On July 20, 2010, the College Retirement Equities Fund (CREF)
held a special meeting of participants so that its participants
could consider and vote upon certain matters, in accordance
with the terms of the Proxy Statement on Schedule 14A,
incorporated herein by reference, filed by CREF with the
Securities and Exchange Commission (SEC) on June 11, 2010,
File No. 811-04415. A summary of these matters and the results
of the participants' meeting are included in CREF's December 31,
2010 annual report, which is included in CREF's 2010 annual
Form N-CSR filing with the SEC.