp   2,774  
149,823     Rohm Co Ltd   7,564  
52,627 e*   Rubicon Technology, Inc   224  
13,563     Saft Groupe S.A.   364  
61,035     Samsung Electro-Mechanics Co Ltd   1,643  
136,553     Samsung Electronics Co Ltd   49,786  
20,280     Samsung Electronics Co Ltd   4,214  
33,162 *   Samsung SDI Co Ltd   1,475  
97,000 e   Sanken Electric Co Ltd   382  
3,756,715 *   Sanmina-SCI Corp   1,766  
16,000     Sanyo Denki Co Ltd   39  
1,354,325 e*   Sanyo Electric Co Ltd   2,533  
421     Schweiter Technologies AG.   148  
169,692 *   Seachange International, Inc   1,223  
32,395     SEB S.A.   966  
7,000     SEC Carbon Ltd   27  
411,793 *   Semtech Corp   4,641  
211,338 e*   SGL Carbon AG.   7,091  
915,696 e   Sharp Corp   6,601  
95,000     Shindengen Electric Manufacturing Co Ltd   173  
6,700 e   Shinkawa Ltd   79  
41,561 e   Shinko Electric Industries   339  
7,000 e*   Shin-Kobe Electric Machinery Co Ltd   64  
230,035 e*   ShoreTel, Inc   1,033  
80,025     Siemens India Ltd   471  
495,518 e*   Silicon Image, Inc   2,081  
160,948 e*   Silicon Laboratories, Inc   3,988  
565,546 *   Silicon Storage Technology, Inc   1,295  
2,875,726     Siliconware Precision Industries Co   2,454  
950,000     SIM Technology Group Ltd   81  
158,467     Sino-American Silicon Products, Inc   325  
12,053,592 e*   Sirius XM Radio, Inc   1,446  
992,665 *   Skyworks Solutions, Inc   5,499  
272,198 e*   Smart Modular Technologies WWH, Inc   419  
2,559,368     Smiths Group plc   32,566  
25,000     SMK Corp   74  
30,884 e*   SOITEC   137  
5,160 *   Solar Millennium AG.   85  
79,710,511 e   Solomon Systech International Ltd   1,841  
3,913 e*   Solon AG.   82  

50

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
1,446,880 e   Sony Corp
$
 31,646  
743,558 e*   Spansion, Inc (Class A)   141  
124,450 *   Standard Microsystems Corp   2,034  
294,810     Stanley Electric Co Ltd   3,113  
186,608 e*   Starent Networks Corp   2,226  
453,568 e   STMicroelectronics NV   3,014  
107,422 e*   Stoneridge, Inc   490  
465,477 e   Sumco Corp   5,914  
216,047 e*   Sunpower Corp (Class A)   7,994  
154,799 e*   Sunpower Corp (Class B)   4,712  
53,735 e*   Supertex, Inc   1,290  
1,007,060 e*   Sycamore Networks, Inc   2,709  
287,906 e*   Symmetricom, Inc   1,137  
201,372 e*   Synaptics, Inc   3,335  
104,198 e*   Synthesis Energy Systems, Inc   71  
24,496,995     Taiwan Semiconductor Manufacturing Co Ltd   33,142  
654,640     Taiwan Semiconductor Manufacturing Co Ltd (ADR)   5,172  
86,000 e   Taiyo Yuden Co Ltd   489  
98,300 e   Tandberg ASA   1,083  
3,432,000 *   Tatung Co Ltd   637  
222,162 e   TDK Corp   8,208  
217,089     Technitrol, Inc   755  
100,008 e*   Techwell, Inc   650  
2,392,000     Teco Electric and Machinery Co Ltd   736  
378,762 e*   Tekelec   5,053  
12,516 *   Telecomunicaciones y Energia   62  
319,372 e   Teleflex, Inc   16,001  
1,365,856 *   Tellabs, Inc   5,627  
269,710 e*   Tessera Technologies, Inc   3,204  
6,626,647     Texas Instruments, Inc   102,846  
8,849 e*   Theolia SA   37  
288,484 *   Thomas & Betts Corp   6,929  
155,045 e   Thomson   207  
30,000     Toko, Inc   35  
370,105 e   Tokyo Denpa Co Ltd   2,054  
136,000     Toshiba TEC Corp   410  
33,300 e   Toyo Corp/Chuo-ku   447  
7,200 e   Toyo Tanso Co Ltd   278  
182,600 e   Toyota Boshoku Corp   1,488  
322,595     Transcend Information, Inc   595  
80,402 e*   Transmeta Corp   1,463  
509,215 *   Trident Microsystems, Inc   962  
361,275     Tripod Technology Corp   354  
801,535 *   Triquint Semiconductor, Inc   2,757  
78,000     Truly International Holdings   42  
212,739     TT electronics plc   107  
264,245 e*   TTM Technologies, Inc   1,377  
2,243,443     Tyco Electronics Ltd   36,366  
118,414 *   Ultra Clean Holdings   238  
76,843 e*   Ultralife Corp   1,030  
24,000 e   Uniden Corp   38  
893,946     Unimicron Technology Corp   370  
2,335 e*   United Capital Corp   42  
13,074,022     United Microelectronics Corp   2,960  
134,305 e*   Universal Display Corp   1,269  
65,434 e*   Universal Electronics, Inc   1,061  
320,560 e*   US Geothermal, Inc   266  

51

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
1,244,075 e   Ushio, Inc
$
 16,437  
721,183 e*   Utstarcom, Inc   1,334  
4,458     Vacon plc   116  
269,668 e*   Valence Technology, Inc   491  
687,743     Vanguard International Semiconductor Corp   156  
327,137 e*   Varian Semiconductor Equipment Associates, Inc   5,928  
139,337 *   Viasat, Inc   3,355  
109,918 e   Vicor Corp   727  
1,458,018 *   Vishay Intertechnology, Inc   4,986  
161,564 e*   Volterra Semiconductor Corp   1,155  
119,000 e   Vtech Holdings Ltd   504  
3,069 e*   Wavecom S.A.   35  
296,044 e   Whirlpool Corp   12,241  
46,782 *   Wolfson Microelectronics plc   54  
56,490     Woongjin Coway Co Ltd   1,211  
1,248,360 e   Xilinx, Inc   22,246  
15,750 m,v*   Ya Hsin Industrial Co Ltd   3  
563,860 e   Yaskawa Electric Corp   2,277  
25     Zappallas, Inc   59  
13,000     Zinwell Corp   14  
135,729 e*   Zoltek Cos, Inc   1,220  
290,750 e*   Zoran Corp   1,986  
1,130,240 e   ZTE Corp   2,960  
37,492     Zumtobel AG.   300  
      TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT   4,948,932  
 
ENGINEERING AND MANAGEMENT SERVICES - 1.17%
     
22,295     Aangpanneforeningen AB (B Shares)   342  
144,598 e*   Accelrys, Inc   630  
3,986,577     Accenture Ltd (Class A)   130,720  
111,959 *   Advisory Board Co   2,497  
509,074 e*   Aecom Technology Corp   15,644  
295,800 e   Aeon Mall Co Ltd   5,718  
61,145     Aero Inventory plc   201  
54,456 e*   Affymax, Inc   544  
15,467 *   Alten   327  
481,362 e*   Amylin Pharmaceuticals, Inc   5,223  
23,351     Arcadis NV   305  
572,504 e*   Ariad Pharmaceuticals, Inc   487  
7,982 e*   Arpida Ltd   6  
31,921     Assystem   247  
103,654     Atkins WS plc   1,000  
42,080     Ausenco Ltd   64  
456,904     Australian Wealth Management Ltd   350  
222,422 e   Babcock International Group   1,517  
3,301 *   Bavarian Nordic AS   82  
41,562     Bilfinger Berger AG.   2,225  
15,600 *   Blom AS   32  
87,586     Bure Equity AB   278  
453,010 e   Cap Gemini S.A.   17,317  
399,887     Capita Group plc   4,243  
109,830     CDI Corp   1,421  
440,136 *   Celera Corp   4,899  
2,474,603 *   Celgene Corp   136,796  
97,791 e*   China Architectural Engineering, Inc   241  
8,853 e*   China Direct, Inc   13  
4,076,000 e*   China Railway Group Ltd   2,824  

52

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
111,396 e*   comScore, Inc
$
 1,420  
60,341 *   Cornell Cos, Inc   1,122  
136,216 e   Corporate Executive Board Co   3,005  
62,916 e*   CRA International, Inc   1,694  
371,677 e*   CV Therapeutics, Inc   3,423  
1,862 *   Cytos Biotechnology AG.   45  
182,445     Daewoo Engineering & Construction Co Ltd   1,320  
12,380 a,e*   Digital Garage, Inc   11,173  
12,927     Dinamia   167  
1,116,747     Downer EDI Ltd   2,982  
24,690 v*   DTZ Holdings plc   - ^
14,109     DTZ Holdings plc   6  
360,784 e*   Dyax Corp   1,313  
258,345 *   eResearch Technology, Inc   1,713  
3,195 e   Eurofins Scientific   157  
513,781 e*   Exelixis, Inc   2,579  
100,616 *   Exponent, Inc   3,027  
1,030,494     Fluor Corp   46,238  
108,047     Fugro NV   3,077  
180,859 e*   Furmanite Corp   975  
671,914 e*   Genpact Ltd   5,523  
405,214 *   Gen-Probe, Inc   17,359  
18,344     GFK AG.   563  
1,280,162 e   GRD Ltd   250  
278,295     Groupe Aeroplan, Inc   1,957  
78,991 e   Hargreaves Lansdown plc   184  
638,861 *   Hewitt Associates, Inc (Class A)   18,131  
138,091 e*   Hill International, Inc   972  
105,115 e*   Huron Consulting Group, Inc   6,020  
63,739     Hyundai Development Co   1,688  
28,739 e*   ICF International, Inc   706  
2,717 m,v*   Icon plc   45  
888     IDB Development Corp Ltd   7  
372,780 e*   Incyte Corp   1,413  
263,094 e   Intertek Group plc   2,966  
23,000     IPSOS   616  
566,976 e*   Isis Pharmaceuticals, Inc   8,040  
543,245 e*   Jacobs Engineering Group, Inc   26,130  
564,158     JGC Corp   8,443  
376,335     John Wood Group plc   1,019  
3,957     Kapsch TrafficCom AG.   90  
2,009,688 e   KBR, Inc   30,547  
42,190     Keller Group plc   349  
80,140 e*   Kendle International, Inc   2,061  
30,337     Kumho Industrial Co Ltd   321  
51,149 e   Landauer, Inc   3,749  
127,506 e*   LECG Corp   856  
438,335 e*   Lexicon Pharmaceuticals, Inc   614  
232,628 e*   Luminex Corp   4,969  
104,880     MAXIMUS, Inc   3,682  
163,234 e*   Maxygen, Inc   1,456  
977,180 e*   McDermott International, Inc   9,655  
10,079 e   Medion AG.   90  
66,899 *   Michael Baker Corp   2,469  
196,565     Mitie Group   581  
49,134 e   Monadelphous Group Ltd   231  
915,640 e   Moody's Corp   18,395  

53

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
45,826 e   Mouchel Group plc
$
 225  
266,366 e*   Myriad Genetics, Inc   17,649  
2,229 e   National Research Corp   65  
281,415 e*   Navigant Consulting, Inc   4,466  
5,775 *   NeuroSearch AS   151  
9,100 e   Nichii Gakkan Co   132  
14,000 e   Nippon Densetsu Kogyo Co Ltd   165  
30,800 e   NPC, Inc   1,570  
633,271     NRW Holdings Ltd   95  
157,597 e*   Omnicell, Inc   1,924  
8,000     Oyo Corp   105  
1,292,249 e   Paychex, Inc   33,960  
242,177     Petrofac Ltd   1,205  
64,015 e*   PharmaNet Development Group, Inc   58  
36,665     Poyry Oyj   402  
159,786 e*   PRG-Schultz International, Inc   652  
115,337 *   Programmed Maintenance Services Ltd   244  
457,965 e   QinetiQ plc   1,045  
550,957     Quest Diagnostics, Inc   28,600  
369,273 e*   Regeneron Pharmaceuticals, Inc   6,780  
2,152,000 *   Regent Pacific Group Ltd   41  
1,119,074 e*   Rentech, Inc   761  
203,799 e*   Repligen Corp   770  
231,523 e*   Resources Connection, Inc   3,792  
162,181 e*   Rigel Pharmaceuticals, Inc   1,297  
125,000     Road King Infrastructure   47  
119,474     Robert Walters plc   175  
106,000     Rotary Engineering Ltd   18  
189,497     RPS Group plc   381  
259,330 e*   RTI Biologics, Inc   716  
56,864 e   SAI Global Ltd   93  
1,490,670 *   SAIC, Inc   29,038  
35,287     Samsung Engineering Co Ltd   1,255  
207,393 e*   Sangamo Biosciences, Inc   722  
276,107 e*   Savient Pharmaceuticals, Inc   1,598  
231,064     Savills plc   743  
84,680     Scott Wilson Group plc   116  
374,978 e*   Seattle Genetics, Inc   3,352  
2,559,912     SembCorp Industries Ltd   4,122  
319,793 e*   Sequenom, Inc   6,344  
1,483,472     Serco Group plc   9,609  
2,358,393 e*   Shaw Group, Inc   48,276  
5,000 e   Shin Nippon Biomedical Laboratories Ltd   40  
37,000     Shinko Plantech Co Ltd   315  
40,000     Shui On Construction and Materials Ltd   31  
51,191 *   Silex Systems Ltd   104  
187,478 e   SNC-Lavalin Group, Inc   6,028  
57,510 e*   Stanley, Inc   2,083  
19,945 e*   Stantec, Inc   487  
15,272     Strabag SE   357  
132,000 *   Swiber Holdings Ltd   51  
168,921 e*   Symyx Technologies, Inc   1,003  
35 *   Takara Bio, Inc   70  
23,384 m,v   Taylor Nelson Sofres plc   81  
320,970     Tecan Group AG.   11,904  
52,883 e*   Tejon Ranch Co   1,308  
372,626 e*   Tetra Tech, Inc   8,999  

54

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
6,880 *   ThromboGenics NV
$
 67  
717,957 e   Toyo Engineering Corp   2,240  
192,975 e   Transfield Services Ltd   245  
15,331 e   Trevi Finanziaria S.p.A.   164  
122,505 e   United Group Ltd   705  
472,389 e*   URS Corp   19,259  
644,000     Value Partners Group Ltd   206  
295,024 e*   VCA Antech, Inc   5,865  
22,222     VSE Corp   872  
92,035 e   VT Group plc   737  
252,407 e   Watson Wyatt & Co Holdings (Class A)   12,070  
199,037 e   WorleyParsons Ltd   1,961  
38,855     WSP Group plc   113  
155,936 e   Xchanging plc   528  
906,600     Zelan BHD   231  
      TOTAL ENGINEERING AND MANAGEMENT SERVICES   894,659  
 
ENVIRONMENTAL QUALITY AND HOUSING - 0.00%**      
155,325 e   Transpacific Industries Group Ltd   353  
      TOTAL ENVIRONMENTAL QUALITY AND HOUSING   353  
 
EXECUTIVE, LEGISLATIVE AND GENERAL - 0.00%**
     
153,900 e   Nippon Suisan Kaisha Ltd   398  
      TOTAL EXECUTIVE, LEGISLATIVE AND GENERAL   398  
 
FABRICATED METAL PRODUCTS - 0.53%      
590     AFG Arbonia-Forster Hldg   73  
30,000     Aica Kogyo Co Ltd   335  
107,865 e*   Akeena Solar, Inc   186  
130,416 e*   Alliant Techsystems, Inc   11,184  
1,868,907 e   Amcor Ltd   7,557  
52,576     Ameron International Corp   3,308  
121,700 m,v*   Anglo Ferrous Brazil S.A.   1,493  
267,594 e   Aptargroup, Inc   9,430  
27,000     Asahi Organic Chemicals Industry Co Ltd   90  
388,675     Ball Corp   16,165  
128,955     Bharat Heavy Electricals   3,607  
15,000 e   Bunka Shutter Co Ltd   65  
16,753 e*   Bway Holding Co   133  
8,100     Cardo AB   121  
21,794 e   CCL Industries   441  
201,093 *   Chart Industries, Inc   2,138  
792,412     China International Marine Containers Co Ltd (Class B)   429  
7,500     Chofu Seisakusho Co Ltd   185  
129,725     CIRCOR International, Inc   3,567  
395,275 e   Commercial Metals Co   4,692  
115,514 *   Commercial Vehicle Group, Inc   107  
260,344     Crane Co   4,488  
1,851,990 *   Crown Holdings, Inc   35,558  
65,870 e   Dynamic Materials Corp   1,272  
1,200     Furuya Metal Co Ltd   107  
35,260 e*   Geberit AG.   3,813  
13,375     Gerresheimer AG.   364  
1,081,029 e   Goodpack Ltd   623  
262,058 e*   Griffon Corp   2,445  
90,044     Gulf Island Fabrication, Inc   1,298  
11,600     Gunnebo AB   24  

55

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
77,291     Hill & Smith Holdings plc
$
 223  
9,000 e   Hisaka Works Ltd   120  
101,000     Hitachi Cable Ltd   227  
112,000 e   Hitachi Metals Ltd   521  
3,335,183     Illinois Tool Works, Inc   116,898  
86,647 e   Insteel Industries, Inc   978  
61,413     Jindal Steel & Power Ltd   1,149  
185,854     JS Group Corp   2,872  
56,000 e   Kitz Corp   174  
79,040 *   Ladish Co, Inc   1,095  
42,978     Landi Renzo S.p.A.   203  
9,606     LISI   327  
25,631 e*   Martinrea International, Inc   47  
22,400 e   Miura Co Ltd   556  
176,362 e*   Mobile Mini, Inc   2,543  
669,175 e   Mueller Water Products, Inc (Class A)   5,621  
113,593 e*   NCI Building Systems, Inc   1,852  
28,500 e   Nibe Industrier AB (Series B)   164  
981,304     Parker Hannifin Corp   41,745  
52,350 e*   Park-Ohio Holdings Corp   323  
1,081,645     Pentair, Inc   25,603  
15,139     Permasteelisa S.p.A   209  
789     Phoenix Mecano AG.   235  
201,166     Quanex Building Products Corp   1,885  
863,603     Rexam plc   4,358  
106,673 e   Rotork plc   1,214  
2,161     Sabaf S.p.A.   46  
85,896     Salzgitter AG.   6,676  
95,000     Sankyo-Tateyama Holdings, Inc   89  
145,000     Sanwa Shutter Corp   558  
1,099,442     Shin Zu Shing Co Ltd   2,747  
158,566     Silgan Holdings, Inc   7,581  
201,511 e   Simpson Manufacturing Co, Inc   5,594  
176,000 e   Singamas Container Holdings Ltd   11  
193,286 e*   Smith & Wesson Holding Corp   439  
200,669 e   Snap-On, Inc   7,902  
5,617 *   Socotherm S.p.A.   11  
367,875 e   Ssab Svenskt Stal AB (Series A)   3,262  
1,175,299 e   Ssab Svenskt Stal AB (Series B)   9,799  
496,013 e   Stanley Works   16,914  
73,474 e   Sun Hydraulics Corp   1,384  
298,384 e*   Taser International, Inc   1,576  
19,400     Tocalo Co Ltd   172  
120,000     Toyo Kanetsu K K   239  
127,894     Toyo Seikan Kaisha Ltd   2,217  
71,030 e*   Trimas Corp   98  
9,000     Tsukishima Kikai Co Ltd   61  
78,462 e   Valmont Industries, Inc   4,815  
50,223     Viohalco S.A.   288  
169,326 e   Watts Water Technologies, Inc (Class A)   4,228  
      TOTAL FABRICATED METAL PRODUCTS   403,147  
 
FISHING, HUNTING, AND TRAPPING - 0.00%**
     
80,000 *   China Fishery Group Ltd   35  
24,000 *   Copeinca ASA   29  
45,334 e*   HQ Sustainable Maritime Industries, Inc   355  
      TOTAL FISHING, HUNTING, AND TRAPPING   419  

56

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
FOOD AND KINDRED PRODUCTS - 4.08%
     
105,778 e*   AgFeed Industries, Inc
$
 170  
1,478 e   Agrana Beteiligungs AG.   78  
644,072 e   Ajinomoto Co, Inc   7,030  
10,390 e   Aker ASA (A Shares)   208  
37,691 e*   American Dairy, Inc   567  
217,300     Anadolu Efes Biracilik Ve Malt Sanayii AS   1,450  
607,496 e*   Anheuser-Busch InBev NV   3  
4,170,918     Archer Daniels Midland Co   120,248  
8,900 e   Ariake Japan Co Ltd   168  
71,510 *   Aryzta AG.   2,298  
1,537,413 e   Asahi Breweries Ltd   26,582  
260,400     Asiatic Development BHD   267  
333,140     Associated British Foods plc   3,496  
15,818 e   Atria Group plc   258  
65,100 e   Austevoll Seafood ASA   104  
112,710 e   B&G Foods, Inc (Class A)   609  
1,453 e   Barry Callebaut AG.   951  
439,500     Beijing Enterprises Holdings Ltd   1,792  
288,421     Bidvest Group Ltd   3,274  
2,684     Bonduelle S.C.A.   219  
7,225     Bongrain S.A.   480  
42,244 e*   Boston Beer Co, Inc (Class A)   1,200  
76,453 e   Britvic plc   291  
700,353 e   Bunge Ltd   36,257  
165,905     C&C Group plc   334  
1,227,178     Cadbury plc   10,683  
832,782 e   Campbell Soup Co   24,992  
24,451 e   Campofrio Alimentacion S.A.   257  
314,773 e   Carlsberg AS (Class B)   10,290  
381,725 e*   Central Garden and Pet Co (Class A)   2,252  
1,993,000 *   China Agri-Industries Holdings Ltd   990  
1,162,500     China Huiyuan Juice Group Ltd   1,453  
1,012,100 e   China Yurun Food Group Ltd   1,190  
8,049 *   CJ CheilJedang Corp   1,167  
227,713     Coca Cola Hellenic Bottling Co S.A.   3,292  
985,128     Coca-Cola Amatil Ltd   6,312  
23,262 e   Coca-Cola Bottling Co Consolidated   1,069  
28 e   Coca-Cola Central Japan Co Ltd   200  
13,411,185     Coca-Cola Co   607,124  
2,150,116 e   Coca-Cola Enterprises, Inc   25,866  
280,232     Coca-Cola Femsa S.A. de C.V. (Series L)   1,219  
48,526     Coca-Cola Icecek AS   200  
39,167 e   Coca-Cola West Japan Co Ltd   847  
161,639     Companhia de Bebidas das Americas   7,024  
1,798,575     ConAgra Foods, Inc   29,676  
756,580 e*   Constellation Brands, Inc (Class A)   11,931  
788,933 e   Corn Products International, Inc   22,761  
83,135 *   Cosan SA Industria e Comercio   401  
26,670     Cranswick plc   224  
36,933 e   CSM   590  
994,502 e   CSR Ltd   1,220  
494,460 *   Darling International, Inc   2,715  
123,684 e   Davide Campari-Milano S.p.A.   857  
1,382,161     Del Monte Foods Co   9,869  
72,844     Devro plc   83  

57

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
3,736,361     Diageo plc
$
 51,625  
107,337 e   Diamond Foods, Inc   2,163  
36,600 e   Doutor Nichires Holdings Co Ltd   801  
1,242,329 *   Dr Pepper Snapple Group, Inc   20,188  
3,800 e   Dydo Drinco, Inc   120  
68,484 e   Ebro Puleva S.A.   951  
44,000 e   Ezaki Glico Co Ltd   451  
41,823 e   Farmer Bros Co   1,043  
447,729 e   Flowers Foods, Inc   10,907  
2,360,055     Fomento Economico Mexicano S.A. de C.V.   7,050  
42,900     Fuji Oil Co Ltd   608  
8,000 e   Fujicco Co Ltd   104  
2,149,350     General Mills, Inc   130,573  
167,559     Glanbia plc   499  
23,996,400     Golden Agri-Resources Ltd   3,914  
261,627     Greencore Group plc   342  
9,638     Greggs plc   466  
1,379,267 e   Groupe Danone   82,787  
312,571 e   Grupo Bimbo S.A. de C.V. (Series A)   1,316  
560,860 e   Grupo Modelo S.A. (Series C)   1,773  
1,455,271     H.J. Heinz Co   54,718  
472,092 e*   Hansen Natural Corp   15,829  
215,906     Heineken NV   6,573  
915,327 e   Hershey Co   31,800  
5,696 *   Hite Brewery Co Ltd   756  
8,204     HKScan Oyj   51  
285,566 e   Hormel Foods Corp   8,875  
66,100 e   House Foods Corp   1,181  
78,021 e   Imperial Sugar Co   1,119  
957,842 e   InBev NV   22,077  
258,000 e*   Indofood Agri Resources Ltd   95  
30,000 m,v*   International Hydron   1  
3,557,960     IOI Corp BHD   3,661  
36,944 e   Ito En Ltd   545  
64,000     Itoham Foods, Inc   233  
83,968     J&J Snack Foods Corp   3,013  
639,350     J.M. Smucker Co   27,722  
57,000 e   J-Oil Mills, Inc   236  
35,000 e   Kagome Co Ltd   591  
196,866     Kaneka Corp   1,258  
1,719,342     Kellogg Co   75,393  
302,168     Kerry Group plc (Class A)   5,502  
6,100 e   KEY Coffee, Inc   107  
1,941,073     Kirin Brewery Co Ltd   25,807  
36,101     Koninklijke Wessanen NV   234  
7,648,360     Kraft Foods, Inc (Class A)   205,359  
1,824,527     Kulim Malaysia BHD   2,415  
129,308     Lancaster Colony Corp   4,435  
144,786 e   Lance, Inc   3,321  
1,114     Laurent-Perrier   91  
5,400     Leroy Seafood Group ASA   35  
7,825 e*   Lifeway Foods, Inc   70  
150     Lindt & Spruengli AG.   3,227  
756     Lindt & Spruengli AG.   1,415  
557,046 e   Lion Nathan Ltd   3,192  
704     Lotte Confectionery Co Ltd   735  
67,224 e*   M&F Worldwide Corp   1,039  

58

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
26,780 e   Maple Leaf Foods, Inc
$
 240  
148,000     Marudai Food Co Ltd   418  
34,100 e   Matsumotokiyoshi Holdings Co Ltd   708  
453,362 e   McCormick & Co, Inc   14,444  
169,821 e   Meiji Dairies Corp   914  
260,000 e   Meiji Seika Kaisha Ltd   1,252  
28,000     Mercian Corp   56  
18,800     Mikuni Coca-Cola Bottling Co Ltd   182  
69,000     Mitsui Sugar Co Ltd   264  
591,889 e   Molson Coors Brewing Co (Class B)   28,955  
79,000 e   Morinaga & Co Ltd   175  
215,000     Morinaga Milk Industry Co Ltd   836  
50,505 *   National Beverage Corp   455  
7,337,572     Nestle S.A.   290,554  
282,000     Nichirei Corp   1,352  
48,000 e   Nippon Beet Sugar Manufacturing Co Ltd   130  
93,000 e   Nippon Flour Mills Co Ltd   512  
243,853     Nippon Meat Packers, Inc   3,712  
116,000 e   Nisshin Oillio Group Ltd   675  
158,095 e   Nisshin Seifun Group, Inc   2,088  
125,921 e   Nissin Food Products Co Ltd   4,388  
109,000     NOF Corp   434  
255,008     Northern Foods plc   208  
22,000 e   Nosan Corp   49  
23,345     Nutreco Holding NV   763  
230,458 e   Olam International Ltd   184  
108,311 e*   Omega Protein Corp   434  
8,015,778     Parmalat S.p.A.   13,447  
67,586 e*   Peet's Coffee & Tea, Inc   1,571  
61,491 e   Penford Corp   622  
1,113,044     Pepsi Bottling Group, Inc   25,055  
423,928 e   PepsiAmericas, Inc   8,631  
10,255,280     PepsiCo, Inc   561,682  
121,359     Perdigao S.A.   1,548  
150,693 e   Pernod-Ricard S.A.   11,096  
3,485,600 e   Petra Foods Ltd   919  
577,091     Premier Foods plc   253  
457,024     PT Astra Agro Lestari Tbk   418  
5,084,414     PT Indofood Sukses Makmur Tbk   441  
96,500 e   Q.P. Corp   1,320  
150,030     Raisio plc (V Shares)   311  
598,021 e*   Ralcorp Holdings, Inc   34,924  
140,885 e   Reddy Ice Holdings, Inc   203  
513,585     Remgro Ltd   4,246  
20,448 e   Remy Cointreau S.A.   842  
948,476     Reynolds American, Inc   38,233  
28,881     Robert Wiseman Dairies plc   124  
1,725     Royal UNIBREW AS   39  
1,125,374 e   SABMiller plc   18,817  
370,657     Sadia S.A.   596  
3,293,600     San Miguel Brewery, Inc   584  
107,535 e   Sanderson Farms, Inc   3,716  
780,853 e   Sapporo Holdings Ltd   4,946  
183,357 e   Saputo, Inc   3,293  
2,826,912     Sara Lee Corp   27,675  
8,907     Schouw & Co   136  
122,000     Showa Sangyo Co Ltd   412  

59

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
           
          VALUE  
SHARES
     COMPANY  
(000)
 
258,000     Singapore Food Industries Ltd
$
 159  
10,760     Sipef S.A   280  
340,845 e*   Smart Balance, Inc   2,318  
566,027 e*   Smithfield Foods, Inc   7,964  
190,500 e   Snow Brand Milk Products Co Ltd   725  
14,306 e   SOS Cuetara S.A.   228  
60,297 e   Suedzucker AG.   913  
113,000     Super Coffeemix Manufacturing Ltd   33  
483,843     Swire Pacific Ltd (Class A)   3,331  
311,000     Synear Food Holdings Ltd   57  
8,700 e   T Hasegawa Co Ltd   116  
147,000     Takara Holdings, Inc   876  
59,000     Takasago International Corp   413  
1,857,546     Tate & Lyle plc   10,703  
1,773,200 e   Tingyi Cayman Islands Holding Corp   2,055  
132,998 e   Tootsie Roll Industries, Inc   3,406  
524,542     Total Produce plc   191  
314,505     Toyo Suisan Kaisha Ltd   9,063  
180,949 e*   TreeHouse Foods, Inc   4,929  
1,134,450 e   Tyson Foods, Inc (Class A)   9,938  
9,800     Unicharm Petcare Corp   364  
4,622,120     Unilever plc   104,932  
126,582     United Breweries Co, Inc   715  
54,704     United Spirits Ltd   993  
1,016,000     Vitasoy International Holdings Ltd   452  
502     Vranken - Pommery Monopole   14  
2,920,000     Wilmar International Ltd   5,654  
79,462 e   Yakult Honsha Co Ltd   1,700  
195,685 e   Yamazaki Baking Co Ltd   3,010  
188,300     Yantai Changyu Pioneer Wine Co   661  
15,000     Yonekyu Corp   176  
      TOTAL FOOD AND KINDRED PRODUCTS   3,122,331  
 
FOOD STORES - 0.80%            
2,534     Alfa-Beta Vassilopoulos S.A.   89  
257,568     Alimentation Couche Tard, Inc (Class B)   3,013  
37,500     Arcs Co Ltd   626  
6,413 e   Arden Group, Inc (Class A)   808  
446,885 e   Carrefour S.A.   17,095  
5,600     Cawachi Ltd   127  
797,781     Centros Comerciales Sudamericanos S.A.   1,133  
1,230,300 e   China Resources Enterprise   2,146  
55,700 e   Circle K Sunkus Co Ltd   1,008  
30,726 e   Colruyt S.A.   6,567  
84,988     Companhia Brasileira de Distribuicao Grupo Pao de Acucar   1,130  
2,523,300     CP Seven Eleven PCL   898  
8,000     Create SD Co Ltd   175  
62,280 e   Delhaize Group   3,826  
28,365     Discount Investment Corp   218  
2,900,444     Distribucion y Servicio D&S S.A.   1,167  
64,009 *   Empire Co Ltd (Class A)   2,527  
109,868     FamilyMart Co Ltd   4,771  
5,800     Fuji Co Ltd   116  
78,707     George Weston Ltd   3,822  
1,117,108     Goodman Fielder Ltd   1,036  
186,211 e*   Great Atlantic & Pacific Tea Co, Inc   1,168  
3,184 e   Guyenne et Gascogne S.A.   272  

60

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
23,000     Hakon Invest AB
$
 264  
17,200 e   Heiwado Co Ltd   278  
71,220     Ingles Markets, Inc (Class A)   1,253  
37,700 e   Izumi Co Ltd   598  
31,000     Izumiya Co Ltd   202  
694,838     J Sainsbury plc   3,282  
290,727 e   Jeronimo Martins SGPS S.A.   1,604  
51,000     Kasumi Co Ltd   282  
67,476 e   Kesko Oyj (B Shares)   1,700  
3,268,025     Koninklijke Ahold NV   39,930  
4,945,933 e   Kroger Co   130,622  
307,083     Lawson, Inc   17,710  
159,391 e   Loblaw Cos Ltd   4,515  
36,000 e*   Maruetsu, Inc   225  
312,000 e   Maruha Nichiro Holdings, Inc   529  
14,600     Ministop Co Ltd   304  
7,300     OZEKI Co Ltd   208  
252,138 e*   Panera Bread Co (Class A)   13,172  
138,227 e*   Pantry, Inc   2,965  
229,999     Pick'n Pay Stores Ltd   896  
539,600     President Chain Store Corp   1,289  
230,019 e   Ruddick Corp   6,360  
2,173,233     Safeway, Inc   51,658  
1,661,346 e   Seven & I Holdings Co Ltd   57,103  
551,309     Shoprite Holdings Ltd   3,161  
371,061 e   Sonae SPGS S.A.   225  
3,077,225 *   Starbucks Corp   29,111  
1,628,358     Supervalu, Inc   23,774  
21,365 e*   Susser Holdings Corp   284  
4,700,000 *   Taiwan TEA Corp   1,733  
18,910,963     Tesco plc   97,881  
6,702     Valora Holding AG.   982  
22,166 e   Village Super Market (Class A)   1,272  
9,710,900     Want Want China Holdings Ltd   4,022  
60,006     Weis Markets, Inc   2,018  
558,390 e   Whole Foods Market, Inc   5,271  
290,844 e*   Winn-Dixie Stores, Inc   4,683  
5,087,584     WM Morrison Supermarkets plc   20,499  
1,583,532     Woolworths Ltd   29,445  
2,900     Yaoko Co Ltd   99  
      TOTAL FOOD STORES   615,147  
 
FORESTRY - 0.06%      
107,643 e   Great Southern Ltd   13  
572,101 e   Rayonier, Inc   17,935  
945,168     Weyerhaeuser Co   28,932  
      TOTAL FORESTRY   46,880  
 
FURNITURE AND FIXTURES - 0.15%      
6,355     Beter BED Holding NV   75  
5,900     Cleanup Corp   24  
24,658 e   Dorel Industries, Inc (Class B)   559  
29,100 e   Ekornes ASA   282  
133,699 e   Ethan Allen Interiors, Inc   1,921  
3,047 e*   Faurecia   42  
50,000     France Bed Holdings Co Ltd   80  
224,074 e   Furniture Brands International, Inc   495  

61

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
303,938 e   Herman Miller, Inc
$
 3,960  
214,532 e   Hill-Rom Holdings, Inc   3,531  
294,411 e   HNI Corp   4,663  
48,074 e   Hooker Furniture Corp   368  
41,900     Itoki Corp   133  
2,971,750     Johnson Controls, Inc   53,967  
161,238     Kimball International, Inc (Class B)   1,388  
587,112 e*   Kinetic Concepts, Inc   11,261  
273,981 e   La-Z-Boy, Inc   595  
624,714 e   Leggett & Platt, Inc   9,489  
1,258,270 e   Masco Corp   14,005  
2,798     Mecalux S.A.   52  
26,000 e   Okamura Corp   146  
6,600 e   Paramount Bed Co Ltd   90  
6,465     Recticel S.A.   37  
537,000     Samson Holding Ltd   69  
261,994 e*   Sealy Corp   658  
248,791 e   Steelcase, Inc (Class A)   1,398  
407,454 e   Tempur-Pedic International, Inc   2,889  
62,000     Uchida Yoko Co Ltd   220  
      TOTAL FURNITURE AND FIXTURES   112,397  
 
FURNITURE AND HOME FURNISHINGS STORES - 0.20%      
911,258 e*   Bed Bath & Beyond, Inc   23,164  
1,954,539 e   Best Buy Co, Inc   54,942  
27,500 e   Best Denki Co Ltd   89  
16,791     Carpetright plc   84  
1,004,000 b,e   Circuit City Stores, Inc   131  
737,935 e   DSG International plc   186  
29,254     Dunelm Group plc   53  
55,800 e   EDION Corp   277  
797,754 e*   GameStop Corp (Class A)   17,279  
80,059 e   Grupo Elektra S.A. de CV   3,360  
44,620 e   GUD Holdings Ltd   186  
351,542 e   Harvey Norman Holdings Ltd   650  
89,989 e   Haverty Furniture Cos, Inc   839  
58,413 e*   hhgregg, Inc   507  
149,149 e   JB Hi-Fi Ltd   1,009  
336,496 e   Kesa Electricals plc   427  
331,523 e   Knoll, Inc   2,990  
20,000     Kohnan Shoji Co Ltd   269  
43,000 e   Kojima Co Ltd   132  
22,600 e   Komeri Co Ltd   552  
84,700 e   K's Holdings Corp   1,429  
84,538 e   Nitori Co Ltd   6,579  
476,059 e*   Pier 1 Imports, Inc   176  
20,400     Poltrona Frau S.p.A.   22  
1,370,101 e   RadioShack Corp   16,359  
32,182 e*   Rex Stores Corp   260  
37,700     Shimachu Co Ltd   848  
1,174,468     Steinhoff International Holdings Ltd   1,594  
195,891 e*   Tuesday Morning Corp   319  
409,073 e   Williams-Sonoma, Inc   3,215  
171,985 e   Yamada Denki Co Ltd   12,022  
      TOTAL FURNITURE AND HOME FURNISHINGS STORES   149,949  

62

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
GENERAL BUILDING CONTRACTORS - 0.49%
     
22,937 e   Ackermans & Van Haaren
$
 1,161  
147,869 e   ACS Actividades Cons y Servicios S.A.   6,867  
4,964,678     Amec plc   35,172  
9,636 e*   Amrep Corp   301  
157,000     ASK Planning Center, Inc   100  
336,016 e   Asunaro Aoki Construction Co Ltd   1,642  
34,069 e*   Avatar Holdings, Inc   904  
479,576     Aveng Ltd   1,594  
1,841,648     Balfour Beatty plc   8,718  
137,133 e   Barratt Developments plc   138  
225,446 e*   Beazer Homes USA, Inc   356  
45,384 e   Bellway plc   392  
67,961 e   Berkeley Group Holdings plc   852  
8,557 e   Bird Construction, Income Fund   139  
50,306     Bovis Homes Group plc   289  
52,003 e   Brookfield Homes Corp   225  
271,490     Carillion plc   968  
33,846 e*   Cavco Industries, Inc   910  
1,096,918 e   Centex Corp   11,671  
416,400     Century City International   21  
393,884     Cheung Kong Infrastructure Holdings Ltd   1,481  
4,139,500 e   China Overseas Land & Investment Ltd   5,758  
22,100 *   Corp GEO S.A. de C.V. (Series B)   25  
137,000     Daikyo, Inc   120  
239,410     Daito Trust Construction Co Ltd   12,568  
766,581     Daiwa House Industry Co Ltd   7,516  
224,041     DLF Ltd   1,297  
1,939,161 e   DR Horton, Inc   13,710  
31,415 e   Eiffage S.A.   1,632  
9,000     Farglory Land Development Co Ltd   7  
802,110     Fletcher Building Ltd   2,691  
84,000 e   Fujitec Co Ltd   304  
468,491     Galliford Try plc   214  
2,349,829 e   Haseko Corp   2,505  
80,945     Hellenic Technodomiki Tev S.A.   482  
23,471     Hochtief AG.   1,210  
298,879 e*   Hovnanian Enterprises, Inc (Class A)   514  
853,850     IJM Corp BHD   691  
8,570     Implenia AG.   236  
117,005 e*   Impregilo S.p.A.   340  
118,202     Interserve plc   386  
16,165     J&P-Avax SA   51  
85,161 e   JM AB   480  
648,859 e   Kajima Corp   2,285  
665,886 e   KB Home   9,069  
15,354 e   Kier Group plc   199  
74,841 e   Koninklijke BAM Groep NV   667  
5,135     Lemminkainen Oyj   95  
290,214 e   Lend Lease Corp Ltd   1,457  
898,955 e   Lennar Corp (Class A)   7,794  
128,139     Leopalace21 Corp   1,298  
89,923 e   M/I Homes, Inc   948  
121,000 e   Maeda Corp   491  
1,635     Maisons France Confort   27  
122,790     McGrath RentCorp   2,623  
75,484     McInerney Holdings plc   18  
594,893 e   MDC Holdings, Inc   18,025  

63

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
30,510     Mears Group plc
$
 116  
166,768 e*   Meritage Homes Corp   2,030  
114,708     Michaniki S.A.   220  
70,139     Michaniki S.A.   107  
10,000 *   Mitsui Home Co Ltd   50  
56,738 e   Mota Engil SGPS S.A.   185  
70,683     MRV Engenharia e Participacoes S.A.   297  
36,629     NCC AB (B Shares)   239  
97,550 e*   NVR, Inc   44,507  
481,623 e   Obayashi Corp   2,879  
387,000 *   Pacific Century Premium Developments Ltd   88  
191,000     Paliburg Holdings Ltd   31  
57,907 e*   Palm Harbor Homes, Inc   288  
96,000     PanaHome Corp   567  
10,758 *   PBG S.A.   712  
86,237     Peab AB (Series B)   246  
263,000     Penta-Ocean Construction Co Ltd   380  
305,524 e*   Perini Corp   7,143  
443,588 e   Persimmon plc   1,465  
1,726,065 e   Pulte Homes, Inc   18,866  
697,815 *   Puravankara Projects Ltd   706  
66,614 e   Redrow plc   156  
4,689 e   Renta Corp Real Estate S.A.   12  
73,835     ROK plc   21  
66,414     Ruukki Group Oyj   107  
324,383 e   Ryland Group, Inc   5,732  
148,551 e   Sacyr Vallehermoso S.A.   1,347  
1,394,699 e   Sekisui Chemical Co Ltd   8,707  
1,225,795     Sekisui House Ltd   10,815  
622,203 e   Shimizu Corp   3,653  
32,514     Sjaelso Gruppen   127  
530,278     Skanska AB (B Shares)   5,439  
279,301     Sobha Developers Ltd   603  
679,993 e*   Standard-Pacific Corp   1,210  
62,500 e   Sumitomo Forestry Co Ltd   506  
399,980 e   Sunland Group Ltd   208  
643,251 e   Taisei Corp   1,773  
137,793 e   Takamatsu Corp   2,264  
449,067 *   Talaat Moustafa Group   249  
390,092     Taylor Woodrow plc   76  
93,155 *   Team, Inc   2,580  
2 *   Technical Olympic S.A.    - ^
131,225     Tekfen Holding AS   248  
15,932     Terna Energy S.A.   85  
87,000 e   Toda Corp   318  
12,170     Token Corp   332  
58,080 e   Tokyu Construction Co Ltd   163  
619,588 e*   Toll Brothers, Inc   13,278  
69,000     United Engineers Ltd   56  
435,000 *   United Fiber System Ltd   12  
498,482 e*   Urbi Desarrollos Urbanos S.A. de C.V   684  
40,800 e   Veidekke ASA   134  
1,302,999 e   Vinci S.A.   54,337  
250,274 e   Walter Industries, Inc   4,382  
106,894 e   YIT Oyj   698  
2,295,113     YTL Corp BHD   4,677  
      TOTAL GENERAL BUILDING CONTRACTORS   377,745  

64

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
GENERAL MERCHANDISE STORES - 1.72%
     
237,271 e*   99 Cents Only Stores
$
 2,593  
451,240 e   Aeon Co Ltd   4,544  
8,000     Arc Land Sakamoto Co Ltd   93  
669,755 e*   Big Lots, Inc   9,705  
460,355 e*   BJ's Wholesale Club, Inc   15,772  
293,684     Casey's General Stores, Inc   6,687  
45,854 e*   Conn's, Inc   389  
1,919,482     Costco Wholesale Corp   100,773  
29,800 e*   Daiei, Inc   191  
388,003     David Jones Ltd   860  
447,062 e   Dillard's, Inc (Class A)   1,775  
117,800 e   Don Quijote Co Ltd   2,349  
15,769     Dufry Group   446  
899,229 e   Family Dollar Stores, Inc   23,443  
762,700     Far Eastern Department Stores Co Ltd   432  
228,578 e   Fred's, Inc (Class A)   2,459  
130,400 e   Hankyu Department Stores, Inc   984  
85,759     Hola Home Furnishings Co Ltd   39  
16,799     Hyundai Department Store Co Ltd   860  
464,979 e   Isetan Mitsukoshi Holdings Ltd   4,013  
663,991 e   J Front Retailing Co Ltd   2,748  
52,600     Japan Airport Terminal Co Ltd   712  
1,062,649     JC Penney Co, Inc   20,934  
321 *   Jelmoli Holding AG.   598  
47,000 e   Joshin Denki Co Ltd   404  
657,893 e   Keio Corp   3,959  
1,308,641 e   Kintetsu Corp   6,020  
431,500 e   Lifestyle International Holdings Ltd   437  
344,500     Lojas Americanas S.A.   926  
158,521     Lojas Renner S.A.   1,065  
3,763,752 e   Macy's, Inc   38,955  
1,154,316     Marks & Spencer Group plc   3,564  
257,210 e   Marui Co Ltd   1,503  
11,100 e   Matsuya Co Ltd   248  
158,000     Metro Holdings Ltd   40  
52,223     Mothercare plc   250  
1,019,280 e   Next plc   15,842  
49,862     North West Co Fund   683  
1,010,935 e   Odakyu Electric Railway Co Ltd   8,901  
177,348 e   PPR   11,488  
25,469 e   Rallye S.A.   570  
160,284 e*   Retail Ventures, Inc   556  
50,100 e   Ryohin Keikaku Co Ltd   2,379  
307,214     SACI Falabella   810  
483,938 e*   Saks, Inc   2,120  
16,401 e*   Sears Canada, Inc   238  
189,159 e*   Sears Holdings Corp   7,353  
14,700     Shinsegae Co Ltd   5,711  
288,721     SM Investments Corp   1,189  
147,596 e*   Stein Mart, Inc   167  
12,429 e   Stockmann Oyj Abp (B Share)   172  
230,586 e   Takashimaya Co Ltd   1,752  
4,057,464 e   Target Corp   140,104  
2,426,499 e   TJX Cos, Inc   49,913  
584,129 e   Tobu Railway Co Ltd   3,490  

65

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
           
          VALUE  
SHARES
     COMPANY  
(000)
 
2,065,125     Tokyu Corp
$
 10,412  
658,963     UNY Co Ltd   7,292  
3,224,989 e   Wal-Mart de Mexico S.A. de C.V. (Series V)   8,616  
13,847,455     Wal-Mart Stores, Inc   776,288  
38,861     Warehouse Group Ltd   80  
54,000     Wing On Co International Ltd   57  
607,424 e,m,v   Woolworths Group plc   10  
      TOTAL GENERAL MERCHANDISE STORES   1,316,963  
 
HEALTH SERVICES - 0.76%
     
129,985 e*   Alliance Imaging, Inc   1,036  
32,252 e*   Almost Family, Inc   1,451  
142,821 e*   Amedisys, Inc   5,904  
692,548 e   AmerisourceBergen Corp   24,696  
179,137 *   Amsurg Corp   4,181  
277,664 e*   Assisted Living Concepts, Inc (A Shares)   1,152  
136,532 e   Assura Group Ltd   82  
85,172     Athens Medical Center S.A.   142  
2,534,100     Bangkok Dusit Medical Service PCL   1,327  
11,202 e   BioMerieux   934  
53,556 *   Bio-Reference Labs, Inc   1,405  
68,578 *   Bioton S.A.   5  
23,800     BML, Inc   523  
149,122 e   Brookdale Senior Living, Inc   832  
1,353,500     Bumrungrad Hospital PCL   834  
39,858 e*   China Sky One Medical, Inc   637  
2,509     Clinica Baviera S.A.   25  
24,552     CML Healthcare Income Fund   256  
330,077 e*   Community Health Systems, Inc   4,813  
5,132 *   Corp Dermoestetica   25  
49,947 e*   Corvel Corp   1,098  
347,119 e*   Covance, Inc   15,978  
520,568 *   Coventry Health Care, Inc   7,746  
169,554 e*   Cross Country Healthcare, Inc   1,490  
51,505 *   Crucell NV   780  
198,477 *   CryoLife, Inc   1,927  
551,185 *   DaVita, Inc   27,322  
37,690     Diagnostic & Therapeutic Center of Athens Hygeia S.A.   100  
266,107 e*   Edwards Lifesciences Corp   14,623  
148,470 e*   eHealth, Inc   1,972  
103,108 e*   Emeritus Corp   1,034  
46,733 e   Ensign Group, Inc   782  
172,989 e*   Enzo Biochem, Inc   846  
4,359     Euromedica S.A.   28  
1,189,198 *   Express Scripts, Inc   65,382  
28,411     Extendicare Real Estate Investment Trust   135  
179,535 e*   Five Star Quality Care, Inc   275  
838,859 e   Fraser and Neave Ltd   1,718  
178,185 e   Fresenius Medical Care AG.   8,191  
65,667 e*   Genomic Health, Inc   1,279  
63,297 *   Genoptix, Inc   2,157  
147,428 *   Gentiva Health Services, Inc   4,314  
1,663,073 e*   Health Management Associates, Inc (Class A)   2,977  
246,977     Healthscope Ltd   761  
2,647,880 *   Healthsouth Corp   29,021  
184,294 e*   Healthways, Inc   2,116  
326,162 e*   Immunomedics, Inc   554  

66

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
           
          VALUE  
SHARES
     COMPANY   (000)  
27,201 *   IPC The Hospitalist Co, Inc
$
 458  
380,824 m,v   Japan Care Service Corp   559  
1,990     Japan Longlife Co Ltd   314  
152,574 *   Kindred Healthcare, Inc   1,987  
55,566 e   Laboratorios Almirall S.A.   437  
470,041 e*   Laboratory Corp of America Holdings   30,275  
96,852 *   LHC Group, Inc   3,487  
72,292 *   Life Sciences Research, Inc   680  
185,049 e*   LifePoint Hospitals, Inc   4,226  
479,661 e*   Lincare Holdings, Inc   12,917  
227,389 *   Magellan Health Services, Inc   8,905  
1,142,957     McKesson Corp   44,267  
143,557 *   MDS, Inc   878  
78,899 e*   Medcath Corp   824  
3,367,968 *   Medco Health Solutions, Inc   141,152  
284,924 e   Mindray Medical International Ltd (ADR) (Class A)   5,129  
44,009 e   National Healthcare Corp   2,229  
539,734 e*   Nektar Therapeutics   3,001  
1,207,137     Network Healthcare Holdings Ltd   1,097  
174,234 e*   Nighthawk Radiology Holdings, Inc   847  
179,762 e*   Odyssey HealthCare, Inc   1,663  
665,892 e   Omnicare, Inc   18,485  
7,642 e*   Orpea   274  
805,252 e   Parkway Holdings Ltd   693  
168,039 *   Mednax, Inc   5,327  
400,044 e   Pharmaceutical Product Development, Inc   11,605  
84,611 f*   Pharmstandard (GDR)   897  
123,200 e   Primary Health Care Ltd   421  
287,834 e*   Psychiatric Solutions, Inc   8,016  
107,000     Raffles Medical Group Ltd   51  
238,500 e   Ramsay Health Care Ltd   1,729  
102,663 *   RehabCare Group, Inc   1,556  
59,315     Rhoen Klinikum AG.   1,432  
102,985 e*   Skilled Healthcare Group, Inc (Class A)   869  
589,918 e   Sonic Healthcare Ltd   5,988  
245,776 *   Sun Healthcare Group, Inc   2,175  
227,134 e*   Sunrise Senior Living, Inc   381  
44,737     Synergy Healthcare plc   248  
1,686,961 e*   Tenet Healthcare Corp   1,940  
210,403     Universal Health Services, Inc (Class B)   7,905  
70,354 *   US Physical Therapy, Inc   938  
38,719 e*   Virtual Radiologic Corp   328  
      TOTAL HEALTH SERVICES   581,456  
 
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.13%
     
21,919 e   Abengoa S.A.   369  
83,147 e   Abertis Infraestructuras S.A.   1,490  
20,937 e   Acciona S.A.   2,662  
38,558 e   Aecon Group, Inc   343  
28,396     Astaldi S.p.A.   162  
13,302     Athens Water Supply & Sewage Co S.A.   96  
411,233     Boskalis Westminster   9,489  
259,441 e   Bouygues S.A.   10,891  
103,000 e   Chiyoda Corp   573  
18,714     Compagnie d'Entreprises CFE   761  
85,628 e*   Comverge, Inc   420  
1,044,568     ConnectEast Group   400  

67

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
           
          VALUE  
SHARES
     COMPANY   (000)  
169,265     Costain Group plc
$
 48  
31,558     Daelim Industrial Co   1,154  
522,256 e*   Empresas ICA Sociedad Controladora S.A. de C.V.   863  
16,075 e   Fomento de Construcciones y Contratas S.A.   534  
779,717 *   Foster Wheeler Ltd   18,230  
1,710,000     Gamuda BHD   934  
81,133     GEK Group of Cos S.A.   377  
333,221     Giken Seisakusho Co, Inc   1,483  
191,036 e   Granite Construction, Inc   8,392  
229,194 e   Great Lakes Dredge & Dock Corp   951  
28,919 e   Grupo Ferrovial S.A.   807  
35,551     GS Engineering & Construction Corp   1,686  
264,000     Guangzhou Investment Co Ltd   26  
24,000 e   Hitachi Plant Technologies Ltd   90  
285,000 e   Hyflux Ltd   354  
54,132     Hyundai Engineering & Construction Co Ltd   2,514  
1,318,000     Jiangsu Express   969  
62,425 e*   LB Foster Co (Class A)   1,953  
43,000 e   Maeda Road Construction Co Ltd   431  
173,715 *   Matrix Service Co   1,332  
355,191     Murray & Roberts Holdings Ltd   1,844  
65,000     Nippo Corp   552  
110,000 e   Nishimatsu Construction Co Ltd   165  
26,829     Obrascon Huarte Lain S.A.   381  
92,000 e   Okumura Corp   465  
91,030     Orascom Construction Industries   2,318  
113,431 e*   Orion Marine Group, Inc   1,096  
403,000 *   PT Truba Alam Manunggal Engineering   2  
759,270     Saipem S.p.A.   12,950  
9,100     SHO-BOND Holdings Co Ltd   186  
65,813 e*   Sterling Construction Co, Inc   1,220  
34,000     Taihei Dengyo Kaisha Ltd   384  
39,000 e   Takuma Co Ltd   68  
23,837 e   Tecnicas Reunidas S.A.   630  
61,203     Teixeira Duarte - Engenharia Construcoes S.A.   51  
11,100 e*   TK Development   43  
323,000     Toa Corp/Tokyo   467  
87,316     Tognum AG.   1,132  
16,000 e   Toshiba Plant Systems & Services Corp   164  
205,000 e*   Toyo Construction Co Ltd   98  
1,567,112 e   Transurban Group   5,900  
5,470     Vianini Lavori S.p.A.   31  
1,712,019     Zhejiang Expressway Co Ltd   1,005  
      TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING   101,936  
 
HOLDING AND OTHER INVESTMENT OFFICES - 2.05%
     
332,605     3i Group plc   1,301  
333,598 e   Aberdeen Asset Management plc   573  
167,635 e   Acadia Realty Trust   2,392  
274,255 e*   Affiliated Managers Group, Inc   11,497  
53,378 e   Agree Realty Corp   967  
9,829 e   Alexander's, Inc   2,505  
145,078 e   Alexandria Real Estate Equities, Inc   8,754  
21,731,600 e   Allco Commercial Real Estate Investment Trust   3,544  
703,040 e   Allied Capital Corp   1,891  
5,714     Allied Properties Real Estate Investment Trust   57  
398,815 e   AMB Property Corp   9,340  

68

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
243,551 e   American Campus Communities, Inc
$
 4,988  
64,451 e   American Capital Agency Corp   1,377  
94,381 e*   Ampal American Israel (Class A)   54  
3,024,109 e   Annaly Mortgage Management, Inc   47,993  
267,851 e   Anthracite Capital, Inc   597  
466,093     Anworth Mortgage Asset Corp   2,997  
971,973 e   Apartment Investment & Management Co (Class A)   11,226  
83,995 e   Arbor Realty Trust, Inc   247  
433,063     ARC Energy Trust   7,051  
4,501,473 e   Ascendas Real Estate Investment Trust   4,280  
139,000 e   Ascott Residence Trust   56  
655,517 e   Ashford Hospitality Trust, Inc   754  
237,355 e   Ashmore Group plc   452  
129,550 e   Associated Estates Realty Corp   1,183  
391,910 e   Australian Infrastructure Fund   519  
388,961 e   AvalonBay Communities, Inc   23,563  
177,846     Ayala Corp   803  
954,882 e   Babcock & Brown Japan Property Trust   226  
837,181 e   Babcock & Brown Wind Partners   528  
2,073     Bajaj Finserv Ltd   6  
8,813     Befimmo SCA Sicafi   818  
7,180     Bellevue Group AG.   258  
464,701 e   BioMed Realty Trust, Inc   5,446  
831,127 e   Blackstone Group LP   5,427  
35,640     Boardwalk Real Estate Investment Trust   738  
616,733 e   Boston Properties, Inc   33,920  
641,353 e   Brandywine Realty Trust   4,945  
170,656 e   BRE Properties, Inc (Class A)   4,775  
86,818     Brewin Dolphin Holdings plc   130  
950,521 e   Brookfield Asset Management, Inc   14,283  
162,305 *   BTG plc   327  
102,448     Bunnings Warehouse Property Trust   118  
27,069     Calloway Real Estate Investment Trust   249  
654,000     Cambridge Industrial Trust   125  
190,836 e   Camden Property Trust   5,981  
13,548     Canadian Apartment Properties REIT   173  
24,886     Canadian Real Estate Investment Trust   455  
2,111,300 e   CapitaCommercial Trust   1,312  
313,729 e   Capital Lease Funding, Inc   543  
16,365 e   Capital Southwest Corp   1,770  
85,060 e   Capital Trust, Inc (Class A)   306  
407,000     CapitaRetail China Trust   169  
20,017     CapMan Oyj (B Shares)   27  
344,009     Capstead Mortgage Corp   3,705  
82,914 e   Care Investment Trust, Inc   646  
608,627 e   CBL & Associates Properties, Inc   3,956  
120,000     CDL Hospitality Trusts   61  
207,941 e   Cedar Shopping Centers, Inc   1,472  
3,093,471 e   CFS Gandel Retail Trust   4,033  
300,331     Challenger Diversified Property Group   125  
171,707     Charter Hall Group   34  
41,975 e   Cherokee, Inc   728  
1,195,927 e   China Merchants Holdings International Co Ltd   2,312  
88,048     CI Financial Income Fund   1,034  
14,940 e*   Climate Exchange plc   189  
5,993 e   Cofinimmo   787  
79,230 e   Cogdell Spencer, Inc   741  

69

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
261,753 e   Colonial Properties Trust
$
 2,180  
9,237     Cominar Real Estate Investment Trust   120  
1,787,938 e   Commonwealth Property Office Fund   1,471  
153,385     Companhia de Concessoes Rodoviarias   1,554  
11,884     Corp Financiera Alba   461  
250,080 e   Corporate Office Properties Trust   7,677  
231,226     Cousins Properties, Inc   3,202  
1,320 e   Crystal River Capital, Inc   1  
1,300 e   DA Office Investment Corp   2,842  
1,134,000     Dah Chong Hong Holdings Ltd   155  
96,587 e   Danvers Bancorp, Inc   1,291  
2,911,049 e   DB RREEF Trust   1,664  
1,022,668 e   DCT Industrial Trust, Inc   5,175  
5,409     Deutsche Beteiligungs AG.   94  
497,754 e   Developers Diversified Realty Corp   2,429  
548,432 e   DiamondRock Hospitality Co   2,780  
289,752 e   Digital Realty Trust, Inc   9,518  
61,045 e   Domino's Pizza UK & IRL plc   146  
544,711 e   Douglas Emmett, Inc   7,114  
589,396     Duke Realty Corp   6,460  
12,000 *   East Capital Explorer AB   62  
173,333 e   EastGroup Properties, Inc   6,167  
11,358 *   Eco Business-Immobilien AG.   22  
178,526 e   Education Realty Trust, Inc   932  
550,000     Emperor International Holdings   47  
202,365 e   Entertainment Properties Trust   6,030  
135,580 e   Equity Lifestyle Properties, Inc   5,201  
160,454 e   Equity One, Inc   2,840  
1,467,719 e   Equity Residential   43,767  
138,328 e   Essex Property Trust, Inc   10,617  
92,641 e   Eurazeo   4,320  
475,837 e   Extra Space Storage, Inc   4,911  
360,305 e   Federal Realty Investment Trust   22,368  
393,695 e   FelCor Lodging Trust, Inc   724  
1,653     Financiere Tradition   108  
237,327 e   First Industrial Realty Trust, Inc   1,792  
152,770 e   First Potomac Realty Trust   1,421  
2,800 e   Fonciere Des Regions   191  
18,615 *   Formuepleje Safe AS   286  
494,000     Fortune Real Estate Investment Trust   127  
1,952,500     Fosun International   640  
324,156 e   Franklin Street Properties Corp   4,781  
105 e   Frontier Real Estate Investment Corp   581  
76     Fukuoka REIT Corp   308  
1,044,898 e   General Growth Properties, Inc   1,348  
4,175,540     Genting BHD   4,465  
382,676 *   Getin Holding S.A.   642  
102,485 e   Getty Realty Corp   2,158  
18,069     Gimv NV   779  
116,818 e   Gladstone Capital Corp   945  
252,745 e   Glimcher Realty Trust   710  
82     Global One Real Estate Investment Corp   686  
6,796,600 e   GOME Electrical Appliances Holdings Ltd   982  
264,938     Goodman Property Trust   147  
2,483,907     GPT Group   1,593  
513,036 e   Gramercy Capital Corp   657  
77,730     Groupe Bruxelles Lambert S.A.   6,144  

70

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
883 *   Groupe Bruxelles Lambert S.A.
$
 - ^
132,284 *   Groupe Eurotunnel S.A.   708  
60,424     GS Holdings Corp   1,322  
8,493,730     Guinness Peat Group plc   4,964  
41 e   Hankyu Reit, Inc   192  
146,471 e*   Harris & Harris Group, Inc   579  
63,425 e   Hatteras Financial Corp   1,687  
3,283 e   HCI Capital AG.   9  
1,378,820 e   HCP, Inc   38,290  
522,665     Health Care REIT, Inc   22,056  
323,226 e   Healthcare Realty Trust, Inc   7,589  
334,039 e   Heineken Holding NV   9,477  
267,931     Hersha Hospitality Trust   804  
387,262 e   Highwoods Properties, Inc   10,595  
237,321 e*   Hilltop Holdings, Inc   2,312  
224,800     HKR International Ltd   49  
186,722     Home Properties, Inc   7,581  
385,647 e   Hospitality Properties Trust   5,735  
2,577,080 e   Host Marriott Corp   19,508  
954,392 e   HRPT Properties Trust   3,216  
541,138 e*   Immoeast AG.   366  
33     Industrial & Infrastructure Fund Investment Corp   103  
302,262     Infratil Ltd   288  
865,008 e   ING Industrial Fund   84  
315,703 e   Inland Real Estate Corp   4,098  
140,875     Intek S.p.A.   59  
7,110     Intervest Offices   175  
2,200,384     Investimentos Itau S.A.   7,558  
318,377 e   Investors Real Estate Trust   3,410  
174,452 e   iShares FTSE/Xinhua China 25 Index Fund   5,091  
950,000 e   iShares MSCI Canada Index Fund   16,559  
1,549,673 e   iShares MSCI EAFE Index Fund   69,534  
600,000     iShares MSCI Hong Kong Index Fund   6,222  
2,350,000 e   iShares MSCI Japan Index Fund   22,560  
618,421 e   iShares Russell 2000 Index Fund   30,470  
384,339 e   iStar Financial, Inc   857  
89,986 e   Jafco Co Ltd   2,300  
1,604,000 e   Japan Asia Investment Co Ltd   1,185  
113     Japan Excellent, Inc   491  
79 e   Japan Logistics Fund Inc   480  
1,723 e   Japan Prime Realty Investment Corp   4,090  
797     Japan Real Estate Investment Corp   7,120  
231     Japan Retail Fund Investment Corp   998  
130,760 e   JER Investors Trust, Inc   122  
77,820     KBC Ancora   1,323  
1,160     Kenedix Realty Investment Corp   3,254  
150,756 e   Kilroy Realty Corp   5,044  
890,903 e   Kimco Realty Corp   16,286  
109,173 e   Kite Realty Group Trust   607  
926,135     Kiwi Income Property Trust   547  
186,000     K-REIT Asia   90  
13,976,500     KWG Property Holding Ltd   4,148  
238,365 e   LaSalle Hotel Properties   2,634  
363,483 e   Lexington Corporate Properties Trust   1,817  
107,483     LG Corp   3,733  
350,736 e   Liberty Property Trust   8,007  
287,000     Lippo-Mapletree Indonesia Retail Trust   62  

71

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
           
          VALUE  
SHARES
     COMPANY   (000)  
127,939     LTC Properties, Inc
$
 2,595  
318,920 e   Macerich Co   5,792  
475,024 e   Mack-Cali Realty Corp   11,638  
1,171,710 e   Macquarie CountryWide Trust   172  
387,604     Macquarie DDR Trust   17  
5,766,795 e   Macquarie Infrastructure Group   6,875  
85,763     Macquarie Leisure Trust Group   54  
1,115,000     Macquarie MEAG Prime REIT   402  
299,586 e   Macquarie Media Group Ltd   203  
6,874,460 e   Macquarie Office Trust   1,150  
211,979 e*   Maguire Properties, Inc   309  
1,474,000     Mapletree Logistics Trust   358  
563,761     Marfin Investment Group S.A   2,273  
10,408 e*   Martifer SGPS S.A.   54  
385,245 e   Medical Properties Trust, Inc   2,431  
41,572 *   Meinl Airports International AG.   329  
242,582 e*   Meinl European Land Ltd   890  
14,452,613 e   Melco International Development   4,793  
273,743 *   Meruelo Maddux Properties, Inc   339  
1,149,215     MFA Mortgage Investments, Inc   6,769  
169     MID Reit, Inc   325  
178,881     Mid-America Apartment Communities, Inc   6,647  
341,390 e   Mission West Properties, Inc   2,612  
1,914     Mobimo Holding AG.   256  
103,252 e   Monmouth Real Estate Investment Corp (Class A)   723  
39,153     Morguard Real Estate Investment Trust   365  
77     Mori Hills REIT Investment Corp   260  
85 e   Mori Trust Sogo Reit, Inc   706  
5,700     Morneau Sobeco Income Fund   40  
2,781 e   MPC Muenchmeyer Petersen Capital AG.   35  
140,461 e   MVC Capital, Inc   1,541  
121,365     National Health Investors, Inc   3,329  
451,000     National Retail Properties, Inc   7,753  
68,848     Nationale A Portefeuille   3,331  
592,481 e   Nationwide Health Properties, Inc   17,016  
264,595 e   Newcastle Investment Corp   222  
91     Nippon Accommodations Fund, Inc   389  
1,014     Nippon Building Fund, Inc   11,146  
210 e   Nippon Commercial Investment Corp   224  
1,450     Nippon Residential Investment Corp   1,328  
894     Nomura Real Estate Office Fund, Inc   5,817  
84     Nomura Real Estate Residential Fund, Inc   296  
158,990     Nomura TOPIX Exchange Traded Fund   1,549  
4,610     Northern Property Real Estate Investment Trust   61  
283,581 e   NorthStar Realty Finance Corp   1,109  
661,000 e   NWS Holdings Ltd   984  
491,722     Omega Healthcare Investors, Inc   7,853  
73,085     One Liberty Properties, Inc   643  
240     Orix JREIT, Inc   1,140  
1,148     OZ Holding AG.   16  
437,000     Parkway Life Real Estate Investment Trust   231  
98,013 e   Parkway Properties, Inc   1,764  
9,481     Partners Group   679  
206,665 e   Pennsylvania Real Estate Investment Trust   1,540  
27,278 e*   Pinetree Capital Ltd   18  
859,012 e   Plum Creek Timber Co, Inc   29,842  
6,456,160     Polytec Asset Holdings Ltd   417  

72

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
253,216 e   Post Properties, Inc
$
 4,178  
202,126 e   Potlatch Corp   5,257  
401 e   Premier Investment Co   1,270  
12,638     Primaris Retail Real Estate Investment Trust   110  
1,600,303 e   Prologis   22,228  
141,725 e   Prospect Capital Corp   1,696  
1,054,000     Prosperity REIT   122  
102,685     PS Business Parks, Inc   4,586  
726,104 e   Public Storage, Inc   57,725  
340,396 e   RAIT Investment Trust   885  
87,953 e   Ramco-Gershenson Properties   544  
31,841     Rathbone Brothers   382  
71,006     Ratos AB (B Shares)   1,254  
579,738 e   Realty Income Corp   13,421  
166,006 e   Redwood Trust, Inc   2,475  
62,061,000 e   Regal Real Estate Investment Trust   7,767  
273,146 e   Regency Centers Corp   12,756  
133,062 e   Resource Capital Corp   510  
147,882     RioCan Real Estate Investment Trust   1,636  
44,970 e   Saul Centers, Inc   1,776  
26,267 e   SBI Holdings, Inc   4,055  
676,279     Senior Housing Properties Trust   12,119  
636,000 e   Shanghai Industrial Holdings Ltd   1,453  
1,447,000 e   Shimao Property Holdings Ltd   1,004  
337,474     Shinhan Financial Group Co Ltd   8,030  
592,000     Silver Grant International   54  
1,368,095 e   Simon Property Group, Inc   72,687  
268,763 e   SL Green Realty Corp   6,961  
7,721     Societe Fonciere Financiere et de Participations FFP   249  
7,274 e   Societe Immobiliere de Location pour l'Industrie et le Commerce   673  
34,196 *   Sonae Capital SGPS S.A.   21  
123,931 e   Sovran Self Storage, Inc   4,462  
1,833,824     SPDR Trust Series 1   165,484  
444,225 e   Strategic Hotels & Resorts, Inc   746  
89,462 e   Sun Communities, Inc   1,252  
718,000     Sunlight Real Estate Investment Trust   130  
269,559 e   Sunstone Hotel Investors, Inc   1,669  
1,034,000 e   Suntec Real Estate Investment Trust   510  
172,466 e   Tanger Factory Outlet Centers, Inc   6,488  
519,812 e   Taubman Centers, Inc   13,234  
142,812 e   Tishman Speyer Office Fund   17  
1,188,200 *   TM International BHD   1,243  
558 e   Tokyu REIT, Inc   3,464  
216     Top REIT Inc   783  
603,059 e   UDR, Inc   8,316  
41,200 *   UEM Land Holdings BHD   6  
182     United Urban Investment Corp   720  
58,840     Universal Health Realty Income Trust   1,936  
37,512 e*   Uranium Participation Corp   218  
106,440     Urstadt Biddle Properties, Inc (Class A)   1,696  
295,849 e   U-Store-It Trust   1,317  
729,579 *   Vantage Drilling Co   803  
8,773     Vastned Offices/Industrial   84  
626,053 e   Ventas, Inc   21,017  
1,999,840 e   Virgin Media, Inc   9,979  
738,979 e   Vornado Realty Trust   44,597  
12,725 e*   Vostok Gas Ltd   110  

73

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY  
(000)
 
623,981     WABCO Holdings, Inc
$
 9,853  
17,355     Warner Estate Holdings plc   6  
277,122 e   Washington Real Estate Investment Trust   7,843  
262,485 e   Weingarten Realty Investors   5,431  
91,011 e   Wendel   4,478  
1,695,508 e   Westfield Group   15,308  
2,100,662     Wharf Holdings Ltd   5,760  
59,733     Winthrop Realty Trust   648  
      TOTAL HOLDING AND OTHER INVESTMENT OFFICES   1,565,259  
 
HOTELS AND OTHER LODGING PLACES - 0.27%
     
1,706,327 e   Accor S.A.   83,277  
162,604 e   Ameristar Casinos, Inc   1,405  
3,275,300 e   Banyan Tree Holdings Ltd   966  
120,485 e*   Bluegreen Corp   377  
194,915 e   Boyd Gaming Corp   922  
209,941 e   Choice Hotels International, Inc   6,311  
5,646 *   Club Mediterranee S.A.   94  
1,071,713 e   Crown Ltd   4,461  
28,000 e   Fujita Kanko, Inc   148  
224,520 e*   Gaylord Entertainment Co   2,434  
1,544,000     Golden Resorts Group Ltd   26  
213,408     Great Eagle Holdings Ltd   237  
184,521 e*   Great Wolf Resorts, Inc   284  
20,340     Holidaybreak plc   57  
150,000     Hongkong & Shanghai Hotels   113  
62,000 m,v   Hotel Plaza Ltd   48  
84,000     Hotel Properties Ltd   65  
250,513     Indian Hotels Co Ltd   232  
117,055     Intercontinental Hotels Group plc   946  
65,278 e*   Isle of Capri Casinos, Inc   209  
15,900     Kyoritsu Maintenance Co Ltd   266  
2,682,812 e*   Las Vegas Sands Corp   15,909  
106,594 *   Lodgian, Inc   227  
109,549     Marcus Corp   1,778  
1,659,266 e   Marriott International, Inc (Class A)   32,273  
439,705 e*   MGM Mirage   6,050  
186,087 e   Millennium & Copthorne Hotels plc   598  
12,130,896     Minor International PCL   2,686  
68,376 e*   Monarch Casino & Resort, Inc   797  
171,797 e*   Morgans Hotel Group Co   801  
21,562 e   NH Hoteles S.A.   113  
223,000     Nishi-Nippon Railroad Co Ltd   956  
37,451 *   Orascom Hotels & Development   116  
28,784     Orbis S.A.   316  
143,755 e   Orient-Express Hotels Ltd (Class A)   1,101  
86,721 e*   Outdoor Channel Holdings, Inc   649  
1,841 e   Pierre & Vacances   97  
533,000     Regal Hotels International Holdings Ltd   148  
15,100 e   Resorttrust, Inc   169  
37,400 e   Rezidor Hotel Group AB   91  
62,569 e*   Riviera Holdings Corp   188  
2,445,013 e   Shangri-La Asia Ltd   2,811  
44,496     Sol Melia S.A.   268  
559,000     Stamford Land Corp Ltd   101  
920,814 e   Starwood Hotels & Resorts Worldwide, Inc   16,483  
150,175 e   Thomas Cook Group plc   383  

74

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
260,919     TUI Travel plc
$
 876  
825,399     United Overseas Land Ltd   1,272  
169,970 e*   Vail Resorts, Inc   4,521  
803,937     Wyndham Worldwide Corp   5,266  
198,498 e   Wynn Resorts Ltd   8,389  
      TOTAL HOTELS AND OTHER LODGING PLACES   208,311  
 
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.29%
     
127,278 *   3PAR, Inc   976  
69,296 e   Aaon, Inc   1,447  
3,047,920     Acer, Inc   3,956  
301,249 e   Actuant Corp (Class A)   5,730  
369,546     Advantech Co Ltd   535  
473,704 e*   AGCO Corp   11,175  
59,100 e   Aichi Corp   231  
43,900     Aida Engineering Ltd   161  
55,689 e   Aixtron AG.   380  
39,041 e   Alamo Group, Inc   584  
727,069 e   Alfa Laval AB   6,491  
151,429 e*   Allis-Chalmers Energy, Inc   833  
1,110,091 e   Alstom RGPT   64,779  
164,293 *   Altra Holdings, Inc   1,300  
257,986     Amada Co Ltd   1,255  
34,100 e   Amano Corp   267  
50,251     Ampco-Pittsburgh Corp   1,090  
42,068     Andritz AG.   1,111  
9,690,388     Applied Materials, Inc   98,164  
53,000 e   Asahi Diamond Industrial Co Ltd   296  
25,938 e*   ASM International NV   222  
222,873 e   ASM Pacific Technology   730  
1,919,613 e   ASML Holding NV   34,022  
96,734 e*   Astec Industries, Inc   3,031  
268,303 *   Asyst Technologies, Inc   67  
4,396 *   A-TEC Industries AG.   42  
209,528 e   Atlas Copco AB (A Shares)   1,844  
115,484 e   Atlas Copco AB (B Shares)   904  
75,060 *   ATS Automation Tooling Systems, Inc   304  
131,082 e*   AuthenTec, Inc   219  
564,755 *   Axcelis Technologies, Inc   288  
176 e   Belimo Holding AG.   125  
1,116,120     Benq Corp   221  
5,132     Biesse S.p.A.   28  
208,462 e   Black & Decker Corp   8,716  
102,835 e   Black Box Corp   2,686  
217,569 e*   Blount International, Inc   2,063  
46,200 e*   Bolt Technology Corp   322  
126,962 e   Bradken Ltd   243  
1,753,480 e   Brambles Ltd   9,071  
288,026 e   Briggs & Stratton Corp   5,066  
6,050,758 *   Brocade Communications Systems, Inc   16,942  
338,180 e*   Brooks Automation, Inc   1,965  
247,700 e   Brother Industries Ltd   1,478  
3,877     Bucher Industries AG.   393  
257,997 e   Bucyrus International, Inc (Class A)   4,778  
3,047 e   Burckhardt Compression Holding AG.   436  
3,712     BWT AG.   57  
13,300     Canon Finetech, Inc   144  

75

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
1,477,700 e   Canon, Inc
$
 46,820  
26,308 e   Cargotec Corp (B Shares)   306  
205,832 e   Carlisle Cos, Inc   4,261  
49,777 e   Cascade Corp   1,486  
172,386     Casio Computer Co Ltd   1,088  
2,895,148     Caterpillar, Inc   129,326  
87,981     Charter International plc   417  
1,853,000 *   China Railway Construction Corp   2,759  
470,928 *   Cirrus Logic, Inc   1,262  
436,212 e   Citizen Watch Co Ltd   1,572  
24,600     CKD Corp   95  
137,605 e*   Colfax Corp   1,430  
131,593 *   Columbus McKinnon Corp   1,796  
3,787,602     Compal Electronics, Inc   1,991  
214,196 *   Cray, Inc   446  
1,060,249     Cummins, Inc   28,340  
246,327 e   Curtiss-Wright Corp   8,225  
162,190 e*   Cymer, Inc   3,554  
52,500 e   Daifuku Co Ltd   306  
15,000 e   Daihatsu Diesel Manufacturing Co Ltd   97  
220,171 e   Daikin Industries Ltd   5,790  
10,809 e   Danieli & Co S.p.A.   117  
85,227     Danieli & Co S.p.A.   538  
9,305     Datalogic S.p.A.   63  
2,681,707     Deere & Co   102,763  
7,416,001 *   Dell, Inc   75,940  
1,521,024     Delta Electronics, Inc   2,943  
29,998 e   Deutz AG.   104  
228,318 e   Diebold, Inc   6,413  
12,700 e   Disco Corp   264  
272,232 e   Donaldson Co, Inc   9,161  
172,800     Dongfang Electric Co Ltd   433  
78,760     Doosan Infracore Co Ltd   940  
1,583,061 e   Dover Corp   52,114  
520,222 e*   Dresser-Rand Group, Inc   8,974  
155,882 e*   Dril-Quip, Inc   3,197  
12,992     Duerr AG.   228  
18,000 e   Eagle Industry Co Ltd   64  
247,000 e   Ebara Corp   575  
829,616 e   Electrolux AB (Series B)   7,259  
359,286 e*   Elixir Gaming Technologies, Inc   47  
11,155,625 *   EMC Corp   116,799  
487,171 *   Emulex Corp   3,400  
172,368 e*   Ener1, Inc   1,232  
52,579     Enerflex Systems, Income Fund   445  
189,834 e*   ENGlobal Corp   617  
120,656 e*   EnPro Industries, Inc   2,599  
1,284,000 *   Enric Energy Equipment Holdings Ltd   252  
855,475 *   Entegris, Inc   1,873  
2,186 *   Envitec Biogas AG.   50  
10,930 *   Eurotech S.p.A.   40  
700 *   Exel Industries (A Shares)   23  
487,050 e*   Extreme Networks, Inc   1,140  
173,888 e   Fanuc Ltd   12,463  
72,646     Fenner plc   74  
6,200 e   Ferrotec Corp   78  
80,509 e*   Flanders Corp   378  

76

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
126,277 e*   Flotek Industries, Inc
$
 318  
173,925 e*   Flow International Corp   421  
335,351     Flowserve Corp   17,271  
846,641 e*   FMC Technologies, Inc   20,175  
100,384 e*   Fuel Tech, Inc   1,063  
39,300     Fuji Machine Manufacturing Co Ltd   338  
781,580     FUJIFILM Holdings Corp   17,448  
18,200 e   Fujimi, Inc   213  
459,000     Furukawa Co Ltd   474  
503,422 *   Gardner Denver, Inc   11,750  
1,685,835     GEA Group AG.   29,275  
59,196     Gildemeister AG.   680  
33,400 e   Glory Ltd   648  
437,065 *   GMR Infrastructure Ltd   690  
78,076 e   Gorman-Rupp Co   2,430  
212,497 e   Graco, Inc   5,043  
68,846 e   Graham Corp   745  
175     Gurit Holding AG.   75  
34,172     Hanjin Heavy Industries & Construction Co Ltd   802  
33,656 e*   Harbin Electric, Inc   269  
802,000     Harbin Power Equipment   663  
13     Harmonic Drive Systems, Inc   22  
26,555 e   Heidelberger Druckmaschinen   238  
17,406,163     Hewlett-Packard Co   631,670  
224,402 e   Hitachi Construction Machinery Co Ltd   2,683  
38,400     Hitachi Koki Co Ltd   323  
42,000 e   Hitachi Kokusai Electric, Inc   222  
567,000 e*   Hitachi Zosen Corp   519  
8,551     Homag Group AG.   122  
44,000 e   Hosokawa Micron Corp   172  
36,302 e*   Hurco Cos, Inc   436  
73 e   Husqvarna AB (A Shares)   - ^
271,004 e   Husqvarna AB (B Shares)   1,458  
288,083     IDEX Corp   6,957  
93,769     IMI plc   366  
156,880 e*   Immersion Corp   924  
2,840     Industria Macchine Automatiche S.p.A.   53  
10,968 e   Ingenico   169  
1,173,781     Ingersoll-Rand Co Ltd (Class A)   20,365  
337,121 e*   Intermec, Inc   4,477  
7,733,870     International Business Machines Corp   650,883  
1,093,115     International Game Technology   12,997  
32,406     Interpump Group S.p.A.   200  
429     Interroll Holding AG.   121  
98,490 e*   Intevac, Inc   499  
2,208,028     Inventec Co Ltd   622  
85,000 e*   Iseki & Co Ltd   265  
5,468,792     Ishikawajima-Harima Heavy Industries Co Ltd   6,976  
70,553 e*   Isilon Systems, Inc   232  
18,692 e   Itochu Techno-Science Corp   457  
1,066,082 e   ITT Industries, Inc   49,029  
1,742,663     Jabil Circuit, Inc   11,763  
1,467,291 e   Japan Steel Works Ltd   20,543  
179,462     John Bean Technologies Corp   1,466  
887,698 e   Joy Global, Inc   20,319  
102,815     JSW Steel Ltd   484  
51,000 e   Juki Corp   54  

77

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
           
          VALUE  
SHARES
     COMPANY   (000)  
6,661 e   Jungheinrich AG.
$
 88  
80,953 *   Kadant, Inc   1,091  
970,000     Kato Works Co Ltd   2,409  
65,000 e   Kayaba Industry Co Ltd   126  
154,046 e   Kaydon Corp   5,291  
74,169     KCI Konecranes Oyj   1,291  
23,700     Keihin Corp   173  
263,392     Kennametal, Inc   5,845  
3,951     Kerself S.p.A.   56  
29,344 *   Key Technology, Inc   554  
5,783     Koenig & Bauer AG.   81  
29,369     Kofax plc   59  
1,682,049 e   Komatsu Ltd   21,457  
1,303 e   Komax Holding AG   67  
35,300     Komori Corp   388  
47,639     Kone Oyj (Class B)   1,068  
1,215,821     Konica Minolta Holdings, Inc   9,460  
857,374 e   Krones AG.   37,518  
63,000 e   KS Energy Services Ltd   43  
1,589,267 e   Kubota Corp   11,507  
11,075 e   KUKA AG.   203  
317,915 e*   Kulicke & Soffa Industries, Inc   540  
79,552     Kumba Iron Ore Ltd   1,394  
136,575 e   Kurita Water Industries Ltd   3,692  
797,609 e*   Lam Research Corp   16,973  
212,306     Larsen & Toubro Ltd   3,372  
332,383 e   Lennox International, Inc   10,733  
4,364,000 e   Lenovo Group Ltd   1,188  
493,717 e*   Lexmark International, Inc (Class A)   13,281  
57,708 e   Lindsay Manufacturing Co   1,835  
2,485,816     Lite-On Technology Corp   1,625  
62,344 e*   Logitech International S.A.   978  
90,842     Lufkin Industries, Inc   3,134  
134,000     Lung Kee (Bermuda) Holdings   37  
45,000 e   Makino Milling Machine Co Ltd   123  
112,887 e   Makita Corp   2,526  
5,510     Manitou BF S.A.   62  
834,022 e   Manitowoc Co, Inc   7,223  
9,600 e   Mars Engineering Corp   324  
20,000     Max Co Ltd   239  
12,600     Melco Holdings, Inc   130  
481,779     Melrose plc   601  
91,117 e   Met-Pro Corp   1,214  
75,403     Micron Machinery Co Ltd   1,165  
462,590 *   Micros Systems, Inc   7,549  
85,940 e*   Middleby Corp   2,344  
130 *   MidgardXXI, Inc   - ^
1,150,622     Mitac International   412  
5,484,129 e   Mitsubishi Heavy Industries Ltd   24,510  
77,000     Mitsubishi Kakoki Kaisha Ltd   210  
193,686     Modine Manufacturing Co   943  
34,600 e   Mori Seiki Co Ltd   269  
31,456     Nacco Industries, Inc (Class A)   1,177  
104,000     Nachi-Fujikoshi Corp   196  
100,543 e*   NATCO Group, Inc (Class A)   1,526  
60,956 e*   Natural Gas Services Group, Inc   617  
292,506 e*   Netezza Corp   1,942  

78

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
181,290 e*   Netgear, Inc
$
 2,069  
71,000     Nidec Sankyo Corp   266  
28,000     Nippon Thompson Co Ltd   117  
11,800     Nitto Kohki Co Ltd   209  
75,946 e   NN, Inc   174  
11,422 *   Nordex AG.   166  
164,720 e   Nordson Corp   5,319  
33,400 e   Noritz Corp   444  
758,638 e   NTN Corp   2,292  
2,414 e*   OC Oerlikon Corp AG.   161  
99,695 e   OCE NV   435  
390,963 e*   Oil States International, Inc   7,307  
74,400     Oiles Corp   1,070  
641,000 e*   Oki Electric Industry Co Ltd   411  
116,000 e   Okuma Holdings, Inc   438  
4,074 e   Omega Flex, Inc   85  
6,341     ONA S.A.   1,098  
15,000 e   Organo Corp   98  
51,900 e   OSG Corp   443  
41,837 e   Outotec Oyj   649  
5,411 e   Palfinger AG.   87  
604,416     Pall Corp   17,184  
533,373 e   Palm, Inc   1,637  
43,114 e   Pason Systems, Inc   491  
6,848 e   Pfeiffer Vacuum Technology AG.   461  
7,168 e   Pinguely-Haulotte   44  
723,002 e   Pitney Bowes, Inc   18,422  
67,756 e*   PMFG, Inc   648  
120,412 e   Psion plc   88  
1,061,898     PTT Aromatics & Refining PCL   303  
1,213,251 *   Quantum Corp   437  
5,566     R Stahl AG.   145  
235,145 e*   Rackable Systems, Inc   926  
1,420     Rational AG.   175  
110,130 *   RBC Bearings, Inc   2,233  
394,263     Realtek Semiconductor Corp   380  
344,168 e   Rheinmetall AG.   11,517  
46,556 e*   Rimage Corp   624  
18,400     Riso Kagaku Corp   183  
344,549 e*   Riverbed Technology, Inc   3,924  
175,233     Robbins & Myers, Inc   2,834  
14,400 e   Roland DG Corp   216  
713,272 e*   Safeguard Scientifics, Inc   492  
1,792,717 e*   SanDisk Corp   17,210  
563,556 e   Sandvik AB   3,620  
1,500 b,m,v   Sansei Yusoki Co Ltd   11  
9,859     Sartorius AG.   111  
88,839 e   Sauer-Danfoss, Inc   777  
45,500     Scana Industrier   55  
147,037 e*   Scansource, Inc   2,833  
374,430 e   Schindler Holding AG.   17,179  
10,473 e   Schoeller-Bleckmann Oilfield Equipment AG.   326  
3,318     Schulthess Group   132  
232,121 e*   Scientific Games Corp (Class A)   4,071  
1,249,635 m,v*   Seagate Technology    - ^
3,289,472     Seagate Technology, Inc   14,572  
212,004 e   Seiko Epson Corp   3,373  
2,597,511     Siemens AG.   195,550  

79

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
132,216 e*   Semitool, Inc
$
 403  
38,266 e   Service Point Solutions S.A.   35  
70,210 e*   Sevan Marine ASA   77  
3,282,000 *   Shanghai Electric Group Co Ltd   1,330  
719,547     Shanghai Zhenhua Port Machinery Co   481  
43,181 e   ShawCor Ltd   644  
13,000 e   Shibaura Mechatronics Corp   52  
18,100 e   Shima Seiki Manufacturing Ltd   358  
35,000 e   Shinko Electric Co Ltd   120  
331,590     Shinmaywa Industries Ltd   886  
125,356 e*   Sigma Designs, Inc   1,191  
15,382 e*   Singulus Technologies   79  
29,900     Sintokogio Ltd   205  
292,560 e   SKF AB (B Shares)   2,977  
40,875     SMC Corp   4,211  
20,000 e   Sodick Co Ltd   32  
73,080 e   Solarworld AG.   1,636  
228,117 e   SPX Corp   9,250  
75,748 e   Standex International Corp   1,503  
28,500 e   Star Micronics Co Ltd   302  
149,597 e*   STEC, Inc   637  
170,629     Sulzer AG.   9,847  
644,561     Sumitomo Heavy Industries Ltd   2,578  
111,708 e*   Super Micro Computer, Inc   707  
5,680,000 *   Superb Summit International Timber Co Ltd   34  
104,618 *   Swisslog Holding AG.   44  
849,425     Synnex Technology International Corp   880  
2,884,653 e   T RAD Co Ltd   4,934  
62,097 *   T-3 Energy Services, Inc   586  
490,186 e   Tadano Ltd   2,610  
9,400 e   Takeuchi Manufacturing Co Ltd   90  
2,939,315 e   Tat Hong Holdings Ltd   1,377  
780,500 e   Techtronic Industries Co   155  
105,378 *   Tecumseh Products Co   1,006  
– e*   Tecumseh Products Co (Class A)   - ^
11,600 e   Teikoku Piston Ring Co Ltd   48  
83,731 e   Tennant Co   1,289  
1,514,533 *   Teradata Corp   22,461  
691,785 e*   Terex Corp   11,982  
76,798 *   Thermadyne Holdings Corp   528  
309,440     Timken Co   6,074  
239,413 e   Tokyo Electron Ltd   8,428  
24,000 e   Tokyo Kikai Seisakusho Ltd   47  
15,100 e   Tokyo Seimitsu Co Ltd   127  
40,600     Topre Corp   299  
10,500     Torishima Pump Manufacturing Co Ltd   110  
174,295 e   Toro Co   5,752  
1,988,325 e   Toshiba Corp   8,182  
49,000 e   Toshiba Machine Co Ltd   145  
623,029     Toyota Tsusho Corp   6,707  
92,000     Tsubakimoto Chain Co   286  
25,000 e   Tsugami Corp   43  
135,594 e*   TurboChef Technologies, Inc   666  
3,889,824     Tutt Bryant Group Ltd   1,695  
64,343 e   Twin Disc, Inc   443  
158,291 *   Ultratech, Inc   1,893  
4,800 e   Union Tool Co   109  

80

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY  
(000)
 
529,762 e*   Varian Medical Systems, Inc
$
 18,563  
368,994 e*   VeriFone Holdings, Inc   1,808  
488,300 *   Verigy Ltd   4,697  
105,339 *   Vestas Wind Systems AS   6,199  
10,221 e   Wacker Construction Equipment AG.   88  
160 e   Wacom Co Ltd   142  
1,588     Walter Meier AG.   95  
109,572 e   Wartsila Oyj (B Shares)   3,311  
124,404 e   Watsco, Inc   4,777  
138,873 e   Weir Group plc   619  
1,832,931 *   Western Digital Corp   20,987  
25,486     Wincor Nixdorf AG.   1,215  
1,332,868     Wistron Corp   1,011  
359,409 e   Woodward Governor Co   8,274  
43,200 e   Yamatake Corp   1,045  
535,688     Yokogawa Electric Corp   3,525  
15,300 e   Yushin Precision Equipment Co Ltd   140  
42,942 e   Zardoya Otis S.A.   772  
223,776 e*   Zebra Technologies Corp (Class A)   4,534  
102     Zehnder Group AG.   83  
      TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT   3,280,849  
 
INSTRUMENTS AND RELATED PRODUCTS - 2.93%
     
6,100     A&D Co Ltd   24  
114,408 e*   Abaxis, Inc   1,834  
166,674 e*   Abiomed, Inc   2,737  
175,261 e*   Accuray, Inc   904  
195,743 e*   Advanced Medical Optics, Inc   1,294  
306,461 e   Advantest Corp   4,996  
402,143 *   Affymetrix, Inc   1,202  
78,581 *   AGFA-Gevaert NV   203  
2,410,224 *   Agilent Technologies, Inc   37,672  
373,343 e*   Align Technology, Inc   3,267  
1,126,348     Allergan, Inc   45,414  
23,400     Aloka Co Ltd   209  
134,109 e*   Alphatec Holdings, Inc   315  
375,094 e*   Alsius Corp   218  
454,926 e*   American Medical Systems Holdings, Inc   4,090  
54,688 e   American Science & Engineering, Inc   4,045  
83,563     Amplifon S.p.A.   99  
66,448 e   Analogic Corp   1,813  
95,917 *   Anaren, Inc   1,146  
130,994 *   Angiodynamics, Inc   1,793  
40,000 e   Anritsu Corp   95  
80,529 e*   Argon ST, Inc   1,519  
137,548 e*   Arthrocare Corp   656  
9,000     Asia Optical Co, Inc   11  
7,735 e   Atrion Corp   751  
1,967     Audika   43  
44,621 e*   Axsys Technologies, Inc   2,448  
74,043 e   Badger Meter, Inc   2,149  
436,074     Bard (C.R.), Inc   36,744  
4,025,096     Baxter International, Inc   215,705  
17,199,208 *   BB Bioventure Ltd Partnership   2,237  
220,289     Beckman Coulter, Inc   9,679  
1,253,192     Becton Dickinson & Co   85,706  
103,173 *   Bio-Rad Laboratories, Inc (Class A)   7,770  

81

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
286,000 *   Biosensors International Group Ltd
$
 60  
7,632,534 *   Boston Scientific Corp   59,076  
234,373 *   Bruker BioSciences Corp   947  
256,849 e*   Caliper Life Sciences, Inc   249  
83,235 e*   Cantel Medical Corp   1,221  
112,825 *   Cardiac Science Corp   846  
36,414 *   CardioNet, Inc   898  
319,793 e*   Cepheid, Inc   3,319  
117,915     Cochlear Ltd   4,554  
132,990 e*   Coherent, Inc   2,854  
121,620 e   Cohu, Inc   1,478  
8,581 e   Coloplast AS (Class B)   593  
112,995 e   Compagnie Generale d'Optique Essilor International S.A.   5,273  
202,278 e*   Conmed Corp   4,843  
22,287     Consort Medical plc   128  
158,865 e   Cooper Cos, Inc   2,605  
16,677     Corin Group plc   12  
4,142,963     Covidien Ltd   150,141  
165,429 e*   Cyberonics, Inc   2,741  
66,345 e*   Cynosure, Inc (Class A)   606  
1,442,356 e   Danaher Corp   81,652  
93,575     Datascope Corp   4,888  
650,400 e   Dentsply International, Inc   18,367  
388,408 e*   Depomed, Inc   641  
137,943 e*   DexCom, Inc   381  
105,089 e*   Dionex Corp   4,713  
4,776     Draegerwerk AG.   178  
38,040 e*   DXP Enterprises, Inc   556  
1,134,450 e   Eastman Kodak Co   7,465  
98,356 e   Elekta AB (B Shares)   990  
5,683,749     Emerson Electric Co   208,082  
210,203 e*   EnteroMedics, Inc   307  
130,899 *   ESCO Technologies, Inc   5,360  
184,795 *   Esterline Technologies Corp   7,002  
400,014 e*   ev3, Inc   2,440  
38,769 *   Exactech, Inc   653  
13,463 e*   Exfo Electro Optical Engineering, Inc   42  
86,235 e*   FARO Technologies, Inc   1,454  
200,248 e*   FEI Co   3,777  
70,203 e*   FGX International Holdings Ltd   965  
17,729     Fielmann AG.   1,165  
850,229     Finmeccanica S.p.A.   13,169  
650,973 e*   Flir Systems, Inc   19,972  
253,994 e*   Formfactor, Inc   3,708  
268,735 *   Fossil, Inc   4,488  
18,634 e   Fresenius SE   940  
96,126     Fresenius SE   5,641  
30,500     Furuno Electric Co Ltd   190  
601,684 e   Garmin Ltd   11,534  
55,225 e   Getinge AB (B Shares)   670  
12,884,212 e*   Golden Meditech Co Ltd   1,746  
1,231     Guerbet   183  
131,888 e*   Haemonetics Corp   7,452  
104,170     Hamworthy plc   356  
170,925 e*   Hanger Orthopedic Group, Inc   2,480  
73,787 *   Herley Industries, Inc   906  
109,920 e   Hexagon AB (B Shares)   549  

82

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
223,176 e   Hillenbrand, Inc
$
 3,723  
3,200     Hioki EE Corp   61  
20,000 *   Hitachi Medical Corp   205  
11,700 e   Hogy Medical Co Ltd   801  
1,094,789 e*   Hologic, Inc   14,309  
18,400 e   Horiba Ltd   257  
64,995 e*   ICU Medical, Inc   2,154  
73,289 e*   ICx Technologies, Inc   580  
166,839 *   I-Flow Corp   801  
149,437 e*   II-VI, Inc   2,853  
487,072 e*   Illumina, Inc   12,688  
2,365     Inficon Holding AG.   198  
103,550 e*   Insulet Corp   799  
88,966 e*   Integra LifeSciences Holdings Corp   3,165  
174,110 e*   Intuitive Surgical, Inc   22,110  
231,986 e   Invacare Corp   3,600  
2,434,902 *   Invensys plc   6,074  
514,515 e*   ION Geophysical Corp   1,765  
131,948 *   IRIS International, Inc   1,839  
137,725 e*   Itron, Inc   8,779  
244,714 e*   Ixia   1,414  
17,331 e*   Jenoptik AG.   126  
26,000 e   Jeol Ltd   80  
1,025     Kaba Holding AG.   253  
53,120 *   Kensey Nash Corp   1,031  
29,552 e   Keyence Corp   6,073  
593,212 e   Kla-Tencor Corp   12,926  
397,907 e*   Kopin Corp   812  
13,455 e*   K-Tron International, Inc   1,075  
421,168 e*   L-1 Identity Solutions, Inc   2,839  
69,353 e*   LaBarge, Inc   995  
96,780     Largan Precision Co Ltd   600  
199,072     LG.Philips LCD Co Ltd   3,318  
510,039 *   LTX-Credence Corp   138  
41,871 e   Luxottica Group S.p.A.   766  
90,834 *   Lydall, Inc   522  
1,200     Mani, Inc   72  
284,833 e*   Masimo Corp   8,497  
90,574 *   Measurement Specialties, Inc   629  
110,612 *   Medical Action Industries, Inc   1,106  
5,192,078     Medtronic, Inc   163,135  
176,101 e   Mentor Corp   5,447  
192,511 *   Merit Medical Systems, Inc   3,452  
137,640 e*   Mettler-Toledo International, Inc   9,277  
6,200     Micronics Japan Co Ltd   52  
75,510 e*   Micrus Endovascular Corp   877  
195,556 e*   Millipore Corp   10,075  
161,757 e   Mine Safety Appliances Co   3,868  
323,589 e*   MKS Instruments, Inc   4,786  
78,060 e   Movado Group, Inc   733  
21,967,242 a,*   MPM Bioventures II   9,918  
121,048 e   MTS Systems Corp   3,225  
3,300     Nakanishi, Inc   209  
189,770 e   National Instruments Corp   4,623  
139,711 e*   Natus Medical, Inc   1,809  
74,521 e*   Neogen Corp   1,862  
196,295 e*   Newport Corp   1,331  

83

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
14,488     Nice S.p.A.
$
 36  
28,300     Nidec Copal Corp   197  
20,300 e   Nihon Kohden Corp   481  
18,000 e   Nikkiso Co Ltd   103  
442,780 e   Nikon Corp   5,314  
680,539     Nippon Electric Glass Co Ltd   3,592  
55,200     Nippon Signal Co Ltd   374  
39,000 e   Nipro Corp   686  
45,490 e   Nobel Biocare Holding AG.   939  
29,600 e   Noritsu Koki Co Ltd   215  
330,968 e*   NuVasive, Inc   11,468  
92,690 e*   NxStage Medical, Inc   247  
11,400 *   ODIM ASA   48  
3,200 e   Ohara, Inc   26  
83,102 e   Olympus Corp   1,664  
115,541 *   Orthofix International NV   1,771  
357,453 e*   Orthovita, Inc   1,212  
36,412     Osaki Electric Co Ltd   234  
18,266 e*   OYO Geospace Corp   319  
99,754 e*   Palomar Medical Technologies, Inc   1,150  
402,000 e,m,v   Peace Mark Holdings Ltd   78  
419,380 e   PerkinElmer, Inc   5,834  
520,030 e   Phonak Holding AG.   31,606  
128,855 e*   Qiagen NV   2,279  
44,051     Q-Med AB   138  
33,710     Raymarine plc   6  
2,594,193     Raytheon Co   132,408  
61,328 e   Renishaw plc   436  
317,722 *   Resmed, Inc   11,908  
593,561     Rockwell Automation, Inc   19,136  
781,013     Rockwell Collins, Inc   30,530  
156,760 e*   Rofin-Sinar Technologies, Inc   3,226  
388,013 e   Roper Industries, Inc   16,844  
4,596 *   Roth & Rau AG.   99  
162,580 e*   Rudolph Technologies, Inc   574  
17,965     SAES Getters S.p.A.   134  
5,249     SAES Getters S.p.A.   44  
77,232 e   Safilo Group S.p.A.   67  
291,434 e   Safran S.A.   3,903  
55,342     Samsung Techwin Co Ltd   1,282  
29,000 e   Seiko Holdings Corp   65  
168,000 e   Shimadzu Corp   1,058  
393,768 e*   Sirf Technology Holdings, Inc   504  
88,713 e*   Sirona Dental Systems, Inc   931  
4,216,676 a,*   Skyline Venture Fund II Ltd   2,018  
944,029 *   Skyline Venture Fund III Ltd   635  
373,563     Smith & Nephew plc   2,355  
75,804 *   Somanetics Corp   1,252  
139,885 e*   Sonic Solutions, Inc   246  
84,870 e*   SonoSite, Inc   1,619  
97,924 *   Sorin S.p.A.   65  
171,256 e*   Spectranetics Corp   447  
102,551     Spectris plc   789  
7,863     Sperian Protection   489  
68,773     Spirax-Sarco Engineering plc   898  
537,779 e   Spirent Communications plc   280  
2,553,178 *   St. Jude Medical, Inc   84,153  

84

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY  
(000)
 
351,814 e*   Star Scientific, Inc
$
 1,347  
133,226 e*   Stereotaxis, Inc   586  
360,263     STERIS Corp   8,607  
2,938     Stratec Biomedical Systems   56  
3,535 e   Straumann Holding AG.   627  
1,217,477     Stryker Corp   48,638  
66,753 *   Swatch Group AG.   1,840  
10,470 e   Swatch Group AG.   1,477  
191,667 *   Symmetry Medical, Inc   1,528  
80,633 *   Synovis Life Technologies, Inc   1,511  
118,777     Synthes, Inc   15,062  
94,200 e   Sysmex Corp   3,433  
8,900 e   Tamron Co Ltd   79  
240,191     Techne Corp   15,497  
370,016 e*   Teledyne Technologies, Inc   16,484  
861,965 *   Teradyne, Inc   3,637  
340,058     Terumo Corp   15,930  
2,566,727 *   Thermo Electron Corp   87,448  
321,137 e*   Thoratec Corp   10,434  
31,246 e*   TomTom NV   226  
33,500 e   Topcon Corp   146  
66,172 e*   Trans1, Inc   477  
520,765 e*   Trimble Navigation Ltd   11,254  
40,765     Ultra Electronics Holdings   664  
159,455 e*   Varian, Inc   5,343  
162,411 e*   Veeco Instruments, Inc   1,030  
27,164 e*   Vision-Sciences, Inc   42  
83,390 e*   Vital Images, Inc   1,160  
334,269 e*   Vivus, Inc   1,778  
70,631 *   Vnus Medical Technologies, Inc   1,146  
260,479 *   Volcano Corp   3,907  
454,520 e*   Waters Corp   16,658  
7,732 e*   William Demant Holding   324  
188,357 e*   Wright Medical Group, Inc   3,848  
3,372,003     Xerox Corp   26,875  
1,404     Ypsomed Holding AG.   106  
1,065,868 *   Zimmer Holdings, Inc   43,082  
120,750 e*   Zoll Medical Corp   2,281  
84,534 e*   Zygo Corp   584  
      TOTAL INSTRUMENTS AND RELATED PRODUCTS   2,244,570  
 
INSURANCE AGENTS, BROKERS AND SERVICE - 0.39%
     
2,156,281     AON Corp   98,499  
5,935     April Group   149  
401,099     Brown & Brown, Inc   8,383  
149,485 e*   Crawford & Co (Class B)   2,174  
320,179 e   Gallagher (Arthur J.) & Co   8,296  
31,286 e   Grupo Catalana Occidente S.A.   642  
1,781,356 e   Hartford Financial Services Group, Inc   29,250  
9,557,457 *   HBOS plc   - ^
2,585,148     HBOS plc   2,565  
67,768 e   Jardine Lloyd Thompson Group plc   427  
29,833 e   Life Partners Holdings, Inc   1,302  
2,417,255     Marsh & McLennan Cos, Inc   58,667  
1,562,266     Millea Holdings, Inc   46,289  
24,915 e   MLP AG.   348  
227,837 e   National Financial Partners Corp   692  

85

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
1,934,955     QBE Insurance Group Ltd
$
 34,819  
520,899     Unipol Gruppo Finanziario S.p.A.   816  
272,329     Unipol S.p.A.   300  
31,091 e   White Mountains Insurance Group Ltd   8,305  
      TOTAL INSURANCE AGENTS, BROKERS AND SERVICE   301,923  
 
INSURANCE CARRIERS - 4.13%      
1,432,310 *   ACE Ltd   75,798  
35,202     Aditya Birla Nuvo Ltd   415  
2,154,571     Admiral Group plc   28,189  
2,013,843     Aegon NV   12,667  
7,566,417     Aetna, Inc   215,643  
2,456,711     Aflac, Inc   112,616  
337,000     Aioi Insurance Co Ltd   1,763  
111,589     Aksigorta AS   207  
135,565 e   Alleanza Assicurazioni S.p.A   1,114  
17,974 e*   Alleghany Corp   5,069  
1,154,055     Allianz AG.   122,792  
321,696     Allied World Assurance Holdings Ltd   13,061  
2,328,241     Allstate Corp   76,273  
3,475 *   Alm Brand AS   45  
1,575,375 e   Ambac Financial Group, Inc   2,048  
343,836 e   American Equity Investment Life Holding Co   2,407  
672,330     American Financial Group, Inc   15,383  
7,067,922 e   American International Group, Inc   11,097  
64,821 e   American National Insurance Co   4,779  
51,532 e   American Physicians Capital, Inc   2,479  
63,690 e*   American Safety Insurance Holdings Ltd   841  
409,692 e*   AMERIGROUP Corp   12,094  
126,004 *   Amerisafe, Inc   2,587  
430,718     Amlin plc   2,214  
2,961,296 e   AMP Ltd   11,190  
126,155 e   Amtrust Financial Services, Inc   1,463  
368,553 *   Arch Capital Group Ltd   25,836  
158,453 *   Argo Group International Holdings Ltd   5,375  
176,000     Asia Financial Holdings Ltd   48  
514,847     Aspen Insurance Holdings Ltd   12,485  
566,479     Assicurazioni Generali S.p.A.   15,640  
1,257,181     Assurant, Inc   37,715  
305,331 e   Assured Guaranty Ltd   3,481  
2,090,862     Aviva plc   11,724  
1,092,843 e   AXA Asia Pacific Holdings Ltd   3,764  
1,772,887 e   AXA S.A.   39,048  
2,518,979     Axis Capital Holdings Ltd   73,353  
44,301 e   Baldwin & Lyons, Inc (Class B)   806  
151,573     Baloise Holding AG.   11,447  
283,969 e   Beazley Group plc   553  
316,822     Brit Insurance Holdings plc   1,002  
196,909 e   Castlepoint Holdings Ltd   2,670  
229,569 *   Catalyst Health Solutions, Inc   5,590  
297,898 *   Centene Corp   5,872  
190,982     Chaucer Holdings plc   137  
43,544     Chesnara plc   83  
866,000     China Insurance International Holdings Co Ltd   1,332  
8,586,119 e   China Life Insurance Co Ltd   26,090  
1,689,439     Chubb Corp   86,161  
1,889,656     Cigna Corp   31,841  

86

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
           
          VALUE  
SHARES
     COMPANY   (000)  
555,085 e   Cincinnati Financial Corp
$
 16,136  
212,086 e*   Citizens, Inc (Class A)   2,057  
100,944 e   CNA Financial Corp   1,660  
104,778 *   CNA Surety Corp   2,012  
160,825 e   CNP Assurances   11,594  
521,729 e*   Conseco, Inc   2,703  
3,119,391 e   Corp Mapfre S.A.   10,638  
260,643     Delphi Financial Group, Inc (Class A)   4,806  
78,757 e   Donegal Group, Inc (Class A)   1,321  
45,517     Dongbu Insurance Co Ltd   541  
42,248 e   EMC Insurance Group, Inc   1,084  
275,209     Employers Holdings, Inc   4,541  
179,842 e   Endurance Specialty Holdings Ltd   5,491  
70,317 e*   Enstar Group Ltd   4,159  
117,612 e   Erie Indemnity Co (Class A)   4,426  
692,612     Everest Re Group Ltd   52,735  
49,172 e   Fairfax Financial Holdings Ltd   15,534  
18,054     FBD Holdings plc   183  
83,055 e   FBL Financial Group, Inc (Class A)   1,283  
735,365 e   Fidelity National Title Group, Inc (Class A)   13,053  
119,249 e*   First Acceptance Corp   346  
326,470 e   First American Corp   9,432  
79,855 *   First Mercury Financial Corp   1,139  
149,706 e   Flagstone Reinsurance Holdings Ltd   1,463  
74,276     Fondiaria-Sai S.p.A   1,356  
48,011 e*   Fpic Insurance Group, Inc   2,102  
1,075,457     Friends Provident plc   1,331  
191,000     Fuji Fire & Marine Insurance Co Ltd   287  
3,033,625     Genworth Financial, Inc (Class A)   8,585  
418,109 e   Great-West Lifeco Inc   7,011  
150,975 e*   Greenlight Capital Re Ltd (Class A)   1,961  
17,416 *   Hallmark Financial Services   153  
439,122     Hannover Rueckversicherung AG.   13,964  
203,507     Hanover Insurance Group, Inc   8,745  
66,590 e   Harleysville Group, Inc   2,313  
751,181     HCC Insurance Holdings, Inc   20,094  
746,536 e*   Health Net, Inc   8,130  
281,266 *   Healthspring, Inc   5,617  
5,714     Helvetia Holding AG.   1,257  
275,195 e   Hiscox Ltd   1,345  
246,391     Horace Mann Educators Corp   2,264  
969,144 *   Humana, Inc   36,130  
31,792 e   Independence Holding Co   115  
90,093     Industrial Alliance Insurance and Financial Services, Inc   1,701  
92,714     Infinity Property & Casualty Corp   4,333  
115,595     ING Canada, Inc   2,960  
1,555,430 e   Insurance Australia Group Ltd   4,218  
286,485     IPC Holdings Ltd   8,566  
188,831     Irish Life & Permanent plc   412  
48,950     Just Retirement plc   46  
24,556 e   Kansas City Life Insurance Co   1,065  
79,784     KBC Groep NV   2,379  
23,084 e   Kingsway Financial Services, Inc   120  
706,116 e   Leucadia National Corp   13,981  
135,548     Liberty Holdings Ltd   916  
1,060,798     Lincoln National Corp   19,985  
1,210,896     Loews Corp   34,208  

87

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
270,875 e   Maiden Holdings Ltd
$
 848  
2,569,550     Manulife Financial Corp   43,294  
33,947 e*   Markel Corp   10,150  
945,683 *   MAX India Ltd   2,244  
865,695 e   Max Re Capital Ltd   15,323  
726,000 e*   MBIA, Inc   2,955  
321,868 e   Meadowbrook Insurance Group, Inc   2,073  
195,041 e   Mediolanum S.p.A.   848  
93,452 e   Mercury General Corp   4,298  
4,006,548     Metlife, Inc   139,668  
929,208 e   MGIC Investment Corp   3,234  
264,849     Milano Assicurazioni S.p.A.   832  
12,798     Milano Assicurazioni S.p.A.   41  
298,000     Ming An Holdings Co Ltd   30  
683,963     Mitsui Sumitomo Insurance Group Holdings, Inc   21,751  
85,013 e*   Molina Healthcare, Inc   1,497  
511,883 e   Montpelier Re Holdings Ltd   8,595  
628,135     Muenchener Rueckver AG.   97,517  
42,141 e   National Interstate Corp   753  
12,597 e   National Western Life Insurance Co (Class A)   2,131  
197,908 e   Nationwide Financial Services, Inc (Class A)   10,333  
72,301 e*   Navigators Group, Inc   3,970  
469,275     Nipponkoa Insurance Co Ltd   3,651  
390,873     Nissay Dowa General Insurance Co Ltd   2,431  
17,569     Northbridge Financial Corp   553  
39,931     Novae Group plc   179  
32,783 e   NYMAGIC, Inc   625  
135,183 e   Odyssey Re Holdings Corp   7,004  
8,808,466     Old Mutual plc   6,965  
789,023 e   Old Republic International Corp   9,405  
105,991 e   OneBeacon Insurance Group Ltd (Class A)   1,107  
535,000     Pacific Century Regional Developments Ltd   52  
825,594     PartnerRe Ltd   58,840  
640,725 e   Phoenix Cos, Inc   2,095  
2,748,000 *   PICC Property & Casualty Co Ltd   1,482  
1,404,000 e   Ping An Insurance Group Co of China Ltd   6,793  
281,479 e   Platinum Underwriters Holdings Ltd   10,156  
218,648 *   PMA Capital Corp (Class A)   1,548  
391,662 e   PMI Group, Inc   764  
89,100 *   Porto Seguro S.A.   499  
731,525     Power Corp of Canada   13,285  
472,132 e   Power Financial Corp   9,141  
219,448     Premafin Finanziaria S.p.A.   393  
130,765 e   Presidential Life Corp   1,293  
297,857 e*   Primus Guaranty Ltd   340  
1,835,459 e   Principal Financial Group   41,426  
185,449 *   ProAssurance Corp   9,788  
2,456,662 e   Progressive Corp   36,383  
390,863     Protective Life Corp   5,609  
2,959,775     Prudential Financial, Inc   89,563  
3,828,406     Prudential plc   22,925  
457,279     Radian Group, Inc   1,683  
111,329 e*   RadNet, Inc   373  
376,050     Reinsurance Group of America, Inc   16,102  
920,321 e   RenaissanceRe Holdings Ltd   47,452  
104,454     RLI Corp   6,388  
7,413,104     Royal & Sun Alliance Insurance Group plc   14,719  

88

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY  
(000)
 
97,434 e   Safety Insurance Group, Inc
$
 3,708  
259,544     Sampo Oyj (A Shares)   4,912  
41,759     Samsung Fire & Marine Insurance Co Ltd   6,346  
2,289,649     Sanlam Ltd   4,210  
240     Schweizerische National-Versicherungs-Gesellschaft   139  
483,984 e   SCOR   11,010  
126,514 *   SeaBright Insurance Holdings, Inc   1,485  
310,512     Selective Insurance Group, Inc   7,120  
431,359     SNS Reaal   2,350  
20,640 e   Societa Cattolica di Assicurazioni SCRL   737  
1,919,035 e   Sompo Japan Insurance, Inc   14,210  
2,942     Sony Financial Holdings, Inc   11,228  
79,354     St James's Place plc   203  
301,085     Stancorp Financial Group, Inc   12,576  
3,889,821     Standard Life plc   11,297  
76,806 e   State Auto Financial Corp   2,309  
94,332 e   Stewart Information Services Corp   2,216  
2,477,696 e   Storebrand ASA   6,119  
740,978     Sun Life Financial, Inc   17,070  
51,430     Swiss Life Holding   3,566  
228,752     Swiss Reinsurance Co   11,201  
333,738     T&D Holdings, Inc   14,126  
5,174 *   Topdanmark AS   678  
499,775 e   Torchmark Corp   22,340  
103,595 e   Tower Group, Inc   2,922  
210,706     Tower Ltd   190  
153,423 e   Transatlantic Holdings, Inc   6,146  
3,556,528     Travelers Cos, Inc   160,755  
76,019 e*   Triple-S Management Corp (Class B)   874  
8,626 e   TrygVesta A.S.   543  
11,984 e   Uniqa Versicherungen AG.   310  
115,685 e*   United America Indemnity Ltd (Class A)   1,482  
130,945 e   United Fire & Casualty Co   4,068  
7,677,901     UnitedHealth Group, Inc   204,232  
151,730 e   Unitrin, Inc   2,418  
222,212 e*   Universal American Financial Corp   1,960  
1,244,067     UnumProvident Corp   23,139  
565,673     Validus Holdings Ltd   14,798  
12,591     Vittoria Assicurazioni S.p.A.   68  
1,002,314     W.R. Berkley Corp   31,072  
480,495 e*   WellCare Health Plans, Inc   6,179  
2,603,729 *   WellPoint, Inc   109,695  
5,498     Wesco Financial Corp   1,583  
104,936 e   Wiener Staedtische Allgemeine Versicherung AG.   3,646  
6,850,358 e   XL Capital Ltd (Class A)   25,346  
202,102     Zenith National Insurance Corp   6,380  
244,646     Zurich Financial Services AG.   53,450  
      TOTAL INSURANCE CARRIERS   3,158,083  
 
JUSTICE, PUBLIC ORDER AND SAFETY - 0.02%
     
71,641 *   China Fire & Security Group, Inc   488  
822,064 e*   Corrections Corp of America   13,449  
263,736 e*   Geo Group, Inc   4,755  
2,578,000 e*   PAN Fish ASA   395  
      TOTAL JUSTICE, PUBLIC ORDER AND SAFETY   19,087  

89

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
LEATHER AND LEATHER PRODUCTS - 0.14%      
150,000     Adidas-Salomon AG.
$
 5,718  
8,524 e   Antichi Pellettieri S.p.A.   34  
3,449,113 *   Coach, Inc   71,638  
527,195 e*   CROCS, Inc   654  
113,697 e*   Genesco, Inc   1,924  
32,287 e   Geox S.p.A.   203  
326,161 e*   Iconix Brand Group, Inc   3,190  
151,947 e   LVMH Moet Hennessy Louis Vuitton S.A.   10,090  
2,243,416     Pou Chen Corp   1,001  
106,609 *   Steven Madden Ltd   2,273  
279,761 e*   Timberland Co (Class A)   3,231  
4,442     Tod's S.p.A.   193  
41,237 e   Weyco Group, Inc   1,363  
275,098 e   Wolverine World Wide, Inc   5,788  
813,078 e   Yue Yuen Industrial Holdings   1,607  
      TOTAL LEATHER AND LEATHER PRODUCTS   108,907  
 
LEGAL SERVICES - 0.03%
     
541,890 e*   FTI Consulting, Inc   24,211  
48,721 e*   Pre-Paid Legal Services, Inc   1,817  
      TOTAL LEGAL SERVICES   26,028  
 
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%      
163,254     Arriva plc   1,412  
101,001 e   Brisa-Auto Estradas de Portugal S.A.   751  
1,624,124     ComfortDelgro Corp Ltd   1,634  
62,136 e*   Emergency Medical Services Corp (Class A)   2,275  
51,962     Go-Ahead Group plc   776  
379,423 e   Keihin Electric Express Railway Co Ltd   3,351  
179,625 e   Keisei Electric Railway Co Ltd   1,123  
33,015     National Express Group plc   235  
764,000     SMRT Corp Ltd   875  
      TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT   12,432  
 
LUMBER AND WOOD PRODUCTS - 0.02%
     
61,135 e   American Woodmark Corp   1,114  
352,028 e*   Champion Enterprises, Inc   197  
31,000 e   Daiken Corp   71  
53,126 e   Deltic Timber Corp   2,431  
72,536     Duratex S.A.   448  
604,100 e   Louisiana-Pacific Corp   942  
163,237     Masisa S.A.   12  
263,924 e   MFI Furniture plc   58  
107,886 e   Nobia AB   235  
23,889 e   Pfleiderer AG.   229  
206,152 *   Sino-Forest Corp   1,648  
40,884 e   Skyline Corp   817  
26,229 e   Sonae Industria SGPS S.A.   56  
92,000 e   Takara Standard Co Ltd   592  
91,802 e   Universal Forest Products, Inc   2,470  
23,589 e   West Fraser Timber Co Ltd   608  
      TOTAL LUMBER AND WOOD PRODUCTS   11,928  
 
METAL MINING - 1.30%
     
722,807     Aditya Birla Minerals Ltd   68  
123,459     African Rainbow Minerals Ltd   1,482  
169,094 e   Agnico-Eagle Mines Ltd   8,598  

90

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
93,857 e*   Alamos Gold, Inc
$
 665  
231,603 e*   Allied Nevada Gold Corp   1,172  
200,286 e   Alumina Ltd   194  
106,739 *   Andean Resources Ltd   82  
5,054,339     Anglo American plc   112,346  
70,725     Anglo Platinum Ltd   3,960  
279,323     AngloGold Ashanti Ltd   7,614  
123,263     Antofagasta plc   754  
336,693 e*   Apex Silver Mines Ltd   330  
211,225 e   Aquarius Platinum Ltd   552  
22,362 e*   Aquiline Resources, Inc   31  
326,209 *   Aricom plc   36  
89,432 e*   Atlas Iron Ltd   53  
220,517 *   Aura Minerals, Inc   29  
150,457 *   Aurizon Mines Ltd   486  
133,437 *   Avoca Resources Ltd   154  
53,754 *   Avocet Mining plc   69  
2,524,418     Barrick Gold Corp   92,823  
1,546,351     Barrick Gold Corp   56,004  
5,186,513     BHP Billiton Ltd   110,072  
3,111,079     BHP Billiton plc   57,880  
151,686 e   Boliden AB   355  
431,771 e   Cameco Corp   7,362  
73,360     CAP S.A.   767  
63,417 *   Centerra Gold, Inc   228  
921,326 *   Central African Mining & Exploration Co plc   28  
428,939     Cia Minera Milpo SAA   921  
685,165     Cliffs Natural Resources, Inc   17,547  
3,189,352 e*   Coeur d'Alene Mines Corp   2,807  
2,081,676     Companhia Vale do Rio Doce   21,326  
1,657,726     Companhia Vale do Rio Doce   19,684  
273,020 e   Companhia Vale do Rio Doce (ADR)   3,306  
178,003     Compania de Minas Buenaventura S.A.   3,600  
42,311 *   Consolidated Thompson Iron Mines Ltd   32  
108,934 e*   Crystallex International Corp   17  
75,062 e*   Denison Mines Corp   89  
14,698 e*   Detour Gold Corp   101  
278,575 e*   Eastern Platinum Ltd   76  
100,000 *   ECU Silver Mining, Inc   73  
451,986 e*   Eldorado Gold Corp   3,533  
103,134 e   Energy Resources of Australia Ltd   1,366  
325,959     Eurasian Natural Resources Corp   1,547  
83,244 e*   European Goldfields Ltd   219  
474,936     Ferrexpo plc   205  
198,706     First Quantum Minerals Ltd   2,835  
92,512 e*   FNX Mining Co, Inc   228  
36,500 *   Forsys Metals Corp   174  
164,340 e   Foundation Coal Holdings, Inc   2,304  
55,841     Franco-Nevada Corp   963  
2,057,169 e   Freeport-McMoRan Copper & Gold, Inc (Class B)   50,277  
49,374 e*   Fronteer Development Group, Inc   95  
238,065 e*   Gabriel Resources Ltd   293  
58,964 e*   Gammon Gold, Inc   323  
282,071 e*   Gindalbie Metals Ltd   116  
964,048     Gold Fields Ltd   9,583  
620,000     Gold Fields Ltd (ADR)   6,157  
1,170,470     Goldcorp, Inc   36,399  

91

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
98,082 *   Golden Star Resources Ltd
$
 99  
125,539 e*   Great Basin Gold Ltd   160  
20,287 *   Guyana Goldfields, Inc   31  
343,765 *   Harmony Gold Mining Co Ltd   3,633  
788,370 e*   Hecla Mining Co   2,208  
47,386 *   Highland Gold Mining Ltd   25  
44,786     Hochschild Mining plc   71  
145,880 e*   HudBay Minerals, Inc   362  
181,077     Iamgold Corp   1,115  
261,950 e*   Iluka Resources Ltd   848  
764,559     Impala Platinum Holdings Ltd   11,164  
41,237 e   Independence Group NL   62  
53,399 e   Inmet Mining Corp   847  
360,603 e*   Ivanhoe Mines Ltd   955  
67,438 e   Kagara Zinc Ltd   21  
16,422 *   Katanga Mining Ltd   5  
383,224     Kazakhmys plc   1,273  
55,814 *   Kingsgate Consolidated Ltd   138  
940,195     Kinross Gold Corp   17,136  
20,873 *   Kirkland Lake Gold, Inc   75  
8,696     Korea Zinc Co Ltd   519  
36,680     Labrador Iron Ore Royalty Income Fund   633  
44,607 e   Lonmin plc   584  
155,729 e*   Lundin Mining Corp   150  
361,244 e*   Lynas Corp Ltd   71  
918,137     Macmahon Holdings Ltd   243  
19,549 *   MAG. Silver Corp   87  
284,705 e   Minara Resources Ltd   57  
230,637 e   Mincor Resources NL   114  
20,628 e*   Minefinders Corp   102  
12,669     Mineral Resources Ltd   19  
31,919 *   Mirabela Nickel Ltd   19  
1,695,503 e   MMC Norilsk Nickel (ADR)   10,783  
208,052 e   MMC Norilsk Nickel (ADR)   1,311  
556,706 e*   Mount Gibson Iron Ltd   173  
191,497 e*   Murchison Metals Ltd   85  
122,320 e*   New Gold, Inc   175  
1,369,276 e   Newcrest Mining Ltd   32,353  
1,867,402     Newmont Mining Corp   76,003  
21,434 e*   North American Palladium Ltd   38  
122,056     Northam Platinum Ltd   272  
25,044 *   Northern Dynasty Minerals   91  
27,479 m,v*   Northern Iron Ltd   17  
128,645 e*   Northgate Minerals Corp   106  
120,488 e*   Novagold Resources, Inc   173  
74,105 f   Novolipetsk Steel (GDR)   756  
37,471     Nyrstar   114  
621,139 e   Orica Ltd   6,054  
69,143 e*   Osisko Mining Corp   204  
562,131 e   Oxiana Ltd   216  
1,001,299 e*   Paladin Resources Ltd   1,731  
90,098 e*   PAN American Silver Corp   1,533  
5,731,729 e*   Pan Australian Resources Ltd   340  
305,477 e*   Patriot Coal Corp   1,909  
20,273 e   Peter Hambro Mining plc   110  
77,830 e*   Platinum Australia Ltd   31  
86,402 e*   Polyus Gold Co (ADR)   1,063  

92

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
73,776     Polyus Gold Co (ADR)
$
 879  
3,494,500     PT Aneka Tambang Tbk   358  
1,860,500     PT International Nickel Indonesia Tbk   339  
70,837 e*   Quadra Mining Ltd   160  
123,692 e*   Red Back Mining, Inc   861  
134,936 e*   Resolute Mining Ltd   44  
777,113 e   Rio Tinto Ltd   20,589  
2,856,303     Rio Tinto plc   61,189  
237,547 e   Rio Tinto plc (ADR)   21,120  
300,900 *   Rosetta Resources, Inc   2,130  
162,721 e   Royal Gold, Inc   8,008  
117,201 e   Sally Malay Mining Ltd   79  
356,411     Sesa Goa Ltd   628  
154,338 e*   ShengdaTech, Inc   543  
589,450     Sherritt International Corp   1,509  
26,100 e*   Silver Standard Resources, Inc   411  
250,494 *   Silver Wheaton Corp   1,623  
84,541 e   Silvercorp Metals, Inc   179  
130,974 e*   Sino Gold Mining Ltd   457  
762,558 e   Southern Copper Corp   12,247  
225,311     Southern Copper Corp   3,670  
728,899 e*   St Barbara Ltd   160  
232,216 e*   Stillwater Mining Co   1,147  
2,715,700 e   Straits Asia Resources Ltd   1,470  
1,512 e   Sumitomo Titanium Corp   38  
584,370 *   Sundance Resources Ltd   33  
34,564 e*   Tanzanian Royalty Exploration Corp   147  
261,291 *   Taseko Mines Ltd   150  
1,414,574 e   Teck Cominco Ltd (Class B)   6,898  
123,799 e*   Thompson Creek Metals Co, Inc   491  
60,658 e*   Uex Corp   32  
456,898 e*   Uranium One, Inc   662  
287,438 e*   Uranium Resources, Inc   221  
41,090 e   Vedanta Resources plc   361  
38,166 e*   Western Areas NL   88  
625,993     Xstrata plc   5,760  
1,327,173 e   Yamana Gold, Inc   10,159  
3,945,500 e   Zijin Mining Group Co Ltd   2,393  
      TOTAL METAL MINING   996,090  
 
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.42%
     
49,961 e   Aalberts Industries NV   351  
182,024 e   Aderans Co Ltd   1,914  
32,500     Alpen Co Ltd   634  
28,891 e   Amer Sports Oyj (A Shares)   219  
59,072 e   Armstrong World Industries, Inc   1,277  
52,205 *   Ballard Power Systems, Inc   57  
138,471 e   Blyth, Inc   1,086  
43,465 e   Bulgari S.p.A.   277  
353,976     Callaway Golf Co   3,288  
80,000     Chen Hsong Holdings   14  
290,000     Chow Sang Sang Hldg   150  
1,221,000 e   Citic Pacific Ltd   1,320  
297,970     Compagnie Financiere Richemont S.A.   5,677  
30,000     Daiwa Seiko, Inc   43  
171,850 e   Daktronics, Inc   1,609  
22,000     Denki Kogyo Co Ltd   138  

93

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
18,718     Folli-Follie S.A.
$
 151  
1,456     Forbo Holding AG.   268  
2,701,702     Futuris Corp Ltd   1,215  
1,300,107 e   Hasbro, Inc   37,924  
68,152 e   Hills Industries Ltd   147  
4,076,000     Hutchison Harbour Ring Ltd   284  
20,093     Indutrade AB   173  
169,789 e*   Intrepid Potash, Inc   3,527  
154,120 e*   Jakks Pacific, Inc   3,179  
74,102     JUMBO S.A.   447  
530,000 *   Kiu Hung Energy Holdings Ltd   16  
175,897 e*   Leapfrog Enterprises, Inc   616  
102,000     Luk Fook Holdings International Ltd   27  
74,984 e   Marine Products Corp   421  
1,246,488     Mattel, Inc   19,944  
13,000,000     Ming Fung Jewellery Group Ltd   495  
8,500     Mitsubishi Pencil Co Ltd   103  
33,000 e   Mizuno Corp   159  
123,156 e   Namco Bandai Holdings, Inc   1,350  
140,640 e*   Nautilus, Inc   311  
447,328     Nintendo Co Ltd   170,947  
10,724,857     Playmates Holdings Ltd   1,342  
94,513 e*   RC2 Corp   1,009  
10,136 *   RHI AG.   163  
10,200     Roland Corp   137  
88,294 e*   Russ Berrie & Co, Inc   262  
63,000     Ryobi Ltd   129  
227,990     Sankyo Co Ltd   11,502  
10,000     Sato Corp   113  
397,625 e*   Shuffle Master, Inc   1,972  
33,166     Societe BIC S.A.   1,898  
165     SRI Sports Ltd   157  
49,894 e*   Steinway Musical Instruments, Inc   874  
82,830 e   Tasaki Shinju Co Ltd   73  
89,400 e   Tomy Co Ltd   586  
1,682,284     Tyco International Ltd   36,337  
176,000     Win Hanverky Holdings Ltd   9  
126,955 e   Yamaha Corp   1,180  
      TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES   317,501  
 
MISCELLANEOUS REPAIR SERVICES - 0.00%**
     
3,000     Nichiden Corp   90  
      TOTAL MISCELLANEOUS REPAIR SERVICES   90  
 
MISCELLANEOUS RETAIL - 1.06%      
188,071 e*   1-800-FLOWERS.COM, Inc (Class A)   718  
940,000 e*   Alibaba.com Ltd   677  
1,782,946 e*   Amazon.com, Inc   91,429  
92,636     Avenir Telecom   55  
36,712     Axis Communications AB   280  
128,584 e   Barnes & Noble, Inc   1,929  
9,671     BayWa AG.   363  
9,450 e   Belluna Co Ltd   25  
9,230 e*   Bidz.com, Inc   42  
154,967 e   Big 5 Sporting Goods Corp   807  
41,181     BIM Birlesik Magazalar AS   860  
68,458 e*   Blue Nile, Inc   1,677  

94

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
405,481 e*   Borders Group, Inc
$
 162  
96,871 e*   Build-A-Bear Workshop, Inc   471  
25,459 *   Buongiorno SpA   23  
7,800 *   BW GAS Ltd   12  
9,000,000 m,v   C&O Pharmaceutical Technology Holdings Ltd   781  
209,724 e*   Cabela's, Inc   1,223  
185,218     Cash America International, Inc   5,066  
1,140,000 *   China WindPower Group Ltd   30  
1,200,000 *   CK Life Sciences International Holdings, Inc   37  
314,695 e*   CKX, Inc   1,155  
4,560 *   cocokara fine HOLDINGS, Inc   73  
336,083 e*   Coldwater Creek, Inc   958  
10,601,967     CVS Corp   304,701  
99,292     DCC plc   1,442  
528,664 e*   Dick's Sporting Goods, Inc   7,459  
483,332 e*   Dollar Tree, Inc   20,203  
15,964 e   Douglas Holding AG.   722  
46     Dr Ci:Labo Co Ltd   85  
447,757 e*   Drugstore.Com   555  
226,104 *   Ezcorp, Inc (Class A)   3,439  
46,156 e*   Fuqi International, Inc   289  
17,127,213     Game Group plc   31,273  
2,200 *   Growell Holdings Co Ltd   43  
53,455 *   Grupa Lotos S.A.   216  
120,850 e*   GSI Commerce, Inc   1,271  
5,483     Hellenic Duty Free Shops S.A.   44  
153,840 e*   Hibbett Sports, Inc   2,417  
287,913     Home Retail Group   875  
231,259 e*   HSN, Inc   1,681  
6,189,239     Hutchison Whampoa Ltd   31,025  
685,482     Ichitaka Co Ltd   800  
45,900     Itochu Enex Co Ltd   325  
63,255 e   Jean Coutu Group PJC, Inc/The   425  
74,593 e   JJB Sports plc   4  
150,449 e*   Jo-Ann Stores, Inc   2,330  
25,728     Majestic Wine plc   41  
266,735 e*   Marvel Entertainment, Inc   8,202  
214,766     Metro AG.   8,541  
11,300     Mitsuuroko Co Ltd   77  
176,247 e   MSC Industrial Direct Co (Class A)   6,491  
113,716     N Brown Group plc   332  
12,900 *   Nippon Gas Co Ltd   199  
36,500 e   Nissen Holdings Co Ltd   198  
172,770 e   Nutri/System, Inc   2,521  
1,550,673 *   Office Depot, Inc   4,621  
258,770 e   OfficeMax, Inc   1,977  
21,000     Okuwa Co Ltd   319  
1,426,865     Origin Energy Ltd   16,036  
2,815,000 *   OSIM International Ltd   137  
4,500     Otsuka Kagu Ltd   29  
104,469 e*   Overstock.com, Inc   1,126  
11,700 e   Paris Miki, Inc   108  
1,056,500 e   Parkson Retail Group Ltd   1,200  
65,545 *   PC Connection, Inc   336  
57,716 e*   PC Mall, Inc   231  
903,995 e   Petsmart, Inc   16,679  
139,346 e*   Priceline.com, Inc   10,263  

95

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
67,666 e   Pricesmart, Inc
$
 1,398  
3,923,195 e*   Rite Aid Corp   1,216  
200,000     SA SA International Holdings Ltd   49  
13,900 e   Senshukai Co Ltd   109  
338,688 e   Shoppers Drug Mart Corp   13,183  
91,495 e*   Shutterfly, Inc   640  
35,503     Signet Jewelers Ltd   296  
334,514     Signet Jewelers Ltd   2,900  
66,000     Sinanen Co Ltd   305  
85,335 e*   Stamps.com, Inc   839  
3,717,616     Staples, Inc   66,620  
187,800 e   Sugi Pharmacy Co Ltd   5,020  
22,200 e   Sundrug Co Ltd   617  
61,709 e   Systemax, Inc   665  
27,557     Takkt AG.   312  
164     Telepark Corp   225  
439,432 e   Tiffany & Co   10,384  
14,500 *   Tsuruha Holdings, Inc   562  
310,403     Tsutsumi Jewelry Co Ltd   6,594  
3,737,594     Walgreen Co   92,207  
213,122 e   WH Smith plc   1,099  
168,249 e   World Fuel Services Corp   6,225  
14,400 e   Xebio Co Ltd   281  
187,709 e*   Zale Corp   625  
96,906 e*   Zumiez, Inc   722  
      TOTAL MISCELLANEOUS RETAIL   813,234  
 
MOTION PICTURES - 0.57%
     
64,165 *   Ascent Media Corp (Series A)   1,401  
66,066     Astral Media, Inc   1,306  
170,752 e*   Avid Technology, Inc   1,863  
3,380,000 *   Big Media Group Ltd   83  
951,891 e*   Blockbuster, Inc (Class A)   1,199  
183,708 e   Cinemark Holdings, Inc   1,365  
72,200 e   Culture Convenience Club Co Ltd   741  
943,825 e*   Discovery Communications, Inc (Class A)   13,365  
716,367 *   Discovery Communications, Inc (Class C)   9,592  
281,807 e*   DreamWorks Animation SKG, Inc (Class A)   7,118  
19,470 *   EM.Sport Media AG.   69  
335,000 *   eSun Holdings Ltd   45  
94,039 e*   Gaiam, Inc (Class A)   435  
219,734 e   HMV Group plc   341  
1,731     Kinepolis   40  
443,595 e*   Macrovision Solutions Corp   5,611  
259,431     National CineMedia, Inc   2,631  
12,781,322     News Corp (Class A)   116,182  
281,505 e   Regal Entertainment Group (Class A)   2,874  
20,470 *   RHI Entertainment, Inc   166  
50,000     Shaw Brothers (Hong Kong)   83  
31,000 e   Shochiku Co Ltd   217  
25,856,703     Time Warner, Inc   260,119  
30,000     Toei Animation Co Ltd   566  
83,000     Toei Co Ltd   378  
136,357 e   Toho Co Ltd   2,934  
20,900 e   Tohokushinsha Film Corp   149  
834,150 e*   tw telecom inc (Class A)   7,065  
      TOTAL MOTION PICTURES   437,938  

96

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
 
NONDEPOSITORY INSTITUTIONS - 0.57%
     
17,975     Aareal Bank AG.
$
 147  
55,762 e   Acom Co Ltd   2,357  
365,564     Advance America Cash Advance Centers, Inc   691  
8,247     Advanta Corp (Class A)   10  
238,496 e   Advanta Corp (Class B)   498  
644,393 e   Aeon Credit Service Co Ltd   6,794  
778,303     Aeon Thana Sinsap Thailand PCL   510  
73,906 e   Aiful Corp   213  
785,017 e   American Capital Ltd   2,543  
4,575,076     American Express Co   84,868  
550,606 e*   AmeriCredit Corp   4,207  
794,612 e   Apollo Investment Corp   7,398  
100,000 f   ARA Asset Management Ltd   25  
547,230 e   Ares Capital Corp   3,464  
35,057 e*   Banca Italease S.p.A.   112  
279,674     Banco Compartamos S.A. de CV   505  
130,830     Bank Pekao S.A.   5,572  
71,065 e   BlackRock Kelso Capital Corp   701  
176,859 e   BlueBay Asset Management plc   178  
1,298,227     BM&FBOVESPA S.A.   3,351  
223,162 e*   Boise, Inc   96  
257,424 m,v   Bradford & Bingley plc   - ^
1,702,531 e   Capital One Financial Corp   54,294  
1,976,128 e   CapitalSource, Inc   9,130  
541,710     Cattles plc   140  
24,000 e   Central Finance Co Ltd   43  
634,292 e   Challenger Financial Services Group Ltd   862  
6,177,079 e   Chimera Investment Corp   21,311  
930,242 e   CIT Group, Inc   4,223  
230,442     Collins Stewart plc   195  
130,809 e*   CompuCredit Corp   723  
35,918 e*   Credit Acceptance Corp   492  
405,238 e   Credit Saison Co Ltd   5,626  
807,072     Criteria Caixacorp S.A.   3,220  
3,225,808     Discover Financial Services   30,742  
10,960 e*   Doral Financial Corp   82  
87,714 e*   Encore Capital Group, Inc   632  
1,257 e   Energy Infrastructure Acquisition Corp   - ^
52,316 e   Federal Agricultural Mortgage Corp (Class C)   183  
2,596,757 e   Federal Home Loan Mortgage Corp   1,896  
8,936,010 e   Federal National Mortgage Association   6,791  
138,787 e   Financial Federal Corp   3,230  
113,306 e*   First Cash Financial Services, Inc   2,160  
4,589,353     First Financial Holding Co Ltd   2,412  
373,745 e*   First Marblehead Corp   482  
664,000     First Shanghai Investments Ltd   63  
3,442 *   Formuepleje Epikur AS   138  
132,213 e   Gladstone Investment Corp   649  
178,773 e   GLG Partners, Inc   406  
790,000 e*   Global Ship Lease, Inc (Class A)   2,259  
350,000 *   Golden Pond Healthcare, Inc   2,510  
332,345 e*   Guaranty Financial Group, Inc   867  
374,854 e*   Heckmann Corp   2,118  
658,122 e   Henderson Group plc   551  
157,788 e   Hercules Technology Growth Capital, Inc   1,250  

97

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
73,473 e   Hitachi Capital Corp
$
 919  
101,000     Hong Leong Finance Ltd   144  
224,084     Housing Development Finance Corp   6,837  
135,149 e   Hypo Real Estate Holding AG.   597  
9,368     Indiabulls Securities Ltd   4  
679,837     Infrastructure Development Finance Co Ltd   932  
72,541 e   Intermediate Capital Group plc   666  
164,329 e   International Personal Finance plc   328  
410,411     Investor AB (B Shares)   6,260  
89,000     Jaccs Co Ltd   169  
450,800     Japan Securities Finance Co Ltd   2,198  
335,921 *   KB Financial Group, Inc   8,988  
98,355 e   Kohlberg Capital Corp   358  
1,473,551     Lancashire Holdings Ltd   9,004  
506,266 e   Lender Processing Services, Inc   14,910  
413,529 e   MCG Capital Corp   294  
77,510     Medallion Financial Corp   592  
115,481 e*   Mercadolibre, Inc   1,895  
53,025 e*   Mitcham Industries, Inc   211  
103,420     Moneysupermarket.com Group plc   79  
110,612 e   Nelnet, Inc (Class A)   1,585  
95,006 e*   NewStar Financial, Inc   379  
118,130     NGP Capital Resources Co   989  
206,180 e*   Ocwen Financial Corp   1,893  
53,400 e   OMC Card, Inc   105  
83,500 e*   Orient Corp   92  
226,660     ORIX Corp   12,943  
1,514     Osaka Securities Exchange Co Ltd   6,757  
266,186     Paragon Group of Cos plc   216  
13,193 m,v*   Paragon Trade Brands, Inc   - ^
123,677 e   Patriot Capital Funding, Inc   450  
120,124     PennantPark Investment Corp   434  
303,539 e*   PHH Corp   3,864  
73,728 e   Promise Co Ltd   1,870  
88,432 e   Provident Financial plc   1,093  
518,000     Public Financial Holdings Ltd   194  
51,949 *   Quest Capital Corp   36  
273,600     Redecard S.A.   3,015  
43,482     Samsung Card Co   1,293  
4,925 e   SFCG Co Ltd   217  
1,607,228 e*   SLM Corp   14,304  
198,655     Smiths News plc   201  
15,947 e   Student Loan Corp   654  
3,336,650     Taiwan Cooperative Bank   1,688  
216,986 e   Takefuji Corp   1,780  
2,798,530 e   Textron, Inc   38,816  
312,168 e*   thinkorswim Group, Inc   1,754  
284 e*   Thornburg Mortgage, Inc   - ^
151,424 e   Tower Australia Group Ltd   263  
38,106 e*   Tree.com, Inc   99  
219,413     Tullett Prebon plc   431  
92,449 e*   World Acceptance Corp   1,827  
      TOTAL NONDEPOSITORY INSTITUTIONS   438,547  

98

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
NONMETALLIC MINERALS, EXCEPT FUELS - 0.07%
     
475,022 e   Adelaide Brighton Ltd
$
 695  
138,449 e   AMCOL International Corp
2,901  
185,362     Compass Minerals International, Inc   10,873  
22,261 *   Gem Diamonds Ltd   82  
329,954 e*   General Moly, Inc   389  
3,950,489 e   Grupo Mexico S.A. de C.V. (Series B)   2,513  
469,876     Haci Omer Sabanci Holding AS   1,065  
54,203     Harry Winston Diamond Corp   247  
9,713 e   Imerys S.A.   439  
180,981     K+S AG.   10,344  
6,600 e   Nippon Ceramic Co Ltd   65  
26,000     Nittetsu Mining Co Ltd   80  
38,295 *   Petra Diamonds Ltd   44  
5,115     S&B Industrial Minerals S.A.   57  
346,060 e*   Shore Gold, Inc   126  
2,311 e*   United States Lime & Minerals, Inc   56  
375,098 e   Vulcan Materials Co   26,099  
      TOTAL NONMETALLIC MINERALS, EXCEPT FUELS   56,075  
 
OIL AND GAS EXTRACTION - 4.41%      
218,887 e*   Abraxas Petroleum Corp   158  
110,800 e   Acergy S.A.   639  
260,684 e   Addax Petroleum Corp   4,453  
78,124     Advantage Energy Income Fund   324  
47,378 e   AED Oil Ltd   34  
153,231 *   Afren plc   57  
29,200 m,v*   AGR Group ASA   63  
312,226 e   Aker Kvaerner ASA   2,065  
26,234     AltaGas Income Trust   366  
2,116,454     Anadarko Petroleum Corp   81,589  
3,987,277     Apache Corp   297,172  
26,935 e   APCO Argentina, Inc   717  
47,171 e*   Approach Resources, Inc   345  
189,783 e*   Arena Resources, Inc   5,331  
271,106 e*   Arrow Energy NL   507  
194,189     Atlas America, Inc   2,884  
150,366 e*   ATP Oil & Gas Corp   880  
196,621 e*   Atwood Oceanics, Inc   3,004  
525,647 e   Australian Worldwide Exploration Ltd   942  
1,408,775     Baker Hughes, Inc   45,179  
59,079 *   Bankers Petroleum Ltd   35  
283,556 e*   Basic Energy Services, Inc   3,698  
72,521     Baytex Energy Trust   861  
857,690 e   Beach Petroleum Ltd   574  
222,407 e   Berry Petroleum Co (Class A)   1,681  
10,693,305     BG Group plc   147,132  
192,083 e*   Bill Barrett Corp   4,059  
31,466 e*   Birchcliff Energy Ltd   129  
1,248,233 e   BJ Services Co   14,567  
230,622 e*   BMB Munai, Inc   321  
1,845,092     Boart Longyear Group   257  
52,241 e   Bonavista Energy Trust   719  
3,453     Bonterra Oil & Gas Ltd   48  
34,356 *   BowLeven plc   14  
285,297 e*   Brigham Exploration Co   913  
122,418 e*   Bronco Drilling Co, Inc   791  
1,257,946 e   Cabot Oil & Gas Corp   32,707  
90,518 *   Cadogan Petroleum plc   23  

99

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
           
          VALUE  
SHARES
     COMPANY   (000)  
52,784 *   Cairn Energy plc
$
 1,529  
273,522 *   Cairn India Ltd   966  
237,594 e*   Cal Dive International, Inc   1,547  
10,892 e   Calfrac Well Services Ltd   77  
120,276 e*   Callon Petroleum Co   313  
63,523 *   Calvalley Petroleums, Inc   69  
1,401,239 *   Cameron International Corp   28,725  
1,001,476     Canadian Natural Resources Ltd   39,548  
448,564     Canadian Oil Sands Trust   7,667  
202,265 e*   Cano Petroleum, Inc   89  
142,558 e*   Carrizo Oil & Gas, Inc   2,295  
6,682 e*   CAT Oil AG.   19  
12,546 *   Celtic Exploration Ltd   128  
285,595 e*   Cheniere Energy, Inc   814  
2,105,955 e   Chesapeake Energy Corp   34,053  
2,506,000 e   China Oilfield Services Ltd   2,021  
376,142 e   Cimarex Energy Co   10,073  
49,494 *   Clayton Williams Energy, Inc   2,249  
82,624     Clough Ltd   15  
17,566,000 e   CNOOC Ltd   16,410  
2,730,000 e   Cnpc Hong Kong Ltd   849  
95,147 e*   CNX Gas Corp   2,598  
90,545 e*   Compagnie Generale de Geophysique S.A.   1,334  
260,165 e*   Complete Production Services, Inc   2,120  
101,261 e*   Compton Petroleum Corp   76  
268,263 *   Comstock Resources, Inc   12,675  
314,074 e*   Concho Resources, Inc   7,167  
87,531 e*   Connacher Oil and Gas Ltd   52  
67,984 e*   Contango Oil & Gas Co   3,827  
139,868 e*   Continental Resources, Inc   2,897  
62,716 *   Corridor Resources, Inc   113  
66,847     Crescent Point Energy Trust   1,304  
36,239 e*   Crew Energy, Inc   156  
73,844 *   Dana Petroleum plc   1,053  
35,798 e*   Dawson Geophysical Co   638  
32,343     Daylight Resources Trust   205  
314,081 e*   Delta Petroleum Corp   1,495  
8,696,232 e*   Denbury Resources, Inc   94,963  
339,000 e*   DET Norske Oljeselskap   224  
2,915,092     Devon Energy Corp   191,551  
373,700 e   Diamond Offshore Drilling, Inc   22,026  
43,142 e*   Double Eagle Petroleum Co   303  
8,800 e*   Electromagnetic GeoServices AS   5  
29,454 *   Emerald Energy plc   144  
1,485,503 e   EnCana Corp   68,541  
274,927 *   Encore Acquisition Co   7,016  
801,576 e*   Endeavour International Corp   401  
230,812 e*   Energy Partners Ltd   312  
71,080 e*   Energy Recovery, Inc   539  
499,986 e   Energy XXI Bermuda Ltd   395  
271,896     Enerplus Resources Fund   5,277  
250,618 b,m,v*   Enron Corp   - ^
720,934     ENSCO International, Inc   20,467  
256,185 e   Ensign Energy Services, Inc   2,743  
1,124,815     EOG Resources, Inc   74,890  
463,792 e   Equitable Resources, Inc   15,560  
248,826 *   Essar Oil Ltd   444  

100

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
           
          VALUE  
SHARES
     COMPANY   (000)  
59,692 e   Etablissements Maurel et Prom
$
 679  
857,400 e*   EXCO Resources, Inc   7,768  
215,746 e*   Exterran Holdings, Inc   4,595  
37,612 *   Fairborne Energy Ltd   178  
14,861 e*   Flint Energy Services Ltd   85  
325,421 e*   Forest Oil Corp   5,366  
1,135,000     Formosa Petrochemical Corp   2,345  
31,430 e   Fred Olsen Energy ASA   848  
199,108 e*   FX Energy, Inc   556  
477,528     GAIL India Ltd   2,022  
59,963 e*   Galleon Energy, Inc (Class A)   248  
702,843 e*   Gasco Energy, Inc   274  
78,500 e   Gazpromneft OAO (ADR)   812  
171,666 e*   GeoGlobal Resources, Inc   275  
35,897 *   Geokinetics, Inc   89  
120,901 e*   Geomet, Inc   208  
42,915 *   Georesources, Inc   373  
406,258 e*   Global Industries Ltd   1,418  
91,227 e*   GMX Resources, Inc   2,310  
114,653 e*   Goodrich Petroleum Corp   3,434  
– e*   Grey Wolf, Inc   - ^
157,212 e*   Gulfport Energy Corp   621  
31,528 *   Gulfsands Petroleum plc   58  
5,226,912     Halliburton Co   95,025  
17,980 *   Hardy Oil & Gas plc   45  
193,300 e   Harvest Energy Trust   1,644  
212,459 e*   Harvest Natural Resources, Inc   914  
316,962 e*   Helix Energy Solutions Group, Inc   2,295  
394,523 e   Helmerich & Payne, Inc   8,975  
300,693 e*   Hercules Offshore, Inc   1,428  
74,223 e*   Heritage Oil Ltd   219  
119,324 *   Highpine Oil & Gas Ltd (Class A)   507  
81,562 e   Houston American Energy Corp   276  
523,290 e   Husky Energy, Inc   13,085  
21,100     Idemitsu Kosan Co Ltd   1,359  
47,323 *   Imperial Energy Corp plc   848  
996     Inpex Holdings, Inc   7,940  
159,171 e*   Iteration Energy Ltd   177  
80,872 *   Ivanhoe Energy, Inc   38  
6,500     Japan Petroleum Exploration Co   286  
131,002     JKX Oil & Gas plc   349  
920,000     K1 Ventures Ltd   89  
18,000     Kanto Natural Gas Development Ltd   114  
36,164 e*   Karoon Gas Australia Ltd   92  
91,799 f   KazMunaiGas Exploration Production (GDR)   1,157  
569,327 *   Key Energy Services, Inc   2,511  
340,843 e   Linn Energy LLC   5,102  
50,810 e*   Lundin Petroleum AB   273  
33,755 e   Major Drilling Group International   342  
366,223 e*   Mariner Energy, Inc   3,735  
109,336 *   Max Petroleum plc   4  
384,313 e*   McMoRan Exploration Co   3,766  
72,020     Melrose Resources plc   195  
533,981 *   Meridian Resource Corp   304  
1,071,612 *   Nabors Industries Ltd   12,827  
2,219,828 *   National Oilwell Varco, Inc   54,253  
542,286     New Zealand Oil & Gas Ltd   402  

101

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
451,200 e*   Newfield Exploration Co
$
 8,911  
539,015 e*   Newpark Resources, Inc   1,994  
901,515 e   Nexen Inc   15,664  
186,374 e*   Nexus Energy Ltd   69  
52,832 e   Niko Resources Ltd   1,818  
1,345,433     Noble Corp   29,721  
991,722     Noble Energy, Inc   48,813  
110,731 *   Northern Oil And Gas, Inc   288  
44,000 *   Norwegian Energy Co AS   87  
75,526 f   NovaTek OAO (GDR)   1,446  
33,132 e*   NuVista Energy Ltd   232  
8,736,579     Occidental Petroleum Corp   524,107  
197,091 e*   Oceaneering International, Inc   5,743  
13,800 *   OGX Petroleo e Gas Participacoes S.A.   3,113  
591,100     Oil & Gas Development Co Ltd   373  
279,393     Oil & Natural Gas Corp Ltd   3,826  
796,077     Oil Refineries Ltd   200  
145,094 e*   Oilexco, Inc   33  
858,655 e*   Oilsands Quest, Inc   627  
86,831 e*   OPTI Canada, Inc   127  
97,372 e*   PA Resources AB   147  
143,900 e*   Pacific Rubiales Energy Corp   255  
39,102 e   Panhandle Oil and Gas, Inc (Class A)   704  
212,474 e*   Parallel Petroleum Corp   427  
32,887     Paramount Energy Trust   135  
14,090 *   Paramount Resources Ltd (Class A)   78  
594,835 e*   Parker Drilling Co   1,725  
1,010,173 e   Patterson-UTI Energy, Inc   11,627  
235,654 e   Penn Virginia Corp   6,122  
504,313     Penn West Energy Trust   5,544  
14,101 e*   Petro Andina Resources, Inc (Class A)   66  
48,314 e*   Petrobank Energy & Resources Ltd   795  
944,983     Petro-Canada   20,454  
33,900 m,v*   Petrocorp, Inc   - ^
938,784 e*   PetroHawk Energy Corp   14,673  
20,975     Petroleo Brasileiro S.A (ADR)   428  
3,179,088     Petroleo Brasileiro S.A.   37,476  
3,361,373     Petroleo Brasileiro S.A.   32,922  
4,174,931     Petroleo Brasileiro S.A. (ADR)   102,244  
78,691 e*   Petroleum Development Corp   1,894  
94,700 e*   Petroleum Geo-Services ASA   387  
211,000 e*   Petrolia Drilling ASA   17  
18,205 *   Petrolifera Petroleum Ltd   15  
17,539 *   Petrominerales Ltd   82  
72,537 e*   Petroplus Holdings AG.   1,466  
232,816 e*   Petroquest Energy, Inc   1,574  
34,466     Peyto Energy Trust   276  
336,173 *   Pioneer Drilling Co   1,872  
411,474 e   Pioneer Natural Resources Co   6,658  
379,473 *   Plains Exploration & Production Co   8,819  
23,221 *   Portland Gas plc   15  
89,176 e*   PowerSecure International, Inc   293  
594,200     PPB Group BHD   1,597  
507,451 e   Precision Drilling Trust   4,139  
165,224     Precision Drilling Trust   1,386  
57,403 e*   Premier Oil plc   813  
1,511,381 e*   Pride International, Inc   24,152  

102

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
1,212 e*   PrimeEnergy Corp
$
 63  
20,888 e*   ProEx Energy Ltd   190  
48,448     Progress Energy Trust   351  
74,200 e   ProSafe ASA   284  
135,000 e*   Prosafe Production Public Ltd   217  
307,635     Provident Energy Trust   1,333  
1,195,269     PTT Exploration & Production PCL   3,682  
104,347 e*   Quest Resource Corp   46  
101,691 *   Questerre Energy Corp   166  
392,956 e*   Quicksilver Resources, Inc   2,189  
232,372 e*   RAM Energy Resources, Inc   204  
3,073,871 e   Range Resources Corp   105,710  
57,100 e*   Real Resources, Inc   528  
83,046 *   Regal Petroleum plc   48  
533,553 *   Reliance Petroleum Ltd   955  
87,803 e*   Rex Energy Corp   258  
89,377 *   Riversdale Mining Ltd   150  
196,714 *   Roc Oil Co Ltd   69  
396,484 e   Rowan Cos, Inc   6,304  
137,572 e   RPC, Inc   1,343  
53,170 *   Salamander Energy plc   96  
287,243     Santos Ltd   2,978  
24,665 e   Savanna Energy Services Corp   160  
63,234 e   SBM Offshore NV   822  
6,042,129     Schlumberger Ltd   255,763  
20,000 e*   Seabird Exploration Ltd   9  
72,486 e*   SEACOR Holdings, Inc   4,831  
744,393 e   SeaDrill Ltd   6,067  
374,572 e*   Sibir Energy plc   660  
59,564     SK Energy Co Ltd   3,663  
878,384 e   Smith International, Inc   20,106  
19,721 *   Soco International plc   310  
94,500 e*   Songa Offshore ASA   185  
1,422,231 *   Southwestern Energy Co   41,202  
280,938 e   St. Mary Land & Exploration Co   5,706  
652,118 *   Sterling Energy plc   26  
188,200 e*   Stone Energy Corp   2,074  
15,200 *   Storm Exploration, Inc   170  
66,100 e*   Subsea 7, Inc   393  
272,256 e*   Sulphco, Inc   256  
285,546 *   Superior Energy Services   4,549  
28,997     Superior Plus Income Fund   257  
84,966 *   Superior Well Services, Inc   849  
613,325     Surgutneftegaz (ADR)   3,128  
358,500 e   Surgutneftegaz (ADR)   1,918  
164,035 e*   Swift Energy Co   2,757  
2,174,567 e   Talisman Energy, Inc   21,455  
67,696 *   Tatneft (GDR)   2,369  
39,309 e   Technip S.A.   1,192  
262,085 e*   Tetra Technologies, Inc   1,274  
66,600 e*   TGS Nopec Geophysical Co ASA   338  
250,826 e   Tidewater, Inc   10,101  
87,628 e*   Toreador Resources Corp   481  
76,852 *   Transocean Ltd   3,631  
175,270 e   Trican Well Service Ltd   1,130  
102,821 e*   Trico Marine Services, Inc   459  
72,184     Trilogy Energy Trust   338  

103

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY  
(000)
 
80,824 e   Trinidad Drilling Ltd
$
 292  
119,482 e*   Tri-Valley Corp   215  
385,065     Tullow Oil plc   3,651  
206,402 e*   TXCO Resources, Inc   307  
59,990 e*   Union Drilling, Inc   311  
506,476 *   Unit Corp   13,533  
327,513 e*   UTS Energy Corp   213  
472,328 *   Vaalco Energy, Inc   3,514  
141,601 e*   Venoco, Inc   384  
136,594 e   Venture Production plc   836  
11,980 e*   Verenex Energy, Inc   66  
24,664     Vermilion Energy Trust   503  
566,198 e   W&T Offshore, Inc   8,108  
298,382 *   Warren Resources, Inc   594  
2,385,353 *   Weatherford International Ltd   25,809  
980,912 e*   West Siberian Resources Ltd (GDR)   327  
220,882 e*   Whiting Petroleum Corp   7,391  
246,324 e*   Willbros Group, Inc   2,086  
425,995 e   Woodside Petroleum Ltd   10,900  
6,422,812     XTO Energy, Inc   226,533  
      TOTAL OIL AND GAS EXTRACTION   3,373,178  
 
PAPER AND ALLIED PRODUCTS - 0.39%
     
238,286 e*   AbitibiBowater, Inc   112  
9,715     Ahlstrom Oyj (Series B)   91  
27,756 e   Altri SGPS S.A.   81  
521,068     Aracruz Celulose S.A.   556  
395,972 e   Bemis Co   9,377  
33,607     Billerud AB   92  
220,456 *   Buckeye Technologies, Inc   802  
35,618 e*   Canfor Corp   219  
57,594 e   Cascades, Inc   160  
252,170 *   Catalyst Paper Corp   61  
242,900 e*   Cenveo, Inc   1,081  
87,120 e   Corporate Express Australia Ltd   255  
55,000     Daio Paper Corp   681  
2,201,614 *   Domtar Corporation   3,677  
548,849     DS Smith plc   598  
108,165     Empresas CMPC S.A.   1,689  
12,100 e   FP Corp   604  
230,599     Glatfelter   2,145  
762,091 e*   Graphic Packaging Holding Co   869  
196,134 e   Greif, Inc (Class A)   6,557  
32,768 e   Grupo Empresarial Ence S.A.   119  
681,700 e   Hengan International Group Co Ltd   2,190  
131,000 e   Hokuetsu Paper Mills Ltd   805  
145,483 e   Holmen AB (B Shares)   3,641  
52,317 e   Huhtamaki Oyj   327  
2,156,729     International Paper Co   25,449  
146,298 *   Istituto Finanziario Industriale S.p.A.   1,006  
104,701 *   Kapstone Paper and Packaging Corp   249  
2,200,377     Kimberly-Clark Corp   116,048  
682,576 e   Kimberly-Clark de Mexico S.A. de C.V. (Class A)   2,245  
151,634 e   Kinnevik Investment AB (Series B)   1,256  
456,795     Klabin S.A.   648  
34,800 e   Kokuyo Co Ltd   253  
187,200 e   Lee & Man Paper Manufacturing Ltd   92  

104

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
4,382     Mayr-Melnhof Karton AG.
$
 313  
702,389     MeadWestvaco Corp   7,860  
168,265 e*   Mercer International, Inc   323  
138,703 e   Metso Oyj   1,700  
3,262     Miquel y Costas & Miquel S.A.   52  
376,000     Mitsubishi Paper Mills Ltd   892  
24,584 e   Mondi Ltd   88  
383,865     Mondi plc   1,125  
78,975 e   M-real Oyj (B Shares)   78  
76,302     Neenah Paper, Inc   675  
77,000     Nine Dragons Paper Holdings Ltd   22  
2,199     Nippon Paper Group, Inc   8,684  
118,600 e*   Norske Skogindustrier ASA   235  
2,006,009 e   OJI Paper Co Ltd   11,794  
421,392 e   Packaging Corp of America   5,672  
13,818     Papeles y Cartones de Europa S.A.   58  
414,480 e   PaperlinX Ltd   202  
169 e   Pilot Corp   272  
113,092     Portucel Empresa Produtora de Pasta e Papel S.A.   244  
126,000 e   Rengo Co Ltd   1,022  
249,925     Rock-Tenn Co (Class A)   8,542  
18,400 e   Sanrio Co Ltd   176  
565,008 e   Sappi Ltd   2,298  
89,218 e   Schweitzer-Mauduit International, Inc   1,786  
51,358     Semapa-Sociedade de Investimento e Gestao   457  
173,164     Smurfit Kappa Group plc   437  
875,696 e*   Smurfit-Stone Container Corp   223  
1,357,486     Sonoco Products Co   31,439  
551,149 e   Stora Enso Oyj (R Shares)   4,366  
506,629 e   Svenska Cellulosa AB (B Shares)   4,399  
420,739 e   Temple-Inland, Inc   2,019  
61,000 *   Tokushu Tokai Holdings Co Ltd   180  
1,136,000 *   Uni-Bio Science Group Ltd   7  
96,847     Uni-Charm Corp   7,286  
481,192 e   UPM-Kymmene Oyj   6,168  
72,988 e   Verso Paper Corp   75  
99,622     Votorantim Celulose e Papel S.A.   766  
247,781 e   Wausau Paper Corp   2,835  
      TOTAL PAPER AND ALLIED PRODUCTS   298,805  
 
PERSONAL SERVICES - 0.13%
     
2,302,105 e   Chaoda Modern Agriculture   1,470  
696,711     Cintas Corp   16,185  
141,842 *   Coinstar, Inc   2,767  
145,754     Davis Service Group plc   569  
48,173     Dignity plc   416  
115,907 e   G & K Services, Inc (Class A)   2,344  
1,842,565 e   H&R Block, Inc   41,863  
41,595 e   Invocare Ltd   149  
170,618 e   Jackson Hewitt Tax Service, Inc   2,677  
988,773     Kuala Lumpur Kepong BHD   2,543  
332,000     Modern Beauty Salon Holdings Ltd   25  
254,865     Regis Corp   3,703  
796,129 e   Rentokil Initial plc   504  
463,030 e*   Sally Beauty Holdings, Inc   2,635  
1,049,052     Service Corp International   5,214  
102,857 e*   Steiner Leisure Ltd   3,036  

105

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY  
(000)
 
81,532     Unifirst Corp
$
 2,421  
284,718     Weight Watchers International, Inc   8,376  
      TOTAL PERSONAL SERVICES   96,897  
 
PETROLEUM AND COAL PRODUCTS - 6.30%
     
53,191 e   Alon USA Energy, Inc   487  
194,661 e*   American Oil & Gas, Inc   156  
14,600     AOC Holdings, Inc   82  
744,006     Ashland, Inc   7,820  
100,410     Bharat Petroleum Corp Ltd   775  
40,266,140     BP plc   304,515  
274,901 e   BP plc (ADR)   12,849  
113,816 e   Caltex Australia Ltd   571  
10,960,852     Chevron Corp   810,774  
16,880,764 e   China Petroleum & Chemical Corp   10,215  
7,503,441     ConocoPhillips   388,678  
432,000     Cosmo Oil Co Ltd   1,345  
164,499 *   CVR Energy, Inc   658  
17,400 e   Daiseki Co Ltd   329  
72,097 e   Delek US Holdings, Inc   382  
3,762,854     Ecopetrol S.A.   3,355  
5,943,631     ENI S.p.A.   143,026  
42,431     ERG S.p.A.   523  
4,094     Esso SA Francaise   409  
26,388,717     Exxon Mobil Corp   2,106,611  
358,351 e   Frontier Oil Corp   4,526  
149,100 e   Galp Energia SGPS S.A. (B Shares)   1,488  
763,651 e*   Gran Tierra Energy, Inc   2,138  
235,065 e*   Headwaters, Inc   1,587  
34,520     Hellenic Petroleum S.A.   259  
1,659,044     Hess Corp   88,991  
154,672 e   Holly Corp   2,820  
371,062 e   Imperial Oil Ltd   12,321  
15,554 e*   InterOil Corp   211  
106,599 e*   Linc Energy Ltd   148  
485,663 e   LUKOIL (ADR)   15,566  
3,970,458     Marathon Oil Corp   108,632  
64,379     Motor Oil Hellas Corinth Refineries S.A.   684  
1,094,869     Murphy Oil Corp   48,557  
45,304 e   Neste Oil Oyj   682  
468,884 e   Nippon Mining Holdings, Inc   2,035  
283,623     OMV AG.   7,536  
12,527     Parkland Income Fund   65  
22,000     Peab Industri AB (B Shares)   92  
87,600     Petrobras Energia Participaciones S.A.(ADR) (Class B)   533  
21,152,542     PetroChina Co Ltd   18,532  
172,755     PGG Wrightson Ltd   130  
319,399     Polski Koncern Naftowy Orlen S.A.   2,774  
857,650     PTT PCL   4,372  
81,131 e   Quaker Chemical Corp   1,335  
648,149     Reliance Industries Ltd   16,400  
1,167,552 e   Repsol YPF S.A.   24,927  
1,387,149 e,f   Rosneft Oil Co (GDR)   5,202  
4,679,673 e   Royal Dutch Shell plc (A Shares)   121,444  
3,641,372     Royal Dutch Shell plc (B Shares)   90,363  
538,864 e*   SandRidge Energy, Inc   3,314  
250,107     Saras S.p.A.   853  

106

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY  
(000)
 
963,993     Showa Shell Sekiyu KK
$
 9,553  
131,000     Singapore Petroleum Co Ltd   206  
35,682     SK Corp   2,743  
43,811     S-Oil Corp   2,165  
1,096,625 e   Statoil ASA   18,341  
1,956,250 e   Suncor Energy, Inc   37,588  
4,897,093     Suncor Energy, Inc   95,493  
564,226 e   Sunoco, Inc   24,521  
623,620 e   Tesoro Corp   8,213  
844,800     Thai Oil PCL   581  
53,495 e   TonenGeneral Sekiyu KK   536  
3,449,183 e   Total S.A.   186,555  
118,026     Tupras Turkiye Petrol Rafine   1,239  
2,304,123     Valero Energy Corp   49,861  
91,138 e   WD-40 Co   2,578  
176,364 e   Western Refining, Inc   1,369  
      TOTAL PETROLEUM AND COAL PRODUCTS   4,823,619  
 
PIPELINES, EXCEPT NATURAL GAS - 0.09%      
327,541 e   APA Group   685  
51,400 e   Pembina Pipeline Income Fund   635  
2,544,073 e   Spectra Energy Corp   40,044  
787,082 e   TransCanada Corp   21,148  
1,131,286     Wellstream Holdings plc   5,774  
      TOTAL PIPELINES, EXCEPT NATURAL GAS   68,286  
 
PRIMARY METAL INDUSTRIES - 0.79%
     
46,345 e   Acerinox S.A.   753  
8,368 e*   Advanced Metallurgical Group NV   80  
5,600 e   Ahresty Corp   18  
61,000 e   Aichi Steel Corp   199  
407,891     AK Steel Holding Corp   3,802  
2,838,465 e   Alcoa, Inc   31,961  
403,980 e   Allegheny Technologies, Inc   10,314  
3,870,000 e   Aluminum Corp of China Ltd   2,037  
1,074,720 e   Angang New Steel Co Ltd   1,202  
560,132 e   Arcelor   13,322  
6,100     Armtec Infrastructure Income Fund   85  
9,800 e   Asahi Pretec Corp   115  
15,600     BE Group AB   40  
9,013     Bekaert S.A.   605  
291,865 e   Belden CDT, Inc   6,094  
2,151,936 e   BlueScope Steel Ltd   5,251  
77,529     Bodycote plc   137  
126,434 e*   Brush Engineered Materials, Inc   1,608  
48,630 e   Canam Group, Inc   262  
435,598 e   Carpenter Technology Corp   8,947  
502,885     Catcher Technology Co Ltd   834  
128,154 e*   Century Aluminum Co   1,282  
9,372,859     China Steel Corp   6,597  
51,000 e   Chugai Ro Co Ltd   162  
53,046 e*   Coleman Cable, Inc   240  
411,224 e*   CommScope, Inc   6,390  
342,926     Companhia Siderurgica Nacional S.A.   4,265  
12,924 *   Corinth Pipeworks S.A.   16  
6,962,574     Corning, Inc   66,353  
53,732     Daewoo International Corp   998  

107

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
107,923     Daido Steel Co Ltd
$
 327  
63,926     Delta plc   77  
37,210     Dongkuk Steel Mill Co Ltd   821  
771,485     DOWA HOLDINGS CO Ltd   2,852  
6,664     Draka Holding   61  
40,247     Duro Felguera S.A.   210  
3,874     EL Ezz Aldekhela Steel Alexandria   565  
235,669     El Ezz Steel Co   425  
12,732     Elval Aluminium Process Co   15  
107,173 e   Encore Wire Corp   2,032  
200,231 e*   Equinox Minerals Ltd   221  
568,157     Eregli Demir ve Celik Fabrikalari TAS   1,517  
17,850 f   Evraz Group S.A. (GDR)   154  
422,050     Feng Hsin Iron & Steel Co   410  
222,000     Fujikura Ltd   736  
2,836,127 e   Furukawa Electric Co Ltd   13,841  
109,000     Furukawa-Sky Aluminum Corp   263  
70,557 e*   Fushi Copperweld, Inc   372  
215,945 e*   General Cable Corp   3,820  
62,678 e*   General Steel Holdings, Inc   247  
522,096 e   Gerdau Ameristeel Corp   3,180  
203,950     Gerdau S.A.   1,054  
649,002     Gerdau S.A.   4,191  
159,838 e   Gibraltar Industries, Inc   1,908  
75,000 e   Godo Steel Ltd   211  
18,974     Halcor S.A.   20  
63,685 e*   Haynes International, Inc   1,568  
816,532     Hindalco Industries Ltd   861  
28,182     Hoganas AB (Class B)   254  
197,537 *   Horsehead Holding Corp   928  
271,145 e   Hubbell, Inc (Class B)   8,861  
55,524     Hyundai Steel Co   1,712  
356,431 e   JFE Holdings, Inc   9,472  
137,000     JFE Shoji Holdings, Inc   424  
1,313,412 e   Jiangxi Copper Co Ltd   963  
65,482     Johnson Matthey plc   1,031  
125,322     KGHM Polska Miedz S.A.   1,189  
147,437     KME Group S.p.A.   93  
3,389,975     KNM Group BHD   397  
2,888,889     Kobe Steel Ltd   5,307  
5,600 e   Kyoei Steel Ltd   112  
28,612     Leoni AG.   535  
2,060,000 e   Maanshan Iron & Steel   734  
9,909 f   Magnitogorsk Iron & Steel Works (GDR)   26  
15,300 e   Maruichi Steel Tube Ltd   427  
15,162 e   Matsuda Sangyo Co Ltd   150  
153,012     Matthews International Corp (Class A)   5,612  
151,200 e   Mechel Steel Group OAO (ADR)   605  
146,899 e*   Metalico, Inc   228  
271,000 e   Midas Holdings Ltd   91  
46,000     Mitsubishi Cable Industries Ltd   42  
573,784     Mitsubishi Materials Corp   1,452  
169,000     Mitsubishi Steel Manufacturing Co Ltd   445  
353,398     Mitsui Mining & Smelting Co Ltd   750  
214,568     Mittal Steel South Africa Ltd   2,053  
216,385     Mueller Industries, Inc   5,427  
60,000 e   Nakayama Steel Works Ltd   148  

108

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
22,500     Neturen Co Ltd
$
 157  
79,000     Nippon Denko Co Ltd   409  
31,000 e   Nippon Koshuha Steel Co Ltd   30  
468,000     Nippon Light Metal Co Ltd   475  
52,000 e   Nippon Metal Industry Co Ltd   73  
4,352,803 e   Nippon Steel Corp   14,305  
104,500 e   Nippon Yakin Kogyo Co Ltd   298  
30,284 e   Norddeutsche Affinerie AG.   1,192  
215,660 e   Norsk Hydro ASA   879  
51,782 e*   Northwest Pipe Co   2,207  
1,341,358     Nucor Corp   61,971  
47,499 e   Olympic Steel, Inc   968  
309,279 e   OneSteel Ltd   531  
27,200     Osaka Steel Co Ltd   353  
35,946     Outokumpu Oyj   428  
81,000 e   Pacific Metals Co Ltd   408  
546,500     Parkson Holdings BHD   629  
61,189     POSCO   18,581  
872,558     Precision Castparts Corp   51,900  
6,423 *   Recylex S.A.   22  
134,227 e*   RTI International Metals, Inc   1,921  
57,000 e   Sanyo Special Steel Co Ltd   169  
15,135 e   Schmolz + Bickenbach AG.   234  
98,694 e   Schnitzer Steel Industries, Inc (Class A)   3,716  
220,850 f   Severstal (GDR)   605  
44,390     Sidenor Steel Products Manufacturing Co S.A.   198  
9,800 f,m,v*   Siderar SAIC (ADR) (Class A)   506  
486,529     Steel Authority Of India   774  
670,329 e   Steel Dynamics, Inc   7,494  
248,136     Sterlite Industries India Ltd   1,325  
769,790 e   Straits Resources Ltd   486  
1,034,367     Sumitomo Electric Industries Ltd   8,007  
115,000 e   Sumitomo Light Metal Industries Ltd   106  
11,446,355     Sumitomo Metal Industries Ltd   28,274  
310,144 e   Sumitomo Metal Mining Co Ltd   3,318  
60,066 e*   Sutor Technology Group Ltd   139  
226,000     SWCC Showa Holdings Co Ltd   147  
22,639     Taihan Electric Wire Co Ltd   328  
196,937     Tata Steel Ltd   878  
272,832     Tenaris S.A.   2,836  
3,888     Tenaris S.A. (ADR)   82  
115,615 e   Texas Industries, Inc   3,989  
19,300 *   Timminco Ltd   55  
343,543 e   Titanium Metals Corp   3,027  
26,035     TKH Group NV   290  
12,500 e   Toho Titanium Co Ltd   137  
132,000 e   Toho Zinc Co Ltd   323  
50,000 e   Tokyo Rope Manufacturing Co Ltd   145  
330,322 e   Tokyo Steel Manufacturing Co Ltd   3,466  
77,000     Toyo Kohan Co Ltd   327  
146,665     Tredegar Corp   2,666  
83,732     Tubacex S.A.   280  
138,758     Tubos Reunidos S.A.   413  
821,000     Tung Ho Steel Enterprise Corp   530  
278,014     Umicore   5,437  
569,338     United States Steel Corp   21,179  
55,003 e*   Universal Stainless & Alloy   797  

109

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
61,093     Usinas Siderurgicas de Minas Gerais S.A.
$
 677  
251,112     Usinas Siderurgicas de Minas Gerais S.A.   2,856  
521,796 e   Vallourec   58,751  
213,114 e   Voestalpine AG.   4,604  
34,619     Von Roll Holding AG.   253  
12,416,150     Walsin Lihwa Corp   2,406  
11,300,000 *   Wonson International Holdings Ltd   28  
378,471 e   Worthington Industries, Inc   4,171  
53,700     Yamato Kogyo Co Ltd   1,453  
182,000     Yodogawa Steel Works Ltd   759  
      TOTAL PRIMARY METAL INDUSTRIES   601,774  
 
PRINTING AND PUBLISHING - 0.38%      
314,560 e*   ACCO Brands Corp   1,085  
2,304     Agora S.A.   13  
107,424 e   AH Belo Corp (Class A)   234  
45,661     Alma Media   318  
267,414 e   American Greetings Corp (Class A)   2,024  
2,150,000     AMVIG Holdings Ltd   971  
253,826 e   APN News & Media Ltd   439  
48,605 e   Arnoldo Mondadori Editore S.p.A.   242  
574,957     Belo (A.H.) Corp (Class A)   897  
143,178     Bowne & Co, Inc   842  
15,612     Caltagirone Editore S.p.A.   49  
23,200 e   Cermaq ASA   89  
119,304 e*   China Information Security Technology, Inc   429  
63,915 *   Consolidated Graphics, Inc   1,447  
63,622 e   Courier Corp   1,139  
48,237 e   CSS Industries, Inc   856  
508,600     Dai Nippon Printing Co Ltd   5,622  
119,578 e   Daily Mail & General Trust   464  
24,966     Davis & Henderson Income Fund   340  
81,522 e   De La Rue plc   1,062  
11,682 *   Dogan Yayin Holding   5  
124,106 e*   Dolan Media Co   818  
408,438     Dun & Bradstreet Corp   31,531  
125,652 e   Eniro AB   177  
139,069 e   Ennis, Inc   1,684  
122,564 e   EW Scripps Co (Class A)   271  
16,900 e   Fuji Seal International, Inc   268  
20,133,000 *   Fung Choi Media Group Ltd   978  
33,000 e   Gakken Co Ltd   49  
996,564 e   Gannett Co, Inc   7,973  
8,580 e   GateHouse Media, Inc   - ^
191,877 e   Harte-Hanks, Inc   1,197  
31,474 *   Impresa SGPS   37  
213,850     Independent News & Media plc   125  
353,498     Informa plc   1,251  
593,819 e   John Fairfax Holdings Ltd   677  
146,076 e   John Wiley & Sons, Inc (Class A)   5,197  
216,117     Johnston Press plc   37  
259,932 e   Journal Communications, Inc (Class A)   637  
119,027 e   Kadokawa Holdings, Inc   2,773  
30,000 e   Kyodo Printing Co Ltd   75  
77,762 e   Lagardere S.C.A.   3,135  
15,550     Lambrakis Press S.A.   45  
225,677 e   Lee Enterprises, Inc   93  

110

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
136,770 e*   Martha Stewart Living Omnimedia, Inc (Class A)
$
 356  
324,940 e   McClatchy Co (Class A)   260  
1,725,894 e   McGraw-Hill Cos, Inc   40,023  
621,761 *   Mecom Group plc   9  
134,961     Media General, Inc (Class A)   236  
134,860 e   Meredith Corp   2,309  
173,481 e*   MSCI, Inc (Class A)   3,081  
47,486 e   Multi-Color Corp   751  
503,277 e   New York Times Co (Class A)   3,689  
2,168,000 e   Oriental Press Group   204  
701,591 e   Orkla ASA   4,668  
376,623 e   PagesJaunes Groupe S.A.   3,680  
3,923,678     Pearson plc   36,161  
118,302 e*   Playboy Enterprises, Inc (Class B)   256  
232,883     PMP Ltd   81  
148,132 e*   Presstek, Inc   476  
215,935     Primedia, Inc   469  
20,600 e   PRONEXUS, Inc   190  
17,678     Quebecor, Inc   281  
401,936 e*   R.H. Donnelley Corp   149  
854,971     R.R. Donnelley & Sons Co   11,611  
62,849     RCS MediaGroup S.p.A.   87  
1,470,553     Reed Elsevier NV   17,212  
2,887,946     Reed Elsevier plc   20,989  
1,610 m,v   Roularta Media Group NV   28  
24,608 e   Sanoma-WSOY Oyj   320  
77,517 e   Schawk, Inc (Class A)   888  
42,000 e   Schibsted ASA   506  
135,888 e*   Scholastic Corp   1,845  
6,270,451 e*   Seat Pagine Gialle S.p.A.   527  
1,782,611 e   Singapore Press Holdings Ltd   3,848  
2,171     Spir Communication   60  
116,789     St Ives Group plc   139  
103,155 e   Standard Register Co   921  
27,972 e   Telegraaf Media Groep NV   484  
293,975 e   Thomson Corp   8,478  
97,715 e   Thomson Reuters plc   2,121  
39,500     Toppan Forms Co Ltd   508  
747,844 e   Toppan Printing Co Ltd   5,777  
37,661 e   Torstar Corp   255  
52,708 e   Transcontinental, Inc   425  
320,070 e   Trinity Mirror plc   257  
792,863     United Business Media Ltd   5,797  
265,144 e*   Valassis Communications, Inc   350  
218,167 e*   VistaPrint Ltd   4,060  
21,153     Washington Post Co (Class B)   8,255  
107,631 e   West Australian Newspapers Holdings Ltd   416  
476,651     Wolters Kluwer NV   8,971  
814,897 e   Yell Group plc   498  
1,232,423 e   Yellow Pages Income Fund   6,679  
      TOTAL PRINTING AND PUBLISHING   287,236  
 
RAILROAD TRANSPORTATION - 0.93%
     
515,152 e   Asciano Group   542  
1,521,184 e   Burlington Northern Santa Fe Corp   115,169  
986,999 e   Canadian National Railway Co   35,802  
182,155     Canadian Pacific Railway Ltd   6,047  

111

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
4,124     Central Japan Railway Co
$
 35,766  
2,387,697     CSX Corp   77,529  
4,451     Delachaux S.A.   273  
10,880     East Japan Railway Co   82,695  
2,987,550     Firstgroup plc   18,642  
171,182 *   Genesee & Wyoming, Inc (Class A)   5,221  
1,574,000     Guangshen Railway Co Ltd   581  
2,618,832 e   Hankyu Hanshin Holdings, Inc   15,124  
414,780 e*   Kansas City Southern Industries, Inc   7,901  
3,760,228     MTR Corp   8,714  
2,111,621     Norfolk Southern Corp   99,352  
3,951,350     Stagecoach Group plc   7,968  
3,526,427     Union Pacific Corp   168,563  
6,056     West Japan Railway Co   27,594  
      TOTAL RAILROAD TRANSPORTATION   713,483  
 
REAL ESTATE - 0.48%      
256,742     Abacus Property Group   38  
14,804     Acanthe Developpement S.A.   25  
1,686     Affine S.A.   30  
16,508     Africa Israel Investments Ltd   131  
3,838,000 e   Agile Property Holdings Ltd   2,000  
20,600     Airport Facilities Co Ltd   129  
66,635 *   Alerion Industries S.p.A.   38  
17,179,246 e   Allgreen Properties Ltd   5,127  
2,133     Allreal Holding AG.   215  
21,441     Alstria Office REIT-AG.   150  
3,705,100     Amata Corp PCL   442  
171,887     AMP NZ Office Trust   100  
102,950     Aspen Group   32  
1,039     Atenor Group   55  
43,300 e   Atrium Co Ltd   147  
990,934     Australand Property Group   176  
9,247,920 m,v*   Ayala Land, Inc   19  
12,581,243     Ayala Land, Inc   1,750  
9,182 *   Babis Vovos International Construction S.A.   114  
1,882,000     Beijing Capital Land Ltd   301  
942,238 e   Beni Stabili S.p.A.   662  
80,800 *   Brioschi Sviluppo Immobiliare   23  
556,625     British Land Co plc   4,410  
200,578 e   Brixton plc   381  
43,000     Brookfield Properties Co   332  
263,353 e   Brookfield Properties Corp   1,984  
32,000     Bukit Sembawang Estates Ltd   90  
57,155     CA Immo International AG.   233  
32,696 e*   CA Immobilien Anlagen AG.   198  
28,102     Capital & Regional plc   19  
4,032,741 e   CapitaLand Ltd   8,705  
2,909,411 e   CapitaMall Trust   3,211  
81,115 e   Castellum AB   641  
66,000     Cathay Real Estate Development Co Ltd   15  
1,082,115 e*   CB Richard Ellis Group, Inc (Class A)   4,675  
49,000     Central Pattana PCL   21  
2,575 *   Centro Properties Group    - ^
666,344     Centro Retail Group   31  
2,281,565 e   Champion Real Estate Investment Trust   612  
5,420,028     Cheuk Nang Holdings Ltd   888  

112

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
             
          VALUE  
SHARES
     COMPANY   (000)  
1,137,811     Cheung Kong Holdings Ltd
$
 10,761  
4,311,000     China Aoyuan Property Group Ltd   573  
1,190,000 e   China Resources Land Ltd   1,459  
1,178,520     China Vanke Co Ltd   909  
3,087,078 e   Chinese Estates Holdings Ltd   3,505  
566,865 e   City Developments Ltd   2,506  
78,203 e   Citycon Oyj   186  
24,363 *   CLS Holdings plc   107  
7,015 e   Colonia Real Estate AG.   28  
10,318     ComBOTS AG.   74  
4,361     Compagnie Generale Immobiliere   1,213  
30,370 e   Consolidated-Tomoka Land Co   1,160  
30,208 e*   Conwert Immobilien Invest AG.   137  
206,203 e   Corio NV   9,427  
3,588,000 e   Country Garden Holdings Co Ltd   880  
224,548     Cyrela Brazil Realty S.A.   886  
144,400 e   Daibiru Corp   1,541  
1,445,900 m,v   Daiman Development BHD   535  
85,541 e   Derwent London plc   891  
236,327 *   Desarrolladora Homex S.A. de C.V.   888  
12,117 e   Deutsche Euroshop AG.   412  
10,173 *   Deutsche Wohnen AG.   137  
29,882     Development Securities plc   116  
7,831 e   DIC Asset AG.   68  
103,981     Douja Promotion Groupe Addoha S.A.   1,329  
8,192     Dundee Real Estate Investment Trust   83  
139,744 e   DuPont Fabros Technology, Inc   289  
26,517 *   Echo Investment S.A.   19  
15,015,400     Erawan Group PCL   625  
8,889     Eurobank Properties Real Estate Investment Co   69  
21,133 e   Eurocommercial Properties NV   705  
216,305 e   Fabege AB   844  
302,000 e   Far East Consortium   41  
117,165,000     Filinvest Land, Inc   997  
89,572     FKP Property Group   31  
291,312 e   Forest City Enterprises, Inc (Class A)   1,952  
212,176 e*   Forestar Real Estate Group, Inc   2,020  
49,085 e*   FX Real Estate and Entertainment, Inc   7  
126,796     Gafisa S.A.   570  
68,432     Gazit Globe Ltd   313  
64,170 e   Gecina S.A.   4,428  
459,000 e*   Genting International plc   143  
160,288 *   Globe Trade Centre S.A.   821  
19,920 e   Goldcrest Co Ltd   499  
48,052     Grainger plc   93  
130,953 e   Great Portland Estates plc   490  
10,669,500     Greentown China Holdings Ltd   4,460  
1,265,775     Growthpoint Properties Ltd   2,054  
119,079 e   Grubb & Ellis Co   148  
1,094,736 e   Guangzhou R&F Properties Co Ltd   1,208  
91,000     Guocoland Ltd   72  
303,218 e   Hammerson plc   2,332  
179,000     Hang Lung Group Ltd   542  
2,079,134     Hang Lung Properties Ltd   4,518  
115,500 e   Heiwa Real Estate Co Ltd   301  
31,738 e   Helical Bar plc   128  
613,571     Henderson Land Development Co Ltd   2,272  

113

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
123,000     Ho Bee Investment Ltd
$
 32  
124,000     Hong Fok Corp Ltd   19  
290,000     Hongkong Land Holdings Ltd   719  
926,076     Hopewell Holdings   3,047  
52,031 e   Hufvudstaden AB (Series A)   373  
3,172,470 e   Hysan Development Co Ltd   5,125  
18,066     ICADE   1,494  
10,391,400     IGB Corp BHD   4,145  
77,981     Immobiliare Grande Distribuzione   117  
837,448 e*   IMMOFINANZ Immobilien Anlagen AG.   595  
1,363,926 e   ING Office Fund   770  
145,349 e*   Inmobiliaria Colonial S.A.   34  
834     Intershop Holdings   225  
400 e*   IRSA Inversiones y Representaciones S.A. (GDR)   2  
43,024 e   IVG Immobilien AG.   350  
57,004     IVR Prime Urban Developers Ltd   48  
2,001,600     Johor Land BHD   408  
62,200 e   Joint Corp   105  
127,661 e   Jones Lang LaSalle, Inc   3,536  
307,000     K Wah International Holdings Ltd   50  
59,440     Kardan NV   127  
5,456 e   Kenedix, Inc   1,566  
1,036,223 e   Keppel Land Ltd   1,223  
7,766,100     KLCC Property Holdings BHD   6,285  
83,551     Klepierre   2,032  
196,026     Klovern AB   466  
151,444 e   Kungsleden AB   1,066  
318,987,000     Lai Fung Holdings Ltd   4,651  
6,416 *   Lamda Development S.A.   38  
3,246,300     Land and Houses PCL   361  
120,400     Land and Houses PCL   13  
466,840 e   Land Securities Group plc   6,182  
1,954     Leasinvest Real Estate SCA   131  
101,980 e   Leighton Holdings Ltd   1,966  
235,115 e   Liberty International plc   1,616  
1,348,921     Link Real Estate Investment Trust   2,228  
8,868,500 *   PT Lippo Karawaci Tbk   652  
156,341 e*   LoopNet, Inc   1,066  
30,566     MAC Services Group   18  
1,473,842 e   Macquarie Goodman Group   760  
41,294 e   Mapeley Ltd   62  
52,648,200 f   Megaworld Corp   770  
6,258 e   Mercialys S.A   197  
5,781,100 *   Metro Pacific Investments Corp   336  
44,020 e   MI Developments, Inc (Class A)   324  
978,929     Midland Holdings Ltd   349  
67,103 *   Minerva plc   13  
953,794     Mirvac Group   851  
2,063,951     Mitsubishi Estate Co Ltd   34,094  
1,465,353     Mitsui Fudosan Co Ltd   24,431  
1,247,000 e*   Mongolia Energy Co ltd   383  
151,000 *   Musashino Kogyo Co Ltd   299  
4,906,666 e   New World China Land Ltd   1,494  
6,905,119     New World Development Ltd   7,003  
15,637 e   Nexity   241  
128,649 e   Nomura Real Estate Holdings, Inc   2,567  
450     Nordicom AS   6  

114

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
97,400 e   Norwegian Property ASA
$
 86  
1,757 e   NTT Urban Development Corp   1,903  
58,000     Orchard Parade Holdings Ltd   24  
63,600 e   Parco Co Ltd   583  
3,308     Parquesol Inmobiliaria y Proyectos S.A.   28  
366,516     Parsvnath Developers Ltd   356  
10,851 e*   Patrizia Immobilien AG.   25  
96,756 f*   PIK Group (GDR)   93  
10,460     Pirelli & C Real Estate S.p.A.   61  
42,344 e   PSP Swiss Property AG.   2,112  
54,092 e   Quintain Estates & Development plc   29  
167,740     Realia Business S.A.   366  
809,684 e   Regus plc   576  
5,343,023     Rich Development Co Ltd   865  
7,541 e   Risa Partners, Inc   3,622  
34,264 e*   Risanamento S.p.A.   21  
13,000     Sankei Building Co Ltd   72  
82,000     SC Global Developments Ltd   31  
2,371,513 e   Segro plc   8,422  
194,839 e   Shaftesbury plc   1,013  
5,080,000 e*   Shanghai Forte Land Co   813  
559,600     Shanghai Lujiazui Finance & Trade Zone Development Co Ltd   504  
82,408,944 e   Shanghai Real Estate Ltd   5,529  
88,000     Shell Electric MFG   27  
132,000 e   Shenzhen Investment Ltd   24  
259,000     Shoei Co Ltd   2,679  
2,382,500     Shui On Land Ltd   753  
192,000 e   Singapore Land Ltd   469  
1,182,917 e   Sino Land Co   1,224  
8,849,000 e   Sino-Ocean Land Holdings Ltd   3,996  
12,541,552     SM Prime Holdings   2,032  
286,693 *   Societa Partecipazioni Finanziarie S.p.A.   73  
7,068     Societe de la Tour Eiffel   330  
1,945,000     Soho China Ltd   836  
2,227,650     SP Setia BHD   1,996  
49,631 e*   Sparkassen Immobilien AG.   141  
24,244,956 e   SPG Land Holdings Ltd   3,097  
108,129     Sponda Oyj   474  
224,800 e   ST Modwen Properties plc   380  
348,874 e*   St. Joe Co   8,485  
442,943 e   Stewart Enterprises, Inc (Class A)   1,333  
2,217,418     Stockland Trust Group   6,246  
27,579 e*   Stratus Properties, Inc   344  
3,570 e   Sumitomo Real Estate Sales Co Ltd   109  
556,120     Sumitomo Realty & Development Co Ltd   8,360  
1,934,733     Sun Hung Kai Properties Ltd   16,127  
22,650 e   Swiss Prime Site AG.   1,089  
2,700     Tachihi Enterprise Co Ltd   148  
12,202 e   TAG Tegernsee Immobilien und Beteiligungs AG.   35  
167,000     TAI Cheung Holdings   62  
43,207     Technopolis plc   176  
177,148     Thomas Properties Group, Inc   459  
67,000 e   TOC Co Ltd   345  
1,542,197 e   Tokyo Tatemono Co Ltd   7,068  
60,000     Tokyotokeiba Co Ltd   90  
554,922     Tokyu Land Corp   2,127  
5,400 e   Tokyu Livable, Inc   26  

115

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
85,518 e   Unibail
$
 12,660  
51,444     Unite Group plc   108  
10,475,339 *   Unitech Corporate Parks plc   1,324  
409,664     Unitech Ltd   342  
690,956     United Industrial Corp Ltd   504  
9,100 b,e   Urban Corp   - ^
704,341 e   Valad Property Group   26  
20,160     Vastned Retail NV   1,009  
9,859     Vivacon AG.   55  
35,461     Wallenstam Byggnads AB (B Shares)   311  
13,228 e   Warehouses De Pauw SCA   554  
2,598     Wereldhave Belgium NV   173  
20,700     Wereldhave NV   1,813  
2,471,000 e   Wheelock & Co Ltd   5,420  
367,000     Wheelock Properties S Ltd   265  
62,144     Wihlborgs Fastigheter AB   805  
259,267     Wing Tai Holdings Ltd   149  
104,737     Workspace Group plc   93  
419,000 e   Yanlord Land Group Ltd   260  
1,340,233     YNH Property BHD   438  
15,236,000 *   Zhong An Real Estate Ltd   2,615  
11,350 e   Zueblin Immobilien Holding AG.   50  
      TOTAL REAL ESTATE   365,281  
 
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.57%
     
33,259 e*   AEP Industries, Inc   584  
134,683 e   Ansell Ltd   1,177  
1,502,982 e   Asics Corp   12,179  
34,000     Bando Chemical Industries Ltd   82  
3,075,157 e   Bayer AG.   179,184  
1,589,637 e   Bridgestone Corp   23,844  
3,750 *   CENTROTEC Sustainable AG.   55  
853,463     Cheng Shin Rubber Industry Co Ltd   733  
4,611,600 e   China Hongxing Sports Ltd   592  
316,120 e   Cooper Tire & Rubber Co   1,947  
5,426     Deceuninck NV   20  
75,171 e*   Deckers Outdoor Corp   6,004  
303,232     Denki Kagaku Kogyo KK   747  
1,187,302 e*   Goodyear Tire & Rubber Co   7,088  
101,130     Hankook Tire Co Ltd   1,249  
6,095     Innoconcepts   28  
85,914 e*   Metabolix, Inc   1,093  
120,759 e   Michelin (C.G.D.E.) (Class B)   6,307  
311,723 e   Mitsubishi Rayon Co Ltd   944  
26,000 e   Mitsuboshi Belting Co Ltd   139  
449,379 e   Mitsui Chemicals, Inc   1,670  
1,476,714     Newell Rubbermaid, Inc   14,442  
112,000 e   Nichias Corp   282  
91,000     Nifco, Inc   923  
1,766,975     Nike, Inc (Class B)   90,116  
26,700     Nitta Corp   354  
263,600 e   NOK Corp   1,856  
83,592 e   Nokian Renkaat Oyj   950  
19,820 e   Nolato AB (B Shares)   82  
30,000 e   Okamoto Industries, Inc   119  
2,160,196     Pirelli & C S.p.A.   816  
40,278     Puma AG. Rudolf Dassler Sport   8,027  

116

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
           
          VALUE  
SHARES
     COMPANY   (000)  
1,027 *   Quadrant AG.
$
 58  
55,794     RPC Group plc   136  
175,117     Schulman (A.), Inc   2,977  
871,789     Sealed Air Corp   13,025  
35,000     Sekisui Jushi Corp   301  
18,057     Semperit AG. Holding   299  
178,569 e*   Skechers U.S.A., Inc (Class A)   2,289  
210,998 e   Spartech Corp   1,321  
4,059,214     SSL International plc   28,889  
734,221 e   Sumitomo Bakelite Co Ltd   2,964  
271,984 e   Sumitomo Rubber Industries, Inc   2,367  
20,000     Takiron Co Ltd   68  
181,365 e   Titan International, Inc   1,496  
15,200     Tokai Rubber Industries, Inc   125  
139,000     Toyo Tire & Rubber Co Ltd   254  
83,440 e*   Trex Co, Inc   1,373  
336,788     Tupperware Corp   7,645  
22,859     Uponor Oyj   249  
35,307     Viscofan S.A.   702  
166,478 e   West Pharmaceutical Services, Inc   6,288  
232,000     Yokohama Rubber Co Ltd   1,164  
      TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS   437,623  
 
SECURITY AND COMMODITY BROKERS - 1.86%
     
20,076     ABC Arbitrage   138  
432,000 e   ABG Sundal Collier ASA   242  
87,533 e   AGF Management Ltd (Class B)   674  
25,000     Aizawa Securities Co Ltd   42  
1,217,350     Ameriprise Financial, Inc   28,437  
272,144 e   Australian Stock Exchange Ltd   6,318  
7,450     Avanza AB   69  
51,377     Azimut Holding S.p.A.   280  
1,203,643 e,m,v   Babcock & Brown Ltd   130  
158,488     Banca Finnat Euramerica S.p.A.   114  
171,362 e   BlackRock, Inc   22,988  
52,327 e   Bolsas y Mercados Espanoles   1,374  
8,994 *   Boursorama   58  
31,678 e*   Broadpoint Securities Group, Inc   94  
998,882 e   Broadridge Financial Solutions, Inc   12,526  
49,662 e   BT Investment Management Ltd   64  
292,000     Bursa Malaysia BHD   435  
147,548 e   Calamos Asset Management, Inc (Class A)   1,092  
20,118 e   Canaccord Capital, Inc   66  
30,000 *   Capinordic AS   17  
63,410     Charlemagne Capital Ltd   7  
8,158,560     Charles Schwab Corp   131,924  
814,000     China Everbright Ltd   1,000  
115,508     Close Brothers Group plc   879  
327,556     CME Group, Inc   68,168  
95,637 e   Cohen & Steers, Inc   1,051  
51,500 e   Count Financial Ltd   36  
3,459,640 e   Credit Suisse Group   96,955  
265,537     Cromwell Group   109  
29,100 e,m,v   D Carnegie AB   66  
7,825     DAB Bank AG.   29  
121,480     Daewoo Securities Co Ltd   1,273  
500,000 a   Daishin Securities Co Ltd   2,270  

117

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
1,560     Daishin Securities Co Ltd
$
 17  
1,586,740 e   Daiwa Securities Group, Inc   9,526  
133,821 *   DeA Capital S.p.A.   253  
936,317 e   Deutsche Boerse AG.   67,742  
12,190 e   Diamond Hill Investment Group, Inc   792  
76,939 e*   Duff & Phelps Corp (Class A)   1,471  
38,077 e*   Dundee Corp (Class A)   187  
22,078 e   DundeeWealth, Inc   105  
2,380,974 e*   E*Trade Financial Corp   2,738  
397,408 e   Eaton Vance Corp   8,350  
225,450     Egyptian Financial Group-Hermes Holding   713  
47,744 e   Epoch Holding Corp   362  
61,294 e   Evercore Partners, Inc (Class A)   766  
88,482     Evolution Group plc   109  
81,981     F&C Asset Management plc   68  
111,795 e*   FBR Capital Markets Corp   543  
119,623 e*   FCStone Group, Inc   530  
392,222 e   Federated Investors, Inc (Class B)   6,652  
24,540 e   Fifth Street Finance Corp   185  
532,935 e   Franklin Resources, Inc   33,991  
896,784 e*   Friedman Billings Ramsey Group, Inc (Class A)   152  
12,800 e   GAGFAH S.A.   72  
41,083 e   GAMCO Investors, Inc (Class A)   1,122  
413,246 e   GFI Group, Inc   1,463  
3,997     Gluskin Sheff + Associates, Inc   24  
8,482     GMP Capital Trust   35  
2,788,384     Goldman Sachs Group, Inc   235,312  
88,045 e   Greenhill & Co, Inc   6,143  
146,010     Hana Financial Group, Inc   2,326  
59,681     Hellenic Exchanges S.A.   465  
105,238     HFA Holdings Ltd   4  
1,403,989 e   Hong Kong Exchanges and Clearing Ltd   13,333  
142,977     Hyundai Securities Co   1,132  
449,497 e   ICAP plc   1,858  
66,000 e   Ichiyoshi Securities Co Ltd   531  
269,098 e   IGM Financial. Inc   7,727  
9,368     Indiabulls Financial Services Ltd   26  
12,131     Indiabulls Real Estate Ltd   33  
244,565 e*   Interactive Brokers Group, Inc (Class A)   4,375  
377,995 e*   IntercontinentalExchange, Inc   31,162  
22,842 e*   International Assets Holding Corp   196  
1,832,313 e   Invesco Ltd   26,459  
370,941 e*   Investment Technology Group, Inc   8,428  
25,788 e   IOOF Holdings Ltd   68  
1,128,800     iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker   1,199  
6,800     Iwai Securities Co Ltd   56  
372,674 *   Jahangir Siddiqui & Co Ltd   259  
629,198 e   Janus Capital Group, Inc   5,052  
557,446 e   Jefferies Group, Inc   7,838  
333 e   kabu.com Securities Co Ltd   404  
147,471 e*   KBW, Inc   3,392  
2,604,404     KGI Securities Co Ltd   841  
10,630,657     Kim Eng Holdings Ltd   7,969  
2,270,700     Kim Eng Securities Thailand PCL   526  
650 e*   KK DaVinci Advisors   41  
588,359 e*   Knight Capital Group, Inc (Class A)   9,502  
41,660     Korea Investment Holdings Co Ltd   812  

118

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
           
          VALUE  
SHARES
     COMPANY   (000)  
2,647,130 e   Kowloon Development Co Ltd
$
 997  
317,378 e*   LaBranche & Co, Inc   1,520  
540,339 e*   Ladenburg Thalmann Financial Services, Inc   389  
1,162,533 e   Lazard Ltd (Class A)   34,574  
4,084,931     Legal & General Group plc   4,511  
2,700,987 e   Legg Mason, Inc   59,179  
129,622 e   London Stock Exchange Group plc   950  
120,334 e*   Loomis AB (B Shares)   746  
376,141 e   Macquarie Group Ltd   7,555  
4,562,530     Man Group plc   15,579  
200,859 e*   MarketAxess Holdings, Inc   1,639  
26,600 e   Marusan Securities Co Ltd   135  
90,311 e   Matsui Securities Co Ltd   755  
7,982,619     Merrill Lynch & Co, Inc   92,918  
287,272 e*   MF Global Ltd   586  
22,359     Mirae Asset Securities Co Ltd   1,338  
17,000 e   Mito Securities Co Ltd   52  
180,000 e   Mizuho Investors Securities Co Ltd   146  
488 e   Monex Beans Holdings, Inc   159  
6,388,726 e   Morgan Stanley   102,475  
66,415 e*   Morningstar, Inc   2,358  
570,569 e*   Nasdaq Stock Market, Inc   14,099  
26,115     NeoNet AB   31  
53,379 e   New Star Asset Management Group plc   1  
2,703,769 e   Nomura Holdings, Inc   22,512  
20,000     Nordnet AB (Series B)   22  
52,479     Numis Corp plc   92  
932,169 e   NYSE Euronext   25,523  
17,748 e,m,v*   Octaviar Ltd   12  
92,000     Okasan Holdings, Inc   404  
243,304 e   optionsXpress Holdings, Inc   3,251  
100,854 e*   Penson Worldwide, Inc   769  
517,000 m,v*   Peregrine Investment Holdings   - ^
31,113 e   Perpetual Trustees Australia Ltd   805  
104,073 e*   Piper Jaffray Cos   4,138  
109,329 e   Platinum Asset Mangement Ltd   263  
2,305,105     Polaris Securities Co Ltd   811  
105,872     Proton Bank S.A.   90  
9,359 e   Pzena Investment Management, Inc (Class A)   39  
817,432 e   Raymond James Financial, Inc   14,003  
111,606     Reliance Capital Ltd   1,241  
6,777     Renta 4 S.A.   50  
786,866     RMB Holdings Ltd   2,187  
52,795     Samsung Securities Co Ltd   2,664  
83,565 e   Sanders Morris Harris Group, Inc   501  
103,727     Schroders plc   1,280  
1,404,461 e   SEI Investments Co   22,064  
175,000     Shenyin Wanguo HK Ltd   64  
616,789     Shinko Securities Co Ltd   1,353  
1,513,879 e   Singapore Exchange Ltd   5,338  
1,229 e   Sparx Group Co Ltd   188  
34,200 e   Sprott, Inc   119  
150,266 e*   Stifel Financial Corp   6,890  
270,000     Sun Hung Kai & Co Ltd   135  
171,633     Suramericana de Inversiones S.A.   1,180  
3,642     Swissquote Group Holding S.A.   129  
145,125 e   SWS Group, Inc   2,750  

119

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY  
(000)
 
981,729 e   T Rowe Price Group, Inc
$
 34,792  
476,000     Tai Fook Securities Group Ltd   76  
29,269     Tamburi Investment Partners S.p.A.   60  
1,214,511 *   TD Ameritrade Holding Corp   17,307  
139,424 e*   Thomas Weisel Partners Group, Inc   658  
101,658 e   TMX Group, Inc   2,074  
89,000 e   Tokai Tokyo Securities Co Ltd   246  
5,301     Tong Yang Investment Bank   26  
47,000     Toyo Securities Co Ltd   94  
2,619     Union Financiere de France BQE S.A.   74  
2,768,565     UOB-Kay Hian Holdings Ltd   1,825  
64,130 e   US Global Investors, Inc (Class A)   314  
7,346 e   Value Line, Inc   253  
25,194 *   Vostok Nafta Investment Ltd   87  
1,166     VZ Holding AG.   44  
318,443     Waddell & Reed Financial, Inc (Class A)   4,923  
28,617 e   Westwood Holdings Group, Inc   813  
94,940     Woori Investment & Securities Co Ltd   973  
      TOTAL SECURITY AND COMMODITY BROKERS   1,422,560  
 
SOCIAL SERVICES - 0.00%**
     
129,028 e*   Capital Senior Living Corp   385  
49,171     Care UK plc   196  
432,138 e   Gunns Ltd   346  
2,882 e   Korian   74  
20,254     MP Evans Group plc   58  
68,018 e*   Providence Service Corp   99  
141,757 *   Res-Care, Inc   2,129  
114,493     Ryman Healthcare Ltd   92  
78,315     Southern Cross Healthcare Ltd   96  
7,700 *   Temp Holdings Co Ltd   61  
      TOTAL SOCIAL SERVICES   3,536  
 
SPECIAL TRADE CONTRACTORS - 0.08%
     
20,022 e   Alico, Inc   821  
230,265 e*   AsiaInfo Holdings, Inc   2,726  
7,804     Bauer AG.   330  
235,737 *   Cape plc   169  
135,368 e   Chemed Corp   5,384  
10,800 e   Chudenko Corp   184  
229,606     Comfort Systems USA, Inc   2,448  
124,000     COMSYS Holdings Corp   1,162  
45,000 e   Daimei Telecom Engineering Corp   420  
248,865 *   Dycom Industries, Inc   2,046  
217,621     eaga plc   452  
436,612 *   EMCOR Group, Inc   9,793  
9,000 *   Hibiya Engineering Ltd   79  
21,680 e   Homeserve plc   305  
166,546 e*   Insituform Technologies, Inc (Class A)   3,279  
60,215 e*   Integrated Electrical Services, Inc   527  
181,000 e   Kandenko Co Ltd   1,430  
430,832     Kinden Corp   3,897  
86,000 e   Kyowa Exeo Corp   925  
45,000 e   Kyudenko Corp   368  
116,027 e*   Layne Christensen Co   2,786  
274,500     Metalurgica Gerdau S.A.   2,371  
417,285     Polimex Mostostal S.A.   430  

120

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
667,330 e*   Quanta Services, Inc
$
 13,213  
92,000 e   Sanki Engineering Co Ltd   647  
1,500 *   Secom Techno Service Co Ltd   39  
36,891     Severfield-Rowen plc   87  
99,935 e   Spice plc   119  
46,000     Taihei Kogyo Co Ltd   143  
22,900     Taikisha Ltd   328  
76,000 e   Takasago Thermal Engineering Co Ltd   637  
116,694 e   Timbercorp Ltd   10  
50,000     Toenec Corp   295  
27,000     Yurtec Corp   166  
      TOTAL SPECIAL TRADE CONTRACTORS   58,016  
 
STONE, CLAY, AND GLASS PRODUCTS - 0.46%
     
3,054,946     3M Co   175,782  
664,138     Ambuja Cements Ltd   955  
454,000 e*   Anhui Conch Cement Co Ltd   2,088  
159,664     Apogee Enterprises, Inc   1,654  
750,563 e   Asahi Glass Co Ltd   4,278  
1,816,206     Asia Cement Corp   1,574  
56,477     Associated Cement Co Ltd   557  
1,229,809 e   Boral Ltd   3,961  
255,600     Bradespar S.A.   2,102  
63,033     Buzzi Unicem S.p.A.   1,060  
69,512     Buzzi Unicem SpA   663  
118,359 e*   Cabot Microelectronics Corp   3,086  
102,592 e   CARBO Ceramics, Inc   3,645  
32,366     Cementir S.p.A.   115  
235,515     Cementos Argos S.A.   702  
10,450 e   Cementos Portland Valderrivas S.A.   361  
7,625,872 *   Cemex S.A. de C.V.   6,999  
160,000     Central Glass Co Ltd   647  
89,165 *   Cersanit Krasnystaw S.A.   415  
73,170 e   Cimpor Cimentos de Portugal S.A.   354  
160,718 *   Coal of Africa Ltd   90  
88,506     Cookson Group plc   161  
966,203     CRH plc   23,974  
23,400     CRH plc   588  
6,334     Dyckerhoff AG.   358  
150,204 e   Eagle Materials, Inc   2,765  
571,912     Egypt Kuwait Holding Co   743  
36,746 e   FLSmidth & Co AS   1,290  
567,549 e   Gentex Corp   5,011  
5,372     GranitiFiandre S.p.A.   25  
24,943     Grasim Industries Ltd   625  
755,703 e   Grupo Carso S.A. de C.V. (Series A1)   2,061  
418     H+H International AS   24  
12,471 e   HeidelbergCement AG.   546  
334,422 e   Holcim Ltd   19,356  
94,235 e   Industrias Penoles S.A. de C.V.   1,148  
276,637     Inversiones Argos S.A.   1,113  
25,063     Italcementi S.p.A.   175  
26,526 e   Italcementi S.p.A.   345  
19,687     Italmobiliare S.p.A.   543  
8,087     Italmobiliare S.p.A.   326  
562,155     Jaiprakash Associates Ltd   957  
439,299 e   James Hardie Industries NV   1,430  

121

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
70,000 e   Krosaki Harima Corp
$
 188  
447,220     Lafarge Malayan Cement BHD   509  
43,846 e   Lafarge S.A.   2,642  
64,950 e   Libbey, Inc   81  
66,000     Luks Group Vietnam Holdings Ltd   18  
58,571     Marshalls plc   76  
112,482     Morgan Crucible Co plc   180  
331,779 e   NGK Insulators Ltd   3,760  
7,800 e   Nichiha Corp   46  
37,000     Nihon Yamamura Glass Co Ltd   81  
486,957 e   Nippon Sheet Glass Co Ltd   1,612  
49,000     Noritake Co Ltd   178  
262,454 e*   Owens Corning, Inc   4,540  
1,131,195 e*   Owens-Illinois, Inc   30,916  
124,490 e   Pargesa Holding S.A.   8,320  
10,000 e   Pigeon Corp   299  
541,328     Pretoria Portland Cement Co Ltd   1,836  
1,122,000     PT Indocement Tunggal Prakarsa Tbk   485  
1,696,500     PT Semen Gresik Persero Tbk   654  
9,527     Sa des Ciments Vicat   495  
364,300     Siam Cement PCL   1,154  
15,900     Siam Cement PCL   48  
1,592 e   Sika AG.   1,367  
4,255     STO AG.   277  
1,655,193 e   Sumitomo Osaka Cement Co Ltd   4,255  
703,305 e   Taiheiyo Cement Corp   1,356  
3,151,965     Taiwan Cement Corp   2,588  
1,006,903     Taiwan Glass Industrial Corp   574  
162,000 *   TCC International Holdings Ltd   38  
14,435     Titan Cement Co S.A.   279  
171,951 e   Toto Ltd   1,087  
304,025 *   Turk Sise ve Cam Fabrikalari AS   215  
1,948     Ultra Tech Cement Ltd   16  
217,044 e*   US Concrete, Inc   729  
475,379 e*   USG Corp   3,822  
363     Vetropack Holding AG.   429  
16,125     Vidrala S.A.   347  
74,705 e   Wienerberger AG.   1,274  
406,000     Xinyi Glass Holdings Co Ltd   109  
11,658     Zignago Vetro S.p.A.   56  
      TOTAL STONE, CLAY, AND GLASS PRODUCTS   351,588  
 
TEXTILE MILL PRODUCTS - 0.04%      
159,845 e   Albany International Corp (Class A)   2,052  
318,673 e   Alfa S.A. de C.V. (Class A)   680  
152,000     Atsugi Co Ltd   215  
51,839     Cheil Industries, Inc   1,685  
66,000 e   Daiwabo Co Ltd   305  
4,929,152     Far Eastern Textile Co Ltd   3,154  
979,220     Formosa Taffeta Co Ltd   507  
26,296     Hyosung Corp   822  
266,475     Interface, Inc (Class A)   1,236  
61,000 e   Japan Wool Textile Co Ltd   421  
171,000 e   Kurabo Industries Ltd   285  
712,000     Li Heng Chemical Fibre Technologies Ltd   131  
277,605 e*   Mohawk Industries, Inc   11,929  
42,664 e   Nisshinbo Industries, Inc   325  

122

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY  
(000)
 
132,000     Nitto Boseki Co Ltd
$
 264  
82,049 e   Oxford Industries, Inc   720  
158,000     Pacific Textile Holdings Ltd   14  
672,830 e   Seiren Co Ltd   3,075  
851,981 e   Teijin Ltd   2,420  
510,000     Texwinca Holdings Ltd   217  
178,000 e   Unitika Ltd   132  
432,000     Victory City International Hlds   29  
206,583 e*   Xerium Technologies, Inc   136  
      TOTAL TEXTILE MILL PRODUCTS   30,754  
 
TOBACCO PRODUCTS - 1.36%      
11,771,199     Altria Group, Inc   177,274  
120,316 e   Australian Agricultural Co Ltd   157  
283,400     British American Tobacco Malaysia BHD   3,645  
3,702,911     British American Tobacco plc   95,830  
532,456 e   Fortune Brands, Inc   21,980  
4,524,612     Huabao International Holdings Ltd   2,966  
1,691,699     Imperial Tobacco Group plc   44,996  
1,196,332 *   ITC Ltd   4,216  
7,042     Japan Tobacco, Inc   23,326  
918,046     Lorillard, Inc   51,732  
12,782,820     Philip Morris International, Inc   556,180  
99,035     Souza Cruz S.A.   1,873  
798,471 e   Swedish Match AB   11,527  
144,641 e   Universal Corp   4,321  
582,168 e   UST, Inc   40,391  
172,927 e   Vector Group Ltd   2,355  
      TOTAL TOBACCO PRODUCTS   1,042,769  
 
TRANSPORTATION BY AIR - 0.48%      
58,270 e*   ACE Aviation Holdings, Inc (Class A)   319  
10,407 *   Aegean Airlines S.A.   42  
108,939 *   AER Lingus   224  
103,284 e   Aeroports de Paris   6,947  
16,417 e*   Air Berlin plc   113  
6,933 e*   Air Canada (Class A)   10  
2,556,600     Air China Ltd   792  
63,661 e   Air France-KLM   811  
54,122 e*   Air Methods Corp   865  
423,368     Air New Zealand Ltd   238  
1,238,200 *   AirAsia BHD   310  
650,300     Airports of Thailand PCL   340  
619,586 e*   Airtran Holdings, Inc   2,751  
205,156 e*   Alaska Air Group, Inc   6,001  
140,075 e*   Alitalia S.p.A.   87  
640,000 e   All Nippon Airways Co Ltd   2,522  
83,182 e*   Allegiant Travel Co   4,040  
2,090,713 e*   AMR Corp   22,308  
70,835 *   Atlas Air Worldwide Holdings, Inc   1,339  
913,844     Auckland International Airport Ltd   865  
32,337 e*   Austrian Airlines AG.   182  
454,802     BBA Aviation plc   451  
1,968,000 e   Beijing Capital International Airport Co Ltd   988  
133,106 e*   Bristow Group, Inc   3,566  
370,375     British Airways plc   957  
2,579,700 e   Cathay Pacific Airways Ltd   2,903  

123

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
1,506,129 *   China Airlines
$
 350  
190,000 *   China Southern Airlines Co Ltd   32  
122,146 e*   Continental AG.   12,406  
594     Continental AG.   24  
782,533 e*   Continental Airlines, Inc (Class B)   14,133  
264,158     Copa Holdings S.A. (Class A)   8,009  
5,743,120 *   Delta Air Lines, Inc   65,816  
133,128 e*   easyJet plc   536  
1,862,500 *   Eva Airways Corp   426  
1,716,406     FedEx Corp   110,107  
43,956     Finnair Oyj   304  
7,012 e   Flughafen Wien AG.   316  
2,889     Flughafen Zuerich AG.   679  
191,464 b,m,v*   FLYi, Inc   1  
11,137 e   Fraport AG. Frankfurt Airport Services Worldwide   504  
803,628 *   Gemina S.p.A.   420  
2,500     Gol Linhas Aereas Inteligentes S.A.   11  
491,893     Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)   1,117  
282,374 e*   Hawaiian Holdings, Inc   1,802  
40,400 e   Hong Kong Aircraft Engineerg   332  
295,385 e   Iberia Lineas Aereas de Espana   833  
923,000 e*   Japan Airlines Corp   2,177  
38,155     Jazz Air Income Fund   100  
997,444 e*   JetBlue Airways Corp   7,082  
39,328     Korean Air Lines Co Ltd   1,212  
140,881     Lan Airlines S.A.   1,194  
522,970     Macquarie Airports   875  
547,966     Malaysian Airline System BHD   485  
7,450 *   Norwegian Air Shuttle AS   41  
83,173 *   PHI, Inc   1,165  
3,906,702     Qantas Airways Ltd   7,163  
207,306 *   Republic Airways Holdings, Inc   2,212  
111,848 *   Ryanair Holdings plc   462  
1,600 e*   Ryanair Holdings plc (ADR)   47  
96 m,v*   SAir Group   - ^
39,708 e*   SAS AB   198  
6,912     SAVE S.p.A.   41  
360,474     Singapore Airlines Ltd   2,817  
252,000 e   Singapore Airport Terminal Services Ltd   245  
332,859     Skywest, Inc   6,191  
4,491,013     Southwest Airlines Co   38,712  
69,776     Tam S.A.   571  
1,038,370 e   UAL Corp   11,443  
649,395 e*   US Airways Group, Inc   5,020  
349,049 e*   Virgin Blue Holdings Ltd   73  
      TOTAL TRANSPORTATION BY AIR   367,655  
 
TRANSPORTATION EQUIPMENT - 2.69%
     
114,506 e   A.O. Smith Corp   3,380  
201,168 e*   AAR Corp   3,703  
2,492     Accell Group   62  
9,593 *   Accuride Corp   2  
54,324 e*   Aerovironment, Inc   1,999  
8,100     Aisan Industry Co Ltd   40  
257,923     Aisin Seiki Co Ltd   3,694  
18,500 e   Akebono Brake Industry Co Ltd   107  
267,870 e   American Axle & Manufacturing Holdings, Inc   774  

124

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
50,483 e   American Railcar Industries, Inc
$
 531  
124,561 e*   Amerigon, Inc (Class A)   406  
417,218 e   ArvinMeritor, Inc   1,189  
120,051 e*   ATC Technology Corp   1,756  
3,006,834 e   Austal Ltd   4,088  
957,133     Autoliv, Inc   20,540  
5,508,947     BAE Systems plc   29,840  
643,992 e   Bayerische Motoren Werke AG.   19,774  
37,555     Bayerische Motoren Werke AG.   733  
400,637 *   BE Aerospace, Inc   3,081  
28,131 e   Beneteau S.A.   264  
3,779,623     Boeing Co   161,276  
3,492,870 e   Bombardier, Inc (Class B)   12,591  
12,512 e   Brembo S.p.A.   67  
506,186 e   Brunswick Corp   2,131  
76,000 *   BW Offshore Ltd   48  
996,058 e   Calsonic Kansei Corp   1,423  
3,806,000 *   China South Locomotive and Rolling Stock Corp   2,067  
258,583 e   Clarcor, Inc   8,580  
1,227,676     Cobham plc   3,627  
134,560 e*   Cogo Group, Inc   654  
3,103     Compagnie Plastic-Omnium S.A.   32  
2,540     Construcciones y Auxiliar de Ferrocarriles S.A.   903  
703,851 e   Cosco Corp Singapore Ltd   464  
105,821     Daewoo Shipbuilding & Marine Engineering Co Ltd   1,334  
568,000 e   Daihatsu Motor Co Ltd   5,019  
17,259 e   DaimlerChrysler AG.   661  
1,455,253     DaimlerChrysler AG.   55,448  
536,472 e*   Dana Holding Corp   397  
787,917     Denso Corp   13,351  
4,776,000     Denway Motors Ltd   1,485  
34,120     Doosan Heavy Industries and Construction Co Ltd   1,758  
54,038 *   Dorman Products, Inc   713  
– e*   Ducati Motor Holding S.p.A.   - ^
63,232     Ducommun, Inc   1,056  
28,240     Elbit Systems Ltd   1,291  
10,791     ElringKlinger AG.   104  
590,895     Empresa Brasileira de Aeronautica S.A.   2,232  
749,874 e   European Aeronautic Defence and Space Co   12,540  
37,700     Exedy Corp   378  
1,826     Faiveley S.A.   122  
30,300 e   FCC Co Ltd   255  
100,641 e*   Federal Mogul Corp (Class A)   426  
271,669     Federal Signal Corp   2,230  
2,501,190 e   Fiat S.p.A.   16,743  
80,526 e   Fleetwood Corp Ltd   205  
392,395 e*   Force Protection, Inc   2,346  
11,791,902 e*   Ford Motor Co   27,003  
138,631     Ford Otomotiv Sanayi AS   391  
69,873 e   Freightcar America, Inc   1,276  
85,042 e*   Fuel Systems Solutions, Inc   2,786  
375,955     Fuji Heavy Industries Ltd   1,033  
26,700     Futaba Industrial Co Ltd   106  
297,821 e*   GenCorp, Inc   1,096  
2,360,309     General Dynamics Corp   135,930  
2,232,610 e   General Motors Corp   7,144  
54,733 e*   GenTek, Inc   824  

125

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
787,831     Genuine Parts Co
$
 29,827  
2,282 e   Georg Fischer AG.   527  
1,922,964     GKN plc   2,682  
945,681     Goodrich Corp   35,009  
82,345 e   Greenbrier Cos, Inc   566  
122,771 e   Group 1 Automotive, Inc   1,322  
9,200     Haldex AB   33  
956,620 e   Harley-Davidson, Inc   16,234  
353,613     Harsco Corp   9,788  
731,350 e*   Hayes Lemmerz International, Inc   329  
113,100 e   Heico Corp   4,392  
87,731     Hero Honda Motors Ltd   1,447  
165,967     Hino Motors Ltd   342  
2,935,105     Honda Motor Co Ltd   62,514  
5,781,083     Honeywell International, Inc   189,793  
197,000     Hong Leong Asia Ltd   85  
45,893     Hyundai Heavy Industries   7,503  
14,738     Hyundai Mipo Dockyard   1,630  
59,933     Hyundai Mobis   3,057  
37,820     Hyundai Motor Co   418  
166,676     Hyundai Motor Co   5,333  
78,586     IMMSI S.p.A.   79  
16,453 e   Indus Holding AG.   310  
3,068,100     Isuzu Motors Ltd   3,964  
213,022     Japan Tecseed Co Ltd   915  
10,000 e*   Japan Vilene Co Ltd   47  
705,628 e   Jardine Cycle & Carriage Ltd   4,653  
144,000 e   Jaya Holdings Ltd   28  
452,837     JTEKT Corp   3,529  
148,171     Kaman Corp   2,686  
47,300     Kanto Auto Works Ltd   542  
1,056,851 e   Kawasaki Heavy Industries Ltd   2,133  
5,354,363     Keppel Corp Ltd   16,092  
38,000 e   Kinki Sharyo Co Ltd   196  
59,000 e   Koito Manufacturing Co Ltd   365  
490,276 e*   Lear Corp   691  
35,077 e   Linamar Corp   105  
49,764 e*   LMI Aerospace, Inc   566  
2,205,368     Lockheed Martin Corp   185,427  
120,651     Magna International, Inc (Class A)   3,592  
149,032     Mahindra & Mahindra Ltd   840  
179,478     MAN AG.   10,068  
75,115     Maruti Udyog Ltd   802  
1,163,000     Mazda Motor Corp   1,973  
567,592     Meggitt plc   1,304  
7,100     Mekonomen AB   64  
32,192     Metka S.A.   296  
13,000     Mitsuba Corp   47  
2,405,306 e*   Mitsubishi Motors Corp   3,295  
456,988 e   Mitsui Engineering & Shipbuilding Co Ltd   770  
11,200 e   Modec, Inc   219  
57,428     MTU Aero Engines Holding AG.   1,589  
11,700 e   Musashi Seimitsu Industry Co Ltd   102  
60,000     Nabtesco Corp   403  
38,600 e   Namura Shipbuilding Co Ltd   141  
384,510 e   NHK Spring Co Ltd   1,420  
33,000     Nippon Seiki Co Ltd   195  

126

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
47,000     Nippon Sharyo Ltd
$
 152  
114,000     Nissan Shatai Co Ltd   694  
24,500     Nissin Kogyo Co Ltd   182  
848,000     Norstar Founders Group Ltd   104  
2,497,412     Northrop Grumman Corp   112,483  
517,280     Novatek Microelectronics Corp Ltd   490  
721,701 e   NSK Ltd   2,726  
370,337 e*   Orbital Sciences Corp   7,233  
427,216 e   Oshkosh Truck Corp   3,798  
1,540,812 e   Paccar, Inc   44,067  
935,527 *   Pactiv Corp   23,276  
396,410 e   Peugeot S.A.   6,695  
77,005     Piaggio & C S.p.A.   139  
201,868 e   Polaris Industries, Inc   5,784  
178,405 e   Porsche AG.   13,965  
40,000     Press Kogyo Co Ltd   55  
329,598 e   Renault S.A.   8,499  
3,784     Rieter Holding AG.   620  
40,000 e   Riken Corp   96  
1,627,298     Rolls-Royce Group plc   7,850  
1,402     Rosenbauer International AG.   44  
23,800 e   Saab AB (Class B)   223  
178,773     Samsung Heavy Industries Co Ltd   3,320  
48,000 e   Sanden Corp   109  
159,000 e   Sasebo Heavy Industries Co Ltd   318  
511,087 e   Scania AB (B Shares)   5,200  
5,251,859 e   SembCorp Marine Ltd   6,124  
825,748     Senior plc   463  
173,916 e   Shimano, Inc   6,846  
7,000     Showa Aircraft Industry Co Ltd   32  
20,600 e   Showa Corp   73  
1,616,134 e   Singapore Technologies Engineering Ltd   2,659  
99,235     Sogefi S.p.A.   175  
185,715 e   Spartan Motors, Inc   878  
555,067 e*   Spirit Aerosystems Holdings, Inc (Class A)   5,645  
4,917     Ste Industrielle d'Aviation Latecoere S.A.   33  
52,415     STX Shipbuilding Co Ltd   543  
417,575 e   Sumitomo Precision Products Co Ltd   1,754  
124,728 e   Superior Industries International, Inc   1,312  
410,013 e   Suzuki Motor Corp   5,731  
20,700     Tachi-S Co Ltd   112  
22,400 e   Takata Corp   159  
203,851     Tata Motors Ltd   669  
209,348 e*   Tenneco, Inc   618  
107,741 e   Thales S.A.   4,467  
144,355 e   Thor Industries, Inc   1,903  
7,122     Tofas Turk Otomobil Fabrik   5  
29,300     Tokai Rika Co Ltd   257  
5,202,252 e   Tomkins plc   9,200  
153,000 e   Topy Industries Ltd   274  
193,546     Toyoda Gosei Co Ltd   2,279  
40,300     Toyota Auto Body Co Ltd   591  
126,573     Toyota Industries Corp   2,727  
4,937,771 e   Toyota Motor Corp   163,234  
169,916 e*   TransDigm Group, Inc   5,704  
76,761 e   Trelleborg AB (B Shares)   488  
4,409     Trigano S.A.   27  

127

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY  
(000)
 
287,474 e   Trinity Industries, Inc
$
 4,531  
90,033 e   Triumph Group, Inc   3,823  
195,914 e*   TRW Automotive Holdings Corp   705  
22,000     TS Tech Co Ltd   130  
20,019 e   Umeco plc   76  
52,000     Unipres Corp   326  
4,716,804     United Technologies Corp   252,821  
360,112 e   Valeo S.A.   5,314  
725,541 e*   Visteon Corp   254  
159,852 e   Volkswagen AG.   55,599  
111,650     Volkswagen AG.   6,018  
1,536,507 e   Volvo AB (A Shares)   8,862  
913,146 e   Volvo AB (B Shares)   5,197  
185,915 e   Wabash National Corp   837  
225,000     Weichai Power Co Ltd   424  
357,234 e   Westinghouse Air Brake Technologies Corp   14,200  
146,874 e   Winnebago Industries, Inc   886  
76,163 e*   Wonder Auto Technology, Inc   299  
155,001 e   Yamaha Motor Co Ltd   1,631  
594,258     Yulon Motor Co Ltd   255  
282,543 e   Zodiac S.A.   10,211  
      TOTAL TRANSPORTATION EQUIPMENT   2,055,291  
 
TRANSPORTATION SERVICES - 0.20%
     
417,846     All America Latina Logistica S.A.   1,792  
98,259 e   Ambassadors Group, Inc   904  
31,206 e   Autostrada Torino-Milano S.p.A.   243  
96,099 e   Autostrade S.p.A.   1,803  
879,385 e   CH Robinson Worldwide, Inc   48,393  
3,060,000     China Travel International Inv HK   596  
62,948     Cintra Concesiones de Infraestructuras de Transporte S.A.   478  
140,000 *   Citic Resources Holdings Ltd   16  
22,866     Clarkson plc   113  
108,000     CWT Ltd   23  
29,020 e   D/S Norden   1,024  
718,992 e   Deutsche Lufthansa AG.   11,823  
1,170     Dfds AS   88  
65,389 *   Dynamex, Inc   964  
1,043,391 e   Expeditors International Washington, Inc   34,714  
48,634 e   Flight Centre Ltd   264  
50,845     Freightways Ltd   95  
196,072 e   GATX Corp   6,072  
11,200     HIS Co Ltd   233  
243,564 *   HUB Group, Inc (Class A)   6,462  
277,112 *   Interval Leisure Group, Inc   1,494  
46,981 e*   KarstadtQuelle AG.   207  
10,600 e   Kintetsu World Express, Inc   209  
2,471     Kuoni Reisen Holding   845  
352,000 *   Macau Success Ltd   24  
30,154     Mainfreight Ltd   85  
36,763     Oesterreichische Post AG.   1,258  
223,565 e*   Orbitz Worldwide, Inc   868  
242,500 e   Pacer International, Inc   2,529  
5,725     Panalpina Welttransport Holding AG.   325  
1,505,100     PLUS Expressways BHD   1,296  
67,000     Senko Co Ltd   296  
23,679 e   Societa Iniziative Autostradali e Servizi S.p.A.   150  

128

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
8,100     Toho Real Estate Co Ltd
$
 56  
707,592     Toll Holdings Ltd   3,044  
59,501 e   TUI AG.   707  
1,393,591     UTI Worldwide, Inc   19,984  
50,288     Wincanton plc   129  
13,700 e   Yusen Air & Sea Service Co Ltd   174  
      TOTAL TRANSPORTATION SERVICES   149,780  
 
TRUCKING AND WAREHOUSING - 0.48%
     
122,570 e   Arkansas Best Corp   3,691  
11,300 e   ASKUL Corp   243  
36,025 e   Big Yellow Group plc   124  
10,244     Business Post Group plc   33  
129,836 e*   Celadon Group, Inc   1,108  
200,951 e   Con-way, Inc   5,345  
4,895,160     Deutsche Post AG.   82,795  
300,914 e   DSV AS   3,275  
147,138 e   Forward Air Corp   3,571  
198,000 e   Fukuyama Transporting Co Ltd   984  
353,624 e   Heartland Express, Inc   5,573  
53,500     Hitachi Transport System Ltd   805  
479,755 e   J.B. Hunt Transport Services, Inc   12,603  
996,525 e   Kerry Properties Ltd   2,655  
270,475 e   Landstar System, Inc   10,394  
97,909 *   Marten Transport Ltd   1,856  
19,000     Maruzen Showa Unyu Co Ltd   62  
251,143 e   Mitsubishi Logistics Corp   3,184  
57,000 e   Mitsui-Soko Co Ltd   319  
12,527     Mullen Group Income Fund   129  
91,320 e   Neopost S.A.   8,229  
2,171,145     Nippon Express Co Ltd   9,152  
53,000     Nippon Konpo Unyu Soko Co Ltd   585  
1,433     Norbert Dentressangle   55  
144,235 e*   Old Dominion Freight Line   4,105  
8,073 e*   Patriot Transportation Holding, Inc   566  
3,122     Piraeus Port Authority   42  
92,371     Safestore Holdings plc   73  
78,636 *   Saia, Inc   854  
224,000     Sankyu, Inc   826  
80,000     Seino Holdings Corp   447  
22,000 e   Shibusawa Warehouse Co Ltd   127  
69,000     Sumitomo Warehouse Co Ltd   355  
1,220,000 *   Titan Petrochemicals Group Ltd   17  
1,327,917     TNT NV   25,399  
28,907     TransForce, Inc   97  
3,084,771     United Parcel Service, Inc (Class B)   170,156  
38,969 e*   Universal Truckload Services, Inc   552  
85 *   Vantec Group Holdings Corp   153  
233,589 e   Werner Enterprises, Inc   4,050  
406,479 e   Yamato Transport Co Ltd   5,315  
317,195 e*   YRC Worldwide, Inc   910  
      TOTAL TRUCKING AND WAREHOUSING   370,814  
 
WATER TRANSPORTATION - 0.28%      
163,493 e   Alexander & Baldwin, Inc   4,097  
280,381 e*   American Commercial Lines, Inc   1,374  
58,964     Anek Lines S.A.   67  

129

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
1,336     AP Moller - Maersk AS (Class A)
$
 7,312  
1,917 e   AP Moller - Maersk AS (Class B)   10,316  
340,327 e   Aries Maritime Transport Ltd   119  
1,961,504 e   Babcock & Brown Infrastructure Group   150  
31,819 e   Bourbon S.A.   798  
36,639     Brostrom AB (B Shares)   261  
20,100     Camillo Eitzen & Co ASA   38  
1,538,779     Carnival Corp   37,423  
76,652     Carnival plc   1,663  
317,000     CH Offshore Ltd   57  
4,190,300 e   China Shipping Container Lines Co Ltd   633  
1,392,000     China Shipping Development Co Ltd   1,383  
112,000     Chu Kong Shipping Development   11  
260,000     Chuan Hup Holdings Ltd   34  
5,829 e   Compagnie Maritime Belge S.A.   146  
2,873,875 e   COSCO Holdings   1,999  
24,232 e   D/S Torm AS   266  
96,000 e   Daiichi Chuo Kisen Kaisha   272  
196,813 e   Danaos Corp   1,330  
131,500     Deep Sea Supply plc   136  
208,560 e   DHT Maritime, Inc   1,155  
49,200     DOF ASA   243  
360,000 e   DryShips, Inc   3,838  
238,586 e   Eagle Bulk Shipping, Inc   1,627  
36,000 e*   Eitzen Chemical ASA   45  
26,320     Euronav NV   359  
1,292,222     Evergreen Marine Corp Tawain Ltd   608  
5,945     Exmar NV   60  
159,000     Ezra Holdings Ltd   75  
868     Financiere de L'Odet   175  
15,203 e   Forth Ports plc   200  
111,103 e   Frontline Ltd   3,262  
259,686 e   Frontline Ltd   7,689  
118,720 e   Genco Shipping & Trading Ltd   1,757  
225,327 e   General Maritime Corp   2,434  
186,319 e   Golar LNG Ltd   1,260  
14,100 e   Golar LNG Ltd   92  
117,742 e*   Gulfmark Offshore, Inc   2,801  
480,988 e   Hamburger Hafen und Logistik AG.   16,104  
64,784     Hanjin Shipping Co Ltd   960  
222,571 e   Horizon Lines, Inc (Class A)   777  
127,244 e*   Hornbeck Offshore Services, Inc   2,079  
76,700 e   Iino Kaiun Kaisha Ltd   498  
4,665,100     International Container Term Services, Inc   1,287  
31,459     International Shipholding Corp   797  
22,800     Inui Steamship Co Ltd   173  
2,263 m,v   Irish Continental Group plc   57  
2,360     Israel Corp Ltd   535  
35,901     James Fisher & Sons plc   181  
359,010     Kamigumi Co Ltd   3,190  
1,313,916 e   Kawasaki Kisen Kaisha Ltd   6,162  
230,882 e*   Kirby Corp   6,317  
95,833 e   Knightsbridge Tankers Ltd   1,404  
8,200 *   Korea Express Co Ltd   584  
8,304     Korea Line Corp   450  
47,536 e*   Kuehne & Nagel International AG.   3,079  
1,213,800     Malaysia International Shipping Corp BHD   2,947  

130

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
1,943,018     Mitsui OSK Lines Ltd
$
 12,008  
1,758,057 e   Neptune Orient Lines Ltd   1,367  
2,642,100 e   Nippon Yusen Kabushiki Kaisha   16,288  
27,000     Nissin Corp   75  
176,428 e   Nordic American Tanker Shipping   5,954  
9,600     Odfjell ASA (B Shares)   62  
231,977 e*   Odyssey Marine Exploration, Inc   747  
159,325 e   Omega Navigation Enterprises, Inc (Class A)   1,015  
480,524     Orient Overseas International Ltd   1,068  
92,821 e   Overseas Shipholding Group, Inc   3,909  
5,906,700 e   Pacific Basin Shipping Ltd   2,683  
709,831 e   Royal Caribbean Cruises Ltd   9,760  
99,000 e   Shinwa Kaiun Kaisha Ltd   272  
201,594 e   Ship Finance International Ltd   2,228  
850,000 e   Shun TAK Holdings Ltd   234  
10,966     Smit Internationale NV   535  
43,700 e   Stolt-Nielsen S.A.   448  
123,250     STX Pan Ocean Co Ltd   954  
45,508 e*   TBS International Ltd (Class A)   456  
174,014 e   Teekay Corp   3,419  
66,196 e   Teekay Tankers Ltd (Class A)   841  
151,163 e*   Ultrapetrol Bahamas Ltd   482  
522,000     U-Ming Marine Transport Corp   625  
16,626 *   VTG AG.   175  
1,226,670     Wan Hai Lines Ltd   529  
7,350     Wilh Wilhelmsen ASA   101  
1,652,512     Yang Ming Marine Transport   508  
      TOTAL WATER TRANSPORTATION   211,889  
 
WHOLESALE TRADE-DURABLE GOODS - 0.67%
     
162,561 e   Agilysys, Inc   697  
239,951 e   Applied Industrial Technologies, Inc   4,540  
710,036 *   Arrow Electronics, Inc   13,377  
9,741     Arseus NV   85  
5,200 e   As One Corp   100  
94,406 e   Assa Abloy AB (Class B)   1,098  
35,600 e   Autobacs Seven Co Ltd   825  
146,900     Banpu PCL   992  
228,803     Barloworld Ltd   1,034  
243,199 e   Barnes Group, Inc   3,526  
280,853 e*   Beacon Roofing Supply, Inc   3,898  
244 e   BIC CAMERA, Inc   75  
14,543     Bobst Group AG.   439  
833,246 e   BorgWarner, Inc   18,140  
51,106     BSS Group plc   184  
218,095 e   Bunzl plc   1,850  
51,911 e   Canon Marketing Japan, Inc   836  
59,318 e*   Cardtronics, Inc   77  
33,819     Carl Zeiss Meditec AG.   421  
85,855 e   Castle (A.M.) & Co   930  
524,000     Champion Technology Holdings Ltd   18  
4,517,000 e   China Communications Construction Co Ltd   5,572  
883,000     China High Speed Transmission Equipment Group Co Ltd   1,069  
961,000     China National Building Material Co Ltd   1,154  
68,386 e*   Chindex International, Inc   544  
2,545,000 *   CMC Magnetics Corp   401  
4,803     Coltene Holding AG.   195  

131

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
545,612 e   Compagnie de Saint-Gobain
$
 25,479  
153,274 e*   Conceptus, Inc   2,333  
17,510     Consumers' Waterheater Income Fund   133  
27,641     Crane Group Ltd   180  
21,350     Creative Technology Ltd   64  
6,636     Daetwyler Holding AG.   271  
34,000 e   Daiichi Jitsugyo Co Ltd   100  
27,151     Demag Cranes AG.   742  
105,705 e*   DemandTec, Inc   853  
81,003     Derichebourg   182  
2,408 e   D'ieteren S.A.   251  
149,688 *   Digi International, Inc   1,214  
792,928 e   Dimension Data Holdings plc   436  
3,363,900     Dongfeng Motor Group Co Ltd   1,085  
11,002 *   Doosan Corp   866  
12,200 e   Doshisha Co Ltd   166  
108,384 e*   Drew Industries, Inc   1,301  
181,254 e   Electrocomponents plc   368  
745,462     Energy Support Corp   1,259  
4,800 e   Enplas Corp   54  
14,178     Eriks Group NV   512  
9,819 e   Esprinet S.p.A.   46  
222,620     Finning International, Inc   2,570  
313,704     Fisher & Paykel Healthcare Corp   577  
151,091 e*   Fortescue Metals Group Ltd   203  
19,092     Fourlis Holdings S.A.   133  
10,026     Frigoglass S.A.   47  
9,800 e   Fujitsu Business Systems Ltd   154  
15,209 *   GameLoft   32  
232,000     GeoVision, Inc   827  
86,020     Grafton Group plc   276  
93,379 e   GWA International Ltd   189  
6,500     Hakuto Co Ltd   58  
1,038     Hamon & CIE S.A.   28  
107,129 *   Hampson Industries plc   158  
91,588 e*   Hansen Medical, Inc   661  
269,000 e   Hanwa Co Ltd   856  
8,124     Hargreaves Services plc   61  
63,295     Headlam Group plc   192  
10,400 e   Hemtex AB   19  
6,850 e*   Hexpol AB (Series B)   15  
31,600     Hitachi Software Engineering Co Ltd   490  
89,461 e   Houston Wire & Cable Co   833  
174,028     Imperial Holdings Ltd   1,121  
6,390     IMS-Intl Metal Service   82  
6,900 e   Inaba Denki Sangyo Co Ltd   187  
17,600 e   Inabata & Co Ltd   55  
669,110 *   Ingram Micro, Inc (Class A)   8,959  
316,000     Inner Mongolia Yitai Coal Co   778  
270,684 *   Insight Enterprises, Inc   1,868  
188,378 e*   Interline Brands, Inc   2,002  
2,048     Interseroh AG.   104  
2,307,376     Itochu Corp   11,641  
7,800     Japan Digital Laboratory Co Ltd   84  
26,600     Kaga Electronics Co Ltd   322  
347,000 *   Kanematsu Corp   347  
5,292     KCC Corp   1,236  

132

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
201,830 *   Kia Motors Corp
$
 1,073  
7,400 e   Kimoto Co Ltd   22  
353,300     Kingspan Group plc   1,532  
36,809 e   Kloeckner & Co AG.   649  
281,653 e   Knight Transportation, Inc   4,540  
22,100 e   Koei Co Ltd   232  
30,200 e   Kuroda Electric Co Ltd   284  
28,886     Lawson Products, Inc   660  
1,524,147 e   Li & Fung Ltd   2,612  
54,326     Lindab International AB   343  
773,284 e*   LKQ Corp   9,016  
18,000     Macnica, Inc   246  
144,734 e   Martin Marietta Materials, Inc   14,051  
83,987 e*   MedAssets, Inc   1,226  
34,100 e   MISUMI Group, Inc   406  
2,822,026     Mitsubishi Corp   39,971  
4,244,443     Mitsui & Co Ltd   43,634  
21,900 e   Munters AB   110  
56,250 e*   MWI Veterinary Supply, Inc   1,517  
67,100     Mytilineos Holdings S.A.   369  
10,400     Nafco Co Ltd   129  
5,000 e   Nagaileben Co Ltd   106  
431 e   NET One Systems Co Ltd   867  
19,000     Nippon Steel Trading Co Ltd   30  
2,904,290     Nissan Motor Co Ltd   10,449  
771,425 e   Nisshin Steel Co Ltd   1,590  
36,672 e   Norbord, Inc   21  
4,500 m,v*   Odfjell Invest Ltd   18  
36,200 e   Onoken Co Ltd   351  
262,134 e   Owens & Minor, Inc   9,869  
5,823,000 m,v   Pan-United Corp Ltd   1,556  
432,027 e*   Patterson Cos, Inc   8,101  
238,683 e   PEP Boys-Manny Moe & Jack   986  
7,525     Phoenix Solar AG.   273  
10,696,000 *   Playmates Toys Ltd   94  
243,417 e   Pool Corp   4,374  
201,859     Premier Farnell plc   403  
554,288     Prysmian S.p.A.   8,778  
371,607 e*   PSS World Medical, Inc   6,994  
2,309,534     PT Astra International Tbk   2,270  
1,776,444     PT United Tractors Tbk   743  
28,783     Rautaruukki Oyj   503  
475,162 e   Reliance Steel & Aluminum Co   9,475  
76,401 e   Rockwool International AS (B Shares)   4,269  
44,057 e   Russel Metals, Inc   678  
27,200     Ryosan Co Ltd   652  
9,300 e   Ryoyo Electro Corp   82  
210,000 e   Sagami Railway Co Ltd   936  
144,142     Samsung Corp   4,658  
21,600     Sangetsu Co Ltd   496  
27,800     Sanshin Electronics Co Ltd   249  
420,129 e   Schneider Electric S.A.   30,952  
130,500 e   Securitas Systems AB (B Shares)   115  
25,000     Seika Corp   60  
14,400     Shinko Shoji Co Ltd   138  
111,000     Shinsho Corp   218  
28,546 e*   Sierra Wireless, Inc   164  

133

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
56,207 e   SIG plc
$
 144  
2,475,426     Sime Darby BHD   3,720  
268,464 e   Sims Group Ltd (ADR)   3,334  
1,251,698 e   Sims Group Ltd   15,132  
73,890 *   SK Networks Co Ltd   505  
2,928     Solar Holdings AS (B Shares)   109  
282,651 *   Solera Holdings, Inc   6,812  
111,000     Sumikin Bussan Corp   275  
13,500     Sumisho Computer Systems Corp   224  
4,604,432 e   Sumitomo Corp   40,838  
27,000     Tamura Corp   46  
172,199 *   Tech Data Corp   3,072  
19,447,887     Test-Rite International Co   8,948  
80,825 e   THK Co Ltd   851  
226,029     ThyssenKrupp AG.   6,292  
48,738 e*   Titan Machinery, Inc   685  
98,746 e,f   TMK OAO (GDR)   385  
202,101 e*   TomoTherapy, Inc   481  
60,355     Topps Tiles plc   18  
40,141     Toromont Industries Ltd   748  
6,900 e   Trusco Nakayama Corp   89  
192,383 e*   Tyler Technologies, Inc   2,305  
17,400 e   Ulvac, Inc   268  
1,451,641     UMW Holdings BHD   2,161  
6,212 e   Vossloh AG.   697  
266,858     W.W. Grainger, Inc   21,039  
7,607     Wajax Income Fund   130  
31,154 e   Wavin NV   101  
222,829 e*   WESCO International, Inc   4,285  
1,238,382     Wesfarmers Ltd   15,541  
98,636     Wesfarmers Ltd   1,238  
281,290 e   Wolseley plc   1,553  
44,700 e   Yamazen Corp   171  
77,000 e   Yuasa Trading Co Ltd   73  
15,400 e   Zenrin Co Ltd   188  
      TOTAL WHOLESALE TRADE-DURABLE GOODS   513,735  
 
WHOLESALE TRADE-NONDURABLE GOODS - 0.86%
     
14,344 e   AarhusKarlshamn AB   198  
85,611 e   ABB Grain Ltd   455  
30,300 e   ABC-Mart, Inc   1,108  
169,607     Aceto Corp   1,698  
527,046 e   Airgas, Inc   20,550  
273,202 e*   Akorn, Inc   628  
201,063     Akzo Nobel NV   8,228  
24,099 e   Alfresa Holdings Corp   1,155  
699,000 *   Alliance Global Group, Inc   26  
621,498 *   Alliance One International, Inc   1,827  
590,655 e   Allscripts Healthcare Solutions, Inc   5,859  
95,114 e   Andersons, Inc   1,567  
9,200 e   AOKI Holdings, Inc   95  
22,800 *   ASOS plc   81  
300,869     AWB Ltd   533  
10,900 e   Axfood AB   236  
445,158 e*   Bare Escentuals, Inc   2,328  
1,786 *   Baron de Ley   90  
860,335 e   Billabong International Ltd   4,709  

134

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
142,478 e*   BMP Sunstone Corp
$
 794  
420,208 e   Brown-Forman Corp (Class B)   21,637  
2,700     C Uyemura & Co Ltd   56  
2,848,714     Cardinal Health, Inc   98,195  
172,284 e   Casino Guichard Perrachon S.A.   13,004  
234,317 e   Celesio AG.   6,340  
178,436 e*   Central European Distribution Corp   3,515  
268,000     China Aviation Oil Singapore Corp Ltd   143  
1,604,000     China BlueChemical Ltd   658  
1,067,000 e   China Mengniu Dairy Co Ltd   1,388  
57,749 e*   Clearwater Paper Corp   485  
18,200 e   Controladora Comercial Mexicana S.A. de C.V.   4  
61,284 e*   Core-Mark Holding Co, Inc   1,319  
117,387 e   Dairy Crest Group plc   359  
2,368,000 e   Dalian Port PDA Co Ltd   596  
41,888 e   Danisco AS   1,711  
13,533     DC Chemical Co Ltd   2,428  
1,523,564 e*   Dean Foods Co   27,378  
6,221     Delek Group Ltd   204  
342,000     Dickson Concepts International Ltd   93  
12,262     East Asiatic Co Ltd A.S.   418  
1,494     Emmi AG.   140  
408,365     Empresas COPEC S.A.   3,107  
818,804 e*   Endo Pharmaceuticals Holdings, Inc   21,191  
335,140 e*   Ercros S.A.   77  
2,030,816     Esprit Holdings Ltd   11,503  
75,085     Findel plc   106  
1,386,000     First Pacific Co   481  
4,800,504 e   Foster's Group Ltd   18,408  
236,191 *   Fresh Del Monte Produce, Inc   5,295  
40,000 e*   Fujiya Co Ltd   54  
279,474     Fyffes plc   97  
3,610     Galenica AG.   1,178  
2,769,175     Gazprom (ADR)   39,461  
100,000     GIIR, Inc   804  
164,274 e*   Gildan Activewear, Inc (Class A)   1,888  
22,769 e*   GrainCorp Ltd   92  
90,539 e*   Green Mountain Coffee Roasters, Inc   3,504  
222,961 e*   Hain Celestial Group, Inc   4,256  
50,702     Hanwha Corp   796  
412,385 e*   Henry Schein, Inc   15,130  
352,699 e   Herbalife Ltd   7,647  
4,625     IC Companys AS   37  
6,701 e*   Idearc, Inc   1  
9,855,500     IRPC PCL   621  
6,300 e   Itochu-Shokuhin Co Ltd   243  
34,000 e   Japan Pulp & Paper Co Ltd   111  
384,755     JBS S.A.   813  
13,700     Kato Sangyo Co Ltd   235  
42,749 e   Kenneth Cole Productions, Inc (Class A)   303  
388,336     Kikkoman Corp   4,615  
25,100 e   Kobayashi Pharmaceutical Co Ltd   1,073  
18,521     Koninklijke Vopak NV   695  
140,201 e   K-Swiss, Inc (Class A)   1,598  
124,702     KT&G Corp   7,888  
7,286     Laboratorios Farmaceuticos Rovi S.A   60  
1,973     LDC   156  

135

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
58,543     LG Chem Ltd
$
 3,370  
96,696 e*   LSB Industries, Inc   805  
170,000 e   Macquarie Infrastructure Co LLC   641  
17,953     MARR S.p.A.   138  
4,447,468     Marubeni Corp   17,027  
214,956     Massmart Holdings Ltd   1,966  
19,676 e*   Maui Land & Pineapple Co, Inc   264  
287,383 e   Men's Wearhouse, Inc   3,891  
528,384 e   Metcash Ltd   1,614  
343,618     Metro, Inc (Class A)   10,299  
561,000 e*   Mexichem SAB de CV   507  
191,889     Myers Industries, Inc   1,535  
122,000     Nagase & Co Ltd   1,185  
73,267 e   Nash Finch Co   3,289  
501,374     Nippon Oil Corp   2,542  
5,680,436 e   Noble Group Ltd   4,022  
277,515     Nu Skin Enterprises, Inc (Class A)   2,894  
91,500     Pakistan State Oil Co Ltd   167  
81,318 e*   Perry Ellis International, Inc   516  
2,165     Pescanova S.A.   82  
209,100     Petronas Dagangan BHD   435  
11,490 e   Point, Inc   633  
1,474,000     Prime Success International Group Ltd   240  
50,000 *   Pronova BioPharma AS   167  
1,612,000     PT Unilever Indonesia Tbk   1,168  
8,782     Rubis   551  
4,600 e   Ryoshoku Ltd   116  
12,700 e   Sakata Seed Corp   187  
59,300     San-A Co Ltd   2,439  
27,000     San-Ai Oil Co Ltd   120  
36,977     Sarantis S.A.   218  
19,212 e*   Schiff Nutrition International, Inc   115  
114,058 e*   School Specialty, Inc   2,181  
2,389     Schweizerhall Holding AG.   520  
771,553     Sigma Pharmaceuticals Ltd   581  
8,423     Sligro Food Group NV   174  
8,569,609     Sojitz Holdings Corp   14,321  
149,419 e   Spartan Stores, Inc   3,474  
35,915     Sprider Stores S.A.   71  
28,653 *   Super De Boer   109  
150,434     Suzano Papel e Celulose S.A.   780  
130,404 e   Suzuken Co Ltd   3,888  
60,165 e   Symrise AG.   842  
54,806 e*   Synutra International, Inc   604  
3,120,679     Sysco Corp   71,588  
682,118 e   Terra Industries, Inc   11,371  
177,819     Tiger Brands Ltd   2,759  
17,000 e   Toho Pharmaceutical Co Ltd   237  
16,000     Tokai Corp   84  
214,409 e*   Tractor Supply Co   7,749  
348,800 e   Tsingtao Brewery Co Ltd   728  
768,294     Unilever NV   18,862  
2,071,425 e   Unilever NV   49,928  
3,275,437     Uni-President Enterprises Corp   2,884  
168,397     United Drug plc   522  
237,436 e*   United Natural Foods, Inc   4,231  
135,837 e*   United Stationers, Inc   4,549  

136

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
         
VALUE
 
SHARES
     COMPANY  
(000)
 
26,567 e   Valhi, Inc
$
 284  
2,540     VAN DE Velde   85  
2,556 e   Vilmorin & Cie   260  
449,275     Vina Concha y Toro S.A.   680  
172,306 *   Viterra, Inc   1,326  
99,839 e*   Volcom, Inc   1,088  
15,200 e*   Wimm-Bill-Dann Foods OJSC (ADR)   400  
15,000     Yokohama Reito Co Ltd   104  
123,139     Zep, Inc   2,378  
99,226 e*   Zhongpin, Inc   1,191  
      TOTAL WHOLESALE TRADE-NONDURABLE GOODS   659,736  
 
      TOTAL COMMON STOCKS   76,299,677  
      (Cost $104,665,304)      
 
MUTUAL FUNDS - 0.00%      
HOLDING AND OTHER INVESTMENT OFFICES - 0.00%**      
384,653     3i Infrastructure Ltd   454  
1,598,400 a,m,v*   First NIS Regional Fund SICAV   16  
20,000     ProLogis European Properties   89  
      TOTAL HOLDING AND OTHER INVESTMENT OFFICES   559  
 
NONDEPOSITORY INSTITUTIONS - 0.00%**      
139,207     HSBC Infrastructure Co Ltd   230  
      TOTAL NONDEPOSITORY INSTITUTIONS   230  
 
OIL AND GAS EXTRACTION - 0.00%**      
72,945 e   Kayne Anderson Energy Development Co   548  
      TOTAL OIL AND GAS EXTRACTION   548  
 
      TOTAL MUTUAL FUNDS   1,337  
      (Cost $4,618)      
 
PREFERRED STOCKS - 0.01%      
 
HOLDING AND OTHER INVESTMENT OFFICES - 0.01%      
119,310 *   Goodman PLUS Trust   3,868  
      TOTAL HOLDING AND OTHER INVESTMENT OFFICES   3,868  
 
SECURITY AND COMMODITY BROKERS - 0.00%**      
3,908 *   Westpac Funds Management Ltd   224  
      TOTAL SECURITY AND COMMODITY BROKERS   224  
 
TRANSPORTATION BY AIR - 0.00%**      
1,366 m,v*   Malaysian Airline System BHD   - ^
      TOTAL TRANSPORTATION BY AIR   - ^
 
      TOTAL PREFERRED STOCKS   4,092  
      (Cost $10,431)      
 
RIGHTS / WARRANTS - 0.00% **      
CHEMICALS AND ALLIED PRODUCTS - 0.00% **      
1,155 e   Dov Pharmaceutical, Inc   - ^
91,423     Dov Pharmaceutical, Inc   - ^
      TOTAL CHEMICALS AND ALLIED PRODUCTS   - ^

137

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
 
          VALUE  
SHARES
     COMPANY   (000)  
COMMUNICATIONS - 0.00% **      
43,611 e,m,v   Premiere AG.
$
 - ^
      TOTAL COMMUNICATIONS   - ^
 
DEPOSITORY INSTITUTIONS - 0.00% **      
1,466,799     DBS Group Holdings Ltd   3,054  
2,379,809 m,v   Fortis   - ^
198,050 m,v   Swedbank AB   1  
      TOTAL DEPOSITORY INSTITUTIONS   3,055  
 
ELECTRIC, GAS, AND SANITARY SERVICES - 0.00% **      
226,263 m,v   Envestra   10  
      TOTAL ELECTRIC, GAS, AND SANITARY SERVICES   10  
 
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.00% **      
16,300 m,v   Eltek ASA   6  
666 m,v   GreenHunter Energy, Inc   - ^
      TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT   6  
 
FABRICATED METAL PRODUCTS - 0.00% **      
180,753 m,v   Goodpack Ltd (Expires 7/16/09)   15  
      TOTAL FABRICATED METAL PRODUCTS   15  
 
FOOD AND KINDRED PRODUCTS - 0.00% **      
4,835 m,v   Anheuser-Busch InBev NV   74  
      TOTAL FOOD AND KINDRED PRODUCTS   74  
 
FOOD STORES - 0.00% **      
9,992 m,v   Centros Comerciales Sudamericanos S.A.   - ^
      TOTAL FOOD STORES   - ^
 
GENERAL BUILDING CONTRACTORS - 0.00% **      
165,580 m,v   China Overseas Land   60  
      TOTAL GENERAL BUILDING CONTRACTORS   60  
 
HOLDING AND OTHER INVESTMENT OFFICES - 0.00% **      
133,045     IJM Land BHD   7  
9,744,555     Macquarie Office Trust   272  
12,428 m,v   Reinet Investments S.C.A.   28  
      TOTAL HOLDING AND OTHER INVESTMENT OFFICES   307  
 
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.00% **      
283,631     Tat Hong Holdings Ltd   8  
      TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT   8  
 
METAL MINING - 0.00% **      
103,652 e   Mount Gibson Iron Ltd   - ^
      TOTAL METAL MINING   - ^
 
NONDEPOSITORY INSTITUTIONS - 0.00% **      
449,858     Heckmann Corp   517  
      TOTAL NONDEPOSITORY INSTITUTIONS   517  
 
PRIMARY METAL INDUSTRIES - 0.00% **      
346,000     Dowa Mining   4  
      TOTAL PRIMARY METAL INDUSTRIES   4  

138

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY  
(000)
 
REAL ESTATE - 0.00% **      
126,577     Growthpoint Properties Ltd
$
 25  
348,391     ING Office   2  
56,610 m,v   Klepierre   1  
553,875     SP Setia BHD   45  
      TOTAL REAL ESTATE   73  
 
TEXTILE MILL PRODUCTS - 0.00% **      
97,000     Victory City International Holdings Ltd   - ^
      TOTAL TEXTILE MILL PRODUCTS   - ^
 
WATER TRANSPORTATION - 0.00% **      
930,000     Global Ship Lease, Inc   158  
      TOTAL WATER TRANSPORTATION   158  
 
      TOTAL RIGHTS / WARRANTS   4,287  
      (Cost $2,015)      
 
PRINCIPAL     ISSUER      
 
SHORT-TERM INVESTMENTS - 11.86%      
 
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 0.36%      
$         11,340,000     Federal Home Loan Bank (FHLB)   11,340  
43,090,000     (FHLB)   43,089  
112,290,000     (FHLB)   112,272  
9,900,000     (FHLB)   9,899  
22,380,000     (FHLB)   22,350  
17,860,000     Federal Home Loan Mortgage Corp (FHLMC)   17,860  
16,000,000     (FHLMC)   16,000  
4,947,000     (FHLMC)   4,947  
2,000,000     (FHLMC)   2,000  
5,550,000     (FHLMC)   5,549  
4,000,000     (FHLMC)   3,998  
10,000,000     (FHLMC)   9,995  
1,700,000     (FHLMC)   1,699  
11,440,000     (FHLMC)   11,435  
      TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES   272,433  
      (Cost $272,223)      
             
SHARES
     COMPANY      
 
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 11.50%      
 
REPURCHASE AGREEMENTS - 6.40%      
300,000,000     Bank of America   300,000  
500,000,000     Bank of America   500,000  
200,000,000     Barclays Bank plc   200,000  
450,000,000     BNP Paribas   450,000  
50,000,000     BNP Paribas   50,000  
210,000,000     Goldman Sachs   210,000  
1,200,000,000     Goldman Sachs   1,200,000  
500,000,000     Merrill Lynch   500,000  
500,000,000     Salomon Bros.   500,000  
365,000,000     UBS AG   365,000  
425,000,000     UBS AG   425,000  
200,000,000     UBS AG   200,000  
      TOTAL REPURCHASE AGREEMENTS   4,900,000  

139

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
 
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 1.02%
     
780,000,000     Federal National Mortgage Association (FNMA) $ 778,942  
      TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES   778,942  
VARIABLE NOTES - 4.08%
     
85,000,000     American Express Credit Account Master Trust
75,480  
24,940,000     American Express Credit Account Master Trust   24,164  
58,000,000     American Express Credit Account Master Trust   47,015  
82,000,000     American Express Credit Account Master Trust   72,911  
60,000,000     BA Credit Card Trust   59,499  
85,000,000     BA Credit Card Trust   77,135  
64,000,000     BA Credit Card Trust   56,881  
170,000,000     Bank of America NA   166,456  
25,000,000     Bank One Issuance Trust   21,645  
100,000,000     Barclays Bank plc   99,865  
26,785,489     Brunel Residential Mortgage Securitisation PLC   26,510  
30,000,000     Capital One Multi-Asset Execution Trust   28,477  
43,525,000     Capital One Multi-Asset Execution Trust   36,847  
170,000,000     Capital One Multi-Asset Execution Trust   155,293  
13,000,000     Capital One Multi-Asset Execution Trust   12,870  
14,000,000     Capital One Multi-Asset Execution Trust   13,800  
32,000,000     Chase Issuance Trust   28,596  
51,000,000     Chase Issuance Trust   41,699  
102,000,000     Chase Issuance Trust   98,488  
17,000,000     Chase Issuance Trust   15,109  
110,000,000     Citibank Credit Card Issuance Trust   90,079  
78,000,000     Citibank Credit Card Issuance Trust   76,847  
85,000,000     Citigroup Funding Inc   80,586  
43,000,000     Discover Card Master Trust   40,474  
65,000,000     Discover Card Master Trust   59,672  
16,000,000     Discover Card Master Trust I   14,486  
8,000,000     Discover Card Master Trust I   7,388  
16,000,000     Discover Card Master Trust I   14,812  
102,000,000     Discover Card Master Trust I   87,306  
68,000,000     Discover Card Master Trust I   60,471  
39,000,000     GE Equipment Midticket LLC   34,540  
110,000,000     General Electric Capital Corp   96,581  
50,000,000     General Electric Capital Corp   48,213  
21,000,000     General Electric Capital Corp   20,072  
17,000,000     General Electric Capital Corp   14,764  
20,600,000     General Electric Capital Corp   18,569  
38,280,066     Granite Master Issuer plc   23,677  
30,267,959     Granite Master Issuer plc   19,816  
128,000,000     JPMorgan Chase & Co   123,163  
100,000,000     JPMorgan Chase & Co   98,725  
14,920,261     Medallion Trust   14,133  
73,000,000     Nelnet Student Loan Trust   67,979  
21,847,548     Nelnet Student Loan Trust   21,834  
45,000,000     Nelnet Student Loan Trust   41,909  
118,000,000     Permanent Financing PLC   110,443  
135,000,000     Permanent Master Issuer plc   116,928  
38,169,950     Puma Finance Ltd   30,536  
100,000,000     Rabobank Nederland NV   99,623  
53,000,000     SLM Student Loan Trust   51,091  
43,000,000     SLM Student Loan Trust   37,987  
170,000,000     SLM Student Loan Trust   131,248  

140

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
         
          VALUE  
PRINCIPAL
     ISSUER  
(000)
 
55,000,000     Wachovia Corp
$
 53,635  
69,800,000     Wachovia Student Loan Trust   64,355  
42,000,000     Wells Fargo & Co   41,565  
47,286,510     World Omni Auto Receivables Trust   46,386  
      TOTAL VARIABLE NOTES   3,118,633  
 
 
      TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED   8,797,575  
      (Cost $9,091,922)      
             
      TOTAL SHORT-TERM INVESTMENTS   9,070,008  
      (Cost $9,364,145)      
 
      TOTAL PORTFOLIO - 111.60%   85,379,756  
      (Cost $114,046,836)      
 
      OTHER ASSETS AND LIABILITIES, NET - (11.60)%   (8,874,727
)
 
      TOTAL NET ASSETS - 100.00%   $ 76,505,029  
 
      The following abbreviations are used in portfolio descriptions:      
  ADR   American Depositary Receipt      
  LLC   Limited Liability Corporation      
  LP   Limited Partnership      
  plc   Public Limited Company      
  SICAV   Societe d'Investissement A Capital Variable      
  SPDR   Standard & Poor's Depository Receipts      
     
 
      
  *   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.      
  f   Restricted security.      
  m   Indicates a security that has been deemed illiquid.      
  v   Represents fair value as determined in good faith under procedures approved      
     
by the Board of Trustees. The value of this security amounted to $ 25,548,341
      
      which represents 0.03% of net assets.      
 
      Cost amounts are in thousands.      
 
      At December 31, 2008, the net unrealized depreciation on investment was $(28,667,052,201), consisting of      
      gross unrealized appreciation of $2,632,573,459 and gross unrealized depreciation of $(31,299,625,660).      
 
      For ease of presentation, a number of industry classification categories have been grouped together in      
      the Schedule of Investments. Note that the Accounts use more specific industry categories in following      
      their investment limitations on industry concentration.      
 
      Companies in which the Account held 5% or more of the outstanding voting shares are considered "affiliated companies" of the      
      Account pursuant to the Investment Company Act of 1940. Additionally, investments in other investment companies advised      
      by Investment Management or affiliated entities are treated as affiliated companies. Information regarding transactions with      
      affiliated companies is as follows:      

141

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND
TRANSACTIONS WITH AFFILIATED COMPANIES-STOCK ACCOUNT
JANUARY 1, 2008 - DECEMBER 31, 2008
 
      Value at     Purchase            Realized     Dividend     Withholding   Shares at     Value at
Issue     December 31, 2007     Cost     Proceeds     Gain/(Loss)     Income     Expense   December 31, 2008     December 31, 2008
 
  Daishin Securities Co  
$
 6,450,000  
$
-   $ -   $ -  
$
599,118  
$
 122,354   500,000  
$
 2,270,222
  Digital Garage, Inc     22,772,663           509,406     (819,551)     683,336     47,834   12,380     11,172,938
  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)     -     -              -     -
  Information Development Co     2,493,627     -     -     (6,038)     82,623     5,784   431,900     2,363,181
  Intelligent Wave, Inc     4,234,608     -     69,947     (272,665)     75,168     5,262   15,915     2,594,875
  MPM Bioventures II     12,086,377     -     -     -     -     -   21,967,242     9,918,210
  Skyline Venture Partners     3,695,430     37,500     -     -     -     -   4,216,676     2,017,722
 
         
$
1,205,846  
$
    17,624,764   $    (5,716,524)  
$
   1,440,245  
$
 181,234      
$
 30,353,132
 
* Not an Affiliate as of December 31, 2008                                        

142

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

 

 

 

 
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
Summary of Market Values by Country
December 31, 2008

 

 

 

 

 % OF

 

 

 

 

 

 MARKET

 
COUNTRY
VALUE

 

 VALUE

 
DOMESTIC

 

 

                 

 

 
UNITED STATES
$
65,267,546,242

 

 76.44 %
TOTAL DOMESTIC

 

 65,267,546,242

 

 76.44

 

 
FOREIGN

 

 

 

 

 
AFGHANISTAN

 

 2,345,356

 

 0.00

 
ARGENTINA

 

 4,114,750

 

 0.01

 
AUSTRALIA

 

 780,988,004

 

 0.91

 
AUSTRIA

 

 97,492,474

 

 0.11

 
BAHAMAS

 

 482,210

 

 0.00

 
BELGIUM

 

 93,710,270

 

 0.11

 
BERMUDA

 

 17,758,917

 

 0.02

 
BRAZIL

 

 359,500,463

 

 0.42

 
CANADA

 

 1,451,596,541

 

 1.70

 
CAYMAN ISLANDS

 

 6,012,681

 

 0.01

 
CHILE

 

 27,202,691

 

 0.03

 
CHINA

 

 441,729,899

 

 0.52

 
COLOMBIA

 

 11,516,829

 

 0.01

 
CZECH REPUBLIC

 

 18,365,828

 

 0.02

 
DENMARK

 

 91,526,832

 

 0.11

 
EGYPT

 

 13,211,135

 

 0.02

 
FINLAND

 

 160,032,648

 

 0.19

 
FRANCE

 

 1,669,824,576

 

 1.96

 
GERMANY

 

 1,667,430,301

 

 1.95

 
GHANA

 

 98,519

 

 0.00

 
GREECE

 

 78,512,286

 

 0.09

 
HONG KONG

 

 327,740,888

 

 0.38

 
HUNGARY

 

 11,558,613

 

 0.01

 
INDIA

 

 157,780,849

 

 0.19

 
INDONESIA

 

 28,581,639

 

 0.03

 
IRELAND

 

 51,576,401

 

 0.06

 
ISLE OF MAN

 

 1,323,855

 

 0.00

 
ISRAEL

 

 128,350,708

 

 0.15

 
ITALY

 

 504,615,422

 

 0.59

 
JAPAN

 

 4,171,108,287

 

 4.89

 
KAZAKHSTAN

 

 1,477,232

 

 0.00

 
KOREA, REPUBLIC OF

 

 269,742,130

 

 0.32

 
LIECHTENSTEIN

 

 477,657

 

 0.00

 
LUXEMBOURG

 

 20,980,589

 

 0.02

 
MALAYSIA

 

 89,456,541

 

 0.10

 
MEXICO

 

 99,675,720

 

 0.12

 
MOROCCO

 

 9,858,534

 

 0.01

 
NETHERLAND ANTILLES

 

 1,771,244

 

 0.00

 
NETHERLANDS

 

 375,513,206

 

 0.44

 
NEW ZEALAND

 

 16,772,759

 

 0.02

 
NORWAY

 

 71,732,677

 

 0.09

 
PAKISTAN

 

 1,882,684

 

 0.00

 
PANAMA

 

 48,105,245

 

 0.06

 
PERU

 

 11,883,973

 

 0.01

 
PHILIPPINES

 

 20,215,755

 

 0.02

 
POLAND

 

 30,482,214

 

 0.04

 
PORTUGAL

 

 16,377,811

 

 0.02

 
PUERTO RICO

 

 4,738,383

 

 0.01

 
RUSSIA

 

 119,308,786

 

 0.14

 
SINGAPORE

 

 177,397,520

 

 0.21

 
SOUTH AFRICA

 

 193,004,819

 

 0.23

 
SPAIN

 

 638,077,123

 

 0.75

 
SWEDEN

 

 212,574,875

 

 0.25

 
SWITZERLAND

 

 1,571,970,009

 

 1.84

 
TAIWAN

 

 265,546,663

 

 0.31

 
THAILAND

 

 36,412,545

 

 0.04

 
TURKEY

 

 28,839,226

 

 0.03

 
UNITED KINGDOM

 

 3,401,843,628

 

 3.99

 
TOTAL FOREIGN

 

 20,112,209,420

 

 23.56

 
TOTAL PORTFOLIO
$
85,379,755,662

 

 100.00 %

143

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
     
 
COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2008
           
          VALUE  
SHARES
     COMPANY   (000)  
 
COMMON STOCKS - 99.42%      
 
ADMINISTRATION OF ECONOMIC PROGRAMS - 0.00%**      
8,427 e   Bureau Veritas S.A.
$
 337  
      TOTAL ADMINISTRATION OF ECONOMIC PROGRAMS   337  
 
AMUSEMENT AND RECREATION SERVICES - 0.21%      
31,345 e   Aristocrat Leisure Ltd   85  
2,680,000 e*   Galaxy Entertainment Group Ltd   366  
126,683     Ladbrokes plc   337  
6,617,000     Leisure & Resorts World Corp   103  
13,250 e   Lottomatica S.p.A.   330  
10,582,000     NagaCorp Ltd   1,461  
105,289     OPAP S.A.   3,027  
5,101 e   Oriental Land Co Ltd   419  
1,127,040     Publishing & Broadcasting Ltd   1,477  
20,544 e   Sega Sammy Holdings, Inc   240  
47,697     Sky City Entertainment Group Ltd   87  
44,356 e   TABCORP Holdings Ltd   216  
576,500     Tanjong plc   2,216  
109,001 e   Tattersall's Ltd   212  
1,125 *   Ticketmaster   7  
419,328     Walt Disney Co   9,514  
10,021     William Hill plc   31  
      TOTAL AMUSEMENT AND RECREATION SERVICES   20,128  
 
APPAREL AND ACCESSORY STORES - 0.51%
     
27,000 e   Abercrombie & Fitch Co (Class A)   623  
88,874 e*   Aeropostale, Inc   1,431  
38,857     American Eagle Outfitters, Inc   364  
82,376 e   Burberry Group plc   263  
4,794 e   Fast Retailing Co Ltd   703  
835,321     Gap, Inc   11,185  
262,226 e   Hennes & Mauritz AB (B Shares)   10,430  
42,861 e   Inditex S.A.   1,909  
175,222 *   Kohl's Corp   6,343  
196,968     Limited Brands, Inc   1,977  
33,543 e   Nordstrom, Inc   446  
92,430 e   Ross Stores, Inc   2,748  
703,071 *   Urban Outfitters, Inc   10,532  
      TOTAL APPAREL AND ACCESSORY STORES   48,954  
 
APPAREL AND OTHER TEXTILE PRODUCTS - 0.15%      
28,000     C C Land Holdings Ltd   7  
13,330 e   Hermes International   1,853  
14,152     Onward Kashiyama Co Ltd   113  
38,675     Phillips-Van Heusen Corp   779  
65,213 e   Polo Ralph Lauren Corp (Class A)   2,961  
28,626 e   Shimamura Co Ltd   2,210  

144

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
118,503     VF Corp
$
 6,490  
      TOTAL APPAREL AND OTHER TEXTILE PRODUCTS   14,413  
 
AUTO REPAIR, SERVICES AND PARKING - 0.09%      
4,100 e*   Hertz Global Holdings, Inc   21  
42,250     Ryder System, Inc   1,639  
164,213 e   Standard Chartered plc   1,951  
365,099     Standard Chartered plc   4,593  
      TOTAL AUTO REPAIR, SERVICES AND PARKING   8,204  
 
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.12%      
97,859     Advance Auto Parts   3,293  
11,288 e*   Autonation, Inc   111  
48,560 e*   Autozone, Inc   6,773  
32,713 e   Canadian Tire Corp Ltd   1,151  
44,889 e*   Carmax, Inc   354  
12,681     Inchcape plc   7  
      TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS   11,689  
 
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.28%      
24,051 e   Fastenal Co   838  
711,282     Home Depot, Inc   16,374  
466,895     Kingfisher plc   906  
392,572     Lowe's Cos, Inc   8,448  
      TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES   26,566  
 
BUSINESS SERVICES - 4.53%      
235,844 *   Activision Blizzard, Inc   2,038  
23,901     Adecco S.A.   818  
397,840 *   Adobe Systems, Inc   8,470  
74,549 *   Affiliated Computer Services, Inc (Class A)   3,425  
40,027 e*   Akamai Technologies, Inc   604  
129,627 e*   Alliance Data Systems Corp   6,032  
13,499     Atos Origin S.A.   336  
46,598 *   Autodesk, Inc   916  
225,910     Automatic Data Processing, Inc   8,887  
766,892 e*   Autonomy Corp plc   10,486  
106,709 *   BMC Software, Inc   2,871  
104,960     CA, Inc   1,945  
27,000 *   CACI International, Inc (Class A)   1,217  
7,819 *   Cadence Design Systems, Inc   29  
97,500 e   Capcom Co Ltd   2,206  
422,048 *   CGI Group, Inc   3,282  
28,712 *   Citrix Systems, Inc   677  
40,543 e*   Cognizant Technology Solutions Corp (Class A)   732  
259,478 *   Computer Sciences Corp   9,118  
511,799 e   Computershare Ltd   2,783  
220,950 *   Compuware Corp   1,491  
1,708 e   CSK Holdings Corp   9  
71,122 e   Ctrip.com International Ltd (ADR)   1,693  
11,506 e   Dassault Systemes S.A.   517  
32 e   Dena Co Ltd   104  
191 e,v   Dentsu, Inc   373  
6,860 e*   DST Systems, Inc   261  
126,567 e*   DynCorp International, Inc (Class A)   1,920  
451,813 *   eBay, Inc   6,307  
59,865 *   Electronic Arts, Inc   960  

145

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
33,031     Equifax, Inc
$
 876  
55,041 *   Expedia, Inc   454  
201,874     Experian Group Ltd   1,254  
29,520     Fidelity National Information Services, Inc   480  
22,954 *   Fiserv, Inc   835  
183,406 e   Fujitsu Ltd   892  
19,669 e   Gestevision Telecinco S.A.   212  
197,969 *   Google, Inc (Class A)   60,905  
233,596     Group 4 Securicor plc   688  
2,565 e   Hakuhodo DY Holdings, Inc   140  
275,939     Hays plc   277  
50,049 e   IFIL - Investments S.p.A.   129  
56,570     IMS Health, Inc   858  
23,217     Indra Sistemas S.A.   533  
64,090     Infosys Technologies Ltd (ADR)   1,575  
488,013 e*   Interpublic Group of Cos, Inc   1,933  
90,739 *   Intuit, Inc   2,159  
36,806 e*   Iron Mountain, Inc   910  
13,415 e   JC Decaux S.A.   229  
19,659 e   JSR Corp   221  
100,254 *   Juniper Networks, Inc   1,755  
299,588 e   Konami Corp   7,767  
11,877 e   Lamar Advertising Co (Class A)   149  
1,073,658 e   LogicaCMG plc   1,065  
24,275     Manpower, Inc   825  
23,827 e   Mastercard, Inc (Class A)   3,406  
169,082 e*   McAfee, Inc   5,845  
3,719,631     Microsoft Corp   72,310  
6,360 e   Mitsubishi UFJ Lease & Finance Co Ltd   162  
378 e*   Mixi Inc   2,320  
52,224 e*   Monster Worldwide, Inc   631  
84,567 *   NCR Corp   1,196  
189,328 e   NEC Corp   641  
100,000 *   Netease.com (ADR)   2,210  
63,600 e   Nippon System Development Co Ltd   501  
12,410 e   Nomura Research Institute Ltd   237  
240,294 *   Novell, Inc   935  
124     NTT Data Corp   500  
767     Obic Co Ltd   125  
151,889     Omnicom Group, Inc   4,089  
2,932,874 *   Oracle Corp   52,000  
4,203 e   Oracle Corp Japan   182  
1,700     Otsuka Corp   77  
2,178     Promotora de Informaciones S.A.   7  
60,000     Prosegur Cia de Seguridad S.A.   1,997  
25,577 e   Publicis Groupe S.A.   654  
4,407 e   Rakuten, Inc   2,806  
21,761 e   Randstad Holdings NV   440  
42,931     Ritchie Bros Auctioneers, Inc   913  
30,662 e   Robert Half International, Inc   638  
254,302     Sage Group plc   622  
135,838 e*   Salesforce.com, Inc   4,348  
524,779     SAP AG.   19,043  
20,713 e   Secom Co Ltd   1,069  
61,897 e   Securitas AB (B Shares)   521  
3,533 e   SGS S.A.   3,695  

146

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
61,026 e*   Sina Corp
$
 1,413  
3,615     Societe Des Autoroutes Paris-Rhin-Rhone   250  
253,010 e   Softbank Corp   4,595  
33,749 *   Sohu.com, Inc   1,598  
1,086 e   So-net Entertainment Corp   2,740  
117,300 e   Square Enix Co Ltd   3,785  
2,417,783 *   Sun Microsystems, Inc   9,236  
542,649 e*   Symantec Corp   7,337  
28,524 *   Synopsys, Inc   528  
525,476 e*   Temenos Group AG.   7,091  
334,000     Tencent Holdings Ltd   2,155  
26,249     Total System Services, Inc   367  
10,351 e   Trend Micro, Inc   364  
26,101 e   United Internet AG.   236  
2,702     USS Co Ltd   143  
7,000     Venture Corp Ltd   21  
52,035 e*   VeriSign, Inc   993  
295,379     Visa, Inc (Class A)   15,493  
10,614 *   VMware, Inc (Class A)   251  
2,372,477     WPP plc   13,729  
14,416 e   Yahoo! Japan Corp   5,915  
568,956 e*   Yahoo!, Inc   6,941  
      TOTAL BUSINESS SERVICES   436,929  
 
CHEMICALS AND ALLIED PRODUCTS - 13.14%
     
1,333,320     Abbott Laboratories   71,159  
19,189 e*   Actelion Ltd   1,086  
86,022     Agrium, Inc   2,890  
229,579 e   Air Liquide   20,887  
132,790     Air Products & Chemicals, Inc   6,675  
192,000     Air Water, Inc   1,712  
1,006,002 *   Amgen, Inc   58,097  
118,093 e   Asahi Kasei Corp   521  
108,283     Astellas Pharma, Inc   4,432  
731,597     AstraZeneca plc   29,526  
75,468 e   AstraZeneca plc (ADR)   3,096  
19,720 e   Avery Dennison Corp   645  
1,634,316     Avon Products, Inc   39,273  
309,400     BASF AG.   12,021  
17,493 e   Beiersdorf AG.   1,036  
79,689 *   Biogen Idec, Inc   3,796  
62,339     Biovail Corp   583  
974,814     Bristol-Myers Squibb Co   22,664  
737,867     Celanese Corp (Series A)   9,172  
19,992 e*   Cephalon, Inc   1,540  
75,950     CF Industries Holdings, Inc   3,734  
13,993 e*   Charles River Laboratories International, Inc   367  
95,000 e*   Chattem, Inc   6,795  
10,618     Christian Dior S.A.   594  
148,858 e   Chugai Pharmaceutical Co Ltd   2,894  
19,597     Church & Dwight Co, Inc   1,100  
41,117     Clorox Co   2,284  
242,283     Colgate-Palmolive Co   16,606  
377,875     CSL Ltd   8,878  
228,000     Cytec Industries, Inc   4,838  
29,630 e   Daicel Chemical Industries Ltd   140  

147

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
     
           
         
VALUE
 
SHARES
     COMPANY  
(000)
 
218,379     Daiichi Sankyo Co Ltd
$
 5,164  
66,010     Dainippon Ink and Chemicals, Inc   139  
17,000 e   Dainippon Sumitomo Pharma Co Ltd   159  
212,698     Dow Chemical Co   3,210  
66,522     DSM NV   1,694  
352,829     Du Pont (E.I.) de Nemours & Co   8,927  
18,227     Eastman Chemical Co   578  
160,964     Ecolab, Inc   5,658  
24,770 e   Eisai Co Ltd   1,034  
75,428 *   Elan Corp plc   437  
17,186 e*   Elan Corp plc (ADR)   103  
265,089     Eli Lilly & Co   10,675  
1,075 e   Eramet   206  
24,688 e   Estee Lauder Cos (Class A)   764  
59,544     FMC Corp   2,663  
102,232 *   Forest Laboratories, Inc   2,604  
362,565 *   Genentech, Inc   30,060  
53,759 *   Genzyme Corp   3,568  
590,769 *   Gilead Sciences, Inc   30,212  
1,272 e   Givaudan S.A.   1,005  
1,956,310     GlaxoSmithKline plc   36,129  
24,900 e   Grifols S.A.   436  
1     H.B. Fuller Co   - ^
22,682     Henkel KGaA   591  
35,293 e   Henkel KGaA   1,106  
6,400     Hisamitsu Pharmaceutical Co, Inc   262  
44,951 *   Hospira, Inc   1,206  
24,915 e   Huntsman Corp   86  
1,733,030     Incitec Pivot Ltd   3,009  
15,819 e   International Flavors & Fragrances, Inc   470  
127,144 *   Invitrogen Corp   2,964  
1,245,870     Johnson & Johnson   74,540  
24,480 e   Kansai Paint Co Ltd   126  
258,757 e   Kao Corp   7,860  
184,806 *   Keryx Biopharmaceuticals, Inc   42  
120,000 *   King Pharmaceuticals, Inc   1,274  
54,570     Kingboard Chemical Holdings Ltd   98  
33,587 e   Kuraray Co Ltd   263  
23,816     Kyowa Hakko Kogyo Co Ltd   250  
25,977     Linde AG.   2,180  
69,050 e   Lonza Group AG.   6,402  
86,958 e   L'Oreal S.A.   7,531  
93,742     Lupin Ltd   1,189  
362,812 e   Mediceo Paltac Holdings Co Ltd   4,364  
2,131,932     Merck & Co, Inc   64,811  
12,764     Merck KGaA   1,142  
41,002     Methanex Corp   455  
124,494 e   Mitsubishi Chemical Holdings Corp   552  
42,445 e   Mitsubishi Gas Chemical Co, Inc   174  
694,557     Monsanto Co   48,862  
44,212     Mosaic Co   1,530  
877,631 e*   Mylan Laboratories, Inc   8,680  
94,300 e   Nichi-iko Pharmaceutical Co Ltd   2,915  
15,455 e   Nissan Chemical Industries Ltd   150  
35,882 e   NOVA Chemicals Corp   170  
2,119,936     Novartis AG.   106,169  

148

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
     
           
 
          VALUE  
SHARES
     COMPANY  
(000)
 
56,863     Novartis AG. (ADR)
$
 2,830  
88,144     Novo Nordisk AS (Class B)   4,547  
8,934     Novozymes AS (B Shares)   717  
271,387     Nufarm Ltd   1,985  
9,300 e   Ono Pharmaceutical Co Ltd   484  
17,951     Orion Oyj (Class B)   305  
71,659 e   Perrigo Co   2,315  
2,647,017     Pfizer, Inc   46,879  
160,499     Potash Corp of Saskatchewan   11,641  
184,202     PPG Industries, Inc   7,816  
104,817     Praxair, Inc   6,222  
1,024,494     Procter & Gamble Co   63,334  
596,868 v   PTT Chemical PCL   556  
797,627     Reckitt Benckiser Group plc   29,564  
401,215     Roche Holding AG.   62,115  
17,740     Rohm & Haas Co   1,096  
201,502     Sanofi-Aventis   12,716  
8,165 e   Santen Pharmaceutical Co Ltd   247  
586,635     Schering-Plough Corp   9,990  
91,810 e   Sherwin-Williams Co   5,486  
175,847 e   Shin-Etsu Chemical Co Ltd   8,116  
28,073     Shionogi & Co Ltd   725  
633,174     Shire Ltd   9,213  
164,148 e   Shiseido Co Ltd   3,376  
129,826     Showa Denko KK   188  
106,802 e   Sigma-Aldrich Corp   4,511  
3,655,585 e   Sinochem Hong Kong Holding Ltd   1,769  
31,499 e   Solvay S.A.   2,323  
50,000     Stada Arzneimittel AG.   1,436  
153,982 e   Sumitomo Chemical Co Ltd   528  
79,089     Sun Pharmaceuticals Industries Ltd   1,727  
29,993     Syngenta AG.   5,827  
14,154 e   Taisho Pharmaceutical Co Ltd   302  
747,000     Taiwan Fertilizer Co Ltd   1,188  
30,897     Taiyo Nippon Sanso Corp   238  
457,497 e   Takeda Pharmaceutical Co Ltd   23,846  
21,895 e   Tanabe Seiyaku Co Ltd   330  
181,800 e   Tenma Corp   2,762  
385,409 e   Teva Pharmaceutical Industries Ltd (ADR)   16,407  
357,689 e*   Theravance, Inc   4,432  
576,500 e   Tokai Carbon Co Ltd   2,433  
23,693     Tokuyama Corp   201  
130,521 e   Toray Industries, Inc   664  
54,647 e   Tosoh Corp   135  
63,100 e   Tsumura & Co   2,342  
96,260 e   UBE Industries Ltd   270  
19,709     UCB S.A.   638  
28,611 e*   Vertex Pharmaceuticals, Inc   869  
3,419     Wacker Chemie AG.   366  
156,461 e*   Warner Chilcott Ltd (Class A)   2,269  
64,964 *   Watson Pharmaceuticals, Inc   1,726  
1,577,673     Wyeth   59,178  
36,131 e   Yara International ASA   795  
      TOTAL CHEMICALS AND ALLIED PRODUCTS   1,267,864  

149

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
     
           
 
          VALUE  
SHARES
     COMPANY   (000)  
COAL MINING - 0.18%
     
16,078 *   Alpha Natural Resources, Inc
$
 260  
29,422     Arch Coal, Inc   479  
593,313 e   Centennial Coal Co Ltd   1,374  
6,958,847     China Coal Energy Co   5,540  
34,809     Consol Energy, Inc   995  
451,448 e   Gloucester Coal Ltd   1,221  
210,003     Peabody Energy Corp   4,778  
5,526,761     PT Bumi Resources Tbk   466  
73,125 e   Sasol Ltd (ADR)   2,218  
      TOTAL COAL MINING   17,331  
 
COMMUNICATIONS - 6.12%
     
653,089     Advanced Info Service PCL   1,474  
139,235 *   American Tower Corp (Class A)   4,082  
2,354,351     AT&T, Inc   67,099  
110,507     BCE, Inc   2,249  
100,013 e   Belgacom S.A.   3,799  
59,451 e   Brasil Telecom Participacoes S.A. (ADR)   2,297  
220,044     British Sky Broadcasting plc   1,519  
16,107,142     BT Group plc   31,310  
487,258     Cable & Wireless plc   1,096  
65,482 e   Cablevision Systems Corp (Class A)   1,103  
86,226 e   Carphone Warehouse Group plc   111  
142,700     CBS Corp (Class B)   1,169  
11,515 e   CenturyTel, Inc   315  
269,500     China Mobile Hong Kong Ltd   2,705  
3,384,130     Chunghwa Telecom Co Ltd   5,517  
1,591,898     Comcast Corp (Class A)   26,871  
113,307     Comcast Corp (Special Class A)   1,830  
94,519 *   Crown Castle International Corp   1,662  
1,797,382     Deutsche Telekom AG.   27,175  
503,657 e*   DIRECTV Group, Inc   11,539  
351,810 *   DISH Network Corp (Class A)   3,902  
28,273 e   Elisa Oyj (Series A)   492  
96,727     Embarq Corp   3,478  
18,151 e   Eutelsat Communications   426  
813,787     France Telecom S.A.   22,579  
55     Fuji Television Network, Inc   79  
116,470     Globe Telecom, Inc   1,899  
502,906     Hellenic Telecommunications Organization S.A.   8,319  
2,868 e   Hikari Tsushin, Inc   54  
161,195     Hutchison Telecommunications International Ltd   43  
102,825 e*   IAC/InterActiveCorp   1,617  
2,560     Iliad Sa   221  
694,859     ITV plc   397  
267 e   Jupiter Telecommunications Co   278  
2,665 e   KDDI Corp   19,029  
315,927 e*   Level 3 Communications, Inc   221  
31,211 e*   Liberty Global, Inc (Class A)   497  
16,984 e*   Liberty Global, Inc (Series C)   258  
141,221 *   Liberty Media Corp - Entertainment (Series A)   2,469  
113,278 *   Liberty Media Holding Corp (Interactive A)   353  
13,079     M6-Metropole Television   252  
74,604 e   Manitoba Telecom Services, Inc   2,174  
151,084 e   Mediaset S.p.A.   871  
32,666 *   MetroPCS Communications, Inc   485  

150

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
5,847     Mobistar S.A.
$
 420  
10,966 e   Modern Times Group AB (B Shares)   240  
39,583 *   NII Holdings, Inc (Class B)   720  
6,241 v   Nippon Telegraph & Telephone Corp   32,220  
4,708 e   NTT DoCoMo, Inc   9,267  
13,249,985 *   Paxys, Inc   172  
361,226 e   PCCW Ltd   172  
114,336     Philippine Long Distance Telephone Co (ADR)   5,368  
118,991 e   Portugal Telecom SGPS S.A.   1,004  
2,334 e   ProSiebenSat.1 Media AG.   8  
41,974 e   PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.   216  
455,003 e   Qwest Communications International, Inc   1,656  
207,717 e   Rogers Communications, Inc (Class B)   6,157  
1,441,470     Royal KPN NV   20,799  
17,763 e   Scripps Networks Interactive (Class A)   391  
58,866     SES Global S.A.   1,131  
601,087 e   Seven Network Ltd   2,975  
143,705 e   Shaw Communications, Inc (B Shares)   2,516  
3,834,508     Singapore Telecommunications Ltd   6,787  
24,549 e   Societe Television Francaise 1   356  
878,103 *   Sprint Nextel Corp   1,607  
2,176,000     StarHub Ltd   2,930  
4,416     Swisscom AG.   1,432  
2,492,923     Taiwan Mobile Co Ltd   3,699  
201,963     Tele Norte Leste Participacoes S.A.(ADR)   2,811  
60,486 e   Tele2 AB (B Shares)   547  
153,897     Telecom Corp of New Zealand Ltd   206  
1,954,824 e   Telecom Italia S.p.A.   3,216  
1,185,911     Telecom Italia S.p.A.   1,350  
80,000     Telefonica O2 Czech Republic A.S.   1,841  
1,936,530     Telefonica S.A.   43,711  
1,351,711     Telekom Austria AG.   19,668  
3,430,700     Telekom Malaysia BHD   3,054  
161,763 e   Telenor ASA   1,091  
42,456     Telephone & Data Systems, Inc   1,348  
763     Telephone & Data Systems, Inc   21  
28,177     Television Broadcasts Ltd   92  
434,965     TeliaSonera AB   2,190  
1,560,884     Telstra Corp Ltd   4,168  
60,435     TELUS Corp   1,709  
24,899     TELUS Corp   750  
148,744 e   Time Warner Cable, Inc (Class A)   3,191  
5,400     Tokyo Broadcasting System, Inc   82  
1,206,982     Verizon Communications, Inc   40,917  
390,792 *   Viacom, Inc (Class B)   7,448  
374,023     Vivendi Universal S.A.   12,096  
32,123,314     Vodafone Group plc   64,198  
280,445     Vodafone Group plc (ADR)   5,732  
164,799     Windstream Corp   1,516  
      TOTAL COMMUNICATIONS   590,511  
 
DEPOSITORY INSTITUTIONS - 9.34%
     
38,083     77 Bank Ltd   207  
169,055     Allied Irish Banks plc   407  
73,505     Alpha Bank S.A.   685  
1,438,596     AMMB Holdings BHD   1,027  

151

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
     
           
         
VALUE
 
SHARES
     COMPANY   (000)  
147,992     Anglo Irish Bank Corp plc
$
 35  
72,000     Aozora Bank Ltd   68  
18,879 e   Associated Banc-Corp   395  
1,581,717 e   Australia & New Zealand Banking Group Ltd   16,861  
145,935 e   Banca Carige S.p.A.   355  
3,175,558     Banca Intesa S.p.A.   11,536  
177,200     Banca Intesa S.p.A.   458  
444,838 e   Banca Monte dei Paschi di Siena S.p.A.   971  
79,666 e   Banca Popolare di Milano   479  
118,369 e   Banche Popolari Unite Scpa   1,736  
1,260,841 e   Banco Bilbao Vizcaya Argentaria S.A.   15,622  
8,761 e   Banco BPI S.A.   21  
263,391     Banco Bradesco S.A. (ADR)   2,600  
468,361 e*   Banco Comercial Portugues S.A.   531  
93     Banco de Oro Universal Bank   - ^
178,818 e   Banco de Sabadell S.A.   1,224  
34,617     Banco de Valencia S.A.   370  
154,954     Banco do Brasil S.A.   975  
44,017     Banco Espirito Santo S.A.   409  
126,129     Banco Popolare Scarl   894  
152,700 e   Banco Popular Espanol S.A.   1,324  
6,844,882 e   Banco Santander Central Hispano S.A.   66,126  
1,803,360     Bank of America Corp   25,391  
1,679,304 e   Bank of East Asia Ltd   3,510  
475,177     Bank of India   2,800  
195,837     Bank of Ireland   227  
30,039 e   Bank of Kyoto Ltd   337  
220,195     Bank of Montreal   5,574  
1,089,465     Bank of New York Mellon Corp   30,865  
410,844 e   Bank of NOVA Scotia   11,086  
55,609     Bank of Okinawa Ltd   2,268  
225,408 e   Bank of the Ryukyus Ltd   2,224  
120,150 e   Bank of Yokohama Ltd   709  
51,394 e   Bankinter S.A.   465  
4,454,787     Barclays plc   9,825  
153,677 e   BB&T Corp   4,220  
25,678 e   Bendigo Bank Ltd   197  
898,325 e   BNP Paribas   37,774  
435,948     BOC Hong Kong Holdings Ltd   494  
158,110     Canadian Imperial Bank of Commerce/Canada   6,543  
74,635     Chiba Bank Ltd   467  
21,000     China Citic Bank   7  
916,500 e   China Merchants Bank Co Ltd   1,698  
17,000 e   Chugoku Bank Ltd   263  
1,853,153     Citigroup, Inc   12,435  
30,003     Comerica, Inc   596  
168,553 e   Commerzbank AG.   1,601  
934,970 e,m   Commonwealth Bank of Australia   18,839  
78,550 v*   Commonwealth Bank of Australia   1,583  
30,714     Credicorp Ltd   1,534  
172,428     Credit Agricole S.A.   1,917  
87,830 e   Danske Bank AS   885  
557,552 e   DBS Group Holdings Ltd   3,258  
278,776 m,v*   DBS Group Holdings Ltd   580  
103,671 e   Deutsche Bank AG.   4,100  
16,273 e   Deutsche Postbank AG.   352  

152

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
     
           
         
VALUE
 
SHARES
     COMPANY   (000)  
103,308 e   Dexia
$
 460  
143,664 e   DNB NOR Holding ASA   570  
61,339     EFG Eurobank Ergasias S.A.   486  
9,782 e   EFG International   175  
36,629 e   Erste Bank der Oesterreichischen Sparkassen AG.   853  
94,558 e   Fifth Third Bancorp   781  
800,000     FirstRand Ltd   1,394  
457,527 m,v*   Fortis    - ^
428,930     Fortis   554  
6,125,625     Fuhwa Financial Holdings Co Ltd   2,744  
75,489 e   Fukuoka Financial Group, Inc   330  
38,160 e   Gunma Bank Ltd   244  
41,000 e   Hachijuni Bank Ltd   236  
64,193     Hang Seng Bank Ltd   842  
20,897     HDFC Bank Ltd   428  
56,000 e   Hiroshima Bank Ltd   245  
115,763     Hokuhoku Financial Group, Inc   274  
3,744,069     HSBC Holdings plc   35,636  
419,047     Hudson City Bancorp, Inc   6,688  
54,562 e   Huntington Bancshares, Inc   418  
1,619     ICICI Bank Ltd   15  
232,886 e   ICICI Bank Ltd (ADR)   4,483  
367,736     ING Groep NV   4,047  
80,081     Investec plc   328  
24,000 e   Iyo Bank Ltd   299  
68,338 e   Joyo Bank Ltd   389  
1,921,293     JPMorgan Chase & Co   60,578  
244,508 e   Julius Baer Holding AG.   9,476  
10,623 e*   Jyske Bank   248  
1,521,931     Kasikornbank PCL   1,996  
91,305     Keycorp   778  
481,931 v*   Lloyds TSB Group plc    - ^
1,108,654     Lloyds TSB Group plc   2,008  
9,942 e   M&T Bank Corp   571  
33,172 e   Marshall & Ilsley Corp   452  
97,476 e   Mediobanca S.p.A.   1,002  
7,967,763 e   Mitsubishi UFJ Financial Group, Inc   50,079  
91,750     Mitsui Trust Holdings, Inc   451  
4,900 e,v   Mizuho Financial Group, Inc   13,930  
166,000 e   Mizuho Trust & Banking Co Ltd   211  
407,417     National Australia Bank Ltd   5,928  
66,460     National Bank of Canada   1,685  
95,374     National Bank of Greece S.A.   1,750  
195,887 e   National City Corp   355  
144,777     Natixis   252  
59,885 e   New York Community Bancorp, Inc   716  
78,045     Nishi-Nippon City Bank Ltd   227  
402,260     Nordea Bank AB   2,867  
32,688     Northern Trust Corp   1,704  
21,115     OKO Bank (Class A)   294  
545,614     Oversea-Chinese Banking Corp   1,890  
98,392     People's United Financial, Inc   1,754  
62,935     Piraeus Bank S.A.   560  
83,161 e   PNC Financial Services Group, Inc   4,075  
10,650 e   Raiffeisen International Bank Holding AG.   296  
121,019     Regions Financial Corp   963  

153

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
     
           
         
VALUE
 
SHARES
     COMPANY   (000)  
502 e,v   Resona Holdings, Inc
$
 743  
551,700 e   Royal Bank of Canada   16,133  
57,109     Royal Bank of Scotland Group plc   38  
17,071,637     Royal Bank of Scotland Group plc   12,125  
33 v   Sapporo Hokuyo Holdings, Inc   127  
32     SEVEN BANK Ltd   122  
116,320 e   Shinsei Bank Ltd   184  
58,727 e   Shizuoka Bank Ltd   682  
1,353,476     Siam Commercial Bank PCL   1,907  
89,871 e   Skandinaviska Enskilda Banken AB (Class A)   725  
718,024 e   Societe Generale   35,931  
112,444 *   Sovereign Bancorp, Inc   335  
178,997     State Street Corp   7,040  
3,557 e,v   Sumitomo Mitsui Financial Group, Inc   14,754  
139,488 e   Sumitomo Trust & Banking Co Ltd   825  
79,789     Suncorp-Metway Ltd   467  
168,062     SunTrust Banks, Inc   4,965  
696,689 e   Suruga Bank Ltd   6,921  
89,206     Svenska Handelsbanken (A Shares)   1,475  
10,000 m,v*   Swedbank AB   - ^
70,256 e   Swedbank AB (A Shares)   415  
1,750 e   Sydbank AS   22  
33,219 e   Synovus Financial Corp   276  
328,558 e   TCF Financial Corp   4,488  
13,400 e   TFS Financial Corp   173  
335,182 e   Toronto-Dominion Bank   11,797  
3,707,907     UBS AG.   53,948  
13,276,518 e   UniCredito Italiano S.p.A   33,756  
241,741 e   United Overseas Bank Ltd   2,168  
794,788     US Bancorp   19,878  
516,082 e   Wachovia Corp   2,859  
24,542 b   Washington Mutual, Inc   1  
3,580,200     Wells Fargo & Co   105,544  
392,257     Western Union Co   5,625  
358,677 e   Westpac Banking Corp   4,244  
17,626 e   Wing Hang Bank Ltd   102  
23,000     Yamaguchi Financial Group, Inc   259  
15,927 e   Zions Bancorporation   390  
      TOTAL DEPOSITORY INSTITUTIONS   901,399  
 
EATING AND DRINKING PLACES - 1.35%
     
3,006,000     Ajisen China Holdings Ltd   1,400  
20,134 e   Autogrill S.p.A.   154  
14,416,558     Compass Group plc   71,302  
398,808 e   Darden Restaurants, Inc   11,239  
14,453     Enterprise Inns plc   12  
617,460     McDonald's Corp   38,400  
11,440 e   Mitchells & Butlers plc   26  
42,916     Onex Corp   633  
7,559     Punch Taverns plc   6  
18,827 e   Sodexho Alliance S.A.   1,036  
35,201 e   Tim Hortons, Inc   1,015  
39,156     Whitbread plc   516  
158,696     Yum! Brands, Inc   4,999  
      TOTAL EATING AND DRINKING PLACES   130,738  

154

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
EDUCATIONAL SERVICES - 0.07%      
40,712 *   Apollo Group, Inc (Class A)
$
 3,119  
74,482 e   Benesse Corp   3,260  
109,743     CAE, Inc   720  
      TOTAL EDUCATIONAL SERVICES   7,099  
 
ELECTRIC, GAS, AND SANITARY SERVICES - 5.13%      
244,110     A2A S.p.A.   439  
192,702 *   AES Corp   1,588  
37,209     AGL Energy Ltd   396  
31,811     Allegheny Energy, Inc   1,077  
22,484     Alliant Energy Corp   656  
39,446     Ameren Corp   1,312  
127,260     American Electric Power Co, Inc   4,235  
178,845 e   American Water Works Co, Inc   3,734  
21,465     Aqua America, Inc   442  
2,619 e   Bkw Fmb Energie AG   253  
199,563     British Energy Group plc   2,219  
31,756     Canadian Utilities Ltd   1,042  
92,134     Centerpoint Energy, Inc   1,163  
4,327,321     Centrica plc   16,549  
39,821     CEZ   1,694  
1,564,000 e   China Resources Power Holdings Co   3,007  
359,861     Chubu Electric Power Co, Inc   10,961  
110,200     Chugoku Electric Power Co, Inc   2,902  
171,521     CLP Holdings Ltd   1,164  
87,053 e   Companhia de Saneamento Basico do Estado de Sao Paulo (ADR)   2,108  
94,127     Companhia Energetica de Minas Gerais   1,282  
226,338     Companhia Paranaense de Energia   2,329  
51,632 e   Consolidated Edison, Inc   2,010  
918,823 e   Constellation Energy Group, Inc   23,053  
28,053     Contact Energy Ltd   120  
132,016     Dominion Resources, Inc   4,731  
256,225     Drax Group plc   2,067  
79,213     DTE Energy Co   2,826  
1,517,159     DUET Group   1,830  
283,844     Duke Energy Corp   4,260  
683,163 e*   Dynegy, Inc (Class A)   1,366  
1,365,690     E.ON AG.   53,627  
99,938     Edison International   3,210  
35,859 *   EDP Renovaveis S.A.   249  
122,312     El Paso Corp   958  
83,239     Electric Power Development Co   3,272  
413,816 e   Electricite de France   23,872  
163,660     Eletropaulo Metropolitana de Sao Paulo S.A.   1,790  
33,863     Enagas   748  
146,460 e   Enbridge, Inc   4,693  
832,447     Enel S.p.A.   5,362  
10,639     Energen Corp   312  
358,443     Energias de Portugal S.A.   1,343  
54,679     Entergy Corp   4,545  
308,187     Exelon Corp   17,138  
242,465     FirstEnergy Corp   11,779  
65,728     Fortis, Inc   1,309  
157,401     Fortum Oyj   3,421  
183,687     FPL Group, Inc   9,245  

155

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
22,167 e   Gas Natural SDG S.A.
$
 603  
1,130,754 e   Gaz de France   55,524  
18,703 e   Hokkaido Electric Power Co, Inc   473  
17,300     Hokuriku Electric Power Co   489  
335,515 e   Hong Kong & China Gas Ltd   507  
850,364     Hong Kong Electric Holdings Ltd   4,773  
13,662,000 e   Huadian Power International Co   3,261  
640,747 *   Iberdrola Renovables   2,793  
672,756     Iberdrola S.A.   6,271  
15,377 e   Integrys Energy Group, Inc   661  
290,587     International Power plc   1,004  
155,453     Kansai Electric Power Co, Inc   4,503  
37,260     Kyushu Electric Power Co, Inc   989  
23,902     MDU Resources Group, Inc   516  
99,031 *   Mirant Corp   1,869  
480,543     National Grid plc   4,726  
56,425     NiSource, Inc   619  
318,491 e*   NRG Energy, Inc   7,430  
172,425 e*   Ocean Power Technologies, Inc   1,154  
15,031 e   Oest Elektrizitatswirts AG. (Class A)   695  
19,453     Oneok, Inc   566  
193,125 e   Osaka Gas Co Ltd   893  
39,911     Pepco Holdings, Inc   709  
114,541 e   PG&E Corp   4,434  
20,698     Pinnacle West Capital Corp   665  
209,132     PPL Corp   6,418  
71,139 e   Progress Energy, Inc   2,835  
21,510     Public Power Corp   345  
484,157     Public Service Enterprise Group, Inc   14,123  
218,777     Questar Corp   7,152  
21,283     Red Electrica de Espana   1,085  
152,470 *   Reliant Energy, Inc   881  
733,640     Republic Services, Inc   18,187  
88,581     RWE AG.   7,868  
3,757     RWE AG.   284  
21,037     SCANA Corp   749  
167,570     Scottish & Southern Energy plc   2,932  
103,737     Sempra Energy   4,422  
45,823     Severn Trent plc   789  
17,800 e   Shikoku Electric Power Co, Inc   600  
503,651     Snam Rete Gas S.p.A.   2,813  
160,962     Southern Co   5,956  
23,122 *   Stericycle, Inc   1,204  
51,245 e*   Suez Environnement S.A.   858  
232,743     Terna Rete Elettrica Nazionale S.p.A.   768  
47,000 e   Toho Gas Co Ltd   310  
42,063 e   Tohoku Electric Power Co, Inc   1,138  
760,028 e   Tokyo Electric Power Co, Inc   25,371  
1,933,838 e   Tokyo Gas Co Ltd   9,802  
82,396     TransAlta Corp   1,622  
148,254 e   Union Fenosa S.A.   3,715  
149,164     United Utilities Group plc   1,344  
71,229 e   Veolia Environnement   2,198  
272,296     Waste Management, Inc   9,024  
168,099     Williams Cos, Inc   2,434  
22,119 e   Wisconsin Energy Corp   929  

156

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
81,705     Xcel Energy, Inc
$
 1,516  
      TOTAL ELECTRIC, GAS, AND SANITARY SERVICES   495,487  
 
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 4.89%
     
424,400 e   ABB Ltd   6,472  
94,785 e*   Advanced Micro Devices, Inc   205  
454,296 e*   Alcatel S.A.   968  
18,914     Alps Electric Co Ltd   93  
42,165 e   Altera Corp   705  
21,291     Ametek, Inc   643  
82,176     Amphenol Corp (Class A)   1,971  
40,610     Analog Devices, Inc   772  
461,711 *   Apple Computer, Inc   39,407  
3,142,926     Asustek Computer, Inc   3,524  
23,585 *   Avnet, Inc   429  
130,757 *   Broadcom Corp (Class A)   2,219  
348,213 e*   Celestica, Inc   1,605  
3,812,537 *   Cisco Systems, Inc   62,144  
123,028     Cooper Industries Ltd (Class A)   3,596  
11,495 e*   Dolby Laboratories, Inc (Class A)   377  
43,641     Eaton Corp   2,169  
12,008 e*   Elpida Memory, Inc   74  
98,030 e*   Energizer Holdings, Inc   5,307  
573,671 e   Ericsson (LM) (B Shares)   4,472  
31,198 e*   First Solar, Inc   4,304  
160,212 *   Flextronics International Ltd   410  
205,728 e*   Foxconn International Holdings Ltd   68  
61,822 e   Fuji Electric Holdings Co Ltd   93  
33,630     Gamesa Corp Tecnologica S.A.   613  
57,901 e*   Gemalto NV   1,441  
4,640,618     General Electric Co   75,178  
1,971,502     Geodesic Information Systems Ltd   2,820  
466,071 *   GVK Power & Infrastructure Ltd   213  
150,700 e   Hamamatsu Photonics KK   2,889  
19,022     Harris Corp   724  
3,163 e   Hirose Electric Co Ltd   320  
11,352     Hitachi Chemical Co Ltd   118  
7,600     Hitachi High-Technologies Corp   122  
654,548     Hitachi Ltd   2,540  
1,073,778     Hon Hai Precision Industry Co, Ltd   2,101  
40,631 e   Hoya Corp   710  
13,172 e   Ibiden Co Ltd   273  
148,044 e*   Infineon Technologies AG.   199  
2,550,567     Intel Corp   37,391  
3,586     Intersil Corp (Class A)   33  
16,609 e*   JDS Uniphase Corp   61  
199,348     Koninklijke Philips Electronics NV   3,832  
15,938 e   Kyocera Corp   1,154  
134,693     L-3 Communications Holdings, Inc   9,938  
14,343 e   Legrand S.A.   272  
63,139 e   Linear Technology Corp   1,397  
203,528 e*   LSI Logic Corp   670  
3,530 e   Mabuchi Motor Co Ltd   146  
148,100 *   Marvell Technology Group Ltd   988  
669,982 e   Matsushita Electric Industrial Co Ltd   8,236  
36,956     Matsushita Electric Works Ltd   330  

157

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
145,827     Maxim Integrated Products, Inc
$
 1,665  
65,205 *   MEMC Electronic Materials, Inc   931  
35,393 e   Microchip Technology, Inc   691  
458,232 e*   Micron Technology, Inc   1,210  
13,690     Millicom International Cellular S.A.   647  
39,900 e   Minebea Co Ltd   138  
1,899,884     Mitsubishi Electric Corp   11,906  
9,041     Mitsumi Electric Co Ltd   158  
554,482     Motorola, Inc   2,456  
20,956 e   Murata Manufacturing Co Ltd   822  
283,661     National Semiconductor Corp   2,857  
4,017 e*   NEC Electronics Corp   38  
695,231 *   NetApp, Inc   9,712  
18,988 e   NGK Spark Plug Co Ltd   153  
10,706 e   Nidec Corp   419  
16,177 e   Nitto Denko Corp   310  
1,788,619 e   Nokia Oyj   28,068  
12,407 e*   Nortel Networks Corp   3  
340,918 *   Nvidia Corp   2,751  
20,111     Omron Corp   270  
4,473 e   Pioneer Corp   8  
10,442 e*   Q-Cells AG.   390  
60,000 *   QLogic Corp   806  
1,025,541     Qualcomm, Inc   36,745  
1,793,230     Quanta Computer, Inc   1,891  
213,653 e*   Renewable Energy Corp AS   2,047  
210,968 *   Research In Motion Ltd   8,459  
606,595 e   Ricoh Co Ltd   7,775  
9,844 e   Rohm Co Ltd   497  
6,964     Samsung Electronics Co Ltd   2,539  
163,755 e*   Sanyo Electric Co Ltd   306  
226,739 e*   SGL Carbon AG.   7,607  
97,803 e   Sharp Corp   705  
7,800 e   Shinko Electric Industries   64  
215,869 e*   Sirius XM Radio, Inc   26  
452,454     Smiths Group plc   5,757  
47,673,611 e   Solomon Systech International Ltd   1,101  
370,688 e   Sony Corp   8,108  
16,535     Stanley Electric Co Ltd   175  
134,112     STMicroelectronics NV   891  
14,076     Sumco Corp   179  
8,010 e*   Sunpower Corp (Class A)   296  
1,508,000     Taiwan Semiconductor Manufacturing Co Ltd   2,040  
391,754     Taiwan Semiconductor Manufacturing Co Ltd (ADR)   3,095  
12,066 e   TDK Corp   446  
462,528     Texas Instruments, Inc   7,179  
7,100     Toyota Boshoku Corp   58  
112,645     Tyco Electronics Ltd   1,826  
365,145 e   Ushio, Inc   4,825  
14,299 e   Whirlpool Corp   591  
39,062 e   Xilinx, Inc   696  
26,384 e   Yaskawa Electric Corp   107  
1,245,000 e   ZTE Corp   3,260  
      TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT   472,436  

158

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
     
           
         
VALUE
 
SHARES
     COMPANY   (000)  
ENGINEERING AND MANAGEMENT SERVICES - 0.64%
     
340,631     Accenture Ltd (Class A)
$
 11,169  
324,710 e   Aeon Mall Co Ltd   6,277  
21,034 e*   Amylin Pharmaceuticals, Inc   228  
1,058     Bilfinger Berger AG.   57  
27,144 e   Cap Gemini S.A.   1,038  
117,684     Capita Group plc   1,249  
108,157 *   Celgene Corp   5,979  
85,639     Fluor Corp   3,843  
11,450     Fugro NV   326  
83,584     Groupe Aeroplan, Inc   588  
66,683 *   Hewitt Associates, Inc (Class A)   1,892  
23,255 *   Jacobs Engineering Group, Inc   1,118  
205,142 e   JGC Corp   3,070  
111,791 e   KBR, Inc   1,699  
126,262 *   McDermott International, Inc   1,247  
52,316 e   Moody's Corp   1,051  
39,400 e   NPC, Inc   2,008  
62,437 e   Paychex, Inc   1,641  
31,360     Quest Diagnostics, Inc   1,628  
36,026 *   SAIC, Inc   702  
93,811     SembCorp Industries Ltd   151  
310,006     Serco Group plc   2,008  
475,314 e*   Shaw Group, Inc   9,730  
62,728 e   SNC-Lavalin Group, Inc   2,017  
10,649     Strabag SE   249  
105,464     WorleyParsons Ltd   1,039  
      TOTAL ENGINEERING AND MANAGEMENT SERVICES   62,004  
 
FABRICATED METAL PRODUCTS - 0.38%
     
772,890     Amcor Ltd   3,125  
18,754     Ball Corp   780  
514,000 *   Crown Holdings, Inc   9,869  
7,750     Geberit AG.   838  
17,000 e   Hitachi Metals Ltd   79  
311,901     Illinois Tool Works, Inc   10,932  
26,139     JS Group Corp   404  
114,944     Parker Hannifin Corp   4,890  
42,445     Pentair, Inc   1,005  
123,530     Rexam plc   623  
8,104     Salzgitter AG.   630  
52,000     Snap-On, Inc   2,048  
35,493 e   Ssab Svenskt Stal AB (Series A)   315  
17,094     Ssab Svenskt Stal AB (Series B)   142  
33,520 e   Stanley Works   1,143  
15,767     Toyo Seikan Kaisha Ltd   273  
      TOTAL FABRICATED METAL PRODUCTS   37,096  
 
FOOD AND KINDRED PRODUCTS - 4.73%
     
64,337 e   Ajinomoto Co, Inc   702  
56,720 *   Anheuser-Busch InBev NV   - ^
451,088     Archer Daniels Midland Co   13,005  
12,028 *   Aryzta AG.   386  
735,522 e   Asahi Breweries Ltd   12,717  
69,392     Associated British Foods plc   728  
148,868 e   Bunge Ltd   7,707  
78     C&C Group plc   - ^

159

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
261,322     Cadbury plc
$
 2,275  
65,161     Campbell Soup Co   1,955  
204,700 e   Carlsberg AS (Class B)   6,692  
31,125     Coca Cola Hellenic Bottling Co S.A.   450  
496,058     Coca-Cola Amatil Ltd   3,178  
1,214,822     Coca-Cola Co   54,995  
181,933     Coca-Cola Enterprises, Inc   2,189  
6,071 e   Coca-Cola West Japan Co Ltd   131  
139,619     ConAgra Foods, Inc   2,304  
39,405 *   Constellation Brands, Inc (Class A)   621  
85,000     Corn Products International, Inc   2,452  
119,781 e   CSR Ltd   147  
491,017     Diageo plc   6,784  
71,994 *   Dr Pepper Snapple Group, Inc   1,170  
209,551     General Mills, Inc   12,730  
482,000 e   Golden Agri-Resources Ltd   79  
332,059 e   Groupe Danone   19,931  
100,693     H.J. Heinz Co   3,786  
21,600 *   Hansen Natural Corp   724  
47,704     Heineken NV   1,452  
62,998 e   Hershey Co   2,189  
11,320     Hormel Foods Corp   352  
92,172     InBev NV   2,124  
7,137 e   Ito En Ltd   105  
63,004     J.M. Smucker Co   2,732  
33,494 e   Kaneka Corp   214  
94,951     Kellogg Co   4,164  
26,501     Kerry Group plc (Class A)   483  
492,902     Kirin Brewery Co Ltd   6,553  
611,131     Kraft Foods, Inc (Class A)   16,409  
18     Lindt & Spruengli AG.   387  
167 e   Lindt & Spruengli AG.   312  
28,588 e   Lion Nathan Ltd   164  
21,967 e   McCormick & Co, Inc   700  
28,630     Meiji Dairies Corp   154  
23,296     Molson Coors Brewing Co (Class B)   1,140  
2,702,945     Nestle S.A.   107,032  
17,357     Nippon Meat Packers, Inc   264  
17,589 e   Nisshin Seifun Group, Inc   232  
8,171     Nissin Food Products Co Ltd   285  
115,298 e   Olam International Ltd   92  
315,250     Parmalat S.p.A.   529  
64,847     Pepsi Bottling Group, Inc   1,460  
1,283,657     PepsiCo, Inc   70,306  
31,774 e   Pernod-Ricard S.A.   2,340  
4,705,884 e   Petra Foods Ltd   1,241  
11,456 *   Ralcorp Holdings, Inc   669  
74,011     Reynolds American, Inc   2,983  
174,651     SABMiller plc   2,920  
4,444,000     San Miguel Brewery, Inc   788  
602,855 e   Sapporo Holdings Ltd   3,818  
60,453 e   Saputo, Inc   1,086  
134,608 e   Sara Lee Corp   1,318  
60,000 e*   Smithfield Foods, Inc   844  
69,704 e   Swire Pacific Ltd (Class A)   480  
516,318     Tate & Lyle plc   2,975  

160

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
101,099     Toyo Suisan Kaisha Ltd
$
 2,913  
56,007     Tyson Foods, Inc (Class A)   491  
2,229,212     Unilever plc   50,608  
1,354,000 e   Wilmar International Ltd   2,622  
9,426 e   Yakult Honsha Co Ltd   202  
12,918     Yamazaki Baking Co Ltd   199  
      TOTAL FOOD AND KINDRED PRODUCTS   456,169  
 
FOOD STORES - 1.26%      
58,863     Alimentation Couche Tard, Inc   688  
122,027 e   Carrefour S.A.   4,668  
3,232 e   Colruyt S.A.   691  
19,797     Delhaize Group   1,216  
10,396 *   Empire Co Ltd   410  
5,655 e   FamilyMart Co Ltd   245  
21,559     George Weston Ltd   1,047  
128,955     Goodman Fielder Ltd   120  
203,861     J Sainsbury plc   963  
39,200     Jeronimo Martins SGPS S.A.   216  
13,766     Kesko Oyj (B Shares)   347  
454,442     Koninklijke Ahold NV   5,553  
629,119     Kroger Co   16,615  
214,311 e   Lawson, Inc   12,360  
45,969 e   Loblaw Cos Ltd   1,302  
124,853     Safeway, Inc   2,968  
411,436 e   Seven & I Holdings Co Ltd   14,142  
483,478     Shoprite Holdings Ltd   2,772  
22,755 e   Sonae SPGS S.A.   14  
139,162 *   Starbucks Corp   1,316  
61,960     Supervalu, Inc   905  
7,006,796 *   Taiwan TEA Corp   2,583  
8,001,375     Tesco plc   41,414  
10,269,000     Want Want China Holdings Ltd   4,253  
25,317 e   Whole Foods Market, Inc   239  
470,753     WM Morrison Supermarkets plc   1,897  
141,645     Woolworths Ltd   2,634  
      TOTAL FOOD STORES   121,578  
 
FORESTRY - 0.04%
     
113,035     Weyerhaeuser Co   3,460  
      TOTAL FORESTRY   3,460  
 
FURNITURE AND FIXTURES - 0.06%      
169,220     Johnson Controls, Inc   3,073  
50,000 e*   Kinetic Concepts, Inc   959  
33,961 e   Leggett & Platt, Inc   516  
108,207 e   Masco Corp   1,204  
      TOTAL FURNITURE AND FIXTURES   5,752  
 
FURNITURE AND HOME FURNISHINGS STORES - 0.21%      
49,719 e*   Bed Bath & Beyond, Inc   1,264  
332,779 e   Best Buy Co, Inc   9,355  
29,543 *   GameStop Corp (Class A)   640  
51,622 e   Harvey Norman Holdings Ltd   95  
3,773 e   Nitori Co Ltd   294  
290,700     RadioShack Corp   3,471  

161

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
7,144 e   Williams-Sonoma, Inc
$
 56  
76,011 e   Yamada Denki Co Ltd   5,313  
      TOTAL FURNITURE AND HOME FURNISHINGS STORES   20,488  
 
GENERAL BUILDING CONTRACTORS - 0.53%
     
87,505 e   ACS Actividades Cons y Servicios S.A.   4,063  
2,318,920     AMEC plc   16,428  
85,840     Balfour Beatty plc   406  
17,128 e   Berkeley Group Holdings plc   215  
56,558     Centex Corp   602  
44,661     Cheung Kong Infrastructure Holdings Ltd   168  
7,843     Daito Trust Construction Co Ltd   412  
371,840     Daiwa House Industry Co Ltd   3,646  
86,270 e   DR Horton, Inc   610  
5,714 e   Eiffage S.A.   297  
48,641     Fletcher Building Ltd   163  
140,407     Haseko Corp   150  
8,874     Hochtief AG.   458  
84,104 e   Kajima Corp   296  
30,505 e   Lend Lease Corp Ltd   153  
9,880 e   Lennar Corp (Class A)   86  
14,013     Leopalace21 Corp   142  
55,000     MDC Holdings, Inc   1,666  
9,716 e*   NVR, Inc   4,433  
58,977 e   Obayashi Corp   352  
8,169     Persimmon plc   27  
106,273 e   Pulte Homes, Inc   1,162  
49,474 *   Puravankara Projects Ltd   50  
55,000 e   Ryland Group, Inc   972  
17,866 e   Sacyr Vallehermoso S.A.   162  
42,271 e   Sekisui Chemical Co Ltd   264  
43,826     Sekisui House Ltd   387  
57,452 e   Shimizu Corp   337  
74,298     Skanska AB (B Shares)   762  
73,575     Sobha Developers Ltd   159  
105,136 e   Taisei Corp   290  
30,586     Taylor Woodrow plc   6  
40,107 *   Toll Brothers, Inc   859  
253,271     Vinci S.A.   10,562  
3,610 e   YIT Oyj   23  
      TOTAL GENERAL BUILDING CONTRACTORS   50,768  
 
GENERAL MERCHANDISE STORES - 1.45%      
62,901 e   Aeon Co Ltd   633  
167,642 e*   Big Lots, Inc   2,429  
111,294 e*   BJ's Wholesale Club, Inc   3,813  
255,765     Costco Wholesale Corp   13,428  
107,200 e   Don Quijote Co Ltd   2,137  
131,274     Family Dollar Stores, Inc   3,422  
311,838 e   Isetan Mitsukoshi Holdings Ltd   2,691  
48,728 e   J Front Retailing Co Ltd   202  
32,803 e   JC Penney Co, Inc   646  
56,386 e   Keio Corp   339  
159,914 e   Kintetsu Corp   736  
66,500     Lifestyle International Holdings Ltd   67  
1,218,728 e   Macy's, Inc   12,614  

162

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
1,209,588     Marks & Spencer Group plc
$
 3,735  
25,109 e   Marui Co Ltd   147  
302,263 e   Next plc   4,698  
61,105 e   Odakyu Electric Railway Co Ltd   538  
15,126 e   PPR   980  
40,500     Ryohin Keikaku Co Ltd   1,923  
14,034 e*   Sears Holdings Corp   546  
186,950     SM Investments Corp   770  
32,162 e   Takashimaya Co Ltd   244  
339,547 e   Target Corp   11,724  
301,491     TJX Cos, Inc   6,202  
79,521 e   Tobu Railway Co Ltd   475  
111,146     Tokyu Corp   560  
19,220 e   UNY Co Ltd   213  
1,139,743     Wal-Mart Stores, Inc   63,894  
      TOTAL GENERAL MERCHANDISE STORES   139,806  
 
HEALTH SERVICES - 0.54%
     
31,282     AmerisourceBergen Corp   1,116  
3,492,000 v   Bangkok Dusit Medical Service PCL   1,829  
1,832,400 v   Bumrungrad Hospital PCL   1,129  
12,018 e*   Covance, Inc   553  
29,690 *   Coventry Health Care, Inc   442  
145,938 *   DaVita, Inc   7,234  
101,156 *   Express Scripts, Inc   5,562  
94,354     Fraser and Neave Ltd   193  
36,951 e   Fresenius Medical Care AG.   1,699  
508,718 *   Healthsouth Corp   5,576  
32,278 e*   Laboratory Corp of America Holdings   2,079  
90,535 e*   Lincare Holdings, Inc   2,438  
178,065     McKesson Corp   6,896  
52,720 *   MDS, Inc   322  
214,365 *   Medco Health Solutions, Inc   8,984  
83,880 e   Mindray Medical International Ltd (ADR) (Class A)   1,510  
36,600     Omnicare, Inc   1,016  
86,867 e   Parkway Holdings Ltd   75  
15,003     Pharmaceutical Product Development, Inc   435  
201,534 e   Ramsay Health Care Ltd   1,461  
195,575     Sonic Healthcare Ltd   1,985  
      TOTAL HEALTH SERVICES   52,534  
 
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.21%      
52,763 e   Abertis Infraestructuras S.A.   946  
5,684     Acciona S.A.   723  
83,075     Boskalis Westminster   1,917  
192,842 e   Bouygues S.A.   8,095  
9,597 e   Fomento de Construcciones y Contratas S.A.   319  
42,583 *   Foster Wheeler Ltd   996  
12,460 e   Grupo Ferrovial S.A.   348  
213,031     Saipem S.p.A.   3,633  
987,158 e   Transurban Group   3,716  
      TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING   20,693  
 
HOLDING AND OTHER INVESTMENT OFFICES - 3.68%      
75,992     3i Group plc   297  
649,000 e   Allco Commercial Real Estate Investment Trust   106  

163

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
     
           
         
VALUE
 
SHARES
     COMPANY   (000)  
4,946 e   Allied Capital Corp
$
 13  
20,429     AMB Property Corp   478  
335,971 e   Annaly Mortgage Management, Inc   5,332  
32,175 e   Apartment Investment & Management Co (Class A)   372  
44,841     ARC Energy Trust   730  
97,007 e   Ascendas Real Estate Investment Trust   92  
26,658 e   AvalonBay Communities, Inc   1,615  
2,840 *   Berkshire Hathaway, Inc (Class B)   9,128  
40,022     Boston Properties, Inc   2,201  
205,973 e   Brookfield Asset Management, Inc   3,095  
16,181 e   Camden Property Trust   507  
28,400     CapitaCommercial Trust   18  
123,930 e   CFS Gandel Retail Trust   162  
140,082 *   CI Financial Income Fund   1,645  
248,030 e   DB RREEF Trust   142  
25,015 e   Developers Diversified Realty Corp   122  
32,991     Duke Realty Corp   362  
77,454 e   Equity Residential   2,310  
3,536     Eurazeo   165  
31,695 e   Federal Realty Investment Trust   1,968  
17,077 e   General Growth Properties, Inc   22  
1,269,680     Genting BHD   1,358  
208,052     GPT Group   133  
15,865     Groupe Bruxelles Lambert S.A.   1,254  
477 *   Groupe Bruxelles Lambert S.A.    - ^
71,323     HCP, Inc   1,981  
19,211     Health Care REIT, Inc   811  
21,477     Heineken Holding NV   609  
143,082     Host Marriott Corp   1,083  
11,859 e*   Immoeast AG.   8  
583,256     Investimentos Itau S.A.   2,003  
93,099 e   ISHARES FTSE   2,717  
1,426,359 e   iShares MSCI Canada Index Fund   24,861  
2,063,666 e   iShares MSCI EAFE Index Fund   92,597  
900,000     iShares MSCI Hong Kong Index Fund   9,333  
4,573,308     iShares MSCI Japan Index Fund   43,904  
21,000 e   iShares MSCI Pacific ex-Japan Index Fund   553  
3,776 e   Jafco Co Ltd   96  
856 e   Japan Prime Realty Investment Corp   2,032  
42     Japan Real Estate Investment Corp   375  
39     Japan Retail Fund Investment Corp   168  
6,504     KBC Ancora   111  
858     Kenedix Realty Investment Corp   2,407  
65,826 e   Kimco Realty Corp   1,203  
5,842,237     KWG Property Holding Ltd   1,734  
69,642     LG Corp   2,419  
18,751     Liberty Property Trust   428  
14,847 e   Macerich Co   270  
201,055 e   Macquarie Infrastructure Group   240  
199,009 v*   Macquarie Office Trust   6  
199,009 e   Macquarie Office Trust   33  
118,631     Marfin Investment Group S.A   478  
8,533 e*   Meinl European Land Ltd   31  
6,000,000 e   Melco International Development   1,990  
34,698     Nationale A Portefeuille   1,679  
315     Nippon Building Fund, Inc   3,462  

164

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
1,717     Nippon Residential Investment Corp
$
 1,572  
545     Nomura Real Estate Office Fund, Inc   3,546  
219,110 e   NOMURA TOPIX EXCHANGE TRADED FUND   2,134  
78,000     NWS Holdings Ltd   116  
73,038 e   Plum Creek Timber Co, Inc   2,537  
74,693 e   Prologis   1,037  
47,675     Public Storage, Inc   3,790  
3,431,000 e   Regal Real Estate Investment Trust   429  
14,324 e   Regency Centers Corp   669  
1,980 *   REINET INVESTMENTS S.C.A   19  
45,969     RioCan Real Estate Investment Trust   509  
1,638 e   SBI Holdings, Inc   253  
114,546     Simon Property Group, Inc   6,086  
17,530 e   SL Green Realty Corp   454  
998,433     SPDR Trust Series 1   90,099  
44,023 e   Taubman Centers, Inc   1,121  
34,021 e   UDR, Inc   469  
457,111 e*   Vantage Drilling Co   503  
19,881 e   Ventas, Inc   667  
133,206 e   Virgin Media, Inc   665  
44,995     Vornado Realty Trust   2,715  
5,746 e   Wendel   283  
147,229 e   Westfield Group   1,329  
241,875     Wharf Holdings Ltd   663  
      TOTAL HOLDING AND OTHER INVESTMENT OFFICES   354,914  
 
HOTELS AND OTHER LODGING PLACES - 0.56%
     
717,266 e   Accor S.A.   35,006  
3,920,000 e   Banyan Tree Holdings Ltd   1,156  
15,800 e   Choice Hotels International, Inc   475  
37,826 e   Crown Ltd   157  
52,620     Intercontinental Hotels Group plc   425  
996,875 e*   Las Vegas Sands Corp   5,912  
83,102     Marriott International, Inc (Class A)   1,616  
20,729 e*   MGM Mirage   285  
17,395,756     Minor International PCL   3,851  
2,350,977 e   Shangri-La Asia Ltd   2,703  
57,477 e   Starwood Hotels & Resorts Worldwide, Inc   1,029  
101,549 e   Thomas Cook Group plc   259  
118,045     TUI Travel plc   396  
50,965     United Overseas Land Ltd   79  
13,943     Wyndham Worldwide Corp   91  
12,063 e   Wynn Resorts Ltd   510  
      TOTAL HOTELS AND OTHER LODGING PLACES   53,950  
 
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.23%
     
27,407 *   AGCO Corp   647  
352,676 e   Alfa Laval AB   3,149  
684,294 e   Alstom RGPT   39,931  
39,498     Amada Co Ltd   192  
1,109     Andritz AG.   29  
1,032,605     Applied Materials, Inc   10,460  
19,058 e   ASM Pacific Technology   62  
82,573 e   ASML Holding NV   1,463  
228,361 e   Atlas Copco AB (A Shares)   2,009  
77,764     Atlas Copco AB (B Shares)   609  

165

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
     
           
          VALUE  
SHARES
     COMPANY   (000)  
12,627 e   Black & Decker Corp
$
 528  
117,106 e   Brambles Ltd   606  
369,144 *   Brocade Communications Systems, Inc   1,034  
26,000 e   Brother Industries Ltd   155  
351,054 e   Canon, Inc   11,123  
1,087     Cargotec Corp (B Shares)   13  
26,140     Casio Computer Co Ltd   165  
145,907     Caterpillar, Inc   6,518  
35,576 e   Citizen Watch Co Ltd   128  
167,710     Cummins, Inc   4,483  
25,905 e   Daikin Industries Ltd   681  
273,635     Deere & Co   10,486  
401,124 *   Dell, Inc   4,108  
77,577     Dover Corp   2,554  
50,334 e   Electrolux AB (Series B)   440  
573,352 *   EMC Corp   6,003  
18,853 e   Fanuc Ltd   1,351  
45,759     Flowserve Corp   2,357  
52,297 *   FMC Technologies, Inc   1,246  
272,474     FUJIFILM Holdings Corp   6,083  
60,357 *   Gardner Denver, Inc   1,409  
556,123     GEA Group AG.   9,657  
2,553,913     Hewlett-Packard Co   92,681  
11,822 e   Hitachi Construction Machinery Co Ltd   141  
57,028 e   Husqvarna AB (B Shares)   307  
463,820     IMI PLC   1,812  
68,621     Ingersoll-Rand Co Ltd (Class A)   1,191  
694,203     International Business Machines Corp   58,424  
58,687     International Game Technology   698  
145,114     Ishikawajima-Harima Heavy Industries Co Ltd   185  
3,365 e   Itochu Techno-Science Corp   82  
49,500     ITT Industries, Inc   2,277  
93,000     Jabil Circuit, Inc   628  
511,437 e   Japan Steel Works Ltd   7,160  
8,860     John Bean Technologies Corp   72  
80,032 e   Joy Global, Inc   1,832  
83,571     KCI Konecranes Oyj   1,455  
276,068 e   Komatsu Ltd   3,522  
28,207     Kone Oyj (Class B)   632  
46,842     Konica Minolta Holdings, Inc   364  
107,546 e   Kubota Corp   779  
12,521 e   Kurita Water Industries Ltd   338  
71,758 *   Lam Research Corp   1,527  
69,091 *   Lexmark International, Inc (Class A)   1,858  
34,084 e*   Logitech International S.A.   535  
13,271 e   Makita Corp   297  
3,600     Manitowoc Co, Inc   31  
1,054,506 e   Mitsubishi Heavy Industries Ltd   4,713  
45,948 e   NTN Corp   139  
1,402 e*   OC Oerlikon Corp AG.   94  
3,290 e   Okuma Holdings, Inc   12  
36,644     Pall Corp   1,042  
40,043     Pitney Bowes, Inc   1,020  
1,024     Rheinmetall AG.   34  
65,687 e*   SanDisk Corp   631  
189,419 e   Sandvik AB   1,217  

166

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
9,131 e   Schindler Holding AG. $ 419  
26,262 m,v*   Seagate Technology    - ^
146,408     Seagate Technology, Inc   649  
12,573 e   Seiko Epson Corp   200  
924,545 e   Siemens AG.   69,603  
74,613 e   SKF AB (B Shares)   759  
5,688 e   SMC Corp   586  
16,560 e   Solarworld AG.   371  
33,655     SPX Corp   1,365  
6,010     Sulzer AG.   347  
63,821     Sumitomo Heavy Industries Ltd   255  
46,310 *   Teradata Corp   687  
105,494 *   Terex Corp   1,827  
97,681 e   Tokyo Electron Ltd   3,439  
300,542 e   Toshiba Corp   1,237  
23,562 e   Toyota Tsusho Corp   254  
38,597 *   Varian Medical Systems, Inc   1,352  
70,181 e*   Vestas Wind Systems AS   4,130  
16,318 e   Wartsila Oyj (B Shares)   493  
238,095 *   Western Digital Corp   2,726  
24,733     Yokogawa Electric Corp   163  
23,334 e   Zardoya Otis S.A.   419  
      TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT   408,690  
 
INSTRUMENTS AND RELATED PRODUCTS - 1.60%      
14,742 e   Advantest Corp   240  
215,594 *   Agilent Technologies, Inc   3,370  
57,652     Allergan, Inc   2,325  
26,026     Bard (C.R.), Inc   2,193  
355,199     Baxter International, Inc   19,035  
12,144     Beckman Coulter, Inc   534  
102,956     Becton Dickinson & Co   7,041  
356,621 *   Boston Scientific Corp   2,760  
87,819 e   Cochlear Ltd   3,392  
5,231 e   Coloplast AS (Class B)   362  
39,198 e   Compagnie Generale d'Optique Essilor International S.A.   1,829  
152,526     Covidien Ltd   5,528  
58,268     Danaher Corp   3,299  
27,046 e   Dentsply International, Inc   764  
59,225 e   Eastman Kodak Co   390  
307,112     Emerson Electric Co   11,243  
80,449     Finmeccanica S.p.A.   1,246  
27,803 e*   Flir Systems, Inc   853  
15,289     Fresenius SE   897  
5,622 e   Fresenius SE   284  
24,432 e   Garmin Ltd   468  
34,551 e   Getinge AB (B Shares)   419  
48,929 e*   Hologic, Inc   640  
14,018 e*   Illumina, Inc   365  
7,246 e*   Intuitive Surgical, Inc   920  
147,999 *   Invensys plc   369  
3,624 e   Keyence Corp   745  
33,737     Kla-Tencor Corp   735  
27,215 e   Luxottica Group S.p.A.   498  
290,624     Medtronic, Inc   9,131  
11,163 e*   Millipore Corp   575  
187,020 e   Nikon Corp   2,245  

167

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
34,175     Nippon Electric Glass Co Ltd $ 180  
23,505 e   Nobel Biocare Holding AG.   485  
22,512 e   Olympus Corp   451  
9,334 e   Phonak Holding AG.   567  
238,087     Raytheon Co   12,152  
26,550     Rockwell Automation, Inc   856  
46,489     Rockwell Collins, Inc   1,817  
22,621     Roper Industries, Inc   982  
34,808 e   Safran S.A.   466  
27,000 e   Shimadzu Corp   170  
172,981     Smith & Nephew plc   1,091  
304,956 *   St. Jude Medical, Inc   10,051  
1,564 e   Straumann Holding AG.   277  
59,349     Stryker Corp   2,371  
7,313 e   Swatch Group AG.   1,031  
38,514 *   Swatch Group AG.   1,061  
11,441     Synthes, Inc   1,451  
104,000 e   Sysmex Corp   3,790  
294,112 e   Terumo Corp   13,778  
351,882 *   Thermo Electron Corp   11,989  
1,733 e*   TomTom NV   13  
24,001 *   Waters Corp   880  
5,018 e*   William Demant Holding   210  
170,933     Xerox Corp   1,362  
65,462 *   Zimmer Holdings, Inc   2,646  
      TOTAL INSTRUMENTS AND RELATED PRODUCTS   154,822  
 
INSURANCE AGENTS, BROKERS AND SERVICE - 0.68%      
502,922     AON Corp   22,974  
12,000     Brown & Brown, Inc   251  
170,884     Hartford Financial Services Group, Inc   2,806  
996,966     HBOS plc   989  
1,379,701 v*   HBOS plc   - ^
298,205     Marsh & McLennan Cos, Inc   7,237  
435,145 e   Millea Holdings, Inc   12,893  
914,731     QBE Insurance Group Ltd   16,460  
90,748     Unipol Gruppo Finanziario S.p.A.   142  
185,583     Unipol S.p.A.   205  
1,576     White Mountains Insurance Group Ltd   421  
34,919 e   Willis Group Holdings Ltd   869  
      TOTAL INSURANCE AGENTS, BROKERS AND SERVICE   65,247  
 
INSURANCE CARRIERS - 4.93%      
400,320     ACE Ltd   21,185  
997,715     Admiral Group plc   13,054  
1,126,293     Aegon NV   7,084  
2,226,773     Aetna, Inc   63,463  
243,302     Aflac, Inc   11,153  
49,000     Aioi Insurance Co Ltd   256  
84,348 e   Alleanza Assicurazioni S.p.A   693  
422,087     Allianz AG.   44,910  
94,182     Allstate Corp   3,085  
57,000     American Financial Group, Inc   1,304  
252,176 e   American International Group, Inc   396  
786,288 e   AMP Ltd   2,971  
93,248 *   Arch Capital Group Ltd   6,537  

168

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
203,299     Assicurazioni Generali S.p.A. $ 5,613  
131,783     Assurant, Inc   3,954  
519,214     Aviva plc   2,911  
726,316     AXA Asia Pacific Holdings Ltd   2,502  
297,695     AXA S.A.   6,557  
504,167     Axis Capital Holdings Ltd   14,681  
9,992     Baloise Holding AG.   755  
1,160,000 e   China Life Insurance Co Ltd   3,525  
86,353     Chubb Corp   4,404  
65,881     Cigna Corp   1,110  
29,198     Cincinnati Financial Corp   849  
7,232     CNP Assurances   521  
124,414 e   Corp Mapfre S.A.   424  
69,642 e   Endurance Specialty Holdings Ltd   2,126  
182,531     Everest Re Group Ltd   13,898  
7,309 e   Fairfax Financial Holdings Ltd   2,309  
41,819     Fidelity National Title Group, Inc (Class A)   742  
16,344 e   First American Corp   472  
14,186     Fondiaria-Sai S.p.A   259  
402,468     Friends Provident plc   498  
112,209     Genworth Financial, Inc (Class A)   318  
111,594 e   Great-West Lifeco, Inc   1,871  
12,518     Hannover Rueckversicherung AG.   398  
167,800 *   Health Net, Inc   1,827  
139,306 *   Humana, Inc   5,193  
31,252     Industrial Alliance Insurance and Financial Services, Inc   590  
13,282     ING Canada, Inc   340  
158,039 e   Insurance Australia Group Ltd   429  
7,850     Irish Life & Permanent plc   17  
30,881     KBC Groep NV   921  
34,806 e*   Leucadia National Corp   689  
75,892     Lincoln National Corp   1,430  
90,336     Loews Corp   2,552  
621,277     Manulife Financial Corp   10,468  
187,038 *   MAX India Ltd   444  
49,767 e   Mediolanum S.p.A.   216  
695,985     Metlife, Inc   24,262  
36,601     Mitsui Sumitomo Insurance Group Holdings, Inc   1,164  
199,227     Muenchener Rueckver AG.   30,930  
9,119     Nationwide Financial Services, Inc (Class A)   476  
64,000     Nipponkoa Insurance Co Ltd   498  
12,000 e   Nissay Dowa General Insurance Co Ltd   75  
990,934     Old Mutual plc   784  
66,224 e   Old Republic International Corp   789  
229,392     PartnerRe Ltd   16,349  
75,356     Platinum Underwriters Holdings Ltd   2,719  
143,897     Power Corp Of Canada   2,613  
102,598 e   Power Financial Corp   1,986  
74,232 e   Principal Financial Group   1,675  
124,103     Progressive Corp   1,838  
193,602     Prudential Financial, Inc   5,858  
1,032,764     Prudential plc   6,185  
24,274     Reinsurance Group of America, Inc (Class A)   1,039  
75,340     RenaissanceRe Holdings Ltd   3,885  
657,081     Royal & Sun Alliance Insurance Group plc   1,305  
82,295     Sampo Oyj (A Shares)   1,558  

169

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
          VALUE  
SHARES     COMPANY   (000)  
36,806 e   SCOR $ 837  
27,138     SNS Reaal   148  
81,709 e   Sompo Japan Insurance, Inc   605  
1,618 e   Sony Financial Holdings, Inc   6,175  
428,585     Standard Life plc   1,245  
10,718     Storebrand ASA   27  
232,613     Sun Life Financial, Inc   5,359  
6,801     Swiss Life Holding   472  
146,390     Swiss Reinsurance Co   7,168  
142,248 e   T&D Holdings, Inc   6,021  
3,095 *   Topdanmark AS   405  
22,160 e   Torchmark Corp   991  
465,425     Travelers Cos, Inc   21,037  
5,448 e   TrygVesta A.S.   343  
590,993     UnitedHealth Group, Inc   15,720  
99,884     UnumProvident Corp   1,858  
90,080     W.R. Berkley Corp   2,792  
40,000 *   WellCare Health Plans, Inc   514  
182,388 *   WellPoint, Inc   7,684  
6,897 e   Wiener Staedtische Allgemeine Versicherung AG.   240  
2,271,689 e   XL Capital Ltd (Class A)   8,405  
46,704     Zurich Financial Services AG.   10,204  
      TOTAL INSURANCE CARRIERS   476,142  
 
LEATHER AND LEATHER PRODUCTS - 0.13%      
39,584     Adidas-Salomon AG.   1,509  
394,313 *   Coach, Inc   8,190  
47,080 e   LVMH Moet Hennessy Louis Vuitton S.A.   3,126  
62,589 e   Yue Yuen Industrial Holdings   124  
      TOTAL LEATHER AND LEATHER PRODUCTS   12,949  
 
LEGAL SERVICES - 0.01%      
31,381 e*   FTI Consulting, Inc   1,402  
      TOTAL LEGAL SERVICES   1,402  
 
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.01%      
57,588 e   Brisa-Auto Estradas de Portugal S.A.   429  
183,028     ComfortDelgro Corp Ltd   184  
41,581 e   Keihin Electric Express Railway Co Ltd   367  
29,772 e   Keisei Electric Railway Co Ltd   186  
25,899     National Express Group plc   184  
      TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT   1,350  
 
LUMBER AND WOOD PRODUCTS - 0.01%      
67,237     Sino-Forest Corp   538  
      TOTAL LUMBER AND WOOD PRODUCTS   538  
 
METAL MINING - 2.09%      
59,673     Agnico-Eagle Mines Ltd   3,034  
109,842 e   Alumina Ltd   106  
1,403,409     Anglo American plc   31,194  
81,829     Antofagasta plc   501  
551,600     Barrick Gold Corp   20,282  
424,474     Barrick Gold Corp   15,373  
1,753,991     BHP Billiton Ltd   37,225  
613,956     BHP Billiton plc   11,422  

170

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
8,250     Boliden AB $ 19  
143,074     Cameco Corp   2,440  
47,681     Cleveland-Cliffs, Inc   1,221  
278,570 e   Companhia Vale do Rio Doce (ADR)   3,374  
149,020 e*   Eldorado Gold Corp   1,165  
62,945     Eurasian Natural Resources Corp   299  
29,448     First Quantum Minerals Ltd   420  
136,906 e   Freeport-McMoRan Copper & Gold, Inc (Class B)   3,346  
70,000     Gold Fields Ltd (ADR)   695  
301,701     Goldcorp, Inc   9,382  
18,489 e   Inmet Mining Corp   293  
103,893 e*   Ivanhoe Mines Ltd   275  
42,485     Kazakhmys plc   141  
272,036     Kinross Gold Corp   4,958  
30,447     Lonmin PLC   399  
9,438 e*   Lundin Mining Corp   9  
44,403 e   MMC Norilsk Nickel (ADR)   282  
263,387     Newcrest Mining Ltd   6,223  
102,863     Newmont Mining Corp   4,187  
226,940 e   Orica Ltd   2,212  
250,732 e,v   Oxiana Ltd   96  
963,035 e*   Paladin Resources Ltd   1,665  
32,745 e*   PAN American Silver Corp   557  
7,644,277 e,m,v*   Pan Australian Resources Ltd   453  
331,761 e   Rio Tinto Ltd   8,790  
994,693     Rio Tinto plc   21,309  
125,662     Sherritt International Corp   322  
96,524 *   Silver Wheaton Corp   626  
3,440,000 e   Straits Asia Resources Ltd   1,862  
2,100 e   Sumitomo Titanium Corp   53  
199,792     Teck Cominco Ltd   974  
13,000 e*   Uranium One, Inc   19  
29,876 e   Vedanta Resources plc   263  
199,057     Xstrata plc   1,832  
269,615 e   Yamana Gold, Inc   2,064  
      TOTAL METAL MINING   201,362  
 
MISCELLANEOUS MANUFACTURING INDUSTRIES - 1.05%      
105,400 e   Aderans Co Ltd   1,108  
29,687     Bulgari S.p.A.   189  
124,798 e   Compagnie Financiere Richemont S.A.   2,378  
2,073,022     Futuris Corp Ltd   932  
141,047     Hasbro, Inc   4,115  
106,939     Mattel, Inc   1,711  
22,573 e   Namco Bandai Holdings, Inc   247  
213,369 e   Nintendo Co Ltd   81,539  
127,229     Sankyo Co Ltd   6,419  
5,347     Societe BIC S.A.   306  
95,615     Tyco International Ltd   2,065  
17,275 e   Yamaha Corp   161  
      TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES   101,170  
 
MISCELLANEOUS RETAIL - 1.10%      
89,870 *   Amazon.com, Inc   4,609  
1,786,889     CVS Corp   51,355  
18,158 e*   Dollar Tree, Inc   759  

171

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
3,170,622     Game Group PLC $ 5,789  
173,448     Home Retail Group   527  
3,025 e*   HSN, Inc   22  
2,622,761     Hutchison Whampoa Ltd   13,147  
22,096     Metro AG.   879  
21,153 *   Office Depot, Inc   63  
498,134     Origin Energy Ltd   5,598  
39,435     Petsmart, Inc   728  
5,576 e*   Priceline.com, Inc   411  
85,695 e   Shoppers Drug Mart Corp   3,335  
407,902     Staples, Inc   7,310  
231,300 e   Sugi Pharmacy Co Ltd   6,183  
24,661 e   Tiffany & Co   583  
201,295     Walgreen Co   4,966  
      TOTAL MISCELLANEOUS RETAIL   106,264  
 
MOTION PICTURES - 0.53%      
384 *   Ascent Media Corp (Series A)   8  
21,999 e   Astral Media, Inc   435  
21,119 *   Discovery Communications, Inc (Class A)   299  
21,119 *   Discovery Communications, Inc (Class C)   283  
698,634     News Corp (Class A)   6,351  
103,478 e   News Corp (Class B)   991  
4,248,258     Time Warner, Inc   42,737  
12,480 e   Toho Co Ltd   269  
      TOTAL MOTION PICTURES   51,373  
 
NONDEPOSITORY INSTITUTIONS - 0.61%      
102 e   Acom Co Ltd   4  
323,403 e   Aeon Credit Service Co Ltd   3,410  
2,173 e   Aiful Corp   6  
29,367 e   American Capital Ltd   95  
253,503     American Express Co   4,703  
107,440     Capital One Financial Corp   3,426  
7,460     Cattles plc   2  
1,544,637 e   Challenger Financial Services Group Ltd   2,100  
2,083,848 e   Chimera Investment Corp   7,189  
149,283 e   Credit Saison Co Ltd   2,072  
146,434     Criteria Caixacorp S.A.   584  
83,336     Discover Financial Services   794  
50,760 e   Federal Home Loan Mortgage Corp   37  
585,097 e   Federal National Mortgage Association   445  
504,000 e   Global Ship Lease, Inc (Class A)   1,441  
238,460 e*   Heckmann Corp   1,347  
31,414 e   Hypo Real Estate Holding AG.   139  
88,682     Investor AB (B Shares)   1,353  
264,900 e   Japan Securities Finance Co Ltd   1,292  
850,000     Lancashire Holdings Ltd   5,194  
2,765     Lender Processing Services, Inc   81  
130,122 e   ORIX Corp   7,430  
1,877 e   Osaka Securities Exchange Co Ltd   8,378  
6,674 e   Promise Co Ltd   169  
67,096 e*   SLM Corp   597  
12,164 e   Takefuji Corp   100  
442,295     Textron, Inc   6,135  

172

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
187 e*   Tree.com, Inc $ 1  
      TOTAL NONDEPOSITORY INSTITUTIONS   58,524  
 
NONMETALLIC MINERALS, EXCEPT FUELS - 0.05%      
1,081,646 e   Grupo Mexico S.A. de C.V. (Series B)   688  
6,065 e   Imerys S.A.   274  
28,872     K+S AG.   1,650  
32,241 e   Vulcan Materials Co   2,244  
      TOTAL NONMETALLIC MINERALS, EXCEPT FUELS   4,856  
 
OIL AND GAS EXTRACTION - 3.75%      
5,550 e   Acergy S.A.   32  
36,884     Addax Petroleum Corp   630  
34,194     Aker Kvaerner ASA   226  
150,091     Anadarko Petroleum Corp   5,786  
286,022     Apache Corp   21,317  
201,845     Baker Hughes, Inc   6,473  
2,915,798     BG Group plc   40,119  
56,281 e   BJ Services Co   657  
38,021     Boart Longyear Group   5  
210,195     Cabot Oil & Gas Corp   5,465  
25,501     Cairn Energy plc   739  
41,148 *   Cameron International Corp   843  
224,582 e   Canadian Natural Resources Ltd   8,869  
98,608     Canadian Oil Sands Trust   1,685  
97,438 e   Chesapeake Energy Corp   1,576  
16,998     Cimarex Energy Co   455  
1,056,531     CNOOC Ltd   987  
26,129 e*   Compagnie Generale de Geophysique S.A.   385  
1 *   Compagnie Generale de Geophysique-Veritas (ADR)    - ^
23,961     Crescent Point Energy Trust   468  
232,646 *   Denbury Resources, Inc   2,540  
1,000 e*   DET Norske Oljeselskap   1  
285,075     Devon Energy Corp   18,732  
77,130 e   Diamond Offshore Drilling, Inc   4,546  
424,166     EnCana Corp   19,571  
68,792     Enerplus Resources Fund   1,335  
90,743     ENSCO International, Inc   2,576  
56,212 e   Ensign Energy Services, Inc   602  
96,472     EOG Resources, Inc   6,423  
24,956     Equitable Resources, Inc   837  
4,800 e*   Exterran Holdings, Inc   102  
17,270 e*   Forest Oil Corp   285  
498,346     Halliburton Co   9,060  
61,972 e   Harvest Energy Trust   527  
31,150     Helmerich & Payne, Inc   709  
105,833 e   Husky Energy, Inc   2,646  
2,400     Idemitsu Kosan Co Ltd   155  
91 e   Inpex Holdings, Inc   725  
3,200     Japan Petroleum Exploration Co   141  
49,113 e*   Lundin Petroleum AB   264  
53,264 *   Nabors Industries Ltd   637  
118,021 *   National Oilwell Varco, Inc   2,884  
26,919 *   Newfield Exploration Co   532  
198,366     Nexen, Inc   3,447  
18,991 e   Niko Resources Ltd   654  

173

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
90,775     Noble Corp $ 2,005  
130,734     Noble Energy, Inc   6,435  
1,206,578     Occidental Petroleum Corp   72,383  
5,477 *   OPTI Canada, Inc   8  
108,079     Patterson-UTI Energy, Inc   1,244  
157,013     Penn West Energy Trust   1,726  
201,128     Petro-Canada   4,353  
61,861 *   PetroHawk Energy Corp   967  
468,460     Petroleo Brasileiro S.A. (ADR)   11,473  
4,900 e   Petroleum Geo-Services ASA   20  
16,717     Pioneer Natural Resources Co   270  
22,494 *   Plains Exploration & Production Co   523  
26,369     Precision Drilling Trust   215  
700,751 *   Pride International, Inc   11,198  
108,863     Provident Energy Trust   472  
348,212     PTT Exploration & Production PCL   1,073  
8,000 e*   Quicksilver Resources, Inc   44  
145,513     Range Resources Corp   5,004  
22,879     Rowan Cos, Inc   364  
284,377     Santos Ltd   2,948  
28,087 e   SBM Offshore NV   365  
444,007     Schlumberger Ltd   18,795  
52,090 e   SeaDrill Ltd   424  
40,008     Smith International, Inc   916  
109,865 *   Southwestern Energy Co   3,183  
423,153     Talisman Energy, Inc   4,175  
19,878 e   Technip S.A.   603  
40,567 e   Tidewater, Inc   1,634  
94,235 *   Transocean Ltd   4,453  
52,511 e   Trican Well Service Ltd   339  
141,631     Tullow Oil plc   1,343  
29,131 e*   Ultra Petroleum Corp   1,005  
28,000 *   Unit Corp   748  
98,300 e   W&T Offshore, Inc   1,408  
129,061 *   Weatherford International Ltd   1,396  
55,150     Woodside Petroleum Ltd   1,411  
577,919     XTO Energy, Inc   20,383  
      TOTAL OIL AND GAS EXTRACTION   361,954  
 
PAPER AND ALLIED PRODUCTS - 0.25%      
14,926 *   Domtar Corporation   25  
29,772     Greif, Inc (Class A)   995  
10,837 e   Holmen AB (B Shares)   271  
95,950     International Paper Co   1,132  
1,638 *   Istituto Finanziario Industriale S.p.A.   11  
186,753     Kimberly-Clark Corp   9,849  
11,600 e   Lee & Man Paper Manufacturing Ltd   6  
44,424     MeadWestvaco Corp   497  
25,042     Metso Oyj   307  
10,435     Mondi plc   31  
88 e,v   Nippon Paper Group, Inc   347  
83,563 e   OJI Paper Co Ltd   491  
3,407     Smurfit Kappa Group plc   9  
42,000     Sonoco Products Co   973  
114,143 e   Stora Enso Oyj (R Shares)   904  
108,108     Svenska Cellulosa AB (B Shares)   939  

174

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
86,241     Uni-Charm Corp $ 6,488  
100,694     UPM-Kymmene Oyj   1,291  
      TOTAL PAPER AND ALLIED PRODUCTS   24,566  
 
PERSONAL SERVICES - 0.06%      
3,621,407 e   Chaoda Modern Agriculture   2,313  
28,851     Cintas Corp   670  
62,833 e   H&R Block, Inc   1,427  
545,838     Kuala Lumpur Kepong BHD   1,404  
51,586 e   Rentokil Initial plc   33  
      TOTAL PERSONAL SERVICES   5,847  
 
PETROLEUM AND COAL PRODUCTS - 6.06%      
10,908,310     BP plc   82,495  
168,272     BP plc (ADR)   7,865  
13,134 e   Caltex Australia Ltd   66  
1,206,474     Chevron Corp   89,243  
461,218     ConocoPhillips   23,891  
60,000     Cosmo Oil Co Ltd   187  
1,250,739     ENI S.p.A.   30,097  
2,076,353     Exxon Mobil Corp   165,755  
31,369 e   Galp Energia SGPS S.A.   313  
22,100     Hellenic Petroleum S.A.   166  
170,971     Hess Corp   9,171  
128,671 e   Imperial Oil Ltd   4,272  
473,305     Marathon Oil Corp   12,950  
55,874     Murphy Oil Corp   2,478  
27,288 e   Neste Oil Oyj   411  
86,843     Nippon Mining Holdings, Inc   377  
32,210     OMV AG.   856  
39,196     Reliance Industries Ltd   992  
142,689     Repsol YPF S.A.   3,046  
1,216,738 e   Royal Dutch Shell plc (A Shares)   31,576  
1,139,481     Royal Dutch Shell plc (B Shares)   28,277  
14,606 e*   SandRidge Energy, Inc   90  
51,339     Saras S.p.A.   175  
20,666     Showa Shell Sekiyu KK   205  
387,193 e   Statoil ASA   6,476  
387,319     Suncor Energy, Inc   7,442  
252,582 e   Suncor Energy, Inc   4,925  
35,950 e   Sunoco, Inc   1,562  
138,698 e   Tesoro Corp   1,827  
27,353 e   TonenGeneral Sekiyu KK   274  
1,194,451     Total S.A.   64,604  
152,516     Valero Energy Corp   3,300  
      TOTAL PETROLEUM AND COAL PRODUCTS   585,364  
 
PIPELINES, EXCEPT NATURAL GAS - 0.11%      
7,738 *   Kinder Morgan Management LLC   309  
118,834     Spectra Energy Corp   1,871  
249,241     TransCanada Corp   6,697  
286,500     Wellstream Holdings plc   1,462  
      TOTAL PIPELINES, EXCEPT NATURAL GAS   10,339  
 
PRIMARY METAL INDUSTRIES - 0.80%      
31,962 e   Acerinox S.A.   520  

175

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
8,700     AK Steel Holding Corp $ 81  
154,416     Alcoa, Inc   1,739  
18,772 e   Allegheny Technologies, Inc   479  
167,139 e   Arcelor   3,975  
36,562 e   ArcelorMittal   899  
22,490     Bekaert S.A.   1,511  
63,870     BlueScope Steel Ltd   156  
492,352     Corning, Inc   4,692  
33,698 e   Daido Steel Co Ltd   102  
29,530     DOWA HOLDINGS CO Ltd   109  
1,698,458 e   Furukawa Electric Co Ltd   8,289  
64,356 e   Gerdau Ameristeel Corp   392  
121,800 e   Gerdau S.A. (ADR)   804  
51,080 e   JFE Holdings, Inc   1,357  
42,314     Johnson Matthey plc   666  
259,723     Kobe Steel Ltd   477  
4,200 e   Maruichi Steel Tube Ltd   117  
111,186 e   Mitsubishi Materials Corp   281  
63,239     Mitsui Mining & Smelting Co Ltd   134  
500,818 e   Nippon Steel Corp   1,646  
136,836 e   Norsk Hydro ASA   558  
76,874     Nucor Corp   3,552  
70,023 e   OneSteel Ltd   120  
24,377     Outokumpu Oyj   290  
85,355     Precision Castparts Corp   5,077  
4,400     Steel Dynamics, Inc   49  
680,243 e   Straits Resources Ltd   429  
73,756     Sumitomo Electric Industries Ltd   571  
2,558,333 e   Sumitomo Metal Industries Ltd   6,319  
54,449 e   Sumitomo Metal Mining Co Ltd   582  
77,696     Tenaris S.A.   808  
697 e   Toho Titanium Co Ltd   8  
11,948 e   Tokyo Steel Manufacturing Co Ltd   125  
24,205     Umicore   473  
33,683     United States Steel Corp   1,253  
209,687     Usinas Siderurgicas de Minas Gerais S.A.   2,385  
225,266     Vallourec   25,364  
22,617 e   Voestalpine AG.   489  
4,400     Yamato Kogyo Co Ltd   119  
      TOTAL PRIMARY METAL INDUSTRIES   76,997  
 
PRINTING AND PUBLISHING - 0.53%      
2,908,000     AMVIG Holdings Ltd   1,313  
58,138     Dai Nippon Printing Co Ltd   643  
56,363 e   Daily Mail & General Trust   219  
21,677     Dun & Bradstreet Corp   1,674  
800 e   EW Scripps Co (Class A)   2  
69,661 e   Gannett Co, Inc   557  
114,317 e   John Fairfax Holdings Ltd   130  
23,772 e   Lagardere S.C.A.   958  
92,549     McGraw-Hill Cos, Inc   2,146  
161,869 e   Orkla ASA   1,077  
25,576 e   PagesJaunes Groupe S.A.   250  
2,134,868     Pearson plc   19,675  
121,227     R.R. Donnelley & Sons Co   1,646  
120,220     Reed Elsevier NV   1,407  

176

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
1,694,420     Reed Elsevier plc $ 12,315  
16,226 e   Sanoma-WSOY Oyj   211  
127,344 e   Singapore Press Holdings Ltd   275  
94,114 e   Thomson Corp   2,714  
37,206     Thomson Reuters plc   808  
51,540 e   Toppan Printing Co Ltd   398  
46,660     United Business Media Ltd   341  
1,118     Washington Post Co (Class B)   436  
58,482     Wolters Kluwer NV   1,101  
110,222 e   Yellow Pages Income Fund   597  
      TOTAL PRINTING AND PUBLISHING   50,893  
 
RAILROAD TRANSPORTATION - 0.88%      
54,638 e   Asciano Group   57  
100,660     Burlington Northern Santa Fe Corp   7,621  
197,260 e   Canadian National Railway Co   7,155  
63,821     Canadian Pacific Railway Ltd   2,119  
925     Central Japan Railway Co   8,022  
244,614     CSX Corp   7,943  
2,763 e,v   East Japan Railway Co   21,001  
354,228     Firstgroup PLC   2,210  
1,214,400 e   Hankyu Hanshin Holdings, Inc   7,013  
50,986 e*   Kansas City Southern Industries, Inc   971  
118,469     MTR Corp   275  
93,243     Norfolk Southern Corp   4,387  
106,114     Stagecoach Group plc   214  
272,890     Union Pacific Corp   13,044  
736     West Japan Railway Co   3,354  
      TOTAL RAILROAD TRANSPORTATION   85,386  
 
REAL ESTATE - 0.74%      
3,008,159 e   Agile Property Holdings Ltd   1,568  
653,000 e   Allgreen Properties Ltd   195  
4,987,100 v   Amata Corp PCL   595  
10,195,901 m,v*   Ayala Land, Inc   21  
10,195,901     Ayala Land, Inc   1,418  
101,987 e   British Land Co plc   808  
90,693 e   Brookfield Properties Corp   683  
1,748,248     CapitaLand Ltd   3,774  
273,430 e   CapitaMall Trust   302  
15,261 *   CB Richard Ellis Group, Inc (Class A)   66  
116,696 e   Cheung Kong Holdings Ltd   1,104  
827,000     China Aoyuan Property Group Ltd   110  
88,304     Chinese Estates Holdings Ltd   100  
41,495     City Developments Ltd   183  
7,966 e   Corio NV   364  
143,400 e   Daibiru Corp   1,530  
20,265,600 v   Erawan Group PCL   843  
12,752 e   Forest City Enterprises, Inc (Class A)   85  
2,739     Gecina S.A.   189  
279,000 e*   Genting International plc   87  
1,082,500     Greentown China Holdings Ltd   453  
57,507 e   Hammerson plc   442  
73,000     Hang Lung Group Ltd   221  
1,192,793 e   Hang Lung Properties Ltd   2,592  
90,273     Henderson Land Development Co Ltd   334  

177

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
61,717     Hopewell Holdings $ 203  
55,994     Hysan Development Co Ltd   90  
4,088     ICADE   338  
6,159,600     IGB Corp BHD   2,457  
13,056 e   IMMOFINANZ Immobilien Anlagen AG.   9  
2,640 e   IVG Immobilien AG.   22  
7,089 e   Kenedix, Inc   2,034  
234,000 e   Keppel Land Ltd   276  
2,786,500     KLCC Property Holdings BHD   2,255  
14,517     Klepierre   353  
19,635,000     Lai Fung Holdings Ltd   286  
5,000,000     Land and Houses PCL   548  
92,329 e   Land Securities Group plc   1,223  
12,306 e   Leighton Holdings Ltd   237  
50,354 e   Liberty International plc   346  
180,751     Link Real Estate Investment Trust   299  
129,595 e   Macquarie Goodman Group   67  
70,349,000     Megaworld Corp   1,028  
7,313,500 m,v*   Metro Pacific Investments Corp   425  
104,444     Mirvac Group   93  
823,614     Mitsubishi Estate Co Ltd   13,605  
195,863     Mitsui Fudosan Co Ltd   3,266  
327,000 e*   Mongolia Energy Co ltd   100  
3,081,045     New World Development Ltd   3,125  
5,700 e   Nomura Real Estate Holdings, Inc   114  
906 e   NTT Urban Development Corp   981  
7,805,174     Rich Development Co Ltd   1,263  
82,672 e   Segro plc   294  
7,521,744 e*   Shanghai Forte Land Co   1,203  
17,181,673 e   Shanghai Real Estate Ltd   1,153  
360,653 e   Shoei Co Ltd   3,730  
165,212 e   Sino Land Co   171  
10,805,000     SM Prime Holdings   1,751  
2,066,800     SP Setia BHD   1,852  
1,926,000     SPG Land Holdings Ltd   246  
123,018     Stockland Trust Group   347  
167,256     Sumitomo Realty & Development Co Ltd   2,514  
180,448     Sun Hung Kai Properties Ltd   1,504  
29,572     Tokyo Tatemono Co Ltd   136  
48,988 e   Tokyu Land Corp   188  
15,186 e   Unibail   2,248  
743     Unibail-Rodamco   110  
3,208,260 *   Unitech Corporate Parks plc   406  
88,000 e   Wheelock & Co Ltd   193  
13,000 e   Yanlord Land Group Ltd   8  
12,296     YNH Property BHD   4  
1,323,000 *   Zhong An Real Estate Ltd   227  
      TOTAL REAL ESTATE   71,395  
 
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.61%      
1,145,015 e   Asics Corp   9,278  
521,044 e   Bayer AG.   30,360  
59,661 e   Bridgestone Corp   895  
1,700 e   Cooper Tire & Rubber Co   10  
51,738     Denki Kagaku Kogyo KK   127  
196,576 *   Goodyear Tire & Rubber Co   1,174  

178

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
28,353 e   Michelin (C.G.D.E.) (Class B) $ 1,481  
59,495 e   Mitsubishi Rayon Co Ltd   180  
61,282 e   Mitsui Chemicals, Inc   228  
52,751     Newell Rubbermaid, Inc   516  
124,635     Nike, Inc (Class B)   6,356  
12,351 e   NOK Corp   87  
21,964 e   Nokian Renkaat Oyj   250  
534,453     Pirelli & C S.p.A.   202  
9,588     Puma AG. Rudolf Dassler Sport   1,911  
41,329     Sealed Air Corp   617  
751,359     SSL International plc   5,347  
18,702 e   Sumitomo Rubber Industries, Inc   163  
      TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCT   59,182  
 
SECURITY AND COMMODITY BROKERS - 1.48%      
38,734     Ameriprise Financial, Inc   905  
103,566 e   Australian Stock Exchange Ltd   2,404  
22,724 e   Babcock & Brown Ltd   2  
18,281 e   BlackRock, Inc   2,452  
1,532,726     Charles Schwab Corp   24,784  
16,861     CME Group, Inc   3,509  
898,661     Credit Suisse Group   25,185  
130,355 e   Daiwa Securities Group, Inc   783  
38,030 e   Deutsche Boerse AG.   2,751  
67,353     Franklin Resources, Inc   4,296  
263,400     Goldman Sachs Group, Inc   22,228  
418,298 e   Hong Kong Exchanges and Clearing Ltd   3,972  
102,219 e   ICAP plc   423  
49,814 e   IGM Financial, Inc   1,430  
7,994 *   IntercontinentalExchange, Inc   659  
282,913     Invesco Ltd   4,085  
1,522,300     iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker   1,617  
24,192 e   Janus Capital Group, Inc   194  
1,086,536     Kim Eng Holdings Ltd   815  
3,049,200 v   Kim Eng Securities Thailand PCL   707  
1,186,617     Legal & General Group plc   1,310  
345,781     Legg Mason, Inc   7,576  
31,722 e   London Stock Exchange Group plc   233  
12,379 e*   Loomis AB   77  
30,186 e   Macquarie Group Ltd   606  
334,755     Man Group plc   1,143  
7,700 e   Matsui Securities Co Ltd   64  
450,715     Merrill Lynch & Co, Inc   5,246  
401,663 e   Morgan Stanley   6,443  
28,735 e*   Nasdaq Stock Market, Inc   710  
823,199 e   Nomura Holdings, Inc   6,854  
25,396 e   NYSE Euronext   695  
3,655 e   Perpetual Trustees Australia Ltd   95  
55,000     POWERSHARES DB US DOLLAR INDEX BULLISH FUND   1,358  
45,000 e   Raymond James Financial, Inc   771  
107,053     Reliance Capital Ltd   1,190  
23,717     Schroders plc   293  
33,009     SEI Investments Co   519  
57,956     Shinko Securities Co Ltd   127  
425,111 e   Singapore Exchange Ltd   1,499  
43,090 e   T Rowe Price Group, Inc   1,527  

179

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
34,079 *   TD Ameritrade Holding Corp $ 486  
33,544 e   TMX Group, Inc   685  
      TOTAL SECURITY AND COMMODITY BROKERS   142,708  
 
SPECIAL TRADE CONTRACTORS - 0.01%      
14,131     Kinden Corp   128  
20,142 *   Quanta Services, Inc   399  
      TOTAL SPECIAL TRADE CONTRACTORS   527  
 
STONE, CLAY, AND GLASS PRODUCTS - 0.51%      
170,677     3M Co   9,821  
98,298 e   Asahi Glass Co Ltd   560  
49,692 e   Boral Ltd   160  
69,643     Bradespar S.A.   573  
48,093 e   Cimpor Cimentos de Portugal S.A.   233  
469,700     CRH plc   11,654  
5,758     CRH plc (IRELAND)   145  
11,132 e   FLSmidth & Co AS   391  
4,869 e   HeidelbergCement AG.   213  
312,240 e   Holcim Ltd   18,072  
13,816 e   Italcementi S.p.A.   180  
13,904     Italcementi S.p.A.   97  
45,516 e   James Hardie Industries NV   148  
28,734 e   Lafarge S.A.   1,731  
24,035 e   NGK Insulators Ltd   272  
58,222     Nippon Sheet Glass Co Ltd   193  
134,118 *   Owens-Illinois, Inc   3,665  
5,609 e   Pargesa Holding S.A.   375  
99,376     Taiheiyo Cement Corp   192  
11,585     Titan Cement Co S.A.   224  
28,977 e   Toto Ltd   183  
16,407     Wienerberger AG.   280  
      TOTAL STONE, CLAY, AND GLASS PRODUCTS   49,362  
 
TEXTILE MILL PRODUCTS - 0.03%      
2,530,340     Far Eastern Textile Co Ltd   1,619  
11,426 e*   Mohawk Industries, Inc   491  
15,216 e   Nisshinbo Industries, Inc   116  
86,807 e   Teijin Ltd   247  
      TOTAL TEXTILE MILL PRODUCTS   2,473  
 
TOBACCO PRODUCTS - 1.32%      
947,043     Altria Group, Inc   14,262  
167,700     British American Tobacco Malaysia BHD   2,157  
915,126     British American Tobacco plc   23,683  
28,817 e   Fortune Brands, Inc   1,190  
4,922,728 e   Huabao International Holdings Ltd   3,227  
430,306     Imperial Tobacco Group plc   11,445  
2,755     Japan Tobacco, Inc   9,126  
135,495     Lorillard, Inc   7,635  
1,195,261     Philip Morris International, Inc   52,006  
50,173     Swedish Match AB   724  
27,691     UST, Inc   1,921  
      TOTAL TOBACCO PRODUCTS   127,376  
 
TRANSPORTATION BY AIR - 0.27%      

180

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
6,306     Aeroports de Paris $ 424  
25,794 e   Air France-KLM   329  
71,000 e   All Nippon Airways Co Ltd   280  
333,812 e*   AMR Corp   3,562  
95,121     Auckland International Airport Ltd   90  
119,782     British Airways plc   309  
1,636,237 e   Cathay Pacific Airways Ltd   1,841  
31,796 e*   Continental AG.   3,230  
98,372 e*   Continental Airlines, Inc (Class B)   1,777  
120,000 *   Delta Air Lines, Inc   1,375  
111,968     FedEx Corp   7,183  
7,566 e   Fraport AG. Frankfurt Airport Services Worldwide   342  
6,400 e   Hong Kong Aircraft Engineerg   53  
99,780     Iberia Lineas Aereas de Espana   281  
99,000 e*   Japan Airlines Corp   234  
66,883     Macquarie Airports   112  
80,316     Qantas Airways Ltd   147  
74,157 *   Ryanair Holdings plc   306  
956 e*   Ryanair Holdings plc (ADR)   28  
44,774     Singapore Airlines Ltd   350  
182,880     Southwest Airlines Co   1,576  
223,000 e   UAL Corp   2,457  
88,890 e   Virgin Blue Holdings Ltd   19  
      TOTAL TRANSPORTATION BY AIR   26,305  
 
TRANSPORTATION EQUIPMENT - 2.30%      
18,842     Aisin Seiki Co Ltd   270  
1,653,761     Austal Ltd   2,248  
76,124     Autoliv, Inc   1,634  
679,835     BAE Systems plc   3,683  
317,682 e   Bayerische Motoren Werke AG.   9,755  
1,456     Bayerische Motoren Werke AG.   28  
354,980     Boeing Co   15,147  
1,118,339 e   Bombardier, Inc   4,031  
5,133,000 e*   China South Locomotive and Rolling Stock Corp   2,788  
218,033     Cobham plc   644  
84,584 e   Cosco Corp Singapore Ltd   56  
21,000 e   Daihatsu Motor Co Ltd   185  
416,478     DaimlerChrysler AG.   15,869  
139,835 e   Denso Corp   2,369  
64,457 e   European Aeronautic Defence and Space Co   1,078  
426,918 e   Fiat S.p.A.   2,858  
482,613 e*   Ford Motor Co   1,105  
317,000 e   Fuji Heavy Industries Ltd   871  
251,226     General Dynamics Corp   14,468  
125,760 e   General Motors Corp   402  
47,070     Genuine Parts Co   1,782  
142,204     GKN plc   198  
23,450     Goodrich Corp   868  
45,469 e   Harley-Davidson, Inc   772  
17,315     Harsco Corp   479  
28,182     Hino Motors Ltd   58  
686,668 e   Honda Motor Co Ltd   14,625  
477,173     Honeywell International, Inc   15,666  
1,570,269 e   Isuzu Motors Ltd   2,029  
13,945 e   Jardine Cycle & Carriage Ltd   92  

181

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
21,195     JTEKT Corp $ 165  
145,044 e   Kawasaki Heavy Industries Ltd   293  
1,547,375     Keppel Corp Ltd   4,650  
233,126     Lockheed Martin Corp   19,601  
42,374     Magna International, Inc   1,261  
42,841     MAN AG.   2,403  
90,000     Mazda Motor Corp   153  
136,185     Meggitt plc   313  
352,000 e*   Mitsubishi Motors Corp   482  
78,875 e   Mitsui Engineering & Shipbuilding Co Ltd   133  
17,421 e   NHK Spring Co Ltd   64  
156,145     Northrop Grumman Corp   7,033  
48,401 e   NSK Ltd   183  
2,165 e   Oshkosh Truck Corp   19  
65,872 e   Paccar, Inc   1,884  
26,438 *   Pactiv Corp   658  
29,938 e   Peugeot S.A.   506  
16,907 e   Porsche AG.   1,323  
35,864 e   Renault S.A.   925  
351,424     Rolls-Royce Group plc   1,695  
71,538     Scania AB (B Shares)   728  
81,372 e   SembCorp Marine Ltd   95  
7,361 e   Shimano, Inc   290  
131,074 e   Singapore Technologies Engineering Ltd   216  
77,041 *   Spirit Aerosystems Holdings, Inc (Class A)   784  
260,196 e   Suzuki Motor Corp   3,637  
17,630     Thales S.A.   731  
1,382     Tokai Rika Co Ltd   12  
172,140 e   Tomkins PLC   304  
7,096     Toyoda Gosei Co Ltd   84  
17,594     Toyota Industries Corp   379  
1,230,125 e   Toyota Motor Corp   40,667  
219,699     United Technologies Corp   11,776  
14,862     Valeo S.A.   219  
9,986     Volkswagen AG.   538  
72,345     Volvo AB (A Shares)   417  
214,163 e   Volvo AB (B Shares)   1,219  
19,489 e   Yamaha Motor Co Ltd   205  
8,172 e   Zodiac S.A.   295  
      TOTAL TRANSPORTATION EQUIPMENT   222,398  
 
TRANSPORTATION SERVICES - 0.07%      
50,857 e   Autostrade S.p.A.   954  
31,970 e   CH Robinson Worldwide, Inc   1,759  
48,454 e   Cintra Concesiones de Infraestructuras de Transporte S.A.   368  
44,925 e   Deutsche Lufthansa AG.   739  
61,327     Expeditors International Washington, Inc   2,041  
3,025 *   Interval Leisure Group, Inc   16  
2,569 e*   KarstadtQuelle AG.   11  
51,657     Toll Holdings Ltd   222  
42,332 e   TUI AG.   503  
      TOTAL TRANSPORTATION SERVICES   6,613  
 
TRUCKING AND WAREHOUSING - 0.66%      
1,797,651     Deutsche Post AG.   30,405  
106,340 e   DSV AS   1,157  

182

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
17,632 e   J.B. Hunt Transport Services, Inc $ 463  
62,427 e   Kerry Properties Ltd   166  
12,262 e   Mitsubishi Logistics Corp   156  
6,266 e   Neopost S.A.   565  
77,343     Nippon Express Co Ltd   326  
1,126,046     TNT NV   21,538  
146,399     United Parcel Service, Inc (Class B)   8,075  
37,378 e   Yamato Transport Co Ltd   489  
      TOTAL TRUCKING AND WAREHOUSING   63,340  
 
WATER TRANSPORTATION - 0.33%      
107     AP Moller - Maersk AS (Class A)   586  
215 e   AP Moller - Maersk AS (Class B)   1,157  
167,022     Aries Maritime Transport Ltd   59  
111,556     Carnival Corp   2,713  
31,563     Carnival plc   685  
123,816 e   Danaos Corp   837  
4,161,139     DP World Ltd   1,623  
235,000 e   DryShips, Inc   2,505  
74,160 e   Euronav NV   1,011  
9,320 e   Frontline Ltd   274  
196,298     Hamburger Hafen und Logistik AG.   6,572  
4,983,000     International Container Term Services, Inc   1,374  
212,323 e   Kamigumi Co Ltd   1,886  
58,186 e   Kawasaki Kisen Kaisha Ltd   273  
10,405 *   Kuehne & Nagel International AG.   674  
112,145 e   Mitsui OSK Lines Ltd   693  
48,838 e   Neptune Orient Lines Ltd   38  
526,491 e   Nippon Yusen Kabushiki Kaisha   3,246  
160,502 e   Omega Navigation Enterprises, Inc (Class A)   1,022  
21,364 e   Orient Overseas International Ltd   48  
5,031,114 e   Pacific Basin Shipping Ltd   2,285  
40,523 e   Royal Caribbean Cruises Ltd   557  
34,080 e   Shun TAK Holdings Ltd   9  
1,044,000     U-Ming Marine Transport Corp   1,250  
      TOTAL WATER TRANSPORTATION   31,377  
 
WHOLESALE TRADE-DURABLE GOODS - 0.46%      
31,006 *   Arrow Electronics, Inc   584  
62,282 e   Assa Abloy AB (Class B)   724  
281,887     Banpu PCL   1,904  
17,724 e   BorgWarner, Inc   386  
62,303 e   Bunzl plc   528  
7,671 e   Canon Marketing Japan, Inc   124  
54,991 e   Compagnie de Saint-Gobain   2,568  
72,600 e   Finning International, Inc   838  
105,909 e*   Fortescue Metals Group Ltd   142  
595,116 e   Itochu Corp   3,002  
260,881 e   Li & Fung Ltd   447  
6,320 e   Martin Marietta Materials, Inc   614  
594,444 e   Mitsubishi Corp   8,420  
821,709     Mitsui & Co Ltd   8,447  
221,205 e   Nissan Motor Co Ltd   796  
83,715 e   Nisshin Steel Co Ltd   173  
20,610 e*   Patterson Cos, Inc   386  
23,115     Prysmian S.p.A.   366  

183

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
          VALUE  
SHARES
     COMPANY    (000)  
1,741,063     PT Astra International Tbk $ 1,711  
900,000     Rajesh Exports Ltd   458  
17,555     Rautaruukki Oyj   307  
16,000     Reliance Steel & Aluminum Co   319  
215 e   Rockwool International AS (B Shares)   12  
43,128     Schneider Electric S.A.   3,177  
12,895     Sims Group Ltd   156  
110,047 e   Sumitomo Corp   976  
13,298 e   THK Co Ltd   140  
69,678     ThyssenKrupp AG.   1,940  
9,182 e   W.W. Grainger, Inc   724  
12,264     Wesfarmers Ltd   154  
283,818     Wesfarmers Ltd   3,562  
132,195     Wolseley plc   730  
      TOTAL WHOLESALE TRADE-DURABLE GOODS   44,815  
 
WHOLESALE TRADE-NONDURABLE GOODS - 0.76%      
1,500 e   ABC-Mart, Inc   55  
52,551     Akzo Nobel NV   2,151  
3,283 e   Alfresa Holdings Corp   157  
299,715 e   Billabong International Ltd   1,640  
9,758     Brown-Forman Corp (Class B)   502  
151,923     Cardinal Health, Inc   5,237  
8,575     Casino Guichard Perrachon S.A.   647  
16,521     Celesio AG.   447  
3,186,000 e   Dalian Port PDA Co Ltd   802  
9,254 e   Danisco AS   378  
46,278 e   Dean Foods Co   832  
59,886 *   Endo Pharmaceuticals Holdings, Inc   1,550  
976,215     Esprit Holdings Ltd   5,530  
2,743,256     Foster's Group Ltd   10,519  
47,902 e*   Gildan Activewear, Inc   551  
139,240     Hanwha Corp   2,185  
17,082 *   Henry Schein, Inc   627  
379,795 e   Kikkoman Corp   4,513  
34,821     KT&G Corp   2,203  
120,000 e   Macquarie Infrastructure Co LLC   452  
1,259,267     Marubeni Corp   4,821  
73,992 e   Metcash Ltd   226  
41,401     Metro, Inc   1,241  
128,400 e   Nippon Oil Corp   651  
3,142,050 e   Noble Group Ltd   2,224  
75,100 e   San-A Co Ltd   3,089  
1,638,056     Sojitz Holdings Corp   2,737  
7,571 e   Suzuken Co Ltd   226  
114,309     Sysco Corp   2,622  
52,232     Terra Industries, Inc   871  
230,000     Unilever NV   5,646  
314,264     Unilever NV   7,575  
      TOTAL WHOLESALE TRADE-NONDURABLE GOODS   72,907  
 
      TOTAL COMMON STOCKS   9,596,110  
      (Cost $13,471,940)      

184

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
          VALUE  
SHARES
     COMPANY    (000)  
RIGHTS / WARRANTS - 0.00% **      
HOLDING AND OTHER INVESTMENT OFFICES - 0.00%**      
22,780 *   IJM Land BHD $ 1  
      TOTAL HOLDING AND OTHER INVESTMENT OFFICES   1  
 
NONDEPOSITORY INSTITUTIONS - 0.00%**      
288,903 *   Heckmann Corp   332  
      TOTAL NONDEPOSITORY INSTITUTIONS   332  
 
PRIMARY METAL INDUSTRIES - 0.00%**      
10,913 v   DOWA HOLDINGS CO LTD   1  
      TOTAL PRIMARY METAL INDUSTRIES   1  
 
REAL ESTATE - 0.00%**      
556,400 *   SP Setia BHD   45  
      TOTAL REAL ESTATE   45  
 
WATER TRANSPORTATION - 0.00%**      
600,000 *   Global Ship Lease, Inc   102  
      TOTAL WATER TRANSPORTATION   102  
 
      TOTAL RIGHTS / WARRANTS   481  
      (Cost $1,267)      
 
PRINCIPAL     ISSUER      
 
SHORT-TERM INVESTMENTS - 14.82%      
 
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.29%      
$  1,930,000     Federal Home Loan Bank (FHLB) 0.00% 03/24/09   1,930  
15,000,000     Federal Home Loan Mortgage Corp (FHLMC) 0.00% 01/28/09   15,000  
8,430,000     Federal National Mortgage Association (FNMA) 0.00% 02/03/09   8,430  
50,000     (FNMA) 0.00% 04/01/09   50  
2,100,000     (FNMA) 0.00% 04/10/09   2,099  
      TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES   27,509  
      (Cost $27,500)      
 
SHARES
     COMPANY      
 
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 14.53%      
 
REPURCHASE AGREEMENTS - 7.25%      
200,000,000     Barclays Bank plc   200,000  
225,000,000     Merrill Lynch   225,000  
275,000,000     UBS AG.   275,000  
      TOTAL REPURCHASE AGREEMENTS   700,000  
 
 
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 1.24%      
120,000,000     Federal National Mortgage Association (FNMA)   119,838  
      TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES   119,838  
 
 
VARIABLE NOTES - 6.04%      
15,000,000     American Express Credit Account Master Trust   13,320  
5,000,000     American Express Credit Account Master Trust   4,844  
11,000,000     American Express Credit Account Master Trust   8,917  
14,000,000     American Express Credit Account Master Trust   12,448  

185

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
          VALUE  
SHARES
     COMPANY    (000)  
10,000,000     BA Credit Card Trust $ 9,916  
15,000,000     BA Credit Card Trust   13,612  
11,000,000     BA Credit Card Trust   9,776  
30,000,000     Bank of America NA   29,375  
5,000,000     Bank One Issuance Trust   4,329  
30,000,000     Barclays Bank plc   29,960  
4,726,851     Brunel Residential Mortgage Securitisation PLC   4,678  
5,000,000     Capital One Multi-Asset Execution Trust   4,746  
8,000,000     Capital One Multi-Asset Execution Trust   6,773  
30,000,000     Capital One Multi-Asset Execution Trust   27,405  
3,000,000     Capital One Multi-Asset Execution Trust   2,970  
3,000,000     Capital One Multi-Asset Execution Trust   2,957  
5,000,000     Chase Issuance Trust   4,468  
9,000,000     Chase Issuance Trust   7,359  
18,000,000     Chase Issuance Trust   17,380  
3,875,000     Chase Issuance Trust   3,444  
20,000,000     Citibank Credit Card Issuance Trust   16,378  
12,000,000     Citibank Credit Card Issuance Trust   11,823  
20,000,000     Citigroup Funding Inc   18,961  
7,000,000     Discover Card Master Trust   6,589  
10,000,000     Discover Card Master Trust   9,180  
3,000,000     Discover Card Master Trust I   2,716  
2,000,000     Discover Card Master Trust I   1,847  
3,000,000     Discover Card Master Trust I   2,777  
18,000,000     Discover Card Master Trust I   15,407  
12,000,000     Discover Card Master Trust I   10,671  
8,000,000     GE Equipment Midticket LLC   7,085  
20,000,000     General Electric Capital Corp   17,560  
10,000,000     General Electric Capital Corp   9,643  
6,000,000     General Electric Capital Corp   5,735  
3,000,000     General Electric Capital Corp   2,605  
4,000,000     General Electric Capital Corp   3,606  
6,231,639     Granite Master Issuer plc   3,854  
5,341,405     Granite Master Issuer plc   3,497  
22,000,000     JPMorgan Chase & Co   21,169  
20,000,000     JPMorgan Chase & Co   19,745  
2,841,954     Medallion Trust   2,692  
13,000,000     Nelnet Student Loan Trust   12,106  
3,755,047     Nelnet Student Loan Trust   3,753  
5,000,000     Nelnet Student Loan Trust   4,657  
22,000,000     Permanent Financing plc   20,591  
25,000,000     Permanent Master Issuer plc   21,653  
6,459,530     Puma Finance Ltd   5,168  
25,000,000     Rabobank Nederland NV   24,906  
10,000,000     SLM Student Loan Trust   9,640  
8,000,000     SLM Student Loan Trust   7,067  
30,000,000     SLM Student Loan Trust   23,161  
10,000,000     Wachovia Corp   9,752  
12,000,000     Wachovia Student Loan Trust   11,064  
8,000,000     Wells Fargo & Co   7,917  
9,457,302     World Omni Auto Receivables Trust   9,277  
      TOTAL VARIABLE NOTES   582,929  
 
      TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED   1,402,767  
      (Cost $1,455,517)      

186

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
          VALUE  
          (000)  
      TOTAL SHORT-TERM INVESTMENTS $ 1,430,276  
      (Cost $1,483,017)      
 
      TOTAL PORTFOLIO - 114.24%   11,026,867  
      (Cost $14,956,224)      
      OTHER ASSETS AND LIABILITIES, NET - (14.24)%   (1,374,887 )
      NET ASSETS - 100.00% $ 9,651,980  
 
      ____________________________      
      The following abbreviations are used in portfolio descriptions:      
  ADR   American Depositary Receipt      
  LLC   Limited Liability Corporation      
  plc   Public Limited Company      
  SPDR   Standard & Poor's Depository Receipts      
 
  *   Non-income producing.      
  **   Percentage represents less than 0.01%.      
  ^   Amount represents less than $1,000.      
  b   In bankruptcy.      
  e   All or a portion of these securities are out on loan.      
  m   Indicates a security that has been deemed illiquid.      
  v   Represents fair value as determined in good faith under procedures approved.      
      by the Board of Trustees. The value of this security amounted to $ 92,318,561      
      which represents 0.96% of net assets.      
 
      Cost amounts are in thousands.      
 
      At December 31, 2008, the net unrealized depreciation on investment was $(3,929,357,776), consisting of gross      
      unrealized appreciation of $145,649,407 and gross unrealized depreciation of $(4,075,007,183).      
 
      For ease of presentation, a number of industry classification categories have been grouped together in      
      the Schedule of Investments. Note that the Accounts use more specific industry categories in following      
      their investment limitations on industry concentration.      

187

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
Summary of Market Values by Country
December 31, 2008
          % OF  
          MARKET  
COUNTRY     VALUE   VALUE  
DOMESTIC            
UNITED STATES     $  6,218,434,495   56.39 %
TOTAL DOMESTIC     6,218,434,495   56.39  
 
FOREIGN            
AFGHANISTAN     1,859,394   0.02  
AUSTRALIA     219,140,472   1.99  
AUSTRIA     23,702,229   0.22  
BELGIUM     19,184,719   0.17  
BRAZIL     36,802,615   0.33  
CANADA     314,793,591   2.86  
CHILE     500,717   0.00  
CHINA     57,885,213   0.53  
CZECH REPUBLIC     3,534,874   0.03  
DENMARK     22,240,169   0.20  
FINLAND     41,070,700   0.37  
FRANCE     491,372,944   4.46  
GERMANY     416,498,724   3.78  
GREECE     19,052,490   0.17  
HONG KONG     76,837,323   0.70  
INDIA     18,543,207   0.17  
INDONESIA     2,177,333   0.02  
IRELAND     13,850,375   0.13  
ISLE OF MAN     405,454   0.00  
ISRAEL     16,406,858   0.15  
ITALY     115,592,423   1.05  
JAPAN     1,003,927,168   9.10  
KOREA, REPUBLIC OF     9,345,299   0.09  
LUXEMBOURG     5,772,153   0.05  
MALAYSIA     17,829,279   0.16  
MEXICO     688,112   0.01  
NETHERLANDS     90,416,068   0.82  
NEW ZEALAND     666,311   0.01  
NORWAY     13,616,294   0.12  
PANAMA     2,713,042   0.02  
PERU     1,534,471   0.01  
PHILIPPINES     15,116,431   0.14  
PORTUGAL     4,728,721   0.04  
RUSSIA     282,403   0.00  
SINGAPORE     38,817,590   0.35  
SOUTH AFRICA     7,078,729   0.06  
SPAIN     162,217,835   1.47  
SWEDEN     40,747,255   0.37  
SWITZERLAND     474,937,097   4.31  
TAIWAN     32,514,310   0.30  
THAILAND     18,412,298   0.17  
UNITED ARAB EMIRATES     1,622,844   0.01  
UNITED KINGDOM     953,996,595   8.65  
TOTAL FOREIGN     4,808,432,129   43.61  
TOTAL PORTFOLIO     $11,026,866,624   100.00 %

188

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
     
 
COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
STATEMENT OF INVESTMENTS
December 31, 2008
 
          VALUE  
SHARES
     COMPANY   (000)  
 
COMMON STOCKS - 99.13%      
 
AMUSEMENT AND RECREATION SERVICES - 0.13%      
64,438 *   Penn National Gaming, Inc $ 1,378  
4,007 *   Ticketmaster   26  
413,810     Walt Disney Co   9,389  
6,025     Warner Music Group Corp   18  
      TOTAL AMUSEMENT AND RECREATION SERVICES   10,811  
 
APPAREL AND ACCESSORY STORES - 0.65%      
76,886     Abercrombie & Fitch Co (Class A)   1,774  
269,205 *   Aeropostale, Inc   4,334  
108,750     American Eagle Outfitters, Inc   1,018  
20,566 *   AnnTaylor Stores Corp   119  
1,002,547     Gap, Inc   13,424  
83,839 *   Hanesbrands, Inc   1,069  
401,135 *   Kohl's Corp   14,521  
167,625     Limited Brands, Inc   1,683  
163,990     Nordstrom, Inc   2,183  
381,917     Ross Stores, Inc   11,354  
106,065 *   Urban Outfitters, Inc   1,589  
      TOTAL APPAREL AND ACCESSORY STORES   53,068  
 
APPAREL AND OTHER TEXTILE PRODUCTS - 0.20%      
311,575     Guess ?, Inc   4,782  
244,601     Phillips-Van Heusen Corp   4,924  
151,353     Polo Ralph Lauren Corp (Class A)   6,873  
      TOTAL APPAREL AND OTHER TEXTILE PRODUCTS   16,579  
 
AUTO REPAIR, SERVICES AND PARKING - 0.04%      
16,021 *   Hertz Global Holdings, Inc   81  
72,667     Ryder System, Inc   2,818  
      TOTAL AUTO REPAIR, SERVICES AND PARKING   2,899  
 
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.37%      
292,836     Advance Auto Parts   9,854  
115,635 *   Autozone, Inc   16,128  
203,188 *   Carmax, Inc   1,601  
60,253 *   Copart, Inc   1,638  
46,375 *   O'Reilly Automotive, Inc   1,426  
      TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS   30,647  
 
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.23%      
116,221     Fastenal Co   4,050  
694,800     Lowe's Cos, Inc   14,952  
      TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES   19,002  
 
BUSINESS SERVICES - 13.78%      
1,226,690 *   Activision Blizzard, Inc   10,599  
2,018,977 *   Adobe Systems, Inc   42,984  

189

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
     
 
          VALUE  
SHARES
              COMPANY   (000)  
221,583 *   Affiliated Computer Services, Inc (Class A) $ 10,182  
921,625 *   Akamai Technologies, Inc   13,907  
273,377 *   Alliance Data Systems Corp   12,720  
75,504 *   Amdocs Ltd   1,381  
78,435 *   Ansys, Inc   2,188  
711,497 *   Autodesk, Inc   13,981  
471,746     Automatic Data Processing, Inc   18,558  
347,971 *   BMC Software, Inc   9,364  
36,226     Brink's Co   974  
36,226 *   Brink's Home Security Holdings, Inc   794  
532,494     CA, Inc   9,867  
60,923 *   Cerner Corp   2,342  
166,419 *   Citrix Systems, Inc   3,923  
36,357 *   Clear Channel Outdoor Holdings, Inc (Class A)   224  
265,584 *   Cognizant Technology Solutions Corp (Class A)   4,796  
1,032,473 *   Compuware Corp   6,969  
32,699 *   DST Systems, Inc   1,242  
4,516,008 *   eBay, Inc   63,043  
286,473 *   Electronic Arts, Inc   4,595  
62,548     Equifax, Inc   1,659  
7,759,390     Experian Group Ltd   48,194  
75,772 *   F5 Networks, Inc   1,732  
38,065     Factset Research Systems, Inc   1,684  
39,790     Fidelity National Information Services, Inc   647  
149,935 *   Fiserv, Inc   5,453  
560,074 *   Google, Inc (Class A)   172,307  
26,274 *   HLTH Corp   275  
38,954 *   IHS, Inc (Class A)   1,458  
36,360     IMS Health, Inc   551  
2,050,216 *   Interpublic Group of Cos, Inc   8,119  
2,064,798 *   Intuit, Inc   49,122  
160,731 *   Iron Mountain, Inc   3,975  
478,088 *   Juniper Networks, Inc   8,371  
70,427     Lamar Advertising Co (Class A)   885  
89,713     Manpower, Inc   3,049  
111,438     Mastercard, Inc (Class A)   15,928  
123,058 *   McAfee, Inc   4,254  
11,066,059     Microsoft Corp   215,124  
111,022 *   Monster Worldwide, Inc   1,342  
543,399 *   NCR Corp   7,684  
166,361 *   Netease.com (ADR)   3,677  
143,045 *   Novell, Inc   556  
178,373 *   Nuance Communications, Inc   1,848  
1,888,811     Omnicom Group, Inc   50,847  
8,388,343 *   Oracle Corp   148,725  
176,917 *   Red Hat, Inc   2,339  
127,625     Robert Half International, Inc   2,657  
343,386 *   Salesforce.com, Inc   10,992  
119,483 *   Sohu.com, Inc   5,656  
640,212 *   Symantec Corp   8,656  
188,227 *   Synopsys, Inc   3,486  
150,767     Total System Services, Inc   2,111  
176,353 *   Unisys Corp   150  
180,480 *   VeriSign, Inc   3,444  
1,248,149     Visa, Inc (Class A)   65,465  
37,324 *   VMware, Inc (Class A)   884  

190

           
COLLEGE RETIREMENT EQUITIES FUND - Growth Account
     
 
          VALUE  
SHARES
              COMPANY    (000)  
7,776 *   WebMD Health Corp (Class A) $ 183  
2,878,638 *   Yahoo!, Inc   35,119  
      TOTAL BUSINESS SERVICES   1,133,241  
 
CHEMICALS AND ALLIED PRODUCTS - 15.19%
     
3,182,425     Abbott Laboratories   169,846  
5,637 *   Abraxis Bioscience, Inc   372  
395,851     Air Products & Chemicals, Inc   19,899  
82,335     Albemarle Corp   1,836  
10,880     Alberto-Culver Co   267  
623,252 *   Amgen, Inc   35,993  
2,085,479     Avon Products, Inc   50,114  
263,741 *   Biogen Idec, Inc   12,562  
88,694 *   BioMarin Pharmaceuticals, Inc   1,579  
2,502,763     Bristol-Myers Squibb Co   58,189  
550,276     Celanese Corp (Series A)   6,840  
62,086 *   Cephalon, Inc   4,783  
78,426     CF Industries Holdings, Inc   3,855  
27,818 *   Charles River Laboratories International, Inc   729  
16,100     Chemtura Corp   23  
63,776     Church & Dwight Co, Inc   3,579  
38,307     Clorox Co   2,128  
1,117,531     Colgate-Palmolive Co   76,596  
159,926     Ecolab, Inc   5,621  
87,970     Eli Lilly & Co   3,543  
88,111     Estee Lauder Cos (Class A)   2,728  
177,902     FMC Corp   7,958  
23,848 *   Forest Laboratories, Inc   607  
1,094,401 *   Genentech, Inc   90,737  
243,505 *   Genzyme Corp   16,161  
2,974,140 *   Gilead Sciences, Inc   152,097  
19,412 *   Hospira, Inc   521  
15,566     Huntsman Corp   54  
54,042 *   Idexx Laboratories, Inc   1,950  
72,357     International Flavors & Fragrances, Inc   2,150  
35,219 *   Inverness Medical Innovations, Inc   666  
92,560 *   Invitrogen Corp   2,158  
776,358     Johnson & Johnson   46,449  
694,499     Merck & Co, Inc   21,113  
1,510,615     Monsanto Co   106,272  
241,536     Mosaic Co   8,357  
50,181 *   Mylan Laboratories, Inc   496  
118,456     Nalco Holding Co   1,367  
23,552 *   NBTY, Inc   369  
70,157     Perrigo Co   2,267  
682,558     Pfizer, Inc   12,088  
61,080     Potash Corp of Saskatchewan   4,430  
15,360     PPG Industries, Inc   652  
644,573     Praxair, Inc   38,262  
1,249,438     Procter & Gamble Co   77,240  
101,997     Rohm & Haas Co   6,302  
1,911,655     Schering-Plough Corp   32,555  
30,638     Scotts Miracle-Gro Co (Class A)   911  
101,813 *   Sepracor, Inc   1,118  
205,925     Sherwin-Williams Co   12,304  
471,473     Shire plc (ADR)   21,113  

191

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
     
 
          VALUE  
SHARES
     COMPANY    (000)  
61,093     Sigma-Aldrich Corp $ 2,581  
1,530,472     Teva Pharmaceutical Industries Ltd (ADR)   65,152  
138,554 *   Vertex Pharmaceuticals, Inc   4,209  
501,819 *   Warner Chilcott Ltd (Class A)   7,276  
370,082 *   Watson Pharmaceuticals, Inc   9,833  
811,419     Wyeth   30,436  
      TOTAL CHEMICALS AND ALLIED PRODUCTS   1,249,293  
 
COAL MINING - 0.32%      
315,303 *   Alpha Natural Resources, Inc   5,105  
135,935     Arch Coal, Inc   2,214  
164,439     Consol Energy, Inc   4,700  
79,364     Massey Energy Co   1,094  
593,889     Peabody Energy Corp   13,511  
      TOTAL COAL MINING   26,624  
 
COMMUNICATIONS - 2.52%      
1,096,451 *   American Tower Corp (Class A)   32,148  
32,369 *   Central European Media Enterprises Ltd (Class A)   703  
54,063 *   Clearwire Corp (Class A)   266  
743,183     Comcast Corp (Class A)   12,545  
56,544 *   Crown Castle International Corp   994  
66,761 *   CTC Media, Inc   320  
2,626,017 *   DIRECTV Group, Inc   60,162  
729,473 *   DISH Network Corp (Class A)   8,090  
354,609     Embarq Corp   12,752  
29,422 *   Equinix, Inc   1,565  
61,419     Frontier Communications Corp   537  
71,550     Global Payments, Inc   2,346  
10,018 *   IAC/InterActiveCorp   157  
4,771 *   Leap Wireless International, Inc   128  
1,353,783 *   Level 3 Communications, Inc   948  
141,017 *   Liberty Global, Inc (Class A)   2,245  
470,016 *   Liberty Media Corp - Entertainment (Series A)   8,216  
219,232 *   MetroPCS Communications, Inc   3,256  
71,854 *   NeuStar, Inc (Class A)   1,374  
153,394 *   NII Holdings, Inc (Class B)   2,789  
671,833     Qwest Communications International, Inc   2,445  
108,326 *   SBA Communications Corp (Class A)   1,768  
39,677     Telephone & Data Systems, Inc   1,260  
69,048     Time Warner Cable, Inc (Class A)   1,481  
5,714 *   US Cellular Corp   247  
958,843     Verizon Communications, Inc   32,505  
478,421 *   Viacom, Inc (Class B)   9,119  
767,458     Windstream Corp   7,061  
      TOTAL COMMUNICATIONS   207,427  
 
DEPOSITORY INSTITUTIONS - 1.86%      
1,227,264     Bank of New York Mellon Corp   34,768  
7,273     Capitol Federal Financial   332  
162,163     Hudson City Bancorp, Inc   2,588  
80,858 *   Metavante Technologies, Inc   1,303  
347,948     Northern Trust Corp   18,142  
101,721     State Street Corp   4,001  
1,909,368     Wachovia Corp   10,578  
738,950     Wells Fargo & Co   21,784  

192

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
     
 
          VALUE  
SHARES
     COMPANY   (000)  
4,127,134     Western Union Co $ 59,183  
      TOTAL DEPOSITORY INSTITUTIONS   152,679  
 
EATING AND DRINKING PLACES - 1.71%
     
90,366     Brinker International, Inc   952  
72,180     Burger King Holdings, Inc   1,724  
29,658 *   Chipotle Mexican Grill, Inc (Class A)   1,838  
126,009     Darden Restaurants, Inc   3,551  
1,841,084     McDonald's Corp   114,497  
166,533     Tim Hortons, Inc   4,803  
431,467     Yum! Brands, Inc   13,591  
      TOTAL EATING AND DRINKING PLACES   140,956  
 
EDUCATIONAL SERVICES - 0.37%      
277,843 *   Apollo Group, Inc (Class A)   21,288  
56,953     DeVry, Inc   3,270  
35,100 *   ITT Educational Services, Inc   3,334  
13,279     Strayer Education, Inc   2,847  
      TOTAL EDUCATIONAL SERVICES   30,739  
 
ELECTRIC, GAS, AND SANITARY SERVICES - 1.49%      
604,279 *   AES Corp   4,979  
154,307     Allegheny Energy, Inc   5,225  
318,460 *   Calpine Corp   2,318  
187,059     Centerpoint Energy, Inc   2,361  
360,940     Constellation Energy Group, Inc   9,056  
108,070 *   Covanta Holding Corp   2,373  
7,810     DPL, Inc   178  
135,105     El Paso Corp   1,058  
12,168     Energen Corp   357  
124,484     Entergy Corp   10,348  
300,098     Exelon Corp   16,689  
90,634 *   Mirant Corp   1,710  
80,040 *   NRG Energy, Inc   1,867  
338,936     PPL Corp   10,402  
711,858     Public Service Enterprise Group, Inc   20,765  
59,064     Questar Corp   1,931  
577,721     Republic Services, Inc   14,322  
49,519     Sierra Pacific Resources   490  
79,456 *   Stericycle, Inc   4,138  
128,640     Waste Management, Inc   4,263  
525,755     Williams Cos, Inc   7,613  
      TOTAL ELECTRIC, GAS, AND SANITARY SERVICES   122,443  
 
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 9.84%
     
71,036 *   Advanced Micro Devices, Inc   153  
274,779     Altera Corp   4,592  
97,062     Ametek, Inc   2,932  
160,800     Amphenol Corp (Class A)   3,856  
263,022     Analog Devices, Inc   5,003  
1,499,790 *   Apple Computer, Inc   128,007  
255,784 *   Atmel Corp   801  
59,351 *   Avnet, Inc   1,081  
5,796     AVX Corp   46  
467,848 *   Broadcom Corp (Class A)   7,939  
89,120 *   Ciena Corp   597  

193

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
     
 
          VALUE  
SHARES
              COMPANY   (000)  
11,649,788 *   Cisco Systems, Inc $ 189,892  
434,687     Cooper Industries Ltd (Class A)   12,706  
33,276 *   Cree, Inc   528  
131,501 *   Cypress Semiconductor Corp   588  
45,369 *   Dolby Laboratories, Inc (Class A)   1,486  
135,159     Eaton Corp   6,719  
3,931 *   EchoStar Corp (Class A)   58  
51,631 *   Energizer Holdings, Inc   2,795  
295,103 *   First Solar, Inc   40,712  
39,070     Harman International Industries, Inc   654  
121,133     Harris Corp   4,609  
72,132 *   Integrated Device Technology, Inc   405  
9,932,376     Intel Corp   145,609  
15,022 *   International Rectifier Corp   203  
39,572     Intersil Corp (Class A)   364  
101,704 *   JDS Uniphase Corp   371  
263,048     L-3 Communications Holdings, Inc   19,408  
25,972     Lincoln Electric Holdings, Inc   1,323  
197,807     Linear Technology Corp   4,376  
435,020 *   LSI Logic Corp   1,431  
1,382,982 *   Marvell Technology Group Ltd   9,225  
204,931 *   MEMC Electronic Materials, Inc   2,926  
169,448     Microchip Technology, Inc   3,309  
86,544 *   Micron Technology, Inc   228  
31,871     Molex, Inc   462  
204,292     National Semiconductor Corp   2,057  
309,191 *   NetApp, Inc   4,319  
27,815 *   Novellus Systems, Inc   343  
511,503 *   Nvidia Corp   4,128  
391,860 *   ON Semiconductor Corp   1,332  
4,075,895     Qualcomm, Inc   146,039  
94,033 *   Rambus, Inc   1,497  
443,962 *   Renewable Energy Corp AS   4,253  
261,499 *   Research In Motion Ltd   10,612  
46,008 *   Silicon Laboratories, Inc   1,140  
2,537,271 *   Sirius XM Radio, Inc   305  
47,383 *   Sunpower Corp (Class A)   1,753  
36,066 *   Sunpower Corp (Class B)   1,098  
1,206,913     Texas Instruments, Inc   18,731  
70,441 *   Varian Semiconductor Equipment Associates, Inc   1,276  
252,199     Xilinx, Inc   4,494  
      TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT   808,771  
 
ENGINEERING AND MANAGEMENT SERVICES - 2.34%
     
1,125,286     Accenture Ltd (Class A)   36,898  
81,602 *   Aecom Technology Corp   2,508  
123,301 *   Amylin Pharmaceuticals, Inc   1,338  
1,008,997 *   Celgene Corp   55,777  
31,543     Corporate Executive Board Co   696  
161,732     Fluor Corp   7,257  
51,912 *   Genpact Ltd   427  
50,520 *   Gen-Probe, Inc   2,164  
221,432 *   Hewitt Associates, Inc (Class A)   6,284  
979,537 *   Jacobs Engineering Group, Inc   47,116  
123,937     KBR, Inc   1,884  
594,237 *   McDermott International, Inc   5,871  

194

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
     
 
          VALUE  
SHARES
     COMPANY   (000)  
294,884     Paychex, Inc $ 7,749  
118,914     Quest Diagnostics, Inc   6,173  
32,962 *   SAIC, Inc   642  
370,353 *   Shaw Group, Inc   7,581  
14,657 *   URS Corp   598  
75,957 *   VCA Antech, Inc   1,510  
      TOTAL ENGINEERING AND MANAGEMENT SERVICES   192,473  
 
FABRICATED METAL PRODUCTS - 0.44%      
13,382 *   Alliant Techsystems, Inc   1,148  
11,444     Aptargroup, Inc   403  
11,751     Ball Corp   489  
424,905 *   Crown Holdings, Inc   8,158  
216,627     Illinois Tool Works, Inc   7,593  
398,152     Parker Hannifin Corp   16,937  
17,024     Valmont Industries, Inc   1,045  
      TOTAL FABRICATED METAL PRODUCTS   35,773  
 
FOOD AND KINDRED PRODUCTS - 3.19%      
99,906     Campbell Soup Co   2,998  
1,935,220     Coca-Cola Co   87,607  
784,058     General Mills, Inc   47,631  
159,756     H.J. Heinz Co   6,007  
65,186 *   Hansen Natural Corp   2,186  
71,471     Hershey Co   2,483  
22,317     J.M. Smucker Co   968  
129,376     Kellogg Co   5,673  
40,753     McCormick & Co, Inc   1,298  
1,913,631     PepsiCo, Inc   104,810  
26,705     Tyson Foods, Inc (Class A)   234  
      TOTAL FOOD AND KINDRED PRODUCTS   261,895  
 
FOOD STORES - 0.45%      
1,080,873     Kroger Co   28,546  
24,792 *   Panera Bread Co (Class A)   1,295  
665,028 *   Starbucks Corp   6,291  
132,318     Whole Foods Market, Inc   1,249  
      TOTAL FOOD STORES   37,381  
 
FORESTRY - 0.00%**      
8,644     Rayonier, Inc   271  
      TOTAL FORESTRY   271  
 
FURNITURE AND FIXTURES - 0.03%      
8,515     Hill-Rom Holdings, Inc   140  
81,051     Johnson Controls, Inc   1,472  
50,895 *   Kinetic Concepts, Inc   976  
      TOTAL FURNITURE AND FIXTURES   2,588  
 
FURNITURE AND HOME FURNISHINGS STORES - 0.65%      
979,824 *   Bed Bath & Beyond, Inc   24,907  
517,224     Best Buy Co, Inc   14,539  
366,364 *   GameStop Corp (Class A)   7,935  
492,600     RadioShack Corp   5,882  
13,799     Williams-Sonoma, Inc   109  
      TOTAL FURNITURE AND HOME FURNISHINGS STORES   53,372  

195

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
     
 
          VALUE  
SHARES
     COMPANY   (000)  
 
GENERAL BUILDING CONTRACTORS - 0.02%      
299 *   NVR, Inc $ 136  
44,989     Pulte Homes, Inc   492  
56,507     Walter Industries, Inc   990  
      TOTAL GENERAL BUILDING CONTRACTORS   1,618  
 
GENERAL MERCHANDISE STORES - 2.96%      
77,023 *   Big Lots, Inc   1,116  
495,759     Costco Wholesale Corp   26,027  
10,981     Family Dollar Stores, Inc   286  
474,054     Macy's, Inc   4,907  
958,174     Target Corp   33,086  
916,395     TJX Cos, Inc   18,850  
2,842,177     Wal-Mart Stores, Inc   159,333  
      TOTAL GENERAL MERCHANDISE STORES   243,605  
 
HEALTH SERVICES - 1.44%      
17,899     AmerisourceBergen Corp   638  
25,393 *   Community Health Systems, Inc   370  
57,170 *   Covance, Inc   2,632  
27,921 *   Coventry Health Care, Inc   415  
80,519 *   DaVita, Inc   3,991  
49,784 *   Edwards Lifesciences Corp   2,736  
445,360 *   Express Scripts, Inc   24,486  
140,319     Health Management Associates, Inc (Class A)   251  
101,243 *   Laboratory Corp of America Holdings   6,521  
309,949 *   Lincare Holdings, Inc   8,347  
182,016     McKesson Corp   7,049  
1,250,207 *   Medco Health Solutions, Inc   52,396  
168,932     Omnicare, Inc   4,690  
37,101 *   Pediatrix Medical Group, Inc   1,176  
96,162     Pharmaceutical Product Development, Inc   2,790  
244,168 *   Tenet Healthcare Corp   281  
      TOTAL HEALTH SERVICES   118,769  
 
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.03%      
121,516 *   Foster Wheeler Ltd   2,841  
      TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING   2,841  
 
HOLDING AND OTHER INVESTMENT OFFICES - 1.20%      
36,799 *   Affiliated Managers Group, Inc   1,543  
30,201     Apartment Investment & Management Co (Class A)   349  
28,628     Camden Property Trust   897  
44,268     Digital Realty Trust, Inc   1,454  
13     Duke Realty Corp   - ^
6,009     Essex Property Trust, Inc   461  
17,079     Federal Realty Investment Trust   1,060  
178,960     General Growth Properties, Inc   231  
24,415     HCP, Inc   678  
9,906     Health Care REIT, Inc   418  
2,020,750     iShares Russell 1000 Growth Index Fund   74,889  
3,400     Kilroy Realty Corp   114  
66,584     Macerich Co   1,209  
7,909     Nationwide Health Properties, Inc   227  
50,243     Plum Creek Timber Co, Inc   1,745  

196

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
     
 
          VALUE  
SHARES
     COMPANY   (000)  
204,496     Simon Property Group, Inc $ 10,865  
47,480     Taubman Centers, Inc   1,209  
21,037     Ventas, Inc   706  
59,003     WABCO Holdings, Inc   932  
      TOTAL HOLDING AND OTHER INVESTMENT OFFICES   98,987  
 
HOTELS AND OTHER LODGING PLACES - 0.27%      
28,840     Boyd Gaming Corp   136  
11,046     Choice Hotels International, Inc   332  
166,990 *   Las Vegas Sands Corp   990  
262,791     Marriott International, Inc (Class A)   5,111  
105,084 *   MGM Mirage   1,446  
35,628     Orient-Express Hotels Ltd (Class A)   273  
169,859     Starwood Hotels & Resorts Worldwide, Inc   3,041  
255,109     Wynn Resorts Ltd   10,781  
      TOTAL HOTELS AND OTHER LODGING PLACES   22,110  
 
INDUSTRIAL MACHINERY AND EQUIPMENT - 7.23%
     
163,116 *   AGCO Corp   3,848  
1,237,392     Applied Materials, Inc   12,535  
2,083,850 *   Brocade Communications Systems, Inc   5,835  
67,338     Bucyrus International, Inc (Class A)   1,247  
7,212     Carlisle Cos, Inc   149  
561,739     Caterpillar, Inc   25,093  
421,570     Cummins, Inc   11,269  
606,002     Deere & Co   23,222  
1,651,522 *   Dell, Inc   16,912  
50,495     Diebold, Inc   1,418  
70,472     Donaldson Co, Inc   2,371  
437,339     Dover Corp   14,397  
75,724 *   Dresser-Rand Group, Inc   1,306  
1,317,502 *   EMC Corp   13,794  
90,811     Flowserve Corp   4,677  
116,972 *   FMC Technologies, Inc   2,787  
135,732 *   Gardner Denver, Inc   3,168  
56,064     Graco, Inc   1,330  
5,473,266     Hewlett-Packard Co   198,625  
64,672     IDEX Corp   1,562  
52,941     Ingersoll-Rand Co Ltd (Class A)   919  
1,938,083     International Business Machines Corp   163,109  
2,084,294     International Game Technology   24,782  
123,863     ITT Industries, Inc   5,696  
719,320     Jabil Circuit, Inc   4,855  
24,466     John Bean Technologies Corp   200  
307,819     Joy Global, Inc   7,046  
16,432     Kennametal, Inc   365  
103,123 *   Lam Research Corp   2,194  
42,058     Lennox International, Inc   1,358  
534,354     Manitowoc Co, Inc   4,628  
29,584 *   Oil States International, Inc   553  
110,370     Pall Corp   3,138  
168,743     Pitney Bowes, Inc   4,300  
40,681 *   SanDisk Corp   391  
60,907 *   Scientific Games Corp (Class A)   1,068  
108,879
m,v*
  Seagate Technology   - ^
210,101     Seagate Technology, Inc   931  

197

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
     
 
          VALUE  
SHARES
     COMPANY   (000)  
48,064     SPX Corp $ 1,949  
79,261 *   Teradata Corp   1,175  
247,651 *   Terex Corp   4,289  
31,696     Toro Co   1,046  
115,910 *   Varian Medical Systems, Inc   4,062  
828,312 *   Western Digital Corp   9,484  
52,821 *   Zebra Technologies Corp (Class A)   1,070  
      TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT   594,153  
 
INSTRUMENTS AND RELATED PRODUCTS - 4.37%      
41,312 *   Advanced Medical Optics, Inc   273  
328,365 *   Agilent Technologies, Inc   5,132  
414,219     Allergan, Inc   16,701  
90,725     Bard (C.R.), Inc   7,644  
974,394     Baxter International, Inc   52,218  
46,278     Beckman Coulter, Inc   2,033  
222,710     Becton Dickinson & Co   15,231  
83,394 *   Boston Scientific Corp   645  
162,312     Danaher Corp   9,188  
136,882     Dentsply International, Inc   3,866  
1,311,307     Emerson Electric Co   48,007  
836,117 *   Flir Systems, Inc   25,652  
115,193     Garmin Ltd   2,208  
56,243     Hillenbrand, Inc   938  
578,872 *   Hologic, Inc   7,566  
113,542 *   Illumina, Inc   2,958  
34,919 *   Intuitive Surgical, Inc   4,434  
30,725 *   Itron, Inc   1,958  
143,667     Kla-Tencor Corp   3,131  
1,024,081     Medtronic, Inc   32,177  
32,345 *   Mettler-Toledo International, Inc   2,180  
49,534 *   Millipore Corp   2,552  
51,336     National Instruments Corp   1,251  
47,524     PerkinElmer, Inc   661  
467,173     Raytheon Co   23,845  
71,244 *   Resmed, Inc   2,670  
134,300     Rockwell Automation, Inc   4,330  
146,553     Rockwell Collins, Inc   5,729  
557,391     Roper Industries, Inc   24,196  
308,362 *   St. Jude Medical, Inc   10,164  
279,962     Stryker Corp   11,184  
36,480     Techne Corp   2,354  
96,871 *   Teradyne, Inc   409  
410,082 *   Thermo Electron Corp   13,972  
109,214 *   Trimble Navigation Ltd   2,360  
90,491 *   Waters Corp   3,317  
142,698 *   Zimmer Holdings, Inc   5,768  
      TOTAL INSTRUMENTS AND RELATED PRODUCTS   358,902  
 
INSURANCE AGENTS, BROKERS AND SERVICE - 0.01%      
28,734     Brown & Brown, Inc   601  
      TOTAL INSURANCE AGENTS, BROKERS AND SERVICE   601  
 
INSURANCE CARRIERS - 1.97%      
209,219     ACE Ltd   11,072  
986,572     Aetna, Inc   28,117  

198

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
     
 
          VALUE  
SHARES
     COMPANY   (000)  
805,146     Aflac, Inc $ 36,908  
277,545     Axis Capital Holdings Ltd   8,082  
35,062     Cigna Corp   591  
5,754     Erie Indemnity Co (Class A)   217  
5,209 *   Health Net, Inc   57  
258,982 *   Humana, Inc   9,655  
389,562     Metlife, Inc   13,580  
195,654     Prudential Financial, Inc   5,921  
5,716     Transatlantic Holdings, Inc   229  
193,986     Travelers Cos, Inc   8,768  
832,172     UnitedHealth Group, Inc   22,136  
6,595     W.R. Berkley Corp   204  
40,685 *   WellCare Health Plans, Inc   523  
369,413 *   WellPoint, Inc   15,563  
      TOTAL INSURANCE CARRIERS   161,623  
 
JUSTICE, PUBLIC ORDER AND SAFETY - 0.02%      
101,279 *   Corrections Corp of America   1,657  
      TOTAL JUSTICE, PUBLIC ORDER AND SAFETY   1,657  
 
LEATHER AND LEATHER PRODUCTS - 0.20%      
795,443 *   Coach, Inc   16,521  
      TOTAL LEATHER AND LEATHER PRODUCTS   16,521  
 
LEGAL SERVICES - 0.02%      
45,106 *   FTI Consulting, Inc   2,015  
      TOTAL LEGAL SERVICES   2,015  
 
METAL MINING - 0.57%      
267,509     Anglo American plc   5,946  
228,347     Barrick Gold Corp   8,396  
178,185     Cleveland-Cliffs, Inc   4,563  
592,703     Companhia Vale do Rio Doce (ADR)   7,178  
47,836     Foundation Coal Holdings, Inc   671  
398,734     Newmont Mining Corp   16,229  
82,752 *   Patriot Coal Corp   517  
197,832     Southern Copper Corp   3,177  
      TOTAL METAL MINING   46,677  
 
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.94%      
325,474     Hasbro, Inc   9,494  
17,534 *   Intrepid Potash, Inc   364  
163,535     Nintendo Co Ltd   62,495  
225,161     Tyco International Ltd   4,864  
      TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES   77,217  
 
MISCELLANEOUS RETAIL - 1.68%      
566,647 *   Amazon.com, Inc   29,058  
2,261,490     CVS Corp   64,995  
79,330 *   Dick's Sporting Goods, Inc   1,119  
82,050 *   Dollar Tree, Inc   3,430  
4,007 *   HSN, Inc   29  
38,805     MSC Industrial Direct Co (Class A)   1,429  
116,129     Petsmart, Inc   2,143  
37,663 *   Priceline.com, Inc   2,774  
543,239     Staples, Inc   9,735  

199

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
     
 
          VALUE  
SHARES
     COMPANY   (000)  
116,229     Tiffany & Co $ 2,746  
831,641     Walgreen Co   20,517  
      TOTAL MISCELLANEOUS RETAIL   137,975  
 
MOTION PICTURES - 0.34%      
71,882 *   DreamWorks Animation SKG, Inc (Class A)   1,816  
1,432,646     News Corp (Class A)   13,023  
1,321,483     Time Warner, Inc   13,294  
      TOTAL MOTION PICTURES   28,133  
 
NONDEPOSITORY INSTITUTIONS - 0.27%
     
770,669     American Express Co   14,296  
444,966     Federal Home Loan Mortgage Corp   325  
36,625     GLG Partners, Inc   83  
19,895     Lender Processing Services, Inc   586  
383,602 *   SLM Corp   3,414  
223,640     Textron, Inc   3,102  
667 *   Tree.com, Inc   1  
      TOTAL NONDEPOSITORY INSTITUTIONS   21,807  
 
OIL AND GAS EXTRACTION - 5.37%      
183,240     Apache Corp   13,657  
50,324 *   Atwood Oceanics, Inc   769  
530,888     Baker Hughes, Inc   17,026  
42,312     Cabot Oil & Gas Corp   1,100  
420,675 *   Cameron International Corp   8,624  
212,413     Chesapeake Energy Corp   3,435  
25,543 *   CNX Gas Corp   697  
26,773 *   Continental Resources, Inc   554  
959,303 *   Denbury Resources, Inc   10,476  
343,634     Devon Energy Corp   22,580  
174,432     Diamond Offshore Drilling, Inc   10,281  
12,115 *   Encore Acquisition Co   309  
120,486     ENSCO International, Inc   3,421  
170,909     EOG Resources, Inc   11,379  
117,749     Equitable Resources, Inc   3,950  
72,390 *   Global Industries Ltd   253  
791,570     Halliburton Co   14,391  
20,730 *   Helix Energy Solutions Group, Inc   150  
18,758 *   Key Energy Services, Inc   83  
57,624 *   Mariner Energy, Inc   588  
37,142 *   Nabors Industries Ltd   445  
548,133 *   National Oilwell Varco, Inc   13,396  
241,823     Noble Corp   5,342  
10,217     Noble Energy, Inc   503  
1,667,561     Occidental Petroleum Corp   100,037  
49,558 *   Oceaneering International, Inc   1,444  
85,836     Patterson-UTI Energy, Inc   988  
218,082 *   PetroHawk Energy Corp   3,409  
410,328     Petroleo Brasileiro S.A. (ADR)   10,049  
88,238 *   Plains Exploration & Production Co   2,051  
108,484 *   Pride International, Inc   1,734  
111,934 *   Quicksilver Resources, Inc   623  
329,612     Range Resources Corp   11,335  
36,759     Rowan Cos, Inc   584  
2,753,992     Schlumberger Ltd   116,576  

200

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
     
 
          VALUE  
SHARES
     COMPANY   (000)  
2,272 *   SEACOR Holdings, Inc $ 151  
197,123     Smith International, Inc   4,512  
311,065 *   Southwestern Energy Co   9,012  
22,841     St. Mary Land & Exploration Co   464  
70,845 *   Superior Energy Services   1,129  
84,987 *   Tetra Technologies, Inc   413  
3,586     Tidewater, Inc   144  
96,040     Transocean Ltd   4,538  
31,042 *   Unit Corp   829  
273,976     W&T Offshore, Inc   3,923  
620,624 *   Weatherford International Ltd   6,715  
38,103 *   Whiting Petroleum Corp   1,275  
459,450     XTO Energy, Inc   16,205  
      TOTAL OIL AND GAS EXTRACTION   441,549  
 
PAPER AND ALLIED PRODUCTS - 0.15%
     
120,625     Greif, Inc (Class A)   4,033  
156,625     Kimberly-Clark Corp   8,260  
21,801     Packaging Corp of America   293  
      TOTAL PAPER AND ALLIED PRODUCTS   12,586  
 
PERSONAL SERVICES - 0.09%      
297,297     H&R Block, Inc   6,755  
29,875     Weight Watchers International, Inc   879  
      TOTAL PERSONAL SERVICES   7,634  
 
PETROLEUM AND COAL PRODUCTS - 2.04%      
10,500     Ashland, Inc   110  
1,639,411     Exxon Mobil Corp   130,874  
93,572     Frontier Oil Corp   1,182  
323,128     Hess Corp   17,333  
39,025     Holly Corp   711  
170,901     Murphy Oil Corp   7,580  
106,673 *   SandRidge Energy, Inc   656  
317,843     Suncor Energy, Inc   6,198  
62,415     Sunoco, Inc   2,713  
35,941     Tesoro Corp   473  
      TOTAL PETROLEUM AND COAL PRODUCTS   167,830  
 
PRIMARY METAL INDUSTRIES - 1.14%
     
114,751     AK Steel Holding Corp   1,069  
569,712     Alcoa, Inc   6,415  
90,896     Allegheny Technologies, Inc   2,321  
3,684     Carpenter Technology Corp   76  
23,254 *   Century Aluminum Co   232  
62,814 *   CommScope, Inc   976  
2,346,099     Corning, Inc   22,358  
47,431 *   General Cable Corp   839  
21,998     Hubbell, Inc (Class B)   719  
60,588     Nucor Corp   2,799  
735,423     Precision Castparts Corp   43,743  
2,493     Schnitzer Steel Industries, Inc (Class A)   94  
42,005     Steel Dynamics, Inc   470  
16,419     Titanium Metals Corp   145  
102,995     United States Steel Corp   3,831  
65,605     Vallourec   7,387  

201

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
     
 
          VALUE  
SHARES
     COMPANY   (000)  
      TOTAL PRIMARY METAL INDUSTRIES $ 93,474  
 
PRINTING AND PUBLISHING - 0.34%      
292,083     Dun & Bradstreet Corp   22,549  
37,256     John Wiley & Sons, Inc (Class A)   1,325  
143,951     McGraw-Hill Cos, Inc   3,338  
39,629 *   MSCI, Inc (Class A)   704  
      TOTAL PRINTING AND PUBLISHING   27,916  
 
RAILROAD TRANSPORTATION - 1.21%      
256,891     Burlington Northern Santa Fe Corp   19,449  
697,137     CSX Corp   22,636  
173,540 *   Kansas City Southern Industries, Inc   3,306  
382,645     Norfolk Southern Corp   18,004  
755,950     Union Pacific Corp   36,134  
      TOTAL RAILROAD TRANSPORTATION   99,529  
 
REAL ESTATE - 0.03%
     
83,135 *   CB Richard Ellis Group, Inc (Class A)   359  
81,942     Forest City Enterprises, Inc (Class A)   549  
70,801 *   St. Joe Co   1,722  
      TOTAL REAL ESTATE   2,630  
 
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.28%      
139,556 *   Goodyear Tire & Rubber Co   833  
432,080     Nike, Inc (Class B)   22,036  
      TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS   22,869  
 
SECURITY AND COMMODITY BROKERS - 2.19%      
87,488     BlackRock, Inc   11,737  
130,074     Broadridge Financial Solutions, Inc   1,631  
4,262,442     Charles Schwab Corp   68,924  
42,770     CME Group, Inc   8,901  
115,338 *   E*Trade Financial Corp   133  
90,265     Eaton Vance Corp   1,896  
76,195     Federated Investors, Inc (Class B)   1,292  
74,385     Franklin Resources, Inc   4,744  
42,304     Goldman Sachs Group, Inc   3,570  
293,621 *   IntercontinentalExchange, Inc   24,206  
423,372     Invesco Ltd   6,114  
35,064 *   Investment Technology Group, Inc   797  
136,123     Janus Capital Group, Inc   1,093  
406,911     Lazard Ltd (Class A)   12,102  
271,371     Legg Mason, Inc   5,946  
46,300 *   MF Global Ltd   94  
367,718     Morgan Stanley   5,898  
14,491 *   Morningstar, Inc   514  
67,289 *   Nasdaq Stock Market, Inc   1,663  
143,572     NYSE Euronext   3,931  
121,078     SEI Investments Co   1,902  
235,920     T Rowe Price Group, Inc   8,361  
224,445 *   TD Ameritrade Holding Corp   3,198  
77,941     Waddell & Reed Financial, Inc (Class A)   1,205  
      TOTAL SECURITY AND COMMODITY BROKERS   179,852  

202

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
     
 
          VALUE  
SHARES
     COMPANY   (000)  
SPECIAL TRADE CONTRACTORS - 0.03%      
138,507 *   Quanta Services, Inc $ 2,742  
      TOTAL SPECIAL TRADE CONTRACTORS   2,742  
 
STONE, CLAY, AND GLASS PRODUCTS - 0.60%      
642,471     3M Co   36,968  
36,673     Eagle Materials, Inc   675  
131,880     Gentex Corp   1,164  
385,035 *   Owens-Illinois, Inc   10,523  
33,303 *   USG Corp   268  
      TOTAL STONE, CLAY, AND GLASS PRODUCTS   49,598  
 
TOBACCO PRODUCTS - 2.04%      
2,626,998     Altria Group, Inc   39,562  
83,800     Lorillard, Inc   4,722  
2,842,189     Philip Morris International, Inc   123,664  
      TOTAL TOBACCO PRODUCTS   167,948  
 
TRANSPORTATION BY AIR - 0.21%      
967,644 *   AMR Corp   10,325  
19,577     Copa Holdings S.A. (Class A)   594  
529,257 *   Delta Air Lines, Inc   6,065  
      TOTAL TRANSPORTATION BY AIR   16,984  
 
TRANSPORTATION EQUIPMENT - 2.52%      
90,214 *   BE Aerospace, Inc   694  
1,044,111     Boeing Co   44,552  
109,836     General Dynamics Corp   6,326  
249,414     Goodrich Corp   9,233  
188,919     Harley-Davidson, Inc   3,206  
77,444     Harsco Corp   2,144  
1,187,057     Honeywell International, Inc   38,971  
544,876     Lockheed Martin Corp   45,813  
345,544     Northrop Grumman Corp   15,563  
50,842     Oshkosh Truck Corp   452  
332,050     Paccar, Inc   9,497  
10,316     Thor Industries, Inc   136  
564,633     United Technologies Corp   30,264  
      TOTAL TRANSPORTATION EQUIPMENT   206,851  
 
TRANSPORTATION SERVICES - 0.20%      
155,650     CH Robinson Worldwide, Inc   8,565  
194,946     Expeditors International Washington, Inc   6,486  
4,678     GATX Corp   145  
4,007 *   Interval Leisure Group, Inc   22  
82,429     UTI Worldwide, Inc   1,182  
      TOTAL TRANSPORTATION SERVICES   16,400  
 
TRUCKING AND WAREHOUSING - 0.47%      
6,782     Con-way, Inc   180  
72,875     J.B. Hunt Transport Services, Inc   1,915  
46,682     Landstar System, Inc   1,794  
623,818     United Parcel Service, Inc (Class B)   34,410  
      TOTAL TRUCKING AND WAREHOUSING   38,299  
 
WATER TRANSPORTATION - 0.06%      
80,103     Carnival Corp   1,948  

203

COLLEGE RETIREMENT EQUITIES FUND - Growth Account                
                         
                      VALUE  
SHARES     COMPANY             (000)  
43,258     Frontline Ltd           $ 1,281  
48,780 *   Kirby Corp             1,335  
      TOTAL WATER TRANSPORTATION             4,564  
 
WHOLESALE TRADE-DURABLE GOODS - 0.19%                  
7,487 *   Arrow Electronics, Inc             141  
91,252     BorgWarner, Inc             1,986  
121,842 *   LKQ Corp             1,421  
34,681     Martin Marietta Materials, Inc             3,367  
108,464 *   Patterson Cos, Inc             2,034  
6,828 *   Tech Data Corp             122  
70,158     W.W. Grainger, Inc             5,531  
27,731 *   WESCO International, Inc             533  
      TOTAL WHOLESALE TRADE-DURABLE GOODS             15,135  
 
WHOLESALE TRADE-NONDURABLE GOODS - 0.63%                  
74,488     Airgas, Inc             2,904  
54,350 *   Bare Escentuals, Inc             284  
71,128     Brown-Forman Corp (Class B)             3,662  
392,003     Cardinal Health, Inc             13,512  
39,416 *   Central European Distribution Corp             777  
95,208     Dean Foods Co             1,711  
299,787 *   Endo Pharmaceuticals Holdings, Inc             7,759  
76,921 *   Henry Schein, Inc             2,822  
58,661     Herbalife Ltd             1,272  
549,000     Sysco Corp             12,594  
284,956     Terra Industries, Inc             4,750  
      TOTAL WHOLESALE TRADE-NONDURABLE GOODS             52,047  
 
      TOTAL COMMON STOCKS             8,150,580  
      (Cost $10,986,506)                
 
PRINCIPAL     ISSUER                
SHORT-TERM INVESTMENTS - 0.61%                  
 
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 0.61%                
$2,900,000     Federal Home Loan Bank (FHLB)   0.00%   03/10/2009     2,900  
6,930,000     (FHLB)   0.00%   03/24/2009     6,929  
1,100,000     Federal Home Loan Mortgage Corp (FHLMC)   0.00%   04/07/2009     1,099  
6,540,000     (FHLMC)   0.00%   04/17/2009     6,537  
4,500,000     (FHLMC) 0.00%   0.00%   06/30/2009     4,493  
14,580,000     Federal National Mortgage Association (FNMA)   0.00%   02/03/2009     14,580  
7,200,000     (FNMA)   0.00%   02/17/2009     7,200  
2,000,000     (FNMA)   0.00%   03/02/2009     2,000  
4,600,000     (FNMA)   0.00%   04/10/2009     4,598  
      TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES             50,336  
 
      TOTAL SHORT-TERM INVESTMENTS             50,336  
      (Cost $50,284)                
 
      TOTAL PORTFOLIO - 99.74%             8,200,916  
      (Cost $11,036,790)                
 
      OTHER ASSETS AND LIABILITIES, NET - 0.26%             21,436  
 
      NET ASSETS - 100.00%             $ 8,222,352  

204

COLLEGE RETIREMENT EQUITIES FUND - Growth Account      
 
     
 
      

 
      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.      
  m   Indicates a security that has been deemed illiquid.      
  v   Represents fair value as determined in good faith under procedures approved      
      by the Board of Trustees. The value of this security amounted to $ -      
      which represents - % of net assets.      
 
      Cost amounts are in thousands.      
 
      At December 31, 2008, the net unrealized depreciation on investment was $(2,835,874,143), consisting of gross      
     
unrealized appreciation of $108,926,660 and gross unrealized depreciation of $(2,944,800,803).
     
 
      For ease of presentation, a number of industry classification categories have been grouped together in      
      the Schedule of Investments. Note that the Accounts use more specific industry categories in following      
      their investment limitations on industry concentration.      

205

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
     
 
COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
Summary of Market Values by Country
December 31, 2008
          % of  
                 Market         
COUNTRY   Value   Value  
DOMESTIC            
UNITED STATES   $ 7,802,635,785   95.14 %
TOTAL DOMESTIC     7,802,635,785   95.14  
 
FOREIGN            
BERMUDA     1,280,869   0.02  
BRAZIL     17,226,566   0.21  
CANADA     34,438,916   0.42  
CHINA     3,676,578   0.04  
CZECH REPUBLIC     703,055   0.01  
FRANCE     7,386,728   0.09  
GUERNSEY, C.I.     1,380,968   0.02  
ISRAEL     65,152,175   0.79  
JAPAN     62,495,168   0.76  
NORWAY     4,252,592   0.05  
PANAMA     593,575   0.01  
POLAND     776,495   0.01  
SWITZERLAND     123,663,643   1.51  
UNITED KINGDOM     75,252,856   0.92  
TOTAL FOREIGN     398,280,184   4.86  
TOTAL PORTFOLIO   $ 8,200,915,969   100.00 %

206

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account
           
 
COLLEGE RETIREMENT EQUITIES FUND
EQUITY INDEX ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2008
          VALUE  
SHARES
     COMPANY   (000)  
 
COMMON STOCKS - 99.66%      
 
AGRICULTURAL PRODUCTION-CROPS - 0.01%      
31,603 *   Chiquita Brands International, Inc $ 467  
2,482     Griffin Land & Nurseries, Inc (Class A)   91  
      TOTAL AGRICULTURAL PRODUCTION-CROPS   558  
 
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%      
9,480     Cal-Maine Foods, Inc   272  
269     Seaboard Corp   321  
      TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK   593  
 
AGRICULTURAL SERVICES - 0.00%**      
8,402 *   Cadiz, Inc   105  
7,129     Calavo Growers, Inc   82  
      TOTAL AGRICULTURAL SERVICES   187  
 
AMUSEMENT AND RECREATION SERVICES - 0.52%      
39,264 *   Bally Technologies, Inc   944  
6,588     Churchill Downs, Inc   266  
9,373     Dover Downs Gaming & Entertainment, Inc   30  
10,886     Dover Motorsports, Inc   14  
24,506     International Speedway Corp (Class A)   704  
25,080 *   Life Time Fitness, Inc   325  
55,811 *   Live Nation, Inc   320  
55,061 *   Penn National Gaming, Inc   1,177  
51,754 *   Pinnacle Entertainment, Inc   397  
51,146 *   Six Flags, Inc   16  
9,984     Speedway Motorsports, Inc   161  
26,504 *   Ticketmaster   170  
11,514 *   Town Sports International Holdings, Inc   37  
1,404,578     Walt Disney Co   31,870  
39,735     Warner Music Group Corp   120  
32,786 *   WMS Industries, Inc   882  
14,269     World Wrestling Entertainment, Inc (Class A)   158  
      TOTAL AMUSEMENT AND RECREATION SERVICES   37,591  
 
APPAREL AND ACCESSORY STORES - 0.47%      
62,025     Abercrombie & Fitch Co (Class A)   1,431  
47,661 *   Aeropostale, Inc   767  
23,623 *   American Apparel, Inc   47  
124,208     American Eagle Outfitters, Inc   1,163  
61,085 *   AnnTaylor Stores Corp   352  
27,659     Bebe Stores, Inc   207  
32,106     Brown Shoe Co, Inc   272  
18,027     Buckle, Inc   393  
8,748 *   Cache, Inc   18  
41,398 *   Carter's, Inc   797  
25,746 *   Casual Male Retail Group, Inc   13  
21,208     Cato Corp (Class A)   320  
18,007 *   Charlotte Russe Holding, Inc   117  

207

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
84,814 *   Charming Shoppes, Inc $ 207  
164,159 *   Chico's FAS, Inc   686  
17,847 *   Children's Place Retail Stores, Inc   387  
27,159     Christopher & Banks Corp   152  
9,666 *   Citi Trends, Inc   142  
45,917 *   Collective Brands, Inc   538  
33,313 *   Dress Barn, Inc   358  
12,248 *   DSW, Inc (Class A)   153  
34,177     Finish Line, Inc (Class A)   191  
110,542     Foot Locker, Inc   811  
353,977     Gap, Inc   4,740  
69,057 *   Hanesbrands, Inc   880  
31,627 *   HOT Topic, Inc   293  
40,087 *   J Crew Group, Inc   489  
16,603 *   JOS A Bank Clothiers, Inc   434  
226,202 *   Kohl's Corp   8,189  
204,693     Limited Brands, Inc   2,055  
15,006 *   New York & Co, Inc   35  
130,858     Nordstrom, Inc   1,742  
49,497 *   Pacific Sunwear Of California, Inc   79  
97,810     Ross Stores, Inc   2,908  
5,056 *   Shoe Carnival, Inc   48  
30,798     Stage Stores, Inc   254  
4,598     Syms Corp   41  
24,891     Talbots, Inc   59  
17,529 *   Tween Brands, Inc   76  
23,577 *   Under Armour, Inc (Class A)   562  
81,421 *   Urban Outfitters, Inc   1,220  
60,082 *   Wet Seal, Inc (Class A)   178  
      TOTAL APPAREL AND ACCESSORY STORES   33,804  
 
APPAREL AND OTHER TEXTILE PRODUCTS - 0.13%      
9,339     Columbia Sportswear Co   330  
9,368 *   G-III Apparel Group Ltd   60  
43,320     Guess ?, Inc   665  
20,403 *   Gymboree Corp   532  
78,726     Jones Apparel Group, Inc   461  
66,068     Liz Claiborne, Inc   172  
15,900 *   Lululemon Athletica, Inc   126  
13,600 *   Maidenform Brands, Inc   138  
36,843     Phillips-Van Heusen Corp   742  
40,291     Polo Ralph Lauren Corp (Class A)   1,830  
105,727 *   Quiksilver, Inc   195  
15,272 *   True Religion Apparel, Inc   190  
63,199     VF Corp   3,461  
33,246 *   Warnaco Group, Inc   653  
      TOTAL APPAREL AND OTHER TEXTILE PRODUCTS   9,555  
 
AUTO REPAIR, SERVICES AND PARKING - 0.06%      
7,541 *   Amerco, Inc   260  
19,858 *   Dollar Thrifty Automotive Group, Inc   22  
237,779 *   Hertz Global Holdings, Inc   1,206  
10,010 *   Midas, Inc   105  
12,456     Monro Muffler, Inc   318  
41,149     Ryder System, Inc   1,596  
7,402 *   Standard Parking Corp   143  

208

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
28,100 *   Wright Express Corp $ 354  
      TOTAL AUTO REPAIR, SERVICES AND PARKING   4,004  
 
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.19%      
68,507     Advance Auto Parts   2,305  
6,968 *   America's Car-Mart, Inc   96  
18,263     Asbury Automotive Group, Inc   83  
82,991 *   Autonation, Inc   820  
28,262 *   Autozone, Inc   3,942  
160,544 *   Carmax, Inc   1,265  
46,163 *   Copart, Inc   1,255  
11,554 *   MarineMax, Inc   39  
100,717 *   O'Reilly Automotive, Inc   3,096  
29,308     Penske Auto Group, Inc   225  
21,664 *   Rush Enterprises, Inc (Class A)   186  
21,187     Sonic Automotive, Inc (Class A)   84  
      TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS   13,396  
 
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.77%      
9,000 *   Builders FirstSource, Inc   14  
94,795     Fastenal Co   3,304  
1,245,282     Home Depot, Inc   28,666  
1,079,767     Lowe's Cos, Inc   23,237  
6,760 *   Lumber Liquidators, Inc   71  
      TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES   55,292  
 
BUSINESS SERVICES - 6.67%      
293,881 *   3Com Corp   670  
10,702 *   3D Systems Corp   85  
34,087     Aaron Rents, Inc   907  
34,759     ABM Industries, Inc   662  
27,282 *   ACI Worldwide, Inc   434  
438,352 *   Activision Blizzard, Inc   3,787  
40,528 *   Actuate Corp   120  
44,925     Acxiom Corp   364  
16,355     Administaff, Inc   355  
393,759 *   Adobe Systems, Inc   8,383  
12,368 *   Advent Software, Inc   247  
65,443 *   Affiliated Computer Services, Inc (Class A)   3,007  
39,824     Aircastle Ltd   190  
129,653 *   Akamai Technologies, Inc   1,956  
49,206 *   Alliance Data Systems Corp   2,290  
146,714 *   Amdocs Ltd   2,683  
26,021 *   American Reprographics Co   180  
15,720     American Software, Inc (Class A)   74  
23,326 *   AMN Healthcare Services, Inc   197  
61,924 *   Ansys, Inc   1,727  
22,243     Arbitron, Inc   295  
68,046 *   Ariba, Inc   491  
79,212 *   Art Technology Group, Inc   153  
11,658     Asset Acceptance Capital Corp   60  
14,808 *   athenahealth, Inc   557  
162,765 *   Autodesk, Inc   3,198  
382,652     Automatic Data Processing, Inc   15,054  
72,203 *   Avis Budget Group, Inc   51  
35,025 *   Avocent Corp   627  

209

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
8,158 *   Bankrate, Inc $ 310  
15,409     BGC Partners, Inc (Class A)   43  
31,258     Blackbaud, Inc   422  
24,220 *   Blackboard, Inc   635  
24,984 *   Blue Coat Systems, Inc   210  
142,525 *   BMC Software, Inc   3,835  
12,774 *   Bottomline Technologies, Inc   91  
45,773 *   BPZ Energy, Inc   293  
37,869     Brady Corp (Class A)   907  
30,127     Brink's Co   810  
30,127 *   Brink's Home Security Holdings, Inc   660  
284,892     CA, Inc   5,279  
21,336 *   CACI International, Inc (Class A)   962  
191,313 *   Cadence Design Systems, Inc   700  
5,462 *   CAI International, Inc   17  
21,031 *   Callidus Software, Inc   63  
11,193 *   Capella Education Co   658  
21,613 *   Cavium Networks, Inc   227  
46,548 *   CBIZ, Inc   403  
51,298 *   Cerner Corp   1,972  
22,101 *   Chordiant Software, Inc   59  
36,800 *   Ciber, Inc   177  
135,018 *   Citrix Systems, Inc   3,182  
28,047 *   Clear Channel Outdoor Holdings, Inc (Class A)   172  
7,443 *   Clinical Data, Inc   66  
35,274 *   Cogent Communications Group, Inc   230  
30,867 *   Cogent, Inc   419  
32,766     Cognex Corp   485  
211,209 *   Cognizant Technology Solutions Corp (Class A)   3,814  
30,771 *   Commvault Systems, Inc   413  
14,638     Compass Diversified Trust   165  
10,442 *   Compellent Technologies, Inc   102  
6,637     Computer Programs & Systems, Inc   178  
109,761 *   Computer Sciences Corp   3,857  
195,276 *   Compuware Corp   1,318  
11,985 *   COMSYS IT Partners, Inc   27  
33,165 *   Concur Technologies, Inc   1,088  
14,777 *   Constant Contact, Inc   196  
94,883 *   Convergys Corp   608  
14,866 *   CoStar Group, Inc   490  
29,162 *   CSG Systems International, Inc   509  
49,466 *   Cybersource Corp   593  
26,898 *   Data Domain, Inc   506  
30,663 *   DealerTrack Holdings, Inc   365  
9,295 *   Deltek, Inc   43  
37,676     Deluxe Corp   564  
11,372 *   Dice Holdings, Inc   46  
27,830 *   Digital River, Inc   690  
16,736 *   DivX, Inc   88  
4,195 *   DMRC Corp   42  
12,741 *   Double-Take Software, Inc   114  
32,321 *   DST Systems, Inc   1,228  
18,300 *   DynCorp International, Inc (Class A)   278  
82,942 *   Earthlink, Inc   561  
819,179 *   eBay, Inc   11,436  
4,491 *   Ebix, Inc   107  

210

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
18,386 *   Echelon Corp $ 150  
42,934 *   Eclipsys Corp   609  
11,677     Electro Rent Corp   130  
234,335 *   Electronic Arts, Inc   3,759  
39,428 *   Electronics for Imaging, Inc   377  
45,086 *   Entrust, Inc   71  
42,487 *   Epicor Software Corp   204  
25,591 *   EPIQ Systems, Inc   428  
93,923     Equifax, Inc   2,491  
51,812 *   Evergreen Energy, Inc   15  
13,663 *   ExlService Holdings, Inc   117  
149,939 *   Expedia, Inc   1,235  
60,414 *   F5 Networks, Inc   1,381  
32,751     Factset Research Systems, Inc   1,449  
36,812     Fair Isaac Corp   621  
22,225 *   FalconStor Software, Inc   62  
142,853     Fidelity National Information Services, Inc   2,324  
5,700 *   First Advantage Corp (Class A)   81  
120,384 *   Fiserv, Inc   4,378  
11,266 *   Forrester Research, Inc   318  
43,182 *   Gartner, Inc   770  
15,914 *   Gerber Scientific, Inc   81  
19,091     Gevity HR, Inc   29  
31,343 *   Global Cash Access, Inc   70  
11,283 *   Global Sources Ltd   61  
174,930 *   Google, Inc (Class A)   53,817  
7,107 *   Guidance Software, Inc   29  
12,787 *   H&E Equipment Services, Inc   99  
30,102 *   Hackett Group, Inc   88  
27,742     Healthcare Services Group   442  
20,843     Heartland Payment Systems, Inc   365  
14,300     Heidrick & Struggles International, Inc   308  
61,058 *   HLTH Corp   639  
17,918 *   HMS Holdings Corp   565  
18,794 *   HSW International, Inc   7  
17,722 *   Hudson Highland Group, Inc   59  
37,591 *   Hypercom Corp   41  
10,436 *   i2 Technologies, Inc   67  
4,942 *   ICT Group, Inc   23  
12,987 *   iGate Corp   85  
32,471 *   IHS, Inc (Class A)   1,215  
133,441     IMS Health, Inc   2,023  
20,612     infoGROUP, Inc   98  
67,760 *   Informatica Corp   930  
23,086     Infospace, Inc   174  
22,974 *   Innerworkings, Inc   150  
11,404 *   Integral Systems, Inc   137  
27,564     Interactive Data Corp   680  
9,285 *   Interactive Intelligence, Inc   60  
34,783 *   Internap Network Services Corp   87  
15,520 *   Internet Brands, Inc (Class A)   90  
32,107 *   Internet Capital Group, Inc   175  
339,254 *   Interpublic Group of Cos, Inc   1,343  
30,914 *   Interwoven, Inc   390  
239,015 *   Intuit, Inc   5,686  
23,825 *   inVentiv Health, Inc   275  

211

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
130,488 *   Iron Mountain, Inc $ 3,227  
54,563     Jack Henry & Associates, Inc   1,059  
18,698 *   JDA Software Group, Inc   246  
389,488 *   Juniper Networks, Inc   6,820  
16,327     Kelly Services, Inc (Class A)   212  
17,839 *   Kenexa Corp   142  
10,875 *   Keynote Systems, Inc   84  
21,985 *   Kforce, Inc   169  
19,259 *   Knot, Inc   160  
34,304 *   Korn/Ferry International   392  
58,590     Lamar Advertising Co (Class A)   736  
99,271 *   Lawson Software, Inc   471  
21,868 *   Limelight Networks, Inc   54  
10,323 *   Liquidity Services, Inc   86  
23,625 *   Magma Design Automation, Inc   24  
19,563 *   Manhattan Associates, Inc   309  
57,133     Manpower, Inc   1,942  
14,798 *   Mantech International Corp (Class A)   802  
16,386     Marchex, Inc (Class B)   96  
53,866     Mastercard, Inc (Class A)   7,699  
110,429 *   McAfee, Inc   3,818  
62,676 *   Mentor Graphics Corp   324  
5,931,839     Microsoft Corp   115,315  
6,831 *   MicroStrategy, Inc (Class A)   254  
25,516 *   Midway Games, Inc   5  
33,165 *   MODUSLINK GLOBAL SOLUTIONS,Inc   96  
10,401 *   Monotype Imaging Holdings, Inc   60  
90,011 *   Monster Worldwide, Inc   1,088  
76,340 *   Move, Inc   122  
71,559 *   MPS Group, Inc   539  
30,812 *   MSC.Software Corp   206  
4,688 *   NCI, Inc (Class A)   141  
127,822 *   NCR Corp   1,807  
24,391 *   Ness Technologies, Inc   104  
30,099 *   NetFlix, Inc   900  
21,523 *   Netscout Systems, Inc   186  
5,077 *   NetSuite, Inc   43  
27,305     NIC, Inc   126  
263,166 *   Novell, Inc   1,024  
144,966 *   Nuance Communications, Inc   1,502  
233,165     Omnicom Group, Inc   6,277  
49,914 *   Omniture, Inc   531  
25,372 *   On Assignment, Inc   144  
14,464 *   Online Resources Corp   69  
66,009 *   OpenTV Corp (Class A)   81  
9,552 *   Opnet Technologies, Inc   94  
2,872,470 *   Oracle Corp   50,929  
90,859 *   Parametric Technology Corp   1,149  
14,951     PC-Tel, Inc   98  
7,322     Pegasystems, Inc   91  
20,679 *   Perficient, Inc   99  
61,125 *   Perot Systems Corp (Class A)   836  
29,033 *   Phase Forward, Inc   363  
19,353 *   Phoenix Technologies Ltd   68  
10,816     Portfolio Recovery Associates, Inc   366  
46,371 *   Premiere Global Services, Inc   399  

212

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
28,939 *   Progress Software Corp $ 557  
9,299 *   PROS Holdings, Inc   53  
4,545 *   Protection One, Inc   22  
8,302     QAD, Inc   35  
13,420     Quality Systems, Inc   585  
52,171 *   Quest Software, Inc   657  
15,387 *   Radiant Systems, Inc   52  
15,185 *   Radisys Corp   84  
31,846 *   Raser Technologies, Inc   121  
72,153 *   RealNetworks, Inc   255  
141,932 *   Red Hat, Inc   1,876  
5,893     Renaissance Learning, Inc   53  
49,265 *   Rent-A-Center, Inc   870  
20,163 *   RightNow Technologies, Inc   156  
14,300 *   Riskmetrics Group Inc   213  
103,929     Robert Half International, Inc   2,164  
30,289     Rollins, Inc   548  
34,156 *   RSC Holdings, Inc   291  
41,988 *   S1 Corp   331  
77,325 *   Salesforce.com, Inc   2,475  
55,315 *   Sapient Corp   246  
20,806 *   Smith Micro Software, Inc   116  
21,404 *   Sohu.com, Inc   1,013  
45,445 *   SonicWALL, Inc   181  
165,491 *   Sonus Networks, Inc   261  
48,415     Sotheby's (Class A)   430  
14,838 *   Sourcefire, Inc   83  
42,038 *   Spherion Corp   93  
13,651 *   SPSS, Inc   368  
31,079 *   SRA International, Inc (Class A)   536  
14,356 *   Stratasys, Inc   154  
16,116 *   SuccessFactors, Inc   93  
575,173 *   Sun Microsystems, Inc   2,197  
32,388 *   SupportSoft, Inc   72  
56,891 *   Sybase, Inc   1,409  
24,041 *   SYKES Enterprises, Inc   460  
616,323 *   Symantec Corp   8,333  
13,094 *   Synchronoss Technologies, Inc   140  
12,476 *   SYNNEX Corp   141  
108,202 *   Synopsys, Inc   2,004  
9,061     Syntel, Inc   209  
56,639     Take-Two Interactive Software, Inc   428  
11,400     TAL International Group, Inc   161  
16,434 *   Taleo Corp (Class A)   129  
5,765 *   TechTarget, Inc   25  
29,375 *   TeleTech Holdings, Inc   245  
7,088     Textainer Group Holdings Ltd   75  
12,795     TheStreet.com, Inc   37  
48,928 *   THQ, Inc   205  
137,923 *   TIBCO Software, Inc   716  
16,913     TNS, Inc   159  
119,611 *   Total System Services, Inc   1,675  
18,504 *   TradeStation Group, Inc   119  
37,265 *   TrueBlue, Inc   357  
17,682 *   Ultimate Software Group, Inc   258  
6,599 *   Unica Corp   36  

213

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
246,359 *   Unisys Corp $ 209  
53,083     United Online, Inc   322  
49,976 *   United Rentals, Inc   456  
70,702 *   Valueclick, Inc   484  
19,828 *   Vasco Data Security International   205  
143,825 *   VeriSign, Inc   2,744  
15,178     Viad Corp   376  
20,615 *   Vignette Corp   194  
5,940     Virtusa Corp   34  
329,680     Visa, Inc (Class A)   17,292  
34,158 *   VMware, Inc (Class A)   809  
11,624 *   Vocus, Inc   212  
12,149 *   Volt Information Sciences, Inc   88  
4,946 *   WebMD Health Corp (Class A)   117  
33,540 *   Websense, Inc   502  
19,543 *   Website Pros, Inc   72  
53,517 *   Wind River Systems, Inc   483  
1,020,098 *   Yahoo!, Inc   12,445  
      TOTAL BUSINESS SERVICES   478,465  
 
CHEMICALS AND ALLIED PRODUCTS - 13.42%      
1,139,642     Abbott Laboratories   60,823  
4,621 *   Abraxis Bioscience, Inc   305  
21,809 *   Acadia Pharmaceuticals, Inc   20  
29,951 *   Acorda Therapeutics, Inc   614  
33,118 *   Adolor Corp   55  
154,623     Air Products & Chemicals, Inc   7,773  
17,349 *   Albany Molecular Research, Inc   169  
65,687     Albemarle Corp   1,465  
64,870     Alberto-Culver Co   1,590  
57,670 *   Alexion Pharmaceuticals, Inc   2,087  
14,002 *   Alexza Pharmaceuticals, Inc   44  
70,988 *   Alkermes, Inc   756  
38,130 *   Allos Therapeutics, Inc   233  
27,380 *   Alnylam Pharmaceuticals, Inc   677  
15,148     AMAG Pharmaceuticals, Inc   543  
48,382 *   American Oriental Bioengineering, Inc   329  
12,379     American Vanguard Corp   145  
803,987 *   Amgen, Inc   46,430  
16,685     Arch Chemicals, Inc   435  
7,989 *   Ardea Biosciences, Inc   96  
43,996 *   Arena Pharmaceuticals, Inc   183  
23,529 *   Arqule, Inc   99  
33,623 *   Array Biopharma, Inc   136  
32,087 *   Auxilium Pharmaceuticals, Inc   913  
24,200 *   Aventine Renewable Energy Holdings, Inc   16  
76,947     Avery Dennison Corp   2,518  
313,171     Avon Products, Inc   7,525  
11,970     Balchem Corp   298  
7,894 *   Biodel, Inc   38  
16,395 *   BioForm Medical, Inc   15  
215,161 *   Biogen Idec, Inc   10,248  
73,673 *   BioMarin Pharmaceuticals, Inc   1,311  
7,589 *   BioMimetic Therapeutics, Inc   70  
1,462,507     Bristol-Myers Squibb Co   34,003  
50,868     Cabot Corp   778  

214

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
11,732 *   Cadence Pharmaceuticals, Inc $ 85  
39,912 *   Calgon Carbon Corp   613  
20,927     Cambrex Corp   97  
5,883 *   Caraco Pharmaceutical Laboratories Ltd   35  
104,501     Celanese Corp (Series A)   1,299  
52,007 *   Cell Genesys, Inc   11  
11,042 *   Celldex Therapeutics, Inc   87  
49,685 *   Cephalon, Inc   3,828  
41,071     CF Industries Holdings, Inc   2,019  
50,891 *   Charles River Laboratories International, Inc   1,333  
12,829 *   Chattem, Inc   918  
179,587     Chemtura Corp   251  
12,148 *   China Precision Steel, Inc   15  
51,700     Church & Dwight Co, Inc   2,901  
101,909     Clorox Co   5,662  
374,296     Colgate-Palmolive Co   25,654  
35,033 *   Columbia Laboratories, Inc   44  
10,785 *   Cougar Biotechnology, Inc   280  
43,598 *   Cubist Pharmaceuticals, Inc   1,053  
27,159 *   Cypress Bioscience, Inc   186  
34,218     Cytec Industries, Inc   726  
18,758 *   Cytokinetics, Inc   53  
13,680 *   Cytori Therapeutics, Inc   49  
59,949 *   Dendreon Corp   275  
58,878 *   Discovery Laboratories, Inc   66  
685,150     Dow Chemical Co   10,339  
665,988     Du Pont (E.I.) de Nemours & Co   16,849  
50,131 *   Durect Corp   170  
55,189     Eastman Chemical Co   1,750  
127,950     Ecolab, Inc   4,497  
738,698 *   Eli Lilly & Co   29,747  
17,426 *   Elizabeth Arden, Inc   220  
12,093 *   Emergent Biosolutions, Inc   316  
28,467 *   Enzon Pharmaceuticals, Inc   166  
72,072 *   Estee Lauder Cos (Class A)   2,231  
17,933 *   Facet Biotech Corp   172  
32,745     Ferro Corp   231  
56,330     FMC Corp   2,520  
226,348 *   Forest Laboratories, Inc   5,765  
343,701 *   Genentech, Inc   28,496  
197,877 *   Genzyme Corp   13,133  
51,960 *   Geron Corp   243  
681,553 *   Gilead Sciences, Inc   34,855  
11,695 *   GTx, Inc   197  
36,079     H.B. Fuller Co   581  
45,558 *   Halozyme Therapeutics, Inc   255  
116,503 *   Hospira, Inc   3,125  
102,740 *   Human Genome Sciences, Inc   218  
122,095     Huntsman Corp   420  
20,516 *   ICO, Inc   65  
17,140 *   Idenix Pharmaceuticals, Inc   99  
14,987 *   Idera Pharmaceuticals, Inc   115  
43,974 *   Idexx Laboratories, Inc   1,587  
51,858 *   Immucor, Inc   1,378  
30,113 *   Immunogen, Inc   129  
42,987 *   Indevus Pharmaceuticals, Inc   135  

215

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
8,256     Innophos Holdings, Inc $ 164  
16,128     Innospec, Inc   95  
29,838 *   Inspire Pharmaceuticals, Inc   107  
9,091     Inter Parfums, Inc   70  
19,810 *   InterMune, Inc   210  
57,756     International Flavors & Fragrances, Inc   1,717  
58,968 *   Inverness Medical Innovations, Inc   1,115  
124,630 *   Invitrogen Corp   2,905  
29,249 *   Javelin Pharmaceuticals, Inc   37  
2,082,535     Johnson & Johnson   124,598  
10,660     Kaiser Aluminum Corp   240  
181,931 *   King Pharmaceuticals, Inc   1,932  
16,539     Koppers Holdings, Inc   358  
28,632 *   KV Pharmaceutical Co (Class A)   82  
14,893 *   Landec Corp   98  
64,160     Ligand Pharmaceuticals, Inc (Class B)   176  
48,868     Lubrizol Corp   1,778  
9,202     Mannatech, Inc   23  
29,304 *   MannKind Corp   101  
5,396 *   MAP Pharmaceuticals, Inc   38  
25,699     Martek Biosciences Corp   779  
97,479 *   Medarex, Inc   544  
40,166 *   Medicines Co   592  
44,203     Medicis Pharmaceutical Corp (Class A)   614  
15,000 *   Medivation, Inc   219  
1,586,391     Merck & Co, Inc   48,226  
27,965     Meridian Bioscience, Inc   712  
26,053 *   MiddleBrook Pharmaceuticals, Inc   39  
14,800     Minerals Technologies, Inc   605  
12,466 *   Molecular Insight Pharmaceuticals, Inc   54  
15,457 *   Momenta Pharmaceuticals, Inc   179  
405,188     Monsanto Co   28,505  
116,583     Mosaic Co   4,034  
223,575 *   Mylan Laboratories, Inc   2,211  
40,164 *   Nabi Biopharmaceuticals   135  
102,409 *   Nalco Holding Co   1,182  
8,950 *   Nanosphere, Inc   43  
39,647 *   NBTY, Inc   620  
26,156 *   Neurocrine Biosciences, Inc   84  
9,671     NewMarket Corp   338  
4,943     NL Industries, Inc   66  
37,550 *   Novavax, Inc   71  
15,161 *   Noven Pharmaceuticals, Inc   167  
34,351 *   NPS Pharmaceuticals, Inc   213  
12,855 *   Obagi Medical Products, Inc   96  
56,338     Olin Corp   1,019  
21,783 *   OM Group, Inc   460  
42,047 *   Onyx Pharmaceuticals, Inc   1,436  
17,566 *   Optimer Pharmaceuticals, Inc   213  
30,922 *   OraSure Technologies, Inc   114  
14,170 *   Orexigen Therapeutics, Inc   79  
44,755 *   OSI Pharmaceuticals, Inc   1,748  
9,330 *   Osiris Therapeutics, Inc   179  
21,959 *   Pacific Ethanol, Inc   10  
24,948 *   Pain Therapeutics, Inc   148  
26,028 *   Par Pharmaceutical Cos, Inc   349  

216

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
42,468 *   Parexel International Corp $ 412  
89,667     PDL BioPharma, Inc   554  
57,347     Perrigo Co   1,853  
17,327 *   PetMed Express, Inc   305  
5,000,480     Pfizer, Inc   88,559  
11,132 *   Pharmasset, Inc   146  
22,253 *   PharMerica Corp   349  
67,684 *   PolyOne Corp   213  
15,548 *   Pozen, Inc   78  
120,325     PPG Industries, Inc   5,105  
231,432     Praxair, Inc   13,738  
20,200 *   Prestige Brands Holdings, Inc   213  
2,227,714     Procter & Gamble Co   137,717  
15,641 *   Progenics Pharmaceuticals, Inc   161  
1,015 *   Protalix BioTherapeutics, Inc   2  
39,281 *   Questcor Pharmaceuticals, Inc   366  
21,781 *   Quidel Corp   285  
20,729 *   Rexahn Pharmaceuticals, Inc   18  
30,029 *   Rockwood Holdings, Inc   324  
98,154     Rohm & Haas Co   6,065  
93,523     RPM International, Inc   1,243  
32,161 *   Salix Pharmaceuticals Ltd   284  
1,197,358     Schering-Plough Corp   20,391  
34,325     Scotts Miracle-Gro Co (Class A)   1,020  
36,251     Sensient Technologies Corp   866  
80,899 *   Sepracor, Inc   888  
73,591     Sherwin-Williams Co   4,397  
96,166     Sigma-Aldrich Corp   4,062  
66,357 *   Solutia, Inc   299  
3,400     Stepan Co   160  
6,322 *   Sucampo Pharmaceuticals, Inc (Class A)   36  
10,427 *   SurModics, Inc   263  
11,524 *   Synta Pharmaceuticals Corp   71  
12,688 *   Targacept, Inc   45  
36,891 *   Theravance, Inc   457  
14,190 *   Ulta Salon Cosmetics & Fragrance, Inc   117  
32,716 *   Unifi, Inc   92  
17,046 *   United Therapeutics Corp   1,066  
7,179 *   USANA Health Sciences, Inc   246  
93,574 *   USEC, Inc   420  
52,808 *   Valeant Pharmaceuticals International   1,209  
75,915     Valspar Corp   1,373  
111,137 *   Vertex Pharmaceuticals, Inc   3,376  
54,237 *   Viropharma, Inc   706  
64,240 *   Warner Chilcott Ltd (Class A)   931  
77,403 *   Watson Pharmaceuticals, Inc   2,057  
15,532     Westlake Chemical Corp   253  
53,589 *   WR Grace & Co   320  
984,185     Wyeth   36,917  
19,376     Xenoport, Inc   486  
93,790 *   XOMA Ltd   58  
26,437 *   Zymogenetics, Inc   79  
      TOTAL CHEMICALS AND ALLIED PRODUCTS   962,862  

217

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
COAL MINING - 0.18%      
55,711 *   Alpha Natural Resources, Inc $ 902  
105,506     Arch Coal, Inc   1,719  
136,179     Consol Energy, Inc   3,892  
93,335 *   International Coal Group, Inc   215  
21,382 *   James River Coal Co   328  
66,819     Massey Energy Co   921  
18,531 *   National Coal Corp   24  
198,792     Peabody Energy Corp   4,523  
6,846 *   Westmoreland Coal Co   76  
      TOTAL COAL MINING   12,600  
 
COMMUNICATIONS - 4.62%      
42,374     Adtran, Inc   631  
30,232     Alaska Communications Systems Group, Inc   284  
293,575 *   American Tower Corp (Class A)   8,608  
21,897 *   Anixter International, Inc   660  
36,674 *   Aruba Networks, Inc   94  
4,383,820     AT&T, Inc   124,939  
6,765     Atlantic Tele-Network, Inc   180  
10,900 *   Audiovox Corp (Class A)   55  
37,143 *   Brightpoint, Inc   162  
162,862     Cablevision Systems Corp (Class A)   2,743  
14,532 *   Cbeyond Communications, Inc   232  
439,071     CBS Corp (Class B)   3,596  
48,375 *   Centennial Communications Corp   390  
26,490 *   Central European Media Enterprises Ltd (Class A)   575  
79,932     CenturyTel, Inc   2,185  
284,093 *   Charter Communications, Inc (Class A)   23  
180,973 *   Cincinnati Bell, Inc   349  
143,100     Citadel Broadcasting Corp   23  
48,356 *   Clearwire Corp (Class A)   238  
2,073,414     Comcast Corp (Class A)   34,999  
15,026     Consolidated Communications Holdings, Inc   179  
18,140 *   Cox Radio, Inc (Class A)   109  
211,290 *   Crown Castle International Corp   3,714  
13,062 *   Crown Media Holdings, Inc (Class A)   37  
36,653 *   CTC Media, Inc   176  
35,320 *   Cumulus Media, Inc (Class A)   88  
9,394 *   DG FastChannel, Inc   117  
402,830 *   DIRECTV Group, Inc   9,229  
147,079 *   DISH Network Corp (Class A)   1,631  
108,954     Embarq Corp   3,918  
22,831     Entercom Communications Corp (Class A)   28  
52,691 *   Entravision Communications Corp (Class A)   82  
25,915 *   Equinix, Inc   1,378  
77,956     Fairpoint Communications, Inc   256  
86,527 *   FiberTower Corp   14  
5,404     Fisher Communications, Inc   112  
241,417     Frontier Communications Corp   2,110  
38,028 *   General Communication, Inc (Class A)   308  
12,443 *   GeoEye, Inc   239  
23,031 *   Global Crossing Ltd   183  
57,416     Global Payments, Inc   1,883  
8,244 *   Global Traffic Network, Inc   48  
31,334 *   Globalstar, Inc   6  
29,084     Gray Television, Inc   12  
18,785     Hearst-Argyle Television, Inc   114  

218

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
4,578 *   Hughes Communications, Inc $ 73  
3,584 *   Hungarian Telephone & Cable   31  
73,060 v   IAC/InterActiveCorp   1,149  
23,311     Ibasis, Inc   33  
73,766 *   ICO Global Communications Holdings Ltd (Class A)   83  
39,942 *   IDT Corp (Class B)   16  
22,094     Iowa Telecommunications Services, Inc   316  
11,781     iPCS, Inc   81  
34,679 *   j2 Global Communications, Inc   695  
18,344 *   Knology, Inc   95  
40,662 *   Leap Wireless International, Inc   1,093  
1,126,352 *   Level 3 Communications, Inc   788  
215,878 *   Liberty Global, Inc (Class A)   3,437  
91,188 *   Liberty Media Corp - Capital (Series A)   429  
376,852 *   Liberty Media Corp - Entertainment (Series A)   6,587  
427,171 *   Liberty Media Holding Corp (Interactive A)   1,333  
17,509 *   Lin TV Corp (Class A)   19  
28,940 *   Mastec, Inc   335  
42,748 *   Mediacom Communications Corp (Class A)   184  
179,903 *   MetroPCS Communications, Inc   2,672  
58,046 *   NeuStar, Inc (Class A)   1,110  
11,933 *   Neutral Tandem, Inc   194  
35,052 *   Nextwave Wireless, Inc   3  
124,347 *   NII Holdings, Inc (Class B)   2,261  
20,547 *   Novatel Wireless, Inc   95  
19,818     NTELOS Holdings Corp   489  
18,865 *   Orbcomm, Inc   41  
89,041 *   PAETEC Holding Corp   128  
1,801     Preformed Line Products Co   83  
1,102,648     Qwest Communications International, Inc   4,014  
27,120     RCN Corp   160  
26,729 *   SAVVIS, Inc   184  
86,546 *   SBA Communications Corp (Class A)   1,412  
63,593     Scripps Networks Interactive (Class A)   1,399  
16,080     Shenandoah Telecom Co   451  
34,573     Sinclair Broadcast Group, Inc (Class A)   107  
2,040,216 *   Sprint Nextel Corp   3,734  
14,575 *   Switch & Data Facilities Co, Inc   108  
40,677 *   Syniverse Holdings, Inc   486  
23,373 *   TeleCommunication Systems, Inc (Class A)   201  
76,623     Telephone & Data Systems, Inc   2,433  
33,818 *   Terremark Worldwide, Inc   132  
41,319 *   TerreStar Corp   17  
116,996     Time Warner Cable, Inc (Class A)   2,510  
77,001 *   TiVo, Inc   551  
11,370 *   US Cellular Corp   492  
18,421     USA Mobility, Inc   213  
2,103,852     Verizon Communications, Inc   71,321  
408,653 *   Viacom, Inc (Class B)   7,789  
19,600 *   Virgin Mobile USA, Inc (Class A)   16  
47,364 *   Vonage Holdings Corp   31  
329,846     Windstream Corp   3,035  
      TOTAL COMMUNICATIONS   331,586  

219

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
DEPOSITORY INSTITUTIONS - 6.91%      
9,281     1st Source Corp $ 219  
17,560     Abington Bancorp, Inc   162  
16,737     Amcore Financial, Inc   61  
7,905     Ameris Bancorp   94  
4,648     Ames National Corp   123  
16,200     Anchor Bancorp Wisconsin, Inc   45  
6,337     Arrow Financial Corp   159  
95,985     Associated Banc-Corp   2,009  
61,450     Astoria Financial Corp   1,013  
5,016     Bancfirst Corp   265  
19,277     Banco Latinoamericano de Exportaciones S.A. (Class E)   277  
62,619     Bancorpsouth, Inc   1,463  
12,210     BancTrust Financial Group, Inc   180  
41,404     Bank Mutual Corp   478  
3,700,021     Bank of America Corp   52,096  
37,476     Bank of Hawaii Corp   1,693  
846,101     Bank of New York Mellon Corp   23,970  
8,348     Bank of the Ozarks, Inc   247  
17,629     BankFinancial Corp   180  
8,647     Banner Corp   81  
405,825     BB&T Corp   11,144  
23,421 *   Beneficial Mutual Bancorp, Inc   263  
6,060     Berkshire Hills Bancorp, Inc   187  
16,366     BOK Financial Corp   661  
40,006     Boston Private Financial Holdings, Inc   274  
48,082     Brookline Bancorp, Inc   512  
4,771     Bryn Mawr Bank Corp   96  
5,527     Camden National Corp   149  
9,158     Capital City Bank Group, Inc   249  
9,528     Capitol Bancorp Ltd   74  
16,280     Capitol Federal Financial   742  
18,053     Cardinal Financial Corp   103  
19,846     Cascade Bancorp   134  
4,403     Cass Information Systems, Inc   134  
36,547     Cathay General Bancorp   868  
6,947     Centerstate Banks of Florida, Inc   118  
24,035     Central Pacific Financial Corp   241  
16,601     Chemical Financial Corp   463  
4,023,032     Citigroup, Inc   26,995  
6,398     Citizens & Northern Corp   126  
54,766     Citizens Republic Bancorp, Inc   163  
9,310     City Bank   48  
12,921     City Holding Co   449  
28,862     City National Corp   1,406  
8,907     Clifton Savings Bancorp, Inc   106  
10,291     CoBiz, Inc   100  
175,143     Colonial Bancgroup, Inc   363  
10,948     Columbia Banking System, Inc   131  
108,154     Comerica, Inc   2,147  
47,558     Commerce Bancshares, Inc   2,090  
25,190     Community Bank System, Inc   614  
9,922     Community Trust Bancorp, Inc   365  
27,635 *   Corus Bankshares, Inc   31  
44,325     Cullen/Frost Bankers, Inc   2,246  
47,839     CVB Financial Corp   569  
19,824     Dime Community Bancshares   264  
17,386 *   Dollar Financial Corp   179  

220

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
49,790     East West Bancorp, Inc $ 795  
4,904     Encore Bancshares, Inc   54  
5,234     Enterprise Financial Services Corp   80  
12,436     ESSA Bancorp, Inc   176  
32,402 *   Euronet Worldwide, Inc   376  
4,534     Farmers Capital Bank Corp   111  
368,756     Fifth Third Bancorp   3,046  
7,979     Financial Institutions, Inc   114  
55,312     First Bancorp   616  
9,860     First Bancorp   181  
6,485     First Bancorp, Inc   129  
16,258     First Busey Corp   297  
4,516     First Citizens Bancshares, Inc (Class A)   690  
57,452     First Commonwealth Financial Corp   711  
6,565     First Community Bancshares, Inc   229  
23,858     First Financial Bancorp   296  
14,678     First Financial Bankshares, Inc   810  
8,954     First Financial Corp   367  
8,300     First Financial Holdings, Inc   168  
16,505     First Financial Northwest, Inc   154  
153,799     First Horizon National Corp   1,626  
12,330     First Merchants Corp   274  
34,833     First Midwest Bancorp, Inc   696  
85,087     First Niagara Financial Group, Inc   1,376  
10,172     First Place Financial Corp   39  
5,157     First South Bancorp, Inc   65  
10,049 *   FirstFed Financial Corp   18  
59,714     FirstMerit Corp   1,230  
31,002 *   Flagstar Bancorp, Inc   22  
12,979     Flushing Financial Corp   155  
64,896     FNB Corp   857  
28,387     Frontier Financial Corp   124  
127,918     Fulton Financial Corp   1,231  
39,900     Glacier Bancorp, Inc   759  
6,279     Greene County Bancshares, Inc   85  
40,600 *   Guaranty Bancorp   81  
19,896     Hancock Holding Co   904  
27,371     Hanmi Financial Corp   56  
29,113     Harleysville National Corp   420  
10,342     Heartland Financial USA, Inc   213  
8,209     Heritage Commerce Corp   92  
8,842     Home Bancshares, Inc   238  
385,618     Hudson City Bancorp, Inc   6,154  
275,802     Huntington Bancshares, Inc   2,113  
9,266     IBERIABANK Corp   445  
11,804     Independent Bank Corp   309  
12,591     Integra Bank Corp   17  
35,467     International Bancshares Corp   774  
37,852 *   Investors Bancorp, Inc   508  
2,740,757     JPMorgan Chase & Co   86,416  
14,732     Kearny Financial Corp   189  
359,736     Keycorp   3,065  
13,792     Lakeland Bancorp, Inc   155  
8,565     Lakeland Financial Corp   204  
48,920     M&T Bank Corp   2,808  
11,504     MainSource Financial Group, Inc   178  

221

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
189,411     Marshall & Ilsley Corp $ 2,584  
25,844     MB Financial, Inc   722  
7,250 *   Meridian Interstate Bancorp, Inc   67  
64,582 *   Metavante Technologies, Inc   1,040  
11,521     Midwest Banc Holdings, Inc   16  
15,140     Nara Bancorp, Inc   149  
1,893     NASB Financial, Inc   51  
1,508,094     National City Corp   2,730  
58,409     National Penn Bancshares, Inc   848  
24,427     NBT Bancorp, Inc   683  
34,157 *   Net 1 UEPS Technologies, Inc   468  
253,340     New York Community Bancorp, Inc   3,030  
77,885     NewAlliance Bancshares, Inc   1,026  
163,577     Northern Trust Corp   8,529  
14,313     Northfield Bancorp, Inc   161  
12,217     Northwest Bancorp, Inc   261  
6,098     OceanFirst Financial Corp   101  
50,588     Old National Bancorp   919  
9,237     Old Second Bancorp, Inc   107  
17,777 *   Oriental Financial Group, Inc   108  
8,236     Oritani Financial Corp   139  
33,369     Pacific Capital Bancorp   563  
7,335     Pacific Continental Corp   110  
18,350     PacWest Bancorp   494  
9,214     Park National Corp   661  
5,996     Peapack Gladstone Financial Corp   160  
3,548 *   Pennsylvania Commerce Bancorp, Inc   95  
6,808     Peoples Bancorp, Inc   130  
257,521     People's United Financial, Inc   4,592  
15,769 *   Pinnacle Financial Partners, Inc   470  
255,913     PNC Financial Services Group, Inc   12,540  
212,468     Popular, Inc   1,096  
14,515     Premierwest Bancorp   97  
16,513     PrivateBancorp, Inc   536  
28,349     Prosperity Bancshares, Inc   839  
25,227     Provident Bankshares Corp   244  
45,191     Provident Financial Services, Inc   691  
30,181     Provident New York Bancorp   374  
508,718     Regions Financial Corp   4,049  
15,054     Renasant Corp   256  
6,104     Republic Bancorp, Inc (Class A)   166  
6,115     Rockville Financial, Inc   85  
7,271     Roma Financial Corp   92  
20,998     S&T Bancorp, Inc   745  
8,198     S.Y. Bancorp, Inc   225  
11,917     Sandy Spring Bancorp, Inc   260  
4,873     Santander BanCorp   61  
7,436     SCBT Financial Corp   257  
9,460     Seacoast Banking Corp of Florida   62  
6,171     Shore Bancshares, Inc   148  
3,786     Sierra Bancorp   80  
25,662 *   Signature Bank   736  
9,660     Simmons First National Corp (Class A)   285  
6,975     Smithtown Bancorp, Inc   112  
53,177     South Financial Group, Inc   230  
8,779     Southside Bancshares, Inc   206  

222

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
9,257     Southwest Bancorp, Inc $ 120  
324,946 *   Sovereign Bancorp, Inc   968  
10,282     State Bancorp, Inc   100  
313,016     State Street Corp   12,311  
16,183     StellarOne Corp   273  
13,290     Sterling Bancorp   186  
48,597     Sterling Bancshares, Inc   295  
40,780     Sterling Financial Corp   359  
7,140     Suffolk Bancorp   257  
9,187 *   Sun Bancorp, Inc   69  
259,553     SunTrust Banks, Inc   7,667  
63,735     Susquehanna Bancshares, Inc   1,014  
21,869 *   SVB Financial Group   574  
208,151     Synovus Financial Corp   1,728  
91,260     TCF Financial Corp   1,247  
20,193 *   Texas Capital Bancshares, Inc   270  
75,201     TFS Financial Corp   970  
6,413     Tompkins Trustco, Inc   372  
14,640     TowneBank   363  
9,919     Trico Bancshares   248  
51,426     Trustco Bank Corp NY   489  
36,836     Trustmark Corp   795  
86,663     UCBH Holdings, Inc   596  
24,432     UMB Financial Corp   1,201  
43,224     Umpqua Holdings Corp   625  
8,916     Union Bankshares Corp   221  
27,662     United Bankshares, Inc   919  
29,878     United Community Banks, Inc   406  
18,972     United Community Financial Corp   17  
12,678     United Financial Bancorp, Inc   192  
5,117     United Security Bancshares   59  
9,080     Univest Corp of Pennsylvania   292  
1,283,599     US Bancorp   32,103  
103,685     Valley National Bancorp   2,100  
5,300     ViewPoint Financial Group   85  
1,518     W Holding Co, Inc   16  
1,579,623     Wachovia Corp   8,751  
62,928     Washington Federal, Inc   941  
8,575     Washington Trust Bancorp, Inc   169  
7,507 *   Waterstone Financial, Inc   25  
36,246     Webster Financial Corp   499  
2,800,228     Wells Fargo & Co   82,551  
19,012     WesBanco, Inc   517  
11,970     West Bancorporation, Inc   147  
10,009     West Coast Bancorp   66  
23,845     Westamerica Bancorporation   1,220  
11,887 *   Western Alliance Bancorp   120  
548,128     Western Union Co   7,860  
23,121     Westfield Financial, Inc   239  
46,684     Whitney Holding Corp   746  
51,413     Wilmington Trust Corp   1,143  
9,638     Wilshire Bancorp, Inc   88  
17,249     Wintrust Financial Corp   355  
4,467     WSFS Financial Corp   214  
8,510     Yadkin Valley Financial Corp   121  
84,175     Zions Bancorporation   2,063  
      TOTAL DEPOSITORY INSTITUTIONS   495,743  

223

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
EATING AND DRINKING PLACES - 1.14%      
18,260 *   AFC Enterprises $ 86  
9,771 *   BJ's Restaurants, Inc   105  
22,166     Bob Evans Farms, Inc   453  
74,822     Brinker International, Inc   789  
13,602 *   Buffalo Wild Wings, Inc   349  
57,980     Burger King Holdings, Inc   1,385  
20,543 *   California Pizza Kitchen, Inc   220  
17,289     CBRL Group, Inc   356  
15,908 *   CEC Entertainment, Inc   386  
42,984 *   Cheesecake Factory   434  
23,745 *   Chipotle Mexican Grill, Inc (Class A)   1,472  
39,583     CKE Restaurants, Inc   344  
105,300     Darden Restaurants, Inc   2,967  
75,312     Denny's Corp   150  
13,678 *   DineEquity, Inc   158  
30,059     Domino's Pizza, Inc   142  
44,170 *   Jack in the Box, Inc   976  
39,881 *   Krispy Kreme Doughnuts, Inc   67  
8,401     Landry's Restaurants, Inc   97  
14,864 *   Luby's, Inc   62  
836,910     McDonald's Corp   52,047  
14,289     O'Charleys, Inc   29  
15,393 *   Papa John's International, Inc   284  
18,084 *   PF Chang's China Bistro, Inc   379  
11,853 *   Red Robin Gourmet Burgers, Inc   199  
4,110 *   Rick's Cabaret International, Inc   16  
38,476     Ruby Tuesday, Inc   60  
10,929 *   Ruth's Chris Steak House, Inc   15  
45,772 *   Sonic Corp   557  
19,171 *   Steak N Shake Co   114  
37,299 *   Texas Roadhouse, Inc (Class A)   289  
138,286     Tim Hortons, Inc   3,988  
304,277     Wendy's/Arby's Group, Inc (Class A)   1,503  
349,752     Yum! Brands, Inc   11,017  
      TOTAL EATING AND DRINKING PLACES   81,495  
 
EDUCATIONAL SERVICES - 0.25%      
7,960 *   American Public Education, Inc   296  
94,458 *   Apollo Group, Inc (Class A)   7,237  
66,736 *   Career Education Corp   1,197  
62,840 *   Corinthian Colleges, Inc   1,029  
45,001     DeVry, Inc   2,584  
28,175 *   ITT Educational Services, Inc   2,676  
4,365 *   K12, Inc   83  
6,272 *   Learning Tree International, Inc   53  
3,041 *   Lincoln Educational Services Corp   40  
9,555 *   Princeton Review, Inc   47  
10,853     Strayer Education, Inc   2,327  
14,801 *   Universal Technical Institute, Inc   254  
      TOTAL EDUCATIONAL SERVICES   17,823  

224

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
ELECTRIC, GAS, AND SANITARY SERVICES - 4.89%      
491,099 *   AES Corp $ 4,047  
55,016     AGL Resources, Inc   1,725  
121,933     Allegheny Energy, Inc   4,129  
20,711     Allete, Inc   668  
80,451     Alliant Energy Corp   2,348  
156,088     Ameren Corp   5,191  
10,902     American Ecology Corp   221  
294,075     American Electric Power Co, Inc   9,787  
11,397     American States Water Co   376  
45,539     American Water Works Co, Inc   951  
96,901     Aqua America, Inc   1,995  
65,806     Atmos Energy Corp   1,560  
41,778     Avista Corp   810  
62,286 *   Beacon Power Corp   33  
29,085 *   Black Hills Corp   784  
15,365     California Water Service Group   713  
266,137 *   Calpine Corp   1,937  
13,533 *   Casella Waste Systems, Inc (Class A)   55  
237,260     Centerpoint Energy, Inc   2,994  
7,119     Central Vermont Public Service Corp   170  
13,300     CH Energy Group, Inc   683  
4,829     Chesapeake Utilities Corp   152  
15,476 *   Clean Energy Fuels Corp   93  
16,001 *   Clean Harbors, Inc   1,015  
45,184     Cleco Corp   1,032  
158,961     CMS Energy Corp   1,607  
6,221     Connecticut Water Service, Inc   147  
201,361     Consolidated Edison, Inc   7,839  
10,306     Consolidated Water Co, Inc   129  
129,065     Constellation Energy Group, Inc   3,238  
92,804 *   Covanta Holding Corp   2,038  
28,820     Crosstex Energy, Inc   112  
425,122     Dominion Resources, Inc   15,236  
83,644     DPL, Inc   1,910  
119,057     DTE Energy Co   4,247  
935,373     Duke Energy Corp   14,040  
375,752 *   Dynegy, Inc (Class A)   752  
239,016     Edison International   7,677  
507,370     El Paso Corp   3,973  
35,119 *   El Paso Electric Co   635  
24,743     Empire District Electric Co   435  
52,567     Energen Corp   1,542  
34,291     EnergySolutions, Inc   194  
6,863 *   EnerNOC, Inc   51  
141,679     Entergy Corp   11,778  
485,420     Exelon Corp   26,994  
225,211     FirstEnergy Corp   10,941  
301,703     FPL Group, Inc   15,185  
92,128     Great Plains Energy, Inc   1,781  
68,666     Hawaiian Electric Industries, Inc   1,520  
36,600     Idacorp, Inc   1,078  
57,780     Integrys Energy Group, Inc   2,483  
36,259     ITC Holdings Corp   1,584  
16,500     Laclede Group, Inc   773  
134,112     MDU Resources Group, Inc   2,894  
15,900     MGE Energy, Inc   525  
9,765     Middlesex Water Co   168  

225

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
114,988 *   Mirant Corp $ 2,170  
58,945     National Fuel Gas Co   1,847  
30,620     New Jersey Resources Corp   1,205  
33,141     Nicor, Inc   1,151  
193,868     NiSource, Inc   2,127  
112,815     Northeast Utilities   2,714  
19,700     Northwest Natural Gas Co   871  
30,516     NorthWestern Corp   716  
172,229 *   NRG Energy, Inc   4,018  
80,089     NSTAR   2,922  
67,715     OGE Energy Corp   1,746  
74,438     Oneok, Inc   2,168  
13,054     Ormat Technologies, Inc   416  
25,707     Otter Tail Corp   600  
148,003     Pepco Holdings, Inc   2,629  
263,687     PG&E Corp   10,207  
10,816 *   Pico Holdings, Inc   287  
54,578     Piedmont Natural Gas Co, Inc   1,728  
12,323 *   Pike Electric Corp   152  
73,686     Pinnacle West Capital Corp   2,368  
57,480 *   Plug Power, Inc   59  
64,221     PNM Resources, Inc   647  
45,698     Portland General Electric Co   890  
275,972     PPL Corp   8,470  
192,942     Progress Energy, Inc   7,689  
34,100 m,v*   Progress Energy, Inc   -^  
375,668     Public Service Enterprise Group, Inc   10,958  
99,050     Puget Energy, Inc   2,701  
127,084     Questar Corp   4,154  
249,129 *   Reliant Energy, Inc   1,440  
240,324     Republic Services, Inc   5,958  
10,949     Resource America, Inc (Class A)   44  
85,123     SCANA Corp   3,030  
184,601     Sempra Energy   7,870  
166,210     Sierra Pacific Resources   1,644  
10,436     SJW Corp   312  
22,451     South Jersey Industries, Inc   895  
566,033     Southern Co   20,943  
80,292     Southern Union Co   1,047  
31,530     Southwest Gas Corp   795  
16,033     Southwest Water Co   52  
64,927 *   Stericycle, Inc   3,381  
153,952     TECO Energy, Inc   1,901  
78,802     UGI Corp   1,924  
16,909     UIL Holdings Corp   508  
27,775     Unisource Energy Corp   815  
63,379     Vectren Corp   1,585  
58,047 *   Waste Connections, Inc   1,833  
359,525     Waste Management, Inc   11,915  
19,253 *   Waste Services, Inc   127  
75,496     Westar Energy, Inc   1,548  
36,125     WGL Holdings, Inc   1,181  
426,165     Williams Cos, Inc   6,171  
87,388     Wisconsin Energy Corp   3,669  
315,488     Xcel Energy, Inc   5,852  
      TOTAL ELECTRIC, GAS, AND SANITARY SERVICES   351,025  

226

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 7.34%      
15,750 *   Acme Packet, Inc $ 83  
21,535 *   Actel Corp   252  
29,251     Acuity Brands, Inc   1,021  
82,321 *   Adaptec, Inc   272  
86,140 *   ADC Telecommunications, Inc   471  
25,828 *   Advanced Analogic Technologies, Inc   78  
29,842 *   Advanced Battery Technologies, Inc   79  
23,059 *   Advanced Energy Industries, Inc   229  
441,570 *   Advanced Micro Devices, Inc   954  
18,258 *   Airvana, Inc   112  
222,187     Altera Corp   3,713  
34,954 *   American Superconductor Corp   570  
78,401     Ametek, Inc   2,368  
73,876 *   Amkor Technology, Inc   161  
127,404     Amphenol Corp (Class A)   3,055  
47,982 *   Anadigics, Inc   71  
212,499     Analog Devices, Inc   4,042  
651,225 *   Apple Computer, Inc   55,582  
51,846 *   Applied Micro Circuits Corp   204  
9,126     Applied Signal Technology, Inc   164  
94,272 *   Arris Group, Inc   749  
5,326 *   Ascent Solar Technologies, Inc   20  
49,998 *   Atheros Communications, Inc   715  
329,609 *   Atmel Corp   1,032  
24,963 *   ATMI, Inc   385  
7,938 *   Avanex Corp   8  
107,013 *   Avnet, Inc   1,949  
34,410     AVX Corp   273  
10,559 *   AZZ, Inc   265  
39,062     Baldor Electric Co   697  
7,316     Bel Fuse, Inc (Class B)   155  
51,432 *   Benchmark Electronics, Inc   657  
24,403 *   BigBand Networks, Inc   135  
71,779 *   Bookham, Inc   32  
375,658 *   Broadcom Corp (Class A)   6,375  
103,796 *   Capstone Turbine Corp   87  
19,382 *   Ceradyne, Inc   394  
14,775 *   Ceva, Inc   103  
27,817 *   Checkpoint Systems, Inc   274  
22,550 *   China BAK Battery, Inc   37  
24,273 *   China Security & Surveillance Technology, Inc   108  
63,181 *   Ciena Corp   423  
4,359,156 *   Cisco Systems, Inc   71,054  
18,553 *   Comtech Telecommunications Corp   850  
127,167     Cooper Industries Ltd (Class A)   3,717  
5,037 *   CPI International, Inc   44  
65,781 *   Cree, Inc   1,044  
23,637     CTS Corp   130  
14,052     Cubic Corp   382  
110,031 *   Cypress Semiconductor Corp   492  
21,186 *   Diodes, Inc   128  
38,399 *   Dolby Laboratories, Inc (Class A)   1,258  
21,955 *   DSP Group, Inc   176  
12,692 *   DTS, Inc   233  

227

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
119,554 *   Eaton Corp $ 5,943  
29,415 *   EchoStar Corp (Class A)   437  
23,062 *   Electro Scientific Industries, Inc   157  
52,713 *   EMCORE Corp   69  
10,542 *   EMS Technologies, Inc   273  
41,693 *   Energizer Holdings, Inc   2,257  
33,752 *   Energy Conversion Devices, Inc   851  
21,446 *   EnerSys   236  
106,890 *   Evergreen Solar, Inc   341  
25,111 *   Exar Corp   167  
52,808 *   Exide Technologies   279  
95,996 *   Fairchild Semiconductor International, Inc   469  
250,292 *   Finisar Corp   95  
32,881 *   First Solar, Inc   4,536  
16,415     Franklin Electric Co, Inc   461  
46,577 *   FuelCell Energy, Inc   181  
7,779,365     General Electric Co   126,026  
14,375 *   Globecomm Systems, Inc   79  
98,979 *   GrafTech International Ltd   824  
16,954 *   Greatbatch, Inc   449  
13,000 *   GT Solar International, Inc   38  
42,847     Harman International Industries, Inc   717  
68,074 *   Harmonic, Inc   382  
98,763     Harris Corp   3,758  
16,976 *   Harris Stratex Networks, Inc (Class A)   88  
21,557 *   Helen of Troy Ltd   374  
72,515 *   Hexcel Corp   536  
14,117 *   Hittite Microwave Corp   416  
16,902 *   Hutchinson Technology, Inc   59  
21,588     Imation Corp   293  
67,084 *   Infinera Corp   601  
124,419 *   Integrated Device Technology, Inc   698  
4,224,770     Intel Corp   61,935  
33,604 *   InterDigital, Inc   924  
54,670 *   International Rectifier Corp   738  
89,162     Intersil Corp (Class A)   819  
13,726 *   IPG Photonics Corp   181  
12,510 *   iRobot Corp   113  
16,725     IXYS Corp   138  
48,831 *   Jarden Corp   562  
161,842 *   JDS Uniphase Corp   591  
66,338 *   Kemet Corp   18  
89,321     L-3 Communications Holdings, Inc   6,590  
81,127 *   Lattice Semiconductor Corp   123  
30,722     Lincoln Electric Holdings, Inc   1,565  
162,928     Linear Technology Corp   3,604  
17,104 *   Littelfuse, Inc   284  
8,072 *   Loral Space & Communications, Inc   117  
12,960     LSI Industries, Inc   89  
466,122 *   LSI Logic Corp   1,534  
357,053 *   Marvell Technology Group Ltd   2,382  
37,299 *   Mattson Technology, Inc   53  
13,349 *   Maxwell Technologies, Inc   68  
14,709 *   Medis Technologies Ltd   7  
167,409 *   MEMC Electronic Materials, Inc   2,391  
13,858 *   Mercury Computer Systems, Inc   87  

228

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
23,004 *   Methode Electronics, Inc $ 155  
40,439     Micrel, Inc   296  
139,445     Microchip Technology, Inc   2,723  
552,574 *   Micron Technology, Inc   1,459  
62,654 *   Microsemi Corp   792  
45,471 *   Microtune, Inc   93  
39,510 *   Microvision, Inc   66  
33,720 *   MIPS Technologies, Inc   37  
97,407     Molex, Inc   1,411  
22,771 *   Monolithic Power Systems, Inc   287  
32,329 *   Moog, Inc (Class A)   1,182  
1,655,224     Motorola, Inc   7,333  
89,555 *   MRV Communications, Inc   69  
6,600 *   Multi-Fineline Electronix, Inc   77  
3,138     National Presto Industries, Inc   242  
167,858     National Semiconductor Corp   1,690  
253,661 *   NetApp, Inc   3,544  
13,186 *   Netlogic Microsystems, Inc   290  
72,689 *   Novellus Systems, Inc   897  
3,184 *   NVE Corp   83  
414,024 *   Nvidia Corp   3,341  
39,050 *   Omnivision Technologies, Inc   205  
300,479 *   ON Semiconductor Corp   1,022  
15,398 *   Oplink Communications, Inc   132  
13,224 *   OpNext, Inc   23  
6,196 *   Orion Energy Systems, Inc   34  
10,891 *   OSI Systems, Inc   151  
13,852     Park Electrochemical Corp   263  
16,717 *   Parkervision, Inc   41  
14,362 *   Pericom Semiconductor Corp   79  
29,346 *   Photronics, Inc   57  
37,039     Plantronics, Inc   489  
31,345 *   Plexus Corp   531  
15,100 *   PLX Technology, Inc   26  
162,722 *   PMC - Sierra, Inc   791  
64,770 *   Polycom, Inc   875  
14,300 *   Polypore International, Inc   108  
5,761 *   Powell Industries, Inc   167  
21,696     Power Integrations, Inc   431  
51,516 *   Power-One, Inc   61  
96,435 *   Powerwave Technologies, Inc   48  
96,680 *   QLogic Corp   1,299  
1,194,308     Qualcomm, Inc   42,792  
51,960 *   Quantum Fuel Systems Technologies Worldwide, Inc   44  
76,796 *   Rambus, Inc   1,223  
11,399     Raven Industries, Inc   275  
22,604     Regal-Beloit Corp   859  
213,104 *   RF Micro Devices, Inc   166  
12,342 *   Rogers Corp   343  
9,394 *   Rubicon Technology, Inc   40  
385,770 *   Sanmina-SCI Corp   181  
21,571 *   Seachange International, Inc   156  
44,996 *   Semtech Corp   507  
31,292 *   ShoreTel, Inc   141  
56,384 *   Silicon Image, Inc   237  
35,620 *   Silicon Laboratories, Inc   883  

229

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
72,899 *   Silicon Storage Technology, Inc $ 167  
2,122,857 *   Sirius XM Radio, Inc   255  
123,344 *   Skyworks Solutions, Inc   683  
35,494 *   Smart Modular Technologies WWH, Inc   55  
93,317 *   Spansion, Inc (Class A)   18  
14,503 *   Standard Microsystems Corp   237  
21,536 *   Starent Networks Corp   257  
10,374 *   Stoneridge, Inc   47  
63,463 *   Sunpower Corp (Class A)   2,348  
8,595 *   Supertex, Inc   206  
129,793 *   Sycamore Networks, Inc   349  
35,188 *   Symmetricom, Inc   139  
29,980 *   Synaptics, Inc   496  
14,313 *   Synthesis Energy Systems, Inc   10  
30,703     Technitrol, Inc   107  
10,550 *   Techwell, Inc   69  
46,995 *   Tekelec   627  
29,069     Teleflex, Inc   1,456  
294,697 *   Tellabs, Inc   1,214  
36,930 *   Tessera Technologies, Inc   439  
974,239     Texas Instruments, Inc   15,120  
41,326 *   Thomas & Betts Corp   993  
8,827 *   Transmeta Corp   161  
40,125 *   Trident Microsystems, Inc   76  
105,731 *   Triquint Semiconductor, Inc   364  
32,309 *   TTM Technologies, Inc   168  
350,007     Tyco Electronics Ltd   5,674  
13,489 *   Ultra Clean Holdings   27  
9,064 *   Ultralife Corp   122  
16,474 *   Universal Display Corp   156  
8,900 *   Universal Electronics, Inc   144  
42,939 *   US Geothermal, Inc   36  
87,200 *   Utstarcom, Inc   161  
36,704 *   Valence Technology, Inc   67  
54,329 *   Varian Semiconductor Equipment Associates, Inc   984  
18,275 *   Viasat, Inc   440  
12,845     Vicor Corp   85  
138,523 *   Vishay Intertechnology, Inc   474  
18,190 *   Volterra Semiconductor Corp   130  
54,006     Whirlpool Corp   2,233  
207,455     Xilinx, Inc   3,697  
19,213 *   Zoltek Cos, Inc   173  
35,864 *   Zoran Corp   245  
      TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT   526,521  
 
ENGINEERING AND MANAGEMENT SERVICES - 1.35%      
19,818 *   Accelrys, Inc   86  
443,258     Accenture Ltd (Class A)   14,534  
13,465 *   Advisory Board Co   300  
75,260 *   Aecom Technology Corp   2,313  
7,317 *   Affymax, Inc   73  
113,812 *   Amylin Pharmaceuticals, Inc   1,235  
40,510 *   Ariad Pharmaceuticals, Inc   34  
7,981     CDI Corp   103  
54,636 *   Celera Corp   608  
339,529 *   Celgene Corp   18,769  

230

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
13,243 *   China Architectural Engineering, Inc $ 33  
12,972 *   comScore, Inc   165  
8,356 *   Cornell Cos, Inc   155  
27,057     Corporate Executive Board Co   597  
8,400 *   CRA International, Inc   226  
41,854 *   CV Therapeutics, Inc   385  
40,474 *   Dyax Corp   147  
35,238 *   eResearch Technology, Inc   234  
74,374 *   Exelixis, Inc   373  
11,236 *   Exponent, Inc   338  
131,344     Fluor Corp   5,893  
25,764 *   Furmanite Corp   139  
43,746 *   Genpact Ltd   360  
41,778 *   Gen-Probe, Inc   1,790  
69,975 *   Hewitt Associates, Inc (Class A)   1,986  
17,074 *   Hill International, Inc   120  
15,627 *   Huron Consulting Group, Inc   895  
4,878 *   ICF International, Inc   120  
53,977 *   Incyte Corp   205  
69,158 *   Isis Pharmaceuticals, Inc   981  
89,394 *   Jacobs Engineering Group, Inc   4,300  
123,663     KBR, Inc   1,880  
10,294 *   Kendle International, Inc   265  
6,175     Landauer, Inc   453  
17,070 *   LECG Corp   115  
60,298 *   Lexicon Pharmaceuticals, Inc   84  
26,398 *   Luminex Corp   564  
15,124     MAXIMUS, Inc   531  
16,427 *   Maxygen, Inc   147  
167,651 *   McDermott International, Inc   1,656  
5,139 *   Michael Baker Corp   190  
146,644     Moody's Corp   2,946  
33,049 *   Myriad Genetics, Inc   2,190  
40,393 *   Navigant Consulting, Inc   641  
24,067 *   Omnicell, Inc   294  
237,724     Paychex, Inc   6,247  
14,301 *   PharmaNet Development Group, Inc   13  
10,882 *   PRG-Schultz International, Inc   44  
117,730     Quest Diagnostics, Inc   6,111  
47,888 *   Regeneron Pharmaceuticals, Inc   879  
97,295 *   Rentech, Inc   66  
21,650 *   Repligen Corp   82  
32,857     Resources Connection, Inc   538  
26,264 *   Rigel Pharmaceuticals, Inc   210  
38,631 *   RTI Biologics, Inc   107  
149,500 *   SAIC, Inc   2,912  
25,904 *   Sangamo Biosciences, Inc   90  
41,189 *   Savient Pharmaceuticals, Inc   238  
41,520 *   Seattle Genetics, Inc   371  
47,243 *   Sequenom, Inc   937  
59,648 *   Shaw Group, Inc   1,221  
7,357 *   Stanley, Inc   266  
24,068 *   Symyx Technologies, Inc   143  
7,624 *   Tejon Ranch Co   189  
42,235 *   Tetra Tech, Inc   1,020  
61,897 *   URS Corp   2,524  

231

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
62,646 *   VCA Antech, Inc $ 1,245  
2,793     VSE Corp   110  
31,594     Watson Wyatt & Co Holdings (Class A)   1,511  
      TOTAL ENGINEERING AND MANAGEMENT SERVICES   96,527  
 
FABRICATED METAL PRODUCTS - 0.56%      
14,489 *   Akeena Solar, Inc   25  
24,734 *   Alliant Techsystems, Inc   2,121  
7,062     Ameron International Corp   444  
49,516     Aptargroup, Inc   1,745  
71,918     Ball Corp   2,991  
20,416 *   Chart Industries, Inc   217  
12,832     CIRCOR International, Inc   353  
82,748     Commercial Metals Co   982  
13,231 *   Commercial Vehicle Group, Inc   12  
38,327     Crane Co   661  
115,778 *   Crown Holdings, Inc   2,223  
8,340     Dynamic Materials Corp   161  
32,905 *   Griffon Corp   307  
9,089     Gulf Island Fabrication, Inc   131  
344,405     Illinois Tool Works, Inc   12,071  
10,094     Insteel Industries, Inc   114  
9,968 *   Ladish Co, Inc   138  
25,129 *   Mobile Mini, Inc   362  
80,964     Mueller Water Products, Inc (Class A)   680  
15,669 *   NCI Building Systems, Inc   255  
123,038     Parker Hannifin Corp   5,234  
5,880 *   Park-Ohio Holdings Corp   36  
71,324     Pentair, Inc   1,688  
26,576     Quanex Building Products Corp   249  
18,640     Silgan Holdings, Inc   891  
29,264     Simpson Manufacturing Co, Inc   812  
20,492 *   Smith & Wesson Holding Corp   47  
42,632     Snap-On, Inc   1,679  
57,201     Stanley Works   1,951  
7,928     Sun Hydraulics Corp   149  
44,785 *   Taser International, Inc   236  
9,351 *   Trimas Corp   13  
15,061     Valmont Industries, Inc   924  
23,144     Watts Water Technologies, Inc (Class A)   578  
      TOTAL FABRICATED METAL PRODUCTS   40,480  
 
FISHING, HUNTING, AND TRAPPING - 0.00%**      
5,153 *   HQ Sustainable Maritime Industries, Inc   40  
      TOTAL FISHING, HUNTING, AND TRAPPING   40  
 
FOOD AND KINDRED PRODUCTS - 3.99%      
14,408 *   AgFeed Industries, Inc   23  
4,618 *   American Dairy, Inc   69  
476,150     Archer Daniels Midland Co   13,727  
10,877     B&G Foods, Inc (Class A)   59  
6,482 *   Boston Beer Co, Inc (Class A)   184  
89,376     Bunge Ltd   4,627  
152,492     Campbell Soup Co   4,576  
53,181 *   Central Garden and Pet Co (Class A)   314  
4,202     Coca-Cola Bottling Co Consolidated   193  

232

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
1,714,181     Coca-Cola Co $ 77,601  
232,127     Coca-Cola Enterprises, Inc   2,792  
336,808     ConAgra Foods, Inc   5,557  
135,742 *   Constellation Brands, Inc (Class A)   2,141  
54,685     Corn Products International, Inc   1,578  
60,640 *   Darling International, Inc   333  
142,789     Del Monte Foods Co   1,020  
11,509     Diamond Foods, Inc   232  
185,000 *   Dr Pepper Snapple Group, Inc   3,006  
5,320     Farmer Bros Co   133  
57,788     Flowers Foods, Inc   1,408  
247,896     General Mills, Inc   15,060  
234,007     H.J. Heinz Co   8,799  
54,171 *   Hansen Natural Corp   1,816  
115,886     Hershey Co   4,026  
55,753     Hormel Foods Corp   1,733  
8,158     Imperial Sugar Co   117  
9,626     J&J Snack Foods Corp   345  
87,075     J.M. Smucker Co   3,776  
185,966     Kellogg Co   8,155  
1,084,912     Kraft Foods, Inc (Class A)   29,130  
15,961     Lancaster Colony Corp   547  
20,449     Lance, Inc   469  
8,556 *   M&F Worldwide Corp   132  
83,463     McCormick & Co, Inc   2,659  
84,504     Molson Coors Brewing Co (Class B)   4,134  
5,604     National Beverage Corp   50  
13,326 *   Omega Protein Corp   53  
9,395 *   Peet's Coffee & Tea, Inc   218  
8,165     Penford Corp   83  
99,580     Pepsi Bottling Group, Inc   2,242  
44,594     PepsiAmericas, Inc   908  
1,170,764     PepsiCo, Inc   64,123  
41,353 *   Ralcorp Holdings, Inc   2,415  
15,246     Reddy Ice Holdings, Inc   22  
127,895     Reynolds American, Inc   5,155  
16,068     Sanderson Farms, Inc   555  
514,883     Sara Lee Corp   5,041  
45,370 *   Smart Balance, Inc   309  
86,055 *   Smithfield Foods, Inc   1,211  
19,798     Tootsie Roll Industries, Inc   507  
23,212 *   TreeHouse Foods, Inc   632  
215,173     Tyson Foods, Inc (Class A)   1,885  
      TOTAL FOOD AND KINDRED PRODUCTS   285,880  
 
FOOD STORES - 0.46%      
837     Arden Group, Inc (Class A)   105  
34,215 *   Great Atlantic & Pacific Tea Co, Inc   215  
8,163     Ingles Markets, Inc (Class A)   144  
483,694     Kroger Co   12,774  
20,111 *   Panera Bread Co (Class A)   1,051  
16,292 *   Pantry, Inc   349  
33,448     Ruddick Corp   925  
322,398     Safeway, Inc   7,663  
530,874 *   Starbucks Corp   5,022  
155,482     Supervalu, Inc   2,270  

233

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
5,570 *   Susser Holdings Corp $ 74  
2,326     Village Super Market (Class A)   133  
8,834     Weis Markets, Inc   297  
109,375     Whole Foods Market, Inc   1,033  
38,562 *   Winn-Dixie Stores, Inc   621  
      TOTAL FOOD STORES   32,676  
 
FORESTRY - 0.09%      
56,028     Rayonier, Inc   1,756  
154,831     Weyerhaeuser Co   4,739  
      TOTAL FORESTRY   6,495  
 
FURNITURE AND FIXTURES - 0.23%      
18,783     Ethan Allen Interiors, Inc   270  
34,198     Furniture Brands International, Inc   76  
41,802     Herman Miller, Inc   545  
45,716     Hill-Rom Holdings, Inc   752  
33,809     HNI Corp   536  
7,413     Hooker Furniture Corp   57  
433,672     Johnson Controls, Inc   7,875  
18,600     Kimball International, Inc (Class B)   160  
40,160 *   Kinetic Concepts, Inc   770  
36,828     La-Z-Boy, Inc   80  
114,868     Leggett & Platt, Inc   1,745  
260,149     Masco Corp   2,895  
28,667     Sealy Corp   72  
44,845     Steelcase, Inc (Class A)   252  
53,900     Tempur-Pedic International, Inc   382  
      TOTAL FURNITURE AND FIXTURES   16,467  
 
FURNITURE AND HOME FURNISHINGS STORES - 0.23%      
189,227 *   Bed Bath & Beyond, Inc   4,810  
244,275     Best Buy Co, Inc   6,867  
122,200 *   GameStop Corp (Class A)   2,647  
16,062     Haverty Furniture Cos, Inc   150  
9,008 *   hhgregg, Inc   78  
35,963     Knoll, Inc   324  
64,355 *   Pier 1 Imports, Inc   24  
95,926     RadioShack Corp   1,145  
6,400 *   Rex Stores Corp   52  
21,617 *   Tuesday Morning Corp   35  
71,873     Williams-Sonoma, Inc   565  
      TOTAL FURNITURE AND HOME FURNISHINGS STORES   16,697  
 
GENERAL BUILDING CONTRACTORS - 0.20%      
1,271     Amrep Corp   40  
3,890 *   Avatar Holdings, Inc   103  
36,219 *   Beazer Homes USA, Inc   57  
7,978     Brookfield Homes Corp   34  
4,557 *   Cavco Industries, Inc   123  
90,392     Centex Corp   962  
235,713     DR Horton, Inc   1,666  
17,848 *   Hovnanian Enterprises, Inc (Class A)   31  
54,387     KB Home   741  
104,590     Lennar Corp (Class A)   907  
9,603     M/I Homes, Inc   101  

234

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
17,708     McGrath RentCorp $ 378  
24,302     MDC Holdings, Inc   736  
24,046 *   Meritage Homes Corp   293  
3,199 *   NVR, Inc   1,460  
11,355 *   Palm Harbor Homes, Inc   57  
37,679 *   Perini Corp   881  
156,722     Pulte Homes, Inc   1,713  
35,106     Ryland Group, Inc   620  
97,500 *   Standard-Pacific Corp   174  
13,336 *   Team, Inc   369  
95,706 *   Toll Brothers, Inc   2,051  
40,409     Walter Industries, Inc   708  
      TOTAL GENERAL BUILDING CONTRACTORS   14,205  
 
GENERAL MERCHANDISE STORES - 2.11%      
34,292 *   99 Cents Only Stores   375  
59,332 *   Big Lots, Inc   860  
42,950 *   BJ's Wholesale Club, Inc   1,471  
35,821     Casey's General Stores, Inc   816  
8,648 *   Conn's, Inc   73  
318,924     Costco Wholesale Corp   16,744  
47,594     Dillard's, Inc (Class A)   189  
104,343     Family Dollar Stores, Inc   2,720  
29,664     Fred's, Inc (Class A)   319  
164,372     JC Penney Co, Inc   3,238  
302,788     Macy's, Inc   3,134  
17,729 *   Retail Ventures, Inc   62  
118,601 *   Saks, Inc   519  
42,537 *   Sears Holdings Corp   1,653  
17,973 *   Stein Mart, Inc   20  
581,434     Target Corp   20,077  
310,730     TJX Cos, Inc   6,392  
1,657,774     Wal-Mart Stores, Inc   92,935  
      TOTAL GENERAL MERCHANDISE STORES   151,597  
 
HEALTH SERVICES - 1.02%      
18,580 *   Alliance Imaging, Inc   148  
4,568 *   Almost Family, Inc   205  
21,596 *   Amedisys, Inc   893  
117,980     AmerisourceBergen Corp   4,207  
22,231 *   Amsurg Corp   519  
42,918 *   Assisted Living Concepts, Inc (A Shares)   178  
7,094 *   Bio-Reference Labs, Inc   186  
27,594     Brookdale Senior Living, Inc   154  
5,440 *   China Sky One Medical, Inc   87  
68,724 *   Community Health Systems, Inc   1,002  
6,016 *   Corvel Corp   132  
46,242 *   Covance, Inc   2,129  
108,916 *   Coventry Health Care, Inc   1,621  
22,090 *   Cross Country Healthcare, Inc   194  
16,323 *   CryoLife, Inc   158  
76,264 *   DaVita, Inc   3,780  
41,857 *   Edwards Lifesciences Corp   2,300  
17,698 *   eHealth, Inc   235  
14,234 *   Emeritus Corp   143  
6,373     Ensign Group, Inc   107  

235

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
18,855 *   Enzo Biochem, Inc $ 92  
155,723 *   Express Scripts, Inc   8,562  
22,526 *   Five Star Quality Care, Inc   34  
8,923 *   Genomic Health, Inc   174  
5,992 *   Genoptix, Inc   204  
18,949 *   Gentiva Health Services, Inc   554  
197,006     Health Management Associates, Inc (Class A)   353  
66,400 *   Healthsouth Corp   728  
24,588 *   Healthways, Inc   282  
40,949 *   Immunomedics, Inc   70  
4,261 *   IPC The Hospitalist Co, Inc   72  
21,589 *   Kindred Healthcare, Inc   281  
82,942 *   Laboratory Corp of America Holdings   5,342  
8,098 *   LHC Group, Inc   292  
6,348 *   Life Sciences Research, Inc   60  
39,831 *   LifePoint Hospitals, Inc   910  
53,547 *   Lincare Holdings, Inc   1,442  
29,594 *   Magellan Health Services, Inc   1,159  
204,834     McKesson Corp   7,933  
11,469 *   Medcath Corp   120  
374,924 *   Medco Health Solutions, Inc   15,713  
4,992     National Healthcare Corp   253  
65,248 *   Nektar Therapeutics   363  
15,155 *   Nighthawk Radiology Holdings, Inc   74  
25,907 *   Odyssey HealthCare, Inc   240  
81,223     Omnicare, Inc   2,255  
34,263 *   Pediatrix Medical Group, Inc   1,086  
81,765     Pharmaceutical Product Development, Inc   2,372  
41,123 *   Psychiatric Solutions, Inc   1,145  
12,730 *   RehabCare Group, Inc   193  
15,881 *   Skilled Healthcare Group, Inc (Class A)   134  
30,632 *   Sun Healthcare Group, Inc   271  
35,130 *   Sunrise Senior Living, Inc   59  
352,684 *   Tenet Healthcare Corp   406  
34,048     Universal Health Services, Inc (Class B)   1,279  
8,422 *   US Physical Therapy, Inc   112  
5,340 *   Virtual Radiologic Corp   45  
      TOTAL HEALTH SERVICES   73,042  
 
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.06%      
15,782 *   Comverge, Inc   77  
105,699 *   Foster Wheeler Ltd   2,471  
24,088     Granite Construction, Inc   1,058  
28,862     Great Lakes Dredge & Dock Corp   120  
7,262 *   LB Foster Co (Class A)   227  
17,122 *   Matrix Service Co   131  
15,593 *   Orion Marine Group, Inc   151  
8,423 *   Sterling Construction Co, Inc   156  
      TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING   4,391  
 
HOLDING AND OTHER INVESTMENT OFFICES - 2.51%      
23,371     Acadia Realty Trust   334  
33,053 *   Affiliated Managers Group, Inc   1,386  
5,860     Agree Realty Corp   106  
1,423     Alexander's, Inc   363  
22,774     Alexandria Real Estate Equities, Inc   1,374  

236

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
130,545     Allied Capital Corp $ 351  
72,648     AMB Property Corp   1,701  
31,936     American Campus Communities, Inc   654  
6,963     American Capital Agency Corp   149  
12,511 *   Ampal American Israel (Class A)   7  
393,131     Annaly Mortgage Management, Inc   6,239  
40,991     Anthracite Capital, Inc   91  
67,436     Anworth Mortgage Asset Corp   434  
78,584     Apartment Investment & Management Co (Class A)   908  
8,687     Arbor Realty Trust, Inc   26  
76,924     Ashford Hospitality Trust, Inc   88  
10,813     Associated Estates Realty Corp   99  
55,370     AvalonBay Communities, Inc   3,354  
58,886     BioMed Realty Trust, Inc   690  
86,777     Boston Properties, Inc   4,773  
69,660     Brandywine Realty Trust   537  
35,140     BRE Properties, Inc (Class A)   983  
39,326     Camden Property Trust   1,232  
30,528     Capital Lease Funding, Inc   53  
2,167     Capital Southwest Corp   234  
9,642     Capital Trust, Inc (Class A)   35  
42,689     Capstead Mortgage Corp   460  
9,676     Care Investment Trust, Inc   75  
51,896     CBL & Associates Properties, Inc   337  
31,340     Cedar Shopping Centers, Inc   222  
5,581     Cherokee, Inc   97  
8,700     Cogdell Spencer, Inc   81  
37,771     Colonial Properties Trust   315  
30,832     Corporate Office Properties Trust   947  
32,524     Cousins Properties, Inc   450  
13,235     Danvers Bancorp, Inc   177  
134,600     DCT Industrial Trust, Inc   681  
91,043     Developers Diversified Realty Corp   444  
71,263     DiamondRock Hospitality Co   361  
51,971     Digital Realty Trust, Inc   1,707  
88,791     Douglas Emmett, Inc   1,160  
116,914     Duke Realty Corp   1,281  
19,564     EastGroup Properties, Inc   696  
18,827     Education Realty Trust, Inc   98  
24,156     Entertainment Properties Trust   720  
15,082     Equity Lifestyle Properties, Inc   579  
26,061     Equity One, Inc   461  
197,508     Equity Residential   5,890  
18,378     Essex Property Trust, Inc   1,411  
62,323     Extra Space Storage, Inc   643  
42,843     Federal Realty Investment Trust   2,660  
48,174     FelCor Lodging Trust, Inc   89  
32,972     First Industrial Realty Trust, Inc   249  
16,992     First Potomac Realty Trust   158  
48,850     Franklin Street Properties Corp   721  
180,667     General Growth Properties, Inc   233  
11,498     Getty Realty Corp   242  
15,081     Gladstone Capital Corp   122  
26,916     Glimcher Realty Trust   76  
29,624     Gramercy Capital Corp   38  
16,757 *   Harris & Harris Group, Inc   66  

237

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
10,611     Hatteras Financial Corp $ 282  
183,508     HCP, Inc   5,096  
75,273     Health Care REIT, Inc   3,177  
42,772     Healthcare Realty Trust, Inc   1,004  
28,508     Hersha Hospitality Trust   86  
46,142     Highwoods Properties, Inc   1,262  
30,269 *   Hilltop Holdings, Inc   295  
23,345     Home Properties, Inc   948  
71,378     Hospitality Properties Trust   1,061  
381,777     Host Marriott Corp   2,890  
177,977     HRPT Properties Trust   600  
48,237     Inland Real Estate Corp   626  
40,347     Investors Real Estate Trust   432  
842,304     iShares Russell 3000 Index Fund   43,876  
125,709     iStar Financial, Inc   280  
18,553     JER Investors Trust, Inc   17  
24,426     Kilroy Realty Corp   817  
161,838     Kimco Realty Corp   2,958  
20,224     Kite Realty Group Trust   112  
32,868     LaSalle Hotel Properties   363  
41,683     Lexington Corporate Properties Trust   208  
69,145     Liberty Property Trust   1,579  
17,555     LTC Properties, Inc   356  
54,016     Macerich Co   981  
49,047     Mack-Cali Realty Corp   1,202  
29,713 *   Maguire Properties, Inc   43  
47,910     Medical Properties Trust, Inc   302  
32,379 *   Meruelo Maddux Properties, Inc   40  
143,419     MFA Mortgage Investments, Inc   845  
20,324     Mid-America Apartment Communities, Inc   755  
14,218     Mission West Properties, Inc   109  
13,926     Monmouth Real Estate Investment Corp (Class A)   97  
17,411     MVC Capital, Inc   191  
18,515     National Health Investors, Inc   508  
54,423     National Retail Properties, Inc   936  
70,794     Nationwide Health Properties, Inc   2,033  
31,202     Newcastle Investment Corp   26  
42,485     NorthStar Realty Finance Corp   166  
61,387     Omega Healthcare Investors, Inc   980  
5,498     One Liberty Properties, Inc   48  
11,623     Parkway Properties, Inc   209  
28,926     Pennsylvania Real Estate Investment Trust   215  
125,166     Plum Creek Timber Co, Inc   4,348  
36,066     Post Properties, Inc   595  
28,306     Potlatch Corp   736  
203,578     Prologis   2,828  
19,176     Prospect Capital Corp   230  
11,782     PS Business Parks, Inc   526  
92,786     Public Storage, Inc   7,376  
44,670     RAIT Investment Trust   116  
11,548     Ramco-Gershenson Properties   71  
71,615     Realty Income Corp   1,658  
26,168     Redwood Trust, Inc   390  
51,274     Regency Centers Corp   2,394  
15,662     Resource Capital Corp   60  
8,737     Saul Centers, Inc   345  

238

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
86,487     Senior Housing Properties Trust $ 1,550  
163,967     Simon Property Group, Inc   8,712  
42,555     SL Green Realty Corp   1,102  
16,182     Sovran Self Storage, Inc   583  
55,726     Strategic Hotels & Resorts, Inc   94  
12,790     Sun Communities, Inc   179  
44,687     Sunstone Hotel Investors, Inc   277  
23,030     Tanger Factory Outlet Centers, Inc   866  
39,722     Taubman Centers, Inc   1,011  
101,284     UDR, Inc   1,397  
10,285     Universal Health Realty Income Trust   338  
19,529     Urstadt Biddle Properties, Inc (Class A)   311  
33,533     U-Store-It Trust   149  
98,210     Ventas, Inc   3,297  
221,694     Virgin Media, Inc   1,106  
100,521     Vornado Realty Trust   6,066  
50,291     WABCO Holdings, Inc   794  
38,512     Washington Real Estate Investment Trust   1,090  
55,000     Weingarten Realty Investors   1,138  
8,043     Winthrop Realty Trust   87  
      TOTAL HOLDING AND OTHER INVESTMENT OFFICES   179,979  
 
HOTELS AND OTHER LODGING PLACES - 0.20%      
18,496     Ameristar Casinos, Inc   160  
15,345 *   Bluegreen Corp   48  
38,269     Boyd Gaming Corp   181  
22,909     Choice Hotels International, Inc   689  
29,868 *   Gaylord Entertainment Co   324  
21,853 *   Great Wolf Resorts, Inc   34  
9,907 *   Isle of Capri Casinos, Inc   32  
137,706 *   Las Vegas Sands Corp   817  
14,595 *   Lodgian, Inc   31  
14,891     Marcus Corp   242  
213,970     Marriott International, Inc (Class A)   4,162  
96,139 *   MGM Mirage   1,323  
8,692 *   Monarch Casino & Resort, Inc   101  
14,393 *   Morgans Hotel Group Co   67  
31,477     Orient-Express Hotels Ltd (Class A)   241  
11,051 *   Outdoor Channel Holdings, Inc   83  
10,185 *   Riviera Holdings Corp   31  
133,623     Starwood Hotels & Resorts Worldwide, Inc   2,392  
22,214 *   Vail Resorts, Inc   591  
128,944     Wyndham Worldwide Corp   845  
41,853     Wynn Resorts Ltd   1,769  
      TOTAL HOTELS AND OTHER LODGING PLACES   14,163  
 
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.43%      
19,106 *   3PAR, Inc   147  
8,853     Aaon, Inc   185  
43,614     Actuant Corp (Class A)   830  
67,615 *   AGCO Corp   1,595  
4,490     Alamo Group, Inc   67  
17,732 *   Allis-Chalmers Energy, Inc   98  
18,705 *   Altra Holdings, Inc   148  
5,232     Ampco-Pittsburgh Corp   114  
998,574     Applied Materials, Inc   10,116  

239

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
13,287 *   Astec Industries, Inc $ 416  
39,136 *   Asyst Technologies, Inc   10  
17,717 *   AuthenTec, Inc   30  
73,014 *   Axcelis Technologies, Inc   37  
44,378     Black & Decker Corp   1,855  
11,587     Black Box Corp   303  
27,159 *   Blount International, Inc   257  
6,303 *   Bolt Technology Corp   44  
39,839     Briggs & Stratton Corp   701  
276,213 *   Brocade Communications Systems, Inc   773  
52,087 *   Brooks Automation, Inc   303  
55,339     Bucyrus International, Inc (Class A)   1,025  
43,791     Carlisle Cos, Inc   906  
8,145     Cascade Corp   243  
452,922     Caterpillar, Inc   20,232  
50,384 *   Cirrus Logic, Inc   135  
15,295 *   Colfax Corp   159  
12,813 *   Columbus McKinnon Corp   175  
22,453 *   Cray, Inc   47  
148,236     Cummins, Inc   3,962  
33,230     Curtiss-Wright Corp   1,110  
22,436 *   Cymer, Inc   492  
316,019     Deere & Co   12,110  
1,337,415 *   Dell, Inc   13,695  
48,556     Diebold, Inc   1,364  
59,606     Donaldson Co, Inc   2,006  
138,965     Dover Corp   4,575  
63,131 *   Dresser-Rand Group, Inc   1,089  
22,021 *   Dril-Quip, Inc   452  
48,742 *   Elixir Gaming Technologies, Inc   6  
1,521,273 *   EMC Corp   15,928  
67,542 *   Emulex Corp   471  
25,764 *   Ener1, Inc   184  
19,155 *   ENGlobal Corp   62  
15,889 *   EnPro Industries, Inc   342  
86,789 *   Entegris, Inc   190  
89,895 *   Extreme Networks, Inc   210  
10,864 *   Flanders Corp   51  
18,788 *   Flotek Industries, Inc   47  
26,655 *   Flow International Corp   65  
43,431     Flowserve Corp   2,237  
94,122 *   FMC Technologies, Inc   2,243  
12,288 *   Fuel Tech, Inc   130  
41,762 *   Gardner Denver, Inc   975  
9,597     Gorman-Rupp Co   299  
43,862     Graco, Inc   1,041  
7,264     Graham Corp   79  
4,595 *   Harbin Electric, Inc   37  
1,820,096     Hewlett-Packard Co   66,051  
3,857 *   Hurco Cos, Inc   46  
61,072     IDEX Corp   1,475  
18,659 *   Immersion Corp   110  
229,434     Ingersoll-Rand Co Ltd (Class A)   3,981  
48,048 *   Intermec, Inc   638  
1,015,158     International Business Machines Corp   85,436  
227,483     International Game Technology   2,705  

240

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
14,156 *   Intevac, Inc $ 72  
5,817 *   Isilon Systems, Inc   19  
133,154     ITT Industries, Inc   6,124  
150,302     Jabil Circuit, Inc   1,015  
20,027     John Bean Technologies Corp   164  
79,248     Joy Global, Inc   1,814  
9,545 *   Kadant, Inc   129  
25,319     Kaydon Corp   870  
57,312     Kennametal, Inc   1,272  
4,064 *   Key Technology, Inc   77  
40,500 *   Kulicke & Soffa Industries, Inc   69  
91,530 *   Lam Research Corp   1,948  
35,025     Lennox International, Inc   1,131  
57,566 *   Lexmark International, Inc (Class A)   1,549  
10,010     Lindsay Manufacturing Co   318  
11,534     Lufkin Industries, Inc   398  
103,194     Manitowoc Co, Inc   894  
10,825     Met-Pro Corp   144  
60,518 *   Micros Systems, Inc   988  
12,151 *   Middleby Corp   331  
24,902     Modine Manufacturing Co   121  
3,910     Nacco Industries, Inc (Class A)   146  
14,615 *   NATCO Group, Inc (Class A)   222  
8,571 *   Natural Gas Services Group, Inc   87  
28,487 *   Netezza Corp   189  
24,403 *   Netgear, Inc   278  
11,283     NN, Inc   26  
25,532     Nordson Corp   824  
36,849 *   Oil States International, Inc   689  
92,370     Pall Corp   2,626  
72,885     Palm, Inc   224  
152,353     Pitney Bowes, Inc   3,882  
9,152 *   PMFG, Inc   87  
134,455 *   Quantum Corp   48  
25,143 *   Rackable Systems, Inc   99  
14,719 *   RBC Bearings, Inc   299  
7,282 *   Rimage Corp   98  
40,886 *   Riverbed Technology, Inc   466  
19,984     Robbins & Myers, Inc   323  
85,950 *   Safeguard Scientifics, Inc   59  
166,340 *   SanDisk Corp   1,597  
6,258     Sauer-Danfoss, Inc   55  
19,852 *   Scansource, Inc   383  
49,874 *   Scientific Games Corp (Class A)   875  
86,617 m,v   Seagate Technology   -^  
364,881     Seagate Technology, Inc   1,616  
15,689 *   Semitool, Inc   48  
19,250 *   Sigma Designs, Inc   183  
39,922     SPX Corp   1,619  
8,469     Standex International Corp   168  
22,478 *   STEC, Inc   96  
16,272 *   Super Micro Computer, Inc   103  
8,956 *   T-3 Energy Services, Inc   85  
10,545 *   Tecumseh Products Co   101  
11,200     Tennant Co   172  
131,589 *   Teradata Corp   1,951  

241

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
79,671 *   Terex Corp $ 1,380  
9,835 *   Thermadyne Holdings Corp   68  
59,500     Timken Co   1,168  
26,107     Toro Co   862  
14,313 *   TurboChef Technologies, Inc   70  
6,504     Twin Disc, Inc   45  
18,851 *   Ultratech, Inc   225  
92,020 *   Varian Medical Systems, Inc   3,224  
48,259 *   VeriFone Holdings, Inc   236  
18,286     Watsco, Inc   702  
159,208 *   Western Digital Corp   1,823  
42,738     Woodward Governor Co   984  
48,274 *   Zebra Technologies Corp (Class A)   978  
      TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT   317,781  
 
INSTRUMENTS AND RELATED PRODUCTS - 3.86%      
15,924 *   Abaxis, Inc   255  
21,756 *   Abiomed, Inc   357  
26,489 *   Accuray, Inc   137  
39,000 *   Advanced Medical Optics, Inc   258  
48,446 *   Affymetrix, Inc   145  
267,668 *   Agilent Technologies, Inc   4,184  
42,246 *   Align Technology, Inc   370  
226,078     Allergan, Inc   9,115  
18,953 *   Alphatec Holdings, Inc   45  
55,114 *   American Medical Systems Holdings, Inc   495  
6,336     American Science & Engineering, Inc   469  
11,227     Analogic Corp   306  
14,600 *   Anaren, Inc   174  
15,144 *   Angiodynamics, Inc   207  
7,835 *   Argon ST, Inc   148  
19,956 *   Arthrocare Corp   95  
1,039     Atrion Corp   101  
7,142 *   Axsys Technologies, Inc   392  
11,864     Badger Meter, Inc   344  
73,413     Bard (C.R.), Inc   6,186  
464,124     Baxter International, Inc   24,872  
46,314     Beckman Coulter, Inc   2,035  
180,474     Becton Dickinson & Co   12,343  
13,647 *   Bio-Rad Laboratories, Inc (Class A)   1,028  
1,108,522 *   Boston Scientific Corp   8,580  
39,674 *   Bruker BioSciences Corp   160  
35,172 *   Caliper Life Sciences, Inc   34  
8,219 *   Cantel Medical Corp   121  
14,117 *   Cardiac Science Corp   106  
3,187 *   CardioNet, Inc   79  
42,022 *   Cepheid, Inc   436  
17,122 *   Coherent, Inc   367  
15,857     Cohu, Inc   193  
22,053 *   Conmed Corp   528  
34,815     Cooper Cos, Inc   571  
369,450     Covidien Ltd   13,389  
14,634 *   Cyberonics, Inc   242  
5,493 *   Cynosure, Inc (Class A)   50  
189,352     Danaher Corp   10,719  
9,120     Datascope Corp   476  

242

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
109,141     Dentsply International, Inc $ 3,082  
35,845 *   Depomed, Inc   59  
18,685 *   DexCom, Inc   52  
15,488 *   Dionex Corp   695  
5,160 *   DXP Enterprises, Inc   75  
209,804     Eastman Kodak Co   1,381  
574,268     Emerson Electric Co   21,024  
19,238 *   ESCO Technologies, Inc   788  
23,800 *   Esterline Technologies Corp   902  
48,426 *   ev3, Inc   295  
4,898 *   Exactech, Inc   82  
10,521 *   FARO Technologies, Inc   177  
24,915 *   FEI Co   470  
8,200 *   FGX International Holdings Ltd   113  
104,792 *   Flir Systems, Inc   3,215  
34,873 *   Formfactor, Inc   509  
34,212 *   Fossil, Inc   571  
94,802     Garmin Ltd   1,817  
19,314 *   Haemonetics Corp   1,091  
22,869 *   Hanger Orthopedic Group, Inc   332  
9,696 *   Herley Industries, Inc   119  
43,616     Hillenbrand, Inc   728  
188,709 *   Hologic, Inc   2,466  
9,395 *   ICU Medical, Inc   311  
10,189 *   ICx Technologies, Inc   81  
13,461 *   I-Flow Corp   65  
16,744 *   II-VI, Inc   320  
91,506 *   Illumina, Inc   2,384  
12,951 *   Insulet Corp   100  
14,613 *   Integra LifeSciences Holdings Corp   520  
28,910 *   Intuitive Surgical, Inc   3,671  
26,594     Invacare Corp   413  
66,411 *   ION Geophysical Corp   228  
12,955 *   IRIS International, Inc   181  
25,493 *   Itron, Inc   1,625  
30,992 *   Ixia   179  
8,260 *   Kensey Nash Corp   160  
122,204     Kla-Tencor Corp   2,663  
50,517 *   Kopin Corp   103  
1,705 *   K-Tron International, Inc   136  
52,878 *   L-1 Identity Solutions, Inc   356  
8,713 *   LaBarge, Inc   125  
49,063 *   LTX-Credence Corp   13  
12,178 *   Lydall, Inc   70  
35,128 *   Masimo Corp   1,048  
9,778 *   Measurement Specialties, Inc   68  
9,627 *   Medical Action Industries, Inc   96  
826,838     Medtronic, Inc   25,979  
27,176     Mentor Corp   841  
18,330 *   Merit Medical Systems, Inc   329  
26,777 *   Mettler-Toledo International, Inc   1,805  
10,806 *   Micrus Endovascular Corp   125  
41,016 *   Millipore Corp   2,113  
24,253     Mine Safety Appliances Co   580  
35,548 *   MKS Instruments, Inc   526  
12,667     Movado Group, Inc   119  

243

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
13,932     MTS Systems Corp $ 371  
41,305     National Instruments Corp   1,006  
19,956 *   Natus Medical, Inc   258  
10,524 *   Neogen Corp   263  
27,910 *   Newport Corp   189  
28,998 *   NuVasive, Inc   1,005  
14,324 *   NxStage Medical, Inc   38  
11,676 *   Orthofix International NV   179  
46,144 *   Orthovita, Inc   156  
2,713 *   OYO Geospace Corp   47  
12,302 *   Palomar Medical Technologies, Inc   142  
85,092     PerkinElmer, Inc   1,184  
311,632     Raytheon Co   15,906  
58,988 *   Resmed, Inc   2,211  
106,305     Rockwell Automation, Inc   3,427  
117,396     Rockwell Collins, Inc   4,589  
21,764 *   Rofin-Sinar Technologies, Inc   448  
65,940     Roper Industries, Inc   2,862  
20,900 *   Rudolph Technologies, Inc   74  
53,475 *   Sirf Technology Holdings, Inc   68  
11,900 *   Sirona Dental Systems, Inc   125  
8,984 *   Somanetics Corp   148  
16,954 *   Sonic Solutions, Inc   30  
11,650 *   SonoSite, Inc   222  
21,581 *   Spectranetics Corp   56  
251,647 *   St. Jude Medical, Inc   8,294  
49,750 *   Star Scientific, Inc   191  
16,786 *   Stereotaxis, Inc   74  
44,141     STERIS Corp   1,055  
226,386     Stryker Corp   9,044  
24,549 *   Symmetry Medical, Inc   196  
9,221 *   Synovis Life Technologies, Inc   173  
28,652     Techne Corp   1,849  
25,935 *   Teledyne Technologies, Inc   1,155  
122,676 *   Teradyne, Inc   518  
309,453 *   Thermo Electron Corp   10,543  
41,620 *   Thoratec Corp   1,352  
9,073 *   Trans1, Inc   65  
90,408 *   Trimble Navigation Ltd   1,954  
23,253 *   Varian, Inc   779  
20,673 *   Veeco Instruments, Inc   131  
11,927 *   Vital Images, Inc   166  
40,285 *   Vivus, Inc   214  
9,220 *   Vnus Medical Technologies, Inc   150  
34,192 *   Volcano Corp   513  
73,044 *   Waters Corp   2,677  
28,863 *   Wright Medical Group, Inc   590  
666,758     Xerox Corp   5,314  
169,528 *   Zimmer Holdings, Inc   6,852  
14,948 *   Zoll Medical Corp   282  
12,959 *   Zygo Corp   90  
      TOTAL INSTRUMENTS AND RELATED PRODUCTS   276,713  
 
INSURANCE AGENTS, BROKERS AND SERVICE - 0.40%      
204,963     AON Corp   9,363  
85,625     Brown & Brown, Inc   1,790  

244

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
14,025 *   Crawford & Co (Class B) $ 204  
70,896     Gallagher (Arthur J.) & Co   1,837  
240,280     Hartford Financial Services Group, Inc   3,945  
4,317     Life Partners Holdings, Inc   188  
378,000     Marsh & McLennan Cos, Inc   9,174  
28,892     National Financial Partners Corp   88  
6,631     White Mountains Insurance Group Ltd   1,771  
      TOTAL INSURANCE AGENTS, BROKERS AND SERVICE   28,360  
 
INSURANCE CARRIERS - 3.68%      
358,226     Aetna, Inc   10,209  
349,901     Aflac, Inc   16,039  
3,675 *   Alleghany Corp   1,036  
36,441     Allied World Assurance Holdings Ltd   1,480  
404,045     Allstate Corp   13,237  
179,780     Ambac Financial Group, Inc   234  
39,900     American Equity Investment Life Holding Co   279  
54,873     American Financial Group, Inc   1,255  
1,681,770     American International Group, Inc   2,640  
11,112     American National Insurance Co   819  
8,194     American Physicians Capital, Inc   394  
7,468 *   American Safety Insurance Holdings Ltd   99  
40,065 *   AMERIGROUP Corp   1,183  
13,065 *   Amerisafe, Inc   268  
17,807     Amtrust Financial Services, Inc   207  
35,349 *   Arch Capital Group Ltd   2,478  
22,199 *   Argo Group International Holdings Ltd   753  
65,046     Aspen Insurance Holdings Ltd   1,577  
88,596     Assurant, Inc   2,658  
43,203     Assured Guaranty Ltd   493  
108,935     Axis Capital Holdings Ltd   3,172  
4,897     Baldwin & Lyons, Inc (Class B)   89  
23,815     Castlepoint Holdings Ltd   323  
23,814 *   Catalyst Health Solutions, Inc   580  
31,767 *   Centene Corp   626  
267,636     Chubb Corp   13,649  
204,971     Cigna Corp   3,454  
108,299     Cincinnati Financial Corp   3,148  
24,979 *   Citizens, Inc (Class A)   242  
19,762     CNA Financial Corp   325  
10,118 *   CNA Surety Corp   194  
150,674 *   Conseco, Inc   780  
30,740     Delphi Financial Group, Inc (Class A)   567  
9,364     Donegal Group, Inc (Class A)   157  
4,503     EMC Insurance Group, Inc   116  
40,431     Employers Holdings, Inc   667  
39,638     Endurance Specialty Holdings Ltd   1,210  
4,920 *   Enstar Group Ltd   291  
23,328     Erie Indemnity Co (Class A)   878  
46,083     Everest Re Group Ltd   3,509  
10,036     FBL Financial Group, Inc (Class A)   155  
157,242     Fidelity National Title Group, Inc (Class A)   2,791  
13,254 *   First Acceptance Corp   38  
68,920     First American Corp   1,991  
8,814 *   First Mercury Financial Corp   126  
10,047     Flagstone Reinsurance Holdings Ltd   98  

245

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
6,887 *   Fpic Insurance Group, Inc $ 302  
322,046     Genworth Financial, Inc (Class A)   911  
20,683 *   Greenlight Capital Re Ltd (Class A)   269  
36,385     Hanover Insurance Group, Inc   1,563  
10,427     Harleysville Group, Inc   362  
84,139     HCC Insurance Holdings, Inc   2,251  
85,483 *   Health Net, Inc   931  
37,295 *   Healthspring, Inc   745  
29,235     Horace Mann Educators Corp   269  
124,169 *   Humana, Inc   4,629  
3,952     Independence Holding Co   14  
10,619     Infinity Property & Casualty Corp   496  
38,500     IPC Holdings Ltd   1,151  
2,078     Kansas City Life Insurance Co   90  
133,888     Leucadia National Corp   2,651  
189,579     Lincoln National Corp   3,572  
229,968     Loews Corp   6,497  
34,934     Maiden Holdings Ltd   109  
7,160 *   Markel Corp   2,141  
42,796     Max Re Capital Ltd   757  
171,117 *   MBIA, Inc   696  
32,589     Meadowbrook Insurance Group, Inc   210  
19,709     Mercury General Corp   906  
371,176     Metlife, Inc   12,939  
115,878     MGIC Investment Corp   403  
8,801 *   Molina Healthcare, Inc   155  
71,424     Montpelier Re Holdings Ltd   1,199  
11,286     National Interstate Corp   202  
1,551     National Western Life Insurance Co (Class A)   262  
33,169     Nationwide Financial Services, Inc (Class A)   1,732  
9,235 *   Navigators Group, Inc   507  
4,145     NYMAGIC, Inc   79  
17,706     Odyssey Re Holdings Corp   917  
168,530     Old Republic International Corp   2,009  
20,220     OneBeacon Insurance Group Ltd (Class A)   211  
39,884     PartnerRe Ltd   2,843  
87,893     Phoenix Cos, Inc   287  
36,901     Platinum Underwriters Holdings Ltd   1,331  
22,267 *   PMA Capital Corp (Class A)   158  
61,333     PMI Group, Inc   120  
13,808     Presidential Life Corp   137  
32,274 *   Primus Guaranty Ltd   37  
189,917     Principal Financial Group   4,286  
24,172 *   ProAssurance Corp   1,276  
494,033     Progressive Corp   7,317  
55,319     Protective Life Corp   794  
318,313     Prudential Financial, Inc   9,632  
58,897     Radian Group, Inc   217  
15,001 *   RadNet, Inc   50  
50,624     Reinsurance Group of America, Inc (Class A)   2,168  
46,431     RenaissanceRe Holdings Ltd   2,394  
14,489     RLI Corp   886  
11,778     Safety Insurance Group, Inc   448  
14,868 *   SeaBright Insurance Holdings, Inc   175  
40,400     Selective Insurance Group, Inc   926  
37,995     Stancorp Financial Group, Inc   1,587  

246

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
9,480     State Auto Financial Corp $ 285  
12,744     Stewart Information Services Corp   299  
65,792     Torchmark Corp   2,941  
14,435     Tower Group, Inc   407  
19,325     Transatlantic Holdings, Inc   774  
445,182     Travelers Cos, Inc   20,122  
8,100 *   Triple-S Management Corp (Class B)   93  
14,545 *   United America Indemnity Ltd (Class A)   186  
14,738     United Fire & Casualty Co   458  
907,355     UnitedHealth Group, Inc   24,136  
32,289     Unitrin, Inc   515  
32,738 *   Universal American Financial Corp   289  
260,385     UnumProvident Corp   4,843  
47,530     Validus Holdings Ltd   1,243  
102,891     W.R. Berkley Corp   3,190  
32,075 *   WellCare Health Plans, Inc   412  
387,646 *   WellPoint, Inc   16,332  
921     Wesco Financial Corp   265  
239,915     XL Capital Ltd (Class A)   888  
26,173     Zenith National Insurance Corp   826  
      TOTAL INSURANCE CARRIERS   264,224  
 
JUSTICE, PUBLIC ORDER AND SAFETY - 0.03%      
9,575 *   China Fire & Security Group, Inc   65  
93,936 *   Corrections Corp of America   1,537  
36,479 *   Geo Group, Inc   658  
      TOTAL JUSTICE, PUBLIC ORDER AND SAFETY   2,260  
 
LEATHER AND LEATHER PRODUCTS - 0.11%      
249,350 *   Coach, Inc   5,179  
69,894 *   CROCS, Inc   87  
19,390 *   Genesco, Inc   328  
41,255 *   Iconix Brand Group, Inc   403  
14,372 *   Steven Madden Ltd   306  
38,262 *   Timberland Co (Class A)   442  
3,210     Weyco Group, Inc   106  
38,905     Wolverine World Wide, Inc   819  
      TOTAL LEATHER AND LEATHER PRODUCTS   7,670  
 
LEGAL SERVICES - 0.03%      
37,932 *   FTI Consulting, Inc   1,695  
7,324 *   Pre-Paid Legal Services, Inc   273  
      TOTAL LEGAL SERVICES   1,968  
 
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.00%**      
8,114 *   Emergency Medical Services Corp (Class A)   297  
      TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT   297  
 
LUMBER AND WOOD PRODUCTS - 0.01%      
8,518     American Woodmark Corp   155  
64,030 *   Champion Enterprises, Inc   36  
7,514     Deltic Timber Corp   344  
86,907     Louisiana-Pacific Corp   136  
4,307     Skyline Corp   86  
11,966     Universal Forest Products, Inc   322  
      TOTAL LUMBER AND WOOD PRODUCTS   1,079  

247

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
METAL MINING - 0.40%      
31,735 *   Allied Nevada Gold Corp $ 161  
38,747 *   Apex Silver Mines Ltd   38  
87,142     Cleveland-Cliffs, Inc   2,232  
433,835 *   Coeur d'Alene Mines Corp   382  
32,556     Foundation Coal Holdings, Inc   456  
284,010     Freeport-McMoRan Copper & Gold, Inc (Class B)   6,941  
132,363 *   Hecla Mining Co   371  
322,393     Newmont Mining Corp   13,121  
67,724 *   Patriot Coal Corp   423  
35,943 *   Rosetta Resources, Inc   254  
23,868     Royal Gold, Inc   1,175  
19,857 *   ShengdaTech, Inc   70  
162,944     Southern Copper Corp   2,617  
30,773 *   Stillwater Mining Co   152  
36,838 *   Uranium Resources, Inc   28  
      TOTAL METAL MINING   28,421  
 
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.24%      
14,119     Armstrong World Industries, Inc   305  
19,692     Blyth, Inc   154  
51,179     Callaway Golf Co   475  
22,322     Daktronics, Inc   209  
92,502     Hasbro, Inc   2,698  
24,778 *   Intrepid Potash, Inc   515  
19,429 *   Jakks Pacific, Inc   401  
22,402 *   Leapfrog Enterprises, Inc   78  
8,407     Marine Products Corp   47  
265,821     Mattel, Inc   4,253  
26,637 *   Nautilus, Inc   59  
14,785 *   RC2 Corp   158  
11,572 *   Russ Berrie & Co, Inc   34  
38,355 *   Shuffle Master, Inc   190  
4,356     Steinway Musical Instruments, Inc   76  
353,338     Tyco International Ltd   7,632  
      TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES   17,284  
 
MISCELLANEOUS RETAIL - 1.24%      
14,742 *   1-800-FLOWERS.COM, Inc (Class A)   56  
233,421 *   Amazon.com, Inc   11,970  
25,824     Barnes & Noble, Inc   387  
15,894     Big 5 Sporting Goods Corp   83  
10,266 *   Blue Nile, Inc   251  
41,091 *   Borders Group, Inc   16  
10,668 *   Build-A-Bear Workshop, Inc   52  
26,223 *   Cabela's, Inc   153  
20,960     Cash America International, Inc   573  
36,440 *   CKX, Inc   134  
46,768 *   Coldwater Creek, Inc   133  
1,052,786     CVS Corp   30,257  
62,438 *   Dick's Sporting Goods, Inc   881  
67,940 *   Dollar Tree, Inc   2,840  
61,220 *   Drugstore.Com   76  
28,590 *   Ezcorp, Inc (Class A)   435  
7,272 *   Fuqi International, Inc   46  

248

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
16,458 *   GSI Commerce, Inc $ 173  
24,778 *   Hibbett Sports, Inc   389  
26,504 *   HSN, Inc   193  
19,736 *   Jo-Ann Stores, Inc   306  
35,065 *   Marvel Entertainment, Inc   1,078  
32,978     MSC Industrial Direct Co (Class A)   1,215  
24,699     Nutri/System, Inc   360  
230,177 *   Office Depot, Inc   686  
62,128     OfficeMax, Inc   475  
11,517 *   Overstock.com, Inc   124  
6,868 *   PC Connection, Inc   35  
7,784 *   PC Mall, Inc   31  
91,194     Petsmart, Inc   1,683  
30,867 *   Priceline.com, Inc   2,273  
9,367     Pricesmart, Inc   194  
406,165 *   Rite Aid Corp   126  
10,339 *   Shutterfly, Inc   72  
62,100     Signet Jewelers Ltd   538  
12,380 *   Stamps.com, Inc   122  
517,608     Staples, Inc   9,276  
9,938     Systemax, Inc   107  
92,285     Tiffany & Co   2,181  
730,190     Walgreen Co   18,014  
20,188     World Fuel Services Corp   747  
25,452 *   Zale Corp   85  
12,255 *   Zumiez, Inc   91  
      TOTAL MISCELLANEOUS RETAIL   88,917  
 
MOTION PICTURES - 0.69%      
10,098 *   Ascent Media Corp (Series A)   221  
27,904 *   Avid Technology, Inc   304  
143,498 *   Blockbuster, Inc (Class A)   181  
21,687     Cinemark Holdings, Inc   161  
86 *   Discovery Communications, Inc (Class A)   1  
190,187 *   Discovery Communications, Inc (Class C)   2,547  
61,502 *   DreamWorks Animation SKG, Inc (Class A)   1,554  
11,202 *   Gaiam, Inc (Class A)   52  
59,204 *   Macrovision Solutions Corp   749  
30,800     National CineMedia, Inc   312  
1,702,346     News Corp (Class A)   15,474  
60,087     Regal Entertainment Group (Class A)   614  
2,642,275     Time Warner, Inc   26,581  
114,426 *   tw telecom inc (Class A)   969  
      TOTAL MOTION PICTURES   49,720  
 
NONDEPOSITORY INSTITUTIONS - 0.60%      
36,918     Advance America Cash Advance Centers, Inc   70  
26,047     Advanta Corp (Class B)   54  
149,545     American Capital Ltd   485  
740,883     American Express Co   13,743  
83,434 *   AmeriCredit Corp   637  
108,197     Apollo Investment Corp   1,007  
69,835     Ares Capital Corp   442  
7,100     BlackRock Kelso Capital Corp   70  
29,500 *   Boise, Inc   13  
276,981     Capital One Financial Corp   8,833  

249

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
158,535     CapitalSource, Inc $ 732  
100,400     Chimera Investment Corp   346  
210,389     CIT Group, Inc   955  
16,600 *   CompuCredit Corp   92  
6,736 *   Credit Acceptance Corp   92  
350,856     Discover Financial Services   3,344  
4,010 *   Doral Financial Corp   30  
11,162 *   Encore Capital Group, Inc   80  
7,676     Federal Agricultural Mortgage Corp (Class C)   27  
484,001     Federal Home Loan Mortgage Corp   353  
775,430     Federal National Mortgage Association   589  
19,417     Financial Federal Corp   452  
18,408 *   First Cash Financial Services, Inc   351  
43,239 *   First Marblehead Corp   56  
15,921     Gladstone Investment Corp   78  
37,598     GLG Partners, Inc   85  
24,950 *   Guaranty Financial Group, Inc   65  
23,158     Hercules Technology Growth Capital, Inc   183  
8,511     Kohlberg Capital Corp   31  
71,276     Lender Processing Services, Inc   2,099  
50,285     MCG Capital Corp   36  
9,981     Medallion Financial Corp   76  
18,237 *   Mercadolibre, Inc   299  
7,245 *   Mitcham Industries, Inc   29  
13,901     Nelnet, Inc (Class A)   199  
9,384 *   NewStar Financial, Inc   37  
12,077     NGP Capital Resources Co   101  
25,500 *   Ocwen Financial Corp   234  
12,881     Patriot Capital Funding, Inc   47  
13,973     PennantPark Investment Corp   50  
37,904 *   PHH Corp   483  
341,110 *   SLM Corp   3,036  
2,846     Student Loan Corp   117  
179,246     Textron, Inc   2,486  
40,004 *   thinkorswim Group, Inc   225  
4,417 *   Tree.com, Inc   11  
12,929 *   World Acceptance Corp   256  
      TOTAL NONDEPOSITORY INSTITUTIONS   43,116  
 
NONMETALLIC MINERALS, EXCEPT FUELS - 0.10%      
18,209     AMCOL International Corp   382  
24,077     Compass Minerals International, Inc   1,412  
45,354 *   General Moly, Inc   54  
79,922     Vulcan Materials Co   5,561  
      TOTAL NONMETALLIC MINERALS, EXCEPT FUELS   7,409  
 
OIL AND GAS EXTRACTION - 3.99%      
29,557 *   Abraxas Petroleum Corp   21  
343,417     Anadarko Petroleum Corp   13,239  
245,379     Apache Corp   18,288  
6,580     APCO Argentina, Inc   175  
6,556 *   Approach Resources, Inc   48  
31,907 *   Arena Resources, Inc   896  
25,618     Atlas America, Inc   380  
19,847 *   ATP Oil & Gas Corp   116  
41,974 *   Atwood Oceanics, Inc   641  

250

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
228,268     Baker Hughes, Inc $ 7,321  
32,576 *   Basic Energy Services, Inc   425  
33,452     Berry Petroleum Co (Class A)   253  
26,337 *   Bill Barrett Corp   557  
215,784     BJ Services Co   2,518  
26,898 *   BMB Munai, Inc   37  
32,124 *   Brigham Exploration Co   103  
18,177 *   Bronco Drilling Co, Inc   117  
74,861     Cabot Oil & Gas Corp   1,946  
38,620 *   Cal Dive International, Inc   251  
14,536 *   Callon Petroleum Co   38  
157,356 *   Cameron International Corp   3,226  
27,338 *   Cano Petroleum, Inc   12  
20,347 *   Carrizo Oil & Gas, Inc   328  
35,790 *   Cheniere Energy, Inc   102  
421,453     Chesapeake Energy Corp   6,815  
60,613     Cimarex Energy Co   1,623  
3,369 *   Clayton Williams Energy, Inc   153  
23,668 *   CNX Gas Corp   646  
34,650 *   Complete Production Services, Inc   282  
33,310 *   Comstock Resources, Inc   1,574  
42,909 *   Concho Resources, Inc   979  
10,775 *   Contango Oil & Gas Co   607  
22,174 *   Continental Resources, Inc   459  
5,228 *   Dawson Geophysical Co   93  
49,598 *   Delta Petroleum Corp   236  
181,865 *   Denbury Resources, Inc   1,986  
328,656     Devon Energy Corp   21,596  
51,480     Diamond Offshore Drilling, Inc   3,034  
5,864 *   Double Eagle Petroleum Co   41  
39,711 *   Encore Acquisition Co   1,013  
81,717 *   Endeavour International Corp   41  
27,497 *   Energy Partners Ltd   37  
9,700 *   Energy Recovery, Inc   74  
86,356     Energy XXI Bermuda Ltd   68  
103,958     ENSCO International, Inc   2,951  
183,659     EOG Resources, Inc   12,228  
95,992     Equitable Resources, Inc   3,221  
120,259 *   EXCO Resources, Inc   1,090  
47,192 *   Exterran Holdings, Inc   1,005  
71,652 *   Forest Oil Corp   1,182  
24,931 *   FX Energy, Inc   70  
67,833 *   Gasco Energy, Inc   26  
21,487 *   GeoGlobal Resources, Inc   34  
4,904 *   Geokinetics, Inc   12  
12,517 *   Geomet, Inc   22  
4,145 *   Georesources, Inc   36  
104,508 *   Global Industries Ltd   365  
12,303 *   GMX Resources, Inc   312  
17,217 *   Goodrich Petroleum Corp   516  
18,897 *   Gulfport Energy Corp   75  
644,148     Halliburton Co   11,711  
29,621 *   Harvest Natural Resources, Inc   127  
81,623 *   Helix Energy Solutions Group, Inc   591  
76,677     Helmerich & Payne, Inc   1,744  
62,749 *   Hercules Offshore, Inc   298  

251

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
11,202     Houston American Energy Corp $ 38  
6,902     Kayne Anderson Energy Development Co   52  
95,985 *   Key Energy Services, Inc   423  
65,493 *   Mariner Energy, Inc   668  
46,267 *   McMoRan Exploration Co   453  
70,596 *   Meridian Resource Corp   40  
206,320 *   Nabors Industries Ltd   2,470  
305,133 *   National Oilwell Varco, Inc   7,457  
94,732 *   Newfield Exploration Co   1,871  
64,229 *   Newpark Resources, Inc   238  
196,210     Noble Corp   4,334  
126,228     Noble Energy, Inc   6,213  
14,257 *   Northern Oil And Gas, Inc   37  
606,089     Occidental Petroleum Corp   36,359  
39,636 *   Oceaneering International, Inc   1,155  
140,208 *   Oilsands Quest, Inc   102  
5,367     Panhandle Oil and Gas, Inc (Class A)   97  
27,407 *   Parallel Petroleum Corp   55  
96,030 *   Parker Drilling Co   279  
119,282     Patterson-UTI Energy, Inc   1,373  
29,914     Penn Virginia Corp   777  
3,037 m,v   Petrocorp, Inc   -^  
185,014 *   PetroHawk Energy Corp   2,892  
11,388 *   Petroleum Development Corp   274  
37,803 *   Petroquest Energy, Inc   256  
35,470 *   Pioneer Drilling Co   198  
86,290     Pioneer Natural Resources Co   1,396  
77,413 *   Plains Exploration & Production Co   1,799  
12,071 *   PowerSecure International, Inc   40  
26,044     Precision Drilling Trust   219  
120,607 *   Pride International, Inc   1,927  
14,053 *   Quest Resource Corp   6  
74,419 *   Quicksilver Resources, Inc   415  
26,595 *   RAM Energy Resources, Inc   23  
115,589     Range Resources Corp   3,975  
11,881 *   Rex Energy Corp   35  
80,853     Rowan Cos, Inc   1,286  
23,456     RPC, Inc   229  
882,467     Schlumberger Ltd   37,355  
15,255 *   SEACOR Holdings, Inc   1,017  
157,985     Smith International, Inc   3,616  
254,207 *   Southwestern Energy Co   7,364  
45,939     St. Mary Land & Exploration Co   933  
22,888 *   Stone Energy Corp   252  
23,906 *   Sulphco, Inc   23  
62,807 *   Superior Energy Services   1,001  
11,230 *   Superior Well Services, Inc   112  
23,503 *   Swift Energy Co   395  
54,419 *   Tetra Technologies, Inc   264  
37,744     Tidewater, Inc   1,520  
11,158 *   Toreador Resources Corp   61  
8,324 *   Trico Marine Services, Inc   37  
16,704 *   Tri-Valley Corp   30  
20,290 *   TXCO Resources, Inc   30  
10,127 *   Union Drilling, Inc   53  
33,835 *   Unit Corp   904  

252

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
40,557 *   Vaalco Energy, Inc $ 302  
14,572 *   Venoco, Inc   40  
21,672     W&T Offshore, Inc   310  
37,871 *   Warren Resources, Inc   75  
499,446 *   Weatherford International Ltd   5,404  
31,520 *   Whiting Petroleum Corp   1,055  
30,921 *   Willbros Group, Inc   262  
407,507     XTO Energy, Inc   14,373  
      TOTAL OIL AND GAS EXTRACTION   286,260  
 
PAPER AND ALLIED PRODUCTS - 0.42%      
38,425 *   AbitibiBowater, Inc   18  
75,437     Bemis Co   1,786  
26,323 *   Buckeye Technologies, Inc   96  
38,005 *   Cenveo, Inc   169  
352,281 *   Domtar Corporation   588  
30,362     Glatfelter   282  
104,801 *   Graphic Packaging Holding Co   120  
25,049     Greif, Inc (Class A)   837  
310,121     International Paper Co   3,659  
13,461 *   Kapstone Paper and Packaging Corp   32  
309,753     Kimberly-Clark Corp   16,336  
124,927     MeadWestvaco Corp   1,398  
20,151 *   Mercer International, Inc   39  
10,278     Neenah Paper, Inc   91  
77,673     Packaging Corp of America   1,045  
28,437     Rock-Tenn Co (Class A)   972  
9,960     Schweitzer-Mauduit International, Inc   199  
196,880 *   Smurfit-Stone Container Corp   50  
74,138     Sonoco Products Co   1,717  
102,752     Temple-Inland, Inc   493  
9,838     Verso Paper Corp   10  
29,954     Wausau Paper Corp   343  
      TOTAL PAPER AND ALLIED PRODUCTS   30,280  
 
PERSONAL SERVICES - 0.17%      
96,677     Cintas Corp   2,246  
20,600 *   Coinstar, Inc   402  
15,088     G & K Services, Inc (Class A)   305  
238,003     H&R Block, Inc   5,407  
20,449     Jackson Hewitt Tax Service, Inc   321  
31,315     Regis Corp   455  
68,023 *   Sally Beauty Holdings, Inc   387  
187,277     Service Corp International   931  
11,970 *   Steiner Leisure Ltd   353  
9,989     Unifirst Corp   297  
26,680     Weight Watchers International, Inc   785  
      TOTAL PERSONAL SERVICES   11,889  
 
PETROLEUM AND COAL PRODUCTS - 7.42%      
9,171     Alon USA Energy, Inc   84  
26,486 *   American Oil & Gas, Inc   21  
52,752     Ashland, Inc   554  
1,529,183     Chevron Corp   113,114  
1,137,402     ConocoPhillips   58,917  
14,100 *   CVR Energy, Inc   56  

253

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
7,530     Delek US Holdings, Inc $ 40  
3,902,820     Exxon Mobil Corp   311,562  
75,775     Frontier Oil Corp   957  
162,929 *   Gran Tierra Energy, Inc   456  
34,562 *   Headwaters, Inc   233  
207,741     Hess Corp   11,143  
32,029     Holly Corp   584  
521,747     Marathon Oil Corp   14,275  
139,344     Murphy Oil Corp   6,180  
7,327     Quaker Chemical Corp   121  
78,278 *   SandRidge Energy, Inc   481  
84,104     Sunoco, Inc   3,655  
98,960     Tesoro Corp   1,303  
388,087     Valero Energy Corp   8,398  
11,564     WD-40 Co   327  
21,900     Western Refining, Inc   170  
      TOTAL PETROLEUM AND COAL PRODUCTS   532,631  
 
PIPELINES, EXCEPT NATURAL GAS - 0.10%      
462,922     Spectra Energy Corp   7,286  
      TOTAL PIPELINES, EXCEPT NATURAL GAS   7,286  
 
PRIMARY METAL INDUSTRIES - 0.73%      
82,503     AK Steel Holding Corp   769  
596,504     Alcoa, Inc   6,717  
73,511     Allegheny Technologies, Inc   1,877  
36,981     Belden CDT, Inc   772  
14,781 *   Brush Engineered Materials, Inc   188  
34,840     Carpenter Technology Corp   716  
23,469 *   Century Aluminum Co   235  
6,101 *   Coleman Cable, Inc   28  
50,127 *   CommScope, Inc   779  
1,166,120     Corning, Inc   11,113  
15,305     Encore Wire Corp   290  
10,195 *   Fushi Copperweld, Inc   54  
37,991 *   General Cable Corp   672  
7,639 *   General Steel Holdings, Inc   30  
20,138     Gibraltar Industries, Inc   241  
8,302 *   Haynes International, Inc   204  
24,699 *   Horsehead Holding Corp   116  
40,893     Hubbell, Inc (Class B)   1,336  
21,924     Matthews International Corp (Class A)   804  
23,017 *   Metalico, Inc   36  
27,916     Mueller Industries, Inc   700  
6,217 *   Northwest Pipe Co   265  
232,188     Nucor Corp   10,727  
5,831     Olympic Steel, Inc   119  
101,803     Precision Castparts Corp   6,055  
16,800 *   RTI International Metals, Inc   240  
15,609     Schnitzer Steel Industries, Inc (Class A)   588  
118,860     Steel Dynamics, Inc   1,329  
17,419     Texas Industries, Inc   601  
61,371     Titanium Metals Corp   541  
24,156     Tredegar Corp   439  
85,614     United States Steel Corp   3,185  
4,623 *   Universal Stainless & Alloy   67  
46,555     Worthington Industries, Inc   513  
      TOTAL PRIMARY METAL INDUSTRIES   52,346  

254

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
PRINTING AND PUBLISHING - 0.28%      
36,106 *   ACCO Brands Corp $ 125  
11,975     AH Belo Corp (Class A)   26  
34,915     American Greetings Corp (Class A)   264  
59,879     Belo (A.H.) Corp (Class A)   93  
22,675     Bowne & Co, Inc   133  
16,074 *   China Information Security Technology, Inc   58  
8,210 *   Consolidated Graphics, Inc   186  
6,267     Courier Corp   112  
5,480     CSS Industries, Inc   97  
15,501 *   Dolan Media Co   102  
40,838     Dun & Bradstreet Corp   3,153  
17,307     Ennis, Inc   210  
21,197     EW Scripps Co (Class A)   47  
165,881     Gannett Co, Inc   1,327  
35,148     Harte-Hanks, Inc   219  
30,975     John Wiley & Sons, Inc (Class A)   1,102  
30,943     Journal Communications, Inc (Class A)   76  
33,495     Lee Enterprises, Inc   14  
19,558 *   Martha Stewart Living Omnimedia, Inc (Class A)   51  
31,868     McClatchy Co (Class A)   26  
238,289     McGraw-Hill Cos, Inc   5,526  
18,015     Media General, Inc (Class A)   32  
28,456     Meredith Corp   487  
31,584 *   MSCI, Inc (Class A)   561  
5,947     Multi-Color Corp   94  
115,718     New York Times Co (Class A)   848  
12,663 *   Playboy Enterprises, Inc (Class B)   27  
20,352 *   Presstek, Inc   65  
31,380     Primedia, Inc   68  
50,122 *   R.H. Donnelley Corp   19  
152,447     R.R. Donnelley & Sons Co   2,070  
10,767     Schawk, Inc (Class A)   123  
17,418     Scholastic Corp   237  
10,680     Standard Register Co   95  
35,061 *   Valassis Communications, Inc   46  
33,490 *   VistaPrint Ltd   623  
4,429     Washington Post Co (Class B)   1,728  
      TOTAL PRINTING AND PUBLISHING   20,070  
 
RAILROAD TRANSPORTATION - 0.82%      
207,543     Burlington Northern Santa Fe Corp   15,713  
295,447     CSX Corp   9,593  
25,615 *   Genesee & Wyoming, Inc (Class A)   781  
65,798 *   Kansas City Southern Industries, Inc   1,253  
275,661     Norfolk Southern Corp   12,970  
381,253     Union Pacific Corp   18,224  
      TOTAL RAILROAD TRANSPORTATION   58,534  
 
REAL ESTATE - 0.06%      
164,323 *   CB Richard Ellis Group, Inc (Class A)   710  
4,977     Consolidated-Tomoka Land Co   190  
12,814     DuPont Fabros Technology, Inc   27  

255

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
60,262     Forest City Enterprises, Inc (Class A) $ 404  
24,950 *   Forestar Real Estate Group, Inc   238  
7,288 *   FX Real Estate and Entertainment, Inc   1  
28,153     Grubb & Ellis Co   35  
26,473     Jones Lang LaSalle, Inc   733  
19,220 *   LoopNet, Inc   131  
67,449 *   St. Joe Co   1,640  
68,986     Stewart Enterprises, Inc (Class A)   208  
3,435 *   Stratus Properties, Inc   43  
16,966     Thomas Properties Group, Inc   44  
      TOTAL REAL ESTATE   4,404  
 
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.32%      
5,113 *   AEP Industries, Inc   90  
43,609     Cooper Tire & Rubber Co   269  
9,928 *   Deckers Outdoor Corp   793  
176,080 *   Goodyear Tire & Rubber Co   1,051  
10,182 *   Metabolix, Inc   130  
202,903     Newell Rubbermaid, Inc   1,984  
261,516     Nike, Inc (Class B)   13,337  
21,213     Schulman (A.), Inc   361  
120,927     Sealed Air Corp   1,807  
23,839 *   Skechers U.S.A., Inc (Class A)   306  
25,932     Spartech Corp   162  
27,247     Titan International, Inc   225  
7,903 *   Trex Co, Inc   130  
46,477     Tupperware Corp   1,055  
24,148     West Pharmaceutical Services, Inc   912  
      TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS   22,612  
 
SECURITY AND COMMODITY BROKERS - 1.90%      
162,386     Ameriprise Financial, Inc   3,793  
13,330     BlackRock, Inc   1,788  
102,905     Broadridge Financial Solutions, Inc   1,290  
16,951     Calamos Asset Management, Inc (Class A)   125  
690,255     Charles Schwab Corp   11,161  
49,334     CME Group, Inc   10,267  
12,285     Cohen & Steers, Inc   135  
1,420     Diamond Hill Investment Group, Inc   92  
6,700 *   Duff & Phelps Corp   128  
307,785 *   E*Trade Financial Corp   354  
76,478     Eaton Vance Corp   1,607  
6,384     Epoch Holding Corp   48  
6,107     Evercore Partners, Inc (Class A)   76  
20,447 *   FBR Capital Markets Corp   99  
16,378 *   FCStone Group, Inc   73  
63,991     Federated Investors, Inc (Class B)   1,085  
113,959     Franklin Resources, Inc   7,268  
106,628 *   Friedman Billings Ramsey Group, Inc (Class A)   18  
6,584     GAMCO Investors, Inc (Class A)   180  
54,396     GFI Group, Inc   193  
325,274     Goldman Sachs Group, Inc   27,450  
12,603     Greenhill & Co, Inc   879  
28,478 *   Interactive Brokers Group, Inc (Class A)   510  
51,932 *   IntercontinentalExchange, Inc   4,281  
3,172 *   International Assets Holding Corp   27  

256

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
289,433     Invesco Ltd $ 4,179  
31,292 *   Investment Technology Group, Inc   711  
131,428     Janus Capital Group, Inc   1,055  
93,511     Jefferies Group, Inc   1,315  
22,045 *   KBW, Inc   507  
70,728 *   Knight Capital Group, Inc (Class A)   1,142  
37,720 *   LaBranche & Co, Inc   181  
69,599 *   Ladenburg Thalmann Financial Services, Inc   50  
56,680     Lazard Ltd (Class A)   1,686  
103,971     Legg Mason, Inc   2,278  
21,429 *   MarketAxess Holdings, Inc   175  
1,133,214     Merrill Lynch & Co, Inc   13,191  
87,728 *   MF Global Ltd   179  
817,645     Morgan Stanley   13,115  
11,610 *   Morningstar, Inc   412  
103,270 *   Nasdaq Stock Market, Inc   2,552  
194,910     NYSE Euronext   5,337  
30,987     optionsXpress Holdings, Inc   414  
10,161 *   Penson Worldwide, Inc   77  
13,614 *   Piper Jaffray Cos   541  
69,932     Raymond James Financial, Inc   1,198  
8,937     Sanders Morris Harris Group, Inc   54  
99,954     SEI Investments Co   1,570  
19,114 *   Stifel Financial Corp   876  
14,958     SWS Group, Inc   283  
192,654     T Rowe Price Group, Inc   6,828  
179,388 *   TD Ameritrade Holding Corp   2,556  
15,283 *   Thomas Weisel Partners Group, Inc   72  
8,114     US Global Investors, Inc (Class A)   40  
800     Value Line, Inc   28  
65,258     Waddell & Reed Financial, Inc (Class A)   1,009  
3,869     Westwood Holdings Group, Inc   110  
      TOTAL SECURITY AND COMMODITY BROKERS   136,648  
 
SOCIAL SERVICES - 0.00%**      
15,384 *   Capital Senior Living Corp   46  
8,598 *   Providence Service Corp   13  
15,649 *   Res-Care, Inc   235  
      TOTAL SOCIAL SERVICES   294  
 
SPECIAL TRADE CONTRACTORS - 0.09%      
2,319     Alico, Inc   95  
21,777 *   AsiaInfo Holdings, Inc   258  
16,370     Chemed Corp   651  
28,901     Comfort Systems USA, Inc   308  
32,076 *   Dycom Industries, Inc   264  
50,074 *   EMCOR Group, Inc   1,123  
20,939 *   Insituform Technologies, Inc (Class A)   412  
10,880 *   Integrated Electrical Services, Inc   95  
13,874 *   Layne Christensen Co   333  
144,460 *   Quanta Services, Inc   2,860  
      TOTAL SPECIAL TRADE CONTRACTORS   6,399  
 
STONE, CLAY, AND GLASS PRODUCTS - 0.52%      
519,436     3M Co   29,888  
18,958     Apogee Enterprises, Inc   196  

257

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
18,135 *   Cabot Microelectronics Corp $ 473  
17,127     CARBO Ceramics, Inc   609  
30,689     Eagle Materials, Inc   565  
106,299     Gentex Corp   939  
9,960     Libbey, Inc   12  
54,868 *   Owens Corning, Inc   949  
122,773 *   Owens-Illinois, Inc   3,355  
23,708 *   US Concrete, Inc   80  
51,467 *   USG Corp   414  
      TOTAL STONE, CLAY, AND GLASS PRODUCTS   37,480  
 
TEXTILE MILL PRODUCTS - 0.03%      
23,047     Albany International Corp (Class A)   296  
38,561     Interface, Inc (Class A)   179  
40,312 *   Mohawk Industries, Inc   1,732  
10,106     Oxford Industries, Inc   89  
14,120 *   Xerium Technologies, Inc   9  
      TOTAL TEXTILE MILL PRODUCTS   2,305  
 
TOBACCO PRODUCTS - 1.55%      
1,538,839     Altria Group, Inc   23,175  
112,599     Fortune Brands, Inc   4,648  
129,061     Lorillard, Inc   7,273  
1,557,583     Philip Morris International, Inc   67,770  
19,118     Universal Corp   571  
109,720     UST, Inc   7,612  
22,782     Vector Group Ltd   310  
      TOTAL TOBACCO PRODUCTS   111,359  
 
TRANSPORTATION BY AIR - 0.49%      
7,464 *   Air Methods Corp   119  
94,997 *   Airtran Holdings, Inc   422  
30,526 *   Alaska Air Group, Inc   893  
9,658 *   Allegiant Travel Co   469  
203,666 *   AMR Corp   2,173  
9,351 *   Atlas Air Worldwide Holdings, Inc   177  
17,513 *   Bristow Group, Inc   469  
80,396 *   Continental Airlines, Inc (Class B)   1,452  
25,073     Copa Holdings S.A. (Class A)   760  
435,646 *   Delta Air Lines, Inc   4,993  
228,363     FedEx Corp   14,650  
28,880 *   Hawaiian Holdings, Inc   184  
123,072 *   JetBlue Airways Corp   874  
9,723 *   PHI, Inc   136  
23,015 *   Republic Airways Holdings, Inc   246  
45,222     Skywest, Inc   841  
537,398     Southwest Airlines Co   4,632  
92,120     UAL Corp   1,015  
83,471 *   US Airways Group, Inc   645  
      TOTAL TRANSPORTATION BY AIR   35,150  
 
TRANSPORTATION EQUIPMENT - 2.41%      
15,857     A.O. Smith Corp   468  
29,552 *   AAR Corp   544  
7,435 *   Aerovironment, Inc   274  
42,925     American Axle & Manufacturing Holdings, Inc   124  

258

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
7,032     American Railcar Industries, Inc $ 74  
15,097 *   Amerigon, Inc (Class A)   49  
56,584     ArvinMeritor, Inc   161  
14,702 *   ATC Technology Corp   215  
52,193     Autoliv, Inc   1,120  
74,030 *   BE Aerospace, Inc   569  
555,642     Boeing Co   23,709  
77,775     Brunswick Corp   327  
36,782     Clarcor, Inc   1,220  
18,024 *   Cogo Group, Inc   88  
71,358 *   Dana Holding Corp   53  
7,682 *   Dorman Products, Inc   101  
7,637     Ducommun, Inc   128  
13,635 *   Federal Mogul Corp (Class A)   58  
34,017     Federal Signal Corp   279  
48,080 *   Force Protection, Inc   288  
1,704,825 *   Ford Motor Co   3,904  
8,920     Freightcar America, Inc   163  
11,931 *   Fuel Systems Solutions, Inc   391  
42,477 *   GenCorp, Inc   156  
293,353     General Dynamics Corp   16,894  
391,925     General Motors Corp   1,254  
7,281 *   GenTek, Inc   110  
119,655     Genuine Parts Co   4,530  
91,478     Goodrich Corp   3,387  
12,975     Greenbrier Cos, Inc   89  
17,217     Group 1 Automotive, Inc   185  
172,915     Harley-Davidson, Inc   2,934  
60,578     Harsco Corp   1,677  
68,148 *   Hayes Lemmerz International, Inc   31  
18,067     Heico Corp   702  
546,780     Honeywell International, Inc   17,951  
17,547     Kaman Corp   318  
52,376 *   Lear Corp   74  
6,398 *   LMI Aerospace, Inc   73  
243,068     Lockheed Martin Corp   20,437  
249,942     Northrop Grumman Corp   11,257  
41,961 *   Orbital Sciences Corp   820  
64,327     Oshkosh Truck Corp   572  
270,565     Paccar, Inc   7,738  
95,251 *   Pactiv Corp   2,370  
24,262     Polaris Industries, Inc   695  
22,924     Spartan Motors, Inc   108  
74,416 *   Spirit Aerosystems Holdings, Inc (Class A)   757  
17,715     Superior Industries International, Inc   186  
39,420 *   Tenneco, Inc   116  
25,500     Thor Industries, Inc   336  
24,854 *   TransDigm Group, Inc   834  
64,762     Trinity Industries, Inc   1,021  
12,081     Triumph Group, Inc   513  
41,773 *   TRW Automotive Holdings Corp   150  
717,477     United Technologies Corp   38,457  
91,916 *   Visteon Corp   32  
22,100     Wabash National Corp   99  
35,851     Westinghouse Air Brake Technologies Corp   1,425  
24,826     Winnebago Industries, Inc   150  
10,178 *   Wonder Auto Technology, Inc   40  
      TOTAL TRANSPORTATION EQUIPMENT   172,785  

259

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
TRANSPORTATION SERVICES - 0.22%      
14,656     Ambassadors Group, Inc $ 135  
124,945     CH Robinson Worldwide, Inc   6,876  
8,003 *   Dynamex, Inc   118  
157,762     Expeditors International Washington, Inc   5,249  
35,663     GATX Corp   1,105  
28,305 *   HUB Group, Inc (Class A)   751  
26,504 *   Interval Leisure Group, Inc   143  
20,000 *   Orbitz Worldwide, Inc   78  
26,631     Pacer International, Inc   278  
74,126     UTI Worldwide, Inc   1,063  
      TOTAL TRANSPORTATION SERVICES   15,796  
 
TRUCKING AND WAREHOUSING - 0.49%      
17,410     Arkansas Best Corp   524  
16,346 *   Celadon Group, Inc   140  
32,001     Con-way, Inc   851  
22,919     Forward Air Corp   556  
41,889     Heartland Express, Inc   660  
58,764     J.B. Hunt Transport Services, Inc   1,544  
38,373     Landstar System, Inc   1,475  
14,139 *   Marten Transport Ltd   268  
19,477 *   Old Dominion Freight Line   554  
1,137 *   Patriot Transportation Holding, Inc   80  
9,635 *   Saia, Inc   105  
504,949     United Parcel Service, Inc (Class B)   27,853  
3,884 *   Universal Truckload Services, Inc   55  
31,101     Werner Enterprises, Inc   539  
41,066 *   YRC Worldwide, Inc   118  
      TOTAL TRUCKING AND WAREHOUSING   35,322  
 
WATER TRANSPORTATION - 0.25%      
30,756     Alexander & Baldwin, Inc   771  
35,144 *   American Commercial Lines, Inc   172  
318,282     Carnival Corp   7,741  
25,961     DHT Maritime, Inc   144  
36,764     Eagle Bulk Shipping, Inc   251  
35,894     Frontline Ltd   1,063  
17,930     Genco Shipping & Trading Ltd   265  
37,255     General Maritime Corp   402  
24,752     Golar LNG Ltd   167  
16,461 *   Gulfmark Offshore, Inc   392  
23,837     Horizon Lines, Inc (Class A)   83  
23,465 *   Hornbeck Offshore Services, Inc   383  
4,290     International Shipholding Corp   109  
41,752 *   Kirby Corp   1,142  
11,975     Knightsbridge Tankers Ltd   175  
26,351     Nordic American Tanker Shipping   889  
28,315 *   Odyssey Marine Exploration, Inc   91  
16,078     Overseas Shipholding Group, Inc   677  
104,315     Royal Caribbean Cruises Ltd   1,434  
34,031     Ship Finance International Ltd   376  
10,426 *   TBS International Ltd (Class A)   105  

260

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
36,693     Teekay Corp $ 721  
9,000     Teekay Tankers Ltd (Class A)   114  
18,066 *   Ultrapetrol Bahamas Ltd   58  
      TOTAL WATER TRANSPORTATION   17,725  
 
WHOLESALE TRADE-DURABLE GOODS - 0.37%      
18,766     Agilysys, Inc   81  
30,894     Applied Industrial Technologies, Inc   585  
89,079 *   Arrow Electronics, Inc   1,678  
34,240     Barnes Group, Inc   496  
35,044 *   Beacon Roofing Supply, Inc   486  
85,884     BorgWarner, Inc   1,870  
8,096 *   Cardtronics, Inc   10  
11,808     Castle (A.M.) & Co   128  
8,056 *   Chindex International, Inc   64  
21,081 *   Conceptus, Inc   321  
14,464 *   DemandTec, Inc   117  
13,898 *   Digi International, Inc   113  
13,174 *   Drew Industries, Inc   158  
12,096 *   Hansen Medical, Inc   87  
12,024     Houston Wire & Cable Co   112  
121,320 *   Ingram Micro, Inc (Class A)   1,624  
34,716 *   Insight Enterprises, Inc   240  
23,318 *   Interline Brands, Inc   248  
42,424     Knight Transportation, Inc   684  
3,000     Lawson Products, Inc   69  
102,366 *   LKQ Corp   1,194  
29,698     Martin Marietta Materials, Inc   2,883  
10,200 *   MedAssets, Inc   149  
6,104 *   MWI Veterinary Supply, Inc   165  
32,951     Owens & Minor, Inc   1,241  
88,813 *   Patterson Cos, Inc   1,665  
29,853     PEP Boys-Manny Moe & Jack   123  
34,775     Pool Corp   625  
47,725 *   PSS World Medical, Inc   898  
45,751     Reliance Steel & Aluminum Co   912  
40,386 *   Solera Holdings, Inc   973  
41,738 *   Tech Data Corp   745  
5,206 *   Titan Machinery, Inc   73  
29,444 *   TomoTherapy, Inc   70  
26,379 *   Tyler Technologies, Inc   316  
55,844     W.W. Grainger, Inc   4,403  
30,445 *   WESCO International, Inc   585  
      TOTAL WHOLESALE TRADE-DURABLE GOODS   26,191  
 
WHOLESALE TRADE-NONDURABLE GOODS - 0.62%      
17,815     Aceto Corp   178  
62,264     Airgas, Inc   2,428  
31,521 *   Akorn, Inc   72  
68,179 *   Alliance One International, Inc   201  
107,480     Allscripts Healthcare Solutions, Inc   1,066  
13,080     Andersons, Inc   216  
43,732 *   Bare Escentuals, Inc   229  
19,314 *   BMP Sunstone Corp   108  
78,380     Brown-Forman Corp (Class B)   4,036  
260,876     Cardinal Health, Inc   8,992  

261

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
          VALUE  
SHARES
     COMPANY   (000)  
29,421 *   Central European Distribution Corp $ 580  
8,087 *   Clearwater Paper Corp   68  
7,034 *   Core-Mark Holding Co, Inc   151  
1 *   CPEX Pharmaceuticals, Inc   -^  
97,506     Dean Foods Co   1,752  
92,205 *   Endo Pharmaceuticals Holdings, Inc   2,386  
34,624 *   Fresh Del Monte Produce, Inc   776  
12,584 *   Green Mountain Coffee Roasters, Inc   487  
30,203 *   Hain Celestial Group, Inc   577  
66,153 *   Henry Schein, Inc   2,427  
49,099     Herbalife Ltd   1,064  
6,203     Kenneth Cole Productions, Inc (Class A)   44  
19,366     K-Swiss, Inc (Class A)   221  
10,408 *   LSB Industries, Inc   87  
2,095 *   Maui Land & Pineapple Co, Inc   28  
38,303     Men's Wearhouse, Inc   519  
18,114     Myers Industries, Inc   145  
8,977     Nash Finch Co   403  
38,826     Nu Skin Enterprises, Inc (Class A)   405  
9,998 *   Perry Ellis International, Inc   63  
14,249 *   School Specialty, Inc   272  
14,127     Spartan Stores, Inc   328  
7,517 *   Synutra International, Inc   83  
446,115     Sysco Corp   10,234  
74,683     Terra Industries, Inc   1,245  
24,470 *   Tractor Supply Co   884  
33,743 *   United Natural Foods, Inc   601  
18,197 *   United Stationers, Inc   609  
6,399     Valhi, Inc   69  
13,192 *   Volcom, Inc   144  
15,316     Zep, Inc   296  
12,850 *   Zhongpin, Inc   154  
      TOTAL WHOLESALE TRADE-NONDURABLE GOODS   44,628  
 
      TOTAL COMMON STOCKS   7,149,352  
      (Cost $8,455,419)      
 
PRINCIPAL     ISSUER      
SHORT TERM INVESTMENTS - 0.17%      
 
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 0.17%      
$ 3,900,000     Federal National Mortgage Association (FNMA), 0.000%, 04/10/09   3,899  
1,100,000     FNMA, 0.000%, 06/25/09   1,098  
610,000     Federal Home Loan Bank (FHLB), 0.000%, 02/17/09   610  
6,630,000     FHLB, 0.000%, 03/24/09   6,629  
      TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES   12,236  
 
      TOTAL SHORT-TERM INVESTMENTS   12,236  
      (Cost $12,222)      
 
      TOTAL PORTFOLIO - 99.83%   7,161,588  
      (Cost $8,467,641)      
 
      OTHER ASSETS AND LIABILITIES, NET - 0.17%   12,025  
 
      TOTAL NET ASSETS - 100.00% $ $ 7,173,613  

262

COLLEGE RETIREMENT EQUITIES FUND - Equities Index Account      
 
     
 
      

 
  *   Non-income producing      
  **   Percentage represents less than 0.01%      
  ^   Amount represents less than $1,000      
  m   Indicates a security that has been deemed illiquid.      
  v   Represents fair value as determined in good faith under procedures approved      
      by the Board of Trustees. The value of this security amounted to $ -      
      which represents - % of net assets.      
 
      At December 31, 2008, the net unrealized depreciation on investment was $(1,306,053,269), consisting of gross      
      unrealized appreciation of $1,257,567,835 and gross unrealized depreciation of $(2,563,621,104).      
 
      For ease of presentation, a number of industry classification categories have been grouped together in      
      the Schedule of Investments. Note that the Accounts use more specific industry categories in following      
      their investment limitations on industry concentration.      

263

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account                  
 
COLLEGE RETIREMENT EQUITIES FUND
BOND MARKET ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2008
 
            MATURITY         VALUE  
PRINCIPAL     ISSUER RATE   DATE   RATING†     (000)  
 
BONDS - 94.92%                  
 
CORPORATE BONDS - 19.21%                  
 
AMUSEMENT AND RECREATION SERVICES - 0.19%                  
$      3,750,000     Walt Disney Co     5.700%   07/15/11   A2   $ 3,979  
       4,500,000     Walt Disney Co 4.700   12/01/12   A2     4,631  
       7,825,000     Walt Disney Co 4.500   12/15/13   A2     7,877  
      TOTAL AMUSEMENT AND RECREATION SERVICES               16,487  
 
APPAREL AND OTHER TEXTILE PRODUCTS - 0.02%                  
       1,720,000
g
   Controladora Mabe S.A. C.V. 6.500   12/15/15   NR     1,548  
      TOTAL APPAREL AND OTHER TEXTILE PRODUCTS               1,548  
 
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.13%                  
       5,525,000     Home Depot, Inc 5.250   12/16/13   Baa1     5,159  
       5,750,000     Lowe's Cos, Inc 8.250   06/01/10   A1     5,973  
      TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES               11,132  
 
BUSINESS SERVICES - 0.29%                  
       3,250,000     Daimler Finance North America LLC 5.875   03/15/11   A3     2,834  
       7,400,000     Daimler Finance North America LLC 5.750   09/08/11   A3     6,249  
       4,500,000
g
   Hanarotelecom, Inc 7.000   02/01/12   Baa3     3,677  
       4,250,000     Interpublic Group of Cos, Inc 5.400   11/15/09   Ba3     3,783  
       4,190,000     Lamar Media Corp 7.250   01/01/13   Ba3     3,341  
375,000     Lamar Media Corp 6.625   08/15/15   Ba3     271  
       3,700,000     Oracle Corp 4.950   04/15/13   A2     3,815  
       2,310,000     Sungard Data Systems, Inc 10.250    08/15/15   Caa1     1,525  
      TOTAL BUSINESS SERVICES               25,495  
 
CHEMICALS AND ALLIED PRODUCTS - 0.64%                  
       1,550,000     Abbott Laboratories 5.600   05/15/11   A1     1,636  
       4,600,000     Air Products & Chemicals, Inc 4.150   02/01/13   A2     4,417  
       1,000,000     Amgen, Inc 5.850   06/01/17   A3     1,033  
       2,300,000     Bristol-Myers Squibb Co 6.125   05/01/38   A2     2,526  
       3,500,000     Chemtura Corp 6.875   06/01/16   B2     1,785  
       1,570,000     Clorox Co 5.450   10/15/12   Baa2     1,562  
       7,575,000     GlaxoSmithKline Capital, Inc 5.650   05/15/18   A1     7,956  
       3,760,000     GlaxoSmithKline Capital, Inc 6.375   05/15/38   A1     4,248  
       4,000,000     Johnson & Johnson 5.850   07/15/38   Aaa     4,833  
       2,500,000     Lubrizol Corp 4.625   10/01/09   Baa2     2,456  
       5,050,000     Praxair, Inc 5.250   11/15/14   A2     5,157  
       9,275,000     Procter & Gamble Co 4.600   01/15/14   Aa3     9,719  
       4,975,000     Procter & Gamble Co 5.550   03/05/37   Aa3     5,523  
       3,225,000     Schering-Plough Corp 6.550   09/15/37   Baa1     3,251  
      TOTAL CHEMICALS AND ALLIED PRODUCTS               56,102  
 
COMMUNICATIONS - 2.42%                  
       2,400,000     America Movil SAB de C.V. 6.125   11/15/37   A3     1,931  
       3,000,000     AT&T Corp 7.300   11/15/11   A2     3,117  

264

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account                  
 
            MATURITY         VALUE  
PRINCIPAL     ISSUER RATE   DATE   RATING†     (000)  
$      3,700,000     AT&T, Inc     6.700%   11/15/13   A2   $ 3,919  
2,000,000     AT&T, Inc 6.150   09/15/34   A2     2,056  
7,475,000     AT&T, Inc 6.500   09/01/37   A2     8,050  
2,725,000     AT&T, Inc 6.300   01/15/38   A2     2,881  
13,125,000     BellSouth Corp 5.200   09/15/14   A2     12,778  
11,775,000 g   Cellco Partnership 8.500   11/15/18   A2     13,796  
2,774,000     Comcast Cable Communications Holdings, Inc 8.375   03/15/13   Baa2     2,870  
5,975,000     Comcast Corp 5.900   03/15/16   Baa2     5,705  
6,000,000     Comcast Corp 5.650   06/15/35   Baa2     5,334  
2,750,000     Comcast Corp 6.500   11/15/35   Baa2     2,737  
3,750,000     Comcast Corp 6.400   05/15/38   Baa2     3,741  
4,000,000     Deutsche Telekom International Finance BV 8.750   06/15/30   Baa1     4,932  
4,740,000     DirecTV Holdings LLC 7.625   05/15/16   Ba3     4,598  
3,900,000     France Telecom S.A. 7.750   03/01/11   A3     4,104  
3,600,000 g   Globo Comunicacao e Participacoes S.A. 7.250   04/26/22   Ba1     3,204  
1,150,000     GTE Corp 6.840   04/15/18   Baa1     1,165  
4,000,000     New Cingular Wireless Services, Inc 7.875   03/01/11   A2     4,141  
4,750,000     New Cingular Wireless Services, Inc 8.750   03/01/31   A2     5,938  
3,000,000     Qwest Communications International, Inc 7.250   02/15/11   Ba3     2,610  
4,500,000     Qwest Corp 8.875   03/15/12   Ba1     4,162  
500,000     Rogers Cable, Inc 6.750   03/15/15   Baa3     487  
3,950,000     Rogers Communications, Inc 6.800   08/15/18   Baa3     3,991  
2,500,000     Rogers Wireless, Inc 8.000   12/15/12   Ba1     2,394  
4,500,000     Sprint Capital Corp 8.750   03/15/32   Ba2     3,037  
1,225,000     Sprint Nextel Corp 6.000   12/01/16   Ba2     864  
6,300,000     Telecom Italia Capital S.A. 4.950   09/30/14   Baa2     4,796  
2,825,000     Telecom Italia Capital S.A. 6.999   06/04/18   Baa2     2,292  
8,000,000     Telefonica Emisiones SAU 6.221   07/03/17   Baa1     7,882  
7,000,000     Time Warner Cable, Inc 5.400   07/02/12   Baa2     6,536  
9,000,000     Time Warner Cable, Inc 5.850   05/01/17   Baa2     8,222  
2,275,000     Time Warner Cable, Inc 6.750   07/01/18   Baa2     2,190  
10,000,000     Time Warner Cable, Inc 8.750   02/14/19   Baa2     10,873  
5,550,000     Verizon Communications, Inc 4.350   02/15/13   A3     5,368  
7,650,000     Verizon Communications, Inc 8.750   11/01/18   A3     8,975  
2,900,000     Verizon Communications, Inc 6.400   02/15/38   A3     3,085  
6,975,000     Verizon Communications, Inc 8.950   03/01/39   A3     9,009  
6,500,000     Verizon Virginia, Inc 4.625   03/15/13   Baa1     5,817  
4,850,000     Viacom, Inc 5.750   04/30/11   Baa3     4,405  
5,610,000     Viacom, Inc 6.125   10/05/17   Baa3     4,650  
3,500,000     Viacom, Inc 6.875   04/30/36   Baa3     2,766  
2,000,000     Vodafone Group plc 5.000   12/16/13   Baa1     1,924  
7,675,000     Vodafone Group plc 5.375   01/30/15   Baa1     7,229  
      TOTAL COMMUNICATIONS               210,561  
 
DEPOSITORY INSTITUTIONS - 4.25%
                 
29,135,000 g   BA Covered Bond Issuer 5.500   06/14/12   Aaa     30,006  
30,500,000 g   Banco Bilbao Vizcaya Argentaria S.A. 5.750   07/20/17   Aaa     30,499  
4,000,000     Bank of America Corp 6.250   04/15/12   Aa2     4,108  
8,025,000     Bank of America Corp 4.900   05/01/13   Aa2     7,949  
5,725,000     Bank of America Corp 5.750   12/01/17   Aa2     5,716  
18,550,000     Bank of America NA 5.300   03/15/17   Aa1     17,614  
4,250,000     Bank One Corp 5.250   01/30/13   Aa3     4,145  
1,250,000 i   BB&T Capital Trust IV 6.820   06/12/57   A1     782  
3,250,000     Citigroup, Inc 5.100   09/29/11   A2     3,137  
7,375,000     Citigroup, Inc 5.300   10/17/12   A2     7,107  
18,500,000     Citigroup, Inc 5.125   05/05/14   A2     17,384  
6,655,000     Citigroup, Inc 5.000   09/15/14   A3     5,854  

265

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account                  
 
            MATURITY         VALUE  
PRINCIPAL     ISSUER RATE   DATE   RATING†     (000)  
$      7,575,000     Citigroup, Inc     6.875%   03/05/38   A2   $ 8,619  
8,550,000     Credit Suisse 5.000   05/15/13   Aa1     8,229  
45,000,000 g   Depfa ACS Bank 5.125   03/16/37   Aa1     32,586  
3,500,000     Deutsche Bank AG. 4.875   05/20/13   Aa1     3,436  
4,660,000     Eksportfinans A/S 5.000   02/14/12   Aa1     4,871  
3,500,000     Golden West Financial Corp 4.750   10/01/12   A1     3,256  
7,000,000     HSBC Bank USA NA 4.625   04/01/14   Aa3     6,486  
3,000,000 g,i   HSBC Capital Funding LP 4.610   12/30/49   A1     1,626  
2,100,000     HSBC Holdings plc 6.500   09/15/37   Aa3     2,133  
30,000,000 g   Hypothekenbank in Essen AG. 5.000   01/20/12   Aaa     32,431  
3,600,000 i   ING Groep NV 5.775   12/30/49   A2     1,542  
1,000,000     JPMorgan Chase & Co 7.875   06/15/10   Aa3     1,031  
4,500,000     JPMorgan Chase & Co 4.500   01/15/12   Aa2     4,356  
5,500,000     JPMorgan Chase & Co 5.750   01/02/13   Aa3     5,580  
6,850,000     JPMorgan Chase & Co 6.400   05/15/38   Aa2     8,103  
10,000,000     KeyBank NA 3.200   06/15/12   Aaa     10,390  
5,700,000     M&I Marshall & Ilsley Bank 4.400   03/15/10   NR     5,356  
4,250,000 i   Manufacturers & Traders Trust Co 5.629   12/01/21   A2     2,957  
10,000,000     New York Community Bank 3.000   12/16/11   Aaa     10,268  
3,250,000     Popular North America, Inc 5.650   04/15/09   A3     3,220  
4,250,000 g,i   Rabobank Capital Funding Trust 5.254   12/30/49   Aa2     2,330  
10,000,000     Regions Bank 3.250   12/09/11   Aaa     10,404  
2,500,000     Regions Financial Corp 6.375   05/15/12   A3     2,198  
6,500,000     Sovereign Bank 2.750   01/17/12   Aaa     6,668  
2,000,000     Union Bank of California NA 5.950   05/11/16   A1     1,605  
5,000,000     US Bank NA 4.950   10/30/14   Aa2     5,058  
8,275,000     Wachovia Bank NA 4.800   11/01/14   Aa3     7,707  
2,050,000     Wachovia Bank NA 5.850   02/01/37   Aa3     2,001  
14,375,000     Wachovia Corp 5.300   10/15/11   A1     13,864  
6,625,000     Wachovia Corp 5.500   05/01/13   A1     6,551  
4,000,000     Wells Fargo & Co 5.300   08/26/11   Aa1     4,056  
5,850,000     Wells Fargo & Co 5.625   12/11/17   Aa1     6,103  
10,650,000     Wells Fargo Bank NA 4.750   02/09/15   Aa1     10,780  
      TOTAL DEPOSITORY INSTITUTIONS               370,102  
 
ELECTRIC, GAS, AND SANITARY SERVICES - 1.69%                  
2,000,000     AGL Capital Corp 6.000   10/01/34   Baa1     1,494  
6,100,000     Alabama Power Co 5.800   11/15/13   A2     6,348  
8,225,000     American Water Capital Corp 6.085   10/15/17   Baa2     7,164  
4,500,000     Carolina Power & Light Co 5.125   09/15/13   A2     4,514  
2,750,000     Carolina Power & Light Co 5.700   04/01/35   A2     2,792  
4,250,000     CenterPoint Energy Resources Corp 7.875   04/01/13   Baa3     3,937  
3,550,000     CenterPoint Energy Resources Corp 6.250   02/01/37   Baa3     2,506  
5,350,000     Centerpoint Energy, Inc 6.500   05/01/18   Ba1     4,371  
4,200,000     Commonweatlh Edison Co 5.900   03/15/36   Baa2     3,493  
3,500,000     Consolidated Natural Gas Co 6.250   11/01/11   Baa2     3,518  
4,250,000     Consolidated Natural Gas Co 5.000   12/01/14   Baa2     3,902  
5,500,000     Dominion Resources, Inc 8.875   01/15/19   Baa2     5,931  
7,150,000     Duke Energy Carolinas LLC 5.750   11/15/13   A2     7,395  
1,860,000     Florida Power & Light Co 4.850   02/01/13   Aa3     1,847  
3,500,000     Florida Power Corp 4.500   06/01/10   A2     3,466  
2,000,000     Florida Power Corp 6.400   06/15/38   A2     2,233  
4,000,000     Georgia Power Co 6.000   11/01/13   A2     4,205  
3,020,000 g   Israel Electric Corp Ltd 7.250   01/15/19   Baa2     2,817  
2,815,000     Kinder Morgan Energy Partners LP 5.850   09/15/12   Baa2     2,578  
7,100,000     Kinder Morgan Energy Partners LP 9.000   02/01/19   Baa2     7,408  
3,850,000     Midamerican Energy Co 5.800   10/15/36   A2     3,466  

266

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account                  
 
            MATURITY         VALUE  
PRINCIPAL     ISSUER RATE   DATE   RATING†     (000)  
$      4,000,000     National Fuel Gas Co     5.250%   03/01/13   Baa1   $ 3,813  
2,800,000     Nevada Power Co 6.500   08/01/18   Baa3     2,694  
3,500,000     Nevada Power Co 6.650   04/01/36   Baa3     3,124  
1,750,000     Nevada Power Co 6.750   07/01/37   Baa3     1,562  
3,500,000     Ohio Power Co 5.300   11/01/10   A3     3,472  
4,075,000     ONEOK Partners LP 5.900   04/01/12   Baa2     3,835  
5,250,000     Pacific Gas & Electric Co 8.250   10/15/18   A3     6,308  
750,000     Potomac Electric Power Co 7.900   12/15/38   Baa1     835  
2,000,000     Public Service Co of Colorado 7.875   10/01/12   A3     2,103  
2,825,000     Public Service Co of Colorado 4.875   03/01/13   A3     2,680  
2,500,000     Public Service Co of Colorado 5.500   04/01/14   A3     2,374  
5,000,000     Public Service Electric & Gas Co 6.330   11/01/13   A3     5,089  
2,640,000     Public Service Electric & Gas Co 5.300   05/01/18   A3     2,564  
2,250,000     Puget Sound Energy, Inc 6.274   03/15/37   Baa2     2,003  
3,750,000     Sempra Energy 6.150   06/15/18   Baa1     3,412  
2,750,000     Southern California Edison Co 6.000   01/15/34   A2     3,061  
2,000,000     Spectra Energy Capital LLC 6.250   02/15/13   Baa1     1,903  
2,600,000     Veolia Environnement 5.250   06/03/13   A3     2,411  
4,500,000     Virginia Electric and Power Co 4.750   03/01/13   Baa1     4,328  
1,500,000     Westar Energy, Inc 6.000   07/01/14   Baa2     1,449  
3,000,000     Wisconsin Electric Power Co 5.625   05/15/33   A1     2,789  
      TOTAL ELECTRIC, GAS, AND SANITARY SERVICES               147,194  
 
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.11%                  
3,300,000     General Electric Co 5.250   12/06/17   Aaa     3,290  
2,750,000     Koninklijke Philips Electronics NV 6.875   03/11/38   A3     2,610  
4,150,000     L-3 Communications Corp 7.625   06/15/12   Ba3     4,057  
      TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT               9,957  
 
ENGINEERING AND MANAGEMENT SERVICES - 0.04%                  
3,500,000     Quest Diagnostics, Inc 6.400   07/01/17   Baa3     3,216  
      TOTAL ENGINEERING AND MANAGEMENT SERVICES               3,216  
 
FOOD AND KINDRED PRODUCTS - 0.69%                  
9,815,000     Bottling Group LLC 4.625   11/15/12   Aa2     9,924  
6,825,000     Bottling Group LLC 6.950   03/15/14   A2     7,411  
1,750,000     Bunge Ltd Finance Corp 5.875   05/15/13   Baa2     1,188  
2,750,000     Bunge Ltd Finance Corp 5.100   07/15/15   Baa2     2,000  
3,125,000     Diageo Capital plc 5.125   01/30/12   A3     3,069  
2,190,000     Diageo Finance BV 3.875   04/01/11   A3     2,118  
2,500,000 g   Foster's Finance Corp 4.875   10/01/14   Baa2     2,148  
3,850,000     General Mills, Inc 5.250   08/15/13   Baa1     3,873  
3,400,000     Kraft Foods, Inc 6.500   08/11/17   Baa2     3,418  
3,350,000     Kraft Foods, Inc 6.125   02/01/18   Baa2     3,283  
4,000,000     Kraft Foods, Inc 6.500   11/01/31   Baa2     3,839  
4,000,000     PepsiCo, Inc 5.000   06/01/18   Aa2     4,146  
7,000,000     PepsiCo, Inc 7.900   11/01/18   Aa2     8,580  
5,000,000     Reynolds American, Inc 6.500   07/15/10   Baa3     4,968  
      TOTAL FOOD AND KINDRED PRODUCTS               59,965  
 
FOOD STORES - 0.18%                  
3,800,000     Delhaize Group 6.500   06/15/17   Baa3     3,450  
3,500,000     Kroger Co 7.250   06/01/09   Baa2     3,537  
2,500,000     Kroger Co 6.800   04/01/11   Baa2     2,581  
1,100,000     Safeway, Inc 4.950   08/16/10   Baa2     1,088  
2,300,000     Safeway, Inc 6.250   03/15/14   Baa2     2,312  

267

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account                  
 
            MATURITY         VALUE  
PRINCIPAL     ISSUER RATE   DATE   RATING†     (000)  
$      1,000,000     Safeway, Inc     6.350%   08/15/17   Baa2   $ 989  
1,750,000     Stater Brothers Holdings 8.125   06/15/12   B2     1,584  
      TOTAL FOOD STORES               15,541  
 
FOREIGN GOVERNMENT BONDS - 0.02%                  
2,000,000     Development Bank of Japan 4.250   06/09/15   Aaa     2,049  
      TOTAL FOREIGN GOVERNMENT BONDS               2,049  
 
FURNITURE AND HOME FURNISHINGS STORES - 0.04%                  
4,200,000     GSC Holdings Corp 8.000   10/01/12   Ba1     3,906  
      TOTAL FURNITURE AND HOME FURNISHINGS STORES               3,906  
 
GENERAL MERCHANDISE STORES - 0.19%                  
7,475,000     Macy's Retail Holdings, Inc 5.350   03/15/12   Baa3     5,552  
3,750,000     Wal-Mart Stores, Inc 5.250   09/01/35   Aa2     3,734  
6,125,000     Wal-Mart Stores, Inc 6.200   04/15/38   Aa2     7,010  
      TOTAL GENERAL MERCHANDISE STORES               16,296  
 
HEALTH SERVICES - 0.08%                  
4,500,000 g   DASA Finance Corp 8.750   05/29/18   NR     3,409  
3,500,000     European Investment Bank 4.875   02/15/36   Aaa     3,857  
      TOTAL HEALTH SERVICES               7,266  
 
HOLDING AND OTHER INVESTMENT OFFICES - 0.19%                  
1,380,000     BHP Billiton Finance Ltd 5.400   03/29/17   A1     1,226  
3,875,000     Boston Properties LP 6.250   01/15/13   Baa2     2,877  
5,000,000     Brookfield Asset Management, Inc 7.125   06/15/12   Baa2     5,087  
1,600,000     ERP Operating LP 5.750   06/15/17   Baa1     1,104  
1,600,000     Highwoods Properties, Inc 5.850   03/15/17   Ba1     990  
5,000,000     International Finance Corp 5.125   05/02/11   Aaa     5,278  
350,000     Simon Property Group LP 5.600   09/01/11   A3     293  
      TOTAL HOLDING AND OTHER INVESTMENT OFFICES               16,855  
 
HOTELS AND OTHER LODGING PLACES - 0.02%                  
1,750,000     MGM Mirage 6.000   10/01/09   Ba3     1,671  
      TOTAL HOTELS AND OTHER LODGING PLACES               1,671  
 
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.31%                  
5,500,000     Caterpillar, Inc 6.050   08/15/36   A2     5,356  
15,000,000     International Business Machines Corp 6.500   10/15/13   A1     16,443  
3,600,000     John Deere Capital Corp 5.350   04/03/18   A2     3,373  
1,500,000     Kennametal, Inc 7.200   06/15/12   Baa2     1,457  
      TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT               26,629  
 
INSTRUMENTS AND RELATED PRODUCTS - 0.15%                  
4,000,000     Emerson Electric Co 4.500   05/01/13   A2     3,989  
5,000,000     Medtronic, Inc 4.750   09/15/15   A1     4,765  
2,150,000     Northrop Grumman Corp 7.750   02/15/31   Baa1     2,626  
1,750,000     Thermo Fisher Scientific, Inc 5.000   06/01/15   Baa2     1,540  
      TOTAL INSTRUMENTS AND RELATED PRODUCTS               12,920  
 
INSURANCE CARRIERS - 0.50%                  
3,825,000     Ace INA Holdings, Inc 5.875   06/15/14   A3     3,561  
5,610,000     Aetna, Inc 6.500   09/15/18   A3     5,345  
5,000,000 g   AIG SunAmerica Global Financing VI 6.300   05/10/11   Aa3     4,299  
3,750,000     Chubb Corp 6.000   05/11/37   A2     3,583  

268

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account                  
 
            MATURITY         VALUE  
PRINCIPAL     ISSUER RATE   DATE   RATING†     (000)  
$      4,000,000 g   John Hancock Global Funding II     7.900%   07/02/10   Aa1   $ 4,128  
3,000,000     Metlife, Inc 5.375   12/15/12   A2     2,827  
5,620,000     Metlife, Inc 5.000   06/15/15   A2     5,264  
2,500,000     Metlife, Inc 5.700   06/15/35   A2     2,036  
3,000,000     Prudential Financial, Inc 5.800   06/15/12   A3     2,263  
3,000,000 g   Prudential Funding LLC 6.750   09/15/23   A1     2,345  
5,000,000     WellPoint, Inc 6.375   01/15/12   Baa1     4,819  
1,800,000     WellPoint, Inc 5.875   06/15/17   Baa1     1,638  
2,250,000     WellPoint, Inc 5.850   01/15/36   Baa1     1,838  
      TOTAL INSURANCE CARRIERS               43,946  
 
METAL MINING - 0.18%                  
4,000,000     Barrick Gold Financeco LLC 6.125   09/15/13   Baa1     3,793  
6,870,000     Freeport-McMoRan Copper & Gold, Inc 8.375   04/01/17   Ba2     5,633  
3,850,000     Rio Tinto Finance USA Ltd 5.875   07/15/13   Baa1     3,066  
4,000,000     Rio Tinto Finance USA Ltd 6.500   07/15/18   Baa1     2,933  
      TOTAL METAL MINING               15,425  
 
MISCELLANEOUS RETAIL - 0.09%                  
2,500,000     CVS Caremark Corp 5.750   08/15/11   Baa2     2,508  
6,000,000     CVS Caremark Corp 5.750   06/01/17   Baa2     5,649  
      TOTAL MISCELLANEOUS RETAIL               8,157  
 
MOTION PICTURES - 0.24%                  
2,500,000     Historic TW, Inc 6.625   05/15/29   Baa2     2,217  
3,000,000     Time Warner, Inc 6.750   04/15/11   Baa2     2,929  
16,250,000     Time Warner, Inc 6.875   05/01/12   Baa2     15,611  
      TOTAL MOTION PICTURES               20,757  
 
NONDEPOSITORY INSTITUTIONS - 2.25%                  
7,500,000     American General Finance Corp 6.900   12/15/17   Baa1     3,246  
3,500,000 g   American Honda Finance Corp 5.125   12/15/10   Aa3     3,452  
4,650,000 g   BAE Systems Holdings, Inc 6.400   12/15/11   Baa2     4,742  
5,489,600     Cal Dive I- Title XI, Inc 4.930   02/01/27   NR     5,958  
6,500,000     Capital One Financial Corp 5.700   09/15/11   A3     6,061  
4,500,000     CIT Group, Inc 5.850   09/15/16   Baa1     3,169  
3,700,000     Countrywide Financial Corp 6.250   05/15/16   Aa3     3,513  
4,500,000 g   Drummond Co, Inc 7.375   02/15/16   B2     2,182  
2,100,000     General Electric Capital Corp 5.875   02/15/12   Aaa     2,159  
1,400,000     General Electric Capital Corp 6.000   06/15/12   Aaa     1,436  
4,725,000     General Electric Capital Corp 5.450   01/15/13   Aaa     4,759  
21,200,000     General Electric Capital Corp 5.500   06/04/14   Aaa     20,885  
10,075,000     General Electric Capital Corp 5.625   09/15/17   Aaa     10,135  
3,700,000 g   HKCG Finance Ltd 6.250   08/07/18   A1     3,873  
10,000,000     HSBC Finance Corp 5.250   01/14/11   Aa3     9,695  
5,750,000     HSBC Finance Corp 6.375   11/27/12   Aa3     5,626  
4,000,000     HSBC Finance Corp 4.750   07/15/13   Aa3     3,649  
5,000,000     HSBC Finance Corp 5.500   01/19/16   Aa3     4,748  
5,575,000     International Lease Finance Corp 5.750   06/15/11   Baa1     4,066  
2,475,000     International Lease Finance Corp 5.625   09/20/13   Baa1     1,653  
3,825,000     International Lease Finance Corp 6.625   11/15/13   Baa1     2,577  
3,500,000     Kreditanstalt fuer Wiederaufbau 5.250   05/19/09   Aaa     3,551  
15,350,000     Kreditanstalt fuer Wiederaufbau 4.500   07/16/18   Aaa     16,832  
4,150,000     Landwirtschaftliche Rentenbank 5.250   07/02/12   Aaa     4,493  
5,000,000     Landwirtschaftliche Rentenbank 5.125   02/01/17   Aaa     5,680  
4,000,000 g   Mantis Reef Ltd 4.799   11/03/09   A3     4,001  

269

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account                  
 
            MATURITY         VALUE  
PRINCIPAL     ISSUER RATE   DATE   RATING†     (000)  
$      4,000,000     MBNA Corp     6.125%   03/01/13   Aa2   $ 3,862  
5,990,000     National Rural Utilities Cooperative Finance Corp 5.500   07/01/13   A1     5,806  
3,800,000     National Rural Utilities Cooperative Finance Corp 10.375   11/01/18   A1     4,448  
15,000,000 g   Nationwide Building Society 5.500   07/18/12   Aaa     13,888  
5,400,000     Oesterreichische Kontrollbank AG. 5.000   04/25/17   Aaa     6,244  
5,500,000 g   Principal Life Global Funding I 5.125   10/15/13   Aa2     5,144  
7,680,000     Svensk Exportkredit AB 5.125   03/01/17   Aa1     8,415  
4,571,875     Totem Ocean Trailer Express, Inc 4.514   12/18/19   NR     4,857  
1,750,000 g   WEA Finance LLC 7.125   04/15/18   A2     1,241  
      TOTAL NONDEPOSITORY INSTITUTIONS               196,046  
 
NONMETALLIC MINERALS, EXCEPT FUELS - 0.02%                  
1,875,000     Vulcan Materials Co 6.300   06/15/13   Baa2     1,659  
      TOTAL NONMETALLIC MINERALS, EXCEPT FUELS               1,659  
 
OIL AND GAS EXTRACTION - 1.44%                  
2,000,000     Anadarko Finance Co 6.750   05/01/11   Baa3     2,001  
4,500,000 g   Atlas Energy Resources LLC 10.750   02/01/18   B3     2,745  
5,900,000     Baker Hughes, Inc 6.500   11/15/13   A2     6,225  
3,000,000     Baker Hughes, Inc 6.875   01/15/29   A2     3,091  
3,500,000     BJ Services Co 5.750   06/01/11   Baa1     3,426  
2,000,000     Burlington Resources Finance Co 6.400   08/15/11   A2     2,053  
7,750,000     Burlington Resources Finance Co 7.200   08/15/31   A2     8,291  
3,800,000     Canadian Natural Resources Ltd 5.150   02/01/13   Baa2     3,522  
6,500,000     Chesapeake Energy Corp 6.500   08/15/17   Ba3     4,973  
2,750,000     Enterprise Products Operating LLC 9.750   01/31/14   Baa3     2,800  
2,800,000     Enterprise Products Operating LLC 6.300   09/15/17   Baa3     2,370  
1,600,000     Enterprise Products Operating LLC 6.500   01/31/19   Baa3     1,346  
7,200,000     Enterprise Products Operating LP 4.625   10/15/09   Baa3     6,973  
4,000,000     Enterprise Products Operating LP 5.600   10/15/14   Baa3     3,394  
4,000,000     Equitable Resources, Inc 5.150   11/15/12   Baa1     3,747  
3,250,000     Husky Energy, Inc 6.250   06/15/12   Baa2     3,230  
6,825,000     Husky Energy, Inc 6.800   09/15/37   Baa2     5,686  
3,000,000     Kerr-McGee Corp 6.950   07/01/24   Baa3     2,631  
4,250,000     Nexen, Inc 5.050   11/20/13   Baa2     3,921  
7,150,000     Nexen, Inc 5.650   05/15/17   Baa2     5,985  
3,480,000     Nexen, Inc 6.400   05/15/37   Baa2     2,723  
5,750,000 g   Pemex Projec Funding Master Trust 5.750   03/01/18   Baa1     5,074  
7,550,000 g   Pemex Projec Funding Master Trust 6.625   06/15/38   Baa1     6,285  
555,578 g   Qatar Petroleum 5.579   05/30/11   Aa2     519  
3,889,044 g   Qatar Petroleum 5.579   05/30/11   Aa2     3,633  
700,000     Range Resources Corp 7.250   05/01/18   Ba3     585  
7,629,727 g   Tengizchevroil Finance Co SARL 6.124   11/15/14   Baa3     5,799  
6,650,000     Weatherford International, Inc 5.950   06/15/12   Baa1     6,319  
5,000,000     XTO Energy, Inc 6.250   04/15/13   Baa2     4,877  
4,400,000     XTO Energy, Inc 4.625   06/15/13   Baa2     3,996  
3,475,000     XTO Energy, Inc 5.750   12/15/13   Baa2     3,373  
1,550,000     XTO Energy, Inc 5.500   06/15/18   Baa2     1,403  
2,500,000     XTO Energy, Inc 6.375   06/15/38   Baa2     2,200  
      TOTAL OIL AND GAS EXTRACTION               125,196  
 
PAPER AND ALLIED PRODUCTS - 0.07%                  
2,310,000     Cenveo Corp 7.875   12/01/13   B3     1,207  
2,675,000     International Paper Co 7.400   06/15/14   Baa3     2,193  
2,500,000     Kimberly-Clark Corp 6.625   08/01/37   A2     2,805  
      TOTAL PAPER AND ALLIED PRODUCTS               6,205  

270

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account                  
 
            MATURITY         VALUE  
PRINCIPAL     ISSUER RATE   DATE   RATING†     (000)  
PETROLEUM AND COAL PRODUCTS - 0.06%                  
$      4,500,000     Marathon Oil Corp     6.600%   10/01/37   Baa1   $ 3,402  
2,500,000     Valero Energy Corp 6.625   06/15/37   Baa2     1,839  
      TOTAL PETROLEUM AND COAL PRODUCTS               5,241  
 
PIPELINES, EXCEPT NATURAL GAS - 0.17%                  
2,000,000     Kaneb Pipe Line Operating Partnership LP 5.875   06/01/13   Baa3     1,683  
3,000,000     Plains All American Pipeline LP 4.750   08/15/09   Baa3     2,998  
4,025,000 g   Rockies Express Pipeline LLC 6.250   07/15/13   Baa3     3,963  
2,175,000     TransCanada Pipelines Ltd 4.000   06/15/13   A3     1,997  
3,400,000     TransCanada Pipelines Ltd 5.850   03/15/36   A3     2,892  
2,750,000 i   TransCanada Pipelines Ltd 6.350   05/15/67   Baa1     1,229  
      TOTAL PIPELINES, EXCEPT NATURAL GAS               14,762  
 
PRIMARY METAL INDUSTRIES - 0.16%                  
6,900,000     ArcelorMittal 5.375   06/01/13   Baa2     5,204  
1,000,000     Corning, Inc 5.900   03/15/14   Baa1     872  
3,500,000 g   Corp Nacional del Cobre de Chile - CODELCO 4.750   10/15/14   Aa3     3,287  
4,440,000 g   Xstrata Finance Canada Ltd 5.500   11/16/11   Baa2     3,469  
1,550,000 g   Xstrata Finance Canada Ltd 6.900   11/15/37   Baa2     928  
      TOTAL PRIMARY METAL INDUSTRIES               13,760  
 
PRINTING AND PUBLISHING - 0.22%                  
2,500,000     Dun & Bradstreet Corp 5.500   03/15/11   NR     2,438  
1,274,000     News America, Inc 7.250   05/18/18   Baa1     1,239  
4,250,000     News America, Inc 7.625   11/30/28   Baa1     4,263  
8,000,000     Thomson Corp 5.950   07/15/13   Baa1     7,448  
4,125,000     Thomson Corp 5.700   10/01/14   Baa1     3,739  
      TOTAL PRINTING AND PUBLISHING               19,127  
 
RAILROAD TRANSPORTATION - 0.22%                  
3,750,000     Burlington Northern Santa Fe Corp 6.750   07/15/11   Baa1     3,812  
2,400,000     Burlington Northern Santa Fe Corp 6.150   05/01/37   Baa1     2,210  
3,500,000     Canadian National Railway Co 4.400   03/15/13   A3     3,396  
2,930,000     CSX Corp 6.150   05/01/37   Baa3     2,345  
2,800,000     Norfolk Southern Corp 5.750   04/01/18   Baa1     2,724  
2,056,000     Norfolk Southern Corp 5.590   05/17/25   Baa1     1,843  
3,000,000     Union Pacific Corp 6.500   04/15/12   Baa2     3,080  
      TOTAL RAILROAD TRANSPORTATION               19,410  
 
REAL ESTATE - 0.01%                  
1,750,000 g,i   USB Realty Corp 6.091   12/30/49   A1     731  
      TOTAL REAL ESTATE               731  
 
SECURITY AND COMMODITY BROKERS - 1.30%                  
4,000,000     Bear Stearns Cos, Inc 5.700   11/15/14   Aa2     3,905  
3,750,000     Bear Stearns Cos, Inc 6.400   10/02/17   Aa2     3,897  
4,250,000     Bear Stearns Cos, Inc 7.250   02/01/18   Aa2     4,658  
3,000,000     Credit Suisse USA, Inc 4.875   01/15/15   Aa1     2,710  
1,500,000     Eaton Vance Corp 6.500   10/02/17   A3     1,329  
4,900,000 i   Goldman Sachs Capital II 5.793   12/30/49   A3     1,884  
3,250,000     Goldman Sachs Group, Inc 5.700   09/01/12   A1     3,099  
3,600,000     Goldman Sachs Group, Inc 5.450   11/01/12   A1     3,434  
2,000,000     Goldman Sachs Group, Inc 4.750   07/15/13   A1     1,797  
7,200,000     Goldman Sachs Group, Inc 5.250   10/15/13   A1     6,614  

271

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account                  
 
            MATURITY         VALUE  
PRINCIPAL     ISSUER RATE   DATE   RATING†     (000)  
$      3,750,000     Goldman Sachs Group, Inc     5.150%   01/15/14   A1   $ 3,377  
9,175,000     Goldman Sachs Group, Inc 5.950   01/18/18   A1     8,700  
1,150,000     Goldman Sachs Group, Inc 6.450   05/01/36   A2     893  
3,100,000     Goldman Sachs Group, Inc 6.750   10/01/37   A2     2,517  
9,250,000     Goldman Sachs Group, Inc 5.300   02/14/12   A1     8,731  
3,150,000 n   Lehman Brothers Holdings Capital Trust V 5.857   12/30/49   Ca     - ^
8,175,000     Merrill Lynch & Co, Inc 6.050   08/15/12   A2     8,065  
3,825,000     Merrill Lynch & Co, Inc 5.450   02/05/13   A2     3,677  
13,650,000     Merrill Lynch & Co, Inc 6.875   04/25/18   A2     14,278  
9,350,000     Morgan Stanley 5.375   10/15/15   A2     8,049  
5,000,000     Morgan Stanley 5.750   10/18/16   A2     4,201  
4,125,000     Morgan Stanley 5.450   01/09/17   A2     3,400  
3,500,000     Morgan Stanley 5.550   04/27/17   A2     2,890  
12,500,000     Morgan Stanley 5.950   12/28/17   A2     10,375  
1,560,000 g   Nuveen Investments, Inc 10.500   11/15/15   Caa1     345  
      TOTAL SECURITY AND COMMODITY BROKERS               112,825  
 
STONE, CLAY, AND GLASS PRODUCTS - 0.09%                  
3,385,000     3M Co 4.375   08/15/13   Aa1     3,555  
4,150,000     3M Co 5.700   03/15/37   Aa1     4,533  
      TOTAL STONE, CLAY, AND GLASS PRODUCTS               8,088  
 
TOBACCO PRODUCTS - 0.15%                  
3,700,000     Philip Morris International, Inc 4.875   05/16/13   A2     3,711  
1,600,000     Philip Morris International, Inc 6.375   05/16/38   A2     1,664  
7,425,000     Philip Morris International, Inc 6.875   03/17/14   NR     7,803  
      TOTAL TOBACCO PRODUCTS               13,178  
 
TRANSPORTATION BY AIR - 0.05%                  
4,510,000     FedEx Corp 5.500   08/15/09   Baa2     4,515  
      TOTAL TRANSPORTATION BY AIR               4,515  
 
TRANSPORTATION EQUIPMENT - 0.27%                  
2,425,000     Honeywell International, Inc 5.700   03/15/37   A2     2,466  
2,500,000     Lockheed Martin Corp 4.121   03/14/13   Baa1     2,437  
5,525,000     Lockheed Martin Corp 6.150   09/01/36   Baa1     5,990  
4,000,000     United Technologies Corp 5.375   12/15/17   A2     4,043  
4,575,000     United Technologies Corp 6.125   02/01/19   A2     4,895  
1,075,000     United Technologies Corp 6.050   06/01/36   A2     1,131  
2,500,000     United Technologies Corp 6.125   07/15/38   A2     2,717  
      TOTAL TRANSPORTATION EQUIPMENT               23,679  
 
WHOLESALE TRADE-DURABLE GOODS - 0.04%                  
3,250,000 g   Ace Hardware Corp 9.125   06/01/16   Ba2     2,145  
1,750,000     Martin Marietta Materials, Inc 6.600   04/15/18   Baa3     1,303  
      TOTAL WHOLESALE TRADE-DURABLE GOODS               3,448  
 
WHOLESALE TRADE-NONDURABLE GOODS - 0.03%                  
3,000,000     Plains All American Pipeline LP 5.625   12/15/13   Baa3     2,532  
      TOTAL WHOLESALE TRADE-NONDURABLE GOODS               2,532  
 
      TOTAL CORPORATE BONDS             $ 1,673,579  
      (Cost $1,748,751 )                  

272

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account                  
 
            MATURITY         VALUE  
PRINCIPAL     ISSUER RATE   DATE   RATING†     (000)  
GOVERNMENT BONDS - 67.33%                  
                   
AGENCY SECURITIES - 7.24%                  
$      11,200,000     Federal Farm Credit Bank (FFCB)    4.125%   04/15/09   Aaa   $ 11,322  
31,850,000     (FFCB) 2.625   04/21/11   Aaa     32,773  
7,250,000     (FFCB) 5.375   07/18/11   Aaa     7,951  
10,000,000     Federal Home Loan Bank (FHLB) 2.375   04/30/10   Aaa     10,203  
25,000,000     (FHLB) 3.375   10/20/10   Aaa     26,000  
20,000,000     (FHLB) 3.750   05/19/11   Aaa     20,005  
49,520,000     (FHLB) 3.375   06/24/11   Aaa     51,820  
74,000,000     (FHLB) 3.625   09/16/11   Aaa     78,300  
20,000,000     Federal Home Loan Mortgage Corp (FHLMC) 5.000   06/11/09   Aaa     20,407  
19,000,000     (FHLMC) 4.875   02/09/10   Aaa     19,785  
21,225,000     (FHLMC) 3.250   07/16/10   Aaa     21,922  
22,500,000     (FHLMC) 5.250   07/18/11   Aaa     24,675  
15,000,000     (FHLMC) 5.500   08/20/12   Aaa     16,741  
5,000,000     (FHLMC) 4.125   12/21/12   Aaa     5,296  
6,000,000     (FHLMC) 3.500   05/29/13   Aaa     6,260  
1,350,000     Federal National Mortgage Association (FNMA) 4.250   01/19/10   Aaa     1,395  
7,200,000     (FNMA) 7.125   06/15/10   Aaa     7,809  
8,250,000     (FNMA) 3.250   08/12/10   Aaa     8,545  
116,475,000     (FNMA) 2.875   10/12/10   Aaa     120,139  
15,900,000     (FNMA) 3.375   05/19/11   Aaa     16,708  
8,000,000     (FNMA) 5.000   10/15/11   Aaa     8,739  
10,000,000     (FNMA) 3.625   02/12/13   Aaa     10,583  
25,000,000     (FNMA) 3.875   07/12/13   Aaa     26,530  
2,500,000 j   Overseas Private Investment Corp 5.350   07/31/11   NR     2,936  
2,591,368     Overseas Private Investment Corp 3.420   01/15/15   NR     2,757  
13,000,000     Private Export Funding Corp 4.900   12/15/11   Aaa     14,233  
25,000,000     Private Export Funding Corp 3.550   04/15/13   Aaa     26,047  
7,000,000     Private Export Funding Corp 4.550   05/15/15   Aaa     7,662  
17,000,000     Private Export Funding Corp 5.450   09/15/17   Aaa     19,974  
3,000,000     US Department of Housing and Urban Development 5.380   08/01/18   NR     3,455  
      TOTAL AGENCY SECURITIES               630,972  
 
FOREIGN GOVERNMENT BONDS - 1.59%                  
10,000,000     Canada Mortgage & Housing Corp 4.800   10/01/10   Aaa     10,403  
4,000,000     Chile Government International Bond 5.500   01/15/13   A2     4,367  
3,500,000     China Development Bank 5.000   10/15/15   A1     3,502  
3,550,000     China Government International Bond 4.750   10/29/13   A1     3,674  
4,000,000     Federal Republic of Germany 3.875   06/01/10   Aaa     4,113  
11,200,000     Federative Republic of Brazil 6.000   01/17/17   Ba1     11,564  
6,000,000     Federative Republic of Brazil 8.000   01/15/18   WR     6,720  
4,400,000     Italy Government International Bond 5.375   06/12/17   NR     4,813  
4,000,000     Italy Government International Bond 6.875   09/27/23   Aa2     4,990  
3,550,000 g   Korea Railroad Corp 5.375   05/15/13   A2     2,976  
5,900,000     Mexico Government International Bond 6.375   01/16/13   Baa1     6,195  
6,152,000     Mexico Government International Bond 5.875   01/15/14   Baa1     6,290  
3,800,000     Mexico Government International Bond 6.750   09/27/34   Baa1     4,009  
4,600,000     Mexico Government International Bond 6.050   01/11/40   Baa1     4,462  
2,200,000     Panama Government International Bond 7.250   03/15/15   Ba1     2,244  
1,925,000     Peruvian Government International Bond 7.350   07/21/25   Ba1     1,915  
3,000,000     Province of Manitoba Canada 4.450   04/12/10   Aa1     3,102  
7,400,000     Province of Manitoba Canada 5.000   02/15/12   Aa1     7,950  
17,120,000     Province of Ontario 3.125   09/08/10   Aa1     17,296  
2,250,000     Province of Quebec Canada 5.125   11/14/16   Aa2     2,388  
8,835,000     Province of Quebec Canada 4.625   05/14/18   Aa2     9,061  
6,000,000     Province of Quebec Canada 7.500   09/15/29   Aa2     8,522  
2,000,000     Province of Saskatchewan Canada 8.000   02/01/13   Aa1     2,432  

273

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account                  
 
            MATURITY         VALUE  
PRINCIPAL     ISSUER RATE   DATE   RATING†     (000)  
$      1,350,000 g   Republic of Ghana     8.500%   10/04/17   NR   $ 763  
2,890,000     Republic of Ghana 8.500   10/04/17   NR     1,445  
2,224,600     Russia Government International 7.500   03/31/30   Baa1     1,940  
2,800,000     Ukraine Government International 6.750   11/14/17   B1     1,025  
      TOTAL FOREIGN GOVERNMENT BONDS               138,161  
 
MORTGAGE BACKED - 37.40%
                 
26,523,266     Federal Home Loan Mortgage Corp (FHLMC) 6.000   09/15/16         27,511  
2,873,799     (FHLMC) 5.750   12/15/18         2,954  
7,847,199     (FHLMC) 4.500   09/15/35         7,995  
8,918,090 i   (FHLMC) 4.330   02/01/36         8,715  
11,804,311 i   (FHLMC) 5.790   07/01/36         11,982  
9,515,284 i   (FHLMC) 6.090   09/01/36         9,651  
12,898,822 i   (FHLMC) 5.890   09/01/36         13,173  
7,828,713 i   (FHLMC) 5.950   09/01/36         8,020  
8,325,412 i   (FHLMC) 4.970   09/01/36         8,432  
19,352,578 i   (FHLMC) 5.740   02/01/37         19,763  
22,522,756 i   (FHLMC) 5.760   03/01/37         22,843  
17,673,035 i   (FHLMC) 5.868   04/01/37         18,208  
1,989,426 i   (FHLMC) 6.080   05/01/37         2,045  
28,195,329 i   (FHLMC) 5.710   06/01/37         28,803  
14,986,653 i   (FHLMC) 5.850   08/01/37         15,359  
14,948,191 i   (FHLMC) 5.840   09/01/37         15,309  
50,182     Federal Home Loan Mortgage Corp Gold (FGLMC) 7.000   09/01/10         51  
109,707     (FGLMC) 6.000   04/01/11         114  
336,436     (FGLMC) 7.000   07/01/13         351  
1,653,009     (FGLMC) 6.500   12/01/16         1,717  
13,600,518     (FGLMC) 5.000   09/01/18         14,040  
4,884,052     (FGLMC) 4.500   10/01/18         5,025  
2,938,462     (FGLMC) 4.500   11/01/18         3,023  
2,986,770     (FGLMC) 5.500   01/01/19         3,089  
1,384,277     (FGLMC) 4.000   06/01/19         1,404  
4,497,384     (FGLMC) 4.500   07/01/20         4,610  
3,377,104     (FGLMC) 4.500   08/01/20         3,466  
530,941     (FGLMC) 7.000   10/01/20         558  
51,308,086     (FGLMC) 4.500   06/01/21         52,598  
16,286,754     (FGLMC) 4.500   06/01/21         16,696  
67,679     (FGLMC) 7.000   05/01/23         71  
1,009,734     (FGLMC) 6.000   10/01/23         1,045  
919,856     (FGLMC) 6.000   11/01/23         952  
205,733     (FGLMC) 8.000   01/01/31         218  
75,060     (FGLMC) 7.000   11/01/31         79  
264,539     (FGLMC) 7.000   12/01/31         278  
89,854     (FGLMC) 7.000   12/01/31         94  
278,828     (FGLMC) 7.000   12/01/31         293  
74,136     (FGLMC) 7.000   12/01/31         78  
97,453     (FGLMC) 7.000   12/01/31         102  
22,117     (FGLMC) 7.000   01/01/32         23  
499,008     (FGLMC) 8.000   02/01/32         529  
8,908,720     (FGLMC) 4.500   07/01/33         9,055  
4,131,854     (FGLMC) 5.500   11/01/33         4,258  
25,600,073     (FGLMC) 5.500   12/01/33         26,318  
5,627,031     (FGLMC) 5.500   12/01/33         5,774  
46,669,169     (FGLMC) 7.000   12/01/33         49,046  
68,701,160     (FGLMC) 5.000   01/01/34         70,379  
23,118,454     (FGLMC) 4.500   10/01/34         23,497  
2,754,831     (FGLMC) 5.500   12/01/34         2,825  

274

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account                  
 
            MATURITY         VALUE  
PRINCIPAL     ISSUER RATE   DATE         (000)  
$      11,227,745     (FGLMC)     4.500%   04/01/35       $ 11,405  
12,770,956     (FGLMC) 7.000   05/01/35         13,421  
2,195,420     (FGLMC) 6.000   05/01/35         2,264  
4,754,028     (FGLMC) 6.000   05/01/35         4,904  
4,936,325     (FGLMC) 6.000   05/01/35         5,096  
4,021,845     (FGLMC) 6.000   05/01/35         4,148  
2,234,736     (FGLMC) 6.000   05/01/35         2,305  
8,900,926     (FGLMC) 6.000   05/01/35         9,181  
5,124,213     (FGLMC) 6.000   05/01/35         5,285  
6,403,645     (FGLMC) 5.500   06/01/35         6,563  
26,989,236     (FGLMC) 5.500   06/01/35         27,661  
2,206,265     (FGLMC) 5.500   06/01/35         2,261  
4,089,751     (FGLMC) 5.500   06/01/35         4,192  
5,267,390     (FGLMC) 6.000   06/01/35         5,433  
19,470,658     (FGLMC) 4.500   08/01/35         19,766  
3,095,719     (FGLMC) 5.000   10/01/35         3,168  
15,338,744     (FGLMC) 5.000   11/01/35         15,697  
813,294     (FGLMC) 6.500   11/01/35         846  
4,547,203     (FGLMC) 7.000   01/01/36         4,744  
3,522,932     (FGLMC) 6.000   01/01/36         3,633  
3,160,160     (FGLMC) 5.500   04/01/36         3,238  
3,238,853     (FGLMC) 6.500   05/01/36         3,368  
17,352,407     (FGLMC) 6.500   10/01/36         18,044  
57,456,746     (FGLMC) 5.500   01/01/37         58,878  
32,283,711     (FGLMC) 5.500   04/01/37         33,080  
48,469,564     (FGLMC) 5.500   05/01/37         49,666  
13,683,041     (FGLMC) 6.000   08/01/37         14,110  
15,830,991     (FGLMC) 6.500   09/01/37         16,461  
7,758,538     (FGLMC) 6.000   09/01/37         8,001  
19,644,560     (FGLMC) 5.000   12/01/37         20,099  
13,959,851     (FGLMC) 5.000   04/01/38         14,281  
26,506,093     (FGLMC) 5.000   04/01/38         27,116  
13,818,774     (FGLMC) 6.500   05/01/38         14,367  
14,611,156     (FGLMC) 5.500   07/01/38         14,970  
13,689     Federal National Mortgage Association (FNMA) 7.500   11/01/10         14  
1,718     (FNMA) 8.000   06/01/11         2  
2,930     (FNMA) 8.000   06/01/11         3  
4,013     (FNMA) 8.000   06/01/11         4  
6,796     (FNMA) 8.000   07/01/11         7  
7,474,368     (FNMA) 4.400   10/01/12         7,529  
303,582     (FNMA) 5.000   06/01/13         312  
2,756,143     (FNMA) 4.440   07/01/13         2,769  
3,685,014     (FNMA) 4.760   10/01/13         3,741  
1,420,251     (FNMA) 4.780   02/01/14         1,445  
5,471,487     (FNMA) 4.440   04/01/14         5,481  
1,634,189     (FNMA) 4.560   01/01/15         1,646  
513,113     (FNMA) 7.500   02/01/15         538  
997,473     (FNMA) 7.500   04/01/15         1,040  
1,102,374     (FNMA) 7.500   04/01/15         1,155  
34,710     (FNMA) 6.500   02/01/16         36  
113,993     (FNMA) 6.500   03/01/16         120  
37,703     (FNMA) 6.500   04/01/16         40  
858,367     (FNMA) 6.500   10/01/16         893  
573,277     (FNMA) 6.500   11/01/16         596  
8,085,028     (FNMA) 5.000   12/01/17         8,372  
1,736,721     (FNMA) 6.500   02/01/18         1,805  
5,449,838     (FNMA) 5.500   03/01/18         5,639  

275

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account                  
 
            MATURITY         VALUE  
PRINCIPAL     ISSUER RATE   DATE         (000)  
$      11,167,276     (FNMA)     5.500%   04/01/18       $ 11,555  
1,024,535     (FNMA) 6.500   04/01/18         1,065  
960,254     (FNMA) 5.500   04/01/18         994  
292,167     (FNMA) 5.500   05/01/18         302  
16,075,397     (FNMA) 4.500   12/01/18         16,535  
762,464     (FNMA) 6.000   01/01/19         792  
122,282     (FNMA) 6.000   02/01/19         127  
10,495,825     (FNMA) 5.000   04/01/19         10,815  
8,026,604     (FNMA) 5.000   03/01/20         8,286  
3,529,641     (FNMA) 5.500   07/01/20         3,648  
11,784,466     (FNMA) 5.000   03/01/21         12,165  
172,043     (FNMA) 8.000   03/01/23         182  
13,703,896     (FNMA) 4.500   03/01/23         14,027  
23,961,675     (FNMA) 4.500   06/01/23         24,527  
19,255,243     (FNMA) 5.000   07/01/23         19,793  
27,952,646     (FNMA) 5.000   07/01/23         28,734  
5,968,019     (FNMA) 5.000   12/01/23         6,120  
22,000,000     (FNMA) 5.000   01/25/24         22,577  
40,000,000     (FNMA) 5.500   01/25/24         41,188  
1,701,966     (FNMA) 5.500   02/01/24         1,751  
452,699     (FNMA) 8.000   07/01/24         480  
3,442,369     (FNMA) 5.500   07/01/24         3,540  
4,977,917     (FNMA) 5.500   08/01/24         5,118  
16,830,663     (FNMA) 5.000   10/01/25         17,242  
95,423     (FNMA) 9.000   11/01/25         104  
703,709     (FNMA) 7.000   07/01/32         745  
258,501     (FNMA) 7.000   07/01/32         274  
13,991,269     (FNMA) 5.500   01/01/33         14,392  
27,575,956     (FNMA) 6.000   01/01/33         28,337  
1,963,048     (FNMA) 5.000   02/01/33         2,009  
9,494,942     (FNMA) 4.500   03/25/33         9,702  
1,619,246     (FNMA) 5.500   06/01/33         1,664  
5,998,395     (FNMA) 4.500   08/01/33         6,098  
5,792,780     (FNMA) 5.000   08/01/33         5,930  
2,715,713     (FNMA) 5.000   10/01/33         2,780  
5,913,000     (FNMA) 5.000   10/01/33         6,053  
1,886,579     (FNMA) 5.000   10/01/33         1,931  
9,681,668     (FNMA) 4.500   10/01/33         9,842  
8,066,365     (FNMA) 5.000   11/01/33         8,257  
8,464,196     (FNMA) 5.000   11/01/33         8,664  
835,564     (FNMA) 5.000   11/01/33         855  
49,739,229     (FNMA) 5.000   11/01/33         50,915  
7,957,480     (FNMA) 5.500   12/01/33         8,212  
1,560,664     (FNMA) 5.500   12/01/33         1,604  
2,787,117     (FNMA) 5.500   12/01/33         2,864  
1,380,201     (FNMA) 5.500   12/01/33         1,418  
7,060,335     (FNMA) 5.500   01/01/34         7,255  
3,424,665     (FNMA) 5.500   01/01/34         3,519  
10,540,928     (FNMA) 5.500   02/01/34         10,831  
17,885,450     (FNMA) 5.000   03/01/34         18,308  
2,347,318     (FNMA) 5.000   03/01/34         2,403  
6,627,564     (FNMA) 5.000   03/01/34         6,784  
2,703,789     (FNMA) 5.000   03/01/34         2,768  
2,161,987     (FNMA) 5.000   03/01/34         2,213  
7,240,681     (FNMA) 5.500   03/01/34         7,436  
17,555,396     (FNMA) 5.000   04/01/34         17,959  
10,971,406     (FNMA) 6.000   08/01/34         11,330  

276

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account                  
 
            MATURITY         VALUE  
PRINCIPAL     ISSUER RATE   DATE         (000)  
$      66,279,527     (FNMA)     5.000%   08/01/34       $ 67,833  
5,123,119     (FNMA) 5.500   09/01/34         5,261  
3,450,733     (FNMA) 5.500   09/01/34         3,544  
4,904,015     (FNMA) 5.500   09/01/34         5,036  
2,587,081     (FNMA) 5.500   10/01/34         2,657  
3,367,985     (FNMA) 5.500   10/01/34         3,459  
18,434,581     (FNMA) 5.500   12/01/34         18,931  
2,906,177     (FNMA) 6.000   12/01/34         2,999  
3,591,345     (FNMA) 6.000   12/01/34         3,706  
6,712,713     (FNMA) 5.500   01/01/35         6,893  
76,465,376     (FNMA) 5.500   02/01/35         78,571  
27,869,669     (FNMA) 5.500   04/01/35         28,620  
4,350,593     (FNMA) 5.500   04/01/35         4,465  
7,370,085     (FNMA) 6.000   04/01/35         7,605  
16,682,930     (FNMA) 4.500   05/01/35         16,960  
6,485,918     (FNMA) 6.000   05/01/35         6,686  
18,873,403     (FNMA) 5.500   05/01/35         19,370  
1,127,789     (FNMA) 5.500   06/01/35         1,157  
1,700,259     (FNMA) 5.500   06/01/35         1,745  
499,254     (FNMA) 7.500   06/01/35         529  
2,863,531     (FNMA) 5.500   06/01/35         2,939  
4,429,352     (FNMA) 5.500   06/01/35         4,546  
2,324,822     (FNMA) 5.500   06/01/35         2,386  
2,819,604     (FNMA) 6.000   07/01/35         2,907  
1,803,326     (FNMA) 5.500   07/01/35         1,851  
13,874,056     (FNMA) 5.000   08/01/35         14,185  
12,324,936     (FNMA) 5.500   09/01/35         12,649  
30,948,018     (FNMA) 5.500   09/01/35         31,800  
14,142,844     (FNMA) 5.000   10/01/35         14,459  
13,510,517     (FNMA) 5.500   10/01/35         13,866  
8,848,611     (FNMA) 5.500   11/01/35         9,081  
11,929,138 i   (FNMA) 5.740   02/01/36         12,123  
8,159,212     (FNMA) 5.000   04/01/36         8,341  
11,293,778     (FNMA) 5.500   04/01/36         11,591  
1,831,359     (FNMA) 6.000   06/01/36         1,888  
14,173,310 i   (FNMA) 5.800   06/01/36         14,392  
31,155,227 i   (FNMA) 5.980   07/01/36         31,860  
8,646,885 i   (FNMA) 5.950   07/01/36         8,844  
7,514,635     (FNMA) 6.500   09/01/36         7,814  
12,908,238     (FNMA) 6.000   10/01/36         13,304  
56,314,820 i   (FNMA) 5.820   11/01/36         57,602  
16,059,796     (FNMA) 6.500   12/01/36         16,700  
10,567,090 i   (FNMA) 5.780   12/01/36         10,801  
8,413,001     (FNMA) 6.500   12/01/36         8,616  
51,284,887     (FNMA) 5.500   02/01/37         52,633  
11,470,811     (FNMA) 5.000   02/01/37         11,725  
8,749,817 i   (FNMA) 6.020   02/01/37         8,990  
35,776,068     (FNMA) 5.500   03/01/37         36,715  
12,445,493     (FNMA) 6.500   03/01/37         12,941  
827,016     (FNMA) 6.500   03/01/37         860  
8,114,419     (FNMA) 7.000   04/01/37         8,505  
56,411,667     (FNMA) 6.000   06/01/37         58,139  
12,608,414     (FNMA) 6.000   07/01/37         12,994  
12,055,302     (FNMA) 6.000   08/01/37         12,424  
4,892,646     (FNMA) 6.500   08/01/37         5,087  
15,975,693     (FNMA) 6.500   08/01/37         16,611  
9,183,642     (FNMA) 6.500   09/01/37         9,549  

277

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account                  
 
            MATURITY         VALUE  
PRINCIPAL
    ISSUER RATE   DATE         (000)  
$      11,726,598     (FNMA)     6.500%   09/01/37       $ 12,193  
17,249,089     (FNMA) 6.500   09/01/37         17,935  
7,492,925     (FNMA) 6.000   09/01/37         7,722  
6,781,491     (FNMA) 6.000   09/01/37         6,989  
4,407,642     (FNMA) 6.000   09/01/37         4,543  
19,092,781     (FNMA) 6.500   09/01/37         19,852  
5,576,217     (FNMA) 6.000   09/01/37         5,747  
31,053,003     (FNMA) 6.500   10/01/37         32,289  
5,750,003     (FNMA) 6.000   10/01/37         5,926  
23,178,751 i   (FNMA) 5.910   10/01/37         24,598  
12,625,219     (FNMA) 7.000   11/01/37         13,234  
1,867,850     (FNMA) 6.500   11/01/37         1,942  
8,614,357     (FNMA) 5.500   01/01/38         8,840  
1,374,639     (FNMA) 6.500   01/01/38         1,429  
761,324     (FNMA) 6.500   02/01/38         792  
18,303,945     (FNMA) 6.000   02/01/38         18,862  
81,791,536     (FNMA) 5.500   02/01/38         83,929  
13,583,391     (FNMA) 6.000   03/01/38         13,998  
1,988,074     (FNMA) 6.500   03/01/38         2,067  
13,194,685     (FNMA) 6.500   03/01/38         13,718  
4,230,232     (FNMA) 6.500   03/01/38         4,398  
6,064,425     (FNMA) 6.500   03/01/38         6,305  
4,164,670     (FNMA) 7.000   03/01/38         4,366  
5,512,710     (FNMA) 7.000   03/01/38         5,779  
8,868,949     (FNMA) 7.000   03/01/38         9,297  
14,702,753     (FNMA) 5.000   04/01/38         15,027  
27,336,656     (FNMA) 5.000   04/01/38         27,940  
24,814,671     (FNMA) 5.000   04/01/38         25,362  
14,258,720     (FNMA) 5.000   04/01/38         14,574  
10,488,783     (FNMA) 5.000   05/01/38         10,720  
12,515,711 i   (FNMA) 5.260   09/01/38         12,743  
12,691,256 i   (FNMA) 4.930   10/01/38         12,844  
125,000,000     (FNMA) 6.000   01/25/39         128,672  
11,000,000     (FNMA) 4.000   02/25/39         10,979  
7,122     Government National Mortgage Association (GNMA) 8.500   12/15/09         7  
6,880     (GNMA) 8.500   12/15/09         7  
3,543     (GNMA) 9.000   12/15/09         4  
11,742     (GNMA) 8.500   01/15/10         12  
27,160     (GNMA) 9.000   06/15/16         29  
5,605     (GNMA) 9.000   09/15/16         6  
14,704     (GNMA) 9.000   09/15/16         16  
20,103     (GNMA) 9.000   11/15/16         22  
11,083     (GNMA) 9.000   12/15/16         12  
130,476     (GNMA) 9.500   12/15/16         142  
8,030     (GNMA) 9.000   12/15/16         9  
55,457     (GNMA) 8.000   06/15/24         59  
93,560     (GNMA) 8.500   11/20/30         101  
91,214     (GNMA) 8.500   12/20/30         98  
2,406,745     (GNMA) 5.500   11/20/33         2,481  
9,472,704     (GNMA) 5.500   03/20/35         9,752  
6,066,505     (GNMA) 5.500   12/20/35         6,246  
5,565,380     (GNMA) 6.000   10/20/36         5,739  
5,613,135     (GNMA) 6.000   01/20/37         5,786  
15,642,520     (GNMA) 6.000   12/15/37         16,168  
22,805,219     (GNMA) 5.500   07/15/38         23,541  
18,821,082     (GNMA) 5.500   07/20/38         19,370  
10,214,668     (GNMA) 6.000   08/15/38         10,558  

278

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account                  
 
            MATURITY         VALUE  
PRINCIPAL     ISSUER RATE   DATE   RATING†     (000)  
$      8,508,237     (GNMA)     6.000%   08/20/38       $ 8,770  
60,000,000     (GNMA) 5.000   01/01/39         61,500  
88,000,000     (GNMA) 5.500   01/15/39         90,613  
16,000,000     (GNMA) 6.000   01/15/39         16,505  
10,395,777     (GNMA) 6.230   09/15/43         10,486  
8,065,900 v   (GNMA) 6.500   01/15/44         8,091  
      TOTAL MORTGAGE BACKED               3,257,763  
 
MUNICIPAL BONDS - 0.02%                  
2,000,000     Charlotte-Mecklenburg Hospital Authority 5.000   08/01/15         2,052  
      TOTAL MUNICIPAL BONDS               2,052  
 
U.S. TREASURY SECURITIES - 21.08%                  
306,072,000     United States Treasury Bond 8.000   11/15/21         464,082  
58,400,000     United States Treasury Bond 5.250   02/15/29         77,444  
3,861,000     United States Treasury Bond 5.375   02/15/31         5,305  
677,000     United States Treasury Bond 4.500   02/15/36         899  
7,038,000     United States Treasury Bond 5.000   05/15/37         10,197  
13,479,000     United States Treasury Bond 4.375   02/15/38         18,054  
16,990,000     United States Treasury Bond 4.500   05/15/38         23,189  
162,924,418     United States Treasury Inflation Indexed Note 0.875   04/15/10         153,124  
12,184,191     United States Treasury Inflation Indexed Note 2.375   04/15/11         11,900  
1,000,000     United States Treasury Note 2.000   02/28/10         1,018  
4,950,000     United States Treasury Note 1.750   03/31/10         5,032  
1,000,000     United States Treasury Note 2.375   08/31/10         1,030  
40,212,000     United States Treasury Note 1.500   10/31/10         40,812  
7,500,000     United States Treasury Note 1.750   11/15/11         7,671  
6,650,000     United States Treasury Note 1.125   12/15/11         6,680  
53,080,000     United States Treasury Note 3.375   07/31/13         57,978  
25,195,000     United States Treasury Note 3.125   08/31/13         27,165  
131,829,000     United States Treasury Note 3.125   09/30/13         142,241  
315,514,000     United States Treasury Note 2.750   10/31/13         335,431  
87,833,000     United States Treasury Note 2.000   11/30/13         90,111  
47,070,000     United States Treasury Note 1.500   12/31/13         46,963  
8,370,000     United States Treasury Note 4.250   08/15/14         9,620  
54,964,000     United States Treasury Note 4.750   08/15/17         65,716  
70,666,000     United States Treasury Note 4.000   08/15/18         81,603  
110,785,000     United States Treasury Note 3.750   11/15/18         125,412  
50,000,000 j   United States Treasury Strip Principal 0.000   08/15/27         27,754  
      TOTAL U.S. TREASURY SECURITIES               1,836,431  
 
      TOTAL GOVERNMENT BONDS               5,865,379  
      (Cost $5,589,200 )                  
 
STRUCTURED ASSETS - 8.38%                  
 
ASSET BACKED - 4.49%                  
$3,164,670     AmeriCredit Automobile Receivables Trust Series 2006-AF (Class A3)                  
      Series - 2006 AF (Class A3) 5.560   09/06/11   Aa3     3,128  
13,986,329     AmeriCredit Automobile Receivables Trust Series 2007-BF (Class A3A)                  
      Series - 2007 BF (Class A3A) 5.160   04/06/12   Aa3     13,637  
372,700 i   AQ Finance NIM Trust Series 2004-RN2                  
      Series - 2004 RN2 (Class NOTE) 0.671   04/25/09   Aa3     352  
298,668 i, m, v   AQ Finance NIM Trust Series 2004-RN3                  
      Series - 2004 RN3 (Class NOTE) 0.651   05/25/09   Aa3     283  

279

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account                  
 
            MATURITY         VALUE  
PRINCIPAL     ISSUER RATE   DATE   RATING†     (000)  
$      74,236     Asset Backed Funding Corp NIM Trust Series 2005-WMC1 (Class N1)                  
      Series - 2006 WMC1 (Class N1)     5.900%   07/26/35   NR   $ - ^
10,000,000 v   Centex Home Equity Series 2004-C (Class AF5)                  
      Series - 2004 C (Class AF5) 5.980   06/25/34   Aaa     8,207  
1,354,732     Centex Home Equity Series 2004-D (Class MF2)                  
      Series - 2004 D (Class MF2) 5.560   09/25/34   Aa3     582  
26,422,591     Chase Funding Mortgage Loan Asset-Backed Certificates Series 2003-6 (Class 1A7)                  
      Series - 2003 6 (Class 1A7) 4.277   09/25/33   Aaa     21,164  
2,628,039 i   Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2 (Class 1M1)                  
      Series - 2004 2 (Class 1M1) 5.700   02/25/35   Aa2     1,541  
1,314,020 i   Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2 (Class 1M2)                  
      Series - 2004 2 (Class 1M2) 5.700   02/25/35   A2     620  
1,032,444 i   Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2 (Class 1B)                  
      Series - 2004 2 (Class 1B) 5.700   02/25/35   Baa2     353  
4,507,462     CIT Group Home Equity Loan Trust Series 2002-1 (Class AF6)                  
      Series - 2002 1 (Class AF6) 6.200   02/25/30   Aaa     3,748  
682,305     CIT Group Home Equity Loan Trust Series 2002-2 (Class MF2)                  
      Series - 2002 2 (Class MF2) 6.390   12/25/30   A3     115  
34,769     CIT Group Home Equity Loan Trust Series 2002-2 (Class BF)                  
      Series - 2002 2 (Class BF) 6.830   06/25/33   Ba1     2  
28,400,000     Citicorp Mortgage Securities, Inc Series 2006-1 (Class A3)                  
      Series - 2006 1 (Class A3) 5.706   07/25/36   Aaa     23,657  
$15,812,000     Citicorp Mortgage Securities, Inc Series 2006-2 (Class A3)                  
      Series - 2006 2 (Class A3) 5.563   09/25/36   Aaa     13,342  
774,329 i   Countrywide Home Equity Loan Trust Series 2004-B (Class 1A)                  
      Series - 2004 B (Class 1A) 1.415   02/15/29   B3     388  
6,468,661     Credit-Based Asset Servicing and Securitization LLC Series 2007-MX1 (Class A1)                  
      Series - 2007 MX1 (Class A1) 6.159   12/25/36   Aaa     6,058  
25,000,000     Flagstar Home Equity Loan Trust Series 2007-1A (Class AF3)                  
      Series - 2007 1A (Class AF3) 5.781   01/25/35   Baa1     14,104  
6,537,000     GMAC Mortgage Corporation Loan Trust 2006-HLTV A3                  
      Series - 2006 HLTV (Class A3) 5.590   10/25/29   Baa2     5,942  
2,600,000     GMAC Mortgage Corporation Loan Trust 2006-HLTV A4                  
      Series - 2006 HLTV (Class A4) 5.810   10/25/29   Baa3     1,882  
1,073,311 i   GSAA Trust Series 2004-3 (Class AF3)                  
      Series - 2004 3 (Class AF3) 5.691   04/25/34   Aaa     1,067  
1,333,333     Hertz Vehicle Financing LLC Series 2005-2A (Class A2)                  
      Series - 2005 2A (Class A2) 4.930   02/25/10   Aa3     1,325  
4,000,000     HFC Home Equity Loan Asset Backed Certificates Series 2007-1 (Class A3F)                  
      Series - 2007 1 (Class A3F) 5.730   03/20/36   Aaa     2,599  
5,340,075     HFC Home Equity Loan Asset Backed Certificates Series 2007-1 (Class A1F)                  
      Series - 2007 1 (Class A1F) 5.910   03/20/36   Aaa     4,963  
15,000,000     Honda Auto Receivables Owner Trust Series 2007-1 (Class A4)                  
      Series - 2007 1 (Class A4) 5.090   07/18/13   NR     14,531  
10,836,675     Household Automotive Trust Series 2006-2 (Class A3)                  
      Series - 2006 2 (Class A3) 5.610   08/17/11   Aaa     10,453  
41,000,000     Household Automotive Trust Series 2006-3 (Class A4)                  
      Series - 2006 3 (Class A4) 5.340   09/17/13   Aaa     35,764  
24,000,000     Household Credit Card Master Note Trust I Series 2006-1 (Class A)                  
      Series - 2006 1 (Class A) 5.100   06/15/12   Aaa     23,426  
2,690,875     Hyundai Auto Receivables Trust Series 2006-A (Class A3)                  
      Series - 2006 A (Class A3) 5.130   06/15/10   Aaa     2,689  
27,000,000     Hyundai Auto Receivables Trust Series 2006-B (Class A4)                  
      Series - 2006 B (Class A4) 5.150   05/15/13   Aaa     25,863  
9,980,987     JPMorgan Auto Receivables Trust Series 2007-A (Class A3)                  
      Series - 2007 A (Class A3) 5.190   02/15/11   Aaa     9,893  
4,010,162     Marriott Vacation Club Owner Trust Series 2007-1A (Class A)                  
      Series - 2007 1A (Class A) 5.518   05/20/29   Aaa     3,179  

280

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account                  
 
            MATURITY         VALUE  
PRINCIPAL     ISSUER RATE   DATE   RATING†     (000)  
$      52,879 m, v   New York City Tax Lien Series 2006-AA (Class A)                  
      Series - 2006 AA (Class A)     5.930%   11/10/19   Aaa   $ 53  
16,835,173     Nissan Auto Lease Trust Series 2006-A (Class A3)                  
      Series - 2006 A (Class A3) 5.110   03/15/10   Aaa     16,817  
14,500,000     Nissan Auto Lease Trust Series 2006-A (Class A4)                  
      Series - 2006 A (Class A4) 5.100   07/16/12   Aaa     14,361  
6,500,000     Renaissance Home Equity Loan Trust Series 2006-3 (Class AF3)                  
      Series - 2006 3 (Class AF3) 5.586   11/25/36   Aaa     4,929  
12,000,000 i   Residential Asset Mortgage Products, Inc Series 2004-RS11 (Class M1)                  
      Series - 2004 RS11 (Class M1) 1.091   11/25/34   Aa1     6,716  
858,611 i   Residential Asset Securities Corp Series 2001-KS2 (Class AI6)                  
      Series - 2001 KS2 (Class AI6) 6.489   10/25/30   Aaa     696  
7,000,000     Residential Funding Mortgage Securities II, Inc Series 2006-HI5 (Class A2)                  
      Series - 2006 HI5 (Class A2) 5.520   04/25/21   Aa1     5,696  
13,500,000     Residential Funding Mortgage Securities II, Inc Series 2006-HI5 (Class A3)                  
      Series - 2006 HI5 (Class A3) 5.500   08/25/25   Aa3     7,395  
5,000,000     Residential Funding Mortgage Securities II, Inc Series 2005-HI1 (Class A5)                  
      Series - 2005 HI1 (Class A5) 5.450   08/25/34   B1     3,274  
8,000,000     Residential Funding Mortgage Securities II, Inc Series 2006-H12 (Class A2)                  
      Series - 2006 HI2 (Class A2) 5.750   02/25/36   Aa1     6,848  
2,000,000     Residential Funding Mortgage Securities II, Inc Series 2006-HI3 (Class A2)                  
      Series - 2006 HI3 (Class A2) 5.950   02/25/36   Aa1     1,717  
6,000,000     Residential Funding Mortgage Securities II, Inc Series 2006-HI3 (Class A3)                  
      Series - 2006 HI3 (Class A3) 5.960   02/25/36   Aa3     3,399  
2,500,000     Residential Funding Mortgage Securities II, Inc Series 2006-HI1 (Class M1)                  
      Series - 2006 HI1 (Class M1) 6.010   02/25/36   Aa1     1,507  
350,000     Residential Funding Mortgage Securities II, Inc Series 2006-HI1 (Class M2)                  
      Series - 2006 HI1 (Class M2) 6.060   02/25/36   Aa2     142  
30,000,000     Residential Funding Mortgage Securities II, Inc Series 2006-HI4 (Class A3)                  
      Series - 2006 HI4 (Class A3) 5.440   09/25/36   Aa3     16,222  
9,628,000     Residential Funding Mortgage Securities II, Inc Series 2006-HI4 (Class A2)                  
      Series - 2006 HI4 (Class A2) 5.450   09/25/36   Aa1     7,947  
1,698,175 m   Sierra Receivables Funding Co Series 2006-1A (Class A1)                  
      Series - 2006 1A (Class A1) 5.840   05/20/18   A2     1,368  
16,554,498 m, v   Sonic Capital LLC Series 2006-1A (Class A2)                  
      Series - 2006 1A (Class A2) 5.096   12/20/31   Baa1     9,105  
2,404,395     Volkswagen Auto Lease Trust Series 2006-A (Class A3)                  
      Series - 2006 A (Class A3) 5.500   09/21/09   Aaa     2,405  
10,400,000     Volkswagen Auto Lease Trust Series 2006-A (Class A4)                  
      Series - 2006 A (Class A4) 5.540   04/20/11   Aaa     10,398  
2,282,481 m, v   Wachovia Amortization Controlled Heloc NIM Series 2006-N1 (Class N1)                  
      Series - 2006 N1 (Class N1) 5.683   08/12/47   A3     2,113  
9,040,817     Wachovia Auto Loan Owner Trust Series 2006-2A (Class A3)                  
      Series - 2006 2A (Class A3) 5.230   08/22/11   Aaa     8,944  
4,303,278 i   Wachovia Loan Trust Series 2005-SD1 (Class A)                  
      Series - 2005 SD1 (Class A) 0.831   05/25/35   NR     3,546  
      TOTAL ASSET BACKED               390,455  
 
OTHER MORTGAGE BACKED - 3.89%                  
3,000,000 i   Banc of America Commercial Mortgage, Inc Series 2006-2 (Class A4)                  
      Series - 2006 2 (Class A4) 5.929   05/10/45   NR     2,450  
10,000,000     Banc of America Commercial Mortgage, Inc Series 2006-5 (Class AJ)                  
      Series - 2006 5 (Class AJ) 5.477   09/10/47   Aaa     2,923  
9,000,000 i   Banc of America Commercial Mortgage, Inc Series 2007-2 (Class A2)                  
      Series - 2007 2 (Class A2) 5.634   04/10/49   NR     7,055  
6,316,038     Banc of America Mortgage Securities, Inc Series 2006-1 (Class A8)                  
      Series - 2006 1 (Class A8) 6.000   05/25/36   Ba3     5,929  

281

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account                  
 
            MATURITY         VALUE  
PRINCIPAL     ISSUER RATE   DATE   RATING†     (000)  
$      503,981     Bank of America Alternative Loan Trust Series 2004-8 (Class 3A1)                  
      Series - 2004 8 (Class 3A1)     5.500%   09/25/19   Aaa   $ 494  
6,000,000     Bear Stearns Commercial Mortgage Securities Series 2006-PW14 (Class A4)                  
      Series - 2006 PW14 (Class A4) 5.201   12/11/38   NR     4,895  
13,000,000     Bear Stearns Commercial Mortgage Securities Series 2006-PW13 (Class A4)                  
      Series - 2006 PW13 (Class A4) 5.540   09/11/41   NR     10,197  
8,000,000     Bear Stearns Commercial Mortgage Securities Series 2006-T24 (Class A4)                  
      Series - 2006 T24 (Class A4) 5.537   10/12/41   Aaa     6,697  
5,665,000 i   Bear Stearns Commercial Mortgage Securities Series 2007-T28 (Class AJ)                  
      Series - 2007 T28 (Class AJ) 6.175   09/11/42   NR     1,497  
2,822,000 i   Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2005-CD1 (Class AJ)                  
      Series - 2005 CD1 (Class AJ) 5.230   07/15/44   Aaa     1,253  
5,000,000     Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2006-CD3 (Class A5)                  
      Series - 2006 CD3 (Class A5) 5.617   10/15/48   Aaa     3,982  
12,775,000 i   Commercial Mortgage Load Trust Series 2008-LS1 (Class A1)                  
      Series - 2008 LS1 (Class AM) 6.220   12/10/49   Aaa     5,939  
8,912,139     Countrywide Alternative Loan Trust Series 2004-30CB (Class 1A15)                  
      Series - 2004 30CB (Class 1A15) 5.500   08/25/16   Aaa     8,162  
7,313,078     Countrywide Alternative Loan Trust Series 2004-29CB (Class A7)                  
      Series - 2004 29CB (Class A7) 5.375   01/25/35   NR     5,607  
$9,462,955     Countrywide Home Loan Mortgage Pass Through Trust Series 2005-17 (Class 1A10)                  
      Series - 2005 17 (Class 1A10) 5.250   09/25/35   NR     7,569  
1,057,587 i   Credit Suisse Mortgage Capital Certificates Series 2006-TF2A (Class A1)                  
      Series - 2006 TF2A (Class A1) 1.295   10/15/21   Aaa     847  
5,925,000 i   Credit Suisse Mortgage Capital Certificates Series 2007-C3 (Class AM)                  
      Series - 2007 C3 (Class AM) 5.912   06/15/39   Aaa     2,594  
11,000,000     Credit Suisse Mortgage Capital Certificates Series 2006-C5 (Class A3)                  
      Series - 2006 C5 (Class A3) 5.311   12/15/39   Aaa     8,535  
5,890,000     Credit Suisse Mortgage Capital Certificates Series 2007-C1 (Class A3)                  
      Series - 2007 C1 (Class A3) 5.383   02/15/40   Aaa     3,535  
8,520,000 i   Credit Suisse Mortgage Capital Certificates Series 2007-C1 (Class AJ)                  
      Series - 2007 C1 (Class AJ) 5.457   02/15/40   Aaa     2,117  
3,000,000 i   Credit Suisse Mortgage Capital Certificates Series 2007-C2 (Class A3)                  
      Series - 2007 C2 (Class A3) 5.542   01/15/49   Aaa     1,987  
13,778,164 i   Credit Suisse/Morgan Stanley Commercial Mortgage Certificate Series HC1A (Class A1)                  
      Series - 2006 HC1A (Class A1) 1.385   05/15/23   Aaa     11,031  
13,207,122     CS First Boston Mortgage Securities Corp Series 2005-5 (Class 7A1)                  
      Series - 2005 5 (Class 7A1) 6.000   07/25/35   Aaa     10,293  
2,050,084     First Horizon Asset Securities, Inc Series 2003-9 (Class 1A4)                  
      Series - 2003 9 (Class 1A4) 5.500   11/25/33   NR     2,000  
4,284,072 i   GE Capital Commercial Mortgage Corp                  
      Series - 2005 C4 (Class AM) 5.330   11/10/45   Aaa     2,552  
11,600,000     Greenwich Capital Commercial Funding Corp Series 2007-GG11 (Class A2)                  
      Series - 2007 GG11 (Class A2) 5.597   12/10/49   NR     8,497  
5,655,000     Greenwich Capital Commercial Funding Corp Series 2007-GG11 (Class A4)                  
      Series - 2007 GG11 (Class A4) 5.736   12/10/49   NR     4,222  
10,000,000 i   GS Mortgage Securities Corp II Series 2001-ROCK (Class BFL)                  
      Series - 2001 ROCK (Class BFL) 2.391   05/03/18   Aaa     9,367  
2,000,000     GS Mortgage Securities Corp II Series 2005-GG4 (Class AJ)                  
      Series - 2005 GG4 (Class AJ) 4.782   07/10/39   Aaa     895  
8,060,000     GS Mortgage Securities Corp II Series 2006-GG8 (Class A2)                  
      Series - 2006 GG8 (Class A2) 5.479   11/10/39   Aaa     6,703  
6,350,000     GS Mortgage Securities Corp II Series 2006-GG8 (Class A4)                  
      Series - 2006 GG8 (Class A4) 5.560   11/10/39   Aaa     5,037  
11,250,000 i   GS Mortgage Securities Corp II Series 2007-GG10 (Class A2)                  
      Series - 2007 GG10 (Class A2) 5.778   08/10/45   Aaa     8,550  

282

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account                  
 
            MATURITY         VALUE  
PRINCIPAL     ISSUER RATE   DATE   RATING†     (000)  
$      18,000,000 i   GS Mortgage Securities Corp II Series 2007-GG10 (Class AM)                  
      Series - 2007 GG10 (Class AM)     5.993%   08/10/45   Aaa   $ 8,243  
5,299,651 i   JP Morgan Chase Commercial Mortgage Securities Corp Series 2007-FL1A (Class A1)                  
      Series - 2007 FL1A (Class A1) 1.570   07/15/19   Aaa     3,963  
4,700,000 i   JP Morgan Chase Commercial Mortgage Securities Corp Series 2006-FL1A (Class A2)                  
      Series - 2006 FL1A (Class A2) 1.375   02/15/20   Aaa     2,807  
11,000,000     JP Morgan Chase Commercial Mortgage Securities Corp Series 2002-C1 (Class A3)                  
      Series - 2002 C1 (Class A3) 5.376   07/12/37   Aaa     10,225  
8,100,000 i   JP Morgan Chase Commercial Mortgage Securities Corp Series 2006-LDP7 (Class A2)                  
      Series - 2006 LDP7 (Class A2) 6.051   04/15/45   Aaa     6,927  
10,550,000     JP Morgan Chase Commercial Mortgage Securities Corp Series 2007-CB18 (Class A4)                  
      Series - 2007 CB18 (Class A4) 5.440   06/12/47   Aaa     7,613  
5,880,000 i   JP Morgan Chase Commercial Mortgage Securities Corp Series 2007-CB19 (Class AM)                  
      Series - 2007 CB19 (Class AM) 5.937   02/12/49   Aaa     2,720  
4,240,000 i   JP Morgan Chase Commercial Mortgage Securities Corp Series 2008-C2 (Class AM)                  
      Series - 2008 C2 (Class AM) 6.799   02/12/51   Aaa     2,014  
5,682,000 i   LB-UBS Commercial Mortgage Trust Series 2008-C1 (Class A2)                  
      Series - 2008 C1 (Class A2) 6.150   04/15/41   Aaa     4,365  
6,216,938 i   Lehman Brothers Floating Rate Commercial Mortgage Trust Series                  
      2006-LLFA (Class A1) Series - 2006 LLFA (Class A1) 1.275   09/15/21   Aaa     4,642  
3,730,351     MASTR Asset Securitization Trust Series 2005-2 (Class 3A1)                  
      Series - 2005 2 (Class 3A1) 5.000   10/25/20   Aaa     3,269  
3,729,128 i   Merrill Lynch Mortgage Trust Series 2005-CIP1 (Class AM)                  
      Series - 2005 CIP1 (Class AM) 5.107   07/12/38   Aaa     2,223  
2,500,000 i   Merrill Lynch Mortgage Trust Series 2006-C1 (Class A4)                  
      Series - 2006 C1 (Class A4) 5.660   05/12/39   NR     2,036  
4,540,000 i   Merrill Lynch Mortgage Trust Series 2008-C1 (Class AM)                  
      Series - 2008 C1 (Class AM) 6.270   02/12/51   Aaa     2,131  
7,385,000 i   Merrill Lynch Mortgage Trust Series 2008-C1 (Class AJ)                  
      Series - 2008 C1 (Class AJ) 6.270   02/12/51   Aaa     1,976  
3,365,000     Merrill Lynch Mortgage Trust Series 2008-C1 (Class C)                  
      Series - 2008 C1 (Class C) 6.270   02/12/51   Aa2     624  
4,700,000 i   Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2006- (Class A4) 1                  
      Series - 2006 1 (Class A4) 5.602   02/12/39   NR     3,785  
5,670,000 i   Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2007-8 (Class AM)                  
      Series - 2007 8 (Class AM) 6.156   08/12/49   NR     2,650  
4,525,000 i   Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2007-9 (Class AM)                  
      Series - 2007 9 (Class AM) 5.856   09/12/49   NR     2,059  
16,983,414     Morgan Stanley Capital I Series 2005-HQ5 (Class A2)                  
      Series - 2005 HQ5 (Class A2) 4.809   01/14/42   NR     16,456  
7,500,000 i   Morgan Stanley Capital I Series 2006-IQ11 (Class A4)                  
      Series - 2006 IQ11 (Class A4) 5.943   10/15/42   NR     6,156  
6,200,000 i   Morgan Stanley Capital I Series 2006-IQ11 (Class AJ)                  
      Series - 2006 IQ11 (Class AJ) 5.947   10/15/42   NR     1,930  
12,320,000     Morgan Stanley Capital I Series 2006-IQ12 (Class A2)                  
      Series - 2006 IQ12 (Class A2) 5.283   12/15/43   NR     10,093  
8,000,000     Morgan Stanley Capital I Series 2007-HQ11 (Class A31)                  
      Series - 2007 HQ11 (Class A31) 5.439   02/12/44   Aaa     5,474  
6,710,000     Morgan Stanley Capital I Series 2007-IQ13 (Class A4)                  
      Series - 2007 IQ13 (Class A4) 5.364   03/15/44   NR     4,935  
4,587,000 i   Morgan Stanley Capital I Series 2006-HQ9 (Class A4)                  
      Series - 2006 HQ9 (Class A4) 5.731   07/12/44   NR     3,551  
5,500,000     Residential Accredit Loans, Inc Series 2005-QS17 (Class A1)                  
      Series - 2005 QS17 (Class A1) 6.000   12/25/35   Aaa     2,566  
8,325,000 i   Wachovia Bank Commercial Mortgage Trust Series 2006-WL7A (Class A2)                  
      Series - 2006 WL7A (Class A2) 1.315   09/15/21   Aaa     5,218  
5,000,000     Wachovia Bank Commercial Mortgage Trust Series 2007-C30 (Class AM)                  
      Series - 2007 C30 (Class AM) 5.383   12/15/43   Aaa     2,260  

283

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account                  
 
            MATURITY         VALUE  
PRINCIPAL     ISSUER RATE   DATE   RATING†     (000)  
$      10,000,000 i   Wachovia Bank Commercial Mortgage Trust Series 2006-C24 (Class A3)                  
      Series - 2006 C24 (Class A3)     5.558%   03/15/45   Aaa   $ 7,844  
8,000,000     Wachovia Bank Commercial Mortgage Trust Series 2007-C31 (Class A2)                  
      Series - 2007 C31 (Class A2) 5.421   04/15/47   Aaa     6,206  
14,000,000 i   Wachovia Bank Commercial Mortgage Trust Series 2007-C33 (Class AM)                  
      Series - 2007 C33 (Class AM) 6.100   02/15/51   Aaa     6,496  
11,386,986     Washington Mutual, Inc Series 2003-S10 (Class A1)                  
      Series - 2003 S10 (Class A1) 4.500   10/25/18   NR     11,067  
10,394,074 i   Wells Fargo Mortgage Backed Securities Trust Series 2006-AR2 (Class 2A3)                  
      Series - 2006 AR2 (Class 2A3) 5.090   03/25/36   NR     6,500  
7,587,887 i   Wells Fargo Mortgage Backed Securities Trust Series 2006-AR4 (Class 1A1)                  
      Series - 2006 AR4 (Class 1A1) 5.857   04/25/36   NR     4,565  
      TOTAL OTHER MORTGAGE BACKED               339,000  
 
      TOTAL STRUCTURED ASSETS               729,455  
      (Cost $957,619 )                  
 
      TOTAL BONDS               8,268,413  
      (Cost $8,295,570 )                  
 
SHARES
     COMPANY                  
PREFERRED STOCKS - 0.04%                  
 
DEPOSITORY INSTITUTIONS - 0.02%                  
$134,000     Bank of America Corp 6.200   12/30/49   A1     2,014  
      Total DEPOSITORY INSTITUTIONS               2,014  
 
NONDEPOSITORY INSTITUTIONS - 0.02%                  
470,597     Federal Home Loan Mortgage Corp (FHLMC) 8.380   12/30/49   Ca     184  
1,527,061     Federal National Mortgage Association (FNMA) 8.250   12/30/49   Ca     1,267  
      Total NONDEPOSITORY INSTITUTIONS               1,451  
 
      TOTAL PREFERRED STOCKS               3,465  
      (Cost $53,292 )                  
 
TIAA-CREF MUTUAL FUND- 0.04%                  
485,646 a   TIAA-CREF High Yield Fund               3,467  
 
      TOTAL TIAA-CREF MUTUAL FUND               3,467  
      (Cost $4,535 )                  
 
PRINCIPAL     ISSUER                  
 
SHORT-TERM INVESTMENTS - 8.17%                  
 
COMMERCIAL PAPER - 2.18%                  
13,750,000     Abbey National LLC 0.000   01/08/09         13,749  
14,123,000     American Honda Finance Corp 0.000   02/18/09         14,107  
20,000,000     Caterpillar Financial Services Co 0.000   01/29/09         19,995  
6,780,000     Eaton Corp 0.000   03/05/09         6,767  
11,710,000     Govco LLC 0.700   02/23/09         11,687  
21,000,000     Private Export Funding Corp 0.000   01/13/09         20,997  
17,000,000     Procter & Gamble International 0.000   02/23/09         16,994  
21,000,000     Rabobank USA Financial Corp 0.000   03/16/09         20,989  
12,000,000     Societe Generale North America, Inc 0.000   01/13/09         11,998  
20,000,000     Toyota Motor Credit Corp 0.000   04/30/09         19,922  

284

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account                  
 
            MATURITY         VALUE  
PRINCIPAL     ISSUER RATE   DATE         (000)  
21,000,000     UBS Finance (Delaware) LLC     0.000%   02/17/09       $ 20,978  
12,000,000     Unilever Capital Corp 0.000   03/30/09         11,989  
      TOTAL COMMERCIAL PAPER               190,172  
 
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 5.99%                  
61,630,000     Federal Home Loan Bank (FHLB) 0.000   02/02/09         61,629  
656,000     (FHLB) 0.000   02/10/09         656  
9,400,000     (FHLB) 0.000   03/10/09         9,399  
20,000,000     (FHLB) 0.000   03/16/09         19,997  
29,630,000     (FHLB) 0.000   03/24/09         29,625  
30,374,000     (FHLB) 0.000   03/31/09         30,369  
11,500,000     (FHLB) 0.000   06/15/09         11,484  
7,100,000     (FHLB) 0.000   10/01/09         7,068  
22,960,000     Federal Home Loan Mortgage Corp (FHLMC) 0.000   01/20/09         22,960  
3,340,000     (FHLMC) 0.000   01/26/09         3,340  
3,240,000     (FHLMC) 0.000   02/03/09         3,240  
50,000,000     (FHLMC) 0.000   02/23/09         49,999  
23,700,000     (FHLMC) 0.000   03/02/09         23,697  
4,400,000     (FHLMC) 0.000   03/03/09         4,400  
2,810,000     (FHLMC) 0.000   03/25/09         2,810  
34,566,000     (FHLMC) 0.000   04/01/09         34,553  
20,930,000     (FHLMC) 0.000   04/02/09         20,922  
2,200,000     (FHLMC) 0.000   04/07/09         2,199  
23,460,000     (FHLMC) 0.000   04/14/09         23,450  
21,370,000     (FHLMC) 0.000   04/17/09         21,361  
2,497,000     Federal National Mortgage Association (FNMA) 0.000   01/16/09         2,497  
25,035,000     (FNMA) 0.000   01/30/09         25,035  
28,720,000     (FNMA) 0.000   02/17/09         28,720  
15,000,000     (FNMA) 0.000   03/18/09         14,998  
40,000,000     (FNMA) 0.000   03/24/09         39,994  
2,590,000     (FNMA) 0.000   04/01/09         2,589  
25,000,000     (FNMA) 0.000   12/01/09         24,838  
      TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES     521,829  
 
 
      TOTAL SHORT-TERM INVESTMENTS               712,001  
      (Cost $710,739)                  
 
      TOTAL PORTFOLIO - 103.17%               8,987,346  
      (Cost $9,064,136 )                  
      OTHER ASSETS AND LIABILITIES,NET - (3.17%)               (276,116)  
                         
      TOTAL NET ASSETS - 100.00%             $ 8,711,230  
     
 
                  
 
      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                  
  g   Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in  
      transactions exempt from registration to qualified institutional buyers.  
      At December 31, 2008 the value of these securities amounted to $248,296,006 or 2.85% of net assets.  

285

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account                  
 
  i   Floating rate or variable rate securities reflects the rate in effect as of December 31, 2008.                  
  j   Zero coupon                  
  m   Indicates a security that has been deemed illiquid.                  
  n   In default                  
  v   Represents fair value as determined in good faith under procedures approved                  
      by the Board of Trustees. The value of this security amounted to $ 27,851,694                  
      which represents 0.32 % of net assets.                  
 
      Cost amounts are in thousands.                  
 
      At December 31, 2008, the net unrealized depreciation on investments was $(76,789,838), consisting of gross unrealized appreciation of $341,559,193 and gross unrealized depreciation of $(418,349,031).                  
                         
      For ease of presentation, a number of industry classification categories have been grouped together in the Schedule of Investments. Note that the Accounts use more specific industry categories in following their investment limitations on industry concentration.                  
                         
      Companies in which the Account held 5% or more of the outstanding voting shares are considered "affiliated companies" of the Account pursuant to the Investment Company Act of 1940. Additionally, investments in other investment companies advised by Investment Management or affiliated entities are treated as affiliated companies. Information regarding transactions with affiliated companies is as follows:                  

COLLEGE RETIREMENT EQUITIES FUND
TRANSACTIONS WITH AFFILIATED COMPANIES-BOND MARKET ACCOUNT
JANUARY 1, 2008 - DECEMBER 31, 2008
 
 
    Value at   Purchase         Realized   Dividend   Withholding   Shares at   Value at
Issue   December 31, 2007   Cost   Proceeds   Gain/(Loss)   Income    Expense   December 31, 2008   December 31, 2008
 
TIAA-CREF Institutional High Yield Fund II $ 4,305,350   $ 355,877   $ -   $ -   $ 355,877   $ -   485,646   $ 3,467,512
 
 
        $ 355,877   $ -   $ -   $ 355,877    $ -   485,646   $ 3,467,512

286

                                            
COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account                  
 
COLLEGE RETIREMENT EQUITIES FUND
INFLATION-LINKED BOND ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2008
                                         
            MATURITY         VALUE  
PRINCIPAL     ISSUER RATE   DATE         (000)  
 
GOVERNMENT BONDS - 99.04%                  
 
U.S. TREASURY SECURITIES - 99.04%                  
$    363,199,773 k   United States Treasury Inflation Indexed Bonds    2.380%   01/15/25       $ 356,957  
238,744,899 k   United States Treasury Inflation Indexed Bonds 2.000   01/15/26         224,887  
196,485,812 k   United States Treasury Inflation Indexed Bonds 2.380   01/15/27         197,391  
180,557,352 k   United States Treasury Inflation Indexed Bonds 1.750   01/15/28         166,818  
255,200,617 k   United States Treasury Inflation Indexed Bonds 3.630   04/15/28         304,028  
298,345,798 k   United States Treasury Inflation Indexed Bonds 3.880   04/15/29         368,480  
77,820,993 k   United States Treasury Inflation Indexed Bonds 3.380   04/15/32         95,957  
169,502,440 k   United States Treasury Inflation Indexed Notes 4.250   01/15/10         166,470  
418,089,192 k   United States Treasury Inflation Indexed Notes 0.880   04/15/10         392,939  
179,338,797 k   United States Treasury Inflation Indexed Notes 3.500   01/15/11         176,018  
270,343,224 k   United States Treasury Inflation Indexed Notes 2.380   04/15/11         264,028  
77,530,619 k   United States Treasury Inflation Indexed Notes 3.380   01/15/12         76,695  
193,481,247 k   United States Treasury Inflation Indexed Notes 2.000   04/15/12         188,674  
327,346,641 k   United States Treasury Inflation Indexed Notes 3.000   07/15/12         320,825  
100,805,800 k   United States Treasury Inflation Indexed Notes 0.630   04/15/13         96,380  
320,259,153 k   United States Treasury Inflation Indexed Notes 1.880   07/15/13         301,519  
320,726,042 k   United States Treasury Inflation Indexed Notes 2.000   01/15/14         303,888  
299,026,933 k   United States Treasury Inflation Indexed Notes 2.000   07/15/14         282,791  
291,050,700 k   United States Treasury Inflation Indexed Notes 1.630   01/15/15         269,904  
244,033,580 k   United States Treasury Inflation Indexed Notes 1.880   07/15/15         230,516  
249,796,641 k   United States Treasury Inflation Indexed Notes 2.000   01/15/16         239,219  
249,816,656 k   United States Treasury Inflation Indexed Notes 2.500   07/15/16         247,845  
225,124,720 k   United States Treasury Inflation Indexed Notes 2.380   01/15/17         223,348  
202,788,200 k   United States Treasury Inflation Indexed Notes 2.630   07/15/17         207,811  
207,392,766 k   United States Treasury Inflation Indexed Notes 1.630   01/15/18         196,845  
109,106,076 k   United States Treasury Inflation Indexed Notes 1.380   07/15/18         102,040  
      TOTAL U.S. TREASURY SECURITIES               6,002,273  
 
      TOTAL GOVERNMENT BONDS               6,002,273  
      (Cost $6,217,084)                  
 
      TOTAL PORTFOLIO - 99.04%               6,002,273  
      (Cost $6,217,084)                  
 
      OTHER ASSETS AND LIABILITIES, NET - 0.96%               58,050  
 
      TOTAL NET ASSETS - 100.00%            
$
 6,060,323  
     
 
    
  k   Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.                
 
      Cost amounts are in thousands.                  
 
      At December 31, 2008, the net unrealized depreciation on investments was $(214,811,417), consisting of gross                  
      unrealized appreciation of $61,414,716 and gross unrealized depreciation of $(276,226,133).                  

287

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account                  
 
COLLEGE RETIREMENT EQUITIES FUND
SOCIAL CHOICE ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2008
                       
            MATURITY         VALUE  
PRINCIPAL     ISSUER RATE   DATE   RATING†     (000)  
 
BONDS - 37.27%
                 
 
CORPORATE BONDS - 11.03%                  
 
AMUSEMENT AND RECREATION SERVICES - 0.02%                  
$ 2,000,000     International Speedway Corp    5.400%   04/15/14   Baa2  
$
 1,739  
      TOTAL AMUSEMENT AND RECREATION SERVICES               1,739  
 
ASSET BACKED - 1.66%                  
10,000,000 v   Centex Home Equity Series 2004-C (Class AF5) 5.980   06/25/34   Aaa     8,207  
3,501,139 i   Chase Funding Loan Acquisition Trust Series                  
      2004-OPT1 (Class M1) 1.040   06/25/34   Aa1     2,128  
750,868 i   Chase Funding Mortgage Loan Asset-Backed                  
      Certificates Series 2004-2 (Class 1B) 5.700   02/25/35   Baa2     257  
1,887,328     Chase Funding Mortgage Loan Asset-Backed                  
      Certificates Series 2003-6 (Class 1A7) 4.280   09/25/33   Aaa     1,512  
1,329,753 v   Countrywide Asset-Backed Certificates Series                  
      2002-S2 (Class A5) 5.980   01/25/17   Aaa     1,328  
703,935 i   Countrywide Home Equity Loan Trust Series                  
      2004-B (Class 1A) 1.420   02/15/29   B3     353  
3,645,973     Credit-Based Asset Servicing and Securitization                  
      LLC Series 2007-MX1 (Class A1) 6.160   12/25/36   Aaa     3,414  
12,000,000     Flagstar Home Equity Loan Trust Series 2007-1A                  
      (Class AF3)  5.780   01/25/35   Baa1     6,770  
3,500,000     GMAC Mortgage Corporation Loan Trust 2006-                  
      HLTV A3  5.590   10/25/25   Baa2     3,182  
2,282,000     GMAC Mortgage Corporation Loan Trust 2006-                  
      HLTV A4  5.810   10/25/29   Baa3     1,652  
575,934 i   GSAA Trust Series 2004-3 (Class AF3)  5.690   04/25/34   Aaa     573  
1,211,667     Hertz Vehicle Financing LLC Series 2005-2A  4.930   02/25/10   Aa3     1,204  
4,000,000     HFC Home Equity Loan Asset Backed                  
      Certificates Series 2007-1 (Class A3F)  5.730   03/20/36   Aaa     2,599  
684,246     HFC Home Equity Loan Asset Backed                  
      Certificates Series 2006-4 (Class A1F)  5.790   03/20/36   Aaa     664  
2,647,971     HFC Home Equity Loan Asset Backed                  
      Certificates Series 2007-1 (Class A1F)  5.910   03/20/36   Aaa     2,461  
19,000,000     Household Automotive Trust Series 2006-3  5.340   09/17/13   Aaa     16,574  
16,000,000     Household Credit Card Master Note Trust I                  
      Series 2006-1 (Class A)  5.100   06/15/12   Aaa     15,617  
2,577,961     Marriott Vacation Club Owner Trust Series 2007-                  
      1A (Class A)  5.520   05/20/29   Aaa     2,044  
2,066,193 v   MP Environmental Funding LLC  4.980   07/01/14   Aaa     2,087  
3,250,000     Renaissance Home Equity Loan Trust Series                  
      2006-3 (Class AF3)  5.590   11/25/36   Aaa     2,464  
2,608,499     Residential Asset Mortgage Products, Inc Series                  
      2003-RZ5 (Class A7)  4.970   09/25/33   Aaa     1,880  
200,000     Residential Funding Mortgage Securities II, Inc                  
      Series 2006-HI1 (Class M2)  6.060   02/25/36   Aa2     81  
9,000,000     Residential Funding Mortgage Securities II, Inc                  
      Series 2006-HI5 (Class A3)  5.500   08/25/25   Aa3     4,930  

288

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account                  
                       
            MATURITY         VALUE  
PRINCIPAL     ISSUER RATE   DATE   RATING†     (000)  
$      2,000,000     Residential Funding Mortgage Securities II, Inc                  
      Series 2006-HI1 (Class M1)    6.010%   02/25/36   Aa1  
$
 1,206  
5,003,000     Residential Funding Mortgage Securities II, Inc                  
      Series 2006-HI5 (Class A2) 5.520   04/25/21   Aa1     4,071  
18,000,000     Residential Funding Mortgage Securities II, Inc                  
      Series 2006-HI4 (Class A3) 5.440   09/25/36   Aa3     9,733  
7,000,000     Residential Funding Mortgage Securities II, Inc                  
      Series 2006-HI4 (Class A2) 5.450   09/25/36   Aa1     5,777  
5,700,000     Residential Funding Mortgage Securities II, Inc                  
      Series 2006-HI3 (Class A3) 5.960   02/25/36   Aa3     3,229  
4,000,000     Residential Funding Mortgage Securities II, Inc                  
      Series 2006-H12 (Class A2) 5.750   02/25/36   Aa1     3,424  
1,419,878 m   Sierra Receivables Funding Co Series 2006-1A 5.840   05/20/18   A2     1,144  
677,999 m,v   Sonic Capital LLC Series 2006-1A (Class A2) 5.100   12/20/31   Baa1     373  
1,670,108 m,v   Wachovia Amortization Controlled Heloc NIM                  
      Series 2006-N1 (Class N1) 5.680   08/12/47   A3     1,546  
2,231,330 i   Wachovia Loan Trust Series 2005-SD1 (Class A) 0.830   05/25/35   NR     1,839  
      TOTAL ASSET BACKED               114,323  
                         
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.13%                  
4,375,000     Home Depot, Inc 5.250   12/16/13   Baa1     4,085  
5,000,000     Lowe's Cos, Inc 8.250   06/01/10   A1     5,194  
      TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES             9,279  
                         
CHEMICALS AND ALLIED PRODUCTS - 0.15%                  
1,000,000     Abbott Laboratories 3.750   03/15/11   A1     1,013  
2,150,000     Air Products & Chemicals, Inc 4.150   02/01/13   A2     2,064  
965,000     Clorox Co 5.450   10/15/12   Baa2     960  
2,500,000     Ecolab, Inc 6.880   02/01/11   A2     2,477  
1,500,000     Lubrizol Corp 4.630   10/01/09   Baa2     1,473  
2,500,000     Praxair, Inc 5.250   11/15/14   A2     2,553  
      TOTAL CHEMICALS AND ALLIED PRODUCTS               10,540  
                         
COMMUNICATIONS - 0.51%                  
1,184,000     AT&T Corp 7.300   11/15/11   A2     1,230  
700,000     AT&T, Inc 6.500   09/01/37   A2     754  
1,000,000     AT&T, Inc 6.150   09/15/34   A2     1,028  
3,270,498     Bellsouth Telecommunications, Inc 6.300   12/15/15   A2     3,338  
2,500,000     New Cingular Wireless Services, Inc 7.880   03/01/11   A2     2,588  
1,500,000     New Cingular Wireless Services, Inc 8.750   03/01/31   A2     1,875  
1,265,000     Sprint Capital Corp 8.380   03/15/12   Ba2     1,012  
3,235,000     Sprint Nextel Corp 6.000   12/01/16   Ba2     2,281  
4,500,000     Time Warner Cable, Inc 8.750   02/14/19   Baa2     4,893  
2,500,000     Time Warner Cable, Inc 6.550   05/01/37   Baa2     2,395  
2,000,000     Time Warner Cable, Inc 5.400   07/02/12   Baa2     1,868  
3,000,000     Verizon Communications, Inc 8.950   03/01/39   A3     3,875  
2,500,000     Verizon Communications, Inc 4.350   02/15/13   A3     2,418  
1,400,000     Verizon Communications, Inc 6.400   02/15/38   A3     1,489  
4,000,000     Verizon New Jersey, Inc 5.880   01/17/12   Baa1     3,938  
      TOTAL COMMUNICATIONS               34,982  
                         
DEPOSITORY INSTITUTIONS - 1.48%                  
1,000,000     Astoria Financial Corp 5.750   10/15/12   A2     818  
4,500,000 e   Bank of America Corp 4.900   05/01/13   Aa2     4,457  
5,000,000     Bank of America NA 5.300   03/15/17   Aa1     4,748  

289

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account                  
 
            MATURITY         VALUE  
PRINCIPAL     ISSUER RATE   DATE   RATING†     (000)  
$      3,000,000     Bank of Hawaii    6.880%   03/01/09   A1  
$
 3,020  
3,000,000 g   Corestates Capital Trust I 8.000   12/15/26   A2     2,464  
2,500,000 i   Countrywide Financial Corp 2.950   05/07/12   Aa2     2,167  
8,800,000 g   Depfa ACS Bank 5.130   03/16/37   Aa1     6,372  
6,500,000 g   FIA Card Services NA 7.130   11/15/12   Aa1     6,646  
3,000,000     First Union National Bank of Florida 6.180   02/15/36   Aa3     2,777  
4,500,000 p   KeyBank NA 3.200   06/15/12   Aaa     4,675  
1,500,000 e   M&I Marshall & Ilsley Bank 5.300   09/08/11   Aa3     1,385  
5,000,000 i   Manufacturers & Traders Trust Co 5.630   12/01/21   A2     3,479  
5,000,000     Mellon Funding Corp 6.400   05/14/11   Aa3     5,175  
5,000,000     Mercantile Bankshares Corp 4.630   04/15/13   A2     4,560  
1,250,000     Mercantile-Safe Deposit & Trust Co 5.700   11/15/11   NR     1,312  
5,000,000     NB Capital Trust IV 8.250   04/15/27   Aa3     4,136  
4,000,000 p   New York Community Bank 3.000   12/16/11   Aaa     4,107  
2,140,000 g   OMX Timber Finance Investments LLC Series 1 5.420   01/29/20   A1     1,605  
2,000,000 e   Popular North America, Inc 5.650   04/15/09   A3     1,981  
4,000,000 p   Regions Bank 3.250   12/09/11   Aaa     4,162  
3,000,000 p   Sovereign Bank 2.750   01/17/12   Aaa     3,078  
2,000,000 e   State Street Bank & Trust Co 5.250   10/15/18   Aa2     1,846  
7,312,000     State Street Corp 7.650   06/15/10   A1     7,608  
4,000,000     Union Bank of California NA 5.950   05/11/16   A1     3,210  
3,000,000     US Bank NA 4.950   10/30/14   Aa2     3,035  
5,000,000     Webster Bank 5.880   01/15/13   A3     4,706  
3,100,000     Wells Fargo & Co 5.630   12/11/17   Aa1     3,234  
5,000,000     Wells Fargo Bank NA 4.750   02/09/15   Aa1     5,061  
      TOTAL DEPOSITORY INSTITUTIONS               101,824  
 
ELECTRIC, GAS, AND SANITARY SERVICES - 1.29%
                 
3,510,000     AGL Capital Corp 6.000   10/01/34   Baa1     2,621  
5,000,000 e   Atmos Energy Corp 5.130   01/15/13   Baa3     4,586  
5,000,000     Avista Corp 5.950   06/01/18   Baa2     4,758  
2,000,000     Connecticut Light & Power 5.750   03/01/37   A3     1,847  
4,365,306 g   Great River Energy 5.830   07/01/17   A3     3,651  
5,000,000     Hawaiian Electric Industries, Inc 6.140   08/15/11   Baa2     5,142  
5,000,000     Idaho Power Co 5.500   04/01/33   A3     4,300  
2,500,000     Idaho Power Co 6.250   10/15/37   A3     2,364  
3,000,000     Idaho Power Co 7.200   12/01/09   A3     3,061  
7,500,000 g   International Transmission Co 4.450   07/15/13   A3     7,277  
2,500,000     Laclede Gas Co 6.150   06/01/36   A3     2,362  
1,550,000     Laclede Gas Co 6.500   11/15/10   A3     1,585  
5,000,000 g   National Fuel Gas Co 6.500   04/15/18   Baa1     4,600  
6,000,000     Nevada Power Co 6.650   04/01/36   Baa3     5,356  
2,000,000     Nicor, Inc 6.580   02/15/28   A1     2,100  
1,500,000     Northwest Natural Gas Co 5.620   11/21/23   A2     1,304  
4,000,000     ONEOK Partners LP 5.900   04/01/12   Baa2     3,764  
5,000,000 e   Pacific Gas & Electric Co 8.250   10/15/18   A3     6,007  
2,185,000 g   Pedernales Electric Cooperative 6.200   11/15/32   NR     2,388  
2,000,000     Piedmont Natural Gas Co 7.350   09/25/09   A3     2,037  
2,000,000     Puget Sound Energy, Inc 6.270   03/15/37   Baa2     1,780  
2,000,000     Questar Pipeline Co 6.570   09/26/11   A3     2,048  
2,500,000     Texas Eastern Transmission LP 7.300   12/01/10   A3     2,439  
3,000,000     Transcontinental Gas Pipe Line Corp 6.050   06/15/18   Baa2     2,617  
5,000,000     Washington Gas Light Co 5.440   08/11/25   A2     4,122  
5,000,000     Wisconsin Public Service Corp 6.130   08/01/11   Aa3     5,098  
      TOTAL ELECTRIC, GAS, AND SANITARY SERVICES               89,214  

290

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account                  
                         
            MATURITY         VALUE  
PRINCIPAL     ISSUER RATE   DATE   RATING†     (000)  
FABRICATED METAL PRODUCTS - 0.06%                  
4,000,000 e   Stanley Works    5.000%   03/15/10   A2  
$
 3,982  
      TOTAL FABRICATED METAL PRODUCTS               3,982  
 
FOOD AND KINDRED PRODUCTS - 0.21%                  
6,700,000     Coca-Cola Bottling Co Consolidated 5.000   11/15/12   Baa2     6,475  
5,000,000 e   Coca-Cola Enterprises, Inc 5.000   08/15/13   A3     4,830  
535,000     Kraft Foods, Inc 6.130   02/01/18   Baa2     524  
2,000,000     PepsiCo, Inc 7.900   11/01/18   Aa2     2,451  
      TOTAL FOOD AND KINDRED PRODUCTS               14,280  
 
FURNITURE AND FIXTURES - 0.05%                  
4,000,000     Leggett & Platt, Inc 4.700   04/01/13   A3     3,594  
      TOTAL FURNITURE AND FIXTURES               3,594  
 
GENERAL BUILDING CONTRACTORS - 0.09%                  
3,000,000     Lennar Corp 5.130   10/01/10   Ba3     2,430  
3,000,000     MDC Holdings, Inc 5.380   07/01/15   Baa3     2,286  
2,000,000     Ryland Group, Inc 5.380   05/15/12   Ba3     1,460  
      TOTAL GENERAL BUILDING CONTRACTORS               6,176  
 
GENERAL MERCHANDISE STORES - 0.03%                  
2,700,000     Macy's Retail Holdings, Inc 5.350   03/15/12   Baa3     2,006  
      TOTAL GENERAL MERCHANDISE STORES               2,006  
 
HEALTH SERVICES - 0.02%                  
1,500,000     Quest Diagnostics, Inc 6.400   07/01/17   Baa3     1,378  
      TOTAL HEALTH SERVICES               1,378  
 
HOLDING AND OTHER INVESTMENT OFFICES - 0.15%                  
2,500,000     AMB Property LP 5.450   12/01/10   Baa1     2,091  
3,000,000     Highwoods Properties, Inc 5.850   03/15/17   Ba1     1,856  
5,000,000     Kimco Realty Corp 5.300   02/22/11   Baa1     4,473  
3,000,000     Washington Real Estate Investment Trust 5.130   03/15/13   Baa1     1,807  
      TOTAL HOLDING AND OTHER INVESTMENT OFFICES               10,227  
 
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.24%                  
4,340,000     Deere & Co 8.100   05/15/30   A2     5,052  
1,575,000     John Deere Capital Corp 5.350   04/03/18   A2     1,475  
10,065,000 g   Pall Corp 6.000   08/01/12   Baa1     9,714  
      TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT               16,241  
 
INSTRUMENTS AND RELATED PRODUCTS - 0.18%                  
5,000,000     Beckman Coulter, Inc 6.880   11/15/11   Baa3     4,874  
3,000,000     Boston Scientific Corp 6.250   11/15/15   Ba2     2,520  
3,500,000     Medtronic, Inc 4.750   09/15/15   A1     3,335  
1,750,000     Thermo Fisher Scientific, Inc 5.000   06/01/15   Baa2     1,540  
      TOTAL INSTRUMENTS AND RELATED PRODUCTS               12,269  
 
INSURANCE CARRIERS - 0.60%                  
2,800,000 g   Anthem Insurance Co, Inc 9.130   04/01/10   A3     2,792  
3,500,000     Cincinnati Financial Corp 6.130   11/01/34   A3     2,657  
3,000,000     First American Corp 5.700   08/01/14   Baa2     2,564  
2,500,000 i   Hartford Life Global Funding Trusts 2.100   03/15/11   Aa3     2,088  
5,000,000 g   Health Care Service Corp 7.750   06/15/11   A1     5,334  

291

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account                  
 
            MATURITY         VALUE  
PRINCIPAL     ISSUER RATE   DATE   RATING†     (000)  
$      1,200,000 g   Jackson National Life Global Funding    6.130%   05/30/12   A1  
$
 1,103  
1,945,000 g   John Hancock Global Funding II 7.900   07/02/10   Aa1     2,007  
3,300,000     Markel Corp 7.350   08/15/34   Baa2     2,237  
2,000,000     Markel Corp 6.800   02/15/13   Baa2     1,767  
3,208,333 g,i   Meridian Funding Co LLC 4.650   07/21/11   Baa1     2,221  
5,000,000 e,g   Nationwide Life Global Funding I 5.350   03/15/11   Aa3     4,411  
4,900,000 g   Ohio National Financial Services, Inc 7.000   07/15/11   Baa1     4,847  
1,036,000     Protective Life Corp 4.300   06/01/13   Baa1     845  
2,500,000     Protective Life Secured Trusts 4.000   04/01/11   A1     2,254  
2,500,000     Protective Life Secured Trusts 4.850   08/16/10   A1     2,334  
2,500,000 g   Prudential Funding LLC 6.750   09/15/23   A1     1,954  
      TOTAL INSURANCE CARRIERS               41,415  
 
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.07%                  
5,000,000     Harsco Corp 5.130   09/15/13   A3     5,088  
      TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES             5,088  
 
MISCELLANEOUS RETAIL - 0.09%                  
3,000,000     CVS Caremark Corp 5.750   06/01/17   Baa2     2,824  
4,011,070 g   CVS Caremark Corp 5.300   01/11/27   Baa2     3,079  
      TOTAL MISCELLANEOUS RETAIL               5,903  
 
MOTION PICTURES - 0.11%                  
5,234,000     Time Warner Entertainment Co LP 10.150   05/01/12   Baa2     5,395  
2,000,000     Time Warner, Inc 6.750   04/15/11   Baa2     1,953  
      TOTAL MOTION PICTURES               7,348  
 
NONDEPOSITORY INSTITUTIONS - 0.40%                  
5,000,000     American Capital Strategies Ltd 6.850   08/01/12   Baa3     2,093  
5,000,000 i   American Express Credit Corp 0.590   10/04/10   A1     4,473  
3,659,733     Cal Dive I- Title XI, Inc 4.930   02/01/27   NR     3,972  
4,000,000     Capital One Financial Corp 5.700   09/15/11   A3     3,730  
8,000,000 g   Nationwide Building Society 5.500   07/18/12   Aaa     7,407  
3,500,000 g   Pricoa Global Funding I 4.630   06/25/12   Aa3     3,271  
2,500,000 g   Principal Life Global Funding I 5.130   10/15/13   Aa2     2,338  
      TOTAL NONDEPOSITORY INSTITUTIONS               27,284  
 
NONMETALLIC MINERALS, EXCEPT FUELS - 0.03%                  
2,500,000     Vulcan Materials Co 6.300   06/15/13   Baa2     2,212  
      TOTAL NONMETALLIC MINERALS, EXCEPT FUELS               2,212  
 
OIL AND GAS EXTRACTION - 0.72%                  
3,000,000     Apache Corp 6.000   01/15/37   A3     2,909  
5,000,000     Apache Corp 5.250   04/15/13   A3     5,066  
3,500,000     Chesapeake Energy Corp 6.500   08/15/17   Ba3     2,677  
8,500,000 g   EOG Resources Canada, Inc 4.750   03/15/14   A3     8,677  
2,000,000     Equitable Resources, Inc 5.000   10/01/15   Baa1     1,749  
2,000,000     Noble Energy, Inc 8.000   04/01/27   Baa2     1,834  
5,000,000     Noble Holding International Ltd 7.380   03/15/14   Baa1     5,069  
5,000,000     Questar Market Resources, Inc 6.050   09/01/16   Baa3     4,725  
7,775,000     Smith International, Inc 6.750   02/15/11   Baa1     7,828  
2,000,000     Valero Logistics Operations LP 6.050   03/15/13   Baa3     1,712  
5,000,000     XTO Energy, Inc 6.250   04/15/13   Baa2     4,877  
2,500,000     XTO Energy, Inc 6.380   06/15/38   Baa2     2,200  
      TOTAL OIL AND GAS EXTRACTION               49,323  

292

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account                  
 
            MATURITY         VALUE  
PRINCIPAL     ISSUER RATE   DATE   RATING†     (000)  
 
OTHER MORTGAGE BACKED - 1.38%
                 
$      1,721,935     Bank of America Alternative Loan Trust Series                  
      2004-8 (Class 3A1)    5.500%   09/25/19   NR  
$
 1,687  
2,947,484     Banc of America Mortgage Securities, Inc Series                  
      2006-1 (Class A8) 6.000   05/25/36   NR     2,767  
5,000,000 i   Banc of America Commercial Mortgage, Inc                  
      Series 2007-2 (Class A2) 5.630   04/10/49   NR     3,919  
2,520,000 i   Bear Stearns Commercial Mortgage Securities                  
      Series 2007-T28 (Class AJ) 5.990   09/11/42   NR     666  
2,450,000 i   Commercial Mortgage Load Trust Series 2008-                  
      LS1 (Class A1) 6.020   12/10/49   Aaa     1,139  
5,213,338     CS First Boston Mortgage Securities Corp Series                  
      2005-5 (Class 7A1) 6.000   07/25/35   NR     4,063  
1,800,000 i   Credit Suisse Mortgage Capital Certificates                  
      Series 2007-C2 (Class A3) 5.540   01/15/49   Aaa     1,192  
2,600,000     Credit Suisse Mortgage Capital Certificates                  
      Series 2007-C1 (Class A3) 5.380   02/15/40   Aaa     1,560  
2,630,000 i   Credit Suisse Mortgage Capital Certificates                  
      Series 2007-C3 (Class AM) 5.720   06/15/39   Aaa     1,152  
466,237 i   Credit Suisse Mortgage Capital Certificates                  
      Series 2006-TF2A (Class A1) 1.300   10/15/21   Aaa     374  
3,750,000 i   Credit Suisse Mortgage Capital Certificates                  
      Series 2007-C1 (Class AJ) 5.460   02/15/40   Aaa     932  
6,889,082 i   Credit Suisse/Morgan Stanley Commercial                  
      Mortgage Certificate Series HC1A (Class A1) 1.390   05/15/23   Aaa     5,515  
4,367,129     Countrywide Alternative Loan Trust Series 2004-                  
      30CB (Class 1A15) 5.500   08/25/16   NR     3,999  
3,225,000     Countrywide Alternative Loan Trust Series 2004-                  
      29CB (Class A7) 5.375   01/25/35   NR     2,473  
6,614,315     Countrywide Home Loan Mortgage Pass                  
      Through Trust Series 2003-35 (Class 1A1) 4.750   09/25/18   NR     6,539  
3,154,318     Countrywide Home Loan Mortgage Pass                  
      Through Trust Series 2005-17 (Class 1A10) 5.250   09/25/35   NR     2,523  
1,890,038 i   GE Capital Commercial Mortgage Corp 5.330   11/10/45   Aaa     1,126  
5,000,000     Greenwich Capital Commercial Funding Corp                  
      Series 2007-GG11 (Class A2) 5.600   12/10/49   NR     3,663  
9,000,000 i   JP Morgan Chase Commercial Mortgage                  
      Securities Corp Series 2003-CB6 (Class A2) 5.260   07/12/37   Aaa     8,158  
1,925,000 i   JP Morgan Chase Commercial Mortgage                  
      Securities Corp Series 2008-C2 (Class AM) 6.580   02/12/51   Aaa     914  
1,766,550 i   JP Morgan Chase Commercial Mortgage                  
      Securities Corp Series 2007-FL1A (Class A1) 1.570   07/15/19   Aaa     1,321  
2,615,000 i   JP Morgan Chase Commercial Mortgage                  
      Securities Corp Series 2007-CB19 (Class AM) 5.750   02/12/49   Aaa     1,210  
4,000,000 i   JP Morgan Chase Commercial Mortgage                  
      Securities Corp Series 2006-LDP7 (Class A2) 5.860   04/15/45   Aaa     3,421  
3,525,000 i   JP Morgan Chase Commercial Mortgage                  
      Securities Corp Series 2006-FL1A (Class A2) 1.380   02/15/20   Aaa     2,105  
2,762,874 i   Lehman Brothers Floating Rate Commercial                  
      Mortgage Trust Series 2006-LLFA (Class A1) 1.280   09/15/21   Aaa     2,063  
592,119     MASTR Asset Securitization Trust Series 2005-2                  
      (Class 3A1) 5.000   10/25/20         519  
1,300,000 i   Merrill Lynch Mortgage Trust Series 2006-C1 5.660   05/12/39   NR     1,059  
2,000,000 i   Merrill Lynch Mortgage Trust Series 2008-C1                  
      (Class AM) 6.270   02/12/51   Aaa     939  

293

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account                  
 
            MATURITY         VALUE  
PRINCIPAL     ISSUER RATE   DATE   RATING†     (000)  
$      1,645,209 i   Merrill Lynch Mortgage Trust Series 2005-CIP1                  
      (Class AM)    5.110%   07/12/38   Aaa  
$
 981  
1,485,000 i   Merrill Lynch Mortgage Trust Series 2008-C1 6.270   02/12/51   Aa2     275  
3,250,000 i   Merrill Lynch Mortgage Trust Series 2008-C1 6.270   02/12/51   Aaa     870  
2,515,000 i   Merrill Lynch/Countrywide Commercial                  
      Mortgage Trust Series 2007-8 (Class AM) 5.960   08/12/49   NR     1,175  
2,015,000 i   Merrill Lynch/Countrywide Commercial                  
      Mortgage Trust Series 2007-9 (Class AM) 5.860   09/12/49   NR     917  
5,500,000     Morgan Stanley Capital I Series 2006-IQ12 5.280   12/15/43   NR     4,506  
1,211,000 i   Morgan Stanley Capital I Series 2006-HQ9 5.730   07/12/44   NR     937  
4,000,000     Morgan Stanley Capital I Series 2007-HQ11 5.440   02/12/44   Aaa     2,737  
2,800,000     Residential Accredit Loans, Inc Series 2005-                  
      QS17 (Class A1) 6.000   12/25/35   NR     1,306  
3,710,000 i   Wachovia Bank Commercial Mortgage Trust                  
      Series 2006-WL7A (Class A2) 1.320   09/15/21   Aaa     2,325  
4,000,000     Wachovia Bank Commercial Mortgage Trust                  
      Series 2007-C31 (Class A2) 5.420   04/15/47   Aaa     3,103  
4,700,000     Wachovia Bank Commercial Mortgage Trust                  
      Series 2007-C30 (Class AM) 5.380   12/15/43   Aaa     2,124  
2,700,000 i   Wachovia Bank Commercial Mortgage Trust                  
      Series 2006-C24 (Class A3) 5.560   03/15/45   Aaa     2,118  
4,298,032     Wells Fargo Mortgage Backed Securities Trust                  
      Series 2006-AR2 (Class 2A3) 5.106   03/25/36   NR     2,688  
3,701,031     Wells Fargo Mortgage Backed Securities Trust                  
      Series 2006-AR4 (Class 1A1) 5.857   04/25/36   NR     2,227  
      TOTAL OTHER MORTGAGE BACKED               95,287  
 
PAPER AND ALLIED PRODUCTS - 0.03%                  
2,500,000     International Paper Co 7.400   06/15/14   Baa3     2,049  
      TOTAL PAPER AND ALLIED PRODUCTS               2,049  
 
PETROLEUM AND COAL PRODUCTS - 0.10%                  
6,500,000     Sunoco, Inc 4.880   10/15/14   Baa2     5,467  
1,500,000     Valero Energy Corp 6.630   06/15/37   Baa2     1,103  
      TOTAL PETROLEUM AND COAL PRODUCTS               6,570  
 
PIPELINES, EXCEPT NATURAL GAS - 0.03%                  
2,500,000     Kinder Morgan Energy Partners LP 7.300   08/15/33   Baa2     2,075  
      TOTAL PIPELINES, EXCEPT NATURAL GAS               2,075  
 
PRIMARY METAL INDUSTRIES - 0.07%                  
5,000,000     Hubbell, Inc 5.950   06/01/18   A3     5,137  
      TOTAL PRIMARY METAL INDUSTRIES               5,137  
 
PRINTING AND PUBLISHING - 0.04%                  
2,500,000     Dun & Bradstreet Corp 5.500   03/15/11   NR     2,438  
      TOTAL PRINTING AND PUBLISHING               2,438  
 
RAILROAD TRANSPORTATION - 0.16%                  
1,440,000     CSX Corp 6.150   05/01/37   Baa3     1,152  
1,900,000     CSX Transportation, Inc 7.820   04/01/11   NR     1,961  
4,815,000     Norfolk Southern Corp 5.640   05/17/29   Baa1     4,415  
2,500,000     Norfolk Southern Corp 5.590   05/17/25   Baa1     2,241  
335,657 g   Sea-Land Service, Inc 6.600   01/02/11   Baa3     336  
335,657 g   Sea-Land Service, Inc 6.600   01/02/11   Baa3     336  

294

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account                  
 
            MATURITY         VALUE  
PRINCIPAL     ISSUER RATE   DATE   RATING†     (000)  
$         335,657 g   Sea-Land Service, Inc    6.600%   01/02/11   Baa3  
$
 337  
      TOTAL RAILROAD TRANSPORTATION               10,778  
 
SECURITY AND COMMODITY BROKERS - 0.12%                  
2,292,000     Charles Schwab Corp 8.050   03/01/10   A2     2,307  
1,500,000     Eaton Vance Corp 6.500   10/02/17   A3     1,329  
3,000,000 i   Goldman Sachs Capital II 5.790   12/29/49   A3     1,154  
1,000,000     Goldman Sachs Group, Inc 6.750   10/01/37   A2     812  
5,000,000     Jefferies Group, Inc 6.450   06/08/27   Baa1     2,923  
      TOTAL SECURITY AND COMMODITY BROKERS               8,525  
 
SOCIAL SERVICES - 0.16%                  
4,000,000     American National Red Cross 5.570   11/15/17   Baa1     3,950  
2,000,000     American National Red Cross 5.390   11/15/12   Baa1     2,049  
5,145,000     Salvation Army 5.640   09/01/26   Aa3     4,978  
      TOTAL SOCIAL SERVICES               10,977  
 
STONE, CLAY, AND GLASS PRODUCTS - 0.07%                  
2,500,000     3M Co 6.380   02/15/28   Aa1     2,879  
1,750,000     Martin Marietta Materials, Inc 6.600   04/15/18   Baa3     1,303  
1,000,000 e   Martin Marietta Materials, Inc 6.880   04/01/11   Baa3     955  
      TOTAL STONE, CLAY, AND GLASS PRODUCTS               5,137  
 
TRANSPORTATION BY AIR - 0.12%                  
3,000,000     FedEx Corp 5.500   08/15/09   Baa2     3,003  
5,000,000 i   JetBlue Airways Corp 2.600   11/15/16   Baa1     2,865  
3,000,000 e   Southwest Airlines Co 5.130   03/01/17   Baa1     2,169  
      TOTAL TRANSPORTATION BY AIR               8,037  
 
TRANSPORTATION EQUIPMENT - 0.10%                  
5,000,000 g   Harley-Davidson Funding Corp 6.800   06/15/18   A1     2,698  
3,280,305 g,m   Southern Capital Corp 5.700   06/30/23   Baa1     3,273  
1,000,000     Union Tank CAR Co 6.790   05/01/10   A1     1,056  
      TOTAL TRANSPORTATION EQUIPMENT               7,027  
 
TRANSPORTATION SERVICES - 0.02%                  
1,613,444 g   GATX Corp 5.700   01/02/25   A3     1,325  
      TOTAL TRANSPORTATION SERVICES               1,325  
 
TRUCKING AND WAREHOUSING - 0.07%                  
1,360,000     United Parcel Service of America, Inc (Step Bond                  
      8.375% until 04/01/20, 7.620% until 04/01/30) 8.380   04/01/30   Aa2     1,748  
2,500,000     United Parcel Service, Inc 8.380   04/01/20   Aa2     3,315  
      TOTAL TRUCKING AND WAREHOUSING               5,063  
 
WHOLESALE TRADE-DURABLE GOODS - 0.03%                  
3,000,000     Reliance Steel & Aluminum Co 6.200   11/15/16   Baa3     2,107  
      TOTAL WHOLESALE TRADE-DURABLE GOODS               2,107  
 
WHOLESALE TRADE-NONDURABLE GOODS - 0.24%                  
4,000,000     Procter & Gamble Co 4.600   01/15/14   Aa3     4,192  
2,500,000     Procter & Gamble Co 8.750   06/01/22   Aa3     3,668  
5,000,000     Sysco Corp 7.160   04/15/27   A1     5,745  
3,000,000     Sysco International Co 6.100   06/01/12   A1     3,174  
      TOTAL WHOLESALE TRADE-NONDURABLE GOODS               16,779  

295

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account                  
 
            MATURITY         VALUE  
PRINCIPAL     ISSUER RATE   DATE   RATING†     (000)  
 
      TOTAL CORPORATE BONDS            
$
 759,938  
      (Cost $883,548)                  
 
GOVERNMENT BONDS - 26.24%                  
 
AGENCY SECURITIES - 1.66%                  
$      11,900,000     Federal Farm Credit Bank (FFCB)    2.630%   04/21/11   Aaa     12,245  
5,000,000     Federal Home Loan Bank (FHLB) 3.630   09/16/11   Aaa     5,291  
5,000,000     Federal Home Loan Mortgage Corp (FHLMC) 3.250   07/16/10   Aaa     5,164  
2,000,000     (FHLMC) 4.130   12/21/12   Aaa     2,118  
3,000,000     (FHLMC) 3.500   05/29/13   Aaa     3,130  
3,700,000     Federal National Mortgage Association (FNMA) 3.250   08/12/10   Aaa     3,832  
15,000,000     (FNMA) 2.880   10/12/10   Aaa     15,472  
4,000,000 j   Government Trust Certificate 0.000   04/01/21   NR     2,553  
3,953,294     New Valley Generation II 5.570   05/01/20   Aaa     4,324  
3,931,145     New Valley Generation III 4.930   01/15/21   Aaa     4,071  
469,514 m,v   New Valley Generation III 4.690   01/15/22   Aaa     479  
4,504,000     Overseas Private Investment Corp 4.050   11/15/14   NR     4,736  
2,591,368     Overseas Private Investment Corp 3.420   01/15/15   NR     2,756  
2,500,000 j   Overseas Private Investment Corp 0.000   07/31/11   NR     2,936  
1,982,609     Overseas Private Investment Corp 5.410   12/15/11   NR     2,052  
5,720,184     Overseas Private Investment Corp 3.740   04/15/15   NR     6,064  
6,085,000     Private Export Funding Corp 4.970   08/15/13   Aaa     6,666  
10,000,000     Private Export Funding Corp 4.900   12/15/11   Aaa     10,948  
6,900,000     Private Export Funding Corp 3.550   04/15/13   Aaa     7,189  
5,007,000     US Department of Housing and Urban 5.380   08/01/18   NR     5,767  
6,360,653 g   US Trade Funding Corp 4.260   11/15/14   NR     6,949  
      TOTAL AGENCY SECURITIES               114,742  
 
FOREIGN GOVERNMENT BONDS - 0.97%                  
1,500,000     Development Bank of Japan 4.250   06/09/15   Aaa     1,536  
2,750,000     Eksportfinans A/S 5.000   02/14/12   Aa1     2,875  
4,500,000     Egypt Government AID Bonds 4.450   09/15/15   Aaa     4,861  
2,000,000     European Investment Bank 4.880   02/15/36   Aaa     2,204  
5,000,000     Federal Republic of Germany 3.880   06/01/10   Aaa     5,142  
6,082,000     Hydro Quebec 8.400   01/15/22   Aa2     9,026  
5,000,000 g   International Finance Facility for Immunisation 5.000   11/14/11   Aaa     5,287  
2,850,000     Italy Government International Bond 5.380   06/12/17   NR     3,117  
5,000,000     Oesterreichische Kontrollbank AG. 5.000   04/25/17   Aaa     5,782  
5,000,000 e   Province of Manitoba Canada 5.000   02/15/12   Aa1     5,372  
2,500,000     Province of Ontario 3.130   09/08/10   Aa1     2,526  
5,000,000     Province of Quebec Canada 7.500   09/15/29   Aa2     7,102  
10,000,000     Province of Saskatchewan Canada 8.000   02/01/13   Aa1     12,160  
      TOTAL FOREIGN GOVERNMENT BONDS               66,990  
 
MORTGAGE BACKED - 15.32%                  
4,849,817 i   Federal National Mortgage Association (FNMA) 5.260   09/01/38         4,938  
4,875,095 i   (FNMA) 4.930   10/01/38         4,934  
10,000,000     (FNMA) 5.000   12/01/99         10,263  
10,000,000     (FNMA) 5.500   12/01/99         10,297  
30,000,000     (FNMA) 5.500   12/01/99         30,750  
62,000,000     (FNMA) 6.000   12/01/99         63,821  
1,203,961     Federal Home Loan Mortgage Corp (FHLMC) 6.000   09/15/16         1,249  
4,708,319     (FHLMC) 4.500   09/15/35         4,797  
4,585,258 i   (FHLMC) 4.330   02/01/36         4,481  

296

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
                 
 
            MATURITY         VALUE  
PRINCIPAL     ISSUER RATE   DATE         (000)  
$        7,326,814 i   (FHLMC)    5.790%   07/01/36      
$
 7,437  
2,770,183 i   (FHLMC) 4.970   09/01/36         2,806  
14,272,926 i   (FHLMC) 6.090   09/01/36         14,476  
9,255,581 i   (FHLMC) 5.740   02/01/37         9,452  
12,280,499 i   (FHLMC) 5.760   03/01/37         12,455  
9,654,984 i   (FHLMC) 5.870   04/01/37         9,947  
7,463,380 i   (FHLMC) 5.850   08/01/37         7,649  
14,010,950 i   (FHLMC) 5.840   09/01/37         14,349  
72,262     Federal Home Loan Mortgage Corp Gold 6.000   03/01/11         75  
430,500     (FGLMC) 6.500   12/01/16         447  
759,440     (FGLMC) 6.000   12/01/17         786  
4,470,619     (FGLMC) 4.500   10/01/18         4,600  
6,484,563     (FGLMC) 4.500   11/01/18         6,672  
5,692,997     (FGLMC) 4.500   11/01/18         5,857  
7,055,162     (FGLMC) 4.500   01/01/19         7,241  
2,868,579     (FGLMC) 5.500   01/01/19         2,967  
2,716,122     (FGLMC) 5.000   02/01/19         2,799  
485,115     (FGLMC) 4.500   07/01/20         497  
442,451     (FGLMC) 7.000   10/01/20         465  
4,441,842     (FGLMC) 4.500   06/01/21         4,554  
16,390,083     (FGLMC) 4.500   06/01/21         16,802  
5,633,784     (FGLMC) 4.500   03/01/23         5,768  
27,088     (FGLMC) 7.000   05/01/23         28  
122,289     (FGLMC) 8.000   01/01/31         130  
3,909,861     (FGLMC) 4.500   07/01/33         3,974  
4,714,237     (FGLMC) 5.500   09/01/33         4,837  
5,542,935     (FGLMC) 5.500   09/01/33         5,688  
13,097,712     (FGLMC) 5.500   12/01/33         13,465  
20,499,955     (FGLMC) 7.000   12/01/33         21,544  
13,740,232     (FGLMC) 5.000   01/01/34         14,076  
2,101,628     (FGLMC) 5.500   12/01/34         2,155  
1,703,356     (FGLMC) 6.000   05/01/35         1,757  
950,795     (FGLMC) 6.000   05/01/35         981  
957,450     (FGLMC) 6.000   05/01/35         988  
1,151,495     (FGLMC) 6.000   05/01/35         1,188  
2,433,233     (FGLMC) 6.000   05/01/35         2,510  
2,365,841     (FGLMC) 6.000   05/01/35         2,440  
5,609,200     (FGLMC) 7.000   05/01/35         5,895  
2,523,530     (FGLMC) 5.500   06/01/35         2,586  
2,673,083     (FGLMC) 6.000   08/01/35         2,757  
2,531,427     (FGLMC) 4.500   09/01/35         2,570  
7,054,120     (FGLMC) 4.500   09/01/35         7,161  
6,052,024     (FGLMC) 4.500   09/01/35         6,144  
11,938,321     (FGLMC) 5.000   09/01/35         12,217  
2,708,754     (FGLMC) 5.000   10/01/35         2,772  
3,067,749     (FGLMC) 5.000   11/01/35         3,139  
977,023     (FGLMC) 4.500   12/01/35         992  
1,950,706     (FGLMC) 7.000   01/01/36         2,035  
647,771     (FGLMC) 6.500   05/01/36         674  
2,906,423     (FGLMC) 6.500   10/01/36         3,022  
4,156,360     (FGLMC) 6.000   09/01/37         4,286  
6,222,242     (FGLMC) 6.000   02/01/38         6,416  
3,395,639     (FGLMC) 5.000   04/01/38         3,474  
9,744,887     (FGLMC) 5.000   04/01/38         9,969  
6,070,872     (FGLMC) 6.500   05/01/38         6,312  
6,818,539     (FGLMC) 5.500   07/01/38         6,986  

297

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account                  
 
            MATURITY         VALUE  
PRINCIPAL     ISSUER RATE   DATE         (000)  
$         21,303     Federal National Mortgage Association (FNMA)    7.500%   06/01/11      
$
 22  
13,593     (FNMA) 8.000   07/01/11         14  
4,319     (FNMA) 7.500   08/01/11         4  
5,297     (FNMA) 7.500   09/01/11         6  
527     (FNMA) 7.500   10/01/11         1  
16,028     (FNMA) 7.500   10/01/11         17  
3,059     (FNMA) 7.500   10/01/11         3  
131,140     (FNMA) 7.000   04/01/12         136  
112,438     (FNMA) 5.000   06/01/13         116  
2,756,143     (FNMA) 4.440   07/01/13         2,769  
3,826,078     (FNMA) 4.020   08/01/13         3,790  
2,077,722     (FNMA) 4.590   05/01/14         2,096  
4,239,790     (FNMA) 4.270   06/01/14         4,213  
3,071,396     (FNMA) 4.530   10/01/14         3,087  
9,508     (FNMA) 8.500   11/01/14         10  
293,277     (FNMA) 6.500   10/01/16         305  
1,198,150     (FNMA) 6.500   04/01/17         1,245  
3,575,249     (FNMA) 5.000   12/01/17         3,702  
523,976     (FNMA) 6.500   02/01/18         544  
480,127     (FNMA) 5.500   04/01/18         497  
61,305     (FNMA) 5.500   05/01/18         63  
6,920,872     (FNMA) 5.500   11/01/18         7,161  
4,449,832     (FNMA) 5.000   12/01/18         4,594  
3,814,222     (FNMA) 5.000   01/01/19         3,938  
503,138     (FNMA) 6.000   01/01/19         523  
523,928     (FNMA) 6.000   02/01/19         544  
600,000     (FNMA) 4.000   02/25/19         577  
215,225     (FNMA) 4.500   03/01/19         221  
690,496     (FNMA) 4.500   05/01/19         709  
1,952,417     (FNMA) 5.000   03/01/20         2,016  
2,866,492     (FNMA) 5.000   03/01/21         2,959  
6,016,344     (FNMA) 4.500   03/01/23         6,158  
47,184     (FNMA) 8.000   03/01/23         50  
12,408,435     (FNMA) 5.000   07/01/23         12,755  
285,928     (FNMA) 5.000   01/01/24         293  
850,983     (FNMA) 5.500   02/01/24         876  
125,247     (FNMA) 8.000   07/01/24         133  
24,544,717     (FNMA) 5.000   10/01/25         25,145  
524,760     (FNMA) 5.000   02/01/33         537  
4,747,471     (FNMA) 4.500   03/25/33         4,851  
1,010,669     (FNMA) 5.500   06/01/33         1,039  
1,386,572     (FNMA) 5.500   07/01/33         1,425  
2,557,568     (FNMA) 4.500   08/01/33         2,600  
1,448,195     (FNMA) 5.000   08/01/33         1,482  
334,069     (FNMA) 4.500   09/01/33         340  
1,626,724     (FNMA) 5.000   10/01/33         1,665  
1,703,707     (FNMA) 5.000   10/01/33         1,744  
2,063,987     (FNMA) 5.000   11/01/33         2,113  
1,869,824     (FNMA) 5.500   11/01/33         1,921  
2,256,509     (FNMA) 5.500   11/01/33         2,319  
2,146,048     (FNMA) 5.500   11/01/33         2,205  
2,995,871     (FNMA) 5.500   11/01/33         3,078  
2,614,428     (FNMA) 5.500   11/01/33         2,686  
414,530     (FNMA) 5.500   12/01/33         426  
624,869     (FNMA) 5.500   12/01/33         642  
1,016,481     (FNMA) 5.500   12/01/33         1,045  

298

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
                 
 
            MATURITY         VALUE  
PRINCIPAL     ISSUER RATE   DATE         (000)  
$      1,712,333     (FNMA)    5.500%   01/01/34      
$
 1,760  
233,299     (FNMA) 7.000   01/01/34         246  
702,985     (FNMA) 5.000   03/01/34         720  
27,387,096     (FNMA) 5.000   03/01/34         28,034  
540,497     (FNMA) 5.000   03/01/34         553  
610,460     (FNMA) 5.000   03/01/34         625  
1,543,957     (FNMA) 5.000   03/01/34         1,580  
4,683,254     (FNMA) 5.000   04/01/34         4,791  
73,041     (FNMA) 4.500   05/01/34         74  
60,456     (FNMA) 4.500   05/01/34         61  
1,343,645     (FNMA) 4.500   05/01/34         1,365  
84,528     (FNMA) 4.500   06/01/34         86  
267,862     (FNMA) 4.500   06/01/34         272  
59,691     (FNMA) 4.500   06/01/34         61  
66,187     (FNMA) 4.500   06/01/34         67  
199,750     (FNMA) 4.500   07/01/34         203  
180,228     (FNMA) 4.500   07/01/34         183  
60,615     (FNMA) 4.500   07/01/34         62  
109,484     (FNMA) 4.500   08/01/34         111  
1,524,519     (FNMA) 4.500   08/01/34         1,549  
21,449,232     (FNMA) 5.000   08/01/34         21,952  
77,764     (FNMA) 4.500   09/01/34         79  
12,484,263     (FNMA) 5.000   11/01/34         12,779  
753,453     (FNMA) 6.000   12/01/34         778  
931,090     (FNMA) 6.000   12/01/34         961  
12,522,656     (FNMA) 5.500   01/01/35         12,860  
3,943,291     (FNMA) 5.500   01/01/35         4,049  
768,513     (FNMA) 5.500   03/01/35         789  
3,104,229     (FNMA) 5.500   04/01/35         3,186  
2,197,634     (FNMA) 5.500   04/01/35         2,255  
2,192,386     (FNMA) 5.500   04/01/35         2,250  
13,347,007     (FNMA) 4.500   05/01/35         13,568  
831,317     (FNMA) 5.500   05/01/35         853  
1,092,757     (FNMA) 5.500   05/01/35         1,121  
554,829     (FNMA) 5.500   05/01/35         569  
4,306,389     (FNMA) 5.500   05/01/35         4,420  
5,028,320     (FNMA) 6.000   05/01/35         5,183  
2,768,309     (FNMA) 5.500   06/01/35         2,841  
3,723,353     (FNMA) 5.500   06/01/35         3,821  
3,113,727     (FNMA) 5.500   06/01/35         3,196  
253,342     (FNMA) 7.500   06/01/35         268  
791,922     (FNMA) 6.000   07/01/35         816  
6,120,139     (FNMA) 5.000   08/01/35         6,257  
7,254,287     (FNMA) 5.000   09/01/35         7,417  
10,708,733     (FNMA) 4.000   10/01/35         10,603  
5,808,056     (FNMA) 5.000   10/01/35         5,938  
11,956,577     (FNMA) 5.500   10/01/35         12,271  
7,601,392     (FNMA) 5.500   11/01/35         7,801  
3,048,557 i   (FNMA) 5.740   02/01/36         3,098  
1,564,131     (FNMA) 6.500   02/01/36         1,626  
1,235,095     (FNMA) 6.500   02/01/36         1,285  
3,764,593     (FNMA) 5.500   04/01/36         3,864  
8,502,355 i   (FNMA) 5.800   06/01/36         8,633  
5,107,003 i   (FNMA) 5.950   07/01/36         5,223  
3,757,318     (FNMA) 6.500   09/01/36         3,907  
6,558,883 i   (FNMA) 5.780   12/01/36         6,704  

299

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account                  
 
            MATURITY        
VALUE
 
PRINCIPAL     ISSUER RATE   DATE         (000)  
$        4,766,103     (FNMA)    6.500%   12/01/36      
$
 4,881  
8,029,898     (FNMA) 6.500   12/01/36         8,350  
30,161,725 i   (FNMA) 5.880   01/01/37         30,973  
5,097,064     (FNMA) 5.000   02/01/37         5,210  
7,902,134 i   (FNMA) 6.020   02/01/37         8,119  
2,366,597     (FNMA) 7.000   02/01/37         2,481  
6,222,747     (FNMA) 6.500   03/01/37         6,471  
1,622,884     (FNMA) 7.000   04/01/37         1,701  
2,157,189     (FNMA) 6.500   08/01/37         2,243  
1,479,231     (FNMA) 6.500   08/01/37         1,538  
2,987,259     (FNMA) 6.000   09/01/37         3,079  
3,632,941     (FNMA) 6.000   09/01/37         3,744  
4,014,066     (FNMA) 6.000   09/01/37         4,137  
2,361,237     (FNMA) 6.000   09/01/37         2,434  
1,721,933     (FNMA) 6.500   09/01/37         1,790  
3,579,897     (FNMA) 6.500   09/01/37         3,722  
1,085,800     (FNMA) 6.500   09/01/37         1,129  
2,156,912 i   (FNMA) 5.910   10/01/37         2,289  
3,080,359     (FNMA) 6.000   10/01/37         3,175  
15,818,859     (FNMA) 6.500   10/01/37         16,448  
6,454,729     (FNMA) 7.000   11/01/37         6,766  
366,807     (FNMA) 6.500   01/01/38         381  
202,808     (FNMA) 6.500   02/01/38         211  
3,518,542     (FNMA) 6.500   03/01/38         3,658  
1,127,814     (FNMA) 6.500   03/01/38         1,173  
1,616,779     (FNMA) 6.500   03/01/38         1,681  
530,585     (FNMA) 6.500   03/01/38         552  
35,214,370     (FNMA) 6.500   03/01/38         36,612  
1,843,837     (FNMA) 7.000   03/01/38         1,933  
3,926,713     (FNMA) 7.000   03/01/38         4,116  
2,440,354     (FNMA) 7.000   03/01/38         2,558  
8,004     Government National Mortgage Association 8.500   10/15/09         8  
2,200     (GNMA) 8.500   12/15/09         2  
3,425     (GNMA) 9.000   12/15/09         3  
3,788,505     (GNMA) 6.250   12/15/11         3,859  
3,564,214     (GNMA) 5.220   04/15/15         3,592  
116,923     (GNMA) 9.000   12/15/17         125  
76,503     (GNMA) 8.000   06/15/22         81  
48,645     (GNMA) 6.500   08/15/23         51  
13,261     (GNMA) 6.500   08/15/23         14  
14,231     (GNMA) 6.500   09/15/23         15  
11,069,328     (GNMA) 4.390   08/16/30         11,168  
342,619     (GNMA) 6.500   05/20/31         361  
1,490,423     (GNMA) 6.000   10/20/36         1,537  
1,503,175     (GNMA) 6.000   01/20/37         1,550  
4,190,567     (GNMA) 6.000   12/15/37         4,331  
4,275,701     (GNMA) 6.000   08/15/38         4,419  
3,560,233     (GNMA) 6.000   08/20/38         3,670  
48,000,000     (GNMA) 5.500   01/15/39         49,425  
5,000,000     (GNMA) 6.000   01/15/39         5,158  
4,990,532     (GNMA) 6.230   09/15/43         5,034  
      TOTAL MORTGAGE BACKED               1,055,791  
 
MUNICIPAL BONDS - 1.41%                  
1,860,000     Allegheny County Redevelopment Authority 5.000   09/01/11         1,917  
1,625,000     Atlanta Urban Residential Finance Authority 5.070   12/01/11         1,656  

300

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account                  
 
            MATURITY         VALUE  
PRINCIPAL     ISSUER RATE   DATE         (000)  
$      4,500,000     Basin Electric Power Coop    6.130%   06/01/41      
$
 4,116  
655,000     Bellevue Community Schools 4.630   05/01/10         658  
2,390,000     Charlotte-Mecklenburg Hospital Authority 5.000   08/01/15         2,452  
3,000,000     City of Chicago IL 5.200   01/01/09         3,000  
4,000,000     City of Dallas TX 5.080   02/15/22         3,688  
1,500,000     City of Dallas TX 5.200   02/15/35         1,300  
970,000     City of Eugene OR 6.320   08/01/22         1,005  
5,000,000     City of New York NY 4.500   06/01/15         4,692  
1,055,000
j
 
City of Oakland CA
0.000   12/15/11         806  
825,000     County of Harnett NC 5.150   05/01/12         837  
2,860,000     County of Mercer NJ 5.380   02/01/17         2,894  
1,680,000     Douglas County Public Utility District No 1                  
      Wells Hydroelectric 5.110   09/01/18         1,636  
1,400,000     Elkhart Redevelopment District 5.500   06/15/18         1,485  
8,500,000     Fiscal Year 2005 Securitization Corp 4.760   08/15/19         8,333  
2,000,000     Guadalupe Valley Electric Coop, Inc 5.670   10/01/32         1,681  
1,000,000     Kansas Development Finance Authority 4.590   05/01/14         1,016  
1,350,000     Kansas Development Finance Authority 4.720   05/01/15         1,366  
3,580,000     LL & P Wind Energy, Inc 5.220   12/01/12         3,620  
3,000,000     Metropolitan Washington Airports Authority 5.690   10/01/30         2,736  
1,000,000     Minnesota State Municipal Power Agency 4.510   10/01/09         1,012  
5,000,000     Mississippi Development Bank Special 5.320   07/01/14         4,983  
2,175,000     New York City Housing Development Corp 4.660   11/01/10         2,187  
2,180,000     New York State Environmental Facilities Corp 6.000   03/15/09         2,192  
3,170,000     New York State Environmental Facilities Corp 4.900   12/15/11         3,236  
2,500,000     Newport News Economic Development Authority 5.640   01/15/29         2,394  
2,500,000     Oklahoma Capital Improvement Authority 5.180   07/01/14         2,614  
2,050,000     State of Hawaii 4.670   05/01/14         2,096  
5,570,000     State of Illinois 4.350   06/01/18         5,248  
975,000     State of New Jersey 6.450   02/01/18         978  
3,050,000     State of Oregon 5.030   08/01/14         3,184  
3,265,000     State of Texas 4.900   08/01/20         3,122  
5,660,000     State of Washington 5.050   01/01/18         5,646  
1,033,000     State of Wisconsin 5.700   05/01/26         955  
4,250,000     Tennessee State School Bond Authority 7.750   05/01/15         4,518  
2,025,000     University Central Fl University Revenues 5.130   10/01/20         1,588  
      TOTAL MUNICIPAL BONDS               96,847  
 
U.S. TREASURY SECURITIES - 6.88%
                 
65,800,000     United States Treasury Bond 8.000   11/15/21         99,769  
13,700,000     United States Treasury Bond 5.250   02/15/29         18,167  
8,176,000     United States Treasury Bond 5.380   02/15/31         11,234  
3,550,000     United States Treasury Bond 4.500   02/15/36         4,717  
6,102,000     United States Treasury Bond 5.000   05/15/37         8,841  
21,665,000     United States Treasury Bond 4.380   02/15/38         29,018  
5,500,000     United States Treasury Bond 4.500   05/15/38         7,507  
28,875,000     United States Treasury Note 3.380   07/31/13         31,539  
2,670,000     United States Treasury Note 3.130   09/30/13         2,881  
47,068,000     United States Treasury Note 2.750   10/31/13         50,039  
56,484,000     United States Treasury Note 2.000   11/30/13         57,949  
30,270,000     United States Treasury Note 1.500   12/31/13         30,201  
27,295,000     United States Treasury Note 4.750   08/15/17         32,635  
32,182,000     United States Treasury Note 4.000   08/15/18         37,163  
34,000,000     United States Treasury Note 3.750   11/15/18         38,489  
25,000,000
j
 
United States Treasury Strip Principal
0.000   08/15/27         13,877  
      TOTAL U.S. TREASURY SECURITIES               474,026  

301

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
     
           
         
VALUE
 
      ISSUER   (000)  
 
      TOTAL GOVERNMENT BONDS
$
 1,808,396  
      (Cost $1,717,208)      
 
      TOTAL BONDS   2,568,334  
      (Cost $2,600,756)      
 
SHARES     COMPANY      
 
PREFERRED STOCKS - 0.07%      
 
COMMUNICATIONS - 0.04%      
200,000 e*   Telephone & Data Systems, Inc   3,000  
      TOTAL COMMUNICATIONS   3,000  
 
DEPOSITORY INSTITUTIONS - 0.02%      
84,000 e*   Bank of America Corp   1,262  
      TOTAL DEPOSITORY INSTITUTIONS   1,262  
 
NONDEPOSITORY INSTITUTIONS - 0.01%      
233,115 *   Federal Home Loan Mortgage Corp (FHLMC)   91  
740,991 e*   Federal National Mortgage Association (FNMA)   615  
      TOTAL NONDEPOSITORY INSTITUTIONS   706  
 
      TOTAL PREFERRED STOCKS   4,968  
      (Cost $31,519)      
 
COMMON STOCKS - 59.61%      
 
AMUSEMENT AND RECREATION SERVICES - 0.41%      
29,300 *   Ticketmaster   188  
1,234,538     Walt Disney Co   28,012  
      TOTAL AMUSEMENT AND RECREATION SERVICES   28,200  
 
APPAREL AND ACCESSORY STORES - 0.41%      
74,500     American Eagle Outfitters, Inc   697  
12,300 *   AnnTaylor Stores Corp   71  
1,200 e   Buckle, Inc   26  
2,700 *   Cache, Inc   5  
3,931 e*   Casual Male Retail Group, Inc   2  
14,700     Cato Corp (Class A)   222  
1,800 *   Charlotte Russe Holding, Inc   12  
2,500 e*   Chico's FAS, Inc   10  
3,400 e   Christopher & Banks Corp   19  
3,973 e*   Dress Barn, Inc   43  
15,600     Fast Retailing Co Ltd   2,289  
2,586     Finish Line, Inc (Class A)   15  
62,792     Foot Locker, Inc   461  
432,846     Gap, Inc   5,796  
92,800     Hennes & Mauritz AB (B Shares)   3,691  
65,390     Inditex S.A.   2,912  
167,437 *   Kohl's Corp   6,061  
249,990     Limited Brands, Inc   2,510  
100,936 e   Nordstrom, Inc   1,343  
57,644     Ross Stores, Inc   1,714  

302

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account      
 
          VALUE  
SHARES     COMPANY   (000)  
1,800 *   Shoe Carnival, Inc
$
 17  
14,007     Stage Stores, Inc   116  
      TOTAL APPAREL AND ACCESSORY STORES   28,032  
 
APPAREL AND OTHER TEXTILE PRODUCTS - 0.05%      
1,000 e   Columbia Sportswear Co   35  
1,550 *   Gymboree Corp   41  
19,154 e   Liz Claiborne, Inc   50  
25,100     Phillips-Van Heusen Corp   505  
13,858 e   Polo Ralph Lauren Corp (Class A)   629  
39,038     VF Corp   2,138  
      TOTAL APPAREL AND OTHER TEXTILE PRODUCTS   3,398  
 
AUTO REPAIR, SERVICES AND PARKING - 0.01%      
57,395 *   Hertz Global Holdings, Inc   291  
9,055     Ryder System, Inc   351  
20,400 *   Wright Express Corp   257  
      TOTAL AUTO REPAIR, SERVICES AND PARKING   899  
 
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.07%      
2,050     Advance Auto Parts   69  
26,904 e*   Autozone, Inc   3,752  
56,036 e*   Carmax, Inc   442  
11,532 *   Copart, Inc   313  
436,492     Inchcape plc   231  
3,300 *   Rush Enterprises, Inc (Class A)   28  
      TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS   4,835  
 
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.62%      
16,210 e   Fastenal Co   565  
1,169,748     Home Depot, Inc   26,928  
723,901     Lowe's Cos, Inc   15,578  
      TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES   43,071  
 
BUSINESS SERVICES - 3.20%      
158,800 *   3Com Corp   362  
39,141 *   3D Systems Corp   311  
2,000     ABM Industries, Inc   38  
600 e*   Acacia Research (Acacia Technologies)   2  
33,058     Adecco S.A.   1,132  
4,500     Administaff, Inc   98  
258,394 *   Adobe Systems, Inc   5,501  
20,700     Aircastle Ltd   99  
63,481 *   Akamai Technologies, Inc   958  
28,941 e*   Alliance Data Systems Corp   1,347  
225,855 *   Art Technology Group, Inc   436  
85,518 *   Autodesk, Inc   1,680  
582,903     Automatic Data Processing, Inc   22,931  
2,200 e*   Avocent Corp   39  
8,400 e*   Blackboard, Inc   220  
22,202 *   Blue Coat Systems, Inc   187  
110,232 *   BMC Software, Inc   2,966  
75,000 e*   BPZ Energy, Inc   480  
2,370     Brink's Co   64  
3,170 *   Brink's Home Security Holdings, Inc   70  

303

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
     
 
          VALUE  
SHARES     COMPANY   (000)  
29,010 e*   Cerner Corp
$
 1,115  
29,200 e*   Ciber, Inc   140  
69,094 *   Citrix Systems, Inc   1,629  
67,618 e*   Cogent, Inc   918  
4,800 e   Cognex Corp   71  
89,838 *   Compuware Corp   606  
60,267 *   COMSYS IT Partners, Inc   135  
12,200 *   CSG Systems International, Inc   213  
82,923     Dassault Systemes S.A.   3,726  
12,600     Deluxe Corp   188  
43,241 e*   DivX, Inc   226  
57,956 e*   DST Systems, Inc   2,201  
93,400 e*   Earthlink, Inc   631  
459,126 *   eBay, Inc   6,409  
2,200 e*   Eclipsys Corp   31  
1,200     Equifax, Inc   32  
118,983 *   Expedia, Inc   980  
207,857     Experian Group Ltd   1,291  
24,000 e   Fair Isaac Corp   405  
54,216 e*   FalconStor Software, Inc   151  
573,000     Fujitsu Ltd   2,786  
5,643 e*   Gartner, Inc   101  
74,248     Gevity HR, Inc   112  
86,066 *   Google, Inc (Class A)   26,478  
62,958     Hays plc   63  
2,800 *   Hudson Highland Group, Inc   9  
2,600 *   iGate Corp   17  
122,601     IMS Health, Inc   1,859  
75,877 *   Informatica Corp   1,042  
208,450 e   Innovative Solutions & Support, Inc   823  
12,000     Interactive Data Corp   296  
42,117 e*   Internap Network Services Corp   105  
18,532 *   Interwoven, Inc   234  
163,363 *   Intuit, Inc   3,886  
43,824 e*   Ipass, Inc   53  
51,072 e*   Iron Mountain, Inc   1,263  
50,890 e   Jack Henry & Associates, Inc   988  
45,100     JSR Corp   507  
3,011 *   Kforce, Inc   23  
39,506 e*   Lamar Advertising Co (Class A)   496  
91,500 *   Lawson Software, Inc   434  
53,370 e*   Lionbridge Technologies   67  
24,926 *   Liquidity Services, Inc   208  
24,316     Manpower, Inc   827  
40,415 e   Marchex, Inc (Class B)   236  
49,167 *   Mentor Graphics Corp   254  
3,396,605     Microsoft Corp   66,030  
40,747 *   ModusLink Global Solutions, Inc   118  
394,216 e*   MoneyGram International, Inc   398  
70,842 e*   Monster Worldwide, Inc   857  
5,200 *   MPS Group, Inc   39  
75,449 e*   Network Equipment Technologies, Inc   217  
165,999     NIC, Inc   764  
267,173 *   Novell, Inc   1,039  
75,058 e*   Nuance Communications, Inc   778  
274,014     Omnicom Group, Inc   7,376  

304

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
     
 
          VALUE  
SHARES     COMPANY   (000)  
8,600 e*   Omniture, Inc
$
 92  
3,300 e*   Online Resources Corp   16  
36,260 *   Parametric Technology Corp   459  
16,200     Pegasystems, Inc   200  
1,500 *   Progress Software Corp   29  
112,997 e*   Radisys Corp   625  
75,439 *   RealNetworks, Inc   266  
89,858 *   Red Hat, Inc   1,188  
82,456 e   Robert Half International, Inc   1,717  
54,977 *   S1 Corp   434  
43,165 e*   Salesforce.com, Inc   1,382  
92,740 *   Sapient Corp   412  
51,100     Secom Co Ltd   2,637  
51,141 e*   Smith Micro Software, Inc   284  
28,120 *   SonicWALL, Inc   112  
222,719 e*   Sonus Networks, Inc   352  
445,801 *   Sun Microsystems, Inc   1,703  
20,600 e*   Sybase, Inc   510  
547,820 *   Symantec Corp   7,407  
24,300 e*   SYNNEX Corp   275  
1,700 e   Syntel, Inc   39  
17,284 *   TeleTech Holdings, Inc   144  
147,800 *   TIBCO Software, Inc   767  
63,669 *   TNS, Inc   598  
165,282     Total System Services, Inc   2,314  
29,020 *   TradeStation Group, Inc   187  
15,133 e*   Ultimate Software Group, Inc   221  
31,867     United Online, Inc   193  
32,414 e*   Vasco Data Security International   335  
2,100     Viad Corp   52  
63,938 e*   VirnetX Holding Corp   91  
201,752     Visa, Inc (Class A)   10,582  
1,500 *   Vocus, Inc   27  
2,100 e*   Volt Information Sciences, Inc   15  
683,960     WPP plc   3,958  
      TOTAL BUSINESS SERVICES   220,425  
 
CHEMICALS AND ALLIED PRODUCTS - 8.73%
     
1,400 e*   Acadia Pharmaceuticals, Inc   1  
22,000     Agrium, Inc   739  
80,702     Air Liquide   7,342  
286,251     Air Products & Chemicals, Inc   14,390  
4,570     Alberto-Culver Co   112  
24,880 e*   Alexion Pharmaceuticals, Inc   900  
81,611 e*   Alexza Pharmaceuticals, Inc   259  
13,974 *   Alkermes, Inc   149  
1,400 e*   Alnylam Pharmaceuticals, Inc   35  
500 e*   AMAG Pharmaceuticals, Inc   18  
629,730 *   Amgen, Inc   36,367  
14,752 e*   Arena Pharmaceuticals, Inc   62  
4,001 *   Array Biopharma, Inc   16  
10,000     Asahi Kasei Corp   44  
178,700     Astellas Pharma, Inc   7,315  
273,796     AstraZeneca plc   11,050  
21,108 e*   Auxilium Pharmaceuticals, Inc   600  
144,873     Avery Dennison Corp   4,742  

305

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account      
 
          VALUE  
SHARES     COMPANY   (000)  
174,996     Avon Products, Inc
$
 4,205  
1,200     Balchem Corp   30  
35,242 e*   Biodel, Inc   170  
150,455 *   Biogen Idec, Inc   7,166  
51,827 e*   BioMarin Pharmaceuticals, Inc   923  
46,011 e*   BioMimetic Therapeutics, Inc   424  
1,177,779     Bristol-Myers Squibb Co   27,383  
36,600 e*   Calgon Carbon Corp   562  
12,960 *   Caraco Pharmaceutical Laboratories Ltd   77  
19,166 e*   Cell Genesys, Inc   4  
131,400     Chugai Pharmaceutical Co Ltd   2,554  
5,845     Church & Dwight Co, Inc   328  
55,671     Clorox Co   3,093  
353,374     Colgate-Palmolive Co   24,220  
17,881 e*   Cypress Bioscience, Inc   122  
236,200     Daiichi Sankyo Co Ltd   5,586  
77,374 e*   Dendreon Corp   354  
251,617 e*   Durect Corp   853  
243,552     Ecolab, Inc   8,561  
91,900     Eisai Co Ltd   3,835  
685,270     Eli Lilly & Co   27,596  
4,012 e   Estee Lauder Cos (Class A)   124  
5,471 *   Facet Biotech Corp   52  
327,890 *   Genentech, Inc   27,185  
151,165 *   Genzyme Corp   10,033  
22,156 e*   Geron Corp   104  
506,042 *   Gilead Sciences, Inc   25,879  
75,227     H.B. Fuller Co   1,212  
165,170     Henkel KGaA   5,175  
60,776 e*   Human Genome Sciences, Inc   129  
34,223 e*   Idexx Laboratories, Inc   1,235  
21,085 *   Immucor, Inc   560  
22,086     Innophos Holdings, Inc   438  
34,703 e*   Inverness Medical Innovations, Inc   656  
31,878 *   Life Technologies Corp   743  
205,525 e*   Javelin Pharmaceuticals, Inc   257  
1,196,929     Johnson & Johnson   71,612  
176,000     Kao Corp   5,346  
17,500     Kuraray Co Ltd   137  
38,274     Linde AG.   3,212  
64,085     L'Oreal S.A.   5,550  
47,413     Lubrizol Corp   1,725  
38,348 *   Medarex, Inc   214  
21,256     Minerals Technologies, Inc   869  
234,000     Mitsubishi Chemical Holdings Corp   1,037  
47,300 e   Nalco Holding Co   546  
71,281 e*   Neurocrine Biosciences, Inc   228  
344,743     Novartis AG.   17,265  
58,514 e*   Noven Pharmaceuticals, Inc   644  
125,635     Novo Nordisk AS (Class B)   6,481  
6,700     Novozymes AS (B Shares)   537  
1,500 e*   OraSure Technologies, Inc   6  
31,300 *   Par Pharmaceutical Cos, Inc   420  
27,361 e   PDL BioPharma, Inc   169  
78,249 e   Perrigo Co   2,528  
2,400 e*   PetMed Express, Inc   42  

306

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
     
 
          VALUE  
SHARES     COMPANY   (000)  
21,168 e*   Pharmasset, Inc
$
 278  
29,744 e*   PharMerica Corp   466  
73,809 e*   Pozen, Inc   372  
135,456     PPG Industries, Inc   5,747  
324,774     Praxair, Inc   19,279  
70,317 *   Prestige Brands Holdings, Inc   742  
1,251,239     Procter & Gamble Co   77,352  
27,366 e*   Progenics Pharmaceuticals, Inc   282  
130,956     Reckitt Benckiser Group plc   4,854  
105,895     Roche Holding AG.   16,394  
228,084     Rohm & Haas Co   14,093  
68,914     RPM International, Inc   916  
58,884 e*   Salix Pharmaceuticals Ltd   520  
759,587     Schering-Plough Corp   12,936  
34,028     Sensient Technologies Corp   813  
28,843 *   Sepracor, Inc   317  
102,500     Shin-Etsu Chemical Co Ltd   4,731  
145,000     Shionogi & Co Ltd   3,745  
195,000     Shiseido Co Ltd   4,010  
147,118 e   Sigma-Aldrich Corp   6,214  
3,300     Solvay S.A.   243  
309,000     Sumitomo Chemical Co Ltd   1,059  
47,726 e*   SuperGen, Inc   91  
223,000     Toray Industries, Inc   1,135  
213,000     UBE Industries Ltd   598  
5,900 *   United Therapeutics Corp   369  
18,375 e*   USANA Health Sciences, Inc   629  
41,400     Valspar Corp   749  
26,431 e*   Vertex Pharmaceuticals, Inc   803  
712,750     Wyeth   26,735  
20,900     Yara International ASA   460  
44,333 e*   Zymogenetics, Inc   133  
      TOTAL CHEMICALS AND ALLIED PRODUCTS   601,602  
 
COMMUNICATIONS - 2.92%      
148,096 e   Alaska Communications Systems Group, Inc   1,389  
284,146 *   American Tower Corp (Class A)   8,331  
1,160 e*   Anixter International, Inc   35  
63,000     BCE, Inc   1,282  
42,282     Belgacom S.A.   1,606  
87,173 *   Centennial Communications Corp (Class A)   703  
7,639 e   CenturyTel, Inc   209  
14,900 *   Cincinnati Bell, Inc   29  
94,200 e*   Cox Radio, Inc (Class A)   566  
258,557 *   Crown Castle International Corp   4,545  
525,651 e*   DIRECTV Group, Inc   12,043  
180,893     Embarq Corp   6,505  
33,529 e   Entercom Communications Corp (Class A)   41  
272,620 e*   Entravision Communications Corp (Class A)   425  
11,587 e*   Equinix, Inc   616  
346,475 e   Fairpoint Communications, Inc   1,136  
699,695 e*   FiberTower Corp   112  
22,077 e   Fisher Communications, Inc   456  
942,410 e   Frontier Communications Corp   8,237  
381,268 e   Gray Television, Inc   153  
16,940 e   Hearst-Argyle Television, Inc   103  

307

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account      
 
          VALUE  
SHARES     COMPANY   (000)  
89,751 e*   IAC/InterActiveCorp
$
 1,412  
266,650 e*   ICO Global Communications Holdings Ltd   301  
21,459 *   iPCS, Inc   147  
1,212,477     ITV plc   693  
874     KDDI Corp   6,241  
65,574 e*   Leap Wireless International, Inc   1,763  
266,625 e*   Liberty Global, Inc (Class A)   4,245  
261,463 e*   Liberty Media Corp - Capital (Series A)   1,231  
487,176 *   Liberty Media Corp - Entertainment (Series A)   8,516  
436,006 *   Liberty Media Holding Corp (Interactive A)   1,360  
250,634 e*   Lin TV Corp (Class A)   273  
3,400 e*   Lodgenet Entertainment Corp   2  
29,120 e*   Mediacom Communications Corp (Class A)   125  
121,822 e*   MetroPCS Communications, Inc   1,809  
18,050 *   NeuStar, Inc (Class A)   345  
91,232 *   NII Holdings, Inc (Class B)   1,659  
5,500     NTELOS Holdings Corp   136  
5,186     NTT DoCoMo, Inc   10,208  
194,090     Portugal Telecom SGPS S.A.   1,638  
46,400     Rogers Communications, Inc (Class B)   1,375  
104,404 e   Scripps Networks Interactive (Class A)   2,297  
36,600     Shaw Communications, Inc (B Shares)   641  
1,471,346 *   Sprint Nextel Corp   2,693  
82,185 e   SureWest Communications   939  
23,851     Swisscom AG.   7,737  
17,333 e*   Switch & Data Facilities Co, Inc   128  
49,774 *   Syniverse Holdings, Inc   594  
997,156     Telecom Corp of New Zealand Ltd   1,334  
2,090,407     Telecom Italia S.p.A.   3,439  
2,262,258     Telecom Italia S.p.A.   2,576  
29,563     TeliaSonera AB   149  
9,700     TELUS Corp   274  
23,300 e*   Terremark Worldwide, Inc   91  
105,813 e*   TerreStar Corp   42  
314,678 *   Time Warner Cable, Inc (Class A)   6,750  
78,654 e*   TiVo, Inc   563  
1,410,734     Verizon Communications, Inc   47,824  
504,781 *   Viacom, Inc (Class B)   9,621  
8,059,830     Vodafone Group plc   16,107  
635,068     Windstream Corp   5,843  
      TOTAL COMMUNICATIONS   201,643  
 
DEPOSITORY INSTITUTIONS - 4.64%
     
3,564 e   Associated Banc-Corp   75  
316,316     Australia & New Zealand Banking Group Ltd   3,372  
833,789     Banco Bilbao Vizcaya Argentaria S.A.   10,331  
209,409 *   Banco Comercial Portugues S.A.   237  
152,157     Banco Espirito Santo S.A.   1,415  
2,068,912     Bank of America Corp   29,130  
15,936     Bank of Hawaii Corp   720  
31,700     Bank of Montreal   802  
600,573     Bank of New York Mellon Corp   17,014  
185,800     Bank of Nova Scotia   5,013  
34,713 e   BankAtlantic Bancorp Inc (Class A)   201  
488,544 e   BB&T Corp   13,415  
700     BOK Financial Corp   28  

308

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
     
 
          VALUE  
SHARES     COMPANY   (000)  
32,600     Canadian Imperial Bank of Commerce/Canada $ 1,349  
27,201 e   City National Corp   1,325  
107,800 e   Colonial Bancgroup, Inc   223  
110,404 e   Comerica, Inc   2,192  
317,788 m   Commonwealth Bank of Australia   6,403  
2,000 e   Community Bank System, Inc   49  
143,286     Dexia   637  
39,100     DNB NOR Holding ASA   155  
2,300 e*   Euronet Worldwide, Inc   27  
545,530 e   Fifth Third Bancorp   4,506  
130,232 e,h   First Horizon National Corp   1,377  
6,872 e   First Midwest Bancorp, Inc   137  
214,387 e*   Flagstar Bancorp, Inc   152  
180,978 m,v*   Fortis   - ^
22,979 e   Fulton Financial Corp   221  
139,200     Hang Seng Bank Ltd   1,827  
1,662,387     HSBC Holdings plc   15,822  
177,655     Hudson City Bancorp, Inc   2,835  
562,389     ING Groep NV   6,190  
1,147     International Bancshares Corp   25  
221,000     Joyo Bank Ltd   1,257  
338,763 e   Keycorp   2,886  
924,023 v*   Lloyds TSB Group plc   - ^
2,125,659     Lloyds TSB Group plc   3,851  
93,885 e   M&T Bank Corp   5,390  
187,093 e   Marshall & Ilsley Corp   2,552  
39,426 *   Metavante Technologies, Inc   635  
2,072 v   Mizuho Financial Group, Inc   5,890  
288,339     National Australia Bank Ltd   4,195  
160,300 e   New York Community Bancorp, Inc   1,917  
20,699 e   NewAlliance Bancshares, Inc   273  
126,370     Northern Trust Corp   6,589  
19,938 e   Old National Bancorp   362  
90 e   Pacific Capital Bancorp   2  
27,020 e   People's United Financial, Inc   482  
312,235     PNC Financial Services Group, Inc   15,299  
80,514     Popular, Inc   415  
49,919     Provident Financial Services, Inc   764  
553,476     Regions Financial Corp   4,406  
1,628 v   Resona Holdings, Inc   2,408  
235,010     Royal Bank of Canada   6,872  
3,812,633     Royal Bank of Scotland Group plc   2,708  
1,000 e   S&T Bancorp, Inc   35  
723,000     Shinsei Bank Ltd   1,144  
416,200     Shizuoka Bank Ltd   4,837  
16,852 e   South Financial Group, Inc   73  
342,133 *   Sovereign Bancorp, Inc   1,020  
205,715     State Street Corp   8,091  
451,900     Sumitomo Trust & Banking Co Ltd   2,671  
324,401     SunTrust Banks, Inc   9,583  
20,725 e*   SVB Financial Group   544  
250,210     Svenska Handelsbanken (A Shares)   4,138  
122,904 e   Synovus Financial Corp   1,020  
107,811     Toronto-Dominion Bank   3,795  
214,670 e   UCBH Holdings, Inc   1,477  
2,097,886     UniCredito Italiano S.p.A   5,334  

309

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account      
 
          VALUE  
SHARES     COMPANY   (000)  
1,084,441     US Bancorp
$
 27,122  
309 e   W Holding Co, Inc   3  
3,378     Washington Federal, Inc   51  
2,724 e   Webster Financial Corp   38  
1,549,728     Wells Fargo & Co   45,686  
525,944     Westpac Banking Corp   6,223  
1,700 e   Whitney Holding Corp   27  
15,506 e   Zions Bancorporation   380  
      TOTAL DEPOSITORY INSTITUTIONS   319,650  
 
EATING AND DRINKING PLACES - 0.66%
     
35,220 e*   AFC Enterprises   165  
7,343 e   Bob Evans Farms, Inc   150  
4,000     CKE Restaurants, Inc   35  
476,283     Compass Group plc   2,355  
109,941     Darden Restaurants, Inc   3,098  
1,346 e   DineEquity, Inc   15  
3,400 e*   Domino's Pizza, Inc   16  
620,450     McDonald's Corp   38,586  
12,376     O'Charleys, Inc   25  
14,928 e*   Sonic Corp   182  
5,700 e*   Steak N Shake Co   34  
195,338 e   Wendy's/Arby's Group, Inc (Class A)   965  
      TOTAL EATING AND DRINKING PLACES   45,626  
 
EDUCATIONAL SERVICES - 0.03%      
29,600     Benesse Corp   1,295  
700 e*   Corinthian Colleges, Inc   11  
900     DeVry, Inc   52  
4,227 e*   ITT Educational Services, Inc   402  
      TOTAL EDUCATIONAL SERVICES   1,760  
 
ELECTRIC, GAS, AND SANITARY SERVICES - 4.20%      
503,751 *   AES Corp   4,151  
153,796     AGL Resources, Inc   4,821  
132,829     Alliant Energy Corp   3,876  
1,000     American States Water Co   33  
114,076     Aqua America, Inc   2,349  
155,689     Atmos Energy Corp   3,690  
278,762     Avista Corp   5,402  
2,700     California Water Service Group   125  
130,506 *   Calpine Corp   950  
229,747     Centerpoint Energy, Inc   2,899  
22,932     Central Vermont Public Service Corp   547  
1,490,755     Centrica plc   5,701  
18,660 e   CH Energy Group, Inc   959  
175,149 e*   Clean Energy Fuels Corp   1,058  
308,609     Cleco Corp   7,045  
560,000     CLP Holdings Ltd   3,801  
432,975 e   Consolidated Edison, Inc   16,856  
80,009     Contact Energy Ltd   343  
69,171 e   Crosstex Energy, Inc   270  
190,264     Edison International   6,111  
609,268     El Paso Corp   4,771  
64,800     Enbridge, Inc   2,077  

310

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
     
 
          VALUE  
SHARES     COMPANY   (000)  
780,452     Enel S.p.A.
$
 5,027  
42,294     Energen Corp   1,240  
228,805     FPL Group, Inc   11,516  
93,963     Gas Natural SDG S.A.   2,557  
334,824 e   Hawaiian Electric Industries, Inc   7,413  
916,500     Hong Kong & China Gas Ltd   1,384  
80,000     Hong Kong Electric Holdings Ltd   449  
1,064,346     Iberdrola S.A.   9,922  
277,577 e   Idacorp, Inc   8,175  
764,759     International Power plc   2,642  
8,400     ITC Holdings Corp   367  
30,434     Laclede Group, Inc   1,425  
67,199     MGE Energy, Inc   2,218  
221,047 e   National Fuel Gas Co   6,925  
705,443     National Grid plc   6,937  
28,000 e   New Jersey Resources Corp   1,102  
95,683 e   Nicor, Inc   3,324  
716,976     NiSource, Inc   7,865  
155,648     Northeast Utilities   3,745  
24,397 e   Northwest Natural Gas Co   1,079  
153,852 e*   NRG Energy, Inc   3,589  
123,489 e   NSTAR   4,506  
53,193     Oest Elektrizitatswirts AG. (Class A)   2,459  
441,532     OGE Energy Corp   11,383  
113,286     Oneok, Inc   3,299  
710,000     Osaka Gas Co Ltd   3,283  
732,975     Pepco Holdings, Inc   13,018  
156,050     PG&E Corp   6,041  
140,164     Piedmont Natural Gas Co, Inc   4,439  
95,075     Pinnacle West Capital Corp   3,055  
254,006     PPL Corp   7,795  
193,265     Public Power Corp   3,100  
224,680     Public Service Enterprise Group, Inc   6,554  
235,357     Questar Corp   7,694  
147,035 e   Resource America, Inc (Class A)   588  
350,395     Scottish & Southern Energy plc   6,131  
141,380     Sempra Energy   6,027  
409,054     NV Energy, Inc   4,046  
28,831 e   SJW Corp   863  
63,000     Snam Rete Gas S.p.A.   352  
67,898     South Jersey Industries, Inc   2,706  
26,519     Southwest Gas Corp   669  
3,300 e   Southwest Water Co   11  
425,940 e   TECO Energy, Inc   5,260  
152,100     Tohoku Electric Power Co, Inc   4,114  
651,000     Tokyo Gas Co Ltd   3,300  
56,764     UGI Corp   1,386  
28,742 e   UIL Holdings Corp   863  
82,556 e   WGL Holdings, Inc   2,699  
474,650     Williams Cos, Inc   6,873  
      TOTAL ELECTRIC, GAS, AND SANITARY SERVICES   289,250  
 
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 3.10%
     
223,172 *   Adaptec, Inc   736  
38,375 *   Advanced Energy Industries, Inc   382  
281,681 e*   Advanced Micro Devices, Inc   608  

311

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
     
 
          VALUE  
SHARES     COMPANY   (000)  
2,655 e*   American Superconductor Corp
$
 43  
202,272     Ametek, Inc   6,111  
22,178 e*   Anadigics, Inc   33  
34,000 *   Avnet, Inc   619  
25,674 e   Baldor Electric Co   458  
18,000 *   Benchmark Electronics, Inc   230  
2,795,905 *   Cisco Systems, Inc   45,573  
65,729 e*   Conexant Systems, Inc   45  
42,630 e*   Cree, Inc   677  
7,400     CTS Corp   41  
19,000 e*   Dolby Laboratories, Inc (Class A)   622  
3,605 e*   DTS, Inc   66  
71,999     Eaton Corp   3,579  
9,225 e*   Energy Conversion Devices, Inc   233  
368,618     Ericsson (LM) (B Shares)   2,874  
46 e*   Evergreen Solar, Inc   - ^
611,470 e*   Finisar Corp   232  
21,830 e*   First Solar, Inc   3,012  
64,399     Gamesa Corp Tecnologica S.A.   1,174  
65,154 *   GrafTech International Ltd   542  
13,100 e*   Greatbatch, Inc   347  
14,175 e   Harman International Industries, Inc   237  
69,668 *   Harmonic, Inc   391  
1,200 *   Hittite Microwave Corp   35  
54,455 e*   Hutchinson Technology, Inc   189  
35,700     Ibiden Co Ltd   740  
2,902,889     Intel Corp   42,556  
23,012 *   InterDigital, Inc   633  
349,878     Koninklijke Philips Electronics NV   6,726  
28,300     Kyocera Corp   2,049  
11,300 e   Lincoln Electric Holdings, Inc   575  
1,068 *   Littelfuse, Inc   18  
61,853 e*   Loral Space & Communications, Inc   899  
294,163 *   LSI Logic Corp   968  
226,000     Matsushita Electric Industrial Co Ltd   2,778  
14,183 *   Mattson Technology, Inc   20  
30,404 e*   Medis Technologies Ltd   14  
355,842 e*   Micron Technology, Inc   939  
67,684 *   Microtune, Inc   138  
1,180,569     Motorola, Inc   5,230  
23,600     Murata Manufacturing Co Ltd   925  
156,806 *   NetApp, Inc   2,191  
26,100     Nidec Corp   1,021  
36,300     Nitto Denko Corp   695  
475,215     Nokia Oyj   7,457  
163,771 *   ON Semiconductor Corp   557  
69,596 *   Oplink Communications, Inc   599  
40,673     Plantronics, Inc   537  
49,860 *   Polycom, Inc   674  
15,700 e*   Power-One, Inc   19  
227,544 e*   Powerwave Technologies, Inc   114  
28,866 *   Q-Cells AG.   1,079  
60,206 *   QLogic Corp   809  
856,767     Qualcomm, Inc   30,698  
74,722 e*   Quantum Fuel Systems Technologies Worldwide,   63  
58,731 e*   RF Micro Devices, Inc   46  

312

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account      
 
          VALUE  
SHARES     COMPANY   (000)  
62,000     Ricoh Co Ltd
$
 795  
2,400     Rohm Co Ltd   121  
683,000 *   Sanyo Electric Co Ltd   1,278  
46,000     Sharp Corp   332  
109,628 *   Silicon Storage Technology, Inc   251  
2,200,983 e*   Sirius XM Radio, Inc   264  
66,239 *   Skyworks Solutions, Inc   367  
99,900     Sony Corp   2,185  
349,173     STMicroelectronics NV   2,320  
21,625 e*   Sunpower Corp (Class A)   800  
84,452 *   Sycamore Networks, Inc   227  
145,266 e*   Symmetricom, Inc   574  
19,183 e*   Synaptics, Inc   318  
26,000     TDK Corp   961  
36,103 *   Tekelec   482  
41,209     Teleflex, Inc   2,065  
197,426 *   Tellabs, Inc   813  
8,100 *   Tessera Technologies, Inc   96  
849,087     Texas Instruments, Inc   13,178  
52,499 *   Thomas & Betts Corp   1,261  
126,305 *   Triquint Semiconductor, Inc   434  
11,800 e*   TTM Technologies, Inc   61  
99,157 e*   Utstarcom, Inc   183  
74,252 e*   Valence Technology, Inc   135  
2,600 e   Vicor Corp   17  
23,590 *   Volterra Semiconductor Corp   169  
14,226 e   Whirlpool Corp   588  
113,178     Xilinx, Inc   2,017  
6,400 e*   Zoltek Cos, Inc   58  
19,389 e*   Zoran Corp   132  
      TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT   213,338  
 
ENGINEERING AND MANAGEMENT SERVICES - 0.45%
     
27,162 e*   Amylin Pharmaceuticals, Inc   295  
61,621 e*   Ariad Pharmaceuticals, Inc   52  
86,959     Capita Group plc   923  
2,000     CDI Corp   26  
28,175 *   Celera Corp   314  
162,385 *   Celgene Corp   8,977  
5,300     Corporate Executive Board Co   117  
13,718 e*   CV Therapeutics, Inc   126  
18,735 e   Diamond Management & Technology   79  
3,100 *   Gen-Probe, Inc   133  
44,233 *   Hewitt Associates, Inc (Class A)   1,255  
98,416 e*   Incyte Corp   373  
59,590 e*   Isis Pharmaceuticals, Inc   845  
49,000     JGC Corp   733  
1,400     Landauer, Inc   103  
15,200 *   Navigant Consulting, Inc   241  
3,000 e*   Omnicell, Inc   37  
202,751     Paychex, Inc   5,328  
124,912     Quest Diagnostics, Inc   6,484  
25,743 e*   Regeneron Pharmaceuticals, Inc   473  
622,805 e*   Rentech, Inc   423  
27,272 e*   Savient Pharmaceuticals, Inc   158  
1,289,500     SembCorp Industries Ltd   2,076  

313

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account      
 
          VALUE  
SHARES     COMPANY   (000)  
38,330 *   Tetra Tech, Inc
$
 926  
40,770 e*   VCA Antech, Inc   810  
      TOTAL ENGINEERING AND MANAGEMENT SERVICES   31,307  
 
FABRICATED METAL PRODUCTS - 0.44%      
18,400     Aptargroup, Inc   648  
93,959 e   Commercial Metals Co   1,115  
41,047 e   Dynamic Materials Corp   793  
3,991 *   Geberit AG.   432  
22,906     Gulf Island Fabrication, Inc   330  
565,559     Illinois Tool Works, Inc   19,823  
2,300 e   Insteel Industries, Inc   26  
29,885     Pentair, Inc   707  
34,002     Quanex Building Products Corp   319  
21,196     Snap-On, Inc   835  
85,926     Stanley Works   2,930  
109,300     Toyo Seikan Kaisha Ltd   1,895  
6,200 e   Valmont Industries, Inc   380  
      TOTAL FABRICATED METAL PRODUCTS   30,233  
 
FOOD AND KINDRED PRODUCTS - 2.23%      
221,515     Campbell Soup Co   6,648  
192,414     Coca Cola Hellenic Bottling Co S.A.   2,782  
1,670     Corn Products International, Inc   48  
550,354     CSR Ltd   675  
337,725     General Mills, Inc   20,517  
137,639     Groupe Danone   8,261  
273,696     H.J. Heinz Co   10,291  
11,640 *   Hansen Natural Corp   390  
141,054 e   Hershey Co   4,900  
25,150     J.M. Smucker Co   1,090  
369,975     Kellogg Co   16,223  
942,758     Kraft Foods, Inc (Class A)   25,313  
10,103     Lancaster Colony Corp   347  
1,600     Lance, Inc   37  
17,347     McCormick & Co, Inc   553  
808,709     PepsiCo, Inc   44,293  
2,066 *   Ralcorp Holdings, Inc   121  
338,842     Sara Lee Corp   3,317  
10,156 e   Tootsie Roll Industries, Inc   260  
291,889     Unilever plc   6,626  
32,600     Yakult Honsha Co Ltd   698  
      TOTAL FOOD AND KINDRED PRODUCTS   153,390  
 
FOOD STORES - 0.44%      
202,016     Carrefour S.A.   7,728  
2,301 e*   Great Atlantic & Pacific Tea Co, Inc   14  
54,500     Jeronimo Martins SGPS S.A.   301  
2,488     Kesko Oyj (B Shares)   63  
75,357     Koninklijke Ahold NV   921  
261,933     Safeway, Inc   6,226  
454,851 *   Starbucks Corp   4,303  
64,863     Supervalu, Inc   947  
1,282,676     Tesco plc   6,639  
26,181 e   Whole Foods Market, Inc   247  

314

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
     
 
          VALUE  
SHARES     COMPANY   (000)  
2,600 *   Winn-Dixie Stores, Inc
$
 42  
140,757     Woolworths Ltd   2,617  
      TOTAL FOOD STORES   30,048  
 
FORESTRY - 0.06%
     
140,213     Weyerhaeuser Co   4,292  
      TOTAL FORESTRY   4,292  
 
FURNITURE AND FIXTURES - 0.25%
     
8,629     Herman Miller, Inc   112  
67,537 e   Hill-Rom Holdings, Inc   1,112  
23,219 e   HNI Corp   368  
561,099     Johnson Controls, Inc   10,189  
28,663 e*   Kinetic Concepts, Inc   550  
100,084 e   Leggett & Platt, Inc   1,520  
301,259     Masco Corp   3,353  
9,700     Tempur-Pedic International, Inc   69  
      TOTAL FURNITURE AND FIXTURES   17,273  
 
FURNITURE AND HOME FURNISHINGS STORES - 0.12%      
119,825 e*   Bed Bath & Beyond, Inc   3,046  
143,006     Best Buy Co, Inc   4,020  
22,000 *   GameStop Corp (Class A)   476  
2,200 e   Haverty Furniture Cos, Inc   21  
29,641     RadioShack Corp   354  
12,600     Williams-Sonoma, Inc   99  
      TOTAL FURNITURE AND HOME FURNISHINGS STORES   8,016  
 
GENERAL BUILDING CONTRACTORS - 0.18%      
18,300     ACS Actividades Cons y Servicios S.A.   850  
301 e*   Avatar Holdings, Inc   8  
3,524 e   Brookfield Homes Corp   15  
47,708     Centex Corp   508  
21,700     Daito Trust Construction Co Ltd   1,139  
9,000     Daiwa House Industry Co Ltd   88  
41,712 e*   Hovnanian Enterprises, Inc (Class A)   72  
49,042 e   Lennar Corp (Class A)   425  
30,753 e   M/I Homes, Inc   324  
20,000     Obayashi Corp   120  
17,644     Persimmon plc   58  
26,000     Shimizu Corp   153  
93,672 e*   Standard-Pacific Corp   167  
52,100 *   Toll Brothers, Inc   1,116  
175,410     Vinci S.A.   7,315  
      TOTAL GENERAL BUILDING CONTRACTORS   12,358  
 
GENERAL MERCHANDISE STORES - 0.78%      
17,000     Aeon Co Ltd   171  
353,244     Costco Wholesale Corp   18,545  
117,324     JC Penney Co, Inc   2,311  
400,000     Kintetsu Corp   1,840  
99,836     Macy's, Inc   1,033  
48,900     Odakyu Electric Railway Co Ltd   431  
45,327     PPR   2,936  
10,500 *   Retail Ventures, Inc   37  

315

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
     
 
          VALUE  
SHARES     COMPANY   (000)  
3,300 e*   Stein Mart, Inc
$
 4  
569,543     Target Corp   19,666  
279,804     TJX Cos, Inc   5,756  
139,000     Tokyu Corp   701  
      TOTAL GENERAL MERCHANDISE STORES   53,431  
 
HEALTH SERVICES - 0.19%      
10,800 *   Amsurg Corp   252  
4,670 *   Corvel Corp   103  
29,297 e*   Edwards Lifesciences Corp   1,610  
110,544 *   Five Star Quality Care, Inc   169  
20,090 *   Healthways, Inc   231  
86,998 e*   Laboratory Corp of America Holdings   5,604  
60,942 e   LCA-Vision, Inc   250  
14,220 *   LHC Group, Inc   512  
48,240 e*   LifePoint Hospitals, Inc   1,102  
229,203 e*   Nektar Therapeutics   1,274  
46,947 *   Nighthawk Radiology Holdings, Inc   228  
25,500 *   Mednax, Inc   808  
41,800 e*   Psychiatric Solutions, Inc   1,164  
      TOTAL HEALTH SERVICES   13,307  
 
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.11%      
164,393     Abertis Infraestructuras S.A.   2,946  
44,300     Bouygues S.A.   1,860  
77,343 *   Foster Wheeler Ltd   1,808  
36,587 *   LB Foster Co (Class A)   1,145  
      TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING   7,759  
 
HOLDING AND OTHER INVESTMENT OFFICES - 0.87%      
2,476     Acadia Realty Trust   35  
302,228     Annaly Mortgage Management, Inc   4,796  
97,200     Anworth Mortgage Asset Corp   625  
133,398 e   Ashford Hospitality Trust, Inc   153  
28,327 e   AvalonBay Communities, Inc   1,716  
1,500     BioMed Realty Trust, Inc   18  
52,792 e   Boston Properties, Inc   2,904  
600     Brandywine Realty Trust   5  
63,200     Brookfield Asset Management, Inc   950  
3,200 e   Capital Lease Funding, Inc   5  
1,200 e   Capital Trust, Inc (Class A)   4  
56,400     Capstead Mortgage Corp   607  
6,414     Cedar Shopping Centers, Inc   45  
3,360 e   Cherokee, Inc   58  
4,900     DCT Industrial Trust, Inc   25  
145,954     Duke Realty Corp   1,600  
262,948     Equity Residential   7,841  
8,247     FelCor Lodging Trust, Inc   15  
12,044 e   First Industrial Realty Trust, Inc   91  
2,300     First Potomac Realty Trust   21  
2,600     Franklin Street Properties Corp   38  
103,542 e   General Growth Properties, Inc   134  
41,180     HCP, Inc   1,144  
27,763     Health Care REIT, Inc   1,172  
7,346     Highwoods Properties, Inc   201  

316

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
     
 
          VALUE  
SHARES     COMPANY   (000)  
3,500 e*   Hilltop Holdings, Inc
$
 34  
24,524 e   Hospitality Properties Trust   365  
246,797     Host Marriott Corp   1,868  
89,188     HRPT Properties Trust   301  
816 e   Investors Real Estate Trust   9  
125,900 e   iStar Financial, Inc   281  
154,666 e   Kimco Realty Corp   2,827  
23,996 e   Lexington Corporate Properties Trust   120  
41,078     Liberty Property Trust   938  
6,565     LTC Properties, Inc   133  
4,500 e   Macerich Co   82  
35,100     MFA Mortgage Investments, Inc   207  
14,820     Mid-America Apartment Communities, Inc   551  
622,526 e*   NexCen Brands, Inc   69  
224,094 e   NorthStar Realty Finance Corp   876  
1,200     Parkway Properties, Inc   22  
7,528 e   Post Properties, Inc   124  
8,879     Potlatch Corp   231  
141,865 e   Prologis   1,970  
84,828     Public Storage, Inc   6,744  
1,400 e   RAIT Investment Trust   4  
11,900 e   Regency Centers Corp   556  
2,766     Senior Housing Properties Trust   50  
144,047     Simon Property Group, Inc   7,653  
17,400 e   UDR, Inc   240  
1,100     Universal Health Realty Income Trust   36  
5,660     Urstadt Biddle Properties, Inc (Class A)   90  
285,142 e   Virgin Media, Inc   1,423  
81,996     Vornado Realty Trust   4,948  
38,416     WABCO Holdings, Inc   607  
103,459 e   Weingarten Realty Investors   2,140  
      TOTAL HOLDING AND OTHER INVESTMENT OFFICES   59,702  
 
HOTELS AND OTHER LODGING PLACES - 0.23%      
123,452     Accor S.A.   6,025  
87,216 e   Choice Hotels International, Inc   2,622  
57,501 e*   Gaylord Entertainment Co   623  
110,458 e*   Great Wolf Resorts, Inc   170  
54,170 *   Lodgian, Inc   115  
43,668     Marcus Corp   709  
178,570     Marriott International, Inc (Class A)   3,473  
57,986 e   Starwood Hotels & Resorts Worldwide, Inc   1,038  
278,163     TUI Travel plc   934  
      TOTAL HOTELS AND OTHER LODGING PLACES   15,709  
 
INDUSTRIAL MACHINERY AND EQUIPMENT - 2.97%      
54,111 *   AGCO Corp   1,276  
60,900     Alfa Laval AB   544  
27,200 e*   Allis-Chalmers Energy, Inc   150  
4,300     Ampco-Pittsburgh Corp   93  
807,209     Applied Materials, Inc   8,177  
10,900     ASML Holding NV   193  
10,969 e*   Astec Industries, Inc   344  
74,230 *   Axcelis Technologies, Inc   38  
57,226 e   Black & Decker Corp   2,393  
53,202     Brambles Ltd   275  

317

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account      
 
          VALUE  
SHARES     COMPANY   (000)  
27,890 e   Briggs & Stratton Corp
$
 491  
263,517 *   Brocade Communications Systems, Inc   738  
214,000     Canon, Inc   6,780  
3,900 e   Cascade Corp   116  
280,651     Caterpillar, Inc   12,537  
7,900 *   Columbus McKinnon Corp   108  
129,390 *   Cray, Inc   269  
175,377     Cummins, Inc   4,688  
367,022     Deere & Co   14,064  
1,095,011 *   Dell, Inc   11,213  
9,200     Donaldson Co, Inc   310  
1,000     Dover Corp   33  
1,400 *   Dresser-Rand Group, Inc   24  
11,934 *   Dril-Quip, Inc   245  
21,160 *   Emulex Corp   148  
38,963 *   ENGlobal Corp   127  
5,149 *   Entegris, Inc   11  
61,900     Fanuc Ltd   4,436  
78,912 *   FMC Technologies, Inc   1,880  
75,700     FUJIFILM Holdings Corp   1,690  
900 *   Gardner Denver, Inc   21  
1,200 e   Gorman-Rupp Co   37  
61,737 e   Graco, Inc   1,465  
1,221,802     Hewlett-Packard Co   44,339  
27,600     Hitachi Construction Machinery Co Ltd   330  
73,698 e*   Immersion Corp   434  
89,080     Ingersoll-Rand Co Ltd (Class A)   1,546  
9,686 *   Intermec, Inc   129  
628,238     International Business Machines Corp   52,873  
22,664 e*   Intevac, Inc   115  
17,936     John Bean Technologies Corp   147  
9,152     Kone Oyj (Class B)   205  
137,500     Konica Minolta Holdings, Inc   1,070  
259,000     Kubota Corp   1,875  
2,300 e*   Kulicke & Soffa Industries, Inc   4  
39,800     Kurita Water Industries Ltd   1,076  
48,447 *   Lam Research Corp   1,031  
42,635 e*   Lexmark International, Inc (Class A)   1,147  
600 e   Lindsay Manufacturing Co   19  
5,454     Lufkin Industries, Inc   188  
58,158     Manitowoc Co, Inc   504  
38,400 e   Modine Manufacturing Co   187  
56,150 e   Nordson Corp   1,813  
14,886 *   Oil States International, Inc   278  
41,464     Pall Corp   1,179  
134,520 e   Palm, Inc   413  
184,381     Pitney Bowes, Inc   4,698  
766,097 e*   Quantum Corp   276  
13,936 *   Rackable Systems, Inc   55  
2,000     Robbins & Myers, Inc   32  
217,700     Sandvik AB   1,398  
2,100 e   Sauer-Danfoss, Inc   18  
387,361     Seagate Technology, Inc   1,716  
45,177 *   Semitool, Inc   138  
16,682 e*   Sigma Designs, Inc   158  
800     SMC Corp   82  

318

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
     
 
          VALUE  
SHARES     COMPANY   (000)  
80,591     Solarworld AG.
$
 1,804  
53,305 e*   STEC, Inc   227  
14,706 *   Tecumseh Products Co   140  
96,430 e   Tennant Co   1,485  
35,878 *   Terex Corp   621  
31,900     Tokyo Electron Ltd   1,123  
4,026 *   TurboChef Technologies, Inc   20  
10,500 *   Ultratech, Inc   126  
55,688 *   Varian Medical Systems, Inc   1,951  
45,800 *   Vestas Wind Systems AS   2,695  
      TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT   204,579  
 
INSTRUMENTS AND RELATED PRODUCTS - 2.58%      
23,218 e*   Advanced Medical Optics, Inc   153  
17,804 *   Affymetrix, Inc   53  
217,943 *   Agilent Technologies, Inc   3,406  
177,885     Allergan, Inc   7,172  
600 e   American Science & Engineering, Inc   44  
3,704     Analogic Corp   101  
56,227     Bard (C.R.), Inc   4,738  
452,072     Baxter International, Inc   24,227  
53,548     Beckman Coulter, Inc   2,353  
225,769     Becton Dickinson & Co   15,440  
400 *   Bio-Rad Laboratories, Inc (Class A)   30  
21,900 *   Bruker BioSciences Corp   88  
50,897 e*   Cepheid, Inc   528  
4,300     Cochlear Ltd   166  
165,935 e   Danaher Corp   9,394  
900     Datascope Corp   47  
92,436 e   Dentsply International, Inc   2,610  
700,783     Emerson Electric Co   25,656  
50,919 e*   Flir Systems, Inc   1,562  
11,000 e*   Formfactor, Inc   161  
86,382 e   Garmin Ltd   1,656  
66,637     Hillenbrand, Inc   1,112  
99,036 e*   Hologic, Inc   1,294  
900 *   ICU Medical, Inc   30  
22,026 e*   Illumina, Inc   574  
18,838 e*   Intuitive Surgical, Inc   2,392  
4,500 e   Invacare Corp   70  
275,176 *   Invensys plc   686  
70,628 e*   ION Geophysical Corp   242  
100 e*   Itron, Inc   6  
628 e*   L-1 Identity Solutions, Inc   4  
32,218 e*   LTX-Credence Corp   9  
723,250     Medtronic, Inc   22,725  
1,166 *   Merit Medical Systems, Inc   21  
33,512 e*   Millipore Corp   1,727  
9,500 *   MKS Instruments, Inc   141  
23,800     Movado Group, Inc   223  
26,000 *   Natus Medical, Inc   337  
211,000     Nikon Corp   2,533  
46,000     Olympus Corp   921  
2,970 e*   OYO Geospace Corp   52  
1,888 e*   Palomar Medical Technologies, Inc   22  
1,770 *   Resmed, Inc   66  

319

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
     
 
          VALUE  
SHARES     COMPANY   (000)  
38,502     Rockwell Automation, Inc
$
 1,241  
2,500 e*   Rofin-Sinar Technologies, Inc   51  
24,800 e   Roper Industries, Inc   1,077  
2,223 *   Rudolph Technologies, Inc   8  
196,724 *   St. Jude Medical, Inc   6,484  
37,059     STERIS Corp   885  
221,821     Stryker Corp   8,862  
9,600     Techne Corp   619  
78,700     Terumo Corp   3,687  
207,768 *   Thermo Electron Corp   7,079  
37,275 *   Trimble Navigation Ltd   806  
77,319 e*   Vivus, Inc   411  
42,161 *   Waters Corp   1,545  
625,782     Xerox Corp   4,988  
136,195 *   Zimmer Holdings, Inc   5,505  
5,140 *   Zoll Medical Corp   97  
      TOTAL INSTRUMENTS AND RELATED PRODUCTS   178,117  
 
INSURANCE AGENTS, BROKERS AND SERVICE - 0.28%
     
199,737     AON Corp   9,124  
117,057 e*   Crawford & Co (Class B)   1,702  
288,727 e   Hartford Financial Services Group, Inc   4,741  
225,936     QBE Insurance Group Ltd   4,065  
      TOTAL INSURANCE AGENTS, BROKERS AND SERVICE   19,632  
 
INSURANCE CARRIERS - 3.07%      
340,151     Aetna, Inc   9,694  
497,550     Aflac, Inc   22,808  
734 e*   Alleghany Corp   207  
115,763     Allianz AG.   12,317  
118,500 e   Ambac Financial Group, Inc   154  
4,400 e   American Equity Investment Life Holding Co   31  
5,925     American Physicians Capital, Inc   285  
16,433 *   Arch Capital Group Ltd   1,152  
116,979     Aspen Insurance Holdings Ltd   2,837  
83,741     Assurant, Inc   2,512  
1,089,957     Aviva plc   6,112  
22,716 *   Catalyst Health Solutions, Inc   553  
34,100 *   Centene Corp   672  
422,858     Chubb Corp   21,566  
303,505     Cincinnati Financial Corp   8,823  
1,400     Donegal Group, Inc (Class A)   23  
2,400     Employers Holdings, Inc   40  
45,487 e   Endurance Specialty Holdings Ltd   1,389  
27,664     Erie Indemnity Co (Class A)   1,041  
1,251 *   Fpic Insurance Group, Inc   55  
318,495     Genworth Financial, Inc (Class A)   901  
21,150     Hanover Insurance Group, Inc   909  
1,200     Harleysville Group, Inc   42  
2,200     Horace Mann Educators Corp   20  
99,226 *   Humana, Inc   3,699  
1,859     Infinity Property & Casualty Corp   87  
108,099     KBC Groep NV   3,223  
113,682 e*   Leucadia National Corp   2,251  
276,439     Lincoln National Corp   5,208  
206,500     Manulife Financial Corp   3,479  

320

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
     
 
          VALUE  
SHARES     COMPANY   (000)  
4,214 *   Markel Corp
$
 1,260  
122,100 e*   MBIA, Inc   497  
100,927 e   MGIC Investment Corp   351  
24,970 e*   Molina Healthcare, Inc   440  
109,845 e   Montpelier Re Holdings Ltd   1,844  
63,298     Muenchener Rueckver AG.   9,827  
51,560     Nationwide Financial Services, Inc (Class A)   2,692  
9,640     Odyssey Re Holdings Corp   499  
54,100     Phoenix Cos, Inc   177  
47,111     Platinum Underwriters Holdings Ltd   1,700  
244,049     Principal Financial Group   5,508  
592,944     Progressive Corp   8,782  
40,050     Protective Life Corp   575  
43,200     Radian Group, Inc   159  
900     Safety Insurance Group, Inc   34  
5,540     Stancorp Financial Group, Inc   231  
44,300     Sun Life Financial, Inc   1,021  
161,445     Swiss Reinsurance Co   7,905  
96,400     T&D Holdings, Inc   4,080  
2,300 e   Tower Group, Inc   65  
540,647     Travelers Cos, Inc   24,437  
15,856 e   Unitrin, Inc   253  
3,100 e*   Universal American Financial Corp   27  
198,908     UnumProvident Corp   3,700  
96,835     W.R. Berkley Corp   3,002  
467,182 *   WellPoint, Inc   19,682  
100     Wesco Financial Corp   29  
130,941 e   XL Capital Ltd (Class A)   484  
      TOTAL INSURANCE CARRIERS   211,351  
 
LEATHER AND LEATHER PRODUCTS - 0.05%      
156,037 *   Coach, Inc   3,241  
400 *   Timberland Co (Class A)   5  
14,200 e   Weyco Group, Inc   469  
      TOTAL LEATHER AND LEATHER PRODUCTS   3,715  
 
LEGAL SERVICES - 0.01%      
8,298 e*   FTI Consulting, Inc   371  
      TOTAL LEGAL SERVICES   371  
 
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%      
89,328     Brisa-Auto Estradas de Portugal S.A.   665  
493,000     ComfortDelgro Corp Ltd   496  
      TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT   1,161  
 
LUMBER AND WOOD PRODUCTS - 0.00%**      
110,047 e*   Champion Enterprises, Inc   62  
4,415 e   Skyline Corp   88  
      TOTAL LUMBER AND WOOD PRODUCTS   150  
 
METAL MINING - 0.36%      
42,800     Agnico-Eagle Mines Ltd   2,176  
114,667 e*   Allied Nevada Gold Corp   580  
580,217     Alumina Ltd   562  
87,600     Barrick Gold Corp   3,173  

321

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account      
 
          VALUE  
SHARES     COMPANY   (000)  
13,800     Inmet Mining Corp
$
 219  
151,400     Kinross Gold Corp   2,759  
166,320     Newcrest Mining Ltd   3,930  
11,342     Orica Ltd   111  
9,300 *   Rosetta Resources, Inc   66  
134,266 e   Royal Gold, Inc   6,607  
44,488 e*   Stillwater Mining Co   220  
140,800     Teck Cominco Ltd (Class B)   687  
283,368     Xstrata plc   2,607  
139,800     Yamana Gold, Inc   1,070  
      TOTAL METAL MINING   24,767  
 
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.19%      
45,634     Armstrong World Industries, Inc   987  
4,100 e   Blyth, Inc   32  
27,478     Callaway Golf Co   255  
12,100 e   Daktronics, Inc   113  
431,150     Mattel, Inc   6,899  
178,534     Tyco International Ltd   3,856  
120,600     Yamaha Corp   1,121  
      TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES   13,263  
 
MISCELLANEOUS RETAIL - 0.83%      
134,255 *   Amazon.com, Inc   6,885  
900     Barnes & Noble, Inc   13  
638,903     CVS Corp   18,362  
6,823 e*   Dollar Tree, Inc   285  
38,120 e*   GSI Commerce, Inc   401  
112,788 e*   Hibbett Sports, Inc   1,772  
29,300 e*   HSN, Inc   213  
3,200 e*   Jo-Ann Stores, Inc   50  
60,616     Metro AG.   2,411  
57,485 *   Office Depot, Inc   171  
340,080     Origin Energy Ltd   3,822  
10,103 e*   Overstock.com, Inc   109  
23,030     Petsmart, Inc   425  
10,155 e*   Priceline.com, Inc   748  
344,951     Staples, Inc   6,182  
10,100 e   Systemax, Inc   109  
41,395 e   Tiffany & Co   978  
568,038     Walgreen Co   14,013  
      TOTAL MISCELLANEOUS RETAIL   56,949  
 
MOTION PICTURES - 0.42%      
11,531 e*   Avid Technology, Inc   126  
80,001 *   Discovery Communications, Inc (Class A)   1,133  
59,701 *   Discovery Communications, Inc (Class C)   799  
46,417 *   DreamWorks Animation SKG, Inc (Class A)   1,173  
25,291 e   Regal Entertainment Group (Class A)   258  
2,511,059     Time Warner, Inc   25,261  
51,432 e*   tw telecom inc (Class A)   436  
      TOTAL MOTION PICTURES   29,186  
 
NONDEPOSITORY INSTITUTIONS - 0.46%      
808,979     American Express Co   15,007  
91,692
e*
  AmeriCredit Corp   701  

322

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
     
 
          VALUE  
SHARES     COMPANY   (000)  
243,963 e   Capital One Financial Corp
$
 7,780  
73,185 e   CapitalSource, Inc   338  
345,015 e   CIT Group, Inc   1,566  
308,416     Discover Financial Services   2,939  
48,382 e   Federal Agricultural Mortgage Corp (Class C)   169  
184,440 e*   Guaranty Financial Group, Inc   481  
199,108     Medallion Financial Corp   1,519  
130,606 e*   NewStar Financial, Inc   521  
13,100 *   PHH Corp   167  
27,100 e*   thinkorswim Group, Inc   152  
12,483 e*   World Acceptance Corp   247  
      TOTAL NONDEPOSITORY INSTITUTIONS   31,587  
 
NONMETALLIC MINERALS, EXCEPT FUELS - 0.20%      
116,578 e   AMCOL International Corp   2,442  
8,700     Compass Minerals International, Inc   511  
72,903     K+S AG.   4,167  
98,581 e   Vulcan Materials Co   6,859  
      TOTAL NONMETALLIC MINERALS, EXCEPT FUELS   13,979  
 
OIL AND GAS EXTRACTION - 2.94%
     
19,350     Acergy S.A.   111  
291,856     Apache Corp   21,752  
3,740 *   Approach Resources, Inc   27  
48,874     Atlas America, Inc   726  
25,690 *   ATP Oil & Gas Corp   150  
4,366 *   Atwood Oceanics, Inc   67  
57,138 e   Berry Petroleum Co (Class A)   432  
9,766 e*   Bronco Drilling Co, Inc   63  
94,779     Cabot Oil & Gas Corp   2,464  
166,137 e*   Callon Petroleum Co   432  
108,191 *   Cameron International Corp   2,218  
123,000     Canadian Oil Sands Trust   2,102  
12,400 e*   Carrizo Oil & Gas, Inc   200  
69,372 e*   Cheniere Energy, Inc   198  
404,116     Chesapeake Energy Corp   6,535  
83,559     Cimarex Energy Co   2,238  
26,315 *   Complete Production Services, Inc   214  
44,080 e*   Contango Oil & Gas Co   2,482  
10,400 e*   Continental Resources, Inc   215  
6,000 *   Dawson Geophysical Co   107  
64,557 e*   Delta Petroleum Corp   307  
359,302 *   Denbury Resources, Inc   3,924  
338,458     Devon Energy Corp   22,240  
45,893 e*   Edge Petroleum Corp   7  
145,300     EnCana Corp   6,704  
47,701 *   Encore Acquisition Co   1,217  
147,085     ENSCO International, Inc   4,176  
221,257     EOG Resources, Inc   14,731  
321,381     Equitable Resources, Inc   10,782  
30,800 *   EXCO Resources, Inc   279  
10,411 e*   Exterran Holdings, Inc   222  
23,300 e*   Gasco Energy, Inc   9  
6,147 *   Geokinetics, Inc   15  
22,400 e*   Geomet, Inc   39  

323

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
     
 
          VALUE  
SHARES     COMPANY   (000)  
148,004 e*   Global Industries Ltd
$
 517  
20,440 e*   GMX Resources, Inc   518  
55,698 e*   Goodrich Petroleum Corp   1,668  
– e,m*   Grey Wolf, Inc   - ^
12,100 e*   Gulfport Energy Corp   48  
76,675 e*   Helix Energy Solutions Group, Inc   555  
137,909     Helmerich & Payne, Inc   3,137  
12,600 e*   Hercules Offshore, Inc   60  
23,200 e   Houston American Energy Corp   78  
93,029 e*   McMoRan Exploration Co   912  
319,219 *   Meridian Resource Corp   182  
136,988 *   Nabors Industries Ltd   1,640  
289,706 *   National Oilwell Varco, Inc   7,080  
94,948 *   Newfield Exploration Co   1,875  
91,449     Nexen Inc   1,589  
132,342     Noble Corp   2,923  
249,806     Noble Energy, Inc   12,295  
6,468 *   Oceaneering International, Inc   188  
15,629 *   Parallel Petroleum Corp   31  
79,500 e*   Parker Drilling Co   231  
69,600     Petro-Canada   1,506  
242,046 *   PetroHawk Energy Corp   3,783  
32,190 *   Petroleum Development Corp   775  
61,200 *   Petroquest Energy, Inc   414  
60,100 *   Pioneer Drilling Co   335  
146,476     Pioneer Natural Resources Co   2,370  
156,784 e*   Plains Exploration & Production Co   3,644  
37,738     Precision Drilling Trust   317  
158,890 *   Pride International, Inc   2,539  
115,776 e*   Quicksilver Resources, Inc   645  
81,158     Range Resources Corp   2,791  
13,100 e*   Rex Energy Corp   39  
9,820 e   RPC, Inc   96  
311,798     Santos Ltd   3,233  
140,612     Smith International, Inc   3,219  
115,956 *   Southwestern Energy Co   3,359  
74,030     St. Mary Land & Exploration Co   1,504  
30,478 *   Stone Energy Corp   336  
281,994 e*   Sulphco, Inc   265  
8,300 *   Superior Energy Services   132  
53,546 *   Swift Energy Co   900  
154,400     Talisman Energy, Inc   1,523  
54,874 e*   Toreador Resources Corp   301  
57,015 e*   TXCO Resources, Inc   85  
38,045 *   Unit Corp   1,017  
48,053 *   Venoco, Inc   130  
78,400 e   W&T Offshore, Inc   1,123  
23,100 *   Warren Resources, Inc   46  
179,047 *   Weatherford International Ltd   1,937  
47,505 *   Whiting Petroleum Corp   1,590  
178,467     Woodside Petroleum Ltd   4,566  
429,169     XTO Energy, Inc   15,137  
      TOTAL OIL AND GAS EXTRACTION   202,569  

324

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
     
 
          VALUE  
SHARES     COMPANY   (000)  
PAPER AND ALLIED PRODUCTS - 0.51%
     
77,159     Bemis Co
$
 1,827  
52,800 *   Buckeye Technologies, Inc
192  
2,600 e*   Cenveo, Inc   12  
165,542 *   Domtar Corporation   276  
22,564     Glatfelter   210  
229,559     International Paper Co   2,709  
346,154     Kimberly-Clark Corp   18,256  
250,265     MeadWestvaco Corp   2,800  
15,096     Metso Oyj   185  
63,049     Packaging Corp of America   849  
10,100     Rock-Tenn Co (Class A)   345  
142,300 *   Smurfit-Stone Container Corp   36  
96,164     Sonoco Products Co   2,227  
120,376     Stora Enso Oyj (R Shares)   954  
127,600     Svenska Cellulosa AB (B Shares)   1,108  
61,684 e   Temple-Inland, Inc   296  
14,400     Uni-Charm Corp   1,083  
102,705     UPM-Kymmene Oyj   1,317  
10,800 e   Wausau Paper Corp   124  
      TOTAL PAPER AND ALLIED PRODUCTS   34,806  
 
PERSONAL SERVICES - 0.01%      
1,200 *   Coinstar, Inc   23  
35,896     Regis Corp   522  
7,956     Unifirst Corp   236  
6,120     Weight Watchers International, Inc   180  
      TOTAL PERSONAL SERVICES   961  
 
PETROLEUM AND COAL PRODUCTS - 1.43%      
62,867 e   Alon USA Energy, Inc   575  
4,002 e*   American Oil & Gas, Inc   3  
15,479     Ashland, Inc   163  
505,352     ENI S.p.A.   12,161  
6,351     Hellenic Petroleum S.A.   48  
219,127     Hess Corp   11,754  
214,553     Murphy Oil Corp   9,515  
88,741     Neste Oil Oyj   1,336  
358,500     Nippon Mining Holdings, Inc   1,556  
62,889     OMV AG.   1,671  
298,345     Repsol YPF S.A.   6,370  
567,940     Royal Dutch Shell plc (A Shares)   14,739  
491,720     Royal Dutch Shell plc (B Shares)   12,202  
296,360     Statoil ASA   4,956  
286,116     Suncor Energy, Inc   5,497  
134,827 e   Sunoco, Inc   5,860  
431,529     Valero Energy Corp   9,338  
122,894 e   Western Refining, Inc   954  
      TOTAL PETROLEUM AND COAL PRODUCTS   98,698  
 
PIPELINES, EXCEPT NATURAL GAS - 0.21%      
728,007     Spectra Energy Corp   11,459  
108,600     TransCanada Corp   2,918  
      TOTAL PIPELINES, EXCEPT NATURAL GAS   14,377  
 
PRIMARY METAL INDUSTRIES - 0.75%      
296,840     Alcoa, Inc   3,342  
25,244 e   Allegheny Technologies, Inc   644  

325

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
     
 
          VALUE  
SHARES     COMPANY   (000)  
276,271     Arcelor
$
 6,571  
124,406     BlueScope Steel Ltd   304  
81,495 e*   Century Aluminum Co   815  
804,996     Corning, Inc   7,672  
48,876 e   Gibraltar Industries, Inc   584  
43,803     Hubbell, Inc (Class B)   1,432  
1,037,000     Nippon Steel Corp   3,408  
179,400     Norsk Hydro ASA   731  
271,107     Nucor Corp   12,525  
29,346 e   Olympic Steel, Inc   598  
191,456     Steel Dynamics, Inc   2,140  
197,000     Sumitomo Metal Mining Co Ltd   2,107  
69,914     Tredegar Corp   1,271  
15,649     Umicore   306  
119,905     United States Steel Corp   4,460  
11,392     Voestalpine AG.   246  
231,132 e   Worthington Industries, Inc   2,547  
      TOTAL PRIMARY METAL INDUSTRIES   51,703  
 
PRINTING AND PUBLISHING - 0.44%
     
1,300 *   ACCO Brands Corp   5  
2,700 e   American Greetings Corp (Class A)   20  
5,100     Bowne & Co, Inc   30  
800     CSS Industries, Inc   14  
160,000     Dai Nippon Printing Co Ltd   1,769  
57,805     Dun & Bradstreet Corp   4,463  
2,100     Ennis, Inc   25  
31,101 e   EW Scripps Co (Class A)   69  
40,459 e   Harte-Hanks, Inc   252  
234,754     John Fairfax Holdings Ltd   268  
12,242     John Wiley & Sons, Inc (Class A)   436  
215,606 e   Journal Communications, Inc (Class A)   528  
24,900 e   Lee Enterprises, Inc   10  
1,800 e   McClatchy Co (Class A)   1  
35,360 e   Meredith Corp   605  
189,109 e   New York Times Co (Class A)   1,386  
66,800     Orkla ASA   445  
573,821     Pearson plc   5,288  
177,397 e*   R.H. Donnelley Corp   66  
82,800     R.R. Donnelley & Sons Co   1,124  
7,888     Reed Elsevier NV   92  
696,297     Reed Elsevier plc   5,061  
90,275 e   Standard Register Co   806  
49,161     Thomson Reuters plc   1,067  
146,000     Toppan Printing Co Ltd   1,128  
1,200 e*   VistaPrint Ltd   22  
14,346     Washington Post Co (Class B)   5,599  
      TOTAL PRINTING AND PUBLISHING   30,579  
 
RAILROAD TRANSPORTATION - 0.58%
     
54,200     Canadian National Railway Co   1,966  
6,200     Canadian Pacific Railway Ltd   206  
353,580     CSX Corp   11,481  
123,506     Firstgroup plc   771  
4,700 *   Genesee & Wyoming, Inc (Class A)   143  

326

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
     
 
          VALUE  
SHARES     COMPANY   (000)  
471,000     Hankyu Hanshin Holdings, Inc
$
 2,720  
67,044 *   Kansas City Southern Industries, Inc   1,277  
962,100     MTR Corp   2,230  
402,885     Norfolk Southern Corp   18,956  
265,553     Stagecoach Group plc   535  
      TOTAL RAILROAD TRANSPORTATION   40,285  
 
REAL ESTATE - 0.30%      
63,668 *   CB Richard Ellis Group, Inc (Class A)   275  
364,200     City Developments Ltd   1,610  
12,398 e   Forest City Enterprises, Inc (Class A)   83  
20,265 e*   Forestar Real Estate Group, Inc   193  
1,120,000     Hang Lung Properties Ltd   2,434  
2,400 e   Jones Lang LaSalle, Inc   66  
30,947     Leighton Holdings Ltd   597  
380,200     Mitsubishi Estate Co Ltd   6,280  
333,000     Mitsui Fudosan Co Ltd   5,552  
33,399 e   Stewart Enterprises, Inc (Class A)   101  
451,000     Sun Hung Kai Properties Ltd   3,759  
      TOTAL REAL ESTATE   20,950  
 
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.36%
     
381 e*   Deckers Outdoor Corp   30  
69,465     Michelin (C.G.D.E.) (Class B)   3,628  
145,000     Mitsui Chemicals, Inc   539  
369,284     Nike, Inc (Class B)   18,833  
1,273,874     Pirelli & C S.p.A.   481  
52,543     Sealed Air Corp   785  
11,100     Spartech Corp   70  
1,800 e*   Trex Co, Inc   30  
21,765     Tupperware Corp   494  
      TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS   24,890  
 
SECURITY AND COMMODITY BROKERS - 1.44%      
94,759     Ameriprise Financial, Inc   2,213  
28,801 e   BlackRock, Inc   3,864  
93,041     Broadridge Financial Solutions, Inc   1,167  
559,302     Charles Schwab Corp   9,044  
27,192     CME Group, Inc   5,659  
257,406     Credit Suisse Group   7,214  
971,100     Daiwa Securities Group, Inc   5,830  
48,717 *   Duff & Phelps Corp (Class A)   931  
24,400 e   Eaton Vance Corp   513  
47,770 e   Evercore Partners, Inc (Class A)   597  
40,689     Federated Investors, Inc (Class B)   690  
191,224     Franklin Resources, Inc   12,196  
233,195     Goldman Sachs Group, Inc   19,679  
27,196 *   IntercontinentalExchange, Inc   2,242  
308,839     Invesco Ltd   4,459  
290,029 e*   Ladenburg Thalmann Financial Services, Inc   209  
58,503     Lazard Ltd (Class A)   1,740  
82,883 e   Legg Mason, Inc   1,816  
74,099 e*   Nasdaq Stock Market, Inc   1,831  
740,100     Nomura Holdings, Inc   6,162  
132,570     NYSE Euronext   3,630  

327

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
     
 
          VALUE  
SHARES     COMPANY   (000)  
81,469     SEI Investments Co
$
 1,280  
167,503 e   T Rowe Price Group, Inc   5,936  
49,638     US Global Investors, Inc (Class A)   243  
      TOTAL SECURITY AND COMMODITY BROKERS   99,145  
 
SOCIAL SERVICES - 0.00%**      
44,409 e*   Capital Senior Living Corp   132  
      TOTAL SOCIAL SERVICES   132  
 
SPECIAL TRADE CONTRACTORS - 0.03%      
400 e   Alico, Inc   16  
10,300 e   Chemed Corp   410  
2,050     Comfort Systems USA, Inc   22  
6,983 *   Layne Christensen Co   168  
66,082 *   Quanta Services, Inc   1,308  
      TOTAL SPECIAL TRADE CONTRACTORS   1,924  
 
STONE, CLAY, AND GLASS PRODUCTS - 0.61%      
476,471     3M Co   27,416  
5,965     Apogee Enterprises, Inc   62  
7,922 *   Cabot Microelectronics Corp   207  
19,225 e   CARBO Ceramics, Inc   683  
228,424     CRH plc   5,668  
15,652 e   Eagle Materials, Inc   288  
63,051     Gentex Corp   557  
16,691     Holcim Ltd   966  
61,228     Lafarge S.A.   3,690  
95,000     NGK Insulators Ltd   1,076  
31,700 e*   Owens Corning, Inc   548  
38,900 *   Owens-Illinois, Inc   1,063  
      TOTAL STONE, CLAY, AND GLASS PRODUCTS   42,224  
 
TEXTILE MILL PRODUCTS - 0.01%      
1,300     Albany International Corp (Class A)   17  
12,880 e*   Mohawk Industries, Inc   553  
22,800     Oxford Industries, Inc   200  
      TOTAL TEXTILE MILL PRODUCTS   770  
 
TRANSPORTATION BY AIR - 0.56%
     
13,184 e*   Air Methods Corp   211  
392,745 e*   Airtran Holdings, Inc   1,744  
623,369     Auckland International Airport Ltd   590  
66,237     British Airways plc   171  
36,931 *   Continental AG.   3,751  
84,837 e*   Continental Airlines, Inc (Class B)   1,532  
271,748 *   Delta Air Lines, Inc   3,114  
62,034 e*   ExpressJet Holdings, Inc   106  
226,764     FedEx Corp   14,547  
428,973 e*   JetBlue Airways Corp   3,046  
220,000     Singapore Airlines Ltd   1,719  
32,865     Skywest, Inc   611  
589,655     Southwest Airlines Co   5,083  
188,961 e   UAL Corp   2,082  
      TOTAL TRANSPORTATION BY AIR   38,307  

328

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
     
 
          VALUE  
SHARES     COMPANY   (000)  
TRANSPORTATION EQUIPMENT - 0.92%      
3,800     A.O. Smith Corp
$
 112  
32,000     Aisin Seiki Co Ltd   458  
84,800 e   American Axle & Manufacturing Holdings, Inc   245  
48,937 e   ArvinMeritor, Inc   140  
7,885 *   ATC Technology Corp   115  
115,063     Bayerische Motoren Werke AG.   3,533  
222,838 *   BE Aerospace, Inc   1,714  
333,800     Bombardier, Inc (Class B)   1,203  
126,600     Denso Corp   2,145  
14,800     Federal Signal Corp   122  
7,839 e*   Fuel Systems Solutions, Inc   257  
206,236     Genuine Parts Co   7,808  
189,806 e   Harley-Davidson, Inc   3,221  
87,592     Harsco Corp   2,425  
81,989 *   Hayes Lemmerz International, Inc   37  
339,000     Honda Motor Co Ltd   7,220  
46,000     Mazda Motor Corp   78  
20,829 e   Noble International Ltd   9  
39,000     NSK Ltd   147  
191,613 e   Paccar, Inc   5,480  
57,677     Peugeot S.A.   974  
94,805     Renault S.A.   2,445  
157,200     Scania AB (B Shares)   1,600  
794,000     SembCorp Marine Ltd   926  
182,710 *   Spirit Aerosystems Holdings, Inc (Class A)   1,858  
46,370 e   Superior Industries International, Inc   488  
141,584 e*   Tenneco, Inc   418  
778,710     Tomkins plc   1,377  
138,370 e*   Visteon Corp   48  
20,756     Volkswagen AG.   7,219  
68,884     Volkswagen AG.   3,713  
134,600     Volvo AB (A Shares)   776  
387,800     Volvo AB (B Shares)   2,207  
39,340 e   Westinghouse Air Brake Technologies Corp   1,564  
101,100     Yamaha Motor Co Ltd   1,064  
      TOTAL TRANSPORTATION EQUIPMENT   63,146  
 
TRANSPORTATION SERVICES - 0.11%
     
87,109     Autostrade S.p.A.   1,634  
21,293     CH Robinson Worldwide, Inc   1,172  
109,466     Cintra Concesiones de Infraestructuras de   831  
141,859     Deutsche Lufthansa AG.   2,333  
22,989     Expeditors International Washington, Inc   765  
2,064 *   HUB Group, Inc (Class A)   55  
36,000 *   Interval Leisure Group, Inc   194  
62,968 e*   Orbitz Worldwide, Inc   244  
51,443     Toll Holdings Ltd   221  
2,600     UTI Worldwide, Inc   37  
      TOTAL TRANSPORTATION SERVICES   7,486  
 
TRUCKING AND WAREHOUSING - 0.56%      
554,578     Deutsche Post AG.   9,380  
81,000     Nippon Express Co Ltd   341  
13,500     TNT NV   258  
501,034     United Parcel Service, Inc (Class B)   27,637  

329

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
     
 
          VALUE  
SHARES     COMPANY   (000)  
1,600     Werner Enterprises, Inc
$
 28  
98,000     Yamato Transport Co Ltd   1,282  
      TOTAL TRUCKING AND WAREHOUSING   38,926  
 
WATER TRANSPORTATION - 0.08%
     
17,791 e   Alexander & Baldwin, Inc   446  
52,100 *   Gulfmark Offshore, Inc   1,239  
36,022 e*   Hornbeck Offshore Services, Inc   588  
169,000     Kawasaki Kisen Kaisha Ltd   793  
345,000     Nippon Yusen Kabushiki Kaisha   2,127  
      TOTAL WATER TRANSPORTATION   5,193  
 
WHOLESALE TRADE-DURABLE GOODS - 0.50%      
109,657 e   Agilysys, Inc   470  
109,330 e   Barnes Group, Inc   1,585  
51,356     BorgWarner, Inc   1,118  
278,188     Bunzl plc   2,360  
47,825 e   Castle (A.M.) & Co   518  
52,882 e*   Chindex International, Inc   420  
249,616 *   Fortescue Metals Group Ltd   336  
794,000     Li & Fung Ltd   1,361  
2,500 e*   LKQ Corp   29  
7,970 e   Martin Marietta Materials, Inc   774  
8,672 e*   MWI Veterinary Supply, Inc   234  
536,900     Nissan Motor Co Ltd   1,932  
80,000     Nisshin Steel Co Ltd   165  
5,558     Owens & Minor, Inc   209  
76,533 e*   Patterson Cos, Inc   1,435  
2,500 e*   PSS World Medical, Inc   47  
16,954     Rautaruukki Oyj   296  
129,938     Reliance Steel & Aluminum Co   2,591  
107,715     Schneider Electric S.A.   7,936  
3,600 *   Tech Data Corp   64  
23,000 e*   Tyler Technologies, Inc   276  
85,629 e   W.W. Grainger, Inc   6,751  
17,580 *   WESCO International, Inc   338  
84,655     Wesfarmers Ltd   1,062  
357,216     Wolseley plc   1,972  
      TOTAL WHOLESALE TRADE-DURABLE GOODS   34,279  
 
WHOLESALE TRADE-NONDURABLE GOODS - 0.42%      
6,480     Airgas, Inc   253  
24,761 e*   Akorn, Inc   57  
56,272 e   Allscripts Healthcare Solutions, Inc   558  
2,537 *   Clearwater Paper Corp   21  
8,757 *   Dean Foods Co   157  
72,120 *   Endo Pharmaceuticals Holdings, Inc   1,866  
9,700 *   Gildan Activewear, Inc (Class A)   112  
16,830 *   Henry Schein, Inc   618  
80,146     Herbalife Ltd   1,738  
2,100     Myers Industries, Inc   17  
13,956 e   Nash Finch Co   626  
2,324,200     Noble Group Ltd   1,645  
476,800     Sojitz Holdings Corp   797  
18,582     Spartan Stores, Inc   432  

330

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account                  
 
            MATURITY        
VALUE
 
SHARES     COMPANY RATE   DATE         (000)  
592,521     Sysco Corp            
$
 13,592  
269,272     Unilever NV               6,490  
1,900 e*  
Volcom, Inc
              21  
      TOTAL WHOLESALE TRADE-NONDURABLE GOODS               29,000  
 
      TOTAL COMMON STOCKS               4,107,711  
      (Cost $5,017,933)                  
 
PRINCIPAL     ISSUER                  
 
SHORT-TERM INVESTMENTS - 9.47%                  
 
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 4.44%                  
$      14,392,000     Federal Home Loan Bank (FHLB)    0.000%   02/10/09         14,392  
35,000,000     FHLB  0.000   02/18/09         35,000  
11,397,573     FHLB  0.000   04/01/09         11,393  
49,600,000     FHLB  0.000   06/15/09         49,532  
50,000,000     FHLB  0.000   06/29/09         49,926  
30,000,000     Federal Home Loan Mortgage Corp (FHLMC)  0.000   02/20/09         30,000  
3,600,000     FHLMC  0.000   03/10/09         3,599  
27,055,000     FHLMC  0.000   04/14/09         27,043  
10,000,000     FHLMC  0.000   06/30/09         9,985  
26,703,000     Federal National Mortgage Association (FNMA)  0.000   01/05/09         26,703  
27,545,000     FNMA  0.000   04/20/09         27,533  
20,700,000     FNMA  0.000   05/20/09         20,680  
      TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES               305,786  
      (Cost $315,967)                  
                   
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 5.03%                  
 
COMMERCIAL PAPER - 0.92%
                 
17,000,000     Hershey Foods Corp  0.000   01/15/09         16,998  
17,000,000     Hewlett Packard Co  0.000   02/05/09         16,995  
17,000,000     John Deere Capital Corp  0.000   01/30/09         16,995  
10,000,000     McCormick & Co  0.000   01/21/09         9,996  
2,415,000     Praxair, Inc  0.000   03/10/09         2,410  
      TOTAL COMMERCIAL PAPER               63,394  
 
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 4.11%                  
24,956,000     Federal Home Loan Bank (FHLB)  0.000   01/07/09         23,656  
4,926,000     (FHLB)  0.000   03/16/09         4,925  
18,850,000     (FHLB)  0.000   03/24/09         18,847  
3,952,000     (FHLB)  0.000   04/01/09         3,950  
4,745,427     (FHLB)  0.000   04/01/09         4,745  
8,068,000     Federal Home Loan Mortgage Corp (FHLMC)  0.000   03/03/09         8,067  
18,000,000     (FHLMC)  0.000   03/19/09         17,997  
85,950,000     (FHLMC)  0.000   04/01/09         85,918  
6,900,000     (FHLMC)  0.000   04/02/09         6,897  
1,300,000     Federal National Mortgage Association (FNMA)  0.000   01/07/09         1,300  
1,119,000     FNMA  0.000   01/12/09         1,119  
25,000,000     FNMA  0.000   01/20/09         25,000  
3,140,000     FNMA  0.000   03/02/09         3,140  
25,000,000     FNMA  0.000   03/31/09         24,996  
15,000,000     FNMA  0.000   04/15/09         14,994  
9,200,000     FNMA  0.000   04/29/09         9,195  
28,400,000     FNMA  0.000   09/01/09         28,295  
      TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES               283,041  

331

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
     
 
         
VALUE
 
      ISSUER   (000)  
      TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
$
 346,435  
      (Cost $335,238)      
 
      TOTAL SHORT-TERM INVESTMENTS   652,221  
      (Cost $651,205)      
 
      TOTAL PORTFOLIO - 106.42%   7,333,234  
      (Cost $8,301,413)      
 
      OTHER ASSETS AND LIABILITIES, NET - (6.42%)   (442,677 )
 
      NET ASSETS - 100.00% $ 6,890,557  
     
 
      
      The following abbreviations are used in portfolio descriptions:      
 
AMBAC
  
American Bond Assurance Corporation
      
  LLC   Limited Liability Company      
  LP   Limited Partnership      
  MBIA   Municipal Bond Investors Assurance      
  MFA   Mortgage Finance Authority      
  NR   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).      
  e   All or a portion of these securities are out on loan.      
  g   Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in      
      transactions exempt from registration to qualified institutional buyers.      
      At December 31, 2008 the value of these securities amounted to $110,287,804 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 December 31, 2008.      
  j   Zero coupon.      
  m   Indicates a security that has been deemed illiquid.      
  p   Security participates in the FDIC Temporary Liquidity Guarantee Program.      
  v   Represents fair value as determined in good faith under procedures approved      
      by the Board of Trustees. The value of this security amounted to $ 19,920,303      
      which represents 0.29% of net assets.      
 
      Cost amounts are in thousands.      
 
      At December 31, 2008, the net unrealized depreciation on investment was $(968,179,369), consisting of gross      
      unrealized appreciation of $487,489,204 and gross unrealized depreciation of $(1,455,668,573).      
 
      For ease of presentation, a number of industry classification categories have been grouped together in      
      the Schedule of Investments. Note that the Accounts use more specific industry categories in following      
      their investment limitations on industry concentration.      

332

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
             
 
COLLEGE RETIREMENT EQUITIES FUND
MONEY MARKET ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2008
 
                MATURITY     VALUE  
PRINCIPAL     ISSUER     RATE   DATE     (000)  
 
GOVERNMENT BONDS 0.20%                  
 
AGENCY SECURITIES - 0.20%                  
$      30,000,000     Federal Farm Credit Bank (FFCB)        4.130%   07/17/09  
$
 30,596  
      TOTAL AGENCY SECURITIES               30,596  
 
      TOTAL GOVERNMENT BONDS               30,596  
      (Cost $30,553)                  
 
SHORT-TERM INVESTMENTS - 99.65%                  
 
BANKER'S ACCEPTANCES - 1.37%                  
2,958,000     Bank of America NA     0.000   01/02/09     2,958  
30,000,000     Bank of America NA     0.000   01/09/09     29,995  
9,000,000     Bank of America NA     0.000   01/16/09     8,999  
3,338,000     Bank of America NA     0.000   01/27/09     3,332  
3,844,000     Bank of America NA     0.000   01/29/09     3,837  
26,216,000     Bank of America NA     0.000   01/30/09     26,162  
4,348,000     Bank of America NA     0.000   02/13/09     4,338  
10,427,000     Bank of America NA     0.000   02/19/09     10,408  
4,477,000     Bank of America NA     0.000   02/24/09     4,469  
4,515,000     Bank of America NA     0.000   03/02/09     4,507  
15,762,000     Bank of America NA     0.000   03/05/09     15,734  
7,400,000     Bank of America NA     0.000   03/09/09     7,385  
7,102,000     Bank of America NA     0.000   03/12/09     7,087  
7,966,000     Bank of America NA     0.000   03/17/09     7,947  
7,592,000     Bank of America NA     0.000   03/23/09     7,572  
10,000,000     Bank of America NA     0.000   06/22/09     9,925  
9,508,000     JPMorgan Chase Bank NA     0.000   01/13/09     9,503  
3,709,000     JPMorgan Chase Bank NA     0.000   01/26/09     3,705  
7,482,000     JPMorgan Chase Bank NA     0.000   01/27/09     7,474  
10,000,000     JPMorgan Chase Bank NA     0.000   01/28/09     9,981  
11,600,000     JPMorgan Chase Bank NA     0.000   02/26/09     11,577  
4,384,000     JPMorgan Chase Bank NA     0.000   04/13/09     4,368  
5,660,000     JPMorgan Chase Bank NA     0.000   05/26/09     5,626  
      TOTAL BANKER'S ACCEPTANCES               206,889  
 
CERTIFICATE OF DEPOSIT - 13.07%                  
25,000,000     Abbey National Treasury     2.650   02/04/09     25,012  
44,000,000     Abbey National Treasury     1.610   02/13/09     43,978  
25,000,000     Abbey National Treasury     1.730   02/17/09     25,011  
45,865,000     Abbey National Treasury     1.770   03/02/09     45,890  
50,000,000     Abbey National Treasury     1.750   03/06/09     50,027  
50,000,000     Banco Bilbao Vizcaya Argentaria S.A.     2.210   03/09/09     50,071  
50,000,000     Bank of America NA     2.920   02/06/09     50,055  
25,000,000     Bank of America NA     3.030   03/05/09     25,083  
35,000,000     Bank of America NA     1.050   06/19/09     34,918  
25,000,000     Bank of Montreal     0.700   01/14/09     25,000  
25,000,000     Bank of Montreal     1.800   01/26/09     24,991  
25,000,000     Bank of Montreal     1.800   01/27/09     24,991  
50,000,000     Bank of Nova Scotia     1.900   01/22/09     49,989  

333

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
                 
 
                MATURITY     VALUE  
PRINCIPAL     ISSUER     RATE   DATE     (000)  
$      25,000,000     Bank of Nova Scotia        3.050%   01/22/09  
$
 25,012  
30,000,000     Bank of Nova Scotia     1.900   02/06/09     29,992  
50,000,000     Bank of Nova Scotia     2.000   02/26/09     50,057  
50,000,000     Bank of Nova Scotia     1.750   03/13/09     50,030  
50,000,000     Barclays Bank plc     2.050   03/18/09     50,064  
50,000,000     BNP Paribas, Inc     2.150   02/25/09     50,068  
49,000,000     BNP Paribas, Inc     2.070   03/04/09     49,053  
40,000,000     Calyon     3.900   01/27/09     40,047  
35,000,000     Calyon     2.120   02/02/09     34,996  
25,000,000     Calyon     2.300   02/17/09     25,030  
40,000,000     Calyon     2.100   03/12/09     40,051  
25,000,000     Calyon     1.580   03/16/09     25,007  
40,000,000     Calyon     1.450   03/24/09     40,000  
42,000,000     Lloyds Bank plc     1.980   02/25/09     42,046  
35,000,000     Lloyds Bank plc     2.050   03/03/09     35,036  
25,000,000     Lloyds Bank plc     1.950   03/06/09     25,022  
20,000,000     Rabobank USA Financial Corp     2.950   02/17/09     20,041  
25,000,000     Rabobank USA Financial Corp     2.980   03/09/09     25,071  
30,000,000     Royal Bank of Canada     5.290   02/02/09     30,087  
50,000,000     Royal Bank of Canada     2.250   02/06/09     50,005  
40,000,000     Royal Bank of Canada     1.750   02/27/09     40,030  
25,000,000     Royal Bank of Canada     1.800   03/03/09     25,015  
50,000,000     Royal Bank of Canada     1.850   03/04/09     50,035  
50,000,000 q   Royal Bank of Scotland UK Govt Guaranteed     1.820   03/04/09     50,032  
25,000,000     Royal Bank of Scotland     1.400   03/25/09     24,997  
50,000,000     Royal Bank of Scotland     1.620   04/17/09     50,003  
35,000,000     Societe Generale North America, Inc     3.300   01/21/09     35,021  
50,000,000     Societe Generale North America, Inc     3.450   01/28/09     50,040  
40,000,000     Societe Generale North America, Inc     2.000   03/12/09     40,043  
40,000,000     Societe Generale North America, Inc     2.050   04/06/09     40,047  
30,000,000     Toronto Dominion Bank     2.920   01/13/09     30,007  
50,000,000     Toronto Dominion Bank     1.900   02/20/09     50,043  
40,000,000     Toronto Dominion Bank     3.300   02/26/09     40,130  
20,000,000     Toronto Dominion Bank     2.250   03/25/09     20,037  
50,000,000     Toronto Dominion Bank     2.000   04/07/09     50,053  
50,000,000     Toronto Dominion Bank     2.600   04/07/09     50,133  
30,000,000     Toronto Dominion Bank     1.900   07/20/09     29,983  
90,000,000     US Bank NA     2.930   02/10/09     90,123  
      TOTAL CERTIFICATE OF DEPOSIT               1,977,503  
 
COMMERCIAL PAPER - 46.41%
                 
30,000,000     Abbey National LLC     0.000   03/11/09     29,935  
17,280,000     Abbey National LLC     0.000   04/16/09     17,210  
24,000,000     Abbey National LLC     0.000   04/20/09     23,898  
50,000,000     Abbey National LLC     0.000   09/14/09     49,355  
19,000,000     American Honda Finance Corp     0.000   02/19/09     18,967  
55,475,000     American Honda Finance Corp     0.000   02/23/09     55,378  
13,641,000     American Honda Finance Corp     0.000   02/24/09     13,616  
18,700,000     American Honda Finance Corp     0.000   03/05/09     18,664  
25,000,000     Bank of Nova Scotia     0.000   01/21/09     24,966  
40,000,000     Bank of Nova Scotia     0.000   03/20/09     39,895  
25,000,000     Bank of Nova Scotia     0.000   03/24/09     24,929  
50,000,000     Barclays Bank plc     0.000   04/21/09     49,785  
20,000,000     Barclays U.S. Funding LLC     0.000   02/17/09     19,965  
25,000,000     Barclays U.S. Funding LLC     0.000   04/16/09     24,899  
25,000,000     BNP Paribas, Inc     0.000   01/07/09     24,990  
25,000,000     BNP Paribas, Inc     0.000   01/08/09     24,989  

334

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
                 
                       
                MATURITY        
PRINCIPAL     ISSUER     RATE   DATE     (000)  
$      25,000,000     BNP Paribas, Inc        0.000%   01/13/09  
$
 24,983  
30,000,000     BNP Paribas, Inc     0.000   01/27/09     29,949  
28,379,000     Cafco LLC     0.000   01/12/09     28,355  
35,700,000     Cafco LLC     0.000   01/28/09     35,638  
30,000,000     Cafco LLC     0.000   01/29/09     29,946  
30,000,000     Cafco LLC     0.000   02/03/09     29,969  
25,000,000     Calyon     0.000   02/24/09     24,956  
7,685,000     Calyon     0.000   05/15/09     7,642  
30,000,000     Canadian Imperial Holding     0.000   02/03/09     29,939  
25,000,000     Ciesco LLC     0.000   01/12/09     24,979  
25,000,000     Ciesco LLC     0.000   01/22/09     24,963  
25,000,000     Ciesco LLC     0.000   01/26/09     24,959  
24,920,000     Ciesco LLC     0.000   03/06/09     24,860  
25,000,000     Ciesco LLC     0.000   03/23/09     24,918  
30,000,000     Citigroup Funding, Inc     0.000   01/06/09     29,990  
25,000,000     Citigroup Funding, Inc     0.000   01/08/09     24,989  
30,000,000 p   Citigroup Funding, Inc     0.000   03/04/09     29,943  
50,000,000 p   Citigroup Funding, Inc     0.000   03/06/09     49,901  
100,000,000 p   Citigroup Funding, Inc     0.000   03/20/09     99,945  
80,000,000     Coca-Cola Co     0.000   01/08/09     79,977  
70,000,000     Coca-Cola Co     0.000   01/15/09     69,966  
40,000,000     Coca-Cola Co     0.000   02/03/09     39,957  
20,000,000     Danske Corp     0.000   01/16/09     19,992  
43,325,000     Danske Corp     0.000   01/23/09     43,260  
18,000,000     Danske Corp     0.000   01/26/09     17,971  
25,000,000     Danske Corp     0.000   02/13/09     24,946  
25,000,000     Danske Corp     0.000   02/19/09     24,957  
20,000,000     Danske Corp     0.000   03/05/09     19,962  
15,000,000     Danske Corp     0.000   03/12/09     14,967  
30,000,000     Danske Corp     0.000   03/16/09     29,928  
13,920,000     Edison Asset Securitization LLC     0.000   05/29/09     13,823  
30,000,000     Eli Lilly & Co     0.000   01/29/09     29,972  
50,000,000     Eli Lilly & Co     0.000   02/23/09     49,985  
50,000,000     Eli Lilly & Co     0.000   02/25/09     49,984  
50,000,000     Fairway Finance Corp     0.000   01/05/09     49,998  
20,000,000     Fairway Finance Corp     0.000   01/16/09     19,980  
9,100,000     General Electric Capital Corp     0.000   01/09/09     9,095  
30,000,000     General Electric Capital Corp     0.000   01/15/09     29,975  
30,000,000 p   General Electric Capital Corp     0.000   03/03/09     29,987  
20,000,000     General Electric Capital Corp     0.000   03/11/09     19,964  
20,000,000 p   General Electric Capital Corp     0.000   04/03/09     19,987  
36,075,000 p   General Electric Capital Corp     0.000   04/16/09     36,048  
25,000,000 p   General Electric Capital Corp     0.000   06/15/09     24,965  
25,000,000     Govco LLC     0.000   01/06/09     24,989  
25,000,000     Govco LLC     0.000   01/26/09     24,959  
25,000,000     Govco LLC     0.000   02/03/09     24,947  
35,000,000     Govco LLC     0.000   02/04/09     34,922  
20,000,000     Govco LLC     0.000   02/23/09     19,956  
31,585,000     Govco LLC     0.000   05/13/09     31,391  
12,000,000     Govco LLC     0.000   05/15/09     11,925  
25,000,000     Govco LLC     0.000   06/16/09     24,800  
17,000,000     Govco LLC     0.000   06/17/09     16,863  
25,000,000     HSBC Finance Corp     0.000   01/14/09     24,986  
25,000,000     HSBC Finance Corp     0.000   02/13/09     24,982  
40,000,000     HSBC Finance Corp     0.000   02/27/09     39,926  
50,000,000     HSBC Finance Corp     0.000   03/17/09     49,877  
50,000,000     HSBC Finance Corp     0.000   03/18/09     49,875  

335

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
                 
                       
                MATURITY     VALUE  
PRINCIPAL     ISSUER     RATE   DATE     (000)  
$      50,000,000     HSBC Finance Corp        0.000%   03/26/09  
$
 49,853  
25,000,000     ING US Funding LLC     0.000   01/06/09     24,992  
23,995,000     ING US Funding LLC     0.000   02/02/09     23,947  
30,000,000     ING US Funding LLC     0.000   02/11/09     29,939  
47,670,000     ING US Funding LLC     0.000   02/24/09     47,595  
25,000,000     ING US Funding LLC     0.000   03/04/09     24,954  
50,000,000     Johnson & Johnson     0.000   01/23/09     49,962  
25,000,000     Johnson & Johnson     0.000   02/05/09     24,976  
44,500,000     Johnson & Johnson     0.000   04/28/09     44,464  
8,876,000     Kitty Hawk Funding Corp     0.000   01/12/09     8,868  
35,000,000     Kitty Hawk Funding Corp     0.000   01/13/09     34,971  
18,000,000     Kitty Hawk Funding Corp     0.000   01/21/09     17,975  
25,000,000     Kitty Hawk Funding Corp     0.000   01/22/09     24,963  
10,000,000     Kitty Hawk Funding Corp     0.000   01/27/09     9,983  
46,000,000     Kitty Hawk Funding Corp     0.000   02/19/09     45,898  
47,895,000     Kitty Hawk Funding Corp     0.000   02/23/09     47,790  
73,200,000     Kitty Hawk Funding Corp     0.000   03/17/09     72,981  
10,029,000     Kitty Hawk Funding Corp     0.000   03/20/09     9,997  
19,553,000     Lloyds Bank plc     0.000   03/05/09     19,516  
21,270,000     Lloyds Bank plc     0.000   03/10/09     21,225  
50,000,000     Lloyds Bank plc     0.000   04/08/09     49,819  
20,000,000     Nestle Capital Corp     0.000   02/02/09     19,980  
22,930,000     Nestle Capital Corp     0.000   02/18/09     22,924  
21,000,000     Nestle Capital Corp     0.000   03/09/09     20,990  
14,500,000     Nestle Capital Corp     0.000   03/10/09     14,493  
67,605,000     Nestle Capital Corp     0.000   03/19/09     67,568  
30,000,000     Nestle Capital Corp     0.000   04/09/09     29,979  
27,000,000     Old Line Funding LLC     0.000   01/06/09     26,989  
30,000,000     Old Line Funding LLC     0.000   01/08/09     29,982  
25,710,000     Old Line Funding LLC     0.000   01/14/09     25,688  
33,000,000     Old Line Funding LLC     0.000   01/15/09     32,981  
34,063,000     Old Line Funding LLC     0.000   02/17/09     33,989  
38,284,000     Old Line Funding LLC     0.000   02/18/09     38,202  
35,000,000     Old Line Funding LLC     0.000   02/19/09     34,923  
20,935,000     Old Line Funding LLC     0.000   03/09/09     20,881  
42,475,000     Old Line Funding LLC     0.000   03/20/09     42,342  
25,000,000     PACCAR Financial Corp     0.000   01/09/09     24,987  
17,000,000     PACCAR Financial Corp     0.000   02/18/09     16,972  
10,000,000     PACCAR Financial Corp     0.000   02/23/09     9,983  
25,000,000     Park Avenue Rec Corp     0.000   01/07/09     24,994  
25,000,000     Park Avenue Rec Corp     0.000   01/08/09     24,993  
25,000,000     Park Avenue Rec Corp     0.000   01/09/09     24,992  
25,000,000     Park Avenue Rec Corp     0.000   01/12/09     24,989  
20,000,000     Park Avenue Rec Corp     0.000   01/13/09     19,984  
20,000,000     Park Avenue Rec Corp     0.000   01/14/09     19,998  
30,000,000     Park Avenue Rec Corp     0.000   02/02/09     29,938  
8,074,000     Park Avenue Rec Corp     0.000   02/12/09     8,064  
15,076,000     Park Avenue Rec Corp     0.000   03/09/09     15,066  
18,270,000     Pfizer, Inc     0.000   01/05/09     18,267  
48,900,000     Pfizer, Inc     0.000   01/22/09     48,865  
3,030,000     Pfizer, Inc     0.000   03/02/09     3,029  
39,030,000     Pfizer, Inc     0.000   03/09/09     39,012  
27,100,000     Pfizer, Inc     0.000   03/17/09     27,086  
35,000,000     Pfizer, Inc     0.000   04/02/09     34,978  
25,000,000     PNC Bank NA     0.000   01/07/09     24,990  
25,000,000     PNC Bank NA     0.000   01/08/09     24,988  
23,000,000     Private Export Funding Corp     0.000   01/02/09     22,998  

336

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
                 
                       
                MATURITY     VALUE  
PRINCIPAL     ISSUER     RATE   DATE     (000)  
$      22,000,000     Private Export Funding Corp        0.000%   01/15/09  
$
 21,984  
19,155,000     Private Export Funding Corp     0.000   02/04/09     19,120  
44,000,000     Private Export Funding Corp     0.000   03/02/09     43,947  
26,225,000     Private Export Funding Corp     0.000   03/06/09     26,190  
30,000,000     Private Export Funding Corp     0.000   03/10/09     29,956  
50,000,000     Private Export Funding Corp     0.000   03/19/09     49,910  
30,000,000     Private Export Funding Corp     0.000   03/24/09     29,940  
30,000,000     Private Export Funding Corp     0.000   04/01/09     29,930  
15,000,000     Private Export Funding Corp     0.000   06/01/09     14,933  
13,995,000     Procter & Gamble Co     0.000   01/15/09     13,988  
27,750,000     Procter & Gamble Co     0.000   01/30/09     27,722  
19,500,000     Procter & Gamble Co     0.000   02/04/09     19,482  
40,295,000     Procter & Gamble Co     0.000   02/20/09     40,283  
15,000,000     Procter & Gamble Co     0.000   02/25/09     14,995  
35,000,000     Procter & Gamble Co     0.000   02/26/09     34,989  
6,700,000     Procter & Gamble International     0.000   01/08/09     6,700  
25,000,000     Procter & Gamble International     0.000   01/15/09     24,988  
25,000,000     Procter & Gamble International     0.000   01/21/09     24,997  
23,005,000     Procter & Gamble International     0.000   02/04/09     22,984  
7,575,000     Procter & Gamble International     0.000   02/06/09     7,568  
20,000,000     Procter & Gamble International     0.000   03/03/09     19,991  
20,000,000     Procter & Gamble International     0.000   04/03/09     19,987  
50,000,000     Rabobank USA Financial Corp     0.000   01/23/09     49,925  
20,000,000     Rabobank USA Financial Corp     0.000   01/26/09     19,968  
10,000,000     Rabobank USA Financial Corp     0.000   01/27/09     9,983  
63,400,000     Rabobank USA Financial Corp     0.000   01/28/09     63,291  
5,000,000     Rabobank USA Financial Corp     0.000   02/10/09     4,990  
30,000,000     Rabobank USA Financial Corp     0.000   02/25/09     29,990  
55,000,000     Rabobank USA Financial Corp     0.000   02/26/09     54,982  
20,000,000     Rabobank USA Financial Corp     0.000   02/27/09     19,993  
18,900,000     Rabobank USA Financial Corp     0.000   03/06/09     18,898  
35,000,000     Rabobank USA Financial Corp     0.000   03/31/09     34,978  
6,000,000     Ranger Funding Co LLC     0.000   01/06/09     5,997  
18,122,000     Ranger Funding Co LLC     0.000   01/13/09     18,107  
27,795,000     Ranger Funding Co LLC     0.000   01/14/09     27,771  
50,000,000     Ranger Funding Co LLC     0.000   01/16/09     49,950  
22,000,000     Ranger Funding Co LLC     0.000   02/23/09     21,992  
40,000,000     Ranger Funding Co LLC     0.000   03/03/09     39,977  
30,000,000     Ranger Funding Co LLC     0.000   03/17/09     29,978  
25,000,000     Ranger Funding Co LLC     0.000   04/08/09     24,976  
81,000,000     Ranger Funding Co LLC     0.000   04/09/09     80,922  
20,000,000     Royal Bank of Canada     0.000   02/03/09     19,960  
30,000,000     Royal Bank of Canada     0.000   02/06/09     29,931  
30,000,000     Royal Bank of Canada     0.000   02/18/09     29,950  
11,195,000     Royal Bank of Scotland     0.000   02/17/09     11,179  
3,500,000     Royal Bank of Scotland     0.000   03/06/09     3,493  
40,000,000     Royal Bank of Scotland     0.000   03/12/09     39,909  
10,000,000     Sheffield Receivable     0.000   01/07/09     9,995  
8,550,000     Sheffield Receivable     0.000   01/09/09     8,544  
14,200,000     Sheffield Receivable     0.000   01/12/09     14,195  
23,825,000     Sheffield Receivable     0.000   01/15/09     23,803  
20,000,000     Sheffield Receivable     0.000   01/23/09     19,969  
30,465,000     Sheffield Receivable     0.000   01/26/09     30,415  
10,004,000     Sheffield Receivable     0.000   02/04/09     9,982  
34,100,000     Sheffield Receivable     0.000   03/05/09     34,019  
25,000,000     Shell International Finance BV     0.000   01/05/09     24,996  
25,000,000     Shell International Finance BV     0.000   01/06/09     24,995  

337

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
                 
                       
                MATURITY     VALUE  
PRINCIPAL     ISSUER     RATE   DATE     (000)  
$      50,000,000     Shell International Finance BV        0.000%   02/04/09  
$
 49,954  
45,000,000     Shell International Finance BV     0.000   02/05/09     44,958  
50,000,000     Shell International Finance BV     0.000   02/09/09     49,955  
20,000,000     Shell International Finance BV     0.000   02/26/09     19,993  
20,000,000     Shell International Finance BV     0.000   03/02/09     19,992  
5,610,000     Societe Generale North America, Inc     0.000   02/12/09     5,598  
20,000,000     Societe Generale North America, Inc     0.000   02/24/09     19,965  
40,000,000     Societe Generale North America, Inc     0.000   03/18/09     39,900  
50,000,000     Societe Generale North America, Inc     0.000   03/23/09     49,861  
40,000,000     Svensk Exportkredit AB     0.000   02/04/09     39,914  
25,000,000     Svensk Exportkredit AB     0.000   02/18/09     24,958  
30,000,000     Svensk Exportkredit AB     0.000   02/26/09     29,946  
30,000,000     Svensk Exportkredit AB     0.000   02/27/09     29,944  
25,000,000     Svensk Exportkredit AB     0.000   03/16/09     24,940  
25,000,000     Svensk Exportkredit AB     0.000   05/01/09     24,879  
30,000,000     Toronto Dominion Holding     0.000   02/18/09     29,950  
25,000,000     Toronto Dominion Holding     0.000   09/25/09     24,655  
15,000,000     Toyota Motor Credit Corp     0.000   01/21/09     14,983  
50,000,000     Toyota Motor Credit Corp     0.000   01/22/09     49,940  
25,000,000     Toyota Motor Credit Corp     0.000   01/27/09     24,962  
20,000,000     Toyota Motor Credit Corp     0.000   01/29/09     19,967  
20,000,000     Toyota Motor Credit Corp     0.000   01/30/09     19,965  
25,000,000     Toyota Motor Credit Corp     0.000   02/02/09     24,958  
25,000,000     Toyota Motor Credit Corp     0.000   03/03/09     24,962  
25,000,000     Toyota Motor Credit Corp     0.000   03/23/09     24,942  
25,000,000     Toyota Motor Credit Corp     0.000   04/08/09     24,925  
20,000,000     Toyota Motor Credit Corp     0.000   04/29/09     19,923  
28,610,000     UBS Finance (Delaware) LLC     0.000   01/09/09     28,599  
30,000,000     UBS Finance (Delaware) LLC     0.000   01/16/09     29,992  
50,000,000     UBS Finance (Delaware) LLC     0.000   02/05/09     49,973  
25,000,000     UBS Finance (Delaware) LLC     0.000   02/17/09     24,956  
30,000,000     UBS Finance (Delaware) LLC     0.000   02/27/09     29,957  
25,000,000     UBS Finance (Delaware) LLC     0.000   03/23/09     24,931  
24,800,000     UBS Finance (Delaware) LLC     0.000   04/03/09     24,716  
32,300,000     Unilever Capital Corp     0.000   03/02/09     32,280  
11,000,000     Unilever Capital Corp     0.000   03/09/09     10,992  
25,000,000     Unilever Capital Corp     0.000   03/16/09     24,981  
4,500,000     Unilever Capital Corp     0.000   03/23/09     4,496  
30,000,000     Unilever Capital Corp     0.000   03/27/09     29,973  
34,000,000     Unilever Capital Corp     0.000   03/31/09     33,968  
25,000,000     Unilever Capital Corp     0.000   04/03/09     24,975  
25,000,000     Unilever Capital Corp     0.000   04/07/09     24,974  
20,000,000     Unilever Capital Corp     0.000   04/21/09     19,977  
15,000,000     Unilever Capital Corp     0.000   04/24/09     14,982  
24,055,000     Unilever Capital Corp     0.000   04/29/09     24,025  
27,010,000     United Parcel Service, Inc     0.000   04/02/09     26,993  
25,000,000     Wal-Mart Stores, Inc     0.000   09/08/09     24,922  
25,000,000     Wal-Mart Stores, Inc     0.000   09/21/09     24,918  
3,625,000     Washington Gas Light Co     0.000   01/08/09     3,624  
5,400,000     Washington Gas Light Co     0.000   01/13/09     5,398  
20,000,000     Washington Gas Light Co     0.000   01/14/09     19,991  
23,000,000     Yorktown Capital LLC     0.000   01/14/09     22,980  
20,000,000     Yorktown Capital LLC     0.000   01/23/09     19,969  
50,540,000     Yorktown Capital LLC     0.000   02/05/09     50,424  
7,510,000     Yorktown Capital LLC     0.000   02/09/09     7,491  
25,000,000     Yorktown Capital LLC     0.000   02/19/09     24,945  
50,000,000     Yorktown Capital LLC     0.000   02/20/09     49,887  

338

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account                  
                       
                MATURITY     VALUE  
PRINCIPAL     ISSUER     RATE   DATE     (000)  
$      45,000,000     Yorktown Capital LLC        0.000%   02/23/09  
$
 44,902  
44,750,000     Yorktown Capital LLC     0.000   03/13/09     44,626  
14,889,000     Yorktown Capital LLC     0.000   03/17/09     14,845  
42,000,000     Yorktown Capital LLC     0.000   04/03/09     41,837  
      TOTAL COMMERCIAL PAPER               7,024,036  
 
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 37.18%                  
10,000,000     Federal Farm Credit Bank (FFCB)         02/27/09     9,998  
20,000,000     (FFCB)         12/11/09     19,867  
69,803,000     Federal Home Loan Bank (FHLB)         01/07/09     69,796  
85,000,000     (FHLB)         01/09/09     84,989  
50,000,000     (FHLB)         01/13/09     49,986  
50,000,000     (FHLB)         01/14/09     49,985  
30,301,000     (FHLB)         01/15/09     30,291  
49,000,000     (FHLB)         01/16/09     49,068  
20,000,000     (FHLB)         01/20/09     19,999  
48,000,000     (FHLB)         01/21/09     47,984  
50,000,000     (FHLB)         01/23/09     49,982  
11,430,000     (FHLB)         01/27/09     11,427  
62,100,000     (FHLB)         01/29/09     62,083  
150,000,000     (FHLB)         01/30/09     149,958  
29,440,000     (FHLB)         02/03/09     29,432  
50,000,000     (FHLB)         02/05/09     49,993  
30,110,000     (FHLB)         02/11/09     30,107  
16,400,000     (FHLB)         02/19/09     16,398  
50,000,000     (FHLB)         02/23/09     49,985  
114,000,000     (FHLB)         02/24/09     113,966  
40,000,000     (FHLB)         02/27/09     39,994  
75,500,000     (FHLB)         03/05/09     75,491  
16,300,000     (FHLB)         03/10/09     16,298  
100,000,000     (FHLB)         03/11/09     99,987  
5,000,000     (FHLB)         03/13/09     4,999  
15,000,000     (FHLB)         03/19/09     14,998  
4,050,000     (FHLB)         03/23/09     4,049  
10,375,000     (FHLB)         03/31/09     10,373  
47,945,000     (FHLB)         04/13/09     47,925  
32,295,000     (FHLB)         04/14/09     32,281  
50,000,000     (FHLB)         04/15/09     49,979  
50,000,000     (FHLB)         04/20/09     49,977  
25,485,000     (FHLB)         04/21/09     25,473  
90,000,000     (FHLB)         04/22/09     89,959  
17,400,000     (FHLB)         04/23/09     17,392  
10,243,000     (FHLB)         04/30/09     10,238  
30,000,000     (FHLB)         05/13/09     29,973  
30,000,000     (FHLB)         05/14/09     29,972  
32,180,000     (FHLB)         05/18/09     32,150  
18,550,000     (FHLB)         05/20/09     18,532  
1,845,000     (FHLB)         05/27/09     1,843  
49,235,000     (FHLB)         08/04/09     49,838  
72,820,000     (FHLB)         09/18/09     72,532  
25,000,000     (FHLB)         10/01/09     24,887  
14,240,000     (FHLB)         12/07/09     14,146  
50,000,000     (FHLB)         12/08/09     49,669  
30,000,000     (FHLB)         12/14/09     29,798  
40,000,000     Federal Home Loan Mortgage Corp (FHLMC)         01/02/09     39,999  
90,000,000     (FHLMC)         01/05/09     89,996  
38,645,000     (FHLMC)         01/06/09     38,642  

339

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account                  
                       
                MATURITY     VALUE  
PRINCIPAL     ISSUER         DATE     (000)  
$        35,000,000     (FHLMC)         01/09/09  
$
 34,995  
110,560,000     (FHLMC)         01/12/09     110,533  
165,500,000     (FHLMC)         01/20/09     165,456  
94,000,000     (FHLMC)         01/21/09     93,969  
50,000,000     (FHLMC)         01/26/09     49,986  
50,000,000     (FHLMC)         01/27/09     49,985  
75,000,000     (FHLMC)         01/28/09     74,981  
46,000,000     (FHLMC)         01/29/09     45,988  
12,795,000     (FHLMC)         01/30/09     12,791  
74,000,000     (FHLMC)         02/02/09     73,960  
36,900,000     (FHLMC)         02/03/09     36,890  
9,000,000     (FHLMC)         02/09/09     9,000  
45,000,000     (FHLMC)         02/12/09     44,995  
42,050,000     (FHLMC)         02/17/09     42,044  
70,000,000     (FHLMC)         02/18/09     69,991  
56,128,000     (FHLMC)         02/19/09     56,120  
32,000,000     (FHLMC)         02/20/09     31,996  
49,160,000     (FHLMC)         02/24/09     49,145  
21,051,000     (FHLMC)         02/27/09     21,048  
100,000,000     (FHLMC)         03/10/09     99,987  
32,500,000     (FHLMC)         03/13/09     32,496  
40,000,000     (FHLMC)         03/16/09     39,994  
50,000,000     (FHLMC)         03/17/09     49,993  
75,000,000     (FHLMC)         03/18/09     74,989  
78,800,000     (FHLMC)         03/19/09     78,788  
13,155,000     (FHLMC)         03/23/09     13,153  
73,800,000     (FHLMC)         03/24/09     73,788  
84,630,000     (FHLMC)         03/25/09     84,617  
2,890,000     (FHLMC)         03/30/09     2,889  
50,000,000     (FHLMC)         04/01/09     49,981  
50,000,000     (FHLMC)         04/06/09     49,980  
22,350,000     (FHLMC)         04/07/09     22,341  
46,097,000     (FHLMC)         04/13/09     46,078  
22,700,000     (FHLMC)         04/22/09     22,690  
75,000,000     (FHLMC)         05/06/09     74,935  
36,690,000     (FHLMC)         07/06/09     36,615  
13,250,000     (FHLMC)         07/28/09     13,219  
22,700,000     (FHLMC)         09/01/09     22,616  
3,000,000     (FHLMC)         11/09/09     2,983  
15,000,000     Federal National Mortgage Association (FNMA)         01/05/09     14,999  
47,000,000     (FNMA)         01/07/09     46,995  
25,000,000     (FNMA)         01/12/09     24,994  
50,000,000     (FNMA)         01/16/09     49,982  
80,000,000     (FNMA)         01/20/09     79,979  
50,000,000     (FNMA)         01/02/09     49,998  
30,000,000     (FNMA)         01/13/09     29,992  
50,000,000     (FNMA)         01/14/09     49,985  
35,420,000     (FNMA)         01/22/09     35,408  
46,965,000     (FNMA)         01/26/09     46,952  
25,000,000     (FNMA)         01/27/09     24,993  
50,000,000     (FNMA)         01/29/09     49,986  
11,900,000     (FNMA)         02/02/09     11,894  
40,000,000     (FNMA)         02/03/09     39,989  
50,000,000     (FNMA)         02/05/09     49,993  
46,440,000     (FNMA)         02/17/09     46,434  
22,315,000     (FNMA)         02/18/09     22,309  
18,350,000     (FNMA)         02/25/09     18,347  

340

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
                 
 
                MATURITY     VALUE  
PRINCIPAL     ISSUER     RATE   DATE     (000)  
$      53,030,000     (FNMA)         03/02/09  
$
 53,024  
16,792,000     (FNMA)         03/03/09     16,790  
45,145,000     (FNMA)         03/16/09     45,139  
50,000,000     (FNMA)         03/23/09     49,992  
50,000,000     (FNMA)         03/26/09     49,992  
19,630,000     (FNMA)         03/30/09     19,627  
21,770,000     (FNMA)         03/31/09     21,766  
5,200,000     (FNMA)         04/01/09     5,198  
50,000,000     (FNMA)         04/02/09     49,981  
23,040,000     (FNMA)         04/06/09     23,031  
50,000,000     (FNMA)         04/08/09     49,980  
20,453,000     (FNMA)         04/15/09     20,444  
75,000,000     (FNMA)         04/20/09     74,966  
30,000,000     (FNMA)         04/27/09     29,986  
50,000,000     (FNMA)         05/01/09     49,959  
25,000,000     (FNMA)         05/06/09     24,978  
88,005,000     (FNMA)         05/11/09     87,926  
50,000,000     (FNMA)         05/12/09     49,955  
15,000,000     (FNMA)         05/20/09     14,986  
40,000,000     (FNMA)         06/22/09     39,943  
25,000,000     (FNMA)         08/03/09     24,926  
8,000,000     (FNMA)         09/01/09     7,970  
7,790,000     (FNMA)         09/15/09     7,759  
39,360,000     (FNMA)         10/01/09     39,182  
3,000,000     (FNMA)         12/01/09     2,981  
      TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES               5,626,399  
 
U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES - 1.03%                  
50,000,000 i,j   Federal Farm Credit Bank (FFCB)       0.34%   03/12/09     49,935  
26,000,000 i,j   Federal Home Loan Bank (FHLB)     0.370   02/13/09     25,981  
80,000,000 i   (FHLB)     2.190   09/10/09     80,202  
      TOTAL U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES               156,118  
 
VARIABLE NOTES - 0.59%
                 
45,000,000 i   PACCAR Financial Corp     3.580   04/27/09     45,033  
45,000,000 i   Toyota Motor Credit Corp     0.660   07/10/09     43,893  
      TOTAL VARIABLE NOTES               88,926  
 
      TOTAL SHORT-TERM INVESTMENTS               15,079,871  
      (Cost $15,062,910)                  
 
      TOTAL PORTFOLIO - 99.85%               15,110,467  
      (Cost $15,093,463)                  
 
      OTHER ASSETS & LIABILITIES, NET - 0.15%               22,540  
 
      NET ASSETS - 100.00%            
$
 15,133,007  
     
 
                  
      The following abbreviations are used in portfolio descriptions:                  
  LLC   Limited Liability Company                  
  plc   Public Limited Company                  

341

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

       
             
  i    Floating rate or variable rate securities reflects the rate in effect as of December 31, 2008.      
  j    Zero coupon      
  p   Security participates in the FDIC Temporary Liquidity Guarantee Program.      
  q   Security is guaranteed by the United Kingdom government.      
             
      Cost amounts are in thousands.      
             
      At December 31, 2008, the net unrealized appreciation on investment was $17,004,188, consisting of gross unrealized appreciation of $20,061,025 and gross
unrealized depreciation of $(3,056,837).		      
             
      For ease of presentation, a number of industry classification categories have been grouped together in the Schedule of Investments. Note that the Accounts
use more specific industry categories in following their investment limitations on industry concentration.		      


342

Report of Independent Registered Public Accounting Firm

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

We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the financial statements of the Stock Account, Global Equities Account, Growth Account, Equity Index Account, Bond Market Account, Inflation-Linked Bond Account, Social Choice Account and Money Market Account (constituting the College Retirement Equities Fund, hereafter referred to as the "Funds") at December 31, 2008, and for the year then ended and have issued our unqualified report thereon dated February 24, 2009 (which report and financial statements are included in Item 1 of this Certified Shareholder Report on Form N-CSR). Our audit included an audit of each of the Funds' schedule of investments in securities (the Schedules) as of December 31, 2008 appearing in Item 6 of this Form N-CSR. These Schedules are the responsibility of the Funds' management. Our responsibility is to express an opinion on these Schedules based on our audits.

In our opinion, the Schedules referred to above, when read in conjunction with the financial statements of the Funds referred to above, present fairly, in all material respects, the information set forth therein.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP
New York, New York
February 24, 2009

343

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

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

SIGNATURES

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

      COLLEGE RETIREMENT EQUITIES FUND
 
 
Date: February 23, 2009   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: February 23, 2009   By: /s/ Roger W. Ferguson, Jr.
        Roger W. Ferguson, Jr.
        President and Chief Executive Officer
        (principal executive officer)
 
Date: February 23, 2009   By: /s/ Georganne C. Proctor
        Georganne C. Proctor
        Executive Vice President and Chief Financial Officer
        (principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

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