N-CSRS 1 c57969_ncsrs.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. 811-04415

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

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

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

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2009

Item 1. Reports to Stockholders.

(COVER PAGE)

2009 SEMIANNUAL REPORT

COLLEGE
RETIREMENT
EQUITIES FUND

JUNE 30, 2009

Financial statements (unaudited)

Stock

Global Equities

Growth

Equity Index

Bond Market

Inflation-Linked Bond

Social Choice

Money Market

eDelivery will save trees, conserve paper
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PERFORMANCE OVERVIEW AS OF JUNE 30, 2009

Total return

Average annual total return

Inception date

1 year

5 years

10 years

since
inception

EQUITIES

CREF Stock

8/1/1952

–27.61

–0.84

–1.04

9.43

CREF Global Equities

5/1/1992

–30.36

–0.56

–1.08

5.88

CREF Growth

4/29/1994

–26.02

–2.01

–5.01

4.74

CREF Equity Index

4/29/1994

–26.74

–2.22

–1.78

6.43

FIXED INCOME

CREF Bond Market

3/1/1990

3.32

4.03

5.46

6.69

CREF Inflation-Linked Bond

5/1/1997

–1.87

4.45

6.78

6.23

EQUITIES & FIXED INCOME

CREF Social Choice

3/1/1990

–14.40

0.72

1.42

7.76

MONEY MARKET

CREF Money Market*

4/1/1988

1.20

3.14

3.12

4.51


NET ANNUALIZED YIELD			NET ANNUALIZED YIELD
(30-day period ended 6/30/2009)			(7-day period ended 6/30/2009)

	Effective			Current			Effective
CREF Bond Market	3.78	%	CREF Money Market*		0.01	%		0.01	%


*	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 six months ended on June 30, 2009. 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 six-month period.

•	The account performance section compares each account’s investment returns with those of that account’s benchmark index.

•	The summary portfolios of investments list the industries and types of securities in which each account had investments as of June 30, 2009, 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

Report to CREF participants	2	Summary portfolios of investments	39

More information for CREF participants	4	Financial statements
		Statements of assets and liabilities	80
Special terms	5	Statements of operations	82
		Statements of changes in net assets	84
Important information about expenses	6	Financial highlights	90
		Notes to financial statements	98
Account performance
CREF Stock Account	7	Board approval of investment management agreement	111
CREF Global Equities Account	11
CREF Growth Account	15	How to reach us	Inside back cover
CREF Equity Index Account	19
CREF Bond Market Account	23
CREF Inflation-Linked Bond Account	27
CREF Social Choice Account	31
CREF Money Market Account	35

REPORT TO CREF PARTICIPANTS

During the first six months of 2009, stock prices in most major markets rose on signs that the worldwide economic slowdown was easing.

The MSCI World Index, which tracks stock performance in 23 developed nations, including the United States, posted a gain of 6.4%, in dollar terms. The broad U.S. market, as measured by the Russell 3000^® Index, gained 4.2%, while foreign stocks, as measured by the MSCI EAFE+Canada Index, climbed 9.3%, in terms of dollars.

After outperforming stocks in 2008, bonds lagged stocks for the first half of 2009. The Barclays Capital U.S. Aggregate Bond Index, which tracks the broad U.S. investment-grade, fixed-rate bond market, posted a return of 1.9%. A renewed demand for corporate bonds and commercial mortgage-backed securities drove their prices higher; these two sectors returned 8.3% and 10.4%, respectively. At the same time, prices for Treasury bonds fell, and they posted a return of –4.3%.

For the second quarter of 2009, the nation’s gross domestic product was 3.9% lower than it had been a year earlier, adjusted for inflation. In this challenging economy, companies cut their staffs, pushing the official unemployment rate to 9.5% by the end of June.

However, cost cutting improved companies’ profitability. The Commerce Department reported that corporate profits rose by 5.3% in the first quarter of 2009, although they remained weak compared with those of twelve months earlier.

All eight CREF accounts record gains

Each of the CREF accounts posted positive results for the first half of 2009, although stock-based accounts performed best. It is our strategy to be fully invested in each asset class in which we operate, and that enabled our equity accounts to participate in the market’s rally from the day it began on March 10.

The strongest gains of the period came from the Growth Account, which benefited from investors’ preference for growth stocks over value issues. The account returned 11.0% but lagged its benchmark.

The Global Equities Account returned 7.4%, helped by the fact that foreign stocks outperformed U.S. equities during the period. The account outperformed its benchmark by more than one percentage point.

The Stock Account gained 6.9%, outperforming its composite benchmark; it too was helped by its holdings in foreign stocks. The Equity Index Account had a return of 4.0%, in line with that of its benchmark.

The Bond Market Account returned 2.4%, significantly outpacing its benchmark index. The Inflation-Linked Bond Account did better in absolute terms, gaining 4.6%, but trailed its benchmark.


2	2009 Semiannual Report § College Retirement Equities Fund



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

The Social Choice Account, which invests in both stocks and bonds, achieved gains in both segments. The account returned 5.2%, outperforming its composite benchmark.

The Money Market Account was adversely affected by the low interest rates that prevailed throughout the period. It returned 0.1%, in line with the performance of the average U.S. money market fund, as measured by iMoneyNet.

Pursuing consistent growth through diversification

Despite the gains of the first half of 2009, U.S. stocks, as measured by the Russell 3000 Index, were still down 26.6% for the twelve months ended June 30, 2009. For the ten-year period, their average annual return was –1.5%.

However, the average annual return for U.S. investment-grade bonds during the same ten years was 6.0%, as measured by the Barclays Capital U.S. Aggregate Bond Index.

These returns run sharply counter to investors’ expectations. During the period from 1926 to 2008, large-cap U.S. stocks have produced a compound annual return of 9.6%; government bonds have returned 5.7%.

While no investment strategy can guarantee against loss, diversifying your assets helps your portfolio to benefit when the markets perform in unexpected ways. Diversification can help to 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.

As you probably know, TIAA-CREF offers a range of investment options that extends beyond stocks and bonds to include the TIAA Traditional Annuity and the TIAA Real Estate Account.

If you would like help finding the mix best suited to your financial needs, time horizon and attitude towards risk, please visit our website, or call TIAA-CREF.

/s/ Edward J. Grzybowski

Edward J. Grzybowski

Chief Investment Officer

TIAA-CREF Investment Management, LLC


College Retirement Equities Fund § 2009 Semiannual 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 June 30, 2009) 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 www.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 www.sec.gov. You can also call us at 800 842-2776 to request a free copy. A report of how the accounts voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at www.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	2009 Semiannual Report § College Retirement Equities Fund

SPECIAL TERMS

Agency securities are bonds issued by U.S. government-backed entities such as the Federal National Mortgage Association (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 the Government National Mortgage Association (Ginnie Mae), Fannie Mae or other U.S. 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.

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. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. This report is not approved, reviewed or produced by MSCI. EAFE stands for Europe, Australasia, Far East. You cannot invest directly in any index.


College Retirement Equities Fund § 2009 Semiannual Report	5

IMPORTANT INFORMATION ABOUT EXPENSES

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


•	You incur no transaction costs, including sales charges (loads) on 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 January 1, 2009, and held for six months until June 30, 2009.

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	2009 Semiannual Report § College Retirement Equities Fund

CREF STOCK ACCOUNT

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2009

The CREF Stock Account returned 6.91% for the period, compared with the 6.44% 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 Index.

Second-quarter rally lifts stocks

Both U.S. and foreign stocks posted positive returns for the first half of 2009. After recording double-digit losses for the first three months of the year, stocks rebounded strongly in the second quarter.

The U.S. economy remained mired in a deep downturn, but a slowing in the pace of economic decline was enough to lift stock prices in the second quarter. The Russell 3000 Index, a broad measure of the U.S. stock market, rose 16.82%—its largest gain for a single quarter since the fourth quarter of 1998. For the six months, the Russell 3000 was up 4.20%.

The MSCI EAFE+Canada Index, which measures stock performance in 22 developed nations excluding the United States, rose 17.25% in terms of local currencies during the second quarter. A stronger euro, pound and yen, relative to the dollar, magnified this gain for U.S. investors. In dollar terms, the EAFE+Canada index climbed 25.86% in the second quarter and 9.32% for the six-month period.

The MSCI Emerging Markets Index, which tracks stocks in 22 emerging markets, soared 36.01% in dollars during the six months.

Stock selections boost relative performance

The account’s return surpassed that of the broad U.S. stock market by more than two-and-a-half percentage points, largely because more than one-quarter of the account’s portfolio was allocated to foreign stocks, which strongly outperformed domestic issues. The account was further boosted by numerous favorable stock selections.

Primary contributors to the account’s outperformance, versus its composite benchmark, included a lower-than-benchmark weighting in Exxon Mobil, a stock that lost 10% during the period, and positions in two nonbenchmark oil companies—Brazil’s Petrobras and Canada’s Suncor Energy. Overweight positions in two financial services firms, Goldman Sachs and Bermuda-based insurer XL Capital, also helped the account’s relative return.

Holdings that detracted from the account’s performance included overweight positions in Wells Fargo, Japanese game maker Nintendo and Italian bank Unicredito Italiano. An underweight in Deutsche Bank also reduced the account’s relative return.


College Retirement Equities Fund § 2009 Semiannual 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, index risk, quantitative analysis risk, foreign investment risk, small-cap/mid-cap risk, large-cap risk and active management 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 excluding the United States; the MSCI Emerging Markets Index, which measures stocks in 22 emerging-market nations; and the MSCI EAFE+Canada Small Cap Index, which measures small-cap stocks in 22 developed nations excluding the United States. You cannot invest directly in these indexes.

PERFORMANCE AS OF JUNE 30, 2009

Total return

Average annual
total return

6 months

1 year

5 years

10 years

CREF Stock Account

6.91

–27.61

–0.84

–1.04

CREF Composite Benchmark

6.44

–27.47

–0.67

–0.69

Benchmark components (percentage of composite index)

Russell 3000 Index (71.9%)

4.20

–26.56

–1.84

–1.46

MSCI EAFE+Canada Index (22.5%)

9.32

–31.62

2.87

1.67

MSCI Emerging Markets Index (3.9%)

36.01

–28.07

14.72

—

MSCI EAFE+Canada Small Cap Index (1.7%)

22.13

–29.64

2.53

—

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.


8	2009 Semiannual Report § College Retirement Equities Fund

$10,000 OVER 10 YEARS

An investment of $10,000 in this account on June 30, 1999, would be worth $9,009 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 during the same period.

CALENDAR YEAR TOTAL RETURN SINCE 1999


*	For the six months ended June 30, 2009


College Retirement Equities Fund § 2009 Semiannual Report	9

CREF STOCK ACCOUNT

EXPENSE EXAMPLE

Six months ended June 30, 2009



CREF Stock Account	Starting account value (1/1/09)		Ending account value (6/30/09)		Expenses paid* (1/1/09– 6/30/09)

Actual return	$	1,000.00	$	1,069.10	$	3.13
5% annual hypothetical return		1,000.00		1,021.74		3.06


*	“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 0.61%.

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


ACCOUNT PROFILE

Inception date		8/1/1952
Net assets		$80.63 billion
Number of holdings		7,690
Portfolio turnover rate (not annualized)		33%
Weighted median market capitalization		$23.8 billion
P/E ratio (weighted 12-month trailing average)		18.8
Dividend yield		2.51%


HOLDINGS BY COMPANY SIZE

		% of portfolio investments

Over $15 billion		59.77
$4 billion–$15 billion		20.72
Under $4 billion		19.51

Total		100.00


HOLDINGS BY COUNTRY

		% of portfolio investments

United States		64.0
Japan		4.6
United Kingdom		4.5
Switzerland		2.3
Canada		2.0
Germany		1.8
France		1.7
51 other nations		9.7
Short-term investments		9.4

Total		100.0

PORTFOLIO COMPOSITION

		% of net assets

Consumer products & services		26.1
Financial		18.0
Manufacturing & materials		16.7
Technology		16.0
Energy		10.7
Health care		7.9
Utilities		4.5
Short-term investments		10.3
Other assets & liabilities, net		–10.2

Total		100.0


10	2009 Semiannual Report § College Retirement Equities Fund

CREF GLOBAL EQUITIES ACCOUNT

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2009

The CREF Global Equities Account returned 7.38% for the period, compared with the 6.35% return of its benchmark, the MSCI World Index.

Global stocks rebound

Amid signs that the pace of global economic decline was easing, nearly every stock market represented in the MSCI World Index posted positive returns in the first half of 2009. Gains came in the second quarter, when the World index soared 20.75% in dollar terms, following an 11.92% loss in the first three months of the year.

The rising value of the euro, pound and yen, relative to the dollar, magnified foreign stock gains for U.S. investors. In terms of local currencies, the World index advanced 16.46% in the second quarter and 4.77% for the six-month period.

Pacific stocks lead the pack

For the period, the benchmark’s Pacific segment rose 9.7% in dollar terms. Japan, the largest component of the segment, based on market capitalization at the end of the period, was up only 2.6%, while other Pacific stocks surged 29.0%.

The benchmark’s European segment gained 7.0% in dollars. British, French and German stocks—the three largest components of this segment in terms of market capitalization—had divergent returns of 13.0%, 2.1% and –0.6%, respectively.

North American stocks, representing more than half of the benchmark’s market capitalization on June 30, 2009, returned 5.0% in dollar terms.

Stock selections buoy returns

The account outperformed its benchmark due to numerous successful stock selections. Among the chief contributors was a nonbenchmark holding in U.S. data storage device maker Brocade Communications. Lower-than-benchmark weightings in underperforming stocks Exxon Mobil and Procter & Gamble also helped, as did overweight positions that included Bermuda-based insurer XL Capital, health and life insurance provider Aflac and U.K.-based software firm Autonomy.

Positions that detracted from the account’s relative return included underweights in two banking giants—Wells Fargo and Britain’s Barclays. Overweights that hurt performance included Japanese game maker Nintendo and Italian bank Unicredito Italiano. A position in Israeli drug manufacturer Teva Pharmaceutical, a nonbenchmark holding, also reduced the account’s return. Teva was held as an American Depositary Receipt, a receipt for shares of a foreign stock traded on a U.S. exchange.


College Retirement Equities Fund § 2009 Semiannual 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, quantitative analysis risk, index risk, foreign investment risk, small-cap/mid-cap risk, active management risk and large-cap risk. For a detailed discussion of risk, please see the prospectus.

THE ACCOUNT’S BENCHMARK

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

PERFORMANCE AS OF JUNE 30, 2009

Total return

Average annual
total return

6 months

1 year

5 years

10 years

CREF Global Equities Account

7.38

–30.36

–0.56

–1.08

MSCI World Index

6.35

–29.50

0.03

–0.85

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. This report is not approved, reviewed or produced by MSCI.


12	2009 Semiannual Report § College Retirement Equities Fund

$10,000 OVER 10 YEARS

An investment of $10,000 in this account on June 30, 1999, would be worth $8,975 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 account’s benchmark during the same period.

CALENDAR YEAR TOTAL RETURN SINCE 1999


*	For the six months ended June 30, 2009


College Retirement Equities Fund § 2009 Semiannual Report	13

CREF GLOBAL EQUITIES ACCOUNT

EXPENSE EXAMPLE


Six months ended June 30, 2009

CREF Global Equities Account	Starting account value (1/1/09)		Ending account value (6/30/09)		Expenses paid* (1/1/09– 6/30/09)

Actual return	$	1,000.00	$	1,073.80	$	3.50
5% annual hypothetical return		1,000.00		1,021.39		3.41


*	“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 0.68%.

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


ACCOUNT PROFILE

Inception date			5/1/1992
Net assets			$10.50 billion
Number of holdings			2,201
Portfolio turnover rate (not annualized)			38%
Weighted median market capitalization			$29.7 billion
P/E ratio (weighted 12-month trailing average)			18.8
Dividend yield			2.92%


HOLDINGS BY COMPANY SIZE

% of portfolio investments

Over $15 billion			65.79
$4 billion–$15 billion			23.13
Under $4 billion			11.08

Total			100.00


HOLDINGS BY COUNTRY

% of portfolio investments

United States			42.4
United Kingdom			9.6
Japan			7.7
Switzerland			4.0
Germany			3.9
Canada			3.5
France			3.4
Australia			2.6
37 other nations			10.9
Short-term investments			12.0

Total			100.0


PORTFOLIO COMPOSITION

% of net assets

Consumer products & services			28.6
Financial			23.0
Manufacturing & materials			16.0
Technology			12.0
Energy			10.7
Health care			5.4
Utilities			4.0
Short-term investments			13.5
Other assets & liabilities, net			–13.2

Total			100.0


14	2009 Semiannual Report § College Retirement Equities Fund

CREF GROWTH ACCOUNT

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2009

The CREF Growth Account returned 10.96% for the period, compared with the 11.53% return of its benchmark, the Russell 1000^® Growth Index.

Large-cap growth jumps, as large-cap value stumbles

For the six-month period, large-cap growth stocks strongly outperformed large-cap value issues, which lost 2.87%, as measured by the Russell 1000 Value Index. This reverses a protracted trend: During the decade that ended December 31, 2008, large-cap value had outpaced large-cap growth in eight out of ten years.

For the ten years ended June 30, 2009, the Russell 1000 Growth Index posted an average annual return of –4.18%—more than four percentage points behind the –0.15% average annual return of the Russell 1000 Value Index.

Technology drives the benchmark’s climb

Eleven of the benchmark’s twelve industry sectors achieved positive returns for the six-month period, with four scoring double-digit gains. Returns were propelled chiefly by the 26.7% return of the technology sector, which made up more than one quarter of the benchmark’s market capitalization as of June 30, 2009. The next two largest contributions came from the “other energy” and consumer discretionary sectors, which returned 24.2% and 7.2%, respectively. Together these three sectors constituted nearly half of the benchmark’s market capitalization.

Stock selections trim return

The account underperformed its benchmark because of unfavorable stock selections. These included positions in educational provider Apollo Group, General Mills and Wells Fargo that were overweight, relative to their benchmark weightings, and an underweight in drug maker Schering-Plough. An out-of-benchmark position in Japanese game maker Nintendo also detracted from relative performance.

The negative effects of these holdings were partially offset by a number of successful stock selections, including overweights in Goldman Sachs and Coach, a maker of fashion accessories. An underweight position in Procter & Gamble also aided relative results.

On June 30, 2009, foreign securities made up 4.62% 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 § 2009 Semiannual 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, large-cap risk, active management risk, index risk, quantitative analysis 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 JUNE 30, 2009

Total return

Average annual
total return

6 months

1 year

5 years

10 years

CREF Growth Account

10.96

–26.02

–2.01

–5.01

Russell 1000 Growth Index

11.53

–24.50

–1.83

–4.18

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	2009 Semiannual Report § College Retirement Equities Fund

$10,000 OVER 10 YEARS

(LINE GRAPH)

An investment of $10,000 in this account on June 30, 1999, would be worth $5,978 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 account’s benchmark during the same period.

CALENDAR YEAR TOTAL RETURN SINCE 1999

(BAR CHART)


*	For the six months ended June 30, 2009


College Retirement Equities Fund § 2009 Semiannual Report	17

CREF GROWTH ACCOUNT

EXPENSE EXAMPLE

Six months ended June 30, 2009



CREF Growth Account	Starting account value (1/1/09)		Ending account value (6/30/09)		Expenses paid (1/1/09– 6/30/09)		*

Actual return	$	1,000.00	$	1,109.60	$	3.14
5% annual hypothetical return		1,000.00		1,021.79		3.01


*	“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			4/29/1994
Net assets			$9.54 billion
Number of holdings			701
Portfolio turnover rate (not annualized)			50%
Weighted median market capitalization			$35.3 billion
P/E ratio (weighted 12-month trailing average)			17.3
Dividend yield			1.62%


HOLDINGS BY COMPANY SIZE

% of portfolio investments

Over $15 billion			65.77
$4 billion–$15 billion			24.71
Under $4 billion			9.52

Total			100.00


PORTFOLIO COMPOSITION

% of net assets

Technology			30.2
Consumer products & services			29.9
Manufacturing & materials			13.1
Health care			11.3
Financial			7.4
Energy			5.1
Utilities			0.9
Short-term investments			2.2
Other assets & liabilities, net			–0.1

Total			100.0


18	2009 Semiannual Report § College Retirement Equities Fund

CREF EQUITY INDEX ACCOUNT

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2009

The CREF Equity Index Account returned 4.01% for the period, compared with the 4.20% return of its benchmark, the Russell 3000^® Index.

Stocks surge in the second quarter

The broad-based Russell 3000 Index began 2009 having suffered its worst calendar year since the index began in 1979, but it ended the six-month period solidly in the plus column. Amid rising unemployment, depressed corporate profits and ongoing problems in the financial sector, the index dropped 10.80% in the first quarter of 2009, its sixth consecutive quarterly decline.

Financial conditions eased somewhat in the second quarter, when programs initiated by the Federal Reserve and other central banks began to stimulate the flow of credit. As a result, many investors abandoned the safety of U.S. Treasury securities for the potentially higher returns of stocks and corporate bonds, and the Russell 3000 Index soared 16.82%—its best quarterly return since 1998.

Foreign stocks, as measured by the MSCI EAFE Index, rose 7.95% for the period, after suffering steeper declines than domestic issues in 2008. For the ten years ended June 30, 2009, however, the average annual return of the Russell 3000 Index was –1.46%, versus 1.18% for the EAFE.

Tech stocks drive the benchmark

Eight of the benchmark’s twelve industry sectors recorded positive returns for the period, with three posting double-digit gains. The advance was primarily driven by the 26.9% surge of the benchmark’s largest sector—technology—which made up more than one-sixth of the index on June 30, 2009. The “other energy” and materials and processing sectors rose 18.0% and 11.9%, respectively.

The ongoing uncertainty in the markets was demonstrated by declines in the integrated oils sector, which dropped 11.1%, and in financials, down 4.0%.

Largest stocks generally decline

Although the Russell 3000 Index scored positive results for the six months, four of its five largest stocks lost ground. Only Microsoft, benefiting from the rally in tech stocks, gained; it rose 24.6%. In descending order according to market capitalization, the other four stocks performed as follows: Exxon Mobil, –10.1%; Johnson & Johnson, –2.3%; Procter & Gamble, –15.1%; and AT&T, –9.3%.

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 § 2009 Semiannual 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, index risk, large-cap risk and small-cap/mid-cap 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 JUNE 30, 2009

Total return

Average annual
total return

6 months

1 year

5 years

10 years

CREF Equity Index Account

4.01

–26.74

–2.22

–1.78

Russell 3000 Index

4.20

–26.56

–1.84

–1.46

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	2009 Semiannual Report § College Retirement Equities Fund

$10,000 OVER 10 YEARS

(LINE GRAPH)

An investment of $10,000 in this account on June 30, 1999, would be worth $8,352 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 account’s benchmark during the same period.

CALENDAR YEAR TOTAL RETURN SINCE 1999

(BAR CHART)


*	For the six months ended June 30, 2009


College Retirement Equities Fund § 2009 Semiannual Report	21

CREF EQUITY INDEX ACCOUNT

EXPENSE EXAMPLE


Six months ended June 30, 2009

CREF Equity Index Account	Starting account value (1/1/09)		Ending account value (6/30/09)		Expenses paid (1/1/09– 6/30/09)		*

Actual return	$	1,000.00	$	1,040.10	$	2.58
5% annual hypothetical return		1,000.00		1,022.24		2.56


*	“Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half-year. The account’s annualized six-month expense ratio for that period was 0.51%.

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


ACCOUNT PROFILE

Inception date			4/29/1994
Net assets			$7.64 billion
Number of holdings			2,966
Portfolio turnover rate (not annualized)			4%
Weighted median market capitalization			$24.2 billion
P/E ratio (weighted 12-month trailing average)			18.4
Dividend yield			2.19%


HOLDINGS BY COMPANY SIZE

% of portfolio investments

Over $15 billion			60.39
$4 billion–$15 billion			19.36
Under $4 billion			20.25

Total			100.00


PORTFOLIO COMPOSITION

% of net assets

Consumer products & services			22.9
Technology			20.5
Financial			15.3
Manufacturing & materials			14.9
Health care			10.7
Energy			10.6
Utilities			4.5
Short-term investments			0.7
Other assets & liabilities, net			–0.1

Total			100.0


22	2009 Semiannual Report § College Retirement Equities Fund

CREF BOND MARKET ACCOUNT

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2009

The CREF Bond Market Account returned 2.42% for the period, compared with the 1.90% return of its benchmark, the Barclays Capital U.S. Aggregate Bond Index.

Bonds post modest gains

During the first half of 2009, unemployment rose, corporate profits remained weak and problems in the financial sector persisted. In response, the Federal Reserve kept the target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) near 0%. To fund the government’s recovery efforts, the central bank announced plans to purchase U.S. Treasury securities.

The Barclays Capital U.S. Aggregate Bond Index, which measures the broad U.S. investment-grade, fixed-rate bond market, returned just 0.12% for the first quarter of 2009, when investors worried that the increased issuance of Treasuries could depress their prices. As investor concerns receded in the second quarter, bonds rallied, and the index gained 1.78%.

Treasuries bow to corporates

With Treasury yields low and signs appearing that the Fed’s efforts were starting to pay off, fixed-income investors again sought the higher returns of corporate and other non-government securities. Sectors of the benchmark that had previously performed poorly now excelled, while former top performers languished. Asset-backed securities surged 15.78% for the period, while commercial mortgage-backed securities rose 10.36% and corporate bonds gained 8.32%. Conversely, the high flyers of 2008—U.S. Treasury and agency securities—lost 4.30% and 0.04%, respectively.

As their prices fell, Treasury yields rose. The yield on 2-year Treasury notes rose to 1.11% on June 30, 2009, from 0.76% at year-end 2008. The yield on 10-year Treasury notes soared to 3.53% from 2.25%.

Sector positions help the account

The account topped its benchmark for the period primarily because of advantageous sector weightings, relative to the Barclays Capital index. Overweight holdings in corporate and asset-backed securities, which had dampened the account’s return in 2008, boosted its performance during the period, as did underweight positions in flagging U.S. Treasury and agency securities. Overweight investments in higher-yielding, lower-quality debt securities further contributed to the account’s outperformance. However, an underweight position in commercial mortgage-backed securities reduced returns.


College Retirement Equities Fund § 2009 Semiannual 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, prepayment risk, extension risk, active management risk, market volatility and liquidity risk and illiquid security risk. 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 JUNE 30, 2009

	Total return						Average annual total return

	6 months			1 year			5 years			10 years

CREF Bond Market Account		2.42	%		3.32	%		4.03	%		5.46	%

Barclays Capital U.S. Aggregate Bond Index		1.90			6.05			5.01			5.98


24	2009 Semiannual Report § College Retirement Equities Fund

$10,000 OVER 10 YEARS

(LINE GRAPH)

An investment of $10,000 in this account on June 30, 1999, would be worth $17,009 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 account’s benchmark during the same period.

CALENDAR YEAR TOTAL RETURN SINCE 1999

(BAR CHART)


*	For the six months ended June 30, 2009


College Retirement Equities Fund § 2009 Semiannual Report	25

CREF BOND MARKET ACCOUNT

EXPENSE EXAMPLE


Six months ended June 30, 2009

CREF Bond Market Account	Starting account value (1/1/09)		Ending account value (6/30/09)		Expenses paid* (1/1/09– 6/30/09)

Actual return	$	1,000.00	$	1,024.20	$	2.36
5% annual hypothetical return		1,000.00		1,022.44		2.36


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

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


ACCOUNT PROFILE

Inception date			3/1/1990
Net assets			$9.39 billion
Number of issues			1,007
Portfolio turnover rate (not annualized)			118%
Average quality			Aa1/AA+
Option-adjusted duration			4.19 years
Average coupon			5.01%
Average yield to maturity			4.73%
Average maturity			5.61 years


PORTFOLIO COMPOSITION

% of net assets

Mortgage-backed securities^†			37.5
Corporate bonds			23.6
U.S. Treasury securities			18.0
Foreign government & corporate bonds denominated in U.S. dollars			6.8
U.S. agency securities			5.5
Asset-backed securities			3.4
Commercial mortgage-backed securities			3.3
Mutual funds			0.1
Short-term investments			9.1
Other assets & liabilities, net			–7.3

Total			100.0


^†	Includes mortgage pass-through securities and collateralized mortgage obligations


26	2009 Semiannual Report § College Retirement Equities Fund

CREF INFLATION-LINKED BOND ACCOUNT

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2009

The CREF Inflation-Linked Bond Account returned 4.62% for the period, compared with the 6.21% return of its benchmark, the Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series L).

TIPS gain on inflation concerns

During the first half of 2009, unemployment rose, corporate profits remained weak and problems in the financial sector persisted. In response, the Federal Reserve kept the target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) near 0%. To help fund the federal government’s recovery efforts, the Fed announced plans to purchase massive amounts of U.S. Treasury and agency securities.

The Barclays Capital U.S. TIPS index soared 5.52% in the first quarter of 2009, when oil prices rose and investors worried that the government’s economic stimulus legislation, plus the increased issuance of Treasuries, could trigger long-term inflation. However, these concerns abated when year-over-year inflation, as measured by the Consumer Price Index, fell in each of the last four months of the period. Although oil prices continued to climb—from $46 a barrel at the beginning of the year to $70 at period-end—consumer prices at the end of June were 1.4% lower than they had been a year earlier, and the TIPS index returned just 0.66% for the second quarter.

TIPS take the lead

After lagging the broad bond market in 2008, the TIPS index topped the 1.90% six-month return of the U.S. investment-grade, fixed-rate bond market, as measured by the Barclays Capital U.S. Aggregate Bond Index. For the ten years ended June 30, 2009, the 7.24% average annual return of TIPS was well ahead of the 5.98% average annual gain of the Barclays Capital aggregate index.

The account lags its benchmark

The account lagged the TIPS index largely because the account uses a method of valuing individual securities different from that of its benchmark. This can cause short-term variations in the account’s return relative to its benchmark’s. In addition, the account’s return includes a deduction for expenses, while the benchmark’s does not.

Throughout the period, the account’s managers kept the account’s duration—a measure of its sensitivity to interest-rate changes—close to that of the benchmark. This strategy is designed to help the account more closely track the performance of its benchmark.


College Retirement Equities Fund § 2009 Semiannual 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, active management 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 JUNE 30, 2009

	Total return						Average annual total return

	6 months			1 year			5 years			10 years

CREF Inflation-Linked Bond Account		4.62	%		–1.87	%		4.45	%		6.78	%

Barclays Capital U.S. Treasury Inflation Protected Securities Index (Series L)		6.21			–1.11			4.94			7.24


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.


28	2009 Semiannual Report § College Retirement Equities Fund

$10,000 OVER 10 YEARS

(LINE GRAPH)

An investment of $10,000 in this account on June 30, 1999, would be worth $19,270 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 account’s benchmark during the same period.

CALENDAR YEAR TOTAL RETURN SINCE 1999

(BAR CHART)


*	For the six months ended June 30, 2009


College Retirement Equities Fund § 2009 Semiannual Report	29

CREF INFLATION-LINKED BOND ACCOUNT

EXPENSE EXAMPLE


Six months ended June 30, 2009

CREF Inflation-Linked Bond Account	Starting account value (1/1/09)		Ending account value (6/30/09)		Expenses paid* (1/1/09– 6/30/09)

Actual return	$	1,000.00	$	1,046.20	$	2.38
5% annual hypothetical return		1,000.00		1,022.44		2.36


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

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


ACCOUNT PROFILE

Inception date			5/1/1997
Net assets			$6.71 billion
Number of issues			29
Portfolio turnover rate (not annualized)			10%
Average quality			AAA
Option-adjusted duration			7.95 years
Average coupon			2.33%
Average yield to maturity			0.93%
Average maturity			9.17 years


HOLDINGS BY MATURITY

% of portfolio investments

Less than 1 year			0.2
1–3 years			11.8
3–5 years			20.6
5–10 years			37.1
10–20 years			28.7
Over 20 years			1.6

Total			100.0


30	2009 Semiannual Report § College Retirement Equities Fund

CREF SOCIAL CHOICE ACCOUNT

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2009

The CREF Social Choice Account returned 5.21% for the period, compared with the 4.39% 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. The account screens investments according to social criteria, while the benchmark does not.

Exclusion of major stocks lifts 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 increase the account’s return relative to that of its benchmark.

The avoidance of three major energy companies—Exxon Mobil (down 10.1%), ConocoPhillips (down 16.5%) and Chevron (down 8.0%)—had a positive effect on relative performance. The exclusion of General Electric, AT&T, Wal-Mart, Citigroup and Pfizer also significantly aided returns.

In contrast, the absence of Apple, which rose 65.1% during the first half of the year, was the portfolio’s biggest detractor from relative performance. The exclusion of mining giants Rio Tinto and BHP Billiton, as well as two large financial companies, Britain’s Barclays and France’s BNP Paribas, also hindered returns.

Strategies help mitigate risk

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

During the six-month period, the account’s relative return was enhanced by overweight positions in Swiss banking giant Credit Suisse, international diversified mining company Xstrata and Canada’s Suncor Energy.

Overweight positions that hurt returns included NTT Docomo, a leading Japanese mobile communications provider; Germany’s Deutsche Post; and Swiss Reinsurance.

Bonds boost account’s return

During the period, the account’s fixed-income component generated a positive return and contributed to the account’s outperformance. In relative terms, the bond segment outpaced the Barclays Capital index, primarily because of overweight positions in corporate, mortgage-backed and taxable municipal securities, all of which performed well during the six-month period. An underweight position in U.S. Treasuries, in combination with a slightly shorter duration, also aided performance.


College Retirement Equities Fund § 2009 Semiannual 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, foreign investment risk, small-cap/mid-cap risk, income volatility risk, credit risk, call risk, interest rate risk, prepayment risk, extension risk, active management risk and index 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 excluding the United States. You cannot invest directly in these indexes.


PERFORMANCE AS OF JUNE 30, 2009

	Total return						Average annual total return

	6 months			1 year			5 years			10 years

CREF Social Choice Account		5.21	%		–14.40	%		0.72	%		1.42	%

CREF Social Choice Composite Benchmark		4.39			–14.74			1.03			1.49

Benchmark components (percentage of composite index)
Russell 3000 Index (47%)		4.20			–26.56			–1.84			–1.46
Barclays Capital U.S. Aggregate Bond Index (40%)		1.90			6.05			5.01			5.98
MSCI EAFE+Canada Index (13%)		9.32			–31.62			2.87			1.67


32	2009 Semiannual Report § College Retirement Equities Fund

$10,000 OVER 10 YEARS

An investment of $10,000 in this account on June 30, 1999, would be worth $11,513 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 during the same period.

CALENDAR YEAR TOTAL RETURN SINCE 1999


*	For the six months ended June 30, 2009


College Retirement Equities Fund § 2009 Semiannual Report	33

CREF SOCIAL CHOICE ACCOUNT

EXPENSE EXAMPLE


Six months ended June 30, 2009

CREF Social Choice Account	Starting account value (1/1/09)		Ending account value (6/30/09)		Expenses paid* (1/1/09– 6/30/09)

Actual return	$	1,000.00	$	1,052.10	$	2.70
5% annual hypothetical return		1,000.00		1,022.14		2.66


*	“Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half-year. The account’s annualized six-month expense ratio for that period was 0.53%.

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


ACCOUNT PROFILE

Inception date		3/1/1990
Net assets		$7.29 billion
Portfolio turnover rate (not annualized)		53%

Equity segment
Number of holdings		1,354
Weighted median market capitalization		$18.7 billion
P/E ratio (weighted 12-month trailing average)		19.1
Dividend yield		2.23%

Fixed-income segment
Number of issues		671
Average quality		Aa1/AA+
Option-adjusted duration		4.20 years
Average coupon		5.01%
Average yield to maturity		5.21%
Average maturity		5.86 years


PORTFOLIO COMPOSITION

		% of net assets

Equities		59.2
Long-term bonds		39.1
Short-term investments		10.0
Other assets & liabilities, net		–8.3

Total		100.0


HOLDINGS BY COMPANY SIZE

Equity segment		% of equity investments

Over $15 billion		57.86
$4 billion–$15 billion		27.71
Under $4 billion		14.43

Total		100.00


34	2009 Semiannual Report § College Retirement Equities Fund

CREF MONEY MARKET ACCOUNT

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2009

The CREF Money Market Account returned 0.11% for the period, compared with the 0.14% return of the iMoneyNet Money Fund Report Averages™—All Taxable, a simple average of over 1,000 taxable money market funds. The iMoneyNet average is not an index, and its return reflects the deduction of expenses charged by the funds included in the average.

The credit market slowly revives

The downturn in the U.S. economy stretched into 2009. Gross domestic product contracted in the first quarter—its third consecutive quarterly decline. Unemployment reached 9.5% in June. Instability in the financial sector restrained the flow of credit during much of the year’s first half.

The Federal Reserve responded by keeping its target federal funds rate—the interest rate commercial U.S. banks charge one another for overnight loans—near 0%. It also continued to guarantee the purchase of certain hard-to-sell securities. At the same time, the federal government required the nation’s largest banks to undergo “stress tests” to assure that they were sufficiently capitalized to weather a prolonged downturn. By mid-year, a number of banks had strengthened their positions, and lending activity increased.

LIBOR falls as conditions improve

As the credit market gradually unlocked, the LIBOR declined, and businesses were paying a smaller premium to borrow cash. (LIBOR, an indication of the interest rates that banks expect to pay to other banks for loans on the London market, is the most widely used benchmark for short-term rates.) For the six-month period, the one-month LIBOR fell from 0.44% to 0.31%; the twelve-month LIBOR dropped from 2.00% to 1.61%.

Strategies help the account weather a challenging environment

Amid continued uncertainty in the money markets, the account produced a return similar to that of the average iMoneyNet fund.

At opportune times during the period, the account purchased fixed-rate government securities with longer maturities to benefit from their higher yields. On June 30, 2009, the account’s weighted average maturity was 72 days, versus 50 days for the average iMoneyNet fund. For more flexibility, the account invested in floating-rate securities issued by U.S. agencies. To minimize risk, it restricted its holdings of corporate debt securities to those with short-term maturities.

On June 30, 2009, foreign securities made up 18.99% of the account’s total portfolio investments.


College Retirement Equities Fund § 2009 Semiannual 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, company risk, income volatility risk and interest rate 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 JUNE 30, 2009*


	Current yield			Effective yield

CREF Money Market Account		0.01	%		0.01	%

iMoneyNet Money Fund Report Averages^TM—All Taxable		0.11			0.11


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 JUNE 30, 2009


	Total return					Average annual total return

		6 months		1 year			5 years		10 years

CREF Money Market Account		0.11	%	1.20	%		3.14	%	3.12	%

iMoneyNet Money Fund Report Averages—All Taxable		0.14		0.91			2.91		2.86

Note: Unlike most money market funds, the CREF Money Market Account does not distribute income on a daily basis. Therefore, the account does not maintain a constant value of $1.00 per accumulation unit. Accumulation unit values will fluctuate.


36	2009 Semiannual Report § College Retirement Equities Fund

$10,000 OVER 10 YEARS

An investment of $10,000 in this account on June 30, 1999, would be worth $13,602 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


*	For the six months ended June 30, 2009


College Retirement Equities Fund § 2009 Semiannual Report	37

CREF MONEY MARKET ACCOUNT

EXPENSE EXAMPLE


Six months ended June 30, 2009

CREF Money Market Account	Starting account value (1/1/09)		Ending account value (6/30/09)		Expenses paid* (1/1/09– 6/30/09)

Actual return	$	1,000.00	$	1,001.10	$	2.23
5% annual hypothetical return		1,000.00		1,022.54		2.26


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

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


ACCOUNT PROFILE

Inception date		4/1/1988
Net assets		$14.80 billion


PORTFOLIO COMPOSITION

		% of net assets

Commercial paper		40.2
U.S. government & agency securities		37.4
Certificates of deposit		13.1
Floating-rate securities, U.S. agency		6.7
Banker’s acceptances		2.1
Floating-rate securities, corporate		0.5

Total		100.0


38	2009 Semiannual Report § College Retirement Equities Fund

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

CREF STOCK ACCOUNT § JUNE 30, 2009


	Principal		Issuer		Value (000)			% of net assets

BONDS

CORPORATE BONDS
BUSINESS SERVICES					$	—	^		0.00	%**

HOTELS AND OTHER LODGING PLACES						46			0.00	**

METAL MINING						—	^		0.00	**

			TOTAL CORPORATE BONDS	(Cost $37)		46			0.00	**


GOVERNMENT BONDS
U.S. TREASURY SECURITIES						347			0.00	**

			TOTAL GOVERNMENT BONDS	(Cost $323)		347			0.00	**

			TOTAL BONDS	(Cost $360)		393			0.00	**


	Shares		Company

COMMON STOCKS
ADMINISTRATION OF ECONOMIC PROGRAMS						10,932			0.01

AGRICULTURAL PRODUCTION-CROPS						3,304			0.00	**

AGRICULTURAL PRODUCTION-LIVESTOCK						4,027			0.01

AGRICULTURAL SERVICES						3,861			0.00	**

AMUSEMENT AND RECREATION SERVICES						460,756			0.57

APPAREL AND ACCESSORY STORES						422,729			0.52

APPAREL AND OTHER TEXTILE PRODUCTS						254,304			0.32

AUTO REPAIR, SERVICES AND PARKING						88,439			0.11

AUTOMOTIVE DEALERS AND SERVICE STATIONS						119,526			0.15

BUILDING MATERIALS AND GARDEN SUPPLIES						451,523			0.56


BUSINESS SERVICES
	1,421,049	*	Google, Inc (Class A)			599,101			0.74
	431,900	a	Information Development Co			2,555			0.00	**
	15,915	a	Intelligent Wave, Inc			2,808			0.00	**
	47,147,001		Microsoft Corp			1,120,685			1.39
	22,335,143		Oracle Corp			478,420			0.60
			Other			3,026,154			3.76

						5,229,723			6.49


CHEMICALS AND ALLIED PRODUCTS
	7,913,578		Abbott Laboratories			372,254			0.46
	7,730,878	*	Amgen, Inc			409,272			0.51
	6,781,421	*	Gilead Sciences, Inc			317,641			0.40
	17,309,982		Johnson & Johnson			983,206			1.22
	8,973,052	e	Merck & Co, Inc			250,887			0.31
	4,172,082		Monsanto Co			310,152			0.39
	38,855,196		Pfizer, Inc			582,827			0.72
	14,699,202		Procter & Gamble Co			751,128			0.93


See notes to financial statements	College Retirement Equities Fund § 2009 Semiannual Report	39


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF STOCK ACCOUNT § JUNE 30, 2009


	Shares		Company		Value (000)	% of net assets

CHEMICALS AND ALLIED PRODUCTS—continued
	7,108,890		Wyeth	$	322,672		0.40	%
			Other		4,976,551		6.17

					9,276,590		11.51

COAL MINING					202,555		0.25

COMMUNICATIONS
	34,668,886		AT&T, Inc		861,176		1.07
	18,773,722		Comcast Corp (Class A)		272,032		0.34
	15,495,670		Verizon Communications, Inc		476,183		0.59
			Other		2,423,623		3.00

					4,033,014		5.00


DEPOSITORY INSTITUTIONS
	23,783,724		Banco Santander Central Hispano S.A.		285,603		0.35
	49,896,360		Bank of America Corp		658,631		0.82
	23,363,985		JPMorgan Chase & Co		796,945		0.99
	29,075,535		Wells Fargo & Co		705,371		0.87
			Other		4,634,055		5.75

					7,080,605		8.78


EATING AND DRINKING PLACES
	6,045,670		McDonald’s Corp		347,565		0.43
			Other		458,988		0.57

					806,553		1.00

EDUCATIONAL SERVICES					174,503		0.22

ELECTRIC, GAS, AND SANITARY SERVICES					3,797,999		4.71

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	5,286,736	*	Apple Computer, Inc		752,989		0.93
	35,503,591	*	Cisco Systems, Inc		661,786		0.82
	59,559,480		General Electric Co		698,036		0.87
	37,621,283		Intel Corp		622,632		0.77
	9,875,039		Qualcomm, Inc		446,352		0.55
			Other		2,737,942		3.40

					5,919,737		7.34


ENGINEERING AND MANAGEMENT SERVICES
	11,960	a,e	Digital Garage, Inc		10,391		0.01
			Other		739,712		0.92

					750,103		0.93

ENVIRONMENTAL QUALITY AND HOUSING					265		0.00	**

EXECUTIVE, LEGISLATIVE AND GENERAL					680		0.00	**

FABRICATED METAL PRODUCTS					387,325		0.48

FISHING, HUNTING, AND TRAPPING					923		0.00	**


40	2009 Semiannual Report § College Retirement Equities Fund	See notes to financial statements


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)		continued

CREF STOCK ACCOUNT § JUNE 30, 2009


	Shares			Company		Value (000)	% of net assets

FOOD AND KINDRED PRODUCTS
	12,305,901			Coca-Cola Co	$	590,560		0.73	%
	7,405,425			Nestle S.A.		278,892		0.35
	8,867,335			PepsiCo, Inc		487,349		0.60
				Other		1,796,493		2.23

						3,153,294		3.91

FOOD STORES						536,250		0.67

FORESTRY						51,123		0.06

FURNITURE AND FIXTURES						63,305		0.08

FURNITURE AND HOME FURNISHINGS STORES						228,474		0.28

GENERAL BUILDING CONTRACTORS						424,985		0.53

GENERAL MERCHANDISE STORES
	13,815,877			Wal-Mart Stores, Inc		669,240		0.83
				Other		616,683		0.76

						1,285,923		1.59

HEALTH SERVICES						807,736		1.00

HEAVY CONSTRUCTION, EXCEPT BUILDING						137,452		0.17

HOLDING AND OTHER INVESTMENT OFFICES
	1,598,400	*,a,m		First NIS Regional Fund SICAV		16		0.00	**
	2,673,802			SPDR Trust Series 1		245,775		0.31
				Other		1,429,170		1.77

						1,674,961		2.08

HOTELS AND OTHER LODGING PLACES						164,351		0.20

INDUSTRIAL MACHINERY AND EQUIPMENT
	16,337,506			Hewlett-Packard Co		631,445		0.79
	7,358,459			International Business Machines Corp		768,369		0.95
				Other		2,387,883		2.96

						3,787,697		4.70

INSTRUMENTS AND RELATED PRODUCTS
	21,967,242		*,a	MPM Bioventures II		8,964		0.01
	4,216,676		*,a	Skyline Venture Fund II Ltd		997		0.00	**
				Other		2,185,167		2.71

						2,195,128		2.72

INSURANCE AGENTS, BROKERS AND SERVICE						217,138		0.27

INSURANCE CARRIERS						2,830,244		3.51

JUSTICE, PUBLIC ORDER AND SAFETY						21,127		0.03

LEATHER AND LEATHER PRODUCTS						139,470		0.17

LEGAL SERVICES						25,754		0.03

LOCAL AND INTERURBAN PASSENGER TRANSIT						14,236		0.02


See notes to financial statements	College Retirement Equities Fund § 2009 Semiannual Report	41


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF STOCK ACCOUNT § JUNE 30, 2009


	Shares	Company	Value (000)		% of net assets

LUMBER AND WOOD PRODUCTS			$	18,312		0.02	%

METAL MINING				1,468,712		1.82

MISCELLANEOUS MANUFACTURING INDUSTRIES				164,692		0.20

MISCELLANEOUS REPAIR SERVICES				172		0.00	**

MISCELLANEOUS RETAIL
	10,116,433	CVS Corp		322,410		0.40
		Other		722,096		0.90

				1,044,506		1.30

MOTION PICTURES				423,157		0.53

NONDEPOSITORY INSTITUTIONS				746,806		0.93

NONMETALLIC MINERALS, EXCEPT FUELS				52,400		0.07

OIL AND GAS EXTRACTION
	8,289,997	Occidental Petroleum Corp		545,564		0.68
	6,200,285	Schlumberger Ltd		335,497		0.42
		Other		3,101,154		3.84

				3,982,215		4.94

PAPER AND ALLIED PRODUCTS				348,824		0.43

PERSONAL SERVICES				95,237		0.12

PETROLEUM AND COAL PRODUCTS
	41,222,630	BP plc		324,041		0.40
	10,772,473	Chevron Corp		713,677		0.89
	6,772,524	ConocoPhillips		284,852		0.35
	24,025,160	Exxon Mobil Corp		1,679,600		2.08
		Other		1,222,283		1.52

				4,224,453		5.24

PIPELINES, EXCEPT NATURAL GAS				80,192		0.10

PRIMARY METAL INDUSTRIES				792,721		0.98

PRINTING AND PUBLISHING				319,454		0.40

RAILROAD TRANSPORTATION				620,318		0.77

REAL ESTATE				483,303		0.60

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS				324,305		0.40

SECURITY AND COMMODITY BROKERS
	3,680,500	Goldman Sachs Group, Inc		542,654		0.67
		Other		1,375,805		1.71

				1,918,459		2.38

SOCIAL SERVICES				5,788		0.01

SPECIAL TRADE CONTRACTORS				61,490		0.08

STONE, CLAY, AND GLASS PRODUCTS				444,093		0.55

TEXTILE MILL PRODUCTS				35,065		0.04


42	2009 Semiannual Report § College Retirement Equities Fund	See notes to financial statements


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF STOCK ACCOUNT § JUNE 30, 2009


	Shares		Company		Value (000)			% of net assets

TOBACCO PRODUCTS
	11,149,493		Philip Morris International, Inc		$	486,341			0.60	%
			Other			487,545			0.61

						973,886			1.21

TRANSPORTATION BY AIR						256,313			0.32

TRANSPORTATION EQUIPMENT
	2,850,468	a,e	American Axle & Manufacturing Holdings, Inc			9,806			0.01
			Other			2,204,965			2.74

						2,214,771			2.75

TRANSPORTATION SERVICES						151,586			0.19

TRUCKING AND WAREHOUSING						349,644			0.43

WATER TRANSPORTATION						204,660			0.25

WHOLESALE TRADE-DURABLE GOODS						760,973			0.94

WHOLESALE TRADE-NONDURABLE GOODS						707,032			0.88

			TOTAL COMMON STOCKS	(Cost $92,570,105)		80,512,163			99.86


PREFERRED STOCKS
FOOD AND KINDRED PRODUCTS						11,022			0.02

HOLDING AND OTHER INVESTMENT OFFICES						3,347			0.00	**

SECURITY AND COMMODITY BROKERS						2,454			0.00	**

TRANSPORTATION BY AIR						—	^		0.00	**

			TOTAL PREFERRED STOCKS	(Cost $24,328)		16,823			0.02


RIGHTS / WARRANTS
BUSINESS SERVICES						36			0.00	**

CHEMICALS AND ALLIED PRODUCTS						—	^		0.00	**

COMMUNICATIONS						69			0.00	**

DEPOSITORY INSTITUTIONS						14			0.00	**

EATING AND DRINKING PLACES						5			0.00	**

ELECTRIC, GAS, AND SANITARY SERVICES						199			0.00	**

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT						352			0.00	**

FABRICATED METAL PRODUCTS						1			0.00	**

FOOD AND KINDRED PRODUCTS						172			0.00	**

FURNITURE AND FIXTURES						56			0.00	**

HOLDING AND OTHER INVESTMENT OFFICES						83			0.00	**

HOTELS AND OTHER LODGING PLACES						44			0.00	**

INDUSTRIAL MACHINERY AND EQUIPMENT						64			0.00	**

METAL MINING						31,971			0.04

MISCELLANEOUS MANUFACTURING INDUSTRIES						257			0.00	**

NONDEPOSITORY INSTITUTIONS						256			0.00	**


See notes to financial statements	College Retirement Equities Fund § 2009 Semiannual Report	43


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)		concluded

CREF STOCK ACCOUNT § JUNE 30, 2009


	Shares	Company		Value (000)			% of net assets

PRIMARY METAL INDUSTRIES				$	4			0.00	%**

REAL ESTATE					280			0.00	**

WATER TRANSPORTATION					137			0.00	**

WHOLESALE TRADE-NONDURABLE GOODS					459			0.00	**

		TOTAL RIGHTS / WARRANTS	(Cost $42,691)		34,459			0.04


	Principal	Issuer

SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES			(Cost $259,316)		259,334			0.32

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
REPURCHASE AGREEMENTS
$	440,000,000	Barclays Capital			440,000			0.55
	587,000,000	Bank of America Corp			587,000			0.73
	650,000,000	BNP Paribas, Inc			650,000			0.81
	600,000,000	Deutsche Bank			600,000			0.74
	500,000,000	HSBC Corp			500,000			0.62
	400,000,000	ING Corp			400,000			0.50
	435,000,000	Merrill Lynch & Co			435,000			0.54
	548,000,000	Salomon Brothers			548,000			0.68
	350,000,000	Salomon Brothers			350,000			0.43
		Other			576,278			0.71

					5,086,278			6.31

VARIABLE RATE SECURITY					2,986,670			3.71

	TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED		(Cost $8,166,875)		8,072,948			10.02

	TOTAL SHORT-TERM INVESTMENTS		(Cost $8,426,191)		8,332,282			10.34


	TOTAL PORTFOLIO		(Cost $101,063,675)		88,896,120			110.26
	OTHER ASSETS & LIABILITIES, NET				(8,270,828	)		(10.26	)

	NET ASSETS			$	80,625,292			100.00	%



The following abbreviations are used in portfolio descriptions:
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
a	Affiliated holding
e	All or a portion of these securities are out on loan
m	Indicates a security has been deemed illiquid


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 Account uses more specific industry categories in following its investment limitations on industry concentration.


44	2009 Semiannual Report § College Retirement Equities Fund	See notes to financial statements

SUMMARY OF MARKET VALUES BY COUNTRY (UNAUDITED)

CREF STOCK ACCOUNT § JUNE 30, 2009


Country	Value		% of total portfolio

DOMESTIC
UNITED STATES	$	65,085,170,247		73.21	%

TOTAL DOMESTIC		65,085,170,247		73.21


FOREIGN
ARGENTINA		6,181,391		0.01
AUSTRALIA		1,115,413,433		1.26
AUSTRIA		87,496,449		0.10
BELGIUM		239,685,703		0.27
BERMUDA		45,175,420		0.05
BRAZIL		589,403,855		0.66
CAMBODIA		1,051,757		0.00
CANADA		1,797,617,671		2.02
CAYMAN ISLANDS		1,308,988		0.00
CHILE		49,147,126		0.06
CHINA		738,516,954		0.83
COLOMBIA		19,730,709		0.02
CYPRUS		5,309,869		0.01
CZECH REPUBLIC		20,243,597		0.02
DENMARK		104,335,638		0.12
EGYPT		18,343,352		0.02
FINLAND		297,600,077		0.33
FRANCE		1,552,033,193		1.75
GERMANY		1,600,571,513		1.80
GIBRALTAR		632,657		0.00
GREECE		72,298,341		0.08
GUERNSEY, C.I.		17,977,075		0.02
HONG KONG		372,026,469		0.42
HUNGARY		15,888,718		0.02
INDIA		249,358,149		0.28
INDONESIA		57,026,969		0.06
IRELAND		71,957,210		0.08
ISRAEL		295,795,802		0.33


Country	Value		% of total portfolio

ITALY	$	425,578,179		0.48	%
JAPAN		4,107,563,128		4.62
JERSEY, C.I.		5,703,592		0.01
KAZAKHSTAN		6,004,648		0.01
KOREA, REPUBLIC OF		418,807,349		0.47
LIECHTENSTEIN		1,309,278		0.00
LUXEMBOURG		28,979,406		0.03
MALAYSIA		122,309,152		0.14
MEXICO		140,952,316		0.16
MOROCCO		11,822,736		0.01
NETHERLANDS		647,182,027		0.73
NEW ZEALAND		31,197,165		0.04
NORWAY		82,276,197		0.09
PANAMA		15,556,621		0.02
PERU		10,551,257		0.01
PHILIPPINES		25,997,291		0.03
POLAND		35,449,855		0.04
PORTUGAL		32,452,519		0.04
PUERTO RICO		2,247,113		0.00
RUSSIA		194,545,161		0.22
SINGAPORE		257,837,008		0.29
SOUTH AFRICA		251,123,260		0.28
SPAIN		630,798,433		0.71
SWEDEN		338,509,836		0.38
SWITZERLAND		2,022,865,225		2.28
TAIWAN		438,188,535		0.49
THAILAND		53,948,941		0.06
TURKEY		43,668,624		0.05
UNITED KINGDOM		3,985,396,659		4.48

TOTAL FOREIGN		23,810,949,596		26.79


TOTAL PORTFOLIO	$	88,896,119,843		100.00	%


See notes to financial statements	College Retirement Equities Fund § 2009 Semiannual Report	45

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

CREF GLOBAL EQUITIES ACCOUNT § JUNE 30, 2009


	Shares		Company	Value (000)		% of net assets

COMMON STOCKS
ADMINISTRATION OF ECONOMIC PROGRAMS				$	481		0.00	%**

AMUSEMENT AND RECREATION SERVICES					41,855		0.40

APPAREL AND ACCESSORY STORES					51,941		0.49

APPAREL AND OTHER TEXTILE PRODUCTS					18,178		0.17

AUTO REPAIR, SERVICES AND PARKING					14,234		0.14

AUTOMOTIVE DEALERS AND SERVICE STATIONS					7,768		0.07

BUILDING MATERIALS AND GARDEN SUPPLIES					38,708		0.37


BUSINESS SERVICES
	3,343,723	*	Autonomy Corp plc		79,051		0.75
	132,571	*	Google, Inc (Class A)		55,891		0.53
	4,040,510		Microsoft Corp		96,043		0.91
	2,126,906		Oracle Corp		45,558		0.44
			Other		305,637		2.91

					582,180		5.54


CHEMICALS AND ALLIED PRODUCTS
	914,939	*	Amgen, Inc		48,437		0.46
	1,662,656		Johnson & Johnson		94,439		0.90
	817,506		Monsanto Co		60,773		0.58
	1,861,733		Novartis AG.		75,460		0.72
	988,905		Procter & Gamble Co		50,533		0.48
	409,811		Roche Holding AG.		55,708		0.53
	1,799,208		Teva Pharmaceutical Industries Ltd (ADR)		88,773		0.85
			Other		714,546		6.80

					1,188,669		11.32

COAL MINING					23,554		0.22

COMMUNICATIONS
	3,049,763		AT&T, Inc		75,755		0.72
			Other		464,876		4.43

					540,631		5.15


DEPOSITORY INSTITUTIONS
	6,677,618		Banco Santander Central Hispano S.A.		80,188		0.76
	4,548,211		Bank of America Corp		60,036		0.57
	9,743,238		HSBC Holdings plc		80,550		0.77
	2,084,029		JPMorgan Chase & Co		71,087		0.68
	2,612,304		Wells Fargo & Co		63,375		0.60
			Other		747,213		7.11

					1,102,449		10.49


46	2009 Semiannual Report § College Retirement Equities Fund	See notes to financial statements


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF GLOBAL EQUITIES ACCOUNT § JUNE 30, 2009


	Shares		Company	Value (000)		% of net assets

EATING AND DRINKING PLACES
	12,412,489		Compass Group plc	$	69,788		0.67	%
			Other		58,048		0.55

					127,836		1.22

EDUCATIONAL SERVICES					14,832		0.14


ELECTRIC, GAS, AND SANITARY SERVICES
	1,583,704	e	E.ON AG.		56,030		0.53
			Other		393,355		3.75

					449,385		4.28

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	445,447	*	Apple Computer, Inc		63,444		0.60
	3,414,958	*	Cisco Systems, Inc		63,654		0.61
	3,932,437		General Electric Co		46,088		0.44
	4,055,368		Intel Corp		67,115		0.64
	989,005		Qualcomm, Inc		44,703		0.42
			Other		322,495		3.07

					607,499		5.78

ENGINEERING AND MANAGEMENT SERVICES					59,476		0.57

FABRICATED METAL PRODUCTS					32,693		0.31


FOOD AND KINDRED PRODUCTS
	936,031		Coca-Cola Co		44,920		0.43
	2,463,949		Nestle S.A.		92,794		0.88
			Other		258,927		2.47

					396,641		3.78

FOOD STORES					97,706		0.93

FORESTRY					4,369		0.04

FURNITURE AND FIXTURES					3,267		0.03

FURNITURE AND HOME FURNISHINGS STORES					24,366		0.23

GENERAL BUILDING CONTRACTORS					71,328		0.68

GENERAL MERCHANDISE STORES
	1,323,688		Wal-Mart Stores, Inc		64,120		0.61
			Other		78,593		0.75

					142,713		1.36

HEALTH SERVICES					72,357		0.69

HEAVY CONSTRUCTION, EXCEPT BUILDING					23,243		0.22


See notes to financial statements	College Retirement Equities Fund § 2009 Semiannual Report	47


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF GLOBAL EQUITIES ACCOUNT § JUNE 30, 2009


	Shares		Company	Value (000)		% of net assets

HOLDING AND OTHER INVESTMENT OFFICES
	2,094,941	e	iShares MSCI EAFE Index Fund	$	95,969		0.92	%
	1,553,997		SPDR Trust Series 1		142,842		1.36
			Other		183,025		1.74

					421,836		4.02

HOTELS AND OTHER LODGING PLACES					48,774		0.46

INDUSTRIAL MACHINERY AND EQUIPMENT
	2,254,056		Hewlett-Packard Co		87,118		0.83
	706,758		International Business Machines Corp		73,800		0.70
			Other		240,835		2.29

					401,753		3.82

INSTRUMENTS AND RELATED PRODUCTS					171,961		1.64

INSURANCE AGENTS, BROKERS AND SERVICE					38,869		0.37


INSURANCE CARRIERS
	1,457,269		Aflac, Inc		45,305		0.43
			Other		386,232		3.68

					431,537		4.11

LEATHER AND LEATHER PRODUCTS					18,552		0.18

LEGAL SERVICES					1,029		0.01

LOCAL AND INTERURBAN PASSENGER TRANSIT					1,207		0.01

LUMBER AND WOOD PRODUCTS					947		0.01

METAL MINING
	2,110,203		Anglo American plc		61,224		0.58
	1,977,822		BHP Billiton Ltd		55,334		0.53
			Other		188,287		1.79

					304,845		2.90

MISCELLANEOUS MANUFACTURING INDUSTRIES					18,713		0.18

MISCELLANEOUS RETAIL					113,096		1.08

MOTION PICTURES					37,778		0.36

NONDEPOSITORY INSTITUTIONS
	890,495	e	Siemens AG.		61,413		0.58
			Other		109,150		1.04

					170,563		1.62

NONMETALLIC MINERALS, EXCEPT FUELS					5,784		0.06

OIL AND GAS EXTRACTION
	3,033,959		BG Group plc		50,814		0.48
	950,662		Occidental Petroleum Corp		62,564		0.60
			Other		358,557		3.41

					471,935		4.49


48	2009 Semiannual Report § College Retirement Equities Fund	See notes to financial statements


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF GLOBAL EQUITIES ACCOUNT § JUNE 30, 2009


	Shares		Company	Value (000)		% of net assets

PAPER AND ALLIED PRODUCTS				$	27,495		0.26	%

PERSONAL SERVICES					6,863		0.07

PETROLEUM AND COAL PRODUCTS
	11,680,127		BP plc		91,814		0.87
	1,187,767		Chevron Corp		78,689		0.75
	1,934,958		Exxon Mobil Corp		135,272		1.29
	1,215,032	e	Total S.A.		65,589		0.62
			Other		191,833		1.83

					563,197		5.36

PIPELINES, EXCEPT NATURAL GAS					12,276		0.12

PRIMARY METAL INDUSTRIES					91,298		0.87

PRINTING AND PUBLISHING					55,106		0.52

RAILROAD TRANSPORTATION					63,976		0.61

REAL ESTATE					95,844		0.91

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS					51,877		0.49

SECURITY AND COMMODITY BROKERS
	378,170		Goldman Sachs Group, Inc		55,756		0.53
			Other		155,768		1.48

					211,524		2.01

SPECIAL TRADE CONTRACTORS					709		0.01

STONE, CLAY, AND GLASS PRODUCTS					76,060		0.72

TEXTILE MILL PRODUCTS					3,278		0.03

TOBACCO PRODUCTS
	1,101,420		Philip Morris International, Inc		48,043		0.46
			Other		82,207		0.78

					130,250		1.24

TRANSPORTATION BY AIR					18,455		0.18

TRANSPORTATION EQUIPMENT
	2,110,688	e	DaimlerChrysler AG. (EUR)		76,335		0.73
	1,469,625		Toyota Motor Corp		55,988		0.53
			Other		223,450		2.13

					355,773		3.39

TRANSPORTATION SERVICES					9,218		0.09

TRUCKING AND WAREHOUSING					62,593		0.60

WATER TRANSPORTATION					36,113		0.34

WHOLESALE TRADE-DURABLE GOODS					98,546		0.94


See notes to financial statements	College Retirement Equities Fund § 2009 Semiannual Report	49


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF GLOBAL EQUITIES ACCOUNT § JUNE 30, 2009


	Shares	Company		Value (000)			% of net assets

WHOLESALE TRADE-NONDURABLE GOODS				$	92,419			0.88	%

		TOTAL COMMON STOCKS	(Cost $12,239,729)		10,460,408			99.58


RIGHTS / WARRANTS

DEPOSITORY INSTITUTIONS					11			0.00	**

EATING AND DRINKING PLACES					—	^		0.00	**

ELECTRIC, GAS, AND SANITARY SERVICES					81			0.00	**

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					271			0.00	**

FOOD AND KINDRED PRODUCTS					12			0.00	**

HOLDING AND OTHER INVESTMENT OFFICES					4			0.00	**

INDUSTRIAL MACHINERY AND EQUIPMENT					35			0.00	**

METAL MINING					8,586			0.08

NONDEPOSITORY INSTITUTIONS					165			0.00	**

PRIMARY METAL INDUSTRIES					—	^		0.00	**

REAL ESTATE					99			0.00	**

WATER TRANSPORTATION					70			0.00	**

WHOLESALE TRADE-NONDURABLE GOODS					33			0.00	**

		TOTAL RIGHTS / WARRANTS	(Cost $12,179)		9,367			0.08


	Principal	Issuer

SHORT-TERM INVESTMENTS

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES			(Cost $42,994)	42,995	0.41

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED

REPURCHASE AGREEMENTS
$	220,000,000	BNP Paribas, Inc		220,000	2.09
	260,000,000	BNP Paribas, Inc		260,000	2.48
	155,000,000	Deutsche Bank		155,000	1.48
	115,000,000	Deutsche Bank		115,000	1.09
	65,000,000	Merrill Lynch & Co, Inc		65,000	0.62
		Other		14,486	0.14

				829,486	7.90

VARIABLE RATE SECURITY				548,555	5.22

TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED			(Cost $1,394,869)	1,378,041	13.12


50	2009 Semiannual Report § College Retirement Equities Fund	See notes to financial statements


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	concluded

CREF GLOBAL EQUITIES ACCOUNT § JUNE 30, 2009

Value
(000)

% of net
assets

TOTAL SHORT-TERM INVESTMENTS

(Cost $1,437,863)

1,421,036

13.53

TOTAL PORTFOLIO

(Cost $13,689,771)

11,890,811

113.19

OTHER ASSETS & LIABILITIES, NET

(1,386,016

)

(13.19

)

NET ASSETS

10,504,795

100.00



The following abbreviations are used in portfolio descriptions:
ADR	American Depositary Receipt
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
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 Account uses more specific industry categories in following its investment limitations on industry concentration.


See notes to financial statements	College Retirement Equities Fund § 2009 Semiannual Report	51

SUMMARY OF MARKET VALUES BY COUNTRY (UNAUDITED)

CREF GLOBAL EQUITIES ACCOUNT § JUNE 30, 2009


			% of
			total
Country	Value		portfolio

DOMESTIC
UNITED STATES	$	6,460,242,683		54.33	%

TOTAL DOMESTIC		6,460,242,683		54.33


FOREIGN
ARGENTINA		3,702,252		0.03
AUSTRALIA		308,676,305		2.60
AUSTRIA		15,380,731		0.13
BELGIUM		59,229,211		0.50
BRAZIL		56,402,458		0.47
CAMBODIA		1,415,649		0.01
CANADA		415,822,709		3.50
CHINA		74,632,967		0.63
CYPRUS		572,958		0.00
CZECH REPUBLIC		1,824,668		0.02
DENMARK		20,604,068		0.17
FINLAND		42,549,550		0.36
FRANCE		405,788,522		3.41
GERMANY		467,762,268		3.93
GREECE		12,253,667		0.10
HONG KONG		101,699,835		0.86
INDIA		21,990,176		0.18
INDONESIA		9,170,015		0.08
IRELAND		29,093,369		0.24
ISRAEL		88,772,922		0.75
ITALY		99,907,429		0.84
JAPAN		921,130,594		7.75

				% of
				total
Country		Value		portfolio

JERSEY, C.I.	$	944,091		0.01	%
KAZAKHSTAN		849,270		0.01
KOREA, REPUBLIC OF		31,870,446		0.27
LUXEMBOURG		8,736,061		0.07
MALAYSIA		13,463,156		0.11
MEXICO		1,486,984		0.01
NETHERLANDS		191,191,609		1.61
NEW ZEALAND		877,170		0.01
NORWAY		19,469,874		0.16
PERU		1,787,555		0.01
PHILIPPINES		17,098,765		0.14
PORTUGAL		6,161,112		0.05
RUSSIA		9		0.00
SINGAPORE		61,262,660		0.52
SOUTH AFRICA		5,449,274		0.05
SPAIN		172,244,349		1.45
SWEDEN		53,811,452		0.45
SWITZERLAND		477,827,135		4.02
TAIWAN		48,506,143		0.41
THAILAND		22,658,228		0.19
UNITED ARAB EMIRATES		1,502,171		0.01
UNITED KINGDOM		1,134,988,866		9.55

TOTAL FOREIGN		5,430,568,703		45.67


TOTAL PORTFOLIO	$	11,890,811,386		100.00	%


52	2009 Semiannual Report § College Retirement Equities Fund	See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

CREF GROWTH ACCOUNT § JUNE 30, 2009


	Shares		Company		Value (000)	% of net assets

COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES				$	48,022	0.50	%

APPAREL AND ACCESSORY STORES					84,121	0.88

APPAREL AND OTHER TEXTILE PRODUCTS					40,308	0.42

AUTO REPAIR, SERVICES AND PARKING					1,555	0.02

AUTOMOTIVE DEALERS AND SERVICE STATIONS					24,140	0.25

BUILDING MATERIALS AND GARDEN SUPPLIES
	2,860,996		Lowe’s Cos, Inc		55,532	0.58
			Other		7,238	0.08

					62,770	0.66

BUSINESS SERVICES
	547,513	*	Google, Inc (Class A)		230,827	2.42
	1,693,769	*	Intuit, Inc		47,697	0.50
	16,629,237		Microsoft Corp		395,278	4.14
	1,863,523		Omnicom Group, Inc		58,850	0.62
	6,151,499		Oracle Corp		131,765	1.38
	3,618,167	*	Symantec Corp		56,299	0.59
	1,234,878		Visa, Inc (Class A)		76,884	0.81
	3,163,093	*	Yahoo!, Inc		49,534	0.52
			Other		371,257	3.89

					1,418,391	14.87

CHEMICALS AND ALLIED PRODUCTS
	2,212,754		Abbott Laboratories		104,088	1.09
	1,736,082	*	Amgen, Inc		91,908	0.96
	1,053,565	*	Celgene Corp		50,403	0.53
	1,655,239		Colgate-Palmolive Co		117,092	1.23
	2,974,227	*	Gilead Sciences, Inc		139,313	1.46
	2,798,670		Johnson & Johnson		158,965	1.67
	1,070,552		Monsanto Co		79,585	0.83
	2,197,979		Procter & Gamble Co		112,317	1.18
	2,229,576		Schering-Plough Corp		56,007	0.59
	1,781,618		Teva Pharmaceutical Industries Ltd (ADR)		87,905	0.92
			Other		427,225	4.47

					1,424,808	14.93

COAL MINING					29,156	0.31

COMMUNICATIONS					120,321	1.26

DEPOSITORY INSTITUTIONS
	4,096,936		Western Union Co		67,190	0.70
			Other		98,929	1.04

					166,119	1.74

EATING AND DRINKING PLACES
	2,144,825		McDonald’s Corp		123,306	1.29
			Other		91,629	0.96

					214,935	2.25


See notes to financial statements	College Retirement Equities Fund § 2009 Semiannual Report	53


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF GROWTH ACCOUNT § JUNE 30, 2009


	Shares		Company		Value (000)	% of net assets

EDUCATIONAL SERVICES
	980,351	*	Apollo Group, Inc (Class A)	$	69,723	0.73	%
			Other		17,714	0.19

					87,437	0.92

ELECTRIC, GAS, AND SANITARY SERVICES					97,633	1.02

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	1,866,857	*	Apple Computer, Inc		265,895	2.79
	10,966,272	*	Cisco Systems, Inc		204,410	2.14
	300,587	*	First Solar, Inc		48,731	0.51
	9,587,233		Intel Corp		158,669	1.66
	3,896,349		Qualcomm, Inc		176,114	1.85
	637,505	*	Research In Motion Ltd		45,295	0.47
			Other		206,747	2.17

					1,105,861	11.59

ENGINEERING AND MANAGEMENT SERVICES					130,810	1.37

FABRICATED METAL PRODUCTS					26,934	0.28

FOOD AND KINDRED PRODUCTS
	2,224,237		Coca-Cola Co		106,741	1.12
	3,275,341		PepsiCo, Inc		180,013	1.88
			Other		95,281	1.00

					382,035	4.00

FOOD STORES					26,938	0.28

FORESTRY					1,331	0.01

FURNITURE AND FIXTURES					4,228	0.05

FURNITURE AND HOME FURNISHINGS STORES					69,968	0.73

GENERAL BUILDING CONTRACTORS					8,003	0.08

GENERAL MERCHANDISE STORES
	1,776,714		TJX Companies, Inc		55,895	0.59
	3,254,380		Wal-Mart Stores, Inc		157,643	1.65
			Other		68,004	0.71

					281,542	2.95

HEALTH SERVICES
	872,470	*	Express Scripts, Inc		59,983	0.63
			Other		100,278	1.05

					160,261	1.68

HOLDING AND OTHER INVESTMENT OFFICES
	2,270,750		iShares Russell 1000 Growth Index Fund		93,170	0.98
			Other		33,822	0.35

					126,992	1.33

HOTELS AND OTHER LODGING PLACES					12,983	0.14


54	2009 Semiannual Report § College Retirement Equities Fund	See notes to financial statements


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF GROWTH ACCOUNT § JUNE 30, 2009


					Value	% of net
	Shares		Company		(000)	assets

INDUSTRIAL MACHINERY AND EQUIPMENT
	3,411,890		Hewlett-Packard Co	$	131,870	1.38	%
	2,045,168		International Business Machines Corp		213,556	2.24
			Other		271,979	2.85

					617,405	6.47

INSTRUMENTS AND RELATED PRODUCTS
	1,106,742		Baxter International, Inc		58,613	0.62
			Other		377,587	3.95

					436,200	4.57

INSURANCE AGENTS, BROKERS AND SERVICE					4,587	0.05

INSURANCE CARRIERS					145,354	1.53

JUSTICE, PUBLIC ORDER AND SAFETY					255	0.00	**

LEATHER AND LEATHER PRODUCTS
	2,788,986		Coach, Inc		74,968	0.79

					74,968	0.79

LEGAL SERVICES					2,666	0.03

METAL MINING					73,719	0.77

MISCELLANEOUS MANUFACTURING INDUSTRIES					20,399	0.22

MISCELLANEOUS RETAIL
	1,160,537	*	Amazon.com, Inc		97,091	1.02
	2,506,671		CVS Corp		79,888	0.84
			Other		64,472	0.67

					241,451	2.53

MOTION PICTURES					24,039	0.25

NONDEPOSITORY INSTITUTIONS					26,883	0.28

NONMETALLIC MINERALS, EXCEPT FUELS					983	0.01

OIL AND GAS EXTRACTION
	1,105,263		Occidental Petroleum Corp		72,737	0.76
	1,815,237		Schlumberger Ltd		98,223	1.03
			Other		216,032	2.27

					386,992	4.06

PAPER AND ALLIED PRODUCTS					39,846	0.42

PERSONAL SERVICES					6,677	0.07

PETROLEUM AND COAL PRODUCTS
	1,297,492	c	Exxon Mobil Corp		90,707	0.95
			Other		14,009	0.15

					104,716	1.10

PRIMARY METAL INDUSTRIES					58,806	0.62

PRINTING AND PUBLISHING					34,546	0.36


See notes to financial statements	College Retirement Equities Fund § 2009 Semiannual Report	55


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF GROWTH ACCOUNT § JUNE 30, 2009


					Value	% of net
	Shares	Company			(000)	assets

RAILROAD TRANSPORTATION				$	55,467	0.58	%

REAL ESTATE					4,675	0.05

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS					3,269	0.03

SECURITY AND COMMODITY BROKERS
	577,188	Goldman Sachs Group, Inc			85,100	0.89
		Other			104,953	1.10

					190,053	1.99

STONE, CLAY, AND GLASS PRODUCTS					61,215	0.64

TOBACCO PRODUCTS
	3,322,728	Altria Group, Inc			54,460	0.57
	2,682,096	Philip Morris International, Inc			116,993	1.23
		Other			15,605	0.16

					187,058	1.96

TRANSPORTATION BY AIR					9,883	0.10

TRANSPORTATION EQUIPMENT
	572,476	Lockheed Martin Corp			46,170	0.48
	1,267,503	United Technologies Corp			65,859	0.69
		Other			114,012	1.20

					226,041	2.37

TRANSPORTATION SERVICES					34,033	0.36

TRUCKING AND WAREHOUSING					40,802	0.43

WATER TRANSPORTATION					6,757	0.07

WHOLESALE TRADE-DURABLE GOODS					15,445	0.16

WHOLESALE TRADE-NONDURABLE GOODS					47,562	0.50

		TOTAL COMMON STOCKS	(Cost $10,045,457)		9,340,354	97.89


RIGHTS / WARRANTS
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					548	0.01

		TOTAL RIGHTS / WARRANTS	(Cost $2,719)		548	0.01


56	2009 Semiannual Report § College Retirement Equities Fund	See notes to financial statements


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	concluded

CREF GROWTH ACCOUNT § JUNE 30, 2009


					Value	% of net
	Principal	Issuer			(000)	assets

SHORT-TERM INVESTMENTS
U.S. TREASURY BILLS
$	62,100,000	United States Treasury Bill 0.000%, 11/19/09		$	62,044	0.65	%

					62,044	0.65


U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
	57,500,000	Federal Home Loan Bank (FHLB) 0.000%, 07/01/09			57,500	0.60
	73,700,000	Federal Home Loan Mortgage Corp (FHLMC) 0.000%, 08/24/09			73,666	0.77
		Other			19,629	0.21

					150,795	1.58

		TOTAL SHORT-TERM INVESTMENTS	(Cost $212,834)		212,839	2.23


		TOTAL PORTFOLIO	(Cost $10,261,010)		9,553,741	100.13
		OTHER ASSETS & LIABILITIES, NET			(12,391)	(0.13)

		NET ASSETS		$	9,541,350	100.00	%



The following abbreviations are used in portfolio description:
ADR	American Depositary Receipt


*	Non-income producing.
**	Percentage represents less than 0.01%.
c	All or a portion of these securities have been segregated by the Custodian to cover margin or other requirements on open future contracts in the amount of $13,107,880.


Cost amounts are in thousands.


See notes to financial statements	College Retirement Equities Fund § 2009 Semiannual Report	57

SUMMARY OF MARKET VALUES BY COUNTRY (UNAUDITED)

CREF GROWTH ACCOUNT § JUNE 30, 2009


Country		Value		% of total portfolio

DOMESTIC
UNITED STATES		$	9,112,029,137		95.38	%

	TOTAL DOMESTIC		9,112,029,137		95.38

FOREIGN
BERMUDA			306,621		0.00
BRAZIL			31,951,242		0.34
CANADA			71,782,942		0.75
CHINA			19,132,552		0.20
FRANCE			7,963,695		0.08
GUERNSEY, C.I.			741,913		0.01
ISRAEL			87,905,032		0.92
JAPAN			12,308,929		0.13
NORWAY			4,432,675		0.05
PANAMA			1,259,583		0.01
SWITZERLAND			165,639,299		1.73
UNITED KINGDOM			38,287,770		0.40

	TOTAL FOREIGN		441,712,253		4.62


	TOTAL PORTFOLIO	$	9,553,741,390		100.00	%


58	2009 Semiannual Report § College Retirement Equities Fund	See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

CREF EQUITY INDEX ACCOUNT § JUNE 30, 2009


Shares			Company	Value (000)		% of net assets

COMMON STOCKS
AGRICULTURAL PRODUCTION-CROPS				$	402	0.01	%

AGRICULTURAL PRODUCTION-LIVESTOCK					538	0.01

AGRICULTURAL SERVICES					222	0.00	**

AMUSEMENT AND RECREATION SERVICES
	1,428,469		Walt Disney Co		33,327	0.44
			Other		12,481	0.16

					45,808	0.60

APPAREL AND ACCESSORY STORES					45,375	0.59

APPAREL AND OTHER TEXTILE PRODUCTS					27,098	0.35

AUTO REPAIR, SERVICES AND PARKING					4,171	0.05

AUTOMOTIVE DEALERS AND SERVICE STATIONS					17,375	0.23

BUILDING MATERIALS AND GARDEN SUPPLIES

	1,305,611		Home Depot, Inc		30,851	0.40
			Other		25,585	0.34

					56,436	0.74

BUSINESS SERVICES
	184,200	*	Google, Inc (Class A)		77,657	1.02
	5,927,477		Microsoft Corp		140,896	1.84
	2,939,666		Oracle Corp		62,968	0.83
			Other		320,301	4.19

					601,822	7.88

CHEMICALS AND ALLIED PRODUCTS
	1,188,875		Abbott Laboratories		55,924	0.73
	777,741	*	Amgen, Inc		41,173	0.54
	1,523,952		Bristol-Myers Squibb Co		30,951	0.40
	384,238		Colgate-Palmolive Co		27,181	0.36
	779,541		Eli Lilly & Co		27,003	0.35
	696,328	*	Gilead Sciences, Inc		32,616	0.43
	2,119,434		Johnson & Johnson		120,384	1.58
	1,622,486		Merck & Co, Inc		45,365	0.59
	419,529		Monsanto Co		31,187	0.41
	5,192,581		Pfizer, Inc		77,889	1.02
	2,241,736		Procter & Gamble Co		114,552	1.50
	1,256,033		Schering-Plough Corp		31,552	0.41
	1,026,145		Wyeth		46,577	0.61
			Other		269,694	3.53

					952,048	12.46

COAL MINING					15,975	0.21


See notes to financial statements	College Retirement Equities Fund § 2009 Semiannual Report	59


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF EQUITY INDEX ACCOUNT § JUNE 30, 2009


Shares			Company		Value (000)	% of net assets

COMMUNICATIONS
	4,534,498		AT&T, Inc	$	112,637	1.47	%
	2,210,829		Comcast Corp (Class A)		32,036	0.42
	2,184,939		Verizon Communications, Inc		67,143	0.88
			Other		131,805	1.73

					343,621	4.50

DEPOSITORY INSTITUTIONS
	5,877,969		Bank of America Corp		77,589	1.02
	919,146		Bank of New York Mellon Corp		26,940	0.35
	2,896,797		JPMorgan Chase & Co		98,810	1.29
	3,667,501		Wells Fargo & Co		88,974	1.17
			Other		198,670	2.60

					490,983	6.43


EATING AND DRINKING PLACES
	848,905		McDonald’s Corp		48,805	0.64
			Other		41,301	0.54

					90,106	1.18

EDUCATIONAL SERVICES					19,458	0.25

ELECTRIC, GAS, AND SANITARY SERVICES					357,320	4.68

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	686,654	*	Apple Computer, Inc		97,799	1.28
	4,436,204	*	Cisco Systems, Inc		82,691	1.08
	8,149,718		General Electric Co		95,514	1.25
	4,296,180		Intel Corp		71,102	0.93
	1,273,066		Qualcomm, Inc		57,543	0.75
			Other		212,838	2.79

					617,487	8.08

ENGINEERING AND MANAGEMENT SERVICES					75,468	0.99

FABRICATED METAL PRODUCTS					43,196	0.56

FISHING, HUNTING, AND TRAPPING					95	0.00	**

FOOD AND KINDRED PRODUCTS
	1,779,495		Coca-Cola Co		85,399	1.12
	1,132,301		Kraft Foods, Inc (Class A)		28,694	0.38
	1,197,497		PepsiCo, Inc		65,815	0.86
			Other		125,789	1.64

					305,697	4.00

FOOD STORES					25,042	0.33

FORESTRY					7,063	0.09

FURNITURE AND FIXTURES					9,761	0.13

FURNITURE AND HOME FURNISHINGS STORES					20,557	0.27

GENERAL BUILDING CONTRACTORS					15,052	0.19


60	2009 Semiannual Report § College Retirement Equities Fund	See notes to financial statements


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF EQUITY INDEX ACCOUNT § JUNE 30, 2009


Shares		Company	Value (000)		% of net assets

GENERAL MERCHANDISE STORES
	1,701,327	Wal-Mart Stores, Inc	$	82,412		1.08	%
		Other		68,058		0.89

				150,470		1.97

HEALTH SERVICES				92,104		1.20

HEAVY CONSTRUCTION, EXCEPT BUILDING				2,443		0.03

HOLDING AND OTHER INVESTMENT OFFICES
	1,216,233	iShares Russell 3000 Index Fund		65,469		0.86
		Other		136,738		1.79

				202,207		2.65

HOTELS AND OTHER LODGING PLACES				17,988		0.24

INDUSTRIAL MACHINERY AND EQUIPMENT
	1,839,868	Hewlett-Packard Co		71,111		0.93
	1,016,443	International Business Machines Corp		106,136		1.39
		Other		225,606		2.95

				402,853		5.27

INSTRUMENTS AND RELATED PRODUCTS
	861,050	Medtronic, Inc		30,042		0.39
		Other		243,916		3.19

				273,958		3.58

INSURANCE AGENTS, BROKERS AND SERVICE				24,239		0.32

INSURANCE CARRIERS				248,241		3.25

JUSTICE, PUBLIC ORDER AND SAFETY				2,348		0.03

LEATHER AND LEATHER PRODUCTS				9,584		0.13

LEGAL SERVICES				2,295		0.03

LOCAL AND INTERURBAN PASSENGER TRANSIT				299		0.00	**

LUMBER AND WOOD PRODUCTS				1,471		0.02

METAL MINING				40,934		0.54

MISCELLANEOUS MANUFACTURING INDUSTRIES				10,624		0.14

MISCELLANEOUS RETAIL
	1,118,706	CVS Corp		35,652		0.47
		Other		80,309		1.05

				115,961		1.52

MOTION PICTURES				50,248		0.66

NONDEPOSITORY INSTITUTIONS				46,718		0.61

NONMETALLIC MINERALS, EXCEPT FUELS				5,604		0.07


See notes to financial statements	College Retirement Equities Fund § 2009 Semiannual Report	61


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF EQUITY INDEX ACCOUNT § JUNE 30, 2009


Shares			Company		Value (000)	% of net assets

OIL AND GAS EXTRACTION
	623,143		Occidental Petroleum Corp	$	41,008	0.54	%
	919,359		Schlumberger Ltd		49,746	0.65
			Other		241,883	3.16

					332,637	4.35

PAPER AND ALLIED PRODUCTS					34,388	0.45

PERSONAL SERVICES					11,523	0.15

PETROLEUM AND COAL PRODUCTS
	1,542,157		Chevron Corp		102,167	1.34
	1,136,644		ConocoPhillips		47,807	0.63
	3,753,682	c	Exxon Mobil Corp		262,419	3.43
			Other		51,959	0.68

					464,352	6.08

PIPELINES, EXCEPT NATURAL GAS					8,360	0.11

PRIMARY METAL INDUSTRIES					68,433	0.90

PRINTING AND PUBLISHING					23,106	0.30

RAILROAD TRANSPORTATION					57,811	0.76

REAL ESTATE					6,237	0.08

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS					11,112	0.15

SECURITY AND COMMODITY BROKERS
	388,374		Goldman Sachs Group, Inc		57,261	0.75
	978,051		Morgan Stanley		27,884	0.36
			Other		104,673	1.37

					189,818	2.48

SOCIAL SERVICES					442	0.01

SPECIAL TRADE CONTRACTORS					7,239	0.09

STONE, CLAY, AND GLASS PRODUCTS
	534,132		3M Co		32,102	0.42
			Other		10,917	0.14

					43,019	0.56

TEXTILE MILL PRODUCTS					2,121	0.03

TOBACCO PRODUCTS
	1,506,941		Philip Morris International, Inc		65,734	0.86
			Other		39,948	0.52

					105,682	1.38

TRANSPORTATION BY AIR					28,401	0.37

TRANSPORTATION EQUIPMENT
	643,536		United Technologies Corp		33,438	0.44
			Other		135,175	1.77

					168,613	2.21


62	2009 Semiannual Report § College Retirement Equities Fund	See notes to financial statements


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	concluded

CREF EQUITY INDEX ACCOUNT § JUNE 30, 2009

Shares

Company

Value
(000)

% of net
assets

TRANSPORTATION SERVICES

15,409

0.20

TRUCKING AND WAREHOUSING

35,096

0.46

WATER TRANSPORTATION

18,864

0.25

WHOLESALE TRADE-DURABLE GOODS

29,354

0.38

WHOLESALE TRADE-NONDURABLE GOODS

47,345

0.62

TOTAL COMMON STOCKS

(Cost $8,504,275)

7,598,127

99.44

RIGHTS / WARRANTS

EATING AND DRINKING PLACES

—

0.00

TOTAL RIGHTS / WARRANTS

(Cost $—^)

—

0.00

Principal

Issuer

SHORT-TERM INVESTMENTS

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES

54,209

0.71

TOTAL SHORT-TERM INVESTMENTS

(Cost $54,205)

54,209

0.71

TOTAL PORTFOLIO

(Cost $8,558,480)

7,652,336

100.15

OTHER ASSETS & LIABILITIES, NET

(11,141

)

(0.15

)

NET ASSETS

7,641,195

100.00



*	Non-income producing.
**	Percentage represents less than 0.01%.
^	Amount represents less than $1,000.
c	All or a portion of these securities have been segregated by the Custodian to cover margin or other requirements on open future contracts in the amount of $4,055,619.

Cost amounts are in thousands.


See notes to financial statements	College Retirement Equities Fund § 2009 Semiannual Report	63

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

CREF BOND MARKET ACCOUNT § JUNE 30, 2009


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

BONDS
CORPORATE BONDS

AMUSEMENT AND RECREATION SERVICES					$	12,169	0.13	%

APPAREL AND ACCESSORY STORES						2,859	0.03

BUILDING MATERIALS AND GARDEN SUPPLIES						8,318	0.09

BUSINESS SERVICES						51,795	0.55

CHEMICALS AND ALLIED PRODUCTS						105,593	1.13

COMMUNICATIONS						271,184	2.89

DEPOSITORY INSTITUTIONS
$	45,500,000	Citigroup, Inc	2.130%, 04/30/12	Aaa		45,700	0.49
	50,000,000	JPMorgan Chase & Co	3.130%, 12/01/11	Aaa		51,722	0.55
	39,000,000	State Street Corp	2.150%, 04/30/12	Aaa		39,176	0.42
		Other				488,369	5.20

						624,967	6.66

ELECTRIC, GAS, AND SANITARY SERVICES						214,476	2.29

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT						22,977	0.25

ENGINEERING AND MANAGEMENT SERVICES						3,572	0.04

FABRICATED METAL PRODUCTS						1,884	0.02

FOOD AND KINDRED PRODUCTS						68,396	0.73

FOOD STORES						17,629	0.19

GENERAL MERCHANDISE STORES						23,649	0.25

HEALTH SERVICES						7,688	0.08

HOLDING AND OTHER INVESTMENT OFFICES						28,472	0.30

INDUSTRIAL MACHINERY AND EQUIPMENT						63,746	0.68

INSTRUMENTS AND RELATED PRODUCTS						13,828	0.15

INSURANCE CARRIERS						94,850	1.01

METAL MINING						12,169	0.13

MISCELLANEOUS MANUFACTURING INDUSTRIES						7,658	0.08

MISCELLANEOUS RETAIL						18,224	0.19

MOTION PICTURES						23,873	0.25

NONDEPOSITORY INSTITUTIONS
	34,000,000	Citigroup Funding, Inc	2.000%, 03/30/12	Aaa		34,077	0.36
	61,500,000	General Electric Capital Corp	2.250%, 03/12/12	Aaa		62,045	0.66
	37,400,000	General Electric Capital Corp	2.200%, 06/08/12	Aaa		37,592	0.40
	61,800,000	GMAC, Inc	2.200%, 12/19/12	Aaa		61,551	0.66
		Other				210,218	2.24

						405,483	4.32


64	2009 Semiannual Report § College Retirement Equities Fund	See notes to financial statements


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF BOND MARKET ACCOUNT § JUNE 30, 2009


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

OIL AND GAS EXTRACTION						$	125,114	1.33	%

PAPER AND ALLIED PRODUCTS							2,492	0.03

PETROLEUM AND COAL PRODUCTS							67,884	0.72

PIPELINES, EXCEPT NATURAL GAS							13,280	0.14

PRIMARY METAL INDUSTRIES							10,773	0.12

PRINTING AND PUBLISHING							12,091	0.13

RAILROAD TRANSPORTATION							31,263	0.33

REAL ESTATE							1,015	0.01

SECURITY AND COMMODITY BROKERS							196,579	2.09

STONE, CLAY, AND GLASS PRODUCTS							7,922	0.08

TOBACCO PRODUCTS							13,963	0.15

TRANSPORTATION EQUIPMENT							28,335	0.30

WHOLESALE TRADE-DURABLE GOODS							4,619	0.05

WHOLESALE TRADE-NONDURABLE GOODS							12,468	0.13

			TOTAL CORPORATE BONDS	(Cost $2,601,799)			2,633,257	28.05


GOVERNMENT BONDS
AGENCY SECURITIES
$	31,850,000		Federal Farm Credit Bank (FFCB)	2.630%, 04/21/11	Aaa		32,678	0.35
	76,000,000		Federal National Mortgage
			Association (FNMA)	2.750%, 03/13/14	Aaa		75,837	0.81
			Other				407,564	4.34

							516,079	5.50

FOREIGN GOVERNMENT BONDS							218,978	2.33

MORTGAGE BACKED
	46,118,713		Federal Home Loan Mortgage Corp Gold
			(FGLMC)	4.500%, 06/01/21			47,515	0.51
	42,900,326		FGLMC	7.000%, 12/01/33			46,569	0.50
	62,795,093		FGLMC	5.000%, 01/01/34			64,215	0.68
	45,874,015		FGLMC	5.500%, 01/01/37			47,443	0.51
	42,814,524		FGLMC	5.500%, 05/01/37			44,259	0.47
	30,690,655		FGLMC	6.000%, 11/01/38			32,066	0.34
	45,000,000		Federal National Mortgage
			Association (FNMA)	4.500%, 07/25/24			45,900	0.49
	45,889,341		FNMA	5.000%, 11/01/33			46,949	0.50
	60,702,342		FNMA	5.000%, 08/01/34			61,993	0.66
	67,678,863		FNMA	5.500%, 02/01/35			70,228	0.75
	51,956,180	i	FNMA	5.810%, 11/01/36			54,568	0.58
	43,875,057		FNMA	5.500%, 02/01/37			45,383	0.48
	68,929,698		FNMA	5.500%, 02/01/38			71,253	0.76
	84,000,000		FNMA	6.500%, 08/25/38			89,093	0.95
	43,000,000		FNMA	4.500%, 07/25/39			42,906	0.46


See notes to financial statements	College Retirement Equities Fund § 2009 Semiannual Report	65


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF BOND MARKET ACCOUNT § JUNE 30, 2009


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

$	78,000,000	FNMA	5.000%, 07/25/39		$	79,414	0.85	%
	212,000,000	FNMA	6.000%, 08/25/39			220,810	2.35
	80,000,000	Government National
		Mortgage Association (GNMA)	5.000%, 07/15/38			81,550	0.87
	48,000,000	GNMA	6.000%, 07/15/39			49,995	0.53
		Other				2,238,303	23.84

						3,480,412	37.08

MUNICIPAL BONDS						2,072	0.02

U.S. TREASURY SECURITIES
	306,072,000	United States Treasury Bond	8.000%, 11/15/21			422,284	4.50
	72,900,000	United States Treasury Bond	5.250%, 02/15/29			81,990	0.87
	78,299,000	United States Treasury Note	0.880%, 03/31/11			78,192	0.83
	121,912,500	United States Treasury Note	0.880%, 05/31/11			121,475	1.29
	87,537,500	United States Treasury Note	1.130%, 06/30/11			87,545	0.93
	131,829,000	United States Treasury Note	3.130%, 09/30/13			136,381	1.45
	99,148,000	United States Treasury Note	2.750%, 10/31/13			100,984	1.08
	189,533,000	United States Treasury Note	2.000%, 11/30/13			186,749	1.99
	74,504,000	United States Treasury Note	1.880%, 04/30/14			72,298	0.77
	54,964,000	United States Treasury Note	4.750%, 08/15/17			60,254	0.64
	48,666,000	United States Treasury Note	4.000%, 08/15/18			50,480	0.54
		Other				290,570	3.10

						1,689,202	17.99

		TOTAL GOVERNMENT BONDS	(Cost $5,762,842)			5,906,743	62.92

STRUCTURED ASSETS
ASSET BACKED
	41,000,000	Household Automotive Trust
		Series 2006-3 (Class A4)	5.340%, 09/17/13	Aaa		42,672	0.46
		Other				277,141	2.95

						319,813	3.41

OTHER MORTGAGE BACKED						347,226	3.70

		TOTAL STRUCTURED ASSETS	(Cost $770,994)			667,039	7.11

		TOTAL BONDS	(Cost $9,135,635)			9,207,039	98.08


66	2009 Semiannual Report § College Retirement Equities Fund	See notes to financial statements


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	concluded

CREF BOND MARKET ACCOUNT § JUNE 30, 2009


	Shares		Company			Value (000)		% of net assets

PREFERRED STOCKS
MORTGAGE BACKED					$	2,620		0.03	%

			TOTAL PREFERRED STOCKS	(Cost $49,941)		2,620		0.03

TIAA-CREF MUTUAL FUND
	510,830	a	TIAA-CREF High-Yield Fund			4,271		0.05

			TOTAL TIAA-CREF MUTUAL FUND	(Cost $4,729)		4,271		0.05


	Principal		Issuer

SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
$	35,180,000		Federal Home Loan Mortgage Corp (FHLMC)	0.000%, 07/13/09		35,178		0.38
	35,014,000		FHLMC	0.000%, 07/14/09		35,013		0.37
	50,000,000		Federal National Mortgage Association (FNMA)	0.000%, 07/08/09		49,998		0.53
	71,553,000		FNMA	0.000%, 07/13/09		71,550		0.76
	64,653,000		FNMA	0.000%, 07/20/09		64,649		0.69
	49,202,000		FNMA	0.000%, 07/22/09		49,199		0.53
	46,332,000		FNMA	0.000%, 07/23/09		46,327		0.49
			Other			364,508		3.88

						716,422		7.63

U.S. TREASURY BILLS
	42,000,000		United States Treasury Bill	0.000%, 09/03/09		41,989		0.45
	50,000,000		United States Treasury Bill	0.000%, 10/08/09		49,974		0.53
	50,000,000		United States Treasury Bill	0.000%, 10/22/09		49,969		0.53

						141,932		1.51

			TOTAL SHORT-TERM INVESTMENTS	(Cost $858,251)		858,354		9.14


			TOTAL PORTFOLIO	(Cost $10,048,556)		10,072,284		107.30
			OTHER ASSET & LIABILITIES, NET			(684,923	)	(7.30	)

			NET ASSETS		$	9,387,361		100.00	%


†	As provided by Moody’s Investors Service.
a	Affiliated holding.
i	Floating or variable rate security. Coupon rate represents the rate at period end.

Cost amounts are in thousands.


See notes to financial statements	College Retirement Equities Fund § 2009 Semiannual Report	67

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

CREF INFLATION-LINKED BOND ACCOUNT § JUNE 30, 2009


	Principal		Issuer			Value (000)	% of net assets

GOVERNMENT BONDS
U.S. TREASURY SECURITIES
$	406,384,134	k	United States Treasury Inflation Indexed Bonds	2.380%, 01/15/25	$	417,687	6.22	%
	259,145,605	k	United States Treasury Inflation Indexed Bonds	2.000%, 01/15/26		253,720	3.78
	212,202,117	k	United States Treasury Inflation Indexed Bonds	2.380%, 01/15/27		219,695	3.27
	199,077,768	k	United States Treasury Inflation Indexed Bonds	1.750%, 01/15/28		187,880	2.80
	268,966,158	k	United States Treasury Inflation Indexed Bonds	3.630%, 04/15/28		327,298	4.88
	113,910,864	k	United States Treasury Inflation Indexed Bonds	2.500%, 01/15/29		121,030	1.80
	304,659,377	k	United States Treasury Inflation Indexed Bonds	3.880%, 04/15/29		386,538	5.76
	82,598,450	k	United States Treasury Inflation Indexed Bonds	3.380%, 04/15/32		103,661	1.54
	179,814,053	k	United States Treasury Inflation Indexed Notes	3.500%, 01/15/11		187,625	2.79
	266,073,134	k	United States Treasury Inflation Indexed Notes	2.380%, 04/15/11		273,972	4.08
	100,322,507	k	United States Treasury Inflation Indexed Notes	3.380%, 01/15/12		106,624	1.59
	211,964,561	k	United States Treasury Inflation Indexed Notes	2.000%, 04/15/12		217,992	3.25
	354,432,874	k	United States Treasury Inflation Indexed Notes	3.000%, 07/15/12		375,477	5.59
	201,604,683	k	United States Treasury Inflation Indexed Notes	0.630%, 04/15/13		199,211	2.97
	328,432,902	k	United States Treasury Inflation Indexed Notes	1.880%, 07/15/13		336,849	5.02
	336,431,268	k	United States Treasury Inflation Indexed Notes	2.000%, 01/15/14		344,106	5.13
	113,848,630	k	United States Treasury Inflation Indexed Notes	1.250%, 04/15/14		114,311	1.70
	307,310,610	k	United States Treasury Inflation Indexed Notes	2.000%, 07/15/14		314,513	4.68
	301,417,150	k	United States Treasury Inflation Indexed Notes	1.630%, 01/15/15		300,004	4.47
	267,034,320	k	United States Treasury Inflation Indexed Notes	1.880%, 07/15/15		269,955	4.02
	257,238,741	k	United States Treasury Inflation Indexed Notes	2.000%, 01/15/16		261,097	3.89
	250,834,061	k	United States Treasury Inflation Indexed Notes	2.500%, 07/15/16		263,298	3.92
	226,855,059	k	United States Treasury Inflation Indexed Notes	2.380%, 01/15/17		236,709	3.53
	208,329,975	k	United States Treasury Inflation Indexed Notes	2.630%, 07/15/17		222,002	3.31
	208,186,899	k	United States Treasury Inflation Indexed Notes	1.630%, 01/15/18		206,170	3.07
	197,362,484	k	United States Treasury Inflation Indexed Notes	1.380%, 07/15/18		191,318	2.85
	196,637,760	k	United States Treasury Inflation Indexed Notes	2.130%, 01/15/19		203,090	3.03

						6,641,832	98.94

			TOTAL GOVERNMENT BONDS	(Cost $6,513,515)		6,641,832	98.94

SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
	3,400,000		Federal Home Loan Bank (FHLB)	0.000%, 07/01/09		3,400	0.05
	11,300,000		Federal Home Loan Mortgage Corp (FHLMC)	0.000%, 08/24/09		11,297	0.17

						14,697	0.22

			TOTAL SHORT-TERM INVESTMENTS	(Cost $14,697)		14,697	0.22


			TOTAL PORTFOLIO	(Cost $6,528,212)		6,656,529	99.16
			OTHER ASSET & LIABILITIES, NET			56,426	0.84

			NET ASSETS		$	6,712,955	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.


68	2009 Semiannual Report § College Retirement Equities Fund	See notes to financial statements


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

CREF SOCIAL CHOICE ACCOUNT § JUNE 30, 2009


Principal Issuer	Value (000)		% of net assets

BONDS
CORPORATE BONDS
AMUSEMENT AND RECREATION SERVICES	$	1,829		0.03	%

APPAREL AND ACCESSORY STORES		1,040		0.01

AUTOMOTIVE DEALERS AND SERVICE STATIONS		4,987		0.07

BUILDING MATERIALS AND GARDEN SUPPLIES		7,213		0.10

BUSINESS SERVICES		4,964		0.07

CHEMICALS AND ALLIED PRODUCTS		24,138		0.33

COMMUNICATIONS		34,515		0.47

DEPOSITORY INSTITUTIONS		139,093		1.91

EATING AND DRINKING PLACES		1,281		0.02

ELECTRIC, GAS, AND SANITARY SERVICES		111,377		1.53

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		3,737		0.05

ENGINEERING AND MANAGEMENT SERVICES		1,531		0.02

FABRICATED METAL PRODUCTS		4,054		0.06

FOOD AND KINDRED PRODUCTS		20,404		0.28

FURNITURE AND FIXTURES		3,914		0.05

GENERAL BUILDING CONTRACTORS		4,760		0.07

GENERAL MERCHANDISE STORES		2,785		0.04

HEALTH SERVICES		5,075		0.07

HOLDING AND OTHER INVESTMENT OFFICES		18,287		0.25

INDUSTRIAL MACHINERY AND EQUIPMENT		29,730		0.41

INSTRUMENTS AND RELATED PRODUCTS		21,180		0.29

INSURANCE CARRIERS		45,587		0.62

MEMBERSHIP ORGANIZATIONS		5,120		0.07

MISCELLANEOUS RETAIL		5,848		0.08

MOTION PICTURES		7,957		0.11

NONDEPOSITORY INSTITUTIONS		77,779		1.07

NONMETALLIC MINERALS, EXCEPT FUELS		2,577		0.04

OIL AND GAS EXTRACTION		37,897		0.52

PAPER AND ALLIED PRODUCTS		1,641		0.02

PETROLEUM AND COAL PRODUCTS		8,218		0.11

PIPELINES, EXCEPT NATURAL GAS		2,401		0.03


See notes to financial statements	College Retirement Equities Fund § 2009 Semiannual Report	69


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF SOCIAL CHOICE ACCOUNT § JUNE 30, 2009


Principal			Issuer		Value (000)		% of net assets

PRINTING AND PUBLISHING					$	2,547		0.03	%

RAILROAD TRANSPORTATION						18,407		0.25

SECURITY AND COMMODITY BROKERS						25,052		0.34

SOCIAL SERVICES						10,648		0.15

STONE, CLAY, AND GLASS PRODUCTS						2,671		0.04

TRANSPORTATION BY AIR						2,752		0.04

TRANSPORTATION EQUIPMENT						6,901		0.09

TRANSPORTATION SERVICES						12,611		0.17

WHOLESALE TRADE-DURABLE GOODS						4,901		0.07

WHOLESALE TRADE-NONDURABLE GOODS						6,058		0.08

			TOTAL CORPORATE BONDS	(Cost $742,112)		733,467		10.06


GOVERNMENT BONDS
AGENCY SECURITIES						159,221		2.18

FOREIGN GOVERNMENT BONDS						81,833		1.12

HOLDING AND OTHER INVESTMENT OFFICES						5,032		0.07

MORTGAGE BACKED
$	26,243,194		Federal Home Loan Mortgage Corp Gold (FGLMC)	5.500%, 04/01/36		27,182		0.37
	24,892,190		Federal National Mortgage Association (FNMA)	5.000%, 03/01/34		25,467		0.35
	28,475,531	i	FNMA	5.880%, 01/01/37		30,033		0.41
	45,000,000		FNMA	6.500%, 08/25/38		47,728		0.66
	28,399,876		FNMA	5.000%, 04/01/39		28,958		0.40
	24,949,323		FNMA	4.500%, 05/01/39		24,930		0.34
	33,000,000		FNMA	6.000%, 08/25/39		34,372		0.47
			Other			883,428		12.11

						1,102,098		15.11

MUNICIPAL BONDS						110,172		1.51


U.S. TREASURY SECURITIES
	60,000,000		United States Treasury Note	1.750%, 03/31/14		58,031		0.80
	64,601,000		United States Treasury Note	1.880%, 04/30/14		62,688		0.86
	38,230,000		United States Treasury Note	2.250%, 05/31/14		37,716		0.52
	32,000,000		United States Treasury Note	2.630%, 06/30/14		32,100		0.44
	39,947,200		United States Treasury Note	2.750%, 02/15/19		37,413		0.51
	65,800,000		United States Treasury Bond	8.000%, 11/15/21		90,783		1.25
			Other			141,780		1.94

						460,511		6.32

			TOTAL GOVERNMENT BONDS	(Cost $1,887,391)		1,918,867		26.31


70	2009 Semiannual Report § College Retirement Equities Fund	See notes to financial statements


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF SOCIAL CHOICE ACCOUNT § JUNE 30, 2009

Principal

Issuer

Value
(000)

% of net
assets

STRUCTURED ASSETS

ASSET BACKED

89,953

1.23

OTHER MORTGAGE BACKED

111,859

1.54

TOTAL STRUCTURED ASSETS

(Cost $251,191)

201,812

2.77

TOTAL BONDS

(Cost $2,880,694)

2,854,146

39.14


	Shares			Company

COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES
	1,292,738			Walt Disney Co	30,159	0.41
				Other	574	0.01

					30,733	0.42

APPAREL AND ACCESSORY STORES					30,324	0.42

APPAREL AND OTHER TEXTILE PRODUCTS					23,741	0.33

AUTO REPAIR, SERVICES AND PARKING					1,717	0.02

AUTOMOTIVE DEALERS AND SERVICE STATIONS					6,873	0.09

BUILDING MATERIALS AND GARDEN SUPPLIES
	1,136,048		e	Home Depot, Inc	26,844	0.37
				Other	16,031	0.22

					42,875	0.59

BUSINESS SERVICES
	118,106	*,	e	Google, Inc (Class A)	49,791	0.68
	3,451,105			Microsoft Corp	82,032	1.13
				Other	132,204	1.81

					264,027	3.62

CHEMICALS AND ALLIED PRODUCTS
	669,930	*		Amgen, Inc	35,466	0.49
	1,405,339			Bristol-Myers Squibb Co	28,542	0.39
	377,274			Colgate-Palmolive Co	26,688	0.37
	624,332	*		Gilead Sciences, Inc	29,244	0.40
	1,221,129			Johnson & Johnson	69,359	0.95
	1,305,370			Merck & Co, Inc	36,497	0.50
	1,257,139			Procter & Gamble Co	64,239	0.88
				Other	269,424	3.69

					559,459	7.67


See notes to financial statements	College Retirement Equities Fund § 2009 Semiannual Report	71


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF SOCIAL CHOICE ACCOUNT § JUNE 30, 2009


	Shares		Company	Value (000)		% of net assets

COMMUNICATIONS
	1,452,674		Verizon Communications, Inc	$	44,642		0.61	%
			Other		168,641		2.31

					213,283		2.92

DEPOSITORY INSTITUTIONS
	2,268,028		Wells Fargo & Co		55,022		0.76
			Other		262,707		3.60

					317,729		4.36

EATING AND DRINKING PLACES
	635,870		McDonald’s Corp		36,557		0.50
			Other		15,914		0.22

					52,471		0.72

EDUCATIONAL SERVICES					1,550		0.02

ELECTRIC, GAS, AND SANITARY SERVICES					296,186		4.06

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	2,883,405	*	Cisco Systems, Inc		53,748		0.74
	2,839,039		Intel Corp		46,987		0.64
			Other		120,016		1.65

					220,751		3.03

ENGINEERING AND MANAGEMENT SERVICES					36,105		0.50

FABRICATED METAL PRODUCTS					34,963		0.48

FOOD AND KINDRED PRODUCTS
	1,075,888		Kraft Foods, Inc (Class A)		27,263		0.38
	821,609		PepsiCo, Inc		45,155		0.62
			Other		88,483		1.21

					160,901		2.21

FOOD STORES					31,972		0.44

FORESTRY					4,428		0.06

FURNITURE AND FIXTURES					6,883		0.09

FURNITURE AND HOME FURNISHINGS STORES					9,565		0.13

GENERAL BUILDING CONTRACTORS					12,188		0.17

GENERAL MERCHANDISE STORES					62,329		0.86

HEALTH SERVICES					20,348		0.28

HEAVY CONSTRUCTION, EXCEPT BUILDING					5,881		0.08

HOLDING AND OTHER INVESTMENT OFFICES					49,118		0.67

HOTELS AND OTHER LODGING PLACES					15,286		0.21


72	2009 Semiannual Report § College Retirement Equities Fund	See notes to financial statements


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF SOCIAL CHOICE ACCOUNT § JUNE 30, 2009


				Value	% of net
	Shares	Company		(000)	assets

INDUSTRIAL MACHINERY AND EQUIPMENT
	1,241,202	Hewlett-Packard Co	$	47,971	0.66	%
	620,038	International Business Machines Corp		64,743	0.89
		Other		127,011	1.74

				239,725	3.29

INSTRUMENTS AND RELATED PRODUCTS
	479,372	Baxter International, Inc		25,388	0.35
	782,250	Medtronic, Inc		27,292	0.37
		Other		135,511	1.86

				188,191	2.58

INSURANCE AGENTS, BROKERS AND SERVICE				16,728	0.23

INSURANCE CARRIERS				186,363	2.56

LEATHER AND LEATHER PRODUCTS				4,423	0.06

LEGAL SERVICES				690	0.01

LOCAL AND INTERURBAN PASSENGER TRANSIT				1,210	0.02

LUMBER AND WOOD PRODUCTS				131	0.00	**

METAL MINING				26,863	0.37

MISCELLANEOUS MANUFACTURING INDUSTRIES				9,901	0.14

MISCELLANEOUS RETAIL
	831,183	CVS Corp		26,489	0.36
		Other		55,422	0.76

				81,911	1.12

MOTION PICTURES				5,263	0.07

NONDEPOSITORY INSTITUTIONS				35,031	0.48

NONMETALLIC MINERALS, EXCEPT FUELS				11,150	0.15

OIL AND GAS EXTRACTION				248,239	3.40

PAPER AND ALLIED PRODUCTS				35,577	0.49

PERSONAL SERVICES				1,015	0.01

PETROLEUM AND COAL PRODUCTS				114,651	1.57

PIPELINES, EXCEPT NATURAL GAS				22,823	0.31

PRIMARY METAL INDUSTRIES				65,119	0.89

PRINTING AND PUBLISHING				32,846	0.45

RAILROAD TRANSPORTATION				43,672	0.60

REAL ESTATE				26,437	0.36

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS				6,208	0.09


See notes to financial statements	College Retirement Equities Fund § 2009 Semiannual Report	73


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF SOCIAL CHOICE ACCOUNT § JUNE 30, 2009


					Value		% of net
	Shares	Company			(000)		assets

SECURITY AND COMMODITY BROKERS				$	120,351		1.65	%

SOCIAL SERVICES					202		0.00	**

SPECIAL TRADE CONTRACTORS					2,032		0.03

STONE, CLAY, AND GLASS PRODUCTS
	488,271	3M Co			29,346		0.40
		Other			18,031		0.25

					47,377		0.65

TEXTILE MILL PRODUCTS					280		0.00	**

TRANSPORTATION BY AIR					27,737		0.38

TRANSPORTATION EQUIPMENT					84,125		1.15

TRANSPORTATION SERVICES					6,818		0.09

TRUCKING AND WAREHOUSING
	505,534	United Parcel Service, Inc (Class B)			25,271		0.35
		Other			8,771		0.12

					34,042		0.47

WATER TRANSPORTATION					4,993		0.07

WHOLESALE TRADE-DURABLE GOODS					42,531		0.58

WHOLESALE TRADE-NONDURABLE GOODS					32,177		0.44

	TOTAL COMMON STOCKS		(Cost $4,791,462)		4,318,518		59.21


PREFERRED STOCKS
MORTGAGE BACKED					1,277		0.02

	TOTAL PREFERRED STOCKS		(Cost $24,353)		1,277		0.02


RIGHTS / WARRANTS
DEPOSITORY INSTITUTIONS					—	^	0.00	**

	TOTAL RIGHTS / WARRANTS		(Cost $0)		—	^	0.00	**


	Principal	Issuer

SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
$	33,000,000	Federal Home Loan Bank (FHLB)	0.000%, 09/18/09		32,988		0.45
	34,100,000	Federal National Mortgage Association (FNMA)	0.000%, 10/28/09		34,080		0.47
	31,802,000	Federal Home Loan Mortgage Corporation (FHLMC)	0.000%, 10/26/09		31,784		0.44
	36,737,000	FHLMC	0.000%, 11/02/09		36,708		0.50
		Other			75,288		1.03

	TOTAL U.S. GOVERNMENT AND AGENCIES
	DISCOUNT AND COUPON NOTES		(Cost $210,809)		210,848		2.89

U.S. TREASURY BILLS
	47,000,000	United States Treasury Bill	0.000%, 11/12/09		46,958		0.64

	TOTAL U.S. TREASURY BILLS		(Cost $46,961)		46,958		0.64


74	2009 Semiannual Report § College Retirement Equities Fund	See notes to financial statements


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	concluded

CREF SOCIAL CHOICE ACCOUNT § JUNE 30, 2009


					Value		% of net
	Principal	Issuer			(000)		assets

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
$	36,000,000	Federal Home Loan Bank (FHLB)	0.000%, 07/22/09	$	35,990		0.49	%
	25,000,000	FHLB	0.000%, 08/19/09		24,980		0.34
	28,400,000	Federal National Mortgage Association (FNMA)	0.000%, 09/01/09		28,393		0.39
	52,200,000	Federal Home Loan Mortgage Corp (FHLMC)	0.000%, 09/14/09		52,185		0.72
		Other			63,849		0.88

					205,397		2.82

U.S. TREASURY BILLS
	127,000,000	United States Treasury Bill	0.000%, 11/19/09		126,873		1.74
	100,000,000	United States Treasury Bill	0.000%, 11/27/09		99,886		1.37
	35,000,000	United States Treasury Bill	0.000%, 12/17/09		34,946		0.48
		Other			3,998		0.05

					265,703		3.64

TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED			(Cost $471,036)		471,100		6.46

	TOTAL SHORT-TERM INVESTMENTS		(Cost $728,806)		728,906		9.99


		TOTAL PORTFOLIO	(Cost $8,425,315)		7,902,847		108.36
	OTHER ASSETS & LIABILITIES, NET				(609,616	)	(8.36	)

		NET ASSETS		$	7,293,231		100.00	%



*	Non-income producing
**	Percentage represents less than 0.01%
^	Amount represents less than $1,000
e	All or a portion of these securities are out on loan.
i	Floating or variable rate security. Coupon rate represents the rate at period end.


Cost amounts are in thousands


See notes to financial statements	College Retirement Equities Fund § 2009 Semiannual Report	75

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

CREF MONEY MARKET ACCOUNT § JUNE 30, 2009


						Value	% of net
	Principal		Issuer			(000)	assets

BONDS
CORPORATE BONDS
DEPOSITORY INSTITUTIONS					$	25,001	0.17	%

TOTAL CORPORATE BONDS				(Cost $25,001)		25,001	0.17


GOVERNMENT BONDS
AGENCY SECURITIES						57,676	0.39

U.S. TREASURY SECURITIES
$	67,500,000		United States Treasury Note	2.880%, 06/30/10		69,027	0.47
			Other			65,835	0.44

						134,862	0.91

TOTAL GOVERNMENT BONDS				(Cost $192,538)		192,538	1.30

TOTAL BONDS				(Cost $217,539)		217,539	1.47


SHORT-TERM INVESTMENTS
BANKER’S ACCEPTANCES
	65,146,000		Bank of America NA	0.000%, 11/16/09		64,898	0.44
			Other			237,036	1.60

						301,934	2.04

CERTIFICATE OF DEPOSIT
	161,185,000		Abbey National North America LLC	0.250%–0.520%, 07/14/09–11/18/09		161,193	1.09
	50,000,000		Banco Bilbao Vizcaya Argentaria S.A.	0.610%, 12/08/09		50,001	0.34
	150,000,000		Banco Bilbao Vizcaya Argentaria S.A.	0.550%–1.250%, 07/27/09–12/30/09		150,053	1.01
	170,000,000		Bank of Nova Scotia	0.480%–0.950%, 07/24/09–06/10/10		170,000	1.15
	205,000,000		Barclays Bank plc	0.830%–1.270%, 07/15/09–11/16/09		205,014	1.39
	214,675,000		CALYON	0.360%–0.600%, 07/02/09–10/01/09		214,678	1.45
	50,000,000		Lloyds TSB Bank plc	0.610%, 07/15/09		50,003	0.34
	50,000,000		Toronto-Dominion Bank	0.750%, 07/16/09		50,000	0.34
	205,000,000		Toronto-Dominion Bank	0.750%–1.900%, 07/20/09–11/12/09		205,000	1.38
			Other			685,345	4.63

						1,941,287	13.12

COMMERCIAL PAPER
	163,800,000		Abbey National North America LLC	0.000%, 07/15/09–12/16/09		163,642	1.11
	71,000,000		BNP Paribas Finance, Inc	0.000%, 07/29/09		70,986	0.48
	285,000,000	p	Citigroup Funding, Inc-TLGP	0.000%, 07/08/09–08/11/09		284,967	1.93
	93,800,000		Eli Lilly & Co	0.000%, 08/10/09		93,743	0.63
	51,789,000		Fairway Finance LLC	0.000%, 07/09/09		51,785	0.35
	185,000,000	p	GECC-TLGP	0.000%, 07/02/09–07/31/09		184,961	1.25
	78,000,000		ING US Funding LLC	0.000%, 08/31/09		77,951	0.53
	238,375,000		ING US Funding LLC	0.000%, 07/16/09–11/30/09		238,169	1.61
	54,410,000		Kitty Hawk Funding Corp	0.000%, 09/22/09		54,362	0.37
	273,649,000		Nestle Capital Corp	0.000%, 07/09/09–03/17/10		273,154	1.85
	287,271,000		Old Line Funding LLC	0.000%, 07/07/09–09/17/09		287,164	1.94
	58,658,000		Old Line Funding LLC	0.000%, 07/15/09		58,650	0.39
	55,380,000		PACCAR Financial Corp	0.000%, 08/13/09		55,361	0.37


76	2009 Semiannual Report § College Retirement Equities Fund	See notes to financial statements


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF MONEY MARKET ACCOUNT § JUNE 30, 2009


					Value	% of net
	Principal	Issuer			(000)	assets

$	241,918,000	Park Avenue Receivables Corp	0.000%, 07/02/09–08/19/09	$	241,895	1.63	%
	51,545,000	Park Avenue Receivables Corp	0.000%, 07/10/09		51,541	0.35
	57,000,000	Private Export Funding Corp	0.000%, 07/06/09		56,996	0.38
	281,845,000	Private Export Funding Corp	0.000%, 07/20/09–02/11/10		281,420	1.90
	219,135,000	Rabobank USA Financial Corp	0.000%, 07/01/09–12/08/09		218,820	1.48
	69,015,000	Shell International Finance BV	0.000%, 09/24/09		68,978	0.47
	75,000,000	Societe Generale North America, Inc	0.000%, 07/31/09		74,962	0.51
	65,000,000	Svensk Exportkredit AB	0.000%, 07/07/09		64,987	0.44
	195,000,000	Toyota Motor Credit Corp	0.000%, 07/09/09–08/19/09		194,955	1.32
	60,000,000	Toyota Motor Credit Corp	0.000%, 07/28/09		59,987	0.40
	222,695,000	Unilever Capital Corp	0.000%, 07/01/09–09/22/09		222,617	1.50
	173,681,000	Variable Funding Capital Co LLC	0.000%, 07/13/09–07/28/09		173,652	1.17
	160,835,000	Yorktown Capital LLC	0.000%, 07/01/09–09/08/09		160,752	1.09
		Other			2,187,939	14.79

					5,954,396	40.24

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
	1,067,930,000	Federal Home Loan Bank (FHLB)	0.000%, 07/01/09–06/22/10		1,066,665	7.21
	88,000,000	FHLB	0.000%, 08/25/09		87,972	0.60
	73,500,000	FHLB	0.000%, 08/28/09		73,465	0.50
	75,183,000	FHLB	0.000%, 09/04/09		75,139	0.51
	72,820,000	FHLB	0.000%, 09/18/09		72,734	0.49
	88,666,000	FHLB	0.000%, 11/02/09		88,526	0.60
	973,715,000	Federal Home Loan Mortgage Corp (FHLMC)	0.000%, 07/06/09–06/01/10		971,918	6.57
	76,471,000	FHLMC	0.000%, 07/07/09		76,466	0.52
	50,705,000	FHLMC	0.000%, 08/03/09		50,680	0.34
	80,000,000	FHLMC	0.000%, 08/24/09		79,937	0.54
	74,200,000	FHLMC	0.000%, 08/31/09		74,129	0.50
	108,500,000	FHLMC	0.000%, 09/14/09		108,363	0.73
	78,970,000	FHLMC	0.000%, 09/30/09		78,857	0.53
	100,887,000	FHLMC	0.000%, 10/05/09		100,770	0.68
	60,000,000	FHLMC	0.000%, 10/19/09		59,940	0.41
	69,295,000	FHLMC	0.000%, 12/07/09		69,137	0.47
	107,657,000	Federal National Mortgage Association (FNMA)	0.000%, 04/01/10		107,200	0.72
	943,977,000	FNMA	0.000%, 07/02/09–05/03/10		942,696	6.37
	75,000,000	FNMA	0.000%, 07/13/09		74,996	0.51
	115,000,000	FNMA	0.000%, 07/22/09		114,977	0.78
	149,800,000	FNMA	0.000%, 07/30/09		149,733	1.01
	120,000,000	FNMA	0.000%, 08/26/09		119,917	0.81
	145,705,000	FNMA	0.000%, 09/01/09		145,559	0.98
	87,930,000	FNMA	0.000%, 09/25/09		87,821	0.59
	59,310,000	FNMA	0.000%, 10/26/09		59,178	0.40
		Other			66,980	0.45

					5,003,755	33.82


See notes to financial statements	College Retirement Equities Fund § 2009 Semiannual Report	77


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	concluded

CREF MONEY MARKET ACCOUNT § JUNE 30, 2009


	Principal		Issuer			Value (000)	% of net assets

U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES
$	80,000,000	i	Federal Home Loan Bank (FHLB)	0.650%, 09/10/09	$	80,000	0.54	%
	100,000,000	i	FHLB	0.120%, 01/08/10		100,000	0.68
	90,000,000	i	FHLB	0.840%, 01/13/10		89,990	0.61
	100,000,000	i	FHLB	0.660%, 02/02/10		100,000	0.68
	100,000,000	i	FHLB	0.860%, 03/11/10		99,995	0.67
	100,000,000	i	Federal Home Loan Mortgage Corp (FHLMC)	0.880%, 02/04/10		100,000	0.68
	190,000,000	i	FHLMC	0.820%, 02/09/10		190,044	1.28
	100,000,000	i	FHLMC	0.500%, 03/26/10		100,000	0.67
			Other			136,497	0.92

						996,526	6.73

U.S. TREASURY BILLS
	212,315,000		United States Treasury Bill	0.000%, 11/19/09		211,942	1.43
	63,000,000		United States Treasury Bill	0.000%, 12/17/09		62,898	0.43
			Other			57,028	0.38

						331,868	2.24

VARIABLE NOTES						45,000	0.30

			TOTAL SHORT-TERM INVESTMENTS	(Cost $14,574,766)		14,574,766	98.49


			TOTAL PORTFOLIO	(Cost $14,792,305)		14,792,305	99.96
			OTHER ASSETS AND LIABILITIES, NET			5,263	0.04

			NET ASSETS		$	14,797,568	100.00	%

The following abbreviations are used in portfolio descriptions:
LLC Limited Liability Corporation
plc Public Limited Company


i	Floating or variable rate security. Coupon rate represents the rate at period end.
p	Security participates in the FDIC Temporary Liquidity Guarantee Program.

Cost amounts are in thousands.


78	2009 Semiannual Report § College Retirement Equities Fund	See notes to financial statements

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College Retirement Equities Fund § 2009 Semiannual Report	79

STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)

COLLEGE RETIREMENT EQUITIES FUND § JUNE 30, 2009


(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	$	100,975,944	$	13,689,771	$	10,261,010	$	8,558,480	$	10,043,827	$	6,528,212	$	8,425,315	$	14,792,305
Affiliated issuers		87,731		—		—		—		4,729		—		—		—

Total portfolio investments, at cost		101,063,675		13,689,771		10,261,010		8,558,480		10,048,556		6,528,212		8,425,315		14,792,305

Portfolio investments, at value:
Unaffiliated issuers		88,860,581		11,890,811		9,553,741		7,652,336		10,068,013		6,656,529		7,902,847		14,792,305
Affiliated issuers		35,539		—		—		—		4,271		—		—		—

Total portfolio investments, at value*	$	88,896,120	$	11,890,811	$	9,553,741	$	7,652,336	$	10,072,284	$	6,656,529	$	7,902,847	$	14,792,305
Cash		—		—		9		70		285		64		377		1
Cash — foreign**		65,071		32,898		335		—		—		—		1,859		—
Receivable from securities sold		2,269,709		32,250		889,498		119,437		488,914		—		463,702		—
Other		180,004		33,109		20,943		20,321		88,408		64,035		39,000		5,936

Total assets		91,410,904		11,989,068		10,464,526		7,792,164		10,649,891		6,720,628		8,407,785		14,798,242


LIABILITIES
Payable for collateral for securities loaned		8,349,552		1,428,040		—		—		—		—		424,767		—
Amount due to TIAA		1,273		193		149		94		108		78		104		170
Payable for securities purchased		2,426,701		54,095		922,190		150,754		1,262,364		7,544		689,679		—
Other		8,086		1,945		837		121		58		51		4		504

Total liabilities		10,785,612		1,484,273		923,176		150,969		1,262,530		7,673		1,114,554		674


NET ASSETS:
Accumulation Fund	$	71,097,487	$	10,278,088	$	9,401,516	$	7,498,013	$	9,185,957	$	6,510,077	$	7,081,935	$	14,523,742
Annuity Funds		9,527,805		226,707		139,834		143,182		201,404		202,878		211,296		273,826

Total net assets	$	80,625,292	$	10,504,795	$	9,541,350	$	7,641,195	$	9,387,361	$	6,712,955	$	7,293,231	$	14,797,568


Accumulation units outstanding		421,650		149,055		186,007		115,706		105,104		122,865		66,835		568,863

Accumulation unit value	$	168.62	$	68.95	$	50.54	$	64.80	$	87.40	$	52.99	$	105.96	$	25.53

* Includes securities loaned of:	$	7,810,301	$	1,329,972	$	—	$	—	$	—	$	—	$	409,866	$	—
** Cost:	$	65,305	$	32,687	$	339	$	—	$	—	$	—	$	1,868	$	—


80	2009 Semiannual Report § College Retirement Equities Fund	See notes to financial statements	See notes to financial statements	College Retirement Equities Fund § 2009 Semiannual Report	81

STATEMENTS OF OPERATIONS (UNAUDITED)

COLLEGE RETIREMENT EQUITIES FUND § FOR THE PERIOD ENDED JUNE 30, 2009


(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	$	170		$	60		$	142		$	49		$	202,488		$	(33,547	)	$	63,673		$	67,730
Dividends:
Unaffiliated issuers		1,093,397			166,592			73,550			84,926			246			—			61,572			—
Affiliated issuers		786			—			—			—			—			—			—			—
Foreign taxes withheld:
Unaffiliated issuers		(44,418	)		(10,518	)		(370	)		(2	)		—			—			(2,234	)		—
Affiliated issuers		(33	)		—			—			—			—			—			—			—
Income from securities lending		72,214			10,243			—			—			—			—			34			—
Other income		3,808			596			—			—			109			—			10			—

Total income		1,125,924			166,973			73,322			84,973			202,843			(33,547	)		123,055			67,730


EXPENSES
Administrative		124,176			16,344			14,103			11,478			13,391			9,277			10,690			22,827
Distribution		31,778			4,081			3,624			2,942			3,523			2,434			2,775			5,941
Advisory		62,086			10,558			7,050			2,875			3,886			2,862			4,087			5,098
Mortality and expense risk charges		1,807			230			210			171			224			156			167			380

Total expenses		219,847			31,213			24,987			17,466			21,024			14,729			17,719			34,246


Net investment income (loss)		906,077			135,760			48,335			67,507			181,819			(48,276	)		105,336			33,484


REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Net realized gain (loss) on:
Portfolio investments		(12,197,256	)		(1,536,205	)		(1,268,129	)		(179,339	)		(61,405	)		(10,087	)		(196,732	)		2
Futures transactions		—			—			15,768			6,551			5			—			6			—
Foreign currency transactions		720			(494	)		(293	)		—			—			—			176			—

Net realized gain (loss) on total investments		(12,196,536	)		(1,536,699	)		(1,252,654	)		(172,788	)		(61,400	)		(10,087	)		(196,550	)		2


Net change in unrealized appreciation (depreciation) on:
Portfolio investments		16,318,739			2,098,193			2,128,602			399,908			100,517			343,128			445,705			(17,004	)
Futures transactions		—			—			(2,942	)		(394	)		—			—			—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		1,447			421			24			—			—			—			112			—

Net change in unrealized appreciation (depreciation) on total investments		16,320,186			2,098,614			2,125,684			399,514			100,517			343,128			445,817			(17,004	)

Net realized and unrealized gain (loss) on total investments		4,123,650			561,915			873,030			226,726			39,117			333,041			249,267			(17,002	)

Net increase (decrease) in net assets resulting from operations	$	5,029,727		$	697,675		$	921,365		$	294,233		$	220,936		$	284,765		$	354,603		$	16,482


82	2009 Semiannual Report § College Retirement Equities Fund	See notes to financial statements	See notes to financial statements	College Retirement Equities Fund § 2009 Semiannual Report	83

STATEMENTS OF CHANGES IN NET ASSETS

COLLEGE RETIREMENT EQUITIES FUND § FOR THE PERIOD OR YEAR ENDED


	Stock Account						Global Equities Account						Growth Account

(amounts in thousands except accumulation units)	June 30, 2009			December 31, 2008			June 30, 2009			December 31, 2008			June 30, 2009			December 31, 2008

	(unaudited)						(unaudited)						(unaudited)
FROM OPERATIONS
Net investment income	$	906,077		$	2,107,262		$	135,760		$	327,469		$	48,335		$	76,252
Net realized gain (loss) on total investments		(12,196,536	)		(8,847,357	)		(1,536,699	)		(2,337,877	)		(1,252,654	)		(1,248,163	)
Net change in unrealized appreciation (depreciation) on total investments		16,320,186			(44,994,663	)		2,098,614			(5,228,329	)		2,125,684			(4,290,328	)

Net increase (decrease) in net assets resulting from operations		5,029,727			(51,734,758	)		697,675			(7,238,737	)		921,365			(5,462,239	)


FROM PARTICIPANT TRANSACTIONS
Premiums		2,534,356			6,643,439			576,714			1,440,820			558,644			1,190,092
Net transfers from (to) CREF		(370,524	)		(2,521,016	)		(60,169	)		(627,601	)		125,342			(415,846	)
Annuity payments		(691,950	)		(2,040,630	)		(16,833	)		(67,637	)		(9,295	)		(32,540	)
Withdrawals and death benefits		(2,381,346	)		(8,401,876	)		(344,572	)		(1,316,147	)		(277,058	)		(940,459	)

Net increase (decrease) in net assets from participant transactions		(909,464	)		(6,320,083	)		155,140			(570,565	)		397,633			(198,753	)


Net increase (decrease) in net assets		4,120,263			(58,054,841	)		852,815			(7,809,302	)		1,318,998			(5,660,992	)

NET ASSETS
Beginning of period		76,505,029			134,559,870			9,651,980			17,461,282			8,222,352			13,883,344

End of period	$	80,625,292		$	76,505,029		$	10,504,795		$	9,651,980		$	9,541,350		$	8,222,352

Accumulation Units:
Credited for premiums		16,889,371			31,053,768			9,439,395			16,192,508			12,231,136			19,357,073
Credited (cancelled) for transfers, disbursements and amounts applied to the Annuity Fund		(19,599,316	)		(54,427,305	)		(7,205,577	)		(22,494,321	)		(3,994,604	)		(22,257,692	)
Outstanding:
Beginning of period		424,360,114			447,733,651			146,821,512			153,123,325			177,770,407			180,671,026

End of period		421,650,169			424,360,114			149,055,330			146,821,512			186,006,939			177,770,407


84	2009 Semiannual Report § College Retirement Equities Fund	See notes to financial statements	See notes to financial statements	College Retirement Equities Fund § 2009 Semiannual Report	85


STATEMENTS OF CHANGES IN NET ASSETS	continued

COLLEGE RETIREMENT EQUITIES FUND § FOR THE PERIOD OR YEAR ENDED


	Equity Index Account						Bond Market Account						Inflation-Linked Bond Account

(amounts in thousands except accumulation units)	June 30, 2009			December 31, 2008			June 30, 2009			December 31, 2008			June 30, 2009			December 31, 2008

	(unaudited)						(unaudited)						(unaudited)

FROM OPERATIONS
Net investment income	$	67,507		$	158,992		$	181,819		$	372,314		$	(48,276	)	$	296,008
Net realized gain (loss) on total investments		(172,788	)		13,848			(61,400	)		(133,695	)		(10,087	)		(79,085	)
Net change in unrealized appreciation (depreciation) on total investments		399,514			(4,479,180	)		100,517			(138,240	)		343,128			(444,386	)

Net increase (decrease) in net assets resulting from operations		294,233			(4,306,340	)		220,936			100,379			284,765			(227,463	)


FROM PARTICIPANT TRANSACTIONS
Premiums		477,821			1,107,879			628,070			1,162,955			541,531			1,666,438
Net transfers from (to) CREF		(15,882	)		(181,685	)		250,521			662,114			212,026			1,022,777
Annuity payments		(11,277	)		(46,722	)		(18,274	)		(48,203	)		(16,378	)		(44,298	)
Withdrawals and death benefits		(277,313	)		(873,070	)		(405,122	)		(845,811	)		(369,312	)		(1,186,964	)

Net increase (decrease) in net assets from participant transactions		173,349			6,402			455,195			931,055			367,867			1,457,953


Net increase (decrease) in net assets		467,582			(4,299,938	)		676,131			1,031,434			652,632			1,230,490

NET ASSETS
Beginning of period		7,173,613			11,473,551			8,711,230			7,679,796			6,060,323			4,829,833

End of period	$	7,641,195		$	7,173,613		$	9,387,361		$	8,711,230		$	6,712,955		$	6,060,323


Accumulation Units:
Credited for premiums		8,107,005			13,443,195			7,562,362			13,780,973			10,496,913			31,720,195
Credited (cancelled) for transfers, disbursements and amounts applied to the Annuity Fund		(5,229,005	)		(13,223,266	)		(2,306,436	)		(2,848,769	)		(3,561,446	)		(6,316,746	)
Outstanding:
Beginning of period		112,827,622			112,607,693			99,847,592			88,915,388			115,929,321			90,525,872

End of period		115,705,622			112,827,622			105,103,518			99,847,592			122,864,788			115,929,321


86	2009 Semiannual Report § College Retirement Equities Fund	See notes to financial statements	See notes to financial statements	College Retirement Equities Fund § 2009 Semiannual Report	87


STATEMENTS OF CHANGES IN NET ASSETS	concluded

COLLEGE RETIREMENT EQUITIES FUND § FOR THE PERIOD OR YEAR ENDED


	Social Choice Account						Money Market Account

(amounts in thousands except accumulation units)	June 30, 2009			December 31, 2008			June 30, 2009			December 31, 2008

	(unaudited)						(unaudited)
FROM OPERATIONS
Net investment income	$	105,336		$	248,114		$	33,484		$	295,642
Net realized gain (loss) on total investments		(196,550	)		282,384			2			(1	)
Net change in unrealized appreciation (depreciation) on total investments		445,817			(2,667,383	)		(17,004	)		18,952

Net increase (decrease) in net assets resulting from operations		354,603			(2,136,885	)		16,482			314,593


FROM PARTICIPANT TRANSACTIONS
Premiums		336,987			754,539			2,044,424			6,362,828
Net transfers from (to) CREF		(49,739	)		(222,396	)		(91,575	)		2,283,653
Annuity payments		(13,749	)		(40,616	)		(55,743	)		(88,145	)
Withdrawals and death benefits		(225,428	)		(661,126	)		(2,249,027	)		(5,661,607	)

Net increase (decrease) in net assets from participant transactions		48,071			(169,599	)		(351,921	)		2,896,729


Net increase (decrease) in net assets		402,674			(2,306,484	)		(335,439	)		3,211,322

NET ASSETS
Beginning of period		6,890,557			9,197,041			15,133,007			11,921,685

End of period	$	7,293,231		$	6,890,557		$	14,797,568		$	15,133,007


Accumulation Units:
Credited for premiums		3,438,059			6,377,916			80,097,337			252,151,700
Credited (cancelled) for transfers, disbursements and amounts applied to the Annuity Fund		(2,972,437	)		(7,781,286	)		(93,346,979	)		(138,788,425	)
Outstanding:
Beginning of period		66,369,233			67,772,603			582,112,135			468,748,860

End of period		66,834,855			66,369,233			568,862,493			582,112,135


88	2009 Semiannual Report § College Retirement Equities Fund	See notes to financial statements	See notes to financial statements	College Retirement Equities Fund § 2009 Semiannual Report	89

FINANCIAL HIGHLIGHTS

COLLEGE RETIREMENT EQUITIES FUND § FOR THE PERIOD OR YEAR ENDED


	Stock Account

	6/30/09			12/31/08			12/31/07			12/31/06			12/31/05			12/31/04

	(unaudited)

FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income	$	2.209		$	5.339		$	4.754		$	4.329		$	3.819		$	3.564
Expenses		0.329			1.113			0.992			1.095			0.901			0.717

Net investment income		1.880			4.226			3.762			3.234			2.918			2.847
Net realized and unrealized gain (loss) on total investments		9.013			(107.993	)		15.589			32.372			11.478			19.297

Net change in accumulation unit value		10.893			(103.767	)		19.351			35.606			14.396			22.144

Accumulation unit value:
Beginning of period		157.723			261.490			242.139			206.533			192.137			169.993

End of period	$	168.616		$	157.723		$	261.490		$	242.139		$	206.533		$	192.137


TOTAL RETURN*		6.91	%(b)		(39.68	)%		7.99	%		17.24	%		7.49	%		13.03	%

RATIOS TO AVERAGE NET ASSETS:
Expenses		0.61	%(a)		(0.64	)%		0.52	%		0.49	%		0.46	%		0.41	%
Net investment income		2.51	%(a)		(1.95	)%		1.44	%		1.44	%		1.49	%		1.63	%

SUPPLEMENTAL DATA
Portfolio turnover rate		33	%(b)		53	%		49	%		51	%		58	%		58	%
Accumulation units outstanding at the end period^†		422			424			448			469			484			495
Accumulation fund net assets^†	$	71,097		$	66,931		$	117,078		$	113,675		$	99,968		$	95,028
Net assets at the end of period^†	$	80,625		$	76,505		$	134,560		$	131,097		$	115,864		$	110,782


*	Based on per accumulation unit data.
^†	Millions
(a)	The percentages shown for this period are annualized.
(b)	The percentages shown for this period are not annualized.


90	2009 Semiannual Report § College Retirement Equities Fund	See notes to financial statements


FINANCIAL HIGHLIGHTS	continued

COLLEGE RETIREMENT EQUITIES FUND § FOR THE PERIOD OR YEAR ENDED


	Global Equities Account

	6/30/09			12/31/08			12/31/07			12/31/06			12/31/05			12/31/04

	(unaudited)

FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income	$	1.041		$	2.587		$	2.069		$	1.716		$	1.641		$	1.462
Expenses		0.137			0.462			0.409			0.481			0.397			0.323

Net investment income		0.904			2.125			1.660			1.235			1.244			1.139
Net realized and unrealized gain (loss) on total investments		3.834			(49.181	)		8.522			14.969			6.205			8.064

Net change in accumulation unit value		4.738			(47.056	)		10.182			16.204			7.449			9.203

Accumulation unit value:
Beginning of period		64.217			111.273			101.091			84.887			77.438			68.235

End of period	$	68.955		$	64.217		$	111.273		$	101.091		$	84.887		$	77.438


TOTAL RETURN*		7.38	%(b)		(42.29	)%		10.07	%		19.09	%		9.62	%		13.49	%

RATIOS TO AVERAGE NET ASSETS:
Expenses		0.68	%(a)		0.68	%		0.56	%		0.52	%		0.50	%		0.46	%
Net investment income		2.95	%(a)		2.34	%		1.53	%		1.35	%		1.57	%		1.62	%

SUPPLEMENTAL DATA
Portfolio turnover rate		38	%(b)		76	%		108	%		137	%		137	%		74	%
Accumulation units outstanding at the end period^†		149			147			153			151			139			130
Accumulation fund net assets^†	$	10,278		$	9,429		$	17,039		$	15,293		$	11,803		$	10,050
Net assets at the end of period^†	$	10,505		$	9,652		$	17,461		$	15,674		$	12,101		$	10,311


*	Based on per accumulation unit data.
^†	Millions
(a)	The percentages shown for this period are annualized.
(b)	The percentages shown for this period are not annualized.


See notes to financial statements	College Retirement Equities Fund § 2009 Semiannual Report	91


FINANCIAL HIGHLIGHTS	continued

COLLEGE RETIREMENT EQUITIES FUND § FOR THE PERIOD OR YEAR ENDED


	Growth Account

	6/30/09			12/31/08			12/31/07			12/31/06			12/31/05			12/31/04

	(unaudited)

FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income	$	0.360		$	0.740		$	0.694		$	0.625		$	0.520		$	0.672
Expenses		0.098			0.316			0.272			0.321			0.291			0.249

Net investment income		0.262			0.424			0.422			0.304			0.229			0.423
Net realized and unrealized gain (loss) on total investments		4.729			(30.509	)		10.416			3.066			2.935			3.005

Net change in accumulation unit value		4.991			(30.085	)		10.838			3.370			3.164			3.428

Accumulation unit value:
Beginning of period		45.553			75.638			64.800			61.430			58.266			54.838

End of period	$	50.544		$	45.553		$	75.638		$	64.800		$	61.430		$	58.266


TOTAL RETURN*		10.96	%(b)		(39.78	)%		16.73	%		5.49	%		5.43	%		6.25	%

RATIOS TO AVERAGE NET ASSETS:
Expenses		0.60	%(a)		0.69	%		0.55	%		0.52	%		0.50	%		0.45	%
Net investment income		1.15	%(a)		0.68	%		0.60	%		0.49	%		0.39	%		0.77	%

SUPPLEMENTAL DATA
Portfolio turnover rate		50	%(b)		82	%		127	%		109	%		87	%		65	%
Accumulation units outstanding at the end period^†		186			178			181			182			194			196
Accumulation fund net assets^†	$	9,402		$	8,098		$	13,666		$	11,780		$	11,918		$	11,435
Net assets at the end of period^†	$	9,541		$	8,222		$	13,883		$	11,985		$	12,128		$	11,654


*	Based on per accumulation unit data.
^†	Millions
(a)	The percentages shown for this period are annualized.
(b)	The percentages shown for this period are not annualized.


92	2009 Semiannual Report § College Retirement Equities Fund	See notes to financial statements


FINANCIAL HIGHLIGHTS	continued

COLLEGE RETIREMENT EQUITIES FUND § FOR THE PERIOD OR YEAR ENDED


	Equity Index Account

	6/30/09			12/31/08			12/31/07			12/31/06			12/31/05			12/31/04

	(unaudited)

FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income	$	0.700		$	1.823		$	1.806		$	1.636		$	1.441		$	1.400
Expenses		0.125			0.429			0.383			0.385			0.325			0.256

Net investment income		0.575			1.394			1.423			1.251			1.116			1.144
Net realized and unrealized gain (loss) on total investments		1.922			(38.771	)		3.050			11.332			3.320			6.954

Net change in accumulation unit value		2.497			(37.377	)		4.473			12.583			4.436			8.098

Accumulation unit value:
Beginning of period		62.306			99.683			95.210			82.627			78.191			70.093

End of period	$	64.803		$	62.306		$	99.683		$	95.210		$	82.627		$	78.191


TOTAL RETURN*		4.01	%(b)		(37.50	)%		4.70	%		15.23	%		5.67	%		11.55	%

RATIOS TO AVERAGE NET ASSETS:
Expenses		0.51	%(a)		0.59	%		0.47	%		0.43	%		0.41	%		0.36	%
Net investment income		1.97	%(a)		1.67	%		1.39	%		1.39	%		1.40	%		1.60	%

SUPPLEMENTAL DATA
Portfolio turnover rate		4	%(b)		7	%		9	%		10	%		7	%		3	%
Accumulation units outstanding at the end period^†		116			113			113			116			117			113
Accumulation fund net assets^†	$	7,498		$	7,030		$	11,225		$	11,033		$	9,658		$	8,813
Net assets at the end of period^†	$	7,641		$	7,174		$	11,474		$	11,283		$	9,877		$	9,019


*	Based on per accumulation unit data.
^†	Millions
(a)	The percentages shown for this period are annualized.
(b)	The percentages shown for this period are not annualized.


See notes to financial statements	College Retirement Equities Fund § 2009 Semiannual Report	93


FINANCIAL HIGHLIGHTS	continued

COLLEGE RETIREMENT EQUITIES FUND § FOR THE PERIOD OR YEAR ENDED


	Bond Market Account

	6/30/09			12/31/08			12/31/07			12/31/06			12/31/05			12/31/04

	(unaudited)

FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income	$	1.888		$	4.241		$	4.260		$	3.990		$	3.437		$	3.265
Expenses		0.163			0.416			0.315			0.373			0.342			0.292

Net investment income		1.725			3.825			3.945			3.617			3.095			2.973
Net realized and unrealized gain (loss) on total investments		0.343			(2.777	)		0.806			(0.467	)		(1.414	)		0.015

Net change in accumulation unit value		2.068			1.048			4.751			3.150			1.681			2.988

Accumulation unit value:
Beginning of period		85.331			84.283			79.532			76.382			74.701			71.713

End of period	$	87.399		$	85.331		$	84.283		$	79.532		$	76.382		$	74.701


TOTAL RETURN*		2.42	%(b)		1.24	%		5.97	%		4.12	%		2.25	%		4.17	%

RATIOS TO AVERAGE NET ASSETS:
Expenses		0.47	%(a)		0.61	%		0.51	%		0.48	%		0.45	%		0.40	%
Net investment income		4.06	%(a)		4.53	%		4.86	%		4.69	%		4.09	%		4.07	%

SUPPLEMENTAL DATA
Portfolio turnover rate		118	%(b)		125	%		174	%		219	%		275	%		100	%
Accumulation units outstanding at the end period^†		105			100			89			78			74			70
Accumulation fund net assets^†	$	9,186		$	8,520		$	7,494		$	6,219		$	5,627		$	5,247
Net assets at the end of period^†	$	9,387		$	8,711		$	7,680		$	6,395		$	5,797		$	5,416


*	Based on per accumulation unit data.
^†	Millions
(a)	The percentages shown for this period are annualized.
(b)	The percentages shown for this period are not annualized.


94	2009 Semiannual Report § College Retirement Equities Fund	See notes to financial statements


FINANCIAL HIGHLIGHTS	continued

COLLEGE RETIREMENT EQUITIES FUND § FOR THE PERIOD OR YEAR ENDED


	Inflation-Linked Bond Account

	6/30/09			12/31/08			12/31/07			12/31/06			12/31/05			12/31/04

	(unaudited)

FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income	$	(0.338	)	$	2.700		$	2.618		$	1.560		$	2.657		$	2.028
Expenses		0.097			0.249			0.186			0.228			0.194			0.166

Net investment income (loss)		(0.435	)		2.451			2.432			1.332			2.463			1.862
Net realized and unrealized gain (loss) on total investments		2.774			(3.367	)		2.695			(1.339	)		(1.316	)		1.497

Net change in accumulation unit value		2.339			(0.916	)		5.127			(0.007	)		1.147			3.359

Accumulation unit value:
Beginning of period		50.647			51.563			46.436			46.443			45.296			41.937

End of period	$	52.986		$	50.647		$	51.563		$	46.436		$	46.443		$	45.296


TOTAL RETURN*		4.62	%(b)		(1.78	)%		11.04	%		(0.01	)%		2.53	%		8.01	%

RATIOS TO AVERAGE NET ASSETS:
Expenses		0.47	%(a)		0.58	%		0.50	%		0.49	%		0.43	%		0.39	%
Net investment income (loss)		(1.54	)%(a)		4.69	%		5.00	%		2.83	%		5.47	%		4.34	%

SUPPLEMENTAL DATA
Portfolio turnover rate		10	%(b)		19	%		13	%		23	%		24	%		110	%
Accumulation units outstanding at the end period^†		123			116			91			77			83			73
Accumulation fund net assets^†	$	6,510		$	5,871		$	4,668		$	3,597		$	3,844		$	3,290
Net assets at the end of period^†	$	6,713		$	6,060		$	4,830		$	3,744		$	4,000		$	3,425


*	Based on per accumulation unit data.
^†	Millions
(a)	The percentages shown for this period are annualized.
(b)	The percentages shown for this period are not annualized.


See notes to financial statements	College Retirement Equities Fund § 2009 Semiannual Report	95


FINANCIAL HIGHLIGHTS	continued

COLLEGE RETIREMENT EQUITIES FUND § FOR THE PERIOD OR YEAR ENDED


	Social Choice Account

	6/30/09			12/31/08			12/31/07			12/31/06			12/31/05			12/31/04

	(unaudited)

FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income	$	1.738		$	4.191		$	4.165		$	3.687		$	2.987		$	2.883
Expenses		0.199			0.600			0.492			0.535			0.465			0.377

Net investment income		1.539			3.591			3.673			3.152			2.522			2.506
Net realized and unrealized gain (loss) on total investments		3.705			(34.439	)		2.371			8.412			2.877			6.473

Net change in accumulation unit value		5.244			(30.848	)		6.044			11.564			5.399			8.979

Accumulation unit value:
Beginning of period		100.718			131.566			125.522			113.958			108.559			99.580

End of period	$	105.962		$	100.718		$	131.566		$	125.522		$	113.958		$	108.559


TOTAL RETURN*		5.21	%(b)		(23.45	)%		4.81	%		10.15	%		4.97	%		9.02	%

RATIOS TO AVERAGE NET ASSETS:
Expenses		0.53	%(a)		0.61	%		0.48	%		0.45	%		0.42	%		0.37	%
Net investment income		3.15	%(a)		3.02	%		2.81	%		2.65	%		2.29	%		2.46	%

SUPPLEMENTAL DATA
Portfolio turnover rate		53	%(b)		77	%		60	%		84	%		97	%		37	%
Accumulation units outstanding at the end period^†		67			66			68			67			66			62
Accumulation fund net assets^†	$	7,082		$	6,685		$	8,917		$	8,458		$	7,539		$	6,765
Net assets at the end of period^†	$	7,293		$	6,891		$	9,197		$	8,733		$	7,794		$	7,002


*	Based on per accumulation unit data.
^†	Millions
(a)	The percentages shown for this period are annualized.
(b)	The percentages shown for this period are not annualized.


96	2009 Semiannual Report § College Retirement Equities Fund	See notes to financial statements


FINANCIAL HIGHLIGHTS	concluded

COLLEGE RETIREMENT EQUITIES FUND § FOR THE PERIOD OR YEAR ENDED


	Money Market Account

	6/30/09			12/31/08			12/31/07			12/31/06			12/31/05			12/31/04

	(unaudited)

FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income	$	0.104		$	0.700		$	1.258		$	1.169		$	0.726		$	0.307
Expenses		0.048			0.124			0.092			0.098			0.090			0.078

Net investment income		0.056			0.576			1.166			1.071			0.636			0.229
Net realized and unrealized gain (loss) on total investments		(0.029	)		0.032			(0.004	)		—			0.003			(0.006	)

Net change in accumulation unit value		0.027			0.608			1.162			1.071			0.639			0.223

Accumulation unit value:
Beginning of period		25.504			24.896			23.734			22.663			22.024			21.801

End of period	$	25.531		$	25.504		$	24.896		$	23.734		$	22.663		$	22.024


TOTAL RETURN*		0.11	%(b)		2.44	%		4.90	%		4.73	%		2.90	%		1.02	%

RATIOS TO AVERAGE NET ASSETS:
Expenses		0.45	%(a)		0.56	%		0.45	%		0.43	%		0.41	%		0.36	%
Net investment income		0.44	%(a)		2.25	%		4.79	%		4.64	%		2.86	%		1.05	%

SUPPLEMENTAL DATA
Accumulation units outstanding at the end period^†		569			582			469			393			317			298
Accumulation fund net assets^†	$	14,524		$	14,846		$	11,670		$	9,327		$	7,176		$	6,554
Net assets at the end of period^†	$	14,798		$	15,133		$	11,922		$	9,571		$	7,406		$	6,781


*	Based on per accumulation unit data.
^†	Millions
(a)	The percentages shown for this period are annualized.
(b)	The percentages shown for this period are not annualized.


See notes to financial statements	College Retirement Equities Fund § 2009 Semiannual Report	97

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

COLLEGE RETIREMENT EQUITIES FUND

Note 1—organization and 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 their 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 accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events through August 24, 2009. 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: Account investments are valued at fair value utilizing various valuation methods approved by the Board of Trustees. Accounting principles generally accepted in the U.S. GAAP establish a hierarchy that prioritizes market inputs to valuation methods. The three levels of inputs are:


•	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 Accounts’ own assumptions in determining the fair value of investments)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

A description of the valuation techniques applied to the Accounts’ major categories of assets and liabilities measured at fair value follows:

Exchange-Traded Equity Securities, Common & Preferred Stock – 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 the closing bid and asked prices if no sale is reported. To the


98	2009 Semiannual Report § College Retirement Equities Fund

extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Foreign investments are valued at the closing values of such securities as of the date of valuation under the generally accepted valuation method in the country where traded, converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. If events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Accounts’ net assets are calculated, such securities may be valued at fair value in accordance with procedures adopted by the Board of Trustees. Foreign securities are generally categorized in Level 2 of the fair value hierarchy.

Debt Securities – 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). Debt securities are generally categorized in Level 2 of the fair value hierarchy; in instances where prices, yields, or any other key inputs are unobservable, they are categorized in Level 3 of the hierarchy.

Short-Term Investments – Short-term investments (other than those in the Money Market Account) with maturities of 60 days or less are valued at amortized cost. Short-term investments with maturities in excess of 60 days are valued in the same manner as debt securities. Short-term investments are generally categorized in Level 2 of the fair value hierarchy. Short-term investments in the Money Market Account are valued at amortized cost. Prior to May 1, 2009, short-term investments in the Money Market Account with maturities in excess of 60 days were valued in the same manner as debt securities. Money Market Account investments are categorized as Level 2 in the fair value hierarchy.

Investments in Registered Investment Companies – These investments are valued at their net asset value on the valuation date. Net asset value of underlying funds is calculated as of the close of business of the New York Stock Exchange. These investments are categorized in Level 1 of the fair value hierarchy.

Futures Contracts – Stock and bond index futures and options, which are traded on commodities exchanges, are valued at the last sale price as of the close of such commodities exchanges and are categorized in Level 1 of the fair value hierarchy.

The portfolio securities for which market quotations are not readily available are valued at fair value, as determined in good faith using procedures approved by the Board of Trustees.

The following is a summary of the inputs used to value the Accounts’ investments as of June 30, 2009:


College Retirement Equities Fund § 2009 Semiannual Report	99

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)


	Level 1			Level 2		Level 3		Total

Stock Account
Corporate Bonds	$	—		$	46,354	$	—	$	46,354
Government Bonds		—			346,582		—		346,582
Foreign Preferred Stocks		—			16,822,776		—		16,822,776
Domestic Common Stocks		58,297,119,194			—		—		58,297,119,194
Food & Kindred Products		—			—		600		600
Holding & Other Investment Offices		—			—		15,984		15,984
Instrument & Related Products		—			—		12,757,871		12,757,871

Total Domestic Common Stocks		58,297,119,194			—		12,774,455		58,309,893,649

Foreign Common Stocks		—			22,236,728,580		—		22,236,728,580
Short-term Investments		—			8,332,281,883		—		8,332,281,883

Total	$	58,297,119,194		$	30,586,226,175	$	12,774,455	$	88,896,119,824

Global Equities Account
Domestic Common Stocks	$	5,297,268,666		$	—	$	—	$	5,297,268,666
Foreign Common Stocks		—			5,172,506,643		—		5,172,506,643
Short-term Investments		—			1,421,036,077		—		1,421,036,077

Total	$	5,297,268,666		$	6,593,542,720	$	—	$	11,890,811,386

Growth Account
Domestic Common Stocks	$	9,294,862,715		$	—	$	—	$	9,294,862,715
Foreign Common Stocks		—			46,039,777		—		46,039,777
Short-term Investments		—			212,838,898		—		212,838,898
Futures Contracts*		(2,941,715	)		—		—		(2,941,715	)

Total	$	9,291,921,000		$	258,878,675	$	—	$	9,550,799,675

Equity Index Account
Domestic Common Stocks	$	7,598,126,850		$	—	$	—	$	7,598,126,850
Short-term Investments		—			54,208,696		—		54,208,696
Futures Contracts*		(394,367	)		—		—		(394,367	)

Total	$	7,597,732,483		$	54,208,696	$	—	$	7,651,941,179

Bond Market Account
Corporate Bonds	$	—		$	2,638,694,496	$	—	$	2,638,694,496
Government Bonds		—			5,901,304,478		—		5,901,304,478
Structured Assets		—			667,039,643		—		667,039,643
Domestic Preferred Stocks		2,620,390			—		—		2,620,390
Investments in Registered Investment Companies		4,270,542			—		—		4,270,542
Short-term Investments		—			858,354,605		—		858,354,605

Total	$	6,890,932		$	10,065,393,222	$	—	$	10,072,284,154


100	2009 Semiannual Report § College Retirement Equities Fund

continued


	Level 1		Level 2		Level 3		Total

Inflation-Linked Bond Account
Government Bonds	$	—	$	6,641,831,070	$	—	$	6,641,831,070
Short-term Investments		—		14,697,458		—		14,697,458

Total	$	—	$	6,656,528,528	$	—	$	6,656,528,528

Social Choice Account
Corporate Bonds	$	—	$	733,468,383	$	—	$	733,468,383
Government Bonds		—		1,918,868,285		—		1,918,868,285
Structured Assets		—		201,810,319		—		201,810,319
Domestic Preferred Stocks		1,277,328		—		—		1,277,328
Domestic Common Stocks		3,360,393,715		—		—		3,360,393,715
Foreign Common Stocks		—		958,123,188		—		958,123,188
Short-term Investments		—		728,905,575		—		728,905,575

Total	$	3,361,671,043	$	4,541,175,750	$	—	$	7,902,846,793

Money Market Account
Corporate Bonds	$	—	$	25,000,949	$	—	$	25,000,949
Government Bonds		—		192,537,256		—		192,537,256
Short-term investments		—		14,574,766,893		—		14,574,766,893

Total	$	—	$	14,792,305,098	$	—	$	14,792,305,098


*	Futures contracts are derivatives instruments not reflected in the portfolio of investments. They are valued at the unrealized appreciation (depreciation) on the instrument.


College Retirement Equities Fund § 2009 Semiannual Report	101

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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 securities transactions are based upon the specific identification method.

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 Accounts invest.

Dollar roll transactions: The Accounts may enter into mortgage dollar rolls in which the Account sells mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously contracts to repurchase somewhat 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 Account is compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sale proceeds and the lower repurchase price is recorded as a realized gain. The Account maintains a segregated account, the dollar value of which is at least equal to its obligations with respect to dollar rolls.

Cash: The Accounts hold cash with the custodian. The 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


102	2009 Semiannual Report § College Retirement Equities Fund

continued

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: Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day at the prevailing exchange rate, using the mean of the bid and asked prices of such currencies against U.S. dollars as quoted by a major bank. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on realized and unrealized security gains and losses is reflected as a component of security gains and losses.

Forward foreign currency contracts: The Accounts are subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The Accounts may use forward foreign currency contracts to facilitate transactions in securities denominated in foreign currencies. Such contracts are entered into directly with the 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.

These contracts may involve market risk in excess of the unrealized gain or loss reflected in the Statements of Assets and Liabilities. There were no open forward foreign currency contracts for the period ended June 30, 2009.

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 the 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.


College Retirement Equities Fund § 2009 Semiannual Report	103

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

securities and 105% of the market value of the securities loaned for foreign securities. However, the securities on loan are subject to daily market fluctuations, which may cause the loans to be under collateralized for up to one business day. As of June 30, 2009, the cash collateral for the Stock, Global Equities and Social Choice 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 Prime Portfolio. As of June 30, 2009, there were no securities lending for those Accounts.

Securities lending 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.

At June 30, 2009, 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 of Collateral		Amounts Owed to Lending Counterparties

Stock	$	8,255,624,264	$	8,349,551,652
Global Equities		1,411,211,934		1,428,040,238
Social Choice		471,099,359		424,766,935

Futures contracts: The Accounts are subject to equity price risk and interest rate risk in the normal course of pursuing its investment objectives. The Accounts may use futures contracts to manage exposure to the equity and credit markets or for cash management purposes to remain highly invested in these markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract and variation margin payments are made or received reflecting changes in the value of the futures contracts. Futures contracts are valued at the last sale 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. With futures, there is minimal counterparty credit risk to the Accounts since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

Securities purchased on a when-issued or delayed-delivery basis: The Accounts may purchase securities on a when-issued or delayed-delivery basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a


104	2009 Semiannual Report § College Retirement Equities Fund

continued

month or more after trade date; interest income is not accrued until settlement date. At the time an Account enters into such transactions, it is required to have segregated assets with a current value at least equal to the amount of its when-issued or delayed-delivery purchase commitments.

Treasury Inflation-Protected Securities: The Social Choice Account, Bond Market Account and Inflation-Linked Bond Account invest in Treasury Inflation-Protected Securities (“TIPS”), specially structured bonds in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Price Index. The adjustments for interest income due to inflation are reflected in interest income in 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. 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 which provide general indemnities. An Account’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Account that have not yet occurred. Also, under the Accounts’ Trust organizational documents, the Trustees and Officers of CREF are indemnified against certain liabilities that may arise out of their duties to CREF. However, based on experience, the Accounts expect the risk of loss due to these warranties and indemnities to be remote.

Note 2—investment advisory fees and other transactions with affiliates

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.


College Retirement Equities Fund § 2009 Semiannual Report	105

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Administrative services are provided to the Accounts by TIAA pursuant to an Administrative Services Agreement with CREF. Distribution functions, pursuant to a 12b-1 plan, for the Accounts are provided by Services in accordance with a Principal Underwriting and Distribution Services Agreement with CREF. Services, a wholly-owned subsidiary of TIAA, is a registered broker-dealer and member of the Financial Industry Regulatory Authority (“FINRA”).

The services provided by Investment Management, 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.

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.

During the year ended December 31, 2008, certain securities held as collateral for security lending in the CREF Stock and Global Equities Accounts were valued at amortized cost instead of fair value. In connection with remediating these valuations, Investment Management made payments in 2009 of approximately $3.8 million and $0.6 million to the CREF Stock and Global Equities Accounts, respectively. Those payments are reflected as “other income” in the Statements of Operations.


106	2009 Semiannual Report § College Retirement Equities Fund

continued

Note 3—investments and affiliates

At June 30, 2009, 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:


Account	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)

Stock	$	4,117,101,072	$	(16,284,656,472	)	$	(12,167,555,400	)
Global Equities		441,242,046		(2,240,201,968	)		(1,798,959,922	)
Growth		417,656,918		(1,124,925,503	)		(707,268,585	)
Equity Index		1,275,957,822		(2,182,102,311	)		(906,144,489	)
Bond Market		255,950,055		(232,222,362	)		23,727,693
Inflation-Linked Bond		145,604,910		(17,288,309	)		128,316,601
Social Choice		467,557,266		(990,025,229	)		(522,467,963	)

At June 30, 2009, these Accounts held the following open futures contracts:


Account	Future	Number of Contracts		Fair Value		Expiration Date	Unrealized Gain/(Loss)

Growth	E-mini S&P 500 Index		2,938	$	134,486,950	September 2009	$	(2,941,715	)

Equity Index	E-mini Russell 200 Index		50		2,536,000	September 2009		(47,037	)
	E-mini S&P 500 Index		436		19,957,900	September 2009		(302,534	)
	E-mini S&P Mid-Cap 400 Index		43		2,479,810	September 2009		(44,796	)

				$	24,973,710		$	(394,367	)

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 § 2009 Semiannual Report	107


NOTES TO FINANCIAL STATEMENTS (UNAUDITED)	continued


Issue	Value at December 31, 2008		Purchase Cost		Proceeds		Realized Gain/(Loss)			Dividend Income		Withholding Expense		Shares at June 30, 2009		Value at June 30, 2009

Stock Account
American Axle & Mfg.	$	**	$	13,061,839	$	—	$	—		$	—	$	—		2,850,468	$	9,805,610
Daishin Securities Co		2,270,222		—		—		—			—		—		—		*
Digital Garage, Inc		11,172,938		—		398,825		(727,024	)		620,718		21,392		11,960		10,391,363
First NIS Regional Fund SICAV		15,984		—		—		—			—		—		1,598,400		15,984
Information Development Co		2,363,181		—		—		2,582			83,129		5,819		431,900		2,555,489
Intelligent Wave, Inc		2,594,875		—		—		—			82,598		5,782		15,915		2,808,481
MPM Bioventures II		9,918,210		—		—		—			—		—		21,967,242		8,964,172
Skyline Venture Partners		2,017,722		—		—		—			—		—		4,216,676		997,497

	$	30,353,132	$	13,061,839	$	398,825	$	(724,442	)	$	786,445	$	32,993			$	35,538,596

Bond Market Account
TIAA-CREF High-Yield Fund	$	3,467,512	$	193,866	$	—	$	—		$	193,866	$	—		510,830	$	4,270,542

			$	193,866	$	—	$	—		$	193,866	$	—		—	$	4,270,542


*	Not an Affiliate as of June 30, 2009
**	Not an Affiliate as of December 31, 2008

Purchases and sales of portfolio securities, excluding short-term government securities and money market instruments, for the Accounts for the period ended June 30, 2009, 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	$	24,368,768,464	$	3,826,725,930	$	4,460,006,711	$	481,880,633	$	2,231,936,854	$	—	$	1,197,760,081
Government		—		—		—		—		8,505,452,101		1,022,848,307		2,667,793,534

Total Purchases	$	24,368,768,464	$	3,826,725,930	$	4,460,006,711	$	481,880,633	$	10,737,388,955	$	1,022,848,307	$	3,865,553,615

Sales:
Non-Government	$	24,167,220,632	$	3,505,365,939	$	4,125,229,406	$	306,747,666	$	2,166,807,978	$	—	$	1,057,303,093
Government		—		—		—		—		8,116,646,520		614,292,551		2,465,313,075

Total Sales	$	24,167,220,632	$	3,505,365,939	$	4,125,229,406	$	306,747,666	$	10,283,454,498	$	614,292,551	$	3,522,616,168


108	2009 Semiannual Report § College Retirement Equities Fund		College Retirement Equities Fund § 2009 Semiannual Report	109


NOTES TO FINANCIAL STATEMENTS (UNAUDITED)	concluded

Note 4—line of credit

Each of the Accounts, except the Money Market Account, participates in a $750 million unsecured revolving credit facility dated June 30, 2009 that can be used for temporary purposes, including, without limitation of, 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 Accounts. Interest associated with any borrowing under the facility is charged to the borrowing Accounts at rates that are based on a specified rate of interest. The Accounts are not liable for borrowings under the facility by affiliated accounts or mutual funds. For the period ended June 30, 2009, there were no borrowings under this credit facility by the Accounts.

Note 5—subsequent events

Effective July 16, 2009, TIAA waived the collection of a portion of distribution expenses for the Money Market Account. This waiver is voluntary in nature and can be discontinued at any time.


110	2009 Semiannual Report § College Retirement Equities Fund

BOARD APPROVAL OF INVESTMENT
MANAGEMENT AGREEMENT

Among its other duties, the Board of Trustees of CREF (the “Board” or the “Trustees”) is responsible for determining annually whether to renew the investment management agreement (the “Agreement”) between TIAA-CREF Investment Management, LLC (“TCIM”) and CREF on behalf of each of its Accounts. Under the Agreement, TCIM is responsible for providing investment management services, as well as fund accounting and custody, for each Account.

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

OVERVIEW OF THE RENEWAL PROCESS

The Board held a meeting on April 1, 2009, at which it considered the annual renewal of the Agreement using its previously-established process. As part of that process, the Board delegated certain duties to its Operations Committee. Among these duties, the Operations Committee works with management and legal counsel to the Trustees to develop additional guidelines and specific requests relating to the types of information to be provided to the Committee and to all Trustees in connection with the proposed contract renewals, and then to help evaluate the information provided in response to those guidelines. During a series of meetings held prior to April 1, 2009, the Operations Committee reviewed such guidelines and requests in consultation with management representatives and input from other Trustees and legal counsel to the Trustees and legal counsel to management, and then evaluated the information produced in accordance with those guidelines.

During these meetings, the Operations Committee also reviewed the types of costs reimbursable under the Agreement for services provided by TCIM pursuant to the Agreement. The Committee requested on behalf of the Board, and management provided, assurance that the costs charged to the Accounts for the most recent fiscal year were of the types for which reimbursement is authorized under the Agreement.

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


College Retirement Equities Fund § 2009 Semiannual Report	111

BOARD APPROVAL OF INVESTMENT
MANAGEMENT AGREEMENT

As a result of instructions by the Operations Committee on behalf of the Board, Lipper produced, among other information, extensive performance and expense comparison data regarding each Account, including data relating to each Account’s management costs, total expense ratios, short-term and long-term investment performance and, as applicable, brokerage commission costs and portfolio turnover rates. Lipper also compared much of this data for each Account against a universe of investment companies and against a more selective peer group of mutual funds underlying variable insurance products with similar investment objectives and strategies, each of which was selected by Lipper, and, in the case of the investment performance data, against one or more appropriate broad-based benchmark indices. In each case, Lipper summarized the methodologies employed by it to provide the data contained in its reports. In addition, Lipper represented to the Board that its reports were designed specifically to provide the Board with the cost, expense and performance information that is necessary to help the Board comply with standards established by Section 15 of the 1940 Act.

In advance of the Board meeting held on April 1, 2009, independent legal counsel for the Trustees requested on behalf of the Board, and TCIM provided, extensive information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Account. In addition to the data provided by Lipper as described above, this information included, but was not limited to, the following: (1) further information relating to each Account’s investment performance, including performance ratings provided by Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service, and a narrative analysis of each Account’s performance relative to its applicable benchmarks and peer groups, together with an explanation of any special events that had a material impact on performance during the prior year; (2) a comparison of each Account’s costs under the Agreement as compared to any other comparable accounts managed by TCIM or its affiliates, if any; (3) any “fall-out” benefits that accrued to TCIM or its affiliates due to their relationship with the Accounts aside from TCIM’s direct fee payments pursuant to the Agreement; (4) information regarding TCIM’s financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, disaster recovery plans, insurance coverage, compliance programs, any material pending litigation or compliance issues, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by TCIM in connection with rendering services to the Accounts; (5) a copy of the Agreement and certain related service agreements between the Accounts and affiliates of TCIM; (6) a copy of TCIM’s SEC Form ADV registration statement (which was presented to the Trustees’ counsel only); and (7) proposed narrative explanations of reasons why the Board should renew the Agreement for each Account.

In considering whether to renew the Agreement for each Account, the Board, with assistance from its Operations Committee, reviewed various factors with respect to each Account, including: (1) the nature, extent and quality of services provided by


112	2009 Semiannual Report § College Retirement Equities Fund

continued

TCIM to each Account; (2) the investment performance of each Account; (3) the costs of the services provided to each Account by TCIM and its affiliates; (4) comparisons of services and fees with contracts entered into by TCIM with other clients, if any; and (5) any other benefits derived or anticipated to be derived by TCIM or its affiliates from their relationship with CREF. As a general matter, the Trustees viewed these factors in their totality, with no single factor being the principal factor in determining whether to renew the Agreement for each Account.

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

While the Board considered the Agreement for each Account at the same meeting on April 1, 2009, the Board received and considered Account-specific information on an Account-by-Account basis and made its renewal determinations on an Account-by-Account basis. In deciding whether to renew the Agreement for each Account, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Account.

At its meeting on April 1, 2009, the Board voted unanimously to renew the Agreement for each Account. Set forth below are the general factors the Board considered for all of the Accounts, followed by an outline of the specific factors the Board considered for each particular Account.

THE NATURE, EXTENT AND QUALITY OF SERVICES

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

The Board also considered, among other factors, the performance of each Account, as discussed below. In the course of its review of the quality of TCIM’s services, the Board examined the investment performance of each Account and concluded that


College Retirement Equities Fund § 2009 Semiannual Report	113

BOARD APPROVAL OF INVESTMENT
MANAGEMENT AGREEMENT

it was reasonable when compared with Account benchmarks and peer groups of mutual funds that underlie variable insurance products, and that, in the case of any underperforming Accounts, TCIM represented that it had taken or was planning to implement affirmative steps to enhance the investment performance. In addition, with respect to such underperforming Accounts, the Board discussed with management several alternative potential means for enhancing investment performance, including, for example, potential increases in the resources devoted to portfolio management activities and potential adjustments to the allocation of assets between quantitative and more active management styles.

The Board also considered the nature and quality of non-portfolio management services provided by TCIM and its affiliates. In this regard, the Board considered its ongoing review of the performance of certain affiliated and unaffiliated CREF service providers, including improvements in services provided by those firms or outsourcing efforts to other firms.

INVESTMENT PERFORMANCE

The Board considered the investment performance of each Account, as applicable, over one-, two-, three-, four-, five- and ten-year periods. The Board also considered each Account’s performance as compared to its peer groups and benchmark indices. In this regard, the Board considered that the financial markets had seen unprecedented decreases during the year that had adversely impacted the Accounts’ performance. However, despite these circumstances, the Accounts’ performance generally compared favorably to their benchmarks (after considering the effect of expenses incurred to operate the Accounts) and, with some exceptions, ranked in the top three performance quintiles versus their peer groups of mutual funds that underlie variable insurance products. (For additional details regarding each Account’s performance, see the Account-by-Account synopsis below.) As noted above, the Board also considered that in those cases in which any Accounts had underperformed their benchmarks or peer groups of mutual funds that underlie variable insurance products, TCIM had taken reasonable remedial actions or represented that it was in the process of taking such actions, and the Board had identified additional potential remedial actions to be considered by management. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Account was reasonable. The Board also considered its ongoing review of best execution and portfolio turnover practices of TCIM with respect to certain Accounts to assess whether those practices continue to be in the best interests of those Accounts.

COST AND PROFITABILITY

The Board considered the amounts charged by TCIM to each Account during 2008, including investment advisory costs paid to TCIM, expressed in dollar terms and as a percentage of assets, as well as a reconciliation and analysis of those expenses.


114	2009 Semiannual Report § College Retirement Equities Fund

continued

The Board considered that TCIM charges expenses “at cost” and these charges are adjusted quarterly to reflect the actual expenses incurred with respect to each Account during the most recent quarter. The Board also considered the rationale for TCIM’s anticipated costs in providing services to CREF and considered whether these anticipated costs are reasonable in relation to the nature and quality of the services provided by TCIM. In considering TCIM’s profitability, the Board noted that TCIM provides its services on an at cost basis under the arrangement outlined in the Agreement.

Among other considerations, the Board acknowledged the reasonableness of permitting payments to TCIM that are reasonably needed for TCIM to maintain and improve the quality of services provided to CREF. In this connection, the Board noted its ongoing review of the level of personnel and other resources available to portfolio management functions so as to assess whether sufficient resources are being devoted to these functions. The Board also considered the reasons for increases in Account expenses that were unrelated to direct portfolio management services.

FEES CHARGED BY OTHER ADVISERS

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

ECONOMIES OF SCALE

The Board considered that certain economies of scale are already integrated into each Account’s cost structure due to the at cost arrangement pursuant to which TCIM renders investment advisory services to CREF. The Board also considered that, in certain circumstances, an increase in CREF assets can result in additional expenses being allocated to CREF pursuant to the cost allocation methodologies that are used to calculate payments to be made by CREF pursuant to the at-cost arrangement.

FEE COMPARISON WITH CLIENTS OF AFFILIATED INVESTMENT ADVISERS

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


College Retirement Equities Fund § 2009 Semiannual Report	115

BOARD APPROVAL OF INVESTMENT
MANAGEMENT AGREEMENT

it renders services to comparable accounts at higher fee rates than the costs charged by TCIM to CREF. In addition, the Board considered that TCIM and its affiliates render somewhat different services to CREF as compared to services rendered by TAI and its affiliates regarding the portfolios that TAI manages.

OTHER BENEFITS

The Board also considered additional benefits to the Accounts and to TCIM and its affiliates arising from the Agreement. For example, TCIM and its affiliates may benefit from the advisory relationship with the Accounts to the extent this relationship results in potential investors viewing the TIAA-CREF group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. Also, certain Accounts managed by TCIM are managed in the same manner and by the same personnel as certain of the other affiliated TIAA-CREF mutual funds, resulting in certain economies of scale. Additionally, CREF may benefit from TCIM’s ability to acquire investment research related to its commission (i.e., soft dollar) arrangements.

ACCOUNT-BY-ACCOUNT FACTORS

The Trustees considered the following specific factors (among others) during their determination to renew the Agreement with respect to each Account. If an Account is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Lipper. All periods referenced below end as of December 31, 2008. Under the Morningstar rating system, 5 stars is the highest rating category and 1 star is the lowest rating category.

CREF STOCK ACCOUNT


•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.180% of average daily net assets for 2009.

•	The Account’s pro forma management costs (including investment management and administrative expenses) and total expenses are in the 1st quintile of the group of comparable funds selected by Lipper for expense comparison purposes (“Expense Group”) and the universe of comparable funds identified by Lipper for expense comparison purposes (“Expense Universe”).

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

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


116	2009 Semiannual Report § College Retirement Equities Fund

continued

CREF GLOBAL EQUITIES ACCOUNT


•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.240% of average daily net assets for 2009.

•	The Account’s pro forma management costs (including investment management and administrative expenses) and total expenses are in the 1st quintile of its Expense Group and Expense Universe.

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

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

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

CREF GROWTH ACCOUNT

•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.170% of average daily net assets for 2009.

•	The Account’s pro forma management costs (including investment management and administrative expenses) and total expenses are in the 1st quintile of its Expense Group and Expense Universe.

•	For the one-, two-, three-, four-, five- and ten-year periods, the Account was in the 2nd, 1st, 2nd, 3rd, 3rd and 5th quintiles, respectively, of its Performance Universe.

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

CREF EQUITY INDEX ACCOUNT

•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.080% of average daily net assets for 2009.

•	The Account’s pro forma management costs (including investment management and administrative expenses) are in the 3rd and 4th quintiles of its Expense Group and Expense Universe, respectively; and the Account’s total expenses are in the 2nd and 3rd quintiles of its Expense Group and Expense Universe, respectively.

•	For the two-, three-, four- and five-year periods, the Account was in the 3rd quintile of its Performance Universe and the 2nd and 4th quintiles of its Performance Universe for the one- and ten-year periods, respectively.

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


College Retirement Equities Fund § 2009 Semiannual Report	117

BOARD APPROVAL OF INVESTMENT
MANAGEMENT AGREEMENT


CREF SOCIAL CHOICE ACCOUNT

•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.125% of average daily net assets for 2009.

•	The Account’s pro forma management costs (including investment management and administrative expenses) and total expenses are in the 1st quintile of its Expense Group and Expense Universe.

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

•	The Account received an Overall Morningstar Rating of 4 stars for the one-year period.

CREF INFLATION-LINKED BOND ACCOUNT

•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.090% of average daily net assets for 2009.

•	The Account’s pro forma management costs (including investment management and administrative expenses) and total expenses are in the 1st quintile of its Expense Group and Expense Universe.

•	For the one-, three- and five-year periods, the Account was in the 4th quintile of its Performance Universe; it was in the 3rd, 3rd and 1st quintiles of its Performance Universe for the two-, five- and ten-year periods, respectively.

•	The Account received an Overall Morningstar Rating of 4 stars for the one-year period.

•	John Cerra was named to the portfolio management team in August 2008 upon the departure of Steve Traum.

CREF BOND MARKET ACCOUNT

•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.095% of average daily net assets for 2009.

•	The Account’s pro forma management costs (including investment management and administrative expenses) and total expenses are in the 1st quintile of its Expense Group and Expense Universe.

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

•	The Account received an Overall Morningstar Rating of 4 stars for the one-year period.

•	Lisa Black was added to the portfolio management team in August 2008.


118	2009 Semiannual Report § College Retirement Equities Fund

concluded


CREF MONEY MARKET ACCOUNT

•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.060% of average daily net assets for 2009.

•	The Account’s pro forma management costs (including investment management and administrative expenses) are in the 3rd quintile of its Expense Group and Expense Universe, and the Account’s total expenses are in the 2nd quintile of its Expense Group and Expense Universe.

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

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

•	Money market funds are not rated by Morningstar.



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


College Retirement Equities Fund § 2009 Semiannual Report	119

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HOW TO REACH US

TIAA-CREF WEBSITE

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

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

AUTOMATED TELEPHONE SERVICE

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

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

TELEPHONE COUNSELING CENTER

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

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

PLANNING AND SERVICE CENTER

TIAA-CREF mutual funds

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

INSURANCE PLANNING CENTER

After-tax annuities and life insurance

877 825-0411
8 a.m. to 6 p.m. ET, Monday–Friday

FOR THE HEARING- OR SPEECH-IMPAIRED

800 842-2755
8 a.m. to 10 p.m. ET, Monday–Friday
9 a.m. to 6 p.m. ET, Saturday

TIAA-CREF BROKERAGE SERVICES

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

800 927-3059
8 a.m. to 7 p.m. ET, Monday–Friday

TIAA-CREF TRUST COMPANY, FSB

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

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

ADVISOR SERVICES

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

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 Brokerage Services is a division of TIAA-CREF Individual & Institutional Services, LLC, member, FINRA/SIPC. TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., member, FINRA, distribute securities products. Insurance and annuity products are issued by TIAA-CREF Life Insurance Co., New York, NY. TIAA-CREF Trust Company, FSB provides trust services.




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C45091	A10939 (8/09)

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not Applicable.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

COLLEGE RETIREMENT EQUITIES FUND

CREF STOCK ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2009

MATURITY

VALUE

PRINCIPAL

ISSUER

RATE

DATE

RATING†

(000)

BONDS - 0.00%**

CORPORATE BONDS - 0.00%**

BUSINESS SERVICES - 0.00%**

$34,000

Amrep

TOTAL BUSINESS SERVICES

HOTELS AND OTHER LODGING PLACES - 0.00%**

3,132

Club Mediterranee

5.000%

06/8/12

TOTAL HOTELS AND OTHER LODGING PLACES

METAL MINING - 0.00%**

86,132

Cia Vale Rio Doce

0.000

12/31/49

TOTAL METAL MINING

TOTAL CORPORATE BONDS

(Cost $37)

GOVERNMENT BONDS - 0.00%**

U.S. TREASURY SECURITIES - 0.00%**

325,000

United States Treasury Note

5.000

02/15/11

347

TOTAL U.S. TREASURY SECURITIES

347

TOTAL GOVERNMENT BONDS

347

(Cost $323)

TOTAL BONDS

393

(Cost $360)

SHARES

COMPANY

COMMON STOCKS - 99.86%

ADMINISTRATION OF ECONOMIC PROGRAMS - 0.01%

41,231

Bureau Veritas S.A.

2,024

254,581

Centrais Eletricas Brasileiras S.A.

3,722

394,317

Centrais Eletricas Brasileiras S.A. (Preference)

5,132

2,605

Thessaloniki Port Authority S.A.

TOTAL ADMINISTRATION OF ECONOMIC PROGRAMS

10,932

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)

AGRICULTURAL PRODUCTION-CROPS - 0.00%**
1,938		Bonifica Ferraresi e Imprese Agricole S.p.A	$	109
253,234	*,e	Chiquita Brands International, Inc		2,598
19,082	e	Griffin Land & Nurseries, Inc (Class A)		597
		TOTAL AGRICULTURAL PRODUCTION-CROPS		3,304

AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%
66,597	e	Cal-Maine Foods, Inc		1,662
2,108		Seaboard Corp		2,365
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		4,027

AGRICULTURAL SERVICES - 0.00%**
85,818	*,e	Black Earth Farming Ltd		278
70,061	*,e	Cadiz, Inc		675
63,389	e	Calavo Growers, Inc		1,257
35,138	*	Hanfeng Evergreen, Inc		179
24,400		Hokuto Corp		503
4,034		KWS Saat AG.		724
46,338		MP Evans Group plc		245
		TOTAL AGRICULTURAL SERVICES		3,861

AMUSEMENT AND RECREATION SERVICES - 0.57%
124,883	e	888 Holdings plc		213
653		Accordia Golf Co Ltd		529
213,111		Aristocrat Leisure Ltd		651
37,600	e	Aruze Corp		288
329,270	*,e	Bally Technologies, Inc		9,852
902,300		Berjaya Sports Toto BHD		1,296
28,644	*,e	Betsson AB		19
53,499		Betsson AB (Series B)		605
38,192	*,e	bwin Interactive Entertainment		1,666
51,459		Churchill Downs, Inc		1,732
15,596	*	Codere S.A.		128
16,237		CTS Eventim AG.		658
70,148	e	Dover Downs Gaming & Entertainment, Inc		326
1,663,143	*	Electronic Arts, Inc		36,123
27,825	*	Euro Disney SCA		131
135		Fields Corp		183
10,893		Fiera Milano S.p.A.		75
47,000	e	Fuji Kyuko Co Ltd		202
19,491,000	*,e	Galaxy Entertainment Group Ltd		5,131
453,000	*	Gallant Venture Ltd		69
8,941		GL Events		151
68,815	*,e	Great Canadian Gaming Corp		273
11,137	*,e	Groupe Partouche		46
38,013	*,e	Gruppo Coin S.p.A.		187
69,100		Heiwa Corp		800
425,812	e	IG Group Holdings plc		1,963
152,128	e	International Speedway Corp (Class A)		3,896
121,205		Intralot S.A.-Integrated Lottery Systems & Services		740
60,769	*	Juventus Football Club S.p.A		69
172,830		Kangwon Land, Inc		2,211

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
2,793,357		Ladbrokes plc	$	8,456
79,326	*	Lakes Entertainment, Inc		231
217,832	*,e	Life Time Fitness, Inc		4,359
482,581	*,e	Live Nation, Inc		2,345
10,510	e	Lottomatica S.p.A.		202
69,866		Luminar Group Holdings plc		132
7,848	*	Meetic		205
122,260	*,e	Multimedia Games, Inc		606
7,913,755		NagaCorp Ltd		1,052
231,049	e	Nintendo Co Ltd		63,870
366,397		OPAP S.A.		9,766
90,808	e	Oriental Land Co Ltd		6,089
571		Pacific Golf Group International Holdings KK		355
55,690		Paddy Power plc		1,297
156,958	*,e	PartyGaming plc		633
944,493	*,e	Penn National Gaming, Inc		27,494
666,967	*,e	Pinnacle Entertainment, Inc		6,196
462,662		Publishing & Broadcasting Ltd		846
540,367	*,e	Rank Group plc		569
3,568,300		Resorts World BHD		2,741
40,675,600	*	Rexcapital Financial Holdings Ltd		3,149
48,700	e	Round One Corp		486
728,415	e	Sega Sammy Holdings, Inc		9,247
1,292,000		SJM Holdings Ltd		477
38,136		SkiStar AB (Series B)		494
778,355		Sky City Entertainment Group Ltd		1,346
50,321	*	Snai S.p.A.		214
67,468	e	Speedway Motorsports, Inc		928
374,743	*	Sportingbet plc		351
815,086		TABCORP Holdings Ltd		4,703
671,100		Tanjong plc		2,539
4,355,364		Tattersall's Ltd		8,949
207,116	*	Ticketmaster		1,330
213,000		Tokyo Dome Corp		721
93,142	*,e	Town Sports International Holdings, Inc		349
51,500		Valor Co Ltd		403
53,994		Vocento S.A.		254
8,698,497		Walt Disney Co		202,937
357,518	*,e	Warner Music Group Corp		2,091
1,063,490		William Hill plc		3,438
207,908	*,e	WMS Industries, Inc		6,551
100,640	e	World Wrestling Entertainment, Inc (Class A)		1,264
31,000	e	Yomiuri Land Co Ltd		94
22,500		Yoshimoto Kogyo Co Ltd		224
169,650	*	Youbet.com, Inc		560
		TOTAL AMUSEMENT AND RECREATION SERVICES		460,756

APPAREL AND ACCESSORY STORES - 0.52%
276,888	e	Abercrombie & Fitch Co (Class A)		7,030
480,124	*,e	Aeropostale, Inc		16,454
165,095	*,e	American Apparel, Inc		601
1,446,221	e	American Eagle Outfitters, Inc		20,493
332,855	*,e	AnnTaylor Stores Corp		2,656
64,300		Aoyama Trading Co Ltd		1,112

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
2,300,000	*	Apac Resources Ltd	$	202
120,647		Bebe Stores, Inc		830
4,256,400		Belle International Holdings Ltd		3,746
33,353		Bjoern Borg AB		248
219,932	e	Brown Shoe Co, Inc		1,592
128,826	e	Buckle, Inc		4,093
66,784		Burberry Group plc		465
458,516	*	Carter's, Inc		11,284
187,295	e	Cato Corp (Class A)		3,266
8,324		Charles Voegele Holding AG.		276
164,382	*	Charlotte Russe Holding, Inc		2,117
649,792	*,e	Charming Shoppes, Inc		2,417
1,346,439	*,e	Chico's FAS, Inc		13,101
120,375	*,e	Children's Place Retail Stores, Inc		3,182
28,100	e	Chiyoda Co Ltd		402
179,980	e	Christopher & Banks Corp		1,208
93,458	*,e	Citi Trends, Inc		2,419
351,895	*,e	Collective Brands, Inc		5,127
25,104	*	Destination Maternity Corp		419
279,953	*,e	Dress Barn, Inc		4,003
68,819	*,e	DSW, Inc (Class A)		678
9,500		Etam Developpement S.A.		179
132,214		Fast Retailing Co Ltd		17,293
258,752	e	Finish Line, Inc (Class A)		1,920
871,652	e	Foot Locker, Inc		9,126
39,809		Forzani Group Ltd/The		492
279,428		Foschini Ltd		1,821
3,300,814	e	Gap, Inc		54,132
1,230,000		Giordano International Ltd		259
395,008	*,e	Hanesbrands, Inc		5,929
818,440	e	Hennes & Mauritz AB (B Shares)		40,844
23,820	e	Honeys Co Ltd		177
236,730	*,e	Hot Topic, Inc		1,730
168,639	e	Inditex S.A.		8,084
250,804	*,e	J Crew Group, Inc		6,777
95,784	*,e	JOS A Bank Clothiers, Inc		3,301
96,893		KappAhl Holding AB		421
1,456,659	*	Kohl's Corp		62,271
1,605,641		Limited Brands, Inc		19,220
15,830		Lotte Shopping Co Ltd		3,256
20,325		Macintosh Retail Group NV		287
225,616	*,e	New York & Co, Inc		697
68,900	e	Nishimatsuya Chain Co Ltd		607
525,151	e	Nordstrom, Inc		10,445
371,115	*,e	Pacific Sunwear Of California, Inc		1,251
58,837		Reitmans Canada Ltd		726
29,300	*	Right On Co Ltd		269
164,752	e	rnb Retail and Brands AB		94
967,057		Ross Stores, Inc		37,328
44,134	*	Shoe Carnival, Inc		527
438,676		Sports Direct International plc		590
228,876		Stage Stores, Inc		2,541
33,181	*,e	Syms Corp		249

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
116,202	e	Talbots, Inc	$	627
574,664		Truworths International Ltd		2,757
134,610	*,e	Tween Brands, Inc		899
167,757	*,e	Under Armour, Inc (Class A)		3,754
34,400		United Arrows Ltd		221
405,265	*,e	Urban Outfitters, Inc		8,458
653,164	*,e	Wet Seal, Inc (Class A)		2,005
1,038,375		Woolworths Holdings Ltd		1,744
		TOTAL APPAREL AND ACCESSORY STORES		422,729

APPAREL AND OTHER TEXTILE PRODUCTS - 0.32%
1,239,000		Anta Sports Products Ltd		1,549
75,527	e	Benetton Group S.p.A.		663
935,000		C C Land Holdings Ltd		608
3,950,600		China Dongxiang Group Co		2,656
474,000		China Ting Group Holdings Ltd		55
65,951	e	Columbia Sportswear Co		2,039
18,700	e	Daidoh Ltd		125
1,690,097		Debenhams plc		2,252
38,000		Descente Ltd		183
6,954	*,e	Escada AG.		24
15,800	*	F&A Aqua Holdings, Inc		174
11,776		Gerry Weber International AG.		297
74,800	*,e	G-III Apparel Group Ltd		859
914,687	e	Guess ?, Inc		23,582
404,000		Gunze Ltd		1,803
182,131	*,e	Gymboree Corp		6,462
19,832	e	Hermes International		2,754
13,390		Hugo Boss AG.		329
490,110		Jones Apparel Group, Inc		5,259
818,200	e	Li Ning Co Ltd		2,412
848,312	e	Liz Claiborne, Inc		2,443
201,211	*,e	Lululemon Athletica, Inc		2,622
133,480	*,e	Maidenform Brands, Inc		1,531
6,442		Mariella Burani S.p.A.		27
74,668	e	New Wave Group AB (B Shares)		111
1,641,046	e	Nike, Inc (Class B)		84,974
98,667	e	Onward Kashiyama Co Ltd		637
1,292,300	e	Pacific Brands Ltd		890
520,983		Phillips-Van Heusen Corp		14,947
312,102	e	Polo Ralph Lauren Corp (Class A)		16,710
1,156,851	*	Quiksilver, Inc		2,140
84,000	e	Sanyo Shokai Ltd		288
68,670		Shimamura Co Ltd		5,474
205,500		Stella International Holdings Ltd		331
28,000	*	Takihyo Co Ltd		142
31,406	e	Ten Cate NV		758
49,000		Tokyo Style Co Ltd		391
133,091	*,e	True Religion Apparel, Inc		2,968
967,441	e	VF Corp		53,549
74,000	e	Wacoal Holdings Corp		931
257,866	*	Warnaco Group, Inc		8,355
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		254,304

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
AUTO REPAIR, SERVICES AND PARKING - 0.11%
53,720	*,e	Amerco, Inc	$	1,996
275,689	*	Avis Europe PLC		99
91,274	e	Dechra Pharmaceuticals PLC		634
118,462	*,e	Dollar Thrifty Automotive Group, Inc		1,653
75,545	e	Genus plc		625
337,842	e	Helphire PLC		203
726,757	*,e	Hertz Global Holdings, Inc		5,807
71,285	*,e	Midas, Inc		747
102,626	e	Monro Muffler, Inc		2,639
126,368		Northgate PLC		206
127,500	*,e	Park24 Co Ltd		1,149
320,109	e	Ryder System, Inc		8,936
12,724		Sixt AG.		308
19,870		Sixt AG. (Preference)		366
2,764,662	e	Standard Chartered plc		51,851
189,831		Standard Chartered plc (Hong Kong)		3,674
65,305	*,e	Standard Parking Corp		1,064
254,535	*	Wright Express Corp		6,482
		TOTAL AUTO REPAIR, SERVICES AND PARKING		88,439

AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.15%
508,728		Advance Auto Parts		21,106
49,114	*,e	America's Car-Mart, Inc		1,007
180,879	e	Asbury Automotive Group, Inc		1,852
526,523	*,e	Autonation, Inc		9,135
126,373	*,e	Autozone, Inc		19,096
168,955		Canadian Tire Corp Ltd		7,989
695,954	*,e	Carmax, Inc		10,231
426,992	*,e	Copart, Inc		14,804
6,070	e	Gulliver International Co Ltd		241
326,057		Halfords Group plc		1,670
4,582,911		Inchcape plc		1,433
90,908	*	Lithia Motors, Inc (Class A)		840
97,383		Lookers plc		102
63,801		MOL Hungarian Oil and Gas plc		3,931
441,549	*,e	O'Reilly Automotive, Inc		16,814
513,973	e	Pendragon plc		268
321,034	e	Penske Auto Group, Inc		5,342
4,575	*,e,m	Rodriguez Group		19
182,922	*,e	Rush Enterprises, Inc (Class A)		2,131
143,245	e	Sonic Automotive, Inc (Class A)		1,455
740	*,e	TravelCenters of America LLC		2
15,373	*	US Auto Parts Network, Inc		58
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		119,526

BUILDING MATERIALS AND GARDEN SUPPLIES - 0.56%
99,965		Alesco Corp Ltd		281
94,739	*,e	Builders FirstSource, Inc		394
40,861		Clas Ohlson AB (B Shares)		580
101,800		DCM Japan Holdings Co Ltd		698
509,228	e	Fastenal Co		16,891
9,807,829		Home Depot, Inc		231,759
60,300	e	Keiyo Co Ltd		304

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
1,139,899		Kingfisher plc	$	3,334
9,855,389		Lowe's Cos, Inc		191,293
71,296	*,e	Lumber Liquidators, Inc		1,124
53,000		Nice Holdings, Inc		91
64,232		Praktiker Bau- und Heimwerkermaerkte AG.		626
146,332	*	RONA, Inc		1,604
5,800		Stella-Jones, Inc		113
270,787	e	Travis Perkins plc		2,346
28,000		Wood One Co Ltd		85
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		451,523

BUSINESS SERVICES - 6.49%
2,188,569	*	3Com Corp		10,308
80,941	*,e	3D Systems Corp		584
197,301	e	Aaron Rents, Inc		5,884
259,858	e	ABM Industries, Inc		4,696
51,253	*,e	Absolute Software Corp		249
181,014	*	Acacia Research (Acacia Technologies)		1,425
212	*,e	Access Co Ltd		528
208,997	*,e	ACI Worldwide, Inc		2,918
229,733	*	ActivIdentity Corp		581
2,785,712	*,e	Activision Blizzard, Inc		35,184
276,997	*	Actuate Corp		1,324
429,983		Acxiom Corp		3,797
784,626		Adecco S.A.		32,683
115,345		Administaff, Inc		2,684
3,688,362	*	Adobe Systems, Inc		104,382
78,219	*,e	Advent Software, Inc		2,565
1,050,669	e	Aegis Group PLC		1,590
26,200		Aeon Delight Co Ltd		425
609,824	*,e	Affiliated Computer Services, Inc (Class A)		27,088
291,203	e	Aggreko PLC		2,484
244,785	e	Aircastle Ltd		1,799
1,159,816	*	Akamai Technologies, Inc		22,245
456,476	*,e	Alliance Data Systems Corp		18,802
149,647	e	Alpha Systems, Inc		3,309
134,686	*,e	Altran Technologies S.A.		378
799,865	*	Amdocs Ltd		17,157
232,460	*	American Reprographics Co		1,934
124,256		American Software, Inc (Class A)		716
175,015	*	AMICAS, Inc		487
205,141	*	AMN Healthcare Services, Inc		1,309
364,914		Anite plc		212
334,694	*,e	Ansys, Inc		10,429
147,597	*	APAC Customer Services, Inc		757
135,248	e	Arbitron, Inc		2,149
123,212	*,e	ArcSight, Inc		2,189
374,387		Argo Graphics, Inc		4,057
429,876	*,e	Ariba, Inc		4,230
36,103	*	Arques Industries AG.		85
794,808	*	Art Technology Group, Inc		3,020
39,959	*	AS. Roma S.p.A		66
25,300	e	Asatsu-DK, Inc		573
607,878		Ashtead Group plc		568

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account


			VALUE
SHARES		COMPANY	(000)
100,822		Asseco Poland S.A.	$	1,730
74,638	*,e	Asset Acceptance Capital Corp		574
170,128	*,e	athenahealth, Inc		6,296
176,888	e	Atos Origin S.A.		5,994
1,300,051	*	Autodesk, Inc		24,675
2,072,572		Automatic Data Processing, Inc		73,453
5,961,182	*	Autonomy Corp plc		140,932
786,260		Aveva Group plc		9,268
690,485	*,e	Avis Budget Group, Inc		3,901
248,434	*,e	Avocent Corp		3,468
62,603		B2W Companhia Global Do Varejo		1,186
63,676	*,e	Bankrate, Inc		1,607
38,680		Barrett Business Services, Inc		406
21,133	e	Bechtle AG.		397
360,518	e	BGC Partners, Inc (Class A)		1,366
225,869	e	Blackbaud, Inc		3,512
156,829	*,e	Blackboard, Inc		4,526
214,301	*,e	Blue Coat Systems, Inc		3,545
839,275	*	BMC Software, Inc		28,359
136,489	*	Bottomline Technologies, Inc		1,230
384,491	*,e	BPZ Energy, Inc		1,880
272,341	e	Brady Corp (Class A)		6,841
288,850		Brink's Co		8,385
211,418	*,e	Brink's Home Security Holdings, Inc		5,985
23,234		Brunel International		531
70,874	*	Bull S.A.		187
1,744,464		CA, Inc		30,406
116,674	e	Cabcharge Australia Ltd		485
238,045	*,e	CACI International, Inc (Class A)		10,167
810,693	*,e	Cadence Design Systems, Inc		4,783
42,056	*,e	CAI International, Inc		214
20,248		Cairo Communication S.p.A		54
169,687	*,e	Callidus Software, Inc		484
217,041		Cam Finanziaria S.p.A.		87
52,700	e	Capcom Co Ltd		950
75,057	*,e	Capella Education Co		4,500
181,120	*,e	Cavium Networks, Inc		3,045
216,246	*,e	CBIZ, Inc		1,540
12,367		Cegid Group		236
86,900	e	Century Leasing System, Inc		990
211,658	*,e	Cerner Corp		13,184
4,132		Cewe Color Holding AG.		138
803,012	*	CGI Group, Inc		7,138
192,700	*	Check Point Software Technologies		4,523
4,632,000	*	China LotSynergy Holdings Ltd		188
11,000		Chiyoda Integre Co Ltd		127
185,993	*	Chordiant Software, Inc		675
366,919	*	Ciber, Inc		1,137
681,519	*,e	Citrix Systems, Inc		21,734
105,793	*,e	Clear Channel Outdoor Holdings, Inc (Class A)		561
58,316	*,e	Clinical Data, Inc		643
225,998	*,e	Cogent Communications Group, Inc		1,842
320,386	*,e	Cogent, Inc		3,438
204,061		Cognex Corp		2,883

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
1,378,211	*,e	Cognizant Technology Solutions Corp (Class A)	$	36,798
243,184	*,e	Commvault Systems, Inc		4,032
168,962	e	Compass Diversified Trust		1,367
84,917	*,e	Compellent Technologies, Inc		1,295
267,025		Computacenter plc		901
49,044	e	Computer Programs & Systems, Inc		1,879
1,045,986	*	Computer Sciences Corp		46,338
75,552	*	Computer Task Group, Inc		461
563,102	e	Computershare Ltd		4,093
1,403,743	*	Compuware Corp		9,630
94,292	*	COMSYS IT Partners, Inc		552
204,434	*,e	Concur Technologies, Inc		6,354
105,954		Connaught plc		654
119,632	*,e	Constant Contact, Inc		2,373
303,892	*	Convergys Corp		2,820
1,252,000	e	COSCO Pacific Ltd		1,410
97,590	*,e	CoStar Group, Inc		3,891
30,823		Cramo Oyj (Series B)		309
478,000		CSE Global Ltd		178
239,419	*,e	CSG Systems International, Inc		3,170
124,300	e	CSK Holdings Corp		587
174,391		Ctrip.com International Ltd (ADR)		8,074
419	e	CyberAgent, Inc		398
349,598	*,e	Cybersource Corp		5,349
16,720	e	Dassault Systemes S.A.		738
236,814	*	Data Domain, Inc		7,898
41,916	*	Davis Henderson Income Fund		441
192,268	*,e	DealerTrack Holdings, Inc		3,269
96,249	*,e	Deltek, Inc		418
351,804		Deluxe Corp		4,507
269	e	Dena Co Ltd		902
152,800	e	Dentsu, Inc		3,220
12,398		Devoteam S.A.		226
125,106	*,e	Dice Holdings, Inc		582
221,106	*	Digital River, Inc		8,031
154,753	*,e	DivX, Inc		850
81,702	*	Double-Take Software, Inc		707
511,781	*,e	DST Systems, Inc		18,910
17,400		DTS Corp		181
64,600		Duskin Co Ltd		1,097
39,429	*	Dynamics Research Corp		395
411,636	*	DynCorp International, Inc (Class A)		6,911
1,747		eAccess Ltd		1,433
722,888	*,e	Earthlink, Inc		5,357
6,092,638	*	eBay, Inc		104,368
34,600	*,e	Ebix, Inc		1,084
148,402	*,e	Echelon Corp		1,258
285,168	*	Eclipsys Corp		5,070
79,800		EDB Business Partner ASA		231
100,514		Electro Rent Corp		954
284,189	*	Electronics for Imaging, Inc		3,029
36,183	*	eLoyalty Corp		285
946,282		Emeco Holdings Ltd		309

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
189,000	e	Ementor ASA	$	785
4,455		Engineering Ingegneria Informatica S.p.A.		132
106	e	en-japan, Inc		144
402,662	*,e	Entrust, Inc		729
314,225	*,e	Epicor Software Corp		1,665
173,885	*,e	EPIQ Systems, Inc		2,669
547,862		Equifax, Inc		14,299
57,650	e	Euromoney Institutional Investor plc		193
656,572	*,e	Evergreen Energy, Inc		643
13,930		Exact Holding NV		337
77,362	*,e	ExlService Holdings, Inc		867
789,617	*,e	Expedia, Inc		11,931
1,297,376		Experian Group Ltd		9,696
372,507	*,e	F5 Networks, Inc		12,885
159,143	e	Factset Research Systems, Inc		7,936
272,476	e	Fair Isaac Corp		4,212
177,010	*,e	FalconStor Software, Inc		841
2,065,177	e	Fidelity National Information Services, Inc		41,221
48,847		Fidessa Group plc		874
10,458	e	Fimalac		572
60,868	*	First Advantage Corp (Class A)		926
22,910	*,e	FirstService Corp		266
572,017	*	Fiserv, Inc		26,141
48,514		Fluidra S.A.		204
75,973	*	Forrester Research, Inc		1,865
20	*	Freebit Co Ltd		128
132,072		F-Secure Oyj		458
29,800	e	FUJI SOFT, Inc		591
4,732,860	e	Fujitsu Ltd		25,842
197		Future Architect, Inc		87
41,097	e	Fuyo General Lease Co Ltd		917
379,315	*,e	Gartner, Inc		5,788
13,252	*,e	General de Alquiler de Maquinaria		144
18,982	e	Gestevision Telecinco S.A.		177
32,740	e	GFI Informatique		131
279,380	*,e	Global Cash Access, Inc		2,224
102,164	*,e	Global Sources Ltd		737
51,800	e	GMO internet, Inc		234
1,421,049	*	Google, Inc (Class A)		599,101
141	e	Gourmet Navigator, Inc		399
350,000	*,e	Gravity Co Ltd (ADR)		364
4,300	*,e	Gree, Inc		314
568	e	Green Hospital Supply, Inc		334
9,157		Grenkeleasing AG.		341
3,010,081		Group 4 Securicor plc		10,325
39,125	e	Groupe Steria SCA		717
141,017	e	Gruppo Editoriale L'Espresso S.p.A.		200
86,851	*	GSE Systems, Inc		586
151,004	*,e	H&E Equipment Services, Inc		1,412
298,129	*,e	Hackett Group, Inc		695
18,162	e	Hakuhodo DY Holdings, Inc		980
514,631		Havas S.A.		1,263
1,525,619		Hays plc		2,152

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
161,789		HCL Technologies Ltd	$	628
85,338		Healthcare Locums plc		268
217,079	e	Healthcare Services Group		3,881
227,900		Heartland Payment Systems, Inc		2,181
21,549	*	HeartWare International, Inc		601
97,504	e	Heidrick & Struggles International, Inc		1,779
27,433	*	Hi-Media S.A.		137
39,400		Hitachi Information Systems Ltd		832
19,000	e	Hitachi Systems & Services Ltd		260
316,289	*,e	HLTH Corp		4,143
145,007	*	HMS Holdings Corp		5,905
380,611		Hogg Robinson Group plc		166
100,622	*,e	i2 Technologies, Inc		1,263
928,941	*	IBA Health Group Ltd		483
28,000	e	IBJ Leasing Co Ltd		388
52,188	*	ICT Group, Inc		456
24,341		IDS Scheer AG.		366
173,888		iGate Corp		1,151
181,951	*,e	IHS, Inc (Class A)		9,074
63,935		iiNET Ltd		89
37,344		Imergent, Inc		261
1,667,213		IMS Health, Inc		21,174
204,887	e	Indra Sistemas S.A.		4,434
21,988		Industrial & Financial Systems		180
79,100		Ines Corp		539
213,399		infoGROUP, Inc		1,219
755,750	*	Informatica Corp		12,991
431,900		Information Development Co		2,555
18,500		Information Services International-Dentsu Ltd		114
170,642	e	Infospace, Inc		1,131
625,669		Infosys Technologies Ltd		23,202
23,300	e	Infosys Technologies Ltd (ADR)		857
137,180	*	Innerworkings, Inc		652
121,397	*	Innodata Isogen, Inc		532
94,167	*,e	Integral Systems, Inc		783
15,915		Intelligent Wave, Inc		2,808
124,874	e	Interactive Data Corp		2,890
108,034	*	Interactive Intelligence, Inc		1,324
309,203	*,e	Internap Network Services Corp		1,079
131,686	*,e	Internet Brands, Inc (Class A)		922
192,443	*	Internet Capital Group, Inc		1,295
114	e	Internet Initiative Japan, Inc		178
5,683,188	*,e	Interpublic Group of Cos, Inc		28,700
71,186	e	Intrum Justitia AB		685
1,534,388	*	Intuit, Inc		43,208
228,466	*	inVentiv Health, Inc		3,091
270,395	*	Ipass, Inc		433
152,991	e	Iress Market Technology Ltd		894
696,148	*,e	Iron Mountain, Inc		20,014
94,429		IT Holdings Corp		1,680
346,905		ITE Group plc		574
428,343		Jack Henry & Associates, Inc		8,888

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
53,104	e	JC Decaux S.A.	$	843
155,348	*	JDA Software Group, Inc		2,324
229,045	e	JSR Corp		3,930
1,915,479	*	Juniper Networks, Inc		45,206
217	e	Kakaku.com, Inc		824
8,111	*	Kardex AG.		239
156,816		Kelly Services, Inc (Class A)		1,717
154,778	*,e	Kenexa Corp		1,791
62,320	*,e	Keynote Systems, Inc		476
217,550	*,e	Kforce, Inc		1,799
150,368	*,e	Knot, Inc		1,185
79,233	e	Konami Corp		1,522
70,977		Kontron AG.		911
247,342	*,e	Korn/Ferry International		2,632
177,772	*,e	Lamar Advertising Co (Class A)		2,715
73,724		Lavendon Group PLC		152
859,923	*	Lawson Software, Inc		4,798
202,751	*,e	Limelight Networks, Inc		892
325,009	*	Lionbridge Technologies		598
74,313	*,e	Liquidity Services, Inc		733
228,123	*	Liveperson, Inc		912
1,614,077	e	LogicaCMG plc		2,098
2,684	*	Logility, Inc		19
15,580	*	LogMeIn, Inc		249
27,608	*,e	Longtop Financial Technologies Ltd (ADR)		678
82,359	e	Loomis AB		819
39,483	*,e	MacDonald Dettwiler & Associates Ltd		900
437		Macromill, Inc		487
117,016	*,e	Manhattan Associates, Inc		2,132
528,701		Manpower, Inc		22,385
121,178	*	Mantech International Corp (Class A)		5,216
128,135		Marchex, Inc (Class B)		432
413,113	e	Mastercard, Inc (Class A)		69,119
759,608	*	McAfee, Inc		32,048
30,606	*	Medidata Solutions, Inc		501
32,500	e	Meitec Corp		562
504,413	*	Mentor Graphics Corp		2,759
1,490,522		Michael Page International PLC		5,842
350,070	e	Micro Focus International plc		2,157
47,147,001		Microsoft Corp		1,120,685
59,084	*	MicroStrategy, Inc (Class A)		2,967
478,424		Misys plc		1,358
187,646	e	Mitsubishi UFJ Lease & Finance Co Ltd		6,136
53	*,e	Mixi Inc		316
271,947	*,e	ModusLink Global Solutions, Inc		1,866
503,912	*	MoneyGram International, Inc		897
108,741	*	Monotype Imaging Holdings, Inc		741
435,854	*,e	Monster Worldwide, Inc		5,147
898,284	e	Moody's Corp		23,670
54,376		Morgan Sindall plc		618
19,700	e	Moshi Moshi Hotline, Inc		410
764,997	*,e	Move, Inc		1,652
552,607	*	MPS Group, Inc		4,222

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
251,239	*,e	MSC Software Corp	$	1,673
32,899	*,e	NCI, Inc (Class A)		1,001
1,443,122	*	NCR Corp		17,072
13,981		Ncsoft		2,008
2,640,217		NEC Corp		10,387
34,300		NEC Fielding Ltd		473
45,900		NEC Networks & System Integration Corp		565
233,312	*	Ness Technologies, Inc		912
20,469		Net Entertainment NE AB		155
347,548	*,e	Netease.com (ADR)		12,227
232,372	*,e	NetFlix, Inc		9,606
223,726	*	Netscout Systems, Inc		2,099
80,778	*,e	NetSuite, Inc		954
146,075	*,e	Network Equipment Technologies, Inc		622
55,907	*	NHN Corp		7,746
329,279		NIC, Inc		2,229
52,000		Nihon Unisys Ltd		452
8,700		Nippon Kanzai Co Ltd		127
54,300	e	Nippon System Development Co Ltd		551
335,401		Nippon Systemware Co Ltd		1,243
12,200		Nishio Rent All Co Ltd		87
114,640	e	Nomura Research Institute Ltd		2,553
238,000	*	Norse Energy Corp ASA		122
1,854,045	*	Novell, Inc		8,399
16,000	e	NS Solutions Corp		257
4,615		NTT Data Corp		14,947
828,206	*,e	Nuance Communications, Inc		10,013
5,200	e	OBIC Business Consultants Ltd		212
21,163	e	Obic Co Ltd		3,442
2,041,617		Omnicom Group, Inc		64,475
337,900	*,e	Omniture, Inc		4,244
207,540	*,e	On Assignment, Inc		811
132,303	*,e	Online Resources Corp		826
75,739	*	Open Text Corp		2,767
30,948	*,e	OpenTable, Inc		934
709,759	*,e	OpenTV Corp (Class A)		937
101,000	e	Opera Software ASA		518
74,936		Opnet Technologies, Inc		686
43		OPT, Inc		57
22,335,143		Oracle Corp		478,420
116,721	e	Oracle Corp Japan		4,289
19,756		ORC Software AB		364
33,827		Ordina NV		132
10,669	e	Otsuka Corp		570
664,391	*	Parametric Technology Corp		7,767
281	*,e	Pasona Group, Inc		196
275,000		PCA Corp		2,830
114,940	e	PC-Tel, Inc		615
120,900		Pegasystems, Inc		3,189
183,030	*,e	Perficient, Inc		1,279
491,589	*	Perot Systems Corp (Class A)		7,044
72,471	*	Pervasive Software, Inc		441
216,282	*,e	Phase Forward, Inc		3,268
146,906	*,e	Phoenix Technologies Ltd		398

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
2,632,000		Pico Far East Holdings Ltd	$	312
78,813	*,e	Portfolio Recovery Associates, Inc		3,052
369,532	*,e	Premiere Global Services, Inc		4,006
208,484	*,e	Progress Software Corp		4,414
144,775	e	Promotora de Informaciones S.A.		764
95,293	*	PROS Holdings, Inc		774
30,770		Prosegur Cia de Seguridad S.A.		987
428,594	e	Publicis Groupe S.A.		13,065
1,614		PubliGroupe AG.		121
73,868		QAD, Inc		240
119,032	e	Quality Systems, Inc		6,780
365,655	*	Quest Software, Inc		5,097
335,784	*,e	Rackspace Hosting, Inc		4,654
138,768	*	Radiant Systems, Inc		1,152
139,583	*,e	Radisys Corp		1,258
14,127	e	Rakuten, Inc		8,520
60,265	e	Ramirent Oyj		369
26,034		Randstad Holdings NV		720
263,298	*,e	Raser Technologies, Inc		737
488,992	*	RealNetworks, Inc		1,462
774,721	*	Red Hat, Inc		15,595
47,523		Redflex Holdings Ltd		78
47,122	e	Renaissance Learning, Inc		434
375,869	*	Rent-A-Center, Inc		6,702
120,084	*	Rewards Network, Inc		454
17,800	e	Ricoh Leasing Co Ltd		351
221,001		Rightmove plc		1,278
168,382	*	RightNow Technologies, Inc		1,987
110,888	*,e	Riskmetrics Group Inc		1,958
136,417	e	Ritchie Bros Auctioneers, Inc		3,202
589,412	e	Robert Half International, Inc		13,922
211,385		Rollins, Inc		3,659
42,574	*,e	Rosetta Stone, Inc		1,168
236,044	*,e	RSC Holdings, Inc		1,586
373,926	*	S1 Corp		2,580
18,095		S1 Corp (Korea)		770
132,627	*	Saba Software, Inc		511
1,693,858		Sage Group plc		4,963
835,478	*,e	Salesforce.com, Inc		31,890
94,913	*	Sandvine Corp		109
1,411,310	e	SAP AG.		56,763
616,197	*	Sapient Corp		3,876
65,265	*,e	SDL plc		350
242,807		Secom Co Ltd		9,880
992,292	e	Securitas AB (B Shares)		8,425
175,429	e	Seek Ltd		589
13,648	*	SeLoger.com		383
5,580		SGS S.A.		6,912
10,400	*	Shimojima Co Ltd		139
6,579		SimCorp AS		1,020
3,010,423		Singapore Post Ltd		1,860
137,788	*	SK Broadband Co Ltd		562
67,565		Skilled Group Ltd		67
154,817	*,e	Smith Micro Software, Inc		1,520

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
13	*	SMS Co Ltd	$	69
8,721		Societe Des Autoroutes Paris-Rhin-Rhone		593
1,261,193	e	Softbank Corp		24,639
31,402		Software AG.		2,221
152,200	e	Sohgo Security Services Co Ltd		1,605
224,111	*,e	Sohu.com, Inc		14,081
59,008	*	SolarWinds, Inc		973
773	e	So-net Entertainment Corp		1,485
90	e	So-net M3, Inc		285
336,324	*,e	SonicWALL, Inc		1,843
1,207,302	*,e	Sonus Networks, Inc		1,944
8,384		Sopra Group S.A.		311
315,618		Sorun Corp		1,933
461,589	e	Sotheby's (Class A)		6,513
107,588	*,e	Sourcefire, Inc		1,333
41,954		Speedy Hire plc		19
300,486	*	Spherion Corp		1,238
169,648		Spotless Group Ltd		309
90,468	*,e	SPSS, Inc		3,019
93,995	e	Square Enix Co Ltd		2,210
242,486	*	SRA International, Inc (Class A)		4,258
94	*	Start Today Co Ltd		127
61,675	*	StarTek, Inc		495
169,394		Sthree plc		504
97,199	*,e	Stratasys, Inc		1,068
337,306	e	STW Communications Group Ltd		175
183,698	*,e	SuccessFactors, Inc		1,686
179,213	*	SumTotal Systems, Inc		862
3,952,002	*	Sun Microsystems, Inc		36,437
240,496	*,e	Support.com, Inc		524
15,885	*	SupportSoft, Inc		35
13,590		Sword Group		339
29,625	*	SXC Health Solutions Corp		756
371,525	*,e	Sybase, Inc		11,644
212,105	*,e	SYKES Enterprises, Inc		3,837
6,147,534	*	Symantec Corp		95,657
101,260	*,e	Synchronoss Technologies, Inc		1,242
114,939	*,e	SYNNEX Corp		2,872
576,146	*,e	Synopsys, Inc		11,241
64,273	e	Syntel, Inc		2,021
1,106,040		Taiwan Secom Co Ltd		1,709
13,750,530		Taiwan-Sogo Shinkong Security Corp		7,690
554,988	e	Take-Two Interactive Software, Inc		5,256
75,040	e	TAL International Group, Inc		818
158,525	*,e	Taleo Corp (Class A)		2,896
498,698		Tata Consultancy Services Ltd		4,058
53,085	*,e	TechTarget, Inc		212
76,793	*	Telecity Group plc		376
64,327	e	Teleperformance		1,956
249,770	*	TeleTech Holdings, Inc		3,784
705,603	*,e	Temenos Group AG.		12,014
1,430,500		Tencent Holdings Ltd		16,695
44,948	e	Textainer Group Holdings Ltd		516
397,478	*,e	THQ, Inc		2,846

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
946,619	*	TIBCO Software, Inc	$	6,787
88,710	*	Tier Technologies, Inc		681
93,571		Tietoenator Oyj		1,243
16,500		TKC		317
123,587	*	TNS, Inc		2,317
1,168,000	*	Tom Group Ltd		67
133,700	e	Tomra Systems ASA		480
503,456	e	Total System Services, Inc		6,741
23,266		TradeDoubler AB		205
256,212	*	TradeStation Group, Inc		2,168
22,600	e	Trans Cosmos, Inc/Japan		227
27,653	*	Travelzoo, Inc		303
175,962	e	Trend Micro, Inc		5,644
312,358	*,e	TrueBlue, Inc		2,624
69,545	*,e	UBISOFT Entertainment		1,692
121,991	*,e	Ultimate Software Group, Inc		2,957
63,202	*,e	Unica Corp		346
2,481,605	*,e	Unisys Corp		3,747
17,722		Unit 4 Agresso NV		290
19,124	e	United Internet AG.		224
472,198		United Online, Inc		3,074
340,593	*	United Rentals, Inc		2,210
79,860		USG People NV		915
46,196		USS Co Ltd		2,383
576,342	*	Valueclick, Inc		6,063
130,145	*,e	Vasco Data Security International		951
285,000		Venture Corp Ltd		1,373
176		VeriSign Japan KK		76
657,229	*,e	VeriSign, Inc		12,146
127,001		Viad Corp		2,187
123,812	*,e	Vignette Corp		1,628
67,924	*	Virtusa Corp		545
2,814,228		Visa, Inc (Class A)		175,215
321,984	*	VisionChina Media, Inc (ADR)		1,967
1,052,935	*,e	VMware, Inc (Class A)		28,714
79,820	*,e	Vocus, Inc		1,577
74,937	*,e	Volt Information Sciences, Inc		470
24,254	*,e	WebMD Health Corp (Class A)		726
291,333	*	Websense, Inc		5,197
167,481	*	Website Pros, Inc		943
339,563	*	Wind River Systems, Inc		3,891
361,852		Wipro Ltd		2,855
103,772		Wirecard AG.		1,012
299	e	Works Applications Co Ltd		181
80,729		Wotif.com Holdings Ltd		306
3,090,374		WPP plc		20,502
23,074	e	Yahoo! Japan Corp		7,365
7,831,053	*,e	Yahoo!, Inc		122,635
		TOTAL BUSINESS SERVICES		5,229,723

CHEMICALS AND ALLIED PRODUCTS - 11.51%
25,500	*	5N Plus, Inc		142
7,913,578		Abbott Laboratories		372,254
73,781	*,b,e,m	Able Laboratories, Inc		–	^

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
26,628	*,e	Abraxis Bioscience, Inc	$	982
100,689		Accsys Technologies plc		106
191,226	*,e	Acorda Therapeutics, Inc		5,391
144,727	*	Actelion Ltd		7,572
15,407	*,e	Acura Pharmaceuticals, Inc		92
2,273	*	Addex Pharmaceuticals Ltd		59
111,300		ADEKA Corp		1,066
329,859	*,e	Adolor Corp		581
285,235	e	Agrium, Inc		11,391
237,068	e	Air Liquide		21,654
1,047,732		Air Products & Chemicals, Inc		67,673
320,400		Air Water, Inc		3,505
769,002		Alapis Holding Industrial and Commercial S.A.		1,090
147,091	*	Albany Molecular Research, Inc		1,234
298,225		Albemarle Corp		7,626
1,075,123		Alberto-Culver Co		27,340
323,620	*,e	Alexion Pharmaceuticals, Inc		13,307
5,949		ALK-Abello AS		465
475,164	*,e	Alkermes, Inc		5,141
315,075	*,e	Allos Therapeutics, Inc		2,612
240,587	*,e	Alnylam Pharmaceuticals, Inc		5,358
84,955	*,e	AMAG Pharmaceuticals, Inc		4,644
329,138	*,e	American Oriental Bioengineering, Inc		1,741
98,412		American Vanguard Corp		1,112
7,730,878	*	Amgen, Inc		409,272
73,386	*,e	Amicus Therapeutics, Inc		840
3,396		Amorepacific Corp		1,821
73	*	AnGes MG, Inc		116
480,783	*	Antisoma PLC		190
137,646	e	Arch Chemicals, Inc		3,385
67,690	*	Ardea Biosciences, Inc		1,065
372,340	*,e	Arena Pharmaceuticals, Inc		1,858
53,800		Arisawa Manufacturing Co Ltd		322
217,629	*	Ark Therapeutics Group plc		158
62,472	e	Arkema		1,464
317,215	*,e	Arqule, Inc		1,948
294,387	*,e	Array Biopharma, Inc		924
99,150	*	ARYx Therapeutics, Inc		409
1,856,113	e	Asahi Kasei Corp		9,460
18,000	*	ASKA Pharmaceutical Co Ltd		153
277,690	*	Aspen Pharmacare Holdings Ltd		1,972
899,780		Astellas Pharma, Inc		31,943
2,910,220		AstraZeneca plc		127,861
235,691	e	AstraZeneca plc (ADR)		10,403
39,844	*	Atrium Innovations Inc		418
15,379		Auriga Industries (Class B)		267
316,286	*,e	Auxilium Pharmaceuticals, Inc		9,925
344,827	*	AVANIR Pharmaceuticals, Inc		766
346,508	e	Avery Dennison Corp		8,898
440,834	*	AVI BioPharma, Inc		697
1,693,162		Avon Products, Inc		43,650
36,709	*	Axis-Shield PLC		205

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
4,411		Bachem Holding AG.	$	274
92,925	e	Balchem Corp		2,279
1,876,532	e	BASF AG.		74,578
8,448	*	Basilea Pharmaceutica		721
988,000	*	Bawang International		303
14,110	e	Beiersdorf AG.		663
120,648	*	BioCryst Pharmaceuticals, Inc		486
48,018	*,e	Biodel, Inc		248
53,274	*	BioDelivery Sciences International, Inc		355
1,693,084	*,e	Biogen Idec, Inc		76,443
319,060	*,e	BioMarin Pharmaceuticals, Inc		4,981
68,152	*,e	BioMimetic Therapeutics, Inc		630
112,500	*	Bioms Medical Corp		269
18,001	*	Biospecifics Technologies Corp		429
5,188		Biotest AG.		273
9,563		Biotest AG. (Preference)		477
346,844	e	Biovail Corp		4,658
7,000	*	Biovitrum AB		62
15,750		Boiron S.A.		514
178,251		Braskem S.A.		653
9,119,776		Bristol-Myers Squibb Co		185,223
628,098		Cabot Corp		7,901
130,449	*,e	Cadence Pharmaceuticals, Inc		1,303
275,470	*,e	Calgon Carbon Corp		3,826
170,602	*	Cambrex Corp		703
24,000	*	Cangene Corp		101
95,211	*,e	Caraco Pharmaceutical Laboratories Ltd		292
54,961	*	Cardiome Pharma Corp		209
42,886	*	Cardiovascular Systems, Inc		331
842,519		Celanese Corp (Series A)		20,010
2,200,108	*	Celgene Corp		105,253
227,041	*,e	Cell Genesys, Inc		66
2,630,459	*	Cell Therapeutics, Inc		4,524
82,724	*,e	Celldex Therapeutics, Inc		647
56,574	*	Celltrion, Inc		746
233,408	*,e	Cephalon, Inc		13,223
514,011	e	CF Industries Holdings, Inc		38,109
209,772	*,e	Charles River Laboratories International, Inc		7,080
30,022		Chase Corp		357
148,036	*	Chattem, Inc		10,081
37,551		Chemring Group PLC		1,341
40,420	*	China Green Agriculture, Inc		327
152,654	*,e	China Precision Steel, Inc		379
36,605	*	China-Biotics, Inc		395
242,916	e	Christian Dior S.A.		18,119
728,528	e	Chugai Pharmaceutical Co Ltd		13,915
65,000		Chugoku Marine Paints Ltd		449
482,216	e	Church & Dwight Co, Inc		26,189
621,987		Cipla Ltd		3,289
276,801		Clariant AG.		1,748
722,942		Clorox Co		40,362
530		CMIC Co Ltd		118
3,311,432		Colgate-Palmolive Co		234,251

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
38,055	*	Cornerstone Therapeutics, Inc	$	418
74,325	*,e	Cougar Biotechnology, Inc		3,193
142,949	e	Croda International		1,255
17,524	*	CropEnergies AG.		73
1,188,754		CSL Ltd		30,796
321,701	*	Cubist Pharmaceuticals, Inc		5,897
350,773	*	Curis, Inc		558
188,643	*,e	Cypress Bioscience, Inc		1,777
446,733	e	Cytec Industries, Inc		8,318
440,055	*,e	Cytokinetics, Inc		1,245
121,633	*,e	Cytori Therapeutics, Inc		439
92,000		Dai Nippon Toryo Co Ltd		104
895,785		Daicel Chemical Industries Ltd		5,440
778,996		Daiichi Sankyo Co Ltd		13,973
56,000		Dainichiseika Color & Chemicals Manufacturing Co Ltd		144
408,784		Dainippon Ink and Chemicals, Inc		641
117,395	e	Dainippon Sumitomo Pharma Co Ltd		1,029
103,000	e	Daiso Co Ltd		251
448,136	*,e	Dendreon Corp		11,136
15,985	*	Devgen		149
33,335	e	DiaSorin S.p.A.		828
546,834	*,e	Discovery Laboratories, Inc		563
8,792,157	e	Dow Chemical Co		141,905
151,069		Dr Reddy's Laboratories Ltd		2,459
351,848		DSM NV		11,022
3,550,684		Du Pont (E.I.) de Nemours & Co		90,969
378,732	*,e	Durect Corp		901
15,900	e	Earth Chemical Co Ltd		425
335,818	e	Eastman Chemical Co		12,728
1,772,411		Ecolab, Inc		69,106
288,148	e	Eisai Co Ltd		10,289
491,461	*	Elan Corp plc		3,358
456,052	*	Elan Corp plc (ADR)		2,905
753,549		Elementis PLC		341
5,243,977	e	Eli Lilly & Co		181,651
146,727	*,e	Elizabeth Arden, Inc		1,281
82,965	*,e	Emergent Biosolutions, Inc		1,189
8,060		EMS-Chemie Holding AG.		764
230,303	*,e	Enzon Pharmaceuticals, Inc		1,812
56		EPS Co Ltd		215
792	e	Eramet		207
347,147	e	Estee Lauder Cos (Class A)		11,341
1,839,204		Eternal Chemical Co Ltd		1,312
156,042	*	Facet Biotech Corp		1,450
155,118	e	FAES FARMA S.A.		938
14,057	*	FAES FARMA S.A. (New)		85
32,500		Fancl Corp		396
82,005	*	Female Health Co		394
230,911	e	Ferro Corp		635
360,388		Fertilizantes Fosfatados S.A.		2,750
373,490	e	Filtrona plc		750
274,800		FMC Corp		12,998
2,537,576	*	Forest Laboratories, Inc		63,719

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
3,182,460		Formosa Chemicals & Fibre Corp	$	4,792
4,812,235		Formosa Plastics Corp		8,580
7,635		Fuchs Petrolub AG.		417
11,172		Fuchs Petrolub AG. (Preference)		606
49,000	*	Fuso Pharmaceutical Industries Ltd		163
31,131	*	Galapagos NV		321
43,504	*	Genmab AS		1,502
854,893	*	Genzyme Corp		47,592
464,055	*,e	Geron Corp		3,559
6,781,421	*	Gilead Sciences, Inc		317,641
6,421	e	Givaudan S.A.		3,933
5,679,935		GlaxoSmithKline plc		99,847
104,839		Glenmark Pharmaceuticals Ltd		474
322,201	e	Grifols S.A.		5,691
121,963	*,e	GTx, Inc		1,126
41,000	*	Gun-Ei Chemical Industry Co Ltd		96
156,378	e	H Lundbeck A/s		2,975
10,592		H&R WASAG AG.		148
272,569		H.B. Fuller Co		5,116
463,807	*,e	Halozyme Therapeutics, Inc		3,233
122,514		Hanwha Chemical Corp		1,005
163,945		Haw Par Corp Ltd		518
49,741		Hawkins, Inc		1,123
634,906	*	Hemispherx Biopharma, Inc		1,613
196,200		Henkel KGaA		5,287
26,045	e	Henkel KGaA (Preference)		812
150,087		Hikma Pharmaceuticals plc		1,159
1,147,202		Hindustan Lever Ltd		6,406
65,000	e	Hisamitsu Pharmaceutical Co, Inc		2,024
40,721	*	Hi-Tech Pharmacal Co, Inc		362
18,523		Honam Petrochemical Corp		1,115
788,426	*	Hospira, Inc		30,370
637,368	*,e	Human Genome Sciences, Inc		1,823
682,298	e	Huntsman Corp		3,432
176,647	*,e	ICO, Inc		480
274,021	*,e	Idenix Pharmaceuticals, Inc		1,008
128,247	*,e	Idera Pharmaceuticals, Inc		752
183,529	*,e	Idexx Laboratories, Inc		8,479
458,728	*	Immucor, Inc		6,312
345,921	*,e	Immunogen, Inc		2,978
303,147	*	Impax Laboratories, Inc		2,231
3,384,925		Incitec Pivot Ltd		6,492
110,161		Innophos Holdings, Inc		1,861
149,074		Innospec, Inc		1,603
262,792	*,e	Inspire Pharmaceuticals, Inc		1,461
3,619		Inter Parfums S.A.		72
59,485	e	Inter Parfums, Inc		437
92,063	*,e	Intercell AG.		3,153
182,952	*,e	InterMune, Inc		2,781
245,816	e	International Flavors & Fragrances, Inc		8,043
241,664	*,e	Inverness Medical Innovations, Inc		8,598
1,054,723	*	Invitrogen Corp		44,003
633,658	e	Ipsen		27,672
261,000	*	Ishihara Sangyo Kaisha Ltd		282

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
669,266		Israel Chemicals Ltd	$	6,643
254,812	*,e	Javelin Pharmaceuticals, Inc		313
17,309,982		Johnson & Johnson		983,206
89,481	e	Kaiser Aluminum Corp		3,213
131,000		Kaken Pharmaceutical Co Ltd		1,169
161,476		Kansai Paint Co Ltd		1,162
937,325		Kao Corp		20,481
18,900	e	Katakura Industries Co Ltd		171
70,020		Kemira Oyj		668
7,121,341	*,e	King Pharmaceuticals, Inc		68,579
668,500		Kingboard Chemical Holdings Ltd		1,648
58,000		Kissei Pharmaceutical Co Ltd		1,412
37,000		Koatsu Gas Kogyo Co Ltd		191
109,465	e	Koppers Holdings, Inc		2,887
26,100		Kose Corp		551
46,000	*	Kumiai Chemical Industry Co Ltd		212
1,188,790		Kuraray Co Ltd		13,229
110,000		KUREHA CORP		583
192,183	*,e	KV Pharmaceutical Co (Class A)		617
56,000	e	Kyorin Co Ltd		850
275,540	e	Kyowa Hakko Kogyo Co Ltd		3,121
387,725		La Seda de Barcelona S.A. (Class B)		185
120,837	*,e	Landec Corp		820
49,061	*	Lannett Co, Inc		336
1,511,775		Lanxess AG.		37,453
23,122		LG Household & Health Care Ltd		3,920
551,624	*,e	Ligand Pharmaceuticals, Inc (Class B)		1,578
170,017		Linde AG.		13,936
60,200		Lintec Corp		1,047
180,000	e	Lion Corp		835
7,823	e	Lonza Group AG.		777
73,525	e	L'Oreal S.A.		5,495
209,678		Lubrizol Corp		9,920
69,465		Lupin Ltd		1,184
203,838		Maire Tecnimont S.p.A.		665
294,775		Makhteshim-Agan Industries Ltd		1,463
15,600	e	Mandom Corp		354
120,243	e	Mannatech, Inc		397
272,431	*,e	MannKind Corp		2,264
116,034	*,e	MAP Pharmaceuticals, Inc		1,418
225,260	e	Martek Biosciences Corp		4,764
222,268		Mcbride PLC		530
287,300	e	Meda AB (A Shares)		1,974
684,268	*,e	Medarex, Inc		5,714
220,835		Mediceo Paltac Holdings Co Ltd		2,533
357,776	*,e	Medicines Co		3,002
316,599	e	Medicis Pharmaceutical Corp (Class A)		5,167
72,729	*	Medifast, Inc		833
24,263	*	Medigene AG.		143
191,232	*,e	Medivation, Inc		4,286
8,973,052	e	Merck & Co, Inc		250,887
9,525	e	Merck KGaA		969
204,070	e	Meridian Bioscience, Inc		4,608

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
94,600	e	Methanex Corp	$	1,148
243,387	*	Micromet, Inc		1,212
204,379	*,e	MiddleBrook Pharmaceuticals, Inc		276
12,100	e	Milbon Co Ltd		273
102,198		Minerals Technologies, Inc		3,681
67,300		Miraca Holdings, Inc		1,649
1,110,861		Mitsubishi Chemical Holdings Corp		4,716
641,337		Mitsubishi Gas Chemical Co, Inc		3,515
91,000	e	Mochida Pharmaceutical Co Ltd		877
96,479	*,e	Molecular Insight Pharmaceuticals, Inc		499
174,112	*,e	Momenta Pharmaceuticals, Inc		2,095
4,172,082		Monsanto Co		310,152
19,202	*	Morphosys AG.		440
1,075,962		Mosaic Co		47,665
2,059,668	*,e	Mylan Laboratories, Inc		26,879
136,746	*	Myriad Pharmaceuticals, Inc		636
286,946	*,e	Nabi Biopharmaceuticals		694
957,019		Nalco Holding Co		16,116
5,527,677		Nan Ya Plastics Corp		7,177
66,801	*,e	Nanosphere, Inc		328
223,332	*	Natraceutical S.A.		145
156,481		Natura Cosmeticos S.A.		2,065
450,000		Natural Beauty Bio-Technology Ltd		75
167,983	*,e	NBTY, Inc		4,724
294,451	*,e	Neurocrine Biosciences, Inc		951
55,602	*	NeurogesX, Inc		314
57,837	e	NewMarket Corp		3,894
74,700	e	Nichi-iko Pharmaceutical Co Ltd		2,334
42,627	*,e	NicOx S.A.		532
41,000	e	Nihon Nohyaku Co Ltd		381
75,000		Nihon Parkerizing Co Ltd		795
485,550	e	Nippon Chemiphar Co Ltd		1,537
197,000		Nippon Kayaku Co Ltd		1,362
200,000	e	Nippon Paint Co Ltd		1,032
84,000		Nippon Shinyaku Co Ltd		964
122,000	e	Nippon Shokubai Co Ltd		936
262,000		Nippon Soda Co Ltd		1,180
84,000		Nippon Synthetic Chemical Industry Co Ltd		398
84,000		Nippon Valqua Industries Ltd		185
352,943	e	Nissan Chemical Industries Ltd		3,982
49,306	e	NL Industries, Inc		364
22,400		Noevir Co Ltd		216
180,577		NOVA Chemicals Corp		1,074
5,954,072		Novartis AG.		241,330
1,497,703		Novartis AG. (ADR)		61,091
310,257	*,e	Novavax, Inc		1,018
204,547	*	Noven Pharmaceuticals, Inc		2,925
759,060	e	Novo Nordisk AS (Class B)		41,038
46,125	e	Novozymes AS (B Shares)		3,745
371,857	*	NPS Pharmaceuticals, Inc		1,733
341,225		Nufarm Ltd		2,524
256,463		Nuplex Industries Ltd		248
55,605	*	Nutraceutical International Corp		578
86,499	*	Obagi Medical Products, Inc		631

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
423,608		Olin Corp	$	5,037
175,360	*,e	OM Group, Inc		5,089
22,305		Omega Pharma S.A.		739
244,303	*	Omnova Solutions, Inc		796
22,572	*	OncoGenex Pharmaceutical, Inc		494
96	*	OncoTherapy Science, Inc		171
92,214	e	Ono Pharmaceutical Co Ltd		4,087
289,686	*,e	Onyx Pharmaceuticals, Inc		8,187
71,925		OPG Groep NV		913
194,475	*,e	Opko Health, Inc		344
136,259	*,e	Optimer Pharmaceuticals, Inc		2,040
269,588	*,e	OraSure Technologies, Inc		666
103,976	*,e	Orexigen Therapeutics, Inc		533
48,525	e	Oriflame Cosmetics S.A.		2,110
142,182		Oriola-KD Oyj (B Shares)		551
261,295	e	Orion Oyj (Class B)		4,094
185,243	*,e	OSI Pharmaceuticals, Inc		5,229
76,435	*,e	Osiris Therapeutics, Inc		1,027
155,251	*	OXiGENE, Inc		338
983,031	*	Pactiv Corp		21,332
170,700	*,e	Pain Therapeutics, Inc		917
204,880	*,e	Par Pharmaceutical Cos, Inc		3,104
288,296	*	Parexel International Corp		4,146
131,600	*	Patheon, Inc		318
754,370	e	PDL BioPharma, Inc		5,960
251,284	e	Perrigo Co		6,981
91,580	*	Petkim Petrokimya Holding		386
173,223	*,e	PetMed Express, Inc		2,604
38,855,196		Pfizer, Inc		582,827
93,216	*,e	Pharmasset, Inc		1,049
150,832	*,e	Pharmaxis Ltd		293
163,581	*,e	PharMerica Corp		3,211
565,223	*,e	PolyOne Corp		1,532
132,941	*	Poniard Pharmaceuticals, Inc		794
497,748		Potash Corp of Saskatchewan		46,426
130,016	*,e	Pozen, Inc		999
879,230	e	PPG Industries, Inc		38,598
1,589,547		Praxair, Inc		112,969
184,893	*	Prestige Brands Holdings, Inc		1,137
14,699,202		Procter & Gamble Co		751,128
146,126	*,e	Progenics Pharmaceuticals, Inc		753
192,593	*	Protalix BioTherapeutics, Inc		871
297,100		PTT Chemical PCL		456
183,729	e	PZ Cussons plc		598
424,564	*,e	Questcor Pharmaceuticals, Inc		2,123
131,666	*,e	Quidel Corp		1,917
116,349		Ranbaxy Laboratories Ltd		595
2,527,868		Reckitt Benckiser Group plc		115,034
191,372	e	Recordati S.p.A.		1,183
51,788	*	Repros Therapeutics, Inc		372
105,046	*	Revlon, Inc (Class A)		571
144,024	*,e	Rhodia S.A.		1,088
19,753		Richter Gedeon Nyrt		3,544
1,148,611		Roche Holding AG.		156,136

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
276,587	*	Rockwood Holdings, Inc	$	4,049
76,000	e	Rohto Pharmaceutical Co Ltd		859
399,326		RPM International, Inc		5,607
121,000		Sakai Chemical Industry Co Ltd		489
242,538	*,e	Salix Pharmaceuticals Ltd		2,394
1,697,739		Sanofi-Aventis		99,721
289,632	*	Santarus, Inc		817
200,004		Santen Pharmaceutical Co Ltd		6,093
51,000		Sanyo Chemical Industries Ltd		259
4,181		Sartorius Stedim Biotech		167
15,400	e	Sawai Pharmaceutical Co Ltd		839
9,679,354		Schering-Plough Corp		243,145
204,209	*	Sciclone Pharmaceuticals, Inc		523
223,255	e	Scotts Miracle-Gro Co (Class A)		7,825
27,800		Seikagaku Corp		306
266,340		Sensient Technologies Corp		6,011
755,289	*	Sepracor, Inc		13,082
681,499	e	Sherwin-Williams Co		36,631
721,693	e	Shin-Etsu Chemical Co Ltd		33,562
35,600	e	Shin-Etsu Polymer Co Ltd		192
309,790		Shionogi & Co Ltd		6,004
2,572,554		Shire Ltd		35,361
704,939	e	Shire plc (ADR)		29,241
289,587	e	Shiseido Co Ltd		4,756
835,021	e	Showa Denko KK		1,500
277,065		Sidi Kerir Petrochemcials Co		579
146,715	*	SIGA Technologies, Inc		1,238
762,627	e	Sigma-Aldrich Corp		37,796
4,890,000		Sinochem Hong Kong Holding Ltd		2,473
2,646,000	e	Sinopec Shanghai Petrochemical Co Ltd		912
47,031	*	Sociedad Nacional de Industrias Apicaciones Celulosa Espanola S.A.		56
103,818		Sociedad Quimica y Minera de Chile S.A. (Class B)		3,763
2,535,896	*,e	Solutia, Inc		14,607
96,724		Solvay S.A.		8,159
212,470	*	Spectrum Pharmaceuticals, Inc		1,625
35,000		SSP Co Ltd		180
10,200		ST CORP		107
72,298	e	Stada Arzneimittel AG.		1,806
8,378		Stallergenes		552
7,400	e	Stella Chemifa Corp		254
582,063	*	StemCells, Inc		990
43,893		Stepan Co		1,938
53,807	*,e	Sucampo Pharmaceuticals, Inc (Class A)		332
1,875,061		Sumitomo Chemical Co Ltd		8,467
105,000		Sumitomo Seika Chemicals Co Ltd		414
94,678		Sun Pharmaceuticals Industries Ltd		2,155
308,583	*	SuperGen, Inc		620
79,910	*,e	SurModics, Inc		1,808
201,700		Syngenta AG.		46,826
142,762	*	Synta Pharmaceuticals Corp		330
89,655		Taisho Pharmaceutical Co Ltd		1,700
1,306,000		Taiwan Fertilizer Co Ltd		3,877
14,100	e	Taiyo Ink Manufacturing Co Ltd		312
588,343		Taiyo Nippon Sanso Corp		5,643

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
1,347,327		Takeda Pharmaceutical Co Ltd	$	52,587
168,119		Tanabe Seiyaku Co Ltd		1,937
14,800		Tenma Corp		175
34,104		Tessenderlo Chemie NV		1,084
1,151,561		Teva Pharmaceutical Industries Ltd		56,289
4,112,102		Teva Pharmaceutical Industries Ltd (ADR)		202,891
52,001	*,e	Theratechnologies, Inc		107
858,689	*,e	Theravance, Inc		12,571
227,000		Toagosei Co Ltd		627
734,000	e	Tokai Carbon Co Ltd		3,848
185,929		Tokuyama Corp		1,368
34,100	e	Tokyo Ohka Kogyo Co Ltd		661
384,675	e	Toray Industries, Inc		1,965
24,200		Torii Pharmaceutical Co Ltd		391
472,750	e	Tosoh Corp		1,345
10,700	e	Towa Pharmaceutical Co Ltd		538
211,000		Toyo Ink Manufacturing Co Ltd		771
551,000	e	Toyobo Co Ltd		898
13,065	*,e	Transgene S.A.		330
512,000	*	TSRC Corp		624
227,700	e	Tsumura & Co		7,115
3,103,420		UBE Industries Ltd		8,698
648,250		UCB S.A.		20,743
133,759	*,e	Ulta Salon Cosmetics & Fragrance, Inc		1,487
280,428	*	Unifi, Inc		398
310,000		United Laboratories Ltd		123
233,529	*	United Phosphorus Ltd		696
79,578	*,e	United Therapeutics Corp		6,631
217,969	f	Uralkali (GDR)		3,509
43,987	*,e	USANA Health Sciences, Inc		1,308
641,976	*,e	USEC, Inc		3,415
254,005	*,e	Valeant Pharmaceuticals International		6,533
677,215	e	Valspar Corp		15,258
150,002	*	Vanda Pharmaceuticals, Inc		1,766
280,245	*	Vectura Group plc		314
788,822	*,e	Vertex Pharmaceuticals, Inc		28,114
196,080	*	Vical, Inc		531
67,843		Victrex PLC		628
8,541		Virbac S.A.		689
450,499	*,e	Viropharma, Inc		2,671
22,900	*	VITAL KSK HOLDINGS, Inc		122
19,576	e	Wacker Chemie AG.		2,248
2,637,702		Wah Lee Industrial Corp		2,279
282,790	*,e	Warner Chilcott Ltd (Class A)		3,719
441,830	*,e	Watson Pharmaceuticals, Inc		14,885
116,716	e	Westlake Chemical Corp		2,380
414,895	*,e	WR Grace & Co		5,132
7,108,890		Wyeth		322,672
133,805	*,e	Xenoport, Inc		3,100
249,401	e	Yara International ASA		6,982
8,972		Yuhan Corp		1,317
152,193		Yule Catto & Co PLC		267
133,996	e	Zeltia S.A.		951

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
258,000	e	Zeon Corp	$	1,010
18,000		ZERIA Pharmaceutical Co Ltd		193
192,548	*,e	Zymogenetics, Inc		886
		TOTAL CHEMICALS AND ALLIED PRODUCTS		9,276,590

COAL MINING - 0.25%
796,713	*,e	Alpha Natural Resources, Inc		20,930
143,442		Anglo Pacific Group plc		340
85,814	*,e	Aquila Resources Ltd		398
493,202	e	Arch Coal, Inc		7,581
253,940	*	Carbon Energy Ltd		79
1,064,832		Centennial Coal Co Ltd		2,111
17,322,400		China Coal Energy Co		20,519
3,892,500		China Shenhua Energy Co Ltd		14,339
56,387	*	CIC Energy Corp		90
992,379		Consol Energy, Inc		33,702
110,244		Felix Resources Ltd		1,261
231,616	e	Gloucester Coal Ltd		971
516,031	*,e	International Coal Group, Inc		1,476
136,513	*,e	James River Coal Co		2,065
126,787		Kumba Resources Ltd		1,245
181,115	e	MacArthur Coal Ltd		963
335,049	e	Massey Energy Co		6,547
270,500		Mitsui Mining Co Ltd		351
99,543		New World Resources NV		462
1,616,718		Peabody Energy Corp		48,761
160,563	*	Pike River Coal Ltd		122
21,756,000		PT Bumi Resources Tbk		3,964
1,137,934		PT Tambang Batubara Bukit Asam Tbk		1,293
785,189		Sasol Ltd		27,490
103,745	*	UK Coal plc		213
256,000	*,e	Western Canadian Coal Corp		407
72,217	*,e	Westmoreland Coal Co		585
177,932		Whitehaven Coal Ltd		450
2,792,000		Yanzhou Coal Mining Co Ltd		3,840
		TOTAL COAL MINING		202,555

COMMUNICATIONS - 5.00%
32,256	*	AboveNet, Inc		2,612
1,032	*	Acotel Group S.p.A		89
310,013	e	Adtran, Inc		6,656
4,309	*	Advanced Digital Broadcast Holdings S.A.		130
920,300		Advanced Info Service PCL		2,445
151,838	f	AFK Sistema (GDR)		1,833
225,589	e	Alaska Communications Systems Group, Inc		1,651
24,563,313	e	America Movil S.A. de C.V. (Series L)		47,548
1,815,912	*	American Tower Corp (Class A)		57,256
37,086		Amper S.A.		338
175,896	*,e	Anixter International, Inc		6,612
63,654	e	Antena 3 de Television S.A.		480
363,669	*,e	Aruba Networks, Inc		3,178
473,700		Astro All Asia Networks plc		437
34,668,886		AT&T, Inc		861,176

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
47,044		Atlantic Tele-Network, Inc	$	1,848
120,187	*,e	Audiovox Corp (Class A)		704
1,055,425	e	Austar United Communications Ltd		748
219,590		Austereo Group Ltd		249
148,972	*,e	Avanzit S.A.		180
367,610		BCE, Inc		7,585
919,000		BEC World PCL		564
78,983		Belgacom S.A.		2,519
2,427,606		Bezeq Israeli Telecommunication Corp Ltd		4,485
73,620	*	Bharti Airtel Ltd		1,233
266,734		Brasil Telecom Participacoes S.A.		2,084
60,294		Brasil Telecom Participacoes S.A.		1,077
364,065		Brasil Telecom S.A.		2,425
309,518	*	Brightpoint, Inc		1,941
1,857,155	e	British Sky Broadcasting plc		13,902
82,235,176		BT Group plc		137,324
1,589,318		Cable & Wireless plc		3,480
731,806		Cablevision Systems Corp (Class A)		14,204
97,568		Canal Plus		664
54,930	e	Carphone Warehouse Group plc		143
762,500	*,e	Carso Global Telecom SAB de CV		2,816
118,903	*,e	Cbeyond Communications, Inc		1,706
2,772,372	e	CBS Corp (Class B)		19,185
50,600		Cellcom Israel Ltd		1,344
497,183	*	Centennial Communications Corp		4,156
134,222	*,e	Central European Media Enterprises Ltd (Class A)		2,643
510,457	e	CenturyTel, Inc		15,671
1,878,732		China Communications Services Corp Ltd		1,161
7,823,410		China Mobile Hong Kong Ltd		78,336
18,151,711		China Telecom Corp Ltd		9,041
7,753,323		China Unicom Ltd		10,264
6,036,340		Chunghwa Telecom Co Ltd		12,051
1,224,185	*,e	Cincinnati Bell, Inc		3,477
1,927,000		Citic 1616 Holdings Ltd		430
191,993	*,e	Clearwire Corp (Class A)		1,062
15,299	e	Cogeco Cable, Inc		372
367,211	*	Colt Telecom Group S.A.		655
18,773,722		Comcast Corp (Class A)		272,032
217,487	f	Comstar United Telesystems (GDR)		935
130,480	e	Consolidated Communications Holdings, Inc		1,528
95,011		Corus Entertainment, Inc		1,213
1,118,662	*	Crown Castle International Corp		26,870
92,757	*,e	Crown Media Holdings, Inc (Class A)		155
172,873	*	CTC Media, Inc		2,043
229,324		Cyfrowy Polsat S.A.		1,109
68,080		D&E Communications, Inc		696
8,740,798	e	Deutsche Telekom AG.		103,002
85,269	*,e	DG FastChannel, Inc		1,560
370,900		Digi.Com BHD		2,343
5,091	*	Digital Multimedia Technologies S.p.A.		58
71,682	*	DigitalGlobe, Inc		1,376
3,757,732	*,e	DIRECTV Group, Inc		92,855
2,627,349	*	DISH Network Corp (Class A)		42,589

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
94	e	Dwango Co Ltd	$	140
42,921		Egyptian Co for Mobile Services		1,500
24,203		Elisa Oyj (Series A)		398
886,854	e	Embarq Corp		37,301
118,488		Empresa Nacional de Telecomunicaciones S.A.		1,589
144,862	*,e	Equinix, Inc		10,537
92,829	e	Eutelsat Communications		2,394
568,123	e	Fairpoint Communications, Inc		341
3,068,317		Far EasTone Telecommunications Co Ltd		3,596
18,544	e	Fastweb		433
30,946	*	Fibernet Telecom Group, Inc		384
36,778	e	Fisher Communications, Inc		470
78,369	*	Forthnet S.A.		209
2,073,325	e	France Telecom S.A.		47,002
88,921	*,e	Freenet AG.		892
974,460	e	Frontier Communications Corp		6,958
1,434		Fuji Television Network, Inc		2,166
242,690	*,e	General Communication, Inc (Class A)		1,682
87,887	*,e	GeoEye, Inc		2,071
204,057	*,e	Global Crossing Ltd		1,873
436,317		Global Payments, Inc		16,344
93,297	*	Global Village Telecom Holding S.A.		1,552
156,340		Globe Telecom, Inc		3,086
3,429,673		Grupo Televisa S.A.		11,663
116,699		Hellenic Telecommunications Organization S.A.		1,784
63,470		HickoryTech Corp		487
31,741	e	Hikari Tsushin, Inc		717
41,358	*,e	Hughes Communications, Inc		944
6,562,351	*	Hutchison Telecommunications Hong Kong Holdings Ltd		898
1,236,351	e	Hutchison Telecommunications International Ltd		290
526,342	*	IAC/InterActiveCorp		8,448
177,934		Ibasis, Inc		233
666,031	*	Idea Cellular Ltd		991
26,687	e	Iliad Sa		2,588
138,142	*	inContact, Inc		379
543,260		Inmarsat plc		4,876
80,217	*	Intracom Holdings S.A.		173
161,163	e	Iowa Telecommunications Services, Inc		2,016
89,133	*	iPCS, Inc		1,333
3,232,145		ITV plc		1,861
283,551	*,e	j2 Global Communications, Inc		6,397
1,028,067	*,e	Jazztel plc		349
3,810		Jupiter Telecommunications Co		2,895
502,571		Kcom Group plc		213
5,493		KDDI Corp		29,194
161,139	*,e	Knology, Inc		1,391
264,606		KT Corp		7,633
269,272	*,e	Leap Wireless International, Inc		8,867
5,971,271	*,e	Level 3 Communications, Inc		9,017

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
115,940		LG Dacom Corp	$	1,606
248,904		LG Telecom Ltd		1,567
1,026,099	*,e	Liberty Global, Inc (Class A)		16,305
411,229	*,e	Liberty Media Corp - Capital (Series A)		5,576
2,407,243	*	Liberty Media Corp - Entertainment (Series A)		64,394
2,881,193	*	Liberty Media Holding Corp (Interactive A)		14,435
177,693	*,e	Lin TV Corp (Class A)		299
108,499	*	Lodgenet Entertainment Corp		369
19,490		LS Cable Ltd		1,441
63,879	e	M6-Metropole Television		1,208
551,873		Macquarie Communications Infrastructure Group		1,321
685,934		Magyar Telekom		2,019
24,221	e	Manitoba Telecom Services, Inc		709
216,862		Maroc Telecom		4,071
307,508	*,e	Mastec, Inc		3,604
227,879	*,e	Mediacom Communications Corp (Class A)		1,164
127,520	e	Mediaset S.p.A.		714
798,242	*,e	MetroPCS Communications, Inc		10,625
253,011		Mobile TeleSystems (ADR)		9,344
526,000		MobileOne Ltd		556
24,083		Mobilezone Holding AG.		158
5,622		Mobistar S.A.		346
94,914	e	Modern Times Group AB (B Shares)		2,639
2,003,116		MTN Group Ltd		30,733
447,609		Naspers Ltd (N Shares)		11,783
198,353	*	NET Servicos de Comunicacao S.A.		1,923
372,221	*,e	NeuStar, Inc (Class A)		8,248
192,635	*	Neutral Tandem, Inc		5,687
795,786	*	NII Holdings, Inc (Class B)		15,176
1,770,975		Nippon Telegraph & Telephone Corp		72,064
100		Nippon Television Network Corp		12
195,319	*,e	Novatel Wireless, Inc		1,762
21,325		NRJ Group		145
171,362		NTELOS Holdings Corp		3,156
22,734		NTT DoCoMo, Inc		33,322
479,938		Orascom Telecom Holding SAE		2,566
722,252	*,e	PAETEC Holding Corp		1,950
82,000		Partner Communications		1,399
8,014,844	e	PCCW Ltd		2,089
77,467		Philippine Long Distance Telephone Co		3,855
39,196		Philippine Long Distance Telephone Co (ADR)		1,949
1,240,000		Phoenix Satellite Television Holdings Ltd		166
578,199		Portugal Telecom SGPS S.A.		5,654
14,088		Preformed Line Products Co		621
395,108	*	Premiere AG.		1,596
112,265	e	ProSiebenSat.1 Media AG.		617
2,197,358		PT Indosat Tbk		1,071
140,614	e	PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		748
11,969,104		PT Telekomunikasi Indonesia Tbk (Series B)		8,794
145,561	*	QSC AG.		296
7,194,944	e	Qwest Communications International, Inc		29,859
209,257	*,e	RCN Corp		1,249

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
2,995		Reply S.p.A	$	60
748,475	e	Rogers Communications, Inc (Class B)		19,240
17,900	e	Rostelecom (ADR)		568
2,717,385		Royal KPN NV		37,355
97,722		Salmat Ltd		283
184,646	*	SAVVIS, Inc		2,116
450,236	*,e	SBA Communications Corp (Class A)		11,049
905,807	e	Scripps Networks Interactive (Class A)		25,209
240,164		SES Global S.A.		4,579
100,762		Seven Network Ltd		435
4,276	*	Seven Network Ltd TELYS3		304
471,799	e	Shaw Communications, Inc (B Shares)		7,942
116,828	e	Shenandoah Telecom Co		2,370
31,900		Sibirtelecom (ADR)		130
284,441	e	Sinclair Broadcast Group, Inc (Class A)		552
13,361,837		Singapore Telecommunications Ltd		27,676
47,875		SK Telecom Co Ltd		6,539
30,000		SK Telecom Co Ltd (ADR)		455
280,551		Sky Network Television Ltd		753
2,322	e	Sky Perfect Jsat Corp		887
207,000		SmarTone Telecommunications Holding Ltd		127
17,783	e	Societe Television Francaise 1		199
1,422,879	*,e	SONAECOM - SGPS S.A.		3,507
20,704,244	*	Sprint Nextel Corp		99,588
331,000		StarHub Ltd		489
60,495	*	SureWest Communications		633
48,790		Swisscom AG.		14,975
103,911	*,e	Switch & Data Facilities Co, Inc		1,219
410,607	*	Syniverse Holdings, Inc		6,582
4,286,264		Taiwan Mobile Co Ltd		7,316
108,645		Tele Norte Leste Participacoes S.A.		2,051
370,652		Tele Norte Leste Participacoes S.A. Preference		5,921
272,410	e	Tele2 AB (B Shares)		2,751
4,148,431		Telecom Corp of New Zealand Ltd		7,307
618,921		Telecom Egypt		1,788
865,740	*	Telecom Italia Media S.p.A.		142
16,179,976		Telecom Italia RSP		15,877
3,366,469	e	Telecom Italia S.p.A.		4,652
65,581		Telecom Plus PLC		310
279,857	*,e	TeleCommunication Systems, Inc (Class A)		1,990
113,366		Telefonica O2 Czech Republic A.S.		2,586
5,189,246		Telefonica S.A.		117,350
6,969,298	e	Telefonos de Mexico S.A. de C.V. (Series L)		5,684
9,505		Telegate AG.		98
2,033,251		Telekom Austria AG.		31,775
2,144,300		Telekom Malaysia BHD		1,787
743,920		Telekomunikacja Polska S.A.		3,603
33,356		Telemar Norte Leste S.A.		928
321,199	e	Telenet Group Holding NV		6,813
948,565		Telenor ASA		7,295
496,161		Telephone & Data Systems, Inc		14,041
143,072		Telesp Celular Participacoes S.A.		2,725
216,514		Television Broadcasts Ltd		870
490,370	e	TeliaSonera AB		2,574

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
326,824		Telkom S.A. Ltd	$	1,610
5,799,846	e	Telmex Internacional SAB de CV		3,682
8,850,999		Telstra Corp Ltd		24,178
127,927		TELUS Corp		3,393
397,000		TELUS Corp, non-voting shares		10,239
239,119	e	Ten Network Holdings Ltd		225
293,445	*,e	Terremark Worldwide, Inc		1,696
4,718		Thrane & Thrane AS		129
647,615		Tim Participacoes S.A.		1,150
2,102,612		Time Warner Cable, Inc		66,590
394,378	*,e	Tiscali S.p.A.		161
589,142	*,e	TiVo, Inc		6,174
28,100		Tokyo Broadcasting System, Inc		442
214,600		Total Access Communication PCL		206
1,270,400		Total Access Communication PCL (Foreign)		1,221
25,333,400	*	True Corp PCL		1,755
777,927		Turk Telekomunikasyon AS		2,434
914,414		Turkcell Iletisim Hizmet AS		5,074
338		TV Asahi Corp		508
3,600		TV Tokyo Corp		109
260,859		TVN S.A.		824
30,500		Uralsvyazinform (ADR)		85
195,529	*	US Cellular Corp		7,518
138,353	e	USA Mobility, Inc		1,765
128,636	*,e	Usen Corp		170
90,743		UTV Media plc		97
15,495,670		Verizon Communications, Inc		476,183
19,637	*,e	VERSATEL AG.		197
3,089,316	*	Viacom, Inc (Class B)		70,127
344,850		Vimpel-Communications (ADR)		4,059
187,777	*,e	Virgin Mobile USA, Inc (Class A)		755
2,558,442	e	Vivendi Universal S.A.		61,140
380,431	*	Vodacom Group Pty Ltd		2,822
89,370,338		Vodafone Group plc		172,323
779,931		Vodafone Group plc (ADR)		15,201
51,500		VolgaTelecom (ADR)		129
2,122,100	e	Windstream Corp		17,741
215,698		ZEE Telefilms Ltd		798
		TOTAL COMMUNICATIONS		4,033,014

DEPOSITORY INSTITUTIONS - 8.78%
96,661	e	1st Source Corp		1,669
1,098,935		77 Bank Ltd		6,411
126,717	e	Abington Bancorp, Inc		1,009
510,510		ABSA Group Ltd		7,282
875,246		African Bank Investments Ltd		3,152
288,890		Agricultural Bank of Greece		632
9,400		Aichi Bank Ltd		797
1,052,838		Akbank TAS		4,715
272,000		Akita Bank Ltd		1,036
21,574		Alliance Financial Corp		612
878,100		Alliance Financial Group BHD		587
1,203,394		Allied Irish Banks plc		2,904

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
92,848		Alpha Bank S.A.	$	1,016
15,443	e	Amagerbanken AS		159
27,921		American National Bankshares, Inc		538
87,834	e	Ameris Bancorp		555
36,698	e	Ames National Corp		896
3,912,567		AMMB Holdings Berhad		3,762
541,290	m	Anglo Irish Bank Corp plc		165
137,000	e	Aomori Bank Ltd		533
2,060,009	e	Aozora Bank Ltd		3,186
54,482	e	Arrow Financial Corp		1,471
402,628	e	Associated Banc-Corp		5,033
505,260	e	Astoria Financial Corp		4,335
548,860	*	Asya Katilim Bankasi AS		762
31,747		Attijariwafa Bank		1,156
11,268		Auburn National Bancorporation, Inc		321
4,628,552		Australia & New Zealand Banking Group Ltd		61,503
221,000	e	Awa Bank Ltd		1,285
1,960,662	e	Banca Carige S.p.A.		5,377
33,563	e	Banca Generali SpA		280
11,163		Banca IFIS S.p.A.		121
8,479,410		Banca Intesa S.p.A.		27,300
296,232		Banca Intesa S.p.A. RSP		730
1,804,851	e	Banca Monte dei Paschi di Siena S.p.A.		2,914
85,184		Banca Popolare dell'Etruria e del Lazio		578
422,726	e	Banca Popolare di Milano		2,517
55,012	e	Banca Profilo S.p.A.		78
40,532	e	Bancfirst Corp		1,402
970,091	e	Banche Popolari Unite Scpa		12,615
4,563,981	e	Banco Bilbao Vizcaya Argentaria S.A.		57,239
2,356	e	Banco BPI S.A.		6
1,911,850		Banco Bradesco S.A.		28,275
432,703	e	Banco Comercial Portugues S.A.		439
29,361		BANCO DE CREDITO E INVERSIONES		738
2,287,200		Banco de Oro Universal Bank		1,497
186,473	e	Banco de Sabadell S.A.		1,164
179,950	e	Banco de Valencia S.A.		1,744
46,543	e	Banco di Desio e della Brianza S.p.A.		291
366,200		Banco do Brasil S.A.		3,958
504,123		Banco do Estado do Rio Grande do Sul		2,032
109,930		Banco Espirito Santo S.A.		592
2,396,214		Banco Itau Holding Financeira S.A.		38,031
157,802		Banco Latinoamericano de Exportaciones S.A. (Class E)		1,961
35,500		Banco Nossa Caixa S.A.		1,328
193,946	e	Banco Pastor S.A.		1,341
581,864		Banco Popolare Scarl		4,343
1,149,507	e	Banco Popular Espanol S.A.		10,014
23,783,724		Banco Santander Central Hispano S.A.		285,603
95,607,843		Banco Santander Chile S.A.		4,283
342,709		BanColombia S.A.		2,621
79,591		BanColombia S.A. (ADR)		2,428
207,842		BanColombia S.A. (Preference)		1,594
12,354		Bancorp Rhode Island, Inc		243

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
260,300	e	Bancorpsouth, Inc	$	5,344
90,500		Bangkok Bank PCL		287
336,900		Bangkok Bank PCL (ADR)		1,068
1,277,700		Bangkok Bank PCL (Foreign Reg)		4,200
202,709	e	Banif SGPS S.A.		347
34,584		Bank Handlowy w Warszawie S.A.		545
1,086,944		Bank Hapoalim Ltd		2,893
1,284,886		Bank Leumi Le-Israel		3,387
321,494		Bank Millennium S.A.		296
270,464	e	Bank Mutual Corp		2,358
49,896,360		Bank of America Corp		658,631
41,771		Bank of Attica		132
2,448,900		Bank of Ayudhya PCL		1,042
74,339,000		Bank of China Ltd		35,395
7,698,022	e	Bank of Communications Co Ltd		8,632
1,204,119	e	Bank of East Asia Ltd		3,674
234,132	e	Bank of Hawaii Corp		8,389
14,500	e	Bank of Ikeda Ltd		573
3,421,622		Bank of Ireland		8,088
12,300		Bank of Iwate Ltd		706
14,495		Bank of Kentucky Financial Corp		406
976,152	e	Bank of Kyoto Ltd		9,069
27,027		Bank of Marin Bancorp		728
1,021,723		Bank of Montreal		43,060
132,000		Bank of Nagoya Ltd		597
4,701,655		Bank of New York Mellon Corp		137,806
1,633,455	e	Bank of NOVA Scotia		60,976
66,700		Bank of Okinawa Ltd		2,389
182,024	e	Bank of Queensland Ltd		1,332
220,000		Bank of Saga Ltd		751
73,903	e	Bank of the Ozarks, Inc		1,599
2,347,080		Bank of the Philippine Islands		2,048
300,900	e	Bank of the Ryukyus Ltd		3,573
2,013,210		Bank of Yokohama Ltd		10,804
7,181,000		Bank Rakyat Indonesia		4,432
28,085		Bank Sarasin & Compagnie AG.		874
24,617		Bank Zachodni WBK S.A.		698
115,703	e	BankFinancial Corp		1,025
76,390	e	Bankinter S.A.		902
105,056	e	Banner Corp		401
4,302		Banque Cantonale Vaudoise		1,357
55,908		Banque Marocaine du Commerce Exterieur		1,841
15,856		Bar Harbor Bankshares		489
16,983,711		Barclays plc		79,075
5,083		Basler Kantonalbank		538
2,372,639	e	BB&T Corp		52,151
663,007		Bendigo Bank Ltd		3,713
177,978	*	Beneficial Mutual Bancorp, Inc		1,709
76,490		Berkshire Hills Bancorp, Inc		1,589
64,804		BinckBank NV		820
2,147,850	e	BNP Paribas		139,356
6,356,196		BOC Hong Kong Holdings Ltd		11,138
67,846	e	BOK Financial Corp		2,556

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
395,228	e	Boston Private Financial Holdings, Inc	$	1,771
11,619	*	BRE Bank S.A.		626
29,424	*	Bridge Bancorp, Inc		801
336,775	e	Brookline Bancorp, Inc		3,139
4,394	e	Brooklyn Federal Bancorp, Inc		49
41,535	e	Bryn Mawr Bank Corp		784
2,939,948		Bumiputra-Commerce Holdings BHD		7,569
66,790		Caja de Ahorros del Mediterraneo		526
47,757	e	Camden National Corp		1,625
532,768	e	Canadian Imperial Bank of Commerce/Canada		26,708
59,976		Canadian Western Bank		873
67,775	e	Capital City Bank Group, Inc		1,142
71,838	e	Capitol Federal Financial		2,754
153,354		Cardinal Financial Corp		1,201
41,659	e	Cass Information Systems, Inc		1,364
8,125,316		Cathay Financial Holding Co Ltd		12,023
272,814	e	Cathay General Bancorp		2,594
49,983	*	Center Bancorp, Inc		407
59,573	e	Centerstate Banks of Florida, Inc		442
162,916	e	Central Pacific Financial Corp		611
13,270		Century Bancorp, Inc		245
5,374,000		Chang Hwa Commercial Bank		2,350
121,575	e	Chemical Financial Corp		2,421
4,661		Cheviot Financial Corp		37
1,575,885		Chiba Bank Ltd		10,322
30,600	*	Chiba Kogyo Bank Ltd		303
30,765	*	Chicopee Bancorp, Inc		399
9,515,000	e	China Citic Bank		6,176
63,027,545	e	China Construction Bank		48,877
11,355,449		China Development Financial Holding Corp		2,706
5,528,859	e	China Merchants Bank Co Ltd		12,656
11,381,657		Chinatrust Financial Holding Co		6,869
94,000		Chong Hing Bank Ltd		161
112,000	e	Chugoku Bank Ltd		1,557
109,000		Chukyo Bank Ltd		350
30,379,911	e	Citigroup, Inc		90,228
50,593	e	Citizens & Northern Corp		1,041
18,804		Citizens Holding Co		587
739,438	*,e	Citizens Republic Bancorp, Inc		525
89,753	e	City Holding Co		2,725
133,166	e	City National Corp		4,905
46,949	e	Clifton Savings Bancorp, Inc		505
41,685		CNB Financial Corp		591
108,400	e	CoBiz, Inc		695
1,134,458	e	Colonial Bancgroup, Inc		703
105,895	e	Columbia Banking System, Inc		1,083
33,745		Comdirect Bank AG.		236
654,980		Comerica, Inc		13,853
201,572		Commerce Bancshares, Inc		6,416
359,121		Commercial International Bank		3,146
233,391	e	Commerzbank AG.		1,450

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
1,719,428	e	Commonwealth Bank of Australia	$	54,035
189,016	e	Community Bank System, Inc		2,752
84,301	e	Community Trust Bancorp, Inc		2,255
82,632		Credicorp Ltd		4,807
278,894	e	Credit Agricole S.A.		3,473
74,660		Credito Emiliano S.p.A.		358
258,849	e	Cullen/Frost Bankers, Inc		11,938
380,188	e	CVB Financial Corp		2,270
166,700		Daegu Bank		1,531
381,200		Dah Sing Banking Group Ltd		377
172,400		Dah Sing Financial Holdings Ltd		703
397,000		Daishi Bank Ltd		1,628
177,130	e	Danske Bank AS		3,053
6,745,248		DBS Group Holdings Ltd		54,953
311,473	e	Deutsche Bank AG.		18,874
16,411	e	Deutsche Postbank AG.		417
296,310	e	Dexia		2,246
134,760	e	Dime Community Bancshares		1,228
968,773		DNB NOR Holding ASA		7,382
126,476	*,e	Dollar Financial Corp		1,744
4,934,408		E.Sun Financial Holding Co Ltd		1,654
48,680	*	Eagle Bancorp, Inc		427
371,320	e	East West Bancorp, Inc		2,410
139,708		EFG Eurobank Ergasias S.A.		1,470
54,476	e	EFG International		589
148,000	e	Ehime Bank Ltd		409
210,000		Eighteenth Bank Ltd		647
23,162		Enterprise Bancorp, Inc		273
59,180	e	Enterprise Financial Services Corp		538
346,700		EON Capital BHD		452
37,741	e	Erste Bank der Oesterreichischen Sparkassen AG.		1,018
42,735		ESB Financial Corp		561
100,206	e	ESSA Bancorp, Inc		1,370
243,821	*,e	Euronet Worldwide, Inc		4,728
38,913	e	Farmers Capital Bank Corp		979
3,413,472	e	Fifth Third Bancorp		24,236
57,769	e	Financial Institutions, Inc		789
4,960	e,m	Fionia Bank AS		30
85,209	e	First Bancorp		1,336
476,345	e	First Bancorp (Puerto Rico)		1,882
53,780	e	First Bancorp, Inc		1,047
153,506	e	First Busey Corp		1,128
8,654	*	First California Financial Group, Inc		53
22,676		First Citizens Bancshares, Inc (Class A)		3,031
490,525	e	First Commonwealth Financial Corp		3,110
51,861	e	First Community Bancshares, Inc		666
43,250	*	First Defiance Financial Corp		562
216,745		First Financial Bancorp		1,630
113,822	e	First Financial Bankshares, Inc		5,732
64,542	e	First Financial Corp		2,038
93,187	e	First Financial Holdings, Inc		876

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
108,925	e	First Financial Northwest, Inc	$	852
18,178		First Financial Service Corp		316
1,124,742	*,e	First Horizon National Corp		13,497
123,979	e	First Merchants Corp		996
286,678	e	First Midwest Bancorp, Inc		2,096
596,212	e	First Niagara Financial Group, Inc		6,809
29,101		First of Long Island Corp		673
47,048	e	First South Bancorp, Inc		546
472,039		FirstMerit Corp		8,015
3,557,223		FirstRand Ltd		6,486
443,509	*,e	Flagstar Bancorp, Inc		302
134,717		Flushing Financial Corp		1,260
500,958	e	FNB Corp		3,101
12,502,086	*	Fortis		42,619
27,421	*,e	Fox Chase Bancorp, Inc		263
2,742,000		Fubon Bank Hong Kong Ltd		1,306
6,656,818		Fubon Financial Holding Co Ltd		6,229
12,062,587		Fuhwa Financial Holdings Co Ltd		8,125
189,000		Fukui Bank Ltd		626
3,173,542		Fukuoka Financial Group, Inc		14,231
147,000		Fukushima Bank Ltd		107
542,557	e	Fulton Financial Corp		2,827
43,005	*	Geniki Bank		97
51,869		German American Bancorp, Inc		747
342,688	e	Glacier Bancorp, Inc		5,062
57,678		Great Southern Bancorp, Inc		1,185
55,139		Greek Postal Savings Bank		373
1,907,603	e	Grupo Financiero Banorte S.A. de C.V.		4,643
744,002	e	Grupo Financiero Inbursa S.A.		1,974
384,829	*,e	Guaranty Bancorp		735
433,311		Gunma Bank Ltd		2,415
137,120		Hachijuni Bank Ltd		777
96,310		Hampton Roads Bankshares, Inc		795
136,833	e	Hancock Holding Co		4,446
447,002		Hang Seng Bank Ltd		6,287
230,995	e	Harleysville National Corp		1,086
323,487		HDFC Bank Ltd		10,083
89,048	e	Heartland Financial USA, Inc		1,272
19,823	*	Heritage Financial Corp		229
2,967		Heritage Financial Group		25
116,000		Higashi-Nippon Bank Ltd		263
188,000		Higo Bank Ltd		1,122
124,300		Hiroshima Bank Ltd		519
364,000	e	Hokkoku Bank Ltd		1,341
266,000	e	Hokuetsu Bank Ltd		533
2,229,320		Hokuhoku Financial Group, Inc		5,600
39,792	*	Home Bancorp, Inc		475
76,525	e	Home Bancshares, Inc		1,457
40,369		Home Capital Group, Inc		1,048
84,106		Home Federal Bancorp, Inc		857

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
609,000		Hong Leong Bank BHD	$	988
347,100		Hong Leong Credit BHD		488
14,535		HQ AB		196
26,977,873		HSBC Holdings plc		223,030
101,200		HSBC Holdings plc (Hong Kong)		857
3,642,980		Hua Nan Financial Holdings Co Ltd		2,187
3,297,191		Hudson City Bancorp, Inc		43,820
1,388,409	e	Huntington Bancshares, Inc		5,804
257,000		Hyakugo Bank Ltd		1,273
284,000		Hyakujushi Bank Ltd		1,371
90,874	e	IBERIABANK Corp		3,581
939,611		ICICI Bank Ltd		14,165
63,526	e	ICICI Bank Ltd (ADR)		1,874
120,566	e	Independent Bank Corp		2,375
56,687,000		Industrial & Commercial Bank of China		39,498
187,560		Industrial Bank Of Korea		1,612
200	*,b	IndyMac Bancorp, Inc		–	^
3,415		ING Bank Slaski S.A.		377
11,292,115		ING Groep NV		113,613
299,767	e	International Bancshares Corp		3,091
304,372		Investec Ltd		1,674
2,023,426		Investec plc		10,877
252,046	*,e	Investors Bancorp, Inc		2,309
506,611		Israel Discount Bank Ltd		664
84,000	e	Iyo Bank Ltd		859
652,355	e	Joyo Bank Ltd		3,332
23,363,985		JPMorgan Chase & Co		796,945
1,088,922		Julius Baer Holding AG.		42,272
295,000	e	Juroku Bank Ltd		1,047
67,717	*	Jyske Bank		1,939
127,000		Kagawa Bank Ltd		530
234,000		Kagoshima Bank Ltd		1,725
247,000		Kansai Urban Banking Corp		441
86,400	e	Kanto Tsukuba Bank Ltd		281
12,595		KAS Bank NV		210
2,513,500		Kasikornbank PCL		5,349
96,727	e	Kearny Financial Corp		1,107
420,000		Keiyo Bank Ltd		2,202
5,072		Kentucky First Federal Bancorp		62
1,589,194	e	Keycorp		8,327
6,168		K-Fed Bancorp		57
588,000	e	Kiyo Holdings, Inc		751
18,244		Komercni Banka A.S.		2,524
281,200		Korea Exchange Bank		2,190
134,895		Kotak Mahindra Bank Ltd		1,779
3,734,100		Krung Thai Bank PCL		959
121,305	e	Lakeland Bancorp, Inc		1,091
77,588	e	Lakeland Financial Corp		1,474
31,359		Laurentian Bank of Canada		946
33,226		Legacy Bancorp, Inc		369
15,797		Liechtenstein Landesbank		916
3,962,935		Lloyds TSB Group plc		4,559
259,415	e	M&T Bank Corp		13,212

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
118,231	e	MainSource Financial Group, Inc	$	877
3,808,850		Malayan Banking BHD		6,393
916,544	e	Marshall & Ilsley Corp		4,399
207,566	e	MB Financial, Inc		2,115
1,063,172	e	Mediobanca S.p.A.		12,655
9,012,360		Mega Financial Holding Co Ltd		4,148
22,881		Merchants Bancshares, Inc		508
56,818	*,e	Meridian Interstate Bancorp, Inc		423
423,957	*	Metavante Technologies, Inc		10,964
551,400		Metropolitan Bank & Trust		361
187,000		Michinoku Bank Ltd		404
21,608		Midsouth Bancorp, Inc		363
78,000	e	Mie Bank Ltd		283
298,000		Minato Bank Ltd		405
19,127,381		Mitsubishi UFJ Financial Group, Inc		118,733
4,393,214		Mitsui Trust Holdings, Inc		16,828
136,000		Miyazaki Bank Ltd		541
171,287		Mizrahi Tefahot Bank Ltd		1,023
10,292,527	e	Mizuho Financial Group, Inc		24,146
843,784	e	Mizuho Trust & Banking Co Ltd		1,095
28,400		Musashino Bank Ltd		955
231,000	e	Nanto Bank Ltd		1,283
145,501	e	Nara Bancorp, Inc		754
20,363	e	NASB Financial, Inc		582
2,705,302		National Australia Bank Ltd		48,918
405,792	e	National Bank of Canada		18,752
1,226,587		National Bank of Greece S.A.		34,070
32,328		National Bankshares, Inc		776
475,550	e	National Penn Bancshares, Inc		2,192
291,620		Natixis		564
201,325	e	NBT Bancorp, Inc		4,371
303,462		Nedbank Group Ltd		3,859
191,264	*	Net 1 UEPS Technologies, Inc		2,599
1,183,858	e	New York Community Bancorp, Inc		12,655
603,156	e	NewAlliance Bancshares, Inc		6,936
495,854		Nishi-Nippon City Bank Ltd		1,256
3,371,468	e	Nordea Bank AB		26,702
28,954	*	Northeast Community Bancorp, Inc		235
22,377	*	Northern Rock PLC		–	^
1,753,889		Northern Trust Corp		94,149
109,227	e	Northfield Bancorp, Inc		1,269
28,906		Northrim BanCorp, Inc		402
97,816	e	Northwest Bancorp, Inc		1,845
8,759	*	Norwood Financial Corp		275
54,993	e	OceanFirst Financial Corp		658
308,000		Ogaki Kyoritsu Bank Ltd		1,400
18,677		Ohio Valley Banc Corp		548
145,000		Oita Bank Ltd		747
40,247		OKO Bank (Class A)		322
387,796	e	Old National Bancorp		3,808
3,090		Old Point Financial Corp		57
93,268	e	Old Second Bancorp, Inc		550
139,862	e	Oriental Financial Group, Inc		1,357

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
66,250	*,e	Oritani Financial Corp	$	908
25,624		Orrstown Financial Services, Inc		954
355,311	*,e	OTP Bank Rt		6,394
2,553,730		Oversea-Chinese Banking Corp		11,778
308,227	e	Pacific Capital Bancorp		660
67,611	e	Pacific Continental Corp		820
142,501	e	PacWest Bancorp		1,875
63,097	e	Park National Corp		3,564
55,415	e	PayPoint plc		445
47,060	e	Peapack Gladstone Financial Corp		908
19,063		Penns Woods Bancorp, Inc		555
30,937	*,e	Pennsylvania Commerce Bancorp, Inc		596
67,693	e	Peoples Bancorp, Inc		1,154
17,774	*	Peoples Financial Corp		338
1,984,240		People's United Financial, Inc		29,843
235,944		Piccolo Credito Valtellinese Scarl		2,135
136,550	*,e	Pinnacle Financial Partners, Inc		1,819
61,456		Piraeus Bank S.A.		612
2,495,185		PNC Financial Services Group, Inc		96,838
875,299		Popular, Inc		1,926
4,021		Porter Bancorp, Inc		61
564,936		Powszechna Kasa Oszczednosci Bank Polski S.A.		4,540
119,438	e	Premierwest Bancorp		405
180,796		PrivateBancorp, Inc		4,021
258,833	e	Prosperity Bancshares, Inc		7,721
340,559	e	Provident Financial Services, Inc		3,099
211,512		Provident New York Bancorp		1,717
7,394	*	Prudential Bancorp, Inc of Pennsylvania		87
14,624,000		PT Bank Central Asia Tbk		5,050
3,177,093		PT Bank Danamon Indonesia Tbk		1,502
12,705,000		PT Bank Mandiri Persero Tbk		3,952
1,149,305		Public Bank BHD		2,943
163,927		Pusan Bank		1,126
5,297		Qc Holdings, Inc		27
236,541	e	Raiffeisen International Bank Holding AG.		8,213
8,804,163	e	Regions Financial Corp		35,569
114,916	e	Renasant Corp		1,726
57,567	e	Republic Bancorp, Inc (Class A)		1,300
35,274	*	Republic First Bancorp, Inc		275
330,000	e	Resona Holdings, Inc		4,645
931,400		RHB Capital BHD		1,097
52,348	e	Rockville Financial, Inc		573
45,663	e	Roma Financial Corp		582
5,200	m	Roskilde Bank		–	^
135,601	e	Royal Bank of Canada		5,539
2,371,021	e	Royal Bank of Canada (Toronto)		96,969
38,770,831		Royal Bank of Scotland Group plc		24,647
64,058	*	Royal Bank of Scotland Group plc (Euro)		40
133,270	e	S&T Bancorp, Inc		1,621
63,135	e	S.Y. Bancorp, Inc		1,526
96,308	e	Sandy Spring Bancorp, Inc		1,416
261,000		San-In Godo Bank Ltd		2,257
48,125	*,e	Santander BanCorp		335
78,000	*	Sapporo Hokuyo Holdings, Inc		224

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
66,965	e,f	Sberbank (GDR)	$	14,749
66,722	e	SCBT Financial Corp		1,581
1,730	e	SEVEN BANK Ltd		4,542
249,000	e	Shiga Bank Ltd		1,502
151,000	e	Shikoku Bank Ltd		575
11,000		Shimizu Bank Ltd		446
6,036,113		Shin Kong Financial Holding Co Ltd		2,520
1,756,126	e	Shinsei Bank Ltd		2,826
1,121,234	e	Shizuoka Bank Ltd		11,138
95,000		Shonai Bank Ltd		186
51,971	e	Shore Bancshares, Inc		932
1,996,800		Siam Commercial Bank PCL		4,396
41,006	e	Sierra Bancorp		518
179,857	*,e	Signature Bank		4,878
87,388	e	Simmons First National Corp (Class A)		2,335
6,272,947		SinoPac Financial Holdings Co Ltd		2,199
815,727	e	Skandinaviska Enskilda Banken AB (Class A)		3,584
71,513		Smithtown Bancorp, Inc		915
1,614,569	e	Societe Generale		88,074
503,783	e	South Financial Group, Inc		600
79,834	e	Southside Bancshares, Inc		1,826
94,707	e	Southwest Bancorp, Inc		924
86,160	e	Sparebanken Midt-Norge		569
3,343		St Galler Kantonalbank		1,163
1,400,668		Standard Bank Group Ltd		16,111
84,189	e	State Bancorp, Inc		636
41,122		State Bank of India Ltd		1,498
32,026	e,f	State Bank of India Ltd (GDR)		2,274
4,237,787		State Street Corp		200,024
129,947	e	StellarOne Corp		1,683
104,645	e	Sterling Bancorp		874
445,366	e	Sterling Bancshares, Inc		2,819
319,845	e	Sterling Financial Corp		931
54,298	e	Suffolk Bancorp		1,392
2,229,510	e	Sumitomo Mitsui Financial Group, Inc		90,953
3,293,018		Sumitomo Trust & Banking Co Ltd		17,775
102,180	*,e	Sun Bancorp, Inc		529
1,776,334		Suncorp-Metway Ltd		9,590
4,260,153		SunTrust Banks, Inc		70,080
870,124	e	Suruga Bank Ltd		8,337
509,565	e	Susquehanna Bancshares, Inc		2,492
181,137	*,e	SVB Financial Group		4,931
205,653	e	Svenska Handelsbanken (A Shares)		3,885
583,414	e	Swedbank AB (A Shares)		3,396
68,065	e	Sydbank AS		1,567
808,791	e	Synovus Financial Corp		2,418
7,447,000		Taishin Financial Holdings Co Ltd		2,792
2,096,000	*	Taiwan Business Bank		510
3,515,284	e	TCF Financial Corp		46,999
196,082	*,e	Texas Capital Bancshares, Inc		3,033
773,902	e	TFS Financial Corp		8,219
58,947	*	The Bancorp, Inc		354
16,972,600	*	TMB Bank PCL		428
79,000		Tochigi Bank Ltd		407

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
256,000		Toho Bank Ltd	$	1,095
68,000		Tokushima Bank Ltd		337
32,900	e	Tokyo Tomin Bank Ltd		631
49,944	e	Tompkins Trustco, Inc		2,395
1,628,519	e	Toronto-Dominion Bank		84,132
192,000	*	Towa Bank Ltd		128
16,394		Tower Bancorp, Inc		576
116,822	e	TowneBank		1,636
75,795	e	Trico Bancshares		1,175
576,227	e	Trustco Bank Corp NY		3,406
326,040	e	Trustmark Corp		6,299
3,093,751	*	Turkiye Garanti Bankasi AS		8,393
395,958		Turkiye Halk Bankasi AS		1,568
1,838,910		Turkiye Is Bankasi (Series C)		5,418
1,394,017		Turkiye Vakiflar Bankasi Tao		2,108
220,000	*,e	UBS A.G.		2,686
10,992,331	*	UBS A.G. (Switzerland)		134,451
641,511	e	UCBH Holdings, Inc		808
179,984	e	UMB Financial Corp		6,841
352,051	e	Umpqua Holdings Corp		2,732
24,450,688	e	UniCredito Italiano S.p.A		61,570
77,377	e	Union Bankshares Corp		1,158
221,816	e	United Bankshares, Inc		4,334
248,858	e	United Community Banks, Inc		1,491
103,050	e	United Financial Bancorp, Inc		1,424
1,830,312		United Overseas Bank Ltd		18,551
30,386		United Security Bancshares		665
77,314	e	Univest Corp of Pennsylvania		1,566
13,011,776		US Bancorp		233,170
262,104		UTI Bank Ltd		4,554
547,449	e	Valley National Bancorp		6,405
4,013		Verwalt & Privat-Bank AG.		393
51,461	e	ViewPoint Financial Group		784
23,386	e	Vontobel Holding AG.		626
1,535,962	f	VTB Bank OJSC (GDR)		3,379
44,144		Washington Banking Co		416
280,748	e	Washington Federal, Inc		3,650
75,440	e	Washington Trust Bancorp, Inc		1,345
113,955		Waterland Financial Holdings		33
53,494	*,e	Waterstone Financial, Inc		159
291,637	e	Webster Financial Corp		2,348
29,075,535		Wells Fargo & Co		705,371
137,449	e	WesBanco, Inc		1,999
102,036	e	West Bancorporation, Inc		510
157,956	e	Westamerica Bancorporation		7,836
250,276	*	Western Alliance Bancorp		1,712
5,751,263		Western Union Co		94,321
171,239	e	Westfield Financial, Inc		1,551
3,523,055	e	Westpac Banking Corp		57,487
217,880	e	Whitney Holding Corp		1,996

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
26,123		Wilber Corp	$	290
218,686	e	Wilmington Trust Corp		2,987
116,321	e	Wilshire Bancorp, Inc		669
190,627		Wing Hang Bank Ltd		1,670
136,009	e	Wintrust Financial Corp		2,187
302,990		Woori Finance Holdings Co Ltd		2,426
39,424	e	WSFS Financial Corp		1,077
24,400		Yachiyo Bank Ltd		775
81,957	e	Yadkin Valley Financial Corp		566
126,000		Yamagata Bank Ltd		641
787,000		Yamaguchi Financial Group, Inc		10,400
195,000		Yamanashi Chuo Bank Ltd		1,075
962,383	*	Yapi ve Kredi Bankasi		1,424
412,618	e	Zions Bancorporation		4,770
		TOTAL DEPOSITORY INSTITUTIONS		7,080,605

EATING AND DRINKING PLACES - 1.00%
178,113	*	AFC Enterprises		1,202
249,000		Ajisen China Holdings Ltd		158
15,551	e	Autogrill S.p.A.		131
60,847	*	Benihana, Inc		385
90,684	*,e	BJ's Restaurants, Inc		1,530
176,034		Bob Evans Farms, Inc		5,059
2,266,428	e	Brinker International, Inc		38,597
90,566	*,e	Buffalo Wild Wings, Inc		2,945
477,164	e	Burger King Holdings, Inc		8,241
636,000		Cafe de Coral Holdings Ltd		1,269
109,200	*,e	California Pizza Kitchen, Inc		1,451
54,053	*	Carrols Restaurant Group, Inc		360
156,909	e	CBRL Group, Inc		4,378
121,435	*	CEC Entertainment, Inc		3,580
468,952	*,e	Cheesecake Factory		8,113
100,236	*,e	Chipotle Mexican Grill, Inc (Class A)		8,019
307,757		CKE Restaurants, Inc		2,610
33,500	e	Colowide Co Ltd		203
18,649,992		Compass Group plc		104,858
9,100	*	Daisyo Corp		125
1,230,125		Darden Restaurants, Inc		40,570
713,097	*	Denny's Corp		1,533
16,946	*	Diedrich Coffee, Inc		403
112,276	e	DineEquity, Inc		3,502
229,946	*,e	Domino's Pizza, Inc		1,722
21,385	*,e	Einstein Noah Restaurant Group, Inc		185
2,412,614		Enterprise Inns plc		4,952
37,000		Formosa International Hotels Corp		519
10,998		Frisch's Restaurants, Inc		325
299,433	e	Greene King plc		1,905
6,030		Ibersol SGPS S.A.		71
5,300	e	Ichibanya Co Ltd		113
460,103	*,e	Jack in the Box, Inc		10,329
408,800		Jollibee Foods Corp		416
33,600		Kappa Create Co Ltd		693
9,000		Kentucky Fried Chicken Japan Ltd		161
14,900	e	Kisoji Co Ltd		297

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
445,170	*,e	Krispy Kreme Doughnuts, Inc	$	1,336
44,605	*,e	Landry's Restaurants, Inc		384
118,812	*,e	Luby's, Inc		482
438,348		Marston's plc		856
6,600	*	Matsuya Foods Co Ltd		90
86,722	*	McCormick & Schmick's Seafood Restaurants, Inc		660
6,045,670		McDonald's Corp		347,565
141,800	e	McDonald's Holdings Co Japan Ltd		2,633
263,775	e	Mitchells & Butlers plc		1,076
24,400	e	MOS Food Services, Inc		400
105,068	e	O'Charleys, Inc		972
126,068		Onex Corp		2,168
141,336	*,e	Papa John's International, Inc		3,504
132,261	*,e	PF Chang's China Bistro, Inc		4,240
27,400		Plenus Co Ltd		401
206,909	e	Punch Taverns plc		346
88,055	*,e	Red Robin Gourmet Burgers, Inc		1,651
224,376		Restaurant Group plc		528
11,300	*	Ringer Hut Co Ltd		147
21,100	e	Royal Holdings Co Ltd		223
298,631	*,e	Ruby Tuesday, Inc		1,989
104,593	*,e	Ruth's Chris Steak House, Inc		384
24,800	*,e	Saizeriya Co Ltd		362
101,936	e	Sodexho Alliance S.A.		5,232
305,953	*,e	Sonic Corp		3,069
8,500	*,e	St Marc Holdings Co Ltd		265
235	e	Starbucks Coffee Japan Ltd		92
3,805,005	*,e	Starbucks Corp		52,851
162,712	*,e	Steak N Shake Co		1,422
246,186	*,e	Texas Roadhouse, Inc (Class A)		2,686
573,622	e	Tim Hortons, Inc		14,077
18,000	e	WATAMI Co Ltd		352
3,454,343	e	Wendy's/Arby's Group, Inc (Class A)		13,817
106,372	e	Wetherspoon (J.D.) PLC		679
25,007	e	Whitbread plc		336
599	e	Yoshinoya D&C Co Ltd		688
2,318,358		Yum! Brands, Inc		77,293
68,800	e	Zensho Co Ltd		387
		TOTAL EATING AND DRINKING PLACES		806,553

EDUCATIONAL SERVICES - 0.22%
1,299,039	e,m	ABC Learning Centres Ltd		565
6,754	*	Academedia AB		74
126,258	*,e	American Public Education, Inc		5,001
1,022,730	*	Apollo Group, Inc (Class A)		72,737
175,217		Benesse Corp		7,021
68,691	*	Bridgepoint Education, Inc		1,168
819,057		CAE, Inc		4,859
284,297	*,e	Career Education Corp		7,076
149,283	*	ChinaCast Education Corp		1,063
468,582	*,e	Corinthian Colleges, Inc		7,933
404,446		DeVry, Inc		20,238
77,827	*,e	Grand Canyon Education, Inc		1,306

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
225,570	*,e	ITT Educational Services, Inc	$	22,706
117,681	*,e	K12, Inc		2,536
46,609	*,e	Learning Tree International, Inc		480
47,897	*,e	Lincoln Educational Services Corp		1,002
77,434	*,e	Princeton Review, Inc		419
958,000		Raffles Education Corp Ltd		364
62,528	e	Strayer Education, Inc		13,638
102,560	*,e	Universal Technical Institute, Inc		1,531
82,735		UP, Inc		498
335,000		YBM Sisa.com, Inc		2,288
		TOTAL EDUCATIONAL SERVICES		174,503

ELECTRIC, GAS, AND SANITARY SERVICES - 4.71%
1,799,583	e	A2A S.p.A.		3,279
621,862		ACEA S.p.A.		7,581
15,869	e	AcegasAps S.p.A.		103
41,193		Actelios S.p.A.		217
4,551,298	*	AES Corp		52,841
1,964,939	*	AES Gener S.A.		831
182,800		AES Tiete S.A.		1,903
1,180,296		AGL Energy Ltd		12,792
296,077		AGL Resources, Inc		9,415
31,325		Algonquin Power Income Fund		92
2,065,299		Allegheny Energy, Inc		52,975
142,991	e	Allete, Inc		4,111
409,354		Alliant Energy Corp		10,696
868,248	e	Ameren Corp		21,611
96,660		American Ecology Corp		1,732
2,636,674		American Electric Power Co, Inc		76,174
94,279	e	American States Water Co		3,266
485,773	e	American Water Works Co, Inc		9,283
423,229		Aqua America, Inc		7,576
29,751		Artesian Resources Corp		474
22,400	*,e	Asahi Holdings, Inc		402
125,897		Ascopiave S.p.A.		268
46,880		Atco Ltd		1,586
584,384		Atmos Energy Corp		14,633
321,509	e	Avista Corp		5,726
386	*,e	Beacon Power Corp		–	^
99,661		BFI Canada Ltd		1,148
2,697		Bkw Fmb Energie AG		199
225,149	e	Black Hills Corp		5,176
18,302		Boralex Power, Income Fund		63
17,895	*	Boralex, Inc		123
104,911		California Water Service Group		3,865
1,469,189	*,e	Calpine Corp		16,381
123,731	*,e	Canadian Hydro Developers, Inc		397
242,869	e	Canadian Utilities Ltd		7,924
2,877,459		Centerpoint Energy, Inc		31,882
66,753	e	Central Vermont Public Service Corp		1,208
964,651		Centrica plc		3,539
48,964	*	Ceres Power Holdings plc		156
267,009		CEZ		12,029
99,539	e	CH Energy Group, Inc		4,648

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
53,423		Chemtrade Logistics Income Fund	$	341
41,331	e	Chesapeake Utilities Corp		1,344
2,126,000		China Resources Gas Group Ltd		1,454
4,841,900	e	China Resources Power Holdings Co		10,771
3,881,848	*	China Water Affairs Group Ltd		982
1,037,730	e	Chubu Electric Power Co, Inc		24,022
344,182	e	Chugoku Electric Power Co, Inc		7,199
53,400		Cia de Transmissao de Energia Eletrica Paulista		1,311
376,451	e	CIR-Compagnie Industriali Riunite S.p.A.		616
132,939	*,e	Clean Energy Fuels Corp		1,145
99,611	*,e	Clean Harbors, Inc		5,378
323,571	e	Cleco Corp		7,254
732,435		CLP Holdings Ltd		4,858
1,370,069	e	CMS Energy Corp		16,550
458,956	e	Cofide S.p.A.		292
8,298,172		Colbun S.A.		2,101
159,395		Companhia de Saneamento Basico do Estado de Sao Paulo		2,361
394,729		Companhia Energetica de Minas Gerais		5,308
199,588		Companhia Energetica de Sao Paulo (Class B)		1,995
117,302		Companhia Paranaense de Energia		1,634
49,221	e	Connecticut Water Service, Inc		1,068
1,134,766	e	Consolidated Edison, Inc		42,463
82,586	e	Consolidated Water Co, Inc		1,309
2,995,297		Constellation Energy Group, Inc		79,615
2,212,344		Contact Energy Ltd		8,350
559,431	*,e	Covanta Holding Corp		9,488
131,570		CPFL Energia S.A.		2,137
222,690		Crosstex Energy, Inc		926
5,295,000	e	Datang International Power Generation Co Ltd		3,225
898,780	*	Dogan Sirketler Grubu Holdings		653
1,888,858		Dominion Resources, Inc		63,126
366,865	e	DPL, Inc		8,500
1,639,062		Drax Group plc		11,838
760,878		DTE Energy Co		24,348
3,023,162		DUET Group		3,752
7,270,804		Duke Energy Corp		106,081
2,709,219	*,e	Dynegy, Inc (Class A)		6,150
5,267,869	e	E.ON AG.		186,377
1,622,333		Edison International		51,039
71,292		EDP - Energias do Brasil S.A.		984
195,943	*	EDP Renovaveis S.A.		2,007
2,696,615		El Paso Corp		24,890
255,537	*	El Paso Electric Co		3,567
167,385	e	Electric Power Development Co		4,761
906,834	e	Electricite de France		44,112
118,302		Eletropaulo Metropolitana de Sao Paulo S.A.		2,097
47,462		ElSwedy Cables Holding Co		568
177,057		Empire District Electric Co		2,925
4,225,289		Empresa Nacional de Electricidad S.A.		6,989
47,079	e	Enagas		926
708,442		Enbridge, Inc		24,582
7,245,089	e	Enel S.p.A.		35,268
685,872		Energen Corp		27,366
1,170,514	e	Energias de Portugal S.A.		4,586

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
1,121,072	e	Energy Developments Ltd	$	1,807
67,653		Energy Savings Income Fund		656
605,212	*,e	Energy World Corp Ltd		307
506,397		EnergySolutions, Inc		4,659
58,804	*,e	EnerNOC, Inc		1,274
22,211,786		Enersis S.A.		8,247
27,384	*	EnerTAD S.p.A.		34
113,795	e	Enia S.p.A.		809
274,925		Enka Insaat ve Sanayi AS		860
1,303,930		Entergy Corp		101,081
1,417,567		Envestra Ltd		554
4,451,557		Exelon Corp		227,965
106,137		Fersa Energias Renovables S.A.		319
1,497,274		FirstEnergy Corp		58,019
29,719		Florida Public Utilities Co		417
229,790	e	Fortis, Inc		5,020
4,380,163	e	Fortum Oyj		99,667
1,963,037		FPL Group, Inc		111,618
692,002	e	Gas Natural SDG S.A.		12,591
11,160		Gas Plus		117
2,217,487	e	Gaz de France		82,561
278,230	*	Geodynamics Ltd		195
626,300		Glow Energy PCL		625
47,216		Great Lakes Hydro Income Fund		648
428,992	e	Great Plains Energy, Inc		6,671
37,325	*,e	Greentech Energy Systems		160
4,370,000		Guangdong Investments Ltd		2,154
13,750	e	Hafslund ASA (B shares)		160
370,076		Hastie Group Ltd		379
332,325	e	Hastings Diversified Utilities Fund		317
378,737	e	Hawaiian Electric Industries, Inc		7,219
599,163	e	Hera S.p.A.		1,457
3,513	*	Heritage-Crystal Clean, Inc		43
255,370		Hokkaido Electric Power Co, Inc		4,790
230,100		Hokuriku Electric Power Co		5,267
1,100,391	e	Hong Kong & China Gas Ltd		2,314
3,455,468		Hong Kong Electric Holdings Ltd		19,217
11,200,000	*,e	Huadian Power International Co		3,526
3,324,000		Huaneng Power International, Inc		2,333
85,265	e	Hunting PLC		631
136,228	*,e	Iberdrola Renovables		622
2,196,429	e	Iberdrola S.A.		17,810
3,824,118	*	Iberdrola S.A. (PP)		30,042
247,186	e	Idacorp, Inc		6,461
11,875		Innergex Power Income Fund		102
243,840	e	Integrys Energy Group, Inc		7,313
490,216		Interconexion Electrica S.A.		2,088
700	e,m	Interconexion Electrica S.A.(ADR)		72
6,524,281	e	International Power plc		25,546
479,694	e	Iride S.p.A.		828
170,039	e	ITC Holdings Corp		7,713
310,000	e	Iwatani International Corp		872
93	e	Japan Wind Development Co Ltd		413
1,606,512		Kansai Electric Power Co, Inc		35,521

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
51,320		Keyera Facilities Income Fund	$	877
561,708	*	KOC Holding AS		970
358,447		Korea Electric Power Corp		8,343
72,346		Korea Gas Corp		2,686
873,232		Kyushu Electric Power Co, Inc		18,809
143,106		Laclede Group, Inc		4,741
36,202	e	Lassila & Tikanoja Oyj		650
20,100		Macquarie Power & Infrastructure Income Fund		117
615,980		Manila Electric Co		1,779
594,281		MDU Resources Group, Inc		11,274
120,078		MGE Energy, Inc		4,029
77,422	e	Middlesex Water Co		1,119
1,562,252	*,e	Mirant Corp		24,590
3,140,074		MMC Corp BHD		1,903
321,202	e	National Fuel Gas Co		11,589
2,650,736		National Grid plc		23,876
271,994	e	New Jersey Resources Corp		10,075
51,656		Newalta, Inc		254
271,013	e	Nicor, Inc		9,382
1,051,489		NiSource, Inc		12,260
18,310	*	NIVS IntelliMedia Technology Group, Inc		54
919,624		Northeast Utilities		20,517
32,259		Northland Power Income Fund		271
685,517	e	Northumbrian Water Group plc		2,791
150,283	e	Northwest Natural Gas Co		6,661
216,546	e	NorthWestern Corp		4,929
2,291,515	*	NRG Energy, Inc		59,488
337,614	e	NSTAR		10,841
1,117,250		NTPC Ltd		4,549
2,946,589		NV Energy, Inc		31,794
142,501	*,e	Ocean Power Technologies, Inc		832
201,353	e	Oest Elektrizitatswirts AG. (Class A)		10,248
304,276	e	OGE Energy Corp		8,617
19,700		Okinawa Electric Power Co, Inc		1,063
329,689		Oneok, Inc		9,723
81,004		Ormat Industries		660
58,182	e	Ormat Technologies, Inc		2,345
5,147,539		Osaka Gas Co Ltd		16,458
204,435	e	Otter Tail Corp		4,465
20,258		Pennichuck Corp		462
373,066	e	Pennon Group plc		2,963
1,061,507		Pepco Holdings, Inc		14,267
255,299	*	Perma-Fix Environmental Services		618
702,400		Petronas Gas BHD		1,958
2,488,326		PG&E Corp		95,651
92,793	*,e	Pico Holdings, Inc		2,663
426,071		Piedmont Natural Gas Co, Inc		10,273
100,090	*,e	Pike Electric Corp		1,206
318,435		Pinnacle West Capital Corp		9,601
499,849	e	PNM Resources, Inc		5,353
7,528,000		PNOC Energy Development Corp		618
1,208,858		Polish Oil & Gas Co		1,547
428,618		Portland General Electric Co		8,349

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
5,813	*	Poweo	$	132
549,018		Power Grid Corp of India Ltd		1,254
1,523,898		PPL Corp		50,228
1,388,620		Progress Energy, Inc		52,531
495,639	*,m	Progress Energy, Inc (CVO)		124
12,849,000		PT Perusahaan Gas Negara		3,965
103,360		Public Power Corp		2,131
3,714,496		Public Service Enterprise Group, Inc		121,205
1,108,788	e	Questar Corp		34,439
817,000		Ratchaburi Electricity Generating Holding PCL		911
27,330	e	Red Electrica de Espana		1,235
125,427	*	Reliance Energy Ltd		3,133
741,264	*	Reliance Natural Resources Ltd		1,298
3,896,386	*	Reliant Energy, Inc		19,521
5,451,755		Republic Services, Inc		133,078
95,531	e	Resource America, Inc (Class A)		514
412,031		RWE A.G.		32,421
6,277		RWE A.G. (Preference)		418
343,000	e	Saibu Gas Co Ltd		890
721,834		SCANA Corp		23,438
142,984		Scottish & Southern Energy plc		2,679
2,976	e	Seche Environnement S.A.		169
14,377	e	Sechilienne-Sidec		498
1,454,983		Sempra Energy		72,211
135,029		Severn Trent plc		2,430
341,751	e	Shanks Group PLC		385
162,725	e	Shikoku Electric Power Co, Inc		4,865
39,500		Shizuoka Gas Co Ltd		202
94,099	e	SJW Corp		2,136
1,662,431		Snam Rete Gas S.p.A.		7,294
34,853	*,e	Solaria Energia y Medio Ambiente S.A.		98
167,735	e	South Jersey Industries, Inc		5,852
3,350,836		Southern Co		104,412
358,632		Southern Union Co		6,595
264,829		Southwest Gas Corp		5,882
144,827		Southwest Water Co		799
860,367		SP AusNet		534
294,720	*,e	Stericycle, Inc		15,187
339,741	e	Suez Environnement S.A.		5,931
148,720		Tata Power Co Ltd		3,571
682,485	e	TECO Energy, Inc		8,142
2,564,175		Tenaga Nasional BHD		5,581
357,896		Terna Rete Elettrica Nazionale S.p.A.		1,192
7,818		Thessaloniki Water Supply & Sewage Co S.A.		77
778,997	e	Toho Gas Co Ltd		3,170
1,069,093		Tohoku Electric Power Co, Inc		22,362
2,754,621	e	Tokyo Electric Power Co, Inc		70,914
5,607,301		Tokyo Gas Co Ltd		20,081
151,596		Tractebel Energia S.A.		1,466
232,785		TransAlta Corp		4,465
141,297		Transfield Services Infrastructure Fund		110
821,783		UGI Corp		20,947
167,322	e	UIL Holdings Corp		3,756
75,900		Ultrapar Participacoes S.A.		2,407

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
45,938	*,f,m	Unified Energy System (GDR)	$	4
200,993	e	Unisource Energy Corp		5,334
428,956		United Utilities Group plc		3,507
64,028	*	Unitil Corp		1,320
16,504		Universal Energy Group Ltd		93
256,316		Vectren Corp		6,005
163,025	e	Veolia Environnement		4,800
247,925	*,e	Waste Connections, Inc		6,424
1,869,787		Waste Management, Inc		52,653
108,228	*,e	Waste Services, Inc		561
344,164	e	Westar Energy, Inc		6,460
295,431	e	WGL Holdings, Inc		9,460
1,908,339		Williams Cos, Inc		29,789
640,842		Wisconsin Energy Corp		26,089
2,885,785		Xcel Energy, Inc		53,127
1,295,000		Xinao Gas Holdings Ltd		2,212
54,723		York Water Co		839
8,721,322		YTL Power International		5,359
8,508	e	Zhongde Waste Technology AG.		154
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		3,797,999

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 7.34%
582,000		AAC Acoustic Technologies Holdings, Inc		463
21,947	*,e	Aastra Technologies Ltd		557
1,586,190		ABB Ltd		24,934
54,699		ABB Ltd India		889
264,540	*	Acme Packet, Inc		2,677
147,960	*	Actel Corp		1,588
215,287	e	Acuity Brands, Inc		6,039
608,994	*	Adaptec, Inc		1,614
531,752	*,e	ADC Telecommunications, Inc		4,233
215,062	*	Advanced Analogic Technologies, Inc		987
228,113	*,e	Advanced Battery Technologies, Inc		917
176,985	*	Advanced Energy Industries, Inc		1,591
1,760,544	*,e	Advanced Micro Devices, Inc		6,813
9,898,873		Advanced Semiconductor Engineering, Inc		5,717
101,770		Aga Rangemaster Group plc		154
12,500	e	Aiphone Co Ltd		206
121,385	*,e	Airvana, Inc		773
3,114,642	*,e	Alcatel S.A.		7,812
91,000		Alpine Electronics, Inc		944
246,574		Alps Electric Co Ltd		1,344
1,707,626	e	Altera Corp		27,800
213,415	*,e	American Superconductor Corp		5,602
365,169	e	Ametek, Inc		12,628
793,449	*,e	Amkor Technology, Inc		3,753
908,858		Amphenol Corp (Class A)		28,756
295,807	*,e	Anadigics, Inc		1,239
1,860,218		Analog Devices, Inc		46,096
405,847		Ansaldo STS S.p.A.		7,470
5,286,736	*	Apple Computer, Inc		752,989
465,676	*,e	Applied Micro Circuits Corp		3,786
99,016		Applied Signal Technology, Inc		2,526
1,472,080	e	ARM Holdings PLC		2,900

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
709,572	*	Arris Group, Inc	$	8,628
77,885	*,e	Ascent Solar Technologies, Inc		609
23,260	*	Ascom Holding AG.		293
5,869,283		Asustek Computer, Inc		7,621
314,184	*,e	Atheros Communications, Inc		6,045
2,792,140	*	Atmel Corp		10,415
165,962	*,e	ATMI, Inc		2,577
9,294,377		AU Optronics Corp		9,065
84,400	e	AU Optronics Corp (ADR)		817
16,842		Austriamicrosystems AG.		202
4,223,506		Avermedia Technologies		4,402
29,800	e	Avex Group Holdings, Inc		280
1,374,014	*,e	Avnet, Inc		28,896
153,424		AVX Corp		1,524
73		Axell Corp		260
61,279	*,e	AZZ, Inc		2,109
267,999	e	Baldor Electric Co		6,376
84,033	*,e	Ballard Power Systems, Inc		150
29,662	e	Bang & Olufsen AS (B Shares)		202
10,897		Barco NV		373
61,258		Bel Fuse, Inc (Class B)		983
469,274	*	Benchmark Electronics, Inc		6,758
260,615	*,e	BigBand Networks, Inc		1,347
181,575	*,e	Bookham, Inc		116
1,996,524	*	Broadcom Corp (Class A)		49,494
574,900	e	Byd Co Ltd		2,277
24,800		Canon Electronics, Inc		361
12,097		Carbone Lorraine		332
186,257	*	Celestica, Inc		1,262
5,469	*	Centrotherm Photovoltaics AG.		236
148,934	*,e	Ceradyne, Inc		2,630
113,831	*	Ceva, Inc		988
495,150	*	Chartered Semiconductor Manufacturing Ltd		701
224,124	*	Checkpoint Systems, Inc		3,517
348,511		Cheng Uei Precision Industry Co Ltd		558
6,039,920		Chi Mei Optoelectronics Corp		3,185
197,203	*,e	China BAK Battery, Inc		582
11,538	*,e,m	China Energy Savings Technology, Inc		1
148,178	*,e	China Security & Surveillance Technology, Inc		1,117
13,940	*	China TransInfo Technology Corp		65
224,903	e	Chloride Group plc		560
7,410,000		Chunghwa Picture Tubes Ltd		971
505,327	*,e	Ciena Corp		5,230
35,503,591	*	Cisco Systems, Inc		661,786
97,000		Clarion Co Ltd		96
62,900	*	CMK Corp		624
61,400	*	COM DEV International Ltd		152
273,575		Compal Communications, Inc		225
181,944	*,e	Comtech Telecommunications Corp		5,800
102,888	*	Conergy AG.		89
1,044,378	e	Cooper Industries Ltd (Class A)		32,428
1,438,000	*	Coretronic Corp		1,449
8,800	*	Corona Corp		112

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
18,500		Cosel Co Ltd	$	196
52,710	*	CPI International, Inc		458
315,610	*,e	Cree, Inc		9,276
335,918	*,e	CSR plc		1,933
219,609		CTS Corp		1,438
93,950		Cubic Corp		3,362
1,270,622	*,e	Cypress Semiconductor Corp		11,690
141,000		Daihen Corp		493
541,478		Daiichikosho Co Ltd		5,902
279,000	e	Dainippon Screen Manufacturing Co Ltd		967
67,000	e	Daiwa Industries Ltd		309
66,032	*	DDi Corp		299
59,667		De'Longhi S.p.A.		171
151,123	*,e	Diodes, Inc		2,364
376,342	*,e	Dolby Laboratories, Inc (Class A)		14,030
166,212	*	DSP Group, Inc		1,124
89,127	*,e	DTS, Inc		2,413
665,498	e	Eaton Corp		29,688
145,015	*,e	EchoStar Corp (Class A)		2,312
13,700	e	Eizo Nanao Corp		269
149,292	*,e	Electro Scientific Industries, Inc		1,669
106,021	*,e	Elpida Memory, Inc		1,150
341,300	*,e	Eltek ASA		155
438,943	*,e	EMCORE Corp		553
87,384	*	EMS Technologies, Inc		1,826
510,647	*,e	Energizer Holdings, Inc		26,676
227,883	*,e	Energy Conversion Devices, Inc		3,225
274,461	*,e	EnerSys		4,992
298,588	*,e	Entropic Communications, Inc		672
490,578		Epistar Corp		1,326
5,334,739	e	Ericsson (LM) (B Shares)		52,347
969,106	*,e	Evergreen Solar, Inc		2,103
304,339		Everlight Electronics Co Ltd		777
32,671		Evertz Technologies Ltd		449
10,499		EVS Broadcast Equipment S.A.		529
187,447	*,e	Exar Corp		1,348
320,621	*,e	Exide Technologies		1,196
1,263,337	*	Fairchild Semiconductor International, Inc		8,831
216,568	*,e	Finisar Corp		123
299,585	*,e	First Solar, Inc		48,569
705,847		Fisher & Paykel Appliances Holdings Ltd		305
193,000		Formosa Sumco Technology Corp		400
25,800	e	Foster Electric Co Ltd		295
3,377,100	*,e	Foxconn International Holdings Ltd		2,214
529,793		Foxconn Technology Co Ltd		1,476
128,462	e	Franklin Electric Co, Inc		3,330
320,349	*,e	FuelCell Energy, Inc		1,339
351,042	e	Fuji Electric Holdings Co Ltd		583
84,000		Fujitsu General Ltd		266
26,000	e	Funai Electric Co Ltd		1,071
10,000	*,e	Furukawa Battery Co Ltd		96
28,600		Futaba Corp/Chiba		526
31,023	e	Gamesa Corp Tecnologica S.A.		588
82,312	*,e	Gemalto NV		2,848

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
59,559,480		General Electric Co	$	698,036
387	e	Geo Corp		320
1,312,500		Geodesic Information Systems Ltd		2,511
27,356		Gewiss S.p.A.		111
72,000	*	Global Unichip Corp		338
128,489	*,e	Globecomm Systems, Inc		924
232,475	*,e	GN Store Nord		928
84,571	*	GP Strategies Corp		498
697,082	*	GrafTech International Ltd		7,884
124,757	*,e	Greatbatch, Inc		2,821
51,689		Gruppo Beghelli S.p.A		53
429,000	e	GS Yuasa Corp		3,776
81,793	*	GSI Technology, Inc		316
150,807	*,e	GT Solar International, Inc		802
1,773,274	*	GVK Power & Infrastructure Ltd		1,499
322,291	e	Halma plc		1,055
71,000	e	Hamamatsu Photonics KK		1,361
4,720,441		HannStar Display Corp		957
250,423	e	Harman International Industries, Inc		4,708
528,252	*,e	Harmonic, Inc		3,111
445,559		Harris Corp		12,636
362,618	*,e	Harris Stratex Networks, Inc (Class A)		2,350
162,003	*	Helen of Troy Ltd		2,720
483,685	*,e	Hexcel Corp		4,610
760,368		High Tech Computer Corp		10,753
26,323	e	Hirose Electric Co Ltd		2,814
168,025		Hitachi Chemical Co Ltd		2,716
38,681		Hitachi High-Technologies Corp		661
3,007,708		Hitachi Ltd		9,398
49,800	*	Hitachi Maxell Ltd		620
143,010	*,e	Hittite Microwave Corp		4,970
12,286,791		Hon Hai Precision Industry Co, Ltd		38,010
105,400	e	Hosiden Corp		1,345
626,915		Hoya Corp		12,599
13,546		Huber & Suhner AG.		429
497,070	*	Hynix Semiconductor, Inc		5,326
232,373	*	Ibiden Co Ltd		6,549
8,000		Icom, Inc		176
23,100		Idec Corp		169
181,469	e	Imation Corp		1,381
90,536		Imtech NV		1,758
71,461	e	Indesit Co S.p.A.		365
5,030,817	*,e	Infineon Technologies AG.		18,173
430,037	*,e	Infinera Corp		3,926
2,107,396		InnoLux Display Corp		2,579
797,100	*	Inotera Memories, Inc		344
1,705,075	*	Integrated Device Technology, Inc		10,299
37,621,283		Intel Corp		622,632
122,985	*	Intellon Corp		523
271,457	*,e	InterDigital, Inc		6,634
228,461	*,e	International Rectifier Corp		3,384
420,503	e	Intersil Corp (Class A)		5,286

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
14,881		Ion Beam Applications	$	117
101,990	*,e	IPG Photonics Corp		1,119
92,307	*,e	iRobot Corp		1,198
127,723	e	IXYS Corp		1,293
66,000	*	Japan Aviation Electronics Industry Ltd		410
102,000	e	Japan Radio Co Ltd		271
1,652,936	*	JDS Uniphase Corp		9,455
1,443,586	e	Johnson Electric Holdings Ltd		389
854,400	*	JVC KENWOOD Holdings, Inc		612
1,200,669		Kinsus Interconnect Technology Corp		2,002
26,200	e	Koa Corp		218
1,218,102	e	Koninklijke Philips Electronics NV		22,428
30,862		Kudelski S.A.		510
240,803		Kyocera Corp		18,172
863,194	e	L-3 Communications Holdings, Inc		59,888
244,795	e	Laird Group plc		624
833,713	*,e	Lattice Semiconductor Corp		1,567
57,488	e	Legrand S.A.		1,253
1,036		LEM Holding S.A.		238
17,584		LG Electronics, Inc		744
179,699		LG Electronics, Inc		16,504
136,325	e	Lincoln Electric Holdings, Inc		4,913
1,021,500	e	Linear Technology Corp		23,852
123,113	*,e	Littelfuse, Inc		2,457
12,300		Loewe AG.		138
64,919	*,e	Loral Space & Communications, Inc		1,672
138,201	e	LSI Industries, Inc		753
6,168,250	*,e	LSI Logic Corp		28,127
26,917	e	Mabuchi Motor Co Ltd		1,302
7,054,437		Macronix International		3,204
1,930	*,e	Manz Automation AG.		110
3,578,347	*	Marvell Technology Group Ltd		41,652
2,083,775		Matsushita Electric Industrial Co Ltd		28,163
110,657		Matsushita Electric Works Ltd		1,050
1,273,779	e	Maxim Integrated Products, Inc		19,986
104,556	*,e	Maxwell Technologies, Inc		1,446
734,000		Meadville Holdings Ltd		149
1,499,769		MediaTek, Inc		17,919
25,600		Megachips Corp		590
160,000	e	Meidensha Corp		927
14,800	e	Meiko Electronics Co		291
21,562		Melexis NV		135
1,512,362	*	MEMC Electronic Materials, Inc		26,935
70,805	*	MEMSIC, Inc		300
132,006	*,e	Mercury Computer Systems, Inc		1,221
211,661		Methode Electronics, Inc		1,486
2,734	*	Meyer Burger Technology AG.		422
233,481	e	Micrel, Inc		1,709
568,629	e	Microchip Technology, Inc		12,823
3,937,971	*,e	Micron Technology, Inc		19,926
25,565	*	Micronas Semiconductor Holdings, Inc		72
445,177	*	Microsemi Corp		6,143
311,291	*,e	Microtune, Inc		728

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
331,719	*,e	Microvision, Inc	$	1,018
56,923	e	Millicom International Cellular S.A.		3,206
28,600		Mimasu Semiconductor Industry Co Ltd		344
249,704		Minebea Co Ltd		1,065
329,186	*	MIPS Technologies, Inc		988
5,093,567		Mitsubishi Electric Corp		32,306
21,000		Mitsui High-Tec, Inc		231
166,782	e	Mitsumi Electric Co Ltd		3,575
411,327	e	Molex, Inc		6,396
192,483	*,e	Monolithic Power Systems, Inc		4,314
246,605	*	Moog, Inc (Class A)		6,365
229,145		Motech Industries, Inc		897
15,782,786		Motorola, Inc		104,640
102,391	*,e	Multi-Fineline Electronix, Inc		2,191
372,633		Murata Manufacturing Co Ltd		15,859
190,273		Nan Ya Printed Circuit Board Corp		513
2,514,096	*	Nanya Technology Corp		393
24,486	e	National Presto Industries, Inc		1,863
997,669	e	National Semiconductor Corp		12,521
46,200	*	NEC Electronics Corp		421
44,000	*	NEC Tokin Corp		106
262,500		Neo-Neon Holdings Ltd		78
269,859	*	Net Insight AB		165
3,602,976	*	NetApp, Inc		71,051
106,100	*,e	Netlogic Microsystems, Inc		3,868
31,143	e	Nexans S.A.		1,654
107,886	e	NGK Spark Plug Co Ltd		1,031
66,302	*	Nice Systems Ltd		1,510
63,100	e	Nichicon Corp		916
15,000		Nidec Copal Electronics Corp		76
134,640	e	Nidec Corp		8,176
23,100	e	Nihon Dempa Kogyo Co Ltd		487
111,000	e	Nippon Carbon Co Ltd		311
192,000	e	Nippon Chemi-Con Corp		729
30,400	e	Nissha Printing Co Ltd		1,464
73,000	e	Nissin Electric Co Ltd		400
225,483		Nitto Denko Corp		6,881
22,700		Nitto Kogyo Corp		239
21,933	e	NKT Holding AS		739
38,000	e	Nohmi Bosai Ltd		339
9,349,986		Nokia Oyj		136,938
1,056,984	*	Novellus Systems, Inc		17,652
25,584	*,e	NVE Corp		1,243
5,398,603	*,e	Nvidia Corp		60,950
25,600		Obara Corp		243
203		Okinawa Cellular Telephone Co		350
285,451	*,e	Omnivision Technologies, Inc		2,966
156,608	e	Omron Corp		2,268
1,774,304	*,e	ON Semiconductor Corp		12,172
461,722	*	Openwave Systems, Inc		1,034
105,365	*,e	Oplink Communications, Inc		1,201
142,261	*,e	OpNext, Inc		304
30,204	*,e	Option NV		80
67,758	*,e	Orion Energy Systems, Inc		254

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
113,042	*,e	OSI Systems, Inc	$	2,357
414,247		Pace plc		1,355
603,350		Panasonic Corp (ADR)		8,079
98,977		Park Electrochemical Corp		2,131
142,144	*,e	Parkervision, Inc		435
12,641	*	Parrot S.A.		124
131,436	*	Pericom Semiconductor Corp		1,107
94,000	*	Phison Electronics Corp		527
236,953	*,e	Photronics, Inc		960
234,746	*,e	Pioneer Corp		699
263,743		Plantronics, Inc		4,987
222,985	*,e	Plexus Corp		4,562
151,197	*,e	PLX Technology, Inc		570
1,010,190	*,e	PMC - Sierra, Inc		8,041
448,818	*,e	Polycom, Inc		9,098
122,117	*,e	Polypore International, Inc		1,358
64,868	*	Powell Industries, Inc		2,405
124,135	e	Power Integrations, Inc		2,953
7,717,035	*	Powerchip Semiconductor Corp		656
564,367	*,e	Power-One, Inc		841
613,225		Powertech Technology, Inc		1,280
771,400	*,e	Powerwave Technologies, Inc		1,242
341,499		PV Crystalox Solar plc		466
56,851	*,e	Q-Cells AG.		1,156
642,402	*	QLogic Corp		8,146
9,875,039		Qualcomm, Inc		446,352
3,809,102		Quanta Computer, Inc		6,153
335,179	*,e	Rambus, Inc		5,192
79,604	e	Raven Industries, Inc		2,038
307,183		Redes Energeticas Nacionais S.A.		1,314
208,192	e	Regal-Beloit Corp		8,269
706,160		Reliance Communication Ventures Ltd		4,267
285,223	*,e	Renewable Energy Corp AS		2,213
98,309	*	Research In Motion Ltd		6,985
925,273	*	Research In Motion Ltd (Canada)		65,771
199,502		Reunert Ltd		1,128
1,481,393	*,e	RF Micro Devices, Inc		5,570
56,439	*	RHJ International		360
130,500		Richtek Technology Corp		821
1,357,484	e	Ricoh Co Ltd		17,544
48,800	e	Rinnai Corp		2,163
86,265	*	Rogers Corp		1,745
285,568		Rohm Co Ltd		20,839
56,108	*,e	Rubicon Technology, Inc		801
19,671	e	Saft Groupe S.A.		778
61,489		Samsung Electro-Mechanics Co Ltd		2,944
157,924		Samsung Electronics Co Ltd		73,387
22,998		Samsung Electronics Co Ltd (Preference)		7,040
38,711		Samsung SDI Co Ltd		3,145
104,000		Sanken Electric Co Ltd		411
670,471	*	Sanmina-SCI Corp		295
31,000		Sanyo Denki Co Ltd		128
1,387,225	*,e	Sanyo Electric Co Ltd		3,600

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
249,556	*	SatCon Technology Corp	$	449
807	m	Schweiter Technologies AG.		298
186,486	*	Seachange International, Inc		1,497
41,540	e	SEB S.A.		1,719
21,000		SEC Carbon Ltd		154
402,855	*	Semtech Corp		6,409
58,656	*,e	SGL Carbon AG.		1,811
1,296,827	e	Sharp Corp		13,502
57,000		Shindengen Electric Manufacturing Co Ltd		134
13,200	e	Shinkawa Ltd		177
41,561	e	Shinko Electric Industries		516
27,000		Shin-Kobe Electric Machinery Co Ltd		266
237,370	*,e	ShoreTel, Inc		1,899
86,933		Siemens India Ltd		856
544,121	*	Silicon Image, Inc		1,251
198,473	*,e	Silicon Laboratories, Inc		7,530
472,394	*	Silicon Storage Technology, Inc		883
3,578,726		Siliconware Precision Industries Co		4,150
1,040,000		SIM Technology Group Ltd		132
285,000	*	Simplo Technology Co Ltd		1,147
198,467		Sino-American Silicon Products, Inc		540
721,347	*,e	Sirius XM Radio, Inc		310
995,496	*	Skyworks Solutions, Inc		9,736
236,543	*,e	Smart Modular Technologies WWH, Inc		537
3,235,914		Smiths Group plc		37,346
65,000		SMK Corp		283
65,993	*,e	SOITEC		514
9,153	*	Solar Millennium AG.		300
65,884,511		Solomon Systech International Ltd		5,101
7,756	*,e	Solon AG.		97
1,795,613	e	Sony Corp		47,064
65,893	*	Spectrum Control, Inc		580
121,877	*,e	Standard Microsystems Corp		2,492
99,334	e	Stanley Electric Co Ltd		2,019
260,871	*,e	Starent Networks Corp		6,368
229,645	e	STMicroelectronics NV		1,718
92,560	*,e	Stoneridge, Inc		444
100,274	e	Sumco Corp		1,431
372,355	*,e	Sunpower Corp (Class A)		9,920
2,111	*	Sunpower Corp (Class B)		51
624,919	*,e	Suntech Power Holdings Co Ltd (ADR)		11,161
55,907	*,e	Supertex, Inc		1,404
996,491	*	Sycamore Networks, Inc		3,119
262,073	*,e	Symmetricom, Inc		1,512
206,252	*,e	Synaptics, Inc		7,972
33,302,995		Taiwan Semiconductor Manufacturing Co Ltd		55,522
400,000		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		3,764
124,000	e	Taiyo Yuden Co Ltd		1,370
59,000	*,e	Takaoka Electric Manufacturing Co Ltd		195
157,300	e	Tandberg ASA		2,648
3,600,000	*	Tatung Co Ltd		889
210,823	e	TDK Corp		9,936
238,127		Technitrol, Inc		1,541
103,885	*	Techwell, Inc		883

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
3,903,733		Teco Electric and Machinery Co Ltd	$	1,559
369,550	*,e	Tekelec		6,220
29,378	*	Telecomunicaciones y Energia		157
239,049		Teleflex, Inc		10,717
2,208,056	*	Tellabs, Inc		12,652
310,823	*	Tessera Technologies, Inc		7,861
7,847,087		Texas Instruments, Inc		167,143
22,037	*,e	Theolia SA		96
427,243	*	Thomas & Betts Corp		12,330
320,216	e	Thomson		280
63,000	e	Toko, Inc		104
170,105	e	Tokyo Denpa Co Ltd		1,201
170,000	*	Toshiba TEC Corp		694
22,900	e	Toyo Corp/Chuo-ku		223
10,300	e	Toyo Tanso Co Ltd		395
44,100	*,e	Toyota Boshoku Corp		660
402,595		Transcend Information, Inc		1,018
508,269	*,e	Trident Microsystems, Inc		884
657,275		Tripod Technology Corp		1,102
796,458	*	Triquint Semiconductor, Inc		4,229
230,211		TT electronics plc		124
283,169	*,e	TTM Technologies, Inc		2,254
20,800	*,e	Tyco Electronics Ltd		387
89,954	*,e	Ultralife Corp		645
52,000		Uniden Corp		157
1,159,756		Unimicron Technology Corp		891
3,626	*	United Capital Corp		66
16,344,022		United Microelectronics Corp		5,480
142,503	*,e	Universal Display Corp		1,394
69,074	*,e	Universal Electronics, Inc		1,393
341,085	*,e	US Geothermal, Inc		484
777,775	e	Ushio, Inc		12,450
778,363	*,e	Utstarcom, Inc		1,269
7,906		Vacon plc		263
286,527	*,e	Valence Technology, Inc		513
763,743		Vanguard International Semiconductor Corp		303
237,877	*,e	Varian Semiconductor Equipment Associates, Inc		5,707
845,000	*	Via Technologies, Inc		314
131,114	*	Viasat, Inc		3,362
12,100	*	Vic Tokai Corp		131
118,325	e	Vicor Corp		854
76,922	*	Virage Logic Corp		346
1,479,748	*	Vishay Intertechnology, Inc		10,047
180,753	*,e	Volterra Semiconductor Corp		2,375
220,000		Vtech Holdings Ltd		1,502
285,001	e	Whirlpool Corp		12,130
103,802	*	White Electronic Designs Corp		481
2,692,000	*	Winbond Electronics Corp		415
997,000		Wintek Corp		599
94,215	*,e	Wolfson Microelectronics plc		153
54,600		Woongjin Coway Co Ltd		1,329
943,970	e	Xilinx, Inc		19,314
15,750	*,m	Ya Hsin Industrial Co Ltd		3
8,093,000		Yageo Corp		1,635

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
165,972	e	Yaskawa Electric Corp	$	1,106
91,000		Young Fast Optoelectronics Co Ltd		846
85	e	Zappallas, Inc		174
307,027	*	Zix Corp		461
148,737	*,e	Zoltek Cos, Inc		1,446
305,429	*	Zoran Corp		3,329
963,452	e	ZTE Corp		3,344
43,309		Zumtobel AG.		443
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		5,919,737

ENGINEERING AND MANAGEMENT SERVICES - 0.93%
36,921		Aangpanneforeningen AB (B Shares)		683
154,794	*	Accelrys, Inc		915
3,786,625		Accenture Ltd (Class A)		126,701
110,628	*,e	Advisory Board Co		2,843
329,505	*	Aecom Technology Corp		10,544
229,900		Aeon Mall Co Ltd		4,386
84,704		Aero Inventory PLC		309
64,607	*,e	Affymax, Inc		1,191
24,006	*	Alten		401
430,809	*,e	Amylin Pharmaceuticals, Inc		5,816
66,883		Arcadis NV		1,111
593,978	*,e	Ariad Pharmaceuticals, Inc		944
24,107		Assystem		166
163,389		Atkins WS plc		1,602
54,440	e	Ausenco Ltd		178
330,710	e	Babcock International Group		2,617
9,011	*	Bavarian Nordic AS		317
3,495		Bertrandt AG.		70
46,673		Bilfinger Berger AG.		2,167
78,265	*	BioInvent International AB		239
31,100	*	Blom AS		71
34,700		Bure Equity AB		157
50,788		Campbell Brothers Ltd		847
325,813	e	Cap Gemini S.A.		11,993
698,228	e	Capita Group plc		8,208
75,172		CDI Corp		838
445,174	*	Celera Corp		3,397
4,220,000	*	China Railway Group Ltd		3,392
19,000	*	Commuture Corp		122
98,055	*,e	comScore, Inc		1,306
59,815	*	Cornell Cos, Inc		970
170,540	e	Corporate Executive Board Co		3,540
55,329	*,e	CRA International, Inc		1,536
71,266	*	Cudeco Ltd		148
133,085		Daewoo Engineering & Construction Co Ltd		1,348
117,788		Diamond Management & Technology Consultants, Inc		495
11,960	e	Digital Garage, Inc		10,391
11,654		Dinamia		186
974,834		Downer EDI Ltd		4,391
67,070		DTZ Holdings plc		55
386,587	*,e	Dyax Corp		827

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
311,214	*,e	eResearch Technology, Inc	$	1,933
6,709	e	Eurofins Scientific		394
671,992	*,e	Exelixis, Inc		3,273
88,097	*	Exponent, Inc		2,159
1,012,438	e	Fluor Corp		51,929
60,348	*	Franklin Covey Co		376
144,671		Fugro NV		5,991
189,020	*,e	Furmanite Corp		843
73	*	GCA Savvian Group Corp		91
12,200		Genivar Income Fund		272
192,135	*	Genpact Ltd		2,258
330,200	*,e	Gen-Probe, Inc		14,192
22,367		GFK AG.		466
303,177		Groupe Aeroplan, Inc		2,150
302,752	e	Hargreaves Lansdown plc		1,020
559,663	*,e	Hewitt Associates, Inc (Class A)		16,667
99,224	*,e	Hill International, Inc		427
40,010		HIQ International AB		137
104,396	*,e	Huron Consulting Group, Inc		4,826
63,136		Hyundai Development Co		2,000
49,517	*,e	ICF International, Inc		1,366
595,857	*,e	Incyte Corp		1,960
98,467	*	Infinity Pharmaceuticals, Inc		575
708,335	*	Insmed, Inc		708
236,870		Intertek Group plc		4,065
32,672	e	IPSOS		820
579,905	*,e	Isis Pharmaceuticals, Inc		9,568
621,662	*,e	Jacobs Engineering Group, Inc		26,166
447,158		JGC Corp		7,241
475,925		John Wood Group plc		2,091
5,157		Kapsch TrafficCom AG.		152
3,269,151	e	KBR, Inc		60,284
106,633		Keller Group plc		971
80,882	*,e	Kendle International, Inc		990
30,117		Kumho Industrial Co Ltd		338
46,237	e	Landauer, Inc		2,836
461,014	*,e	Lexicon Pharmaceuticals, Inc		572
231,241	*,e	Luminex Corp		4,287
91,186		MAXIMUS, Inc		3,761
233,475	*,e	Maxygen, Inc		1,569
892,436	*	McDermott International, Inc		18,125
20,856	e	Medion AG.		225
14,158		MedQuist, Inc		86
64,309	*	Michael Baker Corp		2,724
401,389		Mitie Group		1,416
99,398	e	Monadelphous Group Ltd		953
96,804	e	Mouchel Group plc		263
429,253	*,e	Myriad Genetics, Inc		15,303
2,497	e	National Research Corp		61
253,563	*	Navigant Consulting, Inc		3,276
14,579	*	NeuroSearch AS		294
55,500	*	Nichii Gakkan Co		552
63,000	e	Nippon Densetsu Kogyo Co Ltd		663
13,525	*	Novabase SGPS S.A.		92

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
20,400		NPC, Inc	$	1,065
429,600		NRW Holdings Ltd		329
151,743	*,e	Omnicell, Inc		1,631
16,600	e	Oyo Corp		176
1,169,735	e	Paychex, Inc		29,477
281,696		Petrofac Ltd		3,105
32,970		Poyry Oyj		468
38,894	*,e	PRG-Schultz International, Inc		105
155,670		Programmed Maintenance Services Ltd		344
728,900	e	QinetiQ plc		1,721
317,412	*,e	Regeneron Pharmaceuticals, Inc		5,688
2,514,000	*	Regent Pacific Group Ltd		83
64,082	*,e	Rentech, Inc		37
214,711	*	Repligen Corp		1,181
224,537	*,e	Resources Connection, Inc		3,855
184,444	*,e	Rigel Pharmaceuticals, Inc		2,235
246,000		Road King Infrastructure		183
109,185		Robert Walters plc		261
435,000		Rotary Engineering Ltd		210
183,838	e	RPS Group PLC		606
278,038	*,e	RTI Biologics, Inc		1,193
186,047		SAI Global Ltd		427
1,745,033	*,e	SAIC, Inc		32,371
42,395		Samsung Engineering Co Ltd		2,819
209,690	*,e	Sangamo Biosciences, Inc		1,036
308,621	*,e	Savient Pharmaceuticals, Inc		4,277
157,509		Savills plc		743
117,838		Scott Wilson Group plc		126
449,489	*,e	Seattle Genetics, Inc		4,369
1,565,539		SembCorp Industries Ltd		3,264
305,855	*,e	Sequenom, Inc		1,196
2,248,726	e	Serco Group plc		15,612
971,000		Shandong Weigao Group Medical Polymer Co Ltd		2,493
1,094,867	*,e	Shaw Group, Inc		30,011
35,700		Shinko Plantech Co Ltd		284
110,000		Shui On Construction and Materials Ltd		152
68,990	*	Silex Systems Ltd		334
191,551		SNC-Lavalin Group, Inc		7,057
69,353	*,e	Stanley, Inc		2,280
48,462	*,e	Stantec, Inc		1,166
1,612	e	Strabag SE		36
318,000	*	Swiber Holdings Ltd		183
179,785	*,e	Symyx Technologies, Inc		1,052
103	*	Takara Bio, Inc		252
325,599		Tecan Group AG.		12,691
55,583	*,e	Tejon Ranch Co		1,472
374,825	*,e	Tetra Tech, Inc		10,739
15,483	*	ThromboGenics NV		253
567,957	e	Toyo Engineering Corp		1,928
34,595	*	Transcend Services, Inc		548
436,906		Transfield Services Ltd		806
58,590	e	Trevi Finanziaria S.p.A.		681
209,125		United Group Ltd		1,744
358,125	*,e	URS Corp		17,734

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
515,000		Value Partners Group Ltd	$	224
267,211	*,e	VCA Antech, Inc		7,135
24,531		VSE Corp		642
173,373	e	VT Group plc		1,289
351,535	e	Watson Wyatt & Co Holdings (Class A)		13,193
1,717		Wellnet Corp		1,426
401,684	e	WorleyParsons Ltd		7,707
96,669		WSP Group plc		350
170,159	e	Xchanging plc		503
3,296	*	XING AG.		137
906,600		Zelan BHD		233
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		750,103

ENVIRONMENTAL QUALITY AND HOUSING - 0.00%**
182,853	e,m	Transpacific Industries Group Ltd		265
		TOTAL ENVIRONMENTAL QUALITY AND HOUSING		265

EXECUTIVE, LEGISLATIVE AND GENERAL - 0.00%**
258,800	e	Nippon Suisan Kaisha Ltd		680
		TOTAL EXECUTIVE, LEGISLATIVE AND GENERAL		680

FABRICATED METAL PRODUCTS - 0.48%
27,876		AFG Arbonia-Forster Hldg		414
61,600		Aica Kogyo Co Ltd		604
125,974	*,e	Alliant Techsystems, Inc		10,375
1,513,927		Amcor Ltd		6,087
50,531	e	Ameron International Corp		3,388
258,877		Aptargroup, Inc		8,742
55,000		Asahi Organic Chemicals Industry Co Ltd		148
363,608		Ball Corp		16,421
146,252		Bharat Heavy Electricals		6,729
72,000	e	Bunka Shutter Co Ltd		271
88,609	*	Bway Holding Co		1,553
38,200		Cardo AB		829
34,981	e	CCL Industries		691
205,958	*	Chart Industries, Inc		3,744
804,712		China International Marine Containers Co Ltd (Class B)		767
15,500		Chofu Seisakusho Co Ltd		317
110,866		CIRCOR International, Inc		2,618
442,318	e	Commercial Metals Co		7,090
221,486		Crane Co		4,941
1,748,314	*	Crown Holdings, Inc		42,205
74,226	e	Dynamic Materials Corp		1,431
1,100		Furuya Metal Co Ltd		106
55,760	*,e	Geberit AG.		6,856
38,013		Gerresheimer AG.		843
246,000	e	Goodpack Ltd		155
263,303	*	Griffon Corp		2,191
95,183		Gulf Island Fabrication, Inc		1,507
50,131		Gunnebo AB		185
37,481	*	Hawk Corp		519
18,000	e	Hisaka Works Ltd		216

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
204,000	e	Hitachi Cable Ltd	$	654
65,000	e	Hitachi Metals Ltd		554
2,720,464	e	Illinois Tool Works, Inc		101,583
88,527	e	Insteel Industries, Inc		729
73,219		Jindal Steel & Power Ltd		3,807
218,051		JS Group Corp		3,373
96,000		Kitz Corp		328
87,133	*,e	Ladish Co, Inc		1,130
43,612		Landi Renzo S.p.A.		195
5,869		LISI		254
56,182	*,e	Martinrea International, Inc		312
25,200		Miura Co Ltd		562
187,554	*,e	Mobile Mini, Inc		2,751
655,015	e	Mueller Water Products, Inc (Class A)		2,450
106,515	*,e	NCI Building Systems, Inc		281
64,982		Nibe Industrier AB (Series B)		556
64,571	*	North American Galvanizing & Coating, Inc		391
577,176		Parker Hannifin Corp		24,795
1,344,480	e	Pentair, Inc		34,447
20,985		Permasteelisa S.p.A		357
1,110		Phoenix Mecano AG.		318
202,196	e	Quanex Building Products Corp		2,269
594,357	e	Rexam plc		2,782
115,788		Rotork PLC		1,576
4,471		Sabaf S.p.A.		98
5,382	e	Salzgitter AG.		471
187,000		Sankyo-Tateyama Holdings, Inc		169
202,000		Sanwa Shutter Corp		723
644,442		Shin Zu Shing Co Ltd		3,064
173,505		Silgan Holdings, Inc		8,507
194,669	e	Simpson Manufacturing Co, Inc		4,209
918,000		Singamas Container Holdings Ltd		104
12,785	*	SmartHeat, Inc		88
423,180	*,e	Smith & Wesson Holding Corp		2,404
185,379		Snap-On, Inc		5,328
61,467	e	Ssab Svenskt Stal AB (Series A)		715
614,195	e	Ssab Svenskt Stal AB (Series B)		6,608
357,934	e	Stanley Works		12,112
108,659	e	Sturm Ruger & Co, Inc		1,352
60,028	e	Sun Hydraulics Corp		971
314,561	*,e	Taser International, Inc		1,434
21,200		Tocalo Co Ltd		296
217,000		Toyo Kanetsu K K		448
433,794	e	Toyo Seikan Kaisha Ltd		9,209
72,602	*,e	Trimas Corp		245
21,000		Tsukishima Kikai Co Ltd		123
81,469	e	Valmont Industries, Inc		5,872
111,763		Viohalco S.A.		727
169,502	e	Watts Water Technologies, Inc (Class A)		3,651
		TOTAL FABRICATED METAL PRODUCTS		387,325

FISHING, HUNTING, AND TRAPPING - 0.00%**
46,000	*	Copeinca ASA		157
39,360	*,e	HQ Sustainable Maritime Industries, Inc		361

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
87,537		Tassal Group Ltd	$	137
39,395	*	Zapata Corp		268
		TOTAL FISHING, HUNTING, AND TRAPPING		923

FOOD AND KINDRED PRODUCTS - 3.91%
127,414	*,e	AgFeed Industries, Inc		756
3,359	e	Agrana Beteiligungs AG.		285
646,325	e	Ajinomoto Co, Inc		5,126
18,740	e	Aker ASA (A Shares)		411
40,209	*,e	American Dairy, Inc		1,595
116,848	*	American Italian Pasta Co		3,405
225,245		Anadolu Efes Biracilik Ve Malt Sanayii AS		2,032
2,974	*	Anheuser-Busch InBev NV		–	^
3,800,272		Archer Daniels Midland Co		101,733
15,500	e	Ariake Japan Co Ltd		241
27,888	*	Aryzta AG.		896
1,349,796	e	Asahi Breweries Ltd		19,434
216,100		Asiatic Development BHD		338
1,335,724		Associated British Foods plc		16,756
11,791		Atria Group plc		166
104,100	e	Austevoll Seafood ASA		486
113,593		B&G Foods, Inc (Class A)		955
1,683	e	Barry Callebaut AG.		918
842,500		Beijing Enterprises Holdings Ltd		4,207
368,106		Bidvest Group Ltd		4,618
4,448		Bonduelle S.C.A.		348
5,257		Bongrain S.A.		295
43,513	*,e	Boston Beer Co, Inc (Class A)		1,288
314,921		Britvic plc		1,446
797,217		Bunge Ltd		48,032
272,039		C&C Group plc		916
299,379		Cadbury plc		2,551
1,180,564	e	Campbell Soup Co		34,732
13,209	e	Campofrio Alimentacion S.A.		118
170,687	e	Carlsberg AS (Class B)		10,948
364,993	*	Central Garden and Pet Co (Class A)		3,595
2,649,700		China Agri-Industries Holdings Ltd		1,651
1,031,100	e	China Yurun Food Group Ltd		1,557
8,524		CJ CheilJedang Corp		1,000
150,992		Coca Cola Hellenic Bottling Co S.A.		3,114
1,036,833		Coca-Cola Amatil Ltd		7,193
35,221		Coca-Cola Bottling Co Consolidated		1,942
17,900	e	Coca-Cola Central Japan Co Ltd		247
12,305,901		Coca-Cola Co		590,560
1,710,439		Coca-Cola Enterprises, Inc		28,479
421,632		Coca-Cola Femsa S.A. de C.V.		1,692
68,890		Coca-Cola Icecek AS		393
42,867	e	Coca-Cola West Japan Co Ltd		821
512		Companhia de Bebidas das Americas		33
3,131,268		ConAgra Foods, Inc		59,682
1,952,884	*	Constellation Brands, Inc (Class A)		24,763
245,770	e	Corn Products International, Inc		6,584
121,835	*	Cosan SA Industria e Comercio		895
47,607		Cranswick plc		446

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
75,266		CSM	$	1,111
1,618,537	e	CSR Ltd		2,217
568,091	*	Darling International, Inc		3,749
188,319	e	Davide Campari-Milano S.p.A.		1,507
1,380,380		Del Monte Foods Co		12,948
227,984		Devro plc		343
3,036,618		Diageo plc		43,539
96,021	e	Diamond Foods, Inc		2,679
45,600		Doutor Nichires Holdings Co Ltd		616
2,314,172	*,e	Dr Pepper Snapple Group, Inc		49,037
10,100	e	Dydo Drinco, Inc		276
71,842	e	Ebro Puleva S.A.		1,089
80,000		Ezaki Glico Co Ltd		803
35,954	e	Farmer Bros Co		823
343,571	e	Flowers Foods, Inc		7,504
3,116,055		Fomento Economico Mexicano S.A. de C.V.		10,036
88,800	e	Fuji Oil Co Ltd		1,036
17,000		Fujicco Co Ltd		194
2,953,258		General Mills, Inc		165,442
113,801		Glanbia plc		351
7,262,368	e	Golden Agri-Resources Ltd		1,905
254,759		Greencore Group plc		468
135,307		Greggs PLC		830
563,383	e	Groupe Danone		27,804
477,371	e	Grupo Bimbo S.A. de C.V. (Series A)		2,537
564,526		Grupo Modelo S.A. (Series C)		2,003
1,201,056		H.J. Heinz Co		42,878
469,982	*,e	Hansen Natural Corp		14,485
207,292		Heineken NV		7,689
671,963	e	Hershey Co		24,191
5,526		Hite Brewery Co Ltd		681
26,407		HKScan Oyj		326
224,723		Hormel Foods Corp		7,762
129,700	e	House Foods Corp		1,886
73,293	e	Imperial Sugar Co		888
2,893,337		InBev NV		104,476
597,000	*	Indofood Agri Resources Ltd		503
30,000	*,m	International Hydron		1
4,252,520		IOI Corp BHD		5,710
39,344	e	Ito En Ltd		560
117,000		Itoham Foods, Inc		441
80,070		J&J Snack Foods Corp		2,875
390,495		J.M. Smucker Co		19,001
99,000	e	J-Oil Mills, Inc		368
65,400	e	Kagome Co Ltd		1,083
756,866		Kaneka Corp		5,397
1,507,968		Kellogg Co		70,226
138,958		Kerry Group plc (Class A)		3,170
13,500	e	KEY Coffee, Inc		222
1,678,518	e	Kirin Brewery Co Ltd		23,522
62,254		Koninklijke Wessanen NV		238
7,622,100		Kraft Foods, Inc (Class A)		193,144
1,824,527		Kulim Malaysia BHD		3,244
129,311	e	Lancaster Colony Corp		5,699

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
143,306	e	Lance, Inc	$	3,315
2,492		Laurent-Perrier		171
19,450	e	Leroy Seafood Group ASA		302
23,807	*,e	Lifeway Foods, Inc		307
143		Lindt & Spruengli AG.		267
19		Lindt & Spruengli AG. (Reg)		420
279,876		Lion Nathan Ltd		2,609
744		Lotte Confectionery Co Ltd		584
80,331	*,e	M&F Worldwide Corp		1,607
60,569		Maple Leaf Foods, Inc		455
148,400	*	Marfrig Alimentos S.A.		1,098
184,000		Marudai Food Co Ltd		537
25,894	*	Matrixx Initiatives, Inc		145
46,500	e	Matsumotokiyoshi Holdings Co Ltd		959
583,810	e	McCormick & Co, Inc		18,991
177,354	*	Mead Johnson Nutrition Co		5,635
59,723	*,e	MEIJI Holdings Co Ltd		2,405
55,000		Mercian Corp		107
25,400		Mikuni Coca-Cola Bottling Co Ltd		206
128,000		Mitsui Sugar Co Ltd		434
620,750		Molson Coors Brewing Co (Class B)		26,276
163,000	e	Morinaga & Co Ltd		337
362,000		Morinaga Milk Industry Co Ltd		1,390
15,000	*	Nagatanien Co Ltd		136
72,753	*,e	National Beverage Corp		775
7,405,425		Nestle S.A.		278,892
445,000		Nichirei Corp		1,751
99,000	e	Nippon Beet Sugar Manufacturing Co Ltd		242
165,000	e	Nippon Flour Mills Co Ltd		795
125,853	e	Nippon Meat Packers, Inc		1,593
168,000	e	Nisshin Oillio Group Ltd		874
444,095		Nisshin Seifun Group, Inc		5,301
50,421	e	Nissin Food Products Co Ltd		1,528
184,000	e	NOF Corp		743
455,035		Northern Foods plc		389
43,000		Nosan Corp		109
35,203		Nutreco Holding NV		1,372
699,000	*	Oceanus Group Ltd		142
1,071,758		Olam International Ltd		1,798
110,639	*	Omega Protein Corp		449
91,602	*	Overhill Farms, Inc		483
4,993,507		Parmalat S.p.A.		12,042
59,727	*,e	Peet's Coffee & Tea, Inc		1,505
1,021,928		Pepsi Bottling Group, Inc		34,582
494,194		PepsiAmericas, Inc		13,249
8,867,335		PepsiCo, Inc		487,349
137,859		Perdigao S.A.		2,638
175,639	e	Pernod-Ricard S.A.		11,056
3,322,600	e	Petra Foods Ltd		1,881
1,947,633		Premier Foods plc		1,178
253,000	*	Prima Meat Packers Ltd		307
573,524		PT Astra Agro Lestari Tbk		947
5,878,400		PT Indofood Sukses Makmur Tbk		1,088
141,500	e	Q.P. Corp		1,475

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
164,991		Raisio plc (V Shares)	$	451
497,613	*,e	Ralcorp Holdings, Inc		30,315
685,196		Remgro Ltd		6,585
25,593	e	Remy Cointreau S.A.		926
803,822	e	Reynolds American, Inc		31,044
56,367		Robert Wiseman Dairies PLC		350
1,647,013		SABMiller plc		33,464
127,969	e	Sanderson Farms, Inc		5,759
196,853	e	Sapporo Holdings Ltd		1,132
189,658		Saputo, Inc		3,957
2,964,959		Sara Lee Corp		28,938
16,064		Schouw & Co		278
30,211	*	Seneca Foods Corp		1,010
132,000		Showa Sangyo Co Ltd		385
12,241		Sipef S.A		586
349,726	*,e	Smart Balance, Inc		2,382
552,822	*,e	Smithfield Foods, Inc		7,723
323,000		Snow Brand Milk Products Co Ltd		996
29,600	e	SOS Cuetara S.A.		143
335,172	e	Suedzucker AG.		6,804
204,000		Super Coffeemix Manufacturing Ltd		67
590,750		Swire Pacific Ltd (Class A)		5,961
18,400	e	T Hasegawa Co Ltd		221
220,000	e	Takara Holdings, Inc		1,350
90,000	e	Takasago International Corp		489
519,576		Tate & Lyle plc		2,723
2,560,000		Tingyi Cayman Islands Holding Corp		4,221
119,637	e	Tootsie Roll Industries, Inc		2,715
565,310		Total Produce plc		246
493,505		Toyo Suisan Kaisha Ltd		10,179
180,408	*,e	TreeHouse Foods, Inc		5,190
952,048		Tyson Foods, Inc (Class A)		12,005
20,200	e	Unicharm Petcare Corp		605
3,874,019		Unilever plc		90,759
693,744	e	Unilever plc (ADR)		16,303
293,642		United Breweries Co, Inc		2,093
56,357		United Spirits Ltd		1,025
906,000		Vitasoy International Holdings Ltd		477
1,361		Vranken - Pommery Monopole		52
2,501,748	e	Wilmar International Ltd		8,671
79,862	e	Yakult Honsha Co Ltd		1,527
467,362	e	Yamazaki Baking Co Ltd		5,278
203,600		Yantai Changyu Pioneer Wine Co		1,257
22,500		Yonekyu Corp		234
		TOTAL FOOD AND KINDRED PRODUCTS		3,153,294

FOOD STORES - 0.67%
381,598		Alimentation Couche Tard, Inc		4,616
48,000		Arcs Co Ltd		687
6,762	e	Arden Group, Inc (Class A)		846
17,831	*	Caribou Coffee Co, Inc		114
738,992	e	Carrefour S.A.		31,536
14,900		Cawachi Ltd		284
960,524		Centros Comerciales Sudamericanos S.A.		2,513

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
1,340,300		China Resources Enterprise	$	2,688
61,100	e	Circle K Sunkus Co Ltd		955
44,453		Colruyt S.A.		10,140
125,022		Companhia Brasileira de Distribuicao Grupo Pao de Acucar		2,425
4,295,500		CP Seven Eleven PCL		2,156
6,700		CREATE SD HOLDINGS Co Ltd		131
185,272		Delhaize Group		13,031
56,118		Discount Investment Corp		1,022
142,297		Empire Co Ltd		5,175
78,606	e	FamilyMart Co Ltd		2,472
11,600	e	Fuji Co Ltd		209
72,125		George Weston Ltd		3,618
2,333,541	e	Goodman Fielder Ltd		2,454
181,626	*,e	Great Atlantic & Pacific Tea Co, Inc		772
6,822	e	Guyenne et Gascogne S.A.		592
44,152		Hakon Invest AB		412
25,200		Heiwado Co Ltd		307
66,958	e	Ingles Markets, Inc (Class A)		1,020
74,400	e	Izumi Co Ltd		922
59,000		Izumiya Co Ltd		344
4,822,318		J Sainsbury plc		24,832
854,819	e	Jeronimo Martins SGPS S.A.		5,826
38,700		Kasumi Co Ltd		171
10,211	e	Kesko Oyj (B Shares)		270
2,586,238		Koninklijke Ahold NV		29,692
4,648,247		Kroger Co		102,493
122,283		Lawson, Inc		5,382
161,006	e	Loblaw Cos Ltd		4,810
92,000	*,e	Maruetsu, Inc		478
493,000		Maruha Nichiro Holdings, Inc		742
24,500		Ministop Co Ltd		395
10,500		OZEKI Co Ltd		295
177,518	*,e	Panera Bread Co (Class A)		8,851
165,398	*	Pantry, Inc		2,746
398,561		Pick'n Pay Stores Ltd		1,706
529,600		President Chain Store Corp		1,357
242,971	e	Ruddick Corp		5,693
1,871,325	e	Safeway, Inc		38,118
1,659,881		Seven & I Holdings Co Ltd		39,112
609,697		Shoprite Holdings Ltd		4,349
979,541	e	Sonae SPGS S.A.		926
1,361,117	e	Supervalu, Inc		17,626
43,444	*	Susser Holdings Corp		486
3,200,000	*	Taiwan TEA Corp		1,770
15,732,018		Tesco plc		91,519
6,379		Valora Holding AG.		1,153
44,590		Village Super Market (Class A)		1,327
7,801,000	e	Want Want China Holdings Ltd		4,409
65,591	e	Weis Markets, Inc		2,199
424,281	*,e	Whole Foods Market, Inc		8,053
298,780	*,e	Winn-Dixie Stores, Inc		3,747
1,965,277		WM Morrison Supermarkets plc		7,647
1,245,208		Woolworths Ltd		26,449
6,000	e	Yaoko Co Ltd		180


COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
		TOTAL FOOD STORES	$	536,250

FORESTRY - 0.06%
197,748	b,e	Great Southern Ltd		19
1,034	*	Gunns Ltd		51
634,509		Rayonier, Inc		23,064
919,776	e	Weyerhaeuser Co		27,989
		TOTAL FORESTRY		51,123

FURNITURE AND FIXTURES - 0.08%
45,029	*	Astronics Corp		468
16,946		Beter BED Holding NV		206
25,100		Cleanup Corp		130
37,096		Dorel Industries, Inc (Class B)		857
130,677	e	Ethan Allen Interiors, Inc		1,354
33,809	*,e	Faurecia		305
103,000	e	France Bed Holdings Co Ltd		156
213,367	e	Furniture Brands International, Inc		647
269,964		Herman Miller, Inc		4,141
308,619	e	Hill-Rom Holdings, Inc		5,006
233,547	e	HNI Corp		4,218
51,561	e	Hooker Furniture Corp		592
41,900		Itoki Corp		119
188,642		Kimball International, Inc (Class B)		1,177
434,088	*,e	Kinetic Concepts, Inc		11,829
305,790	e	La-Z-Boy, Inc		1,443
605,215	e	Leggett & Platt, Inc		9,217
1,168,213	e	Masco Corp		11,191
6,806		Mecalux S.A.		92
59,000		Okamura Corp		352
13,600	e	Paramount Bed Co Ltd		199
27,800		Recticel S.A.		122
207,621	*,e	Sealy Corp		407
44,919	*	Stanley Furniture Co, Inc		485
394,375	e	Steelcase, Inc (Class A)		2,295
460,493	e	Tempur-Pedic International, Inc		6,019
82,000	*	Uchida Yoko Co Ltd		278
		TOTAL FURNITURE AND FIXTURES		63,305

FURNITURE AND HOME FURNISHINGS STORES - 0.28%
1,044,104	*,e	Bed Bath & Beyond, Inc		32,105
2,463,473	e	Best Buy Co, Inc		82,501
39,000		Best Denki Co Ltd		170
34,743	e	Carpetright plc		321
1,004,000	*,b,e	Circuit City Stores, Inc		15
4,433,242		DSG International PLC		1,678
60,249		Dunelm Group plc		219
89,800	e	EDION Corp		584
2,232,691	*,e	GameStop Corp (Class A)		49,141
101,067	e	Grupo Elektra S.A. de CV		4,594
87,403	e	GUD Holdings Ltd		452
813,067	e	Harvey Norman Holdings Ltd		2,162
94,611	e	Haverty Furniture Cos, Inc		866
60,522	*,e	hhgregg, Inc		918

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
22,000	*	Hoshizaki Electric Co Ltd	$	248
166,800	e	JB Hi-Fi Ltd		2,070
433,388		Kesa Electricals plc		791
243,178		Knoll, Inc		1,843
30,300	e	Kohnan Shoji Co Ltd		300
18,400	e	Kojima Co Ltd		92
34,800	e	Komeri Co Ltd		771
58,400	e	K's Holdings Corp		1,516
184,058	e	Nitori Co Ltd		13,069
524,750	*,e	Pier 1 Imports, Inc		1,044
40,406		Poltrona Frau S.p.A.		46
1,056,558		RadioShack Corp		14,749
32,182	*,e	Rex Stores Corp		324
42,400	e	Shimachu Co Ltd		893
1,566,196		Steinhoff International Holdings Ltd		2,722
174,527	*	Tuesday Morning Corp		588
305,667	e	Williams-Sonoma, Inc		3,628
137,818		Yamada Denki Co Ltd		8,054
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		228,474

GENERAL BUILDING CONTRACTORS - 0.53%
25,105		Ackermans & Van Haaren		1,660
130,874	e	ACS Actividades Cons y Servicios S.A.		6,619
4,713,333		AMEC plc		50,636
9,136	*,e	Amrep Corp		101
157,000		ASK Planning Center, Inc		213
336,016		Asunaro Aoki Construction Co Ltd		1,625
31,546	*,e	Avatar Holdings, Inc		573
603,508		Aveng Ltd		2,739
3,171,733		Balfour Beatty plc		16,124
430,790	*,e	Barratt Developments plc		1,045
213,701	*,e	Beazer Homes USA, Inc		391
128,394	e	Bellway plc		1,287
114,809		Berkeley Group Holdings plc		1,519
16,959	*	Bird Construction, Income Fund		364
104,233		Bovis Homes Group plc		635
52,668	e	Brookfield Homes Corp		211
542,501		Carillion plc		2,251
35,986	*,e	Cavco Industries, Inc		912
1,140,494	e	Centex Corp		9,649
664,400		Century City International		33
753,791	e	Cheung Kong Infrastructure Holdings Ltd		2,646
5,123,080	e	China Overseas Land & Investment Ltd		11,899
186,000	e	Daikyo, Inc		321
172,029		Daito Trust Construction Co Ltd		8,143
704,645		Daiwa House Industry Co Ltd		7,607
506,735		DLF Ltd		3,288
1,685,447	e	DR Horton, Inc		15,776
33,901	e	Eiffage S.A.		1,974
275,000		Farglory Land Development Co Ltd		666
1,181,123		Fletcher Building Ltd		5,014
122,000	e	Fujitec Co Ltd		579
359,772		Galliford Try PLC		286
1,292,803	e	Haseko Corp		1,342

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
161,452		Hellenic Technodomiki Tev S.A.	$	1,207
88,693		Hochtief AG.		4,467
268,199	*,e	Hovnanian Enterprises, Inc (Class A)		633
1,001,350		IJM Corp BHD		1,652
371,314	e	Impregilo S.p.A.		1,291
173,963	e	Interserve plc		502
32,021		J&P-Avax SA		155
131,124	e	JM AB		905
1,296,868	e	Kajima Corp		4,052
326,624	e	KB Home		4,468
28,703	e	Kier Group plc		434
113,284		Koninklijke BAM Groep NV		919
9,048		Lemminkainen Oyj		241
324,881	e	Lend Lease Corp Ltd		1,835
591,558	e	Lennar Corp (Class A)		5,732
313,111	*,e	Leopalace21 Corp		2,802
103,671	*,e	M/I Homes, Inc		1,015
211,000	e	Maeda Corp		804
3,213		Maisons France Confort		90
121,872		McGrath RentCorp		2,323
587,244	e	MDC Holdings, Inc		17,682
63,750		Mears Group PLC		238
178,073	*,e	Meritage Homes Corp		3,358
46,133		Michaniki S.A.		112
37,896		Michaniki S.A. (Preference)		77
34,000		Mitsui Home Co Ltd		200
118,206		Mota Engil SGPS S.A.		536
121,083		MRV Engenharia e Participacoes S.A.		1,678
53,446	e	NCC AB (B Shares)		464
140,427	*,e	NVR, Inc		70,548
514,723		Obayashi Corp		2,527
1,355,000	*	Pacific Century Premium Developments Ltd		318
379,000		Paliburg Holdings Ltd		63
145,000		PanaHome Corp		885
10,125	*	PBG S.A.		750
194,704		Peab AB (Series B)		800
264,000		Penta-Ocean Construction Co Ltd		384
153,461	*,e	Perini Corp		2,664
334,101	e	Persimmon plc		1,924
1,602,426	e	Pulte Homes, Inc		14,149
697,815	*	Puravankara Projects Ltd		1,259
137,848	e	Redrow plc		446
10,781	e	Renta Corp Real Estate S.A.		32
154,468		ROK plc		139
134,925		Ruukki Group Oyj		407
246,820	e	Ryland Group, Inc		4,137
6,258	e	Sacyr Vallehermoso S.A.		87
1,414,699		Sekisui Chemical Co Ltd		8,899
1,021,381		Sekisui House Ltd		10,390
441,203	e	Shimizu Corp		1,924
27,128		Sjaelso Gruppen		118
333,126	e	Skanska AB (B Shares)		3,724
140,139		Sobha Developers Ltd		610

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
12,670		SRV Group plc	$	74
522,932	*,e	Standard-Pacific Corp		1,062
147,300	e	Sumitomo Forestry Co Ltd		1,246
459,847	e	Sunland Group Ltd		246
842,251	e	Taisei Corp		2,037
140,493	e	Takamatsu Corp		2,112
1,042,658	*	Talaat Moustafa Group		975
2,991,379	*	Taylor Woodrow plc		1,649
92,425	*,e	Team, Inc		1,448
159,832		Tekfen Holding AS		367
28,256		Terna Energy S.A.		179
264,000	e	Toda Corp		1,080
13,870		Token Corp		449
65,690		Tokyu Construction Co Ltd		199
622,993	*,e	Toll Brothers, Inc		10,572
539,782	*,e	Urbi Desarrollos Urbanos S.A. de C.V		821
126,300	e	Veidekke ASA		621
901,141	e	Vinci S.A.		40,434
217,070	e	Walter Industries, Inc		7,867
23,000	*,e	Yahagi Construction Co Ltd		147
130,808	e	YIT Oyj		1,358
2,456,813		YTL Corp BHD		4,858
		TOTAL GENERAL BUILDING CONTRACTORS		424,985

GENERAL MERCHANDISE STORES - 1.59%
233,060	*,e	99 Cents Only Stores		3,165
472,347	e	Aeon Co Ltd		4,683
30,700		Arc Land Sakamoto Co Ltd		312
498,005	*,e	Big Lots, Inc		10,473
782,057	*,e	BJ's Wholesale Club, Inc		25,206
273,103	e	Casey's General Stores, Inc		7,016
55,073	*,e	Conn's, Inc		688
1,590,807		Costco Wholesale Corp		72,700
86,650	*,e	Daiei, Inc		389
615,032		David Jones Ltd		2,255
346,733	e	Dillard's, Inc (Class A)		3,190
54,300	e	Don Quijote Co Ltd		1,044
13,681		Dufry Group		523
864,452	e	Family Dollar Stores, Inc		24,464
2,616,700		Far Eastern Department Stores Co Ltd		2,572
238,335		Fred's, Inc (Class A)		3,003
676,000	e	Golden Eagle Retail Group Ltd		785
102,000	e	Hankyu Department Stores, Inc		581
32,217		Hyundai Department Store Co Ltd		2,266
359,879	e	Isetan Mitsukoshi Holdings Ltd		3,676
363,111	e	J Front Retailing Co Ltd		1,738
62,700	e	Japan Airport Terminal Co Ltd		763
930,964		JC Penney Co, Inc		26,728
3,649		Jelmoli Holding AG.		1,323
68,000	e	Joshin Denki Co Ltd		498
446,302	e	Keio Corp		2,599
1,425,358	e	Kintetsu Corp		6,288
412,000		Lifestyle International Holdings Ltd		572
367,600		Lojas Americanas S.A.		1,722

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
2,190,681	e	Macy's, Inc	$	25,762
1,755,934		Marks & Spencer Group plc		8,840
193,510	e	Marui Co Ltd		1,366
25,200	e	Matsuya Co Ltd		303
312,000		Metro Holdings Ltd		118
94,560	e	Mothercare plc		747
1,353,000		New World Department Store China Ltd		1,021
565,402	e	Next plc		13,665
72,939		North West Co Fund		944
516,921	e	Odakyu Electric Railway Co Ltd		4,432
216,682		Pantaloon Retail India Ltd		1,390
119,791	e	PPR		9,773
37,709	e	Rallye S.A.		998
18,905		Reject Shop Ltd		179
151,181	*,e	Retail Ventures, Inc		330
22,300	e	Ryohin Keikaku Co Ltd		942
318,188		SACI Falabella		1,253
668,217	*,e	Saks, Inc		2,960
35,125	*,e	Sears Canada, Inc		587
174,972	*,e	Sears Holdings Corp		11,639
26,825		Shinsegae Co Ltd		10,634
475,621		SM Investments Corp		3,014
148,399	*,e	Stein Mart, Inc		1,315
25,718		Stockmann Oyj Abp (B Share)		546
242,586	e	Takashimaya Co Ltd		1,916
3,958,391		Target Corp		156,237
3,738,164		TJX Companies, Inc		117,602
621,407	e	Tobu Railway Co Ltd		3,657
1,957,968		Tokyu Corp		9,898
237,263		UNY Co Ltd		2,032
3,730,358	e	Wal-Mart de Mexico S.A. de C.V. (Series V)		11,037
13,815,877		Wal-Mart Stores, Inc		669,240
133,450		Warehouse Group Ltd		324
		TOTAL GENERAL MERCHANDISE STORES		1,285,923

HEALTH SERVICES - 1.00%
127,804	*,e	Alliance Imaging, Inc		937
213,529	*	Allied Healthcare International, Inc		463
33,884	*,e	Almost Family, Inc		885
136,604	*,e	Amedisys, Inc		4,511
47,594	*	America Service Group, Inc		765
68,692	*	American Dental Partners, Inc		623
1,486,949	e	AmerisourceBergen Corp		26,378
168,718	*	Amsurg Corp		3,617
55,638	*,e	Assisted Living Concepts, Inc (A Shares)		810
326,068		Assura Group Ltd		172
74,403		Athens Medical Center S.A.		172
2,534,100		Bangkok Dusit Medical Service PCL		1,688
13,624	e	BioMerieux		1,194
57,773	*,e	Bio-Reference Labs, Inc		1,826
25,500		BML, Inc		566
143,858	e	Brookdale Senior Living, Inc		1,401
45,385	*,e	China Sky One Medical, Inc		612
7,085		Clinica Baviera S.A.		73

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
50,817		CML Healthcare Income Fund	$	554
294,830	*	Community Health Systems, Inc		7,444
164,981	*	Continucare Corp		384
16,542	*	Corp Dermoestetica		99
43,642	*	Corvel Corp		994
326,446	*,e	Covance, Inc		16,061
1,595,889	*	Coventry Health Care, Inc		29,859
177,407	*,e	Cross Country Healthcare, Inc		1,219
276,154	*	Crucell NV		6,642
207,558	*	CryoLife, Inc		1,150
508,734	*	DaVita, Inc		25,162
90,088		Diagnostic & Therapeutic Center of Athens Hygeia S.A.		303
349,400	*,e	Edwards Lifesciences Corp		23,770
147,763	*	eHealth, Inc		2,609
101,240	*,e	Emeritus Corp		1,337
45,986	e	Ensign Group, Inc		654
160,393	*,e	Enzo Biochem, Inc		711
1,374,920	*	Express Scripts, Inc		94,526
43,111		Extendicare Real Estate Investment Trust		232
1,370,760	e	Fraser and Neave Ltd		3,672
260,108	e	Fresenius Medical Care AG.		11,636
78,364	*,e	Genomic Health, Inc		1,358
84,970	*,e	Genoptix, Inc		2,718
213,936	*,e	Gentiva Health Services, Inc		3,521
134,974	*	Health Grades, Inc		528
774,175	*	Health Management Associates, Inc (Class A)		3,824
365,657	e	Healthscope Ltd		1,296
2,628,547	*	Healthsouth Corp		37,956
224,841	*,e	Healthways, Inc		3,024
411,328	*	Immunomedics, Inc		1,045
88,544	*	IPC The Hospitalist Co, Inc		2,363
380,824		Japan Care Service Corp		791
1,990	*	Japan Longlife Co Ltd		444
214,909	*	Kindred Healthcare, Inc		2,658
83,545		Laboratorios Almirall S.A.		926
628,608	*,e	Laboratory Corp of America Holdings		42,613
80,857	*	LCA-Vision, Inc		341
124,203	*,e	LHC Group, Inc		2,759
69,162	*,e	Life Sciences Research, Inc		496
171,182	*,e	LifePoint Hospitals, Inc		4,494
437,089	*,e	Lincare Holdings, Inc		10,280
7,312	*	LVL Medical Groupe S.A.		140
204,941	*	Magellan Health Services, Inc		6,726
3,728,929		McKesson Corp		164,074
103,500	*	MDS, Inc		544
88,264	*	Medcath Corp		1,038
2,787,677	*	Medco Health Solutions, Inc		127,146
32,000		Medical Facilities Corp		227
41,084	e	National Healthcare Corp		1,559
511,268	*,e	Nektar Therapeutics		3,313
1,976,601		Network Healthcare Holdings Ltd		2,486
147,059	*,e	Nighthawk Radiology Holdings, Inc		544
99,556	*	NovaMed, Inc		393
177,730	*	Odyssey HealthCare, Inc		1,827

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
446,806	e	Omnicare, Inc	$	11,510
16,324	*	Orpea		719
3,096	*	Osteotech, Inc		14
852,770	e	Parkway Holdings Ltd		983
175,756	*,e	Pediatrix Medical Group, Inc		7,405
332,638		Pharmaceutical Product Development, Inc		7,724
110,029	*,f	Pharmstandard (GDR)		1,661
9,713	*	Prim S.A.		87
396,444	e	Primary Health Care Ltd		1,677
283,710	*,e	Psychiatric Solutions, Inc		6,452
489,732	e	Quest Diagnostics, Inc		27,636
315,000		Raffles Medical Group Ltd		207
287,419		Ramsay Health Care Ltd		2,673
102,770	*	RehabCare Group, Inc		2,459
92,736	e	Rhoen Klinikum AG.		2,048
102,291	*,e	Skilled Healthcare Group, Inc (Class A)		767
504,622	e	Sonic Healthcare Ltd		5,010
249,164	*	Sun Healthcare Group, Inc		2,103
257,944	*,e	Sunrise Senior Living, Inc		426
76,854	e	Synergy Healthcare plc		640
1,491,883	*,e	Tenet Healthcare Corp		4,207
219,998		Universal Health Services, Inc (Class B)		10,747
72,305	*	US Physical Therapy, Inc		1,066
38,986	*,e	Virtual Radiologic Corp		352
		TOTAL HEALTH SERVICES		807,736

HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.17%
35,072	e	Abengoa S.A.		776
206,742	e	Abertis Infraestructuras S.A.		3,888
47,168	e	Acciona S.A.		5,796
72,855		Aecon Group, Inc		723
74,158		Astaldi S.p.A.		510
27,524		Athens Water Supply & Sewage Co S.A.		267
152,682	e	Boskalis Westminster		3,461
219,167	e	Bouygues S.A.		8,241
50,530	*	Broadwind Energy, Inc		572
153,000	e	Chiyoda Corp		1,242
13,843		Compagnie d'Entreprises CFE		553
96,424	*,e	Comverge, Inc		1,167
2,013,045		ConnectEast Group		495
459,550		Costain Group PLC		191
41,502		Daelim Industrial Co		2,013
7,545	e	Fomento de Construcciones y Contratas S.A.		309
6,841	*	Foster Wheeler AG.		162
1,761,100		Gamuda BHD		1,388
82,931		GEK Group of Cos S.A.		600
333,221		Giken Seisakusho Co, Inc		1,660
191,928	e	Granite Construction, Inc		6,387
225,799	e	Great Lakes Dredge & Dock Corp		1,079
9,507	e	Grupo Ferrovial S.A.		305
43,959		GS Engineering & Construction Corp		2,553
264,000		Guangzhou Investment Co Ltd		59
65,000	e	Hitachi Plant Technologies Ltd		325
311,000	e	Hyflux Ltd		472

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
74,026		Hyundai Engineering & Construction Co Ltd	$	3,103
1,502,000		Jiangsu Express		1,103
59,834	*	LB Foster Co (Class A)		1,799
92,000	e	Maeda Road Construction Co Ltd		942
180,984	*	Matrix Service Co		2,078
350,900		Murray & Roberts Holdings Ltd		2,275
84,819	*	MYR Group, Inc		1,715
89,000		Nippo Corp		828
267,000	e	Nishimatsu Construction Co Ltd		416
48,006	e	Obrascon Huarte Lain S.A.		949
161,000	e	Okumura Corp		628
95,261		Orascom Construction Industries		3,252
103,116	*	Orion Marine Group, Inc		1,959
2,404,355		Saipem S.p.A.		58,488
18,800	e	SHO-BOND Holdings Co Ltd		357
67,368	*,e	Sterling Construction Co, Inc		1,028
43,000		Taihei Dengyo Kaisha Ltd		444
61,000	e	Takuma Co Ltd		140
36,314	e	Tecnicas Reunidas S.A.		1,713
180,908		Teixeira Duarte - Engenharia Construcoes S.A.		242
34,760	*	TK Development		174
283,000		Toa Corp/Tokyo		417
131,807		Tognum AG.		1,731
21,000	*	Tokyo Energy & Systems, Inc		183
45,000	e	Toshiba Plant Systems & Services Corp		511
195,000		Toyo Construction Co Ltd		132
1,039,814	e	Transurban Group		3,502
35,000	*	Yokogawa Bridge Holdings Corp		292
2,340,019		Zhejiang Expressway Co Ltd		1,857
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		137,452

HOLDING AND OTHER INVESTMENT OFFICES - 2.08%
1,025,908	e	3i Group plc		4,085
454,171		3i Infrastructure Ltd		686
548,835	e	Aberdeen Asset Management plc		1,120
232,433		Acadia Realty Trust		3,033
88		Advance Residence Investment Corp		304
169,556	*,e	Affiliated Managers Group, Inc		9,866
220,563	*	Afirma Grupo Inmobiliario S.A.		96
44,838		Agree Realty Corp		822
9,968	e	Alexander's, Inc		2,687
166,858	e	Alexandria Real Estate Equities, Inc		5,972
20,182,600	e	Allco Commercial Real Estate Investment Trust		3,344
1,007,640	e	Allied Capital Corp		3,507
13,217		Allied Properties Real Estate Investment Trust		168
601,530	e	AMB Property Corp		11,315
313,569	e	American Campus Communities, Inc		6,955
58,810	e	American Capital Agency Corp		1,351
106,238	*,e	Ampal American Israel (Class A)		259
2,882,895		Annaly Mortgage Management, Inc		43,646
434,944	e	Anthracite Capital, Inc		270
589,119		Anworth Mortgage Asset Corp		4,248
914,733	e	Apartment Investment & Management Co (Class A)		8,095

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
133,678		ARC Energy Trust	$	2,047
13,051		Artis Real Estate Investment Trust		90
591,837		Ascendas Real Estate Investment Trust		650
289,000		Ascott Residence Trust		136
368,872	e	Ashford Hospitality Trust, Inc		1,037
464,786		Ashmore Group plc		1,447
156,687	e	Associated Estates Realty Corp		934
471	*	Athris Holding AG.		373
607,918	e	Australian Infrastructure Fund		661
422,822	e	AvalonBay Communities, Inc		23,653
193,036		Ayala Corp		1,063
438,149		Babcock & Brown Japan Property Trust		131
1,128,483	e	Babcock & Brown Wind Partners		1,046
2,073		Bajaj Finserv Ltd		17
45,035	*	Bajaj Holdings and Investment Ltd		943
24,159	e	Befimmo SCA Sicafi		1,834
8,227		Bellevue Group AG.		303
558,887	e	BioMed Realty Trust, Inc		5,717
54,259		Boardwalk Real Estate Investment Trust		1,525
744,504	e	Boston Properties, Inc		35,513
743,686		Brandywine Realty Trust		5,540
183,069	e	BRE Properties, Inc (Class A)		4,350
185,300	e	Brewin Dolphin Holdings PLC		399
342,000		Brightoil Petroleum Holdings Ltd		102
635,764		Brookfield Asset Management, Inc		10,877
239,074	*	BTG plc		571
307,200		Bunnings Warehouse Property Trust		403
38,175	*	Calloway Real Estate Investment trust		421
525,000	e	Cambridge Industrial Trust		127
373,629	e	Camden Property Trust		10,312
28,391		Canadian Apartment Properties REIT		326
32,856		Canadian Real Estate Investment Trust		695
53,772	*	Cape Bancorp, Inc		464
3,188,600	e	CapitaCommercial Trust		1,805
325,545	e	Capital Lease Funding, Inc		899
14,901	e	Capital Southwest Corp		1,078
511,000		CapitaRetail China Trust		377
381,382		Capstead Mortgage Corp		4,847
85,336	e	Care Investment Trust, Inc		444
765,750	e	CBL & Associates Properties, Inc		4,127
820,000		CDL Hospitality Trusts		470
218,425		Cedar Shopping Centers, Inc		987
1,539,415	e	CFS Gandel Retail Trust		2,047
318,435		Challenger Diversified Property Group		118
488,147		Charter Hall Group		205
42,540	e	Cherokee, Inc		843
1,227,927	e	China Merchants Holdings International Co Ltd		3,541
342,975	e	CI Financial Corp		5,644
32,469	*,e	Climate Exchange plc		458
10,972	e	Cofinimmo		1,278
128,814	e	Cogdell Spencer, Inc		553
269,679	e	Colonial Properties Trust		1,996
21,098	*	Cominar Real Estate Investment Trust		281

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
2,819,524	e	Commonwealth Property Office Fund	$	1,886
4,493		Compagnie Financiere Tradition S.A.		475
133,129		Companhia de Concessoes Rodoviarias		2,135
30,284		Corp Financiera Alba		1,458
242,099		Corporate Office Properties Trust		7,101
208,658		Cousins Properties, Inc		1,774
1,819	e	DA Office Investment Corp		5,015
1,311,000		Dah Chong Hong Holdings Ltd		367
117,051	e	Danvers Bancorp, Inc		1,574
3,097,423	e	DB RREEF Trust		1,872
981,752	e	DCT Industrial Trust, Inc		4,006
11,193		Deutsche Beteiligungs AG.		192
911,670	e	Developers Diversified Realty Corp		4,449
621,825	e	DiamondRock Hospitality Co		3,893
325,729	e	Digital Realty Trust, Inc		11,677
96,966	e	Domino's Pizza UK & IRL plc		328
459,483	e	Douglas Emmett, Inc		4,131
1,412,896		Duke Realty Corp		12,391
55,203		Dynex Capital, Inc		453
25,424	*	East Capital Explorer AB		204
148,940		EastGroup Properties, Inc		4,918
23,501	*,e	Eco Business-Immobilien AG.		83
164,933	e	Education Realty Trust, Inc		708
1,116,000	m	Emperor International Holdings		138
201,964	e	Entertainment Properties Trust		4,160
56,298	*	EOS Russia AB		212
150,024	e	Equity Lifestyle Properties, Inc		5,578
169,165	e	Equity One, Inc		2,243
1,301,692	e	Equity Residential		28,937
119,378	e	Essex Property Trust, Inc		7,429
32,451	e	Eurazeo		1,348
482,055	e	Extra Space Storage, Inc		4,025
322,009	e	Federal Realty Investment Trust		16,590
381,032	e	FelCor Lodging Trust, Inc		937
1,510	*	First Hungary Fund		–	^
199,298	e	First Industrial Realty Trust, Inc		867
1,598,400	*,m	First NIS Regional Fund SICAV		16
150,650		First Potomac Realty Trust		1,469
26,631	e	Fonciere Des Regions		2,002
29,752	*	Formuepleje Safe AS		510
778,000		Fortune Real Estate Investment Trust		375
2,397,500	e	Fosun International		1,491
321,326	e	Franklin Street Properties Corp		4,258
169	*,e	Frontier Real Estate Investment Corp		1,082
125	*	Fukuoka REIT Corp		562
3,220,340		Genting BHD		5,176
387,766	*	Getin Holding S.A.		770
99,015	e	Getty Realty Corp		1,868
25,806	e	Gimv NV		1,288
108,815	e	Gladstone Capital Corp		819
43,930		Gladstone Commercial Corp		569
225,276	e	Glimcher Realty Trust		653
105	*	Global One Real Estate Investment Corp		765
10,936,600	e	GOME Electrical Appliances Holdings Ltd		2,724

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
858,051		Goodman Property Trust	$	504
6,032,988		GPT Group		2,382
656,196	e	Gramercy Capital Corp		1,056
73,064		Groupe Bruxelles Lambert S.A.		5,340
883	*	Groupe Bruxelles Lambert S.A. - STR VVPR		–	^
233,045	*,e	Groupe Eurotunnel S.A.		1,321
86,194		GS Holdings Corp		2,023
8,793,103		Guinness Peat Group plc		3,858
300,000	*	Hafnia Holdings AS		–	^
124	e	Hankyu Reit, Inc		543
134,349	*,e	Harris & Harris Group, Inc		783
198,328	e	Hatteras Financial Corp		5,670
1,066,640	e	HCP, Inc		22,602
554,514		Health Care REIT, Inc		18,909
325,545	e	Healthcare Realty Trust, Inc		5,479
105,637		Heineken Holding NV		3,355
280,266	e	Hersha Hospitality Trust		695
394,866	e	Highwoods Properties, Inc		8,833
202,833	*,e	Hilltop Holdings, Inc		2,408
952,000		HKR International Ltd		393
186,953		Home Properties, Inc		6,375
377,978	e	Hospitality Properties Trust		4,494
3,661,150	e	Host Marriott Corp		30,717
1,399,292	e	HRPT Properties Trust		5,681
507,023	*,e	Immoeast AG.		1,273
108		Industrial & Infrastructure Fund Investment Corp		297
494,736		Infratil Ltd		555
1,208,417	e	ING Industrial Fund		239
370,607	e	Inland Real Estate Corp		2,594
201,100		Intek S.p.A.		80
7,695		Intervest Offices		202
2,781,980		Investimentos Itau S.A.		12,380
330,212		Investors Real Estate Trust		2,936
1,100,000	e	iShares MSCI Canada Index Fund		23,562
1,590,541	e	iShares MSCI EAFE Index Fund		72,862
350,000	*	ISHARES MSCI EMERGING MKT		11,281
100,000	e	iShares MSCI Hong Kong Index Fund		1,374
1,800,000	e	iShares MSCI Japan Index Fund		16,974
200,000		iShares MSCI Taiwan Index Fund		2,018
632,486	e	iShares Russell 2000 Index Fund		32,231
590,388	*,e	iStar Financial, Inc		1,677
134,818	e	Jafco Co Ltd		4,548
373	e	Japan Excellent, Inc		1,584
160	*,e	Japan Logistics Fund Inc		1,070
2,629	e	Japan Prime Realty Investment Corp		5,704
1,135	e	Japan Real Estate Investment Corp		9,437
728	*	Japan Retail Fund Investment Corp		3,370
650		Joint Reit Investment Corp		1,471
56,388	e	KBC Ancora		578
1,544	*	Kenedix Realty Investment Corp		5,353
223,166	e	Kilroy Realty Corp		4,584
2,442,471	e	Kimco Realty Corp		24,547
219,260		Kite Realty Group Trust		640
768,234		Kiwi Income Property Trust		446

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
231,000		K-REIT Asia	$	155
1,207,000		KWG Property Holding Ltd		869
308,420	e	LaSalle Hotel Properties		3,806
523,084	e	Lexington Corporate Properties Trust		1,778
156,176		LG Corp		7,466
364,420		Liberty Property Trust		8,396
909,000		Lippo-Mapletree Indonesia Retail Trust		223
129,722	e	LTC Properties, Inc		2,653
323,308	e	Macerich Co		5,693
464,239		Mack-Cali Realty Corp		10,585
1,363,031	e	Macquarie CountryWide Trust		599
3,337,853	e	Macquarie Infrastructure Group		3,846
311,983	e	Macquarie Leisure Trust Group		356
928,000	e	Macquarie MEAG Prime REIT		407
299,366	e	Macquarie Media Group Ltd		318
5,125,361	e	Macquarie Office Trust		867
32,933	*	Main Street Capital Corp		451
2,439,000		Mapletree Logistics Trust		935
657,487		Marfin Investment Group S.A		2,822
20,617	*	Martifer SGPS S.A.		99
431,141	e	Medical Properties Trust, Inc		2,617
70,636	*	Meinl Airports International AG.		273
172,835	*,e	Meinl European Land Ltd		769
3,101,213	*,e	Melco International Development		1,705
6,978	*	METabolic EXplorer S.A.		58
1,239,556		MFA Mortgage Investments, Inc		8,578
230	e	MID Reit, Inc		514
177,850	e	Mid-America Apartment Communities, Inc		6,529
374,179	e	Mission West Properties, Inc		2,556
4,136		Mobimo Holding AG.		556
120,214	e	Monmouth Real Estate Investment Corp (Class A)		704
47,221		Morguard Real Estate Investment Trust		392
138		Mori Hills REIT Investment Corp		524
147		Mori Trust Sogo Reit, Inc		1,048
5,257		MPC Muenchmeyer Petersen Capital AG.		36
121,466	e	MVC Capital, Inc		1,028
135,787		National Health Investors, Inc		3,627
466,040		National Retail Properties, Inc		8,086
38,235		Nationale A Portefeuille		1,845
608,330	e	Nationwide Health Properties, Inc		15,658
135		Nippon Accommodations Fund, Inc		607
1,229	e	Nippon Building Fund, Inc		10,538
1,103	*,e	Nippon Commercial Investment Corp		2,123
1,335	e	Nippon Residential Investment Corp		3,300
635		Nomura Real Estate Office Fund, Inc		4,047
123		Nomura Real Estate Residential Fund, Inc		498
640,780		NOMURA TOPIX EXCHANGE TRADED FUND		6,359
12,069		Northern Property Real Estate Investment Trust		194
316,866	e	NorthStar Realty Finance Corp		897
533,000		NWS Holdings Ltd		964
460,982	e	Omega Healthcare Investors, Inc		7,154
10,920	*	Orascom Development Holding AG.		490
37,364		Oresund Investment AB		484

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
SHARES		COMPANY	(000)
355	*,e	Orix JREIT, Inc	$	1,629
2,447		OZ Holding AG.		57
625,000		Parkway Life Real Estate Investment Trust		399
131,436	e	Parkway Properties, Inc		1,709
18,046		Partners Group		1,751
198,279	e	Pennsylvania Real Estate Investment Trust		991
113,124	*	Pinetree Capital Limited		168
1,234,076	e	Plum Creek Timber Co, Inc		36,751
7,296,160		Polytec Asset Holdings Ltd		763
104,800		Porto Seguro S.A.		821
248,380	e	Post Properties, Inc		3,338
201,266	e	Potlatch Corp		4,889
1,113		Premier Investment Co		3,974
58,632		Premier Investments Ltd		261
26,316	e	Primaris Retail Real Estate Investment Trust		268
1,625,102	e	Prologis		13,098
20,000		ProLogis European Properties		76
231,095	e	Prospect Capital Corp		2,126
975,000		Prosperity REIT		133
114,414	e	PS Business Parks, Inc		5,542
598,323	e	Public Storage, Inc		39,178
439,392	e	RAIT Investment Trust		602
81,741	e	Ramco-Gershenson Properties		818
51,333	e	Rathbone Brothers		693
124,462		Ratos AB (B Shares)		2,517
337,492	e	Realty Income Corp		7,398
420,435	e	Redwood Trust, Inc		6,206
59,971,000		Regal Real Estate Investment Trust		8,667
387,703	e	Regency Centers Corp		13,535
620,654	*,e	Resolution Ltd		909
163,939	e	Resource Capital Corp		525
154,471		RioCan Real Estate Investment Trust		2,029
35,991		Saul Centers, Inc		1,064
12,594	e	SBI Holdings, Inc		2,574
397,372	e	Senior Housing Properties Trust		6,485
146,689	*	Shaftesbury plc		728
664,000		Shanghai Industrial Holdings Ltd		2,673
2,324,000		Shimao Property Holdings Ltd		4,516
484,944		Shinhan Financial Group Co Ltd		12,276
1,414,495	e	Simon Property Group, Inc		72,746
486,452	e	SL Green Realty Corp		11,159
12,929		Societe Fonciere Financiere et de Participations FFP		614
14,144	e	Societe Immobiliere de Location pour l'Industrie et le Commerce		1,247
82,466	*	Sonae Capital SGPS S.A.		78
124,602		Sovran Self Storage, Inc		3,065
2,673,802		SPDR Trust Series 1		245,775
59,823	*	SRS Labs, Inc		398
285,336	e	Strategic Hotels & Resorts, Inc		317
87,602	e	Sun Communities, Inc		1,207
1,220,000		Sunlight Real Estate Investment Trust		239
439,747	e	Sunstone Hotel Investors, Inc		2,353
2,059,000	e	Suntec Real Estate Investment Trust		1,223
218,294	e	Tanger Factory Outlet Centers, Inc		7,079
352,517	e	Taubman Centers, Inc		9,469

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
2,455,000	*	TM International BHD	$	1,655
679	*,e	Tokyu REIT, Inc		3,679
867		Top REIT Inc		3,357
1,256	*	Transcontinental Realty Investors, Inc		15
599,557	e	UDR, Inc		6,193
46,105		UMH Properties, Inc		367
361		United Urban Investment Corp		1,551
59,600		Universal Health Realty Income Trust		1,879
72,337	*	Uranium Participation Corp		464
121,165		Urstadt Biddle Properties, Inc (Class A)		1,706
288,250		U-Store-It Trust		1,412
870,633	*,e	Vantage Drilling Co		1,524
25,874	e	Vastned Offices/Industrial		380
647,947	e	Ventas, Inc		19,348
2,378,719	e	Virgin Media, Inc		22,241
38,296	*	Virtus Investment Partners, Inc		563
826,757		Vornado Realty Trust		37,229
658,414		WABCO Holdings, Inc		11,654
98,045	*,e	Walter Investment Management Corp		1,302
312,205	e	Washington Real Estate Investment Trust		6,984
336,027		Weingarten Realty Investors		4,876
32,107	e	Wendel		1,036
3,715,600		Westfield Group		34,072
1,895,726		Wharf Holdings Ltd		8,035
53,514		Winthrop Realty Trust		478
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		1,674,961

HOTELS AND OTHER LODGING PLACES - 0.20%
841,387	e	Accor S.A.		33,350
138,611	e	Ameristar Casinos, Inc		2,638
3,717,300	e	Banyan Tree Holdings Ltd		1,514
121,408	*,e	Bluegreen Corp		306
180,841	e	Boyd Gaming Corp		1,537
90,525	e	Choice Hotels International, Inc		2,409
16,693	*	Club Mediterranee S.A.		249
1,019,854		Crown Ltd		5,974
58,000	e	Fujita Kanko, Inc		256
197,480	*,e	Gaylord Entertainment Co		2,510
412,399		Great Eagle Holdings Ltd		865
195,151	*,e	Great Wolf Resorts, Inc		398
42,089		Holidaybreak plc		194
316,631		Hongkong & Shanghai Hotels		318
196,000		Hotel Properties Ltd		219
450,000		Indian Hotels Co Ltd		620
36,838		Intercontinental Hotels Group plc		378
97,440	*,e	Isle of Capri Casinos, Inc		1,298
16,300		Kyoritsu Maintenance Co Ltd		273
1,479,393	*,e	Las Vegas Sands Corp		11,628
115,272		Marcus Corp		1,213
1,642,625	e	Marriott International, Inc (Class A)		36,253
914,314	*,e	MGM Mirage		5,842
130,195	e	Millennium & Copthorne Hotels plc		507
12,495,796		Minor International PCL		2,916

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
57,901	*,e	Monarch Casino & Resort, Inc	$	423
121,099	*,e	Morgans Hotel Group Co		464
44,616	e	NH Hoteles S.A.		191
349,000	e	Nishi-Nippon Railroad Co Ltd		1,297
908,431	*,e	Orient-Express Hotels Ltd (Class A)		7,713
84,645	*,e	Outdoor Channel Holdings, Inc		499
8,212	e	Pierre & Vacances		570
64,289	*	Red Lion Hotels Corp		309
461,000		Regal Hotels International Holdings Ltd		121
24,500	e	Resorttrust, Inc		260
77,536		Rezidor Hotel Group AB		156
2,725,013	e	Shangri-La Asia Ltd		4,044
51,240		Sol Melia S.A.		302
781,000		Stamford Land Corp Ltd		170
621,697	e	Starwood Hotels & Resorts Worldwide, Inc		13,802
156,416		Thomas Cook Group plc		529
184,718	e	TUI Travel plc		704
232,399		United Overseas Land Ltd		529
162,927	*,e	Vail Resorts, Inc		4,370
563,903	e	Wyndham Worldwide Corp		6,835
209,609	e	Wynn Resorts Ltd		7,398
		TOTAL HOTELS AND OTHER LODGING PLACES		164,351

INDUSTRIAL MACHINERY AND EQUIPMENT - 4.70%
135,878	*	3PAR, Inc		1,685
65,120	e	Aaon, Inc		1,297
2,599,905		Acer, Inc		4,525
307,172	e	Actuant Corp (Class A)		3,747
286,546		Advantech Co Ltd		406
1,126,718	*,e	AGCO Corp		32,754
50,300		Aichi Corp		235
51,700		Aida Engineering Ltd		169
102,967	e	Aixtron AG.		1,265
39,619		Alamo Group, Inc		400
394,958	e	Alfa Laval AB		3,768
331,145	*,e	Allis-Chalmers Energy, Inc		765
599,884	e	Alstom RGPT		35,391
182,109	*,e	Altra Holdings, Inc		1,364
252,986		Amada Co Ltd		1,573
65,500	e	Amano Corp		642
54,864		Ampco-Pittsburgh Corp		1,287
50,159		Andritz AG.		2,104
8,392,554		Applied Materials, Inc		92,066
36,169	*	Argan, Inc		511
44,000	e	Asahi Diamond Industrial Co Ltd		251
37,405	*	ASM International NV		546
331,948		ASM Pacific Technology		1,707
1,592,132	e	ASML Holding NV		34,419
99,253	*,e	Astec Industries, Inc		2,947
12,331	*	A-TEC Industries AG.		153
96,801	e	Atlas Copco AB (A Shares)		969
59,670	e	Atlas Copco AB (B Shares)		539
110,343	*,e	ATS Automation Tooling Systems, Inc		415

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
418		Belimo Holding AG.	$	376
1,574,120		Benq Corp		585
10,620		Biesse S.p.A.		72
319,296	e	Black & Decker Corp		9,151
103,546	e	Black Box Corp		3,466
209,498	*,e	Blount International, Inc		1,804
43,521	*	Bolt Technology Corp		489
183,562	e	Bradken Ltd		638
2,232,071		Brambles Ltd		10,720
287,518	e	Briggs & Stratton Corp		3,835
3,600,107	*,e	Brocade Communications Systems, Inc		28,153
363,248	*	Brooks Automation, Inc		1,627
591,466		Brother Industries Ltd		5,256
6,134		Bucher Industries AG.		615
289,903	e	Bucyrus International, Inc (Class A)		8,280
3,124		Burckhardt Compression Holding AG.		404
7,682		BWT AG.		153
35,400		Canon Finetech, Inc		475
1,844,705		Canon, Inc		60,510
42,311	e	Cargotec Corp (B Shares)		726
690,799		Carlisle Cos, Inc		16,607
49,177	e	Cascade Corp		774
184,786	e	Casio Computer Co Ltd		1,655
2,175,449	e	Caterpillar, Inc		71,877
234,093		Charter International plc		1,668
387,000	*	Chicony Electronics Co Ltd		721
5,999	*	China Automotive Systems, Inc		33
2,319,500	*	China Railway Construction Corp		3,579
1,671,600	*	China Zhongwang Holdings Ltd		2,295
381,667	*	Cirrus Logic, Inc		1,718
254,773	e	Citizen Watch Co Ltd		1,309
48,700	e	CKD Corp		249
494,000		Clevo Co		620
116,330	*	Colfax Corp		898
144,690	*	Columbus McKinnon Corp		1,830
5,759,602		Compal Electronics, Inc		4,678
277,712	*	Cray, Inc		2,188
874,653		Cummins, Inc		30,797
258,209	e	Curtiss-Wright Corp		7,677
71,886	*	Customers Ltd		122
166,233	*,e	Cymer, Inc		4,942
112,000	e	Daifuku Co Ltd		799
22,000		Daihatsu Diesel Manufacturing Co Ltd		145
208,803	e	Daikin Industries Ltd		6,741
33,265	e	Danieli & Co S.p.A.		560
95,762		Danieli & Co S.p.A. (RSP)		881
15,355		Datalogic S.p.A.		84
1,600,613		Deere & Co		63,944
6,833,294	*,e	Dell, Inc		93,821
1,697,024		Delta Electronics, Inc		3,853
52,059	e	Deutz AG.		242
232,484		Diebold, Inc		6,128
20,200	e	Disco Corp		860
246,443	e	Donaldson Co, Inc		8,537

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
185,600		Dongfang Electric Co Ltd	$	663
83,490		Doosan Infracore Co Ltd		927
1,656,129		Dover Corp		54,801
592,980	*	Dresser-Rand Group, Inc		15,477
150,139	*	Dril-Quip, Inc		5,720
16,088		Duerr AG.		258
19,000	e	Eagle Industry Co Ltd		80
518,000	e	Ebara Corp		1,791
411,358	e	Electrolux AB (Series B)		5,745
10,631,988	*	EMC Corp		139,279
411,532	*,e	Emulex Corp		4,025
240,123	*,e	Ener1, Inc		1,311
58,843		Enerflex Systems, Income Fund		519
139,331	*,e	ENGlobal Corp		686
120,395	*,e	EnPro Industries, Inc		2,168
826,303	*	Entegris, Inc		2,248
3,941		Envitec Biogas AG.		86
26,007	*	Eurotech S.p.A.		109
1,462		Exel Industries		54
508,022	*,e	Extreme Networks, Inc		1,016
215,191	e	Fanuc Ltd		17,334
150,561		Fenner PLC		235
15,000	e	Ferrotec		167
87,693	*,e	Flanders Corp		536
186,244	*,e	Flow International Corp		438
268,316		Flowserve Corp		18,731
672,740	*,e	FMC Technologies, Inc		25,282
96,079	*,e	Fuel Tech, Inc		932
31,600		Fuji Machine Manufacturing Co Ltd		382
641,218		FUJIFILM Holdings Corp		20,368
15,200	e	Fujimi, Inc		247
233,000		Furukawa Co Ltd		297
539,144	*	Gardner Denver, Inc		13,570
1,933,539		GEA Group AG.		29,267
2,604	*	Gesco AG.		133
65,615	e	Gildemeister AG.		633
52,100	e	Glory Ltd		1,036
399,086	*	GMR Infrastructure Ltd		1,182
67,564	e	Gorman-Rupp Co		1,363
193,974	e	Graco, Inc		4,271
63,756	e	Graham Corp		848
895		Gurit Holding AG.		412
34,134		Hanjin Heavy Industries & Construction Co Ltd		890
59,761	*,e	Harbin Electric, Inc		935
928,000		Harbin Power Equipment		875
30	e	Harmonic Drive Systems, Inc		70
53,787	e	Heidelberger Druckmaschinen		300
16,337,506		Hewlett-Packard Co		631,445
373,872	e	Hitachi Construction Machinery Co Ltd		6,113
62,600	e	Hitachi Koki Co Ltd		551
61,000	e	Hitachi Kokusai Electric, Inc		405
882,000	*	Hitachi Zosen Corp		1,190
12,130		Homag Group AG.		133

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
64,000		Hosokawa Micron Corp	$	282
37,611	*,e	Hurco Cos, Inc		588
346,890	e	Husqvarna AB (B Shares)		1,889
255,797	e	IDEX Corp		6,285
468,471		IMI PLC		2,403
142,963	*	Immersion Corp		706
11,634		Industria Macchine Automatiche S.p.A.		204
26,685	e	Ingenico		509
386,012	*	Ingersoll-Rand PLC		8,068
345,568	*,e	Intermec, Inc		4,458
7,358,459		International Business Machines Corp		768,369
4,025,748	e	International Game Technology		64,009
46,345		Interpump Group S.p.A.		224
639		Interroll Holding AG.		147
105,620	*,e	Intevac, Inc		920
5,145,028		Inventec Co Ltd		2,972
160,000	*,e	Iseki & Co Ltd		651
4,569,092	*,e	Ishikawajima-Harima Heavy Industries Co Ltd		7,921
125,319	*,e	Isilon Systems, Inc		531
90,492	e	Itochu Techno-Science Corp		2,696
1,479,016		ITT Industries, Inc		65,816
1,427,755		Jabil Circuit, Inc		10,594
872,291	e	Japan Steel Works Ltd		10,793
162,580	e	John Bean Technologies Corp		2,036
2,971,763	e	Johnson Controls, Inc		64,547
1,304,749	e	Joy Global, Inc		46,606
80,959		JSW Steel Ltd		1,039
106,000	e	Juki Corp		142
13,783		Jungheinrich AG.		182
75,453	*	Kadant, Inc		852
939,000		Kato Works Co Ltd		2,349
153,000	*,e	Kayaba Industry Co Ltd		345
184,733	e	Kaydon Corp		6,015
90,343	e	KCI Konecranes Oyj		2,123
38,700	*,e	Keihin Corp		509
232,430		Kennametal, Inc		4,458
7,903		Kerself S.p.A		97
12,058		Koenig & Bauer AG.		150
1,631,973	e	Komatsu Ltd		25,275
2,697	e	Komax Holding AG		139
80,500	e	Komori Corp		965
208,748		Kone Oyj (Class B)		6,393
1,670,821		Konica Minolta Holdings, Inc		17,483
296,474	e	Krones AG.		11,284
102,000		KS Energy Services Ltd		83
983,808	e	Kubota Corp		8,139
18,332	e	KUKA AG.		284
397,611	*,e	Kulicke & Soffa Industries, Inc		1,364
153,923		Kumba Iron Ore Ltd		3,613
83,475	e	Kurita Water Industries Ltd		2,704
388,721	*	Lam Research Corp		10,107
299,995		Larsen & Toubro Ltd		9,818
228,511	e	Lennox International, Inc		7,337

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
4,786,000		Lenovo Group Ltd	$	1,797
244,753	*,e	Lexmark International, Inc (Class A)		3,879
61,557	e	Lindsay Manufacturing Co		2,038
2,214,816		Lite-On Technology Corp		1,924
24,035	*,e	Logitech International S.A.		333
78,914		Lufkin Industries, Inc		3,318
89,000	e	Makino Milling Machine Co Ltd		291
179,567		Makita Corp		4,352
10,913		Manitou BF S.A.		130
425,541	e	Manitowoc Co, Inc		2,238
12,200	e	Mars Engineering Corp		351
35,000		Max Co Ltd		388
14,600		Melco Holdings, Inc		182
441,131		Melrose plc		668
84,902	e	Met-Pro Corp		919
75,403		Micron Machinery Co Ltd		798
388,326	*	Micros Systems, Inc		9,832
832,000	*	Micro-Star International Co Ltd		521
82,021	*,e	Middleby Corp		3,602
130	*	MidgardXXI, Inc		–	^
1,057,622		Mitac International		422
4,190,063	e	Mitsubishi Heavy Industries Ltd		17,398
142,000	e	Mitsubishi Kakoki Kaisha Ltd		380
185,745	e	Modine Manufacturing Co		892
76,600	e	Mori Seiki Co Ltd		799
35,026		Nacco Industries, Inc (Class A)		1,006
257,000	e	Nachi-Fujikoshi Corp		528
105,676	*,e	NATCO Group, Inc (Class A)		3,479
61,462	*,e	Natural Gas Services Group, Inc		817
319,508	*,e	Netezza Corp		2,658
202,041	*,e	Netgear, Inc		2,911
41,000		Nidec Sankyo Corp		194
69,000	*,e	Nippon Thompson Co Ltd		361
17,100		Nitto Kohki Co Ltd		342
25,914	*,e	Nordex AG.		406
175,683	e	Nordson Corp		6,792
23,700	e	Noritz Corp		267
2,456,941		Northrop Grumman Corp		112,233
293,638	*,e	NTN Corp		1,180
4,873	*,e	OC Oerlikon Corp AG.		272
139,467	e	OCE NV		747
229,067	*	Oil States International, Inc		5,546
28,000		Oiles Corp		422
795,000	*	Oki Electric Industry Co Ltd		842
200,000		Okuma Holdings, Inc		945
4,074	e	Omega Flex, Inc		62
5,805		ONA S.A.		1,074
29,000		Organo Corp		239
70,600	e	OSG Corp		600
60,533		Outotec Oyj		1,435
10,773	e	Palfinger AG.		161
366,557		Pall Corp		9,736
1,817,712	e	Palm, Inc		30,119
38,824	*	PAR Technology Corp		248

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
68,856		Pason Systems, Inc	$	555
9,505		Pfeiffer Vacuum Technology AG.		696
12,226	e	Pinguely-Haulotte		85
953,503	e	Pitney Bowes, Inc		20,910
71,975	*,e	PMFG, Inc		634
44,057		Primoris Services Corp		327
1,219,998		PTT Aromatics & Refining PCL		648
1,141,890	*	Quantum Corp		948
3,993		R Stahl AG.		78
161,541	*	Rackable Systems, Inc		733
2,938	e	Rational AG.		338
2,469,101	e	Raytheon Co		109,702
104,473	*,e	RBC Bearings, Inc		2,136
400,263		Realtek Semiconductor Corp		744
365,096		Rheinmetall AG.		15,801
64,462	*,e	Rimage Corp		1,071
28,100		Riso Kagaku Corp		290
355,787	*,e	Riverbed Technology, Inc		8,251
172,976	e	Robbins & Myers, Inc		3,330
12,400	e	Roland DG Corp		167
743,034	*,e	Safeguard Scientifics, Inc		981
1,567,100	*	SanDisk Corp		23,021
356,855	e	Sandvik AB		2,648
1,500	b	Sansei Yusoki Co Ltd		7
17,159		Sartorius AG.		230
97,036	e	Sauer-Danfoss, Inc		595
172,678	*,e	Scansource, Inc		4,234
259,139		Schindler Holding AG.		16,087
75,373		Schindler Holding AG. (Reg)		4,672
9,122		Schoeller-Bleckmann Oilfield Equipment AG.		333
9,266		Schulthess Group		512
201,929	*,e	Scientific Games Corp (Class A)		3,184
2,026,916	e	Seagate Technology, Inc		21,202
1,249,635	*,m	Seagate Technology, Inc (Escrow)		–	^
20,826	e	Seiko Epson Corp		340
133,959	*	Semitool, Inc		619
81,410	e	Service Point Solutions S.A.		139
161,210	*,e	Sevan Marine ASA		207
3,613,692		Shanghai Electric Group Co Ltd		1,548
900,311		Shanghai Zhenhua Port Machinery Co		774
72,666		ShawCor Ltd		1,258
26,000	e	Shibaura Mechatronics Corp		110
28,100	e	Shima Seiki Manufacturing Ltd		653
85,000	e	Shinko Electric Co Ltd		199
315,590		Shinmaywa Industries Ltd		1,147
133,883	*,e	Sigma Designs, Inc		2,147
30,470	*	Singulus Technologies		100
58,100		Sintokogio Ltd		412
1,472,995	e	SKF AB (B Shares)		18,139
38,973	e	SMC Corp		4,203
39,700	*,e	Sodick Co Ltd		104
86,470	e	Solarworld AG.		2,034
412,869	e	SPX Corp		20,218
83,428		Standex International Corp		968

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
56,300	e	Star Micronics Co Ltd	$	542
127,613	*,e	STEC, Inc		2,959
38,214		Sulzer AG.		2,420
753,561	*	Sumitomo Heavy Industries Ltd		3,371
145,474	*,e	Super Micro Computer, Inc		1,114
15,110,000	*	Superb Summit International Timber Co Ltd		125
398,486		Swisslog Holding AG.		301
994,425		Synnex Technology International Corp		1,622
2,428,653	e	T RAD Co Ltd		5,420
69,506	*,e	T-3 Energy Services, Inc		828
484,186	e	Tadano Ltd		2,317
8,259		Taewoong Co Ltd		583
8,800		Takeuchi Manufacturing Co Ltd		87
2,961,315		Tat Hong Holdings Ltd		1,983
1,167,000		Techtronic Industries Co		809
101,233	*,e	Tecumseh Products Co (Class A)		983
19,600	e	Teikoku Piston Ring Co Ltd		93
104,085	e	Tennant Co		1,914
1,224,369	*	Teradata Corp		28,687
820,357	*,e	Terex Corp		9,902
3,729,220	e	Textron, Inc		36,024
678,634		Timken Co		11,591
225,706		Tokyo Electron Ltd		10,941
44,000	e	Tokyo Kikai Seisakusho Ltd		83
31,200	e	Tokyo Seimitsu Co Ltd		443
72,400		Topre Corp		594
23,800	e	Torishima Pump Manufacturing Co Ltd		350
165,284	e	Toro Co		4,942
3,702,388	e	Toshiba Corp		13,451
208,000		Toshiba Machine Co Ltd		771
587,032	*	Toyota Tsusho Corp		8,738
203,000		Tsubakimoto Chain Co		712
47,000		Tsugami Corp		104
4,101,996		Tutt Bryant Group Ltd		2,182
77,269	e	Twin Disc, Inc		526
1,663,003		Tyco International Ltd		43,205
130,548	*	Ultratech, Inc		1,607
15,200	e	Union Tool Co		398
586,220	*,e	Varian Medical Systems, Inc		20,600
353,252	*,e	VeriFone Holdings, Inc		2,653
460,467	*	Verigy Ltd		5,604
48,231	*,e	Vestas Wind Systems AS		3,457
21,148		Wacker Construction Equipment AG.		197
429	e	Wacom Co Ltd		871
1,341		Walter Meier AG.		77
253,764	e	Wartsila Oyj (B Shares)		8,166
123,441	e	Watsco, Inc		6,040
220,004		Weir Group plc		1,672
1,767,348	*	Western Digital Corp		46,835
57,355		Wincor Nixdorf AG.		3,209
2,418,868		Wistron Corp		4,018
342,790	e	Woodward Governor Co		6,787
72,200	e	Yamatake Corp		1,443
152,288	e	Yokogawa Electric Corp		1,028

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
8,100		Yushin Precision Equipment Co Ltd	$	113
49,274	e	Zardoya Otis S.A.		1,029
184,695	*,e	Zebra Technologies Corp (Class A)		4,370
210		Zehnder Group AG.		189
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		3,787,697

INSTRUMENTS AND RELATED PRODUCTS - 2.72%
109,939	*,e	Abaxis, Inc		2,258
156,437	*,e	Abiomed, Inc		1,380
207,232	*,e	Accuray, Inc		1,382
296,361	e	Advantest Corp		5,384
518,236	*,e	Affymetrix, Inc		3,073
144,598	*	AGFA-Gevaert NV		412
1,545,974	*,e	Agilent Technologies, Inc		31,399
32,700		Alcon, Inc		3,797
295,781	*,e	Align Technology, Inc		3,135
1,168,705		Allergan, Inc		55,607
13,400		Aloka Co Ltd		145
154,822	*,e	Alphatec Holdings, Inc		514
481,444	*,e	American Medical Systems Holdings, Inc		7,607
62,386	e	American Science & Engineering, Inc		4,312
135,367		Amplifon S.p.A.		471
65,768	e	Analogic Corp		2,430
75,785	*	Anaren, Inc		1,340
139,001	*	Angiodynamics, Inc		1,845
96,000		Anritsu Corp		415
76,529	*	Argon ST, Inc		1,574
82,468	*	Aspect Medical Systems, Inc		487
8,175	e	Atrion Corp		1,096
263,220	*	ATS Medical, Inc		866
3,897		Audika		99
48,671	*,e	Axsys Technologies, Inc		2,611
74,360	e	Badger Meter, Inc		3,049
644,621		Bard (C.R.), Inc		47,992
4,337,552		Baxter International, Inc		229,716
17,199,208	*	BB BIOVENTURES L.P.		2,395
410,321	e	Beckman Coulter, Inc		23,446
1,255,146		Becton Dickinson & Co		89,503
83,138	*	Bio-Rad Laboratories, Inc (Class A)		6,275
675,000	*	Biosensors International Group Ltd		226
14,656,191	*	Boston Scientific Corp		148,613
83,776	*	Bovie Medical Corp		730
328,615	*,e	Bruker BioSciences Corp		3,043
80,772	*,e	Cantel Medical Corp		1,311
133,272	*,e	Cardiac Science Corp		536
119,731	*,e	CardioNet, Inc		1,954
290,894	*,e	Cepheid, Inc		2,740
172,628	*	Clarient, Inc		642
180,278		Cochlear Ltd		8,382
131,016	*,e	Coherent, Inc		2,709
127,752		Cohu, Inc		1,147
6,242		Coloplast AS (Class B)		429
130,729	e	Compagnie Generale d'Optique Essilor International S.A.		6,232

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
166,722	*,e	Conmed Corp	$	2,588
35,339		Consort Medical plc		219
150,233	e	Cooper Cos, Inc		3,715
268,641		Covidien PLC		10,058
66,333	*	Cutera, Inc		572
208,351	*,e	Cyberonics, Inc		3,465
55,011	*,e	Cynosure, Inc (Class A)		421
1,294,078		Danaher Corp		79,895
128,554	*	Delcath Systems, Inc		460
470,380	e	Dentsply International, Inc		14,356
384,639	*,e	Depomed, Inc		1,250
232,060	*,e	DexCom, Inc		1,436
110,640	*,e	Dionex Corp		6,752
12,248		Draegerwerk AG.		306
49,670	*,e	DXP Enterprises, Inc		570
1,562,551	e	Eastman Kodak Co		4,625
99,471	*	Electro-Optical Sciences, Inc		775
106,368	e	Elekta AB (B Shares)		1,558
4,852,127		Emerson Electric Co		157,208
229,555	*	Endologix, Inc		767
545,579	*,e	EnteroMedics, Inc		1,817
136,040	*,e	ESCO Technologies, Inc		6,095
184,728	*	Esterline Technologies Corp		5,001
413,670	*	ev3, Inc		4,435
39,681	*	Exactech, Inc		575
21,063	*	Exfo Electro Optical Engineering, Inc		67
82,968	*,e	FARO Technologies, Inc		1,288
188,238	*,e	FEI Co		4,311
69,606	*,e	FGX International Holdings Ltd		792
581,011	e	Finmeccanica S.p.A.		8,175
1,075,575	*,e	Flir Systems, Inc		24,265
243,935	*,e	Formfactor, Inc		4,205
269,128	*,e	Fossil, Inc		6,481
150,890		Fresenius AG (Preference)		8,147
4,269		Fresenius SE		200
31,900		Furuno Electric Co Ltd		212
975,272	e	Garmin Ltd		23,231
178,408	e	Getinge AB (B Shares)		2,336
12,884,212	*,e	Golden Meditech Co Ltd		2,228
1,219		Guerbet		191
164,277	*	Haemonetics Corp		9,364
133,130		Hamworthy plc		540
156,859	*	Hanger Orthopedic Group, Inc		2,132
135,729	*	Harvard Bioscience, Inc		536
77,466	*,e	Herley Industries, Inc		850
190,979	e	Hexagon AB (B Shares)		1,720
201,359	e	Hillenbrand, Inc		3,351
6,400		Hioki EE Corp		116
26,000		Hitachi Medical Corp		291
42,500	e	Hogy Medical Co Ltd		2,162
903,992	*,e	Hologic, Inc		12,864
60,435	*	Home Diagnostics, Inc		371
42,100	e	Horiba Ltd		1,016
75,547	*,e	ICU Medical, Inc		3,109

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
74,269	*,e	ICx Technologies, Inc	$	446
169,725	*,e	I-Flow Corp		1,178
121,735	*,e	II-VI, Inc		2,699
845,984	*,e	Illumina, Inc		32,943
3,026		Inficon Holding AG.		265
108,211	*,e	Insulet Corp		833
92,087	*	Integra LifeSciences Holdings Corp		2,441
147,176	*,e	Intuitive Surgical, Inc		24,087
233,258	e	Invacare Corp		4,117
233,064		Invensys plc		857
546,299	*,e	ION Geophysical Corp		1,404
131,831	*,e	IRIS International, Inc		1,556
181,591	*	ISTA Pharmaceuticals, Inc		763
150,594	*,e	Itron, Inc		8,293
171,246	*,e	Ixia		1,154
34,329	*	Jenoptik AG.		144
55,000	*,e	Jeol Ltd		219
66,724		Kaba Holding AG.		12,405
39,045	*,e	Kensey Nash Corp		1,023
35,550	e	Keyence Corp		7,270
601,241	e	Kla-Tencor Corp		15,181
408,764	*	Kopin Corp		1,500
13,642	*,e	K-Tron International, Inc		1,087
67,289	*	KVH Industries, Inc		460
377,385	*,e	L-1 Identity Solutions, Inc		2,921
67,630	*	LaBarge, Inc		627
123,780		Largan Precision Co Ltd		1,309
388,782		LG.Philips LCD Co Ltd		9,705
8,278	*	LifeWatch AG.		171
20,120	e	Luxottica Group S.p.A.		420
71,702	*	MAKO Surgical Corp		647
2,500	*	Mani, Inc		160
274,855	*,e	Masimo Corp		6,627
90,559	*	Measurement Specialties, Inc		638
101,269	*,e	Medical Action Industries, Inc		1,160
5,695,391		Medtronic, Inc		198,711
201,079	*	Merit Medical Systems, Inc		3,278
154,291	*,e	Mettler-Toledo International, Inc		11,904
30,600		Micronics Japan Co Ltd		445
78,393	*,e	Micrus Endovascular Corp		709
347,606	*,e	Millipore Corp		24,405
144,254	e	Mine Safety Appliances Co		3,477
276,371	*	MKS Instruments, Inc		3,645
84,493	e	Movado Group, Inc		891
21,967,242	*	MPM Bioventures II		8,964
101,819		MTS Systems Corp		2,103
3,600		Nakanishi, Inc		265
176,174	e	National Instruments Corp		3,974
143,030	*,e	Natus Medical, Inc		1,651
72,180	*,e	Neogen Corp		2,092
223,713	*,e	Newport Corp		1,295
29,978		Nice S.p.A.		105
30,100		Nidec Copal Corp		300
39,300		Nihon Kohden Corp		517

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
38,000	e	Nikkiso Co Ltd	$	260
403,848		Nikon Corp		7,018
841,361		Nippon Electric Glass Co Ltd		9,450
54,200		Nippon Signal Co Ltd		452
69,000	e	Nipro Corp		1,412
117,040		Nobel Biocare Holding AG.		2,555
40,100		Noritsu Koki Co Ltd		380
349,393	*,e	NuVasive, Inc		15,583
112,356	*,e	NxStage Medical, Inc		663
34,000		ODIM ASA		223
6,600	*,e	Ohara, Inc		94
100,536	*,e	Olympus Corp		2,385
123,755	*,e	Orthofix International NV		3,095
332,392	*,e	Orthovita, Inc		1,712
22,000	e	Osaki Electric Co Ltd		230
18,727	*,e	OYO Geospace Corp		481
92,520	*,e	Palomar Medical Technologies, Inc		1,356
402,000	*,e,m	Peace Mark Holdings Ltd		78
408,108		PerkinElmer, Inc		7,101
461,090	e	Phonak Holding AG.		37,471
160,346	*,e	Qiagen NV		2,969
64,836		Q-Med AB		384
105,437	*	RAE Systems, Inc		146
85,746	e	Renishaw PLC		481
347,385	*,e	Resmed, Inc		14,149
169,589	*	ResMed, Inc (ADR)		709
49,263	*	Rochester Medical Corp		660
441,998	e	Rockwell Automation, Inc		14,197
690,210	e	Rockwell Collins, Inc		28,802
71,762	*	Rockwell Medical Technologies, Inc		542
150,787	*,e	Rofin-Sinar Technologies, Inc		3,017
386,336		Roper Industries, Inc		17,505
10,700	*	Roth & Rau AG.		348
160,500	*,e	Rudolph Technologies, Inc		886
6,628	e	SAES Getters S.p.A.		58
14,868		SAES Getters S.p.A. RSP		100
152,979	e	Safilo Group S.p.A.		95
385,508	e	Safran S.A.		5,084
42,582		Samsung Techwin Co Ltd		2,407
60,000	*,e	Seiko Holdings Corp		168
173,997	e	Shimadzu Corp		1,394
86,814	*,e	Sirona Dental Systems, Inc		1,735
4,216,676	*	Skyline Venture Fund II Ltd		997
944,029	*	Skyline Venture Fund III Ltd		401
340,110	e	Smith & Nephew plc		2,515
60,268	*,e	Somanetics Corp		995
84,015	*,e	SonoSite, Inc		1,685
202,625	*	Sorin S.p.A.		252
181,713	*,e	Spectranetics Corp		896
115,572		Spectris plc		1,049
5,421		Sperian Protection		305
97,104		Spirax-Sarco Engineering PLC		1,348
931,691		Spirent Communications plc		970

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
1,679,235	*	St. Jude Medical, Inc	$	69,016
356,082	*,e	Star Scientific, Inc		317
148,050	*,e	Stereotaxis, Inc		574
362,017	e	STERIS Corp		9,441
5,906		Stratec Biomedical Systems		150
3,194	e	Straumann Holding AG.		582
1,557,277	e	Stryker Corp		61,886
22,778		Swatch Group AG.		3,654
7,159	*	Swatch Group AG. Reg		234
210,137	*	Symmetry Medical, Inc		1,958
58,107	*	Synovis Life Technologies, Inc		1,207
9,566		Synthes, Inc		924
57,000	e	Sysmex Corp		2,071
16,400	e	Tamron Co Ltd		225
208,112	e	Techne Corp		13,280
224,938	*	Teledyne Technologies, Inc		7,367
3,572,576	*,e	Teradyne, Inc		24,508
238,960	e	Terumo Corp		10,567
5,580	*	Theragenics		7
2,116,709	*	Thermo Electron Corp		86,297
333,945	*,e	Thoratec Corp		8,943
53,117	*,e	TomTom NV		639
47,900	e	Topcon Corp		267
71,424	*,e	Trans1, Inc		445
462,638	*,e	Trimble Navigation Ltd		9,082
81,468		Ultra Electronics Holdings		1,461
16,024		Utah Medical Products, Inc		428
189,094	*	Varian, Inc		7,456
79,190	*	Vascular Solutions, Inc		619
220,569	*	Veeco Instruments, Inc		2,556
78,394	*	Vital Images, Inc		890
344,789	*,e	Vivus, Inc		2,096
237,313	*,e	Volcano Corp		3,318
477,685	*	Waters Corp		24,586
3,595	*,e	William Demant Holding		186
191,688	*,e	Wright Medical Group, Inc		3,117
4,074,391		Xerox Corp		26,402
39,698	*	X-Rite, Inc		60
28,896		Young Innovations, Inc		630
990,326	*	Zimmer Holdings, Inc		42,188
114,138	*	Zoll Medical Corp		2,207
89,930	*,e	Zygo Corp		419
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		2,195,128

INSURANCE AGENTS, BROKERS AND SERVICE - 0.27%
1,413,316		AON Corp		53,521
19,760	e	April Group		660
407,897	e	Arthur J. Gallagher & Co		8,705
844,800		Brown & Brown, Inc		16,837
157,453	*,e	Crawford & Co (Class B)		756
45,927		Grupo Catalana Occidente S.A.		837
1,055,395	e	Hartford Financial Services Group, Inc		12,528
170,817	e	Jardine Lloyd Thompson Group plc		1,133

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
52,170	e	Life Partners Holdings, Inc	$	740
1,958,357		Marsh & McLennan Cos, Inc		39,421
1,216,199		Millea Holdings, Inc		33,708
800,000		MIN XIN Holdings Ltd		381
41,814	e	MLP AG.		507
22,960		Morneau Sobeco Income Fund		172
237,103	e	National Financial Partners Corp		1,736
2,456,378		QBE Insurance Group Ltd		39,389
588,767	e	Unipol Gruppo Finanziario S.p.A.		689
23,668		White Mountains Insurance Group Ltd		5,418
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		217,138

INSURANCE CARRIERS - 3.51%
1,306,627		ACE Ltd		57,792
52,512		Aditya Birla Nuvo Ltd		949
3,265,495		Admiral Group plc		46,740
612,291		Aegon NV		3,765
2,249,394		Aetna, Inc		56,347
3,910,483		Aflac, Inc		121,577
361,000		Aioi Insurance Co Ltd		1,653
170,201		Aksigorta AS		446
93,026	e	Alleanza Assicurazioni S.p.A		638
16,522	*	Alleghany Corp		4,477
471,514	e	Allianz AG.		43,412
441,151		Allied World Assurance Holdings Ltd		18,012
2,177,866		Allstate Corp		53,140
15,480	*	Alm Brand AS		283
1,612,087	e	Ambac Financial Group, Inc		1,483
29,785	*	American Caresource Holdings, Inc		111
307,979	e	American Equity Investment Life Holding Co		1,719
1,126,888		American Financial Group, Inc		24,318
6,241,000		American International Group, Inc		7,240
52,282	e	American National Insurance Co		3,951
38,953	e	American Physicians Capital, Inc		1,525
29,641		American Physicians Service Group, Inc		673
63,623	*	American Safety Insurance Holdings Ltd		866
415,012	*,e	AMERIGROUP Corp		11,143
107,360	*	Amerisafe, Inc		1,671
571,913		Amlin plc		2,844
3,038,951	e	AMP Ltd		11,950
157,939	e	Amtrust Financial Services, Inc		1,801
517,110	*,e	Arch Capital Group Ltd		30,292
177,965	*	Argo Group International Holdings Ltd		5,022
506,228		Aspen Insurance Holdings Ltd		11,309
270,863		Assicurazioni Generali S.p.A.		5,628
649,028		Assurant, Inc		15,635
327,993	e	Assured Guaranty Ltd		4,061
2,283,376		Aviva plc		12,829
955,030	e	AXA Asia Pacific Holdings Ltd		2,994
2,272,889	e	AXA S.A.		42,694
2,699,356	e	Axis Capital Holdings Ltd		70,669
47,018	e	Baldwin & Lyons, Inc (Class B)		926
86,212		Baloise Holding AG.		6,399
1,021,125		Beazley plc		1,634

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
413,050	e	Brit Insurance Holdings plc	$	1,283
245,298	*	Catalyst Health Solutions, Inc		6,118
395,958	e	Catlin Group Ltd		2,093
301,898	*	Centene Corp		6,032
717,463		Chaucer Holdings PLC		511
87,433		Chesnara plc		210
934,508	*	China Insurance International Holdings Co Ltd		1,978
10,623,119		China Life Insurance Co Ltd		39,065
1,721,235		Chubb Corp		68,643
1,641,850		Cigna Corp		39,552
526,635		Cincinnati Financial Corp		11,770
179,784	*,e	Citizens, Inc (Class A)		1,093
90,683	e	CNA Financial Corp		1,403
95,072	*	CNA Surety Corp		1,283
153,827	e	CNP Assurances		14,686
976,437	*,e	Conseco, Inc		2,314
250,572	e	Corp Mapfre S.A.		816
248,474		Delphi Financial Group, Inc (Class A)		4,828
323,956		Discovery Holdings Ltd		1,086
69,290	e	Donegal Group, Inc (Class A)		1,054
55,157		Dongbu Insurance Co Ltd		1,134
34,780		Eastern Insurance Holdings, Inc		327
35,483	e	EMC Insurance Group, Inc		738
265,160		Employers Holdings, Inc		3,593
222,403	e	Endurance Specialty Holdings Ltd		6,516
78,445	*	Enstar Group Ltd		4,616
107,291	e	Erie Indemnity Co (Class A)		3,837
19,791		Euler Hermes S.A.		1,207
273,414		Everest Re Group Ltd		19,568
53,518		Fairfax Financial Holdings Ltd		13,435
19,206		FBD Holdings plc		193
86,988	e	FBL Financial Group, Inc (Class A)		719
735,576		Fidelity National Title Group, Inc (Class A)		9,952
138,746	*,e	First Acceptance Corp		296
294,524		First American Corp		7,631
85,116		First Mercury Financial Corp		1,172
195,019		Flagstone Reinsurance Holdings Ltd		2,009
15,651		Fondiaria-Sai S.p.A		252
44,152	*,e	Fpic Insurance Group, Inc		1,352
530,842	e	Friends Provident Group plc		573
1,173,000	e	Fuji Fire & Marine Insurance Co Ltd		1,498
2,070,945	e	Genworth Financial, Inc (Class A)		14,476
385,834	e	Great-West Lifeco, Inc		7,563
155,036	*	Greenlight Capital Re Ltd (Class A)		2,684
62,787	*	Hallmark Financial Services		449
57,898	e	Hannover Rueckversicherung AG.		2,141
194,136		Hanover Insurance Group, Inc		7,399
79,569	e	Harleysville Group, Inc		2,245
647,828		HCC Insurance Holdings, Inc		15,554
436,613	*,e	Health Net, Inc		6,789
285,531	*	Healthspring, Inc		3,101
7,429		Helvetia Holding AG.		1,966
413,494		Hiscox Ltd		1,969
245,393		Horace Mann Educators Corp		2,447

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
31,500	*	Hulic Co Ltd	$	159
1,131,162	*,e	Humana, Inc		36,491
30,032	e	Independence Holding Co		191
99,541		Industrial Alliance Insurance and Financial Services, Inc		2,204
90,234	e	Infinity Property & Casualty Corp		3,290
158,902		ING Canada, Inc		4,652
2,290,658	e	Insurance Australia Group Ltd		6,479
274,545		IPC Holdings Ltd		7,506
319,367	*	Irish Life & Permanent plc		1,625
111,716		Just Retirement plc		129
26,056	e	Kansas City Life Insurance Co		701
26,696		KBC Groep NV		487
59,061		Kingsway Financial Services, Inc		169
717,504	e	Leucadia National Corp		15,132
141,642		Liberty Holdings Ltd		1,102
1,269,955	e	Lincoln National Corp		21,856
1,225,456		Loews Corp		33,577
287,691		Maiden Holdings Ltd		1,887
2,654,726	e	Manulife Financial Corp		46,081
31,123	*,e	Markel Corp		8,767
698,036	e	Max Re Capital Ltd		12,886
419,300	*,e	MBIA, Inc		1,816
335,722	e	Meadowbrook Insurance Group, Inc		2,192
205,286	e	Mediolanum S.p.A.		1,094
25,069		Mercer Insurance Group, Inc		399
83,751	e	Mercury General Corp		2,800
2,735,351		Metlife, Inc		82,088
196,824	*	Metropolitan Health Networks, Inc		396
678,168	e	MGIC Investment Corp		2,984
318,726		Milano Assicurazioni S.p.A.		1,057
26,480		Milano Assicurazioni S.p.A. (RSP)		84
752,000	*	Ming An Holdings Co Ltd		147
815,627		Mitsui Sumitomo Insurance Group Holdings, Inc		21,463
80,813	*,e	Molina Healthcare, Inc		1,933
468,971	e	Montpelier Re Holdings Ltd		6,233
616,473	e	Muenchener Rueckver AG.		83,187
31,023	e	National Interstate Corp		471
12,777	e	National Western Life Insurance Co (Class A)		1,492
72,967	*	Navigators Group, Inc		3,242
1,577,000		Nipponkoa Insurance Co Ltd		9,200
448,873		Nissay Dowa General Insurance Co Ltd		2,171
109,758		Novae Group plc		560
33,230	e	NYMAGIC, Inc		461
59,682	e	Odyssey Re Holdings Corp		2,386
11,925,716		Old Mutual plc		15,879
801,753	e	Old Republic International Corp		7,897
79,979	e	OneBeacon Insurance Group Ltd (Class A)		935
724,000		Pacific Century Regional Developments Ltd		100
779,225		PartnerRe Ltd		50,611
664,173	e	Phoenix Cos, Inc		1,109
2,866,000	*	PICC Property & Casualty Co Ltd		1,978
1,545,000		Ping An Insurance Group Co of China Ltd		10,456
284,025	e	Platinum Underwriters Holdings Ltd		8,120
218,088	*	PMA Capital Corp (Class A)		992

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
402,514	e	PMI Group, Inc	$	797
605,603		Power Corp Of Canada		13,974
338,286	e	Power Financial Corp		8,042
159,071		Premafin Finanziaria S.p.A.		205
114,989	e	Presidential Life Corp		870
106,866	*,e	Primus Guaranty Ltd		252
4,691,490	e	Principal Financial Group		88,388
181,401	*	ProAssurance Corp		8,383
3,161,689		Progressive Corp		47,773
360,137	e	Protective Life Corp		4,120
4,046,493		Prudential Financial, Inc		150,609
3,765,321		Prudential plc		25,615
383,916		Radian Group, Inc		1,044
116,430	*,e	RadNet, Inc		262
252,353	e	Reinsurance Group of America, Inc (Class A)		8,810
881,827		RenaissanceRe Holdings Ltd		41,040
100,805	e	RLI Corp		4,516
9,227,324		Royal & Sun Alliance Insurance Group plc		18,247
84,652		Safety Insurance Group, Inc		2,587
604,519		Sampo Oyj (A Shares)		11,406
44,561		Samsung Fire & Marine Insurance Co Ltd		6,576
2,932,466		Sanlam Ltd		6,571
17,472		Schweizerische National-Versicherungs-Gesellschaft		391
423,883		SCOR		8,688
130,358	*,e	SeaBright Insurance Holdings, Inc		1,321
321,092	e	Selective Insurance Group, Inc		4,100
182,381		SNS Reaal		1,018
36,921		Societa Cattolica di Assicurazioni SCRL		1,242
2,503,419		Sompo Japan Insurance, Inc		16,787
3,605		Sony Financial Holdings, Inc		9,980
165,255	e	St. James's Place plc		538
354,916		Stancorp Financial Group, Inc		10,179
533,404		Standard Life plc		1,633
89,116		State Auto Financial Corp		1,560
107,475		Stewart Information Services Corp		1,532
1,172,073	e	Storebrand ASA		5,104
1,088,585		Sun Life Financial, Inc		29,387
32,201		Swiss Life Holding		2,780
1,731,836		Swiss Reinsurance Co		57,284
340,229	e	T&D Holdings, Inc		9,783
5,326	*,e	Topdanmark AS		622
387,896	e	Torchmark Corp		14,368
208,451	e	Tower Group, Inc		5,165
220,391		Tower Ltd		246
381,803		Transatlantic Holdings, Inc		16,544
3,604,372		Travelers Cos, Inc		147,922
117,284	*,e	Triple-S Management Corp (Class B)		1,828
5,656		TrygVesta A.S.		333
222,719	*,e	United America Indemnity Ltd (Class A)		1,067
127,418		United Fire & Casualty Co		2,185
6,320,437		UnitedHealth Group, Inc		157,884
134,584		Unitrin, Inc		1,618
169,459	*,e	Universal American Financial Corp		1,478
70,813	*	Universal Insurance Holdings, Inc		355

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
1,393,054	e	UnumProvident Corp	$	22,094
207,895	e	Validus Holdings Ltd		4,570
19,617		Vittoria Assicurazioni S.p.A.		123
790,739	e	W.R. Berkley Corp		16,977
503,417	*,e	WellCare Health Plans, Inc		9,308
3,558,556	*	WellPoint, Inc		181,094
5,105	e	Wesco Financial Corp		1,486
55,594	e	Wiener Staedtische Allgemeine Versicherung AG.		2,416
3,371,561	e	XL Capital Ltd (Class A)		38,638
214,241	e	Zenith National Insurance Corp		4,658
38,208		Zurich Financial Services AG.		6,730
		TOTAL INSURANCE CARRIERS		2,830,244

JUSTICE, PUBLIC ORDER AND SAFETY - 0.03%
69,047	*,e	China Fire & Security Group, Inc		840
782,944	*	Corrections Corp of America		13,303
258,301	*	Geo Group, Inc		4,799
3,253,000	*,e	PAN Fish ASA		2,185
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		21,127

LEATHER AND LEATHER PRODUCTS - 0.17%
129,520	e	Adidas-Salomon AG.		4,924
3,253,200		Coach, Inc		87,445
549,660	*,e	CROCS, Inc		1,869
110,486	*,e	Genesco, Inc		2,074
66,989	e	Geox S.p.A.		478
329,071	*,e	Iconix Brand Group, Inc		5,061
289,531	e	LVMH Moet Hennessy Louis Vuitton S.A.		22,096
2,507,416		Pou Chen Corp		1,536
89,616	*	Steven Madden Ltd		2,281
243,528	*	Timberland Co (Class A)		3,232
7,878	e	Tod's S.p.A.		449
34,418	e	Weyco Group, Inc		795
281,836	e	Wolverine World Wide, Inc		6,217
430,078		Yue Yuen Industrial Holdings		1,013
		TOTAL LEATHER AND LEATHER PRODUCTS		139,470

LEGAL SERVICES - 0.03%
467,068	*,e	FTI Consulting, Inc		23,690
47,351	*,e	Pre-Paid Legal Services, Inc		2,064
		TOTAL LEGAL SERVICES		25,754

LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%
246,031		Arriva PLC		1,643
33,970	e	Brisa-Auto Estradas de Portugal S.A.		244
964,329		ComfortDelgro Corp Ltd		852
80,570	*	Emergency Medical Services Corp (Class A)		2,968
58,140		Go-Ahead Group PLC		1,140
330,964	e	Keihin Electric Express Railway Co Ltd		2,570
456,625	e	Keisei Electric Railway Co Ltd		2,730
111,933		National Express Group plc		570
1,302,000		SMRT Corp Ltd		1,519
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		14,236

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
LUMBER AND WOOD PRODUCTS - 0.02%
57,104	e	American Woodmark Corp	$	1,368
5,183		Asian Bamboo AG.		78
65,000	e	Daiken Corp		117
51,495	e	Deltic Timber Corp		1,827
579,690	*,e	Louisiana-Pacific Corp		1,983
545,891	e	MFI Furniture plc		317
150,154	e	Nobia AB		535
25,267	e	Pfleiderer AG.		184
572,137	*	Sino-Forest Corp		6,098
40,323	e	Skyline Corp		877
62,999	e	Sonae Industria SGPS S.A.		193
83,000		Takara Standard Co Ltd		493
110,864	e	Universal Forest Products, Inc		3,668
28,462		West Fraser Timber Co Ltd		574
		TOTAL LUMBER AND WOOD PRODUCTS		18,312

METAL MINING - 1.82%
278,330	e	Aditya Birla Minerals Ltd		128
132,232		African Rainbow Minerals Ltd		2,228
181,757	e	Agnico-Eagle Mines Ltd		9,574
181,170	*,e	Alamos Gold, Inc		1,489
234,238	*,e	Allied Nevada Gold Corp		1,888
319,689	e	Alumina Ltd		372
286,622	*	Andean Resources Ltd		402
6,725,882		Anglo American plc		195,140
95,999		Anglo Platinum Ltd		6,791
374,256		AngloGold Ashanti Ltd		13,736
1,093,342		Antofagasta plc		10,568
525,283	e	Aquarius Platinum Ltd		2,057
61,730	*,e	Aquiline Resources, Inc		97
206,225	*,e	Atlas Iron Ltd		275
294,472	*	Aura Minerals, Inc		152
211,697	*	Aurizon Mines Ltd		763
168,048	*,e	Avoca Resources Ltd		237
272,741	*	Avocet Mining plc		377
2,047,088		Barrick Gold Corp		68,680
1,617,850		Barrick Gold Corp (Canada)		54,455
5,570,723		BHP Billiton Ltd		155,854
3,137,402		BHP Billiton plc		70,405
333,838	e	Boliden AB		2,521
480,175	e	Cameco Corp		12,319
75,835		CAP S.A.		1,877
165,300	*	Capstone Mining Corp		365
88,102	*	Centerra Gold, Inc		401
1,648,485	*	Central African Mining & Exploration Co plc		292
1,248,487	e	Cleveland-Cliffs, Inc		30,550
377,565	*,e	Coeur d'Alene Mines Corp		4,644
2,133,324		Companhia Vale do Rio Doce		37,560
317,553	e	Companhia Vale do Rio Doce (ADR)		5,598
2,581,676		Companhia Vale do Rio Doce (Preference)		39,328
24,801		Compania de Minas Buenaventura S.A.		590
214,500		Compania de Minas Buenaventura S.A. (ADR) (Series B)		5,154
129,407	*	Consolidated Thompson Iron Mines Ltd		362

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
58,400	*	Corriente Resources, Inc	$	368
283,273	*	Crystallex International Corp		63
434,663	*	Deep Yellow Ltd		117
221,608	*,e	Denison Mines Corp		368
34,832	*,e	Detour Gold Corp		310
106,947		Dominion Mining Ltd		397
708,885	*	Eastern Platinum Ltd		317
230,515	*	ECU Silver Mining, Inc		113
640,634	*,e	Eldorado Gold Corp		5,772
148,716		Energy Resources of Australia Ltd		2,804
68,300	*	Equinox Minerals Limited		158
422,351		Eurasian Natural Resources Corp		4,548
175,298	*	European Goldfields Ltd		509
74,762	*,e	Extract Resources Ltd		392
239,904		Ferrexpo plc		530
100,507	e	First Quantum Minerals Ltd		4,861
78,537	*	FNX Mining Co, Inc		542
67,952	*	Forsys Metals Corp		272
205,843	e	Foundation Coal Holdings, Inc		5,786
112,656	e	Franco-Nevada Corp		2,708
2,083,847		Freeport-McMoRan Copper & Gold, Inc (Class B)		104,422
448,503		Fresnillo plc		3,837
91,917	*,e	Fronteer Development Group, Inc		315
220,875	*	GABRIEL RESOURCES LTD		370
150,572	*	Gammon Gold, Inc		997
341,557	*	Gindalbie Metals Ltd		212
944,519		Gold Fields Ltd		11,455
495,000	e	Gold Fields Ltd (ADR)		5,965
1,437,868		Goldcorp, Inc		49,979
266,938	*	Golden Star Resources Ltd		551
271,555	*,e	GREAT BASIN GOLD LTD		371
45,642	*	Guyana Goldfields, Inc		146
454,240	*	Harmony Gold Mining Co Ltd		4,712
1,203,063	*,e	Hecla Mining Co		3,224
132,037	*	Highland Gold Mining Ltd		106
92,672		Hochschild Mining plc		423
183,592	*	HudBay Minerals, Inc		1,212
643,529		IAMGOLD Corp		6,517
483,101	*,e	Iluka Resources Ltd		1,113
730,494		Impala Platinum Holdings Ltd		16,147
130,693	e	Independence Group NL		488
118,202		Inmet Mining Corp		4,336
293,496	*,e	Ivanhoe Mines Ltd		1,628
438,876		Kagara Zinc Ltd		240
203,507		Kazakhmys plc		2,109
92,495	*	Kingsgate Consolidated Ltd		499
857,445		Kinross Gold Corp		15,628
45,438	*,e	Kirkland Lake Gold, Inc		379
25,330		Korea Zinc Co Ltd		2,754
36,200		Labrador Iron Ore Royalty Income Fund		988
90,600	*	Lake Shore Gold Corp		213
569,346	*,e	Lihir Gold Ltd		1,353
21,873		Lonmin PLC		422
492,317	*,e	Lundin Mining Corp		1,418

100

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
564,371	*	Lynas Corp Ltd	$	211
957,581	e	Macmahon Holdings Ltd		262
31,769	*,e	MAG. Silver Corp		145
137,022	*	Medusa Mining Ltd		245
204,000	*	Mega Uranium Ltd		307
479,876	e	Minara Resources Ltd		323
373,145	e	Mincor Resources NL		466
50,797	*,e	Minefinders Corp		352
82,204		Mineral Resources Ltd		282
266,775	*	Mirabela Nickel Ltd		546
871,437		MMC Norilsk Nickel (ADR)		8,017
208,052	e	MMC Norilsk Nickel (ADR) (London)		1,893
1,130,261	*,e	Mount Gibson Iron Ltd		820
284,592	*,e	Murchison Metals Ltd		385
367,141	*	New Gold, Inc		972
1,327,064		Newcrest Mining Ltd		32,626
2,362,537		Newmont Mining Corp		96,557
48,622	*,e	North American Palladium Ltd		119
160,078		Northam Platinum Ltd		623
70,263	*	Northern Dynasty Minerals		491
72,961	*	Northern Iron Ltd		77
373,258	*	Northgate Minerals Corp		793
123,049	*,e	Novagold Resources, Inc		527
103,452	f	Novolipetsk Steel (GDR)		2,121
111,140		Nyrstar		942
468,381	e	Orica Ltd		8,198
187,174	*,e	Osisko Mining Corp		1,054
1,441,483		Oxiana Ltd		1,069
78,049	*,e	Paladin Resources Ltd		310
115,050	*	PAN American Silver Corp		2,134
9,718,913	*,e	Pan Australian Resources Ltd		2,819
327,253	*	Paramount Gold and Silver Corp		497
368,325	*,e	Patriot Coal Corp		2,350
130,806	e	Peter Hambro Mining PLC		1,307
180,932	*	Platinum Australia Ltd		155
60,000	*,f	Polymetal (ADR)		530
68,108		Polyus Gold Co (ADR)		1,406
86,402		Polyus Gold Co (ADR) (London)		1,784
3,328,500		PT Aneka Tambang Tbk		660
5,924,000		PT International Nickel Indonesia Tbk		2,408
112,291	*	Quadra Mining Ltd		843
211,019		Quest Capital Corp		181
63,237		Randgold Resources Ltd		4,082
698,500	*,e	Real Gold Mining Ltd		589
301,047	*,e	Red Back Mining, Inc		2,624
409,467	*	Resolute Mining Ltd		210
943,761	e	Rio Tinto Ltd		39,697
3,657,195		Rio Tinto plc		126,654
307,175	*	Rosetta Resources, Inc		2,688
149,887	e	Royal Gold, Inc		6,250
253,080		Sally Malay Mining Ltd		463
377,800	*	SEMAFO, Inc		685
616,198		Sesa Goa Ltd		2,349
151,284	*,e	ShengdaTech, Inc		570

101

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
369,433		Sherritt International Corp	$	1,664
58,142	*	Silver Standard Resources, Inc		1,108
375,967	*	Silver Wheaton Corp		3,122
139,251	e	Silvercorp Metals, Inc		486
248,622	*,e	Sino Gold Mining Ltd		1,038
1,076,086	e	Southern Copper Corp		21,995
30,899		Southern Copper Corp (Lima)		628
1,430,634	*,e	St Barbara Ltd		265
222,692	*,e	Stillwater Mining Co		1,272
2,510,700		Straits Asia Resources Ltd		3,034
2,712	e	Sumitomo Titanium Corp		100
1,058,922	*	Sundance Resources Ltd		132
72,754	*,e	Tanzanian Royalty Exploration Corp		211
224,559	*	Taseko Mines Ltd		384
965,187		Teck Cominco Ltd		15,393
179,445	*	Thompson Creek Metals Co, Inc		1,836
188,118		Tricorona AB		222
126,580	*,e	Uex Corp		140
236,062	*	Uranerz Energy Corp		444
489,352	*,e	Uranium One, Inc		1,123
459,151	*	US Gold Corp		1,212
20,763	e	Vedanta Resources plc		440
101,509	*,e	Western Areas NL		483
1,525,792		Xstrata plc		16,500
1,590,350		Yamana Gold, Inc		14,138
4,401,500		Zijin Mining Group Co Ltd		3,981
		TOTAL METAL MINING		1,468,712

MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.20%
91,867	e	Aalberts Industries NV		720
28,700	e	Aderans Co Ltd		338
34,400	e	Alpen Co Ltd		624
56,634	e	Amer Sports Oyj (A Shares)		628
59,072	e	Armstrong World Industries, Inc		974
35,073	e	Blyth, Inc		1,150
129,493	e	Bulgari S.p.A.		692
382,453	e	Callaway Golf Co		1,939
208,000		Chen Hsong Holdings		52
364,000		Chow Sang Sang Hldg		277
1,233,986		Citic Pacific Ltd		2,551
1,002,161		Compagnie Financiere Richemont S.A.		20,826
71,000		Daiwa Seiko, Inc		101
171,748	e	Daktronics, Inc		1,322
49,000		Denki Kogyo Co Ltd		247
34,266		Folli-Follie S.A.		708
1,169		Forbo Holding AG.		224
540,429		Futuris Corp Ltd		124
1,715,017		Hasbro, Inc		41,573
140,689	e	Hills Industries Ltd		178
4,456,000		Hutchison Harbour Ring Ltd		339
28,099		Indutrade AB		366
128,594	*,e	Intrepid Potash, Inc		3,611
159,185	*,e	Jakks Pacific, Inc		2,042

102

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
14,100	*	Japan Cash Machine Co Ltd	$	129
2,071,255	*,e	Jarden Corp		38,836
112,657		JUMBO S.A.		1,103
186,410	*,e	Leapfrog Enterprises, Inc		427
204,000		Luk Fook Holdings International Ltd		91
75,371	e	Marine Products Corp		283
1,133,896		Mattel, Inc		18,199
12,585,397		Ming Fung Jewellery Group Ltd		926
17,600		Mitsubishi Pencil Co Ltd		229
85,000		Mizuno Corp		380
135,156	e	Namco Bandai Holdings, Inc		1,487
28,739	*	Oil-Dri Corp of America		427
10,724,857		Playmates Holdings Ltd		2,505
99,396	*	RC2 Corp		1,315
21,944	*	RHI AG.		396
19,300		Roland Corp		238
106,000	e	Ryobi Ltd		279
153,490		Sankyo Co Ltd		8,205
26,000	e	Sato Corp		239
384,422	*,e	Shuffle Master, Inc		2,541
33,544	e	Societe BIC S.A.		1,925
291		SRI Sports Ltd		235
46,264	*,e	Steinway Musical Instruments, Inc		495
80,400	e	Tomy Co Ltd		545
336,000		Win Hanverky Holdings Ltd		30
129,455		Yamaha Corp		1,621
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		164,692

MISCELLANEOUS REPAIR SERVICES - 0.00%**
5,900		Nichiden Corp		172
		TOTAL MISCELLANEOUS REPAIR SERVICES		172

MISCELLANEOUS RETAIL - 1.30%
147,179	*	1-800-FLOWERS.COM, Inc (Class A)		283
1,610,000	*,e	Alibaba.com Ltd		2,854
102,402	*	Allion Healthcare, Inc		609
1,976,079	*	Amazon.com, Inc		165,318
5,100	*,e	Asahi Co Ltd		141
109,346		Avenir Telecom		87
32,825		Axis Communications AB		349
254,508	e	Barnes & Noble, Inc		5,251
20,867		BayWa AG.		580
18,650	e	Belluna Co Ltd		71
133,393		Big 5 Sporting Goods Corp		1,475
40,491		BIM Birlesik Magazalar AS		1,419
64,353	*,e	Blue Nile, Inc		2,767
19,521		Books-A-Million, Inc		139
369,748	*,e	Borders Group, Inc		1,361
77,424	*,e	Build-A-Bear Workshop, Inc		346
220,770	*	Buongiorno SpA		240
9,000,000	m	C&O Pharmaceutical Technology Holdings Ltd		1,305
222,407	*,e	Cabela's, Inc		2,736
194,767	e	Cash America International, Inc		4,556
280,000		Chemoil Energy Ltd		129

103

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
3,500,000	*	China WindPower Group Ltd	$	384
2,528,000	*	CK Life Sciences International Holdings, Inc		116
360,277	*,e	CKX, Inc		2,554
9,460		cocokara fine HOLDINGS, Inc		145
333,533	*,e	Coldwater Creek, Inc		2,021
6,900		Cosmos Pharmaceutical Corp		124
10,116,433		CVS Corp		322,410
111,307		DCC plc		2,295
514,298	*,e	Dick's Sporting Goods, Inc		8,846
521,497	*,e	Dollar Tree, Inc		21,955
23,116	e	Douglas Holding AG.		876
123	*,e	Dr Ci:Labo Co Ltd		206
477,687	*,e	Drugstore.Com		869
252,529	*	Ezcorp, Inc (Class A)		2,722
42,074	*,e	Fuqi International, Inc		871
4,435,444		Game Group PLC		12,004
7,666	*	Gander Mountain Co		46
5,500	*	Growell Holdings Co Ltd		81
46,631	*	Grupa Lotos S.A.		297
119,790	*,e	GSI Commerce, Inc		1,707
15,710		Hellenic Duty Free Shops S.A.		157
143,239	*,e	Hibbett Sports, Inc		2,578
7,160,844		Home Retail Group		30,631
228,315	*,e	HSN, Inc		2,413
6,176,279		Hutchison Whampoa Ltd		40,365
87,300		Itochu Enex Co Ltd		541
97,119		Jean Coutu Group PJC, Inc/The		816
112,661		JJB Sports plc		59
146,219	*,e	Jo-Ann Stores, Inc		3,022
104,787	*	Kirkland's, Inc		1,258
7,800		Liquor Stores Income Fund		88
52,945	e	Majestic Wine plc		164
408,040	*,e	Marvel Entertainment, Inc		14,522
19,100	*	Megane TOP Co Ltd		293
339,760	e	Metro AG.		16,215
25,300		Mitsuuroko Co Ltd		141
249,804	e	MSC Industrial Direct Co (Class A)		8,863
64	*	MTI Ltd		136
189,030	e	N Brown Group plc		668
27,100	e	Nippon Gas Co Ltd		400
32,800	e	Nissen Holdings Co Ltd		133
172,289	e	Nutri/System, Inc		2,498
2,073,704	*,e	Office Depot, Inc		9,456
397,320	e	OfficeMax, Inc		2,495
29,000		Okuwa Co Ltd		341
1,365,485		Origin Energy Ltd		16,109
2,815,000	*	OSIM International Ltd		729
8,000		Otsuka Kagu Ltd		65
70,281	*,e	Overstock.com, Inc		841
23,100		Paris Miki, Inc		225
1,318,500		Parkson Retail Group Ltd		1,885
66,308	*	PC Connection, Inc		348
67,259	*,e	PC Mall, Inc		455
796,992		Petsmart, Inc		17,103

104

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
214,784	*,e	Priceline.com, Inc	$	23,959
77,736		Pricesmart, Inc		1,302
3,598,320	*,e	Rite Aid Corp		5,433
1,044,000		SA SA International Holdings Ltd		392
28,700	e	Senshukai Co Ltd		198
273,703	e	Shoppers Drug Mart Corp		11,763
142,977	*,e	Shutterfly, Inc		1,995
325,923		Signet Jewelers Ltd		6,786
79,056		Signet Jewelers Ltd (London)		1,596
59,000		Sinanen Co Ltd		299
62,810	*,e	Stamps.com, Inc		533
4,120,331	e	Staples, Inc		83,106
120,500	e	Sugi Pharmacy Co Ltd		2,483
37,100	e	Sundrug Co Ltd		822
65,906	e	Systemax, Inc		785
27,160		Takkt AG.		289
249		Telepark Corp		333
390,953	e	Tiffany & Co		9,915
17,400	*	Tsuruha Holdings, Inc		524
274,103		Tsutsumi Jewelry Co Ltd		5,096
4,232,810		Walgreen Co		124,444
273,110		WH Smith plc		1,879
244,088	e	World Fuel Services Corp		10,064
29,000	e	Xebio Co Ltd		631
148,820	*,e	Zale Corp		512
101,053	*,e	Zumiez, Inc		809
		TOTAL MISCELLANEOUS RETAIL		1,044,506

MOTION PICTURES - 0.53%
79,635	*	Ascent Media Corp (Series A)		2,117
192,873		Astral Media, Inc		4,931
169,783	*	Avid Technology, Inc		2,277
5,900,000	*	Big Media Group Ltd		107
62,017	*	Carmike Cinemas, Inc		520
194,234		Cinemark Holdings, Inc		2,199
42,900		Cineplex Galaxy Income Fund		580
105,700	e	Culture Convenience Club Co Ltd		906
820,671	*,e	Discovery Communications, Inc (Class A)		18,506
1,186,155	*	Discovery Communications, Inc (Class C)		24,351
251,056	*	DreamWorks Animation SKG, Inc (Class A)		6,927
78,814	*	EM.Sport Media AG.		232
795,000	*	eSun Holdings Ltd		103
88,454	*,e	Gaiam, Inc (Class A)		484
406,858	e	HMV Group plc		755
5,183		Kinepolis		156
390,119	*,e	Macrovision Solutions Corp		8,508
230,915	e	National CineMedia, Inc		3,177
131,017		News Corp (ADR)		1,412
12,267,340		News Corp (Class A)		111,754
370,183	e	Regal Entertainment Group (Class A)		4,920
45,697	*	Rentrak Corp		751
65,000	e	Shochiku Co Ltd		528
8,625,055		Time Warner, Inc		217,264

105

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
83,900		Toei Animation Co Ltd	$	1,446
51,000		Toei Co Ltd		254
102,557	e	Toho Co Ltd		1,677
25,700		Tohokushinsha Film Corp		158
596,583	*,e	tw telecom inc (Class A)		6,127
51,950	*	Vertice Trescientos Sesenta Grados S.A.		30
		TOTAL MOTION PICTURES		423,157

NONDEPOSITORY INSTITUTIONS - 0.93%
23,941		Aareal Bank AG.		264
9,707	e	Acom Co Ltd		243
327,378		Advance America Cash Advance Centers, Inc		1,450
242,646	e	Aeon Credit Service Co Ltd		3,181
778,303	m	Aeon Thana Sinsap Thailand PCL		720
114,425	e	Aiful Corp		441
1,206,973	e	American Capital Ltd		3,874
4,870,124		American Express Co		113,182
329,251	*,e	AmeriCredit Corp		4,461
800,127		Apollo Investment Corp		4,801
291,000	f	ARA Asset Management Ltd		117
548,860	e	Ares Capital Corp		4,424
84,275	*	Banca Italease S.p.A.		174
649,880		Bank of Cyprus Public Co Ltd		3,674
133,896		Bank Pekao S.A.		4,831
75,265		BlackRock Kelso Capital Corp		469
111,668		BlueBay Asset Management plc		389
1,603,827		BM&FBOVESPA S.A.		9,642
187,918	*,e	Boise, Inc		323
266,825	m	Bradford & Bingley plc		–	^
2,730		California First National Bancorp		31
3,007,199		Capital One Financial Corp		65,798
1,684,747		CapitalSource, Inc		8,222
628,465	e,m	Cattles plc		71
1,081,369	e	Challenger Financial Services Group Ltd		1,952
150,389		Challenger Infrastructure Fund		182
14,220,342	e	Chimera Investment Corp		49,629
1,242,491	e	CIT Group, Inc		2,671
213,383		Collins Stewart plc		253
274,873	*	Companhia Brasileira de Meios de Pagamento		2,364
117,968	*	CompuCredit Corp		271
31,224	*,e	Credit Acceptance Corp		682
216,314	e	Credit Saison Co Ltd		2,757
1,491,591		Criteria Caixacorp S.A.		6,884
3,479,825		Discover Financial Services		35,738
33,482	*,e	Doral Financial Corp		84
84,414	*,e	Encore Capital Group, Inc		1,118
16,293	*	ePlus, Inc		237
32,200	e	Federal Home Loan Mortgage Corp		20
878,261	*,e	Federal National Mortgage Association		509
136,584	e	Financial Federal Corp		2,807
115,844	*	First Cash Financial Services, Inc		2,030
5,865,353		First Financial Holding Co Ltd		3,504

106

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
337,082	*,e	First Marblehead Corp	$	681
808,000	*	First Shanghai Investments Ltd		107
7,004	*	Formuepleje Epikur AS		254
127,345	e	Gladstone Investment Corp		615
592,771	e	GLG Partners, Inc		2,424
781,851	*,e	Global Ship Lease, Inc (Class A)		1,407
350,000	*	Golden Pond Healthcare, Inc		2,721
1,233	*,e	Guaranty Financial Group, Inc		–	^
572,996	*,e	Heckmann Corp		2,149
652,738	e	Henderson Group plc		985
169,975		Hercules Technology Growth Capital, Inc		1,421
90,300		Hitachi Capital Corp		1,225
223,000		Hong Leong Finance Ltd		406
260,837		Housing Development Finance Corp		12,767
367,623		HSBC Infrastructure Co Ltd		661
4,061	*	Hypo Real Estate Holding AG.		8
9,368		Indiabulls Securities Ltd		8
106,193	*	Information Services Group, Inc		320
717,741		Infrastructure Development Finance Co Ltd		2,034
79,535	e	Intermediate Capital Group plc		633
354,869	e	International Personal Finance plc		428
423,291	e	Investor AB (B Shares)		6,529
15,855		IWBank S.p.A		40
222,000		Jaccs Co Ltd		495
1,376,500	e	Japan Securities Finance Co Ltd		11,631
361,621	*	KB Financial Group, Inc		12,149
98,974		Kohlberg Capital Corp		626
1,382,785		Lancashire Holdings Ltd		10,613
603,676		Lender Processing Services, Inc		16,764
557,916		Marfin Popular Bank Public Co Ltd		1,636
399,441	*,e	MCG Capital Corp		971
82,534		Medallion Financial Corp		631
144,224	*,e	Mercadolibre, Inc		3,877
264,711		Moneysupermarket.com Group plc		213
103,037	*,e	Nelnet, Inc (Class A)		1,400
106,694	*,e	NewStar Financial, Inc		204
112,253		NGP Capital Resources Co		659
208,375	*,e	Ocwen Financial Corp		2,703
126,200	*,e	OMC Card, Inc		288
216,500	*,e	Orient Corp		270
567,955	e	ORIX Corp		34,254
1,286	e	Osaka Securities Exchange Co Ltd		6,181
384,075		Paragon Group of Cos plc		480
122,767	e	PennantPark Investment Corp		872
308,008	*,e	PHH Corp		5,600
18,468	e	Promise Co Ltd		236
140,664	e	Provident Financial plc		1,836
336,000		Public Financial Holdings Ltd		152
419,200		Redecard S.A.		6,450
40,740		Samsung Card Co		1,437
5	*,b,m	SFCG Co Ltd		–	^
2,439,386	e	Siemens AG.		168,231

107

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
5,794,410	*,e	SLM Corp	$	59,509
275,477		Smiths News plc		501
15,575	e	Student Loan Corp		579
6,623,650		Taiwan Cooperative Bank		3,816
112,280	e	Takefuji Corp		615
284	*,b	Thornburg Mortgage, Inc		–	^
115,333		TICC Capital Corp		509
1,011,008		Tower Australia Group Ltd		2,281
43,103	*,e	Tree.com, Inc		414
36,763	*	Triangle Capital Corp		401
400,051		Tullett Prebon plc		1,948
250,000		Westway Group, Inc		1,081
100,263	*,e	World Acceptance Corp		1,996
		TOTAL NONDEPOSITORY INSTITUTIONS		746,806

NONMETALLIC MINERALS, EXCEPT FUELS - 0.07%
1,228,590		Adelaide Brighton Ltd		2,227
129,885	e	AMCOL International Corp		2,803
247,232	*	Cardium Therapeutics, Inc		457
159,579	e	Compass Minerals International, Inc		8,762
102,409	*	Gem Diamonds Ltd		259
342,404	*,e	General Moly, Inc		760
5,018,922		Grupo Mexico S.A. de C.V. (Series B)		5,492
542,196		Haci Omer Sabanci Holding AS		1,457
80,472		Harry Winston Diamond Corp		479
4,523	e	Imerys S.A.		189
227,344	e	K+S AG.		12,768
44,000	*	Migao Corp		291
451,702	*	Mineral Deposits Ltd		226
13,600	e	Nippon Ceramic Co Ltd		153
60,000		Nittetsu Mining Co Ltd		257
75,859	*	Petra Diamonds Ltd		52
125,900	*	Rubicon Minerals Corp		373
14,098		S&B Industrial Minerals S.A.		98
9,038	*,e	United States Lime & Minerals, Inc		383
346,006	e	Vulcan Materials Co		14,914
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		52,400

OIL AND GAS EXTRACTION - 4.94%
246,800	e	Acergy S.A.		2,426
223,429	e	Addax Petroleum Corp		9,476
150,707		Advantage Energy Income Fund		635
184,948	e	AED Oil Ltd		114
607,205	*	Afren plc		532
204,400	e	Aker Kvaerner ASA		1,688
38,519		AltaGas Income Trust		532
3,152,888		Anadarko Petroleum Corp		143,110
3,023,082		Apache Corp		218,115
44,866	e	APCO Argentina, Inc		863
50,547	*,e	Approach Resources, Inc		349
191,380	*,e	Arena Resources, Inc		6,095
925,153	*	Arrow Energy NL		2,646
191,552	e	Atlas America, Inc		3,423

108

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
160,870	*,e	ATP Oil & Gas Corp	$	1,120
184,641	*,e	Atwood Oceanics, Inc		4,599
700,346		Australian Worldwide Exploration Ltd		1,450
1,345,426		Baker Hughes, Inc		49,027
200,670	*	Bankers Petroleum Ltd		343
164,305	*,e	Basic Energy Services, Inc		1,122
135,184		Baytex Energy Trust		2,277
1,416,413		Beach Petroleum Ltd		902
247,888	e	Berry Petroleum Co (Class A)		4,608
11,642,483		BG Group plc		194,990
211,939	*,e	Bill Barrett Corp		5,820
77,457	*,e	Birchcliff Energy Ltd		403
1,197,573	e	BJ Services Co		16,323
171,300	*,e	BlackPearl Resources, Inc		221
2,071,700	e	Boart Longyear Group		434
14,225		Bonterra Oil & Gas Ltd		268
477,176	*	Boots & Coots, Inc		663
441,019	*,e	Brigham Exploration Co		1,539
137,718	*,e	Bronco Drilling Co, Inc		589
812,765		Cabot Oil & Gas Corp		24,903
240,349	*	Cairn Energy plc		9,261
289,389	*	Cairn India Ltd		1,406
285,235	*	Cal Dive International, Inc		2,462
30,997		Calfrac Well Services Ltd		329
98,647	*	Calvalley Petroleums, Inc		181
1,559,558	*	Cameron International Corp		44,135
181,437		Canadian Natural Resources Ltd		9,524
1,351,736		Canadian Natural Resources Ltd (Canada)		71,111
275,986		Canadian Oil Sands Trust		6,594
620,972	*	Carnarvon Petroleum Ltd		408
140,437	*,e	Carrizo Oil & Gas, Inc		2,408
16,115	*,e	CAT Oil AG.		93
30,117	*,e	Celtic Exploration Ltd		395
261,570	*,e	Cheniere Energy, Inc		769
2,605,871	e	Chesapeake Energy Corp		51,674
5,688,000	e	China Oilfield Services Ltd		6,172
272,749	e	Cimarex Energy Co		7,730
53,008	*,e	Clayton Williams Energy, Inc		1,000
238,412		Clough Ltd		136
27,296,000		CNOOC Ltd		33,847
2,780,000		Cnpc Hong Kong Ltd		2,296
80,048	*,e	CNX Gas Corp		2,103
161,558	*,e	Compagnie Generale de Geophysique S.A.		2,903
328,293	*,e	Complete Production Services, Inc		2,088
144,717	*,e	Compton Petroleum Corp		165
323,551	*	Comstock Resources, Inc		10,693
1,683,301	*,e	Concho Resources, Inc		48,294
296,757	*,e	Connacher Oil and Gas Ltd		235
62,633	*,e	Contango Oil & Gas Co		2,661
97,916	*,e	Continental Resources, Inc		2,717
89,329	*	Corridor Resources, Inc		204

109

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
32,445	*	CREDO Petroleum Corp	$	347
1,234,873		Crescent Point Energy Trust		36,436
78,828	*,e	Crew Energy, Inc		352
43,776	*	Cubic Energy, Inc		47
117,696	*	Dana Petroleum PLC		2,715
40,637	*,e	Dawson Geophysical Co		1,213
142,447		Daylight Resources Trust		903
954,867	*,e	Delta Petroleum Corp		1,843
7,766,580	*,e	Denbury Resources, Inc		114,402
743,000	*,e	DET Norske Oljeselskap		924
65,200	*	Det Norske Oljeselskap ASA		570
1,839,001		Devon Energy Corp		100,226
355,599	e	Diamond Offshore Drilling, Inc		29,532
487,166	*	Eastern Star Gas Ltd		314
20,800	*,e	Electromagnetic GeoServices AS		15
48,847	*	Emerald Energy plc		400
1,469,560		EnCana Corp		72,862
350,091	*,e	Encore Acquisition Co		10,800
819,252	*,e	Endeavour International Corp		1,114
166,744	*,e	Energy Recovery, Inc		1,181
286,389		Enerplus Resources Fund		6,187
821,539	e	ENSCO International, Inc		28,647
202,745	e	Ensign Energy Services, Inc		2,963
1,449,489		EOG Resources, Inc		98,449
429,849	e	Equitable Resources, Inc		15,006
87,756	e	Etablissements Maurel et Prom		1,487
562,899	*,e	EXCO Resources, Inc		7,273
203,858	*,e	Exterran Holdings, Inc		3,270
67,496	*	Fairborne Energy Ltd		215
35,090	*	Flint Energy Services Ltd		348
361,235	*,e	Forest Oil Corp		5,390
1,286,000		Formosa Petrochemical Corp		3,065
53,480	e	Fred Olsen Energy ASA		1,817
211,262	*,e	FX Energy, Inc		801
685,126		GAIL India Ltd		4,124
96,597	*,e	Galleon Energy, Inc		353
142,465	*,e	Gasco Energy, Inc		40
120,800		Gazpromneft OAO (ADR)		1,956
41,460	*	Geokinetics, Inc		566
41,428	*	Georesources, Inc		423
577,117	*,e	Global Industries Ltd		3,266
128,072	*,e	GMX Resources, Inc		1,363
130,471	*,e	Goodrich Petroleum Corp		3,208
168,543	*,e	Gulfport Energy Corp		1,155
63,533	*	Gulfsands Petroleum PLC		196
5,050,845		Halliburton Co		104,552
48,212	*	Hardy Oil & Gas plc		270
231,092		Harvest Energy Trust		1,258
165,611	*,e	Harvest Natural Resources, Inc		730
321,341	*,e	Helix Energy Solutions Group, Inc		3,493
375,756	e	Helmerich & Payne, Inc		11,600
503,841	*,e	Hercules Offshore, Inc		2,000

110

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
153,800	*,e	Heritage Oil Ltd	$	1,349
58,516	*	Highpine Oil & Gas Ltd (Class A)		221
387,646	e	Husky Energy, Inc		10,841
9,375	e	Idemitsu Kosan Co Ltd		806
1,145		Inpex Holdings, Inc		9,176
5,099	*	Isramco, Inc		543
175,997	*,e	Iteration Energy Ltd		177
192,473	*	Ivanhoe Energy, Inc		295
4,300		Japan Petroleum Exploration Co		239
172,927		JKX Oil & Gas plc		585
1,268,000		K1 Ventures Ltd		131
31,000		Kanto Natural Gas Development Ltd		183
110,837	*	Karoon Gas Australia Ltd		812
52,025	e	Kayne Anderson Energy Development Co		690
76,676	f	KazMunaiGas Exploration Production (GDR)		1,457
1,133,225	*	Key Energy Services, Inc		6,527
332,343	e	Linn Energy LLC		6,504
33,224	*,e	Lundin Petroleum AB		257
49,980	e	Major Drilling Group International		785
294,871	*,e	Mariner Energy, Inc		3,465
474,747	*,e	McMoRan Exploration Co		2,829
83,818	e	Melrose Resources plc		359
1,301,470	*,e	Nabors Industries Ltd		20,277
47,100		NAL Oil & Gas Trust		379
2,599,115	*	National Oilwell Varco, Inc		84,887
666,144		New Zealand Oil & Gas Ltd		679
695,298	*	Newfield Exploration Co		22,715
541,687	*	Newpark Resources, Inc		1,544
754,281		Nexen, Inc		16,387
444,750	*	Nexus Energy Ltd		131
52,601	e	Niko Resources Ltd		3,618
117,000		Noble Corp		3,539
793,788	e	Noble Energy, Inc		46,810
119,768	*	Northern Oil And Gas, Inc		763
122,000	*	Norwegian Energy Co AS.		351
112,404	f	NovaTek OAO (GDR)		5,362
111,279	*,e	NuVista Energy Ltd		981
8,289,997		Occidental Petroleum Corp		545,564
182,159	*,e	Oceaneering International, Inc		8,234
14,600		OGX Petroleo e Gas Participacoes S.A.		7,445
316,480		Oil & Natural Gas Corp Ltd		7,051
931,892	*,e	Oilsands Quest, Inc		895
168,836	*,e	OPTI Canada, Inc		283
142,333	*,e	PA Resources AB		517
243,489	*,e	Pacific Rubiales Energy Corp		2,008
36,815	e	Panhandle Oil and Gas, Inc (Class A)		723
282,546	*,e	Parallel Petroleum Corp		548
142,161		Paramount Energy Trust		559
27,889	*	Paramount Resources Ltd (Class A)		144
645,038	*,e	Parker Drilling Co		2,799
1,299,576	e	Patterson-UTI Energy, Inc		16,713
257,581		Penn Virginia Corp		4,217
843,830		Penn West Energy Trust		10,744

111

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
37,590	*,e	Petro Andina Resources, Inc (Class A)	$	291
89,947	*,e	Petrobank Energy & Resources Ltd		2,612
813,170		Petro-Canada		31,404
986,704	*,e	PetroHawk Energy Corp		22,003
3,569,412		Petroleo Brasileiro S.A.		73,028
2,780,397		Petroleo Brasileiro S.A. (ADR)		113,941
4,110,273		Petroleo Brasileiro S.A. (Preference)		68,068
96,771	*	Petroleum Development Corp		1,518
239,300	*	Petroleum Geo-Services ASA		1,483
1,191,000	*,e	Petrolia Drilling ASA		81
37,726	*	Petrominerales Ltd		425
61,746	*,e	Petroplus Holdings AG.		1,020
254,622	*,e	Petroquest Energy, Inc		940
77,167		Peyto Energy Trust		622
281,853	*,e	Pioneer Drilling Co		1,350
371,713	e	Pioneer Natural Resources Co		9,479
388,648	*,e	Plains Exploration & Production Co		10,633
46,445	*	Portland Gas plc		71
101,958	*,e	PowerSecure International, Inc		434
558,400		PPB Group BHD		1,843
151,944		Precision Drilling Trust		730
150,748	*	Premier Oil plc		2,708
1,606,496	*,e	Pride International, Inc		40,259
1,212	*,e	PrimeEnergy Corp		43
178,261		ProEx Energy Ltd		1,557
256,200	e	ProSafe ASA		1,283
147,400	*,e	Prosafe Production Public Ltd		277
312,223		Provident Energy Trust		1,562
1,514,669		PTT Exploration & Production PCL		6,046
144,467	*	Questerre Energy Corp		176
365,864	*,e	Quicksilver Resources, Inc		3,399
3,375,386	e	Range Resources Corp		139,775
129,931	*	Real Resources, Inc		1,228
164,516	*	Regal Petroleum plc		168
917,369	*	Reliance Petroleum Ltd		2,401
107,031	*,e	Rex Energy Corp		610
137,963	*,e	Riversdale Mining Ltd		589
730,933	*,e	Roc Oil Co Ltd		462
476,436	e	Rowan Cos, Inc		9,205
142,883	e	RPC, Inc		1,193
105,318	*	Salamander Energy plc		338
1,379,441		Santos Ltd		16,273
65,838	e	Savanna Energy Services Corp		345
24,315	e	SBM Offshore NV		415
6,200,285		Schlumberger Ltd		335,497
68,100	*,e	SEACOR Holdings, Inc		5,124
64,361	e	SeaDrill Ltd		919
50	*	Serval Integrated Energy Service		–	^
304,911	*,e,m	Sibir Energy plc		877
83,588		SK Energy Co Ltd		6,725
821,827		Smith International, Inc		21,162
41,164	*	Soco International plc		775

112

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
103,000	*,e	Songa Offshore SE	$	335
1,271,625	*	Southwestern Energy Co		49,403
206,435	e	St. Mary Land & Exploration Co		4,308
1,483,777	*	Sterling Energy plc		54
224,032	*,e	Stone Energy Corp		1,662
31,842	*	Storm Exploration, Inc		320
91,700	*,e	Subsea 7, Inc		936
314,434	*,e	Sulphco, Inc		289
256,656	*	Superior Energy Services		4,432
76,168		Superior Plus Corp		686
98,172	*,e	Superior Well Services, Inc		584
1,003,916	e	Surgutneftegaz (ADR)		6,977
358,500	e	Surgutneftegaz (ADR) (London)		2,474
188,697	*,e	Swift Energy Co		3,142
361,576	*	Syntroleum Corp		799
2,233,326	e	Talisman Energy, Inc		32,084
290,252	*	Tatneft (GDR)		7,111
163,509	e	Technip S.A.		8,003
414,733	*,e	Tetra Technologies, Inc		3,301
84,449	*	TGC Industries, Inc		411
148,000	*,e	TGS Nopec Geophysical Co ASA		1,462
305,078	e	Tidewater, Inc		13,079
97,615		Toreador Resources Corp		654
146,998	e	Trican Well Service Ltd		1,266
73,280		Trilogy Energy Trust		378
89,866	e	Trinidad Drilling Ltd		380
3,073,676		Tullow Oil plc		47,408
66,457	*,e	Union Drilling, Inc		440
135,459	*,e	Unit Corp		3,735
408,484	*	UTS Energy Corp		551
503,025	*,e	Vaalco Energy, Inc		2,128
140,758	*,e	Venoco, Inc		1,080
169,774		Venture Production plc		2,268
21,025	*,e	Verenex Energy, Inc		108
47,668		Vermilion Energy Trust		1,198
381,535	e	W&T Offshore, Inc		3,716
298,577	*,e	Warren Resources, Inc		732
628,601	*,e	Weatherford International Ltd		12,295
78,708	*,e	West Siberian Resources Ltd (GDR)		893
165,896	*,e	Whiting Petroleum Corp		5,833
285,263	*	Willbros Group, Inc		3,569
352,980	e	Woodside Petroleum Ltd		12,290
5,583,063		XTO Energy, Inc		212,938
9,400		Zargon Energy Trust		128
60,661	*	Zion Oil & Gas, Inc		644
		TOTAL OIL AND GAS EXTRACTION		3,982,215

PAPER AND ALLIED PRODUCTS - 0.43%
57,431	e	Altri SGPS S.A.		180
530,968		Aracruz Celulose S.A.		789
466,385		Bemis Co		11,753
67,944		Billerud AB		330
221,598	*	Buckeye Technologies, Inc		995

113

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
90,624	*,e	Canfor Corp	$	390
103,772		Cascades, Inc		413
274,978	*,e	Cenveo, Inc		1,163
57,000	*	Chuetsu Pulp & Paper Co Ltd		140
71,069	e	Corporate Express Australia Ltd		213
72,000		Daio Paper Corp		632
237,079	*,e	Domtar Corporation		3,931
818,855		DS Smith plc		896
110,252		Empresas CMPC S.A.		2,874
72,977		Exor S.p.A		1,050
18,400		FP Corp		810
252,908		Glatfelter		2,251
613,304	*,e	Graphic Packaging Holding Co		1,122
168,918		Greif, Inc (Class A)		7,470
67,802	e	Grupo Empresarial Ence S.A.		181
793,700		Hengan International Group Co Ltd		3,718
125,500	e	Hokuetsu Paper Mills Ltd		621
126,256	e	Holmen AB (B Shares)		2,758
114,065		Huhtamaki Oyj		1,176
3,228,702		International Paper Co		48,850
120,662	*	Kapstone Paper and Packaging Corp		566
2,394,043		Kimberly-Clark Corp		125,520
875,076		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		3,355
229,535	e	Kinnevik Investment AB (Series B)		2,350
527,195		Klabin S.A.		804
100,200	e	Kokuyo Co Ltd		878
10,832		Mayr-Melnhof Karton AG.		913
717,670		MeadWestvaco Corp		11,777
151,239		Metso Oyj		2,822
9,032		Miquel y Costas & Miquel S.A.		175
236,000	e	Mitsubishi Paper Mills Ltd		331
23,183	e	Mondi Ltd		100
400,649		Mondi plc		1,364
163,409	e	M-real Oyj (B Shares)		121
80,852		Neenah Paper, Inc		712
151,900	e	Nippon Paper Group, Inc		3,934
185,600	*,e	Norske Skogindustrier ASA		272
657,893	e	OJI Paper Co Ltd		2,834
27,480	*	Orchids Paper Products Co		565
10,000	*	Pack Corp		148
545,172		Packaging Corp of America		8,832
30,976		Papeles y Cartones de Europa S.A.		119
746,827		PaperlinX Ltd		256
121		Pilot Corp		149
165,281		Portucel Empresa Produtora de Pasta e Papel S.A.		405
261,000		Rengo Co Ltd		1,682
310,030		Rock-Tenn Co (Class A)		11,831
34,200	e	Sanrio Co Ltd		297
544,858		Sappi Ltd		1,604
84,868	e	Schweitzer-Mauduit International, Inc		2,309
62,788		Semapa-Sociedade de Investimento e Gestao		510
17,073	*	Sequana		117
170,792		Smurfit Kappa Group plc		922

114

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
1,142,440		Sonoco Products Co	$	27,361
516,293	e	Stora Enso Oyj (R Shares)		2,723
1,584,292	e	Svenska Cellulosa AB (B Shares)		16,634
409,597	e	Temple-Inland, Inc		5,374
138,000		Tokushu Tokai Holdings Co Ltd		381
80,247	e	Uni-Charm Corp		6,139
468,651	e	UPM-Kymmene Oyj		4,083
106,222		Votorantim Celulose e Papel S.A.		1,141
254,166	e	Wausau Paper Corp		1,708
		TOTAL PAPER AND ALLIED PRODUCTS		348,824

PERSONAL SERVICES - 0.12%
11,288,105		Chaoda Modern Agriculture		6,627
591,723	e	Cintas Corp		13,514
152,530	*,e	Coinstar, Inc		4,073
24,660		CPI Corp		419
221,611		Davis Service Group plc		1,216
54,689		Dignity plc		542
107,407		G & K Services, Inc (Class A)		2,272
1,853,606		H&R Block, Inc		31,937
107,868	e	Invocare Ltd		504
172,269	e	Jackson Hewitt Tax Service, Inc		1,078
1,483,373		Kuala Lumpur Kepong BHD		5,022
57,995	*	Mac-Gray Corp		768
249,556		Regis Corp		4,345
1,913,300	e	Rentokil Initial plc		2,817
501,653	*,e	Sally Beauty Holdings, Inc		3,191
970,761	e	Service Corp International		5,320
97,714	*,e	Steiner Leisure Ltd		2,983
80,116		Unifirst Corp		2,978
218,493	e	Weight Watchers International, Inc		5,631
		TOTAL PERSONAL SERVICES		95,237

PETROLEUM AND COAL PRODUCTS - 5.24%
59,044	e	Alon USA Energy, Inc		611
34,400		AOC Holdings, Inc		322
574,422		Ashland, Inc		16,113
88,378		Bharat Petroleum Corp Ltd		793
41,222,630		BP plc		324,041
430,218	e	BP plc (ADR)		20,513
104,761	e	Caltex Australia Ltd		1,169
10,772,473		Chevron Corp		713,677
20,008,764		China Petroleum & Chemical Corp		15,258
6,772,524		ConocoPhillips		284,852
260,000	e	Cosmo Oil Co Ltd		885
201,489	*,e	CVR Energy, Inc		1,477
32,700	e	Daiseki Co Ltd		721
73,331	e	Delek US Holdings, Inc		622
3,952,165		Ecopetrol S.A.		4,756
2,923,584		ENI S.p.A.		69,108
45,324	e	ERG S.p.A.		627
5,221		Esso SA Francaise		692
24,025,160		Exxon Mobil Corp		1,679,600
342,130	e	Frontier Oil Corp		4,485

115

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
159,030	e	Galp Energia SGPS S.A.	$	2,231
1,188,171	*	Gran Tierra Energy, Inc		4,099
16,098	*	Green Plains Renewable Energy, Inc		105
234,692	*,e	Headwaters, Inc		789
18,543		Hellenic Petroleum S.A.		179
1,529,732		Hess Corp		82,223
142,690	e	Holly Corp		2,566
551,786	e	Imperial Oil Ltd		21,404
177,813	*	Linc Energy Ltd		219
600,776		LUKOIL (ADR)		26,656
4,036,412		Marathon Oil Corp		121,617
80,150		Motor Oil Hellas Corinth Refineries S.A.		860
1,408,675	e	Murphy Oil Corp		76,519
19,292	e	Neste Oil Oyj		268
460,334		Nippon Mining Holdings, Inc		2,399
163,656		OMV AG.		6,128
38,915		Parkland Income Fund		307
22,000	m	Peab Industri AB (B Shares)		94
25,816,542		PetroChina Co Ltd		28,648
179,466		PGG Wrightson Ltd		131
311,721		Polski Koncern Naftowy Orlen S.A.		2,591
1,093,450		PTT PCL		7,510
85,680		Quaker Chemical Corp		1,139
757,317		Reliance Industries Ltd		31,987
981,299	e	Repsol YPF S.A.		21,943
3,189,930	f	Rosneft Oil Co (GDR)		17,385
3,944,802	e	Royal Dutch Shell plc (A Shares)		98,518
3,100,644		Royal Dutch Shell plc (B Shares)		77,844
567,244	*,e	SandRidge Energy, Inc		4,833
272,822		Saras S.p.A.		777
38,962	e	Showa Shell Sekiyu KK		413
338,000		Singapore Petroleum Co Ltd		1,449
44,886		SK Corp		3,752
52,587		S-Oil Corp		2,349
1,027,126	e	Statoil ASA		20,223
2,370,345	e	Suncor Energy, Inc		71,916
1,410,595	e	Suncor Energy, Inc (Canada)		42,895
378,771	e	Sunoco, Inc		8,787
1,249,183	e	Tesoro Corp		15,902
841,200		Thai Oil PCL		877
621,872	e	TonenGeneral Sekiyu KK		6,346
3,931,193	e	Total S.A.		212,212
126,148		Tupras Turkiye Petrol Rafine		1,539
2,582,228		Valero Energy Corp		43,614
83,368		WD-40 Co		2,418
1,058,116	*,e	Western Refining, Inc		7,470
		TOTAL PETROLEUM AND COAL PRODUCTS		4,224,453

PIPELINES, EXCEPT NATURAL GAS - 0.10%
467,690	e	APA Group		1,036
8,500		Enbridge Income Fund		84
83,330		Pembina Pipeline Income Fund		1,065
2,504,761		Spectra Energy Corp		42,381
861,190	e	TransCanada Corp		23,189

116

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
1,404,883		Wellstream Holdings plc	$	11,845
59,700		Westshore Terminals Income Fund		592
		TOTAL PIPELINES, EXCEPT NATURAL GAS		80,192

PRIMARY METAL INDUSTRIES - 0.98%
19,685	e	Acerinox S.A.		364
16,577	*,e	Advanced Metallurgical Group NV		113
138,000	*,e	Aichi Steel Corp		523
815,703		AK Steel Holding Corp		15,653
3,582,395	e	Alcoa, Inc		37,006
387,751	e	Allegheny Technologies, Inc		13,544
4,376,000	e	Aluminum Corp of China Ltd		4,144
1,118,720	e	Angang New Steel Co Ltd		1,856
643,137	*,e	ArcelorMittal		21,103
13,247	*	Armtec Infrastructure Income Fund		202
32,306	e	BE Group AB		135
15,827		Bekaert S.A.		1,625
309,159	e	Belden CDT, Inc		5,163
2,431,083		BlueScope Steel Ltd		4,956
161,366		Bodycote plc		340
118,967	*,e	Brush Engineered Materials, Inc		1,993
54,584	e	Canam Group, Inc		310
247,477		Carpenter Technology Corp		5,150
494,685		Catcher Technology Co Ltd		1,179
380,260	*,e	Century Aluminum Co		2,369
9,701,859		China Steel Corp		8,339
65,000		Chugai Ro Co Ltd		192
317,085	*,e	CommScope, Inc		8,327
507,868		Companhia Siderurgica Nacional S.A.		11,306
25,599	*	Corinth Pipeworks S.A.		75
6,797,515		Corning, Inc		109,169
54,225		Daewoo International Corp		1,173
61,923	e	Daido Steel Co Ltd		255
185,252		Delta PLC		354
53,380		Dongkuk Steel Mill Co Ltd		1,083
47,485		DOWA HOLDINGS CO Ltd		198
35,333		Draka Holding		472
50,056		Duro Felguera S.A.		453
3,431		EL Ezz Aldekhela Steel Alexandria		436
610,578		El Ezz Steel Co		1,321
30,703		Elval Aluminium Process Co		62
107,103	e	Encore Wire Corp		2,287
599,653	*,e	Equinox Minerals Ltd		1,387
333,063		Eregli Demir ve Celik Fabrikalari TAS		960
20,007	f	Evraz Group S.A. (GDR)		379
470,050		Feng Hsin Iron & Steel Co		697
412,000	e	Fujikura Ltd		2,074
2,320,127	e	Furukawa Electric Co Ltd		10,501
87,000		Furukawa-Sky Aluminum Corp		166
79,951	*,e	Fushi Copperweld, Inc		661
204,976	*,e	General Cable Corp		7,703
74,022	*	General Steel Holdings, Inc		294
177,647		Gerdau Ameristeel Corp		1,225

117

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
179,050		Gerdau S.A.	$	1,451
686,502		Gerdau S.A. (Preference)		7,182
158,515	e	Gibraltar Industries, Inc		1,089
240,000		Godo Steel Ltd		717
37,586		Halcor S.A.		78
67,402	*,e	Haynes International, Inc		1,597
1,088,627		Hindalco Industries Ltd		1,965
23,513		Hoganas AB (Class B)		254
196,374	*,e	Horsehead Holding Corp		1,463
176,690		Hubbell, Inc (Class B)		5,665
66,948		Hyundai Steel Co		3,101
474,649		JFE Holdings, Inc		16,013
249,000		JFE Shoji Holdings, Inc		923
1,916,412	e	Jiangxi Copper Co Ltd		3,140
185,709		Johnson Matthey plc		3,517
222,107		KGHM Polska Miedz S.A.		5,705
248,638		KME Group S.p.A.		176
1,329,671		Kobe Steel Ltd		2,484
29,500	e	Kyoei Steel Ltd		839
21,748	e	Leoni AG.		358
4,684,000	e	Maanshan Iron & Steel		2,949
27,120	f	Magnitogorsk Iron & Steel Works (GDR)		159
5,600	e	Maruichi Steel Tube Ltd		106
14,962	e	Matsuda Sangyo Co Ltd		239
172,360	e	Matthews International Corp (Class A)		5,364
216,700		Mechel Steel Group OAO (ADR)		1,809
125,807	*,e	Metalico, Inc		586
364,000		Midas Holdings Ltd		197
112,000		Mitsubishi Cable Industries Ltd		116
935,638		Mitsubishi Materials Corp		2,923
270,000	*	Mitsubishi Steel Manufacturing Co Ltd		636
494,398		Mitsui Mining & Smelting Co Ltd		1,283
249,091		Mittal Steel South Africa Ltd		3,085
257,657		Mueller Industries, Inc		5,359
158,000		Nakayama Steel Works Ltd		376
36,100		Neturen Co Ltd		279
113,000	e	Nippon Denko Co Ltd		754
63,000		Nippon Koshuha Steel Co Ltd		71
423,000		Nippon Light Metal Co Ltd		483
107,000	e	Nippon Metal Industry Co Ltd		238
2,642,423	e	Nippon Steel Corp		10,149
96,000		Nippon Yakin Kogyo Co Ltd		465
41,057		Norddeutsche Affinerie AG.		1,189
106,623	e	Norsk Hydro ASA		547
50,254	*,e	Northwest Pipe Co		1,747
1,268,993	e	Nucor Corp		56,381
56,197	e	Olympic Steel, Inc		1,375
1,091,617		OneSteel Ltd		2,269
36,100		Osaka Steel Co Ltd		655
20,262	e	Outokumpu Oyj		349
155,000	e	Pacific Metals Co Ltd		1,204
1,049,500		Parkson Holdings BHD		1,523
83,237		POSCO		27,671
43,473	e	POSCO (ADR)		3,594

118

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
900,052		Precision Castparts Corp	$	65,731
13,389	*	Recylex S.A.		125
128,966	*,e	RTI International Metals, Inc		2,279
86,000		Sanyo Special Steel Co Ltd		329
9,662		Schmolz + Bickenbach AG.		267
115,734	e	Schnitzer Steel Industries, Inc (Class A)		6,118
314,950	f	Severstal (GDR)		1,707
28,985		Sidenor Steel Products Manufacturing Co S.A.		218
9,800	*,f,m	Siderar SAIC (ADR) (Class A)		506
2,046,373		Steel Authority Of India		6,457
1,332,570	e	Steel Dynamics, Inc		19,629
349,401		Sterlite Industries India Ltd		4,427
833,618		Straits Resources Ltd		1,417
1,326,112	*	Sumitomo Electric Industries Ltd		14,949
237,000	*	Sumitomo Light Metal Industries Ltd		253
9,075,537		Sumitomo Metal Industries Ltd		24,211
1,007,491	e	Sumitomo Metal Mining Co Ltd		14,255
9,856	*,e	Sutor Technology Group Ltd		32
230,000		SWCC Showa Holdings Co Ltd		275
25,889		Taihan Electric Wire Co Ltd		426
724,671		Tata Steel Ltd		5,909
68,865	e	Tenaris S.A.		936
133,120	e	Texas Industries, Inc		4,175
40,436	*,e	Timminco Ltd		43
331,989	e	Titanium Metals Corp		3,051
42,065		TKH Group NV		584
26,200	e	Toho Titanium Co Ltd		450
105,000		Toho Zinc Co Ltd		423
105,000	e	Tokyo Rope Manufacturing Co Ltd		364
471,011	e	Tokyo Steel Manufacturing Co Ltd		5,740
84,000		Toyo Kohan Co Ltd		392
163,676		Tredegar Corp		2,180
97,538		Tubacex S.A.		341
126,872		Tubos Reunidos S.A.		352
688,000		Tung Ho Steel Enterprise Corp		656
100,542		Umicore		2,281
663,948	e	United States Steel Corp		23,730
52,505	*,e	Universal Stainless & Alloy		854
261,477	*	Uranium Energy Corp		758
183,093		Usinas Siderurgicas de Minas Gerais S.A.		3,873
259,131		Usinas Siderurgicas de Minas Gerais S.A. (Preference)		5,503
476,807	e	Vallourec		57,879
324,706	e	Voestalpine AG.		8,905
71,632	e	Von Roll Holding AG.		399
13,542,150		Walsin Lihwa Corp		4,334
338,243	e	Worthington Industries, Inc		4,326
237,000		Yamato Kogyo Co Ltd		7,024
103,000		Yodogawa Steel Works Ltd		524
		TOTAL PRIMARY METAL INDUSTRIES		792,721

PRINTING AND PUBLISHING - 0.40%
305,023	*,e	ACCO Brands Corp		860
62,507		Alma Media		426

119

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
229,618	e	American Greetings Corp (Class A)	$	2,682
2,348,000		AMVIG Holdings Ltd		1,515
418,300		APN News & Media Ltd		497
110,532		Arnoldo Mondadori Editore S.p.A.		427
456,139		Belo (A.H.) Corp (Class A)		816
150,831	e	Bowne & Co, Inc		982
32,304		Caltagirone Editore S.p.A.		78
43,900	e	Cermaq ASA		350
132,971	*	China Information Security Technology, Inc		380
55,189	*,e	Consolidated Graphics, Inc		961
67,388		Courier Corp		1,028
41,279		CSS Industries, Inc		841
725,518		Dai Nippon Printing Co Ltd		9,971
363,812	e	Daily Mail & General Trust		1,700
111,017	e	De La Rue plc		1,664
150,460	*,e	Dolan Media Co		1,924
379,748		Dun & Bradstreet Corp		30,839
943,509	e	Eniro AB		868
145,553		Ennis, Inc		1,814
169,723	e	EW Scripps Co (Class A)		355
39,300		Fuji Seal International, Inc		709
20,133,000	*	Fung Choi Media Group Ltd		1,599
107,000	e	Gakken Co Ltd		208
730,980	e	Gannett Co, Inc		2,610
213,777	e	Harte-Hanks, Inc		1,977
65,132	*	Impresa SGPS		90
421,653		Independent News & Media plc		147
641,357		Informa plc		2,311
4,415,167	e	John Fairfax Holdings Ltd		4,340
141,948		John Wiley & Sons, Inc (Class A)		4,720
432,187		Johnston Press plc		140
251,495	e	Journal Communications, Inc (Class A)		264
96,927	e	Kadokawa Holdings, Inc		2,249
123,000		Kyodo Printing Co Ltd		392
138,659	e	Lagardere S.C.A.		4,604
32,177		Lambrakis Press S.A.		89
107,894	*,e	Martha Stewart Living Omnimedia, Inc (Class A)		330
2,333		McClatchy Co (Class A)		1
1,757,249	e	McGraw-Hill Cos, Inc		52,911
1,121,006	*	Mecom Group plc		25
51		Media General, Inc (Class A)		–	^
107,386	e	Meredith Corp		2,744
381,841	*	MSCI, Inc (Class A)		9,332
51,559		Multi-Color Corp		632
329,444	e	New York Times Co (Class A)		1,815
720,000		Oriental Press Group		85
120,585	e	Orkla ASA		876
540,526	e	PagesJaunes Groupe S.A.		5,254
4,314,647		Pearson plc		43,265
133,121	*,e	Playboy Enterprises, Inc (Class B)		334
262,886		PMP Ltd		83
106,543		Primedia, Inc		214
52,000	e	PRONEXUS, Inc		377
37,280	e	Quebecor, Inc		635

120

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
676	*	R.H. Donnelley Corp	$	–	^
999,989		R.R. Donnelley & Sons Co		11,620
130,050	e	RCS MediaGroup S.p.A.		161
1,386,615		Reed Elsevier NV		15,256
2,206,519		Reed Elsevier plc		16,426
6,632		Roularta Media Group NV		134
12,113	e	Sanoma-WSOY Oyj		188
85,903	e	Schawk, Inc (Class A)		645
38,263	e	Schibsted ASA		346
135,558	e	Scholastic Corp		2,683
1,219,102	*,e	Seat Pagine Gialle S.p.A.		279
1,329,236	e	Singapore Press Holdings Ltd		2,900
3,909		Spir Communication		85
138,330		St. Ives Group plc		118
154,568	e	Standard Register Co		504
24,136	e	Telegraaf Media Groep NV		393
485,945	e	Thomson Corp		14,142
200,263		Thomson Reuters plc		5,706
62,200	e	Toppan Forms Co Ltd		799
1,132,844		Toppan Printing Co Ltd		11,465
54,079	e	Torstar Corp		242
55,730	e	Transcontinental, Inc		427
343,999	e	Trinity Mirror PLC		324
237,961		United Business Media Ltd		1,563
250,730	*	Valassis Communications, Inc		1,532
215,383	*,e	VistaPrint Ltd		9,186
22,993	e	Washington Post Co (Class B)		8,098
194,884	e	West Australian Newspapers Holdings Ltd		685
275,227		Wolters Kluwer NV		4,807
1,187,057	e	Yell Group plc		513
410,275	e	Yellow Pages Income Fund		1,887
		TOTAL PRINTING AND PUBLISHING		319,454

RAILROAD TRANSPORTATION - 0.77%
1,475,654	e	Asciano Group		1,587
1,224,956		Burlington Northern Santa Fe Corp		90,084
863,045		Canadian National Railway Co		37,077
195,195		Canadian Pacific Railway Ltd		7,783
2,360	e	Central Japan Railway Co		14,527
2,283,324		CSX Corp		79,072
7,810	e	Delachaux S.A.		526
865,000		East Japan Railway Co		52,168
4,656,952	e	Firstgroup PLC		27,409
162,006	*	Genesee & Wyoming, Inc (Class A)		4,295
1,516,000		Guangshen Railway Co Ltd		716
1,000,470	e	Hankyu Hanshin Holdings, Inc		4,694
405,412	*,e	Kansas City Southern Industries, Inc		6,531
2,159,138		MTR Corp		6,477
2,267,601		Norfolk Southern Corp		85,421
705,594		Stagecoach Group plc		1,471
3,480,102		Union Pacific Corp		181,175
5,830		West Japan Railway Co		19,305
		TOTAL RAILROAD TRANSPORTATION		620,318

121

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
REAL ESTATE - 0.60%
906,377		Abacus Property Group	$	270
30,831		Acanthe Developpement S.A.		48
3,614		Affine S.A.		64
2,554,000	e	Agile Property Holdings Ltd		3,671
29,600		Airport Facilities Co Ltd		156
132,148	*	Alerion Industries S.p.A.		92
6,207,000	e	Allgreen Properties Ltd		4,328
8,338		Allreal Holding AG.		988
27,915		Alstria Office REIT-AG.		219
3,339	*	American Realty Investors, Inc		34
687,617		AMP NZ Office Trust		311
422,504		Aspen Group		114
2,387		Atenor Group		125
997,175	e	Australand Property Group		386
9,499,243		Ayala Land, Inc		1,599
9,247,920	*,m	Ayala Land, Inc (Preference)		19
18,188	*	Babis Vovos International Construction S.A.		109
910,354	e	Beni Stabili S.p.A.		713
194,874	*	Brioschi Sviluppo Immobiliare		51
2,549,355	e	British Land Co plc		16,022
493,037	e	Brixton plc		326
28,000	e	Brookfield Properties Co		223
953,017		Brookfield Properties Corp		7,538
31,662		CA Immo International AG.		161
70,897	*,e	CA Immobilien Anlagen AG.		587
3,199,956		CapitaLand Ltd		8,197
12,917,180		CapitaMall Trust		12,486
238,180	e	Castellum AB		1,516
66,000		Cathay Real Estate Development Co Ltd		26
787,565	*,e	CB Richard Ellis Group, Inc (Class A)		7,372
49,000		Central Pattana PCL		28
2,575	*	Centro Properties Group		–	^
4,084,157	e	Champion Real Estate Investment Trust		1,339
5,420,028		Cheuk Nang Holdings Ltd		1,224
831,192		Cheung Kong Holdings Ltd		9,556
25,000		China Aoyuan Property Group Ltd		6
127,055	*	China Housing & Land Development, Inc		732
2,966,000	e	China Resources Land Ltd		6,575
1,394,220		China Vanke Co Ltd		2,015
474,409	e	Chinese Estates Holdings Ltd		869
169,875	e	City Developments Ltd		1,006
246,798		Citycon Oyj		644
45,522	*,e	CLS Holdings PLC		228
14,117		Colonia Real Estate AG.		58
7,846		ComBOTS AG.		63
4,504		Compagnie Generale Immobiliere		1,120
31,691	e	Consolidated-Tomoka Land Co		1,112
58,828	*	Conwert Immobilien Invest AG.		475
64,911	e	Corio NV		3,156
4,526,000		Country Garden Holdings Co Ltd		2,108
236,249		Cyrela Brazil Realty S.A.		1,790
47,300	e	Daibiru Corp		408
1,445,900		Daiman Development BHD		596

122

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
133,233	e	Derwent London plc	$	2,049
242,927	*	Desarrolladora Homex S.A. de C.V.		1,130
38,767	e	Deutsche Euroshop AG.		1,194
23,515	*	Deutsche Wohnen AG.		328
58,286		Development Securities plc		252
26,047		DIC Asset AG.		185
138,718		Douja Promotion Groupe Addoha S.A.		2,560
17,894		Dundee Real Estate Investment Trust		233
132,416		DuPont Fabros Technology, Inc		1,247
15,015,400		Erawan Group PCL		749
25,185		Eurobank Properties Real Estate Investment Co		251
34,724	e	Eurocommercial Properties NV		1,069
206,480	e	Fabege AB		699
876,000		Far East Consortium		187
35,400	e	First Capital Realty, Inc		507
174,234		FKP Property Group		73
490,630	e	Forest City Enterprises, Inc (Class A)		3,238
201,189	*,e	Forestar Real Estate Group, Inc		2,390
63,762	e	Gecina S.A.		3,945
2,298,100	*,e	Genting International plc		1,079
136,629	*	Globe Trade Centre S.A.		949
20,930	e	Goldcrest Co Ltd		553
102,663		Grainger plc		247
264,029	e	Great Portland Estates plc		956
1,563,033		Growthpoint Properties Ltd		2,635
1,400,336	e	Guangzhou R&F Properties Co Ltd		3,144
215,000		Guocoland Ltd		239
759,634	e	Hammerson plc		3,837
508,000		Hang Lung Group Ltd		2,393
2,598,134		Hang Lung Properties Ltd		8,599
190,500		Heiwa Real Estate Co Ltd		625
73,803	e	Helical Bar plc		399
1,295,000		Henderson Investment Ltd		97
1,143,633		Henderson Land Development Co Ltd		6,559
243,000		Ho Bee Investment Ltd		138
284,000		Hong Fok Corp Ltd		92
290,000	e	Hongkong Land Holdings Ltd		1,027
781,415		Hopewell Holdings		2,450
92,725	e	Hufvudstaden AB (Series A)		576
2,470,602		Hysan Development Co Ltd		6,344
31,531	e	ICADE		2,589
4,674,000		IGB Corp BHD		2,274
114,766		Immobiliare Grande Distribuzione		200
559,118	e	IMMOFINANZ Immobilien Anlagen AG.		1,145
2,169,089	e	ING Office Fund		804
287,922	*,e	Inmobiliaria Colonial S.A.		58
779		Intershop Holdings		202
69,719	e	IVG Immobilien AG.		441
57,004		IVR Prime Urban Developers Ltd		94
54,200	b,e	Joint Corp		1
226,118	e	Jones Lang LaSalle, Inc		7,401
638,000		K Wah International Holdings Ltd		233
77,213		Kardan NV		442
723	e	Kenedix, Inc		390

123

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
1,432,223	e	Keppel Land Ltd	$	2,185
7,952,300		KLCC Property Holdings BHD		7,375
93,640	e	Klepierre		2,415
123,463		Klovern AB		290
196,494		Kungsleden AB		907
133,637,000		Lai Fung Holdings Ltd		4,569
17,069	*	Lamda Development S.A.		144
120,400		Land and Houses PCL Co LTD		18
2,106,100		Land and Houses PCL Co Reg		334
1,710,320	e	Land Securities Group plc		13,260
2,436		Leasinvest Real Estate SCA		173
105,347	e	Leighton Holdings Ltd		1,995
446,944	e	Liberty International plc		2,921
3,061,117		Link Real Estate Investment Trust		6,533
11,282,500	*	Lippo Karawaci Tbk PT		741
130,000		Liu Chong Hing Investment		91
112,457	*,e	LoopNet, Inc		872
61,135		MAC Services Group		58
3,500,888	e	Macquarie Goodman Group		1,044
35,779	e,m	Mapeley Ltd		118
643,000	f	Megaworld Corp		13
24,349		Mercialys S.A		751
5,781,100	*	Metro Pacific Investments Corp		613
1,248,929	e	Midland Holdings Ltd		761
1,764,518		Mirvac Group		1,536
2,420,889		Mitsubishi Estate Co Ltd		40,483
1,777,902		Mitsui Fudosan Co Ltd		31,060
1,731,000	*,e	Mongolia Energy Co ltd		639
101,000	*	Musashino Kogyo Co Ltd		192
4,906,666		New World China Land Ltd		2,729
7,733,781		New World Development Ltd		13,991
39,567	e	Nexity		1,180
38,200	e	Nomura Real Estate Holdings, Inc		662
250,400		Norwegian Property ASA		222
2,481	e	NTT Urban Development Corp		2,408
104,400		Parco Co Ltd		814
7,799		Parquesol Inmobiliaria y Proyectos S.A.		77
22,455	*,e	Patrizia Immobilien AG.		87
117,889	*,f	PIK Group (GDR)		147
15,869		Pirelli & C Real Estate S.p.A.		18
57,026	e	PSP Swiss Property AG.		2,724
231,029		Quintain Estates & Development PLC		191
77,464	*	Reading International, Inc		352
1,146,934	e	Regus plc		1,227
4,482,000		Renhe Commercial Holdings Co Ltd		925
2,543,023		Rich Development Co Ltd		1,182
7,148	e	Risa Partners, Inc		6,774
26,500		Sankei Building Co Ltd		150
149,000		SC Global Developments Ltd		116
7,027,466		Segro plc		2,804
358,779	e	Shaftesbury plc		1,781
80,000		Shanghai Forte Land Co		24
660,900		Shanghai Lujiazui Finance & Trade Zone Development Co Ltd		1,133
15,180,000	e	Shanghai Real Estate Ltd		1,939

124

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
132,000		Shenzhen Investment Ltd	$	55
32,700	e	Shoei Co Ltd		281
3,184,850	e	Shui On Land Ltd		2,182
158,000	e	Singapore Land Ltd		584
1,049,620		Sino Land Co		1,739
4,117,500		Sino-Ocean Land Holdings Ltd		4,713
14,142,552		SM Prime Holdings		2,615
381,479		Societa Partecipazioni Finanziarie S.p.A.		86
5,649	e	Societe de la Tour Eiffel		189
2,296,000		Soho China Ltd		1,422
2,148,250		SP Setia BHD		2,432
73,274	*,e	Sparkassen Immobilien AG.		441
10,450,956		SPG Land Holdings Ltd		4,059
186,506	e	Sponda Oyj		531
210,573		ST Modwen Properties plc		631
323,401	*,e	St. Joe Co		8,567
454,239	e	Stewart Enterprises, Inc (Class A)		2,189
2,400,027		Stockland Trust Group		6,208
7,390	e	Sumitomo Real Estate Sales Co Ltd		358
678,994	e	Sumitomo Realty & Development Co Ltd		12,482
2,611,062	e	Sun Hung Kai Properties Ltd		32,613
27,607	e	Swiss Prime Site AG.		1,352
25,250		TAG Tegernsee Immobilien und Beteiligungs AG.		92
862,000		TAI Cheung Holdings		487
87,990		Technopolis plc		365
40,000	e	Thomas Properties Group, Inc		63
106,000		TOC Co Ltd		463
1,461,197	e	Tokyo Tatemono Co Ltd		8,175
172,000		Tokyotokeiba Co Ltd		289
372,922	e	Tokyu Land Corp		1,703
16,500	e	Tokyu Livable, Inc		157
121,587	*,e	Unibail		18,108
107,097		Unite Group PLC		240
10,144,938	*	Unitech Corporate Parks plc		2,670
620,000		United Industrial Corp Ltd		771
19,499	e	Vastned Retail NV		968
48,992		Wallenstam Byggnads AB (B Shares)		505
9,803		Warehouses De Pauw SCA		399
2,824		Wereldhave Belgium NV		196
24,958		Wereldhave NV		1,856
2,007,000	e	Wheelock & Co Ltd		5,174
546,000		Wheelock Properties S Ltd		622
53,333		Wihlborgs Fastigheter AB		717
671,267		Wing Tai Holdings Ltd		626
1,731,571		Workspace Group plc		399
231,000	e	Yanlord Land Group Ltd		365
1,340,233		YNH Property BHD		663
3,189,000		Zhong An Real Estate Ltd		1,284
29,299		Zueblin Immobilien Holding AG.		112
		TOTAL REAL ESTATE		483,303

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.40%
163,065		A. Schulman, Inc		2,464

125

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
123,000	*	Achilles Corp	$	198
31,014	*	AEP Industries, Inc		818
194,784	e	Ansell Ltd		1,377
1,096,982	e	Asics Corp		10,021
67,000		Bando Chemical Industries Ltd		165
2,543,590	e	Bayer AG.		136,379
813,020	e	Bridgestone Corp		12,786
9,317	*	CENTROTEC Sustainable AG.		100
1,205,463		Cheng Shin Rubber Industry Co Ltd		1,881
345,985	e	Cooper Tire & Rubber Co		3,432
15,256		Deceuninck NV		41
74,499	*,e	Deckers Outdoor Corp		5,235
475,014	e	Denki Kagaku Kogyo KK		1,326
1,243,456	*,e	Goodyear Tire & Rubber Co		14,001
94,160		Hankook Tire Co Ltd		1,231
11,598		Innoconcepts		61
99,208	*,e	Metabolix, Inc		815
142,024	e	Michelin (C.G.D.E.) (Class B)		8,090
92,437	e	Mitsubishi Rayon Co Ltd		270
52,000	*,e	Mitsuboshi Belting Co Ltd		225
889,017	e	Mitsui Chemicals, Inc		2,852
1,868,720		Newell Rubbermaid, Inc		19,453
154,000	e	Nichias Corp		452
121,500		Nifco, Inc		1,887
30,600	*	Nitta Corp		448
98,309	*,e	NOK Corp		1,146
90,313	e	Nokian Renkaat Oyj		1,698
28,793		Nolato AB (B Shares)		179
58,000	e	Okamoto Industries, Inc		203
3,089,390		Pirelli & C S.p.A.		1,081
15,303		Puma AG. Rudolf Dassler Sport		3,348
2,034	*	Quadrant AG.		165
1,049,937		Sealed Air Corp		19,371
47,000		Sekisui Jushi Corp		388
81,000	*	Sekisui Plastics Co Ltd		293
18,271		Semperit AG. Holding		489
199,564	*,e	Skechers U.S.A., Inc (Class A)		1,950
179,155	e	Spartech Corp		1,646
4,521,451		SSL International plc		38,532
782,221	e	Sumitomo Bakelite Co Ltd		3,938
175,284	e	Sumitomo Rubber Industries, Inc		1,412
39,000	e	Takiron Co Ltd		121
201,451	e	Titan International, Inc		1,505
31,400		Tokai Rubber Industries, Inc		330
209,000		Toyo Tire & Rubber Co Ltd		501
78,408	*,e	Trex Co, Inc		1,048
390,158	e	Tupperware Corp		10,152
47,299		Uponor Oyj		559
70,860		Viscofan S.A.		1,511
2,550,000	*	Wai Chun Mining Industry Group Co Ltd		89
164,250	e	West Pharmaceutical Services, Inc		5,724
185,000	*	Yokohama Rubber Co Ltd		918
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		324,305

126

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
SECURITY AND COMMODITY BROKERS - 2.38%
43,118		ABC Arbitrage	$	361
436,000	e	ABG Sundal Collier ASA		475
95,243	e	AGF Management Ltd		1,040
59,900		Aizawa Securities Co Ltd		157
868,873		Ameriprise Financial, Inc		21,088
273,688	e	Australian Stock Exchange Ltd		8,158
22,238		Avanza AB		347
92,270		Azimut Holding S.p.A.		874
1,203,643	*,e,m	Babcock & Brown Ltd		315
111,516		Banca Finnat Euramerica S.p.A.		81
134,701	e	BlackRock, Inc		23,629
78,130		Bolsas y Mercados Espanoles		2,310
33,850	*	Boursorama		318
217,174	*,e	Broadpoint Securities Group, Inc		1,212
1,066,367		Broadridge Financial Solutions, Inc		17,680
75,772		BT Investment Management Ltd		128
408,600		Bursa Malaysia BHD		802
119,728		Calamos Asset Management, Inc (Class A)		1,689
47,105		Canaccord Capital, Inc		281
1,188,000		Capital Securities Corp		536
3,726,305		Charles Schwab Corp		65,359
790,000		China Everbright Ltd		1,945
183,459		Close Brothers Group PLC		1,983
316,369		CME Group, Inc		98,426
78,870	e	Cohen & Steers, Inc		1,179
117,315	e	Count Financial Ltd		133
4,095,985		Credit Suisse Group		186,979
545,116		Cromwell Group		228
29,100	e,m	D Carnegie AB		67
16,192		DAB Bank AG.		66
150,450		Daewoo Securities Co Ltd		2,244
1,560		Daishin Securities Co Ltd		19
1,987,146		Daiwa Securities Group, Inc		11,861
145,483	*	DeA Capital S.p.A.		293
1,424,599	e	Deutsche Boerse AG.		110,477
13,061	e	Diamond Hill Investment Group, Inc		525
108,755	e	Duff & Phelps Corp		1,934
64,556	*	Dundee Corp		375
45,870	e	DundeeWealth, Inc		339
3,018,781	*,e	E*Trade Financial Corp		3,864
362,374	e	Eaton Vance Corp		9,694
245,551		Egyptian Financial Group-Hermes Holding		998
59,039	e	Epoch Holding Corp		510
65,048	e	Evercore Partners, Inc (Class A)		1,278
183,735	e	Evolution Group plc		435
214,585	e	F&C Asset Management plc		246
88,193	*,e	FBR Capital Markets Corp		415
163,718	*,e	FCStone Group, Inc		647
274,461	e	Federated Investors, Inc (Class B)		6,612
109,216	e	Fifth Street Finance Corp		1,097
494,468		Franklin Resources, Inc		35,607
121,849	e	GAGFAH S.A.		1,010
40,953	e	GAMCO Investors, Inc (Class A)		1,986

127

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
437,588	e	GFI Group, Inc	$	2,949
16,448		Gluskin Sheff + Associates, Inc		228
58,694		GMP Capital, Inc		517
3,680,500		Goldman Sachs Group, Inc		542,654
26,211		Gottex Fund Management Holdings Ltd		159
79,711	e	Greenhill & Co, Inc		5,756
233,370		Hana Financial Group, Inc		5,019
67,921		Hellenic Exchanges S.A.		763
1,910,620	e	Hong Kong Exchanges and Clearing Ltd		29,756
189,397		Hyundai Securities Co		2,074
517,061		ICAP plc		3,837
195,600	e	Ichiyoshi Securities Co Ltd		1,626
191,874	e	IGM Financial, Inc		6,788
9,368		Indiabulls Financial Services Ltd		39
407,139		Indiabulls Real Estate Ltd		1,660
156,960	*,e	Interactive Brokers Group, Inc (Class A)		2,438
324,307	*,e	IntercontinentalExchange, Inc		37,049
29,827	*,e	International Assets Holding Corp		444
1,528,408		Invesco Ltd		27,236
352,872	*	Investment Technology Group, Inc		7,195
481,070		IOOF Holdings Ltd		1,616
1,295,400		iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker		2,317
14,000		Iwai Securities Co Ltd		136
580,611	e	Janus Capital Group, Inc		6,619
362,022	*	Jefferies Group, Inc		7,722
77,621		JMP Group, Inc		597
486	e	kabu.com Securities Co Ltd		650
185,458	*	KBW, Inc		5,334
3,749,404		KGI Securities Co Ltd		1,714
9,227,480		Kim Eng Holdings Ltd		11,850
1,012	*,e	KK DaVinci Advisors		164
587,001	*,e	Knight Capital Group, Inc (Class A)		10,008
69,850		Korea Investment Holdings Co Ltd		2,012
2,590,130		Kowloon Development Co Ltd		2,289
333,535	*,e	LaBranche & Co, Inc		1,434
334,669	e	Lazard Ltd (Class A)		9,009
5,565,397	e	Legal & General Group plc		5,200
2,582,305	e	Legg Mason, Inc		62,957
143,770	e	London Stock Exchange Group plc		1,662
372,995	e	Macquarie Group Ltd		11,752
1,685,292		Man Group plc		7,694
161,400	*,e	MarketAxess Holdings, Inc		1,538
55,100		Marusan Securities Co Ltd		359
122,200	e	Matsui Securities Co Ltd		1,111
552,976	*,e	MF Global Ltd		3,279
24,901		Mirae Asset Securities Co Ltd		1,358
40,000		Mito Securities Co Ltd		125
356,000	e	Mizuho Investors Securities Co Ltd		455
1,598	e	Monex Beans Holdings, Inc		713
7,055,648		Morgan Stanley		201,158
73,349	*	Morningstar, Inc		3,024
700,993	*	Nasdaq Stock Market, Inc		14,938
36,436		NeoNet AB		90

128

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
4,813,666	e	Nomura Holdings, Inc	$	40,674
61,419		Nordnet AB (Series B)		122
846,621	e	NYSE Euronext		23,070
17,748	*,e,m	Octaviar Ltd		14
152,000		Okasan Holdings, Inc		764
58,209		Oppenheimer Holdings, Inc		1,232
299,330	e	optionsXpress Holdings, Inc		4,649
116,981	*,e	Penson Worldwide, Inc		1,047
517,000	*,m	Peregrine Investment Holdings		–	^
33,427	e	Perpetual Trustees Australia Ltd		769
110,591	*,e	Piper Jaffray Cos		4,830
220,627	e	Platinum Asset Mangement Ltd		732
8,429,585		Polaris Securities Co Ltd		4,252
38,384		Pzena Investment Management, Inc (Class A)		291
491,180	e	Raymond James Financial, Inc		8,453
109,899		Reliance Capital Ltd		2,064
17,915		Renta 4 S.A.		126
969,233		RMB Holdings Ltd		2,947
59,054		Samsung Securities Co Ltd		3,143
104,162	e	Sanders Morris Harris Group, Inc		573
119,207	e	Schroders plc		1,609
1,181,511	e	SEI Investments Co		21,314
230,000		Shenyin Wanguo HK Ltd		122
1,282,789		Shinko Securities Co Ltd		4,035
1,333,901	e	Singapore Exchange Ltd		6,539
846,814	f	Spark Infrastructure Group		771
1,007		Sparx Group Co Ltd		208
73,315	e	Sprott, Inc		192
141,675	*,e	Stifel Financial Corp		6,813
531,000		Sun Hung Kai & Co Ltd		338
262,047		Suramericana de Inversiones S.A.		2,454
7,536		Swissquote Group Holding S.A.		361
155,854	e	SWS Group, Inc		2,177
816,266	e	T Rowe Price Group, Inc		34,014
272,000		Tai Fook Securities Group Ltd		73
170,000		Takagi Securities Co Ltd		372
1,606,349	*,e	TD Ameritrade Holding Corp		28,175
613	*,m	Teton Advisors, Inc		–	^
140,635	*,e	Thomas Weisel Partners Group, Inc		847
124,845	e	TMX Group, Inc		3,632
335,000		Tokai Tokyo Securities Co Ltd		1,224
5,301		Tong Yang Investment Bank		54
96,000		Toyo Securities Co Ltd		271
5,987		Union Financiere de France BQE S.A.		211
2,088,565		UOB-Kay Hian Holdings Ltd		1,932
68,827	e	US Global Investors, Inc (Class A)		637
8,471	e	Value Line, Inc		278
81,605	*	Vostok Nafta Investment Ltd		277
2,412		VZ Holding AG.		112
272,110		Waddell & Reed Financial, Inc (Class A)		7,176
8,879	*	Westpac Funds Management Ltd		600
27,318	e	Westwood Holdings Group, Inc		1,142
115,860		Woori Investment & Securities Co Ltd		1,364
		TOTAL SECURITY AND COMMODITY BROKERS		1,918,459

129

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
SOCIAL SERVICES - 0.01%
116,684	*,e	Capital Senior Living Corp	$	531
79,349		Care UK plc		399
821,607	e	Gunns Ltd		712
7,561	e	Korian		175
7,395	*	Nobel Learning Communities, Inc		85
75,779	*	Providence Service Corp		830
148,014	*	Res-Care, Inc		2,116
386,102		Ryman Healthcare Ltd		399
162,042	e	Southern Cross Healthcare Ltd		378
19,800		TEMP HOLDINGS CO Ltd		163
		TOTAL SOCIAL SERVICES		5,788

SPECIAL TRADE CONTRACTORS - 0.08%
21,393	e	Alico, Inc		642
198,770	*,e	AsiaInfo Holdings, Inc		3,421
9,618	e	Bauer AG.		343
218,200	*	Cape plc		706
113,582	e	Chemed Corp		4,484
22,400	e	Chudenko Corp		372
250,706		Comfort Systems USA, Inc		2,570
161,300		COMSYS Holdings Corp		1,787
52,000		Daimei Telecom Engineering Corp		499
229,285	*	Dycom Industries, Inc		2,538
291,708		eaga plc		630
426,282	*	EMCOR Group, Inc		8,577
20,700		Hibiya Engineering Ltd		184
44,979	e	Homeserve plc		1,110
210,774	*,e	Insituform Technologies, Inc (Class A)		3,577
58,645	*,e	Integrated Electrical Services, Inc		458
120,000	e	Kandenko Co Ltd		891
183,495		Kinden Corp		1,613
88,000	e	Kyowa Exeo Corp		877
49,000		Kyudenko Corp		340
113,184	*,e	Layne Christensen Co		2,315
333,700		Metalurgica Gerdau S.A.		4,394
448,000	*	Pan Electric Industries		–	^
2,000		Polimex Mostostal S.A.		2
682,646	*,e	Quanta Services, Inc		15,789
75,000		Sanki Engineering Co Ltd		577
3,500		Secom Techno Service Co Ltd		91
76,335		Severfield-Rowen plc		243
255,599		Spice plc		309
126,000		Taihei Kogyo Co Ltd		404
28,000	e	Taikisha Ltd		330
85,000	e	Takasago Thermal Engineering Co Ltd		768
590,146	b	Timbercorp Ltd		21
55,000		Toenec Corp		297
59,000		Yurtec Corp		331
		TOTAL SPECIAL TRADE CONTRACTORS		61,490

STONE, CLAY, AND GLASS PRODUCTS - 0.55%
3,122,366		3M Co		187,654
891,291		Ambuja Cements Ltd		1,628

130

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
527,835	e	Anhui Conch Cement Co Ltd	$	3,303
173,800	e	Apogee Enterprises, Inc		2,138
3,089,081	e	Asahi Glass Co Ltd		24,851
2,005,206		Asia Cement Corp		2,139
115,863		Associated Cement Co Ltd		1,852
650,360		Boral Ltd		2,133
249,669		Bradespar S.A.		3,262
87,677	e	Buzzi Unicem S.p.A RSP		702
93,360		Buzzi Unicem S.p.A.		1,319
125,569	*	Cabot Microelectronics Corp		3,552
98,808	e	CARBO Ceramics, Inc		3,379
47,976		Cementir S.p.A.		183
470,904		Cementos Argos S.A.		1,819
14,787	e	Cementos Portland Valderrivas S.A.		686
8,499,226	*,e	Cemex S.A. de C.V.		7,971
213,000		Central Glass Co Ltd		849
209,723	e	Cimpor Cimentos de Portugal S.A.		1,530
256,303	*,e	Coal of Africa Ltd		330
313,770	*,e	Cookson Group plc		1,349
1,648,535		CRH plc		37,696
50,528		CRH plc (IRELAND)		1,152
1,645	*	Daldrup & Soehne AG.		59
4,359		Dyckerhoff AG.		263
139,534	e	Eagle Materials, Inc		3,522
667,152		Egypt Kuwait Holding Co		1,214
61,024	e	FLSmidth & Co AS		2,167
533,368	e	Gentex Corp		6,187
1,000,000		Goldsun Development & Construction Co Ltd		482
10,641		GranitiFiandre S.p.A.		38
35,388		Grasim Industries Ltd		1,707
791,003	e	Grupo Carso S.A. de C.V. (Series A1)		2,119
689		H+H International AS		39
783	e	HeidelbergCement AG.		32
383,048	e	Holcim Ltd		21,751
155,935	e	Industrias Penoles S.A. de C.V.		2,496
333,897		Inversiones Argos S.A.		1,900
10,803	e	Italcementi S.p.A.		123
14,035		Italmobiliare S.p.A.		472
23,295		Italmobiliare S.p.A. RSP		502
601,104		Jaiprakash Associates Ltd		2,568
1,559,883		James Hardie Industries NV		5,279
38,000	e	Krosaki Harima Corp		81
818,920		Lafarge Malayan Cement BHD		1,375
147,426	e	Lafarge S.A.		9,979
4,698	*	Lafarge S.A. new		308
206,000		Luks Group Vietnam Holdings Ltd		112
203,358	e	Marshalls plc		287
140,582	e	Martin Marietta Materials, Inc		11,089
232,777		Morgan Crucible Co plc		364
189,632	e	NGK Insulators Ltd		3,878
16,100	e	Nichiha Corp		129
77,000		Nihon Yamamura Glass Co Ltd		194
453,117	e	Nippon Sheet Glass Co Ltd		1,326

131

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
85,000	*	Noritake Co Ltd	$	281
529,963	*,e	Owens Corning, Inc		6,773
1,222,699	*	Owens-Illinois, Inc		34,248
25,619		Pargesa Holding S.A.		1,599
19,800		Pigeon Corp		631
541,184		Pretoria Portland Cement Co Ltd		2,037
2,772,500		PT Indocement Tunggal Prakarsa Tbk		2,105
2,583,000		PT Semen Gresik Persero Tbk		1,240
18,883		Sa des Ciments Vicat		1,086
15,900		Siam Cement PCL		72
311,000		Siam Cement PCL reg		1,470
2,456		Sika AG.		2,726
5,491		STO AG.		324
687,193	e	Sumitomo Osaka Cement Co Ltd		1,491
2,247,305	e	Taiheiyo Cement Corp		3,872
3,281,965		Taiwan Cement Corp		3,141
988,663		Taiwan Glass Industrial Corp		654
1,874,000	*	TCC International Holdings Ltd		708
8,761		Titan Cement Co S.A.		231
185,951	e	Toto Ltd		1,305
354,071	*	Turk Sise ve Cam Fabrikalari AS		290
217,249	*,e	US Concrete, Inc		430
128,160	*,e	USG Corp		1,291
407		Vetropack Holding AG.		594
82,854	e	Wienerberger AG.		1,026
968,000		Xinyi Glass Holdings Co Ltd		834
24,120		Zignago Vetro S.p.A.		115
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		444,093

TEXTILE MILL PRODUCTS - 0.04%
162,331	e	Albany International Corp (Class A)		1,847
470,973	e	Alfa S.A. de C.V. (Class A)		1,321
256,000		Atsugi Co Ltd		367
56,965		Cheil Industries, Inc		2,052
118,000	e	Daiwabo Co Ltd		352
4,596,152		Far Eastern Textile Co Ltd		5,323
1,063,220		Formosa Taffeta Co Ltd		726
25,374		Hyosung Corp		1,860
248,218		Interface, Inc (Class A)		1,539
96,000	e	Japan Wool Textile Co Ltd		664
222,000	e	Kurabo Industries Ltd		461
421,000	e	Li Heng Chemical Fibre Technologies Ltd		61
231,653	*,e	Mohawk Industries, Inc		8,266
25,340	e	Nisshinbo Industries, Inc		287
194,000		Nitto Boseki Co Ltd		354
69,211	e	Oxford Industries, Inc		806
609,000		Pacific Textile Holdings Ltd		169
480,000	*	Ruentex Industries Ltd		534
707,530	e	Seiren Co Ltd		3,555
1,054,981	e	Teijin Ltd		3,406
796,000		Texwinca Holdings Ltd		636
425,000	e	Unitika Ltd		384
763,000		Victory City International Hlds		95
		TOTAL TEXTILE MILL PRODUCTS		35,065

132

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
TOBACCO PRODUCTS - 1.21%
11,313,782		Altria Group, Inc	$	185,433
181,387	e	Australian Agricultural Co Ltd		198
273,100		British American Tobacco Malaysia BHD		3,477
3,980,608		British American Tobacco plc		109,563
718,029		Fortune Brands, Inc		24,944
3,834,612		Huabao International Holdings Ltd		3,711
1,721,271		Imperial Tobacco Group plc		44,686
1,451,165	*	ITC Ltd		5,778
6,382		Japan Tobacco, Inc		20,007
1,023,412		Lorillard, Inc		69,357
11,149,493		Philip Morris International, Inc		486,341
131,935		Souza Cruz S.A.		3,758
558,214	e	Swedish Match AB		9,063
148,956	e	Universal Corp		4,932
184,610	e	Vector Group Ltd		2,638
		TOTAL TOBACCO PRODUCTS		973,886

TRANSPORTATION BY AIR - 0.32%
31,461	*	ACE Aviation Holdings, Inc (Class A)		143
42,373		Aegean Airlines S.A.		254
156,409	*	AER Lingus		105
36,798	*	Aer Lingus Group plc		26
151,940	e	Aeroports de Paris		11,130
61,732	*,e	Air Berlin plc		294
5,888,600		Air China Ltd		2,887
86,707	e	Air France-KLM		1,107
54,496	*,e	Air Methods Corp		1,491
3,111,688		Air New Zealand Ltd		1,807
324,614	*	Air Transport Services Group, Inc		753
3,752,500	*	AirAsia BHD		1,185
588,644	*,e	Airtran Holdings, Inc		3,644
208,234	*,e	Alaska Air Group, Inc		3,802
140,075	*,e,m	Alitalia S.p.A.		87
536,008	*,e	All Nippon Airways Co Ltd		1,875
79,085	*,e	Allegiant Travel Co		3,135
1,588,077	*,e	AMR Corp		6,384
94,496	*	Atlas Air Worldwide Holdings, Inc		2,191
920,320		Auckland International Airport Ltd		956
641,481		BBA Aviation plc		1,203
2,144,000	*	Beijing Capital International Airport Co Ltd		1,502
163,972	*,e	Bristow Group, Inc		4,858
2,844,207	e	British Airways plc		5,835
1,259,504	e	Cathay Pacific Airways Ltd		1,736
2,333,129	*	China Airlines		577
686,575	*,e	Continental Airlines, Inc (Class B)		6,083
333,051		Copa Holdings S.A. (Class A)		13,596
5,814,889	*,e	Delta Air Lines, Inc		33,669
209,041	*	easyJet plc		929
2,241,500	*	Eva Airways Corp		603
1,413,954	e	FedEx Corp		78,645
57,442		Finnair Oyj		303
15,673	e	Flughafen Wien AG.		635

133

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
4,232		Flughafen Zuerich AG.	$	946
191,464	*,b,m	FLYi, Inc		1
6,312	e	Fraport AG. Frankfurt Airport Services Worldwide		270
379,697	*	Gemina S.p.A.		279
537,493		Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		1,373
451,843	*	Hawaiian Holdings, Inc		2,720
44,000		Hong Kong Aircraft Engineerg		513
129,176		Iberia Lineas Aereas de Espana		274
733,705	*,e	Japan Airlines Corp		1,417
1,293,461	*,e	JetBlue Airways Corp		5,523
39,918		Korean Air Lines Co Ltd		1,115
252,802		Lan Airlines S.A.		3,025
4,334,470		Macquarie Airports		8,068
448,266		Malaysian Airline System BHD		390
18,050	*	Norwegian Air Shuttle AS		126
74,632	*	PHI, Inc		1,279
1,821,433		Qantas Airways Ltd		2,950
191,379	*	Republic Airways Holdings, Inc		1,250
70,774	*	Ryanair Holdings plc		324
46,672	*,e	Ryanair Holdings plc (ADR)		1,325
96	*,m	SAir Group		–	^
916,073	*,e	SAS AB		405
19,069		SAVE S.p.A.		116
211,736		Singapore Airlines Ltd		1,944
381,000		Singapore Airport Terminal Services Ltd		573
324,576		Skywest, Inc		3,311
2,856,405		Southwest Airlines Co		19,225
717,338	e	UAL Corp		2,288
689,729	*,e	US Airways Group, Inc		1,676
699,197	*,e	Virgin Blue Holdings Ltd		177
		TOTAL TRANSPORTATION BY AIR		256,313

TRANSPORTATION EQUIPMENT - 2.75%
131,839	e	A.O. Smith Corp		4,294
218,265	*,e	AAR Corp		3,503
13,253		Accell Group		508
67,372	*	Aerovironment, Inc		2,079
54,400	*	Aisan Industry Co Ltd		442
394,875	e	Aisin Seiki Co Ltd		8,587
43,000	e	Akebono Brake Industry Co Ltd		197
2,850,468	e	American Axle & Manufacturing Holdings, Inc		9,806
65,611	e	American Railcar Industries, Inc		542
109,218	*,e	Amerigon, Inc (Class A)		666
406,830	e	ArvinMeritor, Inc		1,786
106,641	*	ATC Technology Corp		1,546
2,487,947		Austal Ltd		5,593
1,461,359	e	Autoliv, Inc		42,043
12,148,617		BAE Systems plc		67,656
503,336	e	Bayerische Motoren Werke AG.		18,952
9,082		Bayerische Motoren Werke AG. (Preference)		218
367,076	*,e	BE Aerospace, Inc		5,271
33,784	e	Beneteau S.A.		367
3,681,356	e	Boeing Co		156,459
2,708,952	e	Bombardier, Inc		8,035

134

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
25,889		Brembo S.p.A.	$	152
507,865	e	Brunswick Corp		2,194
150,000	*	BW Offshore Ltd		187
904,058		Calsonic Kansei Corp		1,792
16,282	*	Carraro S.p.A		66
2,077,000		China South Locomotive and Rolling Stock Corp		1,217
264,037	e	Clarcor, Inc		7,707
503,027		Cobham plc		1,429
171,730	*,e	Cogo Group, Inc		1,025
9,729		Compagnie Plastic-Omnium S.A.		140
3,063		Construcciones y Auxiliar de Ferrocarriles S.A.		1,371
745,851	e	Cosco Corp Singapore Ltd		644
435,000	*	CSBC Corp		451
106,111		Daewoo Shipbuilding & Marine Engineering Co Ltd		1,666
34,548		Daihatsu Motor Co Ltd		322
17,259	e	DaimlerChrysler AG.		626
4,175,686	e	DaimlerChrysler AG. (EUR)		151,017
522,608	*,e	Dana Holding Corp		669
943,013	*,e	Denso Corp		24,276
6,928,000		Denway Motors Ltd		2,771
35,317		Doosan Heavy Industries and Construction Co Ltd		1,699
65,319	*	Dorman Products, Inc		903
60,564		Ducommun, Inc		1,138
47,768		Elbit Systems Ltd		2,881
27,291		ElringKlinger AG.		456
853,595		Empresa Brasileira de Aeronautica S.A.		3,550
802,503	e	European Aeronautic Defence and Space Co		12,958
41,600	*	Exedy Corp		823
5,584		Faiveley S.A.		425
51,400		FCC Co Ltd		706
89,228	*,e	Federal Mogul Corp (Class A)		843
282,013	e	Federal Signal Corp		2,157
108,792	e	Fiat S.p.A.		1,093
72,145		Fleetwood Corp Ltd		343
487,430	*,e	Force Protection, Inc		4,309
17,230,728	*,e	Ford Motor Co		104,591
70,767	e	Freightcar America, Inc		1,190
61,529	*,e	Fuel Systems Solutions, Inc		1,242
1,301,000	e	Fuji Heavy Industries Ltd		5,280
130,900	*,e	Futaba Industrial Co Ltd		473
289,912	*,e	GenCorp, Inc		554
2,101,717		General Dynamics Corp		116,414
50,704	*,e	GenTek, Inc		1,132
617,486		Genuine Parts Co		20,723
4,199	e	Georg Fischer AG.		718
275,000	*	Giant Manufacturing Co Ltd		661
848,614		GKN plc		1,731
1,332,192		Goodrich Corp		66,570
91,246	e	Greenbrier Cos, Inc		656
134,887	e	Group 1 Automotive, Inc		3,510
18,387		Haldex AB		127
181,390		Hampson Industries plc		203
986,898	e	Harley-Davidson, Inc		15,998
254,382		Harsco Corp		7,199

135

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
115,334	e	Heico Corp	$	4,182
104,517		Hero Honda Motors Ltd		3,049
1,045,967	*	Hino Motors Ltd		3,268
3,365,880	*,e	Honda Motor Co Ltd		92,939
5,494,755		Honeywell International, Inc		172,536
167,000		Hong Leong Asia Ltd		173
52,515		Hyundai Heavy Industries		7,853
17,053		Hyundai Mipo Dockyard		1,693
93,349		Hyundai Mobis		8,170
216,486		Hyundai Motor Co		12,592
51,350		Hyundai Motor Co Ltd Preference		1,215
211,638		IMMSI S.p.A.		253
23,451	e	Indus Holding AG.		354
3,673,876	*	Isuzu Motors Ltd		5,911
188,022		Japan Tecseed Co Ltd		597
22,000		Japan Vilene Co Ltd		113
331,590		Jardine Cycle & Carriage Ltd		4,396
286,000	e	Jaya Holdings Ltd		68
179,443		JTEKT Corp		1,827
143,607	e	Kaman Corp		2,398
68,500		Kanto Auto Works Ltd		666
992,646	e	Kawasaki Heavy Industries Ltd		2,741
3,189,266		Keppel Corp Ltd		15,193
53,000		Kinki Sharyo Co Ltd		355
113,000	e	Koito Manufacturing Co Ltd		1,370
308,436	*,e	Lear Corp		154
63,898		Linamar Corp		593
49,483	*,e	LMI Aerospace, Inc		501
2,032,219		Lockheed Martin Corp		163,899
174,654	*	Magna International, Inc		7,410
513,718		Magna International, Inc - Class A		21,699
202,787		Mahindra & Mahindra Ltd		2,926
52,583	e	MAN AG.		3,224
76,286		Maruti Udyog Ltd		1,702
393,185	*,e	Mazda Motor Corp		1,008
916,960		Meggitt plc		2,391
17,799		Mekonomen AB		266
22,377		Metka S.A.		269
47,930	*	Miller Industries, Inc		422
29,000		Mitsuba Corp		101
3,260,000	*,e	Mitsubishi Motors Corp		6,125
2,940,988	e	Mitsui Engineering & Shipbuilding Co Ltd		6,930
13,300	e	Modec, Inc		235
72,769		MTU Aero Engines Holding AG.		2,654
20,800	*	Musashi Seimitsu Industry Co Ltd		323
102,000		Nabtesco Corp		1,010
63,600		Namura Shipbuilding Co Ltd		397
250,460	*,e	Navistar International Corp		10,920
313,052	e	NHK Spring Co Ltd		2,103
55,000		Nippon Seiki Co Ltd		572
113,000		Nippon Sharyo Ltd		623
77,000		Nissan Shatai Co Ltd		635
34,200		Nissin Kogyo Co Ltd		437
848,000	m	Norstar Founders Group Ltd		1

136

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
483,280		Novatek Microelectronics Corp Ltd	$	1,155
495,194	e	NSK Ltd		2,519
366,183	*	Orbital Sciences Corp		5,555
868,876	e	Oshkosh Truck Corp		12,633
1,496,102	e	Paccar, Inc		48,638
22,698	e	Peugeot S.A.		596
167,525		Piaggio & C S.p.A.		336
99,000	*	Pixart Imaging, Inc		673
202,052	e	Polaris Industries, Inc		6,490
419,139		Porsche AG.		28,106
30,374		Portec Rail Products, Inc		299
193,000		Press Kogyo Co Ltd		345
705,570	e	Renault S.A.		25,903
2,818		Rieter Holding AG.		472
75,000		Riken Corp		238
1,556,913		Rolls-Royce Group plc		9,260
5,482		Rosenbauer International AG.		223
49,227	e	Saab AB (Class B)		376
226,560		Samsung Heavy Industries Co Ltd		5,157
176,000		Sanden Corp		442
229,000	e	Sasebo Heavy Industries Co Ltd		480
45,944	e	Scania AB (B Shares)		456
3,218,059		SembCorp Marine Ltd		5,977
739,696		Senior PLC		465
55,116	e	Shimano, Inc		2,111
40,800	e	Showa Corp		179
1,039,134	e	Singapore Technologies Engineering Ltd		1,758
833,000	m	Sinotruk Hong Kong Ltd		807
59,945		Sogefi S.p.A.		87
238,671	e	Spartan Motors, Inc		2,704
507,035	*,e	Spirit Aerosystems Holdings, Inc (Class A)		6,967
83,772	*	Standard Motor Products, Inc		693
48,514		STX Shipbuilding Co Ltd		613
432,575	e	Sumitomo Precision Products Co Ltd		1,774
133,426	e	Superior Industries International, Inc		1,881
705,753	e	Suzuki Motor Corp		15,897
30,000		Tachi-S Co Ltd		242
33,200	*,e	Takata Corp		527
323,798		Tata Motors Ltd		1,965
265,551	*,e	Tenneco, Inc		2,815
377,613	e	Thales S.A.		16,885
154,865	e	Thor Industries, Inc		2,845
26,289	*	Todd Shipyards Corp		438
59,400	*	Tokai Rika Co Ltd		949
250,594		Tomkins PLC		610
239,000		Topy Industries Ltd		454
30,000	e	Toyo Electric Manufacturing Co Ltd		201
43,646	e	Toyoda Gosei Co Ltd		1,182
50,400	*	Toyota Auto Body Co Ltd		922
123,573	*	Toyota Industries Corp		3,085
4,892,937		Toyota Motor Corp		186,403
151,260	*,e	TransDigm Group, Inc		5,476
376,266	e	Trelleborg AB (B Shares)		1,253
9,123		Trigano S.A.		125

137

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
261,858	e	Trinity Industries, Inc	$	3,567
94,962	e	Triumph Group, Inc		3,798
519,519	*,e	TRW Automotive Holdings Corp		5,871
68,600		TS Tech Co Ltd		1,003
41,466	e	Umeco PLC		141
26,200	e	Unipres Corp		290
4,308,359		United Technologies Corp		223,863
132,258	e	Valeo S.A.		2,432
60,696	e	Volkswagen AG.		20,532
226,598		Volkswagen AG. (Preference)		15,818
123,052	e	Volvo AB (A Shares)		758
160,050	e	Volvo AB (B Shares)		988
389,000		Weichai Power Co Ltd		1,290
148,502	e	Westinghouse Air Brake Technologies Corp		4,777
152,904	e	Winnebago Industries, Inc		1,136
74,063	*,e	Wonder Auto Technology, Inc		750
150,743	e	Yamaha Motor Co Ltd		1,679
907,258		Yulon Motor Co Ltd		863
49,344	e	Zodiac S.A.		1,603
		TOTAL TRANSPORTATION EQUIPMENT		2,214,771

TRANSPORTATION SERVICES - 0.19%
491,835		All America Latina Logistica S.A.		3,030
94,870	e	Ambassadors Group, Inc		1,306
493,609	*	Asciano Group		531
88,937	e	Autostrada Torino-Milano S.p.A.		897
500,550		Autostrade S.p.A.		10,112
865,834	e	CH Robinson Worldwide, Inc		45,153
3,080,000		China Travel International Inv HK		680
34,457	e	Cintra Concesiones de Infraestructuras de Transporte S.A.		214
23,891		Clarkson plc		244
194,000		CWT Ltd		64
31,973	e	D/S Norden		1,093
266,139	e	Deutsche Lufthansa AG.		3,334
2,309		Dfds AS		123
86,871	*,e	Dynamex, Inc		1,337
981,980		Expeditors International Washington, Inc		32,739
72,878	e	Flight Centre Ltd		508
120,526		Freightways Ltd		220
179,531	e	GATX Corp		4,618
33,100	*,e	HIS Co Ltd		730
7,585		Hopewell Highway Infrastructure Ltd		4
260,479	*	Hub Group, Inc (Class A)		5,376
196,348	*	Interval Leisure Group, Inc		1,830
30,400	e	Kintetsu World Express, Inc		726
3,117		Kuoni Reisen Holding		968
640,000	*	Macau Success Ltd		29
63,621		Mainfreight Ltd		173
43,438		Oesterreichische Post AG.		1,245
237,388	*,e	Orbitz Worldwide, Inc		451
276,534	e	Pacer International, Inc		617
14,454		Panalpina Welttransport Holding AG.		1,050
2,903,000		PLUS Expressways BHD		2,643
131,000		Senko Co Ltd		457

138

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
904,000	*	Sincere Navigation	$	1,019
48,996	e	Societa Iniziative Autostradali e Servizi S.p.A.		340
16,800		Toho Real Estate Co Ltd		85
1,227,367		Toll Holdings Ltd		6,181
29,484	e	TUI AG.		217
51,259	*	Universal Travel Group		574
1,767,503		UTI Worldwide, Inc		20,150
104,570		Wincanton PLC		334
14,500	e	Yusen Air & Sea Service Co Ltd		184
		TOTAL TRANSPORTATION SERVICES		151,586

TRUCKING AND WAREHOUSING - 0.43%
148,351	e	Arkansas Best Corp		3,909
32,500	e	ASKUL Corp		528
82,083	e	Big Yellow Group plc		462
142,766	*,e	Celadon Group, Inc		1,198
225,252	e	Con-way, Inc		7,954
2,416,284		Deutsche Post AG.		31,473
302,701	e	DSV AS		3,749
149,213	e	Forward Air Corp		3,181
233,000	e	Fukuyama Transporting Co Ltd		1,040
336,170	e	Heartland Express, Inc		4,948
53,700	e	Hitachi Transport System Ltd		627
460,123	e	J.B. Hunt Transport Services, Inc		14,048
120,000		Keppel Telecommunications & Transportation Ltd		115
1,140,258		Kerry Properties Ltd		5,002
306,710	e	Landstar System, Inc		11,014
93,620	*	Marten Transport Ltd		1,944
93,000		Maruzen Showa Unyu Co Ltd		255
83,049		Mitsubishi Logistics Corp		922
113,000	e	Mitsui-Soko Co Ltd		447
65,860	e	Mullen Group Ltd		709
85,271	e	Neopost S.A.		7,656
3,474,883		Nippon Express Co Ltd		15,835
81,000		Nippon Konpo Unyu Soko Co Ltd		899
2,839	e	Norbert Dentressangle		141
156,518	*,e	Old Dominion Freight Line		5,254
8,164	*,e	Patriot Transportation Holding, Inc		595
6,461		Piraeus Port Authority		134
85,706	*,e	Saia, Inc		1,544
344,000		Sankyu, Inc		1,357
244,000		Seino Holdings Corp		2,034
44,000	e	Shibusawa Warehouse Co Ltd		170
133,000		Sumitomo Warehouse Co Ltd		602
1,373,134		TNT NV		26,670
73,256		TransForce, Inc		372
3,520,029		United Parcel Service, Inc (Class B)		175,967
44,609	e	Universal Truckload Services, Inc		698
45,674	*	USA Truck, Inc		618
83	e	VANTEC CORP		77
247,601	e	Werner Enterprises, Inc		4,487
782,599	e	Yamato Transport Co Ltd		10,447
324,680	*,e	YRC Worldwide, Inc		562
		TOTAL TRUCKING AND WAREHOUSING		349,644

139

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
WATER TRANSPORTATION - 0.25%
159,958	e	Alexander & Baldwin, Inc	$	3,749
70,225	*,e	American Commercial Lines, Inc		1,087
94,890		Anek Lines S.A.		125
260		AP Moller - Maersk AS (Class A)		1,523
475	e	AP Moller - Maersk AS (Class B)		2,845
3,172,269	e	Babcock & Brown Infrastructure Group		176
47,426	e	Bourbon S.A.		1,859
16,600		Camillo Eitzen & Co ASA		29
1,530,312		Carnival Corp		39,437
23,626		Carnival plc		625
364,000		CH Offshore Ltd		124
3,771,300	*,e	China Shipping Container Lines Co Ltd		1,012
1,446,000		China Shipping Development Co Ltd		1,866
210,000		Chu Kong Shipping Development		31
12,061		Compagnie Maritime Belge S.A.		366
3,040,875	e	COSCO Holdings		3,622
62,119		D/S Torm AS		632
102,000	e	Daiichi Chuo Kisen Kaisha		294
175,000	e	Danaos Corp		567
211,500		Deep Sea Supply plc		345
250,542	e	DHT Maritime, Inc		1,305
43,600		DOF ASA		251
248,055	e	Eagle Bulk Shipping, Inc		1,163
65,000	*	Eitzen Chemical ASA		33
40,633		Euronav NV		756
469,000	*	Evergreen International Storage & Transport Corp		424
1,123,222		Evergreen Marine Corp Tawain Ltd		560
314,000	e	Ezra Holdings Ltd		251
39,323	e	Forth Ports PLC		615
197,609	e	Frontline Ltd		4,814
53,400	e	Frontline Ltd (Norway)		1,318
136,178	e	Genco Shipping & Trading Ltd		2,958
256,617		General Maritime Corp		2,538
177,801		Golar LNG Ltd		1,520
44,500	e	Golar LNG Ltd (Norway)		382
112,012	*	Gulfmark Offshore, Inc		3,092
633,077	e	Hamburger Hafen und Logistik AG.		24,380
60,194		Hanjin Shipping Co Ltd		841
251,774	e	Horizon Lines, Inc (Class A)		972
124,988	*,e	Hornbeck Offshore Services, Inc		2,673
107,200	e	Iino Kaiun Kaisha Ltd		640
4,056,300		International Container Term Services, Inc		1,306
37,481	e	International Shipholding Corp		1,010
25,500	e	Inui Steamship Co Ltd		188
2,167		Israel Corp Ltd		1,163
66,102	e	James Fisher & Sons plc		447
353,010		Kamigumi Co Ltd		2,983
1,567,916	e	Kawasaki Kisen Kaisha Ltd		6,478
213,170	*	Kirby Corp		6,777
87,987	e	Knightsbridge Tankers Ltd		1,200
7,009	*	Korea Express Co Ltd		449
7,245		Korea Line Corp		351

140

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
132,386	*,e	Kuehne & Nagel International AG.	$	10,369
1,356,900		Malaysia International Shipping Corp BHD		3,320
118,305		Mermaid Marine Australia Ltd		174
12,944		Minoan Lines S.A.		61
2,661,255	e	Mitsui OSK Lines Ltd		17,321
390,057	e	Neptune Orient Lines Ltd		399
820,114	e	Nippon Yusen Kabushiki Kaisha		3,550
57,000		Nissin Corp		130
229,857	e	Nordic American Tanker Shipping		7,314
255,902	*,e	Odyssey Marine Exploration, Inc		409
110,000	e	Omega Navigation Enterprises, Inc (Class A)		418
174,524		Orient Overseas International Ltd		745
87,423	e	Overseas Shipholding Group, Inc		2,976
2,196,000		Pacific Basin Shipping Ltd		1,403
414,819	e	Royal Caribbean Cruises Ltd		5,617
154,000	e	Shinwa Kaiun Kaisha Ltd		467
215,786	e	Ship Finance International Ltd		2,380
2,886,000	e	Shun TAK Holdings Ltd		1,814
13,565		Smit Internationale NV		803
43,000	e	Stolt-Nielsen S.A.		466
114,640		STX Pan Ocean Co Ltd		1,062
77,289	*,e	TBS International Ltd (Class A)		604
173,655	e	Teekay Corp		3,652
60,187	e	Teekay Tankers Ltd (Class A)		559
149,023	*,e	Ultrapetrol Bahamas Ltd		660
1,106,000		U-Ming Marine Transport Corp		2,157
20,437		VTG AG.		250
1,233,670		Wan Hai Lines Ltd		575
19,367		Wilh Wilhelmsen ASA		334
1,449,512		Yang Ming Marine Transport		519
		TOTAL WATER TRANSPORTATION		204,660

WHOLESALE TRADE-DURABLE GOODS - 0.94%
109,638	e	Agilysys, Inc		513
249,214	e	Applied Industrial Technologies, Inc		4,910
1,030,402	*	Arrow Electronics, Inc		21,886
19,295		Arseus NV		177
10,700		As One Corp		192
1,619,258	e	Assa Abloy AB (Class B)		22,564
32,500	e	Autobacs Seven Co Ltd		1,164
157,900		Banpu PCL		1,566
272,577	e	Barnes Group, Inc		3,241
285,666	*,e	Beacon Roofing Supply, Inc		4,131
505		BIC CAMERA, Inc		204
21,595	*	Bluelinx Holdings, Inc		65
9,553		Bobst Group AG.		268
515,889	e	BorgWarner, Inc		17,618
117,415	e	BSS Group plc		496
102,727	e	Bunzl plc		849
53,189		Canon Marketing Japan, Inc		745
59,114	*,e	Cardtronics, Inc		225
42,264		Carl Zeiss Meditec AG.		593
100,477	e	Castle (A.M.) & Co		1,214
978,162		Champion Technology Holdings Ltd		35

141

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
5,001,896	e	China Communications Construction Co Ltd	$	5,847
949,000		China High Speed Transmission Equipment Group Co Ltd		1,891
1,230,600	*	China Metal Recycling Holdings Ltd		1,042
2,330,861		China National Building Material Co Ltd		4,517
66,707	*	Chindex International, Inc		825
2,662,000	*	CMC Magnetics Corp		575
7,309		Coltene Holding AG.		269
28,110		Communications Systems, Inc		275
1,503,167	e	Compagnie de Saint-Gobain		50,239
152,211	*,e	Conceptus, Inc		2,572
21,292		Consumers' Waterheater Income Fund		116
78,040		Crane Group Ltd		638
55,200		Creative Technology Ltd		137
7,475		Daetwyler Holding AG.		293
76,000	*,e	Daiichi Jitsugyo Co Ltd		269
36,576		Demag Cranes AG.		827
122,633	*,e	DemandTec, Inc		1,079
105,177		Derichebourg		277
3,149	e	D'ieteren S.A.		647
131,548	*,e	Digi International, Inc		1,283
1,611,667		Dimension Data Holdings plc		1,578
4,259,900		Dongfeng Motor Group Co Ltd		3,595
11,053		Doosan Corp		772
24,200		Doshisha Co Ltd		353
104,723	*,e	Drew Industries, Inc		1,274
27,953		Eastern Co		461
408,020	e	Electrocomponents plc		945
745,462	m	Energy Support Corp		1,493
11,200	e	Enplas Corp		163
12,026		Eriks Group NV		808
36,309		Esprinet S.p.A.		327
223,497		Finning International, Inc		3,228
531,164		Fisher & Paykel Healthcare Corp		1,001
179,678	*,e	Fortescue Metals Group Ltd		549
45,468		Fourlis Holdings S.A.		590
20,780		Frigoglass S.A.		173
15,100	e	Fujitsu Business Systems Ltd		286
34,874	*	GameLoft		130
207,000		GeoVision, Inc		940
178,476		Grafton Group plc		656
194,111	e	GWA International Ltd		360
11,800		Hakuto Co Ltd		112
2,076		Hamon & CIE S.A.		67
111,807	*,e	Hansen Medical, Inc		552
184,000		Hanwa Co Ltd		691
29,624		Hargreaves Services plc		239
100,247		Headlam Group PLC		419
34,031	*,e	Hexpol AB (Series B)		151
42,700		Hitachi Software Engineering Co Ltd		732
97,987	e	Houston Wire & Cable Co		1,167
241,086		Imperial Holdings Ltd		1,823
9,679		IMS-Intl Metal Service		156
16,900		Inaba Denki Sangyo Co Ltd		395
68,500	e	Inabata & Co Ltd		279

142

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
1,389,977	*,e	Ingram Micro, Inc (Class A)	$	24,325
438,176		Inner Mongolia Yitai Coal Co		2,039
267,158	*	Insight Enterprises, Inc		2,581
174,034	*	Interline Brands, Inc		2,381
2,119		Interseroh AG.		121
2,530,440		Itochu Corp		17,651
16,100		Japan Digital Laboratory Co Ltd		205
17,300		Kaga Electronics Co Ltd		232
328,000	*	Kanematsu Corp		344
6,658		KCC Corp		1,970
217,230	*	Kia Motors Corp		2,149
122,998		Kingspan Group plc		690
54,821		Kloeckner & Co AG.		1,164
287,511	e	Knight Transportation, Inc		4,758
41,200	e	Kuroda Electric Co Ltd		555
34,833		Lawson Products, Inc		495
2,589,892	e	Li & Fung Ltd		6,951
78,374		Lindab International AB		640
763,431	*,e	LKQ Corp		12,558
7,500		Macnica, Inc		111
196,831	*,e	MedAssets, Inc		3,828
146,919	*	Merge Healthcare, Inc		632
65,200	e	MISUMI Group, Inc		922
3,271,117		Mitsubishi Corp		60,712
4,032,548	e	Mitsui & Co Ltd		47,971
141,770	*	Molopo Australia Ltd		117
45,228	e	Munters AB		218
69,727	*,e	MWI Veterinary Supply, Inc		2,431
67,612		Mytilineos Holdings S.A.		550
14,000		Nafco Co Ltd		246
16,300	*	Nagaileben Co Ltd		297
672	e	NET One Systems Co Ltd		1,184
107,000	*	Nippon Road Co Ltd		312
98,000		Nippon Steel Trading Co Ltd		171
5,446,221	e	Nissan Motor Co Ltd		33,129
128,425		Nisshin Steel Co Ltd		288
92,972	e	Norbord, Inc		108
10,100		Onoken Co Ltd		106
270,285	e	Owens & Minor, Inc		11,844
5,952,000		Pan-United Corp Ltd		2,075
320,767	*,e	Patterson Cos, Inc		6,961
258,104	e	PEP Boys - Manny Moe & Jack		2,617
7,360		Phoenix Solar AG.		337
10,696,000	*	Playmates Toys Ltd		208
263,648	e	Pool Corp		4,366
385,569		Premier Farnell plc		799
164,435		Prysmian S.p.A.		2,471
358,951	*,e	PSS World Medical, Inc		6,644
3,040,534		PT Astra International Tbk		7,089
2,271,944		PT United Tractors Tbk		2,215
11,444	e	Rautaruukki Oyj		229
618,209	e	Reliance Steel & Aluminum Co		23,733
66,159	*	Rexel S.A.		561
152,098	e	Rockwool International AS (B Shares)		11,189

143

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
72,067		Russel Metals, Inc	$	933
40,200		Ryosan Co Ltd		947
19,300		Ryoyo Electro Corp		161
344,000	e	Sagami Railway Co Ltd		1,410
138,505		Samsung Corp		4,670
34,900		Sangetsu Co Ltd		768
39,100		Sanshin Electronics Co Ltd		302
325,042	e	Schneider Electric S.A.		24,760
403,199	e	Securitas Systems AB (B Shares)		611
150,000		Seika Corp		355
22,700		Shinko Shoji Co Ltd		191
92,000		Shinsho Corp		161
50,653	*,e	Sierra Wireless, Inc		289
508,786		SIG PLC		822
4,398,026		Sime Darby BHD		8,696
467,802	e	Sims Group Ltd		9,993
84,299		Sims Group Ltd ADR		1,738
109,270		SK Networks Co Ltd		1,265
5,055		Solar Holdings AS (B Shares)		199
395,967	*	Solera Holdings, Inc		10,058
47,160	*	Sport Supply Group, Inc		405
107,000		Sumikin Bussan Corp		252
18,700		Sumisho Computer Systems Corp		293
4,159,178	e	Sumitomo Corp		42,397
53,000		Tamura Corp		223
218,422	*,e	Tech Data Corp		7,145
32,400	*	TECMO KOEI HOLDINGS CO Ltd		241
17,447,887		Test-Rite International Co		8,083
85,825	e	THK Co Ltd		1,286
704,914		ThyssenKrupp AG.		17,493
69,154	*,e	Titan Machinery, Inc		878
88,779	f	TMK OAO (GDR)		920
229,323	*,e	TomoTherapy, Inc		631
119,929		Topps Tiles plc		146
68,842		Toromont Industries Ltd		1,412
25,500		Trusco Nakayama Corp		402
161,895	*,e	Tyler Technologies, Inc		2,529
41,900	e	Ulvac, Inc		1,207
1,261,341		UMW Holdings BHD		2,135
11,974	e	Vossloh AG.		1,437
194,728	e	W.W. Grainger, Inc		15,944
6,438		Wajax Income Fund		89
77,458	e	Wavin NV		310
619,290	*,e	WESCO International, Inc		15,507
2,521,617		Wesfarmers Ltd		46,023
101,495	e	Wesfarmers Ltd PPS		1,922
76,532	*	West Marine, Inc		422
26,405	*	Westport Innovations, Inc		213
21,721	*	Willis Lease Finance Corp		285
933,155	*,e	Wolseley plc		17,778
1,382,000	*	WPG Holdings Co Ltd		1,371
4,500,000		Xiamen International Port Co Ltd		877
119,300		Yamazen Corp		518
294,000	e	Yuasa Trading Co Ltd		342

144

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
20,800	e	Zenrin Co Ltd	$	309
		TOTAL WHOLESALE TRADE-DURABLE GOODS		760,973

WHOLESALE TRADE-NONDURABLE GOODS - 0.88%
23,173	e	AarhusKarlshamn AB		291
181,822		ABB Grain Ltd		1,363
16,900	e	ABC-Mart, Inc		435
161,876		Aceto Corp		1,080
412,623		Airgas, Inc		16,724
288,247	*,e	Akorn, Inc		346
208,127	e	Akzo Nobel NV		9,156
22,199		Alfresa Holdings Corp		1,025
2,528,000	*	Alliance Global Group, Inc		144
588,310	*,e	Alliance One International, Inc		2,236
282,583	e	Allscripts Healthcare Solutions, Inc		4,482
109,154	e	Andersons, Inc		3,268
32,200		AOKI Holdings, Inc		351
46,832	*	ASOS plc		262
575,154		AWB Ltd		547
38,383	e	Axfood AB		831
322,145	*,e	Bare Escentuals, Inc		2,857
3,983	*	Baron de Ley		151
137,611	e	Billabong International Ltd		970
230,840	*	BioScrip, Inc		1,367
171,626	*,e	BMP Sunstone Corp		814
294,339	e	Brown-Forman Corp (Class B)		12,651
10,200		C Uyemura & Co Ltd		330
1,438,287		Cardinal Health, Inc		43,940
84,568	e	Casino Guichard Perrachon S.A.		5,700
97,943		Celesio AG.		2,246
137,712	*,e	Central European Distribution Corp		3,659
244,000		China Aviation Oil Singapore Corp Ltd		189
1,788,000		China BlueChemical Ltd		939
1,404,000		China Mengniu Dairy Co Ltd		3,272
90,109	*	Clearwater Paper Corp		2,279
63,010	*	Core-Mark Holding Co, Inc		1,642
227,519		Dairy Crest Group plc		1,202
3,678,000		Dalian Port PDA Co Ltd		1,490
45,274		Danisco AS		1,774
14,000		DC Chemical Co Ltd		2,357
2,992,736	*	Dean Foods Co		57,431
5,302		Delek Group Ltd		644
184,000	e	Dickson Concepts International Ltd		78
18,943	e	East Asiatic Co Ltd A.S.		632
501,880		Empresas COPEC S.A.		5,979
952,658	*,e	Endo Pharmaceuticals Holdings, Inc		17,072
805,101	*	Ercros S.A.		159
1,123,041		Esprit Holdings Ltd		6,267
108,118		Findel plc		69
2,010,000		First Pacific Co		1,154
6,855,001		Foster's Group Ltd		28,447
241,048	*	Fresh Del Monte Produce, Inc		3,919
85,000	*,e	Fujiya Co Ltd		125
490,983		Fyffes plc		227

145

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
6,076	e	Galenica AG.	$	1,791
3,116,391		Gazprom (ADR)		63,108
153,274	*,e	Gildan Activewear, Inc		2,270
96,763	*	GrainCorp Ltd		564
123,844	*,e	Green Mountain Coffee Roasters, Inc		7,322
221,751	*,e	Hain Celestial Group, Inc		3,462
73,812		Hanwha Corp		1,903
291,475	*,e	Henry Schein, Inc		13,976
613,726		Herbalife Ltd		19,357
12,878		IC Companys AS		250
6,701	*,b,e	Idearc, Inc		–	^
13,028,200		IRPC PCL		1,239
7,200		Itochu-Shokuhin Co Ltd		261
71,000	e	Japan Pulp & Paper Co Ltd		218
400,655		JBS S.A.		1,437
40,000		Kato Sangyo Co Ltd		645
47,772		Kenneth Cole Productions, Inc (Class A)		336
132,536	e	Kikkoman Corp		1,333
41,300	e	Kobayashi Pharmaceutical Co Ltd		1,565
37,509	e	Koninklijke Vopak NV		1,872
135,708	e	K-Swiss, Inc (Class A)		1,154
163,833		KT&G Corp		9,259
15,076		Laboratorios Farmaceuticos Rovi S.A		136
2,924		LDC		338
62,584		LG Chem Ltd		6,853
107,876	*	LSB Industries, Inc		1,744
31,280	e	MARR S.p.A.		241
3,507,920		Marubeni Corp		15,585
231,252		Massmart Holdings Ltd		2,399
8,200	*	Meito Sangyo Co Ltd		117
290,817	e	Men's Wearhouse, Inc		5,578
2,729,643	e	Metcash Ltd		9,480
341,157		Metro, Inc		11,151
893,900	*,e	Mexichem SAB de C.V.		1,130
199,391		Myers Industries, Inc		1,659
143,000		Nagase & Co Ltd		1,438
76,870	e	Nash Finch Co		2,080
1,366,596		Nippon Oil Corp		8,086
5,321,436		Noble Group Ltd		6,687
317,727		Nu Skin Enterprises, Inc (Class A)		4,861
898,000		Pacific Andes International Holdings Ltd		88
15,900	*	Paladin Labs, Inc		271
55,773	*,e	Perry Ellis International, Inc		406
4,288		Pescanova S.A.		141
370,300		Petronas Dagangan BHD		880
18,940		Point, Inc		1,018
1,078,000		Prime Success International Group Ltd		568
114,500	*,e	Pronova BioPharma AS		304
1,553,000		PT Unilever Indonesia Tbk		1,407
11,753	e	Rubis		874
9,100	e	Ryoshoku Ltd		209
9,500	*	S Foods, Inc		77
28,500	e	Sakata Seed Corp		391

146

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
63,900		San-A Co Ltd	$	2,089
85,000		San-Ai Oil Co Ltd		398
46,373		Sarantis S.A.		234
74,894	*	Schiff Nutrition International, Inc		381
106,392	*,e	School Specialty, Inc		2,150
3,120		Schweizerhall Holding AG.		577
1,162,840	e	Sigma Pharmaceuticals Ltd		1,143
34,268		Sligro Food Group NV		900
7,478,609	*,e	Sojitz Holdings Corp		16,458
137,452	e	Spartan Stores, Inc		1,706
23,658		Sprider Stores S.A.		51
44,467	*	Super De Boer		192
166,934		Suzano Papel e Celulose S.A.		1,292
81,532	e	Suzuken Co Ltd		2,366
124,550	e	Symrise AG.		1,838
71,548	*,e	Synutra International, Inc		787
2,727,542		Sysco Corp		61,316
784,627		Terra Industries, Inc		19,004
229,481		Tiger Brands Ltd		4,288
28,800	e	Toho Pharmaceutical Co Ltd		304
31,000		Tokai Corp		134
228,231	*,e	Tractor Supply Co		9,431
434,800		Tsingtao Brewery Co Ltd		1,380
2,945,406	e	Unilever NV		70,926
312,000		Unilever NV ADR		7,544
5,168,437		Uni-President Enterprises Corp		5,324
254,885		United Drug PLC		708
226,345	*,e	United Natural Foods, Inc		5,942
138,302	*	United Stationers, Inc		4,824
18,210	e	Valhi, Inc		135
5,031		VAN DE Velde		184
4,459		Vilmorin & Cie		436
534,563		Vina Concha Y Toro S.A.		992
295,873	*	Viterra, Inc		2,569
92,868	*,e	Volcom, Inc		1,161
21,000	*	Wimm-Bill-Dann Foods OJSC (ADR)		1,154
48,000		Yokohama Reito Co Ltd		298
109,734	e	Zep, Inc		1,322
96,682	*,e	Zhongpin, Inc		1,002
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		707,032

		TOTAL COMMON STOCKS		80,512,163
		(Cost $92,570,105)

PREFERRED STOCKS - 0.02%

FOOD AND KINDRED PRODUCTS - 0.02%
169,513	*	Ambev Cia De Bebidas Das		11,022
		TOTAL FOOD AND KINDRED PRODUCTS		11,022

HOLDING AND OTHER INVESTMENT OFFICES - 0.00%**
109,310	*	Goodman PLUS Trust		3,347
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		3,347

147

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
SECURITY AND COMMODITY BROKERS - 0.00%**
370,000		Daishin Securities Co Ltd	$	2,454
		TOTAL SECURITY AND COMMODITY BROKERS		2,454

TRANSPORTATION BY AIR - 0.00%**
1,366	*,m	Malaysian Airline System BHD		-	^
		TOTAL TRANSPORTATION BY AIR		-	^

		TOTAL PREFERRED STOCKS		16,823
		(Cost $24,328)

RIGHTS / WARRANTS - 0.04%
BUSINESS SERVICES - 0.00%**
27,736	m	SK Broadband Co Ltd		4
377,586		Speedy Hire plc		32
		TOTAL BUSINESS SERVICES		36

CHEMICALS AND ALLIED PRODUCTS - 0.00%**
1,155	e	Dov Pharmaceutical, Inc		-	^
91,423		Dov Pharmaceutical, Inc		-	^
		TOTAL CHEMICALS AND ALLIED PRODUCTS		-	^

COMMUNICATIONS - 0.00%**
1,028,067	e	Jazztel PLC		69
		TOTAL COMMUNICATIONS		69

DEPOSITORY INSTITUTIONS - 0.00%**
2,379,809	e,m	Fortis		-	^
65,666	e	Unione di Banche Italiane SCPA		4
127,644	e	Unione di Banche Italiane SCPA (CW)		10
		TOTAL DEPOSITORY INSTITUTIONS		14

EATING AND DRINKING PLACES - 0.00%**
23,136		Krispy Kreme Doughnuts, Inc		1
145,255		Punch Taverns plc		4
		TOTAL EATING AND DRINKING PLACES		5

ELECTRIC, GAS, AND SANITARY SERVICES - 0.00%**
466,590	e	China Resources Power Holdings Co Ltd		199
404		Cia de Transmissao de Energia Eletrica Paulista		-	^
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		199

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.00%**
6	m	GreenHunter Energy, Inc		-	^
98,353	e	Renewable Energy Corp AS.		352
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		352

FABRICATED METAL PRODUCTS - 0.00%**
180,753	m	Goodpack Ltd (Expires 7/16/09)		1
		TOTAL FABRICATED METAL PRODUCTS		1

FOOD AND KINDRED PRODUCTS - 0.00%**
1,243,204		Golden Agri-Resources Ltd		172
		TOTAL FOOD AND KINDRED PRODUCTS		172

148

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

				VALUE
SHARES		COMPANY		(000)
FURNITURE AND FIXTURES - 0.00%**
26,439	e,m	Sealy Corp	$	56
		TOTAL FURNITURE AND FIXTURES		56

HOLDING AND OTHER INVESTMENT OFFICES - 0.00%**
303,959	m	Australian Infrastructure Fund		62
10		Compagnie Financiere Tradition S.A.		-	^
133,045		IJM Land BHD		21
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		83

HOTELS AND OTHER LODGING PLACES - 0.00%**
70,015		NH Hoteles S.A.		44
		TOTAL HOTELS AND OTHER LODGING PLACES		44

INDUSTRIAL MACHINERY AND EQUIPMENT - 0.00%**
283,631	m	Tat Hong Holdings Ltd		17
46,123		Zardoya Otis S.A.		47
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		64

METAL MINING - 0.04%
139,354		Kagara Ltd		9
476,649	e	Rio Tinto Ltd		8,104
2,077,584		Rio Tinto plc		23,858
		TOTAL METAL MINING		31,971

MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.00%**
2,144,971		Playmates Holdings Ltd		257
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		257

NONDEPOSITORY INSTITUTIONS - 0.00%**
449,858		Heckmann Corp		256
		TOTAL NONDEPOSITORY INSTITUTIONS		256

PRIMARY METAL INDUSTRIES - 0.00%**
346,000		DOWA HOLDINGS CO LTD		4
		TOTAL PRIMARY METAL INDUSTRIES		4

REAL ESTATE - 0.00%**
903,338		Cheuk Nang Holdings Ltd		123
35,868		Development Securities plc		13
400,738		FKP Property Group		39
905,570		ING Office Fund		7
553,875		SP Setia BHD		98
		TOTAL REAL ESTATE		280

WATER TRANSPORTATION - 0.00%**
930,000		Global Ship Lease, Inc		102
292,542	e,m	Neptune Orient Lines Ltd		35
		TOTAL WATER TRANSPORTATION		137

WHOLESALE TRADE-NONDURABLE GOODS - 0.00%**
119,000	e	Casino Guichard Perrachon S.A.		459
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		459

149

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

					VALUE
					(000)
	TOTAL RIGHTS / WARRANTS			$	34,459
	(Cost $42,691)

			MATURITY
PRINCIPAL	ISSUER	RATE	DATE
SHORT-TERM INVESTMENTS - 10.34%

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.29%
$116,400,000	Federal Home Loan Bank (FHLB)	0.000%	07/1/09		116,400
4,100,000	FHLB	0.000	10/9/09		4,099
7,000,000	Federal Home Loan Mortgage Corp (FHLMC)	0.000	07/6/09		7,000
11,200,000	FHLMC	0.000	09/2/09		11,197
67,600,000	FHLMC	0.000	11/2/09		67,546
8,700,000	Federal National Mortgage Association (FNMA)	0.000	08/3/09		8,698
7,410,000	FNMA	0.000	08/10/09		7,408
8,400,000	FNMA	0.000	09/1/09		8,397
	TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES				230,745
	(Cost $230,736)

U.S. TREASURY BILLS - 0.03%
$13,000,000	United States Treasury Bill	0.000	10/8/09		12,993
15,600,000	United States Treasury Bill	0.000	09/3/09		15,596
	TOTAL U.S. TREASURY BILLS				28,589
	(Cost $28,580)

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 10.02%
REPURCHASE AGREEMENTS - 6.31%
100,000,000	Barclays Capital				100,000
440,000,000	Barclays Capital				440,000
587,000,000	Bank of America Corp				587,000
126,278,000	BNP Paribas, Inc				126,278
650,000,000	BNP Paribas, Inc				650,000
225,000,000	Deutsche Bank				225,000
600,000,000	Deutsche Bank				600,000
500,000,000	HSBC Corp				500,000
400,000,000	ING Corp				400,000
125,000,000	ING Corp				125,000
435,000,000	Merrill Lynch & Co				435,000
548,000,000	Salomon Brothers				548,000
350,000,000	Salomon Brothers				350,000
	TOTAL REPURCHASE AGREEMENTS				5,086,278

VARIABLE RATE SECURITY - 3.71%
85,000,000	American Express Credit Account Master Trust				84,216
24,940,000	American Express Credit Account Master Trust				24,928
58,000,000	American Express Credit Account Master Trust				55,968
82,000,000	American Express Credit Account Master Trust				80,720
85,000,000	BA Credit Card Trust				83,891
64,000,000	BA Credit Card Trust				62,816
170,000,000	Bank of America Corp				168,440
25,000,000	Bank One Issuance Trust				24,403
14,866,743	Brunel Residential Mortgage Securitization PLC				14,761

150

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account

			VALUE
PRINCIPAL	ISSUER		(000)
$ 30,000,000	Capital One Multi-Asset Execution Trust	$	29,995
43,525,000	Capital One Multi-Asset Execution Trust		42,486
170,000,000	Capital One Multi-Asset Execution Trust		168,062
32,000,000	Chase Issuance Trust		31,485
51,000,000	Chase Issuance Trust		48,978
102,000,000	Chase Issuance Trust		101,981
17,000,000	Chase Issuance Trust		16,703
110,000,000	Citibank Credit Card Issuance Trust		106,196
85,000,000	Citigroup Funding, Inc		83,245
43,000,000	Discover Card Execution Note Trust		43,027
65,000,000	Discover Card Execution Note Trust		64,960
16,000,000	Discover Card Master Trust		15,920
8,000,000	Discover Card Master Trust		7,934
68,000,000	Discover Card Master Trust		66,798
16,000,000	Discover Card Master Trust I		15,919
102,000,000	Discover Card Master Trust I		99,875
39,000,000	GE Equipment Midticket LLC		35,805
110,000,000	General Electric Cap Corp		104,335
50,000,000	General Electric Cap Corp		50,007
21,000,000	General Electric Cap Corp		20,879
17,000,000	General Electric Cap Corp		16,092
20,600,000	General Electric Cap Corp		19,823
32,950,652	Granite Master Issuer Plc		22,964
26,054,004	Granite Master Issuer Plc		18,124
128,000,000	JPMorgan Chase & Co		126,334
100,000,000	JPMorgan Chase & Co		100,150
13,235,863	Medallion Trust		11,423
73,000,000	Nelnet Student Loan Trust		72,097
2,380,002	Nelnet Student Loan Trust		2,380
45,000,000	Nelnet Student Loan Trust		44,622
118,000,000	Permanent Financing PLC		114,060
135,000,000	Permanent Master Issuer Plc		119,428
32,948,500	Puma Global Mortgage Backed Trust		24,958
100,000,000	Rabobank Nederland Trust		100,306
53,000,000	SLM Student Loan Trust		52,732
43,000,000	SLM Student Loan Trust		42,318
170,000,000	SLM Student Loan Trust		153,921
55,000,000	Wachovia Corp		55,001
69,800,000	Wachovia Student Loan Trust		69,255
42,000,000	Wells Fargo & Co		42,028
23,906,934	World Omni Auto Receivables Trust		23,921
	TOTAL VARIABLE RATE SECURITY		2,986,670

	TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED		8,072,948
	(Cost $8,166,875)

	TOTAL SHORT-TERM INVESTMENTS		8,332,282
	(Cost $8,426,191)

	TOTAL PORTFOLIO - 110.26%		88,896,120
	(Cost $101,063,675)

	OTHER ASSETS AND LIABILITIES, NET - (10.26)%		(8,270,828	)

	NET ASSETS - 100.00%	$	80,625,292

151

COLLEGE RETIREMENT EQUITIES FUND - CREF Stock Account



		The following abbreviations are used in portfolio descriptions:
		ADR - American Depositary Receipt
		plc - Public Limited Company
		SICAV - Societe d'Investissement A Capital Variable
		SPDR - Standard & Poor's Depository Receipts

	*	Non-income producing
	**	Percentage represents less than $1,000
	^	Amount represents less than 0.01%
	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.

		Cost amounts are in thousands.

152

COLLEGE RETIREMENT EQUITIES FUND – Stock Account

CREF STOCK ACCOUNT SUMMARY OF MARKET VALUES BY COUNTRY (unaudited) June 30, 2009

		% OF TOTAL
COUNTRY	VALUE	PORTFOLIO
DOMESTIC
UNITED STATES	$65,085,170,247	73.21	%
TOTAL DOMESTIC	65,085,170,247	73.21

FOREIGN
ARGENTINA	6,181,391	0.01
AUSTRALIA	1,115,413,433	1.26
AUSTRIA	87,496,449	0.10
BELGIUM	239,685,703	0.27
BERMUDA	45,175,420	0.05
BRAZIL	589,403,855	0.66
CAMBODIA	1,051,757	0.00
CANADA	1,797,617,671	2.02
CAYMAN ISLANDS	1,308,988	0.00
CHILE	49,147,126	0.06
CHINA	738,516,954	0.83
COLOMBIA	19,730,709	0.02
CYPRUS	5,309,869	0.01
CZECH REPUBLIC	20,243,597	0.02
DENMARK	104,335,638	0.12
EGYPT	18,343,352	0.02
FINLAND	297,600,077	0.33
FRANCE	1,552,033,193	1.75
GERMANY	1,600,571,513	1.80
GIBRALTAR	632,657	0.00
GREECE	72,298,341	0.08
GUERNSEY, C.I.	17,977,075	0.02
HONG KONG	372,026,469	0.42
HUNGARY	15,888,718	0.02
INDIA	249,358,149	0.28
INDONESIA	57,026,969	0.06
IRELAND	71,957,210	0.08
ISRAEL	295,795,802	0.33
ITALY	425,578,179	0.48
JAPAN	4,107,563,128	4.62
JERSEY, C.I.	5,703,592	0.01
KAZAKHSTAN	6,004,648	0.01
KOREA, REPUBLIC OF	418,807,349	0.47
LIECHTENSTEIN	1,309,278	0.00
LUXEMBOURG	28,979,406	0.03
MALAYSIA	122,309,152	0.14
MEXICO	140,952,316	0.16
MOROCCO	11,822,736	0.01
NETHERLANDS	647,182,027	0.73
NEW ZEALAND	31,197,165	0.04
NORWAY	82,276,197	0.09
PANAMA	15,556,621	0.02
PERU	10,551,257	0.01
PHILIPPINES	25,997,291	0.03
POLAND	35,449,855	0.04
PORTUGAL	32,452,519	0.04
PUERTO RICO	2,247,113	0.00
RUSSIA	194,545,161	0.22
SINGAPORE	257,837,008	0.29
SOUTH AFRICA	251,123,260	0.28
SPAIN	630,798,433	0.71
SWEDEN	338,509,836	0.38
SWITZERLAND	2,022,865,225	2.28
TAIWAN	438,188,535	0.49
THAILAND	53,948,941	0.06
TURKEY	43,668,624	0.05
UNITED KINGDOM	3,985,396,659	4.48
TOTAL FOREIGN	23,810,949,596	26.79
TOTAL PORTFOLIO	$88,896,119,843	100.00	%

153

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND
CREF GLOBAL EQUITIES ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2009

				VALUE
SHARES		COMPANY		(000)

COMMON STOCKS - 99.58%

ADMINISTRATION OF ECONOMIC PROGRAMS - 0.00% **
9,796		Bureau Veritas S.A.	$	481
		TOTAL ADMINISTRATION OF ECONOMIC PROGRAMS		481

AMUSEMENT AND RECREATION SERVICES - 0.40%
31,345		Aristocrat Leisure Ltd		96
61,006	*	Electronic Arts, Inc		1,325
6,794,000	*	Galaxy Entertainment Group Ltd		1,788
121,349		Ladbrokes plc		367
13,250	e	Lottomatica S.p.A.		255
10,651,796		NagaCorp Ltd		1,416
46,219		Nintendo Co Ltd		12,776
130,590		OPAP S.A.		3,481
5,301	e	Oriental Land Co Ltd		355
55,614	*	Penn National Gaming, Inc		1,619
16,505,000	*	Rexcapital Financial Holdings Ltd		1,278
336,544	e	Sega Sammy Holdings, Inc		4,273
49,402		Sky City Entertainment Group Ltd		85
376,378		TABCORP Holdings Ltd		2,172
384,200		Tanjong plc		1,454
110,872		Tattersall's Ltd		228
1,125	*,e	Ticketmaster		7
377,841		Walt Disney Co		8,815
20,042		William Hill plc		65
		TOTAL AMUSEMENT AND RECREATION SERVICES		41,855

APPAREL AND ACCESSORY STORES - 0.49%
19,400	e	Abercrombie & Fitch Co (Class A)		493
88,874	*,e	Aeropostale, Inc		3,046
192,157	e	American Eagle Outfitters, Inc		2,723
84,410		Burberry Group plc		587
22,394		Fast Retailing Co Ltd		2,929
540,613		Gap, Inc		8,866
205,038	e	Hennes & Mauritz AB (B Shares)		10,231
49,756		Inditex S.A.		2,385
190,522	*	Kohl's Corp		8,145
571,980	e	Limited Brands, Inc		6,847
35,360	e	Nordstrom, Inc		703
118,410		Ross Stores, Inc		4,571
19,868	*,e	Urban Outfitters, Inc		415
		TOTAL APPAREL AND ACCESSORY STORES		51,941

APPAREL AND OTHER TEXTILE PRODUCTS - 0.17%
1,701,000		Anta Sports Products Ltd		2,127
28,000		C C Land Holdings Ltd		18

154

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account


				VALUE
SHARES		COMPANY		(000)
65,000		Guess ?, Inc	$	1,676
13,281	e	Hermes International		1,844
79,548		Nike, Inc (Class B)		4,119
14,152	e	Onward Kashiyama Co Ltd		91
38,376	e	Polo Ralph Lauren Corp (Class A)		2,055
2,826		Shimamura Co Ltd		225
108,803		VF Corp		6,023
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		18,178

AUTO REPAIR, SERVICES AND PARKING - 0.14%
4,100	*,e	Hertz Global Holdings, Inc		33
42,250		Ryder System, Inc		1,180
425,464		Standard Chartered plc		7,979
260,513		Standard Chartered plc (Hong Kong)		5,042
		TOTAL AUTO REPAIR, SERVICES AND PARKING		14,234

AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.07%
25,692		Advance Auto Parts		1,066
22,557	*,e	Autonation, Inc		391
21,218	*,e	Autozone, Inc		3,207
34,289	e	Canadian Tire Corp Ltd		1,621
48,589	*,e	Carmax, Inc		714
126,810		Inchcape plc		40
19,139	*,e	O'Reilly Automotive, Inc		729
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		7,768

BUILDING MATERIALS AND GARDEN SUPPLIES - 0.37%
25,809	e	Fastenal Co		856
796,515		Home Depot, Inc		18,821
485,438		Kingfisher plc		1,420
907,298		Lowe's Cos, Inc		17,611
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		38,708

BUSINESS SERVICES - 5.54%
107,171	*	Activision Blizzard, Inc		1,354
26,482	e	Adecco S.A.		1,103
400,023	*	Adobe Systems, Inc		11,321
85,162	*	Affiliated Computer Services, Inc (Class A)		3,783
43,027	*	Akamai Technologies, Inc		825
43,897	*,e	Alliance Data Systems Corp		1,808
24,999	e	Atos Origin S.A.		847
36,287	*	Autodesk, Inc		689
215,031	e	Automatic Data Processing, Inc		7,621
3,343,723	*	Autonomy Corp plc		79,051
414,800		Aveva Group plc		4,890
114,720	*	BMC Software, Inc		3,876
107,326		CA, Inc		1,871
27,000	*,e	CACI International, Inc (Class A)		1,153
7,819	*,e	Cadence Design Systems, Inc		46
8,395	*,e	Cerner Corp		523
425,153	*	CGI Group, Inc		3,779
49,074	*,e	Citrix Systems, Inc		1,565
46,922	*	Cognizant Technology Solutions Corp (Class A)		1,253

155

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
262,386	*	Computer Sciences Corp	$	11,624
41,934	e	Computershare Ltd		305
220,950	*	Compuware Corp		1,516
1,708	e	CSK Holdings Corp		8
71,122		Ctrip.com International Ltd (ADR)		3,293
11,262	e	Dassault Systemes S.A.		497
32	e	Dena Co Ltd		107
18,700	e	Dentsu, Inc		394
5,687	*,e	DST Systems, Inc		210
126,567	*	DynCorp International, Inc (Class A)		2,125
427,928	*	eBay, Inc		7,330
35,677		Equifax, Inc		931
158,541	*,e	Expedia, Inc		2,396
239,708		Experian Group Ltd		1,791
253,293	e	Fidelity National Information Services, Inc		5,056
33,999	*	Fiserv, Inc		1,554
1,136,406		Fujitsu Ltd		6,205
19,669	e	Gestevision Telecinco S.A.		183
132,571	*	Google, Inc (Class A)		55,891
255,817		Group 4 Securicor plc		878
2,565	e	Hakuhodo DY Holdings, Inc		138
73,928		Hays plc		104
6,302	*,e	IHS, Inc (Class A)		314
57,633		IMS Health, Inc		732
22,358		Indra Sistemas S.A.		484
112,500		Infosys Technologies Ltd		4,172
493,240	*,e	Interpublic Group of Cos, Inc		2,491
84,573	*	Intuit, Inc		2,382
40,067	*,e	Iron Mountain, Inc		1,152
13,415	e	JC Decaux S.A.		213
37,659	e	JSR Corp		646
112,502	*,e	Juniper Networks, Inc		2,655
9,688	e	Konami Corp		186
2,137	*,e	Lamar Advertising Co (Class A)		33
841,428	e	LogicaCMG plc		1,094
37,897	*,e	Longtop Financial Technologies Ltd (ADR)		931
1,800		Loomis AB		18
48,123	e	Manpower, Inc		2,038
26,221	e	Mastercard, Inc (Class A)		4,387
171,422	*	McAfee, Inc		7,232
26,248	*	Medidata Solutions, Inc		430
1,086,941		Michael Page International PLC		4,260
4,040,510		Microsoft Corp		96,043
185,570	e	Mitsubishi UFJ Lease & Finance Co Ltd		6,068
4,224	*,e	Monster Worldwide, Inc		50
63,716	e	Moody's Corp		1,679
84,567	*	NCR Corp		1,000
200,328		NEC Corp		788
120,177	*,e	Netease.com (ADR)		4,228
28,809	*,e	NetFlix, Inc		1,191
14,573	*	NHN Corp		2,019
10,710	e	Nomura Research Institute Ltd		238
240,294	*	Novell, Inc		1,089
1,099		NTT Data Corp		3,559

156

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
23,884	*	Nuance Communications, Inc	$	289
767		Obic Co Ltd		125
147,662		Omnicom Group, Inc		4,663
20,311	*	Open Text Corp		742
4,387	*,e	OpenTable, Inc		132
2,126,906		Oracle Corp		45,558
3,703		Oracle Corp Japan		136
1,700	e	Otsuka Corp		91
66,200	e	Playtech Ltd		493
2,178	e	Promotora de Informaciones S.A.		11
27,078	e	Publicis Groupe S.A.		825
9,141	e	Rakuten, Inc		5,513
23,523	e	Randstad Holdings NV		651
23,039	*	Red Hat, Inc		464
44,652	e	Ritchie Bros Auctioneers, Inc		1,048
31,310	e	Robert Half International, Inc		740
260,979		Sage Group plc		765
58,929	*,e	Salesforce.com, Inc		2,249
563,460	e	SAP AG.		22,662
24,313		Secom Co Ltd		989
78,471	e	Securitas AB (B Shares)		666
3,711		SGS S.A.		4,597
4,470		Societe Des Autoroutes Paris-Rhin-Rhone		304
565,010		Softbank Corp		11,038
861	e	So-net Entertainment Corp		1,654
190,000	e	Sotheby's (Class A)		2,681
7,100		Square Enix Co Ltd		167
681,749	*	Sun Microsystems, Inc		6,286
559,081	*	Symantec Corp		8,699
24,824	*,e	Synopsys, Inc		484
552,576	*,e	Temenos Group AG.		9,408
249,200		Tencent Holdings Ltd		2,908
28,749		Total System Services, Inc		385
10,851	e	Trend Micro, Inc		348
26,101	e	United Internet AG.		305
3,782		USS Co Ltd		195
7,000		Venture Corp Ltd		34
55,909	*,e	VeriSign, Inc		1,033
316,050		Visa, Inc (Class A)		19,677
200,000	*	VisionChina Media, Inc (ADR)		1,222
246,814	*,e	VMware, Inc (Class A)		6,731
1,453,929		WPP plc		9,646
13,849	e	Yahoo! Japan Corp		4,421
1,114,225	*	Yahoo!, Inc		17,449
		TOTAL BUSINESS SERVICES		582,180

CHEMICALS AND ALLIED PRODUCTS - 11.32%
673,078		Abbott Laboratories		31,662
24,905	*	Actelion Ltd		1,303
68,465	e	Agrium, Inc		2,734
54,057	e	Air Liquide		4,938
147,382		Air Products & Chemicals, Inc		9,519
192,000		Air Water, Inc		2,101
914,939	*	Amgen, Inc		48,437

157

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
144,093	e	Asahi Kasei Corp	$	734
126,483		Astellas Pharma, Inc		4,490
810,556		AstraZeneca plc		35,612
88,081	e	AstraZeneca plc (ADR)		3,888
15,695	e	Avery Dennison Corp		403
91,321		Avon Products, Inc		2,354
673,348	e	BASF AG.		26,761
474,000	*	Bawang International		146
24,155	e	Beiersdorf AG.		1,136
111,762	*	Biogen Idec, Inc		5,046
64,139		Biovail Corp		861
828,386		Bristol-Myers Squibb Co		16,825
180,176		Celanese Corp (Series A)		4,279
86,084	*	Celgene Corp		4,118
21,792	*,e	Cephalon, Inc		1,235
74,490		CF Industries Holdings, Inc		5,523
14,693	*	Charles River Laboratories International, Inc		496
87,000	*	Chattem, Inc		5,925
12,130		Christian Dior S.A.		905
154,158	e	Chugai Pharmaceutical Co Ltd		2,944
16,025		Church & Dwight Co, Inc		870
260,756		Cipla Ltd		1,379
43,940		Clorox Co		2,453
251,014		Colgate-Palmolive Co		17,757
289,428		CSL Ltd		7,498
200,000	e	Cytec Industries, Inc		3,724
34,630		Daicel Chemical Industries Ltd		210
80,779		Daiichi Sankyo Co Ltd		1,449
66,010		Dainippon Ink and Chemicals, Inc		103
18,500	e	Dainippon Sumitomo Pharma Co Ltd		162
940,413		Dow Chemical Co		15,178
30,065		DSM NV		942
332,909		Du Pont (E.I.) de Nemours & Co		8,529
39,127		Eastman Chemical Co		1,483
225,311		Ecolab, Inc		8,785
29,270	e	Eisai Co Ltd		1,045
83,767	*	Elan Corp plc		572
23,766	*,e	Elan Corp plc (ADR)		151
352,969		Eli Lilly & Co		12,227
1,075		Eramet		281
16,888	e	Estee Lauder Cos (Class A)		552
15,412		FMC Corp		729
163,650	*	Forest Laboratories, Inc		4,109
56,523	*	Genzyme Corp		3,147
593,612	*	Gilead Sciences, Inc		27,805
1,503		Givaudan S.A.		921
1,704,881		GlaxoSmithKline plc		29,970
25,994	e	Grifols S.A.		459
11,420		H Lundbeck A/s		217
1		H.B. Fuller Co		–	^
28,755		Henkel KGaA		775
36,779	e	Henkel KGaA (Preference)		1,147
6,400	e	Hisamitsu Pharmaceutical Co, Inc		199
73,005	*	Hospira, Inc		2,812

158

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
4,400	e	Huntsman Corp	$	22
1,481,523		Incitec Pivot Ltd		2,841
11,676	e	International Flavors & Fragrances, Inc		382
122,722	*	Invitrogen Corp		5,120
193,653		Ipsen		8,457
1,662,656		Johnson & Johnson		94,439
27,480		Kansai Paint Co Ltd		198
209,757		Kao Corp		4,583
358,000	*,e	King Pharmaceuticals, Inc		3,448
16,725		Kingboard Chemical Holdings Ltd		41
439,587		Kuraray Co Ltd		4,892
28,816	e	Kyowa Hakko Kogyo Co Ltd		326
17,284		LG Household & Health Care Ltd		2,931
33,020	e	Linde AG.		2,707
9,641	e	Lonza Group AG.		957
51,523	e	L'Oreal S.A.		3,851
93,742		Lupin Ltd		1,597
179,812	e	Mediceo Paltac Holdings Co Ltd		2,063
718,380	e	Merck & Co, Inc		20,086
14,303	e	Merck KGaA		1,455
2,835		Methanex Corp		34
140,994	e	Mitsubishi Chemical Holdings Corp		599
48,445		Mitsubishi Gas Chemical Co, Inc		266
817,506		Monsanto Co		60,773
170,412		Mosaic Co		7,549
318,724	*,e	Mylan Laboratories, Inc		4,159
2,895	*	Myriad Pharmaceuticals, Inc		13
70,200	e	Nichi-iko Pharmaceutical Co Ltd		2,193
17,455	e	Nissan Chemical Industries Ltd		197
2,300		NOVA Chemicals Corp		14
1,861,733		Novartis AG.		75,460
56,863		Novartis AG. (ADR)		2,319
101,711		Novo Nordisk AS (Class B)		5,499
11,268	e	Novozymes AS (B Shares)		915
333,108	e	Nufarm Ltd		2,464
10,400		Ono Pharmaceutical Co Ltd		461
19,484		Orion Oyj (Class B)		305
83,100	*	Pactiv Corp		1,803
71,659	e	Perrigo Co		1,991
2,692,818		Pfizer, Inc		40,392
147,068		Potash Corp of Saskatchewan		13,717
140,127	e	PPG Industries, Inc		6,152
106,301		Praxair, Inc		7,555
988,905		Procter & Gamble Co		50,533
596,868		PTT Chemical PCL		915
634,953		Reckitt Benckiser Group plc		28,894
409,811		Roche Holding AG.		55,708
318,829		Sanofi-Aventis		18,727
9,065		Santen Pharmaceutical Co Ltd		276
1,026,773		Schering-Plough Corp		25,793
51,373	e	Sherwin-Williams Co		2,761
131,347		Shin-Etsu Chemical Co Ltd		6,108
35,073		Shionogi & Co Ltd		680
1,367,914		Shire Ltd		18,803

159

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
39,148	e	Shiseido Co Ltd	$	643
146,826	e	Showa Denko KK		264
82,530	e	Sigma-Aldrich Corp		4,090
3,655,585	e	Sinochem Hong Kong Holding Ltd		1,849
402,173	*	Solutia, Inc		2,317
13,025		Solvay S.A.		1,099
50,000	e	Stada Arzneimittel AG.		1,249
180,982		Sumitomo Chemical Co Ltd		817
82,604		Syngenta AG.		19,177
16,154		Taisho Pharmaceutical Co Ltd		306
666,000		Taiwan Fertilizer Co Ltd		1,977
259,897		Taiyo Nippon Sanso Corp		2,493
239,997		Takeda Pharmaceutical Co Ltd		9,367
24,895		Tanabe Seiyaku Co Ltd		287
1,799,208		Teva Pharmaceutical Industries Ltd (ADR)		88,773
357,689	*,e	Theravance, Inc		5,237
692,500	e	Tokai Carbon Co Ltd		3,630
27,693		Tokuyama Corp		204
153,521	e	Toray Industries, Inc		784
54,647		Tosoh Corp		155
121,700	e	Tsumura & Co		3,803
96,260		UBE Industries Ltd		270
217,269	e	UCB S.A.		6,952
31,411	*,e	Vertex Pharmaceuticals, Inc		1,119
3,302		Wacker Chemie AG.		379
11,953	*,e	Warner Chilcott Ltd (Class A)		157
76,927	*,e	Watson Pharmaceuticals, Inc		2,592
902,574		Wyeth		40,968
45,447	e	Yara International ASA		1,272
		TOTAL CHEMICALS AND ALLIED PRODUCTS		1,188,669

COAL MINING - 0.22%
37,627	*,e	Alpha Natural Resources, Inc		988
24,722	e	Arch Coal, Inc		380
856,140		Centennial Coal Co Ltd		1,697
6,936,847		China Coal Energy Co		8,217
157,865		Consol Energy, Inc		5,361
306,330	e	Gloucester Coal Ltd		1,284
186,560		Peabody Energy Corp		5,627
		TOTAL COAL MINING		23,554

COMMUNICATIONS - 5.15%
117,442	*	American Tower Corp (Class A)		3,703
3,049,763		AT&T, Inc		75,755
112,230		BCE, Inc		2,316
33,245		Belgacom S.A.		1,060
101,042	*	Bharti Airtel Ltd		1,692
360,000		Brasil Telecom S.A.		2,398
247,720		British Sky Broadcasting plc		1,854
20,664,981		BT Group plc		34,508
513,952		Cable & Wireless plc		1,125
35,615		Cablevision Systems Corp (Class A)		691
86,226	e	Carphone Warehouse Group plc		224
126,106	e	CBS Corp (Class B)		873

160

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
11,556	e	CenturyTel, Inc	$	355
1,450,273		Chunghwa Telecom Co Ltd		2,895
1,900,610	e	Comcast Corp (Class A)		27,540
131,507		Comcast Corp (Special Class A)		1,854
105,583	*	Crown Castle International Corp		2,536
2,752,402	e	Deutsche Telekom AG.		32,434
464,521	*,e	DIRECTV Group, Inc		11,478
369,763	*	DISH Network Corp (Class A)		5,994
29,075		Elisa Oyj (Series A)		478
47,546		Embarq Corp		2,000
18,148	e	Eutelsat Communications		468
637,659	e	France Telecom S.A.		14,456
55		Fuji Television Network, Inc		83
116,470		Globe Telecom, Inc		2,299
54,210		Hellenic Telecommunications Organization S.A.		829
2,868		Hikari Tsushin, Inc		65
7,384,155	*	Hutchison Telecommunications Hong Kong Holdings Ltd		1,010
46,155	e	Hutchison Telecommunications International Ltd		11
102,825	*,e	IAC/InterActiveCorp		1,650
3,410	e	Iliad Sa		331
94,421		ITV plc		54
258		Jupiter Telecommunications Co		196
1,137		KDDI Corp		6,043
315,927	*,e	Level 3 Communications, Inc		477
35,486	*,e	Liberty Global, Inc (Class A)		564
22,984	*,e	Liberty Global, Inc (Series C)		363
152,690	*	Liberty Media Corp - Entertainment (Series A)		4,084
119,210	*	Liberty Media Holding Corp (Interactive A)		597
12,858	e	M6-Metropole Television		243
15,445	e	Manitoba Telecom Services, Inc		452
154,407	e	Mediaset S.p.A.		865
34,036	*,e	MetroPCS Communications, Inc		453
6,080		Mobistar S.A.		375
1,475		Modern Times Group AB (B Shares)		41
61,968	*	NII Holdings, Inc (Class B)		1,182
462,800		Nippon Telegraph & Telephone Corp		18,832
6,908		NTT DoCoMo, Inc		10,125
318,749	e	PCCW Ltd		83
112,566		Philippine Long Distance Telephone Co (ADR)		5,597
120,273		Portugal Telecom SGPS S.A.		1,176
2,334	e	ProSiebenSat.1 Media AG.		13
4,815		PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		26
466,460	e	Qwest Communications International, Inc		1,936
217,120	e	Rogers Communications, Inc (Class B)		5,581
1,317,007		Royal KPN NV		18,104
12,705	*	SBA Communications Corp (Class A)		312
61,263		Scripps Networks Interactive (Class A)		1,705
70,516		SES Global S.A.		1,344
146,424	e	Shaw Communications, Inc (B Shares)		2,465
4,555,508		Singapore Telecommunications Ltd		9,436
24,549	e	Societe Television Francaise 1		275
1,658,989	*	Sprint Nextel Corp		7,980
33,274		StarHub Ltd		49
4,703		Swisscom AG.		1,444

161

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
1,592,923		Taiwan Mobile Co Ltd	$	2,719
201,963		Tele Norte Leste Participacoes S.A.(ADR)		3,003
62,067	e	Tele2 AB (B Shares)		627
177,891		Telecom Corp of New Zealand Ltd		313
1,234,604		Telecom Italia RSP		1,212
2,031,264		Telecom Italia S.p.A.		2,807
80,000		Telefonica O2 Czech Republic A.S.		1,825
1,707,923		Telefonica S.A.		38,623
667,554		Telekom Austria AG.		10,432
17,400		Telenet Group Holding NV		369
167,563		Telenor ASA		1,289
41,717		Telephone & Data Systems, Inc		1,181
763		Telephone & Data Systems, Inc, Special Shares		20
23,500		Telesp Celular Participacoes S.A.		448
28,177		Television Broadcasts Ltd		113
451,629	e	TeliaSonera AB		2,371
2,831,895		Telstra Corp Ltd		7,736
24,160		TELUS Corp		641
61,100		TELUS Corp, non-voting shares		1,576
199,216	e	Time Warner Cable, Inc		6,309
5,400		Tokyo Broadcasting System, Inc		85
34,782,200	*	True Corp PCL		2,409
1,320,500		Verizon Communications, Inc		40,579
438,218	*	Viacom, Inc (Class B)		9,948
663,060	e	Vivendi Universal S.A.		15,846
22,772,671		Vodafone Group plc		43,909
272,645		Vodafone Group plc (ADR)		5,314
178,225		Windstream Corp		1,490
		TOTAL COMMUNICATIONS		540,631

DEPOSITORY INSTITUTIONS - 10.49%
31,083		77 Bank Ltd		181
24,567		Allied Irish Banks plc		59
73,505		Alpha Bank S.A.		804
147,992	m	Anglo Irish Bank Corp plc		45
72,000	e	Aozora Bank Ltd		111
20,179	e	Associated Banc-Corp		252
1,665,255		Australia & New Zealand Banking Group Ltd		22,127
155,808		Banca Carige S.p.A.		427
1,756,574	e	Banca Intesa S.p.A.		5,655
183,902		Banca Intesa S.p.A. RSP		453
520,684	e	Banca Monte dei Paschi di Siena S.p.A.		841
85,795	e	Banca Popolare di Milano		511
136,282		Banche Popolari Unite Scpa		1,772
1,077,376	e	Banco Bilbao Vizcaya Argentaria S.A.		13,512
8,761	e	Banco BPI S.A.		22
263,391	e	Banco Bradesco S.A. (ADR)		3,890
468,361	e	Banco Comercial Portugues S.A.		476
2,062,800		Banco de Oro Universal Bank		1,350
226,988		Banco de Sabadell S.A.		1,417
56,024		Banco de Valencia S.A.		543
154,954		Banco do Brasil S.A.		1,675
124,231		Banco Espirito Santo S.A.		669
136,504		Banco Popolare Scarl		1,019

162

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
163,531	e	Banco Popular Espanol S.A.	$	1,425
6,677,618		Banco Santander Central Hispano S.A.		80,188
462,500		Bangkok Bank PCL (ADR)		1,466
4,548,211		Bank of America Corp		60,036
151,228		Bank of East Asia Ltd		461
475,177		Bank of India		3,498
928,179		Bank of Ireland		2,194
33,039	e	Bank of Kyoto Ltd		307
234,537		Bank of Montreal		9,884
490,973		Bank of New York Mellon Corp		14,390
433,169	e	Bank of NOVA Scotia		16,170
55,609		Bank of Okinawa Ltd		1,991
1,344,900		Bank of the Philippine Islands		1,174
225,408	e	Bank of the Ryukyus Ltd		2,677
641,150		Bank of Yokohama Ltd		3,441
75,478	e	Bankinter S.A.		892
6,096,931		Barclays plc		28,387
122,388		BB&T Corp		2,690
25,736		Bendigo Bank Ltd		144
582,279		BNP Paribas		37,779
501,448		BOC Hong Kong Holdings Ltd		879
166,890	e	Canadian Imperial Bank of Commerce/Canada		8,366
86,635		Chiba Bank Ltd		567
21,000	e	China Citic Bank		14
7,955,000		China Construction Bank		6,169
1,923,350	e	China Merchants Bank Co Ltd		4,403
1,651,000		Chinatrust Financial Holding Co		996
16,000		Chugoku Bank Ltd		222
1,438,436	e	Citigroup, Inc		4,272
102,603	e	Comerica, Inc		2,170
183,451	e	Commerzbank AG.		1,140
633,868	e	Commonwealth Bank of Australia		19,920
30,714		Credicorp Ltd		1,788
200,621	e	Credit Agricole S.A.		2,498
96,207		Danske Bank AS		1,658
1,937,328		DBS Group Holdings Ltd		15,783
121,228	e	Deutsche Bank AG.		7,346
16,824	e	Deutsche Postbank AG.		427
107,384		Dexia		814
157,464		DNB NOR Holding ASA		1,200
63,013		EFG Eurobank Ergasias S.A.		663
1,432		EFG International		15
39,027	e	Erste Bank der Oesterreichischen Sparkassen AG.		1,053
478,005		Fifth Third Bancorp		3,394
76,184	*,e	First Horizon National Corp		914
800,000		FirstRand Ltd		1,459
3,965,942	*	Fortis		13,520
1,035,000		Fubon Financial Holding Co Ltd		968
3,178,365		Fuhwa Financial Holdings Co Ltd		2,141
82,489		Fukuoka Financial Group, Inc		370
37,160		Gunma Bank Ltd		207
41,000		Hachijuni Bank Ltd		232
93,393		Hang Seng Bank Ltd		1,314
5,416		HDFC Bank Ltd		169

163

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
50,000		Hiroshima Bank Ltd	$	209
127,763		Hokuhoku Financial Group, Inc		321
9,743,238		HSBC Holdings plc		80,550
138,800		HSBC Holdings plc (Hong Kong)		1,176
406,325		Hudson City Bancorp, Inc		5,400
10,097	e	Huntington Bancshares, Inc		42
1,619		ICICI Bank Ltd		24
80,000	e	ICICI Bank Ltd (ADR)		2,360
1,402,000		Industrial & Commercial Bank of China		977
3,109,930		ING Groep NV		31,290
84,755		Investec plc		456
23,000	e	Iyo Bank Ltd		235
77,338		Joyo Bank Ltd		395
2,084,029		JPMorgan Chase & Co		71,087
376,810		Julius Baer Holding AG.		14,628
2,965	*	Jyske Bank		85
1,201,131		Kasikornbank PCL		2,556
93,694		Keycorp		491
3,459,715		Lloyds TSB Group plc		3,980
11,442	e	M&T Bank Corp		583
35,072	e	Marshall & Ilsley Corp		168
103,062	e	Mediobanca S.p.A.		1,227
38,931	*	Metavante Technologies, Inc		1,007
5,616,463		Mitsubishi UFJ Financial Group, Inc		34,864
1,595,750	e	Mitsui Trust Holdings, Inc		6,112
5,071,000	e	Mizuho Financial Group, Inc		11,896
182,000	e	Mizuho Trust & Banking Co Ltd		236
848,780		National Australia Bank Ltd		15,348
69,131	e	National Bank of Canada		3,195
106,578		National Bank of Greece S.A.		2,960
170,024		Natixis		329
99,303	e	New York Community Bancorp, Inc		1,062
71,045		Nishi-Nippon City Bank Ltd		180
695,410	e	Nordea Bank AB		5,508
128,635		Northern Trust Corp		6,905
45,201		OKO Bank (Class A)		361
555,614		Oversea-Chinese Banking Corp		2,562
106,716		People's United Financial, Inc		1,605
68,164		Piraeus Bank S.A.		679
229,447		PNC Financial Services Group, Inc		8,905
10,650	e	Raiffeisen International Bank Holding AG.		370
807,019	e	Regions Financial Corp		3,260
54,400	e	Resona Holdings, Inc		766
607,207	e	Royal Bank of Canada		24,833
4,016,965		Royal Bank of Scotland Group plc		2,554
57,109	*	Royal Bank of Scotland Group plc (Euro)		36
33,000	*,e	Sapporo Hokuyo Holdings, Inc		95
59	e	SEVEN BANK Ltd		155
125,320	e	Shinsei Bank Ltd		202
62,727		Shizuoka Bank Ltd		623
1,353,476		Siam Commercial Bank PCL		2,979
284,611	e	Skandinaviska Enskilda Banken AB (Class A)		1,251
618,668	e	Societe Generale		33,748
461,671		State Street Corp		21,791

164

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
905,600	e	Sumitomo Mitsui Financial Group, Inc	$	36,944
167,488		Sumitomo Trust & Banking Co Ltd		904
106,135		Suncorp-Metway Ltd		573
749,553		SunTrust Banks, Inc		12,330
565,689	e	Suruga Bank Ltd		5,420
100,304	e	Svenska Handelsbanken (A Shares)		1,895
70,256	e	Swedbank AB (A Shares)		409
1,750		Sydbank AS		40
318,158	e	TCF Financial Corp		4,254
15,019	e	TFS Financial Corp		160
367,222	e	Toronto-Dominion Bank		18,971
150,000	*,e	UBS A.G.		1,832
2,936,754	*	UBS A.G. (Switzerland)		35,921
6,496,952	e	UniCredito Italiano S.p.A		16,360
170,741		United Overseas Bank Ltd		1,731
1,613,215		US Bancorp		28,909
24,542	b,e	Washington Mutual, Inc		2
2,612,304		Wells Fargo & Co		63,375
493,529		Western Union Co		8,094
929,892	e	Westpac Banking Corp		15,173
17,626		Wing Hang Bank Ltd		154
22,000		Yamaguchi Financial Group, Inc		291
2,917		Zions Bancorporation		34
		TOTAL DEPOSITORY INSTITUTIONS		1,102,449

EATING AND DRINKING PLACES - 1.22%
20,134	e	Autogrill S.p.A.		170
237,400	e	Brinker International, Inc		4,043
105,000	*,e	Cheesecake Factory		1,817
12,412,489		Compass Group plc		69,788
122,547	e	Darden Restaurants, Inc		4,042
964,453		Enterprise Inns plc		1,979
581,945		McDonald's Corp		33,455
4,800	e	McDonald's Holdings Co Japan Ltd		89
11,440	e	Mitchells & Butlers plc		47
41,806		Onex Corp		719
7,559	e	Punch Taverns plc		13
19,499	e	Sodexho Alliance S.A.		1,001
256,827	*,e	Starbucks Corp		3,567
39,320	e	Tim Hortons, Inc		965
38,478		Whitbread plc		517
168,681		Yum! Brands, Inc		5,624
		TOTAL EATING AND DRINKING PLACES		127,836

EDUCATIONAL SERVICES - 0.14%
89,374	*	Apollo Group, Inc (Class A)		6,356
93,982		Benesse Corp		3,766
107,623		CAE, Inc		638
7,836		DeVry, Inc		392
36,556	*,e	ITT Educational Services, Inc		3,680
		TOTAL EDUCATIONAL SERVICES		14,832

ELECTRIC, GAS, AND SANITARY SERVICES - 4.28%
244,110	e	A2A S.p.A.		445

165

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
18,113		ACEA S.p.A.	$	221
325,417	*	AES Corp		3,778
184,508		AGL Energy Ltd		2,000
81,371	e	Allegheny Energy, Inc		2,087
23,723		Alliant Energy Corp		620
43,582	e	Ameren Corp		1,085
92,562		American Electric Power Co, Inc		2,674
178,845	e	American Water Works Co, Inc		3,418
21,091		Aqua America, Inc		378
2,619		Bkw Fmb Energie AG		193
157,103	*,e	Calpine Corp		1,752
34,133	e	Canadian Utilities Ltd		1,114
97,654		Centerpoint Energy, Inc		1,082
1,421,178		Centrica plc		5,214
1,634,000		China Resources Gas Group Ltd		1,117
1,894,000	e	China Resources Power Holdings Co		4,213
79,561		Chubu Electric Power Co, Inc		1,842
31,900	e	Chugoku Electric Power Co, Inc		667
233,021		CLP Holdings Ltd		1,545
87,053		Companhia de Saneamento Basico do Estado de Sao Paulo (ADR)		2,611
226,338		Companhia Paranaense de Energia		3,153
57,884	e	Consolidated Edison, Inc		2,166
641,921		Constellation Energy Group, Inc		17,062
28,598		Contact Energy Ltd		108
145,879		Dominion Resources, Inc		4,875
64,575		Drax Group plc		466
34,023		DTE Energy Co		1,089
2,285,929		DUET Group		2,837
342,925	e	Duke Energy Corp		5,003
39,200	*	Dynegy, Inc (Class A)		89
1,583,704	e	E.ON AG.		56,030
94,495		Edison International		2,973
37,395	*	EDP Renovaveis S.A.		383
204,206		El Paso Corp		1,885
85,639		Electric Power Development Co		2,436
303,352	e	Electricite de France		14,756
163,660		Eletropaulo Metropolitana de Sao Paulo S.A.		2,901
36,676		Enagas		721
154,170		Enbridge, Inc		5,350
1,498,519	e	Enel S.p.A.		7,295
63,039		Energen Corp		2,515
405,451		Energias de Portugal S.A.		1,589
98,880		Entergy Corp		7,665
444,411		Exelon Corp		22,757
98,699	e	FirstEnergy Corp		3,825
72,081	e	Fortis, Inc		1,575
328,780		Fortum Oyj		7,481
184,329		FPL Group, Inc		10,481
45,507		Gas Natural SDG S.A.		828
892,182	e	Gaz de France		33,216
20,403	e	Hokkaido Electric Power Co, Inc		383
20,900	e	Hokuriku Electric Power Co		478
450,515		Hong Kong & China Gas Ltd		948
502,864		Hong Kong Electric Holdings Ltd		2,797

166

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
711,091	*	Iberdrola Renovables	$	3,247
771,176		Iberdrola S.A.		6,253
675,882	*	Iberdrola S.A. (PP)		5,310
9,841	e	Integrys Energy Group, Inc		295
1,215,677		International Power plc		4,760
92,553		Kansai Electric Power Co, Inc		2,046
44,060		Kyushu Electric Power Co, Inc		949
27,629		MDU Resources Group, Inc		524
400,140	*,e	Mirant Corp		6,298
532,014		National Grid plc		4,792
56,501		NiSource, Inc		659
21,500		Northeast Utilities		480
393,267	*,e	NRG Energy, Inc		10,209
14,031	e	NSTAR		451
87,943	*,e	Ocean Power Technologies, Inc		514
19,851	e	Oest Elektrizitatswirts AG. (Class A)		1,010
21,175		Oneok, Inc		624
226,125		Osaka Gas Co Ltd		723
43,568		Pepco Holdings, Inc		586
135,381		PG&E Corp		5,204
21,259		Pinnacle West Capital Corp		641
147,323		PPL Corp		4,856
70,694	e	Progress Energy, Inc		2,674
24,155		Public Power Corp		498
519,461		Public Service Enterprise Group, Inc		16,950
136,852		Questar Corp		4,251
23,850		Red Electrica de Espana		1,078
952,668	*,e	Reliant Energy, Inc		4,773
781,408		Republic Services, Inc		19,074
99,628		RWE A.G.		7,839
5,020		RWE A.G. (Preference)		335
23,021		SCANA Corp		747
196,583		Scottish & Southern Energy plc		3,684
108,464		Sempra Energy		5,383
49,821		Severn Trent plc		897
20,900	e	Shikoku Electric Power Co, Inc		625
338,515		Snam Rete Gas S.p.A.		1,485
174,964		Southern Co		5,452
78,329		SP AusNet		49
18,113	*	Stericycle, Inc		933
55,825	e	Suez Environnement S.A.		975
279,565	e	Terna Rete Elettrica Nazionale S.p.A.		931
45,000	e	Toho Gas Co Ltd		183
50,363		Tohoku Electric Power Co, Inc		1,053
827,028		Tokyo Electric Power Co, Inc		21,290
1,388,838		Tokyo Gas Co Ltd		4,974
86,804		TransAlta Corp		1,665
160,520		United Utilities Group plc		1,313
77,722	e	Veolia Environnement		2,289
212,122	e	Waste Management, Inc		5,973
122,709		Williams Cos, Inc		1,915
23,872		Wisconsin Energy Corp		972
136,967		Xcel Energy, Inc		2,522
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		449,385

167

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.78%
798,876		ABB Ltd	$	12,558
105,485	*,e	Advanced Micro Devices, Inc		408
3,080,000		Advanced Semiconductor Engineering, Inc		1,779
463,697	*,e	Alcatel S.A.		1,163
4,814		Alps Electric Co Ltd		26
49,492		Altera Corp		806
21,900		Ametek, Inc		757
72,632		Amphenol Corp (Class A)		2,298
256,205		Analog Devices, Inc		6,349
445,447	*	Apple Computer, Inc		63,444
1,249,229		Asustek Computer, Inc		1,622
102,685	*,e	Avnet, Inc		2,159
160,787	*	Broadcom Corp (Class A)		3,986
348,213	*,e	Celestica, Inc		2,375
3,414,958	*	Cisco Systems, Inc		63,654
126,340		Cooper Industries Ltd (Class A)		3,923
46,295	*,e	Dolby Laboratories, Inc (Class A)		1,726
41,356	e	Eaton Corp		1,845
12,008	*,e	Elpida Memory, Inc		130
165,595	*,e	Energizer Holdings, Inc		8,651
628,112	e	Ericsson (LM) (B Shares)		6,163
32,680	*,e	First Solar, Inc		5,298
174,412	*	Flextronics International Ltd		717
205,728	*	Foxconn International Holdings Ltd		135
61,822	e	Fuji Electric Holdings Co Ltd		103
37,800		Gamesa Corp Tecnologica S.A.		716
57,901	*,e	Gemalto NV		2,003
3,932,437		General Electric Co		46,088
1,971,502		Geodesic Information Systems Ltd		3,772
25,000	e	GS Yuasa Corp		220
21,222		Harris Corp		602
1,269	*	Harris Stratex Networks, Inc (Class A)		8
3,563	e	Hirose Electric Co Ltd		381
12,452		Hitachi Chemical Co Ltd		201
7,600		Hitachi High-Technologies Corp		130
350,548		Hitachi Ltd		1,095
2,428,544		Hon Hai Precision Industry Co, Ltd		7,513
340,531		Hoya Corp		6,843
92,272	*	Ibiden Co Ltd		2,600
2,455,715	*,e	Infineon Technologies AG.		8,871
4,055,368		Intel Corp		67,115
3,586		Intersil Corp (Class A)		45
6,109	*	JDS Uniphase Corp		35
216,622		Koninklijke Philips Electronics NV		3,989
20,838		Kyocera Corp		1,573
75,737		L-3 Communications Holdings, Inc		5,255
16,639	e	Legrand S.A.		363
62,974		LG Electronics, Inc		5,784
73,258	e	Linear Technology Corp		1,711
140,210	*,e	LSI Logic Corp		639
2,930	e	Mabuchi Motor Co Ltd		142
210,145	*	Marvell Technology Group Ltd		2,446

168

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
661,082		Matsushita Electric Industrial Co Ltd	$	8,935
38,956		Matsushita Electric Works Ltd		370
182,631	e	Maxim Integrated Products, Inc		2,865
215,000		MediaTek, Inc		2,569
69,829	*	MEMC Electronic Materials, Inc		1,244
29,645	e	Microchip Technology, Inc		668
404,132	*,e	Micron Technology, Inc		2,045
15,212	e	Millicom International Cellular S.A.		857
42,900		Minebea Co Ltd		183
1,931,884		Mitsubishi Electric Corp		12,253
8,641		Mitsumi Electric Co Ltd		185
1,014,600		Motorola, Inc		6,727
31,656		Murata Manufacturing Co Ltd		1,347
212,161	e	National Semiconductor Corp		2,663
956	*,e	NEC Electronics Corp		9
820,084	*	NetApp, Inc		16,172
16,988	e	NGK Spark Plug Co Ltd		162
11,506		Nidec Corp		699
18,977		Nitto Denko Corp		579
1,755,188		Nokia Oyj		25,706
12,407	*,e	Nortel Networks Corp		2
620,618	*,e	Nvidia Corp		7,007
20,811		Omron Corp		301
4,473	*,e	Pioneer Corp		13
1,688	*,e	Q-Cells AG.		34
60,000	*	QLogic Corp		761
989,005		Qualcomm, Inc		44,703
1,793,230		Quanta Computer, Inc		2,897
219,907	*,e	Renewable Energy Corp AS		1,707
281,989	*	Research In Motion Ltd (Canada)		20,045
549,595		Ricoh Co Ltd		7,103
2,900		Rinnai Corp		129
15,444		Rohm Co Ltd		1,127
15,255		Samsung Electronics Co Ltd		7,089
177,755	*	Sanyo Electric Co Ltd		461
52,232	*,e	SGL Carbon AG.		1,613
104,803	e	Sharp Corp		1,091
7,500		Shinko Electric Industries		93
215,869	*,e	Sirius XM Radio, Inc		93
688,480		Smiths Group plc		7,946
40,673,611	e	Solomon Systech International Ltd		3,149
474,088		Sony Corp		12,426
15,235		Stanley Electric Co Ltd		310
137,540	e	STMicroelectronics NV		1,029
15,576	e	Sumco Corp		222
12,678	*,e	Sunpower Corp (Class A)		338
2,600	*	Sunpower Corp (Class B)		62
3,041,000		Taiwan Semiconductor Manufacturing Co Ltd		5,070
280,000		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		2,635
12,266		TDK Corp		578
613,238		Texas Instruments, Inc		13,062
7,100	*,e	Toyota Boshoku Corp		106
148,470	*,e	Tyco Electronics Ltd		2,760
329,345	e	Ushio, Inc		5,272

169

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
15,699	e	Whirlpool Corp	$	668
72,601	e	Xilinx, Inc		1,485
11,274,000		Yageo Corp		2,278
29,384	e	Yaskawa Electric Corp		196
917,579	e	ZTE Corp		3,185
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		607,499

ENGINEERING AND MANAGEMENT SERVICES - 0.57%
317,274		Accenture Ltd (Class A)		10,616
163,410		Aeon Mall Co Ltd		3,118
6,773	*,e	Amylin Pharmaceuticals, Inc		91
1,058		Bilfinger Berger AG.		49
28,451	e	Cap Gemini S.A.		1,047
134,789		Capita Group plc		1,584
85,787		Fluor Corp		4,400
12,068		Fugro NV		500
26,300	*,e	Gen-Probe, Inc		1,130
80,774		Groupe Aeroplan, Inc		573
66,683	*,e	Hewitt Associates, Inc (Class A)		1,986
24,569	*,e	Jacobs Engineering Group, Inc		1,034
321,142		JGC Corp		5,200
384,945	e	KBR, Inc		7,098
125,187	*	McDermott International, Inc		2,543
11,580	*,e	Myriad Genetics, Inc		413
21,200	e	NPC, Inc		1,107
59,392	e	Paychex, Inc		1,497
63,377	*,e	SAIC, Inc		1,176
564,811		SembCorp Industries Ltd		1,178
318,068		Serco Group plc		2,208
753,000		Shandong Weigao Group Medical Polymer Co Ltd		1,933
145,965	*,e	Shaw Group, Inc		4,001
65,171	e	SNC-Lavalin Group, Inc		2,401
1,431	e	Strabag SE		32
10,146	*	URS Corp		502
107,293	e	WorleyParsons Ltd		2,059
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		59,476

FABRICATED METAL PRODUCTS - 0.31%
770,794		Amcor Ltd		3,099
14,574		Ball Corp		658
549,154	*	Crown Holdings, Inc		13,257
10,067	*,e	Geberit AG.		1,238
17,000		Hitachi Metals Ltd		145
119,188	e	Illinois Tool Works, Inc		4,450
29,739		JS Group Corp		460
44,668		Parker Hannifin Corp		1,919
156,614		Pentair, Inc		4,012
145,683		Rexam plc		682
8,310	e	Salzgitter AG.		728
36,387	e	Ssab Svenskt Stal AB (Series A)		423
17,094	e	Ssab Svenskt Stal AB (Series B)		184
32,603		Stanley Works		1,103
15,767		Toyo Seikan Kaisha Ltd		335
		TOTAL FABRICATED METAL PRODUCTS		32,693

170

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
FOOD AND KINDRED PRODUCTS - 3.78%
74,337		Ajinomoto Co, Inc	$	590
56,720	*	Anheuser-Busch InBev NV		–	^
278,938		Archer Daniels Midland Co		7,467
12,809	*	Aryzta AG.		411
643,141	e	Asahi Breweries Ltd		9,260
70,648		Associated British Foods plc		886
391,000		Beijing Enterprises Holdings Ltd		1,952
129,781		Bunge Ltd		7,819
78		C&C Group plc		–	^
269,811		Cadbury plc		2,299
41,699	e	Campbell Soup Co		1,227
22,657	e	Carlsberg AS (Class B)		1,453
3,000,000		China Agri-Industries Holdings Ltd		1,870
35,191		Coca Cola Hellenic Bottling Co S.A.		726
250,441		Coca-Cola Amatil Ltd		1,738
936,031		Coca-Cola Co		44,920
135,243		Coca-Cola Enterprises, Inc		2,252
6,071	e	Coca-Cola West Japan Co Ltd		116
147,598		ConAgra Foods, Inc		2,813
86,605	*	Constellation Brands, Inc (Class A)		1,098
921,535	e	CSR Ltd		1,262
557,916		Diageo plc		7,999
60,374	*	Dr Pepper Snapple Group, Inc		1,279
406,097		General Mills, Inc		22,750
501,280	e	Golden Agri-Resources Ltd		132
112,873		Groupe Danone		5,571
66,439		H.J. Heinz Co		2,372
23,800	*,e	Hansen Natural Corp		734
49,239		Heineken NV		1,826
66,253	e	Hershey Co		2,385
12,420		Hormel Foods Corp		429
749,007		InBev NV		27,046
7,137	e	Ito En Ltd		102
21,683		J.M. Smucker Co		1,055
38,494		Kaneka Corp		275
56,651		Kellogg Co		2,638
27,805		Kerry Group plc (Class A)		634
548,902	e	Kirin Brewery Co Ltd		7,692
594,000		Kraft Foods, Inc (Class A)		15,052
156		Lindt & Spruengli AG.		291
19		Lindt & Spruengli AG. (Reg)		420
27,334	e	Lion Nathan Ltd		255
23,974	e	McCormick & Co, Inc		780
6,400	*	MEIJI Holdings Co Ltd		258
131,915		Molson Coors Brewing Co (Class B)		5,584
2,463,949		Nestle S.A.		92,794
19,357		Nippon Meat Packers, Inc		245
20,589		Nisshin Seifun Group, Inc		246
8,971		Nissin Food Products Co Ltd		272
115,298	e	Olam International Ltd		193
334,439		Parmalat S.p.A.		806
186,272		Pepsi Bottling Group, Inc		6,303

171

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
14,761	e	PepsiAmericas, Inc	$	396
669,723		PepsiCo, Inc		36,808
40,621	e	Pernod-Ricard S.A.		2,557
4,558,884	e	Petra Foods Ltd		2,581
21,656	*	Ralcorp Holdings, Inc		1,319
72,249	e	Reynolds American, Inc		2,790
283,380		SABMiller plc		5,758
24,855	e	Sapporo Holdings Ltd		143
61,193		Saputo, Inc		1,277
258,769		Sara Lee Corp		2,526
100,000	*,e	Smithfield Foods, Inc		1,397
86,654		Suedzucker AG.		1,759
91,204	e	Swire Pacific Ltd (Class A)		920
12,749	e	Tate & Lyle plc		67
160,099		Toyo Suisan Kaisha Ltd		3,302
62,177		Tyson Foods, Inc (Class A)		784
1,179,933		Unilever plc		27,643
1,643,700	e	Wilmar International Ltd		5,697
10,126	e	Yakult Honsha Co Ltd		194
12,918	e	Yamazaki Baking Co Ltd		146
		TOTAL FOOD AND KINDRED PRODUCTS		396,641

FOOD STORES - 0.93%
56,951		Alimentation Couche Tard, Inc		689
132,185		Carrefour S.A.		5,641
3,639	e	Colruyt S.A.		830
22,877		Delhaize Group		1,609
10,609		Empire Co Ltd		386
5,655		FamilyMart Co Ltd		178
22,162		George Weston Ltd		1,112
128,955		Goodman Fielder Ltd		136
216,047		J Sainsbury plc		1,113
62,143	e	Jeronimo Martins SGPS S.A.		424
13,655		Kesko Oyj (B Shares)		361
496,096		Koninklijke Ahold NV		5,696
460,874		Kroger Co		10,161
67,590		Lawson, Inc		2,975
47,023	e	Loblaw Cos Ltd		1,405
91,280		Safeway, Inc		1,859
377,536		Seven & I Holdings Co Ltd		8,896
483,478		Shoprite Holdings Ltd		3,448
22,755		Sonae SPGS S.A.		22
119,360	e	Supervalu, Inc		1,546
4,756,796	*	Taiwan TEA Corp		2,631
6,432,550		Tesco plc		37,420
6,397,000	e	Want Want China Holdings Ltd		3,615
27,717	*,e	Whole Foods Market, Inc		526
504,687		WM Morrison Supermarkets plc		1,964
144,184		Woolworths Ltd		3,063
		TOTAL FOOD STORES		97,706

FORESTRY - 0.04%
22,518	e	Rayonier, Inc		819

172

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
116,668		Weyerhaeuser Co	$	3,550
		TOTAL FORESTRY		4,369

FURNITURE AND FIXTURES - 0.03%
63,000	*,e	Kinetic Concepts, Inc		1,717
31,582	e	Leggett & Platt, Inc		481
111,624	e	Masco Corp		1,069
		TOTAL FURNITURE AND FIXTURES		3,267

FURNITURE AND HOME FURNISHINGS STORES - 0.23%
48,237	*,e	Bed Bath & Beyond, Inc		1,483
359,091	e	Best Buy Co, Inc		12,025
1,818,000		DSG International plc		688
48,143	*	GameStop Corp (Class A)		1,060
42,082	e	Harvey Norman Holdings Ltd		112
41,823	e	Nitori Co Ltd		2,970
108,000	e	RadioShack Corp		1,508
2,644		Williams-Sonoma, Inc		31
76,811		Yamada Denki Co Ltd		4,489
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		24,366

GENERAL BUILDING CONTRACTORS - 0.68%
86,099	e	ACS Actividades Cons y Servicios S.A.		4,354
2,333,760		AMEC plc		25,072
87,712		Balfour Beatty plc		446
20,948		Berkeley Group Holdings plc		277
99,358	e	Centex Corp		841
562,661		Cheung Kong Infrastructure Holdings Ltd		1,975
9,643		Daito Trust Construction Co Ltd		456
456,840		Daiwa House Industry Co Ltd		4,932
190,020	e	DR Horton, Inc		1,779
10,784	e	Eiffage S.A.		628
63,989		Fletcher Building Ltd		272
35,859	e	Haseko Corp		37
9,600		Hochtief AG.		483
89,104	e	Kajima Corp		278
36,304	e	Lend Lease Corp Ltd		205
9,880	e	Lennar Corp (Class A)		96
14,013	*	Leopalace21 Corp		125
76,800	e	MDC Holdings, Inc		2,312
20,091	*,e	NVR, Inc		10,094
70,977		Obayashi Corp		348
8,169	e	Persimmon plc		47
105,318	e	Pulte Homes, Inc		930
49,474	*	Puravankara Projects Ltd		89
17,866	e	Sacyr Vallehermoso S.A.		248
44,271		Sekisui Chemical Co Ltd		278
55,826		Sekisui House Ltd		568
62,452	e	Shimizu Corp		272
81,890	e	Skanska AB (B Shares)		916
25,381		Sobha Developers Ltd		111
120,136	e	Taisei Corp		291
61,172	*	Taylor Woodrow plc		34
39,570	*,e	Toll Brothers, Inc		672
263,546	e	Vinci S.A.		11,825

173

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
3,610	e	YIT Oyj	$	37
		TOTAL GENERAL BUILDING CONTRACTORS		71,328

GENERAL MERCHANDISE STORES - 1.36%
65,701	e	Aeon Co Ltd		651
117,642	*,e	Big Lots, Inc		2,474
91,294	*,e	BJ's Wholesale Club, Inc		2,942
254,622	e	Costco Wholesale Corp		11,636
132,836	e	Family Dollar Stores, Inc		3,759
928,000	e	Golden Eagle Retail Group Ltd		1,078
38,838	e	Isetan Mitsukoshi Holdings Ltd		397
52,728	e	J Front Retailing Co Ltd		252
74,873	e	JC Penney Co, Inc		2,150
57,386	e	Keio Corp		334
174,914	e	Kintetsu Corp		772
66,500		Lifestyle International Holdings Ltd		92
461,385		Macy's, Inc		5,426
770,499		Marks & Spencer Group plc		3,879
25,109	e	Marui Co Ltd		177
1,857,000		New World Department Store China Ltd		1,402
238,795		Next plc		5,771
67,105	e	Odakyu Electric Railway Co Ltd		575
16,456	e	PPR		1,343
17,734	*,e	Sears Holdings Corp		1,180
186,950		SM Investments Corp		1,185
35,162	e	Takashimaya Co Ltd		278
347,041		Target Corp		13,698
434,181		TJX Companies, Inc		13,659
94,521	e	Tobu Railway Co Ltd		556
550,146		Tokyu Corp		2,781
17,020		UNY Co Ltd		146
1,323,688		Wal-Mart Stores, Inc		64,120
		TOTAL GENERAL MERCHANDISE STORES		142,713

HEALTH SERVICES - 0.69%
67,506		AmerisourceBergen Corp		1,198
3,492,000		Bangkok Dusit Medical Service PCL		2,327
2,226		BioMerieux		195
13,449	*,e	Covance, Inc		662
148,590	*	Coventry Health Care, Inc		2,780
80,000	*	Crucell NV		1,924
147,738	*	DaVita, Inc		7,307
18,503	*,e	Edwards Lifesciences Corp		1,259
121,539	*	Express Scripts, Inc		8,355
85,354		Fraser and Neave Ltd		229
52,394	e	Fresenius Medical Care AG.		2,344
508,718	*	Healthsouth Corp		7,346
40,044	*,e	Laboratory Corp of America Holdings		2,715
90,535	*,e	Lincare Holdings, Inc		2,129
321,835		McKesson Corp		14,160
3,399	*	MDS, Inc		18
200,851	*	Medco Health Solutions, Inc		9,160
52,587		Omnicare, Inc		1,355
25,000	e	Parkway Holdings Ltd		29

174

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
16,103		Pharmaceutical Product Development, Inc	$	374
34,311		Quest Diagnostics, Inc		1,936
205,023		Ramsay Health Care Ltd		1,906
266,792	e	Sonic Healthcare Ltd		2,649
		TOTAL HEALTH SERVICES		72,357

HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.22%
62,585		Abertis Infraestructuras S.A.		1,177
5,988	e	Acciona S.A.		736
83,075	e	Boskalis Westminster		1,883
47,103	e	Bouygues S.A.		1,771
9,880	e	Fomento de Construcciones y Contratas S.A.		405
39,440	*	Foster Wheeler AG.		937
12,460	e	Grupo Ferrovial S.A.		400
638,548	e	Saipem S.p.A.		15,533
119,186	e	Transurban Group		401
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		23,243

HOLDING AND OTHER INVESTMENT OFFICES - 4.02%
184,427	e	3i Group plc		734
4,946	e	Allied Capital Corp		17
23,713	e	AMB Property Corp		446
319,671	e	Annaly Mortgage Management, Inc		4,840
10,128		Apartment Investment & Management Co (Class A)		90
47,546		ARC Energy Trust		728
103,473		Ascendas Real Estate Investment Trust		114
30,495	e	AvalonBay Communities, Inc		1,706
3,215	*	Berkshire Hathaway, Inc (Class B)		9,310
53,453	e	Boston Properties, Inc		2,550
211,636		Brookfield Asset Management, Inc		3,621
10,488	e	Camden Property Trust		289
56,800	e	CapitaCommercial Trust		32
153,942	e	CFS Gandel Retail Trust		205
179,701	e	CI Financial Corp		2,957
365,105	e	DB RREEF Trust		221
10,089	e	Developers Diversified Realty Corp		49
90,688		Duke Realty Corp		795
84,163	e	Equity Residential		1,871
4,075	e	Eurazeo		169
33,183	e	Federal Realty Investment Trust		1,710
3,617	e	Fonciere Des Regions		272
3,323,000		GOME Electrical Appliances Holdings Ltd		828
681,005		GPT Group		269
17,630		Groupe Bruxelles Lambert S.A.		1,289
477	*	Groupe Bruxelles Lambert S.A. - STR VVPR		–	^
54,375	e	HCP, Inc		1,152
37,849		Health Care REIT, Inc		1,291
21,728		Heineken Holding NV		690
283,894		Host Marriott Corp		2,382
11,859	*,e	Immoeast AG.		30
641,581		Investimentos Itau S.A.		2,855
1,651,359	e	iShares MSCI Canada Index Fund		35,372
2,094,941	e	iShares MSCI EAFE Index Fund		95,969
150,000	e	iShares MSCI Hong Kong Index Fund		2,061

175

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
3,348,308	e	iShares MSCI Japan Index Fund	$	31,575
21,000	e	iShares MSCI Pacific ex-Japan Index Fund		665
300,000		iShares MSCI Taiwan Index Fund		3,027
3,776	e	Jafco Co Ltd		127
62	e	Japan Prime Realty Investment Corp		135
249		Japan Real Estate Investment Corp		2,070
37	*	Japan Retail Fund Investment Corp		171
874		KBC Ancora		9
633	*	Kenedix Realty Investment Corp		2,195
110,526	e	Kimco Realty Corp		1,111
39,642		LG Corp		1,895
19,833		Liberty Property Trust		457
5,970	e	Macerich Co		105
218,802		Macquarie Infrastructure Group		252
58,393	e	Macquarie Office Trust		10
171,925		Marfin Investment Group S.A		738
8,533	*,e	Meinl European Land Ltd		38
1,000,000	*,e	Melco International Development		550
36,100		Nationale A Portefeuille		1,742
539	e	Nippon Building Fund, Inc		4,622
542		Nomura Real Estate Office Fund, Inc		3,454
879,650		NOMURA TOPIX EXCHANGE TRADED FUND		8,729
78,000		NWS Holdings Ltd		141
75,734	e	Plum Creek Timber Co, Inc		2,255
401		Premier Investment Co		1,432
71,001	e	Prologis		572
39,886		Public Storage, Inc		2,612
3,431,000		Regal Real Estate Investment Trust		496
15,816	e	Regency Centers Corp		552
1,980	*	REINET INVESTMENTS S.C.A		26
45,969		RioCan Real Estate Investment Trust		604
1,755	e	SBI Holdings, Inc		359
34,200		Shinhan Financial Group Co Ltd		866
135,234		Simon Property Group, Inc		6,955
4,606	e	SL Green Realty Corp		106
1,553,997		SPDR Trust Series 1		142,842
44,023	e	Taubman Centers, Inc		1,182
7,336	e	UDR, Inc		76
457,111	*,e	Vantage Drilling Co		800
24,381	e	Ventas, Inc		728
55,689	e	Virgin Media, Inc		521
75,338		Vornado Realty Trust		3,392
2,016		Wendel		65
1,166,445		Westfield Group		10,696
935,875		Wharf Holdings Ltd		3,967
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		421,836

HOTELS AND OTHER LODGING PLACES - 0.46%
554,370	e	Accor S.A.		21,975
4,563,000		Banyan Tree Holdings Ltd		1,859
441,771	e	Crown Ltd		2,588
52,820	e	Intercontinental Hotels Group plc		541
346,314	*,e	Las Vegas Sands Corp		2,722
105,773	e	Marriott International, Inc (Class A)		2,334

176

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
13,857	*,e	MGM Mirage	$	89
17,395,756		Minor International PCL		4,059
750,120	*,e	Orient-Express Hotels Ltd (Class A)		6,369
2,368,977	e	Shangri-La Asia Ltd		3,515
56,899	e	Starwood Hotels & Resorts Worldwide, Inc		1,263
96,415	e	Thomas Cook Group plc		326
116,053		TUI Travel plc		442
50,965		United Overseas Land Ltd		116
8,943	e	Wyndham Worldwide Corp		108
13,263	e	Wynn Resorts Ltd		468
		TOTAL HOTELS AND OTHER LODGING PLACES		48,774

INDUSTRIAL MACHINERY AND EQUIPMENT - 3.82%
114,847	*,e	AGCO Corp		3,339
95,826	e	Alfa Laval AB		914
268,361	e	Alstom RGPT		15,832
42,498		Amada Co Ltd		264
1,109		Andritz AG.		47
710,094		Applied Materials, Inc		7,790
19,058	e	ASM Pacific Technology		98
385,383		ASML Holding NV		8,331
147,078	e	Atlas Copco AB (A Shares)		1,473
86,953	e	Atlas Copco AB (B Shares)		786
11,753	e	Black & Decker Corp		337
609,033	e	Brambles Ltd		2,925
1,108,957	*,e	Brocade Communications Systems, Inc		8,672
23,300		Brother Industries Ltd		207
510,354	e	Canon, Inc		16,741
1,087	e	Cargotec Corp (B Shares)		19
25,140	e	Casio Computer Co Ltd		225
137,687	e	Caterpillar, Inc		4,549
30,276		Citizen Watch Co Ltd		156
106,999		Cummins, Inc		3,767
28,605		Daikin Industries Ltd		923
85,223		Deere & Co		3,405
368,490	*,e	Dell, Inc		5,059
76,182		Dover Corp		2,521
20,000	*	Dresser-Rand Group, Inc		522
50,334	e	Electrolux AB (Series B)		703
618,171	*	EMC Corp		8,098
22,153	e	Fanuc Ltd		1,784
52,333		Flowserve Corp		3,653
38,825	*,e	FMC Technologies, Inc		1,459
280,474		FUJIFILM Holdings Corp		8,909
16,000	*	Gardner Denver, Inc		403
337,121		GEA Group AG.		5,103
2,254,056		Hewlett-Packard Co		87,118
13,422	e	Hitachi Construction Machinery Co Ltd		219
64,983		Husqvarna AB (B Shares)		354
9,263		IMI plc		48
–	e	Ingersoll-Rand Co Ltd (Class A)		–	^
65,509	*	Ingersoll-Rand plc		1,369
706,758		International Business Machines Corp		73,800
423,017	e	International Game Technology		6,726

177

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
1,171,114	*,e	Ishikawajima-Harima Heavy Industries Co Ltd	$	2,030
3,365	e	Itochu Techno-Science Corp		100
127,247		ITT Industries, Inc		5,662
457,437	e	Japan Steel Works Ltd		5,660
8,860		John Bean Technologies Corp		111
156,269	e	Johnson Controls, Inc		3,394
162,401	e	Joy Global, Inc		5,801
307,156	e	Komatsu Ltd		4,757
37,454		Kone Oyj (Class B)		1,147
629,342		Konica Minolta Holdings, Inc		6,585
130,546	e	Kubota Corp		1,080
14,421	e	Kurita Water Industries Ltd		467
20,842	*	Lam Research Corp		542
5,055	*,e	Lexmark International, Inc (Class A)		80
35,105	*,e	Logitech International S.A.		486
14,671		Makita Corp		356
3,600	e	Manitowoc Co, Inc		19
372,506	e	Mitsubishi Heavy Industries Ltd		1,547
214,806		Northrop Grumman Corp		9,812
35,948	*,e	NTN Corp		144
197	*,e	OC Oerlikon Corp AG.		11
3,290		Okuma Holdings, Inc		16
25,166		Pall Corp		668
300,000	e	Palm, Inc		4,971
43,725	e	Pitney Bowes, Inc		959
208,890		Raytheon Co		9,281
1,024		Rheinmetall AG.		44
69,101	*	SanDisk Corp		1,015
506,766	e	Sandvik AB		3,761
9,536		Schindler Holding AG.		592
4,099		Schindler Holding AG. (Reg)		254
140,788		Seagate Technology, Inc		1,473
26,262	*,m	Seagate Technology, Inc (Escrow)		–	^
14,173	e	Seiko Epson Corp		232
81,260	e	SKF AB (B Shares)		1,001
6,288		SMC Corp		678
17,251	e	Solarworld AG.		406
34,165		SPX Corp		1,673
1,432		Sulzer AG.		91
72,821	*,e	Sumitomo Heavy Industries Ltd		326
85,626	*,e	Teradata Corp		2,006
107,614	*,e	Terex Corp		1,299
402,247	e	Textron, Inc		3,886
194,681		Tokyo Electron Ltd		9,437
424,342	e	Toshiba Corp		1,542
27,062	*	Toyota Tsusho Corp		403
156,569		Tyco International Ltd		4,068
30,140	*,e	Varian Medical Systems, Inc		1,059
79,073	*,e	Vestas Wind Systems AS		5,668
17,916	e	Wartsila Oyj (B Shares)		577
190,366	*	Western Digital Corp		5,045
24,733	e	Yokogawa Electric Corp		167
34,314	e	Zardoya Otis S.A.		716
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		401,753

178

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
INSTRUMENTS AND RELATED PRODUCTS - 1.64%
16,342	e	Advantest Corp	$	297
203,961	*,e	Agilent Technologies, Inc		4,142
63,907		Allergan, Inc		3,041
27,386		Bard (C.R.), Inc		2,039
536,820		Baxter International, Inc		28,431
41,244	e	Beckman Coulter, Inc		2,357
107,884		Becton Dickinson & Co		7,693
2,012,863	*	Boston Scientific Corp		20,410
41,970	e	Cochlear Ltd		1,951
5,625		Coloplast AS (Class B)		387
43,343	e	Compagnie Generale d'Optique Essilor International S.A.		2,066
118,503		Covidien PLC		4,437
61,164		Danaher Corp		3,776
29,335	e	Dentsply International, Inc		895
31,663	e	Eastman Kodak Co		94
392,781		Emerson Electric Co		12,726
83,188		Finmeccanica S.p.A.		1,171
18,803	*,e	Flir Systems, Inc		424
19,568		Fresenius AG (Preference)		1,057
5,622		Fresenius SE		263
66,561	e	Garmin Ltd		1,585
36,627	e	Getinge AB (B Shares)		480
41,600	e	Hogy Medical Co Ltd		2,116
53,329	*,e	Hologic, Inc		759
16,818	*,e	Illumina, Inc		655
8,273	*,e	Intuitive Surgical, Inc		1,354
212,486		Invensys plc		781
4,624		Keyence Corp		946
27,327	e	Kla-Tencor Corp		690
100,460		LG.Philips LCD Co Ltd		2,508
18,592	e	Luxottica Group S.p.A.		388
419,724		Medtronic, Inc		14,644
29,710	*	Millipore Corp		2,086
220,020		Nikon Corp		3,823
228,175		Nippon Electric Glass Co Ltd		2,563
24,597		Nobel Biocare Holding AG.		537
21,912	*,e	Olympus Corp		520
10,142	e	Phonak Holding AG.		824
38,042	*	Qiagen NV		704
231,711	*,e	ResMed, Inc (ADR)		969
22,639	e	Rockwell Automation, Inc		727
49,536	e	Rockwell Collins, Inc		2,067
23,407		Roper Industries, Inc		1,061
42,660	e	Safran S.A.		563
23,000		Shimadzu Corp		184
188,393		Smith & Nephew plc		1,393
128,444	*	St. Jude Medical, Inc		5,279
1,564	e	Straumann Holding AG.		285
47,795	e	Stryker Corp		1,899
7,812		Swatch Group AG.		1,253
5,067	*,e	Swatch Group AG. Reg		166
12,810		Synthes, Inc		1,237

179

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
29,400	e	Sysmex Corp	$	1,068
100,000	*,e	Teradyne, Inc		686
111,012		Terumo Corp		4,909
188,380	*	Thermo Electron Corp		7,680
1,733	*,e	TomTom NV		21
26,051	*,e	Waters Corp		1,341
5,018	*,e	William Demant Holding		259
188,303		Xerox Corp		1,220
48,685	*	Zimmer Holdings, Inc		2,074
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		171,961

INSURANCE AGENTS, BROKERS AND SERVICE - 0.37%
144,349		AON Corp		5,466
22,000		Brown & Brown, Inc		438
51,208	e	Hartford Financial Services Group, Inc		608
251,881		Marsh & McLennan Cos, Inc		5,070
382,702		Millea Holdings, Inc		10,607
946,409		QBE Insurance Group Ltd		15,177
90,748	e	Unipol Gruppo Finanziario S.p.A.		106
25,588		Unipol S.p.A.		20
1,608		White Mountains Insurance Group Ltd		368
39,211	e	Willis Group Holdings Ltd		1,009
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		38,869

INSURANCE CARRIERS - 4.11%
399,056		ACE Ltd		17,649
1,004,641		Admiral Group plc		14,380
298,425		Aegon NV		1,835
209,828		Aetna, Inc		5,256
1,457,269		Aflac, Inc		45,305
58,000		Aioi Insurance Co Ltd		266
90,736	e	Alleanza Assicurazioni S.p.A		622
193,025	e	Allianz AG.		17,771
149,665		Allstate Corp		3,652
123,000		American Financial Group, Inc		2,654
286,808		American International Group, Inc		333
1,026,918		AMP Ltd		4,038
88,148	*	Arch Capital Group Ltd		5,164
239,344		Assicurazioni Generali S.p.A.		4,973
106,283		Assurant, Inc		2,560
567,045		Aviva plc		3,186
88,742		AXA Asia Pacific Holdings Ltd		278
341,900	e	AXA S.A.		6,422
507,562		Axis Capital Holdings Ltd		13,288
10,852		Baloise Holding AG.		805
1,365,000		China Life Insurance Co Ltd		5,020
64,594		Chubb Corp		2,576
49,058		Cigna Corp		1,182
27,072		Cincinnati Financial Corp		605
7,567		CNP Assurances		722
133,327		Corp Mapfre S.A.		434
69,642	e	Endurance Specialty Holdings Ltd		2,041
59,588	e	Everest Re Group Ltd		4,265
7,514		Fairfax Financial Holdings Ltd		1,886

180

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
45,520		Fidelity National Title Group, Inc (Class A)	$	616
17,344		First American Corp		449
14,186		Fondiaria-Sai S.p.A		228
437,685		Friends Provident Group plc		473
12,236		Genworth Financial, Inc (Class A)		86
121,496	e	Great-West Lifeco, Inc		2,382
12,518		Hannover Rueckversicherung AG.		463
83,385	*,e	Health Net, Inc		1,297
146,699	*	Humana, Inc		4,733
31,879		Industrial Alliance Insurance and Financial Services, Inc		706
34,146		ING Canada, Inc		1,000
203,472	e	Insurance Australia Group Ltd		575
7,850	*	Irish Life & Permanent plc		40
32,120		KBC Groep NV		586
38,106	e	Leucadia National Corp		804
136,902	e	Lincoln National Corp		2,356
66,846		Loews Corp		1,832
697,028	e	Manulife Financial Corp		12,099
49,767		Mediolanum S.p.A.		265
545,844		Metlife, Inc		16,381
46,401		Mitsui Sumitomo Insurance Group Holdings, Inc		1,221
183,974	e	Muenchener Rueckver AG.		24,824
74,000		Nipponkoa Insurance Co Ltd		432
12,000	e	Nissay Dowa General Insurance Co Ltd		58
1,096,660		Old Mutual plc		1,460
71,024	e	Old Republic International Corp		700
200,348		PartnerRe Ltd		13,013
49,066		Platinum Underwriters Holdings Ltd		1,403
150,145		Power Corp Of Canada		3,465
107,192	e	Power Financial Corp		2,548
970,181		Principal Financial Group		18,277
139,300		Progressive Corp		2,105
492,729		Prudential Financial, Inc		18,338
1,226,830		Prudential plc		8,346
20,251	e	Reinsurance Group of America, Inc (Class A)		707
90,615		RenaissanceRe Holdings Ltd		4,217
753,825		Royal & Sun Alliance Insurance Group plc		1,491
94,213		Sampo Oyj (A Shares)		1,778
39,555		SCOR		811
3,646		SNS Reaal		20
985,709		Sompo Japan Insurance, Inc		6,610
1,408		Sony Financial Holdings, Inc		3,898
518,717		Standard Life plc		1,588
10,718	e	Storebrand ASA		47
242,375		Sun Life Financial, Inc		6,543
6,801		Swiss Life Holding		587
505,938		Swiss Reinsurance Co		16,735
148,698		T&D Holdings, Inc		4,276
3,648	*,e	Topdanmark AS		426
23,860	e	Torchmark Corp		884
69,877		Transatlantic Holdings, Inc		3,028
382,155		Travelers Cos, Inc		15,684
7,318	e	TrygVesta A.S.		431
584,658		UnitedHealth Group, Inc		14,605

181

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
85,129	e	UnumProvident Corp	$	1,350
24,091		W.R. Berkley Corp		517
40,000	*,e	WellCare Health Plans, Inc		740
253,347	*	WellPoint, Inc		12,893
9,015	e	Wiener Staedtische Allgemeine Versicherung AG.		392
1,123,015	e	XL Capital Ltd (Class A)		12,870
32,242		Zurich Financial Services AG.		5,680
		TOTAL INSURANCE CARRIERS		431,537

LEATHER AND LEATHER PRODUCTS - 0.18%
41,924	e	Adidas-Salomon AG.		1,594
478,231		Coach, Inc		12,854
51,468	e	LVMH Moet Hennessy Louis Vuitton S.A.		3,928
74,589		Yue Yuen Industrial Holdings		176
		TOTAL LEATHER AND LEATHER PRODUCTS		18,552

LEGAL SERVICES - 0.01%
20,281	*,e	FTI Consulting, Inc		1,029
		TOTAL LEGAL SERVICES		1,029

LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.01%
67,764	e	Brisa-Auto Estradas de Portugal S.A.		487
212,028		ComfortDelgro Corp Ltd		187
45,581	e	Keihin Electric Express Railway Co Ltd		354
26,772	e	Keisei Electric Railway Co Ltd		160
3,688		National Express Group plc		19
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		1,207

LUMBER AND WOOD PRODUCTS - 0.01%
88,790	*	Sino-Forest Corp		947
		TOTAL LUMBER AND WOOD PRODUCTS		947

METAL MINING - 2.90%
66,992	e	Agnico-Eagle Mines Ltd		3,529
181,379	e	Alumina Ltd		211
2,110,203		Anglo American plc		61,224
110,823		Antofagasta plc		1,071
527,800	e	Barrick Gold Corp		17,708
453,047		Barrick Gold Corp (Canada)		15,249
1,977,822		BHP Billiton Ltd		55,334
881,845		BHP Billiton plc		19,789
8,250		Boliden AB		62
167,863	e	Cameco Corp		4,306
97,454		Cleveland-Cliffs, Inc		2,385
278,570		Companhia Vale do Rio Doce (ADR)		4,911
162,579	*,e	Eldorado Gold Corp		1,465
4,049		Energy Resources of Australia Ltd		76
78,871		Eurasian Natural Resources Corp		849
34,012	e	First Quantum Minerals Ltd		1,645
37,026	e	Franco-Nevada Corp		890
174,159	e	Freeport-McMoRan Copper & Gold, Inc (Class B)		8,727
32,211		Fresnillo plc		276
45,000	e	Gold Fields Ltd (ADR)		542

182

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
317,672		Goldcorp, Inc	$	11,042
139,915		IAMGOLD Corp		1,417
19,592		Inmet Mining Corp		719
108,686	*,e	Ivanhoe Mines Ltd		603
42,485		Kazakhmys plc		440
298,392		Kinross Gold Corp		5,439
781,743	*,e	Lihir Gold Ltd		1,858
40,198		Lonmin PLC		776
9,438	*,e	Lundin Mining Corp		27
1		MMC Norilsk Nickel (ADR)		–	^
334,931		Newcrest Mining Ltd		8,234
127,881		Newmont Mining Corp		5,226
46,797	e	Orica Ltd		819
1,521,508	e	Oxiana Ltd		1,128
51,113	*,e	Paladin Resources Ltd		203
34,493	*	PAN American Silver Corp		640
10,286,480	*,e	Pan Australian Resources Ltd		2,984
14,624		Randgold Resources Ltd		944
309,014	e	Rio Tinto Ltd		12,998
966,723		Rio Tinto plc		33,479
125,662		Sherritt International Corp		566
119,302	*	Silver Wheaton Corp		991
2,411,000	e	Straits Asia Resources Ltd		2,913
2,100	e	Sumitomo Titanium Corp		77
201,218		Teck Cominco Ltd		3,209
13,000	*,e	Uranium One, Inc		30
32,040	e	Vedanta Resources plc		679
402,501		Xstrata plc		4,353
315,212		Yamana Gold, Inc		2,802
		TOTAL METAL MINING		304,845

MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.18%
4,266		Bulgari S.p.A.		23
110,064		Compagnie Financiere Richemont S.A.		2,287
70,778		Hasbro, Inc		1,716
443,293	*,e	Jarden Corp		8,312
113,810		Mattel, Inc		1,827
21,473	e	Namco Bandai Holdings, Inc		236
69,529		Sankyo Co Ltd		3,717
6,609	e	Societe BIC S.A.		379
17,275		Yamaha Corp		216
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		18,713

MISCELLANEOUS RETAIL - 1.08%
100,948	*	Amazon.com, Inc		8,445
1,209,169		CVS Corp		38,537
38,674	*,e	Dollar Tree, Inc		1,628
1,974,034		Game Group PLC		5,342
2,442,402		Home Retail Group		10,447
1,125	*	HSN, Inc		12
2,386,761		Hutchison Whampoa Ltd		15,600
36,273	e	Metro AG.		1,731
18,153	*	Office Depot, Inc		83
458,251		Origin Energy Ltd		5,406

183

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
41,535		Petsmart, Inc	$	891
16,076	*,e	Priceline.com, Inc		1,793
86,152	e	Shoppers Drug Mart Corp		3,703
446,612	e	Staples, Inc		9,008
127,900	e	Sugi Pharmacy Co Ltd		2,635
26,661	e	Tiffany & Co		676
243,502		Walgreen Co		7,159
		TOTAL MISCELLANEOUS RETAIL		113,096

MOTION PICTURES - 0.36%
384	*	Ascent Media Corp (Series A)		10
20,229	e	Astral Media, Inc		517
99,656	*,e	Discovery Communications, Inc (Class A)		2,247
22,547	*	Discovery Communications, Inc (Class C)		463
179,936		News Corp (ADR)		1,939
741,209		News Corp (Class A)		6,752
113,501	e	News Corp (Class B)		1,200
969,543		Time Warner, Inc		24,423
13,880		Toho Co Ltd		227
		TOTAL MOTION PICTURES		37,778

NONDEPOSITORY INSTITUTIONS - 1.62%
3,752	e	Acom Co Ltd		94
223,103	e	Aeon Credit Service Co Ltd		2,925
2,173		Aiful Corp		8
5,339	e	American Capital Ltd		17
534,084	e	American Express Co		12,412
101,346		Bank of Cyprus Public Co Ltd		573
184,031	e	Capital One Financial Corp		4,027
7,460	e,m	Cattles plc		1
2,032,186	e	Challenger Financial Services Group Ltd		3,668
5,128,329	e	Chimera Investment Corp		17,898
146,083	e	Credit Saison Co Ltd		1,862
186,101		Criteria Caixacorp S.A.		859
97,736		Discover Financial Services		1,004
50,760	e	Federal Home Loan Mortgage Corp		31
235,097	*,e	Federal National Mortgage Association		136
499,486	*,e	Global Ship Lease, Inc (Class A)		899
160,000	*,e	Heckmann Corp		600
2,668	*,e	Hypo Real Estate Holding AG.		6
97,505	e	Investor AB (B Shares)		1,504
264,900	e	Japan Securities Finance Co Ltd		2,238
800,000	e	Lancashire Holdings Ltd		6,140
54,446		Lender Processing Services, Inc		1,512
228,852	e	ORIX Corp		13,802
1,427	e	Osaka Securities Exchange Co Ltd		6,858
6,674	e	Promise Co Ltd		85
890,495	e	Siemens AG.		61,413
2,842,498	*,e	SLM Corp		29,193
3,139	e	Takefuji Corp		17
187	*,e	Tree.com, Inc		2
180,000		Westway Group, Inc		779
		TOTAL NONDEPOSITORY INSTITUTIONS		170,563

184

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
NONMETALLIC MINERALS, EXCEPT FUELS - 0.06%
943,057		Adelaide Brighton Ltd	$	1,710
1,107,027		Grupo Mexico S.A. de C.V. (Series B)		1,211
6,665	e	Imerys S.A.		279
32,557		K+S AG.		1,829
17,527	e	Vulcan Materials Co		755
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		5,784

OIL AND GAS EXTRACTION - 4.49%
5,550	e	Acergy S.A.		55
38,733		Addax Petroleum Corp		1,643
4,700		Aker Kvaerner ASA		39
254,963		Anadarko Petroleum Corp		11,573
274,773		Apache Corp		19,825
33,975	*,e	Arrow Energy NL		97
209,118		Baker Hughes, Inc		7,620
3,033,959		BG Group plc		50,814
61,281	e	BJ Services Co		835
38,021	e	Boart Longyear Group		8
210,495		Cabot Oil & Gas Corp		6,450
30,064	*	Cairn Energy plc		1,158
79,831	*	Cameron International Corp		2,259
295,909		Canadian Natural Resources Ltd (Canada)		15,567
101,981		Canadian Oil Sands Trust		2,437
152,085	e	Chesapeake Energy Corp		3,016
1,566,000		China Oilfield Services Ltd		1,699
14,298	e	Cimarex Energy Co		405
2,004,000		CNOOC Ltd		2,485
26,883	*,e	Compagnie Generale de Geophysique S.A.		483
1	*	Compagnie Generale de Geophysique-Veritas (ADR)		–	^
113,983	*	Concho Resources, Inc		3,270
145,673		Crescent Point Energy Trust		4,298
283,236	*	Denbury Resources, Inc		4,172
1,000	*,e	DET Norske Oljeselskap		1
166,436		Devon Energy Corp		9,071
78,848	e	Diamond Offshore Drilling, Inc		6,548
408,097	e	EnCana Corp		20,234
72,177		Enerplus Resources Fund		1,559
84,755		ENSCO International, Inc		2,955
58,422	e	Ensign Energy Services, Inc		854
203,369		EOG Resources, Inc		13,813
26,905	e	Equitable Resources, Inc		939
4,800	*,e	Exterran Holdings, Inc		77
2,300	*,e	Forest Oil Corp		34
563,251		Halliburton Co		11,659
3,909		Harvest Energy Trust		21
32,950	e	Helmerich & Payne, Inc		1,017
110,217	e	Husky Energy, Inc		3,082
2,700		Idemitsu Kosan Co Ltd		232
91		Inpex Holdings, Inc		729
3,700		Japan Petroleum Exploration Co		205
60,000	*	Key Energy Services, Inc		346
49,113	*	Lundin Petroleum AB		380
148,980	*,e	Nabors Industries Ltd		2,321

185

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
206,187	*	National Oilwell Varco, Inc	$	6,734
22,213	*	Newfield Exploration Co		726
308,074	e	Nexen, Inc		6,693
19,919	e	Niko Resources Ltd		1,370
80,797	e	Noble Corp		2,444
119,701		Noble Energy, Inc		7,059
950,662		Occidental Petroleum Corp		62,564
5,477	*,e	OPTI Canada, Inc		9
110,479	e	Patterson-UTI Energy, Inc		1,421
168,302		Penn West Energy Trust		2,143
209,528		Petro-Canada		8,092
71,624	*	PetroHawk Energy Corp		1,597
28,700		Petroleo Brasileiro S.A.		587
599,799		Petroleo Brasileiro S.A. (ADR)		24,580
4,900	*	Petroleum Geo-Services ASA		30
19,023	e	Pioneer Natural Resources Co		485
19,037	*,e	Plains Exploration & Production Co		521
1,940		Precision Drilling Trust		9
625,051	*,e	Pride International, Inc		15,664
60,024		ProEx Energy Ltd		524
117,441		Provident Energy Trust		588
348,212		PTT Exploration & Production PCL		1,390
2,800	*,e	Quicksilver Resources, Inc		26
215,041	e	Range Resources Corp		8,905
24,879		Rowan Cos, Inc		481
521,658		Santos Ltd		6,154
37,349	e	SBM Offshore NV		638
571,605		Schlumberger Ltd		30,930
58,746	e	SeaDrill Ltd		839
119,977		Smith International, Inc		3,089
118,012	*	Southwestern Energy Co		4,585
440,645	e	Talisman Energy, Inc		6,330
21,609	e	Technip S.A.		1,058
40,567	e	Tidewater, Inc		1,739
107,864	*	Transocean Ltd		8,013
54,174	e	Trican Well Service Ltd		467
806,866		Tullow Oil plc		12,445
31,705	*	Ultra Petroleum Corp		1,236
13,151		Vermilion Energy Trust		330
145,956	*,e	Weatherford International Ltd		2,855
58,892		Woodside Petroleum Ltd		2,051
478,483		XTO Energy, Inc		18,249
		TOTAL OIL AND GAS EXTRACTION		471,935

PAPER AND ALLIED PRODUCTS - 0.26%
1,243	*,e	Domtar Corporation		21
13,565		Exor S.p.A		195
29,772		Greif, Inc (Class A)		1,317
10,837	e	Holmen AB (B Shares)		237
234,000		International Paper Co		3,540
1,638		Istituto Finanziario Industriale S.p.A.		14
235,807		Kimberly-Clark Corp		12,362
11,600		Lee & Man Paper Manufacturing Ltd		11
47,324		MeadWestvaco Corp		777

186

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
25,951		Metso Oyj	$	484
10,435		Mondi plc		36
9,500	e	Nippon Paper Group, Inc		246
96,563	e	OJI Paper Co Ltd		416
3,407		Smurfit Kappa Group plc		18
36,000		Sonoco Products Co		862
138,120		Stora Enso Oyj (R Shares)		729
117,990	e	Svenska Cellulosa AB (B Shares)		1,239
50,741	e	Uni-Charm Corp		3,882
127,288		UPM-Kymmene Oyj		1,109
		TOTAL PAPER AND ALLIED PRODUCTS		27,495

PERSONAL SERVICES - 0.07%
4,212,000		Chaoda Modern Agriculture		2,472
29,367	e	Cintas Corp		671
104,233		H&R Block, Inc		1,796
545,838		Kuala Lumpur Kepong BHD		1,848
51,586	e	Rentokil Initial plc		76
		TOTAL PERSONAL SERVICES		6,863

PETROLEUM AND COAL PRODUCTS - 5.36%
11,680,127		BP plc		91,814
160,972	e	BP plc (ADR)		7,675
13,134	e	Caltex Australia Ltd		147
1,187,767		Chevron Corp		78,689
460,309		ConocoPhillips		19,361
72,000	e	Cosmo Oil Co Ltd		245
1,040,823		ENI S.p.A.		24,603
1,934,958		Exxon Mobil Corp		135,272
36,178	e	Galp Energia SGPS S.A.		508
22,100		Hellenic Petroleum S.A.		214
167,191		Hess Corp		8,987
130,975	e	Imperial Oil Ltd		5,081
533,881		Marathon Oil Corp		16,086
101,827	e	Murphy Oil Corp		5,531
26,661	e	Neste Oil Oyj		370
102,343		Nippon Mining Holdings, Inc		533
34,155		OMV AG.		1,279
39,196		Reliance Industries Ltd		1,656
155,554		Repsol YPF S.A.		3,478
1,023,324	e	Royal Dutch Shell plc (A Shares)		25,557
1,200,630		Royal Dutch Shell plc (B Shares)		30,143
1,900	*,e	SandRidge Energy, Inc		16
54,633		Saras S.p.A.		156
23,966	e	Showa Shell Sekiyu KK		254
550,910		Statoil ASA		10,847
272,716		Suncor Energy, Inc		8,274
405,355	e	Suncor Energy, Inc (Canada)		12,326
19,521	e	Sunoco, Inc		453
127,998	e	Tesoro Corp		1,629
32,353	e	TonenGeneral Sekiyu KK		330
1,215,032	e	Total S.A.		65,589
241,267		Valero Energy Corp		4,075

187

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
285,913	*,e	Western Refining, Inc	$	2,019
		TOTAL PETROLEUM AND COAL PRODUCTS		563,197

PIPELINES, EXCEPT NATURAL GAS - 0.12%
9,477	*,e	Kinder Morgan Management LLC		428
132,979		Spectra Energy Corp		2,250
266,715	e	TransCanada Corp		7,182
286,500		Wellstream Holdings plc		2,416
		TOTAL PIPELINES, EXCEPT NATURAL GAS		12,276

PRIMARY METAL INDUSTRIES - 0.87%
30,902	e	Acerinox S.A.		572
158,700		AK Steel Holding Corp		3,045
166,625	e	Alcoa, Inc		1,721
20,372		Allegheny Technologies, Inc		712
198,359	*,e	ArcelorMittal		6,509
155,548		BlueScope Steel Ltd		317
512,671		Corning, Inc		8,233
33,698	e	Daido Steel Co Ltd		139
32,530		DOWA HOLDINGS CO Ltd		136
1,608,458	e	Furukawa Electric Co Ltd		7,280
65,619		Gerdau Ameristeel Corp		452
58,580	e	JFE Holdings, Inc		1,976
45,597		Johnson Matthey plc		863
287,723		Kobe Steel Ltd		538
4,200	e	Maruichi Steel Tube Ltd		80
125,186		Mitsubishi Materials Corp		391
50,239		Mitsui Mining & Smelting Co Ltd		130
600,818	e	Nippon Steel Corp		2,308
115,636	e	Norsk Hydro ASA		593
67,241	e	Nucor Corp		2,988
117,284		OneSteel Ltd		244
25,914	e	Outokumpu Oyj		447
6,000		POSCO		1,995
135,382		Precision Castparts Corp		9,887
4,400		Steel Dynamics, Inc		65
754,054	e	Straits Resources Ltd		1,282
79,256	*	Sumitomo Electric Industries Ltd		893
3,941,333		Sumitomo Metal Industries Ltd		10,515
60,449		Sumitomo Metal Mining Co Ltd		855
272,493		Tenaris S.A.		3,702
697	e	Toho Titanium Co Ltd		12
11,948		Tokyo Steel Manufacturing Co Ltd		146
24,205		Umicore		549
31,416	e	United States Steel Corp		1,123
159,687		Usinas Siderurgicas de Minas Gerais S.A. (Preference)		3,391
135,400	e	Vallourec		16,435
23,487	e	Voestalpine AG.		644
4,400	e	Yamato Kogyo Co Ltd		130
		TOTAL PRIMARY METAL INDUSTRIES		91,298

PRINTING AND PUBLISHING - 0.52%
3,222,000		AMVIG Holdings Ltd		2,079
59,138		Dai Nippon Printing Co Ltd		813
8,389	e	Daily Mail & General Trust		39

188

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
54,609		Dun & Bradstreet Corp	$	4,434
800	e	EW Scripps Co (Class A)		2
18,043	e	Gannett Co, Inc		64
281,277	e	John Fairfax Holdings Ltd		277
24,270	e	Lagardere S.C.A.		806
113,504		McGraw-Hill Cos, Inc		3,418
183,888	e	Orkla ASA		1,336
24,432	e	PagesJaunes Groupe S.A.		237
2,169,146		Pearson plc		21,750
84,510		R.R. Donnelley & Sons Co		982
151,841		Reed Elsevier NV		1,671
1,357,457		Reed Elsevier plc		10,105
16,226	e	Sanoma-WSOY Oyj		252
143,344	e	Singapore Press Holdings Ltd		313
97,904	e	Thomson Corp		2,849
40,116		Thomson Reuters plc		1,143
56,540	e	Toppan Printing Co Ltd		572
6,457		United Business Media Ltd		42
1,146		Washington Post Co (Class B)		404
59,007		Wolters Kluwer NV		1,031
105,808		Yellow Pages Income Fund		487
		TOTAL PRINTING AND PUBLISHING		55,106

RAILROAD TRANSPORTATION - 0.61%
852,556	e	Asciano Group		917
106,214		Burlington Northern Santa Fe Corp		7,811
206,263		Canadian National Railway Co		8,861
72,653		Canadian Pacific Railway Ltd		2,897
165	e	Central Japan Railway Co		1,016
252,701		CSX Corp		8,751
180,400		East Japan Railway Co		10,880
357,174		Firstgroup PLC		2,102
124,400		Hankyu Hanshin Holdings, Inc		584
50,986	*,e	Kansas City Southern Industries, Inc		821
159,247		MTR Corp		478
101,095		Norfolk Southern Corp		3,808
15,261		Stagecoach Group plc		32
276,066		Union Pacific Corp		14,372
195		West Japan Railway Co		646
		TOTAL RAILROAD TRANSPORTATION		63,976

REAL ESTATE - 0.91%
5,383,901		Ayala Land, Inc		906
10,195,901	*,m	Ayala Land, Inc (Preference)		21
1,283,735	e	British Land Co plc		8,068
90,693	e	Brookfield Properties Corp		717
2,640,994		CapitaLand Ltd		6,765
519,516		CapitaMall Trust		502
15,261	*	CB Richard Ellis Group, Inc (Class A)		143
407,696		Cheung Kong Holdings Ltd		4,687
428,000		China Aoyuan Property Group Ltd		103
818,000	e	China Resources Land Ltd		1,813
88,304	e	Chinese Estates Holdings Ltd		162
44,495	e	City Developments Ltd		264

189

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
8,186	e	Corio NV	$	398
20,265,600		Erawan Group PCL		1,011
4,800	e	Forest City Enterprises, Inc (Class A)		32
2,886	e	Gecina S.A.		179
332,000	*,e	Genting International plc		156
84,950	e	Hammerson plc		429
75,000		Hang Lung Group Ltd		353
1,228,793		Hang Lung Properties Ltd		4,067
110,273		Henderson Land Development Co Ltd		632
67,717		Hopewell Holdings		212
58,029		Hysan Development Co Ltd		149
5,572		ICADE		458
4,850,900		IGB Corp BHD		2,360
13,056	e	IMMOFINANZ Immobilien Anlagen AG.		27
2,640		IVG Immobilien AG.		17
160,000	e	Keppel Land Ltd		244
2,546,700		KLCC Property Holdings BHD		2,362
16,719	e	Klepierre		431
5,000,000		Land and Houses PCL		748
112,526	e	Land Securities Group plc		872
13,246	e	Leighton Holdings Ltd		251
72,852	e	Liberty International plc		476
233,251		Link Real Estate Investment Trust		498
43,036	e	Macquarie Goodman Group		13
7,313,500	*	Metro Pacific Investments Corp		775
202,282		Mirvac Group		176
1,104,114		Mitsubishi Estate Co Ltd		18,463
429,863		Mitsui Fudosan Co Ltd		7,510
327,000	*	Mongolia Energy Co ltd		121
2,217,589		New World Development Ltd		4,012
6,300	e	Nomura Real Estate Holdings, Inc		109
906	e	NTT Urban Development Corp		879
3,605,174		Rich Development Co Ltd		1,676
3,163	e	Risa Partners, Inc		2,998
1,113,140		Segro plc		444
194,921		Sino Land Co		323
10,805,000		SM Prime Holdings		1,998
1,681,300		SP Setia BHD		1,904
255,889		Stockland Trust Group		662
57,256	e	Sumitomo Realty & Development Co Ltd		1,053
633,448		Sun Hung Kai Properties Ltd		7,912
29,572	e	Tokyo Tatemono Co Ltd		165
44,988	e	Tokyu Land Corp		205
18,770	*,e	Unibail		2,795
3,208,260	*	Unitech Corporate Parks plc		845
103,000		Wheelock & Co Ltd		266
13,000	e	Yanlord Land Group Ltd		21
12,296		YNH Property BHD		6
		TOTAL REAL ESTATE		95,844

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.49%
1,022,015	e	Asics Corp		9,336
422,190	e	Bayer AG.		22,636
65,061	e	Bridgestone Corp		1,023

190

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
1,700	e	Cooper Tire & Rubber Co	$	17
59,738	e	Denki Kagaku Kogyo KK		167
259,155	*	Goodyear Tire & Rubber Co		2,918
33,257	e	Michelin (C.G.D.E.) (Class B)		1,894
59,495	e	Mitsubishi Rayon Co Ltd		174
686,282	e	Mitsui Chemicals, Inc		2,201
120,751		Newell Rubbermaid, Inc		1,257
12,351	*,e	NOK Corp		144
26,419	e	Nokian Renkaat Oyj		497
534,453		Pirelli & C S.p.A.		187
9,588		Puma AG. Rudolf Dassler Sport		2,098
41,953		Sealed Air Corp		774
751,359		SSL International plc		6,403
18,702		Sumitomo Rubber Industries, Inc		151
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		51,877

SECURITY AND COMMODITY BROKERS - 2.01%
69,407		Ameriprise Financial, Inc		1,685
80,884	e	Australian Stock Exchange Ltd		2,411
22,724	*,e,m	Babcock & Brown Ltd		6
19,758	e	BlackRock, Inc		3,466
38,000		Broadridge Financial Solutions, Inc		630
259,238		Charles Schwab Corp		4,547
20,669		CME Group, Inc		6,430
904,284		Credit Suisse Group		41,280
358,355		Daiwa Securities Group, Inc		2,139
44,301	e	Deutsche Boerse AG.		3,436
13,012	e	Eaton Vance Corp		348
70,715		Franklin Resources, Inc		5,092
378,170		Goldman Sachs Group, Inc		55,756
667,698	e	Hong Kong Exchanges and Clearing Ltd		10,399
105,125		ICAP plc		780
51,179	e	IGM Financial, Inc		1,811
9,694	*	IntercontinentalExchange, Inc		1,107
287,713		Invesco Ltd		5,127
1,778,400	e	iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker		3,180
4,638	e	Janus Capital Group, Inc		53
12,167	*	Jefferies Group, Inc		260
4,787,613		Legal & General Group plc		4,473
294,484	e	Legg Mason, Inc		7,180
31,722	e	London Stock Exchange Group plc		367
36,551	e	Macquarie Group Ltd		1,152
395,482		Man Group plc		1,806
9,300	e	Matsui Securities Co Ltd		85
540,889		Morgan Stanley		15,421
24,335	*	Nasdaq Stock Market, Inc		519
2,245,099	e	Nomura Holdings, Inc		18,970
37,805		NYSE Euronext		1,030
3,655	e	Perpetual Trustees Australia Ltd		84
28,845	e	Schroders plc		389
22,909		SEI Investments Co		413
373,956		Shinko Securities Co Ltd		1,176
1,032,111		Singapore Exchange Ltd		5,059
41,999	e	T Rowe Price Group, Inc		1,750

191

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
40,779	*,e	TD Ameritrade Holding Corp	$	715
34,094	e	TMX Group, Inc		992
		TOTAL SECURITY AND COMMODITY BROKERS		211,524

SPECIAL TRADE CONTRACTORS - 0.01%
14,131		Kinden Corp		124
25,286	*,e	Quanta Services, Inc		585
		TOTAL SPECIAL TRADE CONTRACTORS		709

STONE, CLAY, AND GLASS PRODUCTS - 0.72%
188,720		3M Co		11,342
1,166,698	e	Asahi Glass Co Ltd		9,386
53,418	e	Boral Ltd		175
52,188		Cimpor Cimentos de Portugal S.A.		381
1,084,989		CRH plc		24,809
7,402	e	CRH plc (IRELAND)		169
2,742		FLSmidth & Co AS		97
697	e	HeidelbergCement AG.		29
331,611	e	Holcim Ltd		18,831
16,728	e	Italcementi S.p.A.		191
2,940		Italcementi S.p.A. RNC		17
52,699		James Hardie Industries NV		178
31,467	e	Lafarge S.A.		2,130
8,844	*	Lafarge S.A. new		579
6,970	e	Martin Marietta Materials, Inc		550
27,035	e	NGK Insulators Ltd		553
64,222		Nippon Sheet Glass Co Ltd		188
137,197	*	Owens-Illinois, Inc		3,843
5,867		Pargesa Holding S.A.		366
1,973,000		PT Indocement Tunggal Prakarsa Tbk		1,498
106,376	e	Taiheiyo Cement Corp		183
11,585		Titan Cement Co S.A.		306
32,977	e	Toto Ltd		231
2,268		Wienerberger AG.		28
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		76,060

TEXTILE MILL PRODUCTS - 0.03%
2,095,340		Far Eastern Textile Co Ltd		2,427
11,072	*,e	Mohawk Industries, Inc		395
13,216	e	Nisshinbo Industries, Inc		150
94,807	e	Teijin Ltd		306
		TOTAL TEXTILE MILL PRODUCTS		3,278

TOBACCO PRODUCTS - 1.24%
1,014,208		Altria Group, Inc		16,623
167,700		British American Tobacco Malaysia BHD		2,135
1,020,800		British American Tobacco plc		28,096
44,454	e	Fortune Brands, Inc		1,544
3,352,728		Huabao International Holdings Ltd		3,245
474,388		Imperial Tobacco Group plc		12,316
2,102		Japan Tobacco, Inc		6,590
158,913		Lorillard, Inc		10,770
1,101,420		Philip Morris International, Inc		48,043

192

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
54,713		Swedish Match AB	$	888
		TOTAL TOBACCO PRODUCTS		130,250

TRANSPORTATION BY AIR - 0.18%
7,694		Aeroports de Paris		564
3,900,000		Air China Ltd		1,912
25,794	e	Air France-KLM		329
3,598,500	*	AirAsia BHD		1,136
80,000	*,e	All Nippon Airways Co Ltd		280
55,029	*,e	AMR Corp		221
95,121		Auckland International Airport Ltd		99
1,468,115	e	British Airways plc		3,011
115,237		Cathay Pacific Airways Ltd		159
98,372	*,e	Continental Airlines, Inc (Class B)		872
455,193	*,e	Delta Air Lines, Inc		2,635
86,672		FedEx Corp		4,820
7,566	e	Fraport AG. Frankfurt Airport Services Worldwide		324
6,400	e	Hong Kong Aircraft Engineerg		75
120,786		Iberia Lineas Aereas de Espana		256
107,000	*,e	Japan Airlines Corp		207
66,883		Macquarie Airports		124
96,015		Qantas Airways Ltd		156
74,157	*	Ryanair Holdings plc		339
2,141	*	Ryanair Holdings plc (ADR)		61
47,774		Singapore Airlines Ltd		439
61,346		Southwest Airlines Co		413
88,890	*,e	Virgin Blue Holdings Ltd		23
		TOTAL TRANSPORTATION BY AIR		18,455

TRANSPORTATION EQUIPMENT - 3.39%
22,142		Aisin Seiki Co Ltd		482
1,289,910		Austal Ltd		2,900
202,000	e	Autoliv, Inc		5,812
790,665		BAE Systems plc		4,403
324,307	e	Bayerische Motoren Werke AG.		12,211
9,770		Bayerische Motoren Werke AG. (Preference)		235
317,244		Boeing Co		13,483
1,128,395	e	Bombardier, Inc		3,347
247,914		Cobham plc		704
84,584	e	Cosco Corp Singapore Ltd		73
27,000		Daihatsu Motor Co Ltd		252
2,110,688	e	DaimlerChrysler AG. (EUR)		76,335
335,335	*,e	Denso Corp		8,633
2,008,000		Denway Motors Ltd		803
83,890	e	European Aeronautic Defence and Space Co		1,355
493,727	e	Fiat S.p.A.		4,959
1,447,944	*,e	Ford Motor Co		8,789
75,000		Fuji Heavy Industries Ltd		304
209,722		General Dynamics Corp		11,617
53,947	e	Genuine Parts Co		1,810
20,026	e	GKN plc		41
110,750		Goodrich Corp		5,534
44,969	e	Harley-Davidson, Inc		729
15,946		Harsco Corp		451

193

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
28,182	*	Hino Motors Ltd	$	88
1,135,768	*,e	Honda Motor Co Ltd		31,362
416,615		Honeywell International, Inc		13,082
21,937		Hyundai Mobis		1,920
40,935		Hyundai Motor Co		2,381
1,589,269	*	Isuzu Motors Ltd		2,557
13,945		Jardine Cycle & Carriage Ltd		185
18,995		JTEKT Corp		193
163,044	e	Kawasaki Heavy Industries Ltd		450
902,472		Keppel Corp Ltd		4,299
226,104		Lockheed Martin Corp		18,235
121,349	*	Magna International, Inc		5,149
40,089	e	MAN AG.		2,458
103,000	*,e	Mazda Motor Corp		264
19,033		Meggitt plc		50
393,000	*,e	Mitsubishi Motors Corp		738
92,875	e	Mitsui Engineering & Shipbuilding Co Ltd		219
17,421	e	NHK Spring Co Ltd		117
74,401	e	NSK Ltd		378
2,165	e	Oshkosh Truck Corp		31
75,647	e	Paccar, Inc		2,459
52,851	e	Peugeot S.A.		1,388
184,944		Porsche AG.		12,402
103,264	e	Renault S.A.		3,791
383,560		Rolls-Royce Group plc		2,281
71,535	e	Scania AB (B Shares)		709
81,372	e	SembCorp Marine Ltd		151
8,361	e	Shimano, Inc		320
145,074	e	Singapore Technologies Engineering Ltd		245
50,000	*,e	Spirit Aerosystems Holdings, Inc (Class A)		687
295,496		Suzuki Motor Corp		6,656
19,341		Thales S.A.		865
1,382	*	Tokai Rika Co Ltd		22
187,353	e	Tomkins PLC		456
7,096	e	Toyoda Gosei Co Ltd		192
21,094	*	Toyota Industries Corp		527
1,469,625		Toyota Motor Corp		55,988
266,323		United Technologies Corp		13,838
2,001	e	Valeo S.A.		37
18,286		Volkswagen AG. (Preference)		1,276
73,325		Volvo AB (A Shares)		451
220,656	e	Volvo AB (B Shares)		1,361
19,489	e	Yamaha Motor Co Ltd		217
1,102	e	Zodiac S.A.		36
		TOTAL TRANSPORTATION EQUIPMENT		355,773

TRANSPORTATION SERVICES - 0.09%
796	*	Asciano Group		1
56,479		Autostrade S.p.A.		1,141
27,570	e	CH Robinson Worldwide, Inc		1,438
48,454	e	Cintra Concesiones de Infraestructuras de Transporte S.A.		300
46,316		Deutsche Lufthansa AG.		580
66,146	e	Expeditors International Washington, Inc		2,205
1,888		Hopewell Highway Infrastructure Ltd		1

194

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
3,025	*	Interval Leisure Group, Inc	$	28
2,569	*,e	KarstadtQuelle AG.		2
60,155		Toll Holdings Ltd		303
42,332	e	TUI AG.		311
255,000		UTI Worldwide, Inc		2,908
		TOTAL TRANSPORTATION SERVICES		9,218

TRUCKING AND WAREHOUSING - 0.60%
1,906,156		Deutsche Post AG.		24,829
106,340	e	DSV AS		1,317
38,495	e	J.B. Hunt Transport Services, Inc		1,175
77,427		Kerry Properties Ltd		340
12,262		Mitsubishi Logistics Corp		136
6,745	e	Neopost S.A.		606
95,343		Nippon Express Co Ltd		434
1,139,184		TNT NV		22,126
220,807		United Parcel Service, Inc (Class B)		11,038
44,378		Yamato Transport Co Ltd		592
		TOTAL TRUCKING AND WAREHOUSING		62,593

WATER TRANSPORTATION - 0.34%
116		AP Moller - Maersk AS (Class A)		680
234	e	AP Moller - Maersk AS (Class B)		1,402
77,704		Carnival Corp		2,002
32,808		Carnival plc		867
110,000	e	Danaos Corp		356
4,161,139		DP World Ltd		1,502
74,160		Euronav NV		1,381
206,298	e	Hamburger Hafen und Logistik AG.		7,945
5,568,400		International Container Term Services, Inc		1,793
208,323		Kamigumi Co Ltd		1,760
62,186		Kawasaki Kisen Kaisha Ltd		257
12,649	*	Kuehne & Nagel International AG.		991
1,039,145	e	Mitsui OSK Lines Ltd		6,764
48,838	e	Neptune Orient Lines Ltd		50
533,491	e	Nippon Yusen Kabushiki Kaisha		2,309
110,000	e	Omega Navigation Enterprises, Inc (Class A)		418
21,364		Orient Overseas International Ltd		91
2,309,314		Pacific Basin Shipping Ltd		1,475
43,223	e	Royal Caribbean Cruises Ltd		585
2,306,080	e	Shun TAK Holdings Ltd		1,449
1,044,000		U-Ming Marine Transport Corp		2,036
		TOTAL WATER TRANSPORTATION		36,113

WHOLESALE TRADE-DURABLE GOODS - 0.94%
89,506	*	Arrow Electronics, Inc		1,901
71,267	e	Assa Abloy AB (Class B)		993
281,887		Banpu PCL		2,797
18,816	e	BorgWarner, Inc		643
69,756		Bunzl plc		577
7,671		Canon Marketing Japan, Inc		107
924,000		China National Building Material Co Ltd		1,791
384,198	e	Compagnie de Saint-Gobain		12,841
72,600	e	Finning International, Inc		1,049

195

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
112,836	*,e	Fortescue Metals Group Ltd	$	345
621,116		Itochu Corp		4,333
16,800		Kloeckner & Co AG.		357
270,881		Li & Fung Ltd		727
1,109,244		Mitsubishi Corp		20,587
854,409		Mitsui & Co Ltd		10,164
813,005		Nissan Motor Co Ltd		4,945
89,715		Nisshin Steel Co Ltd		201
21,510	*,e	Patterson Cos, Inc		467
23,115		Prysmian S.p.A.		347
2,041,063		PT Astra International Tbk		4,759
900,000		Rajesh Exports Ltd		793
20,597	e	Rautaruukki Oyj		412
21,000	e	Reliance Steel & Aluminum Co		806
215	e	Rockwool International AS (B Shares)		16
47,680	e	Schneider Electric S.A.		3,632
13,497	e	Sims Group Ltd		288
129,647	e	Sumitomo Corp		1,322
15,298	e	THK Co Ltd		229
135,490	e	ThyssenKrupp AG.		3,362
9,717	e	W.W. Grainger, Inc		796
850,518		Wesfarmers Ltd		15,522
13,866	e	Wesfarmers Ltd PPS		263
61,627	*	Wolseley plc		1,174
		TOTAL WHOLESALE TRADE-DURABLE GOODS		98,546

WHOLESALE TRADE-NONDURABLE GOODS - 0.88%
2,200	e	ABC-Mart, Inc		57
27,336	e	Airgas, Inc		1,108
54,870	e	Akzo Nobel NV		2,414
3,683		Alfresa Holdings Corp		170
19,135	e	Billabong International Ltd		135
11,625	e	Brown-Forman Corp (Class B)		500
89,933		Cardinal Health, Inc		2,747
9,236		Casino Guichard Perrachon S.A.		623
17,277		Celesio AG.		396
5,048,000		Dalian Port PDA Co Ltd		2,045
1,350		Danisco AS		53
240,604	*	Dean Foods Co		4,617
59,886	*,e	Endo Pharmaceuticals Holdings, Inc		1,073
531,715		Esprit Holdings Ltd		2,967
2,919,547		Foster's Group Ltd		12,116
48,952	*,e	Gildan Activewear, Inc		725
59,240		Hanwha Corp		1,528
18,482	*,e	Henry Schein, Inc		886
18,795	e	Kikkoman Corp		189
16,929		KT&G Corp		957
1,166,267		Marubeni Corp		5,182
88,535	e	Metcash Ltd		307
93,533		Metro, Inc		3,057
145,400		Nippon Oil Corp		860
5,936,050		Noble Group Ltd		7,459
75,100	e	San-A Co Ltd		2,456
1,657,856	*	Sojitz Holdings Corp		3,648

196

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				VALUE
SHARES		COMPANY		(000)
8,571	e	Suzuken Co Ltd	$	249
126,506		Sysco Corp		2,844
52,232		Terra Industries, Inc		1,265
924,278	e	Unilever NV		22,257
215,000		Unilever NV (ADR)		5,199
1,497,000		Uni-President Enterprises Corp		1,542
90,795	*	Viterra, Inc		788
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		92,419

		TOTAL COMMON STOCKS		10,460,408
		(Cost $12,239,729)

RIGHTS / WARRANTS - 0.08%
DEPOSITORY INSTITUTIONS - 0.00%**
457,527	m	Fortis		-	^
16,938		Unione di Banche Italiane SCPA		1
135,487	e	Unione di Banche Italiane SCPA (CW)		10
		TOTAL DEPOSITORY INSTITUTIONS		11

EATING AND DRINKING PLACES - 0.00%**
5,306		Punch Taverns plc		-	^
		TOTAL EATING AND DRINKING PLACES		-	^

ELECTRIC, GAS, AND SANITARY SERVICES - 0.00%**
189,400	e	China Resources Power Holdings Co Ltd		81
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		81

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.00%**
75,830	e	Renewable Energy Corp AS.		271
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		271

FOOD AND KINDRED PRODUCTS - 0.00%**
85,217		Golden Agri-Resources Ltd		12
		TOTAL FOOD AND KINDRED PRODUCTS		12

HOLDING AND OTHER INVESTMENT OFFICES - 0.00%**
22,780		IJM Land BHD		4
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		4

INDUSTRIAL MACHINERY AND EQUIPMENT - 0.00%**
34,314		Zardoya Otis S.A.		35
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		35

METAL MINING - 0.08%
162,231	e	Rio Tinto Ltd		2,758
507,528		Rio Tinto plc		5,828
		TOTAL METAL MINING		8,586

NONDEPOSITORY INSTITUTIONS - 0.00%**
288,903		Heckmann Corp		165
		TOTAL NONDEPOSITORY INSTITUTIONS		165

197

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

				MATURITY		VALUE
SHARES		COMPANY	RATE	DATE		(000)
PRIMARY METAL INDUSTRIES - 0.00%**
10,913		DOWA HOLDINGS CO LTD			$	-	^
		TOTAL PRIMARY METAL INDUSTRIES				-	^

REAL ESTATE - 0.00%**
556,400		SP Setia BHD				99
		TOTAL REAL ESTATE				99

WATER TRANSPORTATION - 0.00%**
600,000		Global Ship Lease, Inc				66
36,628	e,m	Neptune Orient Lines Ltd				4
		TOTAL WATER TRANSPORTATION				70

WHOLESALE TRADE-NONDURABLE GOODS - 0.00%**
8,609		Casino Guichard Perrachon S.A.				33
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS				33

		TOTAL RIGHTS / WARRANTS				9,367
		(Cost $12,179)


PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 13.53%

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.41%
$31,600,000		Federal Home Loan Bank (FHLB)	0.000%	07/01/09		31,600
4,050,000		FHLB	0.000	09/09/09		4,049
7,350,000		FHLB	0.000	10/09/09		7,346
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES				42,995
		(Cost $42,994)

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 13.12%

REPURCHASE AGREEMENTS - 7.90%
220,000,000		BNP Paribas, Inc				220,000
14,486,000		BNP Paribas, Inc				14,486
260,000,000		BNP Paribas, Inc				260,000
155,000,000		Deutsche Bank				155,000
115,000,000		Deutsche Bank				115,000
65,000,000		Merrill Lynch & Co, Inc				65,000
		TOTAL REPURCHASE AGREEMENTS				829,486

VARIABLE RATE SECURITY - 5.22%
15,000,000		American Express Credit Account Master Trust				14,862
5,000,000		American Express Credit Account Master Trust				4,998
11,000,000		American Express Credit Account Master Trust				10,615
14,000,000		American Express Credit Account Master Trust				13,781
15,000,000		BA Credit Card Trust				14,804
11,000,000		BA Credit Card Trust				10,796
30,000,000		Bank of America				29,726
5,000,000		Bank One Issuance Trust				4,881
2,623,543		Brunel Residential Mortgage Securitization PLC				2,605
5,000,000		Capital One Multi-Asset Execution Trust				4,999
8,000,000		Capital One Multi-Asset Execution Trust				7,809

198

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account

			VALUE
PRINCIPAL	ISSUER		(000)
$ 30,000,000	Capital One Multi-Asset Execution Trust	$	29,659
5,000,000	Chase Issuance Trust		4,919
9,000,000	Chase Issuance Trust		8,643
18,000,000	Chase Issuance Trust		17,997
3,875,000	Chase Issuance Trust		3,807
20,000,000	Citibank Credit Card Issuance Trust		19,308
20,000,000	Citigroup Funding, Inc		19,587
7,000,000	Discover Card Execution Note Trust		7,004
10,000,000	Discover Card Execution Note Trust		9,994
3,000,000	Discover Card Master Trust		2,985
2,000,000	Discover Card Master Trust		1,984
3,000,000	Discover Card Master Trust		2,985
18,000,000	Discover Card Master Trust		17,625
12,000,000	Discover Card Master Trust		11,788
8,000,000	GE Equipment Midticket LLC		7,345
20,000,000	General Electric Capital Corp		18,970
10,000,000	General Electric Capital Corp		10,001
6,000,000	General Electric Capital Corp		5,966
3,000,000	General Electric Capital Corp		2,840
4,000,000	General Electric Capital Corp		3,849
5,364,060	Granite Master Issuer Plc		3,738
4,597,765	Granite Master Issuer Plc		3,198
22,000,000	JPMorgan Chase & Co		21,714
20,000,000	JPMorgan Chase & Co		20,030
2,521,117	Medallion Trust		2,176
13,000,000	Nelnet Student Loan Trust		12,839
409,063	Nelnet Student Loan Trust		409
5,000,000	Nelnet Student Loan Trust		4,958
22,000,000	Permanent Financing PLC		21,265
25,000,000	Permanent Master Issuer Plc		22,116
5,575,900	Puma Global Mortgage Backed Trust		4,224
25,000,000	Rabobank Nederland Trust		25,076
10,000,000	SLM Student Loan Trust		9,949
8,000,000	SLM Student Loan Trust		7,873
30,000,000	SLM Student Loan Trust		27,163
10,000,000	Wachovia Corp		10,000
12,000,000	Wachovia Student Loan Trust		11,906
8,000,000	Wells Fargo & Co		8,005
4,781,387	World Omni Auto Receivables Trust		4,784
	TOTAL VARIABLE RATE SECURITY		548,555
	(Cost $1,394,869)

	TOTAL SHORT-TERM INVESTMENTS		1,421,036
	(Cost $1,437,863)

	TOTAL PORTFOLIO - 113.19%		11,890,811
	(Cost $13,689,771)

	OTHER ASSETS AND LIABILITIES, NET - (13.19)%		(1,386,016	)

	NET ASSETS - 100.00%	$	10,504,795

199

COLLEGE RETIREMENT EQUITIES FUND - CREF Global Equities Account



			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 $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.

			Cost amounts are in thousands.

200

COLLEGE RETIREMENT EQUITIES FUNDS – Global Equities Account

CREF GLOBAL EQUITIES ACCOUNT
SUMMARY OF MARKET VALUES BY COUNTRY (unaudited)
June 30, 2009

		% OF TOTAL
COUNTRY	VALUE	PORTFOLIO
DOMESTIC
UNITED STATES	$6,460,242,683	54.33	%
TOTAL DOMESTIC	6,460,242,683	54.33

FOREIGN
ARGENTINA	3,702,252	0.03
AUSTRALIA	308,676,305	2.60
AUSTRIA	15,380,731	0.13
BELGIUM	59,229,211	0.50
BRAZIL	56,402,458	0.47
CAMBODIA	1,415,649	0.01
CANADA	415,822,709	3.50
CHINA	74,632,967	0.63
CYPRUS	572,958	0.00
CZECH REPUBLIC	1,824,668	0.02
DENMARK	20,604,068	0.17
FINLAND	42,549,550	0.36
FRANCE	405,788,522	3.41
GERMANY	467,762,268	3.93
GREECE	12,253,667	0.10
HONG KONG	101,699,835	0.86
INDIA	21,990,176	0.18
INDONESIA	9,170,015	0.08
IRELAND	29,093,369	0.24
ISRAEL	88,772,922	0.75
ITALY	99,907,429	0.84
JAPAN	921,130,594	7.75
JERSEY, C.I.	944,091	0.01
KAZAKHSTAN	849,270	0.01
KOREA, REPUBLIC OF	31,870,446	0.27
LUXEMBOURG	8,736,061	0.07
MALAYSIA	13,463,156	0.11
MEXICO	1,486,984	0.01
NETHERLANDS	191,191,609	1.61
NEW ZEALAND	877,170	0.01
NORWAY	19,469,874	0.16
PERU	1,787,555	0.01
PHILIPPINES	17,098,765	0.14
PORTUGAL	6,161,112	0.05
RUSSIA	9	0.00
SINGAPORE	61,262,660	0.52
SOUTH AFRICA	5,449,274	0.05
SPAIN	172,244,349	1.45
SWEDEN	53,811,452	0.45
SWITZERLAND	477,827,135	4.02
TAIWAN	48,506,143	0.41
THAILAND	22,658,228	0.19
UNITED ARAB EMIRATES	1,502,171	0.01
UNITED KINGDOM	1,134,988,866	9.55
TOTAL FOREIGN	5,430,568,703	45.67
TOTAL PORTFOLIO	$11,890,811,386	100.00	%

201

COLLEGE RETIREMENT EQUITIES FUND - CREF Growth Account

COLLEGE RETIREMENT EQUITIES FUND
CREF GROWTH ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2009

				VALUE
SHARES		COMPANY		(000)

COMMON STOCKS - 97.89%

AMUSEMENT AND RECREATION SERVICES - 0.50%
330,724	*	Electronic Arts, Inc	$	7,183
44,528		Nintendo Co Ltd		12,309
153,996	*	Penn National Gaming, Inc		4,483
966,217		Walt Disney Co		22,542
16,425	*	Warner Music Group Corp		96
44,706	*	WMS Industries, Inc		1,409
		TOTAL AMUSEMENT AND RECREATION SERVICES		48,022

APPAREL AND ACCESSORY STORES - 0.88%
46,054		Abercrombie & Fitch Co (Class A)		1,169
338,258	*	Aeropostale, Inc		11,592
174,702		American Eagle Outfitters, Inc		2,476
170,141	*	Chico's FAS, Inc		1,655
70,269		Foot Locker, Inc		736
563,357		Gap, Inc		9,239
97,939	*	Hanesbrands, Inc		1,470
545,835	*	Kohl's Corp		23,335
745,263		Limited Brands, Inc		8,921
169,300		Nordstrom, Inc		3,367
451,165		Ross Stores, Inc		17,415
131,562	*	Urban Outfitters, Inc		2,746
		TOTAL APPAREL AND ACCESSORY STORES		84,121

APPAREL AND OTHER TEXTILE PRODUCTS - 0.42%
618,837		Guess ?, Inc		15,954
372,272		Nike, Inc (Class B)		19,276
35,481		Phillips-Van Heusen Corp		1,018
54,766		Polo Ralph Lauren Corp (Class A)		2,932
20,385		VF Corp		1,128
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		40,308

AUTO REPAIR, SERVICES AND PARKING - 0.02%
55,689		Ryder System, Inc		1,555
		TOTAL AUTO REPAIR, SERVICES AND PARKING		1,555

AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.25%
97,548		Advance Auto Parts		4,047
7,300	*	Autonation, Inc		127
64,022	*	Autozone, Inc		9,673
163,147	*	Carmax, Inc		2,398
68,320	*	Copart, Inc		2,369
138,906	*	O'Reilly Automotive, Inc		5,290

202

COLLEGE RETIREMENT EQUITIES FUND - CREF Growth Account

				VALUE
SHARES		COMPANY		(000)
14,155		Penske Auto Group, Inc	$	236
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		24,140

BUILDING MATERIALS AND GARDEN SUPPLIES - 0.66%
135,373		Fastenal Co		4,490
116,296		Home Depot, Inc		2,748
2,860,996		Lowe's Cos, Inc		55,532
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		62,770

BUSINESS SERVICES - 14.87%
48,846		Aaron Rents, Inc		1,457
1,016,176	*	Activision Blizzard, Inc		12,834
1,560,339	*	Adobe Systems, Inc		44,158
255,526	*	Affiliated Computer Services, Inc (Class A)		11,350
176,892	*	Akamai Technologies, Inc		3,393
188,029	*	Alliance Data Systems Corp		7,745
34,588	*	Amdocs Ltd		742
89,703	*	Ansys, Inc		2,795
162,395	*	Autodesk, Inc		3,082
516,546		Automatic Data Processing, Inc		18,306
364,971	*	BMC Software, Inc		12,332
46,562		Brink's Co		1,352
46,807	*	Brink's Home Security Holdings, Inc		1,325
679,730		CA, Inc		11,848
269,555	*	Cadence Design Systems, Inc		1,590
67,723	*	Cerner Corp		4,218
185,359	*	Citrix Systems, Inc		5,911
299,138	*	Cognizant Technology Solutions Corp (Class A)		7,987
888,261	*	Compuware Corp		6,093
13,100	*	Convergys Corp		122
34,899	*	DST Systems, Inc		1,290
587,930	*	eBay, Inc		10,071
101,119		Equifax, Inc		2,639
171,181	*	Expedia, Inc		2,587
81,772	*	F5 Networks, Inc		2,828
43,065		Factset Research Systems, Inc		2,148
424,924		Fidelity National Information Services, Inc		8,481
159,381	*	Fiserv, Inc		7,284
547,513	*	Google, Inc (Class A)		230,827
106,181	*	HLTH Corp		1,390
48,885	*	IHS, Inc (Class A)		2,438
42,660		IMS Health, Inc		542
17,395		Interactive Data Corp		403
1,281,149	*	Interpublic Group of Cos, Inc		6,470
1,693,769	*	Intuit, Inc		47,697
184,704	*	Iron Mountain, Inc		5,310
833,016	*	Juniper Networks, Inc		19,659
15,334	*	LogMeIn, Inc		245
87,666		Mastercard, Inc (Class A)		14,666
159,098	*	McAfee, Inc		6,712
13,196	*	Medidata Solutions, Inc		216
16,629,237		Microsoft Corp		395,278
80,331	*	Monster Worldwide, Inc		949
192,089		Moody's Corp		5,062

203

COLLEGE RETIREMENT EQUITIES FUND - CREF Growth Account

				VALUE
SHARES		COMPANY		(000)
758,837	*	NCR Corp	$	8,977
321,042	*	Netease.com (ADR)		11,294
167,201	*	NetFlix, Inc		6,912
161,445	*	Novell, Inc		731
202,172	*	Nuance Communications, Inc		2,444
1,863,523		Omnicom Group, Inc		58,850
6,151,499		Oracle Corp		131,765
193,475	*	Red Hat, Inc		3,895
156,452		Robert Half International, Inc		3,695
953,078	*	Salesforce.com, Inc		36,379
124,754	*	Sohu.com, Inc		7,838
85,160	*	Sybase, Inc		2,669
3,618,167	*	Symantec Corp		56,299
280,883	*	Synopsys, Inc		5,480
130,895		Total System Services, Inc		1,753
198,380	*	VeriSign, Inc		3,666
1,234,878		Visa, Inc (Class A)		76,884
559,627	*	VMware, Inc (Class A)		15,261
7,776	*	WebMD Health Corp (Class A)		233
3,163,093	*	Yahoo!, Inc		49,534
		TOTAL BUSINESS SERVICES		1,418,391

CHEMICALS AND ALLIED PRODUCTS - 14.93%
2,212,754		Abbott Laboratories		104,088
6,837	*	Abraxis Bioscience, Inc		252
74,184		Air Products & Chemicals, Inc		4,791
7,861		Albemarle Corp		201
74,174		Alberto-Culver Co		1,886
84,002	*	Alexion Pharmaceuticals, Inc		3,454
1,736,082	*	Amgen, Inc		91,908
21,664		Avery Dennison Corp		556
439,831		Avon Products, Inc		11,339
432,714	*	Biogen Idec, Inc		19,537
102,994	*	BioMarin Pharmaceuticals, Inc		1,608
1,948,556		Bristol-Myers Squibb Co		39,575
146,365		Celanese Corp (Series A)		3,476
1,053,565	*	Celgene Corp		50,403
75,605	*	Cephalon, Inc		4,283
75,626		CF Industries Holdings, Inc		5,607
45,079	*	Charles River Laboratories International, Inc		1,521
72,276		Church & Dwight Co, Inc		3,925
126,308		Clorox Co		7,052
1,655,239		Colgate-Palmolive Co		117,092
118,265	*	Dendreon Corp		2,939
308,751		Du Pont (E.I.) de Nemours & Co		7,910
477,002		Ecolab, Inc		18,598
547,193		Eli Lilly & Co		18,955
113,596		Estee Lauder Cos (Class A)		3,711
63,376		FMC Corp		2,998
285,782	*	Forest Laboratories, Inc		7,176
277,797	*	Genzyme Corp		15,465
2,974,227	*	Gilead Sciences, Inc		139,313
164,412	*	Hospira, Inc		6,333
60,742	*	Idexx Laboratories, Inc		2,806

204

COLLEGE RETIREMENT EQUITIES FUND - CREF Growth Account

				VALUE
SHARES		COMPANY		(000)
78,257		International Flavors & Fragrances, Inc	$	2,561
37,919	*	Inverness Medical Innovations, Inc		1,349
158,501	*	Invitrogen Corp		6,613
2,798,670		Johnson & Johnson		158,965
1,095,686	*	King Pharmaceuticals, Inc		10,551
60,302		Lubrizol Corp		2,853
394,760		Merck & Co, Inc		11,037
1,070,552		Monsanto Co		79,585
264,050		Mosaic Co		11,697
659,402	*	Mylan Laboratories, Inc		8,605
141,486		Nalco Holding Co		2,383
37,914	*	NBTY, Inc		1,066
582,664		Novartis AG. (ADR)		23,767
59,428	*	OSI Pharmaceuticals, Inc		1,678
110,567	*	Pactiv Corp		2,399
81,582		Perrigo Co		2,266
464,591		Pfizer, Inc		6,969
620,592		Praxair, Inc		44,105
2,197,979		Procter & Gamble Co		112,317
69,322		RPM International, Inc		973
2,229,576		Schering-Plough Corp		56,007
45,718		Scotts Miracle-Gro Co (Class A)		1,602
350,702	*	Sepracor, Inc		6,074
88,476		Sherwin-Williams Co		4,756
506,253		Shire Ltd		6,959
568,171		Shire plc (ADR)		23,568
125,012		Sigma-Aldrich Corp		6,196
419,552	*	Solutia, Inc		2,417
1,781,618		Teva Pharmaceutical Industries Ltd (ADR)		87,905
23,893	*	United Therapeutics Corp		1,991
69,622	*	Valeant Pharmaceuticals International		1,791
177,300	*	Vertex Pharmaceuticals, Inc		6,319
86,454	*	Warner Chilcott Ltd (Class A)		1,137
185,442	*	Watson Pharmaceuticals, Inc		6,248
470,159		Wyeth		21,341
		TOTAL CHEMICALS AND ALLIED PRODUCTS		1,424,808

COAL MINING - 0.31%
325,803	*	Alpha Natural Resources, Inc		8,559
186,295		Consol Energy, Inc		6,327
69,988		Massey Energy Co		1,368
427,833		Peabody Energy Corp		12,902
		TOTAL COAL MINING		29,156

COMMUNICATIONS - 1.26%
407,266	*	American Tower Corp (Class A)		12,841
776,047		Comcast Corp (Class A)		11,245
107,006	*	Crown Castle International Corp		2,570
38,634	*	CTC Media, Inc		457
1,179,179	*	DIRECTV Group, Inc		29,137
547,378	*	DISH Network Corp (Class A)		8,873
103,062		Embarq Corp		4,335
38,870	*	Equinix, Inc		2,827
140,106		Frontier Communications Corp		1,000

205

COLLEGE RETIREMENT EQUITIES FUND - CREF Growth Account

				VALUE
SHARES		COMPANY		(000)
82,360		Global Payments, Inc	$	3,085
54,216	*	IAC/InterActiveCorp		870
46,309	*	Leap Wireless International, Inc		1,525
259,250	*	MetroPCS Communications, Inc		3,451
75,754	*	NeuStar, Inc (Class A)		1,679
10,454	*	NII Holdings, Inc (Class B)		199
119,926	*	SBA Communications Corp (Class A)		2,943
53,420		Scripps Networks Interactive (Class A)		1,487
2,614,422	*	Sprint Nextel Corp		12,576
221,795		Time Warner Cable, Inc		7,024
247,894	*	Viacom, Inc (Class B)		5,627
785,858		Windstream Corp		6,570
		TOTAL COMMUNICATIONS		120,321

DEPOSITORY INSTITUTIONS - 1.74%
1,758,003		Bank of America Corp		23,206
593,379		Bank of New York Mellon Corp		17,392
6,951		BOK Financial Corp		262
20,532		Capitol Federal Financial		787
23,574		Commerce Bancshares, Inc		750
272,014		Hudson City Bancorp, Inc		3,615
200,226		JPMorgan Chase & Co		6,830
91,358	*	Metavante Technologies, Inc		2,363
246,818		Northern Trust Corp		13,249
271,064		State Street Corp		12,794
9,900		TFS Financial Corp		105
724,474		Wells Fargo & Co		17,576
4,096,936		Western Union Co		67,190
		TOTAL DEPOSITORY INSTITUTIONS		166,119

EATING AND DRINKING PLACES - 2.25%
105,066		Brinker International, Inc		1,789
108,995		Burger King Holdings, Inc		1,882
32,958	*	Chipotle Mexican Grill, Inc (Class A)		2,637
973,507		Darden Restaurants, Inc		32,106
2,144,825		McDonald's Corp		123,306
753,602	*	Starbucks Corp		10,468
184,633		Tim Hortons, Inc		4,531
170,548		Wendy's/Arby's Group, Inc (Class A)		682
1,125,790		Yum! Brands, Inc		37,534
		TOTAL EATING AND DRINKING PLACES		214,935

EDUCATIONAL SERVICES - 0.92%
980,351	*	Apollo Group, Inc (Class A)		69,723
69,162	*	Career Education Corp		1,721
63,696		DeVry, Inc		3,187
96,275	*	ITT Educational Services, Inc		9,692
14,279		Strayer Education, Inc		3,114
		TOTAL EDUCATIONAL SERVICES		87,437

ELECTRIC, GAS, AND SANITARY SERVICES - 1.02%
897,273	*	AES Corp		10,417
105,932		Allegheny Energy, Inc		2,717

206

COLLEGE RETIREMENT EQUITIES FUND - CREF Growth Account


				VALUE
SHARES		COMPANY		(000)
8,649		American Water Works Co, Inc	$	165
193,535	*	Calpine Corp		2,158
302,300		Centerpoint Energy, Inc		3,349
160,602		Constellation Energy Group, Inc		4,269
15,210		DPL, Inc		352
199,345		El Paso Corp		1,840
58,731		Exelon Corp		3,008
55,149		FPL Group, Inc		3,136
17,301		Integrys Energy Group, Inc		519
50,977		ITC Holdings Corp		2,312
246,298	*	NRG Energy, Inc		6,394
102,350		NV Energy, Inc		1,104
20,015		Ormat Technologies, Inc		807
384,898		PPL Corp		12,687
316,589		Public Service Enterprise Group, Inc		10,330
546,991		Republic Services, Inc		13,352
85,956	*	Stericycle, Inc		4,429
60,135	*	Waste Connections, Inc		1,558
452,049		Waste Management, Inc		12,730
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		97,633

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 11.59%
300,851	*	Advanced Micro Devices, Inc		1,164
566,320		Altera Corp		9,220
110,069		Ametek, Inc		3,806
175,465		Amphenol Corp (Class A)		5,551
1,222,344		Analog Devices, Inc		30,290
1,866,857	*	Apple Computer, Inc		265,895
56,017	*	Avnet, Inc		1,178
5,796		AVX Corp		58
506,748	*	Broadcom Corp (Class A)		12,562
14,906	*	Ciena Corp		154
10,966,272	*	Cisco Systems, Inc		204,410
357,460		Cooper Industries Ltd (Class A)		11,099
91,105	*	Cree, Inc		2,678
142,701	*	Cypress Semiconductor Corp		1,313
53,769	*	Dolby Laboratories, Inc (Class A)		2,005
60,324	*	Energizer Holdings, Inc		3,151
300,587	*	First Solar, Inc		48,731
37,303		Harman International Industries, Inc		701
107,004		Harris Corp		3,035
59,870	*	Integrated Device Technology, Inc		362
9,587,233		Intel Corp		158,669
32,603	*	International Rectifier Corp		483
62,250		Intersil Corp (Class A)		782
115,704	*	JDS Uniphase Corp		662
177,585		L-3 Communications Holdings, Inc		12,321
225,656		Linear Technology Corp		5,269
1,265,762	*	Marvell Technology Group Ltd		14,733
261,845		Maxim Integrated Products, Inc		4,108
230,531	*	MEMC Electronic Materials, Inc		4,106
175,369		Microchip Technology, Inc		3,955
152,819	*	Micron Technology, Inc		773
18,638		Molex, Inc		290

207

COLLEGE RETIREMENT EQUITIES FUND - CREF Growth Account

				VALUE
SHARES		COMPANY		(000)
150,514		Motorola, Inc	$	998
235,105		National Semiconductor Corp		2,951
339,891	*	NetApp, Inc		6,703
60,528	*	Novellus Systems, Inc		1,011
735,096	*	Nvidia Corp		8,299
430,844	*	ON Semiconductor Corp		2,956
121,681	*	QLogic Corp		1,543
3,896,349		Qualcomm, Inc		176,114
107,533	*	Rambus, Inc		1,666
443,962	*	Renewable Energy Corp AS		3,445
637,505	*	Research In Motion Ltd		45,295
46,008	*	Silicon Laboratories, Inc		1,746
97,473	*	Sunpower Corp (Class A)		2,597
17,285		Teleflex, Inc		775
1,312,613		Texas Instruments, Inc		27,959
17,123	*	Thomas & Betts Corp		494
73,441	*	Varian Semiconductor Equipment Associates, Inc		1,762
40,682	*	Vishay Intertechnology, Inc		276
281,399		Xilinx, Inc		5,757
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		1,105,861

ENGINEERING AND MANAGEMENT SERVICES - 1.37%
1,123,110		Accenture Ltd (Class A)		37,580
97,602	*	Aecom Technology Corp		3,123
144,249	*	Amylin Pharmaceuticals, Inc		1,947
184,142		Fluor Corp		9,445
64,004	*	Genpact Ltd		752
54,020	*	Gen-Probe, Inc		2,322
222,338	*	Hewitt Associates, Inc (Class A)		6,621
308,690	*	Jacobs Engineering Group, Inc		12,993
864,696		KBR, Inc		15,944
613,234	*	McDermott International, Inc		12,455
97,793	*	Myriad Genetics, Inc		3,486
329,680		Paychex, Inc		8,308
157,377	*	SAIC, Inc		2,919
365,477	*	Shaw Group, Inc		10,018
11,507	*	URS Corp		570
87,157	*	VCA Antech, Inc		2,327
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		130,810

FABRICATED METAL PRODUCTS - 0.28%
33,586	*	Alliant Techsystems, Inc		2,766
62,544		Ball Corp		2,825
25,979		Crane Co		580
446,591	*	Crown Holdings, Inc		10,780
193,998		Illinois Tool Works, Inc		7,244
27,940		Pentair, Inc		716
16,148		Snap-On, Inc		464
21,625		Valmont Industries, Inc		1,559
		TOTAL FABRICATED METAL PRODUCTS		26,934

FOOD AND KINDRED PRODUCTS - 4.00%
370,764		Archer Daniels Midland Co		9,925
55,215		Bunge Ltd		3,327

208

COLLEGE RETIREMENT EQUITIES FUND - CREF Growth Account


				VALUE
SHARES		COMPANY		(000)
136,953		Campbell Soup Co	$	4,029
2,224,237		Coca-Cola Co		106,741
268,971		Coca-Cola Enterprises, Inc		4,478
65,473		Flowers Foods, Inc		1,430
177,452		General Mills, Inc		9,941
260,997		H.J. Heinz Co		9,318
71,586	*	Hansen Natural Corp		2,206
91,965		Hershey Co		3,311
7,016		Hormel Foods Corp		242
772,907		Kellogg Co		35,994
133,438		McCormick & Co, Inc		4,341
22,100	*	Mead Johnson Nutrition Co		702
6,517		Molson Coors Brewing Co (Class B)		276
115,264		Pepsi Bottling Group, Inc		3,901
3,275,341		PepsiCo, Inc		180,013
176,865		Sara Lee Corp		1,726
9,600	*	Smithfield Foods, Inc		134
		TOTAL FOOD AND KINDRED PRODUCTS		382,035

FOOD STORES - 0.28%
1,073,923		Kroger Co		23,680
28,392	*	Panera Bread Co (Class A)		1,416
97,064	*	Whole Foods Market, Inc		1,842
		TOTAL FOOD STORES		26,938

FORESTRY - 0.01%
36,629		Rayonier, Inc		1,331
		TOTAL FORESTRY		1,331

FURNITURE AND FIXTURES - 0.05%
25,675		Hill-Rom Holdings, Inc		416
23,136	*	Kinetic Concepts, Inc		631
99,727		Leggett & Platt, Inc		1,519
173,482		Masco Corp		1,662
		TOTAL FURNITURE AND FIXTURES		4,228

FURNITURE AND HOME FURNISHINGS STORES - 0.73%
1,345,685	*	Bed Bath & Beyond, Inc		41,380
735,350		Best Buy Co, Inc		24,627
148,257	*	GameStop Corp (Class A)		3,263
16,766		RadioShack Corp		234
39,068		Williams-Sonoma, Inc		464
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		69,968

GENERAL BUILDING CONTRACTORS - 0.08%
5,800		KB Home		79
14,659		MDC Holdings, Inc		441
10,027	*	NVR, Inc		5,038
44,989		Pulte Homes, Inc		397
56,507		Walter Industries, Inc		2,048
		TOTAL GENERAL BUILDING CONTRACTORS		8,003

209

COLLEGE RETIREMENT EQUITIES FUND - CREF Growth Account

				VALUE
SHARES		COMPANY		(000)
GENERAL MERCHANDISE STORES - 2.95%
226,506	*	Big Lots, Inc	$	4,763
9,862	*	BJ's Wholesale Club, Inc		318
447,022		Costco Wholesale Corp		20,429
143,609		Family Dollar Stores, Inc		4,064
666,477		Macy's, Inc		7,838
775,080		Target Corp		30,592
1,776,714		TJX Companies, Inc		55,895
3,254,380		Wal-Mart Stores, Inc		157,643
		TOTAL GENERAL MERCHANDISE STORES		281,542

HEALTH SERVICES - 1.68%
496,815		AmerisourceBergen Corp		8,813
46,859	*	Community Health Systems, Inc		1,183
65,507	*	Covance, Inc		3,223
47,050	*	Coventry Health Care, Inc		880
105,815	*	DaVita, Inc		5,234
57,323	*	Edwards Lifesciences Corp		3,900
872,470	*	Express Scripts, Inc		59,983
252,930	*	Health Management Associates, Inc (Class A)		1,249
110,643	*	Laboratory Corp of America Holdings		7,500
311,628	*	Lincare Holdings, Inc		7,329
352,482		McKesson Corp		15,509
583,919	*	Medco Health Solutions, Inc		26,633
213,123		Omnicare, Inc		5,490
17,447	*	Pediatrix Medical Group, Inc		735
108,162		Pharmaceutical Product Development, Inc		2,512
159,106		Quest Diagnostics, Inc		8,978
334,305	*	Tenet Healthcare Corp		943
3,419		Universal Health Services, Inc (Class B)		167
		TOTAL HEALTH SERVICES		160,261

HOLDING AND OTHER INVESTMENT OFFICES - 1.33%
113,347	*	Affiliated Managers Group, Inc		6,596
10,305		Alexandria Real Estate Equities, Inc		369
77,977		Digital Realty Trust, Inc		2,795
13		Duke Realty Corp		0^
10,762		Federal Realty Investment Trust		554
109,869		HCP, Inc		2,328
57,302		Health Care REIT, Inc		1,954
2,270,750		iShares Russell 1000 Growth Index Fund		93,170
79,270		Nationwide Health Properties, Inc		2,040
55,543		Plum Creek Timber Co, Inc		1,654
137,640		Public Storage, Inc		9,013
104,733		Simon Property Group, Inc		5,386
64,003		WABCO Holdings, Inc		1,133
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		126,992

HOTELS AND OTHER LODGING PLACES - 0.14%
11,046		Choice Hotels International, Inc		294
536,094	*	Las Vegas Sands Corp		4,214
145,361		Marriott International, Inc (Class A)		3,208
93,435	*	MGM Mirage		597
344,555	*	Orient-Express Hotels Ltd (Class A)		2,925

210

COLLEGE RETIREMENT EQUITIES FUND - CREF Growth Account

				VALUE
SHARES		COMPANY		(000)
31,225		Starwood Hotels & Resorts Worldwide, Inc	$	693
86,764		Wyndham Worldwide Corp		1,052
		TOTAL HOTELS AND OTHER LODGING PLACES		12,983

INDUSTRIAL MACHINERY AND EQUIPMENT - 6.47%
223,543	*	AGCO Corp		6,498
762,505		Applied Materials, Inc		8,365
2,343,477	*	Brocade Communications Systems, Inc		18,326
17,313		Bucyrus International, Inc (Class A)		494
17,071		Carlisle Cos, Inc		410
311,058		Caterpillar, Inc		10,277
184,718		Cummins, Inc		6,504
322,710		Deere & Co		12,892
1,764,544	*	Dell, Inc		24,227
59,348		Diebold, Inc		1,564
79,472		Donaldson Co, Inc		2,753
423,161		Dover Corp		14,003
82,824	*	Dresser-Rand Group, Inc		2,162
219,803	*	EMC Corp		2,879
123,807		Flowserve Corp		8,643
125,772	*	FMC Technologies, Inc		4,726
31,674		Graco, Inc		697
3,411,890		Hewlett-Packard Co		131,870
53,269		IDEX Corp		1,309
2,045,168		International Business Machines Corp		213,556
2,014,783		International Game Technology		32,035
21,449		ITT Industries, Inc		954
730,020		Jabil Circuit, Inc		5,417
337,104		Johnson Controls, Inc		7,322
302,222		Joy Global, Inc		10,795
129,444	*	Lam Research Corp		3,366
44,758		Lennox International, Inc		1,437
82,424	*	Micros Systems, Inc		2,087
308,391		Northrop Grumman Corp		14,088
119,570		Pall Corp		3,176
639,570		Raytheon Co		28,417
111,978	*	SanDisk Corp		1,645
65,807	*	Scientific Games Corp (Class A)		1,038
453,641		Seagate Technology, Inc		4,745
108,879	*,m	Seagate Technology, Inc (Escrow)		–	^
144,244	*	Teradata Corp		3,380
247,651	*	Terex Corp		2,989
34,796		Toro Co		1,040
128,353	*	Varian Medical Systems, Inc		4,510
583,942	*	Western Digital Corp		15,474
56,421	*	Zebra Technologies Corp (Class A)		1,335
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		617,405

INSTRUMENTS AND RELATED PRODUCTS - 4.57%
351,408	*	Agilent Technologies, Inc		7,137
214,256		Alcon, Inc		24,879
646,738		Allergan, Inc		30,772
101,669		Bard (C.R.), Inc		7,569
1,106,742		Baxter International, Inc		58,613

211

COLLEGE RETIREMENT EQUITIES FUND - CREF Growth Account

				VALUE
SHARES		COMPANY		(000)
74,405		Beckman Coulter, Inc	$	4,252
246,720		Becton Dickinson & Co		17,594
19,673	*	Bio-Rad Laboratories, Inc (Class A)		1,485
1,682,973	*	Boston Scientific Corp		17,065
167,021		Danaher Corp		10,312
152,140		Dentsply International, Inc		4,643
1,374,607		Emerson Electric Co		44,537
153,869	*	Flir Systems, Inc		3,471
95,142		Garmin Ltd		2,266
26,990		Hillenbrand, Inc		449
27,054	*	Hologic, Inc		385
734,538	*	Illumina, Inc		28,604
39,019	*	Intuitive Surgical, Inc		6,386
37,825	*	Itron, Inc		2,083
1,152,764		Medtronic, Inc		40,221
34,813	*	Mettler-Toledo International, Inc		2,686
57,034	*	Millipore Corp		4,004
55,236		National Instruments Corp		1,246
30,602		PerkinElmer, Inc		532
77,544	*	Resmed, Inc		3,158
14,637		Rockwell Automation, Inc		470
664,203		Rockwell Collins, Inc		27,717
556,936		Roper Industries, Inc		25,235
356,873	*	St. Jude Medical, Inc		14,667
348,521		Stryker Corp		13,850
39,180		Techne Corp		2,500
1,027,110	*	Teradyne, Inc		7,046
317,652	*	Thermo Electron Corp		12,951
120,014	*	Trimble Navigation Ltd		2,356
98,291	*	Waters Corp		5,059
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		436,200

INSURANCE AGENTS, BROKERS AND SERVICE - 0.05%
95,151		Arthur J. Gallagher & Co		2,030
87,721		Brown & Brown, Inc		1,748
40,168		Marsh & McLennan Cos, Inc		809
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		4,587

INSURANCE CARRIERS - 1.53%
209,219		ACE Ltd		9,254
522,062		Aetna, Inc		13,078
1,145,408		Aflac, Inc		35,610
396,015		Axis Capital Holdings Ltd		10,368
203,865		Cigna Corp		4,911
12,796		CNA Financial Corp		198
17,160		Endurance Specialty Holdings Ltd		503
21,131		Erie Indemnity Co (Class A)		756
35,438		Fidelity National Title Group, Inc (Class A)		479
200,431		Genworth Financial, Inc (Class A)		1,401
4,013		Hanover Insurance Group, Inc		153
63,779	*	Humana, Inc		2,058
69,690		Leucadia National Corp		1,470
85,376		Lincoln National Corp		1,469
3,700		Odyssey Re Holdings Corp		148

212

COLLEGE RETIREMENT EQUITIES FUND - CREF Growth Account

				VALUE
SHARES		COMPANY		(000)
90,413		PartnerRe Ltd	$	5,872
863,173		Principal Financial Group		16,262
71,260		Progressive Corp		1,077
356,027		Prudential Financial, Inc		13,251
8,126		Reinsurance Group of America, Inc (Class A)		284
270,395		UnitedHealth Group, Inc		6,754
13,950		Validus Holdings Ltd		307
45,149		W.R. Berkley Corp		969
367,898	*	WellPoint, Inc		18,722
		TOTAL INSURANCE CARRIERS		145,354

JUSTICE, PUBLIC ORDER AND SAFETY - 0.00%**
14,997	*	Corrections Corp of America		255
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		255

LEATHER AND LEATHER PRODUCTS - 0.79%
2,788,986		Coach, Inc		74,968
		TOTAL LEATHER AND LEATHER PRODUCTS		74,968

LEGAL SERVICES - 0.03%
52,564	*	FTI Consulting, Inc		2,666
		TOTAL LEGAL SERVICES		2,666

METAL MINING - 0.77%
267,509		Anglo American plc		7,761
165,212		Barrick Gold Corp		5,543
85,770		Cleveland-Cliffs, Inc		2,099
592,703		Companhia Vale do Rio Doce (ADR)		10,449
47,836		Foundation Coal Holdings, Inc		1,345
462,948		Freeport-McMoRan Copper & Gold, Inc (Class B)		23,199
492,588		Newmont Mining Corp		20,132
10,633		Royal Gold, Inc		443
134,460		Southern Copper Corp		2,748
		TOTAL METAL MINING		73,719

MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.22%
9,269		Armstrong World Industries, Inc		153
225,366		Hasbro, Inc		5,463
38,704	*	Intrepid Potash, Inc		1,087
486,560	*	Jarden Corp		9,123
284,939		Mattel, Inc		4,573
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		20,399

MISCELLANEOUS RETAIL - 2.53%
1,160,537	*	Amazon.com, Inc		97,091
8,012		Barnes & Noble, Inc		165
2,506,671		CVS Corp		79,888
88,630	*	Dick's Sporting Goods, Inc		1,524
89,550	*	Dollar Tree, Inc		3,770
49,913	*	Marvel Entertainment, Inc		1,776
43,005		MSC Industrial Direct Co (Class A)		1,526
67,687	*	Office Depot, Inc		309
126,929		Petsmart, Inc		2,724

213

COLLEGE RETIREMENT EQUITIES FUND - CREF Growth Account

				VALUE
SHARES		COMPANY		(000)
42,675	*	Priceline.com, Inc	$	4,760
736,694		Staples, Inc		14,859
119,304		Tiffany & Co		3,026
1,021,529		Walgreen Co		30,033
		TOTAL MISCELLANEOUS RETAIL		241,451

MOTION PICTURES - 0.25%
267,847	*	Discovery Communications, Inc (Class C)		5,499
71,696	*	Macrovision Solutions Corp		1,564
599,271		News Corp (Class A)		5,459
42,281		Regal Entertainment Group (Class A)		562
372,660		Time Warner, Inc		9,388
152,562	*	tw telecom inc (Class A)		1,567
		TOTAL MOTION PICTURES		24,039

NONDEPOSITORY INSTITUTIONS - 0.28%
711,461		American Express Co		16,534
33,889	*	AmeriCredit Corp		459
133,846		Capital One Financial Corp		2,929
38,541		CapitalSource, Inc		188
39,600		CIT Group, Inc		85
216,245	*	Companhia Brasileira de Meios de Pagamento		1,860
214,194		GLG Partners, Inc		876
97,864		Lender Processing Services, Inc		2,717
111,897	*	SLM Corp		1,149
2,300		Student Loan Corp		86
		TOTAL NONDEPOSITORY INSTITUTIONS		26,883

NONMETALLIC MINERALS, EXCEPT FUELS - 0.01%
17,901		Compass Minerals International, Inc		983
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		983

OIL AND GAS EXTRACTION - 4.06%
609,464		Apache Corp		43,973
49,064	*	Atwood Oceanics, Inc		1,222
249,412		Baker Hughes, Inc		9,089
445,016	*	Cameron International Corp		12,594
28,543	*	CNX Gas Corp		750
3,844	*	Comstock Resources, Inc		127
245,774	*	Concho Resources, Inc		7,051
15,556	*	Continental Resources, Inc		432
176,056		Crescent Point Energy Trust		5,195
738,054	*	Denbury Resources, Inc		10,872
181,456		Diamond Offshore Drilling, Inc		15,070
41,071		ENSCO International, Inc		1,432
134,037		Equitable Resources, Inc		4,679
125,592	*	EXCO Resources, Inc		1,623
34,700	*	Exterran Holdings, Inc		557
42,156	*	Forest Oil Corp		629
33,635		Helmerich & Payne, Inc		1,038
80,740	*	Mariner Energy, Inc		949
379,705	*	National Oilwell Varco, Inc		12,401
1,105,263		Occidental Petroleum Corp		72,737

214

COLLEGE RETIREMENT EQUITIES FUND - CREF Growth Account

				VALUE
SHARES		COMPANY		(000)
53,758	*	Oceaneering International, Inc	$	2,430
26,610		Patterson-UTI Energy, Inc		342
281,664	*	PetroHawk Energy Corp		6,281
479,316		Petroleo Brasileiro S.A. (ADR)		19,642
66,598	*	Plains Exploration & Production Co		1,822
83,139	*	Pride International, Inc		2,083
121,234	*	Quicksilver Resources, Inc		1,126
463,802		Range Resources Corp		19,206
20,427		Rowan Cos, Inc		395
1,815,237		Schlumberger Ltd		98,223
133,598		Smith International, Inc		3,440
351,993	*	Southwestern Energy Co		13,675
20,351		St. Mary Land & Exploration Co		425
405,930		XTO Energy, Inc		15,482
		TOTAL OIL AND GAS EXTRACTION		386,992

PAPER AND ALLIED PRODUCTS - 0.42%
90,744		Greif, Inc (Class A)		4,013
679,784		Kimberly-Clark Corp		35,641
11,860		Packaging Corp of America		192
		TOTAL PAPER AND ALLIED PRODUCTS		39,846

PERSONAL SERVICES - 0.07%
24,361		Cintas Corp		557
347,721		H&R Block, Inc		5,991
5,012		Weight Watchers International, Inc		129
		TOTAL PERSONAL SERVICES		6,677

PETROLEUM AND COAL PRODUCTS - 1.10%
5,772		Ashland, Inc		162
1,297,492	c	Exxon Mobil Corp		90,707
86,410		Frontier Oil Corp		1,133
42,325		Holly Corp		761
369,800		Suncor Energy, Inc		11,220
57,588		Tesoro Corp		733
		TOTAL PETROLEUM AND COAL PRODUCTS		104,716

PRIMARY METAL INDUSTRIES - 0.62%
464,474		Alcoa, Inc		4,798
2,137,044		Corning, Inc		34,321
10,460		Hubbell, Inc (Class B)		335
143,453		Precision Castparts Corp		10,477
17,240		Schnitzer Steel Industries, Inc (Class A)		911
65,605		Vallourec		7,964
		TOTAL PRIMARY METAL INDUSTRIES		58,806
PRINTING AND PUBLISHING - 0.36%
248,979		Dun & Bradstreet Corp		20,220
42,556		John Wiley & Sons, Inc (Class A)		1,415
322,090		McGraw-Hill Cos, Inc		9,698
102,477	*	MSCI, Inc (Class A)		2,505
14,400		New York Times Co (Class A)		79
54,089		R.R. Donnelley & Sons Co		629
		TOTAL PRINTING AND PUBLISHING		34,546

215

COLLEGE RETIREMENT EQUITIES FUND - CREF Growth Account

				VALUE
SHARES		COMPANY		(000)
RAILROAD TRANSPORTATION - 0.58%
330,518		CSX Corp	$	11,446
150,038	*	Kansas City Southern Industries, Inc		2,417
331,658		Norfolk Southern Corp		12,494
559,172		Union Pacific Corp		29,110
		TOTAL RAILROAD TRANSPORTATION		55,467

REAL ESTATE - 0.05%
231,487	*	CB Richard Ellis Group, Inc (Class A)		2,167
94,676	*	St. Joe Co		2,508
		TOTAL REAL ESTATE		4,675

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.03%
247,627	*	Goodyear Tire & Rubber Co		2,788
46,220		Newell Rubbermaid, Inc		481
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		3,269

SECURITY AND COMMODITY BROKERS - 1.99%
17,806		Ameriprise Financial, Inc		432
57,320		BlackRock, Inc		10,055
91,918		Broadridge Financial Solutions, Inc		1,524
978,024		Charles Schwab Corp		17,154
3,997		CME Group, Inc		1,244
119,425		Eaton Vance Corp		3,195
83,695		Federated Investors, Inc (Class B)		2,016
71,087		Franklin Resources, Inc		5,119
577,188		Goldman Sachs Group, Inc		85,100
20,991		Greenhill & Co, Inc		1,516
74,571	*	IntercontinentalExchange, Inc		8,519
503,768		Invesco Ltd		8,977
6,282	*	Investment Technology Group, Inc		128
150,223		Janus Capital Group, Inc		1,713
89,917	*	Jefferies Group, Inc		1,918
78,294		Lazard Ltd (Class A)		2,108
525,411		Morgan Stanley		14,979
20,051	*	Morningstar, Inc		827
63,162	*	Nasdaq Stock Market, Inc		1,346
71,454		NYSE Euronext		1,947
127,570		SEI Investments Co		2,301
261,614		T Rowe Price Group, Inc		10,901
267,765	*	TD Ameritrade Holding Corp		4,697
88,641		Waddell & Reed Financial, Inc (Class A)		2,337
		TOTAL SECURITY AND COMMODITY BROKERS		190,053

STONE, CLAY, AND GLASS PRODUCTS - 0.64%
715,214		3M Co		42,984
44,603		Eagle Materials, Inc		1,126
139,280		Gentex Corp		1,616
18,613		Martin Marietta Materials, Inc		1,468
44,663	*	Owens Corning, Inc		571
480,178	*	Owens-Illinois, Inc		13,450
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		61,215

216

COLLEGE RETIREMENT EQUITIES FUND - CREF Growth Account

				VALUE
SHARES		COMPANY		(000)
TOBACCO PRODUCTS - 1.96%
3,322,728		Altria Group, Inc	$	54,460
230,266		Lorillard, Inc		15,605
2,682,096		Philip Morris International, Inc		116,993
		TOTAL TOBACCO PRODUCTS		187,058

TRANSPORTATION BY AIR - 0.10%
291,790	*	AMR Corp		1,173
135,740	*	Continental Airlines, Inc (Class B)		1,203
30,857		Copa Holdings S.A. (Class A)		1,260
804,174	*	Delta Air Lines, Inc		4,656
236,438		Southwest Airlines Co		1,591
		TOTAL TRANSPORTATION BY AIR		9,883

TRANSPORTATION EQUIPMENT - 2.37%
49,287	*	BE Aerospace, Inc		708
707,271		Boeing Co		30,058
8,600	*	Federal Mogul Corp (Class A)		81
142,503		General Dynamics Corp		7,893
264,269		Goodrich Corp		13,206
62,823		Harsco Corp		1,778
1,276,977		Honeywell International, Inc		40,097
572,476		Lockheed Martin Corp		46,170
64,219	*	Navistar International Corp		2,799
346,589		Paccar, Inc		11,268
188,183	*	Spirit Aerosystems Holdings, Inc (Class A)		2,586
18,973		Thor Industries, Inc		349
40,619	*	TransDigm Group, Inc		1,470
12,800	*	TRW Automotive Holdings Corp		145
1,267,503		United Technologies Corp		65,859
48,935		Westinghouse Air Brake Technologies Corp		1,574
		TOTAL TRANSPORTATION EQUIPMENT		226,041

TRANSPORTATION SERVICES - 0.36%
173,570		CH Robinson Worldwide, Inc		9,052
700,777		Expeditors International Washington, Inc		23,364
20,753		GATX Corp		534
95,029		UTI Worldwide, Inc		1,083
		TOTAL TRANSPORTATION SERVICES		34,033

TRUCKING AND WAREHOUSING - 0.43%
15,649		Con-way, Inc		553
89,457		J.B. Hunt Transport Services, Inc		2,731
53,082		Landstar System, Inc		1,906
712,382		United Parcel Service, Inc (Class B)		35,612
		TOTAL TRUCKING AND WAREHOUSING		40,802

WATER TRANSPORTATION - 0.07%
203,726		Carnival Corp		5,250
13,375	*	Kirby Corp		425
47,391		Royal Caribbean Cruises Ltd		642
20,913		Teekay Corp		440
		TOTAL WATER TRANSPORTATION		6,757

217

COLLEGE RETIREMENT EQUITIES FUND - CREF Growth Account

				MAURITY		VALUE
SHARES		COMPANY	RATE	DATE		(000)
WHOLESALE TRADE-DURABLE GOODS - 0.16%
50,748	*	Arrow Electronics, Inc			$	1,078
110,762		BorgWarner, Inc				3,783
143,616	*	LKQ Corp				2,362
109,217	*	Patterson Cos, Inc				2,370
64,519		W.W. Grainger, Inc				5,283
22,726	*	WESCO International, Inc				569
		TOTAL WHOLESALE TRADE-DURABLE GOODS				15,445

WHOLESALE TRADE-NONDURABLE GOODS - 0.50%
63,957		Allscripts Healthcare Solutions, Inc				1,014
76,828		Brown-Forman Corp (Class B)				3,302
601,851	*	Dean Foods Co				11,550
200,628	*	Endo Pharmaceuticals Holdings, Inc				3,595
30,591	*	Green Mountain Coffee Roasters, Inc				1,809
92,340	*	Henry Schein, Inc				4,428
63,961		Herbalife Ltd				2,017
604,164		Sysco Corp				13,581
258,712		Terra Industries, Inc				6,266
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS				47,562

		TOTAL COMMON STOCKS				9,340,354
		(Cost $10,045,457)

RIGHTS / WARRANTS - 0.01%
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.01%
153,090		Renewable Energy Corp AS.				548
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT				548

		TOTAL RIGHTS / WARRANTS				548
		(Cost $2,719)

PRINCIPAL		ISSUER

SHORT-TERM INVESTMENTS - 2.23%

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 1.58%
$57,500,000		Federal Home Loan Bank (FHLB)	0.000%	07/01/09		57,500
10,500,000		Federal Home Loan Mortgage Corp (FHLMC)	0.000	07/21/09		10,499
33,200,000		FHLMC	0.000	11/02/09		33,174
30,000,000		FHLMC	0.000	08/24/09		29,993
13,900,000		Federal National Mortgage Association (FNMA)	0.000	08/12/09		13,896
5,735,000		FNMA	0.000	08/10/09		5,733
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES				150,795

U.S. TREASURY BILLS - 0.65%
12,100,000		United States Treasury Bill	0.000	10/08/09		12,094
50,000,000		United States Treasury Bill	0.000	11/19/09		49,950
		TOTAL U.S. TREASURY BILLS				62,044

		TOTAL SHORT-TERM INVESTMENTS				212,839
		(Cost $212,834)

218

COLLEGE RETIREMENT EQUITIES FUND - CREF Growth Account

				VALUE
				(000)
		TOTAL PORTFOLIO - 100.13%	$	9,553,741
		(Cost $10,261,010)

		OTHER ASSETS AND LIABILITIES, NET - (0.13)%		(12,391	)

		NET ASSETS - 100.00%	$	9,541,350



		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.
	c	All or a portion of these securities have been segregated by the Custodian to cover margin or other requirements on open futures contracts in the amount of $13,107,880.
	m	Indicates a security that has been deemed illiquid.

		Cost amounts are in thousands.

219

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

CREF GROWTH ACCOUNT
SUMMARY OF MARKET VALUES BY COUNTRY (unaudited)
June 30, 2009

		% OF TOTAL
COUNTRY	VALUE	PORTFOLIO
DOMESTIC
UNITED STATES	$9,112,029,137	95.38	%
TOTAL DOMESTIC	9,112,029,137	95.38

FOREIGN
BERMUDA	306,621	0.00
BRAZIL	31,951,242	0.34
CANADA	71,782,942	0.75
CHINA	19,132,552	0.20
FRANCE	7,963,695	0.08
GUERNSEY, C.I.	741,913	0.01
ISRAEL	87,905,032	0.92
JAPAN	12,308,929	0.13
NORWAY	4,432,675	0.05
PANAMA	1,259,583	0.01
SWITZERLAND	165,639,299	1.73
UNITED KINGDOM	38,287,770	0.40
TOTAL FOREIGN	441,712,253	4.62
TOTAL PORTFOLIO	$9,553,741,390	100.00	%

220

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

COLLEGE RETIREMENT EQUITIES FUND
CREF EQUITY INDEX ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2009

				VALUE
SHARES		COMPANY		(000)

COMMON STOCKS - 99.44%

AGRICULTURAL PRODUCTION-CROPS - 0.01%
31,603	*	Chiquita Brands International, Inc	$	324
2,482		Griffin Land & Nurseries, Inc (Class A)		78
		TOTAL AGRICULTURAL PRODUCTION-CROPS		402

AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%
9,480		Cal-Maine Foods, Inc		237
269		Seaboard Corp		301
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		538

AGRICULTURAL SERVICES - 0.00%**
8,402	*	Cadiz, Inc		81
7,129		Calavo Growers, Inc		141
		TOTAL AGRICULTURAL SERVICES		222

AMUSEMENT AND RECREATION SERVICES - 0.60%
41,654	*	Bally Technologies, Inc		1,246
6,588		Churchill Downs, Inc		222
9,373		Dover Downs Gaming & Entertainment, Inc		44
247,047	*	Electronic Arts, Inc		5,366
24,089		International Speedway Corp (Class A)		617
14,530	*	Lakes Entertainment, Inc		42
30,709	*	Life Time Fitness, Inc		614
64,272	*	Live Nation, Inc		313
20,438	*	Multimedia Games, Inc		101
51,327	*	Penn National Gaming, Inc		1,495
48,180	*	Pinnacle Entertainment, Inc		448
9,984		Speedway Motorsports, Inc		137
26,504	*	Ticketmaster		170
11,514	*	Town Sports International Holdings, Inc		43
1,428,469		Walt Disney Co		33,327
39,735	*	Warner Music Group Corp		232
32,786	*	WMS Industries, Inc		1,033
22,569		World Wrestling Entertainment, Inc (Class A)		283
22,701	*	Youbet.com, Inc		75
		TOTAL AMUSEMENT AND RECREATION SERVICES		45,808

APPAREL AND ACCESSORY STORES - 0.59%
67,218		Abercrombie & Fitch Co (Class A)		1,707
50,961	*	Aeropostale, Inc		1,746
23,623	*	American Apparel, Inc		86
130,540		American Eagle Outfitters, Inc		1,850
47,813	*	AnnTaylor Stores Corp		382

221

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
23,033		Bebe Stores, Inc	$	158
32,106		Brown Shoe Co, Inc		232
19,480		Buckle, Inc		619
43,571	*	Carter's, Inc		1,072
21,208		Cato Corp (Class A)		370
18,007	*	Charlotte Russe Holding, Inc		232
84,814	*	Charming Shoppes, Inc		316
136,751	*	Chico's FAS, Inc		1,331
17,847	*	Children's Place Retail Stores, Inc		472
27,159		Christopher & Banks Corp		182
12,866	*	Citi Trends, Inc		333
48,995	*	Collective Brands, Inc		714
3,762	*	Destination Maternity Corp		63
33,313	*	Dress Barn, Inc		476
12,248	*	DSW, Inc (Class A)		121
34,177		Finish Line, Inc (Class A)		254
119,112		Foot Locker, Inc		1,247
369,177		Gap, Inc		6,055
72,404	*	Hanesbrands, Inc		1,087
31,627	*	Hot Topic, Inc		231
40,087	*	J Crew Group, Inc		1,083
14,743	*	JOS A Bank Clothiers, Inc		508
233,601	*	Kohl's Corp		9,985
204,693		Limited Brands, Inc		2,450
15,006	*	New York & Co, Inc		46
126,477		Nordstrom, Inc		2,516
49,497	*	Pacific Sunwear Of California, Inc		167
97,153		Ross Stores, Inc		3,750
5,056	*	Shoe Carnival, Inc		60
30,798		Stage Stores, Inc		342
4,598	*	Syms Corp		35
24,891		Talbots, Inc		134
17,529	*	Tween Brands, Inc		117
25,346	*	Under Armour, Inc (Class A)		567
98,352	*	Urban Outfitters, Inc		2,053
73,584	*	Wet Seal, Inc (Class A)		226
		TOTAL APPAREL AND ACCESSORY STORES		45,375

APPAREL AND OTHER TEXTILE PRODUCTS - 0.35%
9,339		Columbia Sportswear Co		289
9,368	*	G-III Apparel Group Ltd		108
43,320		Guess ?, Inc		1,117
22,405	*	Gymboree Corp		795
66,643		Jones Apparel Group, Inc		715
80,414		Liz Claiborne, Inc		232
31,095	*	Lululemon Athletica, Inc		405
13,600	*	Maidenform Brands, Inc		156
276,536		Nike, Inc (Class B)		14,318
39,553		Phillips-Van Heusen Corp		1,135
42,391		Polo Ralph Lauren Corp (Class A)		2,270
105,727	*	Quiksilver, Inc		196
19,300	*	True Religion Apparel, Inc		430
68,615		VF Corp		3,797
35,032	*	Warnaco Group, Inc		1,135

222

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS	$	27,098

AUTO REPAIR, SERVICES AND PARKING - 0.05%
7,541	*	Amerco, Inc		280
19,858	*	Dollar Thrifty Automotive Group, Inc		277
142,929	*	Hertz Global Holdings, Inc		1,142
10,010	*	Midas, Inc		105
12,456		Monro Muffler, Inc		320
43,349		Ryder System, Inc		1,210
7,402	*	Standard Parking Corp		121
28,100	*	Wright Express Corp		716
		TOTAL AUTO REPAIR, SERVICES AND PARKING		4,171

AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.23%
72,507		Advance Auto Parts		3,008
6,968	*	America's Car-Mart, Inc		143
27,020		Asbury Automotive Group, Inc		277
55,689	*	Autonation, Inc		966
24,580	*	Autozone, Inc		3,714
168,907	*	Carmax, Inc		2,483
50,728	*	Copart, Inc		1,759
13,017	*	Lithia Motors, Inc (Class A)		120
103,720	*	O'Reilly Automotive, Inc		3,950
29,308		Penske Auto Group, Inc		488
21,664	*	Rush Enterprises, Inc (Class A)		252
21,187		Sonic Automotive, Inc (Class A)		215
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		17,375

BUILDING MATERIALS AND GARDEN SUPPLIES - 0.74%
9,000	*	Builders FirstSource, Inc		37
101,159		Fastenal Co		3,356
1,305,611		Home Depot, Inc		30,851
1,134,509		Lowe's Cos, Inc		22,021
10,841	*	Lumber Liquidators, Inc		171
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		56,436

BUSINESS SERVICES - 7.88%
301,109	*	3Com Corp		1,418
10,702	*	3D Systems Corp		77
36,649		Aaron Rents, Inc		1,093
34,759		ABM Industries, Inc		628
24,912	*	Acacia Research (Acacia Technologies)		196
27,282	*	ACI Worldwide, Inc		381
35,015	*	ActivIdentity Corp		89
428,781	*	Activision Blizzard, Inc		5,416
40,528	*	Actuate Corp		194
52,067		Acxiom Corp		460
16,355		Administaff, Inc		381
401,566	*	Adobe Systems, Inc		11,364
12,368	*	Advent Software, Inc		406
70,531	*	Affiliated Computer Services, Inc (Class A)		3,133
39,824		Aircastle Ltd		293
132,322	*	Akamai Technologies, Inc		2,538
44,569	*	Alliance Data Systems Corp		1,836

223

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
149,614	*	Amdocs Ltd	$	3,209
26,021	*	American Reprographics Co		216
15,720		American Software, Inc (Class A)		91
25,829	*	AMICAS, Inc		72
23,326	*	AMN Healthcare Services, Inc		149
67,294	*	Ansys, Inc		2,097
20,202	*	APAC Customer Services, Inc		104
22,243		Arbitron, Inc		353
14,183	*	ArcSight, Inc		252
68,046	*	Ariba, Inc		670
99,812	*	Art Technology Group, Inc		379
11,658	*	Asset Acceptance Capital Corp		90
25,682	*	athenahealth, Inc		950
174,292	*	Autodesk, Inc		3,308
386,827		Automatic Data Processing, Inc		13,709
80,768	*	Avis Budget Group, Inc		456
35,025	*	Avocent Corp		489
10,858	*	Bankrate, Inc		274
6,166		Barrett Business Services, Inc		65
36,447		BGC Partners, Inc (Class A)		138
31,258		Blackbaud, Inc		486
24,220	*	Blackboard, Inc		699
30,392	*	Blue Coat Systems, Inc		503
141,683	*	BMC Software, Inc		4,787
19,249	*	Bottomline Technologies, Inc		173
60,273	*	BPZ Energy, Inc		294
37,869		Brady Corp (Class A)		951
34,910		Brink's Co		1,013
35,022	*	Brink's Home Security Holdings, Inc		991
303,336		CA, Inc		5,287
23,036	*	CACI International, Inc (Class A)		984
201,713	*	Cadence Design Systems, Inc		1,190
5,462	*	CAI International, Inc		28
21,031	*	Callidus Software, Inc		60
11,193	*	Capella Education Co		671
26,113	*	Cavium Networks, Inc		439
41,673	*	CBIZ, Inc		297
51,298	*	Cerner Corp		3,195
22,101	*	Chordiant Software, Inc		80
52,926	*	Ciber, Inc		164
138,618	*	Citrix Systems, Inc		4,421
28,047	*	Clear Channel Outdoor Holdings, Inc (Class A)		149
7,443	*	Clinical Data, Inc		82
35,274	*	Cogent Communications Group, Inc		287
30,867	*	Cogent, Inc		331
32,766		Cognex Corp		463
223,679	*	Cognizant Technology Solutions Corp (Class A)		5,972
30,771	*	Commvault Systems, Inc		510
14,638		Compass Diversified Trust		118
15,742	*	Compellent Technologies, Inc		240
9,637		Computer Programs & Systems, Inc		369
115,456	*	Computer Sciences Corp		5,115
11,045	*	Computer Task Group, Inc		67
186,043	*	Compuware Corp		1,276

224

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
11,985	*	COMSYS IT Partners, Inc	$	70
31,023	*	Concur Technologies, Inc		964
18,777	*	Constant Contact, Inc		373
76,174	*	Convergys Corp		707
14,866	*	CoStar Group, Inc		593
29,162	*	CSG Systems International, Inc		386
55,466	*	Cybersource Corp		849
36,402	*	Data Domain, Inc		1,214
30,663	*	DealerTrack Holdings, Inc		521
13,498	*	Deltek, Inc		59
37,676		Deluxe Corp		483
11,372	*	Dice Holdings, Inc		53
29,296	*	Digital River, Inc		1,064
24,156	*	DivX, Inc		133
12,741	*	Double-Take Software, Inc		110
29,407	*	DST Systems, Inc		1,087
6,729	*	Dynamics Research Corp		67
18,300	*	DynCorp International, Inc (Class A)		307
82,942	*	Earthlink, Inc		615
857,084	*	eBay, Inc		14,682
4,491	*	Ebix, Inc		141
24,998	*	Echelon Corp		212
42,934	*	Eclipsys Corp		763
11,677		Electro Rent Corp		111
39,428	*	Electronics for Imaging, Inc		420
5,263	*	eLoyalty Corp		41
45,086	*	Entrust, Inc		82
42,487	*	Epicor Software Corp		225
25,591	*	EPIQ Systems, Inc		393
97,623		Equifax, Inc		2,548
98,710	*	Evergreen Energy, Inc		97
13,663	*	ExlService Holdings, Inc		153
140,851	*	Expedia, Inc		2,128
60,565	*	F5 Networks, Inc		2,095
32,751		Factset Research Systems, Inc		1,633
36,812		Fair Isaac Corp		569
22,225	*	FalconStor Software, Inc		106
147,053		Fidelity National Information Services, Inc		2,935
5,700	*	First Advantage Corp (Class A)		87
119,266	*	Fiserv, Inc		5,451
11,266	*	Forrester Research, Inc		277
43,182	*	Gartner, Inc		659
31,343	*	Global Cash Access, Inc		249
12,411	*	Global Sources Ltd		89
184,200	*	Google, Inc (Class A)		77,657
12,334	*	GSE Systems, Inc		83
21,180	*	H&E Equipment Services, Inc		198
30,102	*	Hackett Group, Inc		70
33,142		Healthcare Services Group		593
28,656		Heartland Payment Systems, Inc		274
3,513	*	HeartWare International, Inc		98
14,300		Heidrick & Struggles International, Inc		261
80,358	*	HLTH Corp		1,053
20,618	*	HMS Holdings Corp		840

225

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account


				VALUE
SHARES		COMPANY		(000)
10,436	*	i2 Technologies, Inc	$	131
4,942	*	ICT Group, Inc		43
12,987		iGate Corp		86
36,562	*	IHS, Inc (Class A)		1,823
5,713		Imergent, Inc		40
138,841		IMS Health, Inc		1,763
20,612		infoGROUP, Inc		118
67,760	*	Informatica Corp		1,165
23,086		Infospace, Inc		153
22,974	*	Innerworkings, Inc		109
17,040	*	Innodata Isogen, Inc		75
11,404	*	Integral Systems, Inc		95
27,864		Interactive Data Corp		645
9,285	*	Interactive Intelligence, Inc		114
34,783	*	Internap Network Services Corp		121
21,159	*	Internet Brands, Inc (Class A)		148
32,107	*	Internet Capital Group, Inc		216
376,254	*	Interpublic Group of Cos, Inc		1,900
246,760	*	Intuit, Inc		6,949
23,825	*	inVentiv Health, Inc		322
36,908	*	Ipass, Inc		59
137,477	*	Iron Mountain, Inc		3,953
64,362		Jack Henry & Associates, Inc		1,336
18,698	*	JDA Software Group, Inc		280
401,788	*	Juniper Networks, Inc		9,482
20,372		Kelly Services, Inc (Class A)		223
17,839	*	Kenexa Corp		206
10,875	*	Keynote Systems, Inc		83
21,985	*	Kforce, Inc		182
19,259	*	Knot, Inc		152
34,304	*	Korn/Ferry International		365
43,697	*	Lamar Advertising Co (Class A)		667
99,271	*	Lawson Software, Inc		554
21,868	*	Limelight Networks, Inc		96
44,720	*	Lionbridge Technologies		82
10,323	*	Liquidity Services, Inc		102
31,275	*	Liveperson, Inc		125
19,563	*	Manhattan Associates, Inc		356
60,033		Manpower, Inc		2,542
16,598	*	Mantech International Corp (Class A)		714
16,386		Marchex, Inc (Class B)		55
65,277		Mastercard, Inc (Class A)		10,922
118,313	*	McAfee, Inc		4,992
72,751	*	Mentor Graphics Corp		398
5,927,477		Microsoft Corp		140,896
6,831	*	MicroStrategy, Inc (Class A)		343
33,165	*	ModusLink Global Solutions, Inc		228
62,930	*	MoneyGram International, Inc		112
17,209	*	Monotype Imaging Holdings, Inc		117
96,312	*	Monster Worldwide, Inc		1,137
143,816		Moody's Corp		3,790
117,341	*	Move, Inc		253
71,559	*	MPS Group, Inc		547
30,812	*	MSC Software Corp		205

226

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account



				VALUE
SHARES		COMPANY		(000)
7,188	*	NCI, Inc (Class A)	$	219
122,276	*	NCR Corp		1,447
24,391	*	Ness Technologies, Inc		95
32,422	*	NetFlix, Inc		1,340
21,523	*	Netscout Systems, Inc		202
12,764	*	NetSuite, Inc		151
22,651	*	Network Equipment Technologies, Inc		96
38,877		NIC, Inc		263
263,166	*	Novell, Inc		1,192
166,441	*	Nuance Communications, Inc		2,012
238,392		Omnicom Group, Inc		7,529
49,914	*	Omniture, Inc		627
25,372	*	On Assignment, Inc		99
14,464	*	Online Resources Corp		90
2,386	*	OpenTable, Inc		72
66,009	*	OpenTV Corp (Class A)		87
9,552		Opnet Technologies, Inc		87
2,939,666		Oracle Corp		62,968
90,859	*	Parametric Technology Corp		1,062
14,951		PC-Tel, Inc		80
10,922		Pegasystems, Inc		288
20,679	*	Perficient, Inc		145
66,125	*	Perot Systems Corp (Class A)		948
12,149	*	Pervasive Software, Inc		74
35,033	*	Phase Forward, Inc		529
19,353	*	Phoenix Technologies Ltd		52
13,016	*	Portfolio Recovery Associates, Inc		504
46,371	*	Premiere Global Services, Inc		503
31,976	*	Progress Software Corp		677
14,689	*	PROS Holdings, Inc		119
8,302		QAD, Inc		27
18,084		Quality Systems, Inc		1,030
52,171	*	Quest Software, Inc		727
50,966	*	Rackspace Hosting, Inc		706
21,037	*	Radiant Systems, Inc		175
15,185	*	Radisys Corp		137
46,246	*	Raser Technologies, Inc		129
72,153	*	RealNetworks, Inc		216
145,532	*	Red Hat, Inc		2,930
5,893		Renaissance Learning, Inc		54
49,265	*	Rent-A-Center, Inc		878
15,226	*	Rewards Network, Inc		58
20,163	*	RightNow Technologies, Inc		238
16,664	*	Riskmetrics Group Inc		294
116,240		Robert Half International, Inc		2,746
33,789		Rollins, Inc		585
4,798	*	Rosetta Stone, Inc		132
34,156	*	RSC Holdings, Inc		230
41,988	*	S1 Corp		290
18,173	*	Saba Software, Inc		70
82,913	*	Salesforce.com, Inc		3,165
70,737	*	Sapient Corp		445
20,806	*	Smith Micro Software, Inc		204
23,020	*	Sohu.com, Inc		1,446

227

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account


				VALUE
SHARES		COMPANY		(000)
9,112	*	SolarWinds, Inc	$	150
45,445	*	SonicWALL, Inc		249
165,491	*	Sonus Networks, Inc		266
51,448		Sotheby's (Class A)		726
14,838	*	Sourcefire, Inc		184
42,038	*	Spherion Corp		173
13,651	*	SPSS, Inc		456
31,079	*	SRA International, Inc (Class A)		546
9,634	*	StarTek, Inc		77
14,356	*	Stratasys, Inc		158
28,228	*	SuccessFactors, Inc		259
24,298	*	SumTotal Systems, Inc		117
575,173	*	Sun Microsystems, Inc		5,303
32,388	*	Support.com, Inc		71
62,853	*	Sybase, Inc		1,970
26,699	*	SYKES Enterprises, Inc		483
629,209	*	Symantec Corp		9,790
17,694	*	Synchronoss Technologies, Inc		217
14,793	*	SYNNEX Corp		370
109,495	*	Synopsys, Inc		2,136
9,061		Syntel, Inc		285
61,427		Take-Two Interactive Software, Inc		582
11,400		TAL International Group, Inc		124
23,943	*	Taleo Corp (Class A)		437
5,765	*	TechTarget, Inc		23
26,717	*	TeleTech Holdings, Inc		405
7,088		Textainer Group Holdings Ltd		81
48,928	*	THQ, Inc		350
137,923	*	TIBCO Software, Inc		989
13,125	*	Tier Technologies, Inc		101
19,243	*	TNS, Inc		361
124,011		Total System Services, Inc		1,661
25,593	*	TradeStation Group, Inc		217
4,369	*	Travelzoo, Inc		48
37,265	*	TrueBlue, Inc		313
17,682	*	Ultimate Software Group, Inc		429
6,599	*	Unica Corp		36
283,185	*	Unisys Corp		428
61,183		United Online, Inc		398
49,976	*	United Rentals, Inc		324
68,260	*	Valueclick, Inc		718
19,828	*	Vasco Data Security International		145
149,625	*	VeriSign, Inc		2,766
15,178		Viad Corp		261
20,615	*	Vignette Corp		271
5,940	*	Virtusa Corp		48
346,021		Visa, Inc (Class A)		21,543
39,323	*	VMware, Inc (Class A)		1,072
11,624	*	Vocus, Inc		230
12,149	*	Volt Information Sciences, Inc		76
6,140	*	WebMD Health Corp (Class A)		184
33,540	*	Websense, Inc		598
19,543	*	Website Pros, Inc		110
53,517	*	Wind River Systems, Inc		613

228

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
910,677	*	Yahoo!, Inc	$	14,261
		TOTAL BUSINESS SERVICES		601,822

CHEMICALS AND ALLIED PRODUCTS - 12.46%
1,188,875		Abbott Laboratories		55,924
4,621	*	Abraxis Bioscience, Inc		170
29,951	*	Acorda Therapeutics, Inc		844
6,188	*	Acura Pharmaceuticals, Inc		37
33,118	*	Adolor Corp		58
161,423		Air Products & Chemicals, Inc		10,425
17,349	*	Albany Molecular Research, Inc		146
68,987		Albemarle Corp		1,764
65,218		Alberto-Culver Co		1,658
62,870	*	Alexion Pharmaceuticals, Inc		2,585
70,988	*	Alkermes, Inc		768
48,230	*	Allos Therapeutics, Inc		400
27,380	*	Alnylam Pharmaceuticals, Inc		610
13,595	*	AMAG Pharmaceuticals, Inc		743
48,382	*	American Oriental Bioengineering, Inc		256
18,079		American Vanguard Corp		204
777,741	*	Amgen, Inc		41,173
11,531	*	Amicus Therapeutics, Inc		132
20,784		Arch Chemicals, Inc		511
10,757	*	Ardea Biosciences, Inc		169
56,996	*	Arena Pharmaceuticals, Inc		284
31,352	*	Arqule, Inc		193
33,623	*	Array Biopharma, Inc		106
15,509	*	ARYx Therapeutics, Inc		64
32,087	*	Auxilium Pharmaceuticals, Inc		1,007
47,282	*	AVANIR Pharmaceuticals, Inc		105
86,115		Avery Dennison Corp		2,211
59,505	*	AVI BioPharma, Inc		94
327,448		Avon Products, Inc		8,442
14,060		Balchem Corp		345
16,154	*	BioCryst Pharmaceuticals, Inc		65
7,894	*	Biodel, Inc		41
6,953	*	BioDelivery Sciences International, Inc		46
222,161	*	Biogen Idec, Inc		10,031
76,417	*	BioMarin Pharmaceuticals, Inc		1,193
8,360	*	BioMimetic Therapeutics, Inc		77
2,885	*	Biospecifics Technologies Corp		69
1,523,952		Bristol-Myers Squibb Co		30,951
50,868		Cabot Corp		640
17,732	*	Cadence Pharmaceuticals, Inc		177
45,612	*	Calgon Carbon Corp		634
20,927	*	Cambrex Corp		86
5,883	*	Caraco Pharmaceutical Laboratories Ltd		18
7,241	*	Cardiovascular Systems, Inc		56
109,501		Celanese Corp (Series A)		2,601
354,653	*	Celgene Corp		16,967
356,715	*	Cell Therapeutics, Inc		614
11,042	*	Celldex Therapeutics, Inc		86
56,585	*	Cephalon, Inc		3,206
36,971		CF Industries Holdings, Inc		2,741

229

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
50,891	*	Charles River Laboratories International, Inc	$	1,718
4,622		Chase Corp		55
14,911	*	Chattem, Inc		1,015
6,155	*	China Green Agriculture, Inc		50
12,148	*	China Precision Steel, Inc		30
5,689	*	China-Biotics, Inc		61
53,600		Church & Dwight Co, Inc		2,911
106,209		Clorox Co		5,930
384,238		Colgate-Palmolive Co		27,181
5,072	*	Cornerstone Therapeutics, Inc		56
12,585	*	Cougar Biotechnology, Inc		541
43,598	*	Cubist Pharmaceuticals, Inc		799
47,886	*	Curis, Inc		76
35,559	*	Cypress Bioscience, Inc		335
34,218		Cytec Industries, Inc		637
33,643	*	Cytokinetics, Inc		95
13,680	*	Cytori Therapeutics, Inc		49
88,349	*	Dendreon Corp		2,195
58,878	*	Discovery Laboratories, Inc		61
857,796		Dow Chemical Co		13,845
692,602		Du Pont (E.I.) de Nemours & Co		17,744
50,131	*	Durect Corp		119
55,624		Eastman Chemical Co		2,108
182,461		Ecolab, Inc		7,114
779,541		Eli Lilly & Co		27,003
17,426	*	Elizabeth Arden, Inc		152
12,093	*	Emergent Biosolutions, Inc		173
34,981	*	Enzon Pharmaceuticals, Inc		275
84,961		Estee Lauder Cos (Class A)		2,776
17,933	*	Facet Biotech Corp		167
11,623	*	Female Health Co		56
49,643		Ferro Corp		137
56,330		FMC Corp		2,664
231,316	*	Forest Laboratories, Inc		5,808
206,821	*	Genzyme Corp		11,514
68,660	*	Geron Corp		527
696,328	*	Gilead Sciences, Inc		32,616
11,695	*	GTx, Inc		108
36,079		H.B. Fuller Co		677
45,558	*	Halozyme Therapeutics, Inc		318
6,809		Hawkins, Inc		154
86,421	*	Hemispherx Biopharma, Inc		220
6,140	*	Hi-Tech Pharmacal Co, Inc		55
122,815	*	Hospira, Inc		4,731
102,740	*	Human Genome Sciences, Inc		294
122,095		Huntsman Corp		614
20,516	*	ICO, Inc		56
17,140	*	Idenix Pharmaceuticals, Inc		63
14,987	*	Idera Pharmaceuticals, Inc		88
45,410	*	Idexx Laboratories, Inc		2,098
51,858	*	Immucor, Inc		714
38,313	*	Immunogen, Inc		330
46,831	*	Impax Laboratories, Inc		345
13,337		Innophos Holdings, Inc		225

230

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account



				VALUE
SHARES		COMPANY		(000)
16,128		Innospec, Inc	$	173
29,838	*	Inspire Pharmaceuticals, Inc		166
9,091		Inter Parfums, Inc		67
32,210	*	InterMune, Inc		490
61,056		International Flavors & Fragrances, Inc		1,998
60,462	*	Inverness Medical Innovations, Inc		2,151
133,630	*	Invitrogen Corp		5,575
29,249	*	Javelin Pharmaceuticals, Inc		36
2,119,434		Johnson & Johnson		120,384
11,905		Kaiser Aluminum Corp		428
190,295	*	King Pharmaceuticals, Inc		1,833
16,539		Koppers Holdings, Inc		436
28,632	*	KV Pharmaceutical Co (Class A)		92
14,893	*	Landec Corp		101
7,363	*	Lannett Co, Inc		50
87,765	*	Ligand Pharmaceuticals, Inc (Class B)		251
51,368		Lubrizol Corp		2,430
9,202		Mannatech, Inc		30
40,693	*	MannKind Corp		338
5,396	*	MAP Pharmaceuticals, Inc		66
25,699		Martek Biosciences Corp		544
97,479	*	Medarex, Inc		814
40,166	*	Medicines Co		337
44,203		Medicis Pharmaceutical Corp (Class A)		721
9,661	*	Medifast, Inc		111
21,973	*	Medivation, Inc		492
1,622,486		Merck & Co, Inc		45,365
31,965		Meridian Bioscience, Inc		722
32,976	*	Micromet, Inc		164
26,053	*	MiddleBrook Pharmaceuticals, Inc		35
14,800		Minerals Technologies, Inc		533
12,466	*	Molecular Insight Pharmaceuticals, Inc		64
26,592	*	Momenta Pharmaceuticals, Inc		320
419,529		Monsanto Co		31,187
121,351		Mosaic Co		5,376
233,723	*	Mylan Laboratories, Inc		3,050
18,274	*	Myriad Pharmaceuticals, Inc		85
40,164	*	Nabi Biopharmaceuticals		97
108,109		Nalco Holding Co		1,821
8,950	*	Nanosphere, Inc		44
41,255	*	NBTY, Inc		1,160
26,156	*	Neurocrine Biosciences, Inc		84
7,464	*	NeurogesX, Inc		42
7,956		NewMarket Corp		536
4,943		NL Industries, Inc		36
69,550	*	Novavax, Inc		228
19,167	*	Noven Pharmaceuticals, Inc		274
34,351	*	NPS Pharmaceuticals, Inc		160
8,067	*	Nutraceutical International Corp		84
12,855	*	Obagi Medical Products, Inc		94
63,038		Olin Corp		750
23,303	*	OM Group, Inc		676
32,453	*	Omnova Solutions, Inc		106
3,003	*	OncoGenex Pharmaceutical, Inc		66

231

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account



				VALUE
SHARES		COMPANY		(000)
43,632	*	Onyx Pharmaceuticals, Inc	$	1,233
29,666	*	Opko Health, Inc		53
22,266	*	Optimer Pharmaceuticals, Inc		333
30,922	*	OraSure Technologies, Inc		76
14,170	*	Orexigen Therapeutics, Inc		73
44,755	*	OSI Pharmaceuticals, Inc		1,263
12,630	*	Osiris Therapeutics, Inc		170
21,868	*	OXiGENE, Inc		48
99,451	*	Pactiv Corp		2,158
24,948	*	Pain Therapeutics, Inc		134
26,028	*	Par Pharmaceutical Cos, Inc		394
42,468	*	Parexel International Corp		611
89,667		PDL BioPharma, Inc		708
60,547		Perrigo Co		1,682
22,927	*	PetMed Express, Inc		345
5,192,581		Pfizer, Inc		77,889
16,121	*	Pharmasset, Inc		181
22,253	*	PharMerica Corp		437
67,684	*	PolyOne Corp		183
18,100	*	Poniard Pharmaceuticals, Inc		108
15,548	*	Pozen, Inc		119
125,367		PPG Industries, Inc		5,504
235,735		Praxair, Inc		16,754
32,300	*	Prestige Brands Holdings, Inc		199
2,241,736		Procter & Gamble Co		114,552
15,641	*	Progenics Pharmaceuticals, Inc		81
27,360	*	Protalix BioTherapeutics, Inc		124
39,281	*	Questcor Pharmaceuticals, Inc		196
21,781	*	Quidel Corp		317
6,770	*	Repros Therapeutics, Inc		49
15,116	*	Revlon, Inc (Class A)		82
37,713	*	Rockwood Holdings, Inc		552
98,223		RPM International, Inc		1,379
38,461	*	Salix Pharmaceuticals Ltd		380
40,020	*	Santarus, Inc		113
1,256,033		Schering-Plough Corp		31,552
28,586	*	Sciclone Pharmaceuticals, Inc		73
34,325		Scotts Miracle-Gro Co (Class A)		1,203
36,251		Sensient Technologies Corp		818
83,880	*	Sepracor, Inc		1,453
76,087		Sherwin-Williams Co		4,090
19,701	*	SIGA Technologies, Inc		166
93,597		Sigma-Aldrich Corp		4,639
75,378	*	Solutia, Inc		434
25,040	*	Spectrum Pharmaceuticals, Inc		192
77,753	*	StemCells, Inc		132
5,500		Stepan Co		243
6,322	*	Sucampo Pharmaceuticals, Inc (Class A)		39
44,629	*	SuperGen, Inc		90
13,627	*	SurModics, Inc		308
11,524	*	Synta Pharmaceuticals Corp		27
41,591	*	Theravance, Inc		609
21,072	*	Ulta Salon Cosmetics & Fragrance, Inc		234
32,716	*	Unifi, Inc		46

232

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account



				VALUE
SHARES		COMPANY		(000)
18,426	*	United Therapeutics Corp	$	1,535
6,878	*	USANA Health Sciences, Inc		204
93,574	*	USEC, Inc		498
52,808	*	Valeant Pharmaceuticals International		1,358
75,915		Valspar Corp		1,710
20,118	*	Vanda Pharmaceuticals, Inc		237
132,437	*	Vertex Pharmaceuticals, Inc		4,720
26,873	*	Vical, Inc		73
65,329	*	Viropharma, Inc		387
70,140	*	Warner Chilcott Ltd (Class A)		922
79,803	*	Watson Pharmaceuticals, Inc		2,689
15,532		Westlake Chemical Corp		317
53,589	*	WR Grace & Co		663
1,026,145		Wyeth		46,577
22,676	*	Xenoport, Inc		525
26,437	*	Zymogenetics, Inc		122
		TOTAL CHEMICALS AND ALLIED PRODUCTS		952,048

COAL MINING - 0.21%
55,711	*	Alpha Natural Resources, Inc		1,464
110,006		Arch Coal, Inc		1,691
139,379		Consol Energy, Inc		4,733
80,098	*	International Coal Group, Inc		229
21,382	*	James River Coal Co		324
66,819		Massey Energy Co		1,306
204,692		Peabody Energy Corp		6,173
6,846	*	Westmoreland Coal Co		55
		TOTAL COAL MINING		15,975

COMMUNICATIONS - 4.50%
4,766	*	AboveNet, Inc		386
42,374		Adtran, Inc		910
39,332		Alaska Communications Systems Group, Inc		288
304,536	*	American Tower Corp (Class A)		9,602
21,897	*	Anixter International, Inc		823
45,147	*	Aruba Networks, Inc		395
4,534,498		AT&T, Inc		112,637
6,765		Atlantic Tele-Network, Inc		266
10,900	*	Audiovox Corp (Class A)		64
37,143	*	Brightpoint, Inc		233
179,067		Cablevision Systems Corp (Class A)		3,476
20,132	*	Cbeyond Communications, Inc		289
465,855		CBS Corp (Class B)		3,224
65,474	*	Centennial Communications Corp		547
27,491	*	Central European Media Enterprises Ltd (Class A)		541
77,315		CenturyTel, Inc		2,374
168,115	*	Cincinnati Bell, Inc		477
48,356	*	Clearwire Corp (Class A)		267
2,210,829		Comcast Corp (Class A)		32,036
15,026		Consolidated Communications Holdings, Inc		176
222,942	*	Crown Castle International Corp		5,355
13,062	*	Crown Media Holdings, Inc (Class A)		22
27,453	*	CTC Media, Inc		324
10,751		D&E Communications, Inc		110

233

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account



				VALUE
SHARES		COMPANY		(000)
13,694	*	DG FastChannel, Inc	$	251
11,283	*	DigitalGlobe, Inc		217
352,346	*	DIRECTV Group, Inc		8,706
154,279	*	DISH Network Corp (Class A)		2,501
109,545		Embarq Corp		4,607
29,100	*	Equinix, Inc		2,117
77,956		Fairpoint Communications, Inc		47
4,669	*	Fibernet Telecom Group, Inc		58
5,404		Fisher Communications, Inc		69
239,523		Frontier Communications Corp		1,710
38,028	*	General Communication, Inc (Class A)		264
16,043	*	GeoEye, Inc		378
23,031	*	Global Crossing Ltd		211
61,616		Global Payments, Inc		2,309
10,027		HickoryTech Corp		77
6,874	*	Hughes Communications, Inc		157
82,558	*	IAC/InterActiveCorp		1,325
23,311		Ibasis, Inc		31
19,932	*	inContact, Inc		55
28,194		Iowa Telecommunications Services, Inc		353
11,781	*	iPCS, Inc		176
34,679	*	j2 Global Communications, Inc		782
18,344	*	Knology, Inc		158
45,089	*	Leap Wireless International, Inc		1,485
1,248,110	*	Level 3 Communications, Inc		1,885
204,161	*	Liberty Global, Inc (Class A)		3,244
62,143	*	Liberty Media Corp - Capital (Series A)		843
397,428	*	Liberty Media Corp - Entertainment (Series A)		10,631
451,171	*	Liberty Media Holding Corp (Interactive A)		2,260
17,509	*	Lin TV Corp (Class A)		29
14,920	*	Lodgenet Entertainment Corp		51
39,968	*	Mastec, Inc		468
36,987	*	Mediacom Communications Corp (Class A)		189
194,234	*	MetroPCS Communications, Inc		2,585
55,661	*	NeuStar, Inc (Class A)		1,233
25,073	*	Neutral Tandem, Inc		740
127,947	*	NII Holdings, Inc (Class B)		2,440
26,247	*	Novatel Wireless, Inc		237
23,518		NTELOS Holdings Corp		433
89,041	*	PAETEC Holding Corp		240
1,801		Preformed Line Products Co		79
1,129,855		Qwest Communications International, Inc		4,689
27,120	*	RCN Corp		162
26,729	*	SAVVIS, Inc		306
89,246	*	SBA Communications Corp (Class A)		2,190
68,393		Scripps Networks Interactive (Class A)		1,903
18,151		Shenandoah Telecom Co		368
34,573		Sinclair Broadcast Group, Inc (Class A)		67
2,143,573	*	Sprint Nextel Corp		10,311
10,917	*	SureWest Communications		114
14,575	*	Switch & Data Facilities Co, Inc		171
52,280	*	Syniverse Holdings, Inc		838
29,873	*	TeleCommunication Systems, Inc (Class A)		212
69,545		Telephone & Data Systems, Inc		1,968

234

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
40,863	*	Terremark Worldwide, Inc	$	236
269,712		Time Warner Cable, Inc		8,542
77,001	*	TiVo, Inc		807
12,229	*	US Cellular Corp		470
18,421		USA Mobility, Inc		235
2,184,939		Verizon Communications, Inc		67,143
416,253	*	Viacom, Inc (Class B)		9,449
39,300	*	Virgin Mobile USA, Inc (Class A)		158
338,346		Windstream Corp		2,829
		TOTAL COMMUNICATIONS		343,621

DEPOSITORY INSTITUTIONS - 6.43%
11,459		1st Source Corp		198
17,560		Abington Bancorp, Inc		140
3,251		Alliance Financial Corp		92
4,510		American National Bankshares, Inc		87
7,905		Ameris Bancorp		50
4,648		Ames National Corp		113
6,337		Arrow Financial Corp		171
100,185		Associated Banc-Corp		1,252
70,950		Astoria Financial Corp		609
1,876		Auburn National Bancorporation, Inc		53
5,016		Bancfirst Corp		173
19,277		Banco Latinoamericano de Exportaciones S.A. (Class E)		240
2,914		Bancorp Rhode Island, Inc		57
62,619		Bancorpsouth, Inc		1,286
41,404		Bank Mutual Corp		361
5,877,969		Bank of America Corp		77,589
37,476		Bank of Hawaii Corp		1,343
2,380		Bank of Kentucky Financial Corp		67
3,864		Bank of Marin Bancorp		104
919,146		Bank of New York Mellon Corp		26,940
11,948		Bank of the Ozarks, Inc		258
17,629		BankFinancial Corp		156
8,647		Banner Corp		33
2,271		Bar Harbor Bankshares		70
495,948		BB&T Corp		10,901
23,421	*	Beneficial Mutual Bancorp, Inc		225
10,481		Berkshire Hills Bancorp, Inc		218
16,813		BOK Financial Corp		633
52,442		Boston Private Financial Holdings, Inc		235
4,741	*	Bridge Bancorp, Inc		129
48,082		Brookline Bancorp, Inc		448
4,771		Bryn Mawr Bank Corp		90
5,527		Camden National Corp		188
9,158		Capital City Bank Group, Inc		154
16,284		Capitol Federal Financial		624
18,053		Cardinal Financial Corp		141
6,400		Cass Information Systems, Inc		210
36,547		Cathay General Bancorp		348
8,079	*	Center Bancorp, Inc		66
6,947		Centerstate Banks of Florida, Inc		52
24,035		Central Pacific Financial Corp		90
2,883		Century Bancorp, Inc		53

235

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
16,601		Chemical Financial Corp	$	331
5,074	*	Chicopee Bancorp, Inc		66
4,225,906		Citigroup, Inc		12,551
6,398		Citizens & Northern Corp		132
3,016		Citizens Holding Co		94
54,766	*	Citizens Republic Bancorp, Inc		39
12,921		City Holding Co		392
32,999		City National Corp		1,215
8,907		Clifton Savings Bancorp, Inc		96
6,672		CNB Financial Corp		95
10,291		CoBiz, Inc		66
175,143		Colonial Bancgroup, Inc		109
10,948		Columbia Banking System, Inc		112
115,773		Comerica, Inc		2,449
47,558		Commerce Bancshares, Inc		1,514
25,190		Community Bank System, Inc		367
11,562		Community Trust Bancorp, Inc		309
40,626		Cullen/Frost Bankers, Inc		1,874
47,839		CVB Financial Corp		286
19,824		Dime Community Bancshares		181
17,386	*	Dollar Financial Corp		240
7,486	*	Eagle Bancorp, Inc		66
49,790		East West Bancorp, Inc		323
3,785		Enterprise Bancorp, Inc		45
5,234		Enterprise Financial Services Corp		48
6,988		ESB Financial Corp		92
12,436		ESSA Bancorp, Inc		170
36,402	*	Euronet Worldwide, Inc		706
4,534		Farmers Capital Bank Corp		114
441,912		Fifth Third Bancorp		3,138
7,979		Financial Institutions, Inc		109
9,860		First Bancorp		155
55,312		First Bancorp (Puerto Rico)		218
6,485		First Bancorp, Inc		126
16,258		First Busey Corp		119
5,016		First Citizens Bancshares, Inc (Class A)		670
65,852		First Commonwealth Financial Corp		418
6,565		First Community Bancshares, Inc		84
6,428	*	First Defiance Financial Corp		84
23,858		First Financial Bancorp		179
16,578		First Financial Bankshares, Inc		835
8,954		First Financial Corp		283
8,300		First Financial Holdings, Inc		78
16,505		First Financial Northwest, Inc		129
2,916		First Financial Service Corp		51
165,055	*	First Horizon National Corp		1,981
12,330		First Merchants Corp		99
34,833		First Midwest Bancorp, Inc		255
113,887		First Niagara Financial Group, Inc		1,301
4,191		First of Long Island Corp		97
5,157		First South Bancorp, Inc		60
65,091		FirstMerit Corp		1,105
31,002	*	Flagstar Bancorp, Inc		21
12,979		Flushing Financial Corp		121

236

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
64,896		FNB Corp	$	402
4,305	*	Fox Chase Bancorp, Inc		41
127,918		Fulton Financial Corp		666
8,476		German American Bancorp, Inc		122
46,200		Glacier Bancorp, Inc		682
7,809		Great Southern Bancorp, Inc		160
40,600	*	Guaranty Bancorp		78
13,866		Hampton Roads Bankshares, Inc		114
19,896		Hancock Holding Co		646
29,113		Harleysville National Corp		137
10,342		Heartland Financial USA, Inc		148
4,346	*	Heritage Financial Corp		50
6,749	*	Home Bancorp, Inc		81
8,842		Home Bancshares, Inc		168
12,641		Home Federal Bancorp, Inc		129
363,114		Hudson City Bancorp, Inc		4,826
336,959		Huntington Bancshares, Inc		1,408
13,766		IBERIABANK Corp		543
17,904		Independent Bank Corp		353
40,567		International Bancshares Corp		418
37,852	*	Investors Bancorp, Inc		347
2,896,797		JPMorgan Chase & Co		98,810
14,732		Kearny Financial Corp		169
395,591		Keycorp		2,073
13,792		Lakeland Bancorp, Inc		124
8,565		Lakeland Financial Corp		163
5,980		Legacy Bancorp, Inc		66
54,449		M&T Bank Corp		2,773
11,504		MainSource Financial Group, Inc		85
199,911		Marshall & Ilsley Corp		960
25,844		MB Financial, Inc		263
3,784		Merchants Bancshares, Inc		84
7,250	*	Meridian Interstate Bancorp, Inc		54
69,182	*	Metavante Technologies, Inc		1,789
3,556		Midsouth Bancorp, Inc		60
15,140		Nara Bancorp, Inc		78
1,893		NASB Financial, Inc		54
5,351		National Bankshares, Inc		128
58,409		National Penn Bancshares, Inc		269
27,027		NBT Bancorp, Inc		587
31,110	*	Net 1 UEPS Technologies, Inc		423
264,683		New York Community Bancorp, Inc		2,829
85,685		NewAlliance Bancshares, Inc		985
4,865	*	Northeast Community Bancorp, Inc		39
184,799		Northern Trust Corp		9,920
14,313		Northfield Bancorp, Inc		166
4,676		Northrim BanCorp, Inc		65
12,217		Northwest Bancorp, Inc		230
1,433	*	Norwood Financial Corp		45
6,098		OceanFirst Financial Corp		73
3,056		Ohio Valley Banc Corp		90
50,588		Old National Bancorp		497
9,237		Old Second Bancorp, Inc		54
22,798		Oriental Financial Group, Inc		221

237

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
8,236	*	Oritani Financial Corp	$	113
3,841		Orrstown Financial Services, Inc		143
33,369		Pacific Capital Bancorp		71
7,335		Pacific Continental Corp		89
22,250		PacWest Bancorp		293
9,214		Park National Corp		520
5,996		Peapack Gladstone Financial Corp		116
2,964		Penns Woods Bancorp, Inc		86
3,548	*	Pennsylvania Commerce Bancorp, Inc		68
6,808		Peoples Bancorp, Inc		116
2,916	*	Peoples Financial Corp		55
266,585		People's United Financial, Inc		4,009
19,269	*	Pinnacle Financial Partners, Inc		257
352,844		PNC Financial Services Group, Inc		13,694
237,595		Popular, Inc		523
15,240		Premierwest Bancorp		52
26,868		PrivateBancorp, Inc		598
35,242		Prosperity Bancshares, Inc		1,051
45,191		Provident Financial Services, Inc		411
30,181		Provident New York Bancorp		245
2,997	*	Prudential Bancorp, Inc of Pennsylvania		35
883,118		Regions Financial Corp		3,568
15,054		Renasant Corp		226
6,104		Republic Bancorp, Inc (Class A)		138
5,918	*	Republic First Bancorp, Inc		46
6,115		Rockville Financial, Inc		67
7,271		Roma Financial Corp		93
20,998		S&T Bancorp, Inc		255
8,198		S.Y. Bancorp, Inc		198
11,917		Sandy Spring Bancorp, Inc		175
4,873	*	Santander BanCorp		34
9,604		SCBT Financial Corp		228
6,171		Shore Bancshares, Inc		111
3,786		Sierra Bancorp		48
27,962	*	Signature Bank		758
9,660		Simmons First National Corp (Class A)		258
11,251		Smithtown Bancorp, Inc		144
53,177		South Financial Group, Inc		63
9,217		Southside Bancshares, Inc		211
9,257		Southwest Bancorp, Inc		90
10,282		State Bancorp, Inc		78
380,312		State Street Corp		17,951
16,183		StellarOne Corp		210
13,290		Sterling Bancorp		111
66,597		Sterling Bancshares, Inc		422
40,780		Sterling Financial Corp		119
7,140		Suffolk Bancorp		183
9,646	*	Sun Bancorp, Inc		50
261,743		SunTrust Banks, Inc		4,306
63,735		Susquehanna Bancshares, Inc		312
25,322	*	SVB Financial Group		689
209,134		Synovus Financial Corp		625
98,460		TCF Financial Corp		1,316
27,236	*	Texas Capital Bancshares, Inc		421

238

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
67,219		TFS Financial Corp	$	714
7,985	*	The Bancorp, Inc		48
6,413		Tompkins Trustco, Inc		308
2,692		Tower Bancorp, Inc		95
14,640		TowneBank		205
9,919		Trico Bancshares		154
62,026		Trustco Bank Corp NY		367
43,849		Trustmark Corp		847
86,663		UCBH Holdings, Inc		109
24,432		UMB Financial Corp		929
43,224		Umpqua Holdings Corp		335
8,916		Union Bankshares Corp		133
30,662		United Bankshares, Inc		599
30,339		United Community Banks, Inc		182
12,678		United Financial Bancorp, Inc		175
4,738		United Security Bancshares		104
9,080		Univest Corp of Pennsylvania		184
1,461,549		US Bancorp		26,191
112,969		Valley National Bancorp		1,322
7,559		ViewPoint Financial Group		115
7,186		Washington Banking Co		68
67,410		Washington Federal, Inc		876
10,818		Washington Trust Bancorp, Inc		193
7,507	*	Waterstone Financial, Inc		22
45,669		Webster Financial Corp		368
3,667,501		Wells Fargo & Co		88,974
19,012		WesBanco, Inc		276
11,970		West Bancorporation, Inc		60
23,845		Westamerica Bancorporation		1,183
30,987	*	Western Alliance Bancorp		212
537,786		Western Union Co		8,820
23,121		Westfield Financial, Inc		209
53,084		Whitney Holding Corp		486
4,209		Wilber Corp		47
51,413		Wilmington Trust Corp		702
9,638		Wilshire Bancorp, Inc		55
17,249		Wintrust Financial Corp		277
4,467		WSFS Financial Corp		122
8,510		Yadkin Valley Financial Corp		59
88,175		Zions Bancorporation		1,019
		TOTAL DEPOSITORY INSTITUTIONS		490,983

EATING AND DRINKING PLACES - 1.18%
18,260	*	AFC Enterprises		123
10,622	*	Benihana, Inc		67
13,771	*	BJ's Restaurants, Inc		232
24,666		Bob Evans Farms, Inc		709
78,146		Brinker International, Inc		1,331
13,602	*	Buffalo Wild Wings, Inc		442
80,218		Burger King Holdings, Inc		1,385
20,543	*	California Pizza Kitchen, Inc		273
8,099	*	Carrols Restaurant Group, Inc		54
17,289		CBRL Group, Inc		482
17,642	*	CEC Entertainment, Inc		520

239

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
46,024	*	Cheesecake Factory	$	796
24,449	*	Chipotle Mexican Grill, Inc (Class A)		1,956
39,583		CKE Restaurants, Inc		336
105,300		Darden Restaurants, Inc		3,473
75,312	*	Denny's Corp		162
2,189	*	Diedrich Coffee, Inc		52
13,678		DineEquity, Inc		427
30,059	*	Domino's Pizza, Inc		225
1,620		Frisch's Restaurants, Inc		48
44,170	*	Jack in the Box, Inc		992
39,881	*	Krispy Kreme Doughnuts, Inc		120
8,401	*	Landry's Restaurants, Inc		72
14,864	*	Luby's, Inc		60
11,950	*	McCormick & Schmick's Seafood Restaurants, Inc		91
848,905		McDonald's Corp		48,805
14,289		O'Charleys, Inc		132
18,183	*	Papa John's International, Inc		451
18,084	*	PF Chang's China Bistro, Inc		580
11,853	*	Red Robin Gourmet Burgers, Inc		222
38,476	*	Ruby Tuesday, Inc		256
10,929	*	Ruth's Chris Steak House, Inc		40
45,772	*	Sonic Corp		459
563,306	*	Starbucks Corp		7,824
19,171	*	Steak N Shake Co		168
37,299	*	Texas Roadhouse, Inc (Class A)		407
138,693		Tim Hortons, Inc		3,404
282,986		Wendy's/Arby's Group, Inc (Class A)		1,132
353,877		Yum! Brands, Inc		11,798
		TOTAL EATING AND DRINKING PLACES		90,106

EDUCATIONAL SERVICES - 0.25%
13,862	*	American Public Education, Inc		549
102,501	*	Apollo Group, Inc (Class A)		7,290
10,806	*	Bridgepoint Education, Inc		184
55,966	*	Career Education Corp		1,393
23,045	*	ChinaCast Education Corp		164
62,840	*	Corinthian Colleges, Inc		1,064
47,086		DeVry, Inc		2,356
12,064	*	Grand Canyon Education, Inc		202
29,475	*	ITT Educational Services, Inc		2,966
18,066	*	K12, Inc		389
6,272	*	Learning Tree International, Inc		65
7,293	*	Lincoln Educational Services Corp		153
9,555	*	Princeton Review, Inc		52
10,733		Strayer Education, Inc		2,341
19,401	*	Universal Technical Institute, Inc		290
		TOTAL EDUCATIONAL SERVICES		19,458

ELECTRIC, GAS, AND SANITARY SERVICES - 4.68%
510,560	*	AES Corp		5,928
60,316		AGL Resources, Inc		1,918
129,395		Allegheny Energy, Inc		3,319
22,911		Allete, Inc		659
83,951		Alliant Energy Corp		2,194

240

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
165,547		Ameren Corp	$	4,120
14,202		American Ecology Corp		254
364,875		American Electric Power Co, Inc		10,541
13,797		American States Water Co		478
46,816		American Water Works Co, Inc		895
103,823		Aqua America, Inc		1,858
4,909		Artesian Resources Corp		78
70,089		Atmos Energy Corp		1,755
46,278		Avista Corp		824
29,085		Black Hills Corp		669
15,365		California Water Service Group		566
256,909	*	Calpine Corp		2,865
263,488		Centerpoint Energy, Inc		2,919
10,819		Central Vermont Public Service Corp		196
13,300		CH Energy Group, Inc		621
4,829		Chesapeake Utilities Corp		157
22,562	*	Clean Energy Fuels Corp		194
16,001	*	Clean Harbors, Inc		864
48,084		Cleco Corp		1,078
171,136		CMS Energy Corp		2,067
6,221		Connecticut Water Service, Inc		135
211,698		Consolidated Edison, Inc		7,922
10,306		Consolidated Water Co, Inc		163
139,704		Constellation Energy Group, Inc		3,713
99,005	*	Covanta Holding Corp		1,679
28,820		Crosstex Energy, Inc		120
453,912		Dominion Resources, Inc		15,170
91,544		DPL, Inc		2,121
126,157		DTE Energy Co		4,037
986,412		Duke Energy Corp		14,392
375,752	*	Dynegy, Inc (Class A)		853
248,482		Edison International		7,817
535,470		El Paso Corp		4,942
35,119	*	El Paso Electric Co		490
29,343		Empire District Electric Co		485
54,955		Energen Corp		2,193
57,426		EnergySolutions, Inc		528
8,973	*	EnerNOC, Inc		194
149,951		Entergy Corp		11,624
506,769		Exelon Corp		25,951
234,011		FirstEnergy Corp		9,068
4,933		Florida Public Utilities Co		69
316,343		FPL Group, Inc		17,987
103,717		Great Plains Energy, Inc		1,613
68,666		Hawaiian Electric Industries, Inc		1,309
36,600		Idacorp, Inc		957
57,780		Integrys Energy Group, Inc		1,733
38,559		ITC Holdings Corp		1,749
18,300		Laclede Group, Inc		606
140,890		MDU Resources Group, Inc		2,673
18,500		MGE Energy, Inc		621
9,765		Middlesex Water Co		141
110,337	*	Mirant Corp		1,737
54,213		National Fuel Gas Co		1,956

241

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

SHARES		COMPANY		(000)
33,020		New Jersey Resources Corp	$	1,223
34,619		Nicor, Inc		1,199
208,593		NiSource, Inc		2,432
132,666		Northeast Utilities		2,960
21,251		Northwest Natural Gas Co		942
30,516		NorthWestern Corp		695
202,929	*	NRG Energy, Inc		5,268
82,689		NSTAR		2,655
176,210		NV Energy, Inc		1,901
73,489		OGE Energy Corp		2,081
80,701		Oneok, Inc		2,380
15,003		Ormat Technologies, Inc		605
29,407		Otter Tail Corp		642
3,325		Pennichuck Corp		76
168,153		Pepco Holdings, Inc		2,260
39,942	*	Perma-Fix Environmental Services		97
283,810		PG&E Corp		10,910
14,472	*	Pico Holdings, Inc		415
56,492		Piedmont Natural Gas Co, Inc		1,362
12,323	*	Pike Electric Corp		148
78,286		Pinnacle West Capital Corp		2,360
64,221		PNM Resources, Inc		688
56,798		Portland General Electric Co		1,106
287,842		PPL Corp		9,487
213,842		Progress Energy, Inc		8,090
34,100	*,m	Progress Energy, Inc (CVO)		9
389,068		Public Service Enterprise Group, Inc		12,695
133,375		Questar Corp		4,143
269,219	*	Reliant Energy, Inc		1,349
246,747		Republic Services, Inc		6,023
10,949		Resource America, Inc (Class A)		59
94,530		SCANA Corp		3,069
187,330		Sempra Energy		9,297
10,436		SJW Corp		237
24,251		South Jersey Industries, Inc		846
602,275		Southern Co		18,766
85,109		Southern Union Co		1,565
34,400		Southwest Gas Corp		764
16,033		Southwest Water Co		89
65,115	*	Stericycle, Inc		3,355
163,004		TECO Energy, Inc		1,945
82,402		UGI Corp		2,100
26,118		UIL Holdings Corp		586
27,775		Unisource Energy Corp		737
7,994	*	Unitil Corp		165
63,379		Vectren Corp		1,485
63,647	*	Waste Connections, Inc		1,649
376,225		Waste Management, Inc		10,595
19,253	*	Waste Services, Inc		100
82,396		Westar Energy, Inc		1,547
38,125		WGL Holdings, Inc		1,221
442,665		Williams Cos, Inc		6,910
90,488		Wisconsin Energy Corp		3,684
350,088		Xcel Energy, Inc		6,445

242

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account


				VALUE
SHARES		COMPANY		(000)
9,006		York Water Co	$	138
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		357,320

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 8.08%
30,135	*	Acme Packet, Inc		305
21,535	*	Actel Corp		231
31,251		Acuity Brands, Inc		877
82,321	*	Adaptec, Inc		218
76,254	*	ADC Telecommunications, Inc		607
25,828	*	Advanced Analogic Technologies, Inc		119
49,842	*	Advanced Battery Technologies, Inc		200
23,059	*	Advanced Energy Industries, Inc		207
429,150	*	Advanced Micro Devices, Inc		1,661
18,258	*	Airvana, Inc		116
225,014		Altera Corp		3,663
33,594	*	American Superconductor Corp		882
81,868		Ametek, Inc		2,830
86,945	*	Amkor Technology, Inc		411
131,247		Amphenol Corp (Class A)		4,152
47,982	*	Anadigics, Inc		201
222,999		Analog Devices, Inc		5,526
686,654	*	Apple Computer, Inc		97,799
51,846	*	Applied Micro Circuits Corp		422
12,026		Applied Signal Technology, Inc		307
94,272	*	Arris Group, Inc		1,146
11,879	*	Ascent Solar Technologies, Inc		93
47,603	*	Atheros Communications, Inc		916
341,960	*	Atmel Corp		1,276
24,963	*	ATMI, Inc		388
115,135	*	Avnet, Inc		2,421
34,410		AVX Corp		342
10,559	*	AZZ, Inc		363
35,945		Baldor Electric Co		855
7,316		Bel Fuse, Inc (Class B)		117
51,432	*	Benchmark Electronics, Inc		741
24,403	*	BigBand Networks, Inc		126
376,819	*	Broadcom Corp (Class A)		9,341
19,382	*	Ceradyne, Inc		342
14,775	*	Ceva, Inc		128
27,817	*	Checkpoint Systems, Inc		436
22,550	*	China BAK Battery, Inc		67
24,273	*	China Security & Surveillance Technology, Inc		183
70,799	*	Ciena Corp		733
4,436,204	*	Cisco Systems, Inc		82,691
21,353	*	Comtech Telecommunications Corp		681
127,694		Cooper Industries Ltd (Class A)		3,964
5,037	*	CPI International, Inc		44
68,281	*	Cree, Inc		2,007
23,637		CTS Corp		155
12,848		Cubic Corp		460
110,031	*	Cypress Semiconductor Corp		1,012
10,171	*	DDi Corp		46
24,448	*	Diodes, Inc		382
40,199	*	Dolby Laboratories, Inc (Class A)		1,499

243

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account



				VALUE
SHARES		COMPANY		(000)
21,955	*	DSP Group, Inc	$	148
15,044	*	DTS, Inc		407
126,154		Eaton Corp		5,627
32,176	*	EchoStar Corp (Class A)		513
23,062	*	Electro Scientific Industries, Inc		258
52,713	*	EMCORE Corp		66
10,542	*	EMS Technologies, Inc		220
52,693	*	Energizer Holdings, Inc		2,753
33,752	*	Energy Conversion Devices, Inc		478
30,981	*	EnerSys		564
41,562	*	Entropic Communications, Inc		94
143,685	*	Evergreen Solar, Inc		312
25,111	*	Exar Corp		181
46,087	*	Exide Technologies		172
95,996	*	Fairchild Semiconductor International, Inc		671
39,369	*	First Solar, Inc		6,383
16,415		Franklin Electric Co, Inc		425
46,577	*	FuelCell Energy, Inc		195
8,149,718		General Electric Co		95,514
14,375	*	Globecomm Systems, Inc		103
12,104	*	GP Strategies Corp		71
92,133	*	GrafTech International Ltd		1,042
16,954	*	Greatbatch, Inc		383
13,134	*	GSI Technology, Inc		51
23,300	*	GT Solar International, Inc		124
47,147		Harman International Industries, Inc		886
68,074	*	Harmonic, Inc		401
101,554		Harris Corp		2,880
42,057	*	Harris Stratex Networks, Inc (Class A)		273
21,557	*	Helen of Troy Ltd		362
72,515	*	Hexcel Corp		691
17,117	*	Hittite Microwave Corp		595
21,588		Imation Corp		164
67,383	*	Infinera Corp		615
124,419	*	Integrated Device Technology, Inc		751
4,296,180		Intel Corp		71,102
17,151	*	Intellon Corp		73
34,659	*	InterDigital, Inc		847
54,670	*	International Rectifier Corp		810
94,162		Intersil Corp (Class A)		1,184
17,746	*	IPG Photonics Corp		195
12,510	*	iRobot Corp		162
16,725		IXYS Corp		169
161,842	*	JDS Uniphase Corp		926
89,360		L-3 Communications Holdings, Inc		6,199
81,127	*	Lattice Semiconductor Corp		153
32,522		Lincoln Electric Holdings, Inc		1,172
170,428		Linear Technology Corp		3,979
17,104	*	Littelfuse, Inc		341
8,072	*	Loral Space & Communications, Inc		208
12,960		LSI Industries, Inc		71
494,222	*	LSI Logic Corp		2,254
394,842	*	Marvell Technology Group Ltd		4,596
236,420		Maxim Integrated Products, Inc		3,709

244

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
17,242	*	Maxwell Technologies, Inc	$	238
172,909	*	MEMC Electronic Materials, Inc		3,080
10,978	*	MEMSIC, Inc		47
13,858	*	Mercury Computer Systems, Inc		128
28,385		Methode Electronics, Inc		199
40,439		Micrel, Inc		296
140,338		Microchip Technology, Inc		3,165
647,147	*	Micron Technology, Inc		3,275
62,654	*	Microsemi Corp		865
45,471	*	Microtune, Inc		106
39,510	*	Microvision, Inc		121
33,720	*	MIPS Technologies, Inc		101
101,907		Molex, Inc		1,585
25,869	*	Monolithic Power Systems, Inc		580
32,329	*	Moog, Inc (Class A)		834
1,757,823		Motorola, Inc		11,654
6,600	*	Multi-Fineline Electronix, Inc		141
3,938		National Presto Industries, Inc		300
173,758		National Semiconductor Corp		2,181
255,299	*	NetApp, Inc		5,034
13,186	*	Netlogic Microsystems, Inc		481
72,689	*	Novellus Systems, Inc		1,214
3,184	*	NVE Corp		155
418,619	*	Nvidia Corp		4,726
39,050	*	Omnivision Technologies, Inc		406
321,621	*	ON Semiconductor Corp		2,206
63,876	*	Openwave Systems, Inc		143
15,398	*	Oplink Communications, Inc		176
13,224	*	OpNext, Inc		28
6,196	*	Orion Energy Systems, Inc		23
10,891	*	OSI Systems, Inc		227
18,452		Park Electrochemical Corp		397
16,717	*	Parkervision, Inc		51
19,298	*	Pericom Semiconductor Corp		162
29,346	*	Photronics, Inc		119
37,039		Plantronics, Inc		700
31,345	*	Plexus Corp		641
26,715	*	PLX Technology, Inc		101
170,759	*	PMC - Sierra, Inc		1,359
64,770	*	Polycom, Inc		1,313
21,500	*	Polypore International, Inc		239
5,761	*	Powell Industries, Inc		214
20,115		Power Integrations, Inc		479
51,516	*	Power-One, Inc		77
96,435	*	Powerwave Technologies, Inc		155
92,060	*	QLogic Corp		1,167
1,273,066		Qualcomm, Inc		57,543
80,610	*	Rambus, Inc		1,249
11,399		Raven Industries, Inc		292
26,941		Regal-Beloit Corp		1,070
213,104	*	RF Micro Devices, Inc		801
12,342	*	Rogers Corp		250
9,394	*	Rubicon Technology, Inc		134
38,773	*	SatCon Technology Corp		70

245

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account



				VALUE
SHARES		COMPANY		(000)
21,571	*	Seachange International, Inc	$	173
47,571	*	Semtech Corp		757
31,292	*	ShoreTel, Inc		250
56,384	*	Silicon Image, Inc		130
34,296	*	Silicon Laboratories, Inc		1,301
72,899	*	Silicon Storage Technology, Inc		136
128,457	*	Skyworks Solutions, Inc		1,256
35,494	*	Smart Modular Technologies WWH, Inc		81
9,719	*	Spectrum Control, Inc		86
18,903	*	Standard Microsystems Corp		387
30,081	*	Starent Networks Corp		734
10,374	*	Stoneridge, Inc		50
74,060	*	Sunpower Corp (Class A)		1,973
8,595	*	Supertex, Inc		216
148,619	*	Sycamore Networks, Inc		465
35,188	*	Symmetricom, Inc		203
26,694	*	Synaptics, Inc		1,032
38,313		Technitrol, Inc		248
10,550	*	Techwell, Inc		90
50,795	*	Tekelec		855
30,469		Teleflex, Inc		1,366
303,944	*	Tellabs, Inc		1,742
36,930	*	Tessera Technologies, Inc		934
980,616		Texas Instruments, Inc		20,887
41,326	*	Thomas & Betts Corp		1,193
40,125	*	Trident Microsystems, Inc		70
121,131	*	Triquint Semiconductor, Inc		643
32,309	*	TTM Technologies, Inc		257
9,064	*	Ultralife Corp		65
22,074	*	Universal Display Corp		216
8,900	*	Universal Electronics, Inc		180
42,939	*	US Geothermal, Inc		61
87,200	*	Utstarcom, Inc		142
36,704	*	Valence Technology, Inc		66
56,829	*	Varian Semiconductor Equipment Associates, Inc		1,363
20,875	*	Viasat, Inc		535
12,845		Vicor Corp		93
12,385	*	Virage Logic Corp		56
138,523	*	Vishay Intertechnology, Inc		941
18,190	*	Volterra Semiconductor Corp		239
56,606		Whirlpool Corp		2,409
16,874	*	White Electronic Designs Corp		78
210,285		Xilinx, Inc		4,302
47,197	*	Zix Corp		71
19,213	*	Zoltek Cos, Inc		187
42,064	*	Zoran Corp		458
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		617,487

ENGINEERING AND MANAGEMENT SERVICES - 0.99%
19,818	*	Accelrys, Inc		117
470,057		Accenture Ltd (Class A)		15,728
13,465	*	Advisory Board Co		346
72,536	*	Aecom Technology Corp		2,321
10,564	*	Affymax, Inc		195

246

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
110,387	*	Amylin Pharmaceuticals, Inc	$	1,491
68,338	*	Ariad Pharmaceuticals, Inc		109
7,981		CDI Corp		89
62,836	*	Celera Corp		479
16,785	*	comScore, Inc		224
8,356	*	Cornell Cos, Inc		135
27,057		Corporate Executive Board Co		562
8,400	*	CRA International, Inc		233
19,233		Diamond Management & Technology Consultants, Inc		81
40,474	*	Dyax Corp		87
35,238	*	eResearch Technology, Inc		219
87,374	*	Exelixis, Inc		426
11,236	*	Exponent, Inc		275
139,160		Fluor Corp		7,139
9,375	*	Franklin Covey Co		58
25,764	*	Furmanite Corp		115
47,841	*	Genpact Ltd		562
40,128	*	Gen-Probe, Inc		1,724
64,008	*	Hewitt Associates, Inc (Class A)		1,906
17,074	*	Hill International, Inc		73
16,505	*	Huron Consulting Group, Inc		763
6,713	*	ICF International, Inc		185
53,977	*	Incyte Corp		178
14,237	*	Infinity Pharmaceuticals, Inc		83
95,079	*	Insmed, Inc		95
74,058	*	Isis Pharmaceuticals, Inc		1,222
94,209	*	Jacobs Engineering Group, Inc		3,966
122,850		KBR, Inc		2,265
10,294	*	Kendle International, Inc		126
7,375		Landauer, Inc		452
60,298	*	Lexicon Pharmaceuticals, Inc		75
34,898	*	Luminex Corp		647
14,380		MAXIMUS, Inc		593
16,427	*	Maxygen, Inc		110
175,224	*	McDermott International, Inc		3,559
7,039	*	Michael Baker Corp		298
73,098	*	Myriad Genetics, Inc		2,605
40,393	*	Navigant Consulting, Inc		522
24,067	*	Omnicell, Inc		259
246,791		Paychex, Inc		6,219
47,888	*	Regeneron Pharmaceuticals, Inc		858
21,650	*	Repligen Corp		119
32,857	*	Resources Connection, Inc		564
26,264	*	Rigel Pharmaceuticals, Inc		318
38,631	*	RTI Biologics, Inc		166
161,338	*	SAIC, Inc		2,993
25,904	*	Sangamo Biosciences, Inc		128
50,281	*	Savient Pharmaceuticals, Inc		697
51,520	*	Seattle Genetics, Inc		501
47,243	*	Sequenom, Inc		185
63,956	*	Shaw Group, Inc		1,753
8,699	*	Stanley, Inc		286
24,068	*	Symyx Technologies, Inc		141
7,624	*	Tejon Ranch Co		202

247

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
47,935	*	Tetra Tech, Inc	$	1,373
4,824	*	Transcend Services, Inc		76
63,697	*	URS Corp		3,154
64,410	*	VCA Antech, Inc		1,719
2,793		VSE Corp		73
33,194		Watson Wyatt & Co Holdings (Class A)		1,246
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		75,468

FABRICATED METAL PRODUCTS - 0.56%
25,734	*	Alliant Techsystems, Inc		2,120
7,062		Ameron International Corp		473
52,516		Aptargroup, Inc		1,773
72,122		Ball Corp		3,258
5,100	*	Bway Holding Co		89
23,060	*	Chart Industries, Inc		419
12,832		CIRCOR International, Inc		303
86,134		Commercial Metals Co		1,381
38,327		Crane Co		855
121,193	*	Crown Holdings, Inc		2,926
12,440		Dynamic Materials Corp		240
37,869	*	Griffon Corp		315
9,089		Gulf Island Fabrication, Inc		144
4,401	*	Hawk Corp		61
344,134		Illinois Tool Works, Inc		12,850
10,094		Insteel Industries, Inc		83
9,968	*	Ladish Co, Inc		129
25,129	*	Mobile Mini, Inc		369
95,877		Mueller Water Products, Inc (Class A)		359
15,669	*	NCI Building Systems, Inc		41
9,775	*	North American Galvanizing & Coating, Inc		59
123,007		Parker Hannifin Corp		5,284
75,224		Pentair, Inc		1,927
26,576		Quanex Building Products Corp		298
21,540		Silgan Holdings, Inc		1,056
29,264		Simpson Manufacturing Co, Inc		633
5,034	*	SmartHeat, Inc		34
40,347	*	Smith & Wesson Holding Corp		229
43,917		Snap-On, Inc		1,262
59,599		Stanley Works		2,018
14,503		Sturm Ruger & Co, Inc		180
7,928		Sun Hydraulics Corp		128
44,785	*	Taser International, Inc		204
9,351	*	Trimas Corp		32
16,165		Valmont Industries, Inc		1,165
23,144		Watts Water Technologies, Inc (Class A)		499
		TOTAL FABRICATED METAL PRODUCTS		43,196

FISHING, HUNTING, AND TRAPPING - 0.00%**
5,153	*	HQ Sustainable Maritime Industries, Inc		47
7,067	*	Zapata Corp		48
		TOTAL FISHING, HUNTING, AND TRAPPING		95

FOOD AND KINDRED PRODUCTS - 4.00%
20,643	*	AgFeed Industries, Inc		122

248

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
6,818	*	American Dairy, Inc	$	270
16,175	*	American Italian Pasta Co		471
492,850		Archer Daniels Midland Co		13,194
10,877		B&G Foods, Inc (Class A)		91
6,482	*	Boston Beer Co, Inc (Class A)		192
93,492		Bunge Ltd		5,633
150,911		Campbell Soup Co		4,440
51,442	*	Central Garden and Pet Co (Class A)		507
4,202		Coca-Cola Bottling Co Consolidated		232
1,779,495		Coca-Cola Co		85,399
236,657		Coca-Cola Enterprises, Inc		3,940
342,726		ConAgra Foods, Inc		6,532
145,538	*	Constellation Brands, Inc (Class A)		1,845
57,268		Corn Products International, Inc		1,534
60,640	*	Darling International, Inc		400
151,457		Del Monte Foods Co		1,421
14,403		Diamond Foods, Inc		402
193,600	*	Dr Pepper Snapple Group, Inc		4,102
5,320		Farmer Bros Co		122
60,388		Flowers Foods, Inc		1,319
252,177		General Mills, Inc		14,127
241,707		H.J. Heinz Co		8,629
53,236	*	Hansen Natural Corp		1,641
119,986		Hershey Co		4,319
53,410		Hormel Foods Corp		1,845
8,158		Imperial Sugar Co		99
11,326		J&J Snack Foods Corp		407
90,975		J.M. Smucker Co		4,427
196,325		Kellogg Co		9,143
1,132,301		Kraft Foods, Inc (Class A)		28,694
15,418		Lancaster Colony Corp		679
23,149		Lance, Inc		535
3,603	*	Lifeway Foods, Inc		46
8,556	*	M&F Worldwide Corp		171
99,509		McCormick & Co, Inc		3,237
26,200	*	Mead Johnson Nutrition Co		832
97,812		Molson Coors Brewing Co (Class B)		4,140
5,604	*	National Beverage Corp		60
13,326	*	Omega Protein Corp		54
12,378	*	Overhill Farms, Inc		65
12,195	*	Peet's Coffee & Tea, Inc		307
107,664		Pepsi Bottling Group, Inc		3,643
44,594		PepsiAmericas, Inc		1,196
1,197,497		PepsiCo, Inc		65,815
43,201	*	Ralcorp Holdings, Inc		2,632
129,296		Reynolds American, Inc		4,994
16,068		Sanderson Farms, Inc		723
533,701		Sara Lee Corp		5,209
4,892	*	Seneca Foods Corp		163
53,670	*	Smart Balance, Inc		365
93,227	*	Smithfield Foods, Inc		1,302
19,889		Tootsie Roll Industries, Inc		451
23,212	*	TreeHouse Foods, Inc		668
230,818		Tyson Foods, Inc (Class A)		2,911

249

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
		TOTAL FOOD AND KINDRED PRODUCTS	$	305,697

FOOD STORES - 0.33%
837		Arden Group, Inc (Class A)		105
34,215	*	Great Atlantic & Pacific Tea Co, Inc		145
8,163		Ingles Markets, Inc (Class A)		124
500,140		Kroger Co		11,028
21,048	*	Panera Bread Co (Class A)		1,050
16,292	*	Pantry, Inc		270
33,448		Ruddick Corp		784
326,645		Safeway, Inc		6,654
175,275		Supervalu, Inc		2,270
5,570	*	Susser Holdings Corp		62
4,652		Village Super Market (Class A)		138
8,834		Weis Markets, Inc		296
83,804	*	Whole Foods Market, Inc		1,591
41,829	*	Winn-Dixie Stores, Inc		525
		TOTAL FOOD STORES		25,042

FORESTRY - 0.09%
59,587		Rayonier, Inc		2,166
160,914		Weyerhaeuser Co		4,897
		TOTAL FORESTRY		7,063

FURNITURE AND FIXTURES - 0.13%
7,057	*	Astronics Corp		73
18,783		Ethan Allen Interiors, Inc		195
34,198		Furniture Brands International, Inc		104
41,802		Herman Miller, Inc		641
45,716		Hill-Rom Holdings, Inc		742
33,809		HNI Corp		611
7,413		Hooker Furniture Corp		85
18,600		Kimball International, Inc (Class B)		116
47,219	*	Kinetic Concepts, Inc		1,286
53,628		La-Z-Boy, Inc		253
119,468		Leggett & Platt, Inc		1,820
273,844		Masco Corp		2,624
28,667	*	Sealy Corp		56
7,908	*	Stanley Furniture Co, Inc		85
54,705		Steelcase, Inc (Class A)		318
57,532		Tempur-Pedic International, Inc		752
		TOTAL FURNITURE AND FIXTURES		9,761

FURNITURE AND HOME FURNISHINGS STORES - 0.27%
199,344	*	Bed Bath & Beyond, Inc		6,130
257,929		Best Buy Co, Inc		8,638
126,094	*	GameStop Corp (Class A)		2,775
16,062		Haverty Furniture Cos, Inc		147
9,008	*	hhgregg, Inc		137
35,963		Knoll, Inc		273
64,355	*	Pier 1 Imports, Inc		128
95,926		RadioShack Corp		1,339
6,400	*	Rex Stores Corp		64
21,617	*	Tuesday Morning Corp		73

250

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
71,873		Williams-Sonoma, Inc	$	853
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		20,557

GENERAL BUILDING CONTRACTORS - 0.19%
1,271	*	Amrep Corp		14
3,890	*	Avatar Holdings, Inc		71
36,219	*	Beazer Homes USA, Inc		66
7,978		Brookfield Homes Corp		32
4,557	*	Cavco Industries, Inc		115
95,498		Centex Corp		808
212,707		DR Horton, Inc		1,991
40,248	*	Hovnanian Enterprises, Inc (Class A)		95
58,687		KB Home		803
104,590		Lennar Corp (Class A)		1,013
16,303	*	M/I Homes, Inc		160
17,708		McGrath RentCorp		338
28,595		MDC Holdings, Inc		861
24,046	*	Meritage Homes Corp		454
4,402	*	NVR, Inc		2,211
20,289	*	Perini Corp		352
163,796		Pulte Homes, Inc		1,446
35,106		Ryland Group, Inc		588
95,329	*	Standard-Pacific Corp		194
13,336	*	Team, Inc		209
103,635	*	Toll Brothers, Inc		1,759
40,621		Walter Industries, Inc		1,472
		TOTAL GENERAL BUILDING CONTRACTORS		15,052

GENERAL MERCHANDISE STORES - 1.97%
34,292	*	99 Cents Only Stores		466
65,532	*	Big Lots, Inc		1,378
41,867	*	BJ's Wholesale Club, Inc		1,349
39,621		Casey's General Stores, Inc		1,018
8,648	*	Conn's, Inc		108
333,824		Costco Wholesale Corp		15,256
41,061		Dillard's, Inc (Class A)		378
109,043		Family Dollar Stores, Inc		3,086
29,664		Fred's, Inc (Class A)		374
170,017		JC Penney Co, Inc		4,881
321,688		Macy's, Inc		3,783
17,729	*	Retail Ventures, Inc		39
95,426	*	Saks, Inc		423
38,145	*	Sears Holdings Corp		2,537
17,973	*	Stein Mart, Inc		159
579,069		Target Corp		22,856
316,804		TJX Companies, Inc		9,967
1,701,327		Wal-Mart Stores, Inc		82,412
		TOTAL GENERAL MERCHANDISE STORES		150,470

HEALTH SERVICES - 1.20%
18,580	*	Alliance Imaging, Inc		136
34,529	*	Allied Healthcare International, Inc		75
4,568	*	Almost Family, Inc		119
21,596	*	Amedisys, Inc		713

251

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
6,404	*	America Service Group, Inc	$	103
9,851	*	American Dental Partners, Inc		89
231,710		AmerisourceBergen Corp		4,111
24,648	*	Amsurg Corp		528
8,583	*	Assisted Living Concepts, Inc (A Shares)		125
9,068	*	Bio-Reference Labs, Inc		287
27,594		Brookdale Senior Living, Inc		269
5,440	*	China Sky One Medical, Inc		73
70,912	*	Community Health Systems, Inc		1,791
23,514	*	Continucare Corp		55
6,016	*	Corvel Corp		137
48,429	*	Covance, Inc		2,383
114,216	*	Coventry Health Care, Inc		2,137
22,090	*	Cross Country Healthcare, Inc		152
27,223	*	CryoLife, Inc		151
79,964	*	DaVita, Inc		3,955
42,717	*	Edwards Lifesciences Corp		2,906
17,698	*	eHealth, Inc		312
14,234	*	Emeritus Corp		188
6,373		Ensign Group, Inc		91
18,855	*	Enzo Biochem, Inc		84
190,840	*	Express Scripts, Inc		13,120
11,423	*	Genomic Health, Inc		198
12,933	*	Genoptix, Inc		414
22,160	*	Gentiva Health Services, Inc		365
18,744	*	Health Grades, Inc		73
197,006	*	Health Management Associates, Inc (Class A)		973
66,400	*	Healthsouth Corp		959
28,116	*	Healthways, Inc		378
40,949	*	Immunomedics, Inc		104
12,425	*	IPC The Hospitalist Co, Inc		332
29,869	*	Kindred Healthcare, Inc		369
83,085	*	Laboratory Corp of America Holdings		5,632
11,885	*	LCA-Vision, Inc		50
14,598	*	LHC Group, Inc		324
6,348	*	Life Sciences Research, Inc		46
41,072	*	LifePoint Hospitals, Inc		1,078
53,547	*	Lincare Holdings, Inc		1,259
27,118	*	Magellan Health Services, Inc		890
208,028		McKesson Corp		9,153
11,469	*	Medcath Corp		135
369,902	*	Medco Health Solutions, Inc		16,872
6,892		National Healthcare Corp		261
76,148	*	Nektar Therapeutics		493
15,155	*	Nighthawk Radiology Holdings, Inc		56
16,021	*	NovaMed, Inc		63
25,907	*	Odyssey HealthCare, Inc		266
89,050		Omnicare, Inc		2,294
35,963	*	Pediatrix Medical Group, Inc		1,515
81,765		Pharmaceutical Product Development, Inc		1,899
43,029	*	Psychiatric Solutions, Inc		978
119,148		Quest Diagnostics, Inc		6,724
16,070	*	RehabCare Group, Inc		385
15,881	*	Skilled Healthcare Group, Inc (Class A)		119

252

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
40,332	*	Sun Healthcare Group, Inc	$	340
35,130	*	Sunrise Senior Living, Inc		58
367,275	*	Tenet Healthcare Corp		1,036
35,848		Universal Health Services, Inc (Class B)		1,751
8,422	*	US Physical Therapy, Inc		124
5,340	*	Virtual Radiologic Corp		48
		TOTAL HEALTH SERVICES		92,104

HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.03%
6,669	*	Broadwind Energy, Inc		75
15,782	*	Comverge, Inc		191
25,588		Granite Construction, Inc		852
28,862		Great Lakes Dredge & Dock Corp		138
7,262	*	LB Foster Co (Class A)		218
23,922	*	Matrix Service Co		275
13,261	*	MYR Group, Inc		269
15,593	*	Orion Marine Group, Inc		296
8,423	*	Sterling Construction Co, Inc		129
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		2,443

HOLDING AND OTHER INVESTMENT OFFICES - 2.65%
30,272		Acadia Realty Trust		395
31,920	*	Affiliated Managers Group, Inc		1,857
5,860		Agree Realty Corp		107
1,723		Alexander's, Inc		465
30,074		Alexandria Real Estate Equities, Inc		1,076
151,445		Allied Capital Corp		527
111,148		AMB Property Corp		2,091
39,859		American Campus Communities, Inc		884
6,963		American Capital Agency Corp		160
12,511	*	Ampal American Israel (Class A)		31
414,183		Annaly Mortgage Management, Inc		6,271
40,991		Anthracite Capital, Inc		25
77,536		Anworth Mortgage Asset Corp		559
90,262		Apartment Investment & Management Co (Class A)		799
59,957		Ashford Hospitality Trust, Inc		168
10,813		Associated Estates Realty Corp		64
60,592		AvalonBay Communities, Inc		3,390
76,686		BioMed Realty Trust, Inc		784
92,609		Boston Properties, Inc		4,417
98,418		Brandywine Realty Trust		733
39,170		BRE Properties, Inc (Class A)		931
50,873		Camden Property Trust		1,404
8,730	*	Cape Bancorp, Inc		75
30,528		Capital Lease Funding, Inc		84
2,167		Capital Southwest Corp		157
47,889		Capstead Mortgage Corp		609
9,676		Care Investment Trust, Inc		50
55,259		CBL & Associates Properties, Inc		298
31,340		Cedar Shopping Centers, Inc		142
5,581		Cherokee, Inc		111
20,827		Cogdell Spencer, Inc		89
37,771		Colonial Properties Trust		280
43,764		Corporate Office Properties Trust		1,284

253

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
34,146		Cousins Properties, Inc	$	290
13,235		Danvers Bancorp, Inc		178
134,600		DCT Industrial Trust, Inc		549
107,405		Developers Diversified Realty Corp		524
82,463		DiamondRock Hospitality Co		516
58,071		Digital Realty Trust, Inc		2,082
88,791		Douglas Emmett, Inc		798
173,154		Duke Realty Corp		1,519
9,022		Dynex Capital, Inc		74
19,564		EastGroup Properties, Inc		646
18,827		Education Realty Trust, Inc		81
26,837		Entertainment Properties Trust		553
15,082		Equity Lifestyle Properties, Inc		561
26,061		Equity One, Inc		346
208,564		Equity Residential		4,636
20,677		Essex Property Trust, Inc		1,287
62,323		Extra Space Storage, Inc		520
44,743		Federal Realty Investment Trust		2,305
48,174		FelCor Lodging Trust, Inc		119
42,593		First Industrial Realty Trust, Inc		185
25,392		First Potomac Realty Trust		248
48,173		Franklin Street Properties Corp		638
14,898		Getty Realty Corp		281
15,081		Gladstone Capital Corp		114
6,667		Gladstone Commercial Corp		86
26,916		Glimcher Realty Trust		78
58,824		Gramercy Capital Corp		95
16,757	*	Harris & Harris Group, Inc		98
27,878		Hatteras Financial Corp		797
210,197		HCP, Inc		4,454
84,538		Health Care REIT, Inc		2,883
45,444		Healthcare Realty Trust, Inc		765
46,608		Hersha Hospitality Trust		116
54,288		Highwoods Properties, Inc		1,214
33,859	*	Hilltop Holdings, Inc		402
25,152		Home Properties, Inc		858
71,378		Hospitality Properties Trust		849
457,977		Host Marriott Corp		3,842
177,977		HRPT Properties Trust		723
53,550		Inland Real Estate Corp		375
45,179		Investors Real Estate Trust		402
1,216,233		iShares Russell 3000 Index Fund		65,469
84,164	*	iStar Financial, Inc		239
27,816		Kilroy Realty Corp		571
287,050		Kimco Realty Corp		2,885
35,097		Kite Realty Group Trust		102
40,868		LaSalle Hotel Properties		504
64,696		Lexington Corporate Properties Trust		220
80,150		Liberty Property Trust		1,847
17,555		LTC Properties, Inc		359
60,902		Macerich Co		1,072
59,666		Mack-Cali Realty Corp		1,360
5,395	*	Main Street Capital Corp		74
70,910		Medical Properties Trust, Inc		430

254

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
166,919		MFA Mortgage Investments, Inc	$	1,155
21,993		Mid-America Apartment Communities, Inc		807
14,218		Mission West Properties, Inc		97
13,926		Monmouth Real Estate Investment Corp (Class A)		82
17,411		MVC Capital, Inc		147
21,615		National Health Investors, Inc		577
61,154		National Retail Properties, Inc		1,061
78,255		Nationwide Health Properties, Inc		2,014
63,283		NorthStar Realty Finance Corp		179
61,387		Omega Healthcare Investors, Inc		953
16,523		Parkway Properties, Inc		215
28,926		Pennsylvania Real Estate Investment Trust		145
124,741		Plum Creek Timber Co, Inc		3,715
36,066		Post Properties, Inc		485
30,602		Potlatch Corp		743
338,933		Prologis		2,732
32,946		Prospect Capital Corp		303
11,782		PS Business Parks, Inc		571
103,640		Public Storage, Inc		6,786
79,770		RAIT Investment Trust		109
11,548		Ramco-Gershenson Properties		116
79,144		Realty Income Corp		1,735
59,452		Redwood Trust, Inc		878
60,874		Regency Centers Corp		2,125
15,662		Resource Capital Corp		50
6,560		Saul Centers, Inc		194
91,682		Senior Housing Properties Trust		1,496
182,125		Simon Property Group, Inc		9,366
58,802		SL Green Realty Corp		1,349
16,182		Sovran Self Storage, Inc		398
8,406	*	SRS Labs, Inc		56
55,726		Strategic Hotels & Resorts, Inc		62
12,790		Sun Communities, Inc		176
61,997		Sunstone Hotel Investors, Inc		332
28,191		Tanger Factory Outlet Centers, Inc		914
39,722		Taubman Centers, Inc		1,067
116,061		UDR, Inc		1,199
6,794		UMH Properties, Inc		54
10,285		Universal Health Realty Income Trust		324
19,529		Urstadt Biddle Properties, Inc (Class A)		275
52,891		U-Store-It Trust		259
21,439	*	Vantage Drilling Co		38
119,579		Ventas, Inc		3,571
221,694		Virgin Media, Inc		2,073
4,394	*	Virtus Investment Partners, Inc		65
116,965		Vornado Realty Trust		5,267
50,291		WABCO Holdings, Inc		890
16,401	*	Walter Investment Management Corp		218
44,612		Washington Real Estate Investment Trust		998
81,200		Weingarten Realty Investors		1,178
8,043		Winthrop Realty Trust		72
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		202,207

255

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
HOTELS AND OTHER LODGING PLACES - 0.24%
18,496		Ameristar Casinos, Inc	$	352
15,345	*	Bluegreen Corp		39
43,845		Boyd Gaming Corp		373
22,909		Choice Hotels International, Inc		610
28,655	*	Gaylord Entertainment Co		364
21,853	*	Great Wolf Resorts, Inc		45
9,907	*	Isle of Capri Casinos, Inc		132
239,262	*	Las Vegas Sands Corp		1,881
14,891		Marcus Corp		157
227,841		Marriott International, Inc (Class A)		5,028
150,481	*	MGM Mirage		962
8,692	*	Monarch Casino & Resort, Inc		63
14,393	*	Morgans Hotel Group Co		55
67,477	*	Orient-Express Hotels Ltd (Class A)		573
11,051	*	Outdoor Channel Holdings, Inc		65
9,873	*	Red Lion Hotels Corp		47
142,945		Starwood Hotels & Resorts Worldwide, Inc		3,173
22,214	*	Vail Resorts, Inc		596
137,321		Wyndham Worldwide Corp		1,664
51,255		Wynn Resorts Ltd		1,809
		TOTAL HOTELS AND OTHER LODGING PLACES		17,988

INDUSTRIAL MACHINERY AND EQUIPMENT - 5.27%
19,106	*	3PAR, Inc		237
8,853		Aaon, Inc		176
43,614		Actuant Corp (Class A)		532
70,119	*	AGCO Corp		2,039
4,490		Alamo Group, Inc		45
68,477	*	Allis-Chalmers Energy, Inc		158
18,705	*	Altra Holdings, Inc		140
8,632		Ampco-Pittsburgh Corp		202
1,018,865		Applied Materials, Inc		11,177
5,631	*	Argan, Inc		80
13,287	*	Astec Industries, Inc		394
46,778		Black & Decker Corp		1,342
13,787		Black Box Corp		461
27,159	*	Blount International, Inc		234
6,303	*	Bolt Technology Corp		71
39,839		Briggs & Stratton Corp		531
296,501	*	Brocade Communications Systems, Inc		2,319
52,087	*	Brooks Automation, Inc		233
57,569		Bucyrus International, Inc (Class A)		1,644
46,691		Carlisle Cos, Inc		1,122
8,145		Cascade Corp		128
463,840		Caterpillar, Inc		15,326
50,384	*	Cirrus Logic, Inc		227
25,795	*	Colfax Corp		199
12,813	*	Columbus McKinnon Corp		162
22,453	*	Cray, Inc		177
155,436		Cummins, Inc		5,473
34,757		Curtiss-Wright Corp		1,033
22,436	*	Cymer, Inc		667
324,076		Deere & Co		12,947
1,319,546	*	Dell, Inc		18,117

256

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
50,890		Diebold, Inc	$	1,341
59,606		Donaldson Co, Inc		2,065
142,965		Dover Corp		4,731
63,078	*	Dresser-Rand Group, Inc		1,646
22,541	*	Dril-Quip, Inc		859
1,543,634	*	EMC Corp		20,222
65,177	*	Emulex Corp		637
37,016	*	Ener1, Inc		202
19,155	*	ENGlobal Corp		94
15,889	*	EnPro Industries, Inc		286
86,789	*	Entegris, Inc		236
89,895	*	Extreme Networks, Inc		180
10,864	*	Flanders Corp		66
26,655	*	Flow International Corp		63
43,431		Flowserve Corp		3,032
94,805	*	FMC Technologies, Inc		3,563
12,288	*	Fuel Tech, Inc		119
39,732	*	Gardner Denver, Inc		1,000
12,797		Gorman-Rupp Co		258
46,150		Graco, Inc		1,016
13,951		Graham Corp		186
8,903	*	Harbin Electric, Inc		139
1,839,868		Hewlett-Packard Co		71,111
3,857	*	Hurco Cos, Inc		60
61,072		IDEX Corp		1,501
18,659	*	Immersion Corp		92
48,048	*	Intermec, Inc		620
1,016,443		International Business Machines Corp		106,136
227,144		International Game Technology		3,611
14,156	*	Intevac, Inc		123
19,132	*	Isilon Systems, Inc		81
138,754		ITT Industries, Inc		6,175
145,696		Jabil Circuit, Inc		1,081
20,027		John Bean Technologies Corp		251
455,382		Johnson Controls, Inc		9,890
79,248		Joy Global, Inc		2,831
9,545	*	Kadant, Inc		108
25,319		Kaydon Corp		824
57,312		Kennametal, Inc		1,099
40,500	*	Kulicke & Soffa Industries, Inc		139
95,650	*	Lam Research Corp		2,487
35,025		Lennox International, Inc		1,125
62,766	*	Lexmark International, Inc (Class A)		995
10,010		Lindsay Manufacturing Co		331
11,534		Lufkin Industries, Inc		485
103,194		Manitowoc Co, Inc		543
10,825		Met-Pro Corp		117
60,518	*	Micros Systems, Inc		1,532
12,902	*	Middleby Corp		567
24,902		Modine Manufacturing Co		120
3,910		Nacco Industries, Inc (Class A)		112
17,015	*	NATCO Group, Inc (Class A)		560
14,671	*	Natural Gas Services Group, Inc		195
36,296	*	Netezza Corp		302

257

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
24,403	*	Netgear, Inc	$	352
25,532		Nordson Corp		987
248,026		Northrop Grumman Corp		11,330
36,849	*	Oil States International, Inc		892
90,100		Pall Corp		2,393
104,785		Palm, Inc		1,736
5,898	*	PAR Technology Corp		38
159,153		Pitney Bowes, Inc		3,490
9,152	*	PMFG, Inc		81
6,528		Primoris Services Corp		48
134,455	*	Quantum Corp		112
25,143	*	Rackable Systems, Inc		114
302,163		Raytheon Co		13,425
19,019	*	RBC Bearings, Inc		389
7,282	*	Rimage Corp		121
40,886	*	Riverbed Technology, Inc		948
19,984		Robbins & Myers, Inc		385
85,950	*	Safeguard Scientifics, Inc		113
174,115	*	SanDisk Corp		2,558
16,514		Sauer-Danfoss, Inc		101
19,852	*	Scansource, Inc		487
49,874	*	Scientific Games Corp (Class A)		787
376,618		Seagate Technology, Inc		3,939
86,617	*,m	Seagate Technology, Inc (Escrow)		–	^
15,689	*	Semitool, Inc		72
19,250	*	Sigma Designs, Inc		309
37,552		SPX Corp		1,839
13,669		Standex International Corp		159
19,954	*	STEC, Inc		463
16,272	*	Super Micro Computer, Inc		125
8,956	*	T-3 Energy Services, Inc		107
10,545	*	Tecumseh Products Co (Class A)		102
16,656		Tennant Co		306
132,505	*	Teradata Corp		3,105
79,671	*	Terex Corp		962
220,523		Textron, Inc		2,130
74,143		Timken Co		1,266
27,554		Toro Co		824
6,504		Twin Disc, Inc		44
18,851	*	Ultratech, Inc		232
95,763	*	Varian Medical Systems, Inc		3,365
58,568	*	VeriFone Holdings, Inc		440
18,286		Watsco, Inc		895
170,863	*	Western Digital Corp		4,528
46,214		Woodward Governor Co		915
46,516	*	Zebra Technologies Corp (Class A)		1,101
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		402,853

INSTRUMENTS AND RELATED PRODUCTS - 3.58%
15,924	*	Abaxis, Inc		327
27,756	*	Abiomed, Inc		245
26,489	*	Accuray, Inc		177
64,693	*	Affymetrix, Inc		384
263,023	*	Agilent Technologies, Inc		5,342

258

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
47,580	*	Align Technology, Inc	$	504
234,578		Allergan, Inc		11,161
18,953	*	Alphatec Holdings, Inc		63
55,114	*	American Medical Systems Holdings, Inc		871
7,436		American Science & Engineering, Inc		514
10,953		Analogic Corp		405
14,600	*	Anaren, Inc		258
18,523	*	Angiodynamics, Inc		246
10,519	*	Argon ST, Inc		216
12,864	*	Aspect Medical Systems, Inc		76
1,039		Atrion Corp		139
35,190	*	ATS Medical, Inc		116
7,142	*	Axsys Technologies, Inc		383
11,864		Badger Meter, Inc		486
76,413		Bard (C.R.), Inc		5,689
465,484		Baxter International, Inc		24,653
55,391		Beckman Coulter, Inc		3,165
184,903		Becton Dickinson & Co		13,186
14,547	*	Bio-Rad Laboratories, Inc (Class A)		1,098
1,155,111	*	Boston Scientific Corp		11,713
12,772	*	Bovie Medical Corp		111
39,674	*	Bruker BioSciences Corp		367
12,419	*	Cantel Medical Corp		202
14,117	*	Cardiac Science Corp		57
18,454	*	CardioNet, Inc		301
42,022	*	Cepheid, Inc		396
23,514	*	Clarient, Inc		87
17,122	*	Coherent, Inc		354
15,857		Cohu, Inc		142
22,053	*	Conmed Corp		342
34,815		Cooper Cos, Inc		861
10,023	*	Cutera, Inc		86
19,734	*	Cyberonics, Inc		328
5,493	*	Cynosure, Inc (Class A)		42
197,780		Danaher Corp		12,211
17,304	*	Delcath Systems, Inc		62
114,341		Dentsply International, Inc		3,490
35,845	*	Depomed, Inc		116
34,877	*	DexCom, Inc		216
14,062	*	Dionex Corp		858
5,160	*	DXP Enterprises, Inc		59
209,804		Eastman Kodak Co		621
13,235	*	Electro-Optical Sciences, Inc		103
576,108		Emerson Electric Co		18,666
34,017	*	Endologix, Inc		114
11,853	*	EnteroMedics, Inc		39
19,238	*	ESCO Technologies, Inc		862
23,800	*	Esterline Technologies Corp		644
56,726	*	ev3, Inc		608
4,898	*	Exactech, Inc		71
12,851	*	FARO Technologies, Inc		200
27,915	*	FEI Co		639
8,200	*	FGX International Holdings Ltd		93
115,107	*	Flir Systems, Inc		2,597

259

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account



				VALUE
SHARES		COMPANY		(000)
38,173	*	Formfactor, Inc	$	658
35,908	*	Fossil, Inc		865
87,170		Garmin Ltd		2,077
19,914	*	Haemonetics Corp		1,135
22,869	*	Hanger Orthopedic Group, Inc		311
19,183	*	Harvard Bioscience, Inc		76
9,696	*	Herley Industries, Inc		106
48,016		Hillenbrand, Inc		799
196,639	*	Hologic, Inc		2,798
8,752	*	Home Diagnostics, Inc		54
11,395	*	ICU Medical, Inc		469
10,189	*	ICx Technologies, Inc		61
13,461	*	I-Flow Corp		93
20,867	*	II-VI, Inc		463
95,406	*	Illumina, Inc		3,715
20,469	*	Insulet Corp		158
14,613	*	Integra LifeSciences Holdings Corp		387
29,049	*	Intuitive Surgical, Inc		4,754
24,872		Invacare Corp		439
66,411	*	ION Geophysical Corp		171
12,955	*	IRIS International, Inc		153
25,003	*	ISTA Pharmaceuticals, Inc		105
30,263	*	Itron, Inc		1,667
30,992	*	Ixia		209
8,260	*	Kensey Nash Corp		216
129,604		Kla-Tencor Corp		3,273
50,517	*	Kopin Corp		185
1,705	*	K-Tron International, Inc		136
10,929	*	KVH Industries, Inc		75
63,078	*	L-1 Identity Solutions, Inc		488
8,713	*	LaBarge, Inc		81
10,243	*	MAKO Surgical Corp		92
38,810	*	Masimo Corp		936
9,778	*	Measurement Specialties, Inc		69
9,627	*	Medical Action Industries, Inc		110
861,050		Medtronic, Inc		30,042
23,230	*	Merit Medical Systems, Inc		379
25,846	*	Mettler-Toledo International, Inc		1,994
10,806	*	Micrus Endovascular Corp		98
42,116	*	Millipore Corp		2,957
21,996		Mine Safety Appliances Co		530
35,548	*	MKS Instruments, Inc		469
12,667		Movado Group, Inc		134
13,932		MTS Systems Corp		288
44,405		National Instruments Corp		1,002
19,956	*	Natus Medical, Inc		230
10,524	*	Neogen Corp		305
27,910	*	Newport Corp		162
28,592	*	NuVasive, Inc		1,275
14,324	*	NxStage Medical, Inc		85
14,876	*	Orthofix International NV		372
46,144	*	Orthovita, Inc		238
2,713	*	OYO Geospace Corp		70
12,302	*	Palomar Medical Technologies, Inc		180

260

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

SHARES		COMPANY		(000)
89,639		PerkinElmer, Inc	$	1,560
30,372	*	RAE Systems, Inc		42
57,773	*	Resmed, Inc		2,353
7,581	*	Rochester Medical Corp		102
109,405		Rockwell Automation, Inc		3,514
121,596		Rockwell Collins, Inc		5,074
11,197	*	Rockwell Medical Technologies, Inc		85
21,764	*	Rofin-Sinar Technologies, Inc		435
68,935		Roper Industries, Inc		3,123
20,900	*	Rudolph Technologies, Inc		115
11,900	*	Sirona Dental Systems, Inc		238
8,984	*	Somanetics Corp		148
15,050	*	SonoSite, Inc		302
21,581	*	Spectranetics Corp		106
265,416	*	St. Jude Medical, Inc		10,909
63,050	*	Star Scientific, Inc		56
16,786	*	Stereotaxis, Inc		65
44,141		STERIS Corp		1,151
259,364		Stryker Corp		10,307
33,149	*	Symmetry Medical, Inc		309
9,221	*	Synovis Life Technologies, Inc		192
29,457		Techne Corp		1,880
27,519	*	Teledyne Technologies, Inc		901
132,428	*	Teradyne, Inc		908
321,953	*	Thermo Electron Corp		13,127
43,318	*	Thoratec Corp		1,160
9,073	*	Trans1, Inc		57
90,408	*	Trimble Navigation Ltd		1,775
2,357		Utah Medical Products, Inc		63
22,745	*	Varian, Inc		897
12,709	*	Vascular Solutions, Inc		99
27,373	*	Veeco Instruments, Inc		317
11,927	*	Vital Images, Inc		135
56,585	*	Vivus, Inc		344
37,127	*	Volcano Corp		519
73,849	*	Waters Corp		3,801
28,863	*	Wright Medical Group, Inc		469
662,878		Xerox Corp		4,295
4,290		Young Innovations, Inc		93
164,951	*	Zimmer Holdings, Inc		7,027
14,948	*	Zoll Medical Corp		289
12,959	*	Zygo Corp		60
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		273,958

INSURANCE AGENTS, BROKERS AND SERVICE - 0.32%
212,963		AON Corp		8,064
75,996		Arthur J. Gallagher & Co		1,622
88,825		Brown & Brown, Inc		1,770
14,025	*	Crawford & Co (Class B)		67
248,928		Hartford Financial Services Group, Inc		2,955
5,396		Life Partners Holdings, Inc		77
399,730		Marsh & McLennan Cos, Inc		8,046
36,167		National Financial Partners Corp		265
5,996		White Mountains Insurance Group Ltd		1,373

261

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE	$	24,239

INSURANCE CARRIERS - 3.25%
342,714		Aetna, Inc		8,585
358,524		Aflac, Inc		11,147
3,818	*	Alleghany Corp		1,035
37,855		Allied World Assurance Holdings Ltd		1,546
411,347		Allstate Corp		10,037
223,278		Ambac Financial Group, Inc		205
50,088		American Equity Investment Life Holding Co		279
65,151		American Financial Group, Inc		1,406
1,853,417		American International Group, Inc		2,150
12,181		American National Insurance Co		921
8,194		American Physicians Capital, Inc		321
4,784		American Physicians Service Group, Inc		109
7,468	*	American Safety Insurance Holdings Ltd		102
40,065	*	AMERIGROUP Corp		1,076
13,065	*	Amerisafe, Inc		203
17,807		Amtrust Financial Services, Inc		203
39,779	*	Arch Capital Group Ltd		2,330
23,723	*	Argo Group International Holdings Ltd		669
65,046		Aspen Insurance Holdings Ltd		1,453
89,185		Assurant, Inc		2,148
46,879		Assured Guaranty Ltd		580
109,056		Axis Capital Holdings Ltd		2,855
4,897		Baldwin & Lyons, Inc (Class B)		96
30,114	*	Catalyst Health Solutions, Inc		751
31,767	*	Centene Corp		635
269,881		Chubb Corp		10,763
209,097		Cigna Corp		5,037
110,799		Cincinnati Financial Corp		2,476
32,879	*	Citizens, Inc (Class A)		200
19,762		CNA Financial Corp		306
16,018	*	CNA Surety Corp		216
150,674	*	Conseco, Inc		357
32,864		Delphi Financial Group, Inc (Class A)		639
9,364		Donegal Group, Inc (Class A)		142
6,304		Eastern Insurance Holdings, Inc		59
4,503		EMC Insurance Group, Inc		94
37,852		Employers Holdings, Inc		513
38,059		Endurance Specialty Holdings Ltd		1,115
4,920	*	Enstar Group Ltd		290
22,958		Erie Indemnity Co (Class A)		821
47,283		Everest Re Group Ltd		3,384
10,036		FBL Financial Group, Inc (Class A)		83
178,542		Fidelity National Title Group, Inc (Class A)		2,416
13,254	*	First Acceptance Corp		28
70,891		First American Corp		1,837
8,814		First Mercury Financial Corp		121
29,997		Flagstone Reinsurance Holdings Ltd		309
6,887	*	Fpic Insurance Group, Inc		211
343,790		Genworth Financial, Inc (Class A)		2,403
20,683	*	Greenlight Capital Re Ltd (Class A)		358
7,438	*	Hallmark Financial Services		53

262

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
39,385		Hanover Insurance Group, Inc	$	1,501
10,427		Harleysville Group, Inc		294
87,439		HCC Insurance Holdings, Inc		2,099
79,465	*	Health Net, Inc		1,236
44,595	*	Healthspring, Inc		484
29,235		Horace Mann Educators Corp		291
129,169	*	Humana, Inc		4,167
3,952		Independence Holding Co		25
10,619		Infinity Property & Casualty Corp		387
42,300		IPC Holdings Ltd		1,156
2,078		Kansas City Life Insurance Co		56
142,951		Leucadia National Corp		3,015
196,509		Lincoln National Corp		3,382
249,975		Loews Corp		6,849
34,934		Maiden Holdings Ltd		229
7,460	*	Markel Corp		2,101
37,052		Max Re Capital Ltd		684
103,730	*	MBIA, Inc		449
42,189		Meadowbrook Insurance Group, Inc		275
4,134		Mercer Insurance Group, Inc		66
19,709		Mercury General Corp		659
442,472		Metlife, Inc		13,280
30,372	*	Metropolitan Health Networks, Inc		61
101,479		MGIC Investment Corp		447
10,923	*	Molina Healthcare, Inc		261
67,583		Montpelier Re Holdings Ltd		898
11,286		National Interstate Corp		171
1,551		National Western Life Insurance Co (Class A)		181
10,494	*	Navigators Group, Inc		466
4,145		NYMAGIC, Inc		58
13,097		Odyssey Re Holdings Corp		524
183,477		Old Republic International Corp		1,807
20,220		OneBeacon Insurance Group Ltd (Class A)		236
42,656		PartnerRe Ltd		2,771
87,893		Phoenix Cos, Inc		147
40,201		Platinum Underwriters Holdings Ltd		1,149
22,267	*	PMA Capital Corp (Class A)		101
76,047		PMI Group, Inc		151
13,808		Presidential Life Corp		105
32,274	*	Primus Guaranty Ltd		76
238,284		Principal Financial Group		4,489
24,934	*	ProAssurance Corp		1,152
524,349		Progressive Corp		7,923
65,519		Protective Life Corp		750
325,342		Prudential Financial, Inc		12,109
76,216		Radian Group, Inc		207
15,001	*	RadNet, Inc		34
55,702		Reinsurance Group of America, Inc (Class A)		1,945
47,432		RenaissanceRe Holdings Ltd		2,207
14,489		RLI Corp		649
11,778		Safety Insurance Group, Inc		360
14,868	*	SeaBright Insurance Holdings, Inc		151
40,400		Selective Insurance Group, Inc		516
37,995		Stancorp Financial Group, Inc		1,090

263

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
9,480		State Auto Financial Corp	$	166
12,744		Stewart Information Services Corp		182
63,422		Torchmark Corp		2,349
31,083		Tower Group, Inc		770
20,330		Transatlantic Holdings, Inc		881
448,919		Travelers Cos, Inc		18,425
14,800	*	Triple-S Management Corp (Class B)		231
27,654	*	United America Indemnity Ltd (Class A)		132
17,338		United Fire & Casualty Co		297
915,416		UnitedHealth Group, Inc		22,866
32,289		Unitrin, Inc		388
23,233	*	Universal American Financial Corp		203
10,064	*	Universal Insurance Holdings, Inc		51
253,873		UnumProvident Corp		4,026
31,865		Validus Holdings Ltd		700
102,893		W.R. Berkley Corp		2,209
32,075	*	WellCare Health Plans, Inc		593
371,560	*	WellPoint, Inc		18,909
921		Wesco Financial Corp		268
262,310		XL Capital Ltd (Class A)		3,006
29,373		Zenith National Insurance Corp		639
		TOTAL INSURANCE CARRIERS		248,241

JUSTICE, PUBLIC ORDER AND SAFETY - 0.03%
9,575	*	China Fire & Security Group, Inc		117
88,315	*	Corrections Corp of America		1,500
39,357	*	Geo Group, Inc		731
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		2,348

LEATHER AND LEATHER PRODUCTS - 0.13%
243,462		Coach, Inc		6,545
69,894	*	CROCS, Inc		238
16,862	*	Genesco, Inc		316
45,765	*	Iconix Brand Group, Inc		704
13,378	*	Steven Madden Ltd		340
34,829	*	Timberland Co (Class A)		462
5,214		Weyco Group, Inc		120
38,905		Wolverine World Wide, Inc		859
		TOTAL LEATHER AND LEATHER PRODUCTS		9,584

LEGAL SERVICES - 0.03%
39,169	*	FTI Consulting, Inc		1,986
7,085	*	Pre-Paid Legal Services, Inc		309
		TOTAL LEGAL SERVICES		2,295

LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.00%**
8,114	*	Emergency Medical Services Corp (Class A)		299
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		299

LUMBER AND WOOD PRODUCTS - 0.02%
8,518		American Woodmark Corp		204
9,014		Deltic Timber Corp		320
86,907	*	Louisiana-Pacific Corp		297

264

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
7,407		Skyline Corp	$	161
14,766		Universal Forest Products, Inc		489
		TOTAL LUMBER AND WOOD PRODUCTS		1,471

METAL MINING - 0.54%
37,679	*	Allied Nevada Gold Corp		304
100,443		Cleveland-Cliffs, Inc		2,458
51,583	*	Coeur d'Alene Mines Corp		634
34,856		Foundation Coal Holdings, Inc		980
315,647		Freeport-McMoRan Copper & Gold, Inc (Class B)		15,816
175,118	*	Hecla Mining Co		469
368,058		Newmont Mining Corp		15,043
50,856	*	Paramount Gold and Silver Corp		77
51,726	*	Patriot Coal Corp		330
45,043	*	Rosetta Resources, Inc		394
28,368		Royal Gold, Inc		1,183
19,857	*	ShengdaTech, Inc		75
135,177		Southern Copper Corp		2,763
30,773	*	Stillwater Mining Co		176
36,975	*	Uranerz Energy Corp		70
61,313	*	US Gold Corp		162
		TOTAL METAL MINING		40,934

MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.14%
14,119		Armstrong World Industries, Inc		233
4,923		Blyth, Inc		162
51,179		Callaway Golf Co		259
22,322		Daktronics, Inc		172
95,513		Hasbro, Inc		2,315
31,609	*	Intrepid Potash, Inc		888
19,429	*	Jakks Pacific, Inc		249
67,398	*	Jarden Corp		1,263
22,402	*	Leapfrog Enterprises, Inc		51
8,407		Marine Products Corp		32
276,921		Mattel, Inc		4,444
3,981	*	Oil-Dri Corp of America		59
14,785	*	RC2 Corp		196
38,355	*	Shuffle Master, Inc		254
4,356	*	Steinway Musical Instruments, Inc		47
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		10,624

MISCELLANEOUS RETAIL - 1.52%
14,742	*	1-800-FLOWERS.COM, Inc (Class A)		28
15,331	*	Allion Healthcare, Inc		91
252,957	*	Amazon.com, Inc		21,163
28,636		Barnes & Noble, Inc		591
15,894		Big 5 Sporting Goods Corp		176
10,266	*	Blue Nile, Inc		441
41,091	*	Borders Group, Inc		151
10,668	*	Build-A-Bear Workshop, Inc		48
30,566	*	Cabela's, Inc		376
22,738		Cash America International, Inc		532
44,420	*	CKX, Inc		315
46,768	*	Coldwater Creek, Inc		283

265

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
1,118,706		CVS Corp	$	35,652
65,848	*	Dick's Sporting Goods, Inc		1,133
69,440	*	Dollar Tree, Inc		2,923
61,220	*	Drugstore.Com		111
36,390	*	Ezcorp, Inc (Class A)		392
7,272	*	Fuqi International, Inc		151
22,258	*	GSI Commerce, Inc		317
23,990	*	Hibbett Sports, Inc		432
30,139	*	HSN, Inc		319
19,736	*	Jo-Ann Stores, Inc		408
9,216	*	Kirkland's, Inc		111
38,265	*	Marvel Entertainment, Inc		1,362
32,978		MSC Industrial Direct Co (Class A)		1,170
24,699		Nutri/System, Inc		358
212,310	*	Office Depot, Inc		968
62,128		OfficeMax, Inc		390
11,517	*	Overstock.com, Inc		138
6,868	*	PC Connection, Inc		36
7,784	*	PC Mall, Inc		53
96,494		Petsmart, Inc		2,071
31,899	*	Priceline.com, Inc		3,559
12,378		Pricesmart, Inc		207
445,462	*	Rite Aid Corp		673
15,239	*	Shutterfly, Inc		213
65,800		Signet Jewelers Ltd		1,370
12,380	*	Stamps.com, Inc		105
547,559		Staples, Inc		11,044
9,938		Systemax, Inc		118
95,185		Tiffany & Co		2,414
763,070		Walgreen Co		22,434
22,988		World Fuel Services Corp		948
25,452	*	Zale Corp		88
12,255	*	Zumiez, Inc		98
		TOTAL MISCELLANEOUS RETAIL		115,961

MOTION PICTURES - 0.66%
10,098	*	Ascent Media Corp (Series A)		268
24,879	*	Avid Technology, Inc		334
8,632	*	Carmike Cinemas, Inc		72
21,687		Cinemark Holdings, Inc		245
86	*	Discovery Communications, Inc (Class A)		2
215,450	*	Discovery Communications, Inc (Class C)		4,423
55,599	*	DreamWorks Animation SKG, Inc (Class A)		1,534
11,202	*	Gaiam, Inc (Class A)		61
77,604	*	Macrovision Solutions Corp		1,692
30,800		National CineMedia, Inc		424
1,745,868		News Corp (Class A)		15,905
60,087		Regal Entertainment Group (Class A)		799
7,217	*	Rentrak Corp		119
920,798		Time Warner, Inc		23,195
114,426	*	tw telecom inc (Class A)		1,175
		TOTAL MOTION PICTURES		50,248

266

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
NONDEPOSITORY INSTITUTIONS - 0.61%
36,918		Advance America Cash Advance Centers, Inc	$	164
165,645		American Capital Ltd		532
781,267		American Express Co		18,158
69,319	*	AmeriCredit Corp		939
108,197		Apollo Investment Corp		649
69,835		Ares Capital Corp		563
7,100		BlackRock Kelso Capital Corp		44
29,500	*	Boise, Inc		51
346,211		Capital One Financial Corp		7,576
177,435		CapitalSource, Inc		866
510,120		Chimera Investment Corp		1,780
300,540		CIT Group, Inc		646
16,600	*	CompuCredit Corp		38
6,526	*	Credit Acceptance Corp		143
369,234		Discover Financial Services		3,793
11,162	*	Encore Capital Group, Inc		148
2,603	*	ePlus, Inc		38
19,417		Financial Federal Corp		399
18,408	*	First Cash Financial Services, Inc		323
43,239	*	First Marblehead Corp		87
15,921		Gladstone Investment Corp		77
145,433		GLG Partners, Inc		595
60,592	*	Heckmann Corp		227
24,455		Hercules Technology Growth Capital, Inc		204
17,512	*	Information Services Group, Inc		53
8,511		Kohlberg Capital Corp		54
73,976		Lender Processing Services, Inc		2,054
50,285	*	MCG Capital Corp		122
9,981		Medallion Financial Corp		76
20,441	*	Mercadolibre, Inc		549
13,901	*	Nelnet, Inc (Class A)		189
9,384	*	NewStar Financial, Inc		18
12,077		NGP Capital Resources Co		71
29,717	*	Ocwen Financial Corp		385
13,973		PennantPark Investment Corp		99
41,814	*	PHH Corp		759
359,310	*	SLM Corp		3,690
2,846		Student Loan Corp		106
20,926		TICC Capital Corp		92
4,417	*	Tree.com, Inc		42
5,712	*	Triangle Capital Corp		62
12,929	*	World Acceptance Corp		257
		TOTAL NONDEPOSITORY INSTITUTIONS		46,718

NONMETALLIC MINERALS, EXCEPT FUELS - 0.07%
18,209		AMCOL International Corp		393
28,828	*	Cardium Therapeutics, Inc		53
24,755		Compass Minerals International, Inc		1,359
45,354	*	General Moly, Inc		101
1,357	*	United States Lime & Minerals, Inc		58
84,470		Vulcan Materials Co		3,640
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		5,604

267

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
OIL AND GAS EXTRACTION - 4.35%
382,659		Anadarko Petroleum Corp	$	17,369
257,978		Apache Corp		18,612
6,580		APCO Argentina, Inc		127
6,556	*	Approach Resources, Inc		45
30,327	*	Arena Resources, Inc		966
25,618		Atlas America, Inc		458
28,046	*	ATP Oil & Gas Corp		195
41,974	*	Atwood Oceanics, Inc		1,046
236,615		Baker Hughes, Inc		8,622
22,381	*	Basic Energy Services, Inc		153
33,452		Berry Petroleum Co (Class A)		622
29,418	*	Bill Barrett Corp		808
222,479		BJ Services Co		3,032
62,158	*	Boots & Coots, Inc		86
82,124	*	Brigham Exploration Co		287
18,177	*	Bronco Drilling Co, Inc		78
78,361		Cabot Oil & Gas Corp		2,401
38,620	*	Cal Dive International, Inc		333
165,256	*	Cameron International Corp		4,677
25,047	*	Carrizo Oil & Gas, Inc		430
53,690	*	Cheniere Energy, Inc		158
480,033		Chesapeake Energy Corp		9,519
63,993		Cimarex Energy Co		1,814
3,369	*	Clayton Williams Energy, Inc		64
19,751	*	CNX Gas Corp		519
51,350	*	Complete Production Services, Inc		327
34,810	*	Comstock Resources, Inc		1,150
58,293	*	Concho Resources, Inc		1,672
10,428	*	Contango Oil & Gas Co		443
24,174	*	Continental Resources, Inc		671
5,233	*	CREDO Petroleum Corp		56
5,228	*	Dawson Geophysical Co		156
154,398	*	Delta Petroleum Corp		298
190,838	*	Denbury Resources, Inc		2,811
340,322		Devon Energy Corp		18,547
52,480		Diamond Offshore Drilling, Inc		4,358
39,711	*	Encore Acquisition Co		1,225
81,717	*	Endeavour International Corp		111
25,675	*	Energy Recovery, Inc		182
107,909		ENSCO International, Inc		3,763
191,849		EOG Resources, Inc		13,030
100,116		Equitable Resources, Inc		3,495
108,518	*	EXCO Resources, Inc		1,402
48,293	*	Exterran Holdings, Inc		775
85,352	*	Forest Oil Corp		1,273
24,931	*	FX Energy, Inc		94
4,904	*	Geokinetics, Inc		67
4,145	*	Georesources, Inc		42
79,950	*	Global Industries Ltd		453
18,774	*	GMX Resources, Inc		200
17,217	*	Goodrich Petroleum Corp		423
18,897	*	Gulfport Energy Corp		129
686,854		Halliburton Co		14,218
29,621	*	Harvest Natural Resources, Inc		131

268

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
76,406	*	Helix Energy Solutions Group, Inc	$	831
80,380		Helmerich & Payne, Inc		2,481
78,293	*	Hercules Offshore, Inc		311
823	*	Isramco, Inc		88
6,902		Kayne Anderson Energy Development Co		92
95,985	*	Key Energy Services, Inc		553
69,026	*	Mariner Energy, Inc		811
59,567	*	McMoRan Exploration Co		355
215,656	*	Nabors Industries Ltd		3,360
320,409	*	National Oilwell Varco, Inc		10,465
101,507	*	Newfield Exploration Co		3,316
64,229	*	Newpark Resources, Inc		183
132,861		Noble Energy, Inc		7,835
23,157	*	Northern Oil And Gas, Inc		148
623,143		Occidental Petroleum Corp		41,008
42,236	*	Oceaneering International, Inc		1,909
140,208	*	Oilsands Quest, Inc		135
5,367		Panhandle Oil and Gas, Inc (Class A)		105
27,407	*	Parallel Petroleum Corp		53
96,030	*	Parker Drilling Co		417
119,282		Patterson-UTI Energy, Inc		1,534
35,015		Penn Virginia Corp		573
211,456	*	PetroHawk Energy Corp		4,715
16,488	*	Petroleum Development Corp		259
37,803	*	Petroquest Energy, Inc		139
35,470	*	Pioneer Drilling Co		170
87,460		Pioneer Natural Resources Co		2,230
91,313	*	Plains Exploration & Production Co		2,498
12,071	*	PowerSecure International, Inc		51
132,232	*	Pride International, Inc		3,314
86,119	*	Quicksilver Resources, Inc		800
120,004		Range Resources Corp		4,969
19,029	*	Rex Energy Corp		108
86,005		Rowan Cos, Inc		1,662
23,456		RPC, Inc		196
919,359		Schlumberger Ltd		49,746
15,473	*	SEACOR Holdings, Inc		1,164
167,369		Smith International, Inc		4,310
263,488	*	Southwestern Energy Co		10,237
45,939		St. Mary Land & Exploration Co		959
30,423	*	Stone Energy Corp		226
23,906	*	Sulphco, Inc		22
59,956	*	Superior Energy Services		1,035
11,230	*	Superior Well Services, Inc		67
23,503	*	Swift Energy Co		391
49,984	*	Syntroleum Corp		110
61,137	*	Tetra Technologies, Inc		487
9,895	*	TGC Industries, Inc		48
39,644		Tidewater, Inc		1,700
11,158		Toreador Resources Corp		75
10,127	*	Union Drilling, Inc		67
31,837	*	Unit Corp		878
50,557	*	Vaalco Energy, Inc		214
20,033	*	Venoco, Inc		154

269

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
26,306		W&T Offshore, Inc	$	256
37,871	*	Warren Resources, Inc		93
38,900	*	Whiting Petroleum Corp		1,368
30,921	*	Willbros Group, Inc		387
444,389		XTO Energy, Inc		16,949
9,112	*	Zion Oil & Gas, Inc		97
		TOTAL OIL AND GAS EXTRACTION		332,637

PAPER AND ALLIED PRODUCTS - 0.45%
75,437		Bemis Co		1,901
26,323	*	Buckeye Technologies, Inc		118
38,005	*	Cenveo, Inc		161
36,513	*	Domtar Corporation		606
35,119		Glatfelter		313
104,801	*	Graphic Packaging Holding Co		192
25,049		Greif, Inc (Class A)		1,108
329,555		International Paper Co		4,986
13,461	*	Kapstone Paper and Packaging Corp		63
319,156		Kimberly-Clark Corp		16,733
130,827		MeadWestvaco Corp		2,147
17,978		Neenah Paper, Inc		158
3,565	*	Orchids Paper Products Co		73
77,673		Packaging Corp of America		1,258
28,437		Rock-Tenn Co (Class A)		1,085
14,072		Schweitzer-Mauduit International, Inc		383
76,538		Sonoco Products Co		1,833
81,476		Temple-Inland, Inc		1,069
29,954		Wausau Paper Corp		201
		TOTAL PAPER AND ALLIED PRODUCTS		34,388

PERSONAL SERVICES - 0.15%
101,777		Cintas Corp		2,325
22,900	*	Coinstar, Inc		611
3,696		CPI Corp		63
15,088		G & K Services, Inc (Class A)		319
260,474		H&R Block, Inc		4,489
20,449		Jackson Hewitt Tax Service, Inc		128
8,861	*	Mac-Gray Corp		117
33,751		Regis Corp		588
68,023	*	Sally Beauty Holdings, Inc		433
187,277		Service Corp International		1,026
11,970	*	Steiner Leisure Ltd		365
9,989		Unifirst Corp		371
26,680		Weight Watchers International, Inc		688
		TOTAL PERSONAL SERVICES		11,523

PETROLEUM AND COAL PRODUCTS - 6.08%
9,171		Alon USA Energy, Inc		95
56,052		Ashland, Inc		1,572
1,542,157		Chevron Corp		102,167
1,136,644		ConocoPhillips		47,807
21,762	*	CVR Energy, Inc		160
7,530		Delek US Holdings, Inc		64
3,753,682	c	Exxon Mobil Corp		262,419

270

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
80,549		Frontier Oil Corp	$	1,056
162,929	*	Gran Tierra Energy, Inc		562
34,562	*	Headwaters, Inc		117
222,723		Hess Corp		11,971
32,029		Holly Corp		576
542,601		Marathon Oil Corp		16,349
146,325		Murphy Oil Corp		7,948
7,327		Quaker Chemical Corp		97
95,510	*	SandRidge Energy, Inc		814
89,404		Sunoco, Inc		2,074
104,460		Tesoro Corp		1,330
395,722		Valero Energy Corp		6,684
11,564		WD-40 Co		335
21,900	*	Western Refining, Inc		155
		TOTAL PETROLEUM AND COAL PRODUCTS		464,352

PIPELINES, EXCEPT NATURAL GAS - 0.11%
494,076		Spectra Energy Corp		8,360
		TOTAL PIPELINES, EXCEPT NATURAL GAS		8,360

PRIMARY METAL INDUSTRIES - 0.90%
83,997		AK Steel Holding Corp		1,612
745,063		Alcoa, Inc		7,697
75,088		Allegheny Technologies, Inc		2,623
36,981		Belden CDT, Inc		618
14,781	*	Brush Engineered Materials, Inc		248
34,840		Carpenter Technology Corp		725
38,600	*	Century Aluminum Co		240
63,744	*	CommScope, Inc		1,674
1,191,232		Corning, Inc		19,131
15,305		Encore Wire Corp		327
10,195	*	Fushi Copperweld, Inc		84
40,791	*	General Cable Corp		1,533
27,239	*	General Steel Holdings, Inc		108
20,138		Gibraltar Industries, Inc		138
8,302	*	Haynes International, Inc		197
24,699	*	Horsehead Holding Corp		184
42,693		Hubbell, Inc (Class B)		1,369
24,024		Matthews International Corp (Class A)		748
23,017	*	Metalico, Inc		107
27,916		Mueller Industries, Inc		581
8,845	*	Northwest Pipe Co		307
240,991		Nucor Corp		10,708
9,331		Olympic Steel, Inc		228
107,069		Precision Castparts Corp		7,819
16,800	*	RTI International Metals, Inc		297
16,575		Schnitzer Steel Industries, Inc (Class A)		876
139,692		Steel Dynamics, Inc		2,058
17,419		Texas Industries, Inc		546
61,371		Titanium Metals Corp		564
24,156		Tredegar Corp		322
109,614		United States Steel Corp		3,918
4,623	*	Universal Stainless & Alloy		75
60,823	*	Uranium Energy Corp		176

271

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
46,555		Worthington Industries, Inc	$	595
		TOTAL PRIMARY METAL INDUSTRIES		68,433

PRINTING AND PUBLISHING - 0.30%
36,106	*	ACCO Brands Corp		102
34,915		American Greetings Corp (Class A)		408
59,879		Belo (A.H.) Corp (Class A)		107
23,337		Bowne & Co, Inc		152
16,074	*	China Information Security Technology, Inc		46
8,210	*	Consolidated Graphics, Inc		143
6,267		Courier Corp		96
5,480		CSS Industries, Inc		112
23,101	*	Dolan Media Co		295
40,747		Dun & Bradstreet Corp		3,309
17,307		Ennis, Inc		216
21,197		EW Scripps Co (Class A)		44
177,581		Gannett Co, Inc		634
33,505		Harte-Hanks, Inc		310
30,975		John Wiley & Sons, Inc (Class A)		1,030
30,943		Journal Communications, Inc (Class A)		32
19,558	*	Martha Stewart Living Omnimedia, Inc (Class A)		60
241,149		McGraw-Hill Cos, Inc		7,261
26,535		Meredith Corp		678
76,747	*	MSCI, Inc (Class A)		1,876
5,947		Multi-Color Corp		73
81,235		New York Times Co (Class A)		448
12,663	*	Playboy Enterprises, Inc (Class B)		32
31,380		Primedia, Inc		63
157,353		R.R. Donnelley & Sons Co		1,828
10,767		Schawk, Inc (Class A)		81
17,418		Scholastic Corp		345
10,680		Standard Register Co		35
40,793	*	Valassis Communications, Inc		249
33,090	*	VistaPrint Ltd		1,411
4,629		Washington Post Co (Class B)		1,630
		TOTAL PRINTING AND PUBLISHING		23,106

RAILROAD TRANSPORTATION - 0.76%
201,476		Burlington Northern Santa Fe Corp		14,817
300,020		CSX Corp		10,390
25,615	*	Genesee & Wyoming, Inc (Class A)		679
69,698	*	Kansas City Southern Industries, Inc		1,123
281,376		Norfolk Southern Corp		10,599
388,089		Union Pacific Corp		20,203
		TOTAL RAILROAD TRANSPORTATION		57,811

REAL ESTATE - 0.08%
168,548	*	CB Richard Ellis Group, Inc (Class A)		1,578
20,046	*	China Housing & Land Development, Inc		115
4,977		Consolidated-Tomoka Land Co		175
20,453		DuPont Fabros Technology, Inc		193
84,802		Forest City Enterprises, Inc (Class A)		560
29,389	*	Forestar Real Estate Group, Inc		349
26,473		Jones Lang LaSalle, Inc		866

272

COLLEGE RETIREMENT EQUITIES FUND - CREF Equity Index Account

				VALUE
SHARES		COMPANY		(000)
19,220	*	LoopNet, Inc	$	149
13,593	*	Reading International, Inc		62
70,149	*	St. Joe Co		1,857
68,986		Stewart Enterprises, Inc (Class A)		333
		TOTAL REAL ESTATE		6,237

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.15%
21,213		A. Schulman, Inc		321
5,113	*	AEP Industries, Inc		135
43,609		Cooper Tire & Rubber Co		433
9,928	*	Deckers Outdoor Corp		698
183,380	*	Goodyear Tire & Rubber Co		2,065
10,182	*	Metabolix, Inc		84
211,403		Newell Rubbermaid, Inc		2,200
120,927		Sealed Air Corp		2,230
23,839	*	Skechers U.S.A., Inc (Class A)		233
25,932		Spartech Corp		238
27,247		Titan International, Inc		204
13,203	*	Trex Co, Inc		177
48,152		Tupperware Corp		1,253
24,148		West Pharmaceutical Services, Inc		841
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		11,112

SECURITY AND COMMODITY BROKERS - 2.48%
167,686		Ameriprise Financial, Inc		4,070
15,421		BlackRock, Inc		2,705
27,053	*	Broadpoint Securities Group, Inc		151
106,305		Broadridge Financial Solutions, Inc		1,763
16,951		Calamos Asset Management, Inc (Class A)		239
728,090		Charles Schwab Corp		12,771
50,980		CME Group, Inc		15,860
12,285		Cohen & Steers, Inc		184
1,420		Diamond Hill Investment Group, Inc		57
12,546		Duff & Phelps Corp		223
345,685	*	E*Trade Financial Corp		442
89,258		Eaton Vance Corp		2,388
6,384		Epoch Holding Corp		55
6,107		Evercore Partners, Inc (Class A)		120
20,447	*	FBR Capital Markets Corp		96
16,378	*	FCStone Group, Inc		65
66,691		Federated Investors, Inc (Class B)		1,607
14,957		Fifth Street Finance Corp		150
116,039		Franklin Resources, Inc		8,356
6,584		GAMCO Investors, Inc (Class A)		319
54,396		GFI Group, Inc		367
388,374		Goldman Sachs Group, Inc		57,261
15,750		Greenhill & Co, Inc		1,137
31,233	*	Interactive Brokers Group, Inc (Class A)		485
55,842	*	IntercontinentalExchange, Inc		6,379
3,172	*	International Assets Holding Corp		47
318,717		Invesco Ltd		5,680
33,274	*	Investment Technology Group, Inc		678
125,273		Janus Capital Group, Inc		1,428
89,727	*	Jefferies Group, Inc		1,914

273

COLLEGE RETIREMENT EQUITIES FUND - CREF Money Market Account

COLLEGE RETIREMENT EQUITIES FUND CREF MONEY MARKET ACCOUNT SCHEDULE OF INVESTMENTS (unaudited) June 30, 2009

				MATURITY		VALUE
PRINCIPAL		ISSUER	RATE	DATE		(000)
BONDS - 1.47%

CORPORATE BONDS - 0.17%

DEPOSITORY INSTITUTIONS - 0.17%
$ 25,000,000	i	Barclays Bank plc	0.680%	09/21/09	$	25,001
		TOTAL DEPOSITORY INSTITUTIONS				25,001

		TOTAL CORPORATE BONDS				25,001
		(Cost $25,001)

GOVERNMENT BONDS 1.30%

AGENCY SECURITIES - 0.39%
30,000,000		Federal Farm Credit Bank (FFCB)	4.130	07/17/09		30,045
17,000,000		Federal National Mortgage Association (FNMA)	3.000	03/10/10		17,300
10,000,000		Private Export Funding Corp	7.200	01/15/10		10,331
		TOTAL AGENCY SECURITIES				57,676

U.S. TREASURY SECURITIES - 0.91%
25,000,000		United States Treasury Note	2.000	02/28/10		25,263
39,690,000		United States Treasury Note	2.630	05/31/10		40,572
67,500,000		United States Treasury Note	2.880	06/30/10		69,027
		TOTAL U.S. TREASURY SECURITIES				134,862

		TOTAL GOVERNMENT BONDS				192,538
		(Cost $192,538)

		TOTAL BONDS				217,539
		(Cost $217,539)

SHORT-TERM INVESTMENTS - 98.49%

BANKER'S ACCEPTANCES - 2.04%
8,851,000		Bank of America NA	0.000	07/01/09		8,851
3,353,000		Bank of America NA	0.000	07/13/09		3,353
1,064,000		Bank of America NA	0.000	07/21/09		1,064
9,206,000		Bank of America NA	0.000	07/22/09		9,204
6,442,000		Bank of America NA	0.000	08/04/09		6,436
4,764,000		Bank of America NA	0.000	08/18/09		4,760
5,077,000		Bank of America NA	0.000	08/27/09		5,072
1,757,000		Bank of America NA	0.000	09/02/09		1,755
2,547,000		Bank of America NA	0.000	09/09/09		2,542
8,314,000		Bank of America NA	0.000	09/21/09		8,303
4,524,000		Bank of America NA	0.000	09/23/09		4,518
9,011,000		Bank of America NA	0.000	10/08/09		8,989


COLLEGE RETIREMENT EQUITIES FUND - CREF Money Market Account




		The following abbreviations are used in portfolio descriptions:
	LLC	Limited Liability Corporation
	plc	Public Limited Company
	g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers.
		At June 30, 2009 the value of these securities amounted to $3,172,379,282 or 21.44% of net assets.

	i	Floating or variable rate security. Coupon rate represents the rate at period end.
	p	Security participates in the FDIC Temporary Liquidity Guarantee Program.

		Cost amounts are in thousands.

	COLLEGE RETIREMENT EQUITIES FUND


Date: August 24, 2009	By:	/s/ Roger W. Ferguson, Jr.
		Roger W. Ferguson, Jr.
		President and Chief Executive Officer

Date: August 24, 2009	By:	/s/ Georganne C. Proctor
		Georganne C. Proctor
		Executive Vice President and Chief Financial Officer
		(principal financial officer)