N-CSR

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number File No. 811-4415

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

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

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

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2009

Item 1. Reports to Stockholders.

2009 ANNUAL REPORT

COLLEGE RETIREMENT
EQUITIES FUND

DECEMBER 31, 2009

Audited financial statements

CONTENTS

Understanding your CREF report	2
Information for CREF participants	2
About the accounts’ benchmarks	3
Important information about expenses	5
Account performance
CREF Stock Account	6
CREF Global Equities Account	9
CREF Growth Account	12
CREF Equity Index Account	15
CREF Bond Market Account	18
CREF Inflation-Linked Bond Account	21
CREF Social Choice Account	24
CREF Money Market Account	27

Summary portfolios of investments		30
Financial statements
Statements of assets and liabilities		70
Statements of operations		72
Statements of changes in net assets		74
Financial highlights		80
Notes to financial statements		88
Report of independent registered public accounting firm		106
2009 annual meeting		107
Management		108
How to reach us	Inside back cover

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.

UNDERSTANDING YOUR CREF REPORT

This report contains information about the eight CREF accounts and describes the accounts’ results for the twelve months ended on December 31, 2009. The report contains three main sections:

• 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 December 31, 2009. It also lists the account’s largest individual holdings and any holding that made up more than one percent of the account’s net assets on that date.

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

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. CREF files complete portfolio listings with the SEC, and they are available to participants.

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

2   2009 Annual Report § College Retirement Equities Fund

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.

ABOUT THE ACCOUNTS’ BENCHMARKS

CREF STOCK ACCOUNT

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.

CREF GLOBAL EQUITIES ACCOUNT

The account’s benchmark is the MSCI World Index, an aggregate of 23 country indexes in developed markets, including the United States.

College Retirement Equities Fund § 2009 Annual Report   3

ABOUT THE ACCOUNTS’ BENCHMARKS

CREF GROWTH ACCOUNT

The account’s benchmark is the Russell 1000® Growth Index, 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.

CREF EQUITY INDEX ACCOUNT

The account’s benchmark is the Russell 3000 Index, which 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.

CREF BOND MARKET ACCOUNT

The account’s benchmark is the Barclays Capital U.S. Aggregate Bond Index, which 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.

CREF INFLATION-LINKED BOND ACCOUNT

The account’s benchmark is the Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series L), which 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).

CREF SOCIAL CHOICE ACCOUNT

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 any index. Index returns do not include a deduction for fees or expenses.

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. 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.

4   2009 Annual Report § College Retirement Equities Fund

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. There are also no redemption fees or exchange fees.

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

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

          The examples assume $1,000 was invested on July 1, 2009, and held for six months until December 31, 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 value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid” to estimate the expenses you paid during the six-month period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table shows hypothetical account values and hypothetical expenses based on the account’s actual expense ratio for the six-month period and an assumed 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 variable annuity accounts and mutual funds.

College Retirement Equities Fund § 2009 Annual Report   5

CREF STOCK ACCOUNT

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2009

The CREF Stock Account returned 32.04% for the year, compared with the 31.24% return of its composite benchmark, a weighted average of the Russell 3000^® Index, the MSCI EAFE+Canada Index, the MSCI Emerging Markets Index and the MSCI EAFE+Canada Small Cap Index.

Stocks roar back to life

After plummeting in 2008 and the beginning of 2009, both U.S. and foreign stocks rebounded impressively. Beginning in early March, stocks climbed steadily amid continued low interest rates and encouraging economic news, including improved corporate profits and a slower pace of job losses.

          The Russell 3000 Index, a broad measure of the U.S. stock market, rose 28.34% for the year. The MSCI EAFE+Canada Index, which measures stock performance in 22 developed foreign countries, returned 25.31% in terms of local currencies. A stronger euro and pound, relative to the dollar, magnified this gain for U.S. investors. In dollar terms, the EAFE+Canada index climbed 33.67%.

          The MSCI Emerging Markets Index, which tracks stocks in 22 emerging markets, soared a remarkable 78.51% in dollars during the twelve months, fueled by huge gains in many Asian and Latin American markets.

Stock selections boost results

The account’s return surpassed the broad U.S. stock market’s by more than three-and-a-half percentage points, largely because about 30% of the account’s portfolio was allocated to foreign stocks (including more than 5% in emerging-market stocks), which handily outpaced domestic issues. The account’s strong performance, compared with both the U.S. market and the account’s composite benchmark, was further boosted by numerous favorable stock selections.

          Primary contributors to the account’s outperformance of its benchmark included a lower-than-benchmark weighting in Exxon Mobil, a stock that lost more than 12% in 2009, and positions in two nonbenchmark oil companies—Brazil’s Petrobras and Canada’s Suncor Energy. Overweight positions in British mining giant Rio Tinto and Bermuda-based insurer XL Capital also lifted the account’s relative results.

          Holdings that detracted from the account’s performance included underweight positions in U.S. entertainment conglomerate Liberty Media and diversified mining company Xstrata. Overweight positions in Wells Fargo and biotechnology firm Gilead Sciences also adversely affected relative returns.

6   2009 Annual Report § College Retirement Equities Fund

CREF STOCK ACCOUNT

PERFORMANCE AS OF DECEMBER 31, 2009

	Total return		Average annual total return
	1 year		5 years			10 years
CREF Stock Account		32.04%		1.62	%		0.10	%
Broad-based market index
Russell 3000 Index		28.34		0.76			–0.20
CREF Stock Composite Benchmark*		31.24		1.70			0.34

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.

* At December 31, 2009, the CREF Stock Composite Benchmark consisted of: 70.9% Russell 3000 Index; 22.1% MSCI EAFE+Canada Index; 4.7% MSCI Emerging Markets Index; and 2.3% MSCI EAFE+Canada Small Cap Index. The account’s benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark may vary over time.

$10,000 OVER 10 YEARS

For the purpose of comparison, the graph also shows the change in the value of a broad-based market index during the same period.

College Retirement Equities Fund § 2009 Annual Report   7

CREF STOCK ACCOUNT

EXPENSE EXAMPLE

Six months ended December 31, 2009

CREF Stock Account	Starting account value (7/1/09)		Ending account value (12/31/09)		Expenses paid* (7/1/09– 12/31/09)
Actual return		$1,000.00		$1,235.10	$2.25
5% annual hypothetical return		1,000.00		1,023.19	2.04

* “Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2009. The account’s annualized six-month expense ratio for that period was 0.40%.

For more information about this expense example, please see page 5.

ACTUAL EXPENSES
Net expense ratio for one-year period ended 12/31/2009	0.49%

HOLDINGS BY COMPANY SIZE
Market capitalization	% of portfolio investments as of 12/31/2009
Over $15 billion		62.54
$4 billion–$15 billion		20.23
Under $4 billion		17.23
Total		100.00

HOLDINGS BY COUNTRY
	% of portfolio investments as of 12/31/2009
United States	67.2
United Kingdom	4.7
Japan	4.2
Switzerland	2.5
Canada	2.2
Germany	1.9
France	1.8
Australia	1.6
51 other nations	10.6
Short-term investments	3.3
Total	100.0

PORTFOLIO COMPOSITION
	% of net assets as of 12/31/2009
Consumer products & services	26.4
Financial	18.3
Manufacturing & materials	18.0
Technology	16.3
Energy	10.2
Health care	6.4
Utilities	4.0
Short-term investments	3.4
Other assets & liabilities, net	–3.0
Total	100.0

8   2009 Annual Report § College Retirement Equities Fund

CREF GLOBAL EQUITIES ACCOUNT

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2009

The CREF Global Equities Account returned 32.91% for the year, compared with the 29.99% return of its benchmark, the MSCI World Index.

Global rally lifts stock markets

After plummeting in 2008 and the beginning of 2009, global stocks staged a dramatic comeback. Beginning in early March, the MSCI World Index climbed steadily. Investors found cause for optimism in continued low interest rates, improved corporate profits and a slower pace of job losses.

          The rising value of the euro and pound, relative to the dollar, magnified foreign stock gains for U.S. investors. For the year, the World index advanced 25.73% in terms of local currencies and 29.99% in dollars.

European stocks gain the most

In 2009, the benchmark’s European segment surged 35.8% in dollar terms. British, French and German stocks—the three largest components of this segment in terms of market capitalization at year-end—gained 43.3%, 31.8% and 25.2%, respectively.

          The benchmark’s Pacific segment rose 24.2% in dollars. Japanese stocks, the largest component of this segment, were the weakest performers; they returned just 6.3%, partly due to a weaker yen versus the dollar. In contrast, other Pacific stocks soared 72.8%.

          North American stocks, representing more than half of the benchmark’s market capitalization at the end of 2009, returned 28.4%.

Stock choices add value

The account beat its benchmark on the strength of numerous successful stock selections. Among these were lower-than-benchmark weightings in underperforming stocks, including Exxon Mobil, Procter & Gamble and Volkswagen. Favorable overweights included U.S. health and life insurance provider Aflac and Bermuda-based insurer XL Capital. Nonbenchmark positions such as U.S. data storage device maker Brocade Communications also helped.

          Detractors from the account’s relative return included a position in Israeli drug manufacturer Teva Pharmaceuticals, a nonbenchmark stock held as an American Depositary Receipt (a receipt for shares of a foreign stock traded on a U.S. exchange). Underweights that included Wells Fargo and Italian bank Unicredito Italiano also trimmed the account’s return slightly, as did overweights such as Japanese game maker Nintendo and U.S. insurer Aon.

College Retirement Equities Fund § 2009 Annual Report   9

CREF GLOBAL EQUITIES ACCOUNT

PERFORMANCE AS OF DECEMBER 31, 2009
	Total return			Average annual total return
	1 year			5 years			10 years
CREF Global Equities Account		32.91	%		1.97	%		–1.25	%
MSCI World Index		29.99			2.01			–0.26

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.

$10,000 OVER 10 YEARS

For the purpose of comparison, the graph also shows the change in the value of the account’s benchmark during the same period.

10   2009 Annual Report § College Retirement Equities Fund

CREF GLOBAL EQUITIES ACCOUNT

EXPENSE EXAMPLE

Six months ended December 31, 2009
CREF Global Equities Account	Starting account value (7/1/09)		Ending account value (12/31/09)		Expenses paid* (7/1/09– 12/31/09)
Actual return		$1,000.00		$1,237.80		$2.37
5% annual hypothetical return		1,000.00		1,023.09		2.14

* “Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2009. The account’s annualized six-month expense ratio for that period was 0.42%.

For more information about this expense example, please see page 5.

ACTUAL EXPENSES
Net expense ratio for one-year period ended 12/31/2009	0.53%

HOLDINGS BY COMPANY SIZE
Market capitalization	% of portfolio investments as of 12/31/2009
Over $15 billion		69.73
$4 billion–$15 billion		21.67
Under $4 billion		8.60
Total		100.00

HOLDINGS BY COUNTRY
	% of portfolio investments as of 12/31/2009
United States		44.7
United Kingdom		10.3
Japan		7.5
Switzerland		4.6
Germany		3.9
Canada		3.8
Australia		3.5
France		3.3
39 other nations		13.5
Short-term investments		4.9
Total		100.0

PORTFOLIO COMPOSITION
	% of net assets as of 12/31/2009
Consumer products & services		28.5
Financial		22.1
Manufacturing & materials		17.6
Technology		12.9
Energy		9.8
Health care		4.3
Utilities		3.6
Short-term investments		4.9
Other assets & liabilities, net		–3.7
Total		100.0

College Retirement Equities Fund § 2009 Annual Report   11

CREF GROWTH ACCOUNT

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2009

The CREF Growth Account returned 36.54% for the year, compared with the 37.21% return of its benchmark, the Russell 1000^® Growth Index.

Large-cap growth outpaces large-cap value

In 2009, large-cap growth stocks posted their largest calendar-year gain since 1998, strongly outperforming large-cap value issues, which returned 19.69%, as measured by the Russell 1000 Value Index. This reverses a protracted trend. During the decade that ended on December 31, 2009, large-cap value surpassed large-cap growth in eight out of ten years. For the ten years ended December 31, 2009, the Russell 1000 Growth Index posted an average annual return of –3.99%—almost six-and-a-half percentage points behind the 2.47% average annual return of the Russell 1000 Value Index.

Technology propels the index

In July 2009, Russell reorganized the sectors of the Russell indexes, reducing the number of sectors from twelve to nine. For the year, all nine sectors of the Russell 1000 Growth Index recorded double-digit gains. The index’s advance was chiefly fueled by the 64.1% surge in technology, which made up more than one-quarter of the benchmark’s total market capitalization as of December 31, 2009. The benchmark’s next two largest sectors, health care (up 21.1%) and consumer discretionary (up 33.3%), also contributed significantly to its strong showing.

          The benchmark’s lowest-performing sector, utilities, climbed a more than respectable 13.1%.

Stock choices trim returns

The account lagged its benchmark primarily because of several unfavorable stock selections. Among the largest detractors from relative performance were overweight positions in educational provider Apollo Group, biotechnology company Gilead Sciences and General Mills. An underweight in Wells Fargo also detracted from the account’s returns.

          These results were partially offset by several positive contributors to relative performance. They included an underweight position in Exxon Mobil and overweight positions in Goldman Sachs and Google. Underweights in Wal-Mart and Procter & Gamble also aided returns.

12   2009 Annual Report § College Retirement Equities Fund

CREF GROWTH ACCOUNT

PERFORMANCE AS OF DECEMBER 31, 2009
	Total return			Average annual total return
	1 year			5 years			10 years
CREF Growth Account		36.54	%		1.31	%		–4.66	%
Russell 1000 Growth Index		37.21			1.63			–3.99

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.

$10,000 OVER 10 YEARS

For the purpose of comparison, the graph also shows the change in the value of the account’s benchmark during the same period.

College Retirement Equities Fund § 2009 Annual Report   13

CREF GROWTH ACCOUNT

EXPENSE EXAMPLE

Six months ended December 31, 2009
CREF Growth Account	Starting account value (7/1/09)		Ending account value (12/31/09)		Expenses paid* (7/1/09– 12/31/09)
Actual return		$1,000.00		$1,230.60		$2.25
5% annual hypothetical return		1,000.00		1,023.19		2.04

* “Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2009. The account’s annualized six-month expense ratio for that period was 0.40%.

For more information about this expense example, please see page 5.

ACTUAL EXPENSES
Net expense ratio for one-year period ended 12/31/2009	0.48%

HOLDINGS BY COMPANY SIZE
Market capitalization	% of portfolio investments as of 12/31/2009
Over $15 billion		70.19
$4 billion–$15 billion		23.32
Under $4 billion		6.49
Total		100.00

PORTFOLIO COMPOSITION
	% of net assets as of 12/31/2009
Technology		31.7
Consumer products & services		28.9
Manufacturing & materials		15.7
Health care		9.3
Financial		7.5
Energy		4.1
Utilities		0.8
Short-term investments		1.8
Other assets & liabilities, net		0.2
Total		100.0

14   2009 Annual Report § College Retirement Equities Fund

CREF EQUITY INDEX ACCOUNT

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2009

The CREF Equity Index Account returned 27.86% for the year, compared with the 28.34% return of its benchmark, the Russell 3000^® Index.

Rebounding market eases long-term losses

After declining 10.80% from January 1 through March 31, 2009, the broad-based Russell 3000 Index surged nearly 44%, ending the twelve months with its largest calendar-year gain since 2003.

          The period opened with a sharply contracting U.S. economy, steep monthly job losses and continuing problems in the financial sector. As the year progressed, however, the federal stimulus package plus a number of Federal Reserve initiatives began to have a positive effect. Job losses eased, economic activity picked up and corporate profits were better than expected. With renewed confidence, investors left the safety of U.S. Treasury securities to seek higher returns in stocks, fueling the year’s powerful rally.

          For the ten years ended December 31, 2009, the average annual return of the Russell 3000 Index was –0.20%.

Tech stocks fuel the index’s rise

In July 2009, Russell reorganized the sectors of the Russell indexes, reducing the number of sectors from twelve to nine. For the year, all nine sectors of the Russell 3000 Index posted double-digit gains. The index’s advance was driven by the 64.2% surge in technology, its largest sector in terms of market capitalization on December 31, 2009. The consumer discretionary and health care sectors, which together made up more than one-quarter of the index, gained 41.0% and 21.4%, respectively. Financial services, the benchmark’s second-largest sector, rose 17.6%.

Returns of largest stocks vary widely

Although the Russell 3000 Index scored impressive gains for the period, its five largest stocks produced mixed results. Apple rose a stunning 146.9%, as better-than-expected consumer spending boosted iPhone sales, and Microsoft soared 60.5%. In contrast, Johnson & Johnson and Procter & Gamble rose 11.3% and 1.2%, respectively, while Exxon Mobil fell 12.6%.

          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 Annual Report   15

CREF EQUITY INDEX ACCOUNT

PERFORMANCE AS OF DECEMBER 31, 2009

	Total return		Average annual total return
	1 year		5 years			10 years
CREF Equity Index Account	27.86	%		0.37	%		–0.56	%
Russell 3000® Index	28.34			0.76			–0.20

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.

$10,000 OVER 10 YEARS

For the purpose of comparison, the graph also shows the change in the value of the account’s benchmark during the same period.

16   2009 Annual Report § College Retirement Equities Fund

CREF EQUITY INDEX ACCOUNT

EXPENSE EXAMPLE

Six months ended December 31, 2009

CREF Equity Index Account	Starting account value (7/1/09)		Ending account value (12/31/09)		Expenses paid* (7/1/09– 12/31/09)
Actual return		$1,000.00		$1,229.30		$2.08
5% annual hypothetical return		1,000.00		1,023.34		1.89

* “Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2009. The account’s annualized six-month expense ratio for that period was 0.37%.

For more information about this expense example, please see page 5.

ACTUAL EXPENSES
Net expense ratio for one-year period ended 12/31/2009	0.43%
HOLDINGS BY COMPANY SIZE
Market capitalization	% of portfolio investments as of 12/31/2009
Over $15 billion	63.42
$4 billion–$15 billion	19.14
Under $4 billion	17.44
Total	100.00
PORTFOLIO COMPOSITION
	% of net assets as of 12/31/2009
Consumer products & services	23.6
Technology	20.9
Financial	16.0
Manufacturing & materials	15.7
Energy	10.1
Health care	8.9
Utilities	4.2
Short-term investments	0.4
Other assets & liabilities, net	0.2
Total	100.0

College Retirement Equities Fund § 2009 Annual Report   17

CREF BOND MARKET ACCOUNT

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2009

The CREF Bond Market Account returned 7.00% for the year, compared with the 5.93% return of its benchmark, the Barclays Capital U.S. Aggregate Bond Index.

Bonds rally as the economy improves

The period opened with a sharply contracting U.S. economy, steep monthly job losses and continuing problems in the financial sector. In response, the Federal Reserve kept its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) near 0% throughout the period. As the year progressed, low interest rates, other Fed initiatives and a massive federal stimulus package began to have a positive effect. Job losses eased, the nation’s gross domestic product turned positive in the third quarter and the financial sector stabilized.

          The Barclays Capital U.S. Aggregate Bond Index, which measures the broad domestic investment-grade, fixed-rate bond market, returned 1.90% for the first half of 2009, when investor worries about the increased issuance of U.S. Treasury securities to fund the government’s recovery efforts depressed their prices. As the economy improved, the index gained 3.95% in the year’s second half.

Corporate bonds shine

As investors’ appetite for risk increased, the returns of corporate bonds rose; they returned 18.7% in 2009. The riskier asset-backed and commercial mortgage-backed sectors posted returns of 24.7% and 28.5%, respectively. Conversely, agency securities returned just 2.0%, while U.S. Treasuries lost 3.6% for the year. During the period, the yield on 2-year Treasury notes rose from 0.76% at year-end 2008 to 1.14% on December 31, 2009. The yield on 10-year Treasury notes soared from 2.25% to 3.85%.

The account tops its benchmark

The account outperformed the Barclays Capital index for the year primarily because of advantageous sector weightings, relative to the index. Underweight positions in U.S. Treasury securities and overweight holdings in agency securities contributed to the account’s outperformance. Overweight investments in corporate securities, particularly in the well-performing banking and insurance sectors, also aided returns, as did an overweight position in asset-backed securities and a small holding in out-of-benchmark, higher-yielding debt securities. However, an underweight in commercial mortgage-backed securities reduced returns slightly.

18   2009 Annual Report § College Retirement Equities Fund

CREF BOND MARKET ACCOUNT

PERFORMANCE AS OF DECEMBER 31, 2009

	Total return			Average annual total return
	1 year			5 years			10 years
CREF Bond Market Account		7.00	%		4.10	%		5.84	%
Barclays Capital U.S. Aggregate Bond Index		5.93			4.97			6.33

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.

$10,000 OVER 10 YEARS

For the purpose of comparison, the graph also shows the change in the value of the account’s benchmark during the same period.

College Retirement Equities Fund § 2009 Annual Report   19

CREF BOND MARKET ACCOUNT

EXPENSE EXAMPLE

Six months ended December 31, 2009

CREF Bond Market Account	Starting account value (7/1/09)		Ending account value (12/31/09)		Expenses paid* (7/1/09– 12/31/09)
Actual return		$1,000.00		$1,044.70		$2.27
5% annual hypothetical return		1,000.00		1,022.99		2.24

*	“Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2009. The account’s annualized six-month expense ratio for that period was 0.44%.
For more information about this expense example, please see page 5.

ACTUAL EXPENSES
Net expense ratio for one-year period ended 12/31/2009	0.45	%

PORTFOLIO COMPOSITION

	% of net assets as of 12/31/2009
Mortgage-backed securities†		35.1
Corporate bonds		25.6
U.S. Treasury securities		17.0
Foreign government & corporate bonds denominated in U.S. dollars		9.0
U.S. agency securities		5.9
Commercial mortgage-backed securities		2.8
Asset-backed securities		2.4
Mutual funds		0.1
Short-term investments		10.8
Other assets & liabilities, net		–8.7
Total		100.0

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

20   2009 Annual Report § College Retirement Equities Fund

CREF INFLATION-LINKED BOND ACCOUNT

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2009

The CREF Inflation-Linked Bond Account returned 9.58% for the year, compared with the 11.41% return of its benchmark, the Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series L).

Inflation inches up as the economy revives

During 2009, the Federal Reserve acted decisively to stimulate the U.S. economy and bolster the financial markets. Throughout the period, the Fed kept its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) near 0%. The low rate, other Fed initiatives and a massive federal stimulus package helped ease job losses and promote the normal flow of credit.

          Inflation remained fairly tame in 2009. At year-end, prices, as measured by the Consumer Price Index, were 2.7% higher than they had been twelve months earlier. The increase was primarily due to rising prices at the pump. Oil ended the period at $79 a barrel, up from $45 on January 1.

TIPS stage a comeback

Throughout the year, investors worried that efforts to jump-start the economy might trigger long-term inflation. The Barclays Capital U.S. TIPS Index rose 6.21% in the first half of 2009, when the government increased its issuance of Treasuries. The index rose another 4.90% in the year’s second half, as the economy improved and investors pondered the Fed’s next move on interest rates.

          After trailing the broad bond market in 2008, returns for TIPS in 2009 were nearly double the 5.93% gain 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 December 31, 2009, the TIPS index returned an average annual 7.69%, versus 6.33% for the Barclays Capital aggregate index.

The account trails its benchmark

The account lagged the TIPS index partly because 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 its benchmark. This strategy is designed to help the account more closely track the characteristics of its benchmark.

College Retirement Equities Fund § 2009 Annual Report   21

CREF INFLATION-LINKED BOND ACCOUNT

PERFORMANCE AS OF DECEMBER 31, 2009

	Total return		Average annual total return
	1 year		5 years			10 years
CREF Inflation-Linked Bond Account	9.58	%		4.15	%		7.24	%
Barclays Capital U.S. Treasury Inflation Protected Securities Index (Series L)	11.41			4.63			7.69

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.

$10,000 OVER 10 YEARS

For the purpose of comparison, the graph also shows the change in the value of the account’s benchmark during the same period.

22   2009 Annual Report § College Retirement Equities Fund

CREF INFLATION-LINKED BOND ACCOUNT

EXPENSE EXAMPLE

Six months ended December 31, 2009
CREF Inflation-Linked Bond Account	Starting account value (7/1/09)		Ending account value (12/31/09)		Expenses paid* (7/1/09– 12/31/09)
Actual return		$1,000.00		$1,047.40		$2.27
5% annual hypothetical return		1,000.00		1,022.99		2.24

*	“Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2009. The account’s annualized six-month expense ratio for that period was 0.44%.
For more information about this expense example, please see page 5.

ACTUAL EXPENSES
Net expense ratio for one-year period ended 12/31/2009	0.45%

HOLDINGS BY MATURITY
	% of portfolio investments as of 12/31/2009
Less than 1 year	0.2
1–3 years	15.9
3–5 years	20.2
5–10 years	34.0
10–20 years	28.3
Over 20 years	1.4
Total	100.0

College Retirement Equities Fund § 2009 Annual Report   23

CREF SOCIAL CHOICE ACCOUNT

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2009

The CREF Social Choice Account returned 22.41% for the year, compared with the 20.18% 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.

Stock exclusions boost returns

Because of its social screens, the account did not invest in a number of stocks that were included in its composite benchmark. The net result of these exclusions was to increase the account’s return relative to that of its benchmark.

          The account outpaced its composite benchmark in part because it excluded several of the largest stocks in the Russell 3000 Index, in terms of market capitalization as of December 31, 2009. These included Exxon Mobil, General Electric and AT&T, all of which considerably underperformed the broad-based index over the twelve-month period. The avoidance of Citigroup, which tumbled 50.5%, also aided relative results.

          In contrast, the exclusion of Apple, which rose 146.9%, was the largest detractor from relative performance. The absence of mining giants Rio Tinto, BHP Billiton and Freeport-McMoRan also hindered returns.

Strategies help limit 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 period, the account’s relative return was aided by overweight positions in diversified mining company Xstrata and two large financial companies: Switzerland’s Credit Suisse and Commonwealth Bank of Australia. However, overweight holdings in two Japanese telecommunications providers, NTT Docomo and KDDI, hurt returns.

Bonds help the account top its benchmark

During the period, the account’s fixed-income component posted a positive return and contributed to its outperformance. In relative terms, the bond segment topped the Barclays Capital index largely because of overweight positions in corporate and asset-backed securities, which performed particularly well during the twelve-month period. Underweight positions in U.S. Treasury securities also aided returns. However, the high quality of the account’s portfolio slightly weighed on returns, as higher-yielding, lower-quality issues outperformed.

24   2009 Annual Report § College Retirement Equities Fund

CREF SOCIAL CHOICE ACCOUNT

PERFORMANCE AS OF DECEMBER 31, 2009

	Total return		Average annual total return
	1 year		5 years			10 years
CREF Social Choice Account	22.41	%		2.58	%		2.54	%
Broad-based market index Russell 3000 Index	28.34			0.76			–0.20
CREF Social Choice Composite Benchmark*	20.18			2.60			2.44

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.

* At December 31, 2009, the CREF Social Choice Composite Benchmark consisted of: 47% Russell 3000 Index; 40% Barclays Capital U.S. Aggregate Bond Index; and 13% MSCI EAFE+Canada Index. The account’s benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark may vary over time.

$10,000 OVER 10 YEARS

For the purpose of comparison, the graph also shows the change in the value of a broad-based market index during the same period.

College Retirement Equities Fund § 2009 Annual Report   25

CREF SOCIAL CHOICE ACCOUNT

EXPENSE EXAMPLE

Six months ended December 31, 2009

CREF Social Choice Account	Starting account value (7/1/09)		Ending account value (12/31/09)		Expenses paid* (7/1/09– 12/31/09)
Actual return		$1,000.00		$1,163.50		$2.13
5% annual hypothetical return		1,000.00		1,023.24		1.99

* “Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2009. The account’s annualized six-month expense ratio for that period was 0.39%.

For more information about this expense example, please see page 5.

ACTUAL EXPENSES

Net expense ratio for one-year period ended 12/31/2009 0.45%

PORTFOLIO COMPOSITION

	% of net assets as of 12/31/2009
Equities	60.3
Long-term bonds	37.9
Short-term investments	7.0
Other assets & liabilities, net	–5.2
Total	100.0

HOLDINGS BY COMPANY SIZE

Market capitalization (Equity segment)	% of equity investments as of 12/31/2009
Over $15 billion	64.95
$4 billion–$15 billion	23.97
Under $4 billion	11.08
Total	100.00

26   2009 Annual Report § College Retirement Equities Fund

CREF MONEY MARKET ACCOUNT

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2009

The CREF Money Market Account returned 0.11% for the year, compared with the 0.17% 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 revives

The year began with soaring job losses, depressed home values and turmoil within the financial sector that nearly froze the flow of credit. Against this backdrop, gross domestic product (GDP) retreated in the first two quarters of 2009.

          In response, the Federal Reserve kept its target for the federal funds rate—the interest rate U.S. commercial banks charge one another for overnight loans—near 0% throughout the period. The Fed also made short-term loans to banks and guaranteed the purchase of hard-to-sell securities. Meanwhile, federal stimulus legislation pumped money into communities around the country. By mid-year, credit conditions had eased, and the rate of job losses had declined. GDP finally turned positive in the third quarter.

LIBOR falls sharply during the year

LIBOR began the period at elevated levels but declined as credit conditions improved. (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.) Although lending activity remained sluggish, businesses were nevertheless able to borrow cash at a smaller premium. For the year, the three-month LIBOR dropped from 1.43% to 0.25%; the twelve-month LIBOR fell from 2.00% to 0.98%.

The account weathers the storm

In 2009, the account produced a return similar to that of the average iMoneyNet fund. Early in the year, the account purchased longer-term, floating-rate securities issued by U.S. government agencies to benefit from higher yields. As rates fell, and to mitigate credit risk, the account purchased high-quality corporate and bank debt with relatively short maturities. Later in the year, with these securities in limited supply, the account invested in U.S. Treasuries and agency debt for relative value and liquidity. On December 29, 2009, the account’s weighted average maturity was 67 days, versus 47 days for the average iMoneyNet fund.

          On December 31, 2009, foreign securities made up 19.76% of the account’s total portfolio investments. The account’s investment in foreign securities may involve special risks, including currency fluctuation and political and economic instability.

College Retirement Equities Fund § 2009 Annual Report   27

CREF MONEY MARKET ACCOUNT

NET ANNUALIZED YIELD FOR THE 7 DAYS ENDED DECEMBER 29, 2009*

	Current yield		Effective yield
CREF Money Market Account†	0.01	%	0.01	%
iMoneyNet Money Fund Report Averages™—All Taxable‡	0.03		0.03

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

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

PERFORMANCE AS OF DECEMBER 31, 2009

		Total return		Average annual total return
	1 year		5 years			10 years
CREF Money Market Account†		0.11%		3.00	%		2.86	%
iMoneyNet Money Fund Report
Averages—All Taxable‡		0.17		2.80			2.61

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.

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.

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.

†	Beginning July 16, 2009, part or all of the 12b-1 distribution fees for the CREF Money Market Account are being voluntarily waived. Without this waiver, the 7-day current and effective annualized yields and total returns would have been lower. This 12b-1 waiver may be discontinued at any time without notice.
‡	The iMoneyNet Money Fund Report Averages—All Taxable category is a simple average of over 1,000 taxable money market funds. You cannot invest in it directly.

28   2009 Annual Report § College Retirement Equities Fund

CREF MONEY MARKET ACCOUNT

EXPENSE EXAMPLE

Six months ended December 31, 2009

CREF Money Market Account	Starting account value (7/1/09)		Ending account value (12/31/09)		Expenses paid* (7/1/09– 12/31/09)
Actual return		$1,000.00		$1,000.10		$1.81
5% annual hypothetical return		1,000.00		1,023.39		1.84

* “Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2009. The account’s annualized six-month expense ratio for that period was 0.36%. The expense charges reflects a voluntary waiver. Without this waiver, the expenses of the account would have been higher and the performance lower.

For more information about this expense example, please see page 5.

ACTUAL EXPENSES

Net expense ratio for one-year period ended 12/31/2009 0.41%

PORTFOLIO COMPOSITION

	% of net assets as of 12/31/2009
Commercial paper	41.7
U.S. government & agency securities	36.7
Certificates of deposit	12.5
Floating-rate securities, U.S. agency	6.9
Bankers acceptances	1.5
Medium-term bonds & notes	0.7
Total	100.0

College Retirement Equities Fund § 2009 Annual Report   29

SUMMARY PORTFOLIO OF INVESTMENTS

CREF STOCK ACCOUNT § DECEMBER 31, 2009

					Value (000)		% of net assets
BONDS
CORPORATE BONDS
HOLDING AND OTHER INVESTMENT OFFICES					$	17		0.00	%**
			TOTAL CORPORATE BONDS	(Cost $16)		17		0.00	**
GOVERNMENT BONDS
U.S. TREASURY SECURITIES						341		0.00	**
			TOTAL GOVERNMENT BONDS	(Cost $324)		341		0.00	**
			TOTAL BONDS	(Cost $340)		358		0.00	**
Shares			Company
COMMON STOCKS
AGRICULTURAL PRODUCTION-CROPS						5,146		0.01
AGRICULTURAL PRODUCTION-LIVESTOCK						5,143		0.01
AGRICULTURAL SERVICES						11,154		0.01
AMUSEMENT AND RECREATION SERVICES
	10,100,099		Walt Disney Co			325,728		0.33
			Other			245,849		0.25
						571,577		0.58
APPAREL AND ACCESSORY STORES						783,848		0.80
APPAREL AND OTHER TEXTILE PRODUCTS						292,311		0.30
AUTO REPAIR, SERVICES AND PARKING						49,685		0.05
AUTOMOTIVE DEALERS AND SERVICE STATIONS						149,649		0.15
BUILDING MATERIALS AND GARDEN SUPPLIES						497,128		0.50
BUSINESS SERVICES
	1,456,502	*	Google, Inc (Class A)			903,002		0.92
	431,900	a	Information Development Co			2,542		0.00	**
	15,915	a	Intelligent Wave, Inc			2,414		0.00	**
	46,624,410		Microsoft Corp			1,421,578		1.44
	22,545,242		Oracle Corp			553,260		0.56
			Other			3,770,322		3.83
						6,653,118		6.75
CHEMICALS AND ALLIED PRODUCTS
	8,236,883		Abbott Laboratories			444,709		0.45
	7,125,763	*	Amgen, Inc			403,104		0.41
	6,690,467	*	Gilead Sciences, Inc			289,563		0.30
	4,760,603	a,e	Ferro Corp			39,227		0.04
	15,128,777		Johnson & Johnson			974,445		1.00
	16,736,747		Merck & Co, Inc			611,561		0.62
	4,259,541		Monsanto Co			348,217		0.35
	7,634,607		Novartis AG.			416,920		0.42

30   2009 Annual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS	continued
CREF STOCK ACCOUNT § DECEMBER 31, 2009

Shares			Company	Value (000)		% of net assets
CHEMICALS AND ALLIED PRODUCTS—continued
	47,287,195		Pfizer, Inc	$	860,154		0.87	%
	15,314,193		Procter & Gamble Co		928,500		0.94
	1,439,858	*,a,e	Vanda Pharmaceuticals, Inc		16,184		0.02
			Other		5,445,000		5.52
					10,777,584		10.94
COAL MINING					311,356		0.32
COMMERCIAL SERVICES AND SUPPLIES					2,444		0.00	**
COMMUNICATIONS
	31,956,303		AT&T, Inc		895,735		0.91
	17,021,409		Comcast Corp (Class A)		286,981		0.29
	17,570,434		Verizon Communications, Inc		582,108		0.59
			Other		2,861,797		2.91
					4,626,621		4.70
DEPOSITORY INSTITUTIONS
	21,836,914		Banco Santander Central Hispano S.A.		360,848		0.37
	50,677,477		Bank of America Corp		763,203		0.77
	122,231,642		Citigroup, Inc		404,588		0.40
	29,892,864		HSBC Holdings plc		341,028		0.35
	23,436,748		JPMorgan Chase & Co		976,609		0.99
	13,469,734		US Bancorp		303,204		0.31
	30,222,607		Wells Fargo & Co		815,708		0.83
			Other		4,817,490		4.89
					8,782,678		8.91
EATING AND DRINKING PLACES
	5,279,963		McDonald’s Corp		329,681		0.33
			Other		462,676		0.47
					792,357		0.80
EDUCATIONAL SERVICES					167,279		0.17
ELECTRIC, GAS, AND SANITARY SERVICES					4,169,746		4.23
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	5,438,045	*	Apple Computer, Inc		1,146,666		1.17
	33,378,489	*	Cisco Systems, Inc		799,081		0.81
	60,431,618		General Electric Co		914,330		0.93
	34,635,776		Intel Corp		706,570		0.72
	11,158,576		Qualcomm, Inc		516,196		0.52
			Other		3,450,788		3.50
					7,533,631		7.65
ENGINEERING AND MANAGEMENT SERVICES
	10,423	a,e	Digital Garage, Inc		18,114		0.02
			Other		690,461		0.70
					708,575		0.72
ENVIRONMENTAL QUALITY AND HOUSING					962		0.00	**
FABRICATED METAL PRODUCTS					500,178		0.51

See notes to financial statements College Retirement Equities Fund § 2009 Annual Report   31

SUMMARY PORTFOLIO OF INVESTMENTS	continued
CREF STOCK ACCOUNT § DECEMBER 31, 2009

Shares			Company	Value (000)		% of net assets
FISHERIES				$	4,777		0.00	%**
FOOD AND KINDRED PRODUCTS
	12,226,368		Coca-Cola Co		696,903		0.71
	6,167,589		Nestle S.A.		299,335		0.30
	8,716,928		PepsiCo, Inc		529,989		0.54
			Other		2,283,350		2.32
					3,809,577		3.87
FOOD STORES					461,541		0.47
FORESTRY					100,721		0.10
FURNITURE AND FIXTURES					118,779		0.12
FURNITURE AND HOME FURNISHINGS STORES					218,307		0.22
GENERAL BUILDING CONTRACTORS					373,865		0.38
GENERAL MERCHANDISE STORES
	11,351,291		Wal-Mart Stores, Inc		606,727		0.62
			Other		877,968		0.89
					1,484,695		1.51
HEALTH SERVICES					919,664		0.93
HEAVY CONSTRUCTION, EXCEPT BUILDING					296,240		0.30
HOLDING AND OTHER INVESTMENT OFFICES
	1,598,400	*,a,m	First NIS Regional Fund SICAV		16		0.00	**
			Other		2,214,121		2.25
					2,214,137		2.25
HOTELS AND OTHER LODGING PLACES					293,856		0.30
INDUSTRIAL MACHINERY AND EQUIPMENT
	3,387,456		3M Co		280,041		0.28
	15,545,445		Hewlett-Packard Co		800,746		0.81
	7,047,460		International Business Machines Corp		922,513		0.94
			Other		3,184,759		3.23
					5,188,059		5.26
INSTRUMENTS AND RELATED PRODUCTS
	22,167,242	*,a	MPM Bioventures II		8,801		0.01
	4,254,176	*,a	Skyline Venture Partners		1,076		0.00	**
			Other		2,467,258		2.50
					2,477,135		2.51
INSURANCE AGENTS, BROKERS AND SERVICE					259,222		0.26
INSURANCE CARRIERS					3,545,045		3.60
JUSTICE, PUBLIC ORDER AND SAFETY					24,505		0.03
LEATHER AND LEATHER PRODUCTS					171,488		0.17
LEGAL SERVICES					15,878		0.02
LOCAL AND INTERURBAN PASSENGER TRANSIT					27,671		0.03

32   2009 Annual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS	continued
CREF STOCK ACCOUNT § DECEMBER 31, 2009

Shares			Company	Value (000)		% of net assets
LUMBER AND WOOD PRODUCTS				$	29,543		0.03	%
METAL MINING					2,145,422		2.18
MISCELLANEOUS MANUFACTURING INDUSTRIES					250,020		0.25
MISCELLANEOUS REPAIR SERVICES					205		0.00	**
MISCELLANEOUS RETAIL
	2,023,193	*	Amazon.com, Inc		272,160		0.28
	8,607,034		CVS Corp		277,233		0.28
			Other		730,649		0.74
					1,280,042		1.30
MOTION PICTURES					583,509		0.59
NONDEPOSITORY INSTITUTIONS					873,668		0.89
NONMETALLIC MINERALS, EXCEPT FUELS					92,106		0.09
OIL AND GAS EXTRACTION
	2,889,220		Apache Corp		298,081		0.30
	7,252,731		Occidental Petroleum Corp		590,010		0.60
	6,464,342		Schlumberger Ltd		420,764		0.43
			Other		3,719,774		3.77
					5,028,629		5.10
PAPER AND ALLIED PRODUCTS					565,675		0.57
PERSONAL SERVICES					104,134		0.11
PETROLEUM AND COAL PRODUCTS
	28,700,623		BP plc		277,138		0.28
	10,343,894		Chevron Corp		796,376		0.81
	6,559,536		ConocoPhillips		334,996		0.34
	23,689,025		Exxon Mobil Corp		1,615,355		1.64
			Other		1,363,384		1.38
					4,387,249		4.45
PIPELINES, EXCEPT NATURAL GAS					91,531		0.09
PRIMARY METAL INDUSTRIES					902,057		0.92
PRINTING AND PUBLISHING					396,976		0.40
RAILROAD TRANSPORTATION					736,704		0.75
REAL ESTATE					573,992		0.58
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS					419,002		0.43
SECURITY AND COMMODITY BROKERS
	3,706,061		Goldman Sachs Group, Inc		625,731		0.64
			Other		1,651,539		1.67
					2,277,270		2.31
SOCIAL SERVICES					6,539		0.01
SPECIAL TRADE CONTRACTORS					77,037		0.08

See notes to financial statements College Retirement Equities Fund § 2009 Annual Report   33

SUMMARY PORTFOLIO OF INVESTMENTS continued

CREF STOCK ACCOUNT § DECEMBER 31, 2009

	Shares	Company		Value (000)			% of net assets
STONE, CLAY, AND GLASS PRODUCTS				$	481,424			0.49	%
TEXTILE MILL PRODUCTS					57,967			0.06
TOBACCO PRODUCTS
	10,705,498	Philip Morris International, Inc			515,898			0.52
		Other			524,766			0.54
					1,040,664			1.06
TRANSPORTATION BY AIR					503,766			0.51
TRANSPORTATION EQUIPMENT
	4,659,315	United Technologies Corp			323,403			0.33
		Other			2,545,979			2.58
					2,869,382			2.91
TRANSPORTATION SERVICES					183,219			0.19
TRUCKING AND WAREHOUSING					425,827			0.43
WATER TRANSPORTATION					231,889			0.24
WHOLESALE TRADE-DURABLE GOODS					1,060,640			1.08
WHOLESALE TRADE-NONDURABLE GOODS					961,091			0.98
		TOTAL COMMON STOCKS	(Cost $90,817,306)		98,034,511			99.52
PREFERRED STOCKS
DEPOSITORY INSTITUTIONS					71,058			0.07
FOOD AND KINDRED PRODUCTS					19,367			0.02
HOLDING AND OTHER INVESTMENT OFFICES					6,176			0.01
SECURITY AND COMMODITY BROKERS					2,974			0.00	**
TRANSPORTATION BY AIR					0	^		0.00	**
		TOTAL PREFERRED STOCKS	(Cost $97,669)		99,575			0.10
RIGHTS / WARRANTS
BUILDING MATERIALS AND GARDEN SUPPLIES					38			0.00	**
CHEMICALS AND ALLIED PRODUCTS					0	^		0.00	**
COMMUNICATIONS					78			0.00	**
DEPOSITORY INSTITUTIONS					224			0.00	**
EATING AND DRINKING PLACES					1			0.00	**
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					0	^		0.00	**
FABRICATED METAL PRODUCTS					17			0.00	**
FOOD AND KINDRED PRODUCTS					5			0.00	**
GENERAL BUILDING CONTRACTORS					44			0.00	**
HOLDING AND OTHER INVESTMENT OFFICES					58			0.00	**
OIL AND GAS EXTRACTION					11			0.00	**
PRIMARY METAL INDUSTRIES					4			0.00	**

34   2009 Annual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS concluded

CREF STOCK ACCOUNT § DECEMBER 31, 2009

	Shares		Company		Value (000)			% of net assets
REAL ESTATE					$	135			0.00	%**
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS						11			0.00	**
WHOLESALE TRADE-NONDURABLE GOODS						5			0.00	**
			TOTAL RIGHTS / WARRANTS	(Cost $74)		631			0.00	**
	Principal		Issuer
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES				(Cost $38,290)		38,290			0.04
U.S. TREASURY BILLS				(Cost $263,161)		263,116			0.27
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
REPURCHASE AGREEMENTS
$	275,000,000	x	BNP Paribas, Inc			275,000			0.28
	366,306,000	y	Deutsche Bank			366,306			0.37
						641,306			0.65
CORPORATE VARIABLE RATE SECURITY						2,361,086			2.39
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED				(Cost $3,027,929)		3,002,392			3.04
TOTAL SHORT-TERM INVESTMENTS				(Cost $3,329,380)		3,303,798			3.35
			TOTAL PORTFOLIO	(Cost $94,244,769)		101,438,873			102.97
			OTHER ASSETS & LIABILITIES, NET			(2,929,609	)		(2.97	)
			NET ASSETS		$	98,509,264			100.00	%

The following abbreviations are used in portfolio descriptions:
plc	Public Limited Company
SICAV	Societe d’Investissement A Capital Variable

*	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.
x	Agreement with BNP Paribas, Inc., 0.00% dated 12/31/09 to be repurchased at $275,000,000 on 01/04/10, collateralized by U.S. Government Agencies security valued at $280,500,000.
y	Agreement with Deutsche Bank, 0.01% dated 12/31/09 to be repurchased at $366,306,407 on 01/04/10, collateralized by U.S. Government Agencies security valued at $373,632,120.

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 concentrations.

See notes to financial statements College Retirement Equities Fund § 2009 Annual Report   35

SUMMARY OF MARKET VALUES BY COUNTRY

CREF STOCK ACCOUNT § DECEMBER 31, 2009

Country		Value (000)	% of total portfolio
DOMESTIC
UNITED STATES	$	71,550,168	70.54	%
TOTAL DOMESTIC		71,550,168	70.54
FOREIGN
ARGENTINA		16,099	0.02
AUSTRALIA		1,668,491	1.64
AUSTRIA		82,777	0.08
BELGIUM		356,659	0.35
BERMUDA		50,882	0.05
BRAZIL		891,229	0.88
CAMBODIA		791	0.00	**
CANADA		2,238,302	2.21
CAYMAN ISLANDS		2,051	0.00	**
CHILE		66,433	0.07
CHINA		925,165	0.91
COLOMBIA		28,380	0.03
CYPRUS		4,418	0.00	**
CZECH REPUBLIC		34,516	0.03
DENMARK		118,557	0.12
EGYPT		22,988	0.02
FINLAND		312,126	0.31
FRANCE		1,861,650	1.83
GERMANY		1,898,203	1.87
GIBRALTAR		958	0.00	**
GREECE		117,490	0.11
GUERNSEY, C.I.		30,862	0.03
HONG KONG		475,127	0.47
HUNGARY		23,438	0.02
INDIA		357,084	0.35
INDONESIA		94,816	0.09
IRELAND		137,361	0.13
ISRAEL		361,071	0.36

				% of
		Value		total
Country		(000	)	portfolio
ITALY	$	624,124		0.62	%
JAPAN		4,276,991		4.22
JERSEY, C.I.		10,128		0.01
KAZAKHSTAN		28,752		0.03
KOREA, REPUBLIC OF		643,725		0.63
LIECHTENSTEIN		2,198		0.00	**
LUXEMBOURG		37,168		0.04
MACAU		36,399		0.04
MALAYSIA		154,790		0.15
MEXICO		238,603		0.24
MOROCCO		8,701		0.01
NETHERLANDS		920,258		0.91
NEW ZEALAND		41,731		0.04
NORWAY		112,597		0.11
PANAMA		16,352		0.02
PERU		15,207		0.01
PHILIPPINES		32,798		0.03
POLAND		59,225		0.06
PORTUGAL		124,781		0.12
PUERTO RICO		7,531		0.01
RUSSIA		285,603		0.28
SINGAPORE		304,248		0.30
SOUTH AFRICA		333,828		0.33
SPAIN		820,991		0.81
SWEDEN		442,862		0.44
SWITZERLAND		2,583,905		2.55
TAIWAN		638,967		0.63
THAILAND		77,544		0.08
TURKEY		70,153		0.07
UNITED KINGDOM		4,760,621		4.69
TOTAL FOREIGN		29,888,705		29.46
TOTAL PORTFOLIO	$	101,438,873		100.00	%

** Percentage represents less than 0.01%.

36   2009 Annual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS

CREF GLOBAL EQUITIES ACCOUNT § DECEMBER 31, 2009

	Shares		Company	Value (000)		% of net assets
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES				$	43,771		0.33	%
APPAREL AND ACCESSORY STORES
	311,794		Fast Retailing Co Ltd		58,598		0.43
			Other		65,821		0.49
					124,419		0.92
APPAREL AND OTHER TEXTILE PRODUCTS					21,571		0.16
AUTO REPAIR, SERVICES AND PARKING					1,739		0.01
AUTOMOTIVE DEALERS AND SERVICE STATIONS					7,054		0.05
BUILDING MATERIALS AND GARDEN SUPPLIES					41,811		0.31
BUSINESS SERVICES
	3,634,444	*	Autonomy Corp plc		88,260		0.65
	137,641	*,e	Google, Inc (Class A)		85,335		0.63
	4,602,046		Microsoft Corp		140,316		1.04
			Other		478,217		3.55
					792,128		5.87
CHEMICALS AND ALLIED PRODUCTS
	1,552,987		Johnson & Johnson		100,028		0.74
	1,500,912		Merck & Co, Inc		54,843		0.41
	1,000,716		Monsanto Co		81,809		0.61
	2,393,930		Novartis AG.		130,731		0.97
	4,296,908		Pfizer, Inc		78,161		0.58
	1,174,206		Procter & Gamble Co		71,192		0.53
	413,962		Roche Holding AG.		70,793		0.52
	1,162,907		Teva Pharmaceutical Industries Ltd (ADR)		65,332		0.48
			Other		807,737		5.99
					1,460,626		10.83
COAL MINING					40,234		0.30
COMMERCIAL SERVICES AND SUPPLIES					547		0.00	**
COMMUNICATIONS
	2,653,755	e	AT&T, Inc		74,385		0.55
	1,695,487		Verizon Communications, Inc		56,171		0.42
	34,602,340		Vodafone Group plc		80,129		0.59
			Other		396,972		2.94
					607,657		4.50
DEPOSITORY INSTITUTIONS
	6,067,859		Banco Santander Central Hispano S.A.		100,269		0.74
	4,653,710		Bank of America Corp		70,085		0.52
	11,590,720		HSBC Holdings plc		132,231		0.98
	2,540,834		JPMorgan Chase & Co		105,877		0.79
	3,563,855	*	UBS A.G. (Switzerland)		55,497		0.41
	2,821,754		Wells Fargo & Co		76,159		0.57
			Other		902,952		6.69
					1,443,070		10.70

See notes to financial statements College Retirement Equities Fund § 2009 Annual Report   37

SUMMARY PORTFOLIO OF INVESTMENTS	continued
CREF GLOBAL EQUITIES ACCOUNT § DECEMBER 31, 2009

	Shares		Company	Value (000)		% of net assets
EATING AND DRINKING PLACES
	10,294,642		Compass Group plc	$	73,674		0.55	%
			Other		56,307		0.41
					129,981		0.96
EDUCATIONAL SERVICES					14,355		0.11
ELECTRIC, GAS, AND SANITARY SERVICES					524,547		3.89
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	504,520	*	Apple Computer, Inc		106,383		0.79
	3,353,814	*	Cisco Systems, Inc		80,290		0.60
	5,233,524		General Electric Co		79,183		0.59
	3,370,176		Intel Corp		68,751		0.51
	1,202,474		Qualcomm, Inc		55,626		0.41
			Other		445,139		3.29
					835,372		6.19
ENGINEERING AND MANAGEMENT SERVICES					66,916		0.50
FABRICATED METAL PRODUCTS					45,920		0.34
FOOD AND KINDRED PRODUCTS
	2,090,927		Nestle S.A.		101,480		0.75
			Other		441,217		3.27
					542,697		4.02
FOOD STORES					82,570		0.61
FORESTRY					6,405		0.05
FURNITURE AND FIXTURES					5,493		0.04
FURNITURE AND HOME FURNISHINGS STORES					30,576		0.23
GENERAL BUILDING CONTRACTORS					38,077		0.28
GENERAL MERCHANDISE STORES
	1,180,250		Wal-Mart Stores, Inc		63,084		0.47
			Other		98,329		0.73
					161,413		1.20
HEALTH SERVICES					90,995		0.68
HEAVY CONSTRUCTION, EXCEPT BUILDING					46,955		0.35
HOLDING AND OTHER INVESTMENT OFFICES
	2,046,133	e	iShares MSCI EAFE Index Fund		113,151		0.84
	1,218,068		SPDR Trust Series 1		135,741		1.00
			Other		247,817		1.84
					496,709		3.68
HOTELS AND OTHER LODGING PLACES					72,462		0.54

38   2009 Annual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS	continued
CREF GLOBAL EQUITIES ACCOUNT § DECEMBER 31, 2009

	Shares		Company	Value (000)		% of net assets
INDUSTRIAL MACHINERY AND EQUIPMENT
	5,454,289		Applied Materials, Inc	$	76,033		0.56	%
	2,057,728		Hewlett-Packard Co		105,994		0.79
	660,196	e	International Business Machines Corp		86,420		0.64
			Other		338,495		2.51
					606,942		4.50
INSTRUMENTS AND RELATED PRODUCTS					214,092		1.59
INSURANCE AGENTS, BROKERS AND SERVICE					42,556		0.32
INSURANCE CARRIERS
	1,193,262		Aflac, Inc		55,188		0.41
			Other		463,281		3.43
					518,469		3.84
LEATHER AND LEATHER PRODUCTS					20,028		0.15
LEGAL SERVICES					14		0.00	**
LOCAL AND INTERURBAN PASSENGER TRANSIT					1,109		0.01
LUMBER AND WOOD PRODUCTS					1,869		0.01
METAL MINING
	1,856,108		Anglo American plc		80,384		0.60
	2,007,491	e	BHP Billiton Ltd		76,820		0.57
	1,484,582		Rio Tinto plc		80,163		0.59
			Other		233,094		1.73
					470,461		3.49
MISCELLANEOUS MANUFACTURING INDUSTRIES					35,320		0.26
MISCELLANEOUS RETAIL					119,333		0.89
MOTION PICTURES					64,290		0.48
NONDEPOSITORY INSTITUTIONS
	786,030		Siemens AG.		72,135		0.54
			Other		85,978		0.64
					158,113		1.18
NONMETALLIC MINERALS, EXCEPT FUELS					7,361		0.05
OIL AND GAS EXTRACTION
	3,121,154		BG Group plc		56,356		0.42
	810,729		Occidental Petroleum Corp		65,953		0.49
			Other		481,064		3.56
					603,373		4.47
PAPER AND ALLIED PRODUCTS					36,756		0.27
PERSONAL SERVICES					5,674		0.04

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

SUMMARY PORTFOLIO OF INVESTMENTS	continued
CREF GLOBAL EQUITIES ACCOUNT § DECEMBER 31, 2009

	Shares			Company		Value (000)		% of net assets
PETROLEUM AND COAL PRODUCTS
	9,546,492			BP plc		$	92,183		0.68	%
	1,173,156			Chevron Corp			90,321		0.67
	2,043,986			Exxon Mobil Corp			139,379		1.03
	859,313		e	Total S.A.			55,194		0.41
				Other			237,154		1.76
							614,231		4.55
PIPELINES, EXCEPT NATURAL GAS							15,453		0.11
PRIMARY METAL INDUSTRIES							120,661		0.89
PRINTING AND PUBLISHING							62,450		0.46
RAILROAD TRANSPORTATION							78,461		0.58
REAL ESTATE							109,723		0.81
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS							64,740		0.48
SECURITY AND COMMODITY BROKERS
	364,576			Goldman Sachs Group, Inc			61,555		0.46
				Other			251,628		1.86
							313,183		2.32
SPECIAL TRADE CONTRACTORS							746		0.01
STONE, CLAY, AND GLASS PRODUCTS							85,507		0.64
TEXTILE MILL PRODUCTS							6,989		0.05
TOBACCO PRODUCTS							150,338		1.11
TRANSPORTATION BY AIR							57,265		0.42
TRANSPORTATION EQUIPMENT
	1,744,640			DaimlerChrysler AG. (EUR)			92,926		0.69
	1,558,148			Toyota Motor Corp			65,693		0.49
				Other			302,217		2.24
							460,836		3.42
TRANSPORTATION SERVICES							10,038		0.07
TRUCKING AND WAREHOUSING							83,368		0.62
WATER TRANSPORTATION							34,393		0.25
WHOLESALE TRADE-DURABLE GOODS							156,603		1.16
WHOLESALE TRADE-NONDURABLE GOODS
	1,739,911	e		Unilever NV			56,629		0.42
				Other			148,606		1.11
							205,235		1.53
				TOTAL COMMON STOCKS	(Cost $12,501,977)		13,312,050		98.68
PREFERRED STOCKS
DEPOSITORY INSTITUTIONS							11,581		0.09
				TOTAL PREFERRED STOCKS	(Cost $11,643)		11,581		0.09

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

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
CREF GLOBAL EQUITIES ACCOUNT § DECEMBER 31, 2009

Shares			Company		Value (000)			% of net assets
RIGHTS / WARRANTS
DEPOSITORY INSTITUTIONS					$	26			0.00	%**
FOOD AND KINDRED PRODUCTS						3			0.00	**
HOLDING AND OTHER INVESTMENT OFFICES						13			0.00	**
PRIMARY METAL INDUSTRIES						0^			0.00	**
REAL ESTATE						91			0.00	**
			TOTAL RIGHTS / WARRANTS	(Cost $70)		133			0.00	**
	Principal		Issuer
SHORT-TERM INVESTMENTS
U.S. TREASURY BILLS				(Cost $148,239)		148,252			1.10
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
REPURCHASE AGREEMENTS
$	86,026,000	y	Deutsche Bank			86,026			0.64
						86,026			0.64
CORPORATE VARIABLE RATE SECURITY						428,168			3.17
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED				(Cost $518,693)		514,194			3.81
			TOTAL SHORT-TERM INVESTMENTS	(Cost $666,932)		662,446			4.91
			TOTAL PORTFOLIO	(Cost $13,180,622)		13,986,210			103.68
			OTHER ASSETS & LIABILITIES, NET			(496,001	)		(3.68	)
			NET ASSETS		$	13,490,209			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.
y	Agreement with Deutsche Bank, 0.01% dated 12/31/09 to be repurchased at $86,026,096 on 01/04/10, collateralized by U.S. Government Agency securities valued at $87,746,520.
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 concentrations.

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

SUMMARY OF MARKET VALUES BY COUNTRY

CREF GLOBAL EQUITIES ACCOUNT §  DECEMBER 31, 2009

Country	Value (000)		% of total portfolio
DOMESTIC
UNITED STATES	$	6,937,373	49.60	%
TOTAL DOMESTIC		6,937,373	49.60
FOREIGN
ARGENTINA		5,864	0.04
AUSTRALIA		495,872	3.55
AUSTRIA		15,382	0.11
BELGIUM		77,882	0.56
BERMUDA		1,724	0.01
BRAZIL		62,791	0.45
CAMBODIA		1,174	0.01
CANADA		538,451	3.85
CAYMAN ISLANDS		1,446	0.01
CHINA		129,499	0.93
CYPRUS		878	0.01
CZECH REPUBLIC		2,546	0.02
DENMARK		24,050	0.17
FINLAND		62,793	0.45
FRANCE		461,783	3.30
GERMANY		545,333	3.90
GREECE		21,260	0.15
HONG KONG		125,236	0.89
INDIA		29,967	0.21
INDONESIA		17,795	0.13
IRELAND		67,865	0.48
ISRAEL		65,332	0.47

Country	Value (000)		% of total portfolio
ITALY	$	155,081	1.11	%
JAPAN		1,047,609	7.49
JERSEY, C.I.		1,569	0.01
KAZAKHSTAN		833	0.01
KOREA, REPUBLIC OF		60,984	0.43
LUXEMBOURG		11,186	0.08
MACAU		31,445	0.22
MALAYSIA		17,725	0.13
MEXICO		2,922	0.02
NETHERLANDS		313,179	2.24
NEW ZEALAND		1,528	0.01
NORWAY		22,128	0.16
PERU		2,366	0.02
PHILIPPINES		25,055	0.18
PORTUGAL		25,365	0.18
SINGAPORE		89,616	0.64
SPAIN		206,745	1.48
SWEDEN		86,097	0.62
SWITZERLAND		636,882	4.55
TAIWAN		88,978	0.64
THAILAND		27,002	0.19
UNITED ARAB EMIRATES		1,769	0.01
UNITED KINGDOM		1,437,850	10.28
TOTAL FOREIGN		7,048,837	50.40
TOTAL PORTFOLIO	$	13,986,210	100.00	%

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

SUMMARY PORTFOLIO OF INVESTMENTS

CREF GROWTH ACCOUNT § DECEMBER 31, 2009

	Shares		Company	Value (000)		% of net assets
COMMON STOCKS
AGRICULTURAL SERVICES				$	2,324		0.02	%
AMUSEMENT AND RECREATION SERVICES					75,664		0.63
APPAREL AND ACCESSORY STORES
	1,586,990	*	Kohl’s Corp		85,586		0.71
			Other		107,010		0.89
					192,596		1.60
APPAREL AND OTHER TEXTILE PRODUCTS					56,027		0.47
AUTO REPAIR, SERVICES AND PARKING					3,633		0.03
AUTOMOTIVE DEALERS AND SERVICE STATIONS					22,337		0.19
BUILDING MATERIALS AND GARDEN SUPPLIES
	3,060,596		Lowe’s Cos, Inc		71,587		0.60
			Other		9,569		0.08
					81,156		0.68
BUSINESS SERVICES
	1,834,695	*	Adobe Systems, Inc		67,480		0.56
	635,786	*	Google, Inc (Class A)		394,175		3.28
	2,608,610	*	Intuit, Inc		80,110		0.67
	476,644		Mastercard, Inc (Class A)		122,011		1.02
	15,656,648		Microsoft Corp		477,371		3.97
	1,714,992		Omnicom Group, Inc		67,142		0.56
	6,143,940		Oracle Corp		150,772		1.25
	1,378,525		Visa, Inc (Class A)		120,566		1.00
			Other		454,810		3.79
					1,934,437		16.10
CHEMICALS AND ALLIED PRODUCTS
	2,082,721		Abbott Laboratories		112,446		0.94
	1,777,143	*	Amgen, Inc		100,533		0.84
	2,017,741	*	Celgene Corp		112,348		0.94
	879,978		Colgate-Palmolive Co		72,290		0.60
	2,358,344	*	Gilead Sciences, Inc		102,069		0.85
	3,406,766		Johnson & Johnson		219,430		1.83
	1,873,850		Merck & Co, Inc		68,470		0.57
	1,741,021		Monsanto Co		142,328		1.18
	1,286,310		Novartis AG. (ADR)		70,014		0.58
	718,792		Praxair, Inc		57,726		0.48
	2,513,177		Procter & Gamble Co		152,374		1.26
	1,615,298		Teva Pharmaceutical Industries Ltd (ADR)		90,747		0.76
			Other		415,569		3.46
					1,716,344		14.29
COAL MINING					39,211		0.33
COMMUNICATIONS					131,365		1.09

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

SUMMARY PORTFOLIO OF INVESTMENTS continued

CREF GROWTH ACCOUNT § DECEMBER 31, 2009

	Shares		Company	Value (000)		% of net assets
DEPOSITORY INSTITUTIONS
	3,659,348		Western Union Co	$	68,979		0.57	%
			Other		94,619		0.79
					163,598		1.36
EATING AND DRINKING PLACES
	1,369,519		McDonald’s Corp		85,513		0.71
			Other		49,597		0.41
					135,110		1.12
EDUCATIONAL SERVICES					38,489		0.32
ELECTRIC, GAS, AND SANITARY SERVICES					112,250		0.94
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	2,038,360	*	Apple Computer, Inc		429,809		3.58
	12,348,777	*	Cisco Systems, Inc		295,630		2.46
	7,503,551		Intel Corp		153,072		1.27
	3,769,405	*	Marvell Technology Group Ltd		78,215		0.65
	2,228,061	*	NetApp, Inc		76,623		0.64
	4,593,688		Qualcomm, Inc		212,504		1.77
			Other		319,131		2.66
					1,564,984		13.03
ENGINEERING AND MANAGEMENT SERVICES					102,051		0.85
FABRICATED METAL PRODUCTS					61,627		0.51
FOOD AND KINDRED PRODUCTS
	3,389,771		Coca-Cola Co		193,217		1.61
	2,895,182		PepsiCo, Inc		176,027		1.46
			Other		158,654		1.32
					527,898		4.39
FOOD STORES					20,049		0.17
FORESTRY					1,624		0.01
FURNITURE AND FIXTURES					9,035		0.08
FURNITURE AND HOME FURNISHINGS STORES					62,240		0.52
GENERAL BUILDING CONTRACTORS					1,770		0.01
GENERAL MERCHANDISE STORES
	1,198,168		Target Corp		57,955		0.48
	3,307,125		Wal-Mart Stores, Inc		176,766		1.47
			Other		80,014		0.67
					314,735		2.62
HEALTH SERVICES					177,692		1.48
HOLDING AND OTHER INVESTMENT OFFICES
	2,470,750		iShares Russell 1000 Growth Index Fund		123,167		1.03
			Other		43,790		0.36
					166,957		1.39

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

SUMMARY PORTFOLIO OF INVESTMENTS continued

CREF GROWTH ACCOUNT § DECEMBER 31, 2009

	Shares		Company	Value (000)		% of net assets
HOTELS AND OTHER LODGING PLACES				$	51,347		0.43	%
INDUSTRIAL MACHINERY AND EQUIPMENT
	832,028		3M Co		68,784		0.57
	3,317,753		Hewlett-Packard Co		170,897		1.42
	2,079,413		International Business Machines Corp		272,195		2.27
			Other		371,664		3.09
					883,540		7.35
INSTRUMENTS AND RELATED PRODUCTS
	1,198,708		Baxter International, Inc		70,340		0.59
	1,549,033		Medtronic, Inc		68,126		0.57
			Other		359,336		2.99
					497,802		4.15
INSURANCE AGENTS, BROKERS AND SERVICE					9,073		0.08
INSURANCE CARRIERS					162,406		1.35
JUSTICE, PUBLIC ORDER AND SAFETY					368		0.00	**
LEATHER AND LEATHER PRODUCTS					28,654		0.24
LEGAL SERVICES					2,691		0.02
METAL MINING					143,726		1.20
MISCELLANEOUS MANUFACTURING INDUSTRIES					26,111		0.22
MISCELLANEOUS RETAIL
	1,162,576	*	Amazon.com, Inc		156,390		1.30
			Other		165,397		1.38
					321,787		2.68
MOTION PICTURES					50,788		0.42
NONDEPOSITORY INSTITUTIONS					34,698		0.29
NONMETALLIC MINERALS, EXCEPT FUELS					1,277		0.01
OIL AND GAS EXTRACTION
	1,440,471		National Oilwell Varco, Inc		63,510		0.53
	763,076		Occidental Petroleum Corp		62,076		0.52
			Other		265,805		2.21
					391,391		3.26
PAPER AND ALLIED PRODUCTS					37,066		0.31
PERSONAL SERVICES					9,328		0.08
PETROLEUM AND COAL PRODUCTS
	1,516,239	c	Exxon Mobil Corp		103,392		0.86
			Other		25,080		0.21
					128,472		1.07
PRIMARY METAL INDUSTRIES					67,416		0.56
PRINTING AND PUBLISHING					23,462		0.20
RAILROAD TRANSPORTATION					72,204		0.60

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

SUMMARY PORTFOLIO OF INVESTMENTS continued

CREF GROWTH ACCOUNT § DECEMBER 31, 2009

	Shares	Company		Value (000)		% of net assets
REAL ESTATE				$	6,441		0.05	%
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS					14,132		0.12
SECURITY AND COMMODITY BROKERS
	563,078	Goldman Sachs Group, Inc			95,071		0.79
		Other			167,787		1.40
					262,858		2.19
STONE, CLAY, AND GLASS PRODUCTS					65,917		0.54
TOBACCO PRODUCTS
	3,475,728	Altria Group, Inc			68,229		0.57
	2,929,208	Philip Morris International, Inc			141,159		1.17
		Other			23,629		0.20
					233,017		1.94
TRANSPORTATION BY AIR					40,386		0.34
TRANSPORTATION EQUIPMENT
	1,125,866	Boeing Co			60,943		0.50
	1,384,129	United Technologies Corp			96,072		0.80
		Other			151,487		1.26
					308,502		2.56
TRANSPORTATION SERVICES					21,210		0.18
TRUCKING AND WAREHOUSING					60,097		0.50
WATER TRANSPORTATION					9,100		0.07
WHOLESALE TRADE-DURABLE GOODS					26,431		0.22
WHOLESALE TRADE-NONDURABLE GOODS					65,281		0.54
		TOTAL COMMON STOCKS	(Cost $10,445,186)		11,772,182		98.00
Principal		Issuer
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES					29,035		0.24
U.S. TREASURY BILLS
$	78,345,000	United States Treasury Bills	05/20/10		78,302		0.65
		Other			110,582		0.92
					188,884		1.57
		TOTAL SHORT-TERM INVESTMENTS	(Cost $217,902)		217,919		1.81
		TOTAL PORTFOLIO	(Cost $10,663,088)		11,990,101		99.81
		OTHER ASSETS & LIABILITIES, NET			22,817		0.19
		NET ASSETS		$	12,012,918		100.00	%

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

SUMMARY PORTFOLIO OF INVESTMENTS concluded

CREF GROWTH ACCOUNT § DECEMBER 31, 2009

The following abbreviation is used in portfolio descriptions:
ADR	American Depositary Receipt
*	Non-income producing
**	Percentage represents less than 0.01%.
c	All or a portion of these securities has been segregated by the Custodian to cover margin or other requirements on future contracts in the amount of $12,251,272.
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 concentrations.

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

SUMMARY OF MARKET VALUES BY COUNTRY

CREF GROWTH ACCOUNT § DECEMBER 31, 2009

Country	Value (000)		% of total portfolio
DOMESTIC
UNITED STATES	$	11,486,585		95.80	%
TOTAL DOMESTIC		11,486,585		95.80
FOREIGN
BELGIUM		15,458		0.13
BERMUDA		454		0.00	**
BRAZIL		66,483		0.55
CANADA		24,264		0.20
CHINA		16,974		0.14
FRANCE		11,869		0.10
GUERNSEY, C.I.		987		0.01
IRELAND		37,265		0.31
ISRAEL		90,747		0.76
MACAU		637		0.01
MEXICO		4,669		0.04
NORWAY		485		0.00	**
PANAMA		1,844		0.02
SWITZERLAND		219,795		1.83
UNITED KINGDOM		11,585		0.10
TOTAL FOREIGN		503,516		4.20
TOTAL PORTFOLIO	$	11,990,101		100.00	%

** Percentage represents less than 0.01%.

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

SUMMARY PORTFOLIO OF INVESTMENTS

CREF EQUITY INDEX ACCOUNT § DECEMBER 31, 2009

	Shares		Company	Value (000)		% of net assets
COMMON STOCKS
AGRICULTURAL PRODUCTION-CROPS				$	642		0.01	%
AGRICULTURAL PRODUCTION-LIVESTOCK					686		0.01
AGRICULTURAL SERVICES					1,937		0.02
AMUSEMENT AND RECREATION SERVICES
	1,442,069		Walt Disney Co		46,507		0.49
			Other		13,232		0.14
					59,739		0.63
APPAREL AND ACCESSORY STORES					60,126		0.64
APPAREL AND OTHER TEXTILE PRODUCTS					37,705		0.40
AUTO REPAIR, SERVICES AND PARKING					6,079		0.06
AUTOMOTIVE DEALERS AND SERVICE STATIONS					19,381		0.21
BUILDING MATERIALS AND GARDEN SUPPLIES
	1,317,011		Home Depot, Inc		38,101		0.41
			Other		31,329		0.33
					69,430		0.74
BUSINESS SERVICES
	185,900	*	Google, Inc (Class A)		115,254		1.22
	5,983,277		Microsoft Corp		182,431		1.94
	2,962,566		Oracle Corp		72,701		0.77
			Other		404,912		4.30
					775,298		8.23
CHEMICALS AND ALLIED PRODUCTS
	1,197,975		Abbott Laboratories		64,679		0.69
	786,841	*	Amgen, Inc		44,512		0.47
	1,343,452		Bristol-Myers Squibb Co		33,922		0.36
	388,438		Colgate-Palmolive Co		31,910		0.34
	2,137,934		Johnson & Johnson		137,704		1.46
	2,360,750		Merck & Co, Inc		86,262		0.92
	424,429		Monsanto Co		34,697		0.37
	6,250,493		Pfizer, Inc		113,696		1.21
	2,261,636		Procter & Gamble Co		137,123		1.45
			Other		397,400		4.21
					1,081,905		11.48
COAL MINING					27,058		0.29
COMMUNICATIONS
	4,579,698		AT&T, Inc		128,369		1.36
	2,229,929		Comcast Corp (Class A)		37,597		0.40
	2,205,939		Verizon Communications, Inc		73,083		0.78
			Other		168,775		1.79
					407,824		4.33

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

SUMMARY PORTFOLIO OF INVESTMENTS	continued
CREF EQUITY INDEX ACCOUNT § DECEMBER 31, 2009

	Shares		Company	Value (000)		% of net assets
DEPOSITORY INSTITUTIONS
	6,716,569		Bank of America Corp	$	101,152		1.07	%
	11,816,506		Citigroup, Inc		39,113		0.42
	2,917,497		JPMorgan Chase & Co		121,572		1.29
	1,476,049		US Bancorp		33,226		0.35
	3,690,501		Wells Fargo & Co		99,607		1.06
			Other		221,911		2.35
					616,581		6.54
EATING AND DRINKING PLACES
	856,505		McDonald’s Corp		53,480		0.57
			Other		45,442		0.48
					98,922		1.05
EDUCATIONAL SERVICES					18,988		0.20
ELECTRIC, GAS, AND SANITARY SERVICES					406,418		4.31
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	693,054	*	Apple Computer, Inc		146,137		1.55
	4,477,904	*	Cisco Systems, Inc		107,201		1.14
	8,199,518		General Electric Co		124,059		1.32
	4,336,880		Intel Corp		88,472		0.94
	1,283,466		Qualcomm, Inc		59,373		0.63
			Other		275,311		2.91
					800,553		8.49
ENGINEERING AND MANAGEMENT SERVICES					63,380		0.67
FABRICATED METAL PRODUCTS					53,263		0.57
FISHERIES					36		0.00	**
FOOD AND KINDRED PRODUCTS
	1,797,195		Coca-Cola Co		102,440		1.09
	1,145,501		Kraft Foods, Inc (Class A)		31,135		0.33
	1,208,697		PepsiCo, Inc		73,490		0.78
			Other		156,481		1.66
					363,546		3.86
FOOD STORES					26,303		0.28
FORESTRY					9,655		0.10
FURNITURE AND FIXTURES					14,024		0.15
FURNITURE AND HOME FURNISHINGS STORES					25,662		0.27
GENERAL BUILDING CONTRACTORS					16,688		0.18
GENERAL MERCHANDISE STORES
	1,717,027		Wal-Mart Stores, Inc		91,775		0.97
			Other		83,965		0.89
					175,740		1.86
HEALTH SERVICES					122,498		1.30
HEAVY CONSTRUCTION, EXCEPT BUILDING					2,828		0.03

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

SUMMARY PORTFOLIO OF INVESTMENTS	continued
CREF EQUITY INDEX ACCOUNT § DECEMBER 31, 2009

	Shares		Company	Value (000)		% of net assets
HOLDING AND OTHER INVESTMENT OFFICES
	1,201,233		iShares Russell 3000 Index Fund	$	78,416		0.83	%
			Other		202,119		2.15
					280,535		2.98
HOTELS AND OTHER LODGING PLACES					27,507		0.29
INDUSTRIAL MACHINERY AND EQUIPMENT
	539,132		3M Co		44,570		0.47
	1,854,168		Hewlett-Packard Co		95,508		1.01
	1,025,443		International Business Machines Corp		134,230		1.43
			Other		330,996		3.51
					605,304		6.42
INSTRUMENTS AND RELATED PRODUCTS
	869,050		Medtronic, Inc		38,221		0.40
			Other		274,139		2.91
					312,360		3.31
INSURANCE AGENTS, BROKERS AND SERVICE					32,305		0.34
INSURANCE CARRIERS					314,825		3.34
JUSTICE, PUBLIC ORDER AND SAFETY					3,159		0.03
LEATHER AND LEATHER PRODUCTS					12,900		0.14
LEGAL SERVICES					2,138		0.02
LOCAL AND INTERURBAN PASSENGER TRANSIT					1,214		0.01
LUMBER AND WOOD PRODUCTS					1,983		0.02
METAL MINING					59,263		0.63
MISCELLANEOUS MANUFACTURING INDUSTRIES					14,106		0.15
MISCELLANEOUS RETAIL
	255,557	*	Amazon.com, Inc		34,378		0.36
	1,126,606		CVS Corp		36,288		0.39
			Other		79,787		0.85
					150,453		1.60
MOTION PICTURES					69,062		0.73
NONDEPOSITORY INSTITUTIONS
	787,167		American Express Co		31,896		0.34
			Other		40,850		0.43
					72,746		0.77
NONMETALLIC MINERALS, EXCEPT FUELS					7,578		0.08
OIL AND GAS EXTRACTION
	627,543		Occidental Petroleum Corp		51,051		0.54
	926,059		Schlumberger Ltd		60,277		0.64
			Other		325,238		3.45
					436,566		4.63
PAPER AND ALLIED PRODUCTS					49,248		0.52

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

SUMMARY PORTFOLIO OF INVESTMENTS continued

CREF EQUITY INDEX ACCOUNT § DECEMBER 31, 2009

Shares			Company	Value (000)		% of net assets
PERSONAL SERVICES				$	14,376		0.15	%
PETROLEUM AND COAL PRODUCTS
	1,554,657		Chevron Corp		119,693		1.27
	1,149,644		ConocoPhillips		58,712		0.62
	3,788,682	c	Exxon Mobil Corp		258,350		2.74
			Other		60,290		0.64
					497,045		5.27
PIPELINES, EXCEPT NATURAL GAS					10,320		0.11
PRIMARY METAL INDUSTRIES					65,453		0.69
PRINTING AND PUBLISHING					30,840		0.33
RAILROAD TRANSPORTATION					78,378		0.83
REAL ESTATE					9,504		0.10
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS					15,745		0.17
SECURITY AND COMMODITY BROKERS
	390,974		Goldman Sachs Group, Inc		66,012		0.70
	1,057,851		Morgan Stanley		31,312		0.33
			Other		130,096		1.38
					227,420		2.41
SOCIAL SERVICES					431		0.00	**
SPECIAL TRADE CONTRACTORS					8,155		0.09
STONE, CLAY, AND GLASS PRODUCTS					37,559		0.40
TEXTILE MILL PRODUCTS					3,166		0.03
TOBACCO PRODUCTS
	1,604,395		Altria Group, Inc		31,494		0.33
	1,518,941		Philip Morris International, Inc		73,198		0.78
			Other		16,888		0.18
					121,580		1.29
TRANSPORTATION BY AIR					47,690		0.51
TRANSPORTATION EQUIPMENT
	649,636		United Technologies Corp		45,091		0.48
			Other		173,884		1.84
					218,975		2.32
TRANSPORTATION SERVICES					17,603		0.19
TRUCKING AND WAREHOUSING					39,734		0.42
WATER TRANSPORTATION					23,233		0.25
WHOLESALE TRADE-DURABLE GOODS					35,719		0.38

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

SUMMARY PORTFOLIO OF INVESTMENTS concluded

CREF EQUITY INDEX ACCOUNT § DECEMBER 31, 2009

	Shares	Company		Value (000)			% of net assets
WHOLESALE TRADE-NONDURABLE GOODS				$	57,838			0.61	%
		TOTAL COMMON STOCKS	(Cost $8,594,187)		9,376,911			99.47
RIGHTS / WARRANTS
BUILDING MATERIALS AND GARDEN SUPPLIES					4			0.00	**
COMMUNICATIONS					19			0.00	**
EATING AND DRINKING PLACES					0	^		0.00	**
		TOTAL RIGHTS / WARRANTS	(Cost $0^)		23			0.00	**
	Principal	Issuer
SHORT-TERM INVESTMENTS
U.S. TREASURY BILLS					34,686			0.37
		TOTAL SHORT-TERM INVESTMENTS	(Cost $34,685)		34,686			0.37
		TOTAL PORTFOLIO	(Cost $8,628,872)		9,411,620			99.84
		OTHER ASSETS & LIABILITIES, NET			14,700			0.16
		NET ASSETS		$	9,426,320			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 has been segregated by the custodian to cover margin or other requirements on future contracts in the amount of $2,590,325.
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 concentrations.

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

SUMMARY PORTFOLIO OF INVESTMENTS

CREF BOND MARKET ACCOUNT § DECEMBER 31, 2009

	Principal	Issuer		Rating†	Value (000)		% of net assets
BANK LOAN OBLIGATIONS
CHEMICALS AND ALLIED PRODUCTS					$	19,980		0.19	%
NONDEPOSITORY INSTITUTIONS						10,008		0.10
		TOTAL BANK LOAN OBLIGATIONS	(Cost $30,056)			29,988		0.29
BONDS
CORPORATE BONDS
AGENCY SECURITIES
$	40,000,000	Citigroup Funding, Inc	1.880%, 10/22/12	Aaa		39,849		0.38
	45,500,000	Citigroup, Inc	2.130%, 04/30/12	Aaa		45,987		0.44
	54,875,000	GMAC, Inc	1.750%, 10/30/12	Aaa		54,518		0.52
	61,800,000	GMAC, Inc	2.200%, 12/19/12	Aaa		62,179		0.59
	39,000,000	State Street Corp	2.150%, 04/30/12	Aaa		39,511		0.38
		Other				199,999		1.90
						442,043		4.21
AMUSEMENT AND RECREATION SERVICES						15,569		0.15
BUILDING MATERIALS AND GARDEN SUPPLIES						7,976		0.08
BUSINESS SERVICES						35,603		0.34
CHEMICALS AND ALLIED PRODUCTS						115,753		1.10
COAL MINING						3,120		0.03
COMMUNICATIONS						299,440		2.85
DEPOSITORY INSTITUTIONS
	50,000,000	JPMorgan Chase & Co	3.130%, 12/01/11	Aaa		51,749		0.49
		Other				395,709		3.77
						447,458		4.26
ELECTRIC, GAS, AND SANITARY SERVICES						268,339		2.55
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT						51,012		0.49
EXECUTIVE, LEGISLATIVE AND GENERAL						4,664		0.04
FABRICATED METAL PRODUCTS						5,491		0.05
FOOD AND KINDRED PRODUCTS						78,324		0.74
FOOD STORES						19,852		0.19
FURNITURE AND HOME FURNISHINGS STORES						2,072		0.02
GENERAL BUILDING CONTRACTORS						3,836		0.04
GENERAL MERCHANDISE STORES						13,547		0.13
HEALTH SERVICES						19,183		0.18
HOLDING AND OTHER INVESTMENT OFFICES						44,730		0.43
INDUSTRIAL MACHINERY AND EQUIPMENT						28,672		0.27
INSTRUMENTS AND RELATED PRODUCTS						51,500		0.49
INSURANCE CARRIERS						112,458		1.07

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

SUMMARY PORTFOLIO OF INVESTMENTS continued

CREF BOND MARKET ACCOUNT § DECEMBER 31, 2009

	Principal	Issuer		Rating†	Value (000)		% of net assets
JUSTICE, PUBLIC ORDER AND SAFETY					$	2,060		0.02	%
LEGAL SERVICES						1,273		0.01
METAL MINING						26,298		0.25
MISCELLANEOUS RETAIL						19,322		0.18
MOTION PICTURES						24,962		0.24
NONDEPOSITORY INSTITUTIONS
$	61,500,000	General Electric Capital Corp	2.250%, 03/12/12	Aaa		62,391		0.59
	37,400,000	General Electric Capital Corp	2.200%, 06/08/12	Aaa		37,925		0.36
		General Electric Capital Corp	2.630%–6.880%, 12/09/11–01/10/39			78,704		0.75
		Other				196,067		1.87
						375,087		3.57
OIL AND GAS EXTRACTION						200,533		1.91
PAPER AND ALLIED PRODUCTS						9,339		0.09
PETROLEUM AND COAL PRODUCTS						77,274		0.73
PIPELINES, EXCEPT NATURAL GAS						19,044		0.18
PRIMARY METAL INDUSTRIES						23,503		0.22
PRINTING AND PUBLISHING						25,192		0.24
RAILROAD TRANSPORTATION						39,727		0.38
REAL ESTATE						5,793		0.05
SECURITY AND COMMODITY BROKERS						225,731		2.15
SOCIAL SERVICES						1,920		0.02
STONE, CLAY, AND GLASS PRODUCTS						14,744		0.14
TOBACCO PRODUCTS						14,049		0.13
TRANSPORTATION EQUIPMENT						33,891		0.32
WATER TRANSPORTATION						4,796		0.05
WHOLESALE TRADE-DURABLE GOODS						25,374		0.24
WHOLESALE TRADE-NONDURABLE GOODS						29,564		0.28
		TOTAL CORPORATE BONDS	(Cost $3,139,099)			3,270,118		31.11
GOVERNMENT BONDS
AGENCY SECURITIES
	76,000,000	Federal Home Loan Mortgage Corp
		(FHLMC)	1.750%–5.500%, 02/09/10–03/27/19			160,185		1.52
		Federal National Mortgage Association
		(FNMA)	2.750%, 03/13/14			76,645		0.73
		FNMA	1.380%–7.130%, 06/15/10–11/20/14			158,671		1.51
		Other				226,629		2.16
						622,130		5.92
FOREIGN GOVERNMENT BONDS						326,350		3.10

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

SUMMARY PORTFOLIO OF INVESTMENTS continued

CREF BOND MARKET ACCOUNT § DECEMBER 31, 2009

	Principal		Issuer		Rating†	Value (000)		% of net assets
MORTGAGE BACKED
			Federal Home Loan Mortgage Corp
			(FHLMC)	2.910%–6.060%, 02/01/36–09/01/37		$	139,705		1.33%
$	40,478,882		Federal Home Loan Mortgage Corp Gold
			(FGLMC)	4.500%, 06/01/21			41,976		0.40
	39,220,879		FGLMC	7.000%, 12/01/33			43,313		0.41
	57,523,545		FGLMC	5.000%, 01/01/34			59,225		0.56
	36,240,094		FGLMC	5.500%, 01/01/37			38,033		0.36
	38,236,800		FGLMC	5.500%, 05/01/37			40,099		0.38
			FGLMC	4.000%–8.000%, 09/01/10–07/01/39			512,565		4.88
	42,031,734		Federal National Mortgage Association
			(FNMA)	5.000%, 11/01/33			43,308		0.41
	55,534,025		FNMA	5.000%, 08/01/34			57,265		0.54
	60,406,735		FNMA	5.500%, 02/01/35			63,490		0.60
	45,834,963	i	FNMA	5.770%, 11/01/36			48,382		0.46
	38,095,262		FNMA	5.500%, 02/01/37			39,950		0.38
	59,893,514		FNMA	5.500%, 02/01/38			62,763		0.60
			FNMA	4.000%–9.000%, 11/01/10–08/01/39			1,283,249		12.21
	106,000,000		FNMA	4.000%, 01/25/40			102,323		0.97
	268,000,000		FNMA	4.500%, 01/25/40			267,498		2.54
	50,000,000		FNMA	5.000%, 01/25/40			51,305		0.49
	239,000,000		FNMA	6.000%, 01/25/40			253,116		2.41
	55,000,000		FNMA	6.500%, 01/25/40			58,902		0.56
			FNMA	4.500%–5.500%, 01/25/25–01/25/40			39,374		0.37
	103,000,000		Government National Mortgage Association
			(GNMA)	5.000%, 01/15/40			105,913		1.01
	48,000,000		GNMA	5.500%, 01/15/40			50,280		0.48
			GNMA	4.000%–6.500%, 07/15/33–01/15/44			114,986		1.09
			Other				173,468		1.67
							3,690,488		35.11
MUNICIPAL BONDS							2,053		0.02
U.S. TREASURY SECURITIES
	331,072,000		United States Treasury Bonds	8.000%, 11/15/21			450,827		4.29
	112,900,000		United States Treasury Bonds	5.250%, 02/15/29			122,320		1.16
			United States Treasury Bonds	4.380%–5.380%, 02/15/31–02/15/38			22,404		0.21
	55,020,000		United States Treasury Notes	1.000%, 07/31/11			55,104		0.52
	38,899,500		United States Treasury Notes	1.000%, 08/31/11			38,919		0.37
	78,983,000		United States Treasury Notes	1.000%, 09/30/11			78,961		0.75
	102,500,000		United States Treasury Notes	1.380%, 11/15/12			101,763		0.97
	131,829,000		United States Treasury Notes	3.130%, 09/30/13			137,009		1.30
	62,337,000		United States Treasury Notes	2.750%, 10/31/13			63,842		0.61
	189,533,000		United States Treasury Notes	2.000%, 11/30/13			188,526		1.79
	44,610,000		United States Treasury Notes	2.630%, 06/30/14			44,934		0.43
	50,000,000		United States Treasury Notes	2.630%, 12/31/14			49,856		0.47
	35,464,000		United States Treasury Notes	4.750%, 08/15/17			38,481		0.37
			United States Treasury Notes	0.880%–6.380%, 08/31/10–11/15/39			378,579		3.60
			Other				10,654		0.11
							1,782,179		16.95
			TOTAL GOVERNMENT BONDS	(Cost $6,285,773)			6,423,200		61.10

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

SUMMARY PORTFOLIO OF INVESTMENTS continued

CREF BOND MARKET ACCOUNT § DECEMBER 31, 2009

Principal			Issuer		Rating†	Value (000)			% of net assets
STRUCTURED ASSETS
ASSET BACKED						$	258,018			2.45	%
OTHER MORTGAGE BACKED							299,369			2.85
			TOTAL STRUCTURED ASSETS	(Cost $596,336)			557,387			5.30
			TOTAL BONDS	(Cost $10,021,208)			10,250,705			97.51
Shares			Company
PREFERRED STOCKS
MORTGAGE BACKED							2,174			0.02
			TOTAL PREFERRED STOCKS	(Cost $49,941)			2,174			0.02
TIAA-CREF MUTUAL FUND
	532,405	a	TIAA-CREF High-Yield Fund				4,914			0.05
			TOTAL TIAA-CREF MUTUAL FUND	(Cost $4,923)			4,914			0.05
Principal			Issuer
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
$	58,695,000		Federal Home Loan Bank (FHLB)	01/13/10			58,695			0.56
	64,382,000		Federal Home Loan Mortgage Corp (FHLMC)	01/20/10			64,381			0.61
	113,173,000		FHLMC	01/25/10			113,170			1.08
	66,187,000		FHLMC	01/26/10			66,186			0.63
	59,400,000		FHLMC	01/27/10			59,398			0.57
	50,000,000		FHLMC	03/08/10			49,996			0.48
	42,417,000		Federal National Mortgage Association (FNMA)	01/11/10			42,417			0.40
	68,474,000		FNMA	01/13/10			68,473			0.65
	91,791,000		FNMA	01/19/10			91,788			0.87
	50,000,000		FNMA	03/17/10			49,995			0.48
			Other				391,971			3.72
							1,056,470			10.05
U.S. TREASURY BILLS
	42,860,000		United States Treasury Bill	05/20/10			42,837			0.41
			Other				33,970			0.32
							76,807			0.73
			TOTAL SHORT-TERM INVESTMENTS	(Cost $1,133,269)			1,133,277			10.78
			TOTAL PORTFOLIO	(Cost $11,239,397)			11,421,058			108.65
			OTHER ASSETS & LIABILITIES, NET				(909,215	)		(8.65	)
			NET ASSETS			$	10,511,843			100.00	%

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

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
CREF BOND MARKET ACCOUNT ▪ DECEMBER 31, 2009

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

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

PORTFOLIO OF INVESTMENTS

CREF INFLATION-LINKED BOND ACCOUNT § DECEMBER 31, 2009

	Principal	Issuer		Value (000)		% of net assets
GOVERNMENT BONDS
U.S. TREASURY SECURITIES k
$	412,002,961	United States Treasury Inflation Indexed Bonds	2.380%, 01/15/25	$	434,727		5.67	%
	271,440,917	United States Treasury Inflation Indexed Bonds	2.000%, 01/15/26		272,607		3.56
	220,496,001	United States Treasury Inflation Indexed Bonds	2.380%, 01/15/27		232,038		3.03
	216,793,786	United States Treasury Inflation Indexed Bonds	1.750%, 01/15/28		207,885		2.71
	287,387,363	United States Treasury Inflation Indexed Bonds	3.630%, 04/15/28		355,215		4.63
	213,854,940	United States Treasury Inflation Indexed Bonds	2.500%, 01/15/29		229,376		2.99
	322,020,554	United States Treasury Inflation Indexed Bonds	3.880%, 04/15/29		414,375		5.41
	86,784,704	United States Treasury Inflation Indexed Bonds	3.380%, 04/15/32		107,288		1.40
	181,679,401	United States Treasury Inflation Indexed Notes	3.500%, 01/15/11		188,450		2.46
	269,751,257	United States Treasury Inflation Indexed Notes	2.380%, 04/15/11		277,717		3.62
	107,674,712	United States Treasury Inflation Indexed Notes	3.380%, 01/15/12		115,161		1.50
	214,895,625	United States Treasury Inflation Indexed Notes	2.000%, 04/15/12		224,566		2.93
	373,157,655	United States Treasury Inflation Indexed Notes	3.000%, 07/15/12		401,203		5.23
	214,619,891	United States Treasury Inflation Indexed Notes	0.630%, 04/15/13		218,242		2.85
	342,389,367	United States Treasury Inflation Indexed Notes	1.880%, 07/15/13		360,606		4.70
	355,123,366	United States Treasury Inflation Indexed Notes	2.000%, 01/15/14		375,543		4.90
	228,087,552	United States Treasury Inflation Indexed Notes	1.250%, 04/15/14		235,732		3.08
	327,041,542	United States Treasury Inflation Indexed Notes	2.000%, 07/15/14		346,460		4.52
	316,905,892	United States Treasury Inflation Indexed Notes	1.630%, 01/15/15		329,582		4.30
	284,619,296	United States Treasury Inflation Indexed Notes	1.880%, 07/15/15		299,895		3.91
	266,240,273	United States Treasury Inflation Indexed Notes	2.000%, 01/15/16		281,154		3.67
	266,077,166	United States Treasury Inflation Indexed Notes	2.500%, 07/15/16		289,754		3.78
	235,351,557	United States Treasury Inflation Indexed Notes	2.380%, 01/15/17		254,198		3.32
	212,774,040	United States Treasury Inflation Indexed Notes	2.630%, 07/15/17		234,002		3.05
	220,869,633	United States Treasury Inflation Indexed Notes	1.630%, 01/15/18		226,098		2.95
	208,110,696	United States Treasury Inflation Indexed Notes	1.380%, 07/15/18		208,533		2.72
	207,914,525	United States Treasury Inflation Indexed Notes	2.130%, 01/15/19		220,487		2.88
	230,325,550	United States Treasury Inflation Indexed Notes	1.880%, 07/15/19		239,071		3.12
					7,579,965		98.89
		TOTAL GOVERNMENT BONDS	(Cost $7,266,477)		7,579,965		98.89
SHORT-TERM INVESTMENTS
U.S. TREASURY BILLS
	17,900,000	United States Treasury Bills	06/24/10		17,884		0.23
					17,884		0.23
		TOTAL SHORT-TERM INVESTMENTS	(Cost $17,884)		17,884		0.23
		TOTAL PORTFOLIO	(Cost $7,284,361)		7,597,849		99.12
		OTHER ASSETS & LIABILITIES, NET			67,151		0.88
		NET ASSETS		$	7,665,000		100.00	%

k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
Cost amounts are in thousands.

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

SUMMARY PORTFOLIO OF INVESTMENTS

CREF SOCIAL CHOICE ACCOUNT § DECEMBER 31, 2009

	Principal	Issuer	Value (000)		% of net assets
BONDS
CORPORATE BONDS
AGENCY SECURITIES			$	199,192		2.30	%
AUTOMOTIVE DEALERS AND SERVICE STATIONS				5,422		0.06
BUILDING MATERIALS AND GARDEN SUPPLIES				6,807		0.08
BUSINESS SERVICES				5,054		0.06
CHEMICALS AND ALLIED PRODUCTS				26,272		0.30
COMMUNICATIONS				60,739		0.70
DEPOSITORY INSTITUTIONS				138,852		1.60
EATING AND DRINKING PLACES				1,307		0.02
ELECTRIC, GAS, AND SANITARY SERVICES				113,144		1.31
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT				7,895		0.09
ENGINEERING AND MANAGEMENT SERVICES				3,664		0.04
FOOD AND KINDRED PRODUCTS				19,420		0.22
FOOD STORES				992		0.01
FURNITURE AND FIXTURES				4,159		0.05
GENERAL BUILDING CONTRACTORS				3,015		0.04
GENERAL MERCHANDISE STORES				2,890		0.03
HEALTH SERVICES				11,838		0.14
HOLDING AND OTHER INVESTMENT OFFICES				29,294		0.34
INDUSTRIAL MACHINERY AND EQUIPMENT				30,346		0.35
INSTRUMENTS AND RELATED PRODUCTS				51,694		0.60
INSURANCE CARRIERS				57,595		0.67
MEMBERSHIP ORGANIZATIONS				5,239		0.06
MISCELLANEOUS RETAIL				7,115		0.08
NONDEPOSITORY INSTITUTIONS				45,979		0.53
NONMETALLIC MINERALS, EXCEPT FUELS				2,674		0.03
OIL AND GAS EXTRACTION				48,817		0.56
PAPER AND ALLIED PRODUCTS				13,765		0.16
PETROLEUM AND COAL PRODUCTS				13,824		0.16
PRINTING AND PUBLISHING				2,604		0.03
RAILROAD TRANSPORTATION				24,136		0.27
SECURITY AND COMMODITY BROKERS				3,692		0.04
SOCIAL SERVICES				10,549		0.12

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

SUMMARY PORTFOLIO OF INVESTMENTS	continued
CREF SOCIAL CHOICE ACCOUNT § DECEMBER 31, 2009

	Principal		Issuer			Value (000)		% of net assets
STONE, CLAY, AND GLASS PRODUCTS						$	2,822		0.03	%
TRANSPORTATION BY AIR							31,139		0.36
TRANSPORTATION EQUIPMENT							7,923		0.09
TRANSPORTATION SERVICES							8,796		0.10
WHOLESALE TRADE-DURABLE GOODS							2,957		0.03
WHOLESALE TRADE-NONDURABLE GOODS							10,357		0.12
			TOTAL CORPORATE BONDS		(Cost $996,499)		1,021,979		11.78
GOVERNMENT BONDS
AGENCY SECURITIES							199,849		2.31
FOREIGN GOVERNMENT BONDS							104,944		1.21
MORTGAGE BACKED
$	210,954,574		Federal Home Loan Mortgage Corp Gold
			(FGLMC)	4.000%–8.000%, 03/01/11–07/01/39			220,062		2.54
	79,000,000		Federal National Mortgage Association (FNMA)		4.500%, 01/25/40		78,852		0.91
	51,000,000		FNMA		6.000%, 01/25/40		54,012		0.62
	29,000,000		FNMA		6.500%, 01/25/40		31,057		0.36
	26,178,084	i	FNMA		5.870%, 01/01/37		27,803		0.32
	451,175,432	i	FNMA	4.000%–8.500%, 06/01/11–08/01/39			467,701		5.39
			Other				298,530		3.44
							1,178,017		13.58
MUNICIPAL BONDS							124,984		1.44
U.S. TREASURY SECURITIES
	65,800,000		United States Treasury Bond		8.000%, 11/15/21		89,602		1.03
	36,625,000		United States Treasury Note		1.380%, 11/15/12		36,362		0.42
	31,500,000		United States Treasury Note		1.750%, 03/31/14		30,752		0.36
	34,030,000		United States Treasury Note		2.250%, 05/31/14		33,799		0.39
	33,395,000		United States Treasury Note		2.380%, 08/31/14		33,150		0.38
	42,641,000		United States Treasury Note		3.380%, 11/15/19		41,016		0.47
	162,116,000		United States Treasury Note	0.750%–6.380%, 01/31/11–08/15/39			203,547		2.35
							468,228		5.40
			TOTAL GOVERNMENT BONDS		(Cost $2,045,536)		2,076,022		23.94
STRUCTURED ASSETS
ASSET BACKED							93,618		1.08
OTHER MORTGAGE BACKED							97,631		1.12
			TOTAL STRUCTURED ASSETS		(Cost $214,116)		191,249		2.20
			TOTAL BONDS		(Cost $3,256,151)		3,289,250		37.92

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

SUMMARY PORTFOLIO OF INVESTMENTS	continued
CREF SOCIAL CHOICE ACCOUNT § DECEMBER 31, 2009

	Shares		Company	Value (000)		% of net assets
COMMON STOCKS
AGRICULTURAL SERVICES				$	1,098	0.01	%
AMUSEMENT AND RECREATION SERVICES
	1,255,438		Walt Disney Co		40,488	0.47
			Other		132	0.00	**
					40,620	0.47
APPAREL AND ACCESSORY STORES					39,469	0.46
APPAREL AND OTHER TEXTILE PRODUCTS					30,873	0.36
AUTO REPAIR, SERVICES AND PARKING					1,828	0.02
AUTOMOTIVE DEALERS AND SERVICE STATIONS					7,729	0.09
BUILDING MATERIALS AND GARDEN SUPPLIES
	1,141,348	e	Home Depot, Inc		33,019	0.38
			Other		19,375	0.22
					52,394	0.60
BUSINESS SERVICES
	114,206	*,e	Google, Inc (Class A)		70,806	0.82
	3,378,605		Microsoft Corp		103,015	1.19
			Other		167,335	1.92
					341,156	3.93
CHEMICALS AND ALLIED PRODUCTS
	669,930	*,e	Amgen, Inc		37,899	0.44
	1,432,339		Bristol-Myers Squibb Co		36,167	0.42
	386,074		Colgate-Palmolive Co		31,716	0.36
	633,432	*,e	Gilead Sciences, Inc		27,415	0.31
	1,236,229		Johnson & Johnson		79,627	0.92
	1,558,032		Merck & Co, Inc		56,931	0.66
	1,275,939		Procter & Gamble Co		77,361	0.89
			Other		292,379	3.37
					639,495	7.37
COMMUNICATIONS
	1,021,216	*,e	DIRECTV		34,057	0.39
	1,467,474		Verizon Communications, Inc		48,616	0.56
			Other		155,728	1.80
					238,401	2.75
DEPOSITORY INSTITUTIONS
	2,260,228		Wells Fargo & Co		61,003	0.70
			Other		309,486	3.57
					370,489	4.27
EATING AND DRINKING PLACES
	641,970		McDonald’s Corp		40,085	0.46
			Other		20,574	0.24
					60,659	0.70
EDUCATIONAL SERVICES					1,649	0.02
ELECTRIC, GAS, AND SANITARY SERVICES					333,427	3.84

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

SUMMARY PORTFOLIO OF INVESTMENTS	continued
CREF SOCIAL CHOICE ACCOUNT § DECEMBER 31, 2009

	Shares		Company	Value (000)		% of net assets
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	2,863,205	*	Cisco Systems, Inc	$	68,546		0.79	%
	2,863,339	e	Intel Corp		58,412		0.67
	1,075,307		Texas Instruments, Inc		28,023		0.33
			Other		115,435		1.33
					270,416		3.12
ENGINEERING AND MANAGEMENT SERVICES					40,794		0.47
FABRICATED METAL PRODUCTS
	583,259		Illinois Tool Works, Inc		27,991		0.32
			Other		14,354		0.17
					42,345		0.49
FOOD AND KINDRED PRODUCTS
	1,001,488		Kraft Foods, Inc (Class A)		27,220		0.31
	831,309		PepsiCo, Inc		50,544		0.59
			Other		103,468		1.19
					181,232		2.09
FOOD STORES					35,644		0.41
FORESTRY					6,277		0.07
FURNITURE AND FIXTURES					10,012		0.12
FURNITURE AND HOME FURNISHINGS STORES					10,806		0.12
GENERAL BUILDING CONTRACTORS					14,758		0.17
GENERAL MERCHANDISE STORES
	582,143	e	Target Corp		28,158		0.33
			Other		48,056		0.55
					76,214		0.88
HEALTH SERVICES					23,379		0.27
HEAVY CONSTRUCTION, EXCEPT BUILDING					7,131		0.08
HOLDING AND OTHER INVESTMENT OFFICES					65,293		0.75
HOTELS AND OTHER LODGING PLACES					19,498		0.23
INDUSTRIAL MACHINERY AND EQUIPMENT
	499,571	e	3M Co		41,300		0.48
	710,883	e	Emerson Electric Co		30,284		0.35
	1,246,302		Hewlett-Packard Co		64,196		0.74
	608,738		International Business Machines Corp		79,683		0.92
			Other		164,667		1.90
					380,130		4.39
INSTRUMENTS AND RELATED PRODUCTS
	501,272	e	Baxter International, Inc		29,415		0.34
	806,650		Medtronic, Inc		35,475		0.41
			Other		138,602		1.60
					203,492		2.35
INSURANCE AGENTS, BROKERS AND SERVICE					22,049		0.25

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

SUMMARY PORTFOLIO OF INVESTMENTS	continued
CREF SOCIAL CHOICE ACCOUNT § DECEMBER 31, 2009

	Shares		Company	Value (000)		% of net assets
INSURANCE CARRIERS
	472,582	*	WellPoint, Inc	$	27,547		0.32	%
			Other		199,464		2.30
					227,011		2.62
LEATHER AND LEATHER PRODUCTS					5,900		0.07
LEGAL SERVICES					632		0.01
LOCAL AND INTERURBAN PASSENGER TRANSIT					1,616		0.02
LUMBER AND WOOD PRODUCTS					123		0.00	**
METAL MINING					36,258		0.42
MISCELLANEOUS MANUFACTURING INDUSTRIES					12,824		0.15
MISCELLANEOUS RETAIL					99,725		1.15
MOTION PICTURES					11,890		0.14
NONDEPOSITORY INSTITUTIONS
	821,479	e	American Express Co		33,286		0.38
			Other		22,385		0.26
					55,671		0.64
NONMETALLIC MINERALS, EXCEPT FUELS					13,833		0.16
OIL AND GAS EXTRACTION
	320,466		Apache Corp		33,061		0.38
	422,328		Devon Energy Corp		31,040		0.36
			Other		246,602		2.84
					310,703		3.58
PAPER AND ALLIED PRODUCTS					46,245		0.53
PERSONAL SERVICES					1,072		0.01
PETROLEUM AND COAL PRODUCTS					126,307		1.46
PIPELINES, EXCEPT NATURAL GAS					30,020		0.35
PRIMARY METAL INDUSTRIES					65,234		0.75
PRINTING AND PUBLISHING					40,923		0.47
RAILROAD TRANSPORTATION					58,589		0.68
REAL ESTATE					28,159		0.32
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS					7,900		0.09
SECURITY AND COMMODITY BROKERS					134,756		1.55
SOCIAL SERVICES					223		0.00	**
SPECIAL TRADE CONTRACTORS					1,896		0.02
STONE, CLAY, AND GLASS PRODUCTS					38,116		0.44

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

SUMMARY PORTFOLIO OF INVESTMENTS	continued
CREF SOCIAL CHOICE ACCOUNT § DECEMBER 31, 2009

	Shares	Company		Value (000)			% of net assets
TEXTILE MILL PRODUCTS				$	501			0.01	%
TRANSPORTATION BY AIR					40,662			0.47
TRANSPORTATION EQUIPMENT					105,439			1.22
TRANSPORTATION SERVICES					9,288			0.11
TRUCKING AND WAREHOUSING
	521,934	United Parcel Service, Inc (Class B)			29,943			0.35
		Other			11,743			0.13
					41,686			0.48
WATER TRANSPORTATION					4,482			0.05
WHOLESALE TRADE-DURABLE GOODS					55,554			0.64
WHOLESALE TRADE-NONDURABLE GOODS					42,507			0.49
		TOTAL COMMON STOCKS	(Cost $4,665,667)		5,224,502			60.25
PREFERRED STOCKS
MORTGAGE BACKED					1,060			0.01
		TOTAL PREFERRED STOCKS	(Cost $24,353)		1,060			0.01
RIGHTS / WARRANTS
BUILDING MATERIALS AND GARDEN SUPPLIES					4			0.00	**
DEPOSITORY INSTITUTIONS					0	^		0.00	**
		TOTAL RIGHTS / WARRANTS	(Cost $0^)		4			0.00	**
	Principal	Issuer
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
$	50,000,000	Federal Home Loan Mortgage Corp (FHLMC)	01/11/10		49,997			0.57
	3,400,000	FHLMC	03/01/10		3,399			0.04
		Other			112,331			1.29
			(Cost $165,707)		165,727			1.90
U.S. TREASURY BILLS
	77,000,000	United States Cash Management Bills	06/10/10		76,939			0.89
	46,000,000	United States Treasury Bills	04/22/10		45,990			0.53
	40,000,000	United States Treasury Bills	08/26/10		39,924			0.46
		Other			26,874			0.31
			(Cost $189,732)		189,727			2.19

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

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
CREF SOCIAL CHOICE ACCOUNT § DECEMBER 31, 2009

	Principal	Issuer		Value (000)			% of net assets
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
$	48,700,000	Federal National Mortgage Association (FNMA)	03/01/10	$	48,688			0.56	%
	30,407,000	FNMA	03/30/10		30,403			0.35
	50,000,000	FNMA	05/10/10		49,979			0.58
		Other			123,374			1.42
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED			(Cost $252,412)		252,444			2.91
		TOTAL SHORT-TERM INVESTMENTS	(Cost $607,851)		607,898			7.00
		TOTAL PORTFOLIO	(Cost $8,554,022)		9,122,714			105.18
		OTHER ASSETS & LIABILITIES, NET			(449,412	)		(5.18	)
		NET ASSETS		$	8,673,302			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 reflects rate at the period end.
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 concentrations.

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

SUMMARY PORTFOLIO OF INVESTMENTS

CREF MONEY MARKET ACCOUNT § DECEMBER 31, 2009

Principal		Issuer		Value (000)		% of net assets
SHORT-TERM INVESTMENTS
BANK NOTE				$	55,004		0.41	%
BANKER’S ACCEPTANCES
$	135,800,000	Bank of America NA	01/04/10–05/11/10		135,750		1.02
		Other			69,269		0.52
					205,019		1.54
CERTIFICATE OF DEPOSIT
	56,500,000	Banco Bilbao Vizcaya Argentaria S.A.	0.190%, 01/19/10		56,500		0.43
	185,025,000	Bank of Montreal	0.140%–0.190%, 01/08/10–03/18/10		185,025		1.39
	238,715,000	Barclays Bank plc	0.480%–0.960%, 01/11/10–08/18/10		238,715		1.79
	185,000,000	Calyon	0.160%–0.270%, 01/11/10–02/03/10		185,002		1.39
	95,000,000	Rabobank Nederland NV	0.170%–1.050%, 03/02/10–07/30/10		95,033		0.71
		Other			905,007		6.79
					1,665,282		12.50
COMMERCIAL PAPER
	163,380,000	American Honda Finance Corp	01/05/10–01/28/10		163,365		1.23
	232,035,000	Bank of Nova Scotia	01/11/10–02/19/10		231,995		1.74
	179,260,000	BNP Paribas Finance, Inc	01/05/10–02/09/10		179,242		1.34
	217,584,000	Coca-Cola Co	01/07/10–06/10/10		217,523		1.63
	152,617,000	Fairway Finance LLC	01/05/10–03/16/10		152,581		1.14
	52,640,000	Govco LLC	02/08/10		52,625		0.39
	138,846,000	Govco LLC	02/02/10–03/10/10		138,798		1.04
	85,000,000	Johnson & Johnson	04/05/10		84,966		0.64
	61,830,000	Johnson & Johnson	05/03/10		61,788		0.46
	169,779,000	Johnson & Johnson	01/25/10–08/03/10		169,730		1.27
	137,245,000	Lloyds TSB Bank plc	01/07/10–03/19/10		137,190		1.03
	75,000,000	Nestle Capital Corp	02/22/10		74,984		0.56
	264,225,000	Nestle Capital Corp	01/19/10–04/14/10		264,094		1.98
	299,211,000	Old Line Funding LLC	01/06/10–03/15/10		299,160		2.24
	61,530,000	Park Avenue Receivables Corp	02/08/10		61,519		0.46
	63,000,000	Park Avenue Receivables Corp	01/04/10		62,999		0.47
	146,615,000	Park Avenue Receivables Corp	01/05/10–02/24/10		146,594		1.10
	319,315,000	Private Export Funding Corp	01/27/10–04/26/10		319,109		2.40
	182,890,000	Province of Ontario Canada	01/07/10–04/19/10		182,838		1.37
	166,608,000	Rabobank USA Financial Corp	01/07/10–04/06/10		166,567		1.25
	163,558,000	Ranger Funding Co LLC	01/20/10–03/23/10		163,510		1.23
	55,000,000	Sheffield Receivables Corp	01/07/10		54,998		0.41
	182,961,000	Sheffield Receivables Corp	01/04/10–02/17/10		182,944		1.37
	149,548,000	Straight-A Funding LLC	02/12/10–03/18/10		149,508		1.12
	75,140,000	Svensk Exportkredit AB	04/01/10		75,084		0.56
	155,485,000	Svensk Exportkredit AB	02/01/10–03/29/10		155,420		1.17
	60,000,000	Toyota Motor Credit Corp	01/12/10		59,997		0.45
	210,000,000	Toyota Motor Credit Corp	01/04/10–03/01/10		209,971		1.58

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

SUMMARY PORTFOLIO OF INVESTMENTS	continued
CREF MONEY MARKET ACCOUNT § DECEMBER 31, 2009

Principal			Issuer		Value (000)		% of net assets
COMMERCIAL PAPER—continued
$	253,762,000		Variable Funding Capital Co LLC	01/08/10–02/24/10	$	253,731		1.90	%
			Other			1,084,311		8.16
						5,557,141		41.69
INTEREST BEARING SHORT TERM						33,882		0.25
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
	85,000,000		Federal Home Loan Bank (FHLB)	04/26/10		84,937		0.64
	193,469,000		Federal Home Loan Mortgage Corp (FHLMC)	01/04/10–01/28/10		193,454		1.45
	81,744,000		FHLMC	02/01/10		81,731		0.61
	78,200,000		FHLMC	02/16/10		78,185		0.59
	66,999,000		FHLMC	02/23/10		66,984		0.50
	154,005,000		FHLMC	03/22/10		153,950		1.16
	96,605,000		FHLMC	03/24/10		96,574		0.72
	111,915,000		FHLMC	03/30/10		111,869		0.84
	249,247,000		FHLMC	03/01/10–03/31/10		249,172		1.87
	79,868,000		FHLMC	04/12/10		79,832		0.60
	60,160,000		FHLMC	04/19/10		60,126		0.45
	65,790,000		FHLMC	04/28/10		65,758		0.49
	130,475,000		FHLMC	05/04/10		130,401		0.98
	55,460,000		FHLMC	05/05/10		55,367		0.42
	66,229,000		FHLMC	05/10/10		66,194		0.50
	53,650,000		FHLMC	05/17/10		53,618		0.40
	62,660,000		FHLMC	06/01/10		62,562		0.47
	95,000,000		Federal National Mortgage Association (FNMA)	02/10/10		94,982		0.71
	52,100,000		FNMA	03/24/10		52,082		0.39
	64,549,000		FNMA	03/31/10		64,524		0.48
	107,657,000		FNMA	04/01/10		107,507		0.81
	65,000,000		FNMA	04/14/10		64,967		0.49
	69,500,000		FNMA	05/19/10		69,459		0.52
	83,730,000		FNMA	05/24/10		83,672		0.63
	136,475,000		FNMA	05/03/10–05/26/10		136,385		1.02
			Other			1,167,463		8.76
						3,531,755		26.50
U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES
	100,000,000	i	Federal Home Loan Bank (FHLB)	0.580%, 02/02/10		100,000		0.75
	100,000,000	i	FHLB	0.120%, 01/08/10		100,000		0.75
	90,000,000	i	FHLB	0.210%, 01/13/10		89,999		0.68
	100,000,000	i	FHLB	0.780%, 03/11/10		99,999		0.75
	100,000,000	i	Federal Home Loan Mortgage Corp (FHLMC)	0.140%, 02/04/10		100,000		0.75
	100,000,000	i	FHLMC	0.420%, 03/26/10		100,000		0.75
	190,000,000	i	FHLMC	0.140%, 02/09/10		190,009		1.43
			Other			136,399		1.02
						916,406		6.88

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

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
CREF MONEY MARKET ACCOUNT § DECEMBER 31, 2009

Principal		Issuer		Value (000)		% of net assets
U.S. TREASURY SECURITIES
$	223,505,000	United States Cash Management Bills	06/10/10	$	223,211		1.68	%
	98,030,000	United States Cash Management Bills	06/17/10		97,920		0.74
	149,000,000	United States Treasury Bills	02/11/10		148,958		1.12
	64,792,000	United States Treasury Bills	02/18/10		64,771		0.49
	121,667,000	United States Treasury Bills	03/04/10		121,634		0.91
	128,290,000	United States Treasury Bills	04/15/10		128,231		0.96
	106,885,000	United States Treasury Bills	04/22/10		106,833		0.80
	53,650,000	United States Treasury Bills	05/13/10		53,620		0.40
	92,620,000	United States Treasury Bills	05/27/10		92,564		0.69
	73,850,000	United States Treasury Notes	2.880%, 06/30/10		74,682		0.56
	122,690,000	United States Treasury Notes	1.250%–2.750%, 02/28/10–11/30/10		244,168		1.83
					1,356,592		10.18
		TOTAL SHORT-TERM INVESTMENTS	(Cost $13,321,081)		13,321,081		99.95
		TOTAL PORTFOLIO	(Cost $13,321,081)		13,321,081		99.95
		OTHER ASSETS & LIABILITIES, NET			6,368		0.05
		NET ASSETS		$	13,327,449		100.00	%

The following abbreviations are used in portfolio descriptions:
LLC	Limited Liability Company
plc	Public Limited Company
i	Floating or variable rate security. Coupon rate reflects the rate at period end.

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 concentrations.

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

STATEMENTS OF ASSETS AND LIABILITIES

COLLEGE RETIREMENT EQUITIES FUND § DECEMBER 31, 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	$	94,127,252	$	13,180,622	$	10,663,088	$	8,628,872	$	11,234,474	$	7,284,361	$	8,554,022	$	13,321,081
Affiliated issuers		117,517		—		—		—		4,923		—		—		—
Total portfolio investments, at cost		94,244,769		13,180,622		10,663,088		8,628,872		11,239,397		7,284,361		8,554,022		13,321,081
Portfolio investments, at value:
Unaffiliated issuers		101,350,555		13,986,210		11,990,101		9,411,620		11,416,144		7,597,849		9,122,714		13,321,081
Affiliated issuers		88,318		—		—		—		4,914		—		—		—
Total portfolio investments, at value*	$	101,438,873	$	13,986,210	$	11,990,101	$	9,411,620	$	11,421,058	$	7,597,849	$	9,122,714	$	13,321,081
Cash		141		56		146		21		16,570		47		4,119		9
Cash — foreign**		35,533		9,790		—		—		—		—		6,660		—
Dividends and interest receivable		119,393		16,872		12,237		12,354		77,987		64,007		32,717		3,339
Receivable from securities transactions		97,777		11,129		9,865		764		23,160		—		5,571		—
Due from affiliates		16,376		5,219		6,212		2,926		4,523		3,212		3,433		3,208
Other		1,054		514		2,624		494		505		486		493		538
Total assets		101,709,147		14,029,790		12,021,185		9,428,179		11,543,803		7,665,601		9,175,707		13,328,175
LIABILITIES
Payable for collateral for securities loaned		3,027,829		518,671		—		—		—		—		218,443		—
Payable for securities transactions		169,614		20,206		5,957		921		1,031,234		—		283,337		—
Due to affiliates		1,187		177		147		100		117		86		98		158
Payable for variation margin on open future contracts		—		—		1,643		345		—		—		—		—
Other		1,253		527		520		493		609		515		527		568
Total liabilities		3,199,883		539,581		8,267		1,859		1,031,960		601		502,405		726
NET ASSETS:
Accumulation Fund	$	87,141,472	$	13,204,674	$	11,841,542	$	9,253,488	$	10,296,475	$	7,452,760	$	8,430,228	$	13,069,627
Annuity Funds		11,367,792		285,535		171,376		172,832		215,368		212,240		243,074		257,822
Total net assets	$	98,509,264	$	13,490,209	$	12,012,918	$	9,426,320	$	10,511,843	$	7,665,000	$	8,673,302	$	13,327,449
Accumulation units outstanding		418,439		154,712		190,383		116,156		112,769		134,285		68,385		511,880
Accumulation unit value	$	208.25	$	85.35	$	62.20	$	79.66	$	91.31	$	55.50	$	123.28	$	25.53
* Includes securities loaned of:	$	2,898,963	$	495,113	$	—	$	—	$	—	$	—	$	208,121	$	—
** Cost:	$	35,324	$	9,714	$	—	$	—	$	—	$	—	$	6,579	$	—

70   2009 Annual Report § College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund § 2009 Annual Report   71

STATEMENTS OF OPERATIONS

COLLEGE RETIREMENT EQUITIES FUND § FOR THE YEAR ENDED DECEMBER 31, 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	$	482		$	121		$	287		$	63		$	413,865	$	123,927		$	131,551		$	93,833
Dividends:
Unaffiliated issuers		1,995,762			285,649			157,611			172,497			52		—			113,985			—
Affiliated issuers		792			—			—			—			387		—			—			—
Foreign taxes withheld:
Unaffiliated issuers		(73,514	)		(15,401	)		(636	)		(2	)		—		—			(3,035	)		—
Affiliated issuers		(33	)		—			—			—			—		—			—			—
Income from securities lending		102,218			13,982			—			—			—		—			368			—
Other income		4,082			1,220			—			2			199		—			11			—
Total income		2,029,789			285,571			157,262			172,560			414,503		123,927			242,880			93,833
EXPENSES
Administrative		230,106			30,258			26,940			21,793			26,808		18,863			20,771			41,593
Distribution (12b-1)		67,075			8,789			7,868			6,360			7,828		5,519			6,067			12,137
Investment advisory		104,112			17,658			11,476			5,265			8,153		5,908			6,460			8,072
Mortality and expense risk charges		4,130			543			485			392			478		337			372			733
Total expenses before expense waiver		405,423			57,248			46,769			33,810			43,267		30,627			33,670			62,535
Less: expense waiver		—			—			—			—			—		—			—			2,931
Net expenses		405,423			57,248			46,769			33,810			43,267		30,627			33,670			59,604
Net investment income (loss)		1,624,366			228,323			110,493			138,750			371,236		93,300			209,210			34,229
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments:
Unaffiliated issuers		(13,555,542	)		(1,734,017	)		(1,167,095	)		(188,582	)		17,806		(9,707	)		(189,892	)		5
Affiliated issuers		(6,906	)		—			—			—			—		—			—			—
Futures transactions		—			—			40,442			11,241			5		—			6			—
Foreign currency transactions		(2,172	)		(341	)		(398	)		(6	)		—		—			71			—
Net realized gain (loss) on total investments		(13,564,620	)		(1,734,358	)		(1,127,051	)		(177,347	)		17,811		(9,707	)		(189,815	)		5
Change in unrealized appreciation (depreciation) on:
Portfolio investments:
Unaffiliated issuers		35,838,067			4,735,247			4,162,887			2,088,801			257,391		528,299			1,536,876			(17,004	)
Affiliated issuers		22,897			—			—			—			1,059		—			—			—
Futures transactions		—			—			952			264			—		—			—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		406			159			16			—			—		—			134			—
Net change in unrealized appreciation (depreciation) on total investments		35,861,370			4,735,406			4,163,855			2,089,065			258,450		528,299			1,537,010			(17,004	)
Net realized and unrealized gain (loss) on total investments		22,296,750			3,001,048			3,036,804			1,911,718			276,261		518,592			1,347,195			(16,999	)
Net increase (decrease) in net assets resulting from operations	$	23,921,116		$	3,229,371		$	3,147,297		$	2,050,468		$	647,497	$	611,892		$	1,556,405		$	17,230

72   2009 Annual Report § College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund § 2009 Annual Report   73

STATEMENTS OF CHANGES IN NET ASSETS

COLLEGE RETIREMENT EQUITIES FUND § FOR THE YEAR ENDED

	Stock Account						Global Equities Account						Growth Account
(amounts in thousands except accumulation units)	December 31, 2009			December 31, 2008			December 31, 2009			December 31, 2008			December 31, 2009			December 31, 2008
FROM OPERATIONS
Net investment income (loss)	$	1,624,366		$	2,107,262		$	228,323		$	327,469		$	110,493		$	76,252
Net realized gain (loss) on total investments		(13,564,620	)		(8,847,357	)		(1,734,358	)		(2,337,877	)		(1,127,051	)		(1,248,163	)
Net change in unrealized appreciation (depreciation) on total investments		35,861,370			(44,994,663	)		4,735,406			(5,228,329	)		4,163,855			(4,290,328	)
Net increase (decrease) from operations		23,921,116			(51,734,758	)		3,229,371			(7,238,737	)		3,147,297			(5,462,239	)
FROM PARTICIPANT TRANSACTIONS
Premiums		5,088,775			6,643,439			1,235,760			1,440,820			1,148,971			1,190,092
Net transfers (from) to CREF Accounts		(698,998	)		(2,521,016	)		182,259			(627,601	)		169,020			(415,846	)
Annuity payments		(1,204,187	)		(2,040,630	)		(31,856	)		(67,637	)		(18,118	)		(32,540	)
Withdrawals and death benefits		(5,102,471	)		(8,401,876	)		(777,305	)		(1,316,147	)		(656,604	)		(940,459	)
Net increase (decrease) from participant transactions		(1,916,881	)		(6,320,083	)		608,858			(570,565	)		643,269			(198,753	)
Net increase (decrease) in net assets		22,004,235			(58,054,841	)		3,838,229			(7,809,302	)		3,790,566			(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	$	98,509,264		$	76,505,029		$	13,490,209		$	9,651,980		$	12,012,918		$	8,222,352
ACCUMULATION UNITS:
Units purchased		30,287,257			31,053,768			19,589,442			16,192,508			22,787,063			19,357,073
Units sold/transferred		(36,208,604	)		(54,427,305	)		(11,699,295	)		(22,494,321	)		(10,174,085	)		(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		418,438,767			424,360,114			154,711,659			146,821,512			190,383,385			177,770,407

74   2009 Annual Report § College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund § 2009 Annual Report   75

STATEMENTS OF CHANGES IN NET ASSETS continued

COLLEGE RETIREMENT EQUITIES FUND §  FOR THE YEAR ENDED

	Equity Index Account						Bond Market Account						Inflation-Linked Bond Account
(amounts in thousands except accumulation units)	December 31, 2009			December 31, 2008			December 31, 2009			December 31, 2008			December 31, 2009			December 31, 2008
FROM OPERATIONS
Net investment income (loss)	$	138,750		$	158,992		$	371,236		$	372,314		$	93,300		$	296,008
Net realized gain (loss) on total investments		(177,347	)		13,848			17,811			(133,695	)		(9,707	)		(79,085	)
Net change in unrealized appreciation (depreciation) on total investments		2,089,065			(4,479,180	)		258,450			(138,240	)		528,299			(444,386	)
Net increase (decrease) from operations		2,050,468			(4,306,340	)		647,497			100,379			611,892			(227,463	)
FROM PARTICIPANT TRANSACTIONS
Premiums		941,500			1,107,879			1,255,544			1,162,955			1,098,827			1,666,438
Net transfers (from) to CREF Accounts		(89,548	)		(181,685	)		788,667			662,114			677,665			1,022,777
Annuity payments		(21,174	)		(46,722	)		(39,098	)		(48,203	)		(33,076	)		(44,298	)
Withdrawals and death benefits		(628,539	)		(873,070	)		(851,997	)		(845,811	)		(750,631	)		(1,186,964	)
Net increase (decrease) from participant transactions		202,239			6,402			1,153,116			931,055			992,785			1,457,953
Net increase (decrease) in net assets		2,252,707			(4,299,938	)		1,800,613			1,031,434			1,604,677			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	$	9,426,320		$	7,173,613		$	10,511,843		$	8,711,230		$	7,665,000		$	6,060,323
ACCUMULATION UNITS:
Units purchased		14,370,656			13,443,195			14,138,124			13,780,973			20,305,060			31,720,195
Units sold/transferred		(11,042,114	)		(13,223,266	)		(1,217,090	)		(2,848,769	)		(1,948,960	)		(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		116,156,164			112,827,622			112,768,626			99,847,592			134,285,421			115,929,321

76   2009 Annual Report § College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund § 2009 Annual Report   77

STATEMENTS OF CHANGES IN NET ASSETS	concluded
COLLEGE RETIREMENT EQUITIES FUND § FOR THE YEAR ENDED

	Social Choice Account						Money Market Account
(amounts in thousands except accumulation units)	December 31, 2009			December 31, 2008			December 31, 2009			December 31, 2008
FROM OPERATIONS
Net investment income (loss)	$	209,210		$	248,114		$	34,229		$	295,642
Net realized gain (loss) on total investments		(189,815	)		282,384			5			(1	)
Net change in unrealized appreciation (depreciation) on total investments		1,537,010			(2,667,383	)		(17,004	)		18,952
Net increase (decrease) from operations		1,556,405			(2,136,885	)		17,230			314,593
FROM PARTICIPANT TRANSACTIONS
Premiums		693,959			754,539			3,721,036			6,362,828
Net transfers (from) to CREF Accounts		4,650			(222,396	)		(1,033,715	)		2,283,653
Annuity payments		(26,213	)		(40,616	)		(146,389	)		(88,145	)
Withdrawals and death benefits		(446,056	)		(661,126	)		(4,363,720	)		(5,661,607	)
Net increase (decrease) from participant transactions		226,340			(169,599	)		(1,822,788	)		2,896,729
Net increase (decrease) in net assets		1,782,745			(2,306,484	)		(1,805,558	)		3,211,322
NET ASSETS
Beginning of period		6,890,557			9,197,041			15,133,007			11,921,685
End of period	$	8,673,302		$	6,890,557		$	13,327,449		$	15,133,007
ACCUMULATION UNITS:
Units purchased		6,596,009			6,377,916			145,553,247			252,151,700
Units sold/transferred		(4,580,586	)		(7,781,286	)		(215,785,416	)		(138,788,425	)
Outstanding:
Beginning of period		66,369,233			67,772,603			582,112,135			468,748,860
End of period		68,384,656			66,369,233			511,879,966			582,112,135

78   2009 Annual Report § College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund § 2009 Annual Report   79

FINANCIAL HIGHLIGHTS

COLLEGE RETIREMENT EQUITIES FUND § FOR THE YEAR ENDED

		Stock Account
	12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	4.251		$	5.339		$	4.754		$	4.329		$	3.819
Expenses (a)		0.849			1.113			0.992			1.095			0.901
Net investment income (a)		3.402			4.226			3.762			3.234			2.918
Net realized and unrealized gain (loss) on total investments		47.129			(107.993	)		15.589			32.372			11.478
Net change in accumulation unit value		50.531			(103.767	)		19.351			35.606			14.396
Accumulation unit value:
Beginning of period		157.723			261.490			242.139			206.533			192.137
End of period	$	208.254		$	157.723		$	261.490		$	242.139		$	206.533
TOTAL RETURN*		32.04	%		(39.68	)%		7.99	%		17.24	%		7.49	%
RATIOS TO AVERAGE NET ASSETS:
Expenses		0.49	%		0.64	%		0.52	%		0.49	%		0.46	%
Net investment income		1.97	%		1.95	%		1.44	%		1.44	%		1.49	%
SUPPLEMENTAL DATA
Portfolio turnover rate		58	%		53	%		49	%		51	%		58	%
Accumulation units outstanding at the end period†		418			424			448			469			484
Accumulation fund net assets†	$	87,141		$	66,931		$	117,078		$	113,675		$	99,968
Net assets at the end of period†	$	98,509		$	76,505		$	134,560		$	131,097		$	115,864

*	Based on per accumulation unit data.
†	Millions
(a)	Based on average units outstanding.

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

FINANCIAL HIGHLIGHTS continued

COLLEGE RETIREMENT EQUITIES FUND § FOR THE YEAR ENDED

			Global Equities Account
		12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)		$	1.862		$	2.587		$	2.069		$	1.716		$	1.641
Expenses (a)			0.374			0.462			0.409			0.481			0.397
Net investment income (a)			1.488			2.125			1.660			1.235			1.244
Net realized and unrealized gain (loss) on total investments			19.648			(49.181	)		8.522			14.969			6.205
Net change in accumulation unit value			21.136			(47.056	)		10.182			16.204			7.449
Accumulation unit value:
Beginning of period			64.217			111.273			101.091			84.887			77.438
End of period		$	85.353		$	64.217		$	111.273		$	101.091		$	84.887
TOTAL RETURN*			32.91	%		(42.29	)%		10.07	%		19.09	%		9.62	%
RATIOS TO AVERAGE NET ASSETS:
Expenses			0.53	%		0.68	%		0.56	%		0.52	%		0.50	%
Net investment income			2.11	%		2.34	%		1.53	%		1.35	%		1.57	%
SUPPLEMENTAL DATA
Portfolio turnover rate			59	%		76	%		108	%		137	%		137	%
Accumulation units outstanding at the end period†			155			147			153			151			139
Accumulation fund net assets†		$	13,205		$	9,429		$	17,039		$	15,293		$	11,803
Net assets at the end of period†		$	13,490		$	9,652		$	17,461		$	15,674		$	12,101
*	Based on per accumulation unit data.
†	Millions
(a)	Based on average units outstanding.

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

FINANCIAL HIGHLIGHTS continued

COLLEGE RETIREMENT EQUITIES FUND § FOR THE YEAR ENDED

	Growth Account
	12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	0.836		$	0.740		$	0.694		$	0.625		$	0.520
Expenses (a)		0.249			0.316			0.272			0.321			0.291
Net investment income (a)		0.587			0.424			0.422			0.304			0.229
Net realized and unrealized gain (loss) on total investments		16.058			(30.509	)		10.416			3.066			2.935
Net change in accumulation unit value		16.645			(30.085	)		10.838			3.370			3.164
Accumulation unit value:
Beginning of period		45.553			75.638			64.800			61.430			58.266
End of year period	$	62.198		$	45.553		$	75.638		$	64.800		$	61.430
TOTAL RETURN*		36.54	%		(39.78	)%		16.73	%		5.49	%		5.43	%
RATIOS TO AVERAGE NET ASSETS:
Expenses		0.48	%		0.69	%		0.55	%		0.52	%		0.50	%
Net investment income		1.14	%		0.68	%		0.60	%		0.49	%		0.39	%
SUPPLEMENTAL DATA
Portfolio turnover rate		81	%		82	%		127	%		109	%		87	%
Accumulation units outstanding at the end period†		190			178			181			182			194
Accumulation fund net assets†	$	11,842		$	8,098		$	13,666		$	11,780		$	11,918
Net assets at the end of period†	$	12,013		$	8,222		$	13,883		$	11,985		$	12,128

*	Based on per accumulation unit data.
†	Millions
(a)	Based on average units outstanding.

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

FINANCIAL HIGHLIGHTS continued

COLLEGE RETIREMENT EQUITIES FUND § FOR THE YEAR ENDED

	Equity Index Account
	12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	1.470		$	1.823		$	1.806		$	1.636		$	1.441
Expenses (a)		0.288			0.429			0.383			0.385			0.325
Net investment income (a)		1.182			1.394			1.423			1.251			1.116
Net realized and unrealized gain (loss) on total investments		16.176			(38.771	)		3.050			11.332			3.320
Net change in accumulation unit value		17.358			(37.377	)		4.473			12.583			4.436
Accumulation unit value:
Beginning of period		62.306			99.683			95.210			82.627			78.191
End of period	$	79.664		$	62.306		$	99.683		$	95.210		$	82.627
TOTAL RETURN*		27.86	%		(37.50	)%		4.70	%		15.23	%		5.67	%
RATIOS TO AVERAGE NET ASSETS:
Expenses		0.43	%		0.59	%		0.47	%		0.43	%		0.41	%
Net investment income		1.77	%		1.67	%		1.39	%		1.39	%		1.40	%
SUPPLEMENTAL DATA
Portfolio turnover rate		5	%		7	%		9	%		10	%		7	%
Accumulation units outstanding at the end period†		116			113			113			116			117
Accumulation fund net assets†	$	9,253		$	7,030		$	11,225		$	11,033		$	9,658
Net assets at the end of period†	$	9,426		$	7,174		$	11,474		$	11,283		$	9,877

*	Based on per accumulation unit data.
†	Millions
(a)	Based on average units outstanding.

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

FINANCIAL HIGHLIGHTS continued

COLLEGE RETIREMENT EQUITIES FUND § FOR THE YEAR ENDED

	Bond Market Account
		12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	3.818		$	4.241		$	4.260		$	3.990		$	3.437
Expenses (a)		0.399			0.416			0.315			0.373			0.342
Net investment income (a)		3.419			3.825			3.945			3.617			3.095
Net realized and unrealized gain (loss) on total investments		2.556			(2.777	)		0.806			(0.467	)		(1.414	)
Net change in accumulation unit value		5.975			1.048			4.751			3.150			1.681
Accumulation unit value:
Beginning of period		85.331			84.283			79.532			76.382			74.701
End of period	$	91.306		$	85.331		$	84.283		$	79.532		$	76.382
TOTAL RETURN*		7.00	%		1.24	%		5.97	%		4.12	%		2.25	%
RATIOS TO AVERAGE NET ASSETS:
Expenses		0.45	%		0.61	%		0.51	%		0.48	%		0.45	%
Net investment income		3.88	%		4.53	%		4.86	%		4.69	%		4.09	%
SUPPLEMENTAL DATA
Portfolio turnover rate		185	%(b)		125	%		174	%		219	%		275	%
Accumulation units outstanding at the end period†		113			100			89			78			74
Accumulation fund net assets†	$	10,296		$	8,520		$	7,494		$	6,219		$	5,627
Net assets at the end of period†	$	10,512		$	8,711		$	7,680		$	6,395		$	5,797

*	Based on per accumulation unit data.
†	Millions
(a)	Based on average units outstanding.
(b)	The portfolio turnover rate excluding mortgage dollar rolls transactions was 96% for the year.

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

FINANCIAL HIGHLIGHTS continued

COLLEGE RETIREMENT EQUITIES FUND § FOR THE YEAR ENDED

	Inflation-Linked Bond Account
		12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	0.974		$	2.700		$	2.618		$	1.560		$	2.657
Expenses (a)		0.241			0.249			0.186			0.228			0.194
Net investment income (a)		0.733			2.451			2.432			1.332			2.463
Net realized and unrealized gain (loss) on total investments		4.119			(3.367	)		2.695			(1.339	)		(1.316	)
Net change in accumulation unit value		4.852			(0.916	)		5.127			(0.007	)		1.147
Accumulation unit value:
Beginning of period		50.647			51.563			46.436			46.443			45.296
End of period	$	55.499		$	50.647		$	51.563		$	46.436		$	46.443
TOTAL RETURN*		9.58	%		(1.78	)%		11.04	%		(0.01	)%		2.53	%
RATIOS TO AVERAGE NET ASSETS:
Expenses		0.45	%		0.58	%		0.50	%		0.49	%		0.43	%
Net investment income		1.38	%		4.69	%		5.00	%		2.83	%		5.47	%
SUPPLEMENTAL DATA
Portfolio turnover rate		11	%		19	%		13	%		23	%		24	%
Accumulation units outstanding at the end period†		134			116			91			77			83
Accumulation fund net assets†	$	7,453		$	5,871		$	4,668		$	3,597		$	3,844
Net assets at the end of period†	$	7,665		$	6,060		$	4,830		$	3,744		$	4,000

*	Based on per accumulation unit data.
†	Millions
(a)	Based on average units outstanding.

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

FINANCIAL HIGHLIGHTS continued

COLLEGE RETIREMENT EQUITIES FUND § FOR THE YEAR ENDED

		Social Choice Account
		12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)		$	3.517		$	4.191		$	4.165		$	3.687		$	2.987
Expenses (a)			0.488			0.600			0.492			0.535			0.465
Net investment income (a)			3.029			3.591			3.673			3.152			2.522
Net realized and unrealized gain (loss) on total investments			19.530			(34.439	)		2.371			8.412			2.877
Net change in accumulation unit value			22.559			(30.848	)		6.044			11.564			5.399
Accumulation unit value:
Beginning of period			100.718			131.566			125.522			113.958			108.559
End of period		$	123.277		$	100.718		$	131.566		$	125.522		$	113.958
TOTAL RETURN*			22.41	%		(23.45	)%		4.81	%		10.15	%		4.97	%
RATIOS TO AVERAGE NET ASSETS:
Expenses			0.45	%		0.61	%		0.48	%		0.45	%		0.42	%
Net investment income			2.81	%		3.02	%		2.81	%		2.65	%		2.29	%
SUPPLEMENTAL DATA
Portfolio turnover rate			85	%(b)		77	%		60	%		84	%		97	%
Accumulation units outstanding at the end period†			68			66			68			67			66
Accumulation fund net assets†		$	8,430		$	6,685		$	8,917		$	8,458		$	7,539
Net assets at the end of period†		$	8,673		$	6,891		$	9,197		$	8,733		$	7,794
*	Based on per accumulation unit data.
†	Millions
(a)	Based on average units outstanding.
(b)	The portfolio turnover rate excluding mortgage dollar rolls transactions was 49% for the year.

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

FINANCIAL HIGHLIGHTS concluded

COLLEGE RETIREMENT EQUITIES FUND § FOR THE YEAR ENDED

		Money Market Account
		12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)		$	0.164		$	0.700		$	1.258		$	1.169		$	0.726
Expenses (a)			0.104			0.124			0.092			0.098			0.090
Net investment income (a)			0.060			0.576			1.166			1.071			0.636
Net realized and unrealized gain (loss) on total investments			(0.031	)		0.032			(0.004	)		—			0.003
Net change in accumulation unit value			0.029			0.608			1.162			1.071			0.639
Accumulation unit value:
Beginning of period			25.504			24.896			23.734			22.663			22.024
End of period		$	25.533		$	25.504		$	24.896		$	23.734		$	22.663
TOTAL RETURN*			0.11	%		2.44	%		4.90	%		4.73	%		2.90	%
RATIOS TO AVERAGE NET ASSETS:
Expenses before waiver			0.43	%		0.56	%		0.45	%		0.43	%		0.41	%
Expenses after waiver			0.41	%		0.56	%		0.45	%		0.43	%		0.41	%
Net investment income			0.21	%		2.25	%		4.79	%		4.64	%		2.86	%
SUPPLEMENTAL DATA
Accumulation units outstanding at the end period†			512			582			469			393			317
Accumulation fund net assets†		$	13,070		$	14,846		$	11,670		$	9,327		$	7,176
Net assets at the end of period†		$	13,327		$	15,133		$	11,922		$	9,571		$	7,406
*	Based on per accumulation unit data.
†	Millions
(a)	Based on average units outstanding.

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

NOTES TO FINANCIAL STATEMENTS

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 (“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 February 22, 2010. Actual results may differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Accounts.

The Accumulation Unit Value (“AUV”) for financial reporting purposes may differ from the AUV for processing transactions. The AUV for financial reporting purposes includes security and participant transactions through the date of the report. Total return is computed based on the AUV used for processing transactions.

Security valuation: For all Accounts (other than the Money Market Account), investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the financial statements. Investments held by the Money Market Account are recorded at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity.

Accumulation and Annuity Funds: 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 for financial reporting purposes. 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.

88   2009 Annual Report § College Retirement Equities Fund

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.

Dollar rolls 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 substantially similar (same type, coupon, and maturity) securities on a specified future date. During the roll period, the Account forgoes principal and interest paid on the securities. The 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 sales 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.

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.

Repurchase agreements: The Accounts may 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 Accounts’ agreement to resell such securities at a mutually agreed-upon price. Pursuant to the terms of the repurchase agreement, securities purchased that are 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 Account 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 Account maintains the right to sell the underlying securities at market value and pursue a claim for any remaining loss against the seller.

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

College Retirement Equities Fund § 2009 Annual Report   89

NOTES TO FINANCIAL STATEMENTS

the receipt of interest (after rebates and fees) on collateral. Such income is reflected separately on the Statements of Operations. The value of the loaned securities, the value of the securities purchased with cash collateral, and the liability to return the cash collateral received are reflected on the Statements of Assets and Liabilities.

Lending Accounts’ securities exposes the Accounts to risks such as the following: (i) the borrower may fail to return the loaned securities; (ii) the borrower may not be able to provide additional collateral; (iii) the Accounts may experience delays in recovery of the loaned securities or delays in access to collateral; or (iv) the Accounts may experience losses relating to the reinvestment of cash collateral. To minimize certain of these risks, loan counterparties pledge cash collateral equal to at least 102% of the market value of the securities loaned for U.S. securities and 105% of the market value of the securities loaned for foreign securities. However, the securities on loan are subject to daily market fluctuations which may cause the loans to be under collateralized for a period of time. The cash collateral for the Stock and Global Equities Accounts is invested in individual securities selected by the lending agent, pursuant to investment restrictions defined by the investment adviser, TIAA-CREF Investment Management, LLC (“TCIM”). The cash collateral for the Social Choice Account is invested in short-term instruments by TCIM. The cash collateral for the Growth, Equity Index, Bond Market, and Inflation-Linked Bond Accounts is invested in the State Street Navigator Securities Lending Portfolio. As of December 31, 2009, there were no securities out on loan for the Growth, Equity Index, Bond Market, and Inflation-Linked Bond Accounts.

At December 31, 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	$	3,003,159,205	$	3,027,829,470
Global Equities		514,338,549		518,671,441
Social Choice		220,013,092		218,442,522

Futures contracts: The Accounts are subject to equity price risk and interest rate risk in the normal course of pursuing their investment objectives. The Accounts (other than the Money Market Account) may use futures contracts to manage exposure to the equity and credit markets and 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

90   2009 Annual Report § College Retirement Equities Fund

continued

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 funds, 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 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 Accounts (other than the Money Market Account) may invest in Treasury Inflation-Protected Securities, specially structured bonds in which the principal amount is adjusted periodically to keep pace with inflation, as measured by the U.S. Consumer Price Index. The adjustments for interest income or loss due to inflation or deflation 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.

Income taxes: CREF is taxed as a life insurance company under Subchapter L of the Internal Revenue Code (“Code”). CREF should incur no 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. Management has analyzed the Accounts’ tax positions taken for all open federal income tax years (2005-2009) and has concluded that no provision for federal income tax is required in the Accounts’ financial statements.

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.

Trustee compensation: The Trustees of the Accounts, all of whom are independent, receive certain 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 are retained by the Accounts. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statements of Assets and Liabilities.

College Retirement Equities Fund § 2009 Annual Report   91

NOTES TO FINANCIAL STATEMENTS

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’ organizational documents, the trustees and officers of the Accounts are indemnified against certain liabilities that may arise out of their duties to the Accounts. However, based on experience, the Accounts expect the risk of loss due to these warranties and indemnities to be remote.

Note 2—valuation of investments

Portfolio investments are valued at fair value utilizing various valuation methods approved by the Board of Trustees. U.S. GAAP establishes 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 and 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 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 last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. If events materially affecting the value of foreign securities occur 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.

92   2009 Annual Report § College Retirement Equities Fund

continued

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 with maturities of 60 days or less are valued at amortized cost. Short-term investments (other than those in the Money Market Account) 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. 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 sales 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. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized as Level 3.

As of December 31, 2009, 100% of the investments in the Inflation-Linked Bond and Money Market Accounts were valued based on Level 2 inputs.

The following is a summary of the inputs used to value the remaining Accounts’ investments as of December 31, 2009:

Account	Level 1		Level 2		Level 3		Total
Stock
Domestic Government Bonds	$	—	$	340,602	$	—	$	340,602
Foreign Corporate Bonds		—		17,011		—		17,011
Domestic Common Stocks		68,135,185,024		27,878,804		11,789,817		68,174,853,645
Foreign Common Stocks
Agricultural Production-Crops		—		140,563		—		140,563
Agricultural Services		—		2,924,551		—		2,924,551
Amusement and Recreation Services		5,561,663		129,525,264		—		135,086,927

College Retirement Equities Fund § 2009 Annual Report   93

NOTES TO FINANCIAL STATEMENTS

Account	Level 1		Level 2		Level 3		Total
Stock (continued)
Apparel and Accessory Stores	$	5,906,854	$	173,749,892	$	—	$	179,656,746
Apparel and Other Textile Products		—		34,985,098		—		34,985,098
Auto Repair, Services and Parking		—		6,470,426		—		6,470,426
Automotive Dealers and Service Stations		—		23,866,219		—		23,866,219
Building Materials and Garden Supplies		—		35,869,819		—		35,869,819
Business Services		75,749,384		871,469,111		—		947,218,495
Chemicals and Allied Products		321,673,238		2,521,552,503		—		2,843,225,741
Coal Mining		—		160,715,233		—		160,715,233
Commercial Services and Supplies		—		2,444,144		—		2,444,144
Communications		37,768,196		1,629,913,176		—		1,667,681,372
Depository Institutions		52,742,944		3,959,225,225		—		4,011,968,169
Eating and Drinking Places		—		144,478,740		—		144,478,740
Educational Services		—		11,582,975		—		11,582,975
Electric, Gas, and Sanitary Services		6,417,955		1,295,011,730		—		1,301,429,685
Electronic and Other Electric Equipment		14,670,658		1,362,079,529		—		1,376,750,187
Engineering and Management Services		5,820,604		262,636,084		—		268,456,688
Environmental Quality and Housing		—		961,749		—		961,749
Fabricated Metal Products		—		74,987,875		—		74,987,875
Fisheries		—		3,382,194		—		3,382,194
Food and Kindred Products		32,391,530		1,159,677,864		—		1,192,069,394
Food Stores		—		287,667,894		—		287,667,894
Forestry		—		118,842		—		118,842
Furniture and Fixtures		—		5,463,553		—		5,463,553
Furniture and Home Furnishings Stores		—		61,462,140		—		61,462,140
General Building Contractors		—		234,774,341		—		234,774,341
General Merchandise Stores		—		198,892,600		—		198,892,600
Health Services		970,282		58,966,691		—		59,936,973
Heavy Construction, Except Building		—		277,276,366		—		277,276,366
Holding and Other Investment Offices		—		486,439,631		15,984		486,455,615
Hotels and Other Lodging Places		—		124,859,055		—		124,859,055
Industrial Machinery and Equipment		1,723,271		713,089,785		—		714,813,056
Instruments and Related Products		3,987,666		243,296,533		—		247,284,199
Insurance Agents, Brokers and Service		—		89,376,681		—		89,376,681
Insurance Carriers		40,366,880		925,846,979		—		966,213,859
Leather and Leather Products		—		61,048,459		—		61,048,459
Local and Interurban Passenger Transit		—		14,909,453		—		14,909,453
Lumber and Wood Products		—		16,639,352		—		16,639,352
Metal Mining		143,921,864		1,629,860,933		—		1,773,782,797
Miscellaneous Manufacturing Industries		—		88,019,530		—		88,019,530
Miscellaneous Repair Services		—		204,672		—		204,672
Miscellaneous Retail		9,016,958		191,762,403		—		200,779,361
Motion Pictures		—		13,278,096		—		13,278,096
Nondepository Institutions		8,878,255		366,002,161		—		374,880,416
Nonmetallic Minerals, Except Fuels		—		59,236,506		—		59,236,506
Oil and Gas Extraction		83,382,409		1,274,454,626		—		1,357,837,035
Paper and Allied Products		—		150,945,995		—		150,945,995
Personal Services		—		18,708,007		—		18,708,007

94   2009 Annual Report § College Retirement Equities Fund

continued

Account	Level 1		Level 2		Level 3		Total
Stock (continued)
Petroleum and Coal Products	$	154,537,499	$	1,033,301,569	$	—	$	1,187,839,068
Pipelines, Except Natural Gas		—		34,135,150		—		34,135,150
Primary Metal Industries		7,746,422		479,387,248		—		487,133,670
Printing and Publishing		788,987		193,798,356		—		194,587,343
Railroad Transportation		—		177,583,638		—		177,583,638
Real Estate		835,227		509,668,849		—		510,504,076
Rubber and Miscellaneous Plastic Products		—		293,950,299		—		293,950,299
Security and Commodity Brokers		—		598,845,689		—		598,845,689
Social Services		—		2,900,462		—		2,900,462
Special Trade Contractors		—		28,743,585		—		28,743,585
Stone, Clay, and Glass Products		—		246,052,937		—		246,052,937
Textile Mill Products		—		39,054,289		—		39,054,289
Tobacco Products		515,897,949		222,421,333		—		738,319,282
Transportation By Air		14,268,352		123,796,439		—		138,064,791
Transportation Equipment		71,501,822		1,174,017,926		—		1,245,519,748
Transportation Services		439,660		72,278,571		—		72,718,231
Trucking and Warehousing		—		136,061,941		—		136,061,941
Water Transportation		15,380,307		108,310,129		—		123,690,436
Wholesale Trade-Durable Goods		719,218		752,473,238		—		753,192,456
Wholesale Trade-Nondurable Goods		105,826,885		433,715,681		—		539,542,566
Domestic Preferred Stocks		71,058,022		—		—		71,058,022
Foreign Preferred Stocks
Food and Kindred Products		—		19,366,894		—		19,366,894
Holding and Other Investment Offices		—		6,176,037		—		6,176,037
Security and Commodity Brokers		—		2,973,800		—		2,973,800
Transportation By Air		—		276		—		276
Rights / Warrants		117,278		513,370		—		630,648
Short-term Investments		—		3,303,798,091		—		3,303,798,091
Total	$	69,945,253,263	$	31,481,813,462	$	11,805,801	$	101,438,872,526
Global Equities
Foreign Common Stocks	$	301,149,782	$	6,747,553,845	$	—	$	7,048,703,627
Domestic Common Stocks
Amusement and Recreation Services		19,911,225		—		—		19,911,225
Apparel and Accessory Stores		43,713,027		—		—		43,713,027
Apparel and Other Textile Products		16,315,151		—		—		16,315,151
Auto Repair, Services and Parking		1,739,432		—		—		1,739,432
Automotive Dealers and Service Stations		5,183,991		—		—		5,183,991
Building Materials and Garden Supplies		36,468,308		—		—		36,468,308
Business Services		515,299,818		158,452		—		515,458,270
Chemicals and Allied Products		757,586,826		—		—		757,586,826
Coal Mining		8,018,663		—		—		8,018,663
Communications		244,134,991		—		—		244,134,991
Depository Institutions		437,664,054		—		—		437,664,054
Eating and Drinking Places		47,123,568		—		—		47,123,568
Educational Services		9,994,164		—		—		9,994,164
Electric, Gas, and Sanitary Services		231,652,432		—		—		231,652,432

College Retirement Equities Fund § 2009 Annual Report   95

NOTES TO FINANCIAL STATEMENTS

Account	Level 1		Level 2		Level 3		Total
Global Equities (continued)
Electronic and Other Electric Equipment	$	533,340,549	$	—	$	—	$	533,340,549
Engineering and Management Services		22,605,996		—		—		22,605,996
Fabricated Metal Products		32,376,319		—		—		32,376,319
Food and Kindred Products		225,694,377		—		—		225,694,377
Food Stores		12,148,490		—		—		12,148,490
Forestry		6,405,107		—		—		6,405,107
Furniture and Fixtures		5,492,850		—		—		5,492,850
Furniture and Home Furnishings Stores		15,252,153		—		—		15,252,153
General Building Contractors		12,719,058		—		—		12,719,058
General Merchandise Stores		116,485,362		—		—		116,485,362
Health Services		79,845,002		—		—		79,845,002
Heavy Construction, Except Building		1,165,088		—		—		1,165,088
Holding and Other Investment Offices		419,904,644		—		—		419,904,644
Hotels and Other Lodging Places		12,814,959		—		—		12,814,959
Industrial Machinery and Equipment		429,394,043		—		—		429,394,043
Instruments and Related Products		161,646,217		2,106,980		—		163,753,197
Insurance Agents, Brokers and Service		13,222,963		—		—		13,222,963
Insurance Carriers		304,661,718		—		—		304,661,718
Leather and Leather Products		9,231,752		—		—		9,231,752
Legal Services		13,771		—		—		13,771
Metal Mining		28,994,057		—		—		28,994,057
Miscellaneous Manufacturing Industries		13,000,770		—		—		13,000,770
Miscellaneous Retail		80,042,073		—		—		80,042,073
Motion Pictures		59,948,327		4,082,621		—		64,030,948
Nondepository Institutions		44,105,768		—		—		44,105,768
Nonmetallic Minerals, Except Fuels		995,463		—		—		995,463
Oil and Gas Extraction		363,653,687		—		—		363,653,687
Paper and Allied Products		24,634,427		—		—		24,634,427
Personal Services		3,049,477		—		—		3,049,477
Petroleum and Coal Products		293,261,317		239,185		—		293,500,502
Pipelines, Except Natural Gas		5,110,272		—		—		5,110,272
Primary Metal Industries		25,195,187		546,485		—		25,741,672
Printing and Publishing		10,163,079		—		—		10,163,079
Railroad Transportation		49,901,864		—		—		49,901,864
Real Estate		173,754		1,270,809		—		1,444,563
Rubber and Miscellaneous Plastic Products		7,992,817		—		—		7,992,817
Security and Commodity Brokers		188,696,435		3,212,840		—		191,909,275
Special Trade Contractors		634,599		—		—		634,599
Stone, Clay, and Glass Products		14,274,938		—		—		14,274,938
Textile Mill Products		551,874		—		—		551,874
Tobacco Products		35,369,131		—		—		35,369,131
Transportation By Air		25,143,727		—		—		25,143,727
Transportation Equipment		120,958,404		—		—		120,958,404

96   2009 Annual Report § College Retirement Equities Fund

continued

Account	Level 1		Level 2		Level 3		Total
Global Equities (continued)
Transportation Services	$	3,437,536	$	—	$	—	$	3,437,536
Trucking and Warehousing		19,179,755		—		—		19,179,755
Water Transportation		4,411,752		—		—		4,411,752
Wholesale Trade-Durable Goods		8,301,418		—		—		8,301,418
Wholesale Trade-Nondurable Goods		31,321,474		—		—		31,321,474
Domestic Preferred Stocks
Depository Institutions		11,581,023		—		—		11,581,023
Rights		—		117		—		117
Warrants		—		133,447		—		133,447
Short-term Investments		—		662,445,355		—		662,445,355
Total	$	6,564,460,255	$	7,421,750,136	$	—	$	13,986,210,391
Growth
Domestic Common Stocks	$	11,268,665,822	$	—	$	—	$	11,268,665,822
Foreign Common Stocks
Amusement and Recreation Services		2,045,405		—		—		2,045,405
Business Services		15,914,996		—		—		15,914,996
Chemicals and Allied Products		179,028,617		18,514,514		—		197,543,131
Engineering and Management Services		9,105,930		—		—		9,105,930
Food and Kindred Products		—		15,457,928		—		15,457,928
Hotels and Other Lodging Places		—		636,552		—		636,552
Insurance Carriers		453,939		—		—		453,939
Metal Mining		63,966,703		11,585,175		—		75,551,878
Oil and Gas Extraction		13,691,264		9,057,307		—		22,748,571
Petroleum and Coal Products		8,700,525		—		—		8,700,525
Primary Metal Industries		—		11,869,165		—		11,869,165
Tobacco Products		141,158,534		—		—		141,158,534
Transportation By Air		1,844,191		—		—		1,844,191
Water Transportation		485,391		—		—		485,391
Short-term Investments		—		217,918,697		—		217,918,697
Futures*		951,903		—		—		951,903
Total	$	11,706,013,220	$	285,039,338	$	—	$	11,991,052,558
Equity Index
Domestic Common Stocks	$	9,270,619,699	$	—	$	—	$	9,270,619,699
Foreign Common Stocks
Apparel and Accessory Stores		935,959		—		—		935,959
Business Services		5,784,158		—		—		5,784,158
Chemicals and Allied Products		475,716		—		—		475,716
Communications		649,062		—		—		649,062
Depository Institutions		1,911,172		—		—		1,911,172
Electric, Gas, and Sanitary Services		147,273		—		—		147,273
Electronic and Other Electric Equipment		275,598		—		—		275,598
Food and Kindred Products		251,029		—		—		251,029
Industrial Machinery and Equipment		354,653		—		—		354,653
Instruments and Related Products		460,710		—		—		460,710
Insurance Carriers		4,079,262		—		—		4,079,262
Metal Mining		4,644,140		—		—		4,644,140

College Retirement Equities Fund § 2009 Annual Report   97

NOTES TO FINANCIAL STATEMENTS

Account	Level 1		Level 2		Level 3		Total
Equity Index (continued)
Miscellaneous Retail	$	1,758,176	$	—	$	—	$	1,758,176
Nondepository Institutions		1,147,758		—		—		1,147,758
Oil and Gas Extraction		145,418		—		—		145,418
Petroleum and Coal Products		933,583		—		—		933,583
Primary Metal Industries		120,124		—		—		120,124
Printing and Publishing		99,016		—		—		99,016
Tobacco Products		73,197,767		—		—		73,197,767
Transportation By Air		1,289,741		—		—		1,289,741
Transportation Equipment		2,937,925		—		—		2,937,925
Transportation Services		80,146		—		—		80,146
Water Transportation		2,783,938		—		—		2,783,938
Wholesale Trade-Nondurable Goods		1,829,230		—		—		1,829,230
Rights		22,891		—		—		22,891
Warrants		156		—		—		156
Short-term Investments		—		34,685,556		—		34,685,556
Futures*		264,019		—		—		264,019
Total	$	9,377,198,319	$	34,685,556	$	—	$	9,411,883,875
Bond Market
Bank Loan Obligations	$	—	$	29,988,255	$	—	$	29,988,255
Corporate Bonds		—		3,270,117,828		—		3,270,117,828
Government Bonds		—		6,421,147,072		—		6,421,147,072
Municipal Bonds		—		2,052,900		—		2,052,900
Structured Assets		—		557,387,072		—		557,387,072
Preferred Stocks		2,173,894		—		—		2,173,894
Investments in Registered Investment Companies		4,914,101		—		—		4,914,101
Short-term Investments		—		1,133,276,488		—		1,133,276,488
Total	$	7,087,995	$	11,413,969,615	$	—	$	11,421,057,610
Social Choice
Domestic Common Stocks	$	4,072,165,541	$	—	$	—	$	4,072,165,541
Foreign Common Stocks
Apparel and Accessory Stores		—		10,415,700		—		10,415,700
Automotive Dealers and Service Stations		—		1,907,085		—		1,907,085
Building Materials and Garden Supplies		—		968,896		—		968,896
Business Services		—		23,369,098		—		23,369,098
Chemicals and Allied Products		—		142,231,090		—		142,231,090
Communications		—		59,277,806		—		59,277,806
Depository Institutions		181,962		173,444,235		—		173,626,197
Eating and Drinking Places		—		3,118,685		—		3,118,685
Educational Services		—		1,283,597		—		1,283,597
Electric, Gas, and Sanitary Services		—		70,131,004		—		70,131,004
Electronic and Other Electric Equipment		—		38,733,800		—		38,733,800
Engineering and Management Services		21,480,400		5,239,470		—		26,719,870
Fabricated Metal Products		—		2,884,493		—		2,884,493
Food and Kindred Products		—		28,210,905		—		28,210,905
Food Stores		—		25,187,075		—		25,187,075

98   2009 Annual Report § College Retirement Equities Fund

continued

Account		Level 1		Level 2		Level 3		Total
Social Choice (continued)
General Building Contractors	$	—	$	12,311,034	$	—	$	12,311,034
General Merchandise Stores		—		8,307,658		—		8,307,658
Heavy Construction, Except Building		—		6,040,169		—		6,040,169
Holding and Other Investment Offices		—		1,413,442		—		1,413,442
Hotels and Other Lodging Places		—		7,204,633		—		7,204,633
Industrial Machinery and Equipment		—		32,787,347		—		32,787,347
Instruments and Related Products		—		12,877,187		—		12,877,187
Insurance Agents, Brokers and Service		—		5,904,723		—		5,904,723
Insurance Carriers		—		46,747,922		—		46,747,922
Local and Interurban Passenger Transit		—		1,616,487		—		1,616,487
Metal Mining		—		29,572,341		—		29,572,341
Miscellaneous Manufacturing Industries		—		1,486,783		—		1,486,783
Miscellaneous Retail		—		9,620,228		—		9,620,228
Nonmetallic Minerals, Except Fuels		—		4,431,434		—		4,431,434
Oil and Gas Extraction		—		27,847,864		—		27,847,864
Paper and Allied Products		—		6,338,089		—		6,338,089
Petroleum and Coal Products		—		80,301,394		—		80,301,394
Pipelines, Except Natural Gas		—		5,020,958		—		5,020,958
Primary Metal Industries		—		21,342,202		—		21,342,202
Printing and Publishing		67,992		20,789,949		—		20,857,941
Railroad Transportation		—		9,476,094		—		9,476,094
Real Estate		—		26,392,969		—		26,392,969
Rubber and Miscellaneous Plastic Products		—		5,907,893		—		5,907,893
Security and Commodity Brokers		—		20,274,760		—		20,274,760
Stone, Clay, and Glass Products		—		19,060,340		—		19,060,340
Transportation By Air		—		3,330,548		—		3,330,548
Transportation Equipment		—		48,882,516		—		48,882,516
Transportation Services		—		5,990,943		—		5,990,943
Trucking and Warehousing		—		11,568,949		—		11,568,949
Water Transportation		—		1,595,186		—		1,595,186
Wholesale Trade-Durable Goods		—		31,396,091		—		31,396,091
Wholesale Trade-Nondurable Goods		—		18,364,290		—		18,364,290
Corporate Bonds		—		1,021,980,709		—		1,021,980,709
Government Bonds		—		1,951,037,566		—		1,951,037,566
Municipal Bonds		—		124,984,199		—		124,984,199
Structured Assets		—		191,248,882		—		191,248,882
Preferred Stocks		1,059,861		—		—		1,059,861
Rights		3,508		—		—		3,508
Short-term Investments		—		607,898,356		—		607,898,356
Total	$	4,094,959,264	$	5,027,755,074	$	—	$	9,122,714,338

* Futures contracts are derivative instruments not reflected in the Portfolio of Investments.

Please see the Summary Portfolio of Investments for a detailed breakout by industry.

College Retirement Equities Fund § 2009 Annual Report   99

NOTES TO FINANCIAL STATEMENTS

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:

	Stock			Global Equities			Growth			Equity Index
Balance as of (December 31, 2008)	$	14,829,327		$	—		$	—		$	341
Realized Gain/Loss		127,520			2,680			11,111			8,839
Change in Unrealized Appreciation/Depreciation		(2,687,132	) *		—			—			16,027
Gross Purchases		(98,487	)		—			—			—
Gross Sales		(127,520	)		(2,680	)		(11,111	)		(8,839	)
Transfers out of Level 3		(237,907	)		—			—			(16,368	)
Balance as of (December 31, 2009)	$	11,805,801		$	—		$	—		$	—

* Includes $(2,920,082) related to Level 3 securities still held at period end.

Note 3—investment adviser and affiliates

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

Administrative services are provided to the Accounts by TIAA pursuant to an Administrative Services Agreement with CREF. Distribution functions, pursuant to a Rule 12b-1 plan, for the Accounts are provided by TIAA-CREF Individual & Institutional Services, LLC (“Services”), a wholly owned subsidiary of TIAA, in accordance with a Principal Underwriting and Distribution Services Agreement with CREF. Teachers Personal Investors Services, Inc (“TPIS), a wholly owned subsidiary of TIAA, may also provide distribution functions for the Accounts on a limited basis.

The services provided by TCIM, Services, TPIS and TIAA are provided at cost. TCIM, 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.

Effective July 16, 2009, TIAA and its affiliates began waiving the collection of a portion of the distribution (Rule 12b-1) expenses for the Money Market Account. For the year ended December 31, 2009, TIAA and its affiliates waived $2,930,752 of expenses. This waiver is voluntary in nature and can be discontinued at any time.

100   2009 Annual Report § College Retirement Equities Fund

continued

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 Accounts to TIAA for the immediate purchase of lifetime payout annuities will not be charged more than the rate stipulated in the CREF contract.

Amounts owed to Account affiliates for payment of Account 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, TCIM 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.

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.

College Retirement Equities Fund § 2009 Annual Report   101

NOTES TO FINANCIAL STATEMENTS continued

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

Issue	Value at December 31, 2008		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Withholding Expense		Shares at December 31, 2009		Value at December 31, 2009
Stock Account
Daishin Securities Co	$	2,270,222	$	—	$	602,602	$	(1,091,672	)	$	—	$	—		*	$	—
Digital Garage, Inc		11,172,938		221,984		3,203,018		(1,606,500	)		623,761		21,605		10,423		18,114,156
Ferro Corp		**		27,637,094		1,500,354		(3,736,185	)		2,269		—		4,760,603		39,227,369
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		2,542,111
Intelligent Wave, Inc		2,594,875		—		—		4,839			83,003		5,810		15,915		2,414,438
MPM Bioventures II		9,918,210		200,000		—		—			—		—		22,167,242		8,801,304
Skyline Venture Partners		2,017,722		37,500		—		—			—		—		4,254,176		1,018,611
Vanda Pharmaceuticals, Inc		**		21,560,257		2,531,880		(479,199	)		—		—		1,439,858		16,184,004
		30,353,132	$	49,656,835	$	7,837,854	$	(6,906,135	)	$	792,162	$	33,234			$	88,317,977
Bond Market Account
TIAA-CREF High-Yield Fund	$	3,467,512	$	387,582	$	—	$	—		$	387,582	$	—		532,405	$	4,914,101
	$	3,467,512	$	387,582	$	—	$	—		$	387,582	$	—		532,405	$	4,914,101

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

Note 4—investments

At December 31, 2009, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

Account	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Stock	$	13,175,534,304	$	(5,981,430,655	)	$	7,194,103,649
Global Equities		1,606,793,907		(801,205,190	)		805,588,717
Growth		1,628,780,701		(301,767,515	)		1,327,013,186
Equity Index		2,309,716,611		(1,526,969,163	)		782,747,448
Bond Market		343,823,571		(162,163,241	)		181,660,330
Inflation-Linked Bond		317,027,936		(3,540,494	)		313,487,442
Social Choice		1,087,421,955		(518,729,422	)		568,692,533

At December 31, 2009, the Accounts held the following open futures contracts:

Account	Open Futures Contracts	Number of Contracts		Market Value		Expiration Date	Unrealized Appreciation
Growth	E-mini S&P 500 Index		2,882	$	160,051,870	March 2010	$	951,903
Equity Index	E-mini Russell 2000 Index		53		3,306,670	March 2010		104,626
	E-mini S&P 500 Index		467		25,934,845	March 2010		89,823
	E-mini S&P Mid-Cap 400 Index		46		3,334,540	March 2010		69,570
							$	264,019

102   2009 Annual Report § College Retirement Equities Fund College Retirement Equities Fund § 2009 Annual Report   103

NOTES TO FINANCIAL STATEMENTS

The below table summarizes the Accounts’ futures contract activity during the period ended December 31, 2009:

	Growth Account		Equity Index Account		Bond Account		Social Choice Account
Purchases
Contracts		13,987		6,614		130		30
Notional Cost	$	317,742,459	$	685,880,589	$	15,181,009	$	3,505,852
Sales
Contracts		11,105		6,048		130		30
Notional Proceeds	$	296,671,823	$	567,222,396	$	15,185,711	$	3,511,805

For each Account, realized gain (loss) and change in unrealized appreciation (depreciation) on futures transactions are reported separately on the Statements of Operations.

Purchases and sales of securities (other than short-term money market instruments) for all of the Accounts for the period ended December 31, 2009, were as follows:

	Stock Account		Global Equities Account		Growth Account
Purchases:
Non-U.S. Government	$	47,650,285,648	$	7,146,626,794	$	8,340,920,014
U.S. Government		—		—		—
Total Purchases	$	47,650,285,648	$	7,146,626,794	$	8,340,920,014
Sales:
Non-U.S. Government	$	47,758,136,211	$	6,361,773,944	$	7,685,085,959
U.S. Government		—		—		—
Total Sales	$	47,758,136,211	$	6,361,773,944	$	7,685,085,959

	Equity Index Account		Bond Market Account
Purchases:
Non-U.S. Government	$	750,997,013	$	3,935,928,823
U.S. Government		—		15,840,898,843
Total Purchases	$	750,997,013	$	19,776,827,666
Sales:
Non-U.S. Government	$	417,473,756	$	2,488,815,212
U.S. Government		—		14,836,375,037
Total Sales	$	417,473,756	$	17,325,190,249

104   2009 Annual Report § College Retirement Equities Fund

concluded

	Inflation-Linked Bond Account		Social Choice Account
Purchases:
Non-U.S. Government	$	—	$	1,875,504,988
U.S. Government		1,819,573,726		5,013,374,127
Total Purchases	$	1,819,573,726	$	6,888,879,115
Sales:
Non-U.S. Government	$	—	$	1,566,555,109
U.S. Government		738,747,607		4,640,982,438
Total Sales	$	738,747,607	$	6,207,537,547

Note 5—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, the funding of participant withdrawals. Certain affiliated accounts and mutual funds, each of which is managed by TCIM, or an affiliate of TCIM, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating Accounts on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts at 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 December 31, 2009, there were no borrowings under this credit facility by the Accounts.

Note 6—accounting pronouncement

In January 2010, the Financial Accounting Standards Board issued authoritative guidance that improves disclosures about fair value measurements thereby increasing transparency in financial reporting. Some of the new disclosure requirements are effective for interim and annual reporting periods beginning after December 15, 2009. The remaining disclosure requirements are effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years. Management is currently evaluating the impact the adoption of the new disclosure requirements will have on the financial statements.

College Retirement Equities Fund § 2009 Annual Report   105

REPORT OF INDEPENDENT

REGISTERED PUBLIC ACCOUNTING FIRM

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

In our opinion, the accompanying statements of assets and liabilities, including the summary portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Stock Account, Global Equities Account, Growth Account, Equity Index Account, Bond Market Account, Inflation-Linked Bond Account, Social Choice Account and Money Market Account (constituting the College Retirement Equities Fund, hereafter referred to as the “Accounts”) at December 31, 2009, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Accounts’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2009 by correspondence with the custodians and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP
New York, New York
February 22, 2010

106   2009 Annual Report § College Retirement Equities Fund

2009 ANNUAL MEETING (UNAUDITED)

COLLEGE RETIREMENT EQUITIES FUND

Trustees

On July 20, 2009, at an annual meeting of participants, the following persons were elected to serve on the Board:

Nominee		Dollars for	Percent		Dollars against	Percent		Dollars abstain	Percent
Forrest Berkley	$	19,048,143,380.170	92.509	$	768,212,228.900	3.731	$	774,338,875.710	3.761
Nancy A. Eckl		19,074,117,697.900	92.635		773,006,711.810	3.754		743,570,075.070	3.611
Eugene Flood, Jr.		19,087,520,652.680	92.700		747,195,983.520	3.629		755,977,848.580	3.671
Michael A. Forrester		18,969,080,384.260	92.125		807,996,665.040	3.924		813,617,435.480	3.951
Howell E. Jackson		19,105,240,814.840	92.786		738,911,334.540	3.589		746,542,335.400	3.626
Nancy L. Jacob		19,050,245,750.830	92.519		813,525,033.850	3.951		726,923,700.100	3.530
Bridget A. Macaskill		19,060,652,948.010	92.569		785,846,428.940	3.817		744,195,107.830	3.614
James M. Poterba		19,215,980,860.480	93.324		653,414,752.760	3.173		721,298,871.540	3.503
Maceo K. Sloan		18,958,225,024.670	92.072		857,391,229.560	4.164		775,078,230.550	3.764
Laura T. Starks		19,189,436,715.860	93.195		672,897,661.160	3.268		728,360,107.760	3.537

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

Independent registered public accounting firm

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

Account		Dollars for	Percent		Dollars against	Percent		Dollars abstain	Percent
Overall
CREF Accounts	$	19,541,326,198.850	94.904	$	435,641,162.770	2.116	$	613,727,123.160	2.981

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

College Retirement Equities Fund § 2009 Annual Report   107

MANAGEMENT (UNAUDITED)

TRUSTEES AND OFFICERS OF THE COLLEGE RETIREMENT EQUITIES FUND §DECEMBER 31, 2009

Disinterested trustees

Name, Address and Date of Birth (“DOB”)	Position(s) Held with CREF	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustees
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 4/25/1954	Trustee	One-year term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003– 2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	66	Director and member of the Investment Committee, the Maine Coast Heritage Trust, Investment Committee member, Gulf of Maine Research Institute, Maine Community Foundation and Carnegie Endowment for International Peace; and Director, Appalachian Mountain Club and the Butler Conservation Fund, Inc.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/6/1962	Trustee	One-year term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc. and Vice President of certain funds advised by American Beacon Advisors, Inc.	66	Independent Director, the Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend and Income Fund, Inc. and Member of the Board of Managers of Lazard Alternative Strategies Fund, LLC.
Eugene Flood, Jr. c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/31/1955	Trustee	One-year term. Trustee since 2005.	President, and Chief Executive Officer (since 2000) and a Director (since 1994) of Smith Breeden Associates, Inc. (investment adviser).	66	None

108   2009 Annual Report § College Retirement Equities Fund

Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 11/05/1967	Trustee	One-year term. Trustee since 2007.	Chief Operating Officer, Copper Rock Capital Partners, LLC (since 2007). Chief Operating Officer, DDJ Capital Management (2003–2006); and Executive Vice President (2000–2002), Senior Vice President (1995–2000) and Vice President (1992–1995), Fidelity Investments.	66	Director of Copper Rock Capital Partners, LLC (investment adviser).
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/4/1954	Trustee	One-year term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004); Acting Dean (2009); Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	66	None
Nancy L. Jacob c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/15/1943	Trustee	One-year term. Trustee since 1979.	President and Founder (since 2006) of NLJ Advisors, Inc. (investment adviser). President and Managing Principal, Windermere Investment Associates (1997–2006), Chairman and Chief Executive Officer, CTC Consulting, Inc. (1994–1997) and Executive Vice President, U.S. Trust Company of the Pacific Northwest (1993–1997).	66	None
Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 8/5/1948	Trustee	One-year term. Trustee since 2003.	President and Chief Operating Officer, First Eagle Investment Management LLC (since 2009); Principal, BAM Consulting LLC (2003–2009). Independent Consultant for Merrill Lynch (2003–2009); Chairman, Oppenheimer Funds, Inc. (2000–2001), Chief Executive Officer (1995–2001), President (1991–2000), and Chief Operating Officer (1989–1995) of that firm.	66	Director, Prudential plc, Arnhold and S. Bleichroeder Holdings, and First Eagle Investment Management.

College Retirement Equities Fund § 2009 Annual Report   109

MANAGEMENT (UNAUDITED) continued

TRUSTEES AND OFFICERS OF THE COLLEGE RETIREMENT EQUITIES FUND § DECEMBER 31, 2009

Disinterested trustees—concluded

Name, Address and Date of Birth (“DOB”)	Position(s) Held with CREF	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustees
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 7/13/1958	Trustee	One-year term. Trustee since 2006.	President and CEO, National Bureau of Economic Research (since 2008); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006) Economics Department, Massachusetts Institute of Technology (MIT), Mitsui Professor of Economics, MIT (1996–present). Program Director, National Bureau of Economic Research (1990–2008).	66	The Jeffrey Company and Jeflion Company (unregistered investment companies), the Alfred P. Sloan Foundation and National Bureau of Economic Research.
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/18/1949	Chairman and Trustee	One-year term. Trustee since 1991, Chairman since 2009.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman, CEO and CIO, NCM Capital Management Group, Inc. (since 1991); Chairman and CEO and CIO, NCM Capital Advisers Inc. (since 2003), and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (since 2007).	66	Director, SCANA Corporation (energy holding company) and NCM Capital Investment Trust.
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 2/17/1950	Trustee	One-year term. Trustee since 2006.	Chairman, Department of Finance, the Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002), and Director, AIM Investment Center, McCombs School of Business, University of Texas at Austin (since 2000); Professor, University of Texas at Austin (since 1987); Fellow, Financial Management Association (since 2002). Associate Dean for Research (2001–2002), Associate Director of Research, the Center for International Business Education and Research, University of Texas at Austin (2002–2003) and Director of the Bureau of Business Research, University of Texas at Austin (2001–2002).	66	None

110   2009 Annual Report § College Retirement Equities Fund

Executive officers

Name, Address and Date of Birth (“DOB”)	Position(s) Held with CREF	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Mary (Maliz) E. Beams TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/29/1956	Executive Vice President	One-year term. Executive Vice President since 2007.	Executive Vice President (EVP), Individual & Institutional Client Services (since 2009), EVP, Individual Client Services (since 2009), EVP, Individual Client Services (2007–2009) of Teachers Insurance and Annuity Association (“TIAA”) and EVP of TIAA-CREF Funds, College Retirement Equities Fund (“CREF”), TIAA-CREF Life Funds and TIAA Separate Account VA-1 (collectively, the “TIAA-CREF Fund Complex”) (since 2008); EVP of Individual Client Services of TIAA and the TIAA-CREF Fund Complex (2007–2008); Manager, President and Chief Executive Officer, TIAA-CREF Individual & Institutional Services, LLC (“Services”) (since 2007); and Senior Managing Director and Head of Wealth Management Group, TIAA (2004–2007). Partner, Spyglass Investments (2002–2003); Partner and Managing Director, President of Global Business Development for the Mutual Fund Group and Head of International Mutual Fund and Offshore Business of Zurich Scudder Investments; and Head of U.S. Scudder Direct Retail Business and Chief Executive Officer of Scudder Brokerage (1997–2003).
Brandon Becker TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/19/1954	Executive Vice President and Chief Legal Officer	One-year term. Executive Vice President and Chief Legal Officer since 2009.	EVP and Chief Legal Officer of TIAA and the TIAA-CREF Fund Complex (since 2009). Partner, Wilmer Cutler Pickering Hale & Dorr LLP (1996–2009), Special Advisor to the Chairman for International Derivatives (1995–1996), U.S. Securities and Exchange Commission; and Director, Division of Market Regulation (1993–1995), U.S. Securities and Exchange Commission.
Richard S. Biegen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 5/8/1962	Vice President and Chief Compliance Officer	One-year term. Vice President and Chief Compliance Officer since 2008.	Chief Compliance Officer of the TIAA-CREF Fund Complex, Vice President, Senior Compliance Officer Asset Management Compliance of TIAA and Teachers Advisors, Inc. (“Advisors”), Chief Compliance Officer of TIAA-CREF Investment Management, LLC (“TCIM”) (since 2008) and Chief Compliance Officer of TIAA Separate Account VA-3 (since 2008). Chief Compliance Officer of Advisors (2008). Managing Director/Director of Global Compliance, AIG Global Investment Group (2000–2008); Senior Vice President/Group Head, Regulatory Oversight Group, Scudder Kemper Investments, Inc. (1998–2000); Chief Compliance Officer/Vice President, Legal Department, Salomon Brothers Asset Management, Inc. (1997–1998); Assistant General Counsel/Director, Securities Law Compliance, the Prudential Insurance Company of America (1994–1997); Staff Attorney, Division of Enforcement, U.S. Securities and Exchange Commission (1988–1994); and Staff Attorney, New York Office of Special Prosecutor (Howard Beach case) (1987–1988).

College Retirement Equities Fund § 2009 Annual Report   111

MANAGEMENT (UNAUDITED) concluded

TRUSTEES AND OFFICERS OF THE COLLEGE RETIREMENT EQUITIES FUND §DECEMBER 31, 2009

Executive officers—continued

Name, Address and Date of Birth (“DOB”)	Position(s) Held with CREF	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Scott C. Evans TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 5/11/1959	Executive Vice President	One-year term. Executive Vice President since 1997.	President and Principal Executive Officer of the TIAA-CREF Funds and the TIAA-CREF Life Funds (since 2007); EVP (since 1997) of CREF and TIAA Separate Account VA-1; EVP, Investments, Research, Institute & Strategy (since 2009) and EVP, Head of Asset Management (2006–2009), and EVP and Chief Investment Officer (2005) of TIAA. Director of Advisors (since 2004). President and Chief Executive Officer of Investment Management and Advisors and Manager of TCIM (since 2004). Manager of TIAA Realty Capital Management, LLC (2004–2006), and Chief Investment Officer of TIAA (2004–2006) and the TIAA-CREF Fund Complex (2003–2006). Director of TIAA Global Markets, Inc. (2004–2005); Director of TIAA-CREF Life Insurance Company (1997–2006), and Director of Teachers Personal Investors Services, Inc. (“TPIS”) (2006–2008).
Roger W. Ferguson, Jr. TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 10/28/1951	President and Chief Executive Officer	One-year term. President and Chief Executive Officer since 2008.	President and Chief Executive Officer of TIAA (since 2008), and President and Chief Executive Officer of CREF and TIAA Separate Account VA-1 (since 2008). Chairman, Head of Financial Services and Member of the Executive Committee of Swiss Re America Holding Corporation (2006–2008); Vice Chairman and Member of the Board of Governors of the United States Federal Reserve System (1997–2006); Partner and Associate, McKinsey & Company (1984–1997).
Phillip G. Goff TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 11/22/1963	Treasurer	One-year term. Treasurer since 2008.	Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2007) and TIAA Separate Account VA-1 (since 2009). Treasurer of CREF (since 2008). Director (since 2008) and Funds Treasurer (since 2007) of Advisors; Manager and Funds Treasurer of TCIM (since 2008); Director of TIAA-CREF Trust Company, FSB (since 2008). Chief Financial Officer, Van Kampen Funds (2005–2006); and Vice President and Chief Financial Officer, Enterprise Capital Management and the Enterprise Group of Funds (1995–2005).
I. Steven Goldstein TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/24/1952	Executive Vice President	One-year term. Executive Vice President since 2003.	EVP, Chief Communications Officer of TIAA (since 2009) and EVP of the TIAA-CREF Fund Complex (since 2003). EVP, Public Affairs of TIAA (2005–2009); Director of TIAA-CREF Life Insurance Company (2003–2006); Advisor for McKinsey & Company (2003); Vice President, Corporate Communications for Dow Jones & Co. and The Wall Street Journal (2001–2002); and Senior Vice President and Chief Communications Officer for Insurance Information Institute (1993–2001).

112   2009 Annual Report § College Retirement Equities Fund

Stephen Gruppo TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/25/1959	Executive Vice President	One-year term. Executive Vice President since 2009.	EVP, Head of Risk Management of TIAA and EVP of the TIAA-CREF Fund Complex (since 2009). EVP, Risk Management of Advisors and Investment Management (since 2009). Senior Managing Director, Acting Head of Risk Management of TIAA and Senior Managing Director of the TIAA-CREF Fund Complex (2008–2009). Senior Managing Director of Advisors and Investment Management (2006–2009); Senior Managing Director, Chief Credit Risk Officer (2004–2008) of TIAA. Director, TIAA-CREF Life Insurance Company (2006–2008), Director, TPIS, Advisors and Investment Management (2008), Head of Risk Management of Advisors and Investment Management (2005–2006). Senior Vice President, Risk Management Department, Lehman Brothers (1996–2004).
William Mostyn III TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 1/1/1948	Vice President and Corporate Secretary	One-year term. Vice President and Corporate Secretary since 2008.	Vice President and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex (since 2008). Deputy General Counsel and Corporate Secretary, Bank of America (2005–2008); and Deputy General Counsel, Secretary and Chief Governance Officer, The Gillette Company (2000–2005).
Dermot J. O’Brien TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/13/1966	Executive Vice President	One-year term. Executive Vice President since 2003.	EVP, Human Resources & Corporate Services (since 2007), and EVP, Human Resources (2005–2007) of TIAA and EVP of the TIAA-CREF Fund Complex (since 2003) and Head of Corporate Services of TIAA (since 2006). Director, TIAA-CREF Life Insurance Company (2003–2006); First Vice President and Head of Human Resources (1999–2001), International Private Client Division and Global Debt Markets (2002–2003), Merrill Lynch & Co. and Vice President and Head of Human Resources, Japan Morgan Stanley (1998–1999).
Georganne C. Proctor TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 10/25/1956	Executive Vice President and Chief Financial Officer and Principal Accounting Officer	One-year term. Executive Vice President and Chief Financial Officer and Principal Accounting Officer since 2006.	EVP, Chief Integration Officer of TIAA (since 2010), EVP, Chief Financial Officer of TIAA and CREF (since 2006). Director (since 2007) and EVP and Chief Financial Officer (since 2008) of TIAA-CREF Enterprises, Inc. Manager, EVP and Chief Financial Officer of TIAA-CREF Redwood, LLC (since 2006), Director and Vice President of TPIS (2006–2008), EVP and Chief Financial Officer of TIAA-CREF Life Funds, TIAA-CREF Mutual Funds and TIAA-CREF Institutional Mutual Funds (2006–2007). Manager and EVP TIAA-CREF Investment Management, Director and EVP of TPIS and Advisors (2006–2008); EVP and Chief Financial Officer of TIAA Separate Account VA-1 (2006–2009). EVP, Finance, Golden West Financial Corporation (2002–2006) and Senior Vice President, Chief Financial Officer and Director, Bechtel Group, Inc. (1999–2002).

College Retirement Equities Fund § 2009 Annual Report   113

MANAGEMENT (UNAUDITED) concluded

TRUSTEES AND OFFICERS OF THE COLLEGE RETIREMENT EQUITIES FUND §DECEMBER 31, 2009

Executive officers—concluded

Name, Address and Date of Birth (“DOB”)	Position(s) Held with CREF	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Cara L. Schnaper TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 2/13/1954	Executive Vice President	One-year term. Executive Vice President since 2008.	EVP, Technology and Operations of TIAA (since 2008), and EVP of the TIAA-CREF Fund Complex (since 2008). Principal, Market Resolve, LLC (2006–2008); and Head, Middle Office, Investment Banking (2000–2002), Head, Technology and Operations, Equities (1999–2000) and Chief Operating Officer, Technology and Operations, Emerging Markets, Foreign Exchange and Commodities (1997–1999), JP Morgan Chase & Co.
Bertram L. Scott TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/26/1951	Executive Vice President	One-year term. Executive Vice President since 2000.	EVP and Chief Institutional Development and Sales Officer (since 2008); EVP, Strategy, Integration and Policy (2007–2008); EVP, Strategy, Implementation and Policy (2006–2007), EVP, Product Management (2005–2006) of TIAA and EVP of the TIAA-CREF Fund Complex (since 2008); EVP, Strategy Implementation and Policy of TIAA (2006–2008); Manager of TIAA-CREF Redwood, LLC (since 2007); Director of TCT Holdings, Inc. (since 2007); and Director and President of TIAA-CREF Enterprises, Inc. (since 2000). EVP, Product Management of TIAA (2000–2005); and President and Chief Executive Officer, Horizon Mercy (1996–2000).
Edward D. Van Dolsen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 4/21/1958	Executive Vice President	One-year term. Executive Vice President since 2006.	EVP, Product Development and Management (since 2009), EVP, Institutional Client Services (2006–2009), and EVP, Product Management (2005–2006) of TIAA, and EVP of the TIAA Fund Complex (since 2008); EVP, Institutional Client Services (2006–2008); Director of TCT Holdings, Inc. (since 2007); EVP of TIAA-CREF Life Insurance Company (since 2009); Director (since 2007) and EVP (since 2008) of TIAA-CREF Enterprises, Inc. and Manager, President and CEO, TIAA-CREF Redwood, LLC (since 2006). Director of Tuition Financing (2006–2009); Senior Vice President, Pension Products (2003–2006) and Vice President, Support Services (1998–2003) of TIAA and the TIAA-CREF Fund Complex.
Please note that CREF’s Statement of Additional Information (SAI) includes additional information about CREF’s trustees and is available, without charge, through our website, tiaa-cref.org, or by telephone at 877 518-9161.

114   2009 Annual Report § College Retirement Equities Fund

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. TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members 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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Item 2. Code of Ethics.

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

2(b) No response required.

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

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

2(e) Not applicable.

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

Item 3. Audit Committee Financial Expert.

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

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

Item 4. Principal Accountant Fees and Services.

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

4(a) Audit Fees.

For the fiscal years ended December 31, 2009 and December 31, 2008, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $938,300 and $1,003,600, respectively.

4(b) Audit Related Fees.

For the fiscal years ended December 31, 2009 and December 31, 2008, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended December 31, 2009 and December 31, 2008, the Audit-Related Fees billed by PwC to Teachers Advisors, Inc. (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.

4(c) Tax Fees.

For the fiscal years ended December 31, 2009 and December 31, 2008, PwC’s aggregate fees for tax services billed to the Registrant were $0 and $0, respectively.

For the fiscal years ended December 31, 2009 and December 31, 2008, PwC’s aggregate fees for tax services billed to the Fund Service Providers were $0 and $0, respectively.

4(d) All Other Fees.

For the fiscal years ended December 31, 2009 and December 31, 2008, PwC’s aggregate fees for all other services billed to the Registrant were $0 and $0, respectively.

For the fiscal years ended December 31, 2009 and December 31, 2008, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

4(e)(1) Preapproval Policy.

          The Registrant’s audit committee (“Audit Committee”) has adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that may be provided by the independent auditor to the Registrant and certain of its affiliates without impairing the auditor’s independence. Under the Policy, the Audit Committee is required to

preapprove all services to be performed by the Registrant’s independent auditor in order to ensure that such services do not impair the auditor’s independence.

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

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

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2009 and December 31, 2008 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2009 and December 31, 2008 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2009 and December 31, 2008 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2009 and December 31, 2008 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2009 and December 31, 2008 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2009 and December 31, 2008 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

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

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

For the fiscal years ended December 31, 2009 and December 31, 2008, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $0 and $0, respectively.

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

Item 5. Audited Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

(a) College Retirement Equities Fund - Schedules of Investments

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUIITES FUND
STOCK ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2009

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†		VALUE (000)
BONDS - 0.00% **
CORPORATE BONDS - 0.00% **
HOLDING AND OTHER INVESTMENT OFFICES - 0.00% **
$	22,970	m	Kiwi Income Property Trust	8.950	%	12/20/2014	NR	$	17
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES						17
			TOTAL CORPORATE BONDS						17
			(Cost $16)
GOVERNMENT BONDS 0.00% **
U.S. TREASURY SECURITIES - 0.00% **
	325,000		United States Treasury Note	5.000		2/15/2011			341
			TOTAL U.S. TREASURY SECURITIES						341
			TOTAL GOVERNMENT BONDS						341
			(Cost $324)
			TOTAL BONDS						358
			(Cost $340)

SHARES			COMPANY
COMMON STOCKS - 99.52%
AGRICULTURAL PRODUCTION-CROPS - 0.01%
	246,634	*	Chiquita Brands International, Inc	4,449
	19,082	e	Griffin Land & Nurseries, Inc (Class A)	556
			Societa per la Bonifica dei Terreni Ferraresi e
	2,812		Imprese Agricole S.p.A	141
			TOTAL AGRICULTURAL PRODUCTION-CROPS	5,146
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%
	66,597	e	Cal-Maine Foods, Inc	2,270

1

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	2,130		Seaboard Corp	$	2,873
			TOTAL AGRICULTURAL PRODUCTION-
			LIVESTOCK		5,143
AGRICULTURAL SERVICES - 0.01%
	124,509	*	Black Earth Farming Ltd		397
	70,061	*,e	Cadiz, Inc		839
	57,106	e	Calavo Growers, Inc		970
	415,857	*,e	Elders Ltd		583
	59,938	*	Hanfeng Evergreen, Inc		424
	32,400		Hokuto Corp		677
	4,749		KWS Saat AG.		817
	5,472		MP Evans Group plc		27
	257,611	*,e	VCA Antech, Inc		6,420
			TOTAL AGRICULTURAL SERVICES		11,154
AMUSEMENT AND RECREATION SERVICES - 0.58%
	179,201	e	888 Holdings plc		321
	956		Accordia Golf Co Ltd		1,021
	217,317	e	Aristocrat Leisure Ltd		779
	30,100	e	Aruze Corp		376
	421,609	*	Bally Technologies, Inc		17,408
	976,943		Berjaya Sports Toto BHD		1,237
	88,284		Betsson AB (Series B)		1,346
	104,296	*	bwin Interactive Entertainment		6,209
	47,923		Churchill Downs, Inc		1,790
	38,473	*	Codere S.A.		358
	20,598		CTS Eventim AG.		1,008
	8,300	*	Daikoku Denki Co Ltd		142
	70,148	e	Dover Downs Gaming & Entertainment, Inc		265
	1,365,074	*	Electronic Arts, Inc		24,230
	26,794	*	Euro Disney SCA		186
	492		Fields Corp		611
	15,084		Fiera Milano S.p.A.		97
	69,000		Fuji Kyuko Co Ltd		352
	11,829,000	*,e	Galaxy Entertainment Group Ltd		4,855
	720,000	*	Gallant Venture Ltd		160
	18,011		GL Events		443
	95,915	*	Great Canadian Gaming Corp		729
	42,781	*	Groupe Partouche		164
	74,758	*	Gruppo Coin S.p.A.		489
	49,900		Heiwa Corp		510
	559,300		IG Group Holdings plc		3,422
	123,646		International Speedway Corp (Class A)		3,518
	139,076		Intralot S.A.-Integrated Lottery Systems & Services		814
	88,169	*	Juventus Football Club S.p.A		113
	225,020		Kangwon Land, Inc		3,190
	1,132,249		Ladbrokes plc		2,505

2

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	81,916	*,e	Lakes Entertainment, Inc	$	206
	211,112	*,e	Life Time Fitness, Inc		5,263
	489,721	*,e	Live Nation, Inc		4,168
	125,518		Luminar Group Holdings plc		77
	12,769	*	Meetic		348
	1,650,345	*,e	Melco PBL Entertainment Macau Ltd (ADR)		5,562
	126,220	*,e	Multimedia Games, Inc		759
	7,181,755		NagaCorp Ltd		791
	171,649		Nintendo Co Ltd		40,996
	125,487		OPAP S.A.		2,757
	42,997	e	Oriental Land Co Ltd		2,829
	741		Pacific Golf Group International Holdings KK		506
	109,238		Paddy Power plc		3,861
	229,215	*,e	PartyGaming plc		958
	1,051,052	*	Penn National Gaming, Inc		28,568
	1,186,649	*,e	Pinnacle Entertainment, Inc		10,656
	670,461	e	Publishing & Broadcasting Ltd		1,834
	653,771	*,e	Rank Group plc		874
	4,307,600		Resorts World BHD		3,520
	42,775,600		Rexcapital Financial Holdings Ltd		4,766
	68,600		Round One Corp		407
	549,215		Sega Sammy Holdings, Inc		6,572
	2,196,000		SJM Holdings Ltd		1,207
	40,542	e	SkiStar AB (Series B)		727
	695,148		Sky City Entertainment Group Ltd		1,660
	175,999	*,e	Snai S.p.A.		755
	56,948	e	Speedway Motorsports, Inc		1,003
	544,868		Sportingbet plc		599
	2,311,450	e	TABCORP Holdings Ltd		14,341
	466,400		Tanjong plc		2,290
	316,260	e	Tattersall’s Ltd		690
	192,162	*	Ticketmaster		2,348
	275,000		Tokyo Dome Corp		816
	93,142	*,e	Town Sports International Holdings, Inc		217
	61,300		Valor Co Ltd		475
	10,100,099		Walt Disney Co		325,728
	334,274	*,e	Warner Music Group Corp		1,892
	1,094,356		William Hill plc		3,276
	160,485	*	WMS Industries, Inc		6,419
	97,340	e	World Wrestling Entertainment, Inc (Class A)		1,492
	47,000		Yomiuri Land Co Ltd		156
	195,178	*,e	Youbet.com, Inc		560
			TOTAL AMUSEMENT AND RECREATION SERVICES		571,577
APPAREL AND ACCESSORY STORES - 0.80%
	268,288	e	Abercrombie & Fitch Co (Class A)		9,350

3

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	590,320	*,e	Aeropostale, Inc	$	20,100
	182,631	*,e	American Apparel, Inc		566
	4,391,633		American Eagle Outfitters, Inc		74,570
	585,852	*,e	AnnTaylor Stores Corp		7,991
	82,300		Aoyama Trading Co Ltd		1,051
	4,360,000	*	Apac Resources Ltd		261
	121,417		Bebe Stores, Inc		761
	7,205,400		Belle International Holdings Ltd		8,347
	30,441		Bjoern Borg AB		284
	200,002		Brown Shoe Co, Inc		1,974
	124,496	e	Buckle, Inc		3,645
	540,486		Burberry Group plc		5,191
	368,619	*	Carter’s, Inc		9,676
	157,009		Cato Corp (Class A)		3,150
	10,449		Charles Voegele Holding AG.		372
	620,412	*,e	Charming Shoppes, Inc		4,014
	537,582	*	Chico’s FAS, Inc		7,553
	110,957	*,e	Children’s Place Retail Stores, Inc		3,663
	28,600		Chiyoda Co Ltd		370
	195,270		Christopher & Banks Corp		1,488
	69,892	*,e	Citi Trends, Inc		1,930
	339,475	*,e	Collective Brands, Inc		7,730
	24,002	*,e	Destination Maternity Corp		456
	303,164	*,e	Dress Barn, Inc		7,003
	76,219	*,e	DSW, Inc (Class A)		1,973
	7,402		Etam Developpement S.A.		188
	450,885		Fast Retailing Co Ltd		84,739
	311,083		Finish Line, Inc (Class A)		3,904
	848,407		Foot Locker, Inc		9,451
	50,209		Forzani Group Ltd/The		682
	239,869		Foschini Ltd		1,956
	3,765,492		Gap, Inc		78,887
	1,772,000		Giordano International Ltd		522
	621,493		Hennes & Mauritz AB (B Shares)		34,454
	42,700	e	Honeys Co Ltd		246
	231,370	*,e	Hot Topic, Inc		1,472
	289,917		Inditex S.A.		18,106
	293,015	*,e	J Crew Group, Inc		13,109
	90,008	*,e	JOS A Bank Clothiers, Inc		3,797
	137,341	e	KappAhl Holding AB		1,380
	2,660,758	*	Kohl’s Corp		143,495
	1,208,662	e	Limited Brands, Inc		23,255
	20,706		Lotte Shopping Co Ltd		6,132
	196,241	*	Lululemon Athletica, Inc		5,907
	27,605		Macintosh Retail Group NV		564
	116,613	*,e	New York & Co, Inc		500

4

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	110,300	e	Nishimatsuya Chain Co Ltd	$	970
	2,051,452		Nordstrom, Inc		77,094
	324,595	*,e	Pacific Sunwear Of California, Inc		1,292
	85,837		Reitmans Canada Ltd		1,375
	39,700		Right On Co Ltd		306
	135,725	*	rnb Retail and Brands AB		190
	886,454	e	Ross Stores, Inc		37,860
	38,902	*	Rue21, Inc		1,093
	45,734	*,e	Shoe Carnival, Inc		936
	276,930		Sports Direct International plc		436
	235,056		Stage Stores, Inc		2,905
	33,181	*,e	Syms Corp		240
	893,348	e	Talbots, Inc		7,960
	506,670		Truworths International Ltd		2,978
	163,417	*	Under Armour, Inc (Class A)		4,456
	40,300		United Arrows Ltd		336
	664,435	*	Urban Outfitters, Inc		23,249
	476,163	*	Wet Seal, Inc (Class A)		1,643
	961,750		Woolworths Holdings Ltd		2,314
			TOTAL APPAREL AND ACCESSORY STORES		783,848
APPAREL AND OTHER TEXTILE PRODUCTS - 0.30%
	1,085,000		Anta Sports Products Ltd		1,600
	68,497		Benetton Group S.p.A.		612
	1,608,000	e	C C Land Holdings Ltd		740
	3,163,600		China Dongxiang Group Co		2,441
	784,000		China Ting Group Holdings Ltd		126
	57,211	e	Columbia Sportswear Co		2,234
	25,900	e	Daidoh Ltd		177
	2,200,860		Debenhams plc		2,754
	53,000	e	Descente Ltd		255
	23,000	*	F&A Aqua Holdings, Inc		248
	22,752		Gerry Weber International AG.		733
	78,600	*,e	G-III Apparel Group Ltd		1,703
	786,719		Guess ?, Inc		33,277
	460,000		Gunze Ltd		1,694
	159,565	*,e	Gymboree Corp		6,939
	749,825	*,e	Hanesbrands, Inc		18,078
	7,444	e	Hermes International		991
	19,427		Hugo Boss AG.		681
	1,478,730		Jones Apparel Group, Inc		23,748
	997,200	e	Li Ning Co Ltd		3,781
	718,816	*,e	Liz Claiborne, Inc		4,047
	108,364	*	Maidenform Brands, Inc		1,809
	6,442		Mariella Burani S.p.A.		23
	53,950		New Wave Group AB (B Shares)		206

5

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,174,389		Nike, Inc (Class B)	$	77,591
	227,231	e	Onward Kashiyama Co Ltd		1,406
	1,398,400		Pacific Brands Ltd		1,411
	475,732		Phillips-Van Heusen Corp		19,353
	231,669	e	Polo Ralph Lauren Corp (Class A)		18,761
	686,711	*	Quiksilver, Inc		1,387
	118,000	e	Sanyo Shokai Ltd		348
	144,000	*,e	Shikibo Ltd		227
	102,170		Shimamura Co Ltd		9,762
	464,000		Stella International Holdings Ltd		840
	39,000	*	Takihyo Co Ltd		200
	41,977		Ten Cate NV		1,103
	158,000		Tokyo Style Co Ltd		1,172
	123,475	*	True Religion Apparel, Inc		2,283
	476,140		VF Corp		34,871
	134,000	e	Wacoal Holdings Corp		1,457
	266,450	*	Warnaco Group, Inc		11,242
			TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		292,311
AUTO REPAIR, SERVICES AND PARKING - 0.05%
	49,220	*	Amerco, Inc		2,447
	494,178	*	Avis Europe PLC		210
	81,969	e	Dechra Pharmaceuticals PLC		650
	135,752	*	Dollar Thrifty Automotive Group, Inc		3,477
	95,682	e	Genus plc		1,034
	4,847		Helphire PLC		4
	716,829	*,e	Hertz Global Holdings, Inc		8,545
	119,800		Localiza Rent A CAR		1,329
	71,285	*,e	Midas, Inc		602
	78,438	e	Monro Muffler, Inc		2,623
	193,522	*	Northgate PLC		681
	158,400		Park24 Co Ltd		1,685
	402,917		Ryder System, Inc		16,588
	12,072		Sixt AG.		380
	20,329		Sixt AG. (Preference)		498
	63,934	*	Standard Parking Corp		1,015
	248,493	*	Wright Express Corp		7,917
			TOTAL AUTO REPAIR, SERVICES AND PARKING		49,685
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.15%
	875,797		Advance Auto Parts		35,451
	47,814	*,e	America’s Car-Mart, Inc		1,259
	197,699	*	Asbury Automotive Group, Inc		2,279

6

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	425,363	*,e	Autonation, Inc	$	8,146
	174,192	*	Autozone, Inc		27,535
	165,959		Canadian Tire Corp Ltd		9,124
	664,654	*	Carmax, Inc		16,118
	250,587	*	Copart, Inc		9,179
	5,340	e	Gulliver International Co Ltd		374
	454,990		Halfords Group plc		2,928
	6,857,902	*	Inchcape plc		3,270
	133,048	*	Lithia Motors, Inc (Class A)		1,094
	263,639	*	Lookers plc		209
	1,720	*,e	MarineMax, Inc		16
	85,218		MOL Hungarian Oil and Gas plc		7,681
	409,045	*,e	O’Reilly Automotive, Inc		15,593
	704,373		Pendragon plc		262
	313,039	e	Penske Auto Group, Inc		4,752
	4,575	*,m	Rodriguez Group		19
	182,922	*	Rush Enterprises, Inc (Class A)		2,175
	201,447		Sonic Automotive, Inc (Class A)		2,093
	740	*	TravelCenters of America LLC		3
	17,150	*,e	US Auto Parts Network, Inc		89
			TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		149,649
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.50%
	144,417	e	Alesco Corp Ltd		612
	102,939	*,e	Builders FirstSource, Inc		396
	44,875		Clas Ohlson AB (B Shares)		899
	170,500	e	DCM Japan Holdings Co Ltd		991
	497,815	e	Fastenal Co		20,729
	8,601,016		Home Depot, Inc		248,828
	80,900	e	Keiyo Co Ltd		346
	6,787,199		Kingfisher plc		24,985
	8,095,959		Lowe’s Cos, Inc		189,365
	72,416	*	Lumber Liquidators, Inc		1,941
	80,000		Nice Holdings, Inc		175
	101,047		Praktiker Bau- und Heimwerkermaerkte AG.		1,130
	203,032	*	RONA, Inc		2,999
	6,300		Stella-Jones, Inc		155
	261,171	*	Travis Perkins plc		3,577
			TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		497,128
BUSINESS SERVICES - 6.75%
	2,285,078	*	3Com Corp		17,138
	80,941	*	3D Systems Corp		915
	177,053	e	Aaron Rents, Inc		4,910
	274,898	e	ABM Industries, Inc		5,679

7

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	45,853	*,e	Absolute Software Corp	$	230
	170,446	*,e	Acacia Research (Acacia Technologies)		1,553
	294	*,e	Access Co Ltd		430
	242,817	*,e	ACI Worldwide, Inc		4,164
	225,304	*,e	ActivIdentity Corp		529
	2,101,786	*	Activision Blizzard, Inc		23,351
	257,797	*	Actuate Corp		1,103
	491,734	*	Acxiom Corp		6,599
	918,553		Adecco S.A.		50,672
	99,884		Administaff, Inc		2,356
	3,623,000	*	Adobe Systems, Inc		133,255
	73,810	*	Advent Software, Inc		3,006
	1,308,607		Aegis Group PLC		2,527
	27,600		Aeon Delight Co Ltd		391
	430,421	*	Affiliated Computer Services, Inc (Class A)		25,692
	386,407		Aggreko PLC		5,769
	240,795		Aircastle Ltd		2,372
	831,547	*,e	Akamai Technologies, Inc		21,063
	670,919	*,e	Alliance Data Systems Corp		43,335
	151,847	e	Alpha Systems, Inc		2,832
	125,268	*,e	Altran Technologies S.A.		660
	1,057,113	*	Amdocs Ltd		30,159
	161,583	*	American Reprographics Co		1,133
	124,256	*	American Software, Inc (Class A)		746
	167,848	*,e	AMICAS, Inc		913
	287,439	*	AMN Healthcare Services, Inc		2,604
	14,200	*	Ancestry.com, Inc		199
	358,953		Anite plc		186
	329,837	*	Ansys, Inc		14,335
	127,497	*,e	APAC Customer Services, Inc		760
	129,558	e	Arbitron, Inc		3,034
	100,196	*,e	ArcSight, Inc		2,563
	354,387		Argo Graphics, Inc		3,445
	466,882	*	Ariba, Inc		5,845
	54,482	*	Arques Industries AG.		113
	777,749	*	Art Technology Group, Inc		3,508
	57,975	*	AS. Roma S.p.A		70
	36,700		Asatsu-DK, Inc		722
	1,210,765		Ashtead Group plc		1,587
	100,474		Asseco Poland S.A.		2,201
	74,638	*,e	Asset Acceptance Capital Corp		506
	164,025	*	athenahealth, Inc		7,420
	578,907	e	Atos Origin S.A.		26,522
	1,362,646	*	Autodesk, Inc		34,625
	1,922,007		Automatic Data Processing, Inc		82,301
	6,114,366	*,e	Autonomy Corp plc		148,485

8

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	777,574		Aveva Group plc	$	12,648
	539,801	*,e	Avis Budget Group, Inc		7,082
	63,103		B2W Companhia Global Do Varejo		1,733
	36,770		Barrett Business Services, Inc		452
	27,077		Bechtle AG.		725
	461,625	e	BGC Partners, Inc (Class A)		2,133
	260,207		Blackbaud, Inc		6,149
	151,973	*	Blackboard, Inc		6,898
	195,560	*	Blue Coat Systems, Inc		5,581
	763,251	*	BMC Software, Inc		30,606
	196,029	*	Bottomline Technologies, Inc		3,444
	433,931	*,e	BPZ Energy, Inc		4,122
	259,721		Brady Corp (Class A)		7,794
	230,732		Brink’s Co		5,616
	203,818	*	Brink’s Home Security Holdings, Inc		6,653
	27,671		Brunel International		931
	102,825	*	Bull S.A.		451
	2,067,363		CA, Inc		46,433
	127,944	e	Cabcharge Australia Ltd		688
	176,097	*,e	CACI International, Inc (Class A)		8,602
	799,071	*	Cadence Design Systems, Inc		4,786
	42,056	*	CAI International, Inc		380
	29,377		Cairo Communication S.p.A		130
	169,687	*,e	Callidus Software, Inc		512
	734,221		Cam Finanziaria S.p.A.		322
	71,500	e	Capcom Co Ltd		1,185
	72,827	*,e	Capella Education Co		5,484
	176,090	*	Cavium Networks, Inc		4,196
	216,246	*,e	CBIZ, Inc		1,665
	10,500		Cegid Group		235
	106,400	e	Century Leasing System, Inc		1,133
	200,618	*	Cerner Corp		16,539
	12,195		Cewe Color Holding AG.		402
	834,352	*	CGI Group, Inc		11,360
	214,745	*	Check Point Software Technologies		7,276
	7,356,000	*	China LotSynergy Holdings Ltd		321
	36,000		Chinese Gamer International Corp		475
	39,700	*	Chiyoda Integre Co Ltd		383
	185,208	*	Chordiant Software, Inc		509
	449,489	*	Ciber, Inc		1,551
	579,219	*	Citrix Systems, Inc		24,101
	124,993	*,e	Clear Channel Outdoor Holdings, Inc (Class A)		1,299
	58,316	*,e	Clinical Data, Inc		1,065
	214,415	*,e	Cogent Communications Group, Inc		2,114
	326,229	*,e	Cogent, Inc		3,390
	198,421		Cognex Corp		3,516

9

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,940,830	*	Cognizant Technology Solutions Corp (Class A)	$	87,921
	283,262	*	Commvault Systems, Inc		6,710
	183,962	e	Compass Diversified Trust		2,347
	102,433	*,e	Compellent Technologies, Inc		2,323
	306,424		Computacenter plc		1,234
	46,444	e	Computer Programs & Systems, Inc		2,139
	1,121,339	*	Computer Sciences Corp		64,511
	72,329	*	Computer Task Group, Inc		579
	443,760	e	Computershare Ltd		4,540
	1,363,729	*	Compuware Corp		9,860
	94,292	*	COMSYS IT Partners, Inc		838
	199,514	*,e	Concur Technologies, Inc		8,529
	163,806	e	Connaught plc		938
	115,232	*,e	Constant Contact, Inc		1,844
	943,440	*	Convergys Corp		10,142
	1,500	*	COOKPAD, Inc		116
	1,582,000	e	COSCO Pacific Ltd		2,008
	93,830	*,e	CoStar Group, Inc		3,919
	103,307		Cramo Oyj (Series B)		1,768
	665,000		CSE Global Ltd		408
	215,295	*	CSG Systems International, Inc		4,110
	90,300	e	CSK Holdings Corp		425
	128,960		Ctrip.com International Ltd (ADR)		9,267
	770	e	CyberAgent, Inc		1,364
	340,788	*,e	Cybersource Corp		6,853
	12,991	e	Dassault Systemes S.A.		740
	184,868	*	DealerTrack Holdings, Inc		3,474
	97,739	*,e	Deltek, Inc		760
	262,049	e	Deluxe Corp		3,876
	856	e	Dena Co Ltd		5,071
	151,094	e	Dentsu, Inc		3,479
	16,533	e	Devoteam S.A.		428
	123,983	*,e	Dice Holdings, Inc		812
	186,930	*	Digital River, Inc		5,045
	154,753	*,e	DivX, Inc		873
	118,034	*	Double-Take Software, Inc		1,179
	757,112	*	DST Systems, Inc		32,972
	25,200		DTS Corp		238
	105,700		Duskin Co Ltd		1,884
	41,319	*	Dynamics Research Corp		438
	438,753	*	DynCorp International, Inc (Class A)		6,296
	2,061	e	eAccess Ltd		1,211
	782,806	e	Earthlink, Inc		6,505
	6,644,519	*	eBay, Inc		156,413
	34,190	*,e	Ebix, Inc		1,669
	158,812	*,e	Echelon Corp		1,836

10

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	287,334	*	Eclipsys Corp	$	5,321
	79,800		EDB Business Partner ASA		328
	97,114		Electro Rent Corp		1,121
	253,299	*	Electronics for Imaging, Inc		3,295
	33,558	*	eLoyalty Corp		231
	981,258		Emeco Holdings Ltd		694
	249,400		Ementor ASA		2,147
	5,468		Engineering Ingegneria Informatica S.p.A.		217
	156	e	en-japan, Inc		182
	282,965	*	Epicor Software Corp		2,156
	155,283	*,e	EPIQ Systems, Inc		2,172
	408,855		Equifax, Inc		12,630
	64,146	e	Euromoney Institutional Investor plc		450
	656,572	*,e	Evergreen Energy, Inc		225
	15,249		Exact Holding NV		407
	76,516	*	ExlService Holdings, Inc		1,390
	744,305	*,e	Expedia, Inc		19,136
	2,416,421		Experian Group Ltd		23,869
	491,000		Ezion Holdings Ltd		266
	342,343	*	F5 Networks, Inc		18,137
	156,428	e	Factset Research Systems, Inc		10,304
	256,636	e	Fair Isaac Corp		5,469
	177,010	*,e	FalconStor Software, Inc		719
	1,714,260		Fidelity National Information Services, Inc		40,182
	65,585		Fidessa Group plc		1,238
	9,715	e	Fimalac		540
	33,410	*	FirstService Corp		648
	466,779	*,e	Fiserv, Inc		22,629
	164,410		FlexiGroup Ltd		232
	70,384		Fluidra S.A.		353
	75,973	*	Forrester Research, Inc		1,971
	30	*,e	Freebit Co Ltd		112
	107,770		F-Secure Oyj		422
	26,800		FUJI SOFT, Inc		430
	4,727,360		Fujitsu Ltd		30,673
	494	e	Future Architect, Inc		196
	47,997		Fuyo General Lease Co Ltd		1,016
	287,587	*	Gartner, Inc		5,188
	31,405	*	General de Alquiler de Maquinaria		220
	1,790	*	Gerber Scientific, Inc		9
	4,791	e	Gestevision Telecinco S.A.		70
	64,582		GFI Informatique		259
	202,311	*	Global Cash Access, Inc		1,515
	95,964	*,e	Global Sources Ltd		600
	62,800	e	GMO internet, Inc		254
	1,456,502	*	Google, Inc (Class A)		903,003

11

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	155	e	Gourmet Navigator, Inc	$	331
	350,000	*,e	Gravity Co Ltd (ADR)		571
	10,900	*	Gree, Inc		674
	739	e	Green Hospital Supply, Inc		406
	10,262		Grenkeleasing AG.		434
	798,205		Group 4 Securicor plc		3,346
	3,336		Groupe CRIT		86
	57,427		Groupe Steria SCA		1,764
	303,490	*,e	Gruppo Editoriale L’Espresso S.p.A.		974
	79,759	*,e	GSE Systems, Inc		437
	153,704	*,e	H&E Equipment Services, Inc		1,612
	269,747	*	Hackett Group, Inc		750
	15,692		Hakuhodo DY Holdings, Inc		764
	697,949	e	Havas S.A.		2,790
	1,798,451	e	Hays plc		3,007
	222,832		HCL Technologies Ltd		1,770
	158,800		Healthcare Locums plc		709
	211,899		Healthcare Services Group		4,547
	185,663		Heartland Payment Systems, Inc		2,438
	23,140	*	HeartWare International, Inc		821
	86,854	e	Heidrick & Struggles International, Inc		2,713
	72,610	*	Hi-Media S.A.		511
	124,734	*	HMS Holdings Corp		6,073
	461,993		Hogg Robinson Group plc		216
	127,094	*,e	i2 Technologies, Inc		2,430
	1,144,721	e	IBA Health Group Ltd		788
	32,300		IBJ Leasing Co Ltd		587
	47,732	*,e	ICT Group, Inc		779
	174,038		iGate Corp		1,740
	181,751	*	IHS, Inc (Class A)		9,962
	9,800	*,e	Iida Home Max		156
	192,551		iiNET Ltd		321
	37,554	e	Imergent, Inc		228
	1,751,716		IMS Health, Inc		36,891
	421,132	e	Indra Sistemas S.A.		9,968
	48,423		Industrial & Financial Systems		458
	85,400		Ines Corp		661
	196,399	e	infoGROUP, Inc		1,575
	682,633	*,e	Informatica Corp		17,653
	431,900	a,m	Information Development Co		2,542
	15,600		Information Services International-Dentsu Ltd		92
	165,842	*,e	Infospace, Inc		1,421
	663,328		Infosys Technologies Ltd		36,918
	23,300		Infosys Technologies Ltd (ADR)		1,288
	137,180	*,e	Innerworkings, Inc		809
	123,757	*	Innodata Isogen, Inc		686

12

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	93,267	*,e	Integral Systems, Inc	$	808
	15,915	a	Intelligent Wave, Inc		2,414
	105,234		Interactive Data Corp		2,662
	96,390	*	Interactive Intelligence, Inc		1,777
	309,203	*,e	Internap Network Services Corp		1,453
	131,686	*,e	Internet Brands, Inc (Class A)		1,031
	192,443	*	Internet Capital Group, Inc		1,280
	155	e	Internet Initiative Japan, Inc		278
	2,196,250	*	Interpublic Group of Cos, Inc		16,208
	84,563		Intrum Justitia AB		1,059
	1,377,590	*	Intuit, Inc		42,306
	241,917	*	inVentiv Health, Inc		3,912
	253,295	e	Ipass, Inc		263
	189,527	e	Iress Market Technology Ltd		1,458
	675,464	*,e	Iron Mountain, Inc		15,374
	91,760		IT Holdings Corp		1,050
	464,483		ITE Group plc		957
	505,108		Jack Henry & Associates, Inc		11,678
	46,647		JC Decaux S.A.		1,132
	140,081	*	JDA Software Group, Inc		3,568
	318,539		JSR Corp		6,483
	2,458,399	*	Juniper Networks, Inc		65,566
	278	e	Kakaku.com, Inc		1,081
	5,979		Kardex AG.		193
	164,556		Kelly Services, Inc (Class A)		1,963
	167,327	*	Kenexa Corp		2,184
	62,320		Keynote Systems, Inc		680
	170,520	*	Kforce, Inc		2,132
	150,368	*	Knot, Inc		1,514
	66,555	e	Konami Corp		1,188
	69,596		Kontron AG.		796
	224,142	*	Korn/Ferry International		3,698
	175,799	*,e	Lamar Advertising Co (Class A)		5,466
	210,089		Lavendon Group plc		236
	873,163	*	Lawson Software, Inc		5,807
	150,102	*,e	Limelight Networks, Inc		590
	326,979	*	Lionbridge Technologies		752
	74,313	*,e	Liquidity Services, Inc		748
	232,003	*	Liveperson, Inc		1,617
	2,483,730		LogicaCMG plc		4,544
	26,650	*	LogMeIn, Inc		532
	630	*	LoJack Corp		3
	44,793	*	Longtop Financial Technologies Ltd (ADR)		1,658
	105,104	e	Loomis AB		1,145
	57,583	*	MacDonald Dettwiler & Associates Ltd		2,345
	418	e	Macromill, Inc		608

13

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	134,755	*	Manhattan Associates, Inc	$	3,238
	481,609		Manpower, Inc		26,286
	145,083	*	Mantech International Corp (Class A)		7,005
	128,135		Marchex, Inc (Class B)		651
	530,205		Mastercard, Inc (Class A)		135,723
	814,356	*	McAfee, Inc		33,038
	65,393	*	Medidata Solutions, Inc		1,020
	52,500		Meitec Corp		710
	529,373	*	Mentor Graphics Corp		4,674
	423,170		Michael Page International PLC		2,576
	414,602		Micro Focus International plc		3,033
	46,624,410		Microsoft Corp		1,421,579
	62,363	*	MicroStrategy, Inc (Class A)		5,863
	599,006		Misys plc		2,079
	333,436	e	Mitsubishi UFJ Lease & Finance Co Ltd		10,045
	77	*,e	Mixi Inc		606
	277,887	*	ModusLink Global Solutions, Inc		2,615
	412,312	*,e	MoneyGram International, Inc		1,187
	108,741	*	Monotype Imaging Holdings, Inc		982
	435,990	*,e	Monster Worldwide, Inc		7,586
	1,250,254	e	Moody’s Corp		33,507
	87,149		Morgan Sindall plc		845
	26,050	e	Moshi Moshi Hotline, Inc		468
	765,917	*,e	Move, Inc		1,271
	513,767	*	MPS Group, Inc		7,059
	32,899	*	NCI, Inc (Class A)		910
	664,470	*	NCR Corp		7,396
	15,133		Ncsoft		1,938
	10,800	*	NEC Capital Solutions Ltd		139
	2,627,399		NEC Corp		6,792
	45,700		NEC Fielding Ltd		618
	34,700		NEC Networks & System Integration Corp		419
	6,015	*	Nemetschek AG.		139
	33,186	*	Neowiz Games Corp		1,147
	238,312	*	Ness Technologies, Inc		1,168
	29,698		Net Entertainment NE AB		253
	93,488	*	Netease.com (ADR)		3,516
	119,870	*,e	NetFlix, Inc		6,610
	208,436	*	Netscout Systems, Inc		3,052
	74,358	*,e	NetSuite, Inc		1,188
	148,215	*,e	Network Equipment Technologies, Inc		600
	65,208	*	NHN Corp		10,777
	329,549		NIC, Inc		3,012
	86,000		Nihon Unisys Ltd		615
	7,700		Nippon Kanzai Co Ltd		123
	44,800		Nippon System Development Co Ltd		462

14

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	335,401		Nippon Systemware Co Ltd	$	1,069
	29,300		Nishio Rent All Co Ltd		196
	364,181		Nomura Research Institute Ltd		7,162
	412,000	*	Norse Energy Corp ASA		312
	1,578,106	*	Novell, Inc		6,549
	55,800		NS Solutions Corp		880
	3,606		NTT Data Corp		11,182
	2,044,559	*,e	Nuance Communications, Inc		31,772
	7,550	e	OBIC Business Consultants Ltd		296
	20,353		Obic Co Ltd		3,323
	2,154,959		Omnicom Group, Inc		84,368
	205,340	*,e	On Assignment, Inc		1,468
	132,303	*,e	Online Resources Corp		696
	59,693	*,e	Open Text Corp		2,438
	11,398	*,e	OpenTable, Inc		290
	89,600	e	Opera Software ASA		309
	73,828	e	Opnet Technologies, Inc		900
	62		OPT, Inc		81
	22,545,242		Oracle Corp		553,261
	34,321	e	Oracle Corp Japan		1,430
	14,251		ORC Software AB		266
	61,601		Ordina NV		443
	9,441	e	Otsuka Corp		471
	581,371	*	Parametric Technology Corp		9,500
	266	*,e	Pasona Group, Inc		165
	275,000		PCA Corp		2,244
	114,940	e	PC-Tel, Inc		680
	82,285	e	Pegasystems, Inc		2,798
	175,012	*	Perficient, Inc		1,475
	75,651	*,e	Pervasive Software, Inc		365
	216,562	*	Phase Forward, Inc		3,324
	147,946	*	Phoenix Technologies Ltd		407
	1,664,000		Pico Far East Holdings Ltd		343
	180,057	e	Playtech Ltd		1,206
	75,183	*,e	Portfolio Recovery Associates, Inc		3,374
	378,572	*	Premiere Global Services, Inc		3,123
	191,819	*	Progress Software Corp		5,603
	134,581	e	Promotora de Informaciones S.A.		668
	95,293	*,e	PROS Holdings, Inc		986
	54,230		Prosegur Cia de Seguridad S.A.		2,655
	330,370	e	Publicis Groupe S.A.		13,433
	2,342		PubliGroupe AG.		180
	73,868	e	QAD, Inc		451
	113,742	e	Quality Systems, Inc		7,142
	388,677	*	Quest Software, Inc		7,152
	315,946	*,e	Rackspace Hosting, Inc		6,587

15

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	138,768	*	Radiant Systems, Inc	$	1,443
	130,048	*	Radisys Corp		1,242
	17,229		Rakuten, Inc		13,117
	85,997		Ramirent Oyj		836
	62,758		Randstad Holdings NV		3,123
	264,408	*,e	Raser Technologies, Inc		328
	391,992	*	RealNetworks, Inc		1,454
	599,842	*	Red Hat, Inc		18,535
	73,932		Redflex Holdings Ltd		137
	47,122	e	Renaissance Learning, Inc		535
	358,869	*	Rent-A-Center, Inc		6,359
	48,500		Rewards Network, Inc		613
	41,000		Ricoh Leasing Co Ltd		816
	269,775		Rightmove plc		2,191
	151,213	*	RightNow Technologies, Inc		2,627
	111,128	*,e	Riskmetrics Group Inc		1,768
	100,749	e	Ritchie Bros Auctioneers, Inc		2,282
	522,035	e	Robert Half International, Inc		13,954
	238,432	e	Rollins, Inc		4,597
	31,142	*,e	Rosetta Stone, Inc		559
	236,544	*,e	RSC Holdings, Inc		1,665
	354,444	*	S1 Corp		2,311
	18,108		S1 Corp (Korea)		753
	119,094	*,e	Saba Software, Inc		493
	1,445,458		Sage Group plc		5,119
	661,127	*,e	Salesforce.com, Inc		48,771
	135,713	*,e	Sandvine Corp		167
	1,692,536		SAP AG.		80,689
	481,794	*	Sapient Corp		3,984
	999,872		Satyam Computer Services Ltd		2,102
	94,950	*	SDL plc		630
	207,387		Secom Co Ltd		9,850
	162,334		Securitas AB (B Shares)		1,590
	272,781		Seek Ltd		1,684
	15,604	*	SeLoger.com		502
	1,865		SGS S.A.		2,435
	115,667	*,e	Shanda Games Ltd (ADR)		1,179
	6,897		SimCorp AS		1,294
	20,380	*	Sina Corp		921
	3,847,423		Singapore Post Ltd		2,758
	142,291	*	SK Broadband Co Ltd		586
	157,302		Skilled Group Ltd		277
	134,986	*	Smith Micro Software, Inc		1,234
	37	*	SMS Co Ltd		57
	74,797	e	SMS Management & Technology Ltd		375
	7,915		Societe Des Autoroutes Paris-Rhin-Rhone		609

16

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,077,393		Softbank Corp	$	25,257
	36,196		Software AG.		3,945
	170,400	e	Sohgo Security Services Co Ltd		1,910
	316,826	*	Sohu.com, Inc		18,148
	300,847	*,e	SolarWinds, Inc		6,922
	205		So-net Entertainment Corp		465
	131	e	So-net M3, Inc		396
	324,477	*	SonicWALL, Inc		2,469
	1,084,667	*,e	Sonus Networks, Inc		2,289
	11,930		Sopra Group S.A.		847
	377,499	e	Sotheby’s (Class A)		8,486
	170,613	*	Sourcefire, Inc		4,564
	636,947		Speedy Hire plc		279
	316,086	*	Spherion Corp		1,776
	372,705	e	Spotless Group Ltd		982
	89,195	e	Square Enix Co Ltd		1,882
	254,526	*	SRA International, Inc (Class A)		4,861
	137	*	Start Today Co Ltd		251
	72,275	*	StarTek, Inc		541
	121,742		Sthree plc		578
	97,199	*,e	Stratasys, Inc		1,680
	643,226		STW Communications Group Ltd		432
	258,771	*	SuccessFactors, Inc		4,290
	2,844,278	*	Sun Microsystems, Inc		26,651
	256,381	*,e	SupportSoft, Inc		677
	15,832		Sword Group		555
	48,525	*	SXC Health Solutions Corp		2,659
	365,331	*,e	Sybase, Inc		15,855
	168,888	*,e	SYKES Enterprises, Inc		4,302
	5,439,303	*	Symantec Corp		97,310
	93,160	*	Synchronoss Technologies, Inc		1,473
	171,725	*,e	SYNNEX Corp		5,265
	593,569	*,e	Synopsys, Inc		13,225
	61,773	e	Syntel, Inc		2,349
	700,000		Taiwan Secom Co Ltd		1,174
	13,700,530		Taiwan-Sogo Shinkong Security Corp		10,027
	402,375	e	Take-Two Interactive Software, Inc		4,044
	75,040	e	TAL International Group, Inc		993
	172,518	*,e	Taleo Corp (Class A)		4,058
	677,355		Tata Consultancy Services Ltd		10,921
	53,085	*,e	TechTarget, Inc		299
	39,300	*	Tecmo Koei Holdings Co Ltd		288
	160,933	*	Telecity Group plc		992
	66,164		Teleperformance		2,147
	240,776	*	TeleTech Holdings, Inc		4,823
	807,132	*,e	Temenos Group AG.		20,799

17

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,407,800		Tencent Holdings Ltd	$	30,447
	45,118	e	Textainer Group Holdings Ltd		762
	365,629	*,e	THQ, Inc		1,843
	924,189	*	TIBCO Software, Inc		8,900
	84,881	*	Tier Technologies, Inc		679
	113,510		Tietoenator Oyj		2,358
	33,200		TKC		630
	135,746	*	TNS, Inc		3,487
	2,848,000	*	Tom Group Ltd		275
	187,700	e	Tomra Systems ASA		897
	543,102	e	Total System Services, Inc		9,379
	50,634	e	TradeDoubler AB		330
	16,109	*,e	TradeDoubler AB		99
	172,828	*	TradeStation Group, Inc		1,364
	44,500		Trans Cosmos, Inc/Japan		357
	27,973	*,e	Travelzoo, Inc		344
	110,503	e	Trend Micro, Inc		4,197
	251,311	*	TrueBlue, Inc		3,722
	88,227	*,e	UBISOFT Entertainment		1,249
	118,231	*,e	Ultimate Software Group, Inc		3,472
	62,716	*,e	Unica Corp		486
	309,636	*,e	Unisys Corp		11,940
	25,712		Unit 4 Agresso NV		611
	209,770	e	United Internet AG.		2,764
	495,858		United Online, Inc		3,565
	354,783	*,e	United Rentals, Inc		3,480
	83,674		USG People NV		1,513
	35,306		USS Co Ltd		2,155
	569,715	*	Valueclick, Inc		5,766
	130,145	*,e	Vasco Data Security International		816
	388,000	e	Venture Corp Ltd		2,434
	256	e	VeriSign Japan KK		93
	618,440	*	VeriSign, Inc		14,991
	111,101		Viad Corp		2,292
	65,449	*	Virtusa Corp		593
	2,784,600	e	Visa, Inc (Class A)		243,542
	841,096	*,e	VMware, Inc (Class A)		35,646
	79,820	*	Vocus, Inc		1,437
	65,037	*	Volt Information Sciences, Inc		650
	189,760	*,e	WebMD Health Corp (Class A)		7,304
	288,587	*	Websense, Inc		5,039
	167,481	*	Website Pros, Inc		1,094
	407,000		Wipro Ltd		5,920
	143,567		Wirecard AG.		1,985
	414		Works Applications Co Ltd		218
	254,870		Wotif.com Holdings Ltd		1,585

18

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,400,291		WPP plc	$	23,476
	27,875	e	Yahoo! Japan Corp		8,381
	5,859,682	*	Yahoo!, Inc		98,326
			TOTAL BUSINESS SERVICES		6,653,118
CHEMICALS AND ALLIED PRODUCTS - 10.94%
	37,000	*	5N Plus, Inc		210
	8,236,883		Abbott Laboratories		444,709
	73,781	*,b,m	Able Laboratories, Inc		0	^
	26,955	*,e	Abraxis Bioscience, Inc		1,093
	139,446		Accsys Technologies plc		92
	195,541	*	Acorda Therapeutics, Inc		4,932
	100,722	*	Actelion Ltd		5,380
	15,407	*,e	Acura Pharmaceuticals, Inc		82
	2,998	*	Addex Pharmaceuticals Ltd		40
	139,800		ADEKA Corp		1,235
	293,965	*,e	Adolor Corp		429
	207,050		Agrium, Inc		12,734
	305,977		Agrium, Inc (Toronto)		19,139
	217,109		Air Liquide		25,820
	1,014,806		Air Products & Chemicals, Inc		82,260
	270,400		Air Water, Inc		3,185
	1,986,397		Alapis Holding Industrial and Commercial S.A.		1,434
	160,991	*	Albany Molecular Research, Inc		1,462
	312,387		Albemarle Corp		11,362
	981,645		Alberto-Culver Co		28,752
	421,667	*	Alexion Pharmaceuticals, Inc		20,586
	8,303		ALK-Abello AS		649
	466,004	*	Alkermes, Inc		4,385
	348,557	*,e	Allos Therapeutics, Inc		2,290
	178,310	*,e	Alnylam Pharmaceuticals, Inc		3,142
	85,105	*	AMAG Pharmaceuticals, Inc		3,237
	294,428	*,e	American Oriental Bioengineering, Inc		1,369
	94,412	e	American Vanguard Corp		784
	7,125,763	*	Amgen, Inc		403,104
	75,156	*	Amicus Therapeutics, Inc		298
	4,163		Amorepacific Corp		3,339
	110	*	AnGes MG, Inc		167
	659,531	*	Antisoma PLC		350
	144,896		Arch Chemicals, Inc		4,474
	104,452	*,e	Ardea Biosciences, Inc		1,462
	456,550	*,e	Arena Pharmaceuticals, Inc		1,621
	37,200		Arisawa Manufacturing Co Ltd		191
	86,143	e	Arkema		3,194
	348,098	*,e	Arqule, Inc		1,284
	253,036	*,e	Array Biopharma, Inc		711

19

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	101,030	*,e	ARYx Therapeutics, Inc	$	324
	1,775,113		Asahi Kasei Corp		8,894
	27,000	*	ASKA Pharmaceutical Co Ltd		185
	366,815	*	Aspen Pharmacare Holdings Ltd		3,652
	556,280		Astellas Pharma, Inc		20,754
	893,881		AstraZeneca plc		42,010
	194,329	e	AstraZeneca plc (ADR)		9,122
	53,544	*	Atrium Innovations Inc		807
	16,873	e	Auriga Industries (Class B)		350
	287,686	*	Auxilium Pharmaceuticals, Inc		8,625
	346,207	*,e	AVANIR Pharmaceuticals, Inc		658
	503,095		Avery Dennison Corp		18,358
	443,434	*,e	AVI BioPharma, Inc		647
	1,632,523		Avon Products, Inc		51,424
	52,732	*	Axis-Shield plc		331
	5,677		Bachem Holding AG.		363
	102,719		Balchem Corp		3,442
	1,932,541		BASF AG.		119,606
	9,707	*	Basilea Pharmaceutica		600
	56,483		Beiersdorf AG.		3,723
	92,257	*,e	BioCryst Pharmaceuticals, Inc		596
	48,018	*	Biodel, Inc		208
	67,656	*,e	BioDelivery Sciences International, Inc		266
	1,437,806	*	Biogen Idec, Inc		76,923
	304,170	*,e	BioMarin Pharmaceuticals, Inc		5,721
	68,152	*,e	BioMimetic Therapeutics, Inc		813
	61,200	*	Bioms Medical Corp		19
	18,402	*,e	Biospecifics Technologies Corp		540
	207,730	e	Biota Holdings Ltd		448
	6,285		Biotest AG.		349
	11,627		Biotest AG. (Preference)		571
	287,899	e	Biovail Corp		4,041
	14,000	*,m	Biovitrum AB (New)		55
	7,000	*	Biovitrum AB		27
	15,273		Boiron S.A.		654
	177,051		Braskem S.A.		1,432
	6,672,396	e	Bristol-Myers Squibb Co		168,478
	791,000		Cabot Corp		20,748
	122,449	*,e	Cadence Pharmaceuticals, Inc		1,184
	265,580	*,e	Calgon Carbon Corp		3,692
	165,702	*	Cambrex Corp		925
	55,500	*	Cangene Corp		271
	94,311	*,e	Caraco Pharmaceutical Laboratories Ltd		570
	75,161	*,e	Cardiome Pharma Corp		335
	43,556	*,e	Cardiovascular Systems, Inc		200
	719,076		Celanese Corp (Series A)		23,082

20

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,457,606	*	Celgene Corp	$	192,520
	2,975,849	*,e	Cell Therapeutics, Inc		3,392
	190,016	*	Celldex Therapeutics, Inc		889
	64,691	*	Celltrion, Inc		830
	239,534	*,e	Cephalon, Inc		14,949
	370,464		CF Industries Holdings, Inc		33,631
	201,872	*,e	Charles River Laboratories International, Inc		6,801
	29,509	e	Chase Corp		349
	135,849	*,e	Chattem, Inc		12,675
	48,010	*	Chelsea Therapeutics International, Inc		130
	246,477		Chemring Group PLC		11,635
	45,620	*,e	China Green Agriculture, Inc		671
	148,682	*,e	China Precision Steel, Inc		305
	37,275	*	China-Biotics, Inc		577
	82,308		Christian Dior S.A.		8,435
	398,429	e	Chugai Pharmaceutical Co Ltd		7,447
	69,000		Chugoku Marine Paints Ltd		483
	383,742		Church & Dwight Co, Inc		23,197
	650,499		Cipla Ltd		4,666
	321,272		Clariant AG.		3,799
	715,291		Clorox Co		43,633
	890	e	CMIC Co Ltd		173
	2,928,793		Colgate-Palmolive Co		240,600
	54,144	*	Cornerstone Therapeutics, Inc		330
	170,221		Croda International		2,195
	935,716		CSL Ltd		27,210
	379,620	*	Cubist Pharmaceuticals, Inc		7,201
	15,000	*,e	Cumberland Pharmaceuticals, Inc		204
	356,063	*,e	Curis, Inc		1,157
	188,643	*,e	Cypress Bioscience, Inc		1,087
	1,068,261		Cytec Industries, Inc		38,906
	185,984	*	Cytokinetics, Inc		541
	121,633	*,e	Cytori Therapeutics, Inc		742
	130,000		Dai Nippon Toryo Co Ltd		126
	866,550		Daicel Chemical Industries Ltd		5,090
	478,695		Daiichi Sankyo Co Ltd		10,039
	81,000		Dainichiseika Color & Chemicals Manufacturing Co Ltd		311
	1,096,675		Dainippon Ink and Chemicals, Inc		1,868
	342,595		Dainippon Sumitomo Pharma Co Ltd		3,596
	77,000		Daiso Co Ltd		184
	561,616	*,e	Dendreon Corp		14,759
	35,643	*	Devgen		604
	10,195	*,e	Diamyd Medical AB (B Shares)		277
	42,373		DiaSorin S.p.A.		1,506
	546,834	*,e	Discovery Laboratories, Inc		344
	7,416,365		Dow Chemical Co		204,914

21

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	220,493		Dr Reddy’s Laboratories Ltd	$	5,400
	623,547		DSM NV		30,637
	3,969,594		Du Pont (E.I.) de Nemours & Co		133,656
	378,732	*,e	Durect Corp		935
	25,300		Earth Chemical Co Ltd		757
	344,578		Eastman Chemical Co		20,757
	971,150		Ecolab, Inc		43,294
	240,301		Eisai Co Ltd		8,835
	420,172	*	Elan Corp plc		2,652
	1,157,002	*	Elan Corp plc (ADR)		7,544
	559,993		Elementis PLC		478
	3,793,302		Eli Lilly & Co		135,459
	145,027	*	Elizabeth Arden, Inc		2,094
	138,490	*	Emergent Biosolutions, Inc		1,882
	11,693		EMS-Chemie Holding AG.		1,396
	217,403	*,e	Enzon Pharmaceuticals, Inc		2,289
	78	e	EPS Co Ltd		306
	4,043	e	Eramet		1,266
	790,444		Estee Lauder Cos (Class A)		38,226
	1,328,486		Eternal Chemical Co Ltd		1,400
	170,000	*	Eurand NV		2,193
	190,774	*,e	Facet Biotech Corp		3,354
	227,480		FAES FARMA S.A.		1,164
	102,800		Fancl Corp		1,858
	76,609	*,e	Female Health Co		362
	4,760,603	a,e	Ferro Corp		39,227
	119,088		Fertilizantes Fosfatados S.A.		1,129
	264,571		Filtrona plc		802
	242,176		FMC Corp		13,504
	3,931,466	*	Forest Laboratories, Inc		126,239
	3,821,933		Formosa Chemicals & Fibre Corp		8,286
	5,240,091		Formosa Plastics Corp		11,040
	8,788		Fuchs Petrolub AG.		762
	20,455		Fuchs Petrolub AG. (Preference)		1,890
	77,000	*	Fuso Pharmaceutical Industries Ltd		230
	511,334	*	Galapagos NV		6,010
	47,708	*,e	Genmab AS		754
	809,426	*	Genzyme Corp		39,670
	437,855	*,e	Geron Corp		2,430
	6,690,467	*	Gilead Sciences, Inc		289,563
	8,259		Givaudan S.A.		6,609
	4,784,629		GlaxoSmithKline plc		101,462
	7,511		Glenmark Pharmaceuticals Ltd		44
	147,291	e	Grifols S.A.		2,586
	96,530	*,e	GTx, Inc		405
	62,000	*	Gun-Ei Chemical Industry Co Ltd		143

22

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	15,549		H Lundbeck A/s	$	281
	15,368		H&R WASAG AG.		328
	271,739		H.B. Fuller Co		6,182
	459,314	*,e	Halozyme Therapeutics, Inc		2,696
	142,654		Hanwha Chemical Corp		1,647
	218,945		Haw Par Corp Ltd		902
	39,203	e	Hawkins, Inc		856
	530,544	*,e	Hemispherx Biopharma, Inc		297
	163,765		Henkel KGaA		7,337
	1,416,369		Henkel KGaA (Preference)		74,378
	242,578		Hikma Pharmaceuticals plc		1,993
	1,134,010		Hindustan Lever Ltd		6,427
	40,000		Hisamitsu Pharmaceutical Co, Inc		1,292
	60,119	*	Hi-Tech Pharmacal Co, Inc		1,686
	18,837		Honam Petrochemical Corp		1,656
	878,636	*	Hospira, Inc		44,810
	1,205,780	*	Human Genome Sciences, Inc		36,897
	3,565,710		Huntsman Corp		40,257
	176,647	e	ICO, Inc		1,291
	374,021	*	Idenix Pharmaceuticals, Inc		804
	118,559	*,e	Idera Pharmaceuticals, Inc		613
	184,662	*,e	Idexx Laboratories, Inc		9,868
	436,205	*	Immucor, Inc		8,829
	278,736	*,e	Immunogen, Inc		2,191
	404,179	*,e	Impax Laboratories, Inc		5,497
	2,694,222		Incitec Pivot Ltd		8,522
	110,025		Innophos Holdings, Inc		2,529
	143,912		Innospec, Inc		1,452
	494,860	*,e	Inspire Pharmaceuticals, Inc		2,732
	5,026		Inter Parfums S.A.		130
	59,485	e	Inter Parfums, Inc		724
	125,741	*,e	Intercell AG.		4,681
	182,952	*,e	InterMune, Inc		2,386
	294,767		International Flavors & Fragrances, Inc		12,127
	242,714	*,e	Inverness Medical Innovations, Inc		10,075
	948,042	*	Invitrogen Corp		49,516
	643,776		Ipsen		35,697
	379,000	*	Ishihara Sangyo Kaisha Ltd		306
	724,584		Israel Chemicals Ltd		9,515
	254,812	*	Javelin Pharmaceuticals, Inc		331
	15,128,777		Johnson & Johnson		974,444
	83,051		Kaiser Aluminum Corp		3,457
	164,000		Kaken Pharmaceutical Co Ltd		1,393
	297,476		Kansai Paint Co Ltd		2,493
	50,000	*	Kanto Denka Kogyo Co Ltd		376
	461,710		Kao Corp		10,821

23

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	26,400	e	Katakura Industries Co Ltd	$	228
	164,801	e	Kemira Oyj		2,453
	3,500,752	*	King Pharmaceuticals, Inc		42,954
	1,163,476		Kingboard Chemical Holdings Ltd		4,584
	98,000		Kissei Pharmaceutical Co Ltd		1,931
	54,000		Koatsu Gas Kogyo Co Ltd		321
	105,960		Koppers Holdings, Inc		3,225
	37,900	e	Kose Corp		766
	54,000	e	Kumiai Chemical Industry Co Ltd		168
	668,790		Kuraray Co Ltd		7,871
	204,000		KUREHA CORP		1,006
	173,733	*,e	KV Pharmaceutical Co (Class A)		638
	75,000	e	Kyorin Co Ltd		1,099
	329,540	e	Kyowa Hakko Kogyo Co Ltd		3,485
	387,725	*,e	La Seda de Barcelona S.A. (Class B)		189
	120,837	*	Landec Corp		754
	48,221	*,e	Lannett Co, Inc		285
	1,220,362		Lanxess AG.		46,134
	19,457		LG Household & Health Care Ltd		4,868
	551,624	*	Ligand Pharmaceuticals, Inc (Class B)		1,197
	315,508		Linde AG.		38,013
	68,900		Lintec Corp		1,386
	262,000		Lion Corp		1,278
	4,039		Lonza Group AG.		285
	67,412		L’Oreal S.A.		7,529
	542,807		Lubrizol Corp		39,598
	55,676		Lupin Ltd		1,759
	214,145	e	Maire Tecnimont S.p.A.		758
	317,693		Makhteshim-Agan Industries Ltd		1,509
	26,500	e	Mandom Corp		752
	120,243		Mannatech, Inc		375
	261,885	*,e	MannKind Corp		2,294
	49,097	*	MAP Pharmaceuticals, Inc		468
	234,920	e	Martek Biosciences Corp		4,449
	306,361		Mcbride PLC		1,043
	407,097		Meda AB (A Shares)		3,656
	93,535		Mediceo Paltac Holdings Co Ltd		1,159
	272,554	*	Medicines Co		2,273
	364,261		Medicis Pharmaceutical Corp (Class A)		9,853
	72,729	*,e	Medifast, Inc		2,224
	36,175	*	Medigene AG.		186
	192,550	*,e	Medivation, Inc		7,250
	16,736,747		Merck & Co, Inc		611,561
	12,411		Merck KGaA		1,164
	199,970	e	Meridian Bioscience, Inc		4,309
	124,600		Methanex Corp		2,446

24

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	256,987	*,e	Micromet, Inc	$	1,712
	204,379	*,e	MiddleBrook Pharmaceuticals, Inc		104
	11,000		Milbon Co Ltd		234
	97,928		Minerals Technologies, Inc		5,334
	120,500		Miraca Holdings, Inc		3,316
	1,243,267		Mitsubishi Chemical Holdings Corp		5,294
	258,337		Mitsubishi Gas Chemical Co, Inc		1,302
	127,000		Mochida Pharmaceutical Co Ltd		1,136
	96,479	*,e	Molecular Insight Pharmaceuticals, Inc		217
	180,772	*,e	Momenta Pharmaceuticals, Inc		2,280
	4,259,541		Monsanto Co		348,217
	25,301	*	Morphosys AG.		616
	562,929		Mosaic Co		33,624
	3,584,809	*,e	Mylan Laboratories, Inc		66,068
	161,334	*,e	Myriad Pharmaceuticals, Inc		812
	271,339	*,e	Nabi Biopharmaceuticals		1,330
	747,443		Nalco Holding Co		19,067
	7,162,357		Nan Ya Plastics Corp		13,018
	66,801	*	Nanosphere, Inc		430
	296,629	*	Natraceutical S.A.		210
	237,281		Natura Cosmeticos S.A.		4,949
	720,000		Natural Beauty Bio-Technology Ltd		129
	161,726	*	NBTY, Inc		7,042
	293,396	*	Neurocrine Biosciences, Inc		798
	76,174	*,e	NeurogesX, Inc		587
	60,602	e	NewMarket Corp		6,955
	27,300	e	Nichi-iko Pharmaceutical Co Ltd		735
	80,449	*,e	NicOx S.A.		669
	53,000	e	Nihon Nohyaku Co Ltd		299
	64,000		Nihon Parkerizing Co Ltd		760
	485,550	e	Nippon Chemiphar Co Ltd		1,334
	283,000		Nippon Kayaku Co Ltd		2,554
	275,000	e	Nippon Paint Co Ltd		1,664
	76,000		Nippon Shinyaku Co Ltd		850
	168,000		Nippon Shokubai Co Ltd		1,444
	252,000		Nippon Soda Co Ltd		908
	102,000		Nippon Synthetic Chemical Industry Co Ltd		783
	99,000		Nippon Valqua Industries Ltd		187
	277,943		Nissan Chemical Industries Ltd		3,962
	49,506	e	NL Industries, Inc		344
	30,900	e	Noevir Co Ltd		319
	7,634,607		Novartis AG.		416,920
	758,985		Novartis AG. (ADR)		41,312
	311,777	*,e	Novavax, Inc		829
	756,529		Novo Nordisk AS (Class B)		48,298
	37,611	e	Novozymes AS (B Shares)		3,913

25

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	356,718	*	NPS Pharmaceuticals, Inc	$	1,213
	93,002	e	Nufarm Ltd		903
	422,673		Nuplex Industries Ltd		891
	56,685	*	Nutraceutical International Corp		701
	86,499	*,e	Obagi Medical Products, Inc		1,038
	422,478		Olin Corp		7,402
	170,230	*	OM Group, Inc		5,344
	30,766		Omega Pharma S.A.		1,540
	260,500	*,e	Omeros Corp		1,829
	322,324	*	Omnova Solutions, Inc		1,976
	22,534	*,e	OncoGenex Pharmaceutical, Inc		502
	139	*,e	OncoTherapy Science, Inc		202
	85,205		Ono Pharmaceutical Co Ltd		3,658
	306,379	*,e	Onyx Pharmaceuticals, Inc		8,989
	104,559		OPG Groep NV		1,934
	234,065	*,e	Opko Health, Inc		428
	142,165	*,e	Optimer Pharmaceuticals, Inc		1,604
	269,588	*,e	OraSure Technologies, Inc		1,370
	130,026	*,e	Orexigen Therapeutics, Inc		967
	63,302	e	Oriflame Cosmetics S.A.		3,774
	128,899		Oriola-KD Oyj (B Shares)		813
	11,695		Orion Oyj (Class B)		252
	176,386	*,e	OSI Pharmaceuticals, Inc		5,473
	125,426	*	Osiris Therapeutics, Inc		896
	142,437	*,e	OXiGENE, Inc		162
	1,134,283	*	Pactiv Corp		27,382
	170,700	*,e	Pain Therapeutics, Inc		915
	206,940	*	Par Pharmaceutical Cos, Inc		5,600
	331,640	*	Parexel International Corp		4,676
	146,100	*,e	Patheon, Inc		360
	832,754	e	PDL BioPharma, Inc		5,713
	345,537	e	Perrigo Co		13,766
	5,902	*	Petkim Petrokimya Holding		29
	107,959	e	PetMed Express, Inc		1,903
	47,287,195		Pfizer, Inc		860,154
	1,270,199	*,e	Pharmacyclics, Inc		3,988
	102,716	*,e	Pharmasset, Inc		2,126
	230,348	*,e	Pharmaxis Ltd		562
	156,487	*	PharMerica Corp		2,485
	685,586	*	PolyOne Corp		5,121
	1,048,736	*,e	Poniard Pharmaceuticals, Inc		1,919
	414,405		Potash Corp of Saskatchewan		45,326
	130,016	*,e	Pozen, Inc		779
	803,706		PPG Industries, Inc		47,049
	1,265,694		Praxair, Inc		101,648
	184,893	*	Prestige Brands Holdings, Inc		1,453

26

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	15,314,193		Procter & Gamble Co	$	928,499
	138,826	*,e	Progenics Pharmaceuticals, Inc		616
	205,645	*,e	Protalix BioTherapeutics, Inc		1,361
	385,800		PTT Chemical PCL		833
	241,134		PZ Cussons plc		1,045
	493,572	*,e	Questcor Pharmaceuticals, Inc		2,344
	233,731	*,e	Quidel Corp		3,221
	130,201		Ranbaxy Laboratories Ltd		1,445
	2,732,652		Reckitt Benckiser Group plc		147,919
	257,645		Recordati S.p.A.		1,912
	45,349	*	Repros Therapeutics, Inc		36
	97,446	*	Revlon, Inc (Class A)		1,658
	169,740	*,e	Rhodia S.A.		3,026
	20,635		Richter Gedeon Nyrt		4,684
	1,221,579		Roche Holding AG.		208,906
	271,527	*	Rockwood Holdings, Inc		6,397
	128,000	e	Rohto Pharmaceutical Co Ltd		1,476
	616,144		RPM International, Inc		12,526
	146,000		Sakai Chemical Industry Co Ltd		663
	255,378	*,e	Salix Pharmaceuticals Ltd		6,487
	1,870,119		Sanofi-Aventis		147,071
	394,497	*	Santarus, Inc		1,823
	142,504		Santen Pharmaceutical Co Ltd		4,578
	119,000		Sanyo Chemical Industries Ltd		622
	7,726		Sartorius Stedim Biotech		309
	34,500	e	Sawai Pharmaceutical Co Ltd		1,973
	182,536	*,e	Sciclone Pharmaceuticals, Inc		425
	309,686		Scotts Miracle-Gro Co (Class A)		12,174
	150,300		Seikagaku Corp		1,578
	261,150		Sensient Technologies Corp		6,868
	542,343		Sherwin-Williams Co		33,435
	41,000	*	Shikoku Chemicals Corp		240
	619,993		Shin-Etsu Chemical Co Ltd		35,004
	64,200		Shin-Etsu Polymer Co Ltd		381
	189,311		Shionogi & Co Ltd		4,105
	2,987,547		Shire Ltd		58,377
	239,777		Shire plc (ADR)		14,075
	552,222	e	Shiseido Co Ltd		10,613
	1,847,021		Showa Denko KK		3,678
	569,105		Sidi Kerir Petrochemcials Co		1,060
	147,215	*,e	SIGA Technologies, Inc		854
	598,451	e	Sigma-Aldrich Corp		30,240
	5,940,000	e	Sinochem Hong Kong Holding Ltd		3,295
	4,416,000	e	Sinopec Shanghai Petrochemical Co Ltd		1,734
			Sociedad Nacional de Industrias Apicaciones
	68,236	*,e	Celulosa Espanola S.A.		128
	182,197		Sociedad Quimica y Minera de Chile S.A. (Class B)		6,894

27

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	646,656	*	Solutia, Inc	$	8,213
	69,200		Solvay S.A.		7,453
	344,462	*,e	Spectrum Pharmaceuticals, Inc		1,529
	51,000	e	SSP Co Ltd		271
	14,700		ST CORP		162
	80,791		Stada Arzneimittel AG.		2,791
	9,018		Stallergenes		758
	10,800		Stella Chemifa Corp		567
	707,962	*,e	StemCells, Inc		892
	64,976		Stepan Co		4,211
	53,807	*,e	Sucampo Pharmaceuticals, Inc (Class A)		217
	1,548,673		Sumitomo Chemical Co Ltd		6,795
	52,000		Sumitomo Seika Chemicals Co Ltd		196
	94,294		Sun Pharmaceuticals Industries Ltd		3,048
	340,387	*	SuperGen, Inc		892
	74,178	*,e	SurModics, Inc		1,681
	366,861		Syngenta AG.		103,604
	116,878	*,e	Synta Pharmaceuticals Corp		591
	5,600	*,e	Taiko Pharmaceutical Co Ltd		115
	93,655		Taisho Pharmaceutical Co Ltd		1,611
	1,362,000		Taiwan Fertilizer Co Ltd		4,850
	20,600		Taiyo Ink Manufacturing Co Ltd		544
	1,017,050		Taiyo Nippon Sanso Corp		10,824
	1,565,095		Takeda Pharmaceutical Co Ltd		64,484
	171,907		Tanabe Seiyaku Co Ltd		2,145
	10,100	*	Tanaka Chemical Corp		227
	20,500		Tenma Corp		231
	49,000		Tessenderlo Chemie NV		1,622
	1,279,335		Teva Pharmaceutical Industries Ltd		71,891
	4,117,069		Teva Pharmaceutical Industries Ltd (ADR)		231,297
	75,501	*	Theratechnologies, Inc		320
	816,169	*,e	Theravance, Inc		10,667
	284,000		Toagosei Co Ltd		1,069
	36,000	*	Toda Kogyo Corp		293
	659,000	e	Tokai Carbon Co Ltd		3,281
	156,929		Tokuyama Corp		877
	49,500		Tokyo Ohka Kogyo Co Ltd		921
	324,675		Toray Industries, Inc		1,766
	32,100		Torii Pharmaceutical Co Ltd		609
	347,300		Tosoh Corp		959
	11,800	e	Towa Pharmaceutical Co Ltd		544
	276,000		Toyo Ink Manufacturing Co Ltd		1,063
	844,000		Toyobo Co Ltd		1,323
	13,815	*	Transgene S.A.		417
	682,000		TSRC Corp		844
	139,800		Tsumura & Co		4,520

28

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,336,188		UBE Industries Ltd	$	6,392
	1,749,742		UCB S.A.		73,034
	180,872	*	Ulta Salon Cosmetics & Fragrance, Inc		3,285
	268,728	*	Unifi, Inc		1,043
	450,000		United Laboratories Ltd		238
	290,766		United Phosphorus Ltd		1,080
	276,695	*,e	United Therapeutics Corp		14,568
	195,446	f	Uralkali (GDR)		4,064
	40,987	*,e	USANA Health Sciences, Inc		1,307
	557,256	*,e	USEC, Inc		2,145
	381,841	*,e	Valeant Pharmaceuticals International		12,139
	520,468		Valspar Corp		14,126
	1,439,858	*a,e	Vanda Pharmaceuticals, Inc		16,184
	398,523	*	Vectura Group plc		485
	684,220	*,e	Vertex Pharmaceuticals, Inc		29,319
	231,280	*,e	Vical, Inc		761
	98,647	e	Victrex PLC		1,285
	5,990		Virbac S.A.		625
	417,924	*,e	Viropharma, Inc		3,506
	20,300	*	Vitacost.com, Inc		212
	34,400	*	VITAL KSK HOLDINGS, Inc		203
	51,706		Wacker Chemie AG.		8,994
	4,199,767		Wah Lee Industrial Corp		5,853
	429,285	*	Watson Pharmaceuticals, Inc		17,004
	103,796	e	Westlake Chemical Corp		2,588
	397,197	*	WR Grace & Co		10,069
	147,135	*,e	Xenoport, Inc		2,731
	224,622	e	Yara International ASA		10,174
	10,979		Yuhan Corp		1,678
	206,267	*	Yule Catto & Co PLC		505
	221,456	e	Zeltia S.A.		1,217
	535,000		Zeon Corp		2,417
	27,000		ZERIA Pharmaceutical Co Ltd		247
	192,548	*,e	Zymogenetics, Inc		1,231
			TOTAL CHEMICALS AND ALLIED PRODUCTS		10,777,584
COAL MINING - 0.32%
	13,905,500		Adaro Energy Tbk		2,542
	533,037	*,e	Alpha Natural Resources, Inc		23,123
	196,529		Anglo Pacific Group plc		713
	152,864	*,e	Aquila Resources Ltd		1,512
	505,657		Arch Coal, Inc		11,251
	435,037	*	Carbon Energy Ltd		296
	1,107,512	e	Centennial Coal Co Ltd		3,942
	11,374,383		China Coal Energy Co		20,640
	5,204,299		China Shenhua Energy Co Ltd		25,263

29

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	147,100	*	Cloud Peak Energy, Inc	$	2,142
	620,073		Consol Energy, Inc		30,880
	116,148	*	Felix Resources Ltd		67
	243,825	e	Gloucester Coal Ltd		1,978
	120,100	*	Grande Cache Coal Corp		616
	502,101	*	International Coal Group, Inc		1,938
	137,533	*	James River Coal Co		2,548
	146,458		Kumba Resources Ltd		2,062
	2,814,109	e	MacArthur Coal Ltd		28,249
	309,755		Massey Energy Co		13,013
	245,500	e	Mitsui Mining Co Ltd		278
	1,438,492		New World Resources NV		12,955
	1,439,994		Peabody Energy Corp		65,103
	238,621	*	Pike River Coal Ltd		170
	25,169,000		PT Bumi Resources Tbk		6,408
	1,494,434		PT Tambang Batubara Bukit Asam Tbk		2,721
	873,538		Sasol Ltd		35,007
	280,562	*,e	UK Coal plc		335
	547,400	*	Western Canadian Coal Corp		1,706
	72,217	*,e	Westmoreland Coal Co		643
	684,385		Whitehaven Coal Ltd		3,225
	4,586,000		Yanzhou Coal Mining Co Ltd		10,030
			TOTAL COAL MINING		311,356
COMMERCIAL SERVICES AND SUPPLIES - 0.00%**
	45,403		Bureau Veritas S.A.		2,367
	3,780		Thessaloniki Port Authority S.A.		77
			TOTAL COMMERCIAL SERVICES AND
			SUPPLIES		2,444
COMMUNICATIONS - 4.70%
	61,912	*	AboveNet, Inc		4,027
	1,564	*	Acotel Group S.p.A		154
	269,216	e	Adtran, Inc		6,071
	8,620	*	Advanced Digital Broadcast Holdings S.A.		424
	1,015,200		Advanced Info Service PCL		2,634
	126,532	f	AFK Sistema (GDR)		2,657
	218,989	e	Alaska Communications Systems Group, Inc		1,748
	27,172,913	e	America Movil S.A. de C.V. (Series L)		63,934
	1,566,252	*	American Tower Corp (Class A)		67,678
	44,715		Amper S.A.		395
	205,593	*	Anixter International, Inc		9,683
	92,352	e	Antena 3 de Television S.A.		1,024
	1,039,115	*,m	AOL, Inc		24,191
	793,089	*,e	Aruba Networks, Inc		8,454
	312,800		Astro All Asia Networks plc		273
	31,956,303		AT&T, Inc		895,734
	43,944		Atlantic Tele-Network, Inc		2,417
	120,187	*	Audiovox Corp (Class A)		852
	1,883,776	*	Austar United Communications Ltd		2,387
	306,253		Austereo Group Ltd		471
	233,413	*	Avanzit S.A.		245

30

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	344,368		BCE, Inc	$	9,549
	530,300		BEC World PCL (Foreign)		392
	132,700		BEC World PCL		98
	125,815		Belgacom S.A.		4,567
	2,739,788		Bezeq Israeli Telecommunication Corp Ltd		6,908
	270,000		Bharti Airtel Ltd		1,908
	668,729		Brasil Telecom S.A. (Preference)		6,434
	2,086		Brasil Telecom S.A.		33
	349,631	*	Brightpoint, Inc		2,570
	1,653,247		British Sky Broadcasting plc		14,933
	34,519,950		BT Group plc		75,179
	1,937,241		Cable & Wireless plc		4,407
	1,042,599		Cablevision Systems Corp (Class A)		26,920
	107,196		Canal Plus		872
	313,760	e	Carphone Warehouse Group plc		946
	845,000	*	Carso Global Telecom SAB de CV		3,756
	118,903	*,e	Cbeyond Communications, Inc		1,873
	4,920,292		CBS Corp (Class B)		69,130
	54,541		Cellcom Israel Ltd		1,721
	3,400		Cellcom Israel Ltd (NY)		109
	113,132	*	Central European Media Enterprises Ltd (Class A)		2,671
	1,677,182		CenturyTel, Inc		60,731
	3,098,732		China Communications Services Corp Ltd		1,517
	8,621,910	e	China Mobile Hong Kong Ltd		80,223
	20,605,459		China Telecom Corp Ltd		8,521
	9,337,323	e	China Unicom Ltd		12,253
	6,828,913		Chunghwa Telecom Co Ltd		12,736
	1,257,385	*,e	Cincinnati Bell, Inc		4,338
	1,788,000		Citic 1616 Holdings Ltd		603
	374,000		City Telecom (HK) Ltd		178
	195,068	*,e	Clearwire Corp (Class A)		1,319
	22,199		Cogeco Cable, Inc		743
	434,570	*	Colt Telecom Group S.A.		923
	17,021,409		Comcast Corp (Class A)		286,981
	181,241	f	Comstar United Telesystems (GDR)		989
	108,989	e	Consolidated Communications Holdings, Inc		1,907
	95,711	*	Corus Entertainment, Inc		1,817
	1,218,346	*	Crown Castle International Corp		47,564
	93,612	*,e	Crown Media Holdings, Inc (Class A)		136
	106,387	*	CTC Media, Inc		1,585
	49,408		Cyfrowy Polsat S.A.		234
	7,324,240		Deutsche Telekom AG.		107,445
	101,349	*,e	DG FastChannel, Inc		2,831
	434,100		Digi.Com BHD		2,783
	7,771	*	Digital Multimedia Technologies S.p.A.		177
	71,802	*	DigitalGlobe, Inc		1,738

31

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,131,860	*,e	DIRECTV	$	171,148
	2,581,409		DISH Network Corp (Class A)		53,616
	39,888	*	Drillisch AG.		287
	136	e	Dwango Co Ltd		254
	62,432		Egyptian Co for Mobile Services		2,734
	100,563		Elisa Oyj (Series A)		2,295
	134,289		Empresa Nacional de Telecomunicaciones S.A.		1,945
	141,793	*,e	Equinix, Inc		15,051
	285,981		Eutelsat Communications		9,175
	3,669,317		Far EasTone Telecommunications Co Ltd		4,394
	19,875	*,e	Fastweb		550
	36,778	e	Fisher Communications, Inc		598
	142,288	*	Forthnet S.A.		253
	1,778,565		France Telecom S.A.		44,443
	120,044	*	Freenet AG.		1,621
	939,378		Frontier Communications Corp		7,337
	1,463		Fuji Television Network, Inc		2,027
	239,190	*	General Communication, Inc (Class A)		1,526
	87,967	*,e	GeoEye, Inc		2,453
	221,754	*	Global Crossing Ltd		3,160
	453,004		Global Payments, Inc		24,399
	103,997	*	Global Village Telecom Holding S.A.		3,345
	43,530		Globe Telecom, Inc		856
	3,761,873	e	Grupo Televisa S.A.		15,594
	896,030		Hellenic Telecommunications Organization S.A.		13,151
	61,159	e	HickoryTech Corp		540
	48,441		Hikari Tsushin, Inc		883
	41,538	*	Hughes Communications, Inc		1,081
	9,672,351		Hutchison Telecommunications Hong Kong Holdings Ltd		1,639
	2,010,351		Hutchison Telecommunications International Ltd		415
	438,575	*,e	IAC/InterActiveCorp		8,982
	801,597	*	Idea Cellular Ltd		993
	12,290	e	Iliad Sa		1,469
	127,847	*	inContact, Inc		375
	210,280		Inmarsat plc		2,343
	116,389	*	Intracom Holdings S.A.		202
	161,163	e	Iowa Telecommunications Services, Inc		2,701
	4,514,840		ITV plc		3,804
	274,791	*,e	j2 Global Communications, Inc		5,592
	2,056,446	*	Jazztel plc		782
	5,544		Jupiter Telecommunications Co		5,486
	645,679		Kcom Group plc		459
	3,969		KDDI Corp		21,023
	154,039	*,e	Knology, Inc		1,687
	205,736		KT Corp		6,924
	260,572	*,e	Leap Wireless International, Inc		4,573

32

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	5,825,232	*	Level 3 Communications, Inc	$	8,913
	46,550	m	LG Dacom Corp		712
	165,604		LG Telecom Ltd		1,207
	998,890	*,e	Liberty Global, Inc (Class A)		21,886
	360,537	*	Liberty Media Corp - Capital (Series A)		8,610
	220,752	*	Liberty Media Corp-Starz		10,188
	2,820,436	*	Liberty Media Holding Corp (Interactive A)		30,574
	184,622	*	Lin TV Corp (Class A)		823
	115,271	*,e	Lodgenet Entertainment Corp		637
	21,124		LS Cable Ltd		2,101
	54,015		M6-Metropole Television		1,382
	408,361		Magyar Telekom		1,584
	26,700		Manitoba Telecom Services, Inc		855
	276,280		Maroc Telecom		4,752
	259,777	*,e	Mastec, Inc		3,247
	3,821,800		Maxis Bhd		5,994
	245,379	*	Mediacom Communications Corp (Class A)		1,097
	380,662		Mediaset S.p.A.		3,130
	1,632,630	*,e	MetroPCS Communications, Inc		12,457
	274,111		Mobile TeleSystems (ADR)		13,401
	647,000		MobileOne Ltd		870
	36,276		Mobilezone Holding AG.		273
	22,657		Mobistar S.A.		1,553
	83,516		Modern Times Group AB (B Shares)		4,148
	2,101,811		MTN Group Ltd		33,453
	542,663		Naspers Ltd (N Shares)		21,962
	9,100	*	NEC Mobiling Ltd		223
	216,953	*	NET Servicos de Comunicacao S.A.		2,991
	372,940	*	NeuStar, Inc (Class A)		8,593
	163,223	*,e	Neutral Tandem, Inc		3,713
	698,502	*	NII Holdings, Inc (Class B)		23,456
	1,649,062		Nippon Telegraph & Telephone Corp		65,143
	100		Nippon Television Network Corp		13
	151,594	*,e	Novatel Wireless, Inc		1,208
	25,706		NRJ Group		208
	142,550		NTELOS Holdings Corp		2,540
	17,404		NTT DoCoMo, Inc		24,287
	548,850		Orascom Telecom Holding SAE		2,510
	807,319	*	PAETEC Holding Corp		3,350
	106,477		Partner Communications		2,158
	7,557,024		PCCW Ltd		1,820
	78,387		Philippine Long Distance Telephone Co		4,425
	26,615		Philippine Long Distance Telephone Co (ADR)		1,508
	1,238,000		Phoenix Satellite Television Holdings Ltd		317
	625,063		Portugal Telecom SGPS S.A.		7,627
	14,088		Preformed Line Products Co		617

33

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	417,414	*	Premiere AG.	$	1,365
	135,007		ProSiebenSat.1 Media AG.		1,547
	1,521,858		PT Indosat Tbk		757
			PT Multimedia Servicos de Telecomunicacoes e
	196,100	e	Multimedia SGPS S.A.		1,214
	16,575,604		PT Telekomunikasi Indonesia Tbk (Series B)		16,500
	214,873	*	QSC AG.		522
	12,750,745	e	Qwest Communications International, Inc		53,681
	240,278	*	RCN Corp		2,607
	4,401		Reply S.p.A		101
	616,951	e	Rogers Communications, Inc (Class B)		19,284
	3,179		Rostelecom (ADR)		87
	3,189,840		Royal KPN NV		54,219
	163,782		Salmat Ltd		615
	173,906	*	SAVVIS, Inc		2,443
	1,160,969	*,e	SBA Communications Corp (Class A)		39,659
	198,728	e	SES Global S.A.		4,477
	118,900	e	Seven Network Ltd		735
	5,922	*	Seven Network Ltd TELYS3		497
	367,741	*,e	Shaw Communications, Inc (B Shares)		7,620
	116,828	e	Shenandoah Telecom Co		2,377
	267,361	e	Sinclair Broadcast Group, Inc (Class A)		1,077
	10,074,139		Singapore Telecommunications Ltd		22,189
	47,207		SK Telecom Co Ltd		6,891
	30,000		SK Telecom Co Ltd (ADR)		488
	391,394		Sky Network Television Ltd		1,432
	2,923		Sky Perfect Jsat Corp		1,164
	269,000		SmarTone Telecommunications Holding Ltd		222
	5,694		Societe Television Francaise 1		105
	466,572	*	SONAECOM - SGPS S.A.		1,287
	19,935,635	*	Sprint Nextel Corp		72,964
	2,295,000		StarHub Ltd		3,505
	61,045	*,e	SureWest Communications		608
	68,729		Swisscom AG.		26,248
	96,111	*	Switch & Data Facilities Co, Inc		1,942
	336,074	*	Syniverse Holdings, Inc		5,875
	6,192,264		Taiwan Mobile Co Ltd		12,072
	150,645		Tele Norte Leste Participacoes S.A.		3,868
	318,656		Tele Norte Leste Participacoes S.A. (Preference)		6,790
	488,751		Tele2 AB (B Shares)		7,508
	4,930,274		Telecom Corp of New Zealand Ltd		8,857
	861,793		Telecom Egypt		2,834
	1,375,938	*	Telecom Italia Media S.p.A.		196
	16,897,764		Telecom Italia RSP		18,768
	9,914,938		Telecom Italia S.p.A.		15,467
	57,559		Telecom Plus PLC		276
	180,905	*,e	TeleCommunication Systems, Inc (Class A)		1,751

34

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	143,593		Telefonica O2 Czech Republic A.S.	$	3,276
	6,693,670		Telefonica S.A.		187,349
	6,823,038	*	Telefonos de Mexico S.A. de C.V. (Series L)		5,716
	11,617		Telegate AG.		152
	234,927		Telekom Austria AG.		3,354
	1,179,400		Telekom Malaysia BHD		1,052
	804,389		Telekomunikacja Polska S.A.		4,448
	30,356		Telemar Norte Leste S.A.		1,085
	98,701		Telenet Group Holding NV		2,813
	1,471,599		Telenor ASA		20,558
	470,190		Telephone & Data Systems, Inc		15,949
	189,472		Telesp Celular Participacoes S.A.		5,929
	1,047,514		Television Broadcasts Ltd		5,033
	1,868,841		TeliaSonera AB		13,507
	335,433		Telkom S.A. Ltd		1,696
	6,414,046		Telmex Internacional SAB de CV		5,702
	4,835,852		Telstra Corp Ltd		14,867
	156,043		TELUS Corp		5,089
	392,520		TELUS Corp, non-voting shares		12,291
	522,567		Ten Network Holdings Ltd		764
	295,115	*,e	Terremark Worldwide, Inc		2,019
	8,643		Thrane & Thrane AS		220
	736,815		Tim Participacoes S.A.		2,167
	1,777,549		Time Warner Cable, Inc		73,573
	2,688,030	*	Tiscali S.p.A.		632
	521,382	*,e	TiVo, Inc		5,308
	23,100		Tokyo Broadcasting System, Inc		325
	433,300		Total Access Communication PCL		481
	611,027		Turk Telekomunikasyon AS		1,870
	60,000		Turkcell Iletisim Hizmet AS (ADR)		1,049
	1,003,242		Turkcell Iletisim Hizmet AS		7,116
	732		TV Asahi Corp		1,043
	5,200		TV Tokyo Corp		101
	119,347		TVN S.A.		593
	200		Uralsvyazinform (ADR)		1
	155,395	*	US Cellular Corp		6,590
	195,993	e	USA Mobility, Inc		2,158
	134,476	*,e	Usen Corp		75
	17,570,434		Verizon Communications, Inc		582,107
	25,062	*	Versatel AG.		286
	2,900,376	*	Viacom, Inc (Class B)		86,228
	361,950		Vimpel-Communications (ADR)		6,729
	1,929,036		Vivendi Universal S.A.		57,253
	440,037	e	Vodacom Group Pty Ltd		3,361
	97,923,188		Vodafone Group plc		226,762
	507,777		Vodafone Group plc (ADR)		11,725

35

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	200		VolgaTelecom (ADR)	$	1
	2,076,301	e	Windstream Corp		22,819
	241,880		ZEE Telefilms Ltd		1,326
			TOTAL COMMUNICATIONS		4,626,621
DEPOSITORY INSTITUTIONS - 8.91%
	98,361		1st Source Corp		1,583
	1,450,851		77 Bank Ltd		7,719
	126,717	e	Abington Bancorp, Inc		873
	410,958		ABSA Group Ltd		7,127
	938,173		African Bank Investments Ltd		3,776
	282,923		Agricultural Bank of Greece		781
	9,600		Aichi Bank Ltd		695
	1,107,690		Akbank TAS		7,048
	230,000		Akita Bank Ltd		903
	22,074	e	Alliance Financial Corp		599
	1,030,400		Alliance Financial Group BHD		811
	1,285,622		Allied Irish Banks plc		2,200
	93,872		Alpha Bank S.A.		1,095
	33,537	e	Amagerbanken AS		282
	29,654	e	American National Bankshares, Inc		649
	89,189	e	Ameris Bancorp		639
	36,698	e	Ames National Corp		775
	4,872,767		AMMB Holdings Berhad		7,090
	541,290	*,m	Anglo Irish Bank Corp plc		168
	374,000		Aomori Bank Ltd		868
	2,446,000		Aozora Bank Ltd		2,600
	56,116	e	Arrow Financial Corp		1,403
	349,959	e	Associated Banc-Corp		3,853
	508,500	e	Astoria Financial Corp		6,321
	496,183	*	Asya Katilim Bankasi AS		1,146
	40,539		Attijariwafa Bank		1,391
	11,628	e	Auburn National Bancorporation, Inc		229
	4,032,905		Australia & New Zealand Banking Group Ltd		82,184
	251,000	e	Awa Bank Ltd		1,339
	494,956	e	Banca Carige S.p.A.		1,321
	48,694		Banca Generali SpA		590
	21,934		Banca IFIS S.p.A.		230
	4,936,293	*	Banca Intesa S.p.A.		22,213
	335,754		Banca Intesa S.p.A. RSP		1,125
	935,710	e	Banca Monte dei Paschi di Siena S.p.A.		1,636
	89,930		Banca Popolare dell’Etruria e del Lazio		508
	281,284		Banca Popolare di Milano		1,998
	173,165	e	Banca Profilo S.p.A.		163
	39,132	e	Bancfirst Corp		1,449
	438,651	e	Banche Popolari Unite Scpa		6,288

36

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	3,070,873		Banco Bilbao Vizcaya Argentaria S.A.	$	55,967
	4,717	e	Banco BPI S.A.		14
	2,247,850		Banco Bradesco S.A.		46,971
	172,942	e	Banco Comercial Portugues S.A.		208
	31,288		Banco de Credito e Inversiones		1,045
	2,598,100		Banco de Oro Universal Bank		2,188
	66,387	e	Banco de Sabadell S.A.		369
	15,901	e	Banco de Valencia S.A.		121
	76,035		Banco di Desio e della Brianza S.p.A.		456
	847,532		Banco do Brasil S.A.		14,458
	514,523		Banco do Estado do Rio Grande do Sul		4,344
	184,862		Banco Espirito Santo S.A.		1,204
	2,848,201		Banco Itau Holding Financeira S.A.		63,295
	153,002		Banco Latinoamericano de Exportaciones S.A. (Class E)		2,127
	242,145	e	Banco Pastor S.A.		1,692
	196,853		Banco Popolare Scarl		1,475
	388,789	e	Banco Popular Espanol S.A.		2,856
	719,524		Banco Santander Brasil S.A.		9,877
	1,505,145		Banco Santander Brasil S.A. (ADR)		20,982
	21,836,914		Banco Santander Central Hispano S.A.		360,847
	65,484,224		Banco Santander Chile S.A.		3,955
	244,868		BanColombia S.A.		2,767
	79,591		BanColombia S.A. (ADR)		3,622
	172,379		BanColombia S.A. (Preference)		1,941
	13,044	e	Bancorp Rhode Island, Inc		335
	256,751	e	Bancorpsouth, Inc		6,023
	90,500		Bangkok Bank PCL		315
	365,800		Bangkok Bank PCL (ADR)		1,273
	2,265,000		Bangkok Bank PCL (Foreign Reg)		7,929
	278,786		Banif SGPS S.A.		498
	29,811		Bank Handlowy w Warszawie S.A.		722
	1,252,695	*	Bank Hapoalim Ltd		5,449
	1,473,351		Bank Leumi Le-Israel		6,734
	263,450		Bank Millennium S.A.		437
	267,064		Bank Mutual Corp		1,848
	7,180,500		Bank Negara Indonesia PT		1,505
	50,677,477		Bank of America Corp		763,202
	136,654		Bank of Attica		331
	2,293,000		Bank of Ayudhya PCL		1,551
	89,589,000		Bank of China Ltd		48,144
	9,573,022	e	Bank of Communications Co Ltd		11,010
	3,860,247	e	Bank of East Asia Ltd		15,165
	205,033	e	Bank of Hawaii Corp		9,649
	1,564,707	*	Bank of Ireland		2,961
	27,900	e	Bank of Iwate Ltd		1,540
	15,334	e	Bank of Kentucky Financial Corp		288

37

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	1,333,519		Bank of Kyoto Ltd	$	10,778
	27,997		Bank of Marin Bancorp		912
	1,001,840		Bank of Montreal		53,500
	192,000		Bank of Nagoya Ltd		693
	4,537,515		Bank of New York Mellon Corp		126,914
	1,711,583	e	Bank of NOVA Scotia		80,551
	73,100		Bank of Okinawa Ltd		2,689
	287,600	e	Bank of Queensland Ltd		2,961
	173,000		Bank of Saga Ltd		504
	76,416	e	Bank of the Ozarks, Inc		2,237
	1,578,780		Bank of the Philippine Islands		1,631
	232,100		Bank of the Ryukyus Ltd		2,654
	2,807,908		Bank of Yokohama Ltd		12,803
	6,758,000		Bank Rakyat Indonesia		5,432
	40,004		Bank Sarasin & Compagnie AG.		1,510
	23,202		Bank Zachodni WBK S.A.		1,528
	115,703	e	BankFinancial Corp		1,145
	414,458		Bankinter S.A.		4,270
	141,656	e	Banner Corp		380
	5,773		Banque Cantonale Vaudoise		2,286
	3,517		Banque Marocaine du Commerce Exterieur		118
	15,856	e	Bar Harbor Bankshares		435
	22,835,230		Barclays plc		100,623
	7,374		Basler Kantonalbank		852
	3,000,173	e	BB&T Corp		76,114
	320,405	e	Bendigo Bank Ltd		2,812
	180,978	*	Beneficial Mutual Bancorp, Inc		1,781
	76,490		Berkshire Hills Bancorp, Inc		1,582
	106,836		BinckBank NV		1,914
	2,223,577	e	BNP Paribas		176,370
	5,995,575		BOC Hong Kong Holdings Ltd		13,470
	64,105	e	BOK Financial Corp		3,046
	374,188	e	Boston Private Financial Holdings, Inc		2,159
	9,728	*	BRE Bank S.A.		878
	30,819		Bridge Bancorp, Inc		741
	302,875	e	Brookline Bancorp, Inc		3,001
	4,584	e	Brooklyn Federal Bancorp, Inc		46
	40,687	e	Bryn Mawr Bank Corp		614
	2,856,548		Bumiputra-Commerce Holdings BHD		10,689
	105,045		Caja de Ahorros del Mediterraneo		880
	49,357	e	Camden National Corp		1,614
	466,965	e	Canadian Imperial Bank of Commerce/Canada		30,429
	89,276		Canadian Western Bank		1,873
	67,775	e	Capital City Bank Group, Inc		938
	68,338	e	Capitol Federal Financial		2,150
	153,354		Cardinal Financial Corp		1,340

38

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	41,659	e	Cass Information Systems, Inc	$	1,266
	8,491,316		Cathay Financial Holding Co Ltd		15,809
	287,454	e	Cathay General Bancorp		2,170
	58,597	e	Center Bancorp, Inc		523
	64,804	e	Centerstate Banks of Florida, Inc		654
	238,159	*,e	Central Pacific Financial Corp		312
	13,940		Century Bancorp, Inc		307
	5,963,000		Chang Hwa Commercial Bank		2,833
	118,475	e	Chemical Financial Corp		2,794
	4,259	e	Cheviot Financial Corp		31
	2,452,938		Chiba Bank Ltd		14,671
	44,400	*	Chiba Kogyo Bank Ltd		336
	32,015	*,e	Chicopee Bancorp, Inc		400
	10,738,855		China Citic Bank		9,090
	69,291,291		China Construction Bank		59,185
	11,556,374		China Development Financial Holding Corp		3,531
	5,419,350	e	China Merchants Bank Co Ltd		14,101
	2,285,000	*,e	China Minsheng Banking Corp Ltd		2,570
	11,774,089		Chinatrust Financial Holding Co		7,320
	136,000		Chong Hing Bank Ltd		264
	127,000	e	Chugoku Bank Ltd		1,575
	155,000		Chukyo Bank Ltd		461
	122,231,642		Citigroup, Inc		404,586
	50,003		Citizens & Northern Corp		477
	19,631	e	Citizens Holding Co		440
	2,035,859	*,e	Citizens Republic Bancorp, Inc		1,405
	90,653	e	City Holding Co		2,931
	130,546	e	City National Corp		5,953
	46,275	e	Clifton Savings Bancorp, Inc		434
	43,120		CNB Financial Corp		689
	146,310		CoBiz, Inc		695
	133,845	e	Columbia Banking System, Inc		2,166
	44,126		Comdirect Bank AG.		419
	517,855		Comerica, Inc		15,313
	194,106		Commerce Bancshares, Inc		7,516
	319,096		Commercial International Bank		3,171
	84,159	e	Commerzbank AG.		706
	1,784,215		Commonwealth Bank of Australia		87,109
	189,016	e	Community Bank System, Inc		3,650
	89,872	e	Community Trust Bancorp, Inc		2,197
	4,987		Credicorp Ltd		381
	76,900		Credicorp Ltd (NY)		5,923
	1,433,691	e	Credit Agricole S.A.		25,161
	106,935		Credito Emiliano S.p.A.		824
	161,042	e	Cullen/Frost Bankers, Inc		8,052
	462,478	e	CVB Financial Corp		3,996

39

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	151,420		Daegu Bank	$	2,228
	568,400		Dah Sing Banking Group Ltd		844
	187,600		Dah Sing Financial Holdings Ltd		1,034
	563,000		Daishi Bank Ltd		1,881
	77,641		Danske Bank AS		1,743
	3,861,657		DBS Group Holdings Ltd		41,980
	205,757		Deutsche Bank AG.		14,549
	6,446	*,e	Deutsche Postbank AG.		211
	234,406	e	Dexia		1,476
	159,860	e	Dime Community Bancshares		1,874
	715,029		DNB NOR Holding ASA		7,719
	116,306	*	Dollar Financial Corp		2,752
	4,102,020		E.Sun Financial Holding Co Ltd		1,709
	58,010	*	Eagle Bancorp, Inc		607
	506,637		East West Bancorp, Inc		8,005
	636,572		EFG Eurobank Ergasias S.A.		7,114
	64,161		EFG International		880
	189,000		Ehime Bank Ltd		536
	295,000		Eighteenth Bank Ltd		876
	23,912		Enterprise Bancorp, Inc		262
	59,180	e	Enterprise Financial Services Corp		456
	12,824	e	Erste Bank der Oesterreichischen Sparkassen AG.		477
	44,755	e	ESB Financial Corp		592
	98,646		ESSA Bancorp, Inc		1,154
	233,041	*	Euronet Worldwide, Inc		5,115
	37,808	e	Farmers Capital Bank Corp		386
	256,200	*	FIDEA Holdings Co Ltd		446
	3,801,291		Fifth Third Bancorp		37,063
	55,169	e	Financial Institutions, Inc		650
	4,960	e,m	Fionia Bank AS		31
	92,549	e	First Bancorp (NC)		1,293
	559,145		First Bancorp (Puerto Rico)		1,286
	53,780	e	First Bancorp, Inc		829
	202,274		First Busey Corp		787
	9,184	*,e	First California Financial Group, Inc		25
	21,261		First Citizens Bancshares, Inc (Class A)		3,487
	497,425	e	First Commonwealth Financial Corp		2,313
	56,321	e	First Community Bancshares, Inc		679
	55,890	e	First Defiance Financial Corp		631
	268,685	e	First Financial Bancorp		3,912
	112,522	e	First Financial Bankshares, Inc		6,102
	63,542	e	First Financial Corp		1,939
	96,057	e	First Financial Holdings, Inc		1,248
	107,295	e	First Financial Northwest, Inc		703
	19,058	e	First Financial Service Corp		173
	1,068,663	*,e	First Horizon National Corp		14,320

40

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	136,879	e	First Merchants Corp	$	813
	303,448	e	First Midwest Bancorp, Inc		3,305
	701,505		First Niagara Financial Group, Inc		9,758
	27,125	e	First of Long Island Corp		685
	47,048	e	First South Bancorp, Inc		485
	471,827	e	FirstMerit Corp		9,503
	4,129,718	e	FirstRand Ltd		10,219
	420,655	*,e	Flagstar Bancorp, Inc		252
	158,778		Flushing Financial Corp		1,788
	637,968	e	FNB Corp		4,332
	3,543,639	*	Fortis		13,117
	27,421	*,e	Fox Chase Bancorp, Inc		261
	2,066,000		Fubon Bank Hong Kong Ltd		961
	7,760,364		Fubon Financial Holding Co Ltd		9,541
	12,221,587		Fuhwa Financial Holdings Co Ltd		8,943
	416,000		Fukui Bank Ltd		1,340
	1,614,905		Fukuoka Financial Group, Inc		5,628
	247,000		Fukushima Bank Ltd		139
	739,095	e	Fulton Financial Corp		6,445
	256,155	*	Geniki Bank		285
	54,603	e	German American Bancorp, Inc		887
	351,958	e	Glacier Bancorp, Inc		4,829
	61,712	e	Great Southern Bancorp, Inc		1,318
	225,021		Greek Postal Savings Bank		1,414
	1,740,303	e	Grupo Financiero Banorte S.A. de C.V.		6,364
	802,302		Grupo Financiero Inbursa S.A.		2,338
	384,829	*,e	Guaranty Bancorp		508
	353,974		Gunma Bank Ltd		1,810
	102,500		Hachijuni Bank Ltd		598
	128,210	e	Hampton Roads Bankshares, Inc		222
	155,023	e	Hancock Holding Co		6,788
	725,475		Hang Seng Bank Ltd		10,673
	3,080	*,e	Hanmi Financial Corp		4
	235,195	e	Harleysville National Corp		1,515
	366,095		HDFC Bank Ltd		13,340
	89,048	e	Heartland Financial USA, Inc		1,278
	26,833	*,e	Heritage Financial Corp		370
	2,967	e	Heritage Financial Group		22
	167,000		Higashi-Nippon Bank Ltd		321
	367,000		Higo Bank Ltd		2,045
	86,132	e	Hiroshima Bank Ltd		332
	379,000		Hokkoku Bank Ltd		1,356
	405,000	e	Hokuetsu Bank Ltd		639
	2,404,539		Hokuhoku Financial Group, Inc		4,916
	41,962	*,e	Home Bancorp, Inc		512
	85,724	e	Home Bancshares, Inc		2,063

41

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	57,469		Home Capital Group, Inc	$	2,300
	82,266	e	Home Federal Bancorp, Inc		1,095
	573,600		Hong Leong Bank BHD		1,359
	307,912		Hong Leong Credit BHD		669
	20,942		HQ AB		346
	29,892,864		HSBC Holdings plc		341,027
	92,000		HSBC Holdings plc (Hong Kong)		1,046
	4,073,339		Hua Nan Financial Holdings Co Ltd		2,554
	3,123,446		Hudson City Bancorp, Inc		42,885
	14,744,848	e	Huntington Bancshares, Inc		53,819
	294,000		Hyakugo Bank Ltd		1,300
	291,000		Hyakujushi Bank Ltd		1,022
	117,474	e	IBERIABANK Corp		6,321
	1,047,827		ICICI Bank Ltd		19,636
	50,525		ICICI Bank Ltd (ADR)		1,905
	120,566	e	Independent Bank Corp		2,519
	68,825,000		Industrial & Commercial Bank of China		56,682
	260,750	*	Industrial Bank Of Korea		3,124
	200	*,b	IndyMac Bancorp, Inc		0	^
	2,919		ING Bank Slaski S.A.		790
	8,742,611	*	ING Groep NV		84,195
	280,607		International Bancshares Corp		5,312
	259,381		Investec Ltd		1,863
	1,416,764		Investec plc		9,680
	329,193	*,e	Investors Bancorp, Inc		3,601
	1,663,107		Israel Discount Bank Ltd		3,923
	70,683	e	Iyo Bank Ltd		575
	533,778		Joyo Bank Ltd		2,145
	23,436,748		JPMorgan Chase & Co		976,608
	1,246,681		Julius Baer Group Ltd		43,844
	1,623,180		Julius Baer Holding AG.		19,655
	611,000		Juroku Bank Ltd		2,231
	96,960	*	Jyske Bank		3,761
	81,000		Kagawa Bank Ltd		279
	228,000		Kagoshima Bank Ltd		1,596
	238,000		Kansai Urban Banking Corp		334
	67,200	e	Kanto Tsukuba Bank Ltd		201
	21,580		KAS Bank NV		435
	493,500		Kasikornbank PCL		1,258
	2,262,600		Kasikornbank PCL (Foreign)		5,895
	91,913	e	Kearny Financial Corp		926
	453,000		Keiyo Bank Ltd		2,015
	4,834	e	Kentucky First Federal Bancorp		53
	2,672,276		Keycorp		14,831
	6,168	e	K-Fed Bancorp		54
	832,000		Kiyo Holdings, Inc		1,002

42

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	18,523		Komercni Banka A.S.	$	3,969
	718,550		Korea Exchange Bank		8,919
	198,078		Kotak Mahindra Bank Ltd		3,413
	6,984,000		Krung Thai Bank PCL		2,061
	124,005	e	Lakeland Bancorp, Inc		792
	76,846		Lakeland Financial Corp		1,326
	35,959	e	Laurentian Bank of Canada		1,470
	34,396	e	Legacy Bancorp, Inc		339
	22,924		Liechtenstein Landesbank		1,515
	4,963,725		Lloyds TSB Group plc		3,994
	231,955	e	M&T Bank Corp		15,515
	118,231	e	MainSource Financial Group, Inc		565
	4,493,150		Malayan Banking BHD		8,974
	817,631		Marfin Popular Bank Public Co Ltd		2,653
	2,062,213		Marshall & Ilsley Corp		11,239
	278,376	e	MB Financial, Inc		5,490
	696,031		Mediobanca S.p.A.		8,269
	9,960,360		Mega Financial Holding Co Ltd		5,738
	23,881	e	Merchants Bancshares, Inc		541
	56,818	*,e	Meridian Interstate Bancorp, Inc		494
	1,979,400		Metropolitan Bank & Trust		1,916
	158,000		Michinoku Bank Ltd		285
	22,478		Midsouth Bancorp, Inc		312
	110,000	e	Mie Bank Ltd		297
	358,000		Minato Bank Ltd		397
	22,773,246		Mitsubishi UFJ Financial Group, Inc		112,176
	3,728,945		Mitsui Trust Holdings, Inc		12,562
	232,000	e	Miyazaki Bank Ltd		661
	151,157		Mizrahi Tefahot Bank Ltd		1,380
	8,703,400		Mizuho Financial Group, Inc		15,651
	567,655	e	Mizuho Trust & Banking Co Ltd		530
	43,000		Musashino Bank Ltd		1,020
	434,000	e	Nanto Bank Ltd		2,344
	181,342		Nara Bancorp, Inc		2,056
	20,363	e	NASB Financial, Inc		474
	4,762,588		National Australia Bank Ltd		116,227
	211,080	e	National Bank of Canada		12,158
	2,566,859		National Bank of Greece S.A.		65,947
	34,138		National Bankshares, Inc		966
	651,090	e	National Penn Bancshares, Inc		3,770
	64,168	e	Natixis		320
	201,325	e	NBT Bancorp, Inc		4,101
	367,672		Nedbank Group Ltd		6,179
	152,414	*	Net 1 UEPS Technologies, Inc		2,960
	1,266,977		New York Community Bancorp, Inc		18,384
	585,116	e	NewAlliance Bancshares, Inc		7,027

43

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	1,555,854		Nishi-Nippon City Bank Ltd	$	3,810
	1,915,002		Nordea Bank AB		19,403
	29,334	e	Northeast Community Bancorp, Inc		193
	22,377	*	Northern Rock PLC		0	^
	783,384		Northern Trust Corp		41,049
	109,227	e	Northfield Bancorp, Inc		1,477
	30,356	e	Northrim BanCorp, Inc		512
	240,605	e	Northwest Bancshares, Inc		2,724
	8,859	e	Norwood Financial Corp		253
	57,593	e	OceanFirst Financial Corp		651
	452,000	e	Ogaki Kyoritsu Bank Ltd		1,425
	19,842	e	Ohio Valley Banc Corp		437
	327,000		Oita Bank Ltd		1,176
	37,939		OKO Bank (Class A)		409
	496,926	e	Old National Bancorp		6,177
	3,090	e	Old Point Financial Corp		48
	93,268	e	Old Second Bancorp, Inc		643
	155,662		Oriental Financial Group, Inc		1,681
	65,580	e	Oritani Financial Corp		900
	25,170	e	Orrstown Financial Services, Inc		878
	386,499	*,e	OTP Bank Rt		11,073
	5,690,730		Oversea-Chinese Banking Corp		36,643
	231,600	e	Pacific Capital Bancorp		222
	75,111	e	Pacific Continental Corp		859
	142,991	e	PacWest Bancorp		2,881
	64,663	e	Park National Corp		3,807
	86,451		PayPoint plc		610
	49,412	e	Peapack Gladstone Financial Corp		627
	18,828	e	Penns Woods Bancorp, Inc		611
	35,077	*	Pennsylvania Commerce Bancorp, Inc		441
	67,693	e	Peoples Bancorp, Inc		655
	18,074	e	Peoples Financial Corp		367
	1,600,130		People’s United Financial, Inc		26,722
	283,679		Piccolo Credito Valtellinese Scarl		2,280
	185,780	*,e	Pinnacle Financial Partners, Inc		2,642
	47,507		Piraeus Bank S.A.		545
	2,259,684		PNC Financial Services Group, Inc		119,289
	1,956,056		Popular, Inc		4,421
	4,412		Porter Bancorp, Inc		66
	896,462		Powszechna Kasa Oszczednosci Bank Polski S.A.		11,827
	119,438	e	Premierwest Bancorp		170
	291,613		PrivateBancorp, Inc		2,616
	260,773	e	Prosperity Bancshares, Inc		10,553
	340,989	e	Provident Financial Services, Inc		3,632
	195,312	e	Provident New York Bancorp		1,648
	6,457		Prudential Bancorp, Inc of Pennsylvania		61

44

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	15,399,500		PT Bank Central Asia Tbk	$	7,882
	5,074,093		PT Bank Danamon Indonesia Tbk		2,429
	10,569,500		PT Bank Mandiri Persero Tbk		5,209
	1,263,305		Public Bank BHD (Foreign)		4,153
	38,900		Public Bank BHD		128
	252,377		Pusan Bank		3,011
	5,297		Qc Holdings, Inc		25
	248,429	e	Raiffeisen International Bank Holding AG.		13,879
	8,556,932		Regions Financial Corp		45,266
	122,316	e	Renasant Corp		1,663
	69,417	e	Republic Bancorp, Inc (Class A)		1,430
	35,984	*,e	Republic First Bancorp, Inc		154
	132,100		Resona Holdings, Inc		1,342
	904,700		RHB Capital BHD		1,396
	52,348	e	Rockville Financial, Inc		550
	43,330	e	Roma Financial Corp		536
	5,200	b,m	Roskilde Bank		0	^
	135,601		Royal Bank of Canada		7,261
	2,155,666	e	Royal Bank of Canada (Toronto)		116,250
	6,781,301	*	Royal Bank of Scotland Group plc		3,148
	130,770	e	S&T Bancorp, Inc		2,224
	58,454	e	S.Y. Bancorp, Inc		1,248
	100,908	e	Sandy Spring Bancorp, Inc		897
	275,000		San-In Godo Bank Ltd		2,142
	48,475	*,e	Santander BanCorp		595
	755,900	*	Sapporo Hokuyo Holdings, Inc		2,744
	119,651	e,f	Sberbank (GDR)		32,728
	69,322	e	SCBT Financial Corp		1,920
	287,400	*,e	Senshu Ikeda Holdings, Inc		1,049
	1,767		SEVEN BANK Ltd		3,528
	282,000	e	Shiga Bank Ltd		1,593
	218,000	e	Shikoku Bank Ltd		694
	9,600		Shimizu Bank Ltd		390
	6,956,270		Shin Kong Financial Holding Co Ltd		2,882
	430,126	*,e	Shinsei Bank Ltd		469
	716,234		Shizuoka Bank Ltd		6,235
	51,971	e	Shore Bancshares, Inc		752
	2,859,600		Siam Commercial Bank PCL		7,442
	41,006	e	Sierra Bancorp		313
	260,074	*	Signature Bank		8,296
	87,388	e	Simmons First National Corp (Class A)		2,429
	6,703,947		SinoPac Financial Holdings Co Ltd		2,686
	173,051		Skandinaviska Enskilda Banken AB (Class A)		1,070
	73,713	e	Smithtown Bancorp, Inc		439
	2,198,496	e	Societe Generale		152,751
	906,051		South Financial Group, Inc		584

45

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	77,819		Southside Bancshares, Inc	$	1,527
	92,007		Southwest Bancorp, Inc		639
	114,760	e	Sparebanken Midt-Norge		1,064
	4,760		St Galler Kantonalbank		2,132
	1,491,169		Standard Bank Group Ltd		20,481
	1,872,082		Standard Chartered plc		47,262
	122,231		Standard Chartered plc (Hong Kong)		3,034
	84,189	e	State Bancorp, Inc		599
	43,848		State Bank of India Ltd		2,131
	36,220	f	State Bank of India Ltd (GDR)		3,564
	4,437,690		State Street Corp		193,217
	132,487	e	StellarOne Corp		1,320
	129,545	e	Sterling Bancorp		925
	470,966	e	Sterling Bancshares, Inc		2,416
	278,472	e	Sterling Financial Corp		173
	49,857	e	Suffolk Bancorp		1,481
	1,148,810	e	Sumitomo Mitsui Financial Group, Inc		32,966
	2,621,658		Sumitomo Trust & Banking Co Ltd		12,872
	102,180	*,e	Sun Bancorp, Inc		383
	2,483,569		Suncorp-Metway Ltd		19,228
	2,032,679		SunTrust Banks, Inc		41,243
	252,969	e	Suruga Bank Ltd		2,204
	489,685	e	Susquehanna Bancshares, Inc		2,884
	247,166	*,e	SVB Financial Group		10,304
	939,098		Svenska Handelsbanken (A Shares)		26,755
	196,230		Swedbank AB (A Shares)		1,932
	92,262		Sydbank AS		2,350
	1,199,757	e	Synovus Financial Corp		2,460
	4,708,000		Taishin Financial Holdings Co Ltd		1,846
	2,249,000	*	Taiwan Business Bank		583
	3,494,655	e	TCF Financial Corp		47,597
	70,650	*	Territorial Bancorp, Inc		1,275
	185,782	*	Texas Capital Bancshares, Inc		2,594
	271,593	e	TFS Financial Corp		3,297
	74,627	*	The Bancorp, Inc		512
	15,301,400	*	TMB Bank PCL		569
	114,000		Tochigi Bank Ltd		486
	456,000		Toho Bank Ltd		1,379
	87,000	e	Tokushima Bank Ltd		305
	66,300		Tokyo Tomin Bank Ltd		902
	49,944	e	Tompkins Trustco, Inc		2,023
	1,612,483	e	Toronto-Dominion Bank		101,697
	286,000	*,e	Towa Bank Ltd		192
	17,711	e	Tower Bancorp, Inc		405
	117,522	e	TowneBank		1,373
	75,795	e	Trico Bancshares		1,262
	552,081	e	Trustco Bank Corp NY		3,478
	351,540	e	Trustmark Corp		7,924

46

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,093,628		Turkiye Garanti Bankasi AS	$	13,179
	476,471		Turkiye Halk Bankasi AS		3,814
	1,853,137		Turkiye Is Bankasi (Series C)		7,825
	1,158,783		Turkiye Vakiflar Bankasi Tao		3,324
	190,000	*	UBS A.G.		2,947
	11,094,523	*	UBS A.G. (Switzerland)		172,766
	183,944	e	UMB Financial Corp		7,238
	491,751	e	Umpqua Holdings Corp		6,594
	18,309,085	*	UniCredito Italiano S.p.A		61,221
	89,397		Union Bankshares Corp		1,108
	216,366	e	United Bankshares, Inc		4,321
	438,244		United Community Banks, Inc		1,486
	108,043	e	United Financial Bancorp, Inc		1,416
	1,480,312		United Overseas Bank Ltd		20,606
	30,386	e	United Security Bancshares		521
	82,474	e	Univest Corp of Pennsylvania		1,446
	13,469,734		US Bancorp		303,203
	270,567		UTI Bank Ltd		5,714
	447,542	e	Valley National Bancorp		6,324
	6,946		Verwalt & Privat-Bank AG.		682
	50,761	e	ViewPoint Financial Group		731
	42,549		Vontobel Holding AG.		1,212
	1,047,925	e,f	VTB Bank OJSC (GDR)		4,893
	45,964		Washington Banking Co		549
	336,928	e	Washington Federal, Inc		6,516
	75,440	e	Washington Trust Bancorp, Inc		1,175
	113,955		Waterland Financial Holdings		37
	55,164	*,e	Waterstone Financial, Inc		113
	390,717	e	Webster Financial Corp		4,638
	30,222,607		Wells Fargo & Co		815,707
	144,749	e	WesBanco, Inc		1,786
	102,036	e	West Bancorporation, Inc		503
	147,363	e	Westamerica Bancorporation		8,159
	284,476	*	Western Alliance Bancorp		1,075
	5,713,414		Western Union Co		107,698
	164,584		Westfield Financial, Inc		1,358
	3,391,096		Westpac Banking Corp		76,601
	298,201	e	Whitney Holding Corp		2,717
	27,153	e	Wilber Corp		196
	219,352	e	Wilmington Trust Corp		2,707
	116,321	e	Wilshire Bancorp, Inc		953
	126,617		Wing Hang Bank Ltd		1,178
	130,859	e	Wintrust Financial Corp		4,029
	395,890	*	Woori Finance Holdings Co Ltd		4,686
	44,315	e	WSFS Financial Corp		1,136
	18,800		Yachiyo Bank Ltd		425

47

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	74,657	e	Yadkin Valley Financial Corp	$	273
	183,000		Yamagata Bank Ltd		860
	422,691		Yamaguchi Financial Group, Inc		3,924
	178,000		Yamanashi Chuo Bank Ltd		711
	1,024,988	*	Yapi ve Kredi Bankasi		2,258
	442,717	e	Zions Bancorporation		5,680
			TOTAL DEPOSITORY INSTITUTIONS		8,782,678
EATING AND DRINKING PLACES - 0.80%
	157,234	*	AFC Enterprises		1,283
	1,426,733		Ajisen China Holdings Ltd		1,219
	4,943		Autogrill S.p.A.		62
	60,847	*,e	Benihana, Inc		231
	92,544	*,e	BJ’s Restaurants, Inc		1,742
	164,554		Bob Evans Farms, Inc		4,764
	2,466,348		Brinker International, Inc		36,798
	88,216	*,e	Buffalo Wild Wings, Inc		3,552
	321,368	e	Burger King Holdings, Inc		6,048
	312,000		Cafe de Coral Holdings Ltd		713
	98,453	*,e	California Pizza Kitchen, Inc		1,324
	54,053	*	Carrols Restaurant Group, Inc		382
	152,596		CBRL Group, Inc		5,797
	111,696	*,e	CEC Entertainment, Inc		3,565
	367,115	*,e	Cheesecake Factory		7,926
	98,811	*	Chipotle Mexican Grill, Inc (Class A)		8,711
	250,312		CKE Restaurants, Inc		2,118
	48,500	e	Colowide Co Ltd		313
	15,808,654		Compass Group plc		113,136
	10,600		Daisyo Corp		141
	636,282		Darden Restaurants, Inc		22,314
	655,492	*	Denny’s Corp		1,436
	13,791	*	Diedrich Coffee, Inc		481
	87,462	*,e	DineEquity, Inc		2,124
	226,911	*,e	Domino’s Pizza, Inc		1,902
	8,762	*,e	Einstein Noah Restaurant Group, Inc		86
	1,598,247		Enterprise Inns plc		2,395
	49,700		Formosa International Hotels Corp		635
	10,761	e	Frisch’s Restaurants, Inc		257
	372,925		Greene King plc		2,454
	8,749		Ibersol SGPS S.A.		115
	8,000		Ichibanya Co Ltd		184
	284,488	*	Jack in the Box, Inc		5,596
	408,800		Jollibee Foods Corp		484
	20,950		Kappa Create Co Ltd		455
	5,000		Kentucky Fried Chicken Japan Ltd		88
	21,100	e	Kisoji Co Ltd		441

48

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	445,170	*,e	Krispy Kreme Doughnuts, Inc	$	1,313
	65	*	Kura Corp		173
	35,005	*,e	Landry’s Restaurants, Inc		745
	118,812	*,e	Luby’s, Inc		437
	1,166,470		Marston’s plc		1,651
	17,200	*	Matsuya Foods Co Ltd		243
	89,513	*,e	McCormick & Schmick’s Seafood Restaurants, Inc		623
	5,279,963		McDonald’s Corp		329,682
	48,000	e	McDonald’s Holdings Co Japan Ltd		918
	363,930	*	Mitchells & Butlers plc		1,451
	40,900		MOS Food Services, Inc		649
	101,868	*,e	O’Charleys, Inc		667
	111,140		Onex Corp		2,508
	165,712	*	Papa John’s International, Inc		3,871
	142,553	*,e	PF Chang’s China Bistro, Inc		5,404
	25,000		Plenus Co Ltd		339
	762,604	*	Punch Taverns plc		833
	91,675	*,e	Red Robin Gourmet Burgers, Inc		1,641
	616,360		Restaurant Group plc		1,851
	16,400	*	Ringer Hut Co Ltd		209
	30,600		Royal Holdings Co Ltd		313
	367,331	*,e	Ruby Tuesday, Inc		2,645
	99,193	*,e	Ruth’s Chris Steak House, Inc		207
	35,900	e	Saizeriya Co Ltd		589
	6,923		Sodexho Alliance S.A.		394
	305,533	*,e	Sonic Corp		3,077
	9,300	*,e	St Marc Holdings Co Ltd		254
	544		Starbucks Coffee Japan Ltd		222
	4,155,293	*	Starbucks Corp		95,821
	6,625	*,e	Steak N Shake Co		2,147
	247,036	*,e	Texas Roadhouse, Inc (Class A)		2,774
	189,669	*	Tim Hortons, Inc		5,827
	98	*,e	Toridoll.corp		168
	26,100	e	WATAMI Co Ltd		470
	2,834,560		Wendy’s/Arby’s Group, Inc (Class A)		13,294
	138,970	e	Wetherspoon (J.D.) PLC		950
	8,455		Whitbread plc		192
	780	e	Yoshinoya D&C Co Ltd		838
	1,858,891		Yum! Brands, Inc		65,005
	99,500	e	Zensho Co Ltd		690
			TOTAL EATING AND DRINKING PLACES		792,357
EDUCATIONAL SERVICES - 0.17%
	1,299,039	e,m	ABC Learning Centres Ltd		630
	9,799	*	Academedia AB		177
	122,888	*,e	American Public Education, Inc		4,222

49

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,034,104	*	Apollo Group, Inc (Class A)	$	62,647
	13,300	*	Archipelago Learning, Inc		275
	124,517		Benesse Corp		5,206
	68,851	*,e	Bridgepoint Education, Inc		1,034
	276,704		CAE, Inc		2,320
	573,541	*,e	Career Education Corp		13,369
	133,783	*	ChinaCast Education Corp		1,011
	524,433	*,e	Corinthian Colleges, Inc		7,221
	452,577		DeVry, Inc		25,676
	67,900	*,e	Education Management Corp		1,494
	72,557	*,e	Grand Canyon Education, Inc		1,379
	211,593	*,e	ITT Educational Services, Inc		20,305
	115,274	*	K12, Inc		2,337
	46,609	*,e	Learning Tree International, Inc		557
	43,297	*,e	Lincoln Educational Services Corp		938
	77,434	*	Princeton Review, Inc		314
	1,651,000		Raffles Education Corp Ltd		473
	51,886	e	Strayer Education, Inc		11,025
	93,660	*	Universal Technical Institute, Inc		1,892
	82,735		UP, Inc		444
	335,000		YBM Sisa.com, Inc		2,333
			TOTAL EDUCATIONAL SERVICES		167,279
ELECTRIC, GAS, AND SANITARY SERVICES - 4.23%
	4,928,387		A2A S.p.A.		10,340
	885,267	e	ACEA S.p.A.		9,489
	47,648		Actelios S.p.A.		246
	5,141,218	*	AES Corp		68,430
	3,429,691		AES Gener S.A.		1,548
	120,300		AES Tiete S.A.		1,382
	959,407	e	AGL Energy Ltd		12,059
	238,374		AGL Resources, Inc		8,693
	114,525		Algonquin Power & Utilities Corp		448
	2,595,194		Allegheny Energy, Inc		60,935
	140,341	e	Allete, Inc		4,586
	396,046		Alliant Energy Corp		11,984
	703,251		Ameren Corp		19,656
	83,770	e	American Ecology Corp		1,427
	2,813,275		American Electric Power Co, Inc		97,874
	90,679		American States Water Co		3,211
	472,346		American Water Works Co, Inc		10,585
	400,599	e	Aqua America, Inc		7,014
	30,432	e	Artesian Resources Corp		557
	87,892		Ascopiave S.p.A.		190
	91,580		Atco Ltd		4,043
	364,963		Atmos Energy Corp		10,730

50

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	320,559		Avista Corp	$	6,921
	386	*	Beacon Power Corp		0	^
	20,534,500	*	Beijing Enterprises Water Group Ltd		6,814
	146,361	e	BFI Canada Ltd		2,362
	679		Bkw Fmb Energie AG		53
	237,499	e	Black Hills Corp		6,325
	26,502		Boralex Power, Income Fund		104
	44,695	*	Boralex, Inc		415
	122,048		California Water Service Group		4,494
	1,513,133	*	Calpine Corp		16,644
	202,140		Canadian Utilities Ltd		8,456
	27,200		Capital Power Corp		556
	6,396,117		Centerpoint Energy, Inc		92,808
	296,081		Centrais Eletricas Brasileiras S.A.		6,180
	270,317		Centrais Eletricas Brasileiras S.A. (Preference)		4,925
	72,553		Central Vermont Public Service Corp		1,509
	21,510,040		Centrica plc		97,431
	71,143	*,e	Ceres Power Holdings plc		183
	247,992		CEZ		11,644
	103,539	e	CH Energy Group, Inc		4,402
	25,258		Chemtrade Logistics Income Fund		266
	53,232	e	Chesapeake Utilities Corp		1,706
	5,872,000		China Resources Gas Group Ltd		8,544
	4,088,489		China Resources Power Holdings Co		8,099
	3,377,848		China Water Affairs Group Ltd		1,338
	558,920		Chubu Electric Power Co, Inc		13,333
	337,182		Chugoku Electric Power Co, Inc		6,440
	41,800		Cia de Transmissao de Energia Electrica Paulista		1,242
	494,429		CIR-Compagnie Industriali Riunite S.p.A.		1,285
	175,389	*,e	Clean Energy Fuels Corp		2,703
	102,071	*	Clean Harbors, Inc		6,084
	305,231	e	Cleco Corp		8,342
	218,820		CLP Holdings Ltd		1,481
	1,564,040	e	CMS Energy Corp		24,493
	449,455		Cofide S.p.A.		427
	8,771,407		Colbun S.A.		2,238
			Companhia de Saneamento Basico do Estado de Sao
	155,495		Paulo		3,071
	443,429		Companhia Energetica de Minas Gerais		8,048
	222,588		Companhia Energetica de Sao Paulo (Class B)		3,072
	135,202		Companhia Paranaense de Energia		2,876
	49,221	e	Connecticut Water Service, Inc		1,219
	984,502		Consolidated Edison, Inc		44,726
	76,424	e	Consolidated Water Co, Inc		1,092
	2,296,540		Constellation Energy Group, Inc		80,769
	2,804,129		Contact Energy Ltd		12,484
	485,878	*,e	Covanta Holding Corp		8,790

51

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	121,470		CPFL Energia S.A.	$	2,464
	209,070		Crosstex Energy, Inc		1,265
	4,855,000	e	Datang International Power Generation Co Ltd		2,075
	992,955		Dogan Sirketler Grubu Holdings		690
	1,942,465		Dominion Resources, Inc		75,601
	347,212		DPL, Inc		9,583
	1,002,243		Drax Group plc		6,682
	830,358		DTE Energy Co		36,195
	2,945,024		DUET Group		4,723
	4,998,443		Duke Energy Corp		86,023
	1,830,286	*	Dynegy, Inc (Class A)		3,313
	1,698,470		E.ON AG.		71,292
	1,519,084		Edison International		52,834
	215,292		EDP - Energias do Brasil S.A.		4,149
	329,507	*	EDP Renovaveis S.A.		3,124
	2,467,892		El Paso Corp		24,259
	256,337	*	El Paso Electric Co		5,199
	111,486		Electric Power Development Co		3,170
	208,686		Electricite de France		12,403
	211,902		Eletropaulo Metropolitana de Sao Paulo S.A.		4,199
	43,831		ElSwedy Cables Holding Co		540
	163,819	e	Empire District Electric Co		3,068
	5,131,431		Empresa Nacional de Electricidad S.A.		8,696
	8,664		Enagas		192
	827,163		Enbridge, Inc		38,461
	5,566,796	e	Enel S.p.A.		32,228
	606,475		Energen Corp		28,383
	18,447,136		Energias de Portugal S.A.		82,128
	1,030,648	e	Energy Developments Ltd		2,502
	74,425		Energy Savings Income Fund		1,026
	838,111	*,e	Energy World Corp Ltd		296
	495,022		EnergySolutions, Inc		4,203
	63,564	*,e	EnerNOC, Inc		1,932
	23,626,828		Enersis S.A.		10,779
	133,699		Enia S.p.A.		1,016
	274,925		Enka Insaat ve Sanayi AS		1,274
	1,027,239		Entergy Corp		84,069
	1,625,746		Envestra Ltd		740
	4,784,569		Exelon Corp		233,821
	191,512		Fersa Energias Renovables S.A.		608
	1,615,305		FirstEnergy Corp		75,031
	246,678	e	Fortis, Inc		6,765
	5,573,031		Fortum Oyj		151,193
	1,849,350		FPL Group, Inc		97,683
	1,538,011	e	Gas Natural SDG S.A.		33,152
	2,733		Gas Plus		24

52

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,739,793	e	Gaz de France	$	75,370
	225,097	*	Geodynamics Ltd		168
	2,520,400		Glow Energy PCL		2,491
	32,864		Great Lakes Hydro Income Fund		603
	411,098		Great Plains Energy, Inc		7,971
	54,153	*	Greentech Energy Systems		248
	8,234,000		Guangdong Investments Ltd		4,785
	19,950		Hafslund ASA (B shares)		235
	366,924	e	Hastie Group Ltd		621
	665,344		Hastings Diversified Utilities Fund		651
	287,487	e	Hawaiian Electric Industries, Inc		6,008
	1,091,795	e	Hera S.p.A.		2,530
	3,813	*	Heritage-Crystal Clean, Inc		40
	203,370		Hokkaido Electric Power Co, Inc		3,689
	444,900	e	Hokuriku Electric Power Co		9,714
	2,529,781		Hong Kong & China Gas Ltd		6,345
	2,167,152		Hong Kong Electric Holdings Ltd		11,805
	4,300,000	e	Huaneng Power International, Inc		2,408
	261,618		Hunting PLC		2,451
	674,970		Iberdrola Renovables		3,214
	1,186,291	e	Iberdrola S.A.		11,368
	234,726		Idacorp, Inc		7,499
	17,975		Innergex Power Income Fund		177
	329,174	e	Integrys Energy Group, Inc		13,822
	325,179		Interconexion Electrica S.A.		2,061
	700	m	Interconexion Electrica S.A.(ADR)		100
	8,617,781		International Power plc		42,942
	368,727	e	Iride S.p.A.		702
	150,695		ITC Holdings Corp		7,850
	363,000		Iwatani International Corp		1,040
	138	e	Japan Wind Development Co Ltd		379
	1,684,686		Kansai Electric Power Co, Inc		38,018
	65,948		Keyera Facilities Income Fund		1,543
	577,612	*	KOC Holding AS		1,714
	377,747	*	Korea Electric Power Corp		11,026
	52,542		Korea Gas Corp		2,191
	571,867		Kyushu Electric Power Co, Inc		11,779
	144,506		Laclede Group, Inc		4,880
	46,441		Lassila & Tikanoja Oyj		1,064
	29,200		Macquarie Power & Infrastructure Income Fund		171
	162,800	*	Magma Energy Corp		282
	507,900		Manila Electric Co		2,242
	1,075,174		MDU Resources Group, Inc		25,374
	113,278		MGE Energy, Inc		4,049
	77,422	e	Middlesex Water Co		1,365
	800,903	*	Mirant Corp		12,230

53

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,698,874		MMC Corp BHD	$	1,908
	230,546		National Fuel Gas Co		11,527
	2,726,201		National Grid plc		29,756
	281,810		New Jersey Resources Corp		10,540
	79,256		Newalta, Inc		608
	267,003	e	Nicor, Inc		11,241
	833,353		NiSource, Inc		12,817
	1,808,733		Northeast Utilities		46,647
	41,759		Northland Power Income Fund		477
	899,857		Northumbrian Water Group plc		3,917
	144,983	e	Northwest Natural Gas Co		6,530
	208,546		NorthWestern Corp		5,426
	2,947,534	*	NRG Energy, Inc		69,591
	344,614	e	NSTAR		12,682
	1,270,622		NTPC Ltd		6,418
	3,101,009		NV Energy, Inc		38,390
	3,748	e	Oest Elektrizitatswirts AG. (Class A)		159
	420,106		OGE Energy Corp		15,498
	20,500		Okinawa Electric Power Co, Inc		1,095
	382,189		Oneok, Inc		17,034
	65,405		Ormat Industries		594
	59,149	e	Ormat Technologies, Inc		2,238
	5,865,843		Osaka Gas Co Ltd		19,770
	197,195	e	Otter Tail Corp		4,890
	448,000	*	Pan-Electric Industries		0	^
	20,872	e	Pennichuck Corp		441
	502,154		Pennon Group plc		4,348
	667,229		Pepco Holdings, Inc		11,243
	260,729	*	Perma-Fix Environmental Services		592
	644,900		Petronas Gas BHD		1,858
	2,764,506		PG&E Corp		123,435
	110,273	*,e	Pico Holdings, Inc		3,609
	449,377		Piedmont Natural Gas Co, Inc		12,021
	86,849	*,e	Pike Electric Corp		806
	435,935		Pinnacle West Capital Corp		15,947
	465,549		PNM Resources, Inc		5,889
	23,026,250		PNOC Energy Development Corp		2,328
	2,295,121		Polish Oil & Gas Co		3,029
	415,098	e	Portland General Electric Co		8,472
	11,689	*	Poweo		233
	35,266		Power Grid Corp of India Ltd		83
	1,275,241		PPL Corp		41,203
	976,479		Progress Energy, Inc		40,045
	495,639	*	Progress Energy, Inc (CVO)		74
	15,509,000		PT Perusahaan Gas Negara		6,409
	113,694		Public Power Corp		2,109

54

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,708,780		Public Service Enterprise Group, Inc	$	123,317
	1,054,829		Questar Corp		43,849
	5,236		Red Electrica de Espana		292
	157,729		Reliance Energy Ltd		3,876
	878,039	*	Reliance Natural Resources Ltd		1,304
	3,992,498	*	Reliant Energy, Inc		22,837
	3,166,541		Republic Services, Inc		89,645
	92,831	e	Resource America, Inc (Class A)		375
	1,390,563	*	RusHydro (ADR)		5,326
	482,955		RWE A.G.		46,867
	1,892		RWE A.G. (Preference)		168
	479,000	e	Saibu Gas Co Ltd		1,309
	497,925		SCANA Corp		18,762
	50,908		Scottish & Southern Energy plc		953
	4,317	e	Seche Environnement S.A.		371
	21,329		Sechilienne-Sidec		865
	1,419,200		Sempra Energy		79,447
	11,457		Severn Trent plc		200
	495,821		Shanks Group PLC		1,066
	131,786	e	Shikoku Electric Power Co, Inc		3,405
	100,000		Shizuoka Gas Co Ltd		643
	62,300	e	SJW Corp		1,406
	169,378		Snam Rete Gas S.p.A.		841
	50,570	*,e	Solaria Energia y Medio Ambiente S.A.		182
	160,755		South Jersey Industries, Inc		6,138
	3,206,240		Southern Co		106,832
	483,228		Southern Union Co		10,969
	279,919		Southwest Gas Corp		7,986
	128,012		Southwest Water Co		754
	722,022	e	SP AusNet		593
	323,253	*,e	Stericycle, Inc		17,834
	810,663		Suez Environnement S.A.		18,693
	758,178	*	Suzlon Energy Ltd		1,462
	124,745		Tata Power Co Ltd		3,671
	707,085		TECO Energy, Inc		11,469
	2,720,975		Tenaga Nasional BHD		6,657
	307,937		Terna Rete Elettrica Nazionale S.p.A.		1,324
	25,401		Thessaloniki Water Supply & Sewage Co S.A.		173
	1,234,626		Toho Gas Co Ltd		6,560
	486,693		Tohoku Electric Power Co, Inc		9,645
	2,297,921		Tokyo Electric Power Co, Inc		57,674
	4,872,301		Tokyo Gas Co Ltd		19,448
	155,296		Tractebel Energia S.A.		1,920
	243,289		TransAlta Corp		5,462
	169,979		Transfield Services Infrastructure Fund		167
	745,292		UGI Corp		18,029

55

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	161,172		UIL Holdings Corp	$	4,526
	108,100		Ultrapar Participacoes S.A.		4,974
	45,938	*,f,m	Unified Energy System (GDR)		4
	206,013		Unisource Energy Corp		6,632
	53,478		United Utilities Group plc		427
	75,528	e	Unitil Corp		1,736
	312,462		Vector Ltd		457
	244,416	e	Vectren Corp		6,032
	113,021		Veolia Environnement		3,726
	238,418	*	Waste Connections, Inc		7,949
	1,917,228		Waste Management, Inc		64,821
	100,128	*	Waste Services, Inc		912
	350,733		Westar Energy, Inc		7,618
	295,031	e	WGL Holdings, Inc		9,895
	2,410,039		Williams Cos, Inc		50,804
	534,315		Wisconsin Energy Corp		26,625
	2,840,684		Xcel Energy, Inc		60,279
	916,000		Xinao Gas Holdings Ltd		2,345
	930,500	*	Yingde Gases		959
	57,911	e	York Water Co		840
	7,839,722		YTL Power International		5,125
	15,796	e	Zhongde Waste Technology AG.		278
			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		4,169,746
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 7.65%
	115,277	*	A123 Systems, Inc		2,587
	1,738,000		AAC Acoustic Technologies Holdings, Inc		2,854
	29,847		Aastra Technologies Ltd		989
	1,569,582		ABB Ltd		30,245
	65,152		ABB Ltd India		1,072
	253,314	*,e	Acme Packet, Inc		2,786
	147,960	*	Actel Corp		1,758
	212,748	e	Acuity Brands, Inc		7,582
	609,804	*	Adaptec, Inc		2,043
	400,000	*	A-DATA Technology Co Ltd		1,295
	526,596	*,e	ADC Telecommunications, Inc		3,270
	214,043	*	Advanced Analogic Technologies, Inc		843
	228,505	*,e	Advanced Battery Technologies, Inc		914
	165,435	*	Advanced Energy Industries, Inc		2,495
	2,448,321	*	Advanced Micro Devices, Inc		23,700
	7,476,873		Advanced Semiconductor Engineering, Inc		6,711
	86,540		Aga Rangemaster Group plc		167
	18,100	e	Aiphone Co Ltd		307
	121,385	*,e	Airvana, Inc		923
	2,362,877	*,e	Alcatel S.A.		7,956
	81,800	e	Alpine Electronics, Inc		868

56

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	329,000		Alps Electric Co Ltd	$	1,930
	880,392		Altera Corp		19,923
	224,707	*,e	American Superconductor Corp		9,191
	357,659		Ametek, Inc		13,677
	709,060	*,e	Amkor Technology, Inc		5,077
	975,035		Amphenol Corp (Class A)		45,027
	295,807	*,e	Anadigics, Inc		1,248
	1,923,256		Analog Devices, Inc		60,735
	289,784		Ansaldo STS S.p.A.		5,523
	5,438,045	*	Apple Computer, Inc		1,146,665
	323,116	*	Applied Micro Circuits Corp		2,414
	109,427		Applied Signal Technology, Inc		2,111
	1,939,302		ARM Holdings PLC		5,538
	754,609	*	Arris Group, Inc		8,625
	78,245	*,e	Ascent Solar Technologies, Inc		415
	33,747	*	Ascom Holding AG.		318
	10,926,875		Asustek Computer, Inc		21,046
	380,661	*,e	Atheros Communications, Inc		13,034
	1,987,160	*	Atmel Corp		9,161
	159,492	*	ATMI, Inc		2,970
	10,144,853		AU Optronics Corp		12,153
	18,988		Austriamicrosystems AG.		417
	4,265,741		Avermedia Technologies		5,848
	43,300	e	Avex Group Holdings, Inc		345
	1,400,696	*	Avnet, Inc		42,245
	146,778		AVX Corp		1,860
	7,900		Axell Corp		278
	62,641	*,e	AZZ, Inc		2,048
	262,859	e	Baldor Electric Co		7,384
	104,918	*,e	Ballard Power Systems, Inc		200
	43,035		Bang & Olufsen AS (B Shares)		623
	16,962	e	Barco NV		690
	58,958		Bel Fuse, Inc (Class B)		1,267
	464,740	*	Benchmark Electronics, Inc		8,788
	166,431	*,e	BigBand Networks, Inc		573
	3,274,552	*	Broadcom Corp (Class A)		102,984
	646,400	e	Byd Co Ltd		5,666
	2,430	*,e	C&D Technologies, Inc		4
	78,000		Canon Electronics, Inc		1,682
	19,581		Carbone Lorraine		711
	295,257	*	Celestica, Inc		2,812
	11,903	*	Centrotherm Photovoltaics AG.		720
	129,274	*	Ceradyne, Inc		2,483
	113,831	*	Ceva, Inc		1,464
	–	*,e	Chartered Semiconductor Manufacturing Ltd		0	^
	218,714	*	Checkpoint Systems, Inc		3,335

57

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	589,481		Cheng Uei Precision Industry Co Ltd	$	1,377
	5,748,120		Chi Mei Optoelectronics Corp		4,057
	174,503	*,e	China BAK Battery, Inc		485
	11,538	*,e,m	China Energy Savings Technology, Inc		1
	165,248	*,e	China Security & Surveillance Technology, Inc		1,262
	33,850	*	China TransInfo Technology Corp		277
	326,565		Chloride Group plc		944
	11,610,000		Chunghwa Picture Tubes Ltd		1,487
	283,081	*,e	Ciena Corp		3,069
	33,378,489	*	Cisco Systems, Inc		799,080
	141,000		Clarion Co Ltd		145
	59,700	*	CMK Corp		432
	90,400	*	COM DEV International Ltd		296
	343,575		Compal Communications, Inc		466
	140,207	*,e	Comtech Telecommunications Corp		4,914
	149,261	*	Conergy AG.		141
	1,104,589		Cooper Industries plc		47,100
	2,009,000		Coretronic Corp		2,901
	21,000	*	Corona Corp		279
	26,800		Cosel Co Ltd		321
	51,822	*	CPI International, Inc		686
	380,241	*	Cree, Inc		21,434
	254,929	*	CSR plc		1,676
	260,257		CTS Corp		2,504
	117,615		Cubic Corp		4,387
	1,208,642	*,e	Cypress Semiconductor Corp		12,763
	166,000		Daihen Corp		597
	6,700	*	DAI-ICHI SEIKO Co Ltd		284
	469,578		Daiichikosho Co Ltd		5,300
	552,000	e	Dainippon Screen Manufacturing Co Ltd		2,435
	108,000		Daiwa Industries Ltd		499
	66,474	*,e	DDi Corp		325
	78,587		De’Longhi S.p.A.		354
	68,950	*	Dialog Semiconductor plc		744
	191,094	*	Diodes, Inc		3,908
	341,104	*,e	Dolby Laboratories, Inc (Class A)		16,281
	174,112	*	DSP Group, Inc		980
	85,527	*,e	DTS, Inc		2,926
	734,567		Eaton Corp		46,733
	137,215	*	EchoStar Corp (Class A)		2,764
	37,100		Eizo Nanao Corp		887
	136,792	*	Electro Scientific Industries, Inc		1,480
	344,421	*	Elpida Memory, Inc		5,613
	246,300	*	Eltek ASA		136
	499,543	*,e	EMCORE Corp		535
	92,584	*	EMS Technologies, Inc		1,342

58

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	333,209	*,e	Energizer Holdings, Inc	$	20,419
	214,453	*,e	Energy Conversion Devices, Inc		2,267
	227,529	*	EnerSys		4,976
	298,288	*	Entropic Communications, Inc		916
	685,578		Epistar Corp		2,565
	4,740,575		Ericsson (LM) (B Shares)		43,642
	886,476	*,e	Evergreen Solar, Inc		1,339
	354,970		Everlight Electronics Co Ltd		1,333
	10,660		Evertz Technologies Ltd		138
	18,014		EVS Broadcast Equipment S.A.		1,153
	187,447	*	Exar Corp		1,333
	363,320		Exide Industries Ltd		896
	245,535	*	Exide Technologies		1,746
	1,544,371	*	Fairchild Semiconductor International, Inc		15,428
	95,000	*	FDK Corp		141
	244,834	*,e	First Solar, Inc		33,151
	724,176		Fisher & Paykel Appliances Holdings Ltd		304
	230,000	*	Flextronics International Ltd		1,681
	224,650		Formosa Sumco Technology Corp		604
	29,400		Foster Electric Co Ltd		875
	3,484,779	*	Foxconn International Holdings Ltd		4,012
	1,246,964		Foxconn Technology Co Ltd		4,811
	124,142	e	Franklin Electric Co, Inc		3,610
	323,159	*,e	FuelCell Energy, Inc		1,215
	31,042	e	Fuji Electric Holdings Co Ltd		54
	112,000		Fujitsu General Ltd		349
	27,900	e	Funai Electric Co Ltd		1,401
	14,000	*,e	Furukawa Battery Co Ltd		105
	40,100		Futaba Corp/Chiba		709
	8,843		Gamesa Corp Tecnologica S.A.		149
	108,179	*,e	Gemalto NV		4,706
	60,431,618		General Electric Co		914,329
	755	e	Geo Corp		761
	812,500		Geodesic Information Systems Ltd		2,295
	18,418		Gewiss S.p.A.		72
	5,198		Global Unichip Corp		28
	128,489	*	Globecomm Systems, Inc		1,005
	309,513	*	GN Store Nord		1,646
	80,171	*	GP Strategies Corp		604
	673,303	*	GrafTech International Ltd		10,470
	124,757	*,e	Greatbatch, Inc		2,399
	75,000		Gruppo Beghelli S.p.A		74
	391,000	e	GS Yuasa Corp		2,891
	86,003	*,e	GSI Technology, Inc		385
	152,117	*,e	GT Solar International, Inc		846
	705,916	*	GVK Power & Infrastructure Ltd		702

59

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	534,024		Halma plc	$	2,096
	115,300	e	Hamamatsu Photonics KK		2,809
	494,000		Hannstar Board International Holdings Ltd		116
	4,736,441		HannStar Display Corp		1,223
	458,156		Harman International Industries, Inc		16,164
	474,390	*	Harmonic, Inc		3,003
	778,714		Harris Corp		37,028
	367,318	*	Harris Stratex Networks, Inc (Class A)		2,538
	156,683	*	Helen of Troy Ltd		3,832
	471,765	*	Hexcel Corp		6,124
	817,540		High Tech Computer Corp		9,366
	377,000		Hi-P International Ltd		194
	17,698		Hirose Electric Co Ltd		1,856
	194,925		Hitachi Chemical Co Ltd		3,973
	97,090		Hitachi High-Technologies Corp		1,926
	16,891,252		Hitachi Ltd		51,926
	115,378	*	Hittite Microwave Corp		4,702
	13,157,792		Hon Hai Precision Industry Co, Ltd		61,533
	123,600	e	Hosiden Corp		1,324
	573,008		Hoya Corp		15,289
	1,266		Huber & Suhner AG.		49
	4,760	*	Hutchinson Technology, Inc		49
	598,340	*	Hynix Semiconductor, Inc		11,899
	181,973		Ibiden Co Ltd		6,526
	11,100		Icom, Inc		240
	33,400	e	Idec Corp		218
	169,214	e	Imation Corp		1,476
	111,969		Imtech NV		3,017
	87,449	e	Indesit Co S.p.A.		978
	3,704,332	*,e	Infineon Technologies AG.		20,609
	395,407	*,e	Infinera Corp		3,507
	2,448,087		InnoLux Display Corp		3,616
	1,591,100	*	Inotera Memories, Inc		1,336
	1,386,554	*	Integrated Device Technology, Inc		8,971
	34,635,776		Intel Corp		706,569
	289,735	*,e	InterDigital, Inc		7,690
	836,009	*,e	International Rectifier Corp		18,493
	443,342		Intersil Corp (Class A)		6,801
	32,900		Ion Beam Applications		395
	113,560	*,e	IPG Photonics Corp		1,901
	92,307	*,e	iRobot Corp		1,625
	141,223	e	IXYS Corp		1,048
	125,000	*,e	Japan Aviation Electronics Industry Ltd		840
	224,000	e	Japan Radio Co Ltd		414
	1,462,899	*	JDS Uniphase Corp		12,069
	2,014,086	*	Johnson Electric Holdings Ltd		800

60

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,122,400	*	JVC KENWOOD Holdings, Inc	$	523
	371,669		Kinsus Interconnect Technology Corp		993
	55,900	e	Koa Corp		445
	1,319,577		Koninklijke Philips Electronics NV		39,006
	44,776		Kudelski S.A.		1,010
	247,903		Kyocera Corp		21,833
	120,000	*	Kyosan Electric Manufacturing Co Ltd		541
	843,282		L-3 Communications Holdings, Inc		73,322
	332,846		Laird Group plc		674
	976,898	*	Lattice Semiconductor Corp		2,638
	238,609	e	Legrand S.A.		6,641
	264		LEM Holding S.A.		71
	141,143		LG Electronics, Inc		14,714
	21,671		LG Electronics, Inc (Preference)		928
	129,425		Lincoln Electric Holdings, Inc		6,919
	747,816	e	Linear Technology Corp		22,838
	119,893	*	Littelfuse, Inc		3,855
	7,760		Loewe AG.		100
	63,897	*	Loral Space & Communications, Inc		2,020
	18,181		LS Industrial Systems Co Ltd		1,512
	135,201	e	LSI Industries, Inc		1,065
	6,573,501	*	LSI Logic Corp		39,507
	20,823		Mabuchi Motor Co Ltd		1,032
	9,342,959		Macronix International		5,332
	1,700	*	Magnetek, Inc		3
	2,800	*	Manz Automation AG.		269
	7,360,585	*	Marvell Technology Group Ltd		152,731
	2,222,888		Matsushita Electric Industrial Co Ltd		32,002
	32,657		Matsushita Electric Works Ltd		396
	1,227,588		Maxim Integrated Products, Inc		24,920
	110,056	*,e	Maxwell Technologies, Inc		1,963
	736,000		Meadville Holdings Ltd		287
	1,605,548		MediaTek, Inc		27,896
	24,200	e	Megachips Corp		340
	213,000	e	Meidensha Corp		961
	12,200		Meiko Electronics Co		309
	27,023		Melexis NV		263
	1,128,281	*	MEMC Electronic Materials, Inc		15,367
	71,949	*,e	MEMSIC, Inc		236
	124,106	*	Mercury Computer Systems, Inc		1,366
	219,471		Methode Electronics, Inc		1,905
	3,828	*	Meyer Burger Technology AG.		968
	231,851		Micrel, Inc		1,901
	548,472	e	Microchip Technology, Inc		15,939
	8,269,919	*,e	Micron Technology, Inc		87,329
	37,088	*	Micronas Semiconductor Holdings, Inc		139

61

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	518,996	*	Microsemi Corp	$	9,212
	311,291	*	Microtune, Inc		704
	372,759	*,e	Microvision, Inc		1,182
	66,620	e	Millicom International Cellular S.A.		4,944
	38,600		Mimasu Semiconductor Industry Co Ltd		464
	335,704		Minebea Co Ltd		1,822
	329,186	*	MIPS Technologies, Inc		1,439
	3,406,360		Mitsubishi Electric Corp		25,305
	29,200		Mitsui High-Tec, Inc		242
	48,552		Mitsumi Electric Co Ltd		858
	442,082		Molex, Inc		9,527
	164,397	*	Monolithic Power Systems, Inc		3,941
	250,005	*	Moog, Inc (Class A)		7,308
	315,331		Motech Industries, Inc		1,504
	8,902,064		Motorola, Inc		69,079
	94,006	*	Multi-Fineline Electronix, Inc		2,667
	384,433		Murata Manufacturing Co Ltd		19,186
	228,078		Nan Ya Printed Circuit Board Corp		872
	1,542,402	*	Nanya Technology Corp		1,572
	22,886	e	National Presto Industries, Inc		2,500
	857,929		National Semiconductor Corp		13,178
	59,500	*,e	NEC Electronics Corp		494
	482,500		Neo-Neon Holdings Ltd		346
	443,572	*,e	Net Insight AB		294
	2,461,504	*	NetApp, Inc		84,650
	87,296	*,e	Netlogic Microsystems, Inc		4,038
	45,894	e	Nexans S.A.		3,646
	86,502		NGK Spark Plug Co Ltd		981
	72,398	*	Nice Systems Ltd		2,244
	73,100	e	Nichicon Corp		775
	20,800		Nidec Copal Electronics Corp		134
	167,120		Nidec Corp		15,446
	19,500	e	Nihon Dempa Kogyo Co Ltd		353
	205,000	e	Nippon Carbon Co Ltd		585
	190,000		Nippon Chemi-Con Corp		695
	18,200	e	Nissha Printing Co Ltd		897
	54,000		Nissin Electric Co Ltd		269
	542,254		Nitto Denko Corp		19,480
	33,000		Nitto Kogyo Corp		327
	29,645		NKT Holding AS		1,651
	60,000	e	Nohmi Bosai Ltd		363
	6,107,690		Nokia Oyj		78,971
	719,722	*	Novellus Systems, Inc		16,798
	13,673	*	NV IntelliMedia Technology Group, Inc		35
	25,584	*	NVE Corp		1,057
	2,477,179	*	Nvidia Corp		46,274

62

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	36,800	*	Obara Corp	$	299
	243		Okinawa Cellular Telephone Co		408
	278,691	*,e	Omnivision Technologies, Inc		4,049
	119,408		Omron Corp		2,148
	2,207,389	*	ON Semiconductor Corp		19,447
	483,327	*	Openwave Systems, Inc		1,102
	124,508	*	Oplink Communications, Inc		2,041
	142,261	*,e	OpNext, Inc		270
	127,493	*,e	Option NV		141
	67,758	*	Orion Energy Systems, Inc		297
	139,011	*	OSI Systems, Inc		3,792
	503,432		Pace plc		1,696
	550,350		Panasonic Corp (ADR)		7,898
	99,107		Park Electrochemical Corp		2,739
	142,144	*,e	Parkervision, Inc		260
	19,957	*	Parrot S.A.		294
	128,136	*	Pericom Semiconductor Corp		1,477
	119,413		Phison Electronics Corp		1,010
	282,143	*	Photronics, Inc		1,256
	328,446	*,e	Pioneer Corp		1,019
	262,600		Plantronics, Inc		6,822
	271,752	*	Plexus Corp		7,745
	151,197	*,e	PLX Technology, Inc		488
	835,045	*	PMC - Sierra, Inc		7,231
	431,220	*	Polycom, Inc		10,768
	122,327	*,e	Polypore International, Inc		1,456
	65,626	*	Powell Industries, Inc		2,069
	111,955		Power Integrations, Inc		4,071
	9,734,035	*	Powerchip Semiconductor Corp		1,201
	451,658	*,e	Power-One, Inc		1,965
	3,224,836		Powertech Technology, Inc		10,925
	783,176	*,e	Powerwave Technologies, Inc		987
	512,000	*	Prime View International Co Ltd		1,338
	388,673		PV Crystalox Solar plc		386
	82,564	*,e	Q-Cells AG.		1,347
	767,222	*,e	QLogic Corp		14,477
	11,158,576		Qualcomm, Inc		516,195
	3,541,250		Quanta Computer, Inc		7,683
	317,279	*,e	Rambus, Inc		7,742
	76,230	e	Raven Industries, Inc		2,422
	171,000	*	RCG Holdings Ltd		225
	274,743		Redes Energeticas Nacionais S.A.		1,181
	204,392		Regal-Beloit Corp		10,616
	794,820		Reliance Communication Ventures Ltd		2,924
	94,677	*,e	Renewable Energy Corp AS		731
	835,634	*	Research In Motion Ltd (Canada)		56,753

63

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	195,171		Reunert Ltd	$	1,538
	1,546,624	*	RF Micro Devices, Inc		7,377
	80,189	*,e	RHJ International		609
	141,725		Richtek Technology Corp		1,444
	1,408,633	e	Ricoh Co Ltd		20,184
	21,300	e	Rinnai Corp		1,029
	80,125	*	Rogers Corp		2,429
	138,767		Rohm Co Ltd		9,056
	56,108	*,e	Rubicon Technology, Inc		1,140
	30,475		Saft Groupe S.A.		1,468
	66,532		Samsung Electro-Mechanics Co Ltd		6,119
	164,091		Samsung Electronics Co Ltd		112,521
	24,120		Samsung Electronics Co Ltd (Preference)		10,872
	37,998		Samsung SDI Co Ltd		4,838
	133,000	e	Sanken Electric Co Ltd		376
	45,000		Sanyo Denki Co Ltd		150
	1,226,225	*,e	Sanyo Electric Co Ltd		2,265
	286,896	*,e	SatCon Technology Corp		809
	1,083		Schweiter Technologies AG.		573
	189,186	*	Seachange International, Inc		1,243
	68,150		SEB S.A.		3,866
	24,000		SEC Carbon Ltd		131
	288,629	*	Semtech Corp		4,910
	79,703	*,e	SGL Carbon AG.		2,356
	1,067,360		Sharp Corp		13,479
	78,000		Shindengen Electric Manufacturing Co Ltd		174
	23,100		Shinkawa Ltd		367
	292,646	e	Shinko Electric Industries		4,260
	22,000		Shin-Kobe Electric Machinery Co Ltd		220
	237,370	*,e	ShoreTel, Inc		1,372
	100,149		Siemens India Ltd		1,247
	361,383	*	Silicon Image, Inc		932
	238,341	*	Silicon Laboratories, Inc		11,521
	494,194	*	Silicon Storage Technology, Inc		1,265
	3,649,031		Siliconware Precision Industries Co		4,974
	898,000		Silitech Technology Corp		3,229
	231,400		Simplo Technology Co Ltd		1,370
	1,365	*,e	Sirius XM Radio, Inc		1
	1,027,011	*	Skyworks Solutions, Inc		14,573
	227,343	*	Smart Modular Technologies WWH, Inc		1,430
	3,673,395		Smiths Group plc		59,883
	87,000	e	SMK Corp		503
	95,878	*,e	SOITEC		1,368
	13,280	*	Solar Millennium AG.		668
	47,024,511		Solomon Systech International Ltd		4,786
	9,717	*,e	Solon AG.		101

64

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,745,889		Sony Corp	$	50,756
	66,963	*	Spectrum Control, Inc		634
	123,257	*	Standard Microsystems Corp		2,561
	108,010		Stanley Electric Co Ltd		2,191
	1,466,113		STMicroelectronics NV		13,547
	91,960	*,e	Stoneridge, Inc		829
	169,074		Sumco Corp		2,988
	365,955	*,e	Sunpower Corp (Class A)		8,666
	27	*,e	Sunpower Corp (Class B)		1
	50,007	*,e	Supertex, Inc		1,490
	95,578		Sycamore Networks, Inc		1,999
	262,073	*	Symmetricom, Inc		1,363
	168,953	*,e	Synaptics, Inc		5,178
	36,551,504		Taiwan Semiconductor Manufacturing Co Ltd		73,668
	331,649		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		3,794
	163,000		Taiyo Yuden Co Ltd		2,110
	86,000	*,e	Takaoka Electric Manufacturing Co Ltd		259
	–	e	Tandberg ASA		0	^
	4,544,000	*	Tatung Co Ltd		1,113
	333,923		TDK Corp		20,407
	218,337		Technitrol, Inc		956
	103,885	*	Techwell, Inc		1,371
	2,088,733		Teco Electric and Machinery Co Ltd		913
	352,347	*	Tekelec		5,384
	46,884	*	Telecomunicaciones y Energia		197
	119,733		Teleflex, Inc		6,452
	1,268,965	*	Tellabs, Inc		7,208
	302,468	*	Tessera Technologies, Inc		7,038
	7,124,320		Texas Instruments, Inc		185,659
	32,411	*	Theolia SA		134
	69		Thine Electronics Inc		136
	505,009	*	Thomas & Betts Corp		18,074
	320,458	e	Thomson		413
	91,000	e	Toko, Inc		110
	155,105	e	Tokyo Denpa Co Ltd		974
	215,000	*	Toshiba TEC Corp		815
	32,500	e	Toyo Corp/Chuo-ku		249
	15,900	e	Toyo Tanso Co Ltd		773
	210,326	*,e	Toyota Boshoku Corp		4,696
	355,508		Transcend Information, Inc		1,330
	463,769	*,e	Trident Microsystems, Inc		863
	809,847		Tripod Technology Corp		2,732
	770,868	*	Triquint Semiconductor, Inc		4,625
	205,141		TT electronics plc		242
	248,391	*,e	TTM Technologies, Inc		2,864
	66,555	*,e	Ultralife Corp		288

65

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	100,000		Uniden Corp	$	194
	1,875,756		Unimicron Technology Corp		2,717
	3,626	*,e	United Capital Corp		86
	16,459,022		United Microelectronics Corp		8,892
	142,693	*,e	Universal Display Corp		1,764
	69,074	*	Universal Electronics, Inc		1,604
	341,085	*,e	US Geothermal, Inc		522
	568,075		Ushio, Inc		9,473
	695,170	*,e	Utstarcom, Inc		1,522
	41	*	V Technology Co Ltd		279
	11,470		Vacon plc		436
	286,527	*,e	Valence Technology, Inc		261
	885,743		Vanguard International Semiconductor Corp		444
	222,993	*	Varian Semiconductor Equipment Associates, Inc		8,001
	96,867	*	Via Technologies, Inc		55
	127,934	*,e	Viasat, Inc		4,066
	22,800	*,e	Vic Tokai Corp		222
	118,325	e	Vicor Corp		1,100
	79,096	*,e	Virage Logic Corp		435
	1,603,349	*,e	Vishay Intertechnology, Inc		13,388
	185,354	*	Volterra Semiconductor Corp		3,544
	269,000	e	Vtech Holdings Ltd		2,566
	275,426	e	Whirlpool Corp		22,216
	92,675	*	White Electronic Designs Corp		433
	2,382,000	*	Winbond Electronics Corp		726
	958,000	*	Wintek Corp		849
	136,702	*	Wolfson Microelectronics plc		292
	55,910		Woongjin Coway Co Ltd		1,849
	822,101		Xilinx, Inc		20,602
	15,750	*,m	Ya Hsin Industrial Co Ltd		3
	7,344,000		Yageo Corp		2,683
	158,972	e	Yaskawa Electric Corp		1,324
	96,000		Young Fast Optoelectronics Co Ltd		1,047
	83		Zappallas, Inc		131
	307,597	*,e	Zix Corp		526
	141,297	*,e	Zoltek Cos, Inc		1,342
	378,726	*	Zoran Corp		4,185
	561,252		ZTE Corp		3,451
	38,058		Zumtobel AG.		743
			TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		7,533,631
ENGINEERING AND MANAGEMENT SERVICES - 0.72%
	49,744		Aangpanneforeningen AB (B Shares)		1,360
	213,365	*,e	Accelrys, Inc		1,223
	101,067		Accenture plc		4,194
	106,679	*	Advisory Board Co		3,271

66

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	288,634	*	Aecom Technology Corp	$	7,937
	166,400		Aeon Mall Co Ltd		3,224
	94,693	m	Aero Inventory PLC		404
	103,152	*,e	Affymax, Inc		2,552
	30,510	*	Alten		848
	426,607	*,e	Amylin Pharmaceuticals, Inc		6,054
	104,369		Arcadis NV		2,356
	707,888	*,e	Ariad Pharmaceuticals, Inc		1,614
	16,737		Assystem		192
	263,373	e	Atkins WS plc		2,594
	91,111	e	Ausenco Ltd		370
	417,664	e	Babcock International Group		4,007
	8,303	*,e	Bavarian Nordic AS		228
	10,297		Bertrandt AG.		324
	73,681		Bilfinger Berger AG.		5,643
	149,903	*	BioInvent International AB		529
	47,100	*	Blom AS		107
	50,342		Bure Equity AB		244
	330,125		Cap Gemini S.A.		15,060
	42,140	e	Capita Group plc		510
	83,272		CDI Corp		1,078
	428,834	*	Celera Corp		2,963
	9,680		Cheil Communications, Inc		2,622
	6,077,000	*,e	China Railway Group Ltd		4,694
	42,000	*	Commuture Corp		266
	100,398	*,e	comScore, Inc		1,762
	49,115	*	Cornell Cos, Inc		1,115
	162,870	e	Corporate Executive Board Co		3,717
	52,242	*,e	CRA International, Inc		1,392
	137,155		Daewoo Engineering & Construction Co Ltd		1,501
	174,648		Diamond Management & Technology Consultants, Inc		1,287
	10,423	a,e	Digital Garage, Inc		18,114
	11,968		Dinamia		174
	636,375		Downer EDI Ltd		5,300
	112,766	*	DTZ Holdings plc		119
	409,087	*	Dyax Corp		1,387
	311,354	*,e	eResearch Technology, Inc		1,871
	9,751	e	Eurofins Scientific		531
	755,386	*,e	Exelixis, Inc		5,567
	92,452	*	Exponent, Inc		2,574
	776,353		Fluor Corp		34,967
	60,728	*,e	Franklin Covey Co		383
	162,839		Fugro NV		9,353
	197,520	*,e	Furmanite Corp		753
	240		GCA Savvian Group Corp		255
	4,600		Genivar Income Fund		119

67

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	193,579	*	Genpact Ltd	$	2,884
	147,384	*,e	Gen-Probe, Inc		6,323
	20,172		GFK AG.		697
	307,774		Groupe Aeroplan, Inc		3,205
	337,102		Hargreaves Lansdown plc		1,601
	438,073	*	Hewitt Associates, Inc (Class A)		18,513
	126,224	*	Hill International, Inc		788
	58,048		HIQ International AB		236
	104,606	*,e	Huron Consulting Group, Inc		2,410
	69,116		Hyundai Development Co		2,238
	40,117	*	ICF International, Inc		1,075
	524,577	*,e	Incyte Corp		4,779
	97,330	*	Infinity Pharmaceuticals, Inc		601
	607,235	*	Insmed, Inc		468
	284,925		Intertek Group plc		5,759
	27,441	e	IPSOS		829
	458,454	*,e	Isis Pharmaceuticals, Inc		5,089
	1,181,599	*	Jacobs Engineering Group, Inc		44,440
	403,140		JGC Corp		7,429
	915,751		John Wood Group plc		4,550
	5,337		Kapsch TrafficCom AG.		194
	2,542,846	e	KBR, Inc		48,315
	99,828		Keller Group plc		1,038
	127,497	*,e	Kendle International, Inc		2,334
	43,737		Landauer, Inc		2,685
	503,744	*,e	Lexicon Pharmaceuticals, Inc		856
	200,376	*,e	Luminex Corp		2,992
	85,786		MAXIMUS, Inc		4,289
	159,656	*	Maxygen, Inc		972
	866,136	*	McDermott International, Inc		20,796
	58,888	e	Medion AG.		625
	16,628	e	MedQuist, Inc		111
	50,068	*	Michael Baker Corp		2,073
	22,100	*,e	Mistras Group, Inc		333
	551,239		Mitie Group		2,043
	150,491	e	Monadelphous Group Ltd		1,932
	140,445	e	Mouchel Group plc		602
	291,211	*	Myriad Genetics, Inc		7,601
	2,439	e	National Research Corp		50
	241,982	*	Navigant Consulting, Inc		3,596
	34,017	*	NeuroSearch AS		503
	94,400	*	Nichii Gakkan Co		842
	45,000	e	Nippon Densetsu Kogyo Co Ltd		363
	19,624	*	Novabase SGPS S.A.		125
	42,300	e	NPC, Inc		1,094
	389,203		NRW Holdings Ltd		697

68

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	151,903	*	Omnicell, Inc	$	1,776
	24,100		Oyo Corp		215
	965,546	e	Paychex, Inc		29,584
	1,160,834		Petrofac Ltd		19,432
	47,850		Poyry Oyj		765
	218,454		Programmed Maintenance Services Ltd		747
	1,197,501		QinetiQ plc		3,124
	308,712	*	Regeneron Pharmaceuticals, Inc		7,465
	8,828,000		Regent Pacific Group Ltd		258
	170,831	*	Repligen Corp		702
	216,537	*	Resources Connection, Inc		4,595
	244,164	*,e	Rigel Pharmaceuticals, Inc		2,322
	81,411		Robert Walters plc		280
	284,000		Rotary Engineering Ltd		210
	287,176	e	RPS Group PLC		1,004
	278,038	*	RTI Biologics, Inc		1,068
	298,135		SAI Global Ltd		1,071
	1,921,849	*,e	SAIC, Inc		36,400
	52,588		Samsung Engineering Co Ltd		4,887
	210,180	*,e	Sangamo Biosciences, Inc		1,244
	392,091	*,e	Savient Pharmaceuticals, Inc		5,336
	164,782		Savills plc		848
	134,574		Scott Wilson Group plc		200
	510,125	*	Seattle Genetics, Inc		5,183
	2,390,539		SembCorp Industries Ltd		6,247
	305,855	*,e	Sequenom, Inc		1,266
	2,566,095		Serco Group plc		21,884
	1,071,000		Shandong Weigao Group Medical Polymer Co Ltd		3,569
	1,013,669	*	Shaw Group, Inc		29,143
	46,300		Shinko Plantech Co Ltd		469
	214,000		Shui On Construction and Materials Ltd		330
	100,349	*	Silex Systems Ltd		550
	169,997		SNC-Lavalin Group, Inc		8,776
	92,998	*	Stanley, Inc		2,549
	62,962	*	Stantec, Inc		1,830
	383,000	*	Swiber Holdings Ltd		275
	204,159	*	Symyx Technologies, Inc		1,123
	133	*	Takara Bio, Inc		270
	327,478		Tecan Group AG.		24,600
	50,973	*	Tejon Ranch Co		1,489
	377,687	*	Tetra Tech, Inc		10,262
	41,442	*,e	ThromboGenics NV		894
	721,957		Toyo Engineering Corp		2,126
	31,094	*,e	Transcend Services, Inc		664
	563,787		Transfield Services Ltd		2,138
	62,338	e	Trevi Finanziaria S.p.A.		987

69

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	470,047	e	United Group Ltd	$	5,991
	271,068	*	URS Corp		12,068
	400,000		Value Partners Group Ltd		203
	29,631		VSE Corp		1,336
	223,855		VT Group plc		1,868
	351,517		Watson Wyatt & Co Holdings (Class A)		16,704
	1,717		Wellnet Corp		1,145
	1,003,675	e	WorleyParsons Ltd		26,061
	114,944		WSP Group plc		512
	101,900	*,e	WuXi PharmaTech Cayman, Inc (ADR)		1,626
	264,787		Xchanging plc		881
	3,624	*	XING AG.		160
	906,600		Zelan BHD		179
			TOTAL ENGINEERING AND MANAGEMENT SERVICES		708,575
ENVIRONMENTAL QUALITY AND HOUSING - 0.00%**
	798,990	e	Transpacific Industries Group Ltd		962
			TOTAL ENVIRONMENTAL QUALITY AND HOUSING		962
FABRICATED METAL PRODUCTS - 0.51%
	24,346		AFG Arbonia-Forster Hldg		581
	123,000		Aica Kogyo Co Ltd		1,248
	223,651	*,e	Alliant Techsystems, Inc		19,741
	1,567,022		Amcor Ltd		8,724
	48,901		Ameron International Corp		3,103
	253,125		Aptargroup, Inc		9,047
	80,000		Asahi Organic Chemicals Industry Co Ltd		178
	343,153		Ball Corp		17,740
	173,770		Bharat Heavy Electricals		8,946
	74,000	e	Bunka Shutter Co Ltd		250
	89,810	*	Bway Holding Co		1,726
	31,367		Cardo AB		942
	40,181		CCL Industries		1,085
	204,088	*	Chart Industries, Inc		3,378
	1,676,874		China International Marine Containers Co Ltd (Class B)		2,103
	22,500		Chofu Seisakusho Co Ltd		470
	98,834		CIRCOR International, Inc		2,489
	706,618		Commercial Metals Co		11,059
	177,988		Crane Co		5,450

70

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,048,972	*	Crown Holdings, Inc	$	52,412
	58,429		Dynamic Materials Corp		1,172
	1,600		Furuya Metal Co Ltd		168
	46,232		Geberit AG.		8,196
	37,283		Gerresheimer AG.		1,256
	291,000	e	Goodpack Ltd		234
	264,303	*	Griffon Corp		3,230
	71,817		Gulf Island Fabrication, Inc		1,510
	52,147	e	Gunnebo AB		198
	38,594	*	Hawk Corp		680
	26,000		Hisaka Works Ltd		258
	264,000		Hitachi Cable Ltd		798
	67,683	e	Hitachi Metals Ltd		651
	2,718,327		Illinois Tool Works, Inc		130,452
	83,027	e	Insteel Industries, Inc		1,079
	491,224		Jindal Steel & Power Ltd		7,390
	161,747		JS Group Corp		2,784
	147,000		Kitz Corp		714
	86,533	*	Ladish Co, Inc		1,305
	63,276	e	Landi Renzo S.p.A.		309
	5,610		LISI		274
	108,182	*	Martinrea International, Inc		874
	36,500		Miura Co Ltd		924
	176,328	*,e	Mobile Mini, Inc		2,484
	824,715		Mueller Water Products, Inc (Class A)		4,289
	372,095	*	NCI Building Systems, Inc		673
	94,988		Nibe Industrier AB (Series B)		913
	64,571	*	North American Galvanizing & Coating, Inc		313
	534,382	e	Parker Hannifin Corp		28,792
	1,567,484		Pentair, Inc		50,629
	26,177	e	Permasteelisa S.p.A		486
	1,317		Phoenix Mecano AG.		502
	185,036		Quanex Building Products Corp		3,140
	1,416,369		Rexam plc		6,621
	115,781		Rotork PLC		2,212
	6,487		Sabaf S.p.A.		151
	26,468		Salzgitter AG.		2,594
	284,000		Sankyo-Tateyama Holdings, Inc		385
	274,000		Sanwa Shutter Corp		702
	610,161		Shin Zu Shing Co Ltd		3,039
	160,956		Silgan Holdings, Inc		9,316
	185,639	e	Simpson Manufacturing Co, Inc		4,992
	3,140,000		Singamas Container Holdings Ltd		484
	15,555	*,e	SmartHeat, Inc		226
	265,264	*,e	Smith & Wesson Holding Corp		1,085
	175,008		Snap-On, Inc		7,396

71

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	141,137	e	Ssab Svenskt Stal AB (Series A)	$	2,397
	92,146		Ssab Svenskt Stal AB (Series B)		1,427
	473,006		Stanley Works		24,364
	235,216	e	Sturm Ruger & Co, Inc		2,282
	60,028	e	Sun Hydraulics Corp		1,576
	314,561	*	Taser International, Inc		1,378
	16,800		Tocalo Co Ltd		282
	249,000		Toyo Kanetsu K K		451
	115,227		Toyo Seikan Kaisha Ltd		1,755
	71,502	*	Trimas Corp		484
	67,000		Tsukishima Kikai Co Ltd		399
	140,570	e	Valmont Industries, Inc		11,028
	112,191		Viohalco S.A.		635
	167,142	e	Watts Water Technologies, Inc (Class A)		5,168
			TOTAL FABRICATED METAL PRODUCTS		500,178
FISHERIES - 0.00%**
	56,100	*	Copeinca ASA		452
	39,360	*,e	HQ Sustainable Maritime Industries, Inc		277
	396,000	e	Nippon Suisan Kaisha Ltd		1,118
	3,776,000	*,e	PAN Fish ASA		2,738
	122,212	e	Tassal Group Ltd		192
			TOTAL FISHERIES		4,777
FOOD AND KINDRED PRODUCTS - 3.87%
	127,414	*,e	AgFeed Industries, Inc		637
	4,657		Agrana Beteiligungs AG.		421
	1,231,667		Ajinomoto Co, Inc		11,592
	27,140	e	Aker ASA (A Shares)		756
	60,752	*,e	American Dairy, Inc		1,317
	109,085	*,e	American Italian Pasta Co		3,795
	238,181		Anadolu Efes Biracilik Ve Malt Sanayii AS		2,660
	2,974	*	Anheuser-Busch InBev NV		0	^
	3,689,872		Archer Daniels Midland Co		115,530
	22,600		Ariake Japan Co Ltd		338
	6,743		Aryzta AG.		251
	1,096,696	e	Asahi Breweries Ltd		20,198
	729,400		Asiatic Development BHD		1,325
	932,489		Associated British Foods plc		12,362
	15,487		Atria Group plc		244
	150,700	e	Austevoll Seafood ASA		936
	756,673		B&G Foods, Inc (Class A)		6,946
	2,262		Barry Callebaut AG.		1,424
	1,214,000		Beijing Enterprises Holdings Ltd		8,793
	413,763		Bidvest Group Ltd		7,213
	4,000		Bonduelle S.C.A.		455
	1,025		Bongrain S.A.		78
	72,507	*	Boston Beer Co, Inc (Class A)		3,379

72

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	444,198		Britvic plc	$	2,913
	632,616		Bunge Ltd		40,380
	454,411		C&C Group plc		1,958
	343,949		Cadbury plc		4,422
	799,285	e	Campbell Soup Co		27,016
	19,165		Campofrio Alimentacion S.A.		183
	74,000	e	Carlsberg AS (Class B)		5,447
	393,303	*	Central Garden and Pet Co (Class A)		3,909
	10,543,900		Charoen Pokphand Foods PCL		3,605
	2,995,700		China Agri-Industries Holdings Ltd		3,914
	1,470,100	e	China Yurun Food Group Ltd		4,361
	10,234		CJ CheilJedang Corp		1,801
	37,552		Coca Cola Hellenic Bottling Co S.A.		855
	972,529		Coca-Cola Amatil Ltd		10,027
	33,903		Coca-Cola Bottling Co Consolidated		1,831
	26,500		Coca-Cola Central Japan Co Ltd		331
	12,226,368		Coca-Cola Co		696,904
	2,953,493		Coca-Cola Enterprises, Inc		62,614
	482,476	e	Coca-Cola Femsa S.A. de C.V.		3,175
	57,968		Coca-Cola Icecek AS		580
	36,867	e	Coca-Cola West Japan Co Ltd		650
	1,863,402		ConAgra Foods, Inc		42,951
	1,933,397	*	Constellation Brands, Inc (Class A)		30,799
	233,823	e	Corn Products International, Inc		6,835
	131,835	*	Cosan SA Industria e Comercio		1,939
	101,600	*	Cott Corp		841
	58,085		Cranswick plc		735
	102,381		CSM		2,689
	2,214,088	e	CSR Ltd		3,565
	554,651	*	Darling International, Inc		4,648
	181,481	e	Davide Campari-Milano S.p.A.		1,896
	2,221,112		Del Monte Foods Co		25,187
	341,912		Devro plc		731
	5,835,578		Diageo plc		101,808
	212,292		Diageo plc (ADR)		14,735
	84,127	e	Diamond Foods, Inc		2,990
	66,300		Doutor Nichires Holdings Co Ltd		854
	2,474,734		Dr Pepper Snapple Group, Inc		70,035
	11,400		Dydo Drinco, Inc		353
	171,539		Ebro Puleva S.A.		3,566
	117,000		Ezaki Glico Co Ltd		1,305
	35,954	e	Farmer Bros Co		710
	289,488	e	Flowers Foods, Inc		6,878
	3,486,594	e	Fomento Economico Mexicano S.A. de C.V.		16,697
	122,700		Fuji Oil Co Ltd		1,798
	24,000		Fujicco Co Ltd		278

73

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,004,798		General Mills, Inc	$	212,771
	165,109		Glanbia plc		685
	4,120,856		Golden Agri-Resources Ltd		1,485
	189,240		Greencore Group plc		377
	216,019		Greggs plc		1,514
	244,269		Groupe Danone		14,974
	436,171	e	Grupo Bimbo S.A. de C.V. (Series A)		2,886
	996,726		Grupo Modelo S.A. (Series C)		5,561
	1,395,399		H.J. Heinz Co		59,667
	486,600	*,e	Hansen Natural Corp		18,685
	40,655	*	Harbinger Group, Inc		285
	368,296		Heineken NV		17,484
	1,006,658		Hershey Co		36,028
	6,040		Hite Brewery Co Ltd		882
	73,245	e	HKScan Oyj		825
	263,080		Hormel Foods Corp		10,115
	95,300	e	House Foods Corp		1,356
	74,093	e	Imperial Sugar Co		1,292
	3,543,040		InBev NV		183,414
	452,000	*	Indofood Agri Resources Ltd		743
	30,000	*,m	International Hydron		1
	5,766,328		IOI Corp BHD		9,182
	168,244	e	Ito En Ltd		2,533
	170,000	e	Itoham Foods, Inc		635
	93,374		J&J Snack Foods Corp		3,731
	368,009		J.M. Smucker Co		22,725
	105,000		J-Oil Mills, Inc		314
	92,500	e	Kagome Co Ltd		1,645
	965,866		Kaneka Corp		6,154
	1,533,581		Kellogg Co		81,587
	235,447		Kerry Group plc (Class A)		6,924
	19,700	e	KEY Coffee, Inc		337
	1,421,518		Kirin Brewery Co Ltd		22,797
	81,169		Koninklijke Wessanen NV		484
	7,807,617		Kraft Foods, Inc (Class A)		212,212
	1,604,527		Kulim Malaysia BHD		3,529
	128,902		Lancaster Colony Corp		6,406
	137,849	e	Lance, Inc		3,625
	3,531		Laurent-Perrier		273
	35,450	e	Leroy Seafood Group ASA		652
	23,807	*,e	Lifeway Foods, Inc		283
	102		Lindt & Spruengli AG.		219
	85		Lindt & Spruengli AG. (Reg)		2,087
	744		Lotte Confectionery Co Ltd		826
	64,909	*	M&F Worldwide Corp		2,564
	97,469		Maple Leaf Foods, Inc		1,088

74

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	375,310		Marfrig Alimentos S.A.	$	4,122
	200,000		Marudai Food Co Ltd		599
	89,097	*,e	Matrixx Initiatives, Inc		376
	55,800		Matsumotokiyoshi Holdings Co Ltd		1,228
	536,862	e	McCormick & Co, Inc		19,397
	886,492		Mead Johnson Nutrition Co		38,740
	48,902	*	MEIJI Holdings Co Ltd		1,848
	166,000		Mercian Corp		349
	36,800		Mikuni Coca-Cola Bottling Co Ltd		287
	170,000		Mitsui Sugar Co Ltd		550
	388,236		Molson Coors Brewing Co (Class B)		17,533
	237,000		Morinaga & Co Ltd		497
	397,000		Morinaga Milk Industry Co Ltd		1,570
	22,000	*	Nagatanien Co Ltd		204
	69,828	*,e	National Beverage Corp		968
	6,167,589		Nestle S.A.		299,336
	573,000		Nichirei Corp		1,989
	144,000	e	Nippon Beet Sugar Manufacturing Co Ltd		373
	255,000	e	Nippon Flour Mills Co Ltd		1,268
	97,853		Nippon Meat Packers, Inc		1,133
	205,000		Nisshin Oillio Group Ltd		1,031
	667,830		Nisshin Seifun Group, Inc		9,025
	44,985	e	Nissin Food Products Co Ltd		1,469
	259,000		NOF Corp		1,085
	585,764		Northern Foods plc		628
	46,960		Nutreco Holding NV		2,640
	1,053,000	*,e	Oceanus Group Ltd		326
	57,458	e	Olam International Ltd		108
	100,139	*	Omega Protein Corp		437
	80,827	*,e	Overhill Farms, Inc		393
	6,561,124		Parmalat S.p.A.		18,343
	60,786	*,e	Peet’s Coffee & Tea, Inc		2,026
	430		Penford Corp		4
	483,341		Pepsi Bottling Group, Inc		18,125
	279,079		PepsiAmericas, Inc		8,166
	8,716,928		PepsiCo, Inc		529,990
	392,259		Perdigao S.A.		10,222
	9,580		Pernod-Ricard S.A.		819
	3,015,600	m	Petra Foods Ltd		2,211
	2,697,494		Premier Foods plc		1,547
	412,000	*	Prima Meat Packers Ltd		421
	449,024		PT Astra Agro Lestari Tbk		1,081
	7,470,900		PT Indofood Sukses Makmur Tbk		2,807
	224,500	e	Q.P. Corp		2,390
	206,638		Raisio plc (V Shares)		790
	210,666	*	Ralcorp Holdings, Inc		12,579

75

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	628,502		Remgro Ltd	$	7,577
	26,643	e	Remy Cointreau S.A.		1,355
	781,085	e	Reynolds American, Inc		41,374
	77,581		Robert Wiseman Dairies PLC		637
	1,334,590		SABMiller plc		39,229
	102,321	e	Sanderson Farms, Inc		4,314
	167,853	e	Sapporo Holdings Ltd		925
	165,075		Saputo, Inc		4,854
	4,184,505		Sara Lee Corp		50,967
	31,922		Schouw & Co		581
	53,351	*	Seneca Foods Corp		1,273
	175,000		Showa Sangyo Co Ltd		567
	13,227		Sipef S.A		658
	313,125	*,e	Smart Balance, Inc		1,879
	941,323	*,e	Smithfield Foods, Inc		14,299
	42,944	e	SOS Cuetara S.A.		133
	311,473		Suedzucker AG.		6,490
	173,000		Super Coffeemix Manufacturing Ltd		78
	1,167,100		Swire Pacific Ltd (Class A)		14,114
	30,500		T Hasegawa Co Ltd		432
	218,000	e	Takara Holdings, Inc		1,255
	88,000	e	Takasago International Corp		421
	678,738		Tate & Lyle plc		4,721
	2,148,000	e	Tingyi Cayman Islands Holding Corp		5,315
	120,020	e	Tootsie Roll Industries, Inc		3,286
	731,802		Total Produce plc		357
	255,724		Toyo Suisan Kaisha Ltd		5,897
	180,198	*,e	TreeHouse Foods, Inc		7,002
	1,645,177		Tyson Foods, Inc (Class A)		20,186
	18,900		Unicharm Petcare Corp		577
	3,874,222		Unilever plc		124,190
	492,231		Unilever plc (ADR)		15,702
	172,679		United Breweries Co, Inc		1,358
	90,921		United Spirits Ltd		2,448
	2,990,600		Universal Robina		1,045
	952,000		Vitasoy International Holdings Ltd		665
	4,503	e	Vranken - Pommery Monopole		191
	2,073,748	e	Wilmar International Ltd		9,429
	73,162	e	Yakult Honsha Co Ltd		2,215
	97,734	e	Yamazaki Baking Co Ltd		1,162
	317,651	m	Yantai Changyu Pioneer Wine Co		2,815
	45,000		Yonekyu Corp		383
			TOTAL FOOD AND KINDRED PRODUCTS		3,809,577
FOOD STORES - 0.47%
	522,420		Alimentation Couche Tard, Inc		10,400

76

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	131,203		Almacenes Exito S.A.	$	1,250
	57,300		Arcs Co Ltd		754
	6,762		Arden Group, Inc (Class A)		647
	49,915	*,e	Caribou Coffee Co, Inc		385
	396,855		Carrefour S.A.		19,035
	34,000		Cawachi Ltd		610
	1,154,893		Centros Comerciales Sudamericanos S.A.		3,908
	1,864,300		China Resources Enterprise		6,773
	68,800		Circle K Sunkus Co Ltd		849
	4,842		Colruyt S.A.		1,168
			Companhia Brasileira de Distribuicao Grupo Pao de
	120,350		Acucar		4,495
	2,430,800		CP Seven Eleven PCL		1,813
	9,700		CREATE SD HOLDINGS Co Ltd		185
	6,300	*	Daikokutenbussaan Co Ltd		173
	199,223		Delhaize Group		15,240
	94,934		Discount Investment Corp		2,221
	171,800	*,e	Dole Food Co, Inc		2,132
	69,017		Empire Co Ltd		3,148
	103,606		FamilyMart Co Ltd		3,059
	22,100		Fuji Co Ltd		416
	73,770		George Weston Ltd		4,720
	4,458,133	e	Goodman Fielder Ltd		6,492
	191,906	*,e	Great Atlantic & Pacific Tea Co, Inc		2,263
	794		Guyenne et Gascogne S.A.		72
	64,059		Hakon Invest AB		1,003
	36,600		Heiwado Co Ltd		423
	62,558	e	Ingles Markets, Inc (Class A)		947
	69,200	e	Izumi Co Ltd		839
	85,000		Izumiya Co Ltd		365
	2,891,716		J Sainsbury plc		15,078
	1,416,972	e	Jeronimo Martins SGPS S.A.		14,171
	98,000		Kasumi Co Ltd		480
	3,207		Kesko Oyj (B Shares)		106
	1,372,430		Koninklijke Ahold NV		18,183
	3,510,738		Kroger Co		72,074
	50,083		Lawson, Inc		2,212
	191,581		Loblaw Cos Ltd		6,206
	117,000	*	Maruetsu, Inc		505
	509,000	e	Maruha Nichiro Holdings, Inc		695
	25,300		Ministop Co Ltd		307
	149,510	*	Panera Bread Co (Class A)		10,013
	139,159	*	Pantry, Inc		1,891
	270,107	e	Pick’n Pay Stores Ltd		1,519
	653,625		President Chain Store Corp		1,553
	242,171	e	Ruddick Corp		6,231
	1,796,884		Safeway, Inc		38,255

77

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	673,966		Shoprite Holdings Ltd	$	5,926
	999,890	e	Sonae SPGS S.A.		1,240
	1,206,772		Supervalu, Inc		15,338
	43,444	*,e	Susser Holdings Corp		373
	2,128,000	*	Taiwan TEA Corp		1,359
	11,160,743		Tesco plc		76,995
	6,864		Valora Holding AG.		1,696
	44,590		Village Super Market (Class A)		1,218
	7,211,000		Want Want China Holdings Ltd		5,036
	79,266		Weis Markets, Inc		2,882
	591,730	*	Whole Foods Market, Inc		16,243
	296,733	*,e	Winn-Dixie Stores, Inc		2,979
	5,803,281		WM Morrison Supermarkets plc		25,891
	750,529		Woolworths Ltd		18,824
	8,800		Yaoko Co Ltd		277
			TOTAL FOOD STORES		461,541
FORESTRY - 0.10%
	197,748	*,b,e	Great Southern Ltd		21
	1,364	*	Gunns Ltd		98
	719,500		Rayonier, Inc		30,334
	1,628,840	e	Weyerhaeuser Co		70,268
			TOTAL FORESTRY		100,721
FURNITURE AND FIXTURES - 0.12%
	45,519	*,e	Astronics Corp		389
	24,145		Beter BED Holding NV		545
	37,800		Cleanup Corp		276
	51,396		Dorel Industries, Inc (Class B)		1,599
	122,174	e	Ethan Allen Interiors, Inc		1,640
	33,540	*	Faurecia		733
	150,000	e	France Bed Holdings Co Ltd		215
	260,167	*,e	Furniture Brands International, Inc		1,421
	266,304		Herman Miller, Inc		4,256
	302,119	e	Hill-Rom Holdings, Inc		7,248
	225,368		HNI Corp		6,227
	49,561	e	Hooker Furniture Corp		613
	8,857		Hunter Douglas Nv		433
	199,942	e	Kimball International, Inc (Class B)		1,704
	498,086	*,e	Kinetic Concepts, Inc		18,752
	285,490	e	La-Z-Boy, Inc		2,721
	16,894	*	Lear Corp		1,143
	702,094	e	Leggett & Platt, Inc		14,322
	2,807,273	e	Masco Corp		38,767
	709		Mecalux S.A.		14
	70,000		Okamura Corp		321

78

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	35,300	e	Paramount Bed Co Ltd	$	747
	38,809		Recticel S.A.		278
	222,201	*,e	Sealy Corp		702
	46,769	*,e	Stanley Furniture Co, Inc		475
	363,935	e	Steelcase, Inc (Class A)		2,315
	449,456	*	Tempur-Pedic International, Inc		10,621
	115,000		Uchida Yoko Co Ltd		302
			TOTAL FURNITURE AND FIXTURES		118,779
FURNITURE AND HOME FURNISHINGS STORES - 0.22%
	892,051	*	Bed Bath & Beyond, Inc		34,459
	1,797,940		Best Buy Co, Inc		70,946
	56,500		Best Denki Co Ltd		197
	50,408		Carpetright plc		764
	1,004,000	*,b,e	Circuit City Stores, Inc		6
	4,604,532	*,e	DSG International PLC		2,699
	115,440		Dunelm Group plc		706
	138,200	e	EDION Corp		1,493
	626,565	*,e	GameStop Corp (Class A)		13,747
	97,182	e	Grupo Elektra S.A. de CV		4,774
	109,491	e	GUD Holdings Ltd		884
	2,560,942	e	Harvey Norman Holdings Ltd		9,655
	97,711	e	Haverty Furniture Cos, Inc		1,342
	56,152	*,e	hhgregg, Inc		1,237
	218,156		JB Hi-Fi Ltd		4,404
	628,778		Kesa Electricals plc		1,511
	214,578		Knoll, Inc		2,217
	54,000	e	Kohnan Shoji Co Ltd		581
	65,300	e	Kojima Co Ltd		383
	47,000		Komeri Co Ltd		1,254
	82,200	e	K’s Holdings Corp		2,468
	135,958		Nitori Co Ltd		10,120
	520,600	*	Pier 1 Imports, Inc		2,650
	61,239		Poltrona Frau S.p.A.		73
	746,973		RadioShack Corp		14,566
	32,182	*,e	Rex Stores Corp		452
	73,600		Shimachu Co Ltd		1,451
	1,711,972		Steinhoff International Holdings Ltd		4,796
	174,527	*,e	Tuesday Morning Corp		450
	710,840		Williams-Sonoma, Inc		14,770
	196,438		Yamada Denki Co Ltd		13,252
			TOTAL FURNITURE AND HOME FURNISHINGS STORES		218,307
GENERAL BUILDING CONTRACTORS - 0.38%
	31,041		Ackermans & Van Haaren		2,306
	89,617		ACS Actividades Cons y Servicios S.A.		4,480

79

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,338,948		AMEC plc	$	17,059
	9,306	*,e	Amrep Corp		127
	34,000	*	AMREP CORP		0	^
	49,200	*	Arnest One Corp		499
	321,016		Asunaro Aoki Construction Co Ltd		1,710
	31,746	*,e	Avatar Holdings, Inc		540
	682,513		Aveng Ltd		3,677
	2,083,424	e	Balfour Beatty plc		8,670
	1,283,665	*	Barratt Developments plc		2,554
	195,660	*,e	Beazer Homes USA, Inc		947
	150,927		Bellway plc		1,989
	155,378	*	Berkeley Group Holdings plc		2,049
	29,259		Bird Construction, Income Fund		962
	166,401		Bovis Homes Group plc		1,163
	49,468	e	Brookfield Homes Corp		396
	74,000	*	BWG Homes ASA		215
	769,184		Carillion plc		3,756
	35,986	*,e	Cavco Industries, Inc		1,293
	3,240,400		Century City International		241
	865,539		Cheung Kong Infrastructure Holdings Ltd		3,291
	6,449,080	e	China Overseas Land & Investment Ltd		13,513
	237,000	e	Daikyo, Inc		511
	167,157		Daito Trust Construction Co Ltd		7,915
	1,755,624		Daiwa House Industry Co Ltd		18,877
	513,509		DLF Ltd		3,947
	1,330,161	e	DR Horton, Inc		14,459
	33,257	e	Eiffage S.A.		1,874
	621,000		Farglory Land Development Co Ltd		1,375
	817,488		Fletcher Building Ltd		4,717
	82,000		Fujitec Co Ltd		445
	102,301	e	Galliford Try PLC		512
	2,642,303	e	Haseko Corp		1,885
	292,775		Hellenic Technodomiki Tev S.A.		2,154
	77,760		Hochtief AG.		5,931
	260,999	*,e	Hovnanian Enterprises, Inc (Class A)		1,002
	1,299,370		IJM Corp BHD		1,695
	547,555		Impregilo S.p.A.		1,943
	217,202		Interserve plc		674
	67,594		J&P-Avax SA		267
	104,241		JM AB		1,781
	598,215		Kajima Corp		1,210
	249,454	e	KB Home		3,413
	41,870		Kier Group plc		692
	143,631		Koninklijke BAM Groep NV		1,485
	7,446		Lemminkainen Oyj		257
	300,060	e	Lend Lease Corp Ltd		2,770

80

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	610,669	e	Lennar Corp (Class A)	$	7,798
	380,611	*	Leopalace21 Corp		1,577
	114,571	*	M/I Homes, Inc		1,190
	150,000		Maeda Corp		410
	4,426		Maisons France Confort		161
	116,872	e	McGrath RentCorp		2,613
	582,544		MDC Holdings, Inc		18,082
	92,694	e	Mears Group PLC		417
	181,143	*,e	Meritage Homes Corp		3,501
	66,929		Michaniki S.A.		111
	7,000		Michaniki S.A. (Preference)		10
	59,000		Mitsui Home Co Ltd		284
	205,546		Mota Engil SGPS S.A.		1,157
	306,549		MRV Engenharia e Participacoes S.A.		2,483
	77,541	e	NCC AB (B Shares)		1,271
	53,794	*,e	NVR, Inc		38,231
	470,670		Obayashi Corp		1,602
	1,053,000	*	Pacific Century Premium Developments Ltd		285
	573,000		Paliburg Holdings Ltd		207
	120,000	e	PanaHome Corp		773
	9,222	*	PBG S.A.		652
	212,632		Peab AB (Series B)		1,363
	348,000		Penta-Ocean Construction Co Ltd		343
	132,171	*,e	Perini Corp		2,390
	526,620	e	Persimmon plc		3,982
	1,713,917	*,e	Pulte Homes, Inc		17,139
	697,815	f	Puravankara Projects Ltd		1,371
	385,703	*	Redrow plc		825
	17,062	e	Renta Corp Real Estate S.A.		72
	1,357	*,m	Renta Corp Real Estate S.A. (New)		6
	224,102		ROK plc		155
	195,755		Ruukki Group Oyj		601
	722,243	e	Ryland Group, Inc		14,228
	42,175	e	Sacyr Vallehermoso S.A.		484
	1,393,699		Sekisui Chemical Co Ltd		8,670
	607,209		Sekisui House Ltd		5,512
	439,168	e	Shimizu Corp		1,577
	79,042		Skanska AB (B Shares)		1,341
	140,139		Sobha Developers Ltd		731
	18,381		SRV Group plc		155
	560,802	*,e	Standard-Pacific Corp		2,097
	202,400	e	Sumitomo Forestry Co Ltd		1,527
	173,698	e	Sunland Group Ltd		128
	769,976		Taisei Corp		1,321
	129,493	e	Takamatsu Corp		1,635
	963,432	*	Talaat Moustafa Group		1,212

81

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,158,832	*	Taylor Woodrow plc	$	3,231
	92,425	*	Team, Inc		1,739
	10,024		Tekfen Holding AS		33
	40,995		Terna Energy S.A.		370
	338,000	e	Toda Corp		1,083
	18,000		Token Corp		404
	92,930		Tokyu Construction Co Ltd		226
	420,193	*	Toll Brothers, Inc		7,904
	584,082	*,e	Urbi Desarrollos Urbanos S.A. de C.V		1,312
	108,700		Veidekke ASA		930
	765,937	e	Vinci S.A.		43,099
	33,000	*	Yahagi Construction Co Ltd		214
	172,366		YIT Oyj		3,557
	2,280,893		YTL Corp BHD		4,855
			TOTAL GENERAL BUILDING CONTRACTORS		373,865
GENERAL MERCHANDISE STORES - 1.51%
	303,727	*,e	99 Cents Only Stores		3,970
	423,429		Aeon Co Ltd		3,437
	26,300		Arc Land Sakamoto Co Ltd		287
	354,335	*	Big Lots, Inc		10,269
	829,302	*,e	BJ’s Wholesale Club, Inc		27,126
	261,043		Casey’s General Stores, Inc		8,332
	47,673	*,e	Conn’s, Inc		278
	1,846,036		Costco Wholesale Corp		109,229
	76,600	*,e	Daiei, Inc		264
	990,116	e	David Jones Ltd		4,764
	285,772	e	Dillard’s, Inc (Class A)		5,272
	100,600	*,e	Dollar General Corp		2,256
	191,700	e	Don Quijote Co Ltd		4,652
	12,007		Dufry Group		814
	726,803		Family Dollar Stores, Inc		20,227
	2,239,671		Far Eastern Department Stores Co Ltd		2,569
	241,690		Fred’s, Inc (Class A)		2,465
	1,474,000	e	Golden Eagle Retail Group Ltd		2,990
	155,000	e	Hankyu Department Stores, Inc		898
	31,297		Hyundai Department Store Co Ltd		3,021
	458,465	e	Isetan Mitsukoshi Holdings Ltd		4,140
	870,111	e	J Front Retailing Co Ltd		3,843
	44,000	e	Japan Airport Terminal Co Ltd		597
	1,934,986		JC Penney Co, Inc		51,490
	164		Jelmoli Holding AG.		72
	93,000	e	Joshin Denki Co Ltd		726
	363,302	e	Keio Corp		2,192
	1,080,358	e	Kintetsu Corp		3,581
	358,000		Lifestyle International Holdings Ltd		666

82

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	500,400		Lojas Americanas S.A.	$	4,464
	131,700		Lojas Renner S.A.		2,973
	3,668,324		Macy’s, Inc		61,481
	284,091		Marks & Spencer Group plc		1,836
	165,938		Marui Co Ltd		1,022
	36,600	e	Matsuya Co Ltd		330
	434,000		Metro Holdings Ltd		243
	99,070		Mothercare plc		1,087
	4,348,222	*	Myer Holdings Ltd		14,217
	1,228,000		New World Department Store China Ltd		1,121
	1,211,553		Next plc		40,510
	36,039		North West Co Fund		655
	418,666	e	Odakyu Electric Railway Co Ltd		3,213
	219,232		Pantaloon Retail India Ltd		1,783
	5,122,000	*	PCD Stores Ltd		1,988
	116,610		PPR		13,997
	48,157		Rallye S.A.		1,682
	26,181		Reject Shop Ltd		331
	136,281	*	Retail Ventures, Inc		1,212
	56,000	e	Ryohin Keikaku Co Ltd		2,038
	333,205		SACI Falabella		1,967
	3,162,237	*,e	Saks, Inc		20,744
	50,525	*	Sears Canada, Inc		1,169
	149,372	*,e	Sears Holdings Corp		12,465
	62,276		Shinsegae Co Ltd		28,765
	489,251		SM Investments Corp		3,451
	222,835	*,e	Stein Mart, Inc		2,375
	36,207		Stockmann Oyj Abp (B Share)		985
	204,686	e	Takashimaya Co Ltd		1,304
	5,271,861		Target Corp		254,999
	2,322,355		TJX Companies, Inc		84,881
	517,407	e	Tobu Railway Co Ltd		2,701
	1,319,968		Tokyu Corp		5,256
	115,163	e	UNY Co Ltd		812
	4,195,658	e	Wal-Mart de Mexico S.A. de C.V. (Series V)		18,826
	11,351,291		Wal-Mart Stores, Inc		606,726
	215,943		Warehouse Group Ltd		659
			TOTAL GENERAL MERCHANDISE STORES		1,484,695
HEALTH SERVICES - 0.93%
	8,800	*	Ain Pharmaciez Inc		212
	129,304	*,e	Alliance Imaging, Inc		738
	220,819	*	Allied Healthcare International, Inc		643
	33,884	*,e	Almost Family, Inc		1,339
	175,979	*,e	Amedisys, Inc		8,546
	65,099		America Service Group, Inc		1,033

83

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	80,171	*	American Dental Partners, Inc	$	1,034
	1,680,768		AmerisourceBergen Corp		43,818
	160,888	*	Amsurg Corp		3,543
	48,520	*	Assisted Living Concepts, Inc (A Shares)		1,279
	9,289	*	Assura Group Ltd		5
	43,366		Athens Medical Center S.A.		81
	2,299,400		Bangkok Dusit Medical Service PCL		1,716
	16,465		Biogaia AB (B Shares)		183
	38,384		BioMerieux		4,485
	57,773	*	Bio-Reference Labs, Inc		2,264
	22,400		BML, Inc		611
	161,258		Brookdale Senior Living, Inc		2,933
	51,561	*,e	China Sky One Medical, Inc		1,173
	9,935		Clinica Baviera S.A.		114
	64,217		CML Healthcare Income Fund		850
	279,482	*	Community Health Systems, Inc		9,950
	154,971	*,e	Continucare Corp		677
	12,619	*	Corp Dermoestetica		57
	43,642	*	Corvel Corp		1,464
	192,446	*,e	Covance, Inc		10,502
	1,728,856	*	Coventry Health Care, Inc		41,994
	190,907	*,e	Cross Country Healthcare, Inc		1,892
	149,381	*	Crucell NV		2,994
	141,497	*	CryoLife, Inc		908
	488,533	*	DaVita, Inc		28,696
	151,027		Diagnostic & Therapeutic Center of Athens Hygeia S.A.		356
	337,038	*,e	Edwards Lifesciences Corp		29,272
	121,527	*	eHealth, Inc		1,997
	95,160	*,e	Emeritus Corp		1,784
	45,986	e	Ensign Group, Inc		707
	160,393	*,e	Enzo Biochem, Inc		863
	115,630	*	Evotec AG.		353
	31,477	*	ExonHit Therapeutics SA		164
	1,083,075	*	Express Scripts, Inc		93,632
	41,586		Extendicare Real Estate Investment Trust		379
	1,745,760		Fraser and Neave Ltd		5,189
	197,631		Fresenius Medical Care AG.		10,484
	68,727	*,e	Genomic Health, Inc		1,344
	82,390	*,e	Genoptix, Inc		2,927
	150,311	*	Gentiva Health Services, Inc		4,060
	136,064	*	Health Grades, Inc		584
	747,375	*	Health Management Associates, Inc (Class A)		5,433
	498,332	e	Healthscope Ltd		2,260
	1,401,463	*	Healthsouth Corp		26,305
	185,926	*	Healthways, Inc		3,410
	366,385	*	Immunomedics, Inc		1,176

84

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	75,037	*	IPC The Hospitalist Co, Inc	$	2,495
	950		Japan Longlife Co Ltd		327
	224,669	*,e	Kindred Healthcare, Inc		4,147
	108,591		Laboratorios Almirall S.A.		1,421
	524,440	*,e	Laboratory Corp of America Holdings		39,249
	80,857	*	LCA-Vision, Inc		414
	89,237	*,e	LHC Group, Inc		2,999
	165,365	*,e	LifePoint Hospitals, Inc		5,376
	324,549	*,e	Lincare Holdings, Inc		12,047
	9,884	*	LVL Medical Groupe S.A.		231
	197,441	*	Magellan Health Services, Inc		8,042
	2,421,291		McKesson Corp		151,332
	165,700	*	MDS, Inc		1,298
	82,364	*	Medcath Corp		651
	3,021,930	*	Medco Health Solutions, Inc		193,133
	163	*	Message Co Ltd		333
	28,605	e	Mindray Medical International Ltd (ADR) (Class A)		970
	36,984	e	National Healthcare Corp		1,335
	457,624	*,e	Nektar Therapeutics		4,265
	1,549,645		Network Healthcare Holdings Ltd		2,894
	122,764	*	Nighthawk Radiology Holdings, Inc		556
	100,366	*,e	NovaMed, Inc		389
	207,205	*	Odyssey HealthCare, Inc		3,228
	340,930		Omnicare, Inc		8,244
	24,724	e	Orpea		1,119
	3,096	*	Osteotech, Inc		10
	1,299,000	e	Parkway Holdings Ltd		2,685
	147,696	*	Pediatrix Medical Group, Inc		8,878
	313,538		Pharmaceutical Product Development, Inc		7,349
	95,583	*,f	Pharmstandard (GDR)		1,939
	14,093		Prim S.A.		138
	888,426		Primary Health Care Ltd		4,759
	277,560	*	Psychiatric Solutions, Inc		5,868
	467,380		Quest Diagnostics, Inc		28,220
	539,000		Raffles Medical Group Ltd		554
	186,777		Ramsay Health Care Ltd		1,819
	170,464	*	RehabCare Group, Inc		5,187
	154,109	e	Rhoen Klinikum AG.		3,751
	176,200	*	Select Medical Holdings Corp		1,871
	109,422	*,e	Skilled Healthcare Group, Inc (Class A)		815
	298,206	e	Sonic Healthcare Ltd		4,107
	260,602	*	Sun Healthcare Group, Inc		2,390
	215,544	*	Sunrise Senior Living, Inc		694
	104,971		Synergy Healthcare plc		1,101
	1,462,752	*	Tenet Healthcare Corp		7,884
	426,763		Universal Health Services, Inc (Class B)		13,016

85

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	72,305	*	US Physical Therapy, Inc	$	1,224
	38,986	*,e	Virtual Radiologic Corp		497
			TOTAL HEALTH SERVICES		919,664
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.30%
	50,884		Abengoa S.A.		1,644
	111,597		Abertis Infraestructuras S.A.		2,523
	357,850		Acciona S.A.		46,775
	104,455	e	Aecon Group, Inc		1,498
	113,738	e	Astaldi S.p.A.		974
	39,932		Athens Water Supply & Sewage Co S.A.		316
	46,161		Boskalis Westminster		1,777
	499,082		Bouygues S.A.		25,852
	84,032	*,e	Broadwind Energy, Inc		680
	226,000	e	Chiyoda Corp		1,745
	15,951		Compagnie d’Entreprises CFE		807
	96,424	*	Comverge, Inc		1,084
	4,835,799		ConnectEast Group		1,877
	683,581		Costain Group PLC		266
	55,142		Daelim Industrial Co		3,918
	19,381	e	Fomento de Construcciones y Contratas S.A.		822
	38	*	Foster Wheeler AG.		1
	1,922,800		Gamuda BHD		1,457
	75,138		GEK Group of Cos S.A.		662
	297,221		Giken Seisakusho Co, Inc		1,529
	191,238	e	Granite Construction, Inc		6,437
	236,256		Great Lakes Dredge & Dock Corp		1,531
	62,102		GS Engineering & Construction Corp		5,758
	264,000		Guangzhou Investment Co Ltd		74
	475,000	e	Hyflux Ltd		1,191
	76,409		Hyundai Engineering & Construction Co Ltd		4,635
	3,220,000		Jiangsu Express		2,863
	57,334	*	LB Foster Co (Class A)		1,709
	133,000		Maeda Road Construction Co Ltd		980
	187,724	*	Matrix Service Co		1,999
	400,391		Murray & Roberts Holdings Ltd		2,504
	84,949	*,e	MYR Group, Inc		1,536
	132,000		Nippo Corp		943
	517,000		Nishimatsu Construction Co Ltd		563
	73,709	e	Obrascon Huarte Lain S.A.		1,983
	299,000	e	Okumura Corp		1,009
	105,310		Orascom Construction Industries		4,772
	123,323	*,e	Orion Marine Group, Inc		2,597
	4,047,111		Saipem S.p.A.		139,669
	27,300	e	SHO-BOND Holdings Co Ltd		452
	72,468	*	Sterling Construction Co, Inc		1,390

86

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	35,000		Taihei Dengyo Kaisha Ltd	$	312
	77,000	e	Takuma Co Ltd		189
	44,759		Tecnicas Reunidas S.A.		2,574
	262,470		Teixeira Duarte - Engenharia Construcoes S.A.		392
	31,547	*	TK Development		159
	337,000		Toa Corp/Tokyo		332
	143,295		Tognum AG.		2,372
	30,000	*	Tokyo Energy & Systems, Inc		190
	49,000	e	Toshiba Plant Systems & Services Corp		619
	326,000		Toyo Construction Co Ltd		143
	862,450		Transurban Group		4,268
	76,000	*	Yokogawa Bridge Holdings Corp		585
	3,586,000		Zhejiang Expressway Co Ltd		3,303
			TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		296,240
HOLDING AND OTHER INVESTMENT OFFICES - 2.25%
	970,401		3i Group plc		4,394
	803,390		Aberdeen Asset Management plc		1,726
	335,462		Acadia Realty Trust		5,659
	921	e	Advance Residence Investment Corp		3,529
	165,920	*,e	Affiliated Managers Group, Inc		11,175
	305,432	*	Afirma Grupo Inmobiliario S.A.		142
	42,738		Agree Realty Corp		995
	9,428	e	Alexander’s, Inc		2,870
	178,326	e	Alexandria Real Estate Equities, Inc		11,465
	32,084,400	e	Allco Commercial Real Estate Investment Trust		3,179
	966,570		Allied Capital Corp		3,489
	30,817		Allied Properties Real Estate Investment Trust		570
	36,509	*	Altamir Amboise		273
	466,020	e	AMB Property Corp		11,907
	316,059		American Campus Communities, Inc		8,881
	67,760		American Capital Agency Corp		1,798
	106,238	*,e	Ampal American Israel (Class A)		287
	3,377,004		Annaly Mortgage Management, Inc		58,592
	596,399		Anworth Mortgage Asset Corp		4,175
	375,398		Apartment Investment & Management Co (Class A)		5,976
	18,500	*	Apollo Commercial Real Estate Finance, Inc		333
	183,321		ARC Energy Trust		3,495
	22,251		Artis Real Estate Investment Trust		242
	1,374,115		Ascendas Real Estate Investment Trust		2,157
	531,000		Ascott Residence Trust		452
	337,372	*,e	Ashford Hospitality Trust, Inc		1,565
	556,741	e	Ashmore Group plc		2,436
	108,764	e	Associated Estates Realty Corp		1,226
	310,825	e	Atrium European Real Estate Ltd		2,092
	936,445	e	Australian Infrastructure Fund		1,489

87

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	418,603		AvalonBay Communities, Inc	$	34,371
	217,026		Ayala Corp		1,416
	578,066	e	Babcock & Brown Japan Property Trust		203
	1,195,161	e	Babcock & Brown Wind Partners		1,488
	2,073		Bajaj Finserv Ltd		15
	57,168		Bajaj Holdings and Investment Ltd		2,153
	20,837	e	Befimmo SCA Sicafi		1,848
	3,441		Bellevue Group AG.		116
	553,287	e	BioMed Realty Trust, Inc		8,731
	276	e	BLife Investment Corp		1,220
	68,359		Boardwalk Real Estate Investment Trust		2,422
	861,124		Boston Properties, Inc		57,756
	662,686		Brandywine Realty Trust		7,555
	171,869		BRE Properties, Inc (Class A)		5,685
	475,648		Brewin Dolphin Holdings PLC		1,058
	1,568,000		Brightoil Petroleum Holdings Ltd		1,917
	696,791		Brookfield Asset Management, Inc		15,583
	315,733	*,e	BTG plc		883
	391,343		Bunnings Warehouse Property Trust		652
	60,675		Calloway Real Estate Investment Trust		1,132
	846,000		Cambridge Industrial Trust		269
	389,777		Camden Property Trust		16,515
	41,591		Canadian Apartment Properties REIT		559
	46,256		Canadian Real Estate Investment Trust		1,199
	55,602	*,e	Cape Bancorp, Inc		374
	4,028,600		CapitaCommercial Trust		3,336
	346,445	e	Capital Lease Funding, Inc		1,517
	14,901	e	Capital Southwest Corp		1,174
	91,000	*	CapitaMalls Asia Ltd		165
	670,000	e	CapitaRetail China Trust		606
	347,812		Capstead Mortgage Corp		4,748
	73,336	e	Care Investment Trust, Inc		571
	854,354		CBL & Associates Properties, Inc		8,262
	863,000	e	CDL Hospitality Trusts		1,068
	204,225	e	Cedar Shopping Centers, Inc		1,389
	1,291,486	e	CFS Gandel Retail Trust		2,199
	641,252		Challenger Diversified Property Group		267
	705,775		Charter Hall Group		441
	42,540	e	Cherokee, Inc		758
	1,481,799	e	China Merchants Holdings International Co Ltd		4,780
	219,319		CI Financial Corp		4,613
	47,707	*	Climate Exchange plc		488
	15,154	e	Cofinimmo		2,142
	166,914		Cogdell Spencer, Inc		945
	366,939	e	Colonial Properties Trust		4,304
	68,800		Colony Financial, Inc		1,401

88

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	33,398		Cominar Real Estate Investment Trust	$	618
	3,374,045	e	Commonwealth Property Office Fund		2,922
	4,776		Compagnie Financiere Tradition S.A.		567
	290,757		Companhia de Concessoes Rodoviarias		6,662
	45,802		Corp Financiera Alba		2,392
	251,141		Corporate Office Properties Trust		9,199
	361,584		Cousins Properties, Inc		2,759
	25,100	*	CreXus Investment Corp		350
	984	e	DA Office Investment Corp		2,090
	1,011,000		Dah Chong Hong Holdings Ltd		428
	109,494	e	Danvers Bancorp, Inc		1,422
	2,316,504		DB RREEF Trust		1,757
	1,143,252	e	DCT Industrial Trust, Inc		5,739
	16,239		Deutsche Beteiligungs AG.		398
	834,100	e	Developers Diversified Realty Corp		7,724
	668,315		DiamondRock Hospitality Co		5,661
	318,044	e	Digital Realty Trust, Inc		15,991
	101,812	e	Domino’s Pizza UK & IRL plc		489
	406,017		Douglas Emmett, Inc		5,786
	1,900,885		Duke Realty Corp		23,134
	55,203		Dynex Capital, Inc		482
	35,495	*	East Capital Explorer AB		331
	140,490		EastGroup Properties, Inc		5,378
	50,137	*	Eco Business-Immobilien AG.		311
	263,793		Education Realty Trust, Inc		1,277
	998,000		Emperor International Holdings		214
	253,634		Entertainment Properties Trust		8,946
	70,833	*	EOS Russia AB		385
	160,275	e	Equity Lifestyle Properties, Inc		8,089
	159,125		Equity One, Inc		2,573
	1,158,076		Equity Residential		39,120
	90,473	e	Essex Property Trust, Inc		7,568
	27,723		Eurazeo		1,923
	479,635		Extra Space Storage, Inc		5,540
	287,693	e	Federal Realty Investment Trust		19,483
	421,932	*,e	FelCor Lodging Trust, Inc		1,519
	1,510	*	First Hungary Fund		0	^
	274,198		First Industrial Realty Trust, Inc		1,434
	1,598,400	*a,m	First NIS Regional Fund SICAV		16
	145,850		First Potomac Realty Trust		1,833
	36,982	e	Fonciere Des Regions		3,782
	33,696	*	Formuepleje Safe AS		750
	2,324,000		Fortune Real Estate Investment Trust		937
	2,291,000		Fosun International		1,588
	318,117		Franklin Street Properties Corp		4,648
	4,618,000		Franshion Properties China Ltd		1,616

89

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	391,000		Frasers Centrepoint Trust	$	387
	267	*	Frontier Real Estate Investment Corp		1,898
	129	*	Fukuoka REIT Corp		674
	3,408,340		Genting BHD		7,265
	321,070	*	Getin Holding S.A.		987
	79,915		Getty Realty Corp		1,880
	21,725		Gimv NV		1,135
	113,315		Gladstone Capital Corp		873
	41,130	e	Gladstone Commercial Corp		552
	1,420,813	e	Glimcher Realty Trust		3,836
	153	*,e	Global One Real Estate Investment Corp		1,035
	13,382,588		GOME Electrical Appliances Holdings Ltd		4,819
	811,249		Goodman Property Trust		629
	3,374,667		GPT Group		1,813
	631,978	*,e	Gramercy Capital Corp		1,637
	67,857		Groupe Bruxelles Lambert S.A.		6,407
	883	*	Groupe Bruxelles Lambert S.A. - STR VVPR		0	^
	435,198	e	Groupe Eurotunnel S.A.		4,073
	93,974		GS Holdings Corp		2,723
	8,693,103		Guinness Peat Group plc		5,287
	189		Hankyu Reit, Inc		724
	134,349	*,e	Harris & Harris Group, Inc		614
	203,028	e	Hatteras Financial Corp		5,677
	1,073,175	e	HCP, Inc		32,775
	553,364		Health Care REIT, Inc		24,525
	324,055	e	Healthcare Realty Trust, Inc		6,954
	22,071		Heineken Holding NV		923
	229,186	e	Hersha Hospitality Trust		720
	393,866	e	Highwoods Properties, Inc		13,135
	189,133	*,e	Hilltop Holdings, Inc		2,202
	675,200		HKR International Ltd		285
	180,891	e	Home Properties, Inc		8,630
	414,299		Hospitality Properties Trust		9,823
	3,710,914		Host Marriott Corp		43,306
	1,492,707		HRPT Properties Trust		9,658
	533,367	*,e	Immoeast AG.		2,928
	128		Industrial & Infrastructure Fund Investment Corp		338
	544,637		Infratil Ltd		631
	3,163,426	e	ING Industrial Fund		1,354
	343,532	e	Inland Real Estate Corp		2,800
	306,898		Intek S.p.A.		131
	8,691		Intervest Offices		274
	56,820	e	Invesco Mortgage Capital, Inc		1,293
	2,863,480		Investimentos Itau S.A.		19,490
	363,802		Investors Real Estate Trust		3,274
	1,180,000	e	iShares MSCI Canada Index Fund		31,069

90

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,220,171	e	iShares MSCI EAFE Index Fund	$	67,476
	267,741	*	ISHARES MSCI EMERGING MKT		11,111
	1,800,000	e	iShares MSCI Japan Index Fund		17,532
	473,307	e	iShares Russell 2000 Index Fund		29,468
	608,566	*,e	iStar Financial, Inc		1,558
	118,618	e	Jafco Co Ltd		2,871
	1,635,000		Japan Asia Investment Co Ltd		900
	403		Japan Excellent, Inc		1,796
	223	*	Japan Logistics Fund Inc		1,634
	2,527		Japan Prime Realty Investment Corp		5,251
	663		Japan Real Estate Investment Corp		4,888
	1,303	*	Japan Retail Fund Investment Corp		5,860
	1,200	e	Joint Reit Investment Corp		2,379
	46,688	*	KBC Ancora		1,067
	1,635	*	Kenedix Realty Investment Corp		4,476
	247,129	e	Kilroy Realty Corp		7,579
	2,495,383		Kimco Realty Corp		33,763
	208,860		Kite Realty Group Trust		850
	1,108,399		Kiwi Income Property Trust		837
	738,000		K-REIT Asia		574
	7,084,000	e	KWG Property Holding Ltd		5,404
	375,480		LaSalle Hotel Properties		7,971
	600,178	e	Lexington Corporate Properties Trust		3,649
	171,905		LG Corp		10,738
	337,988		Liberty Property Trust		10,819
	937,000		Lippo-Mapletree Indonesia Retail Trust		334
	125,902		LTC Properties, Inc		3,368
	26,222		Lundbergs AB (B Shares)		1,328
	611,603	e	Macerich Co		21,987
	433,358	e	Mack-Cali Realty Corp		14,981
	1,752,086	e	Macquarie CountryWide Trust		909
	3,830,709	e	Macquarie Infrastructure Group		4,563
	517,558		Macquarie Leisure Trust Group		790
	2,508,000	e	Macquarie MEAG Prime REIT		933
	418,062		Macquarie Media Group Ltd		717
	7,279,775	e	Macquarie Office Trust		2,005
	33,423	e	Main Street Capital Corp		539
	2,952,000		Mapletree Logistics Trust		1,642
	567,445		Marfin Investment Group S.A		1,609
	31,245	*	Martifer SGPS S.A.		149
	427,101	e	Medical Properties Trust, Inc		4,271
	97,824	e	Meinl Airports International AG.		280
	2,563,213	*,e	Melco International Development		1,173
	10,497	*	METabolic EXplorer S.A.		98
	1,514,786		MFA Mortgage Investments, Inc		11,134
	195		MID Reit, Inc		413

91

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	179,470		Mid-America Apartment Communities, Inc	$	8,665
	352,721		Mission West Properties, Inc		2,536
	10,116		Mobimo Holding AG.		1,724
	120,214	e	Monmouth Real Estate Investment Corp (Class A)		894
	35,221		Morguard Real Estate Investment Trust		440
	169		Mori Hills REIT Investment Corp		519
	146		Mori Trust Sogo Reit, Inc		1,176
	7,246		MPC Muenchmeyer Petersen Capital AG.		45
	107,466	e	MVC Capital, Inc		1,268
	132,477		National Health Investors, Inc		4,900
	450,694		National Retail Properties, Inc		9,564
	35,161		Nationale A Portefeuille		1,871
	593,712		Nationwide Health Properties, Inc		20,887
	39,347		Nieuwe Steen Investments NV		804
	273		Nippon Accommodations Fund, Inc		1,428
	354		Nippon Building Fund, Inc		2,690
	1,205	*,e	Nippon Commercial Investment Corp		1,750
	2,242		Nippon Residential Investment Corp		5,446
	637		Nomura Real Estate Office Fund, Inc		3,464
	271		Nomura Real Estate Residential Fund, Inc		985
	16,569		Northern Property Real Estate Investment Trust		347
	309,466	e	NorthStar Realty Finance Corp		1,061
	848,759	e	NWS Holdings Ltd		1,558
	432,662		Omega Healthcare Investors, Inc		8,415
	15,375		Orascom Development Holding AG.		1,083
	50,039		Oresund Investment AB		879
	443	*	Orix JREIT, Inc		2,212
	5,784		OZ Holding AG.		182
	490,000		Parkway Life Real Estate Investment Trust		424
	136,286	e	Parkway Properties, Inc		2,837
	18,517		Partners Group		2,335
	261,529	e	Pennsylvania Real Estate Investment Trust		2,213
	55,070	*,e	Pennymac Mortgage Investment Trust		946
	165,324	*	Pinetree Capital Ltd		338
	1,334,744	e	Plum Creek Timber Co, Inc		50,400
	1,829,000		Poly Hong Kong Investment Ltd		2,267
	6,466,160		Polytec Asset Holdings Ltd		1,435
	121,100		Porto Seguro S.A.		1,404
	267,440		Post Properties, Inc		5,242
	194,366	e	Potlatch Corp		6,196
	844		Premier Investment Co		2,764
	107,222		Premier Investments Ltd		799
	43,716		Primaris Retail Real Estate Investment Trust		675
	1,915,917	e	Prologis		26,229
	291,525	e	Prospect Capital Corp		3,443
	1,246,000		Prosperity REIT		213

92

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	134,876		PS Business Parks, Inc	$	6,751
	572,954		Public Storage, Inc		46,667
	421,707	e	RAIT Investment Trust		552
	110,601	e	Ramco-Gershenson Properties		1,055
	54,792	e	Rathbone Brothers		706
	209,680		Ratos AB (B Shares)		5,402
	451,765	e	Realty Income Corp		11,705
	2,474,262		Redefine Income Fund Ltd		2,395
	453,435		Redwood Trust, Inc		6,557
	60,016,000		Regal Real Estate Investment Trust		12,704
	450,695	e	Regency Centers Corp		15,801
	1,969,983	*	Resolution Ltd		2,846
	126,239		Resource Capital Corp		621
	168,590		RioCan Real Estate Investment Trust		3,200
	31,291		Saul Centers, Inc		1,025
	15,163	e	SBI Holdings, Inc		2,715
	405,644		Senior Housing Properties Trust		8,871
	1,052,000		Shanghai Industrial Holdings Ltd		5,336
	2,276,500	e	Shimao Property Holdings Ltd		4,268
	690,294	*	Shinhan Financial Group Co Ltd		25,544
	1,407,643	e	Simon Property Group, Inc		112,331
	608,043	e	SL Green Realty Corp		30,548
	15,922		Societe Fonciere Financiere et de Participations FFP		1,016
	17,400		Societe Immobiliere de Location pour l’Industrie et le Commerce		2,122
	124,983	*	Sonae Capital SGPS S.A.		148
	143,612		Sovran Self Storage, Inc		5,131
	1,610,887		SPDR Trust Series 1		179,518
	54,516	*,e	SRS Labs, Inc		400
	1,191,383	e	Starwood Property Trust, Inc		22,505
	373,426	*,e	Strategic Hotels & Resorts, Inc		695
	79,273	e	Sun Communities, Inc		1,566
	2,658,000		Sunlight Real Estate Investment Trust		656
	593,547	e	Sunstone Hotel Investors, Inc		5,271
	2,730,000	e	Suntec Real Estate Investment Trust		2,613
	227,246	e	Tanger Factory Outlet Centers, Inc		8,860
	325,817	e	Taubman Centers, Inc		11,700
	3,089,400	*	TM International BHD		2,747
	6,300	*	Tokyu Community Corp		138
	566	*,e	Tokyu REIT, Inc		3,036
	1,255		Top REIT Inc		5,574
	1,256	*,e	Transcontinental Realty Investors, Inc		15
	679,057	e	UDR, Inc		11,164
	46,105	e	UMH Properties, Inc		391
	714		United Urban Investment Corp		3,774
	53,000		Universal Health Realty Income Trust		1,698
	107,137	*	Uranium Participation Corp		676

93

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	107,098		Urstadt Biddle Properties, Inc (Class A)	$	1,635
	461,090		U-Store-It Trust		3,375
	941,163	*	Vantage Drilling Co		1,515
	39,838		Vastned Offices/Industrial		672
	618,717	e	Ventas, Inc		27,063
	1,416,349	e	Virgin Media, Inc		23,837
	38,296	*	Virtus Investment Partners, Inc		609
	785,638	e	Vornado Realty Trust		54,948
	907,295		WABCO Holdings, Inc		23,399
	132,966		Walter Investment Management Corp		1,905
	307,865	e	Washington Real Estate Investment Trust		8,482
	332,167		Weingarten Realty Investors		6,574
	44,026	e	Wendel		2,675
	7,791,620		Westfield Group		87,204
	250,000		Westway Group, Inc		1,275
	4,288,191	e	Wharf Holdings Ltd		24,610
	53,514		Winthrop Realty Trust		581
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES		2,214,137
HOTELS AND OTHER LODGING PLACES - 0.30%
	917,815		Accor S.A.		50,225
	119,299	e	Ameristar Casinos, Inc		1,817
	3,400,500		Banyan Tree Holdings Ltd		1,840
	121,408	*,e	Bluegreen Corp		294
	376,554	*	Boyd Gaming Corp		3,152
	90,757	e	Choice Hotels International, Inc		2,873
	45,032	*	Club Mediterranee S.A.		824
	931,783	e	Crown Ltd		6,667
	84,000		Fujita Kanko, Inc		336
	201,590	*,e	Gaylord Entertainment Co		3,981
	523,399		Great Eagle Holdings Ltd		1,357
	195,151	*,e	Great Wolf Resorts, Inc		463
	88,203		Holidaybreak plc		319
	458,255		Hongkong & Shanghai Hotels		668
	307,000		Hotel Properties Ltd		480
	129,400	*	Hyatt Hotels Corp		3,857
	450,000		Indian Hotels Co Ltd		989
	785,750		Intercontinental Hotels Group plc		11,290
	83,321	*	Isle of Capri Casinos, Inc		623
	11,300		Kyoritsu Maintenance Co Ltd		156
	5,068,000	*	Lai Sun Development		86
	1,546,888	*,e	Las Vegas Sands Corp		23,111
	104,881		Marcus Corp		1,345
	1,086,463	e	Marriott International, Inc (Class A)		29,606
	1,045,636	*,e	MGM Mirage		9,536
	192,364		Millennium & Copthorne Hotels plc		1,147
	6,875,696		Minor International PCL		2,331

94

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	47,001	*,e	Monarch Casino & Resort, Inc	$	381
	110,499	*,e	Morgans Hotel Group Co		501
	107,885	e	NH Hoteles S.A.		569
	422,000	e	Nishi-Nippon Railroad Co Ltd		1,586
	714,581	*,e	Orient-Express Hotels Ltd (Class A)		7,246
	84,645	*,e	Outdoor Channel Holdings, Inc		491
	9,528		Pierre & Vacances		732
	74,089	*,e	Red Lion Hotels Corp		366
	631,000		Regal Hotels International Holdings Ltd		262
	43,800		Resorttrust, Inc		518
	112,489	e	Rezidor Hotel Group AB		381
	24,123,200	*	Sands China Ltd		29,433
	2,141,013		Shangri-La Asia Ltd		4,011
	69,283		Sol Melia S.A.		587
	756,000		Stamford Land Corp Ltd		220
	1,128,140	e	Starwood Hotels & Resorts Worldwide, Inc		41,256
	41,580		Thomas Cook Group plc		154
	91,257		TUI Travel plc		374
	121,294		United Overseas Land Ltd		350
	158,359	*,e	Vail Resorts, Inc		5,986
	945,081		Wyndham Worldwide Corp		19,062
	5,655,200	*,e	Wynn Macau Ltd		6,966
	224,129	*	Wynn Resorts Ltd		13,051
			TOTAL HOTELS AND OTHER LODGING PLACES		293,856
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.26%
	3,387,456		3M Co		280,041
	136,028	*,e	3PAR, Inc		1,612
	65,750	e	Aaon, Inc		1,281
	4,613,904		Acer, Inc		13,845
	398,756		Actuant Corp (Class A)		7,389
	363,978		Advantech Co Ltd		813
	16,200	*	AG Growth International Inc		539
	1,888,810	*,e	AGCO Corp		61,084
	34,800		Aichi Corp		131
	70,300		Aida Engineering Ltd		206
	159,225		Aixtron AG.		5,351
	43,619		Alamo Group, Inc		748
	126,739	e	Alfa Laval AB		1,753
	281,854	*,e	Allis-Chalmers Energy, Inc		1,063
	271,173		Alstom RGPT		18,965
	172,309	*	Altra Holdings, Inc		2,128
	225,588		Amada Co Ltd		1,413
	76,200	e	Amano Corp		654
	57,069		Ampco-Pittsburgh Corp		1,799
	70,028		Andritz AG.		4,037
	15,305,755		Applied Materials, Inc		213,363

95

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	36,629	*,e	Argan, Inc	$	527
	63,000		Asahi Diamond Industrial Co Ltd		452
	69,199	*,e	ASM International NV		1,746
	590,448	e	ASM Pacific Technology		5,582
	565,639		ASML Holding NV		19,312
	94,083	*,e	Astec Industries, Inc		2,535
	24,401	*,e	A-TEC Industries AG.		302
	721,534	e	Atlas Copco AB (A Shares)		10,606
	56,823		Atlas Copco AB (B Shares)		741
	122,343	*	ATS Automation Tooling Systems, Inc		875
	514		Belimo Holding AG.		571
	1,608,120		Benq Corp		1,013
	15,407		Biesse S.p.A.		117
	181,525		Black & Decker Corp		11,768
	106,026		Black Box Corp		3,005
	190,558	*	Blount International, Inc		1,925
	43,521	*,e	Bolt Technology Corp		480
	188,285	e	Bradken Ltd		1,145
	1,553,503		Brambles Ltd		9,422
	294,388	e	Briggs & Stratton Corp		5,508
	2,362,601	*,e	Brocade Communications Systems, Inc		18,027
	340,018	*	Brooks Automation, Inc		2,917
	765,211		Brother Industries Ltd		8,800
	8,539		Bucher Industries AG.		920
	277,058		Bucyrus International, Inc (Class A)		15,618
	6,338		Burckhardt Compression Holding AG.		1,125
	11,145		BWT AG.		311
	21,300		Canon Finetech, Inc		280
	1,515,311		Canon, Inc		64,459
	44,503		Cargotec Corp (B Shares)		1,225
	693,305		Carlisle Cos, Inc		23,753
	46,837	e	Cascade Corp		1,288
	156,686	e	Casio Computer Co Ltd		1,254
	2,176,078	e	Caterpillar, Inc		124,016
	333,215		Charter International plc		3,860
	457,081		Chicony Electronics Co Ltd		1,101
	7,169	*,e	China Automotive Systems, Inc		134
	2,797,000		China Railway Construction Corp		3,564
	2,296,000	*,e	China Zhongwang Holdings Ltd		1,829
	409,866	*	Cirrus Logic, Inc		2,795
	197,788		Citizen Watch Co Ltd		1,143
	79,300		CKD Corp		604
	451,912		Clevo Co		730
	116,830	*,e	Colfax Corp		1,407
	107,015	*	Columbus McKinnon Corp		1,462
	6,815,110		Compal Electronics, Inc		9,414

96

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	288,081	*	Cray, Inc	$	1,849
	667,278		Cummins, Inc		30,601
	251,379		Curtiss-Wright Corp		7,873
	101,876	*	Customers Ltd		267
	159,003	*	Cymer, Inc		6,103
	115,500		Daifuku Co Ltd		738
	45,000		Daihatsu Diesel Manufacturing Co Ltd		164
	196,903		Daikin Industries Ltd		7,777
	48,186	e	Danieli & Co S.p.A.		1,197
	131,422		Danieli & Co S.p.A. (RSP)		1,733
	21,915		Datalogic S.p.A.		127
	1,426,379		Deere & Co		77,154
	7,423,198	*	Dell, Inc		106,598
	2,260,964		Delta Electronics, Inc		7,112
	75,531	e	Deutz AG.		365
	227,614		Diebold, Inc		6,476
	33,000	e	Disco Corp		2,067
	353,954		Donaldson Co, Inc		15,057
	268,800	e	Dongfang Electric Co Ltd		1,433
	89,410		Doosan Infracore Co Ltd		1,255
	1,132,478		Dover Corp		47,122
	288,933	*	Dresser-Rand Group, Inc		9,133
	141,179	*	Dril-Quip, Inc		7,974
	9,731		Duerr AG.		234
	27,000		Eagle Industry Co Ltd		136
	683,000	e	Ebara Corp		2,950
	537,554	e	Electrolux AB (Series B)		12,632
	10,515,072	*	EMC Corp		183,699
	3,957,524		Emerson Electric Co		168,592
	412,462	*	Emulex Corp		4,496
	224,693	*,e	Ener1, Inc		1,425
	36,943		Enerflex Systems, Income Fund		511
	123,430	*,e	ENGlobal Corp		386
	113,370	*,e	EnPro Industries, Inc		2,994
	727,614	*	Entegris, Inc		3,842
	5,624		Envitec Biogas AG.		102
	37,733	*	Eurotech S.p.A.		154
	2,121		Exel Industries		77
	494,922	*,e	Extreme Networks, Inc		1,420
	181,711		Fanuc Ltd		16,936
	218,438		Fenner PLC		588
	24,000	e	Ferrotec		286
	1,614,629		Firich Enterprises Co Ltd		4,186
	87,693	*,e	Flanders Corp		391
	186,244	*	Flow International Corp		574
	237,334		Flowserve Corp		22,435

97

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	737,797	*	FMC Technologies, Inc	$	42,674
	73,779	*	Fortinet, Inc		1,296
	96,079	*,e	Fuel Tech, Inc		785
	65,500		Fuji Machine Manufacturing Co Ltd		814
	842,612		FUJIFILM Holdings Corp		25,447
	21,100		Fujimi, Inc		350
	354,000	e	Furukawa Co Ltd		419
	433,712		Gardner Denver, Inc		18,454
	423,714		GEA Group AG.		9,439
	3,778		Gesco AG.		192
	80,065		Gildemeister AG.		1,291
	87,800		Glory Ltd		1,953
	894,351	*	GMR Infrastructure Ltd		1,277
	67,564		Gorman-Rupp Co		1,867
	301,347	e	Graco, Inc		8,609
	75,393	e	Graham Corp		1,561
	727	*	Grupo Empresarial San Jose		8
	1,116		Gurit Holding AG.		623
	43,014		Hanjin Heavy Industries & Construction Co Ltd		836
	2,530,077	*	Hansen Transmissions International NV		4,455
	77,368	*,e	Harbin Electric, Inc		1,589
	1,130,000	e	Harbin Power Equipment		1,000
	38		Harmonic Drive Systems, Inc		87
	78,034	e	Heidelberger Druckmaschinen		607
	15,545,445		Hewlett-Packard Co		800,747
	380,853	e	Hitachi Construction Machinery Co Ltd		9,983
	61,500	e	Hitachi Koki Co Ltd		707
	101,000		Hitachi Kokusai Electric, Inc		882
	1,182,000	*	Hitachi Zosen Corp		1,610
	19,711		Homag Group AG.		299
	34,300		Hoshizaki Electric Co Ltd		492
	67,000		Hosokawa Micron Corp		247
	34,611	*,e	Hurco Cos, Inc		512
	389,654		Husqvarna AB (B Shares)		2,859
	246,497		IDEX Corp		7,678
	632,587		IMI PLC		5,277
	142,963	*	Immersion Corp		653
	737,482		Industrea Ltd		297
	10,655		Industria Macchine Automatiche S.p.A.		196
	45,050	e	Ingenico		1,092
	298,415		Ingersoll-Rand PLC		10,665
	303,985	*	Intermec, Inc		3,909
	7,047,460		International Business Machines Corp		922,514
	1,765,260		International Game Technology		33,134
	85,532		Interpump Group S.p.A.		456
	640		Interroll Holding AG.		189

98

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	105,620	*	Intevac, Inc	$	1,211
	3,857,530		Inventec Co Ltd		2,308
	241,000	*,e	Iseki & Co Ltd		765
	2,978,092	*	Ishikawajima-Harima Heavy Industries Co Ltd		4,749
	149,319	*	Isilon Systems, Inc		1,024
	89,287	e	Itochu Techno-Science Corp		2,398
	1,507,017		ITT Industries, Inc		74,959
	1,162,122		Jabil Circuit, Inc		20,186
	655,992		Japan Steel Works Ltd		8,365
	151,368	e	John Bean Technologies Corp		2,575
	2,711,297		Johnson Controls, Inc		73,856
	1,032,508		Joy Global, Inc		53,267
	92,059		JSW Steel Ltd		1,996
	372,000	e	Juki Corp		383
	19,998		Jungheinrich AG.		380
	69,653	*	Kadant, Inc		1,112
	900,000	e	Kato Works Co Ltd		1,514
	230,000	*,e	Kayaba Industry Co Ltd		729
	168,353	e	Kaydon Corp		6,020
	118,500		KCI Konecranes Oyj		3,234
	72,400	*	Keihin Corp		1,082
	246,430		Kennametal, Inc		6,387
	52,247		Kerself S.p.A		658
	17,494		Koenig & Bauer AG.		284
	2,018,853		Komatsu Ltd		42,263
	3,810		Komax Holding AG		265
	87,500		Komori Corp		966
	97,901		Kone Oyj (Class B)		4,195
	1,631,821		Konica Minolta Holdings, Inc		16,816
	21,684		Krones AG.		1,101
	147,000		KS Energy Services Ltd		129
	792,159	e	Kubota Corp		7,269
	25,387	e	KUKA AG.		433
	339,201	*,e	Kulicke & Soffa Industries, Inc		1,828
	235,900		Kumba Iron Ore Ltd		9,693
	76,275	e	Kurita Water Industries Ltd		2,396
	380,090	*	Lam Research Corp		14,903
	275,379		Larsen & Toubro Ltd		9,915
	250,388		Lennox International, Inc		9,775
	14,929,700	e	Lenovo Group Ltd		9,252
	236,458	*	Lexmark International, Inc (Class A)		6,143
	76,436	e	Lindsay Manufacturing Co		3,046
	2,658,746		Lite-On Technology Corp		3,995
	114,748	*	Logitech International S.A.		1,990
	72,604		Lufkin Industries, Inc		5,315
	240,000		Makino Milling Machine Co Ltd		918

99

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	248,967		Makita Corp	$	8,552
	14,086		Manitou BF S.A.		208
	395,641	e	Manitowoc Co, Inc		3,945
	14,400		Mars Engineering Corp		348
	44,000		Max Co Ltd		440
	19,800		Melco Holdings, Inc		357
	621,919		Melrose plc		1,798
	75,854	e	Met-Pro Corp		806
	75,403		Micron Machinery Co Ltd		762
	381,504	*	Micros Systems, Inc		11,838
	1,065,554		Micro-Star International Co Ltd		701
	78,651	*,e	Middleby Corp		3,855
	130	*	MidgardXXI, Inc		0	^
	1,279,622		Mitac International		662
	3,345,796		Mitsubishi Heavy Industries Ltd		11,801
	138,000	e	Mitsubishi Kakoki Kaisha Ltd		352
	259,835		Modine Manufacturing Co		3,076
	132,100	e	Mori Seiki Co Ltd		1,193
	32,759		Nacco Industries, Inc (Class A)		1,631
	344,000		Nachi-Fujikoshi Corp		745
	60,462	*,e	Natural Gas Services Group, Inc		1,140
	222,307	*,e	Netezza Corp		2,156
	231,296	*	Netgear, Inc		5,017
	60,000	e	Nidec Sankyo Corp		507
	94,000	*	Nippon Thompson Co Ltd		467
	15,000		Nitto Kohki Co Ltd		324
	37,596	*	Nordex AG.		566
	193,532	e	Nordson Corp		11,840
	22,200		Noritz Corp		290
	2,161,811		Northrop Grumman Corp		120,738
	909,638	*	NTN Corp		4,110
	7,071	*,e	OC Oerlikon Corp AG.		216
	182,559		OCE NV		2,238
	198,477	*	Oil States International, Inc		7,798
	31,800		Oiles Corp		445
	1,201,000	*	Oki Electric Industry Co Ltd		996
	220,000	e	Okuma Holdings, Inc		1,152
	4,434	e	Omega Flex, Inc		62
	5,773		ONA S.A.		941
	51,000	e	Organo Corp		337
	101,300	e	OSG Corp		1,053
	70,500	e	Outotec Oyj		2,486
	15,630		Palfinger AG.		348
	503,520		Pall Corp		18,227
	2,458,691	*,e	Palm, Inc		24,685
	37,984	*,e	PAR Technology Corp		220

100

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	81,456		Pason Systems, Inc	$	907
	10,652		Pfeiffer Vacuum Technology AG.		899
	17,542	e	Pinguely-Haulotte		157
	880,156	e	Pitney Bowes, Inc		20,032
	71,975	*,e	PMFG, Inc		1,167
	41,317		Primoris Services Corp		329
	1,604,898		PTT Aromatics & Refining PCL		1,227
	1,081,390	*,e	Quantum Corp		3,168
	4,829		R Stahl AG.		112
	146,641	*,e	Rackable Systems, Inc		1,028
	6,120		Rational AG.		1,036
	2,615,963		Raytheon Co		134,775
	104,713	*	RBC Bearings, Inc		2,548
	576,395		Realtek Semiconductor Corp		1,702
	486,941		Rheinmetall AG.		30,915
	54,676	*	Rimage Corp		948
	23,300		Riso Kagaku Corp		186
	317,800	*,e	Riverbed Technology, Inc		7,300
	138,496		Robbins & Myers, Inc		3,257
	12,200		Roland DG Corp		153
	101,963	*,e	Safeguard Scientifics, Inc		1,051
	1,349,689	*	SanDisk Corp		39,127
	505,842		Sandvik AB		6,091
	16,310		Sartorius AG.		374
	109,436		Sauer-Danfoss, Inc		1,314
	215,177	*	Scansource, Inc		5,745
	34,789		Schindler Holding AG. (Reg)		2,624
	77,446		Schindler Holding AG.		5,930
	13,998	e	Schoeller-Bleckmann Oilfield Equipment AG.		669
	9,296		Schulthess Group		449
	186,197	*,e	Scientific Games Corp (Class A)		2,709
	2,090,330		Seagate Technology, Inc		38,023
	16,504		Seiko Epson Corp		267
	141,734	e	Service Point Solutions S.A.		181
	22,547	*,m	Service Point Solutions S.A.		29
	657,210	*,e	Sevan Marine ASA		1,147
	7,855,692	e	Shanghai Electric Group Co Ltd		3,612
	1,676,811		Shanghai Zhenhua Port Machinery Co		1,414
	106,766		ShawCor Ltd		2,996
	36,000	e	Shibaura Mechatronics Corp		120
	32,000	e	Shima Seiki Manufacturing Ltd		584
	121,000		Shinko Electric Co Ltd		232
	375,590		Shinmaywa Industries Ltd		1,149
	160,063	*,e	Sigma Designs, Inc		1,713
	44,354	*,e	Singulus Technologies		195
	94,700		Sintokogio Ltd		674

101

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	117,517		SKF AB (B Shares)	$	2,026
	66,069		SMC Corp		7,544
	63,307	e	Solarworld AG.		1,393
	410,271		SPX Corp		22,442
	85,028		Standex International Corp		1,708
	67,600		Star Micronics Co Ltd		558
	117,613	*,e	STEC, Inc		1,922
	52,454		Sulzer AG.		4,115
	2,266,561	*	Sumitomo Heavy Industries Ltd		11,475
	156,474	*,e	Super Micro Computer, Inc		1,740
	2,303,000	*	Superb Summit International Timber Co Ltd		111
	556,109		Swisslog Holding AG.		468
	1,176,867		Synnex Technology International Corp		2,542
	2,303,653		T RAD Co Ltd		4,863
	65,806	*	T-3 Energy Services, Inc		1,678
	496,186	e	Tadano Ltd		2,065
	8,971		Taewoong Co Ltd		577
	13,300		Takeuchi Manufacturing Co Ltd		123
	2,605,315	e	Tat Hong Holdings Ltd		1,937
	1,668,000	e	Techtronic Industries Co		1,383
	108,333	*,e	Tecumseh Products Co (Class A)		1,266
	24,400		Teikoku Piston Ring Co Ltd		95
	141,031		Tennant Co		3,694
	1,317,043	*	Teradata Corp		41,395
	670,984	*	Terex Corp		13,292
	3,252,342	e	Textron, Inc		61,177
	779,108		Timken Co		18,473
	236,682		Tokyo Electron Ltd		15,192
	73,000	e	Tokyo Kikai Seisakusho Ltd		79
	45,300	e	Tokyo Seimitsu Co Ltd		547
	88,600		Topre Corp		790
	33,100	e	Torishima Pump Manufacturing Co Ltd		720
	158,334	e	Toro Co		6,620
	4,971,488		Toshiba Corp		27,586
	146,000	e	Toshiba Machine Co Ltd		560
	392,695	*	Toyota Tsusho Corp		5,811
	257,000		Tsubakimoto Chain Co		1,011
	68,000		Tsugami Corp		160
	4,196,745		Tutt Bryant Group Ltd		3,209
	64,005		Twin Disc, Inc		668
	1,335,440		Tyco International Ltd		47,648
	110,564	*	Ultratech, Inc		1,643
	14,400	e	Union Tool Co		379
	490,824	*	Varian Medical Systems, Inc		22,995
	428,319	*,e	VeriFone Holdings, Inc		7,016
	827,279	*	Verigy Ltd		10,647

102

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	9,894	*	Vestas Wind Systems AS	$	602
	51,818		Wacker Construction Equipment AG.		611
	1,243	e	Wacom Co Ltd		2,711
	1,178		Walter Meier AG.		105
	150,524	e	Wartsila Oyj (B Shares)		6,033
	134,261	e	Watsco, Inc		6,576
	498,290		Weir Group plc		5,747
	1,723,536	*	Western Digital Corp		76,095
	54,815		Wincor Nixdorf AG.		3,754
	2,491,588		Wistron Corp		4,825
	297,937	e	Woodward Governor Co		7,678
	93,800	e	Yamatake Corp		2,085
	123,488	e	Yokogawa Electric Corp		1,091
	12,200		Yushin Precision Equipment Co Ltd		166
	7,318		Zardoya Otis S.A.		142
	183,784	*,e	Zebra Technologies Corp (Class A)		5,212
	305		Zehnder Group AG.		406
			TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		5,188,059
INSTRUMENTS AND RELATED PRODUCTS - 2.51%
	110,179	*,e	Abaxis, Inc		2,815
	156,437	*,e	Abiomed, Inc		1,367
	192,754	*	Accuray, Inc		1,081
	287,624	e	Advantest Corp		7,493
	734,600	*	Affymetrix, Inc		4,290
	35,500	*	AGA Medical Holdings, Inc		524
	214,088	*	AGFA-Gevaert NV		1,380
	1,736,466	*,e	Agilent Technologies, Inc		53,952
	29,060		Alcon, Inc		4,776
	332,355	*,e	Align Technology, Inc		5,923
	1,446,996		Allergan, Inc		91,175
	19,500	e	Aloka Co Ltd		138
	154,822	*	Alphatec Holdings, Inc		827
	480,573	*,e	American Medical Systems Holdings, Inc		9,270
	66,060		American Science & Engineering, Inc		5,010
	161,411		Amplifon S.p.A.		697
	63,868		Analogic Corp		2,460
	66,742	*	Anaren, Inc		1,004
	119,774	*	Angiodynamics, Inc		1,926
	120,000		Anritsu Corp		386
	65,373	*	Argon ST, Inc		1,420
	7,486	e	Atrion Corp		1,166
	230,882	*,e	ATS Medical, Inc		746
	5,906		Audika		188
	76,539	e	Badger Meter, Inc		3,048
	597,824		Bard (C.R.), Inc		46,570

103

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,175,975		Baxter International, Inc	$	245,045
	17,199,208	*	BB Bioventures L.P.		1,497
	457,970		Beckman Coulter, Inc		29,970
	1,245,824		Becton Dickinson & Co		98,246
	97,400	*	Bio-Rad Laboratories, Inc (Class A)		9,395
	862,000	*	Biosensors International Group Ltd		485
	18,223,568	*	Boston Scientific Corp		164,011
	83,776	*,e	Bovie Medical Corp		654
	633,032	*	Bruker BioSciences Corp		7,634
	113,812	*	Cantel Medical Corp		2,297
	131,742	*,e	Cardiac Science Corp		294
	90,731	*,e	CardioNet, Inc		539
	565,366	*	CareFusion Corp		14,140
	279,644	*,e	Cepheid, Inc		3,490
	152,222	*,e	Clarient, Inc		403
	151,115	e	Cochlear Ltd		9,332
	112,116	*,e	Coherent, Inc		3,333
	130,752		Cohu, Inc		1,824
	12,055	e	Coloplast AS (Class B)		1,090
	9,700	e	Compagnie Generale d’Optique Essilor International S.A.		580
	165,384	*	Conmed Corp		3,771
	14,677		Consort Medical plc		94
	140,701	e	Cooper Cos, Inc		5,364
	66,333	*,e	Cutera, Inc		564
	187,722	*,e	Cyberonics, Inc		3,837
	50,711	*	Cynosure, Inc (Class A)		583
	1,802,929		Danaher Corp		135,579
	113,070	*,e	Delcath Systems, Inc		581
	668,280	e	Dentsply International, Inc		23,503
	384,639	*,e	Depomed, Inc		1,289
	227,585	*,e	DexCom, Inc		1,839
	113,318	*	Dionex Corp		8,371
	16,870		Draegerwerk AG.		723
	58,570	*,e	DXP Enterprises, Inc		766
	1,512,311	e	Eastman Kodak Co		6,382
	87,439	*,e	Electro-Optical Sciences, Inc		906
	174,253		Elekta AB (B Shares)		4,142
	240,005	*	Endologix, Inc		1,267
	547,539	*,e	EnteroMedics, Inc		307
	129,501	e	ESCO Technologies, Inc		4,643
	156,553	*	Esterline Technologies Corp		6,383
	392,835	*	ev3, Inc		5,240
	39,681	*,e	Exactech, Inc		687
	29,563	*	Exfo Electro Optical Engineering, Inc		114
	82,968	*,e	FARO Technologies, Inc		1,779
	179,908	*	FEI Co		4,203

104

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	69,606	*,e	FGX International Holdings Ltd	$	1,364
	15,748		Fielmann AG.		1,161
	492,726		Finmeccanica S.p.A.		7,889
	838,398	*	Flir Systems, Inc		27,432
	237,465	*,e	Formfactor, Inc		5,167
	293,302	*	Fossil, Inc		9,843
	173,397		Fresenius AG (Preference)		12,447
	63,341		Fresenius SE		3,951
	25,900		Furuno Electric Co Ltd		122
	965,523	e	Garmin Ltd		29,642
	9,671	e	Getinge AB (B Shares)		185
	12,884,212	*,e	Golden Meditech Co Ltd		3,110
	1,510		Guerbet		210
	162,803	*	Haemonetics Corp		8,979
	56,756		Hamworthy plc		243
	144,459	*	Hanger Orthopedic Group, Inc		1,998
	122,273	*	Harvard Bioscience, Inc		437
	77,466	*	Herley Industries, Inc		1,076
	239,641		Hexagon AB (B Shares)		3,514
	185,339		Hillenbrand, Inc		3,492
	8,800		Hioki EE Corp		155
	17,000		Hitachi Medical Corp		142
	16,400	e	Hogy Medical Co Ltd		797
	933,224	*,e	Hologic, Inc		13,532
	57,915	*,e	Home Diagnostics, Inc		353
	42,500	e	Horiba Ltd		1,021
	61,510	*	ICU Medical, Inc		2,241
	74,269	*,e	ICx Technologies, Inc		707
	122,125	*	II-VI, Inc		3,884
	576,859	*,e	Illumina, Inc		17,681
	3,224		Inficon Holding AG.		366
	154,101	*,e	Insulet Corp		2,201
	92,417	*	Integra LifeSciences Holdings Corp		3,399
	164,382	*	Intuitive Surgical, Inc		49,860
	234,186	e	Invacare Corp		5,841
	897,790		Invensys plc		4,319
	641,389	*,e	ION Geophysical Corp		3,797
	122,412	*	IRIS International, Inc		1,513
	185,491	*	ISTA Pharmaceuticals, Inc		846
	149,383	*	Itron, Inc		10,094
	165,256	*,e	Ixia		1,230
	45,525	*	Jenoptik AG.		244
	79,000	*,e	Jeol Ltd		281
	77,489		Kaba Holding AG.		18,676
	470		Keithley Instruments, Inc		2
	38,205	*	Kensey Nash Corp		974

105

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	30,533	e	Keyence Corp	$	6,337
	511,308		Kla-Tencor Corp		18,489
	408,464	*	Kopin Corp		1,707
	13,642	*	K-Tron International, Inc		1,483
	69,569	*	KVH Industries, Inc		1,026
	377,824	*,e	L-1 Identity Solutions, Inc		2,830
	67,630	*	LaBarge, Inc		815
	119,934		Largan Precision Co Ltd		1,574
	432,522		LG.Philips LCD Co Ltd		14,624
	12,010	*,e	LifeWatch AG.		215
	141,770	e	Luxottica Group S.p.A.		3,666
	1,770	*	Lydall, Inc		9
	73,929	*,e	MAKO Surgical Corp		821
	3,700		Mani, Inc		224
	248,100	*,e	Masimo Corp		7,547
	81,659	*	Measurement Specialties, Inc		821
	109,058	*,e	Medical Action Industries, Inc		1,751
	5,371,218		Medtronic, Inc		236,225
	135,846	*	Merit Medical Systems, Inc		2,620
	122,864	*	Mettler-Toledo International, Inc		12,899
	23,700	e	Micronics Japan Co Ltd		401
	105,919	*,e	Micrus Endovascular Corp		1,590
	325,412	*	Millipore Corp		23,544
	138,484	e	Mine Safety Appliances Co		3,674
	267,191	*	MKS Instruments, Inc		4,652
	80,248	e	Movado Group, Inc		780
	22,167,242	*a	MPM Bioventures II		8,801
	97,619		MTS Systems Corp		2,806
	6,000		Nakanishi, Inc		479
	173,537	e	National Instruments Corp		5,111
	143,400	*	Natus Medical, Inc		2,121
	94,475	*,e	Neogen Corp		2,231
	220,313	*,e	Newport Corp		2,025
	29,100		Nidec Copal Corp		402
	57,600		Nihon Kohden Corp		917
	73,000		Nikkiso Co Ltd		410
	358,418		Nikon Corp		7,077
	636,111		Nippon Electric Glass Co Ltd		8,755
	188,500		Nippon Signal Co Ltd		1,829
	80,900	e	Nipro Corp		1,673
	95,143		Nobel Biocare Holding AG.		3,189
	31,600		Noritsu Koki Co Ltd		215
	191,631	*,e	NuVasive, Inc		6,128
	106,769	*,e	NxStage Medical, Inc		892
	45,000		ODIM ASA		231
	9,500	e	Ohara, Inc		162

106

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	125,662	*	Olympus Corp	$	4,051
	195,217		Opto Circuits India Ltd		947
	128,759	*,e	Orthofix International NV		3,988
	315,482	*,e	Orthovita, Inc		1,107
	31,000		Osaki Electric Co Ltd		278
	18,727	*,e	OYO Geospace Corp		803
	92,520	*	Palomar Medical Technologies, Inc		933
	402,000	*,e,m	Peace Mark Holdings Ltd		78
	2,061,979		PerkinElmer, Inc		42,456
	400,676		Phonak Holding AG.		48,542
	239,775	*,e	Qiagen NV		5,400
	68,317		Q-Med AB		461
	77,746	*,e	RAE Systems, Inc		86
	48,108	e	Renishaw PLC		422
	317,419	*,e	Resmed, Inc		16,591
	263,950	*	ResMed, Inc (ADR)		1,398
	49,263	*,e	Rochester Medical Corp		548
	429,973	e	Rockwell Automation, Inc		20,200
	697,847		Rockwell Collins, Inc		38,633
	72,092	*,e	Rockwell Medical Technologies, Inc		554
	135,837	*	Rofin-Sinar Technologies, Inc		3,207
	352,813	e	Roper Industries, Inc		18,477
	15,523	*	Roth & Rau AG.		673
	160,500	*	Rudolph Technologies, Inc		1,079
	7,635	e	SAES Getters S.p.A.		66
	27,440		SAES Getters S.p.A. RSP		212
	214,019	e	Safilo Group S.p.A.		176
	196,540	e	Safran S.A.		3,840
	45,691		Samsung Techwin Co Ltd		3,563
	87,000	*,e	Seiko Holdings Corp		162
	158,000	e	Shimadzu Corp		1,052
	110,650	*	Sirona Dental Systems, Inc		3,512
	4,254,176	*,a	Skyline Venture Fund II Ltd		1,019
	961,029	*	Skyline Venture Fund III Ltd		473
	98,408		Smith & Nephew plc		1,012
	60,268	*,e	Somanetics Corp		1,058
	3,360	*,e	Sonic Solutions, Inc		40
	84,015	*,e	SonoSite, Inc		1,985
	496,548	*	Sorin S.p.A.		946
	181,713	*	Spectranetics Corp		1,265
	183,113		Spectris plc		2,178
	7,649		Sperian Protection		551
	95,128		Spirax-Sarco Engineering PLC		1,899
	1,251,747		Spirent Communications plc		2,050
	1,645,150	*	St. Jude Medical, Inc		60,509
	347,482	*,e	Star Scientific, Inc		243

107

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	148,400	*	Stereotaxis, Inc	$	583
	352,952	e	STERIS Corp		9,872
	8,569		Stratec Biomedical Systems		325
	382		Straumann Holding AG.		107
	2,251,952		Stryker Corp		113,430
	17,532		Swatch Group AG.		4,438
	2,136		Swatch Group AG. Reg		102
	320,645	*,e	Symmetry Medical, Inc		2,584
	57,864	*	Synovis Life Technologies, Inc		747
	5,012		Synthes, Inc		657
	70,200	e	Sysmex Corp		3,671
	21,200		Tamron Co Ltd		216
	156,046		Techne Corp		10,699
	195,099	*	Teledyne Technologies, Inc		7,484
	917,690	*,e	Teradyne, Inc		9,847
	198,203		Terumo Corp		11,946
	5,580	*	Theragenics		7
	1,669,687	*	Thermo Electron Corp		79,627
	366,618	*,e	Thoratec Corp		9,869
	187,876	*,e	TomTom NV		1,667
	69,500	e	Topcon Corp		348
	71,424	*,e	Trans1, Inc		282
	361,687	*,e	Trimble Navigation Ltd		9,115
	86,295		Ultra Electronics Holdings		1,907
	15,189	e	Utah Medical Products, Inc		445
	176,983	*,e	Varian, Inc		9,122
	81,260	*,e	Vascular Solutions, Inc		682
	250,475	*	Veeco Instruments, Inc		8,276
	78,394	*,e	Vital Images, Inc		995
	393,109	*,e	Vivus, Inc		3,613
	287,513	*,e	Volcano Corp		4,997
	557,250	*	Waters Corp		34,527
	17,255	*	William Demant Holding		1,297
	183,308	*,e	Wright Medical Group, Inc		3,474
	3,727,326	e	Xerox Corp		31,533
	45,654	*,e	X-Rite, Inc		100
	27,424	e	Young Innovations, Inc		680
	934,925	*	Zimmer Holdings, Inc		55,263
	159,759	*	Zoll Medical Corp		4,269
	89,930	*,e	Zygo Corp		605
			TOTAL INSTRUMENTS AND RELATED PRODUCTS		2,477,135
INSURANCE AGENTS, BROKERS AND SERVICE - 0.26%
	1,287,748		AON Corp		49,372
	25,588		April Group		887
	300,953		Arthur J. Gallagher & Co		6,774

108

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	695,046		Brown & Brown, Inc	$	12,490
	166,553	*,e	Crawford & Co (Class B)		656
	65,472		Grupo Catalana Occidente S.A.		1,473
	1,471,827		Hartford Financial Services Group, Inc		34,235
	228,593	e	Jardine Lloyd Thompson Group plc		1,782
	35,334	e	Life Partners Holdings, Inc		749
	2,084,806		Marsh & McLennan Cos, Inc		46,033
	1,201,281		Millea Holdings, Inc		32,782
	60,672	e	MLP AG.		702
	21,160		Morneau Sobeco Income Fund		199
	256,013	*,e	National Financial Partners Corp		2,071
	2,222,061		QBE Insurance Group Ltd		50,708
	616,213	e	Unipol Gruppo Finanziario S.p.A.		843
	315,685	*	Verisk Analytics, Inc		9,559
	23,768		White Mountains Insurance Group Ltd		7,907
			TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		259,222
INSURANCE CARRIERS - 3.60%
	2,022,852		ACE Ltd		101,952
	64,518		Aditya Birla Nuvo Ltd		1,209
	2,469,852		Admiral Group plc		47,225
	3,644,273	*	Aegon NV		23,336
	2,751,336		Aetna, Inc		87,217
	3,977,954		Aflac, Inc		183,980
	350,000		Aioi Insurance Co Ltd		1,678
	107,837		Aksigorta AS		377
	16,578	*	Alleghany Corp		4,576
	560,021		Allianz AG.		69,420
	409,411		Allied World Assurance Holdings Ltd		18,862
	1,750,067		Allstate Corp		52,572
	22,508	*	Alm Brand AS		391
	1,471,377	*,e	Ambac Financial Group, Inc		1,221
	22,542	*	American Caresource Holdings, Inc		54
	316,699	e	American Equity Investment Life Holding Co		2,356
	940,340		American Financial Group, Inc		23,461
	398,201	*,e	American International Group, Inc		11,938
	50,365	e	American National Insurance Co		6,016
	46,672	e	American Physicians Capital, Inc		1,415
	30,351	e	American Physicians Service Group, Inc		700
	63,623	*	American Safety Insurance Holdings Ltd		919
	262,002	*	AMERIGROUP Corp		7,064
	103,160	*	Amerisafe, Inc		1,854
	750,842		Amlin plc		4,335
	3,769,596	e	AMP Ltd		22,770
	123,677		Amtrust Financial Services, Inc		1,462
	479,571	*	Arch Capital Group Ltd		34,313

109

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	184,655	*	Argo Group International Holdings Ltd	$	5,381
	564,711		Aspen Insurance Holdings Ltd		14,372
	1,010,834	e	Assicurazioni Generali S.p.A.		27,232
	539,228		Assurant, Inc		15,896
	640,133		Assured Guaranty Ltd		13,929
	5,466,948		Aviva plc		34,776
	1,286,264		AXA Asia Pacific Holdings Ltd		7,521
	2,614,203		AXA S.A.		61,379
	2,616,463		Axis Capital Holdings Ltd		74,334
	47,018	e	Baldwin & Lyons, Inc (Class B)		1,157
	116,760		Baloise Holding AG.		9,694
	1,243,750		Beazley plc		2,002
	492,407		Brit Insurance Holdings NV		1,555
	237,073	*	Catalyst Health Solutions, Inc		8,646
	576,025	e	Catlin Group Ltd		3,154
	325,957	*	Centene Corp		6,901
	749,669		Chaucer Holdings PLC		555
	126,853		Chesnara plc		399
	1,119,308	*	China Insurance International Holdings Co Ltd		3,617
	11,082,119		China Life Insurance Co Ltd		54,228
	191,200	*	China Pacific Insurance Group Co Ltd		762
	1,665,867		Chubb Corp		81,927
	2,443,938		Cigna Corp		86,198
	435,318		Cincinnati Financial Corp		11,423
	179,784	*,e	Citizens, Inc (Class A)		1,174
	84,183	*,e	CNA Financial Corp		2,020
	90,192	*	CNA Surety Corp		1,343
	121,582		CNP Assurances		11,773
	1,032,857	*,e	Conseco, Inc		5,164
	889,747	e	Corp Mapfre S.A.		3,737
	266,144		Delphi Financial Group, Inc (Class A)		5,954
	399,431		Discovery Holdings Ltd		1,728
	69,290	e	Donegal Group, Inc (Class A)		1,077
	91,787		Dongbu Insurance Co Ltd		2,551
	35,870	e	Eastern Insurance Holdings, Inc		309
	35,483	e	EMC Insurance Group, Inc		763
	253,892	e	Employers Holdings, Inc		3,895
	323,743	e	Endurance Specialty Holdings Ltd		12,053
	79,485	*,e	Enstar Group Ltd		5,804
	90,227	e	Erie Indemnity Co (Class A)		3,521
	24,779		Euler Hermes S.A.		1,848
	258,863		Everest Re Group Ltd		22,179
	50,819		Fairfax Financial Holdings Ltd		19,922
	27,029		FBD Holdings plc		266
	70,308	e	FBL Financial Group, Inc (Class A)		1,302
	711,821		Fidelity National Title Group, Inc (Class A)		9,581

110

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	138,746	*,e	First Acceptance Corp	$	271
	286,127		First American Corp		9,474
	120,625		First Mercury Financial Corp		1,654
	210,129		Flagstone Reinsurance Holdings Ltd		2,299
	50,287		Fondiaria-Sai S.p.A		799
	38,952	*	Fpic Insurance Group, Inc		1,504
	204,000		Fuji Fire & Marine Insurance Co Ltd		198
	2,198,806	*	Genworth Financial, Inc (Class A)		24,956
	403,661	e	Great-West Lifeco, Inc		10,375
	143,336	*,e	Greenlight Capital Re Ltd (Class A)		3,378
	62,787	*	Hallmark Financial Services		500
	88,801	*	Hannover Rueckversicherung AG.		4,149
	141,067		Hanover Insurance Group, Inc		6,268
	87,469	e	Harleysville Group, Inc		2,781
	600,038		HCC Insurance Holdings, Inc		16,783
	376,190	*	Health Net, Inc		8,761
	279,041	*	Healthspring, Inc		4,914
	9,301		Helvetia Holding AG.		2,880
	545,273		Hiscox Ltd		2,779
	269,988		Horace Mann Educators Corp		3,375
	73,900		Hulic Co Ltd		477
	1,368,188	*	Humana, Inc		60,050
	30,032	e	Independence Holding Co		174
	180,736		Industrial Alliance Insurance and Financial Services, Inc		5,565
	90,634		Infinity Property & Casualty Corp		3,683
	152,436		ING Canada, Inc		5,415
	2,217,900		Insurance Australia Group Ltd		7,966
	435,677	*	Irish Life & Permanent plc		2,046
	26,056	e	Kansas City Life Insurance Co		775
	52,752	*	KBC Groep NV		2,267
	65,661		Kingsway Financial Services, Inc		115
	699,818	*,e	Leucadia National Corp		16,649
	140,682		Liberty Holdings Ltd		1,321
	1,386,690		Lincoln National Corp		34,501
	982,949		Loews Corp		35,730
	337,171		Maiden Holdings Ltd		2,468
	2,275,340	e	Manulife Financial Corp		42,054
	2,118	*	Mapfre S.A.		8
	29,155	*,e	Markel Corp		9,913
	660,496		Max Re Capital Ltd		14,729
	391,700	*,e	MBIA, Inc		1,559
	344,322		Meadowbrook Insurance Group, Inc		2,548
	293,194	e	Mediolanum S.p.A.		1,831
	26,677	e	Mercer Insurance Group, Inc		485
	76,851	e	Mercury General Corp		3,017
	3,091,143		Metlife, Inc		109,272

111

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	196,824	*	Metropolitan Health Networks, Inc	$	392
	715,938	*,e	MGIC Investment Corp		4,138
	278,690		Milano Assicurazioni S.p.A.		815
	38,423		Milano Assicurazioni S.p.A. (RSP)		123
	723,678		Mitsui Sumitomo Insurance Group Holdings, Inc		18,484
	86,223	*,e	Molina Healthcare, Inc		1,972
	456,571	e	Montpelier Re Holdings Ltd		7,908
	617,750		Muenchener Rueckver AG.		96,221
	31,023	e	National Interstate Corp		526
	11,838	e	National Western Life Insurance Co (Class A)		2,055
	72,567	*	Navigators Group, Inc		3,419
	1,621,000		Nipponkoa Insurance Co Ltd		9,229
	425,733		Nissay Dowa General Insurance Co Ltd		2,043
	133,427		Novae Group plc		640
	33,230		NYMAGIC, Inc		551
	4,298,192		Old Mutual plc		7,527
	781,733	e	Old Republic International Corp		7,849
	71,779		OneBeacon Insurance Group Ltd (Class A)		989
	1,058,000		Pacific Century Regional Developments Ltd		136
	1,008,901		PartnerRe Ltd		75,325
	600,563	e	Phoenix Cos, Inc		1,670
	4,986,000	*,e	PICC Property & Casualty Co Ltd		4,462
	1,974,500	e	Ping An Insurance Group Co of China Ltd		17,169
	481,245		Platinum Underwriters Holdings Ltd		18,427
	221,888	*	PMA Capital Corp (Class A)		1,398
	320,264	e	PMI Group, Inc		807
	602,752		Power Corp Of Canada		16,835
	382,141	e	Power Financial Corp		11,356
	230,795		Premafin Finanziaria S.p.A.		350
	106,789	e	Presidential Life Corp		977
	148,666	*	Primus Guaranty Ltd		453
	2,257,088		Principal Financial Group		54,260
	172,221	*	ProAssurance Corp		9,250
	3,505,368	*	Progressive Corp		63,062
	263,358		Protective Life Corp		4,359
	4,749,091		Prudential Financial, Inc		236,314
	4,500,717		Prudential plc		46,071
	417,986		Radian Group, Inc		3,055
	116,430	*,e	RadNet, Inc		238
	281,065	e	Reinsurance Group of America, Inc (Class A)		13,393
	839,866		RenaissanceRe Holdings Ltd		44,639
	89,623	e	RLI Corp		4,772
	4,871,793		Royal & Sun Alliance Insurance Group plc		9,465
	83,452		Safety Insurance Group, Inc		3,023
	402,586		Sampo Oyj (A Shares)		9,807
	46,553		Samsung Fire & Marine Insurance Co Ltd		7,968

112

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,989,929		Sanlam Ltd	$	9,195
	19,692		Schweizerische National-Versicherungs-Gesellschaft		588
	475,126		SCOR		11,936
	141,168	*,e	SeaBright Insurance Holdings, Inc		1,622
	323,862		Selective Insurance Group, Inc		5,328
	268,777	*	SNS Reaal		1,606
	54,082		Societa Cattolica di Assicurazioni SCRL		1,835
	1,476,538		Sompo Japan Insurance, Inc		9,520
	4,368		Sony Financial Holdings, Inc		11,367
	239,858		St. James’s Place plc		946
	311,916	e	Stancorp Financial Group, Inc		12,483
	4,174,008		Standard Life plc		14,498
	95,316		State Auto Financial Corp		1,763
	88,775	e	Stewart Information Services Corp		1,001
	801,273		Storebrand ASA		5,453
	1,192,926		Sun Life Financial, Inc		34,504
	23,837		Swiss Life Holding		3,033
	286,295		Swiss Reinsurance Co		13,715
	173,119		T&D Holdings, Inc		3,560
	11,979	*,e	Topdanmark AS		1,613
	405,598	e	Torchmark Corp		17,826
	224,371		Tower Group, Inc		5,253
	206,978		Tower Ltd		300
	247,777		Transatlantic Holdings, Inc		12,912
	3,260,275		Travelers Cos, Inc		162,557
	125,634	*	Triple-S Management Corp (Class B)		2,211
	19,240		TrygVesta A.S.		1,265
	208,319	*	United America Indemnity Ltd (Class A)		1,650
	128,558		United Fire & Casualty Co		2,344
	5,757,561		UnitedHealth Group, Inc		175,490
	126,684		Unitrin, Inc		2,793
	141,905	*,e	Universal American Financial Corp		1,660
	83,130	e	Universal Insurance Holdings, Inc		488
	1,708,854	e	UnumProvident Corp		33,357
	682,064		Validus Holdings Ltd		18,375
	25,365		Vittoria Assicurazioni S.p.A.		141
	611,615		W.R. Berkley Corp		15,070
	386,597	*	WellCare Health Plans, Inc		14,211
	3,463,529	*	WellPoint, Inc		201,889
	4,982		Wesco Financial Corp		1,709
	124,931	e	Wiener Staedtische Allgemeine Versicherung AG.		6,413
	1,946,368		XL Capital Ltd (Class A)		35,677
	188,241	e	Zenith National Insurance Corp		5,602
	118,801		Zurich Financial Services AG.		25,973
			TOTAL INSURANCE CARRIERS		3,545,045

113

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
JUSTICE, PUBLIC ORDER AND SAFETY - 0.03%
	69,094	*,e	China Fire & Security Group, Inc	$	935
	735,197	*	Corrections Corp of America		18,050
	252,301	*	Geo Group, Inc		5,520
			TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		24,505
LEATHER AND LEATHER PRODUCTS - 0.17%
	144,374		Adidas-Salomon AG.		7,820
	2,192,962		Coach, Inc		80,109
	611,826	*	CROCS, Inc		3,518
	130,826	*,e	Genesco, Inc		3,592
	97,193	e	Geox S.p.A.		672
	383,511	*,e	Iconix Brand Group, Inc		4,851
	409,841	e	LVMH Moet Hennessy Louis Vuitton S.A.		45,955
	5,010,814		Pou Chen Corp		3,977
	114,881	*	Steven Madden Ltd		4,738
	239,992	*	Timberland Co (Class A)		4,303
	14,309		Tod’s S.p.A.		1,062
	34,418	e	Weyco Group, Inc		814
	312,813		Wolverine World Wide, Inc		8,515
	539,578	e	Yue Yuen Industrial Holdings		1,562
			TOTAL LEATHER AND LEATHER PRODUCTS		171,488
LEGAL SERVICES - 0.02%
	283,033	*	FTI Consulting, Inc		13,348
	61,599	*,e	Pre-Paid Legal Services, Inc		2,530
			TOTAL LEGAL SERVICES		15,878
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.03%
	262,416		Arriva PLC		2,093
	297,799		Brisa-Auto Estradas de Portugal S.A.		3,060
	125,923		ComfortDelgro Corp Ltd		146
	235,676	*	Emergency Medical Services Corp (Class A)		12,761
	70,934		Go-Ahead Group PLC		1,518
	279,964	e	Keihin Electric Express Railway Co Ltd		2,061
	179,625		Keisei Electric Railway Co Ltd		983
	1,139,223	e	National Express Group plc		3,506
	1,136,000		SMRT Corp Ltd		1,543
			TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		27,671
LUMBER AND WOOD PRODUCTS - 0.03%
	60,004	e	American Woodmark Corp		1,181
	15,009		Asian Bamboo AG.		495
	96,000		Daiken Corp		210
	51,595	e	Deltic Timber Corp		2,383

114

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	646,430	*,e	Louisiana-Pacific Corp	$	4,512
	901,288	*	MFI Furniture plc		1,079
	265,885		Nobia AB		1,552
	36,657	e	Pfleiderer AG.		320
	576,623	*,e	Sino-Forest Corp		10,685
	36,023	e	Skyline Corp		663
	61,245	e	Sonae Industria SGPS S.A.		225
	120,000		Takara Standard Co Ltd		667
	113,154		Universal Forest Products, Inc		4,165
	44,562		West Fraser Timber Co Ltd		1,406
			TOTAL LUMBER AND WOOD PRODUCTS		29,543
METAL MINING - 2.18%
	195,841	e	Aditya Birla Minerals Ltd		215
	136,492		African Rainbow Minerals Ltd		3,199
	172,183	e	Agnico-Eagle Mines Ltd		9,371
	222,770	*	Alamos Gold, Inc		2,675
	282,868	*	Allied Nevada Gold Corp		4,266
	222,329		Alumina Ltd		363
	385,624	*	Andean Resources Ltd		898
	4,870,989		Anglo American plc		210,951
	109,825		Anglo Platinum Ltd		11,726
	410,723		AngloGold Ashanti Ltd		16,637
	978,221		Antofagasta plc		15,561
	603,411	e	Aquarius Platinum Ltd		3,966
	16,200	*	Aquiline Resources, Inc		105
	437,008	*,e	Atlas Iron Ltd		741
	96,994	*	Aura Minerals, Inc		421
	234,597	*	Aurizon Mines Ltd		1,061
	237,553	*,e	Avoca Resources Ltd		384
	367,308	*	Avocet Mining plc		626
	1,290,678		Barrick Gold Corp		50,827
	1,433,595		Barrick Gold Corp (Canada)		56,831
	5,771,653		BHP Billiton Ltd		220,862
	3,579,746		BHP Billiton plc		114,122
	406,380	e	Boliden AB		5,207
	439,094		Cameco Corp		14,245
	81,214		CAP S.A.		2,393
	367,800	*,e	Capstone Mining Corp		988
	140,802	*,e	Centerra Gold, Inc		1,454
	802,257	e	Cleveland-Cliffs, Inc		36,976
	415,975	*	Coeur d’Alene Mines Corp		7,513
	2,100,728		Companhia Vale do Rio Doce		59,728
	875,349	e	Companhia Vale do Rio Doce (ADR)		25,411
	2,803,376		Companhia Vale do Rio Doce (Preference)		67,951
	24,801		Compania de Minas Buenaventura S.A.		827

115

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	241,300		Compania de Minas Buenaventura S.A. (ADR) (Series B)	$	8,076
	236,407	*,e	Consolidated Thompson Iron Mines Ltd		1,528
	84,800	*,e	Corriente Resources, Inc		692
	108,000	*	Crystallex International Corp		41
	120,907	*	Cudeco Ltd		547
	601,916	*	Deep Yellow Ltd		167
	434,008	*	Denison Mines Corp		548
	77,132	*	Detour Gold Corp		1,319
	164,949		Dominion Mining Ltd		530
	1,088,385	*	Eastern Platinum Ltd		957
	341,015	*	ECU Silver Mining, Inc		241
	806,493	*,e	Eldorado Gold Corp		11,505
	173,901	*	Eldorado Gold Corp (ADR)		2,432
	354,201	e	Energy Resources of Australia Ltd		7,559
	992,453	*	Equinox Minerals Limited		3,881
	1,833,327		Eurasian Natural Resources Corp		26,854
	229,598	*	European Goldfields Ltd		1,335
	117,470	*,e	Extract Resources Ltd		876
	297,747		Ferrexpo plc		948
	114,051		First Quantum Minerals Ltd		8,752
	135,337	*	FNX Mining Co, Inc		1,496
	93,752	*	Forsys Metals Corp		368
	217,143		Franco-Nevada Corp		5,834
	2,166,857	*	Freeport-McMoRan Copper & Gold, Inc (Class B)		173,977
	290,674		Fresnillo plc		3,692
	133,617	*,e	Fronteer Development Group, Inc		528
	218,188	*	Gabriel Resources Ltd		912
	184,472	*	Gammon Gold, Inc		2,048
	747,345	*,e	Gindalbie Metals Ltd		709
	931,598		Gold Fields Ltd		12,234
	305,000		Gold Fields Ltd (ADR)		3,999
	1,563,330		Goldcorp, Inc		61,810
	345,238	*	Golden Star Resources Ltd		1,076
	397,455	*	GREAT BASIN GOLD LTD		688
	91,242	*	Guyana Goldfields, Inc		699
	485,517	e	Harmony Gold Mining Co Ltd		4,929
	1,268,223	*,e	Hecla Mining Co		7,838
	1,388,000	*	Hidili Industry International Development Ltd		1,727
	346,000	*	Highland Gold Mining Ltd		503
	181,500		Hochschild Mining plc		998
	275,792	*	HudBay Minerals, Inc		3,578
	558,960		IAMGOLD Corp		8,824
	523,320	*,e	Iluka Resources Ltd		1,673
	714,585		Impala Platinum Holdings Ltd		19,533
	217,981	e	Independence Group NL		940
	319,379	*	Indophil Resources NL		349

116

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	134,811		Inmet Mining Corp	$	8,221
	78,158	*	Ivanhoe Australia Ltd		255
	426,240	*	Ivanhoe Mines Ltd		6,321
	53,400	*	Jaguar Mining, Inc		603
	708,107	*,e	Kagara Zinc Ltd		661
	208,360		Kazakhmys plc		4,412
	225,122		Kingsgate Consolidated Ltd		1,856
	774,153		Kinross Gold Corp		14,338
	64,738	*	Kirkland Lake Gold, Inc		555
	18,288		Korea Zinc Co Ltd		3,194
	44,500		Labrador Iron Ore Royalty Income Fund		1,860
	282,200	*,e	Lake Shore Gold Corp		1,114
	26,452	*	Lonmin PLC		831
	695,517	*	Lundin Mining Corp		2,860
	1,965,389	*	Lynas Corp Ltd		964
	1,056,400	e	Macmahon Holdings Ltd		579
	44,069	*,e	MAG. Silver Corp		265
	227,585	*,e	Medusa Mining Ltd		759
	307,500	*	Mega Uranium Ltd		223
	222,300	*,e	Mercator Minerals Ltd		527
	600,125	e	Minara Resources Ltd		435
	390,199		Mincor Resources NL		618
	77,997	*,e	Minefinders Corp		812
	104,392	e	Mineral Resources Ltd		655
	434,960	*,e	Mirabela Nickel Ltd		973
	925,022	*	MMC Norilsk Nickel (ADR)		13,124
	208,052	*	MMC Norilsk Nickel (ADR) (London)		2,986
	1,173,199	*,e	Mount Gibson Iron Ltd		1,729
	416,778	*,e	Murchison Metals Ltd		931
	119,000	*	Neo Material Technologies Inc		519
	152,700	*	Nevsun Resources Ltd		369
	554,041	*	New Gold, Inc		2,013
	1,039,002		Newcrest Mining Ltd		32,910
	2,477,540		Newmont Mining Corp		117,212
	153,522	*,e	North American Palladium Ltd		539
	169,092	e	Northam Platinum Ltd		1,095
	69,663	*	Northern Dynasty Minerals		583
	127,025	*	Northern Iron Ltd		142
	553,958	*	Northgate Minerals Corp		1,716
	204,049	*,e	Novagold Resources, Inc		1,243
	94,129	f	Novolipetsk Steel (GDR)		2,877
	154,528	e	Nyrstar		1,838
	839,733	e	Orica Ltd		19,524
	294,674	*	Osisko Mining Corp		2,384
	2,985,796	e	Oxiana Ltd		3,183
	1,481,807	*,e	Paladin Resources Ltd		5,531

117

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	118,953	*,e	PAN American Silver Corp	$	2,850
	9,754,502	*,e	Pan Australian Resources Ltd		4,912
	325,827	*,e	Paramount Gold and Silver Corp		472
	410,629	*,e	Patriot Coal Corp		6,348
	340,495	*	Perseus Mining Ltd		541
	184,331	e	Peter Hambro Mining PLC		3,022
	337,779	*,e	Platinum Australia Ltd		313
	117,605	*,f	Polymetal (ADR)		1,078
	100,676		Polyus Gold Co (ADR)		2,768
	88,502		Polyus Gold Co (ADR) (London)		2,438
	3,226,000		PT Aneka Tambang Tbk		753
	5,905,400		PT International Nickel Indonesia Tbk		2,282
	136,291	*	Quadra Mining Ltd		1,891
	64,200	*	Queenston Mining, Inc		340
	249,519		Quest Capital Corp		282
	101,744		Randgold Resources Ltd		8,102
	351,347	*	Red Back Mining, Inc		5,039
	594,933	*	Resolute Mining Ltd		564
	1,382,212	e	Rio Tinto Ltd		92,269
	4,407,475		Rio Tinto plc		237,991
	292,535	*	Rosetta Resources, Inc		5,830
	136,259	e	Royal Gold, Inc		6,418
	376,057		Sally Malay Mining Ltd		782
	476,200	*	SEMAFO, Inc		2,017
	388,802		Sesa Goa Ltd		3,410
	151,284	*,e	ShengdaTech, Inc		927
	525,989		Sherritt International Corp		3,304
	89,642	*	Silver Standard Resources, Inc		1,971
	432,916	*	Silver Wheaton Corp		6,573
	275,951		Silvercorp Metals, Inc		1,839
	966,744		Southern Copper Corp (NY)		31,815
	30,899		Southern Copper Corp		1,012
	2,953,547	*,e	St Barbara Ltd		781
	218,310	*	Stillwater Mining Co		2,070
	2,528,000	e	Straits Asia Resources Ltd		4,657
	23,012	e	Sumitomo Titanium Corp		634
	1,880,851	*,e	Sundance Resources Ltd		261
	199,183	*	Talvivaara Mining Co Plc		1,234
	101,354	*,e	Tanzanian Royalty Exploration Corp		356
	376,159	*	Taseko Mines Ltd		1,601
	1,042,644	*	Teck Cominco Ltd		36,707
	211,345	*	Thompson Creek Metals Co, Inc		2,492
	507,033		Tricorona AB		405
	192,580	*,e	Uex Corp		203
	236,062	*	Uranerz Energy Corp		307
	609,052	*,e	Uranium One, Inc		1,759

118

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	486,251	*	US Gold Corp	$	1,206
	16,649	e	Vedanta Resources plc		696
	156,501	*,e	Western Areas NL		700
	795,117		Xstrata plc		14,182
	1,321,244		Yamana Gold, Inc		15,160
	5,557,500	e	Zijin Mining Group Co Ltd		5,268
			TOTAL METAL MINING		2,145,422
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.25%
	129,749		Aalberts Industries NV		1,866
	39,800	e	Aderans Co Ltd		469
	20,200		Alpen Co Ltd		300
	136,945	e	Amer Sports Oyj (A Shares)		1,365
	62,872	e	Armstrong World Industries, Inc		2,448
	36,073		Blyth, Inc		1,216
	187,873	e	Bulgari S.p.A.		1,547
	373,053	e	Callaway Golf Co		2,813
	314,000		Chen Hsong Holdings		89
	338,000		Chow Sang Sang Hldg		405
	1,420,986		Citic Pacific Ltd		3,795
	1,540,457		Compagnie Financiere Richemont S.A.		51,801
	117,000		Daiwa Seiko, Inc		137
	176,098	e	Daktronics, Inc		1,622
	70,000		Denki Kogyo Co Ltd		306
	47,351		Folli-Follie S.A.		886
	1,696		Forbo Holding AG.		552
	1,161,872	e	Hasbro, Inc		37,250
	286,984		Hills Industries Ltd		524
	2,136,000		Hutchison Harbour Ring Ltd		269
	39,014		Indutrade AB		735
	121,433	*,e	Intrepid Potash, Inc		3,542
	171,985	*,e	Jakks Pacific, Inc		2,084
	20,400	*	Japan Cash Machine Co Ltd		181
	1,831,203		Jarden Corp		56,601
	142,168		JUMBO S.A.		1,798
	301,915	*,e	Leapfrog Enterprises, Inc		1,180
	308,000		Luk Fook Holdings International Ltd		265
	75,371	e	Marine Products Corp		372
	2,341,705		Mattel, Inc		46,787
	5,935,397		Ming Fung Jewellery Group Ltd		594
	25,600		Mitsubishi Pencil Co Ltd		328
	108,000		Mizuno Corp		531
	114,856		Namco Bandai Holdings, Inc		1,097
	2,990	*,e	Nautilus, Inc		6
	38,239	e	Oil-Dri Corp of America		593
	10,424,857		Playmates Holdings Ltd		3,310

119

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	106,596	*	RC2 Corp	$	1,572
	28,609	*	RHI AG.		664
	27,300		Roland Corp		244
	1,070	*	Russ Berrie & Co, Inc		5
	205,000		Ryobi Ltd		537
	115,653		Sankyo Co Ltd		5,791
	53,100		Sato Corp		552
	384,802	*	Shuffle Master, Inc		3,171
	62,319		Societe BIC S.A.		4,305
	145		SRI Sports Ltd		137
	46,364	*,e	Steinway Musical Instruments, Inc		738
	103,500	e	Tomy Co Ltd		850
	576,000		Win Hanverky Holdings Ltd		86
	141,455		Yamaha Corp		1,704
			TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		250,020
MISCELLANEOUS REPAIR SERVICES - 0.00%**
	8,000		Nichiden Corp		205
			TOTAL MISCELLANEOUS REPAIR SERVICES		205
MISCELLANEOUS RETAIL - 1.30%
	147,179	*	1-800-FLOWERS.COM, Inc (Class A)		390
	1,567,500	e	Alibaba.com Ltd		3,614
	98,822	*	Allion Healthcare, Inc		648
	2,023,193	*	Amazon.com, Inc		272,159
	18,300	*,e	Asahi Co Ltd		273
	58,087		Avenir Telecom		94
	47,690		Axis Communications AB		557
	158,767	e	Barnes & Noble, Inc		3,028
	25,874		BayWa AG.		929
	62,650		Belluna Co Ltd		254
	166,009	e	Big 5 Sporting Goods Corp		2,852
	45,199		BIM Birlesik Magazalar AS		2,102
	62,523	*	Blue Nile, Inc		3,960
	37,677	e	Books-A-Million, Inc		253
	247,087	*,e	Borders Group, Inc		292
	70,824	*,e	Build-A-Bear Workshop, Inc		346
	86,399	*	Buongiorno SpA		143
	8,900,000		C&O Pharmaceutical Technology Holdings Ltd		1,585
	234,627	*,e	Cabela’s, Inc		3,346
	172,378	e	Cash America International, Inc		6,026
	542,000		Chemoil Energy Ltd		210
	4,150,000	*	China WindPower Group Ltd		473
	3,804,000	*	CK Life Sciences International Holdings, Inc		223
	288,958	*,e	CKX, Inc		1,523
	27,160		cocokara fine HOLDINGS, Inc		494

120

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	321,413	*,e	Coldwater Creek, Inc	$	1,434
	14,500		Cosmos Pharmaceutical Corp		366
	8,607,034		CVS Corp		277,232
	138,031		DCC plc		3,858
	504,898	*,e	Dick’s Sporting Goods, Inc		12,557
	501,745	*,e	Dollar Tree, Inc		24,234
	39,683		Douglas Holding AG.		1,938
	309		Dr Ci:Labo Co Ltd		631
	477,687	*,e	Drugstore.Com		1,476
	222,091	*	Ezcorp, Inc (Class A)		3,822
	61,109	*	Fuqi International, Inc		1,097
	88,454	*,e	Gaiam, Inc (Class A)		680
	6,702,988		Game Group PLC		11,443
	8,296	*	Gander Mountain Co		42
	13,400		Growell Holdings Co Ltd		307
	99,392	*	Grupa Lotos S.A.		1,096
	127,860	*,e	GSI Commerce, Inc		3,246
	25,541		Hellenic Duty Free Shops S.A.		224
	134,982	*,e	Hibbett Sports, Inc		2,968
	1,160,028		Home Retail Group		5,261
	282,556	*	HSN, Inc		5,705
	4,921,481		Hutchison Whampoa Ltd		33,672
	71,600	*	Hypermarcas S.A.		1,645
	80,300		Itochu Enex Co Ltd		331
	141,119		Jean Coutu Group PJC, Inc/The		1,310
	737,606	*,e	JJB Sports plc		298
	184,007	*,e	Jo-Ann Stores, Inc		6,668
	138,338	*	Kirkland’s, Inc		2,403
	45,400		Liquor Stores Income Fund		679
	76,820		Majestic Wine plc		268
	199,071	*	Marvel Entertainment, Inc		10,766
	28,300	*	Megane TOP Co Ltd		309
	730,109		Metro AG.		44,590
	56,800		Mitsuuroko Co Ltd		381
	218,883		MSC Industrial Direct Co (Class A)		10,288
	92	e	MTI Ltd		174
	250,154		N Brown Group plc		998
	49,100	e	Nippon Gas Co Ltd		791
	47,600	e	Nissen Holdings Co Ltd		141
	148,154	e	Nutri/System, Inc		4,618
	1,586,633	*,e	Office Depot, Inc		10,234
	419,206	*	OfficeMax, Inc		5,320
	27,000		Okuwa Co Ltd		258
	1,191,580		Origin Energy Ltd		17,928
	10,900		Otsuka Kagu Ltd		82
	70,281	*,e	Overstock.com, Inc		953

121

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	31,500	e	Paris Miki, Inc	$	264
	1,577,000	e	Parkson Retail Group Ltd		2,775
	66,308	*	PC Connection, Inc		448
	67,259	*,e	PC Mall, Inc		351
	575,801	e	Petsmart, Inc		15,368
	215,807	*,e	Priceline.com, Inc		47,154
	78,172	e	Pricesmart, Inc		1,598
	4,263,120	*,e	Rite Aid Corp		6,437
	3,182,000		SA SA International Holdings Ltd		2,102
	41,700	e	Senshukai Co Ltd		212
	1,038,910		Seven & I Holdings Co Ltd		21,213
	248,095	e	Shoppers Drug Mart Corp		10,772
	107,868	*,e	Shutterfly, Inc		1,921
	337,461		Signet Jewelers Ltd		9,017
	114,089		Signet Jewelers Ltd (London)		3,042
	94,000		Sinanen Co Ltd		391
	62,810	*,e	Stamps.com, Inc		565
	5,361,867		Staples, Inc		131,848
	39,600	e	Sugi Pharmacy Co Ltd		870
	49,600	e	Sundrug Co Ltd		1,107
	63,006	e	Systemax, Inc		990
	24,602		Takkt AG.		252
	369		Telepark Corp		656
	373,603		Tiffany & Co		16,065
	19,300	*	Tsuruha Holdings, Inc		690
	187,603		Tsutsumi Jewelry Co Ltd		3,782
	128,231	*	Vitamin Shoppe, Inc		2,852
	4,394,601		Walgreen Co		161,369
	374,451		WH Smith plc		2,979
	379,212	e	World Fuel Services Corp		10,159
	41,300		Xebio Co Ltd		728
	103,071	*,e	Zale Corp		280
	101,413	*,e	Zumiez, Inc		1,289
			TOTAL MISCELLANEOUS RETAIL		1,280,042
MOTION PICTURES - 0.59%
	79,412	*	Ascent Media Corp (Series A)		2,027
	66,065		Astral Media, Inc		2,102
	155,903	*,e	Avid Technology, Inc		1,989
	7,300,000	*	Big Media Group Ltd		92
	55,928	*,e	Carmike Cinemas, Inc		423
	197,190		Cinemark Holdings, Inc		2,834
	94,700		Cineplex Galaxy Income Fund		1,660
	120,700	e	Culture Convenience Club Co Ltd		579
	937,274	*,e	Discovery Communications, Inc (Class A)		28,746
	1,258,793	*	Discovery Communications, Inc (Class C)		33,383

122

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	662,466	*	DreamWorks Animation SKG, Inc (Class A)	$	26,466
	123,415	*	EM.Sport Media AG.		357
	963,000	*	eSun Holdings Ltd		126
	769,117	e	HMV Group plc		1,151
	10,938		Kinepolis		461
	380,345	*,e	Macrovision Solutions Corp		12,122
	2,850,000		Major Cineplex Group Pcl		729
	222,335	e	National CineMedia, Inc		3,684
	170,058	e	News Corp (ADR)		2,708
	10,673,000		News Corp (Class A)		146,113
	244,606		Regal Entertainment Group (Class A)		3,532
	46,767	*	Rentrak Corp		826
	1,095,116		Scripps Networks Interactive (Class A)		45,447
	94,000		Shochiku Co Ltd		834
	8,591,625		Time Warner, Inc		250,359
	188,000	e	Toei Animation Co Ltd		3,269
	74,000		Toei Co Ltd		394
	80,557		Toho Co Ltd		1,309
	27,800		Tohokushinsha Film Corp		143
	558,356	*	tw telecom inc (Class A)		9,570
	137,074	*	Vertice Trescientos Sesenta Grados S.A.		74
			TOTAL MOTION PICTURES		583,509
NONDEPOSITORY INSTITUTIONS - 0.89%
	34,735		Aareal Bank AG.		652
	30,118	e	Acom Co Ltd		459
	350,528		Advance America Cash Advance Centers, Inc		1,949
	340,919		Aeon Credit Service Co Ltd		3,291
	778,303		Aeon Thana Sinsap Thailand PCL		724
	228,850	e	Aiful Corp		322
	1,527,866	*	American Capital Ltd		3,728
	4,560,167		American Express Co		184,778
	351,479	*,e	AmeriCredit Corp		6,692
	882,847		Apollo Investment Corp		8,414
	696,000	f	ARA Asset Management Ltd		430
	557,270	e	Ares Capital Corp		6,938
	252,112		Bank of Cyprus Public Co Ltd		1,765
	151,597		Bank Pekao S.A.		8,512
	75,265		BlackRock Kelso Capital Corp		641
	60,571		BlueBay Asset Management plc		295
	1,730,581		BM&FBOVESPA S.A.		12,177
	153,508	*,e	Boise, Inc		815
	266,825	*,m	Bradford & Bingley plc		0	^
	2,730		California First National Bancorp		36
	2,156,995		Capital One Financial Corp		82,699
	1,751,161	e	CapitalSource, Inc		6,952

123

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	628,465	e,m	Cattles plc	$	70
	1,057,528		Challenger Financial Services Group Ltd		3,980
	235,844		Challenger Infrastructure Fund		394
	9,930,421		Chimera Investment Corp		38,530
	295,870		Collins Stewart plc		328
	1,008,027		Companhia Brasileira de Meios de Pagamento		8,882
	86,132	*	Compania Vale do Ro Doce		0	^
	118,218	e	CompuCredit Corp		394
	31,334	*	Credit Acceptance Corp		1,319
	199,984		Credit Saison Co Ltd		2,240
	1,639,853		Criteria Caixacorp S.A.		7,767
	194,597		Cypress Sharpridge Investments, Inc		2,629
	4,519,692		Discover Financial Services		66,485
	83,772	*,e	Doral Financial Corp		304
	71,014	*,e	Encore Capital Group, Inc		1,236
	16,852	*,e	ePlus, Inc		278
	125,984		Financial Federal Corp		3,465
	140,514	*	First Cash Financial Services, Inc		3,118
	5,912,689		First Financial Holding Co Ltd		3,665
	337,082	*,e	First Marblehead Corp		718
	1,088,000	*	First Shanghai Investments Ltd		171
	7,272	*	Formuepleje Epikur AS		368
	127,345		Gladstone Investment Corp		581
	737,703	e	GLG Partners, Inc		2,375
	1,233	*,b,e	Guaranty Financial Group, Inc		0	^
	395,786	*	Heckmann Corp		1,975
	978,928		Henderson Group plc		1,955
	199,375		Hercules Technology Growth Capital, Inc		2,072
	73,500		Hitachi Capital Corp		894
	74,000		Hong Leong Finance Ltd		166
	259,388		Housing Development Finance Corp		14,841
	9,368		Indiabulls Securities Ltd		7
	109,863	*,e	Information Services Group, Inc		348
	885,930		Infrastructure Development Finance Co Ltd		2,925
	490,882		Intermediate Capital Group plc		2,168
	519,365		International Personal Finance plc		1,739
	474,087		Investor AB (B Shares)		8,781
	21,959		IWBank S.p.A		62
	187,000		Jaccs Co Ltd		440
	1,392,500	e	Japan Securities Finance Co Ltd		10,756
	54,800		Jardine Matheson Holdings Ltd		1,646
	536,887	*	KB Financial Group, Inc		27,338
	98,974	e	Kohlberg Capital Corp		451
	581,836	e	Lancashire Holdings Ltd		4,181
	636,283		Lender Processing Services, Inc		25,871
	357,889	*,e	MCG Capital Corp		1,546

124

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	82,534	e	Medallion Financial Corp	$	674
	165,301	*	Mercadolibre, Inc		8,574
	317,177		Moneysupermarket.com Group plc		381
	105,337		Nelnet, Inc (Class A)		1,815
	106,694	*,e	NewStar Financial, Inc		418
	112,253		NGP Capital Resources Co		913
	299,465	*	Ocwen Financial Corp		2,866
	182,800	*,e	OMC Card, Inc		332
	314,000	*,e	Orient Corp		274
	435,405	e	ORIX Corp		29,644
	1,041		Osaka Securities Exchange Co Ltd		4,962
	741,613		Paragon Group of Cos plc		1,562
	119,153		PennantPark Investment Corp		1,063
	305,848	*,e	PHH Corp		4,927
	103,668	e	Promise Co Ltd		796
	180,341		Provident Financial plc		2,689
	412,000		Public Financial Holdings Ltd		235
	385,500		Redecard S.A.		6,421
	79,097		Samsung Card Co		3,903
	5	b,m	SFCG Co Ltd		0	^
	1,860,187		Siemens AG.		170,711
	2,069,447	*	SLM Corp		23,323
	107,495		Smiths News plc		187
	15,877	e	Student Loan Corp		739
	5,102,650		Taiwan Cooperative Bank		3,200
	189,770	e	Takefuji Corp		796
	284	*,b	Thornburg Mortgage, Inc		0	^
	117,593	e	TICC Capital Corp		711
	673,700		Tisco Financial Group PCL (ADR)		488
	1,111,680	e	Tower Australia Group Ltd		2,837
	51,503	*,e	Tree.com, Inc		471
	36,763	e	Triangle Capital Corp		444
	489,990		Tullett Prebon plc		2,194
	94,617	*,e	World Acceptance Corp		3,390
			TOTAL NONDEPOSITORY INSTITUTIONS		873,668
NONMETALLIC MINERALS, EXCEPT FUELS - 0.09%
	1,221,435		Adelaide Brighton Ltd		3,006
	122,965	e	AMCOL International Corp		3,495
	222,591	*,e	Cardium Therapeutics, Inc		151
	123,689	e	Compass Minerals International, Inc		8,311
	139,915	*	Gem Diamonds Ltd		510
	310,453	*,e	General Moly, Inc		646
	5,684,682		Grupo Mexico S.A. de C.V. (Series B)		13,040
	1,003,775		Haci Omer Sabanci Holding AS		3,907

125

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	97,372		Harry Winston Diamond Corp	$	936
	427,299	e	Imerys S.A.		25,580
	38,700		International Royalty Corp		279
	161,996		K+S AG.		9,238
	53,800	*,e	Migao Corp		359
	598,525	*,e	Mineral Deposits Ltd		528
	19,700	e	Nippon Ceramic Co Ltd		244
	81,000		Nittetsu Mining Co Ltd		380
	98,757	*	Petra Diamonds Ltd		97
	210,400	*	Rubicon Minerals Corp		1,006
	18,088		S&B Industrial Minerals S.A.		127
	9,038	*,e	United States Lime & Minerals, Inc		312
	378,877		Vulcan Materials Co		19,954
			TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		92,106
OIL AND GAS EXTRACTION - 5.10%
	419,000	e	Acergy S.A.		6,600
	202,707	*	Advantage Oil & Gas Ltd		1,337
	215,364	e	AED Oil Ltd		116
	1,178,832	*	Afren plc		1,614
	240,200	e	Aker Kvaerner ASA		3,121
	47,319		AltaGas Income Trust		851
	3,219,751		Anadarko Petroleum Corp		200,977
	2,889,220		Apache Corp		298,081
	45,536	e	APCO Argentina, Inc		1,006
	50,547	*,e	Approach Resources, Inc		390
	235,250	*	Arena Resources, Inc		10,144
	551,018	*	Arrow Energy NL		2,049
	355,307		Atlas America, Inc		10,720
	191,970	*,e	ATP Oil & Gas Corp		3,509
	176,113	*,e	Atwood Oceanics, Inc		6,314
	880,102		Australian Worldwide Exploration Ltd		2,203
	1,570,794	e	Baker Hughes, Inc		63,586
	322,970	*	Bankers Petroleum Ltd		1,921
	158,638	*,e	Basic Energy Services, Inc		1,412
	238,484		Baytex Energy Trust		6,772
	2,317,056		Beach Petroleum Ltd		1,906
	244,708	e	Berry Petroleum Co (Class A)		7,133
	11,945,630		BG Group plc		215,694
	219,189	*,e	Bill Barrett Corp		6,819
	122,857	*,e	Birchcliff Energy Ltd		1,110
	924,232		BJ Services Co		17,191
	446,000	*	BlackPearl Resources, Inc		1,083
	7,391,817		Boart Longyear Group		2,335
	24,125		Bonterra Oil & Gas Ltd		800
	394,376	*,e	Boots & Coots, Inc		651

126

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	241,186	*	BowLeven plc	$	351
	492,980	*,e	Brigham Exploration Co		6,680
	127,018	*,e	Bronco Drilling Co, Inc		644
	715,756		Cabot Oil & Gas Corp		31,200
	1,135,480	*	Cairn Energy PLC		6,079
	585,566	*	Cairn India Ltd		3,532
	406,399	*	Cal Dive International, Inc		3,072
	32,997		Calfrac Well Services Ltd		658
	98,420	*	Calvalley Petroleums, Inc		255
	1,586,154	*	Cameron International Corp		66,301
	1,122,869		Canadian Natural Resources Ltd (Canada)		81,597
	270,805		Canadian Oil Sands Trust		7,745
	734,072	*,e	Carnarvon Petroleum Ltd		403
	133,907	*,e	Carrizo Oil & Gas, Inc		3,547
	18,317	*	CAT Oil AG.		184
	44,217	*	Celtic Exploration Ltd		883
	1,571,436		Cenovus Energy, Inc		39,817
	372,070	*,e	Cheniere Energy, Inc		900
	2,415,339		Chesapeake Energy Corp		62,509
	5,228,000		China Oilfield Services Ltd		6,201
	263,521		Cimarex Energy Co		13,959
	37,983	*	Clayton Williams Energy, Inc		1,331
	356,296		Clough Ltd		303
	30,353,000		CNOOC Ltd		47,288
	126,058	*	CNX Gas Corp		3,721
	3,453,331	*	Cobalt International Energy, Inc		47,794
	6,955	*,e	Compagnie Generale de Geophysique S.A.		148
	328,603	*,e	Complete Production Services, Inc		4,272
	387,917	*	Compton Petroleum Corp		349
	264,957	*	Comstock Resources, Inc		10,749
	2,472,985	*	Concho Resources, Inc		111,037
	529,557	*,e	Connacher Oil and Gas Ltd		648
	65,249	*	Contango Oil & Gas Co		3,067
	95,643	*,e	Continental Resources, Inc		4,102
	190,029	*	Corridor Resources, Inc		983
	33,515	*,e	CREDO Petroleum Corp		312
	245,506	*,m	Crescent Point Energy Corp		9,270
	2,658,362	e	Crescent Point Energy Corp		100,376
	92,728	*	Crew Energy, Inc		1,302
	45,781	*,e	Cubic Energy, Inc		68
	127,886	*	Dana Petroleum PLC		2,420
	55,437	*,e	Dawson Geophysical Co		1,281
	154,540		Daylight Resources Trust		1,506
	829,944	*,e	Delta Petroleum Corp		863
	8,951,354	*,e	Denbury Resources, Inc		132,480
	358,479	*	Desire Petroleum plc		534

127

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,017,000	*,e	DET Norske Oljeselskap	$	886
	74,096	*	Det Norske Oljeselskap ASA		433
	1,634,852		Devon Energy Corp		120,162
	345,861	e	Diamond Offshore Drilling, Inc		34,040
	603,647	*,e	Eastern Star Gas Ltd		447
	1,692,176		EnCana Corp		55,190
	530,415	*	Encore Acquisition Co		25,471
	824,546	*,e	Endeavour International Corp		891
	166,744	*,e	Energy Recovery, Inc		1,147
	274,910		Enerplus Resources Fund		6,364
	160,955		Ensco International PLC (ADR)		6,429
	141,704		Ensign Energy Services, Inc		2,032
	1,475,385		EOG Resources, Inc		143,555
	411,758		Equitable Resources, Inc		18,084
	131,230	e	Etablissements Maurel et Prom		2,380
	565,613		EXCO Resources, Inc		12,008
	200,684	*,e	Exterran Holdings, Inc		4,305
	97,596	*	Fairborne Energy Ltd		445
	98,184	*	Faroe Petroleum plc		210
	42,690	*	Flint Energy Services Ltd		394
	356,825	*	Forest Oil Corp		7,939
	2,022,580		Formosa Petrochemical Corp		5,205
	41,680	e	Fred Olsen Energy ASA		1,596
	211,262	*,e	FX Energy, Inc		602
	524,926		GAIL India Ltd		4,652
	143,897	*	Galleon Energy, Inc		725
	107,706		Gazpromneft OAO (ADR)		2,939
	40,860	*	Geokinetics, Inc		393
	32,676	*,e	Georesources, Inc		446
	545,327	*,e	Global Industries Ltd		3,888
	154,172	*,e	GMX Resources, Inc		2,118
	132,351	*,e	Goodrich Petroleum Corp		3,223
	538,243	*	Gulf Keystone Petroleum Ltd		782
	243,479	*	Gulfport Energy Corp		2,788
	81,991	*	Gulfsands Petroleum PLC		303
	5,516,345		Halliburton Co		165,987
	68,177	*	Hardy Oil & Gas plc		277
	165,611	*	Harvest Natural Resources, Inc		876
	317,941	*	Helix Energy Solutions Group, Inc		3,736
	396,426	e	Helmerich & Payne, Inc		15,809
	627,941	*,e	Hercules Offshore, Inc		3,002
	248,748	*,e	Heritage Oil Ltd		1,745
	1,134,859	*	Horizon Oil Ltd		370
	356,151		Husky Energy, Inc		10,243
	8,690		Idemitsu Kosan Co Ltd		507
	1,734		Inpex Holdings, Inc		13,111

128

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,316	*,e	Isramco, Inc	$	380
	263,697	*,e	Iteration Energy Ltd		305
	279,373	*	Ivanhoe Energy, Inc		791
	10,854		Japan Petroleum Exploration Co		479
	263,448		JKX Oil & Gas plc		1,201
	846,000		K1 Ventures Ltd		96
	34,000		Kanto Natural Gas Development Ltd		177
	165,936	*	Karoon Gas Australia Ltd		1,565
	48,416	e	Kayne Anderson Energy Development Co		704
	76,676	f	KazMunaiGas Exploration Production (GDR)		1,898
	725,685	*	Key Energy Services, Inc		6,379
	10,989	*,e	Lundin Petroleum AB		87
	33,980		Major Drilling Group International		935
	580,976	*,e	Mariner Energy, Inc		6,745
	538,408	*,e	McMoRan Exploration Co		4,318
	111,749		Melrose Resources plc		487
	1,823,080	*,e	Nabors Industries Ltd		39,907
	117,200		NAL Oil & Gas Trust		1,540
	2,791,675		National Oilwell Varco, Inc		123,085
	512,057		New Zealand Oil & Gas Ltd		620
	743,229	*	Newfield Exploration Co		35,846
	540,287	*	Newpark Resources, Inc		2,285
	575,489		Nexen, Inc		13,878
	1,371,777	*,e	Nexus Energy Ltd		385
	49,987	e	Niko Resources Ltd		4,703
	743,977		Noble Energy, Inc		52,986
	148,781	*	Northern Oil And Gas, Inc		1,762
	242,500	*	Norwegian Energy Co AS.		748
	130,627	f	NovaTek OAO (GDR)		8,533
	124,479	*,e	NuVista Energy Ltd		1,485
	7,252,731		Occidental Petroleum Corp		590,011
	352,697	*	Oceaneering International, Inc		20,640
	1,630,000		OGX Petroleo e Gas Participacoes S.A.		16,010
	32,603	*	Oil India Ltd		870
	51,863		Oil Search Ltd		284
	1,131,472	*,e	Oilsands Quest, Inc		1,301
	429,036	*	OPTI Canada, Inc		833
	284,588	*,e	PA Resources AB		965
	287,489	*,e	Pacific Rubiales Energy Corp		4,247
	36,815	e	Panhandle Oil and Gas, Inc (Class A)		954
	182,861		Paramount Energy Trust		913
	56,989	*	Paramount Resources Ltd (Class A)		801
	6,700	*	Parex Resources, Inc		26
	589,708	*	Parker Drilling Co		2,919
	913,210	e	Patterson-UTI Energy, Inc		14,018
	231,131		Penn Virginia Corp		4,921

129

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	765,390		Penn West Energy Trust	$	13,576
	175,705	e	PetroBakken Energy Ltd		5,432
	133,948	*	Petrobank Energy & Resources Ltd		6,559
	948,040	*	PetroHawk Energy Corp		22,743
	3,776,564		Petroleo Brasileiro S.A.		90,347
	1,255,983		Petroleo Brasileiro S.A. (ADR)		59,885
	4,574,373		Petroleo Brasileiro S.A. (Preference)		96,401
	97,231	*	Petroleum Development Corp		1,771
	337,300	*,e	Petroleum Geo-Services ASA		3,861
	53,426	*,e	Petrominerales Ltd		960
	113,855		Petroplus Holdings AG.		2,083
	267,352	*,e	Petroquest Energy, Inc		1,639
	129,967		Peyto Energy Trust		1,747
	245,203	*	Pioneer Drilling Co		1,937
	363,181		Pioneer Natural Resources Co		17,494
	437,820	*	Plains Exploration & Production Co		12,110
	71,301	*	Portland Gas plc		98
	91,658	*,e	PowerSecure International, Inc		661
	652,500		PPB Group BHD		3,034
	197,100		Precision Drilling Trust		1,442
	159,658	*	Premier Oil plc		2,836
	1,584,130	*,e	Pride International, Inc		50,550
	1,212	*,e	PrimeEnergy Corp		44
	163,943		ProEx Energy Ltd		2,218
	287,400	e	ProSafe ASA		1,823
	207,400	*	Prosafe Production Public Ltd		444
	391,781		Provident Energy Trust		2,652
	1,682,369		PTT Exploration & Production PCL		7,422
	209,967	*	Questerre Energy Corp		578
	376,206	*,e	Quicksilver Resources, Inc		5,647
	1,783,384		Range Resources Corp		88,902
	355,066	*	Regal Petroleum plc		457
	123,631	*	Rex Energy Corp		1,484
	202,994	*,e	Riversdale Mining Ltd		1,301
	1,425,282	*,e	Roc Oil Co Ltd		852
	988,380		Rowan Cos, Inc		22,377
	140,137	e	RPC, Inc		1,457
	231,595	*	Salamander Energy plc		1,110
	1,401,380		Santos Ltd		17,650
	95,538		Savanna Energy Services Corp		633
	8,303		SBM Offshore NV		163
	6,464,342		Schlumberger Ltd		420,765
	65,500	*	Scorpion Offshore Ltd		275
	64,740	*,e	SEACOR Holdings, Inc		4,936
	87,760	e	SeaDrill Ltd		2,233
	60,790	*,e	Seahawk Drilling, Inc		1,370

130

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	50	*	Serval Integrated Energy Services	$	0	^
	9,513	*,m	Sibir Energy plc		27
	89,259		SK Energy Co Ltd		8,968
	2,070,411		Smith International, Inc		56,253
	56,507	*,e	Soco International plc		1,221
	203,600	*,e	Songa Offshore SE		1,062
	1,149,055	*	Southwestern Energy Co		55,384
	321,070		St. Mary Land & Exploration Co		10,993
	256,593	*	Sterling Energy plc		642
	238,497	*,e	Stone Energy Corp		4,305
	48,142	*,e	Storm Exploration, Inc		600
	147,400	*,e	Subsea 7, Inc		2,441
	314,434	*,e	Sulphco, Inc		211
	251,330	*	Superior Energy Services		6,105
	110,468		Superior Plus Corp		1,547
	71,971	*,e	Superior Well Services, Inc		1,026
	1,123,834		Surgutneftegaz (ADR)		9,936
	358,500	e	Surgutneftegaz (ADR) (London)		3,187
	211,447	*	Swift Energy Co		5,066
	361,576	*,e	Syntroleum Corp		962
	1,417,053		Talisman Energy, Inc		26,679
	323,670		Tatneft (GDR)		9,352
	470,595		Technip S.A.		33,109
	384,518	*	Tetra Technologies, Inc		4,260
	77,488	*,e	TGC Industries, Inc		303
	212,600	*	TGS Nopec Geophysical Co ASA		3,840
	293,129	e	Tidewater, Inc		14,056
	94,315	e	Toreador Resources Corp		934
	134,882	e	Trican Well Service Ltd		1,813
	116,780		Trilogy Energy Trust		959
	165,666		Trinidad Drilling Ltd		1,120
	7,496,438		Tullow Oil plc		157,279
	70,757	*,e	Union Drilling, Inc		442
	165,859	*,e	Unit Corp		7,049
	592,984	*,e	UTS Energy Corp		1,293
	413,897		Vaalco Energy, Inc		1,883
	163,633	*,e	Venoco, Inc		2,134
	63,031		Vermilion Energy Trust		1,954
	168,671		W&T Offshore, Inc		1,973
	320,907	*	Warren Resources, Inc		786
	481,730	*	Weatherford International Ltd		8,628
	93,268	*,e	West Siberian Resources Ltd (GDR)		1,323
	194,197	*	Whiting Petroleum Corp		13,875
	285,793	*,e	Willbros Group, Inc		4,821
	371,392		Woodside Petroleum Ltd		15,662
	4,211,774		XTO Energy, Inc		195,974

131

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	24,500		Zargon Energy Trust	$	451
	64,035	*,e	Zion Oil & Gas, Inc		458
			TOTAL OIL AND GAS EXTRACTION		5,028,629
PAPER AND ALLIED PRODUCTS - 0.57%
	83,325	e	Altri SGPS S.A.		475
	580,997		Bemis Co		17,227
	127,355		Billerud AB		944
	212,008	*	Buckeye Technologies, Inc		2,069
	151,324	*	Canfor Corp		1,176
	141,972		Cascades, Inc		1,214
	252,378	*,e	Cenveo, Inc		2,208
	95,000	*	Chuetsu Pulp & Paper Co Ltd		163
	100,558	e	Corporate Express Australia Ltd		356
	105,000		Daio Paper Corp		854
	230,170	*,e	Domtar Corporation		12,754
	493,430	e	DS Smith plc		1,009
	145,464		Empresas CMPC S.A.		5,790
	350,480	e	Exor S.p.A		6,826
	216,773	*	Fibria Celulose S.A.		4,867
	22,400		FP Corp		1,011
	258,567		Glatfelter		3,142
	567,854	*	Graphic Packaging Holding Co		1,970
	166,936		Greif, Inc (Class A)		9,011
	98,370	e	Grupo Empresarial Ence S.A.		383
	1,152,700		Hengan International Group Co Ltd		8,535
	272,000	e	Hokuetsu Paper Mills Ltd		1,356
	97,165		Holmen AB (B Shares)		2,475
	158,351		Huhtamaki Oyj		2,195
	3,155,039		International Paper Co		84,492
	154,962	*	Kapstone Paper and Packaging Corp		1,526
	2,868,468		Kimberly-Clark Corp		182,750
	978,676		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		4,381
	421,658		Kinnevik Investment AB (Series B)		6,286
	455,895		Klabin S.A.		1,390
	146,800		Kokuyo Co Ltd		1,172
	18,486		Mayr-Melnhof Karton AG.		1,901
	705,425		MeadWestvaco Corp		20,196
	93,489		Metso Oyj		3,289
	14,008		Miquel y Costas & Miquel S.A.		301
	343,000	e	Mitsubishi Paper Mills Ltd		403
	19,426	e	Mondi Ltd		94
	755,582		Mondi plc		4,054
	237,085		M-real Oyj (B Shares)		517
	83,252		Neenah Paper, Inc		1,161
	1,955,000		Nine Dragons Paper Holdings Ltd		3,118

132

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	455,690		Nippon Paper Group, Inc	$	11,629
	237,600	*,e	Norske Skogindustrier ASA		394
	1,316,893		OJI Paper Co Ltd		5,518
	24,176	*	Orchids Paper Products Co		484
	17,200		Pack Corp		237
	585,741		Packaging Corp of America		13,478
	42,894		Papeles y Cartones de Europa S.A.		225
	1,058,213	e	PaperlinX Ltd		603
	176		Pilot Corp		198
	239,798		Portucel Empresa Produtora de Pasta e Papel S.A.		679
	427,000		Rengo Co Ltd		2,538
	233,258		Rock-Tenn Co (Class A)		11,759
	49,600	e	Sanrio Co Ltd		378
	616,255	e	Sappi Ltd		2,948
	88,488		Schweitzer-Mauduit International, Inc		6,225
	81,981		Semapa-Sociedade de Investimento e Gestao		911
	24,769	*	Sequana		283
	15,200	*	Shimojima Co Ltd		209
	223,618		Smurfit Kappa Group plc		1,978
	1,140,198		Sonoco Products Co		33,351
	497,780		Stora Enso Oyj (R Shares)		3,491
	2,040,387		Svenska Cellulosa AB (B Shares)		27,204
	398,626		Temple-Inland, Inc		8,415
	143,000		Tokushu Tokai Holdings Co Ltd		351
	110,647		Uni-Charm Corp		10,373
	1,199,764		UPM-Kymmene Oyj		14,264
	216,446		Wausau Paper Corp		2,511
			TOTAL PAPER AND ALLIED PRODUCTS		565,675
PERSONAL SERVICES - 0.11%
	3,900,105		Chaoda Modern Agriculture		4,152
	517,212	e	Cintas Corp		13,474
	149,800	*,e	Coinstar, Inc		4,161
	24,660		CPI Corp		303
	339,908		Davis Service Group plc		2,180
	79,664		Dignity plc		779
	113,467		G & K Services, Inc (Class A)		2,851
	1,458,850		H&R Block, Inc		33,000
	242,997		Invocare Ltd		1,340
	174,669	e	Jackson Hewitt Tax Service, Inc		769
	1,139,473		Kuala Lumpur Kepong BHD		5,479
	57,015	*,e	Mac-Gray Corp		587
	326,426	e	Regis Corp		5,082
	2,566,171		Rentokil Initial plc		4,777
	493,243	*,e	Sally Beauty Holdings, Inc		3,773
	956,840		Service Corp International		7,838

133

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	92,114	*,e	Steiner Leisure Ltd	$	3,662
	73,726		Unifirst Corp		3,547
	218,805		Weight Watchers International, Inc		6,380
			TOTAL PERSONAL SERVICES		104,134
PETROLEUM AND COAL PRODUCTS - 4.45%
	75,344	e	Alon USA Energy, Inc		515
	47,400	e	AOC Holdings, Inc		254
	678,915		Ashland, Inc		26,899
	193,574		Bharat Petroleum Corp Ltd		2,641
	28,700,623		BP plc		277,138
	538,529		BP plc (ADR)		31,219
	6,576		Caltex Australia Ltd		55
	10,343,894		Chevron Corp		796,376
	6,559,536		ConocoPhillips		334,996
	74,000		Cosmo Oil Co Ltd		155
	116,371	*	CVR Energy, Inc		798
	39,500	e	Daiseki Co Ltd		797
	66,631	e	Delek US Holdings, Inc		454
	6,054,792		Ecopetrol S.A.		7,349
	4,279,414		ENI S.p.A.		108,979
	71,901		Enterprise Products Partners LP		2,258
	78,671	e	ERG S.p.A.		1,089
	3,213		Esso SA Francaise		399
	23,689,025		Exxon Mobil Corp		1,615,354
	381,061		Frontier Oil Corp		4,588
	136,896	e	Galp Energia SGPS S.A.		2,365
	1,125,503	*,e	Gran Tierra Energy, Inc		6,449
	16,558	*,e	Green Plains Renewable Energy, Inc		246
	238,078	*	Headwaters, Inc		1,552
	60,043		Hellenic Petroleum S.A.		672
	1,279,458		Hess Corp		77,407
	140,238	e	Holly Corp		3,594
	385,354		Imperial Oil Ltd		14,982
	315,762	*,e	Linc Energy Ltd		450
	642,644		LUKOIL (ADR)		36,417
	3,843,414		Marathon Oil Corp		119,991
	66,935		Motor Oil Hellas Corinth Refineries S.A.		1,019
	1,153,973		Murphy Oil Corp		62,545
	6,222	e	Neste Oil Oyj		111
	412,016	*	Nighthawk Energy PLC		229
	223,792		Nippon Mining Holdings, Inc		960
	140,663		OMV AG.		6,172
	53,615		Parkland Income Fund		687
	22,000	m	Peab Industri AB (B Shares)		101
	568,211		PGG Wrightson Ltd		239

134

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	477,888		Polski Koncern Naftowy Orlen S.A.	$	5,638
	1,142,950		PTT PCL		8,438
	66,486		Quaker Chemical Corp		1,372
	1,817,011		Reliance Industries Ltd		42,456
	778,575	e	Repsol YPF S.A.		20,893
	2,142,693	f	Rosneft Oil Co (GDR)		18,288
	4,777,883		Royal Dutch Shell plc (A Shares)		144,580
	3,197,955		Royal Dutch Shell plc (B Shares)		93,135
	435,593	*,e	SandRidge Energy, Inc		4,108
	14,462	e	Showa Shell Sekiyu KK		118
	37,244		SK Corp		2,842
	80,198		S-Oil Corp		3,722
	615,478	e	Statoil ASA		15,350
	2,451,825		Suncor Energy, Inc		87,233
	2,278,480		Suncor Energy, Inc (NY)		80,453
	369,419	e	Sunoco, Inc		9,642
	732,479	e	Tesoro Corp		9,925
	1,479,300		Thai Oil PCL		1,896
	549,872	e	TonenGeneral Sekiyu KK		4,594
	2,451,719	e	Total S.A.		157,474
	221,663		Tupras Turkiye Petrol Rafine		4,398
	2,144,676		Valero Energy Corp		35,923
	1,073,419		Walter Industries, Inc		80,839
	80,015		WD-40 Co		2,589
	603,306	*,e	Western Refining, Inc		2,842
			TOTAL PETROLEUM AND COAL PRODUCTS		4,387,249
PIPELINES, EXCEPT NATURAL GAS - 0.09%
	884,286	e	APA Group		2,764
	12,300		Enbridge Income Fund		156
	93,999		Pembina Pipeline Income Fund		1,575
	2,798,419		Spectra Energy Corp		57,395
	798,391	e	TransCanada Corp		27,627
	105,964		Wellstream Holdings plc		902
	81,300		Westshore Terminals Income Fund		1,112
			TOTAL PIPELINES, EXCEPT NATURAL GAS		91,531
PRIMARY METAL INDUSTRIES - 0.92%
	9,075		Acerinox S.A.		190
	23,447	*,e	Advanced Metallurgical Group NV		293
	154,000	*	Aichi Steel Corp		678
	387,715		AK Steel Holding Corp		8,278
	3,584,343		Alcoa, Inc		57,780
	389,280	e	Allegheny Technologies, Inc		17,428
	5,216,000	e	Aluminum Corp of China Ltd		5,682
	1,412,720	e	Angang New Steel Co Ltd		3,081

135

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	606,728		ArcelorMittal	$	27,731
	20,147	*	Armtec Infrastructure Income Fund		491
	29,500	*,e	Asahi Holdings, Inc		451
	46,869		BE Group AB		285
	20,397		Bekaert S.A.		3,148
	270,477		Belden CDT, Inc		5,929
	1,064,052		BlueScope Steel Ltd		2,932
	234,561	e	Bodycote plc		602
	117,327	*	Brush Engineered Materials, Inc		2,175
	63,384		Canam Group, Inc		432
	132,691		Carpenter Technology Corp		3,576
	627,853		Catcher Technology Co Ltd		1,746
	277,327	*	Century Aluminum Co		4,490
	11,459,743		China Steel Corp		11,816
	95,000		Chugai Ro Co Ltd		249
	450,571	*	CommScope, Inc		11,954
	597,502		Companhia Siderurgica Nacional S.A.		19,219
	38,803	*	Corinth Pipeworks S.A.		79
	59,570		Daewoo International Corp		1,689
	20,531	e	Daido Steel Co Ltd		76
	456,736		Delta PLC		1,027
	63,660		Dongkuk Steel Mill Co Ltd		1,472
	118,413		Dowa Holdings Co Ltd		655
	36,549		Draka Holding		699
	86,894		Duro Felguera S.A.		898
	4,513		EL Ezz Aldekhela Steel Alexandria		619
	213,553		El Ezz Steel Co		669
	46,530		Elval Aluminium Process Co		111
	111,483	e	Encore Wire Corp		2,349
	400,350		Eregli Demir ve Celik Fabrikalari TAS		1,214
	503,050		Feng Hsin Iron & Steel Co		848
	627,000		Fujikura Ltd		3,266
	1,276,027	e	Furukawa Electric Co Ltd		5,329
	211,000		Furukawa-Sky Aluminum Corp		366
	73,501	*,e	Fushi Copperweld, Inc		744
	198,498	*,e	General Cable Corp		5,840
	76,865	*,e	General Steel Holdings, Inc		339
	183,248		Gerdau Ameristeel Corp		1,526
	103,950		Gerdau S.A.		1,323
	749,602		Gerdau S.A.		12,547
	149,035	e	Gibraltar Industries, Inc		2,344
	324,000		Godo Steel Ltd		701
	81,190		Halcor S.A.		156
	73,052		Haynes International, Inc		2,409
	983,161		Hindalco Industries Ltd		3,381
	34,114		Hoganas AB (Class B)		780

136

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	223,834	*	Horsehead Holding Corp	$	2,854
	300,295		Hubbell, Inc (Class B)		14,204
	124,275		Hyundai Steel Co		9,229
	701,929		JFE Holdings, Inc		27,746
	316,000		JFE Shoji Holdings, Inc		1,133
	1,873,000	e	Jiangxi Copper Co Ltd		4,380
	373,700		Johnson Matthey plc		9,219
	261,529		KGHM Polska Miedz S.A.		9,641
	244,673		KME Group S.p.A.		163
	3,027,597		Kobe Steel Ltd		5,487
	28,900		Kyoei Steel Ltd		533
	31,553		Leoni AG.		735
	4,800	*	Lihua International, Inc		50
	4,474,000	e	Maanshan Iron & Steel		3,241
	27,400	e	Maruichi Steel Tube Ltd		547
	18,062	e	Matsuda Sangyo Co Ltd		310
	149,759		Matthews International Corp (Class A)		5,306
	389,286		Mechel Steel Group OAO (ADR)		7,326
	199,837	*,e	Metalico, Inc		983
	603,000	e	Midas Holdings Ltd		392
	162,000	e	Mitsubishi Cable Industries Ltd		126
	697,562		Mitsubishi Materials Corp		1,706
	166,000	*	Mitsubishi Steel Manufacturing Co Ltd		281
	432,299		Mitsui Mining & Smelting Co Ltd		1,124
	374,086		Mittal Steel South Africa Ltd		5,183
	221,588		Mueller Industries, Inc		5,504
	246,000		Nakayama Steel Works Ltd		337
	36,300		Neturen Co Ltd		231
	140,000	e	Nippon Denko Co Ltd		836
	92,000		Nippon Koshuha Steel Co Ltd		84
	969,000		Nippon Light Metal Co Ltd		835
	155,000	e	Nippon Metal Industry Co Ltd		234
	4,715,122		Nippon Steel Corp		19,106
	139,500		Nippon Yakin Kogyo Co Ltd		538
	69,844		Norddeutsche Affinerie AG.		3,014
	141,941	*,e	Norsk Hydro ASA		1,192
	49,554	*	Northwest Pipe Co		1,331
	1,364,884		Nucor Corp		63,672
	58,997	e	Olympic Steel, Inc		1,922
	885,779		OneSteel Ltd		2,661
	39,700		Osaka Steel Co Ltd		667
	5,728		Outokumpu Oyj		108
	214,000	e	Pacific Metals Co Ltd		1,624
	1,087,474		Parkson Holdings BHD		1,683
	95,019		POSCO		50,110
	949,661		Precision Castparts Corp		104,796

137

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	19,463	*,e	Recylex S.A.	$	246
	160,686	*	RTI International Metals, Inc		4,044
	125,000	e	Sanyo Special Steel Co Ltd		547
	9,374		Schmolz + Bickenbach AG.		219
	168,051		Schnitzer Steel Industries, Inc (Class A)		8,016
	224,322	f	Severstal (GDR)		2,119
	42,052		Sidenor Steel Products Manufacturing Co S.A.		269
	9,800	*,f,m	Siderar SAIC (ADR) (Class A)		506
	2,249,022		Steel Authority Of India		11,610
	1,638,860		Steel Dynamics, Inc		29,041
	539,177		Sterlite Industries India Ltd		9,947
	1,096,890	e	Straits Resources Ltd		1,688
	1,457,966	*	Sumitomo Electric Industries Ltd		18,160
	378,000	*	Sumitomo Light Metal Industries Ltd		301
	5,390,436		Sumitomo Metal Industries Ltd		14,490
	828,267		Sumitomo Metal Mining Co Ltd		12,223
	11,626	*,e	Sutor Technology Group Ltd		31
	282,000		SWCC Showa Holdings Co Ltd		243
	1,730		Taihan Electric Wire Co Ltd		27
	646,553		Tata Steel Ltd		8,529
	278,985		Tenaris S.A.		6,012
	115,190		Texas Industries, Inc		4,030
	68,936	*,e	Timminco Ltd		86
	538,529		Titanium Metals Corp		6,742
	41,629		TKH Group NV		829
	38,000	e	Toho Titanium Co Ltd		578
	153,000		Toho Zinc Co Ltd		755
	152,000	e	Tokyo Rope Manufacturing Co Ltd		426
	370,111		Tokyo Steel Manufacturing Co Ltd		4,167
	57,000		Toyo Kohan Co Ltd		298
	163,906		Tredegar Corp		2,593
	124,653		Tubacex S.A.		490
	190,001		Tubos Reunidos S.A.		582
	775,676		Tung Ho Steel Enterprise Corp		840
	21,307		Umicore		711
	484,426	e	United States Steel Corp		26,702
	43,342	*	Universal Stainless & Alloy		817
	219,707	*,e	Uranium Energy Corp		830
	194,793		Usinas Siderurgicas de Minas Gerais S.A.		5,604
			Usinas Siderurgicas de Minas Gerais S.A.
	294,631		(Preference)		8,358
	359,154	e	Vallourec		64,978
	370,427	e	Voestalpine AG.		13,533
	100,603	e	Von Roll Holding AG.		623
	13,080,150		Walsin Lihwa Corp		4,901
	360,731	e	Worthington Industries, Inc		4,715
	76,900		Yamato Kogyo Co Ltd		2,514
	150,000		Yodogawa Steel Works Ltd		611
			TOTAL PRIMARY METAL INDUSTRIES		902,057

138

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
PRINTING AND PUBLISHING - 0.40%
	302,510	*	ACCO Brands Corp	$	2,202
	69,944	e	Alma Media		749
	216,318	e	American Greetings Corp (Class A)		4,714
	483,637	e	APN News & Media Ltd		1,005
	145,913	e	Arnoldo Mondadori Editore S.p.A.		647
	450,969		Belo (A.H.) Corp (Class A)		2,453
	216,077	e	Bowne & Co, Inc		1,443
	46,872		Caltagirone Editore S.p.A.		117
	63,500		Cermaq ASA		607
	110,571	*,e	China Information Security Technology, Inc		681
	59,289	*	Consolidated Graphics, Inc		2,076
	67,388		Courier Corp		960
	47,879		CSS Industries, Inc		931
	730,440		Dai Nippon Printing Co Ltd		9,313
	461,633	e	Daily Mail & General Trust		3,103
	59,216		Davis & Henderson Income Fund		958
	123,025		De La Rue plc		1,955
	150,460	*	Dolan Media Co		1,536
	365,936		Dun & Bradstreet Corp		30,874
	13,400	*	Duoyuan Printing, Inc		108
	221,616	e	Eniro AB		1,093
	136,012		Ennis, Inc		2,284
	145,690	*,e	EW Scripps Co (Class A)		1,014
	45,100		Fuji Seal International, Inc		927
	19,963,000	*	Fung Choi Media Group Ltd		2,329
	66,000	e	Gakken Co Ltd		168
	696,753		Gannett Co, Inc		10,347
	211,847	e	Harte-Hanks, Inc		2,284
	94,492	*	Impresa SGPS		242
	3,377,373		Independent News & Media plc		624
	852,688		Informa plc		4,384
	3,832,889	e	John Fairfax Holdings Ltd		5,957
	124,508		John Wiley & Sons, Inc (Class A)		5,214
	1,715,525	*	Johnston Press plc		613
	271,995		Journal Communications, Inc (Class A)		1,058
	103,727	e	Kadokawa Holdings, Inc		2,428
	164,000		Kyodo Printing Co Ltd		442
	162,227	e	Lagardere S.C.A.		6,568
	46,683		Lambrakis Press S.A.		132
	135,494	*,e	Martha Stewart Living Omnimedia, Inc (Class A)		669
	1,976,117		McGraw-Hill Cos, Inc		66,219
	224,961	*	Mecom Group plc		412

139

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	51		Media General, Inc (Class A)	$	0	^
	102,177	e	Meredith Corp		3,152
	376,820	*	MSCI, Inc (Class A)		11,983
	51,559		Multi-Color Corp		630
	306,982		New York Times Co (Class A)		3,794
	686,000	*	Next Media Ltd		91
	716,000		Oriental Press Group		91
	37,379	e	Orkla ASA		367
	7,014	e	PagesJaunes Groupe S.A.		78
	4,367,689		Pearson plc		62,624
	112,821	*,e	Playboy Enterprises, Inc (Class B)		361
	377,214		PMP Ltd		260
	106,543		Primedia, Inc		385
	82,000		PRONEXUS, Inc		491
	55,780		Quebecor, Inc		1,452
	1,240,197		R.R. Donnelley & Sons Co		27,619
	188,679		RCS MediaGroup S.p.A.		342
	1,432,052		Reed Elsevier NV		17,570
	776,955		Reed Elsevier plc		6,378
	6,702		Roularta Media Group NV		147
	3,932	e	Sanoma-WSOY Oyj		89
	79,303		Schawk, Inc (Class A)		1,079
	107,563		Schibsted ASA		2,417
	131,638		Scholastic Corp		3,927
	1,758,799	*,e	Seat Pagine Gialle S.p.A.		414
	1,489,736	e	Singapore Press Holdings Ltd		3,878
	4,838		Spir Communication		119
	129,431		St. Ives Group plc		115
	130,168	e	Standard Register Co		664
	3,360	e	Telegraaf Media Groep NV		63
	769,050	e	Thomson Corp		24,965
	96,400		Toppan Forms Co Ltd		1,005
	907,834		Toppan Printing Co Ltd		7,392
	76,979	e	Torstar Corp		466
	80,830		Transcontinental, Inc		999
	460,418		Trinity Mirror PLC		1,108
	323,792		United Business Media Ltd		2,417
	247,738	*	Valassis Communications, Inc		4,524
	18,180		Washington Post Co (Class B)		7,992
	434,663	e	West Australian Newspapers Holdings Ltd		3,141
	133,146		Wolters Kluwer NV		2,912
	3,357,569	*,e	Yell Group plc		2,113
	1,073,455		Yellow Pages Income Fund		5,522
			TOTAL PRINTING AND PUBLISHING		396,976

140

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
RAILROAD TRANSPORTATION - 0.75%
	4,517,223	*	Asciano Group	$	7,313
	1,013,952		Burlington Northern Santa Fe Corp		99,996
	664,297		Canadian National Railway Co		36,421
	330,346	e	Canadian Pacific Railway Ltd		17,938
	2,491		Central Japan Railway Co		16,673
	2,133,121		CSX Corp		103,435
	923,776		East Japan Railway Co		58,457
	1,495,571		Firstgroup PLC		10,231
	176,626	*	Genesee & Wyoming, Inc (Class A)		5,765
	106,000	e	Guangshen Railway Co Ltd		43
	761,352		Hankyu Hanshin Holdings, Inc		3,396
	390,619	*,e	Kansas City Southern Industries, Inc		13,004
	1,134,638	e	MTR Corp		3,909
	2,037,239		Norfolk Southern Corp		106,792
	105,600	*	RailAmerica, Inc		1,288
	1,270,439	e	Stagecoach Group plc		3,456
	3,581,219		Union Pacific Corp		228,840
	5,890		West Japan Railway Co		19,747
			TOTAL RAILROAD TRANSPORTATION		736,704
REAL ESTATE - 0.58%
	2,238,073	e	Abacus Property Group		893
	49,679		Acanthe Developpement S.A.		98
	546,561	*	Aedes S.p.A.		161
	9,258		Affine S.A.		216
	2,572,000	e	Agile Property Holdings Ltd		3,734
	53,700		Airport Facilities Co Ltd		272
	192,532	*	Alerion Industries S.p.A.		141
	3,406,000	e	Allgreen Properties Ltd		2,955
	12,065		Allreal Holding AG.		1,436
	38,845		Alstria Office REIT-AG.		418
	3,339	*,e	American Realty Investors, Inc		41
	994,347		AMP NZ Office Trust		548
	585,056		Aspen Group		246
	3,464		Atenor Group		176
	1,548,277	e	Australand Property Group		711
	11,669,443		Ayala Land, Inc		2,820
	9,247,920	m	Ayala Land, Inc (Preference)		20
	25,444	*	Babis Vovos International Construction S.A.		159
	928,615		Beni Stabili S.p.A.		760
	136,700	*	BR Malls Participacoes SA		1,688
	375,895	*	Brioschi Sviluppo Immobiliare		117
	1,542,766		British Land Co plc		11,880
	40,000	e	Brookfield Properties Co		485
	636,115		Brookfield Properties Corp		7,785
	21,728		CA Immo International AG.		160

141

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	116,774	*,e	CA Immobilien Anlagen AG.	$	1,320
	328,659		Capital & Regional plc		180
	2,477,556		CapitaLand Ltd		7,350
	5,433,854		CapitaMall Trust		6,936
	293,807		Castellum AB		2,976
	66,000		Cathay Real Estate Development Co Ltd		27
	1,063,784	*,e	CB Richard Ellis Group, Inc (Class A)		14,436
	49,000		Central Pattana PCL		30
	2,575	*	Centro Properties Group		1
	1,355,998	*	Centro Retail Group		198
	4,376,804	e	Champion Real Estate Investment Trust		1,854
	5,420,028		Cheuk Nang Holdings Ltd		1,445
	1,085,448		Cheung Kong Holdings Ltd		13,948
	25,000		China Aoyuan Property Group Ltd		4
	138,845	*,e	China Housing & Land Development, Inc		573
	76,068	*	China Real Estate Information Corp (ADR)		835
	3,814,000	e	China Resources Land Ltd		8,585
	1,916,820		China Vanke Co Ltd		2,395
	373,409	e	Chinese Estates Holdings Ltd		636
	207,715	e	City Developments Ltd		1,698
	319,781		Citycon Oyj		1,339
	27,012	*,e	CLS Holdings PLC		218
	42,166		Colonia Real Estate AG.		264
	7,846		ComBOTS AG.		71
	287		Compagnie Generale Immobiliere		59
	31,205	e	Consolidated-Tomoka Land Co		1,090
	139,831	*	Conwert Immobilien Invest AG.		1,709
	56,060		Corio NV		3,819
	5,695,000	e	Country Garden Holdings Co Ltd		2,107
	516,284		Cyrela Brazil Realty S.A.		7,265
	65,400		Daibiru Corp		471
	1,345,900		Daiman Development BHD		590
	169,619		Derwent London plc		3,604
	263,927	*,e	Desarrolladora Homex S.A. de C.V.		1,483
	50,565		Deutsche Euroshop AG.		1,712
	96,487	*	Deutsche Wohnen AG.		923
	154,718	e	Development Securities plc		849
	48,789		DIC Asset AG.		569
	446,724	*	Dolphin Capital Investors Ltd		411
	109,747		Douja Promotion Groupe Addoha S.A.		1,440
	27,494		Dundee Real Estate Investment Trust		545
	123,776		DuPont Fabros Technology, Inc		2,227
	13,625,000		Erawan Group PCL		962
	40,549		Eurobank Properties Real Estate Investment Co		483
	43,565		Eurocommercial Properties NV		1,803
	200,188	e	Fabege AB		1,253

142

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	943,833	e	Far East Consortium	$	338
	47,800		First Capital Realty, Inc		990
	872,014	e	FKP Property Group		615
	561,085	*,e	Forest City Enterprises, Inc (Class A)		6,610
	202,249	*,e	Forestar Real Estate Group, Inc		4,445
	125,800		Gafisa S.A.		2,041
	46,438		Gecina S.A.		5,049
	1,121,947	*,e	Genting International plc		1,034
	59,364		Genworth MI Canada, Inc		1,538
	108,293	*	Globe Trade Centre S.A.		967
	1,414,000	*	Glorious Property Holdings Ltd		640
	36,360		Goldcrest Co Ltd		1,018
	46,580		Government Properties Income Trust		1,070
	441,747		Grainger plc		911
	705,773		Great Portland Estates plc		3,267
	704,500		Greentown China Holdings Ltd		1,093
	2,020,065		Growthpoint Properties Ltd		3,837
	1,646,736	e	Guangzhou R&F Properties Co Ltd		2,872
	277,000	e	Guocoland Ltd		445
	1,410,782		Hammerson plc		9,602
	216,988		Hang Lung Group Ltd		1,073
	2,275,518		Hang Lung Properties Ltd		8,921
	397,500		Heiwa Real Estate Co Ltd		1,279
	107,075		Helical Bar plc		590
	1,272,000		Henderson Investment Ltd		100
	742,266		Henderson Land Development Co Ltd		5,547
	752,000		Ho Bee Investment Ltd		917
	412,000	*	Hong Fok Corp Ltd		196
	290,000		Hongkong Land Holdings Ltd		1,428
	711,301		Hopewell Holdings		2,293
	1,311,295		Hopson Development Holdings Ltd		1,877
	208,782	*	Housing Development & Infrastruture Ltd		1,609
	126,990		Hufvudstaden AB (Series A)		962
	568,010		Hysan Development Co Ltd		1,608
	22,293		ICADE		2,134
	4,188,900		IGB Corp BHD		2,431
	154,604		Immobiliare Grande Distribuzione		346
	609,836	e	IMMOFINANZ Immobilien Anlagen AG.		2,166
	4,137,053	e	ING Office Fund		2,352
	1,142,264	*	Inmobiliaria Colonial S.A.		258
	1,518		Intershop Holdings		437
	94,239		IVG Immobilien AG.		719
	57,004		IVR Prime Urban Developers Ltd		213
	54,200	b,e,m	Joint Corp		1
	212,237	e	Jones Lang LaSalle, Inc		12,819
	926,000		K Wah International Holdings Ltd		342

143

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	76,872		Kardan NV	$	446
	4,641	e	Kenedix, Inc		1,502
	2,008,223	e	Keppel Land Ltd		4,963
	7,111,600		KLCC Property Holdings BHD		7,126
	82,263		Klepierre		3,333
	158,986		Klovern AB		508
	277,896	e	Kungsleden AB		1,901
	90,029,000		Lai Fung Holdings Ltd		3,284
	24,765	*	Lamda Development S.A.		267
	4,115,900		Land and Houses PCL		775
	120,400		Land and Houses PCL Co LTD		23
	1,965,895		Land and Houses PCL Co Reg		392
	732,554		Land Securities Group plc		8,063
	3,118		Leasinvest Real Estate SCA		264
	100,151	e	Leighton Holdings Ltd		3,395
	1,186,215	e	Liberty International plc		9,807
	6,048,151		Link Real Estate Investment Trust		15,433
	19,666,500	*	Lippo Karawaci Tbk PT		1,053
	190,000		Liu Chong Hing Investment		184
	112,457	*,e	LoopNet, Inc		1,118
	82,360		MAC Services Group		162
	2,609,485		Macquarie Goodman Group		1,476
	35,779	e,m	Mapeley Ltd		116
	643,000	f	Megaworld Corp		20
	34,116		Mercialys S.A		1,201
	30,126,800	*	Metro Pacific Investments Corp		1,700
	2,516,929		Midland Holdings Ltd		2,162
	1,490,706		Mirvac Group		2,080
	1,874,118		Mitsubishi Estate Co Ltd		29,922
	1,306,421		Mitsui Fudosan Co Ltd		22,089
	1,025,000	*	Mongolia Energy Co ltd		522
	77,100		Multiplan Empreendimentos Imobiliarios S.A.		1,437
	96,000	*	Musashino Kogyo Co Ltd		188
	4,856,666		New World China Land Ltd		1,836
	7,127,457		New World Development Ltd		14,521
	50,272		Nexity		1,827
	57,700		Nomura Real Estate Holdings, Inc		856
	662,400		Norwegian Property ASA		1,532
	1,546		NTT Urban Development Corp		1,032
	125,800		Parco Co Ltd		1,083
	56,398	*,e	Patrizia Immobilien AG.		244
	338,100		PDG Realty SA		3,369
	2,806	*,f	PIK Group (GDR)		11
	490,383	e	Pirelli & C Real Estate S.p.A.		357
	69,306		PSP Swiss Property AG.		3,914
	1,081,908	*,e	Quintain Estates & Development PLC		1,043

144

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	576,612		Raven Russia Ltd	$	417
	79,084	*,e	Reading International, Inc		320
	1,351,454		Regus plc		1,996
	11,352,000		Renhe Commercial Holdings Co Ltd		2,568
	6,250	e	Risa Partners, Inc		3,929
	3,003,900		Robinsons Land Corp		840
	183,900		Rossi Residencial SA		1,616
	38,400		Sankei Building Co Ltd		241
	224,000		SC Global Developments Ltd		271
	691,019		Segro plc		3,833
	452,169	e	Shaftesbury plc		2,875
	80,000		Shanghai Forte Land Co		26
	730,000		Shanghai Lujiazui Finance & Trade Zone Development Co Ltd		1,405
	15,180,000	e	Shanghai Real Estate Ltd		1,607
	132,000		Shenzhen Investment Ltd		56
	43,300	e	Shoei Co Ltd		328
	3,494,900	e	Shui On Land Ltd		2,051
	222,000	e	Singapore Land Ltd		1,036
	1,616,175		Sino Land Co		3,111
	4,177,436		Sino-Ocean Land Holdings Ltd		3,836
	9,318,452		SM Prime Holdings		1,963
	744		Societa Partecipazioni Finanziarie S.p.A.		0	^
	11,021		Societe de la Tour Eiffel		830
	3,050,000	e	Soho China Ltd		1,639
	1,889,950		SP Setia BHD		2,159
	104,511	*	Sparkassen Immobilien AG.		749
	2,558,956		SPG Land Holdings Ltd		1,529
	225,504		Sponda Oyj		880
	150,254		ST Modwen Properties plc		470
	282,578	*,e	St. Joe Co		8,164
	400,890	e	Stewart Enterprises, Inc (Class A)		2,065
	2,259,400		Stockland Trust Group		7,960
	22,720		Sumitomo Real Estate Sales Co Ltd		943
	691,994	e	Sumitomo Realty & Development Co Ltd		13,063
	2,009,018		Sun Hung Kai Properties Ltd		29,872
	67,074		Swiss Prime Site AG.		3,762
	36,632		TAG Tegernsee Immobilien und Beteiligungs AG.		234
	825,000		TAI Cheung Holdings		478
	79,833		Technopolis plc		354
	80,918	e	Thomas Properties Group, Inc		240
	207,700		TOC Co Ltd		788
	2,129,988	e	Tokyo Tatemono Co Ltd		8,193
	224,000		Tokyotokeiba Co Ltd		323
	344,900	e	Tokyu Land Corp		1,281
	24,000	e	Tokyu Livable, Inc		207
	15,200	*,e	Touei Housing Corp		127

145

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	129,311		Unibail	$	28,407
	198,948		Unite Group PLC		962
	9,637,884	*	Unitech Corporate Parks plc		3,752
	1,599,414		Unitech Ltd		2,813
	750,000		United Industrial Corp Ltd		1,113
	30,647		Vastned Retail NV		2,015
	48,144		Wallenstam Byggnads AB (B Shares)		865
	10,966		Warehouses De Pauw SCA		535
	3,518		Wereldhave Belgium NV		311
	30,828		Wereldhave NV		2,945
	1,412,882	e	Wheelock & Co Ltd		4,310
	595,000	e	Wheelock Properties S Ltd		840
	38,424	e	Wihlborgs Fastigheter AB		708
	838,267		Wing Tai Holdings Ltd		1,083
	1,512,382		Workspace Group plc		565
	1,407,988		YNH Property BHD		628
	3,189,000		Zhong An Real Estate Ltd		1,189
	42,508		Zueblin Immobilien Holding AG.		166
			TOTAL REAL ESTATE		573,992
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.43%
	148,365		A. Schulman, Inc		2,994
	183,000	*	Achilles Corp		257
	36,714	*	AEP Industries, Inc		1,405
	210,073	e	Ansell Ltd		2,050
	662,982		Asics Corp		5,950
	94,000		Bando Chemical Industries Ltd		270
	1,895,877		Bayer AG.		151,716
	884,838		Bridgestone Corp		15,608
	10,843	*	CENTROTEC Sustainable AG.		147
	1,514,709		Cheng Shin Rubber Industry Co Ltd		3,498
	391,603		Cooper Tire & Rubber Co		7,852
	301,980		Deceuninck NV		629
	109,764	*	Deceuninck Plastics		0	^
	73,522	*,e	Deckers Outdoor Corp		7,479
	599,014		Denki Kagaku Kogyo KK		2,678
	1,233,405	*	Goodyear Tire & Rubber Co		17,391
	87,880		Hankook Tire Co Ltd		1,921
	99,208	*,e	Metabolix, Inc		1,098
	104,674		Michelin (C.G.D.E.) (Class B)		8,017
	24,090		Mitsubishi Rayon Co Ltd		97
	74,000	*	Mitsuboshi Belting Co Ltd		296
	1,665,017	e	Mitsui Chemicals, Inc		4,311
	2,119,004		Newell Rubbermaid, Inc		31,806
	117,000		Nichias Corp		465
	131,700		Nifco, Inc		2,631

146

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	26,500	*,e	Nitta Corp	$	351
	73,800	*	NOK Corp		1,018
	5,155	e	Nokian Renkaat Oyj		125
	34,833		Nolato AB (B Shares)		285
	80,000	e	Okamoto Industries, Inc		304
	686,219		Pirelli & C S.p.A.		411
	36,807		Puma AG. Rudolf Dassler Sport		12,253
	929,433		Sealed Air Corp		20,317
	55,000		Sekisui Jushi Corp		424
	522,000	*	Sekisui Plastics Co Ltd		2,470
	26,991		Semperit AG. Holding		1,039
	186,844	*	Skechers U.S.A., Inc (Class A)		5,495
	189,555		Spartech Corp		1,945
	4,901,987		SSL International plc		61,918
	32,900	*	STR Holdings, Inc		517
	886,221		Sumitomo Bakelite Co Ltd		4,377
	285,584	e	Sumitomo Rubber Industries, Inc		2,483
	54,000	e	Takiron Co Ltd		139
	188,888	e	Titan International, Inc		1,532
	58,800	e	Tokai Rubber Industries, Inc		609
	265,000		Toyo Tire & Rubber Co Ltd		495
	78,408	*,e	Trex Co, Inc		1,537
	372,263		Tupperware Corp		17,336
	68,624		Uponor Oyj		1,469
	76,556		Viscofan S.A.		1,944
	3,840,000	*	Wai Chun Mining Industry Group Co Ltd		67
	161,920	e	West Pharmaceutical Services, Inc		6,347
	278,000	*	Yokohama Rubber Co Ltd		1,229
			TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		419,002
SECURITY AND COMMODITY BROKERS - 2.31%
	52,073		ABC Arbitrage		490
	369,000		ABG Sundal Collier ASA		502
	135,143		AGF Management Ltd		2,197
	852,020		Ameriprise Financial, Inc		33,075
	132,700	*	Artio Global Investors, Inc		3,383
	331,521		Australian Stock Exchange Ltd		10,336
	29,538		Avanza AB		693
	146,315		Azimut Holding S.p.A.		1,956
	136,071		Banca Finnat Euramerica S.p.A.		116
	150,923	e	BlackRock, Inc		35,044
	86,302	e	Bolsas y Mercados Espanoles		2,784
	48,331	*	Boursorama		668
	471,004	*,e	Broadpoint Securities Group, Inc		2,101
	943,921		Broadridge Financial Solutions, Inc		21,295
	92,073	e	BT Investment Management Ltd		251

147

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	421,200		Bursa Malaysia BHD	$	978
	188,843		Calamos Asset Management, Inc (Class A)		2,177
	62,105		Canaccord Capital, Inc		616
	1,156,000		Capital Securities Corp		713
	3,972,042		Charles Schwab Corp		74,754
	1,368,000		China Everbright Ltd		3,350
	264,067	e	Close Brothers Group PLC		2,935
	224,563		CME Group, Inc		75,442
	83,750	e	Cohen & Steers, Inc		1,913
	240,408	e	Count Financial Ltd		282
	27,850	*	Cowen Group, Inc		165
	4,652,918		Credit Suisse Group		230,513
	754,905	e	Cromwell Group		494
	29,100	e,m	D Carnegie AB		72
	32,339		DAB Bank AG.		197
	153,540		Daewoo Securities Co Ltd		2,593
	1,560		Daishin Securities Co Ltd		21
	1,042,579		Daiwa Securities Group, Inc		5,247
	134,132	*,e	DeA Capital S.p.A.		242
	1,192,638		Deutsche Boerse AG.		98,762
	13,061	e	Diamond Hill Investment Group, Inc		839
	145,147		Duff & Phelps Corp		2,650
	91,556	*	Dundee Corp		1,062
	92,870	e	DundeeWealth, Inc		1,225
	58,795,194	*	E*Trade Financial Corp		102,893
	351,465	e	Eaton Vance Corp		10,688
	286,416		Egyptian Financial Group-Hermes Holding		1,304
	59,039	e	Epoch Holding Corp		617
	72,148	e	Evercore Partners, Inc (Class A)		2,193
	256,987		Evolution Group plc		557
	553,892		F&C Asset Management plc		678
	79,093	*	FBR Capital Markets Corp		489
	531,090	e	Federated Investors, Inc (Class B)		14,605
	144,636	e	Fifth Street Finance Corp		1,553
	528,370		Franklin Resources, Inc		55,664
	139,252	e	GAGFAH S.A.		1,266
	42,353	e	GAMCO Investors, Inc (Class A)		2,045
	462,239	e	GFI Group, Inc		2,112
	19,848		Gluskin Sheff + Associates, Inc		390
	72,094		GMP Capital, Inc		870
	3,706,061		Goldman Sachs Group, Inc		625,732
	37,713		Gottex Fund Management Holdings Ltd		286
	63,823		Greenhill & Co, Inc		5,121
	299,250		Hana Financial Group, Inc		8,458
	97,220		Hellenic Exchanges S.A.		1,009
	2,063,820	e	Hong Kong Exchanges and Clearing Ltd		36,720

148

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	149,477		Hyundai Securities Co	$	1,892
	1,037,750		ICAP plc		7,157
	209,400		Ichiyoshi Securities Co Ltd		1,406
	269,357	e	IGM Financial, Inc		10,923
	9,368		Indiabulls Financial Services Ltd		25
	466,896		Indiabulls Real Estate Ltd		2,267
	119,018	*,e	Interactive Brokers Group, Inc (Class A)		2,109
	304,536	*	IntercontinentalExchange, Inc		34,199
	89,406	*,e	International Assets Holding Corp		1,300
	2,785,933		Invesco Ltd		65,442
	258,560	*	Investment Technology Group, Inc		5,094
	772,098		IOOF Holdings Ltd		4,175
	1,104,900		iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker		2,126
	40,600		Iwai Securities Co Ltd		272
	665,822		Janus Capital Group, Inc		8,955
	350,896	*,e	Jefferies Group, Inc		8,327
	89,321	e	JMP Group, Inc		868
	488	e	kabu.com Securities Co Ltd		471
	217,286	*	KBW, Inc		5,945
	3,524,000		KGI Securities Co Ltd		2,067
	6,947,701		Kim Eng Holdings Ltd		9,940
	542,410	*	Knight Capital Group, Inc (Class A)		8,353
	44,060		Korea Investment Holdings Co Ltd		1,263
	2,573,130		Kowloon Development Co Ltd		2,979
	294,885	*,e	LaBranche & Co, Inc		837
	347,830		Lazard Ltd (Class A)		13,207
	5,228,059		Legal & General Group plc		6,726
	1,225,521	e	Legg Mason, Inc		36,962
	152,989	e	London Stock Exchange Group plc		1,767
	378,046		Macquarie Group Ltd		16,198
	1,605,832		Man Group plc		7,925
	161,100		MarketAxess Holdings, Inc		2,239
	80,000	e	Marusan Securities Co Ltd		437
	130,900		Matsui Securities Co Ltd		912
	516,436	*,e	MF Global Ltd		3,589
	28,232		Mirae Asset Securities Co Ltd		1,573
	58,000		Mito Securities Co Ltd		129
	772,000		Mizuho Investors Securities Co Ltd		752
	1,465		Monex Beans Holdings, Inc		502
	6,102,232		Morgan Stanley		180,627
	71,781	*	Morningstar, Inc		3,470
	2,008,030	*	Nasdaq Stock Market, Inc		39,799
	52,862		NeoNet AB		107
	6,082,114		Nomura Holdings, Inc		45,231
	118,118		Nordnet AB (Series B)		388
	779,899		NYSE Euronext		19,731

149

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	221,000		Okasan Holdings, Inc	$	1,070
	60,609	e	Oppenheimer Holdings, Inc		2,013
	299,617		optionsXpress Holdings, Inc		4,629
	111,122	*,e	Penson Worldwide, Inc		1,007
	517,000	*,m	Peregrine Investment Holdings		0	^
	122,292	e	Perpetual Trustees Australia Ltd		4,052
	109,401	*,e	Piper Jaffray Cos		5,537
	83,704	e	Platinum Asset Mangement Ltd		415
	7,921,585		Polaris Securities Co Ltd		4,695
	37,174	*	Pzena Investment Management, Inc (Class A)		303
	484,170	e	Raymond James Financial, Inc		11,509
	131,546		Reliance Capital Ltd		2,412
	2,181		Renta 4 S.A.		16
	1,035,445		RMB Holdings Ltd		4,134
	62,805		Samsung Securities Co Ltd		3,400
	104,162	e	Sanders Morris Harris Group, Inc		573
	132,046		Schroders plc		2,822
	620,886		SEI Investments Co		10,878
	330,000		Shenyin Wanguo HK Ltd		167
	1,697,625		Shinko Securities Co Ltd		5,137
	975,240	e	Singapore Exchange Ltd		5,742
	1,143,156	e,f	Spark Infrastructure Group		1,415
	1,115		Sparx Group Co Ltd		131
	65,615		Sprott, Inc		282
	149,211	*,e	Stifel Financial Corp		8,839
	689,000		Sun Hung Kai & Co Ltd		521
	294,736		Suramericana de Inversiones S.A.		3,533
	10,436		Swissquote Group Holding S.A.		520
	188,454	e	SWS Group, Inc		2,280
	1,554,831	e	T Rowe Price Group, Inc		82,795
	824,000		Tai Fook Securities Group Ltd		522
	170,000		Takagi Securities Co Ltd		310
	788,566	*	TD Ameritrade Holding Corp		15,282
	613		Teton Advisors, Inc		10
	145,535	*,e	Thomas Weisel Partners Group, Inc		550
	92,800	e	TMX Group, Inc		2,940
	517,000		Tokai Tokyo Securities Co Ltd		2,025
	86,991		Tong Yang Investment Bank		891
	80,000		Toyo Securities Co Ltd		146
	5,072		Union Financiere de France BQE S.A.		182
	1,547,565		UOB-Kay Hian Holdings Ltd		1,658
	68,827	e	US Global Investors, Inc (Class A)		847
	8,471	e	Value Line, Inc		213
	153,839	*	Vostok Nafta Investment Ltd		675
	4,847		VZ Holding AG.		368
	300,348		Waddell & Reed Financial, Inc (Class A)		9,173

150

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	642	*	Westpac Funds Management Ltd	$	50
	27,318	e	Westwood Holdings Group, Inc		993
	109,660		Woori Investment & Securities Co Ltd		1,562
			TOTAL SECURITY AND COMMODITY BROKERS		2,277,270
SOCIAL SERVICES - 0.01%
	116,684	*	Capital Senior Living Corp		586
	10,367		Care UK plc		70
	1,199,178	e	Gunns Ltd		1,004
	1,310		Korian		38
	7,036	*,e	Nobel Learning Communities, Inc		53
	78,850	*	Providence Service Corp		1,246
	156,564	*	Res-Care, Inc		1,753
	571,293		Ryman Healthcare Ltd		861
	235,096	*	Southern Cross Healthcare Ltd		526
	51,000		Temp Holdings Co Ltd		402
			TOTAL SOCIAL SERVICES		6,539
SPECIAL TRADE CONTRACTORS - 0.08%
	21,393	e	Alico, Inc		609
	146,995	*,e	AsiaInfo Holdings, Inc		4,479
	11,776	e	Bauer AG.		493
	275,547	*	Cape plc		1,003
	108,242		Chemed Corp		5,192
	32,600	e	Chudenko Corp		411
	249,656	e	Comfort Systems USA, Inc		3,081
	183,300		COMSYS Holdings Corp		1,928
	61,900		Daimei Telecom Engineering Corp		471
	240,785	*	Dycom Industries, Inc		1,934
	507,056	e	eaga plc		1,172
	439,254	*	EMCOR Group, Inc		11,816
	42,300		Hibiya Engineering Ltd		373
	65,326		Homeserve plc		1,778
	200,654	*,e	Insituform Technologies, Inc (Class A)		4,559
	58,645	*	Integrated Electrical Services, Inc		343
	179,000	e	Kandenko Co Ltd		1,131
	507,495		Kinden Corp		4,300
	113,100		Kyowa Exeo Corp		962
	95,000		Kyudenko Corp		568
	110,774	*	Layne Christensen Co		3,180
	484,006		Metalurgica Gerdau S.A.		9,708
	628,654	*	Quanta Services, Inc		13,101
	63,000		Sanki Engineering Co Ltd		442
	7,000		Secom Techno Service Co Ltd		182
	110,745		Severfield-Rowen plc		317
	370,837		Spice plc		361

151

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	153,000		Taihei Kogyo Co Ltd	$	642
	74,600		Taikisha Ltd		1,002
	105,000	e	Takasago Thermal Engineering Co Ltd		900
	590,146	*,b	Timbercorp Ltd		23
	42,000		Toenec Corp		240
	63,000		Yurtec Corp		336
			TOTAL SPECIAL TRADE CONTRACTORS		77,037
STONE, CLAY, AND GLASS PRODUCTS - 0.49%
	986,807		Ambuja Cements Ltd		2,204
	573,835	e	Anhui Conch Cement Co Ltd		3,667
	182,511	e	Apogee Enterprises, Inc		2,555
	2,701,604	e	Asahi Glass Co Ltd		25,698
	2,109,272		Asia Cement Corp		2,273
	127,690		Associated Cement Co Ltd		2,389
	2,717,500	*	BBMG Corp		2,951
	861,924	e	Boral Ltd		4,575
	293,369		Bradespar S.A.		6,493
	148,628		Buzzi Unicem S.p.A RSP		1,538
	92,998	e	Buzzi Unicem S.p.A.		1,496
	124,154	*	Cabot Microelectronics Corp		4,092
	94,788		CARBO Ceramics, Inc		6,462
	69,609		Cementir S.p.A.		335
	352,535		Cementos Argos S.A.		1,860
	16,745	e	Cementos Portland Valderrivas S.A.		530
	11,287,583	*,e	Cemex S.A. de C.V.		13,443
	344,000		Central Glass Co Ltd		1,317
	91,439		Cimpor Cimentos de Portugal S.A.		840
	414,914	*,e	Coal of Africa Ltd		708
	367,945	*	Cookson Group plc		2,489
	7,545,547		Corning, Inc		145,705
	543,867		CRH plc		14,787
	101,170		CRH plc (Ireland)		2,765
	2,386	*	Daldrup & Soehne AG.		76
	6,812		Dyckerhoff AG.		405
	138,132		Eagle Materials, Inc		3,598
	796,598		Egypt Kuwait Holding Co		1,564
	96,697		FLSmidth & Co AS		6,774
	519,920		Gentex Corp		9,281
	6,540,000		Goldsun Development & Construction Co Ltd		3,012
	16,124		GranitiFiandre S.p.A.		81
	49,937		Grasim Industries Ltd		2,654
	735,903	e	Grupo Carso S.A. de C.V. (Series A1)		2,250
	744	*,m	H+H International AS (New)		9
	93		H+H International AS		1

152

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	146,171		HeidelbergCement AG.	$	10,112
	688,448		Holcim Ltd		53,504
	1,118,500		Indo Tambangraya Megah Pt		3,781
	198,705	e	Industrias Penoles S.A. de C.V.		4,235
	419,918		Inversiones Argos S.A.		3,897
	58,946		Italcementi S.p.A.		806
	9,704		Italmobiliare S.p.A.		430
	20,427		Italmobiliare S.p.A. RSP		649
	1,157,025		Jaiprakash Associates Ltd		3,633
	337,087	*	James Hardie Industries NV		2,564
	57,000		Krosaki Harima Corp		100
	601,620		Lafarge Malayan Cement BHD		1,094
	52,967		Lafarge S.A.		4,362
	470,000		Luks Group Vietnam Holdings Ltd		202
	234,961		Marshalls plc		325
	134,082	e	Martin Marietta Materials, Inc		11,988
	337,723		Morgan Crucible Co plc		859
	249,419		NGK Insulators Ltd		5,455
	32,500	e	Nichiha Corp		202
	247,000		Nihon Yamamura Glass Co Ltd		813
	464,825		Nippon Sheet Glass Co Ltd		1,332
	129,000	*	Noritake Co Ltd		341
	342,233	*	Owens Corning, Inc		8,775
	1,247,711	*	Owens-Illinois, Inc		41,012
	23,503		Pargesa Holding S.A.		2,045
	25,600		Pigeon Corp		1,002
	611,533		Pretoria Portland Cement Co Ltd		2,864
	3,411,400		PT Indocement Tunggal Prakarsa Tbk		4,931
	3,244,000		PT Semen Gresik Persero Tbk		2,584
	20,214		Sa des Ciments Vicat		1,700
	340,500		Siam Cement PCL Reg		2,437
	3,925		Sika AG.		6,103
	5,389		STO AG.		481
	690,193		Sumitomo Osaka Cement Co Ltd		1,061
	905,005		Taiheiyo Cement Corp		1,032
	3,658,965		Taiwan Cement Corp		3,885
	1,031,022		Taiwan Glass Industrial Corp		842
	1,042,000	*	TCC International Holdings Ltd		489
	8,518		Titan Cement Co S.A.		247
	166,951	e	Toto Ltd		1,062
	334,553	*	Turk Sise ve Cam Fabrikalari AS		420
	217,249	*,e	US Concrete, Inc		198
	121,396	*,e	USG Corp		1,706
	563		Vetropack Holding AG.		941
	162,697		Wienerberger AG.		2,953
	998,000		Xinyi Glass Holdings Co Ltd		899

153

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	34,997		Zignago Vetro S.p.A.	$	194
			TOTAL STONE, CLAY, AND GLASS PRODUCTS		481,424
TEXTILE MILL PRODUCTS - 0.06%
	143,521	e	Albany International Corp (Class A)		3,223
	434,008		Alfa S.A. de C.V. (Class A)		2,768
	334,000		Atsugi Co Ltd		403
	59,844		Cheil Industries, Inc		2,898
	220,000	e	Daiwabo Co Ltd		462
	4,827,958		Far Eastern Textile Co Ltd		6,037
	775,220		Formosa Taffeta Co Ltd		626
	28,971		Hyosung Corp		2,119
	248,438		Interface, Inc (Class A)		2,065
	100,000	e	Japan Wool Textile Co Ltd		610
	429,000	e	Kurabo Industries Ltd		654
	483,000		Li Heng Chemical Fibre Technologies Ltd		92
	234,392	*,e	Mohawk Industries, Inc		11,157
	7,231		Nisshinbo Industries, Inc		67
	279,000		Nitto Boseki Co Ltd		478
	119,315	e	Oxford Industries, Inc		2,467
	1,508,000		Pacific Textile Holdings Ltd		1,007
	395,000	*	Ruentex Industries Ltd		710
	663,030	e	Seiren Co Ltd		4,594
	4,457,710		Teijin Ltd		14,403
	580,000		Texwinca Holdings Ltd		539
	561,000		Unitika Ltd		421
	833,000	*	Victory City International Hlds		167
			TOTAL TEXTILE MILL PRODUCTS		57,967
TOBACCO PRODUCTS - 1.06%
	9,096,067		Altria Group, Inc		178,556
	173,397		Australian Agricultural Co Ltd		233
	164,300		British American Tobacco Malaysia BHD		2,051
	3,826,110		British American Tobacco plc		124,208
	494,942		Fortune Brands, Inc		21,381
	3,745,612	e	Huabao International Holdings Ltd		4,028
	1,722,149		Imperial Tobacco Group plc		54,329
	1,776,398		ITC Ltd		9,540
	6,571		Japan Tobacco, Inc		22,187
	1,156,184		Lorillard, Inc		92,761
	10,705,498		Philip Morris International, Inc		515,897
	147,375		Souza Cruz S.A.		4,889
	43,752		Swedish Match AB		957
	154,616	e	Universal Corp		7,052
	185,335	e	Vector Group Ltd		2,595
			TOTAL TOBACCO PRODUCTS		1,040,664

154

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
TRANSPORTATION BY AIR - 0.51%
	41,661	*	ACE Aviation Holdings, Inc (Class A)	$	235
	42,674		Aegean Airlines S.A.		217
	250,130	*	AER Lingus		229
	13,170	*	Aer Lingus Group plc		12
	163,228		Aeroports de Paris		13,120
	76,305	*,e	Air Berlin plc		408
	5,800,600	e	Air China Ltd		4,497
	93,433		Air France-KLM		1,466
	51,196	*,e	Air Methods Corp		1,721
	2,555,333		Air New Zealand Ltd		2,243
	320,430	*	Air Transport Services Group, Inc		846
	2,801,200	*	AirAsia BHD		1,125
	617,144	*,e	Airtran Holdings, Inc		3,221
	209,143	*,e	Alaska Air Group, Inc		7,228
	140,075	*,e,m	Alitalia S.p.A.		89
	564,896	*	All Nippon Airways Co Ltd		1,533
	78,214	*,e	Allegiant Travel Co		3,689
	1,229,249	*	AMR Corp		9,502
	108,516	*	Atlas Air Worldwide Holdings, Inc		4,042
	552,397		Auckland International Airport Ltd		808
	693,740		BBA Aviation plc		1,830
	2,678,000	*	Beijing Capital International Airport Co Ltd		1,758
	193,322	*	Bristow Group, Inc		7,433
	12,714,993	*,e	British Airways plc		38,242
	2,959,274		Cathay Pacific Airways Ltd		5,496
	11,682,127	*	China Airlines		4,155
	1,748,677	*,e	Continental Airlines, Inc (Class B)		31,336
	261,161		Copa Holdings S.A. (Class A)		14,225
	6,152,039	*	Delta Air Lines, Inc		70,010
	275,240	*	easyJet plc		1,561
	4,589,520	*	Eva Airways Corp		2,046
	1,920,079		FedEx Corp		160,230
	72,069		Finnair Oyj		387
	19,154	e	Flughafen Wien AG.		958
	5,249		Flughafen Zuerich AG.		1,579
	191,464	*,b,m	FLYi, Inc		1
	3,628	e	Fraport AG. Frankfurt Airport Services Worldwide		187
	1,611,688	*,e	Gemina S.p.A.		1,316
	90,400	*	Gol Linhas Aereas Inteligentes S.A.		1,354
	587,493		Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		1,827
	430,084	*	Hawaiian Holdings, Inc		3,011
	35,600		Hong Kong Aircraft Engineerg		461
	80,099		Iberia Lineas Aereas de Espana		217
	665,857	*,e	Japan Airlines Corp		479

155

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	76,800		Jazz Air Income Fund	$	324
	1,274,991	*	JetBlue Airways Corp		6,949
	86,843	*	Korean Air Lines Co Ltd		4,084
	255,782		Lan Airlines S.A.		4,365
	3,749,913		Macquarie Airports		10,150
	209,466		Malaysian Airline System BHD		166
	37,650	*	Norwegian Air Shuttle AS		745
	74,632	*	PHI, Inc		1,545
	741,245		Qantas Airways Ltd		1,978
	209,226	*,e	Republic Airways Holdings, Inc		1,546
	137,834	*	Ryanair Holdings plc		650
	1,600	*	Ryanair Holdings plc (ADR)		43
	96	*,m	SAir Group		0	^
	1,396,737	*	SAS AB		784
	27,668		SAVE S.p.A.		234
	106,190		Singapore Airlines Ltd		1,125
	1,290,357		Singapore Airport Terminal Services Ltd		2,507
	320,216		Skywest, Inc		5,418
	2,774,575		Southwest Airlines Co		31,713
	78,900		Tam S.A.		1,732
	555,313		Turk Hava Yollari		2,126
	940,816	*,e	UAL Corp		12,146
	849,579	*,e	US Airways Group, Inc		4,112
	5,485,538	*	Virgin Blue Holdings Ltd		2,879
	6,541	*	Vueling Airlines S.A.		115
			TOTAL TRANSPORTATION BY AIR		503,766
TRANSPORTATION EQUIPMENT - 2.91%
	134,469		A.O. Smith Corp		5,835
	219,765	*,e	AAR Corp		5,050
	23,716		Accell Group		988
	63,772	*	Aerovironment, Inc		1,854
	61,100	*	Aisan Industry Co Ltd		623
	490,345	*	Aisin Seiki Co Ltd		14,167
	93,500		Akebono Brake Industry Co Ltd		468
	2,606,420		American Axle & Manufacturing Holdings, Inc		20,903
	65,411		American Railcar Industries, Inc		721
	109,218	*,e	Amerigon, Inc (Class A)		867
	470	*,e	Arctic Cat, Inc		4
	390,190	e	ArvinMeritor, Inc		4,362
	122,362	*	ATC Technology Corp		2,918
	2,315,164		Austal Ltd		4,819
	1,257,232	*,e	Autoliv, Inc		54,514
	469,476	*,e	Autoliv, Inc (ADR)		20,516
	4,836,830		BAE Systems plc		27,994
	622,327		Bayerische Motoren Werke AG.		28,330

156

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,545		Bayerische Motoren Werke AG. (Preference)	$	84
	357,224	*,e	BE Aerospace, Inc		8,395
	55,102		Beneteau S.A.		843
	3,919,249		Boeing Co		212,150
	3,342,754		Bombardier, Inc		15,342
	37,563		Brembo S.p.A.		279
	509,695	e	Brunswick Corp		6,478
	200,000	*,e	BW Offshore Ltd		292
	996,058		Calsonic Kansei Corp		2,782
	23,624	*	Carraro S.p.A		75
	2,932,000		China South Locomotive and Rolling Stock Corp		2,141
	249,257		Clarcor, Inc		8,086
	136,881		Cobham plc		553
	141,897	*	Cogo Group, Inc		1,046
	21,111		Compagnie Plastic-Omnium S.A.		578
	3,666		Construcciones y Auxiliar de Ferrocarriles S.A.		1,977
	630,851	e	Cosco Corp Singapore Ltd		529
	28,280		CSBC Corp Taiwan		27
	129,881		Daewoo Shipbuilding & Marine Engineering Co Ltd		1,947
	43,712		Daihatsu Motor Co Ltd		437
	3,293,463		DaimlerChrysler AG. (EUR)		175,422
	752,758	*	Dana Holding Corp		8,160
	1,281,107	*	Denso Corp		38,711
	6,420,000		Denway Motors Ltd		4,056
	38,549		Doosan Heavy Industries and Construction Co Ltd		2,680
	61,070	*,e	Dorman Products, Inc		956
	64,164		Ducommun, Inc		1,201
	33,899		Elbit Systems Ltd		2,193
	39,596		ElringKlinger AG.		912
	881,595		Empresa Brasileira de Aeronautica S.A.		4,816
	1,229,885	e	European Aeronautic Defence and Space Co		24,722
	55,300	*	Exedy Corp		1,152
	8,102		Faiveley S.A.		645
	64,900		FCC Co Ltd		1,150
	81,049	*,e	Federal Mogul Corp (Class A)		1,402
	303,403	e	Federal Signal Corp		1,826
	217,539	e	Fiat S.p.A.		3,183
	106,544	e	Fleetwood Corp Ltd		760
	446,923	*	Force Protection, Inc		2,328
	16,146,842	*	Ford Motor Co		161,468
	67,467	e	Freightcar America, Inc		1,338
	66,839	*,e	Fuel Systems Solutions, Inc		2,756
	1,801,000		Fuji Heavy Industries Ltd		8,800
	125,300	*,e	Futaba Industrial Co Ltd		1,049
	5,095,000	e	Geely Automobile Holdings Ltd		2,781
	369,732	*,e	GenCorp, Inc		2,588

157

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,067,709		General Dynamics Corp	$	140,956
	586,512		Genuine Parts Co		22,264
	4,807		Georg Fischer AG.		1,200
	390,000		Giant Manufacturing Co Ltd		1,095
	2,196,682		GKN plc		4,114
	1,368,138		Goodrich Corp		87,903
	84,246	e	Greenbrier Cos, Inc		874
	140,707	e	Group 1 Automotive, Inc		3,989
	26,599	*,e,m	Haldex AB (New)		163
	55,735	e	Haldex AB		343
	198,279		Hampson Industries plc		215
	879,504	e	Harley-Davidson, Inc		22,164
	385,870		Harsco Corp		12,437
	111,734	e	Heico Corp		4,953
	113,372		Hero Honda Motors Ltd		4,170
	277,136	*	Hino Motors Ltd		959
	3,544,659	*	Honda Motor Co Ltd		120,266
	5,499,525		Honeywell International, Inc		215,582
	281,000		Hong Leong Asia Ltd		576
	53,714		Hyundai Heavy Industries		7,976
	15,747		Hyundai Mipo Dockyard		1,390
	84,281		Hyundai Mobis		12,350
	207,026		Hyundai Motor Co		21,430
	28,020	*	Hyundai Motor Co Ltd (Preference)		1,006
	47,550		Hyundai Motor Co Ltd (2nd Preference)		1,746
	214,476		IMMSI S.p.A.		257
	23,607	e	Indus Holding AG.		407
	2,312,085	*	Isuzu Motors Ltd		4,343
	33,000		Japan Vilene Co Ltd		154
	294,590		Jardine Cycle & Carriage Ltd		5,625
	434,000		Jaya Holdings Ltd		185
	308,843		JTEKT Corp		3,972
	183,944		Kaman Corp		4,247
	39,300		Kanto Auto Works Ltd		355
	930,646	e	Kawasaki Heavy Industries Ltd		2,362
	5,092,280		Keppel Corp Ltd		29,663
	77,000		Kinki Sharyo Co Ltd		604
	129,000		Koito Manufacturing Co Ltd		2,070
	600	*,b,e,m	Lear Corp		0	^
	75,398		Linamar Corp		1,004
	49,483	*,e	LMI Aerospace, Inc		658
	2,056,204		Lockheed Martin Corp		154,935
	315,193		Magna International, Inc - Class A (NY)		15,942
	162,838	*	Magna International, Inc - Class A		8,293
	227,820		Mahindra & Mahindra Ltd		5,273
	32,059		MAN AG.		2,488

158

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	83,558		Maruti Udyog Ltd	$	2,787
	167,663	*	Mazda Motor Corp		386
	1,317,621		Meggitt plc		5,516
	35,800		Mekonomen AB		773
	52,142		Metka S.A.		726
	51,130	*,e	Miller Industries, Inc		580
	63,000		Mitsuba Corp		269
	2,104,694	*,e	Mitsubishi Motors Corp		2,925
	3,774,612	e	Mitsui Engineering & Shipbuilding Co Ltd		9,091
	86,600	e	Modec, Inc		1,659
	89,232		MTU Aero Engines Holding AG.		4,856
	31,700	*	Musashi Seimitsu Industry Co Ltd		739
	127,000	e	Nabtesco Corp		1,455
	70,300		Namura Shipbuilding Co Ltd		360
	576,963	*,e	Navistar International Corp		22,300
	499,149		NHK Spring Co Ltd		4,647
	61,000		Nippon Seiki Co Ltd		698
	147,000		Nippon Sharyo Ltd		936
	88,000		Nissan Shatai Co Ltd		786
	64,300	e	Nissin Kogyo Co Ltd		1,002
	848,000	*,m	Norstar Founders Group Ltd		1
	815,826		Novatek Microelectronics Corp Ltd		2,725
	998,194		NSK Ltd		7,325
	356,599	*	Orbital Sciences Corp		5,442
	685,363		Oshkosh Truck Corp		25,379
	1,242,579	e	Paccar, Inc		45,068
	869,901		Peugeot S.A.		29,244
	217,125		Piaggio & C S.p.A.		622
	109,116		Pixart Imaging, Inc		917
	149,511		Polaris Industries, Inc		6,523
	685,942		Porsche AG.		42,895
	29,527	e	Portec Rail Products, Inc		316
	171,000		Press Kogyo Co Ltd		322
	373,788		Renault S.A.		19,175
	42,938		Rieter Holding AG.		9,698
	100,000		Riken Corp		326
	1,344,107		Rolls-Royce Group plc		10,467
	4,250		Rosenbauer International AG.		177
	96,680		Saab AB (Class B)		1,592
	207,410		Samsung Heavy Industries Co Ltd		4,300
	140,000		Sanden Corp		361
	267,000		Sasebo Heavy Industries Co Ltd		592
	15,547		Scania AB (B Shares)		201
	3,942,059	e	SembCorp Marine Ltd		10,285
	797,894		Senior PLC		965
	51,496	e	Shimano, Inc		2,079

159

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	87,100		Showa Corp	$	526
	1,205,134		Singapore Technologies Engineering Ltd		2,774
	1,115,500		Sinotruk Hong Kong Ltd		1,297
	50,808		Sogefi S.p.A.		153
	215,848	e	Spartan Motors, Inc		1,215
	495,094	*,e	Spirit Aerosystems Holdings, Inc (Class A)		9,833
	191,519	*	Standard Motor Products, Inc		1,632
	54,554		STX Shipbuilding Co Ltd		579
	444,575	e	Sumitomo Precision Products Co Ltd		1,298
	111,906	e	Superior Industries International, Inc		1,712
	451,033	e	Suzuki Motor Corp		11,108
	36,500		Tachi-S Co Ltd		362
	48,500	*,e	Takata Corp		1,132
	251,458		Tata Motors Ltd		4,244
	322,371	*	Tenneco, Inc		5,716
	817,511	e	Thales S.A.		42,016
	132,877		Thor Industries, Inc		4,172
	27,739	*,e	Todd Shipyards Corp		465
	88,000	*	Tokai Rika Co Ltd		1,996
	7,812,257		Tomkins PLC		24,277
	241,000		Topy Industries Ltd		437
	44,000	e	Toyo Electric Manufacturing Co Ltd		352
	103,737	e	Toyoda Gosei Co Ltd		3,143
	65,000	*	Toyota Auto Body Co Ltd		1,230
	17,073	*	Toyota Industries Corp		510
	4,553,737		Toyota Motor Corp		191,990
	147,945		TransDigm Group, Inc		7,026
	333,348	e	Trelleborg AB (B Shares)		2,476
	13,236		Trigano S.A.		239
	239,158	e	Trinity Industries, Inc		4,171
	93,482		Triumph Group, Inc		4,511
	558,213	*,e	TRW Automotive Holdings Corp		13,330
	72,900		TS Tech Co Ltd		1,485
	60,160		Umeco PLC		275
	42,400	e	Unipres Corp		673
	4,659,315		United Technologies Corp		323,404
	520,983		Valeo S.A.		18,234
	44,698	e	Volkswagen AG.		4,952
	173,495		Volkswagen AG. (Preference)		16,365
	50,254		Volvo AB (A Shares)		428
	196,534	e	Volvo AB (B Shares)		1,686
	281,000		Weichai Power Co Ltd		2,254
	143,873	e	Westinghouse Air Brake Technologies Corp		5,876
	137,574	*,e	Winnebago Industries, Inc		1,678
	76,962	*	Wonder Auto Technology, Inc		905
	116,691	e	Yamaha Motor Co Ltd		1,476

160

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,034,000		Yangzijiang Shipbuilding	$	1,737
	918,258		Yulon Motor Co Ltd		1,083
	59,487	e	Zodiac S.A.		2,474
			TOTAL TRANSPORTATION EQUIPMENT		2,869,382
TRANSPORTATION SERVICES - 0.19%
	530,335		All America Latina Logistica S.A.		4,965
	94,870		Ambassadors Group, Inc		1,261
	102,131		Autostrada Torino-Milano S.p.A.		1,510
	1,003,605		Autostrade S.p.A.		26,246
	755,390	e	CH Robinson Worldwide, Inc		44,365
	5,114,000		China Travel International Inv HK		1,519
	60,112	e	Cintra Concesiones de Infraestructuras de Transporte S.A.		710
	12,975		Clarkson plc		155
	251,000		CWT Ltd		150
	39,670		D/S Norden		1,597
	304,470		Deutsche Lufthansa AG.		5,141
	3,000		Dfds AS		206
	87,100	*,e	Dynamex, Inc		1,577
	8,800	*,e	Echo Global Logistics, Inc		112
	703,236	e	Expeditors International Washington, Inc		24,423
	74,066	e	Flight Centre Ltd		1,218
	177,308		Freightways Ltd		437
	24,595	*	Gategroup Holding AG		832
	174,129	e	GATX Corp		5,006
	11,847	*	GLOVIS Co Ltd		1,156
	46,600		HIS Co Ltd		848
	7,585		Hopewell Highway Infrastructure Ltd		5
	260,489	*	Hub Group, Inc (Class A)		6,989
	195,302	*	Interval Leisure Group, Inc		2,435
	22,500		Kintetsu World Express, Inc		586
	3,213		Kuoni Reisen Holding		1,084
	92,305		Mainfreight Ltd		371
	42,216	e	Oesterreichische Post AG.		1,150
	187,998	*	Orbitz Worldwide, Inc		1,380
	199,102	e	Pacer International, Inc		629
	17,186		Panalpina Welttransport Holding AG.		1,093
	4,223,100		PLUS Expressways BHD		4,023
	167,000	e	Senko Co Ltd		583
	20,000		Sincere Navigation		26
	128,036		Societa Iniziative Autostradali e Servizi S.p.A.		1,196
	24,400		Toho Real Estate Co Ltd		137
	1,854,594	e	Toll Holdings Ltd		14,482
	7,690	e	TUI AG.		64
	43,359	*	Universal Travel Group		440
	1,558,960		UTI Worldwide, Inc		22,324

161

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	151,711		Wincanton PLC	$	496
	21,100		Yusen Air & Sea Service Co Ltd		292
			TOTAL TRANSPORTATION SERVICES		183,219
TRUCKING AND WAREHOUSING - 0.43%
	148,741	e	Arkansas Best Corp		4,377
	33,300	e	ASKUL Corp		605
	120,278	*	Big Yellow Group plc		685
	207,439	*	Celadon Group, Inc		2,251
	404,380		Con-way, Inc		14,117
	1,857,007		Deutsche Post AG.		35,890
	271,122	e	DSV AS		4,914
	136,543	e	Forward Air Corp		3,420
	313,000	e	Fukuyama Transporting Co Ltd		1,442
	248,177	e	Heartland Express, Inc		3,790
	76,600		Hitachi Transport System Ltd		982
	331,404		J.B. Hunt Transport Services, Inc		10,694
	163,000		Keppel Telecommunications & Transportation Ltd		166
	804,227		Kerry Properties Ltd		4,068
	417,592		Landstar System, Inc		16,190
	302,200	*	LLX Logistica S.A.		1,755
	72,737	*	Marten Transport Ltd		1,306
	109,000		Maruzen Showa Unyu Co Ltd		351
	71,049	e	Mitsubishi Logistics Corp		838
	131,000	e	Mitsui-Soko Co Ltd		474
	130,260		Mullen Group Ltd		2,036
	81,910		Neopost S.A.		6,760
	2,777,834		Nippon Express Co Ltd		11,472
	94,000		Nippon Konpo Unyu Soko Co Ltd		1,005
	155,328	*	Old Dominion Freight Line		4,769
	8,164	*,e	Patriot Transportation Holding, Inc		771
	9,374		Piraeus Port Authority		196
	95,106	*	Saia, Inc		1,409
	466,000		Sankyu, Inc		2,397
	283,000		Seino Holdings Corp		1,796
	57,000	e	Shibusawa Warehouse Co Ltd		191
	171,000		Sumitomo Warehouse Co Ltd		776
	1,390,755		TNT NV		42,729
	108,656		TransForce, Inc		873
	3,837,755		United Parcel Service, Inc (Class B)		220,172
	44,609	e	Universal Truckload Services, Inc		807
	41,950	*	USA Truck, Inc		525
	123		Vantec Corp		179
	250,421		Werner Enterprises, Inc		4,956
	968,568		Yamato Transport Co Ltd		13,483
	249,920	*,e	YRC Worldwide, Inc		210
			TOTAL TRUCKING AND WAREHOUSING		425,827

162

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
WATER TRANSPORTATION - 0.24%
	152,158		Alexander & Baldwin, Inc	$	5,208
	65,094	*,e	American Commercial Lines, Inc		1,193
	137,668		Anek Lines S.A.		126
	956		AP Moller - Maersk AS (Class A)		6,458
	207	e	AP Moller - Maersk AS (Class B)		1,454
	338		Babcock & Brown Infrastructure Group		1
	52,930	e	Bourbon S.A.		1,988
	1,559,099	*	Carnival Corp		49,408
	117,059	*,e	Carnival plc		3,988
	401,000		CH Offshore Ltd		190
	4,784,300	*,e	China Shipping Container Lines Co Ltd		1,706
	1,838,000	e	China Shipping Development Co Ltd		2,734
	17,498		Compagnie Maritime Belge S.A.		519
	3,306,375	e	COSCO Holdings		4,024
	142,813	e	D/S Torm AS		1,392
	65,595		d’aAmico International Shipping SA		103
	148,000	e	Daiichi Chuo Kisen Kaisha		316
	97,500		Deep Sea Supply plc		131
	262,742	e	DHT Maritime, Inc		967
	15,500	*	Dockwise Ltd		481
	51,200		DOF ASA		342
	276,255	*,e	Eagle Bulk Shipping, Inc		1,367
	87,000	*	Eitzen Chemical ASA		28
	53,879		Euronav NV		1,178
	486,000	*	Evergreen International Storage & Transport Corp		433
	1,012,222		Evergreen Marine Corp Tawain Ltd		564
	1,760,000	e	Ezra Holdings Ltd		2,817
	57,052		Forth Ports PLC		1,035
	193,373		Frontline Ltd		5,283
	72,500	e	Frontline Ltd (Norway)		2,051
	128,928	e	Genco Shipping & Trading Ltd		2,885
	238,257	e	General Maritime Corp		1,665
	160,089		Golar LNG Ltd		2,052
	49,900	e	Golar LNG Ltd (Norway)		624
	371,000	*	Golden Ocean Group Ltd		672
	124,312	*	Gulfmark Offshore, Inc		3,519
	733,093		Hamburger Hafen und Logistik AG.		28,315
	56,040	*	Hanjin Shipping Co Ltd		997
	10,804		Hanjin Shipping Holdings Co Ltd		126
	203,095	e	Horizon Lines, Inc (Class A)		1,131
	112,058	*,e	Hornbeck Offshore Services, Inc		2,609
	136,300	e	Iino Kaiun Kaisha Ltd		580
	3,721,400		International Container Term Services, Inc		1,801

163

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	37,481		International Shipholding Corp	$	1,165
	27,600	e	Inui Steamship Co Ltd		194
	2,513		Israel Corp Ltd		1,804
	96,632		James Fisher & Sons plc		694
	313,310		Kamigumi Co Ltd		2,286
	531,433	e	Kawasaki Kisen Kaisha Ltd		1,518
	200,432	*,e	Kirby Corp		6,981
	87,987	e	Knightsbridge Tankers Ltd		1,167
	456	*	Korea Express Co Ltd		22
	49,354	e	Kuehne & Nagel International AG.		4,799
	1,570,500		Malaysia International Shipping Corp BHD		3,874
	172,229		Mermaid Marine Australia Ltd		468
	20,027		Minoan Lines S.A.		118
	1,588,060	e	Mitsui OSK Lines Ltd		8,389
	663,599	e	Neptune Orient Lines Ltd		775
	740,741		Nippon Yusen Kabushiki Kaisha		2,281
	82,000		Nissin Corp		178
	215,007	e	Nordic American Tanker Shipping		6,450
	255,902	*,e	Odyssey Marine Exploration, Inc		361
	355,406		Orient Overseas International Ltd		1,648
	87,803	e	Overseas Shipholding Group, Inc		3,859
	2,941,000	e	Pacific Basin Shipping Ltd		2,108
	702,664	*,e	Royal Caribbean Cruises Ltd		17,763
	101,000		Shinwa Kaiun Kaisha Ltd		260
	216,696	e	Ship Finance International Ltd		2,954
	3,326,000	e	Shun TAK Holdings Ltd		2,076
	17,735		Smit Internationale NV		1,524
	42,000	e	Stolt-Nielsen S.A.		579
	127,420		STX Pan Ocean Co Ltd		1,234
	67,189	*,e	TBS International Ltd (Class A)		494
	169,097	e	Teekay Corp		3,925
	60,187	e	Teekay Tankers Ltd (Class A)		513
	138,323	*,e	Ultrapetrol Bahamas Ltd		658
	1,227,000		U-Ming Marine Transport Corp		2,482
	30,961		VTG AG.		511
	1,015,670		Wan Hai Lines Ltd		543
	18,450		Wilh Wilhelmsen ASA		389
	1,014,512		Yang Ming Marine Transport		384
			TOTAL WATER TRANSPORTATION		231,889
WHOLESALE TRADE-DURABLE GOODS - 1.08%
	119,738		Agilysys, Inc		1,090
	265,214	e	Applied Industrial Technologies, Inc		5,853
	1,210,828	*	Arrow Electronics, Inc		35,853
	48,134		Arseus NV		551
	15,500		As One Corp		272

164

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,355,671		Assa Abloy AB (Class B)	$	45,382
	39,700		Autobacs Seven Co Ltd		1,181
	321,800		Banpu PCL		5,574
	260,567		Barnes Group, Inc		4,404
	247,824	*,e	Beacon Roofing Supply, Inc		3,965
	733		BIC CAMERA, Inc		261
	21,595	*,e	Bluelinx Holdings, Inc		60
	12,243		Bobst Group AG.		444
	435,592	e	BorgWarner, Inc		14,470
	154,824	e	BSS Group plc		596
	15,891		Bunzl plc		173
	89,682		Campbell Brothers Ltd		2,417
	45,889		Canon Marketing Japan, Inc		676
	59,114	*	Cardtronics, Inc		654
	40,651		Carl Zeiss Meditec AG.		726
	107,877	e	Castle (A.M.) & Co		1,477
	6,924,896	e	China Communications Construction Co Ltd		6,580
	1,161,000	e	China High Speed Transmission Equipment Group Co Ltd		2,819
	2,312,861	e	China National Building Material Co Ltd		4,752
	2,224,000	*	China Resources Cement Holdings Ltd		1,104
	66,707	*,e	Chindex International, Inc		943
	2,727,000	*	CMC Magnetics Corp		707
	4,278		Coltene Holding AG.		225
	29,190	e	Communications Systems, Inc		363
	854,365		Compagnie de Saint-Gobain		46,346
	145,798	*,e	Conceptus, Inc		2,735
	30,992		Consumers’ Waterheater Income Fund		124
	96,770	e	Crane Group Ltd		819
	69,400		Creative Technology Ltd		319
	8,661		Daetwyler Holding AG.		484
	47,000	*,e	Daiichi Jitsugyo Co Ltd		122
	26,463		Demag Cranes AG.		880
	113,225	*,e	DemandTec, Inc		993
	135,209		Derichebourg		598
	2,765	e	D’ieteren S.A.		1,102
	123,248	*	Digi International, Inc		1,124
	2,252,977		Dimension Data Holdings plc		2,712
	4,721,215		Dongfeng Motor Group Co Ltd		6,742
	11,906		Doosan Corp		973
	29,900		Doshisha Co Ltd		668
	126,289	*,e	Drew Industries, Inc		2,608
	29,053	e	Eastern Co		390
	677,984		Electrocomponents plc		1,764
	289,466	*	Emdeon, Inc		4,414
	745,462	m	Energy Support Corp		1,361
	14,400	e	Enplas Corp		275

165

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	55,310		Esprinet S.p.A.	$	720
	207,029		Finning International, Inc		3,302
	639,389		Fisher & Paykel Healthcare Corp		1,562
	830,061	*,e	Fortescue Metals Group Ltd		3,283
	66,534		Fourlis Holdings S.A.		873
	30,147		Frigoglass S.A.		291
	4,124,000		Fushan International Energy Group Ltd		3,975
	50,623	*	GameLoft		255
	7,100	*	Global Defense Technology & Systems, Inc		117
	259,457		Grafton Group plc		1,082
	450,242	e	GWA International Ltd		1,284
	16,600		Hakuto Co Ltd		145
	3,146		Hamon & CIE S.A.		124
	109,542	*,e	Hansen Medical, Inc		332
	289,000		Hanwa Co Ltd		1,051
	34,536		Hargreaves Services plc		385
	103,883		Headlam Group PLC		502
	20,611	*	Hexpol AB (Series B)		250
	114,176	e	Houston Wire & Cable Co		1,359
	331,482		Imperial Holdings Ltd		3,955
	13,542		IMS-Intl Metal Service		187
	37,600		Inaba Denki Sangyo Co Ltd		861
	82,100		Inabata & Co Ltd		292
	1,404,266	*	Ingram Micro, Inc (Class A)		24,504
	639,837		Inner Mongolia Yitai Coal Co		5,508
	301,878	*	Insight Enterprises, Inc		3,447
	180,224	*	Interline Brands, Inc		3,112
	3,075		Interseroh AG.		218
	2,058,672		Itochu Corp		15,207
	52,100		Japan Digital Laboratory Co Ltd		585
	25,100		Kaga Electronics Co Ltd		248
	475,000	*	Kanematsu Corp		354
	7,276		KCC Corp		2,315
	311,910	*	Kia Motors Corp		5,356
	160,622		Kingspan Group plc		1,380
	88,785		Kloeckner & Co AG.		2,250
	273,391	e	Knight Transportation, Inc		5,274
	46,500	e	Kuroda Electric Co Ltd		677
	34,833	e	Lawson Products, Inc		615
	2,251,741		Li & Fung Ltd		9,310
	68,862		Lindab International AB		703
	780,076	*	LKQ Corp		15,282
	23,500		Macnica, Inc		355
	185,000	*	Marubun Corp		1,135
	292,941	*,e	MedAssets, Inc		6,213
	129,232	*	Merge Healthcare, Inc		434

166

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,454,000	*,e	Metallurgical Corp of China Ltd	$	2,045
	102,000	e	MISUMI Group, Inc		1,746
	3,434,922		Mitsubishi Corp		85,560
	3,794,248		Mitsui & Co Ltd		53,826
	205,679	*	Molopo Energy Ltd		247
	65,618		Munters AB		426
	68,082	*	MWI Veterinary Supply, Inc		2,567
	97,144		Mytilineos Holdings S.A.		691
	22,000		Nafco Co Ltd		351
	27,000		Nagaileben Co Ltd		536
	802		NET One Systems Co Ltd		903
	188,000	*	Nippon Road Co Ltd		377
	78,000		Nippon Steel Trading Co Ltd		120
	8,302,121	e	Nissan Motor Co Ltd		72,959
	54,425		Nisshin Steel Co Ltd		96
	13,467	*	Norbord, Inc		189
	14,600		Onoken Co Ltd		101
	268,136		Owens & Minor, Inc		11,511
	5,766,000		Pan-United Corp Ltd		2,170
	303,828	*,e	Patterson Cos, Inc		8,501
	268,924		PEP Boys - Manny Moe & Jack		2,275
	7,519		Phoenix Solar AG.		453
	10,696,000	*	Playmates Toys Ltd		1,104
	258,809	e	Pool Corp		4,938
	602,403		Premier Farnell plc		1,668
	673,970		Prysmian S.p.A.		11,764
	383,058	*,e	PSS World Medical, Inc		8,646
	2,662,034		PT Astra International Tbk		9,787
	2,280,944		PT United Tractors Tbk		3,735
	70,162	e	Rautaruukki Oyj		1,623
	594,009		Reliance Steel & Aluminum Co		25,673
	96,794	*	Rexel S.A.		1,407
	54,439		Rockwool International AS (B Shares)		6,411
	74,567	e	Russel Metals, Inc		1,264
	38,800		Ryosan Co Ltd		913
	28,100		Ryoyo Electro Corp		223
	427,000	e	Sagami Railway Co Ltd		1,770
	153,042		Samsung Corp		7,361
	51,300		Sangetsu Co Ltd		1,081
	37,200		Sanshin Electronics Co Ltd		255
	261,300		Satipel Industrial S.A.		2,431
	267,623		Schneider Electric S.A.		31,117
	434,851		Securitas Systems AB (B Shares)		899
	154,000		Seika Corp		329
	50,600		Shinko Shoji Co Ltd		402
	105,000		Shinsho Corp		176

167

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	66,853	*	Sierra Wireless, Inc	$	715
	738,170		SIG PLC		1,332
	4,357,945		Sime Darby BHD		11,386
	225,291	e	Sims Group Ltd		4,414
	36,883		Sims Group Ltd ADR		719
	82,060		SK Networks Co Ltd		738
	8,896		Solar Holdings AS (B Shares)		581
	359,797		Solera Holdings, Inc		12,956
	44,200		Sport Supply Group, Inc		556
	113,000		Sumikin Bussan Corp		216
	49,500		Sumisho Computer Systems Corp		678
	3,677,078		Sumitomo Corp		37,443
	572,266	*	Talecris Biotherapeutics Holdings Corp		12,744
	70,000	e	Tamura Corp		214
	420,300	*	Tech Data Corp		19,611
	17,709,605		Test-Rite International Co		9,936
	84,925		THK Co Ltd		1,510
	1,296,948		ThyssenKrupp AG.		48,755
	56,454	*,e	Titan Machinery, Inc		651
	92,656	f	TMK OAO (GDR)		1,647
	221,323	*,e	TomoTherapy, Inc		863
	188,176	*	Topps Tiles plc		252
	101,042	e	Toromont Industries Ltd		2,685
	22,700		Trusco Nakayama Corp		316
	149,695	*,e	Tyler Technologies, Inc		2,980
	63,000	e	Ulvac, Inc		1,531
	1,495,341		UMW Holdings BHD		2,770
	13,429		Vossloh AG.		1,334
	345,757	e	W.W. Grainger, Inc		33,480
	9,338		Wajax Income Fund		195
	600,975		Wavin NV		1,495
	608,844	*,e	WESCO International, Inc		16,445
	2,335,612		Wesfarmers Ltd		65,293
	89,574		Wesfarmers Ltd PPS		2,501
	77,472	*,e	West Marine, Inc		624
	36,105	*	Westport Innovations, Inc		422
	22,601	*	Willis Lease Finance Corp		339
	1,623,266	*	Wolseley plc		32,493
	845,000		WPG Holdings Co Ltd		1,472
	4,500,000		Xiamen International Port Co Ltd		805
	128,400		Yamazen Corp		455
	399,000		Yuasa Trading Co Ltd		323
	29,700		Zenrin Co Ltd		344
			TOTAL WHOLESALE TRADE-DURABLE GOODS		1,060,640

168

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
WHOLESALE TRADE-NONDURABLE GOODS - 0.98%
	33,226		AarhusKarlshamn AB	$	732
	13,590	e	ABC-Mart, Inc		377
	151,695		Aceto Corp		781
	327,013		Airgas, Inc		15,566
	288,247	*,e	Akorn, Inc		516
	1,211,983		Akzo Nobel NV		80,373
	41,399		Alfresa Holdings Corp		1,646
	1,614,000	*	Alliance Global Group, Inc		144
	630,137	*,e	Alliance One International, Inc		3,075
	185,302	e	Allscripts Healthcare Solutions, Inc		3,749
	110,464	e	Andersons, Inc		2,852
	39,200		AOKI Holdings, Inc		390
	68,467	*,e	ASOS plc		538
	1,381,546	e	AWB Ltd		1,394
	34,784		Axfood AB		1,015
	321,285	*	Bare Escentuals, Inc		3,929
	3,831	*	Baron de Ley		178
	97,249	e	Billabong International Ltd		952
	208,900	*	BioScrip, Inc		1,746
	165,591	*,e	BMP Sunstone Corp		942
	337,348	e	Brown-Forman Corp (Class B)		18,072
	9,500	e	C Uyemura & Co Ltd		366
	1,387,232		Cardinal Health, Inc		44,724
	46,105	e	Casino Guichard Perrachon S.A.		4,108
	39,177		Celesio AG.		992
	205,370	*	Central European Distribution Corp		5,835
	279,000		China Aviation Oil Singapore Corp Ltd		225
	3,026,000		China BlueChemical Ltd		1,848
	1,591,000		China Mengniu Dairy Co Ltd		5,656
	92,637	*	Clearwater Paper Corp		5,092
	67,896	*,e	Core-Mark Holding Co, Inc		2,238
	269,278		Dairy Crest Group plc		1,570
	4,428,000		Dalian Port PDA Co Ltd		1,703
	79,331		Danisco AS		5,293
	15,787		DC Chemical Co Ltd		2,957
	1,556,834	*	Dean Foods Co		28,085
	4,845		Delek Group Ltd		980
	279,000		Dickson Concepts International Ltd		152
	16,285	e	East Asiatic Co Ltd A.S.		568
	560,412		Empresas COPEC S.A.		8,382
	976,566	*,e	Endo Pharmaceuticals Holdings, Inc		20,029
	125,764	*,e	Ercros S.A.		252
	1,011,115	e	Esprit Holdings Ltd		6,708
	581,137	e	Findel plc		325
	3,304,000		First Pacific Co		2,008
	2,841,658		Foster’s Group Ltd		13,979

169

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	243,998	*	Fresh Del Monte Produce, Inc	$	5,392
	129,000	*,e	Fujiya Co Ltd		239
	388,422		Fyffes plc		256
	7,803	e	Galenica AG.		2,826
	3,334,774		Gazprom (ADR)		84,211
	139,502	*,e	Gildan Activewear, Inc		3,428
	318,240		GrainCorp Ltd		1,776
	129,525	*	Green Mountain Coffee Roasters, Inc		10,552
	218,091	*,e	Hain Celestial Group, Inc		3,710
	95,942		Hanwha Corp		3,929
	403,421	*,e	Henry Schein, Inc		21,220
	1,196,564		Herbalife Ltd		48,545
	14,837		IC Companys AS		509
	13,257,600		IRPC PCL		1,742
	5,700		Itochu-Shokuhin Co Ltd		191
	165,000		Japan Pulp & Paper Co Ltd		592
	420,455		JBS S.A.		2,251
	45,300		Kato Sangyo Co Ltd		829
	60,572		Kenneth Cole Productions, Inc (Class A)		585
	113,203	e	Kikkoman Corp		1,387
	42,700		Kobayashi Pharmaceutical Co Ltd		1,711
	49,105		Koninklijke Vopak NV		3,892
	500,000	*	KRATON Polymers LLC		6,780
	124,585	e	K-Swiss, Inc (Class A)		1,238
	144,461		KT&G Corp		7,989
	21,873		Laboratorios Farmaceuticos Rovi S.A		242
	1,060		LDC		123
	69,327		LG Chem Ltd		13,588
	100,981	*,e	LSB Industries, Inc		1,424
	52,804		MARR S.p.A.		452
	3,491,594		Marubeni Corp		19,287
	253,061	e	Massmart Holdings Ltd		3,064
	59,400	*	Megmilk Snow Brand Co Ltd		874
	12,000	*,e	Meito Sangyo Co Ltd		164
	290,117	e	Men’s Wearhouse, Inc		6,110
	1,696,940	e	Metcash Ltd		6,804
	190,405		Metro, Inc		7,140
	1,057,671		Mexichem SAB de C.V.		2,020
	178,783		Myers Industries, Inc		1,627
	230,000		Nagase & Co Ltd		2,637
	81,270	e	Nash Finch Co		3,014
	381,327		Nippon Oil Corp		1,768
	2,982,655		Noble Group Ltd		6,841
	316,866		Nu Skin Enterprises, Inc (Class A)		8,514
	2,800,094		Pacific Andes International Holdings Ltd		563
	15,000	*	Paladin Labs, Inc		283

170

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	63,573	*	Perry Ellis International, Inc	$	957
	8,530		Pescanova S.A.		276
	1,102,400		Petronas Dagangan BHD		2,801
	35,920		Point, Inc		2,007
	814,000		Prime Success International Group Ltd		654
	169,000	*	Pronova BioPharma AS		512
	1,459,500		PT Unilever Indonesia Tbk		1,693
	15,328		Rubis		1,350
	19,000	e	Ryoshoku Ltd		497
	29,000	*	S Foods, Inc		253
	41,400		Sakata Seed Corp		599
	63,100		San-A Co Ltd		2,375
	109,000		San-Ai Oil Co Ltd		423
	26,363		Sarantis S.A.		184
	74,212	e	Schiff Nutrition International, Inc		580
	103,632	*,e	School Specialty, Inc		2,424
	3,237		Schweizerhall Holding AG.		504
	2,221,967	e	Sigma Pharmaceuticals Ltd		1,970
	54,443		Sligro Food Group NV		1,868
	3,617,009	*	Sojitz Holdings Corp		6,844
	135,141	e	Spartan Stores, Inc		1,931
	71,260		Sprider Stores S.A.		115
	314,434		Suzano Papel e Celulose S.A.		3,702
	163,632	e	Suzuken Co Ltd		5,381
	173,046		Symrise AG.		3,689
	72,048	*,e	Synutra International, Inc		973
	2,173,046		Sysco Corp		60,715
	1,796,348		Terra Industries, Inc		57,824
	291,186		Tiger Brands Ltd		6,726
	41,800	e	Toho Pharmaceutical Co Ltd		501
	43,000		Tokai Corp		226
	178,076	*,e	Tractor Supply Co		9,431
	664,046		Tsingtao Brewery Co Ltd		3,673
	3,724,257		Unilever NV		121,214
	346,000		Unilever NV ADR		11,186
	5,156,144		Uni-President Enterprises Corp		6,357
	342,990		United Drug PLC		1,050
	213,525	*,e	United Natural Foods, Inc		5,710
	143,332	*	United Stationers, Inc		8,148
	18,210	e	Valhi, Inc		254
	7,493		VAN DE Velde		314
	5,858	e	Vilmorin & Cie		726
	528,325		Vina Concha Y Toro S.A.		1,171
	869,152	*	Viterra, Inc		8,202
	93,278	*,e	Volcom, Inc		1,561
	77,200	*	Wimm-Bill-Dann Foods OJSC (ADR)		1,840

171

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	101,000		Yokohama Reito Co Ltd	$	653
	109,854	e	Zep, Inc		1,903
	114,222	*,e	Zhongpin, Inc		1,783
			TOTAL WHOLESALE TRADE-NONDURABLE GOODS		961,091
			TOTAL COMMON STOCKS		98,034,511
			(Cost $90,817,306)
PREFERRED STOCKS - 0.10%
DEPOSITORY INSTITUTIONS - 0.07%
	4,762,602	*	Bank of America Corp		71,058
			TOTAL DEPOSITORY INSTITUTIONS		71,058
FOOD AND KINDRED PRODUCTS - 0.02%
	193,225	*	Ambev Cia De Bebidas Das		19,367
			TOTAL FOOD AND KINDRED PRODUCTS		19,367
HOLDING AND OTHER INVESTMENT OFFICES - 0.01%
	104,480	*	Goodman PLUS Trust		6,176
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES		6,176
SECURITY AND COMMODITY BROKERS - 0.00%**
	370,000		Daishin Securities Co Ltd		2,974
			TOTAL SECURITY AND COMMODITY BROKERS		2,974
TRANSPORTATION BY AIR - 0.00%**
	1,366	*	Malaysian Airline System BHD		0	^
			TOTAL TRANSPORTATION BY AIR		0	^
			TOTAL PREFERRED STOCKS		99,575
			(Cost $97,669)
RIGHTS / WARRANTS - 0.00%**
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.00% **
	154,733	e	Builders FirstSource, Inc		38
			TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		38
CHEMICALS AND ALLIED PRODUCTS - 0.00% **
	1,155		Dov Pharmaceutical, Inc		0	^
	91,423		Dov Pharmaceutical, Inc		0	^
	8		NicOx S.A.		0	^
			TOTAL CHEMICALS AND ALLIED PRODUCTS		0	^

172

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
COMMUNICATIONS - 0.00% **
	195,068	e	Clearwire Corp	$	78
			TOTAL COMMUNICATIONS		78
DEPOSITORY INSTITUTIONS - 0.00% **
	2,379,809	e,m	Fortis		0	^
	1,416,731	e	Mediobanca S.p.A		220
	61,978	e	Unione di Banche Italiane SCPA		4
			TOTAL DEPOSITORY INSTITUTIONS		224
EATING AND DRINKING PLACES - 0.00% **
	23,136		Krispy Kreme Doughnuts, Inc		1
			TOTAL EATING AND DRINKING PLACES		1
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.00% **
	6	m	GreenHunter Energy, Inc		0	^
			TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		0	^
FABRICATED METAL PRODUCTS - 0.00% **
	52,800		Goodpack Ltd		17
			TOTAL FABRICATED METAL PRODUCTS		17
FOOD AND KINDRED PRODUCTS - 0.00% **
	53,534	e	Golden Agri-Resources Ltd		5
			TOTAL FOOD AND KINDRED PRODUCTS		5
GENERAL BUILDING CONTRACTORS - 0.00% **
	132,237		IJM Corp BHD		44
			TOTAL GENERAL BUILDING CONTRACTORS		44
HOLDING AND OTHER INVESTMENT OFFICES - 0.00% **
	36,982	e	Fonciere Des Regions		31
	4,761,352	m	GPT Group		0	^
	67,045		IJM Land BHD		27
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES		58
OIL AND GAS EXTRACTION - 0.00% **
	64,947		Desire Petroleum PLC		0	^
	30,927		Desire Petroleum PLC		11
			TOTAL OIL AND GAS EXTRACTION		11
PRIMARY METAL INDUSTRIES - 0.00% **
	346,000		Dowa Holdings Co Ltd		4
			TOTAL PRIMARY METAL INDUSTRIES		4

173

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	MATURITY DATE		VALUE (000)
REAL ESTATE - 0.00% **
	542,002		Cheuk Nang Holdings Ltd		$	44
	553,875		SP Setia BHD			91
			TOTAL REAL ESTATE			135
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.00% **
	768,000	m	Wai Chun Mining Industry Group Co Ltd			11
			TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS			11
WHOLESALE TRADE-NONDURABLE GOODS - 0.00% **
	1		Casino Guichard Perrachon S.A.			0	^
	603		JBS S.A.			5
			TOTAL WHOLESALE TRADE-NONDURABLE GOODS			5
			TOTAL RIGHTS / WARRANTS			631
			(Cost $74)

PRINCIPAL			ISSUER
SHORT TERM INVESTMENTS - 3.35%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.04%
	22,285,000		Federal Home Loan Bank (FHLB)	1/15/10	22,285
	16,005,000		Federal Home Loan Bank	1/20/10	16,005
			TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		38,290
			(Cost $38,290)
U.S. TREASURY BILLS - 0.27%
$	13,000,000		United States Cash Management Bills	4/1/10	12,998
	62,420,000		United States Cash Management Bills	6/10/10	62,371
	65,660,000		United States Treasury Bills	5/20/10	65,624
	92,300,000		United States Treasury Bills	6/24/10	92,217
	30,000,000		United States Treasury Bills	10/21/10	29,906
			TOTAL U.S. TREASURY BILLS		263,116
			(Cost $263,161)
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 3.04%
REPURCHASE AGREEMENTS - 0.65%
	275,000,000	x	BNP Paribas, Inc		275,000
	366,306,000	y	Deutsche Bank		366,306
			TOTAL REPURCHASE AGREEMENTS		641,306
CORPORATE VARIABLE RATE SECURITY - 2.39%
	85,000,000		American Express Credit Account Master Trust		84,925
	58,000,000		American Express Credit Account Master Trust		57,466
	82,000,000		American Express Credit Account Master Trust		81,572
	85,000,000		BA Credit Card Trust		84,508

174

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

PRINCIPAL		ISSUER	VALUE (000)
$	64,000,000	BA Credit Card Trust	$	63,436
	25,000,000	Bank One Issuance Trust		24,855
	7,310,945	Brunel Residential Mortgage Securization PLC		7,286
	30,000,000	Capital One Multi-Asset Execution Trust		30,004
	43,525,000	Capital One Multi-Asset Execution Trust		43,037
	170,000,000	Capital One Multi-Asset Execution Trust		169,459
	32,000,000	Chase Issuance Trust		31,885
	51,000,000	Chase Issuance Trust		50,301
	17,000,000	Chase Issuance Trust		16,930
	110,000,000	Citibank Credit Card Issuance Trust		108,799
	43,000,000	Discover Card Execution Note Trust		43,053
	65,000,000	Discover Card Execution Note Trust		65,004
	16,000,000	Discover Card Master Trust		15,992
	8,000,000	Discover Card Master Trust		7,991
	16,000,000	Discover Card Master Trust		15,993
	102,000,000	Discover Card Master Trust		101,571
	68,000,000	Discover Card Master Trust		67,793
	39,000,000	GE Equipment Midticket LLC		38,615
	110,000,000	General Electric Cap Corp		109,387
	21,000,000	General Electric Cap Corp		21,000
	17,000,000	General Electric Cap Corp		16,832
	20,600,000	General Electric Cap Corp		20,523
	29,810,313	Granite Master Issuer Plc 2006		26,440
	23,570,941	Granite Master Issuer Plc 2007		20,913
	128,000,000	JP Morgan Chase & Co		128,304
	11,575,746	Medallion Trust		10,982
	73,000,000	Nelnet Student Loan Trust		72,623
	41,533,059	Nelnet Student Loan Trust		41,263
	118,000,000	Permanent Financing Plc		117,646
	135,000,000	Permanent Master Issuer Plc 2007		129,867
	28,379,000	Puma Global Mortgage Backed Trust		26,392
	100,000,000	Rabobank Nederland Tranche Trust		100,129
	45,799,412	SLM Student Loan Trust 2006		45,724
	43,000,000	SLM Student Loan Trust 2007		43,031
	170,000,000	SLM Student Loan Trust 2008		160,541
	56,962,106	Wachovia Student Loan Trust 2005		56,793
	2,220,296	World Omni Auto Receivable Trust		2,221
		TOTAL CORPORATE VARIABLE RATE SECURITY		2,361,086
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED		3,002,392
		(Cost $3,027,929)
		TOTAL SHORT-TERM INVESTMENTS		3,303,798
		(Cost $3,329,380)

175

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

ISSUER	VALUE (000)
TOTAL PORTFOLIO - 102.97%	$	101,438,873
(Cost $94,244,769)
OTHER ASSETS & LIABILITIES, NET - (2.97)%		(2,929,609	)
NET ASSETS - 100.00%	$	98,509,264

	The following abbreviations are used in portfolio descriptions:
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
LLC	Limited Liability Company
LP	Limited Partnership
plc	Public Limited Company
SICAV	Societe d’Investissement A Capital Variable
SPDR	Standard & Poor’s Depository Receipts
*	Non-income producing.
**	Percentage represents less than 0.01%.
^	Amount represents less than $1,000.
a	Affiiliated holding.
b	In bankruptcy.
e	All or a portion of these securities are out on loan.
f	Restricted security.
m	Indicates a security that has been deemed illiquid.
x	Agreement with BNP Paribas, Inc, 0.00% dated 12/31/09 to be repurchased at $275,000,000 on 01/04/10, collateralized by U.S. Government Agency securities valued at $280,500,000.
y	Agreement with Deutsche Bank, 0.01% dated 12/31/09 to be repurchased at $366,306,407 on 01/04/10, collateralized by U.S. Government Agency securities valued at $373,632,120.
	Cost amounts are in thousands.

176

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
SUMMARY OF MARKET VALUES BY COUNTRY
December 31, 2009

COUNTRY	VALUE (000)		% OF TOTAL PORTFOLIO
DOMESTIC
UNITED STATES	$	71,550,168		70.54	%
TOTAL DOMESTIC		71,550,168		70.54
FOREIGN
ARGENTINA		16,099		0.02
AUSTRALIA		1,668,491		1.64
AUSTRIA		82,777		0.08
BELGIUM		356,659		0.35
BERMUDA		50,882		0.05
BRAZIL		891,229		0.88
CAMBODIA		791		0.00	**
CANADA		2,238,302		2.21
CAYMAN ISLANDS		2,051		0.00	**
CHILE		66,433		0.07
CHINA		925,165		0.91
COLOMBIA		28,380		0.03
CYPRUS		4,418		0.00	**
CZECH REPUBLIC		34,516		0.03
DENMARK		118,557		0.12
EGYPT		22,988		0.02
FINLAND		312,126		0.31
FRANCE		1,861,650		1.83
GERMANY		1,898,203		1.87
GIBRALTAR		958		0.00	**
GREECE		117,490		0.11
GUERNSEY, C.I.		30,862		0.03
HONG KONG		475,127		0.47
HUNGARY		23,438		0.02
INDIA		357,084		0.35
INDONESIA		94,816		0.09
IRELAND		137,361		0.13
ISRAEL		361,071		0.36
ITALY		624,124		0.62
JAPAN		4,276,991		4.22
JERSEY, C.I.		10,128		0.01
KAZAKHSTAN		28,752		0.03
KOREA, REPUBLIC OF		643,725		0.63
LIECHTENSTEIN		2,198		0.00	**
LUXEMBOURG		37,168		0.04
MACAU		36,399		0.04
MALAYSIA		154,790		0.15
MEXICO		238,603		0.24
MOROCCO		8,701		0.01
NETHERLANDS		920,258		0.91
NEW ZEALAND		41,731		0.04
NORWAY		112,597		0.11
PANAMA		16,352		0.02
PERU		15,207		0.01
PHILIPPINES		32,798		0.03
POLAND		59,225		0.06
PORTUGAL		124,781		0.12
PUERTO RICO		7,531		0.01
RUSSIA		285,603		0.28
SINGAPORE		304,248		0.30
SOUTH AFRICA		333,828		0.33
SPAIN		820,991		0.81
SWEDEN		442,862		0.44

177

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
SUMMARY OF MARKET VALUES BY COUNTRY
December 31, 2009

COUNTRY	VALUE (000)		% OF TOTAL PORTFOLIO
SWITZERLAND	$	2,583,905		2.55	%
TAIWAN		638,967		0.63
THAILAND		77,544		0.08
TURKEY		70,153		0.07
UNITED KINGDOM		4,760,621		4.69
TOTAL FOREIGN		29,888,705		29.46
TOTAL PORTFOLIO	$	101,438,873		100.00	%

** Percentage represents less than 0.01%.

178

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2009

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 98.68%
AMUSEMENT AND RECREATION SERVICES - 0.33%
	35,752	e	Aristocrat Leisure Ltd	$	128
	65,700	*	bwin Interactive Entertainment		3,911
	57,947	*	Electronic Arts, Inc		1,029
	6,555,000	*,e	Galaxy Entertainment Group Ltd		2,690
	42,281		Ladbrokes plc		94
	2,148	e	Lottomatica S.p.A.		43
	914,009	*,e	Melco PBL Entertainment Macau Ltd (ADR)		3,080
	10,651,796		NagaCorp Ltd		1,174
	5,758		Nintendo Co Ltd		1,375
	126,640		OPAP S.A.		2,782
	5,301	e	Oriental Land Co Ltd		349
	14,930,000		Rexcapital Financial Holdings Ltd		1,664
	318,144	e	Sega Sammy Holdings, Inc		3,807
	52,025		Sky City Entertainment Group Ltd		124
	383,905		TABCORP Holdings Ltd		2,382
	117,714		Tattersall’s Ltd		257
	585,509	e	Walt Disney Co		18,882
			TOTAL AMUSEMENT AND RECREATION SERVICES		43,771
APPAREL AND ACCESSORY STORES - 0.92%
	17,584	e	Abercrombie & Fitch Co (Class A)		613
	29,232	*,e	Aeropostale, Inc		995
	452,712		American Eagle Outfitters, Inc		7,687
	3,321,000		Belle International Holdings Ltd		3,847
	91,271		Burberry Group plc		877
	311,794		Fast Retailing Co Ltd		58,598
	771,610		Gap, Inc		16,165
	216,114		Hennes & Mauritz AB (B Shares)		11,981
	64,815		Inditex S.A.		4,048

179

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	190,970	*,e	Kohl’s Corp	$	10,299
	96,937	e	Limited Brands, Inc		1,865
	4,576		Lotte Shopping Co Ltd		1,355
	50,074	e	Nordstrom, Inc		1,882
	58,580	e	Ross Stores, Inc		2,502
	48,722	*,e	Urban Outfitters, Inc		1,705
			TOTAL APPAREL AND ACCESSORY STORES		124,419
APPAREL AND OTHER TEXTILE PRODUCTS - 0.16%
	65,000		Guess ?, Inc		2,750
	11,397		Hermes International		1,517
	73,817		Nike, Inc (Class B)		4,877
	6,139	e	Onward Kashiyama Co Ltd		38
	21,720		Polo Ralph Lauren Corp (Class A)		1,759
	38,726		Shimamura Co Ltd		3,700
	94,616	e	VF Corp		6,930
			TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		21,571
AUTO REPAIR, SERVICES AND PARKING - 0.01%
	42,250		Ryder System, Inc		1,739
			TOTAL AUTO REPAIR, SERVICES AND PARKING		1,739
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.05%
	37,921		Advance Auto Parts		1,535
	17,857	*,e	Autonation, Inc		342
	9,315	*,e	Autozone, Inc		1,472
	34,022		Canadian Tire Corp Ltd		1,870
	42,270	*	Carmax, Inc		1,025
	21,236	*,e	O’Reilly Automotive, Inc		810
			TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		7,054
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.31%
	27,110	e	Fastenal Co		1,129
	820,915		Home Depot, Inc		23,749
	1,451,421		Kingfisher plc		5,343
	495,527		Lowe’s Cos, Inc		11,590
			TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		41,811
BUSINESS SERVICES - 5.87%
	101,056	*,e	Activision Blizzard, Inc		1,123
	27,079		Adecco S.A.		1,494
	370,182	*	Adobe Systems, Inc		13,615

180

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	66,353	*	Affiliated Computer Services, Inc (Class A)	$	3,961
	40,502	*,e	Akamai Technologies, Inc		1,026
	198,199	*,e	Alliance Data Systems Corp		12,802
	460,655		Atos Origin S.A.		21,104
	34,508	*,e	Autodesk, Inc		877
	209,153		Automatic Data Processing, Inc		8,956
	3,634,444	*	Autonomy Corp plc		88,259
	358,700		Aveva Group plc		5,835
	105,931	*	BMC Software, Inc		4,248
	105,087		CA, Inc		2,360
	10,495	*	Cerner Corp		865
	423,970	*	CGI Group, Inc		5,773
	27,979	*	Citrix Systems, Inc		1,164
	86,916	*	Cognizant Technology Solutions Corp (Class A)		3,937
	317,683	*,e	Computer Sciences Corp		18,276
	43,077		Computershare Ltd		441
	49,735		Ctrip.com International Ltd (ADR)		3,574
	13,174	e	Dassault Systemes S.A.		750
	27	e	Dena Co Ltd		160
	16,555	e	Dentsu, Inc		381
	125,540	*,e	DST Systems, Inc		5,467
	126,567	*	DynCorp International, Inc (Class A)		1,816
	696,966	*	eBay, Inc		16,407
	34,461		Equifax, Inc		1,065
	154,495	*,e	Expedia, Inc		3,972
	190,405		Experian Group Ltd		1,881
	141,963		Fidelity National Information Services, Inc		3,328
	32,582	*	Fiserv, Inc		1,580
	1,860,406		Fujitsu Ltd		12,071
	19,669	e	Gestevision Telecinco S.A.		286
	137,641	*,e	Google, Inc (Class A)		85,334
	279,744		Group 4 Securicor plc		1,173
	2,445		Hakuhodo DY Holdings, Inc		119
	8,002	*,e	IHS, Inc (Class A)		439
	86,690		IMS Health, Inc		1,826
	23,142	e	Indra Sistemas S.A.		548
	80,000		Infosys Technologies Ltd		4,452
	94,935	*,e	Interpublic Group of Cos, Inc		701
	71,346	*,e	Intuit, Inc		2,191
	37,657	*,e	Iron Mountain, Inc		857
	13,087		JC Decaux S.A.		318
	157,059	e	JSR Corp		3,196
	107,621	*,e	Juniper Networks, Inc		2,870
	9,273	e	Konami Corp		166
	61,430	*	Longtop Financial Technologies Ltd (ADR)		2,274
	61,078		Manpower, Inc		3,334

181

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	66,950		Mastercard, Inc (Class A)	$	17,138
	180,162	*	McAfee, Inc		7,309
	4,602,046		Microsoft Corp		140,315
	89,210	e	Mitsubishi UFJ Lease & Finance Co Ltd		2,688
	95,099	e	Moody’s Corp		2,549
	1,512,328		NEC Corp		3,909
	50,163	*	Neowiz Games Corp		1,734
	70,177	*,e	Netease.com (ADR)		2,639
	17,513	*	NHN Corp		2,895
	10,610		Nomura Research Institute Ltd		209
	240,000	*	Novell, Inc		996
	133		NTT Data Corp		412
	390,584	*,e	Nuance Communications, Inc		6,070
	687	e	Obic Co Ltd		112
	244,332		Omnicom Group, Inc		9,566
	24,131	*	Open Text Corp		985
	2,131,390		Oracle Corp		52,304
	3,803		Oracle Corp Japan		158
	1,587	e	Otsuka Corp		79
	66,200	e	Playtech Ltd		443
	26,128	e	Publicis Groupe S.A.		1,062
	12,153	e	Rakuten, Inc		9,252
	23,818		Randstad Holdings NV		1,185
	29,239	*	Red Hat, Inc		903
	41,175	e	Ritchie Bros Auctioneers, Inc		933
	30,058	e	Robert Half International, Inc		803
	270,662		Sage Group plc		958
	53,311	*,e	Salesforce.com, Inc		3,933
	752,792		SAP AG.		35,888
	22,013		Secom Co Ltd		1,046
	73,581	e	Securitas AB (B Shares)		721
	2,149		SGS S.A.		2,805
	174,769	*,e	Shanda Games Ltd (ADR)		1,781
	27,368	*,e	Sina Corp		1,236
	5,024		Societe Des Autoroutes Paris-Rhin-Rhone		387
	478,593	e	Softbank Corp		11,220
	84,430	*	Sohu.com, Inc		4,836
	75,000	e	Sotheby’s (Class A)		1,686
	6,299	e	Square Enix Co Ltd		133
	526,310	*	Sun Microsystems, Inc		4,932
	984,942	*	Symantec Corp		17,621
	22,524	*,e	Synopsys, Inc		502
	610,776	*,e	Temenos Group AG.		15,739
	167,300	e	Tencent Holdings Ltd		3,618
	26,263	e	Total System Services, Inc		454
	11,051		Trend Micro, Inc		420

182

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	26,101	e	United Internet AG.	$	344
	2,522		USS Co Ltd		154
	29,523	*,e	VeriSign, Inc		716
	311,682	e	Visa, Inc (Class A)		27,260
	106,279	*	VMware, Inc (Class A)		4,504
	809,039		WPP plc		7,913
	15,555	e	Yahoo! Japan Corp		4,677
	676,042	*	Yahoo!, Inc		11,344
			TOTAL BUSINESS SERVICES		792,128
CHEMICALS AND ALLIED PRODUCTS - 10.83%
	715,825		Abbott Laboratories		38,647
	39,269	*	Actelion Ltd		2,097
	67,476		Agrium, Inc (Toronto)		4,221
	42,959		Air Liquide		5,109
	146,009		Air Products & Chemicals, Inc		11,835
	197,000		Air Water, Inc		2,320
	150,000	e	Alberto-Culver Co		4,394
	849,472	*	Amgen, Inc		48,055
	131,859		Asahi Kasei Corp		661
	58,083		Astellas Pharma, Inc		2,167
	680,445		AstraZeneca plc		31,979
	94,208	e	AstraZeneca plc (ADR)		4,422
	15,700		Avery Dennison Corp		573
	87,524		Avon Products, Inc		2,757
	792,392		BASF AG.		49,042
	19,845		Beiersdorf AG.		1,308
	111,165	*,e	Biogen Idec, Inc		5,947
	61,901	e	Biovail Corp		869
	580,014		Bristol-Myers Squibb Co		14,645
	177,338		Celanese Corp (Series A)		5,693
	303,570	*	Celgene Corp		16,903
	18,164	*,e	Cephalon, Inc		1,134
	55,379		CF Industries Holdings, Inc		5,027
	13,581	*,e	Charles River Laboratories International, Inc		458
	87,000	*,e	Chattem, Inc		8,117
	10,969		Christian Dior S.A.		1,124
	23,358	e	Chugai Pharmaceutical Co Ltd		437
	31,947	e	Church & Dwight Co, Inc		1,931
	260,756		Cipla Ltd		1,870
	51,123		Clorox Co		3,119
	244,921		Colgate-Palmolive Co		20,120
	315,898		CSL Ltd		9,186
	267,500		Cytec Industries, Inc		9,742
	27,630		Daicel Chemical Industries Ltd		162
	70,579		Daiichi Sankyo Co Ltd		1,480

183

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	27,501		Dainippon Ink and Chemicals, Inc	$	47
	15,563	e	Dainippon Sumitomo Pharma Co Ltd		163
	674,368		Dow Chemical Co		18,633
	60,246		Dr Reddy’s Laboratories Ltd		1,475
	33,787		DSM NV		1,660
	351,131		Du Pont (E.I.) de Nemours & Co		11,823
	38,081	e	Eastman Chemical Co		2,294
	48,715	e	Ecolab, Inc		2,172
	29,241		Eisai Co Ltd		1,075
	82,020	*	Elan Corp plc		518
	29,932	*	Elan Corp plc (ADR)		195
	276,329		Eli Lilly & Co		9,868
	1,075	e	Eramet		337
	51,301		Estee Lauder Cos (Class A)		2,481
	1,320,819	e	Ferro Corp		10,884
	26,192		FMC Corp		1,460
	483,735	*	Forest Laboratories, Inc		15,533
	54,637	*	Genzyme Corp		2,678
	671,909	*	Gilead Sciences, Inc		29,080
	1,641		Givaudan S.A.		1,313
	1,597,052		GlaxoSmithKline plc		33,867
	26,596	e	Grifols S.A.		467
	12,593	e	H Lundbeck A/s		228
	1		H.B. Fuller Co		0	^
	30,063		Henkel KGaA		1,347
	39,850		Henkel KGaA (Preference)		2,093
	6,700		Hisamitsu Pharmaceutical Co, Inc		216
	81,125	*	Hospira, Inc		4,137
	285,000		Huntsman Corp		3,218
	1,704,779		Incitec Pivot Ltd		5,392
	12,136		International Flavors & Fragrances, Inc		499
	126,116	*,e	Invitrogen Corp		6,587
	195,145		Ipsen		10,821
	1,552,987		Johnson & Johnson		100,027
	21,480		Kansai Paint Co Ltd		180
	53,453		Kao Corp		1,253
	133,000	*,e	King Pharmaceuticals, Inc		1,632
	464,000		Kingboard Chemical Holdings Ltd		1,828
	56,000		Kissei Pharmaceutical Co Ltd		1,103
	229,587		Kuraray Co Ltd		2,702
	27,486		Kyowa Hakko Kogyo Co Ltd		291
	9,285		LG Household & Health Care Ltd		2,323
	33,825		Linde AG.		4,075
	9,991	e	Lonza Group AG.		704
	52,994		L’Oreal S.A.		5,919
	39,297		Lubrizol Corp		2,867

184

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	83,963		Lupin Ltd	$	2,652
	14,412		Mediceo Paltac Holdings Co Ltd		179
	1,500,912		Merck & Co, Inc		54,843
	14,766		Merck KGaA		1,385
	42,600		Miraca Holdings, Inc		1,172
	126,850		Mitsubishi Chemical Holdings Corp		540
	40,269	e	Mitsubishi Gas Chemical Co, Inc		203
	1,000,716		Monsanto Co		81,808
	28,736		Mosaic Co		1,716
	357,572	*,e	Mylan Laboratories, Inc		6,590
	179,455	e	Nissan Chemical Industries Ltd		2,558
	2,393,930		Novartis AG.		130,730
	83,000		Novartis AG. (ADR)		4,518
	117,784		Novo Nordisk AS (Class B)		7,520
	10,741	e	Novozymes AS (B Shares)		1,117
	15,665	e	Nufarm Ltd		152
	8,966		Ono Pharmaceutical Co Ltd		385
	17,390		Orion Oyj (Class B)		375
	80,911	*,e	Pactiv Corp		1,953
	82,659	e	Perrigo Co		3,293
	4,296,908		Pfizer, Inc		78,160
	136,332		Potash Corp of Saskatchewan		14,911
	112,261	e	PPG Industries, Inc		6,572
	100,421		Praxair, Inc		8,065
	1,174,206		Procter & Gamble Co		71,191
	596,868		PTT Chemical PCL		1,289
	642,279		Reckitt Benckiser Group plc		34,767
	413,962		Roche Holding AG.		70,793
	449,944		Sanofi-Aventis		35,385
	7,456		Santen Pharmaceutical Co Ltd		240
	22,100	e	Sawai Pharmaceutical Co Ltd		1,264
	25,573	e	Sherwin-Williams Co		1,577
	168,147		Shin-Etsu Chemical Co Ltd		9,493
	31,173		Shionogi & Co Ltd		676
	1,675,608		Shire Ltd		32,741
	34,285	e	Shiseido Co Ltd		659
	1,466,654		Showa Denko KK		2,921
	75,549		Sigma-Aldrich Corp		3,817
	4,209,585	e	Sinochem Hong Kong Holding Ltd		2,335
	12,899		Solvay S.A.		1,389
	164,748		Sumitomo Chemical Co Ltd		723
	118,362		Syngenta AG.		33,426
	12,411		Taisho Pharmaceutical Co Ltd		214
	666,000		Taiwan Fertilizer Co Ltd		2,371
	716,897	e	Taiyo Nippon Sanso Corp		7,630
	74,548		Takeda Pharmaceutical Co Ltd		3,071

185

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	23,721		Tanabe Seiyaku Co Ltd	$	296
	1,162,907		Teva Pharmaceutical Industries Ltd (ADR)		65,332
	357,689	*,e	Theravance, Inc		4,675
	601,500	e	Tokai Carbon Co Ltd		2,995
	30,693		Tokuyama Corp		172
	139,283	e	Toray Industries, Inc		758
	51,647		Tosoh Corp		143
	144,574		Tsumura & Co		4,674
	105,012		UBE Industries Ltd		287
	382,793	e	UCB S.A.		15,978
	300,000	*	Vanda Pharmaceuticals, Inc		3,372
	33,722	*,e	Vertex Pharmaceuticals, Inc		1,445
	3,485		Wacker Chemie AG.		606
	26,153	*	Warner Chilcott plc		745
	70,513	*	Watson Pharmaceuticals, Inc		2,793
	43,497	e	Yara International ASA		1,970
			TOTAL CHEMICALS AND ALLIED PRODUCTS		1,460,626
COAL MINING - 0.30%
	45,587	*,e	Alpha Natural Resources, Inc		1,978
	23,630	e	Arch Coal, Inc		526
	861,307	e	Centennial Coal Co Ltd		3,066
	6,742,847		China Coal Energy Co		12,236
	36,184		Consol Energy, Inc		1,802
	323,061	e	Gloucester Coal Ltd		2,621
	1,162,639	e	MacArthur Coal Ltd		11,671
	80,000		New World Resources NV		720
	82,136		Peabody Energy Corp		3,713
	403,353		Whitehaven Coal Ltd		1,901
			TOTAL COAL MINING		40,234
COMMERCIAL SERVICES AND SUPPLIES - 0.00%**
	10,497		Bureau Veritas S.A.		547
			TOTAL COMMERCIAL SERVICES AND SUPPLIES		547
COMMUNICATIONS - 4.50%
	11,990	e	America Movil S.A. de C.V. (ADR) (Series L)		563
	178,090	*	American Tower Corp (Class A)		7,695
	40,144	*,e,m	AOL, Inc		935
	2,653,755	e	AT&T, Inc		74,386
	209,691		BCE, Inc		5,814
	33,031		Belgacom S.A.		1,199
	247,534		British Sky Broadcasting plc		2,236
	14,264,760		BT Group plc		31,066
	557,825		Cable & Wireless plc		1,269
	72,396		Cablevision Systems Corp (Class A)		1,869
	84,354	e	Carphone Warehouse Group plc		254
	390,334		CBS Corp (Class B)		5,484
	105,388	e	CenturyTel, Inc		3,816
	1,418,269		Comcast Corp (Class A)		23,912

186

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	129,805		Comcast Corp (Special Class A)	$	2,078
	109,037	*,e	Crown Castle International Corp		4,257
	2,957,678		Deutsche Telekom AG.		43,390
	554,271	*	DIRECTV		18,485
	162,464		DISH Network Corp (Class A)		3,374
	29,075		Elisa Oyj (Series A)		664
	21,899		Eutelsat Communications		703
	581,482	e	France Telecom S.A.		14,530
	50		Fuji Television Network, Inc		69
	279,232		Hellenic Telecommunications Organization S.A.		4,098
	1,332		Hikari Tsushin, Inc		24
			Hutchison Telecommunications Hong Kong Holdings
	10,434,000		Ltd		1,768
	100,013	*,e	IAC/InterActiveCorp		2,048
	3,772	e	Iliad Sa		451
	70,719		Inmarsat plc		788
	256		Jupiter Telecommunications Co		253
	306		KDDI Corp		1,621
	249,927	*,e	Level 3 Communications, Inc		382
	24,570	*,e	Liberty Global, Inc (Class A)		538
	15,086	*,e	Liberty Global, Inc (Series C)		330
	5,050	*	Liberty Media Corp-Starz		233
	114,180	*	Liberty Media Holding Corp (Interactive A)		1,238
	12,541		M6-Metropole Television		321
	8,781		Manitoba Telecom Services, Inc		281
	2,062,500		Maxis Bhd		3,235
	154,840		Mediaset S.p.A.		1,273
	166,276	*,e	MetroPCS Communications, Inc		1,269
	6,080		Mobistar S.A.		417
	71,383	*	NII Holdings, Inc (Class B)		2,397
	430,030		Nippon Telegraph & Telephone Corp		16,987
	5,307		NTT DoCoMo, Inc		7,406
	173,749		PCCW Ltd		42
	40,201		Philippine Long Distance Telephone Co (ADR)		2,278
	128,460		Portugal Telecom SGPS S.A.		1,567
	1,537,500		PT Telekomunikasi Indonesia Tbk (Series B)		1,530
	1,125,960		Qwest Communications International, Inc		4,740
	215,689	e	Rogers Communications, Inc (Class B)		6,742
	1,320,532		Royal KPN NV		22,446
	33,205	*,e	SBA Communications Corp (Class A)		1,134
	62,853		SES Global S.A.		1,416
	150,129	*,e	Shaw Communications, Inc (B Shares)		3,111
	4,083,508		Singapore Telecommunications Ltd		8,994
	23,847	e	Societe Television Francaise 1		438
	1,802,349	*,e	Sprint Nextel Corp		6,597
	61,274		StarHub Ltd		94
	5,265		Swisscom AG.		2,011

187

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,592,923		Taiwan Mobile Co Ltd	$	3,105
	101,963		Tele Norte Leste Participacoes S.A.(ADR)		2,184
	66,852	e	Tele2 AB (B Shares)		1,027
	178,612		Telecom Corp of New Zealand Ltd		321
	1,322,502		Telecom Italia RSP		1,469
	2,196,527		Telecom Italia S.p.A.		3,426
	80,000		Telefonica O2 Czech Republic A.S.		1,825
	1,707,596		Telefonica S.A.		47,795
	321,563		Telekom Austria AG.		4,590
	29,100		Telenet Group Holding NV		829
	186,037		Telenor ASA		2,599
	42,917	e	Telephone & Data Systems, Inc		1,456
	28,177		Television Broadcasts Ltd		135
	504,432		TeliaSonera AB		3,646
	486,328	e	Telstra Corp Ltd		1,495
	24,660		TELUS Corp		804
	62,100		TELUS Corp, non-voting shares		1,945
	166,442		Time Warner Cable, Inc		6,889
	1,774		Tokyo Broadcasting System, Inc		25
	1,695,487		Verizon Communications, Inc		56,172
	392,992	*	Viacom, Inc (Class B)		11,684
	260,834		Vivendi Universal S.A.		7,741
	34,602,340		Vodafone Group plc		80,130
	306,678	e	Vodafone Group plc (ADR)		7,081
	67,184	e	Windstream Corp		738
			TOTAL COMMUNICATIONS		607,657
DEPOSITORY INSTITUTIONS - 10.70%
	35,083		77 Bank Ltd		187
	95,359		Alpha Bank S.A.		1,113
	1,600,000		AMMB Holdings Berhad		2,328
	147,992	*,m	Anglo Irish Bank Corp plc		46
	2,247,848		Aozora Bank Ltd		2,389
	1,572,479	e	Australia & New Zealand Banking Group Ltd		32,045
	142,582	e	Banca Carige S.p.A.		381
	1,806,721	*	Banca Intesa S.p.A.		8,130
	202,850		Banca Intesa S.p.A. RSP		680
	486,638	e	Banca Monte dei Paschi di Siena S.p.A.		851
	85,591		Banca Popolare di Milano		608
	131,631		Banche Popolari Unite Scpa		1,887
	945,890		Banco Bilbao Vizcaya Argentaria S.A.		17,239
	188,391	e	Banco Bradesco S.A. (ADR)		4,120
	527,469		Banco Comercial Portugues S.A.		636
	2,062,800		Banco de Oro Universal Bank		1,737
	199,843	e	Banco de Sabadell S.A.		1,110
	48,128		Banco de Valencia S.A.		366

188

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	154,954		Banco do Brasil S.A.	$	2,643
	127,479		Banco Espirito Santo S.A.		830
	140,906		Banco Popolare Scarl		1,056
	187,234	e	Banco Popular Espanol S.A.		1,375
	522,581		Banco Santander Brasil S.A. (ADR)		7,285
	6,067,859		Banco Santander Central Hispano S.A.		100,268
	551,500		Bangkok Bank PCL (ADR)		1,919
	4,653,710		Bank of America Corp		70,085
	4,242,000		Bank of China Ltd		2,280
	511,259	e	Bank of East Asia Ltd		2,009
	475,177		Bank of India		3,913
	33,653		Bank of Kyoto Ltd		272
	243,014		Bank of Montreal		12,977
	374,028		Bank of New York Mellon Corp		10,462
	440,856	e	Bank of NOVA Scotia		20,748
	55,609		Bank of Okinawa Ltd		2,045
	150,408		Bank of the Ryukyus Ltd		1,720
	616,805		Bank of Yokohama Ltd		2,812
	62,240		Bankinter S.A.		641
	4,224,752		Barclays plc		18,616
	178,006	e	BB&T Corp		4,516
	31,937	e	Bendigo Bank Ltd		280
	512,452	e	BNP Paribas		40,647
	530,948		BOC Hong Kong Holdings Ltd		1,193
	170,258	e	Canadian Imperial Bank of Commerce/Canada		11,094
	80,635		Chiba Bank Ltd		482
	2,880,000		China Citic Bank		2,438
	7,955,000		China Construction Bank		6,795
	1,345,347	e	China Merchants Bank Co Ltd		3,500
	3,446,459		Chinatrust Financial Holding Co		2,143
	19,000	e	Chugoku Bank Ltd		236
	14,603,246		Citigroup, Inc		48,337
	72,449		Comerica, Inc		2,142
	159,482	e	Commerzbank AG.		1,339
	730,926		Commonwealth Bank of Australia		35,685
	30,714		Credicorp Ltd (NY)		2,366
	201,449	e	Credit Agricole S.A.		3,535
	98,624		Danske Bank AS		2,214
	1,884,628		DBS Group Holdings Ltd		20,488
	131,614		Deutsche Bank AG.		9,306
	19,523	*,e	Deutsche Postbank AG.		638
	119,241	e	Dexia		751
	216,611	e	DNB NOR Holding ASA		2,338
	71,466		EFG Eurobank Ergasias S.A.		799
	42,095	e	Erste Bank der Oesterreichischen Sparkassen AG.		1,564
	256,531		Fifth Third Bancorp		2,501

189

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	76,123	*,e	First Horizon National Corp	$	1,020
	2,049,532	*	Fortis		7,587
	1,035,000		Fubon Financial Holding Co Ltd		1,272
	3,178,365		Fuhwa Financial Holdings Co Ltd		2,326
	81,167	e	Fukuoka Financial Group, Inc		283
	41,774		Gunma Bank Ltd		214
	40,842		Hachijuni Bank Ltd		238
	98,193		Hang Seng Bank Ltd		1,445
	5,416		HDFC Bank Ltd		197
	53,744	e	Hiroshima Bank Ltd		207
	131,481		Hokuhoku Financial Group, Inc		269
	50,000		Home Capital Group, Inc		2,001
	11,590,720		HSBC Holdings plc		132,230
	138,800	e	HSBC Holdings plc (Hong Kong)		1,579
	398,816	e	Hudson City Bancorp, Inc		5,476
	2,262,449	e	Huntington Bancshares, Inc		8,258
	1,619		ICICI Bank Ltd		30
	80,000		ICICI Bank Ltd (ADR)		3,017
	2,271,000		Industrial & Commercial Bank of China		1,870
	2,047,889	*	ING Groep NV		19,722
	87,052		Investec plc		595
	25,912	e	Iyo Bank Ltd		211
	66,624		Joyo Bank Ltd		268
	2,540,834		JPMorgan Chase & Co		105,876
	442,144		Julius Baer Group Ltd		15,550
	218,488		Julius Baer Holding AG.		2,646
	1,201,131		Kasikornbank PCL (Foreign)		3,129
	800,000		Kasikornbank PCL		2,039
	130,815	e	Keycorp		726
	450,000		Korea Exchange Bank		5,586
	8,308,155		Lloyds TSB Group plc		6,685
	11,770	e	M&T Bank Corp		787
	68,624	e	Marshall & Ilsley Corp		374
	136,609	e	Mediobanca S.p.A.		1,623
	4,005,300		Metropolitan Bank & Trust		3,878
	6,479,154		Mitsubishi UFJ Financial Group, Inc		31,915
	1,662,750		Mitsui Trust Holdings, Inc		5,601
	3,052,198		Mizuho Financial Group, Inc		5,489
	166,872	e	Mizuho Trust & Banking Co Ltd		156
	1,238,656	e	National Australia Bank Ltd		30,228
	69,233	e	National Bank of Canada		3,988
	363,548		National Bank of Greece S.A.		9,340
	189,430	e	Natixis		946
	65,127	e	New York Community Bancorp, Inc		945
	66,721		Nishi-Nippon City Bank Ltd		163
	759,721	e	Nordea Bank AB		7,697

190

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	142,312		Northern Trust Corp	$	7,457
	29,792		OKO Bank (Class A)		321
	1,523,614	e	Oversea-Chinese Banking Corp		9,811
	125,343	e	People’s United Financial, Inc		2,093
	66,070		Piraeus Bank S.A.		758
	162,036		PNC Financial Services Group, Inc		8,554
	2,379,500		PT Bank Danamon Indonesia Tbk		1,139
	21,714	e	Raiffeisen International Bank Holding AG.		1,213
	751,624		Regions Financial Corp		3,976
	51,800		Resona Holdings, Inc		526
	671,094	e	Royal Bank of Canada (Toronto)		36,190
	3,641,667	*	Royal Bank of Scotland Group plc		1,690
	57,109	*	Royal Bank of Scotland Group plc (Euro)		27
	31,300	*	Sapporo Hokuyo Holdings, Inc		114
	38,700	*,e	Senshu Ikeda Holdings, Inc		141
	57		Seven Bank Ltd		114
	101,320	*,e	Shinsei Bank Ltd		110
	63,727	e	Shizuoka Bank Ltd		555
	900,800		Siam Commercial Bank PCL		2,344
	339,646		Skandinaviska Enskilda Banken AB (Class A)		2,100
	730,690		Societe Generale		50,768
	476,957		Standard Chartered plc		12,041
	178,263		Standard Chartered plc (Hong Kong)		4,425
	25,000		State Bank of India Ltd		1,215
	405,942		State Street Corp		17,675
	260,479		Sumitomo Mitsui Financial Group, Inc		7,475
	543,488		Sumitomo Trust & Banking Co Ltd		2,669
	641,736		Suncorp-Metway Ltd		4,968
	318,612	e	SunTrust Banks, Inc		6,465
	267,689	e	Suruga Bank Ltd		2,333
	110,265		Svenska Handelsbanken (A Shares)		3,141
	125,897		Swedbank AB (A Shares)		1,240
	341,011	e	TCF Financial Corp		4,645
	14,765	e	TFS Financial Corp		179
	407,729	e	Toronto-Dominion Bank		25,715
	130,000	*	UBS A.G.		2,016
	3,563,855	*	UBS A.G. (Switzerland)		55,497
	5,902,976	*	UniCredito Italiano S.p.A		19,738
	531,741		United Overseas Bank Ltd		7,402
	1,768,500		US Bancorp		39,809
	24,542	*,b,e	Washington Mutual, Inc		3
	2,821,754		Wells Fargo & Co		76,158
	485,080		Western Union Co		9,144
	1,147,665		Westpac Banking Corp		25,924
	17,626		Wing Hang Bank Ltd		164
	22,666		Yamaguchi Financial Group, Inc		210
			TOTAL DEPOSITORY INSTITUTIONS		1,443,070

191

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
EATING AND DRINKING PLACES - 0.96%
	2,170,007		Ajisen China Holdings Ltd	$	1,854
	19,423	e	Autogrill S.p.A.		245
	225,000		Brinker International, Inc		3,357
	10,294,642		Compass Group plc		73,674
	65,904	e	Darden Restaurants, Inc		2,311
	950,000		Enterprise Inns plc		1,423
	484,866		McDonald’s Corp		30,275
	6,400	e	McDonald’s Holdings Co Japan Ltd		122
	42,306		Onex Corp		955
	19,920		Sodexho Alliance S.A.		1,133
	226,616	*,e	Starbucks Corp		5,226
	67,000	*	Tim Hortons, Inc		2,059
	17,321	e	Tim Hortons, Inc		528
	38,069		Whitbread plc		864
	170,275		Yum! Brands, Inc		5,955
			TOTAL EATING AND DRINKING PLACES		129,981
EDUCATIONAL SERVICES - 0.11%
	80,912	*,e	Apollo Group, Inc (Class A)		4,902
	82,282		Benesse Corp		3,440
	109,723		CAE, Inc		920
	48,000	*	Career Education Corp		1,119
	16,936	e	DeVry, Inc		961
	31,397	*,e	ITT Educational Services, Inc		3,013
			TOTAL EDUCATIONAL SERVICES		14,355
ELECTRIC, GAS, AND SANITARY SERVICES - 3.89%
	245,289		A2A S.p.A.		515
	3,506	e	ACEA S.p.A.		38
	318,554	*	AES Corp		4,240
	51,824		AGL Energy Ltd		651
	177,164		Allegheny Energy, Inc		4,160
	22,832	e	Alliant Energy Corp		691
	46,238		Ameren Corp		1,292
	143,005	e	American Electric Power Co, Inc		4,975
	203,504		American Water Works Co, Inc		4,561
	770	e	Aqua America, Inc		13
	16,285,500	*	Beijing Enterprises Water Group Ltd		5,404
	2,961		Bkw Fmb Energie AG		231
	169,514	*,e	Calpine Corp		1,865
	35,733		Canadian Utilities Ltd		1,495
	694,702		Centerpoint Energy, Inc		10,080
	8,179,785		Centrica plc		37,051
	4,058,000	e	China Resources Gas Group Ltd		5,905
	247,400		China Resources Power Holdings Co		490

192

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	79,261		Chubu Electric Power Co, Inc	$	1,891
	29,292	e	Chugoku Electric Power Co, Inc		559
	140,521		CLP Holdings Ltd		951
	87,053	e	Companhia de Saneamento Basico do Estado de Sao Paulo (ADR)		3,406
	126,338		Companhia Paranaense de Energia		2,688
	84,450	e	Consolidated Edison, Inc		3,837
	495,105		Constellation Energy Group, Inc		17,413
	142,398		Contact Energy Ltd		634
	151,879	e	Dominion Resources, Inc		5,911
	78,602		Drax Group plc		524
	63,576		DTE Energy Co		2,771
	2,039,830		DUET Group		3,271
	364,754	e	Duke Energy Corp		6,277
	24,700	*,e	Dynegy, Inc (Class A)		45
	1,047,573		E.ON AG.		43,971
	82,453	e	Edison International		2,868
	44,602	*	EDP Renovaveis S.A.		423
	132,653		El Paso Corp		1,304
	14,039		Electric Power Development Co		399
	56,840		Electricite de France		3,378
	83,660		Eletropaulo Metropolitana de Sao Paulo S.A.		1,658
	39,717		Enagas		880
	157,775		Enbridge, Inc		7,336
	1,524,851	e	Enel S.p.A.		8,828
	77,228		Energen Corp		3,614
	4,501,478		Energias de Portugal S.A.		20,041
	110,293		Entergy Corp		9,026
	477,274		Exelon Corp		23,324
	128,101		FirstEnergy Corp		5,950
	73,581	e	Fortis, Inc		2,018
	1,197,009		Fortum Oyj		32,474
	119,886		FPL Group, Inc		6,332
	51,693	e	Gas Natural SDG S.A.		1,114
	794,270	e	Gaz de France		34,409
	1,186,800		Glow Energy PCL		1,173
	18,982	e	Hokkaido Electric Power Co, Inc		344
	19,575		Hokuriku Electric Power Co		427
	246,515		Hong Kong & China Gas Ltd		618
	87,864		Hong Kong Electric Holdings Ltd		479
	193,405		Iberdrola Renovables		921
	862,676	e	Iberdrola S.A.		8,267
	38,941	e	Integrys Energy Group, Inc		1,635
	1,238,984		International Power plc		6,174
	91,953		Kansai Electric Power Co, Inc		2,075
	39,947		Kyushu Electric Power Co, Inc		823
	62,607		MDU Resources Group, Inc		1,478

193

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	209,005	*	Mirant Corp	$	3,192
	544,753		National Grid plc		5,946
	55,831	e	NiSource, Inc		859
	32,965		Northeast Utilities		850
	442,197	*	NRG Energy, Inc		10,440
	23,393		NSTAR		861
	17,127	e	Oest Elektrizitatswirts AG. (Class A)		726
	31,048		Oneok, Inc		1,384
	204,846		Osaka Gas Co Ltd		690
	43,666		Pepco Holdings, Inc		736
	148,762	e	PG&E Corp		6,642
	27,550		Pinnacle West Capital Corp		1,008
	14,442,500		PNOC Energy Development Corp		1,460
	77,200		PPL Corp		2,494
	50,702		Progress Energy, Inc		2,079
	26,513		Public Power Corp		492
	515,920	e	Public Service Enterprise Group, Inc		17,154
	135,414		Questar Corp		5,629
	22,602		Red Electrica de Espana		1,261
	942,700	*	Reliant Energy, Inc		5,392
	683,292		Republic Services, Inc		19,344
	96,819		RWE A.G.		9,396
	5,020		RWE A.G. (Preference)		447
	23,150		SCANA Corp		872
	205,729		Scottish & Southern Energy plc		3,851
	106,442		Sempra Energy		5,959
	53,111		Severn Trent plc		928
	18,600	e	Shikoku Electric Power Co, Inc		481
	323,991		Snam Rete Gas S.p.A.		1,609
	171,100		Southern Co		5,701
	123,702	e	SP AusNet		102
	20,872	*	Stericycle, Inc		1,152
	61,331		Suez Environnement S.A.		1,414
	288,110	e	Terna Rete Elettrica Nazionale S.p.A.		1,239
	44,000		Toho Gas Co Ltd		234
	45,041		Tohoku Electric Power Co, Inc		893
	287,060		Tokyo Electric Power Co, Inc		7,205
	742,838		Tokyo Gas Co Ltd		2,965
	90,960	e	TransAlta Corp		2,042
	154,621		United Utilities Group plc		1,236
	87,959		Veolia Environnement		2,899
	201,255		Waste Management, Inc		6,804
	238,585		Williams Cos, Inc		5,029
	35,636		Wisconsin Energy Corp		1,776
	124,036		Xcel Energy, Inc		2,632
	1,403,500	*	Yingde Gases		1,446
			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		524,547

194

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.19%
	26,590	*	A123 Systems, Inc	$	597
	791,643		ABB Ltd		15,254
	600,000	*	A-DATA Technology Co Ltd		1,943
	143,622	*,e	Advanced Micro Devices, Inc		1,390
	3,080,000		Advanced Semiconductor Engineering, Inc		2,765
	509,805	*,e	Alcatel S.A.		1,717
	45,710	e	Altera Corp		1,034
	25,747	e	Ametek, Inc		985
	71,523		Amphenol Corp (Class A)		3,303
	142,635	e	Analog Devices, Inc		4,504
	504,520	*	Apple Computer, Inc		106,384
	5,882,536		Asustek Computer, Inc		11,330
	121,866	*	Avnet, Inc		3,675
	231,679	*,e	Broadcom Corp (Class A)		7,286
	95,400		Canon Electronics, Inc		2,057
	348,213	*	Celestica, Inc		3,287
	3,353,814	*	Cisco Systems, Inc		80,290
	124,471		Cooper Industries plc		5,307
	18,254	*	Cree, Inc		1,029
	334,000	e	Dainippon Screen Manufacturing Co Ltd		1,473
	48,095	*,e	Dolby Laboratories, Inc (Class A)		2,296
	42,749		Eaton Corp		2,720
	17,308	*	Elpida Memory, Inc		282
	171,057	*,e	Energizer Holdings, Inc		10,482
	32,442	*,e	EnerSys		710
	650,973	e	Ericsson (LM) (B Shares)		5,993
	547,804		Exide Industries Ltd		1,351
	32,495	*,e	First Solar, Inc		4,400
	248,554	*,e	Flextronics International Ltd		1,817
	96,728	*,e	Foxconn International Holdings Ltd		111
	378,000		Foxconn Technology Co Ltd		1,458
	58,822	e	Fuji Electric Holdings Co Ltd		102
	41,085		Gamesa Corp Tecnologica S.A.		692
	57,901	*,e	Gemalto NV		2,519
	5,233,524		General Electric Co		79,183
	1,221,502		Geodesic Information Systems Ltd		3,451
	39,000	e	GS Yuasa Corp		288
	34,709	e	Harris Corp		1,650
	3,151	e	Hirose Electric Co Ltd		330
	10,152		Hitachi Chemical Co Ltd		207
	108,800		Hitachi High-Technologies Corp		2,159
	4,512,548	e	Hitachi Ltd		13,872
	2,545,544		Hon Hai Precision Industry Co, Ltd		11,905

195

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	302,917		Hoya Corp	$	8,083
	73,472		Ibiden Co Ltd		2,635
	834,463	*	Imagination Technologies Group PLC		3,249
	902,973	*,e	Infineon Technologies AG.		5,024
	3,370,176		Intel Corp		68,752
	212,120		Koninklijke Philips Electronics NV		6,270
	16,212		Kyocera Corp		1,428
	48,857		L-3 Communications Holdings, Inc		4,248
	20,998	e	Legrand S.A.		584
	27,450		LG Electronics, Inc		2,862
	57,463	e	Linear Technology Corp		1,755
	1,119,670	*	LSI Logic Corp		6,729
	2,916		Mabuchi Motor Co Ltd		145
	652,863	*,e	Marvell Technology Group Ltd		13,547
	961,855		Matsushita Electric Industrial Co Ltd		13,847
	39,956		Matsushita Electric Works Ltd		484
	193,031		Maxim Integrated Products, Inc		3,919
	227,430		MediaTek, Inc		3,951
	68,259	*	MEMC Electronic Materials, Inc		930
	28,483	e	Microchip Technology, Inc		828
	659,934	*,e	Micron Technology, Inc		6,969
	16,815	e	Millicom International Cellular S.A.		1,248
	35,716		Minebea Co Ltd		194
	1,862,785		Mitsubishi Electric Corp		13,838
	8,222		Mitsumi Electric Co Ltd		145
	572,054		Motorola, Inc		4,439
	31,729		Murata Manufacturing Co Ltd		1,584
	97,208	e	National Semiconductor Corp		1,493
	529,620	*	NetApp, Inc		18,214
	17,988		NGK Spark Plug Co Ltd		204
	86,306		Nidec Corp		7,977
	900	e	Nissha Printing Co Ltd		44
	17,277		Nitto Denko Corp		621
	1,423,287		Nokia Oyj		18,403
	12,407	*	Nortel Networks Corp		2
	402,476	*,e	Nvidia Corp		7,518
	21,302		Omron Corp		383
	2,354,450		Powertech Technology, Inc		7,976
	1,202,474		Qualcomm, Inc		55,626
	1,811,162		Quanta Computer, Inc		3,930
	77,027	*,e	Renewable Energy Corp AS		595
	285,886	*	Research In Motion Ltd (Canada)		19,416
	796,581	e	Ricoh Co Ltd		11,414
	3,699	e	Rinnai Corp		179
	10,424		Rohm Co Ltd		680
	14,308		Samsung Electronics Co Ltd		9,811

196

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	167,975	*,e	Sanyo Electric Co Ltd	$	310
	52,232	*,e	SGL Carbon AG.		1,544
	99,106	e	Sharp Corp		1,252
	217,974		Shinko Electric Industries		3,173
	528,000		Silitech Technology Corp		1,898
	138,700	*,e	Sirius XM Radio, Inc		83
	763,256		Smiths Group plc		12,443
	28,673,611		Solomon Systech International Ltd		2,918
	451,602		Sony Corp		13,129
	15,535		Stanley Electric Co Ltd		315
	147,955		STMicroelectronics NV		1,367
	11,576	e	Sumco Corp		205
	11,733	*,e	Sunpower Corp (Class A)		278
	3,600	*,e	Sunpower Corp (Class B)		75
	3,044,204		Taiwan Semiconductor Manufacturing Co Ltd		6,136
	231,149		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		2,644
	122,166		TDK Corp		7,466
	532,172		Texas Instruments, Inc		13,868
	98,600	*,e	Toyota Boshoku Corp		2,201
	165,090		Tyco Electronics Ltd		4,053
	326,145	e	Ushio, Inc		5,439
	13,031	e	Whirlpool Corp		1,051
	69,433	e	Xilinx, Inc		1,740
	11,274,000		Yageo Corp		4,118
	24,384	e	Yaskawa Electric Corp		203
	276,899		ZTE Corp		1,702
			TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		835,372
ENGINEERING AND MANAGEMENT SERVICES - 0.50%
	217,450		Accenture plc		9,023
	164,500	e	Aeon Mall Co Ltd		3,187
	31,074		Cap Gemini S.A.		1,418
	105,702		Capita Group plc		1,278
	55,007		Fluor Corp		2,478
	13,359		Fugro NV		767
	85,674		Groupe Aeroplan, Inc		892
	66,683	*	Hewitt Associates, Inc (Class A)		2,818
	53,167	*	Jacobs Engineering Group, Inc		2,000
	356,142		JGC Corp		6,563
	281,915		KBR, Inc		5,356
	125,985	*	McDermott International, Inc		3,025
	14,680	*	Myriad Genetics, Inc		383
	42,400	e	NPC, Inc		1,096
	57,272	e	Paychex, Inc		1,755
	43,546		Petrofac Ltd		729
	109,247	*,e	SAIC, Inc		2,069

197

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	10,719		Samsung Engineering Co Ltd	$	996
	1,272,811		SembCorp Industries Ltd		3,326
	378,114		Serco Group plc		3,225
	857,000		Shandong Weigao Group Medical Polymer Co Ltd		2,856
	74,802	*,e	Shaw Group, Inc		2,151
	65,424		SNC-Lavalin Group, Inc		3,377
	12,846	*	URS Corp		572
	120,303	e	WorleyParsons Ltd		3,124
	153,625	*,e	WuXi PharmaTech Cayman, Inc (ADR)		2,452
			TOTAL ENGINEERING AND MANAGEMENT SERVICES		66,916
FABRICATED METAL PRODUCTS - 0.34%
	749,381	e	Amcor Ltd		4,172
	18,050	e	Ball Corp		933
	572,179	*,e	Crown Holdings, Inc		14,636
	8,810	e	Geberit AG.		1,562
	17,000		Hitachi Metals Ltd		164
	137,823		Illinois Tool Works, Inc		6,614
	26,008		JS Group Corp		448
	45,568		Parker Hannifin Corp		2,455
	191,625		Pentair, Inc		6,189
	1,101,988		Rexam plc		5,152
	8,895		Salzgitter AG.		872
	39,995	e	Ssab Svenskt Stal AB (Series A)		679
	16,649	e	Ssab Svenskt Stal AB (Series B)		258
	30,052		Stanley Works		1,548
	15,655		Toyo Seikan Kaisha Ltd		238
			TOTAL FABRICATED METAL PRODUCTS		45,920
FOOD AND KINDRED PRODUCTS - 4.02%
	70,214		Ajinomoto Co, Inc		661
	56,720	*	Anheuser-Busch InBev NV		0	^
	260,426		Archer Daniels Midland Co		8,154
	18,034		Aryzta AG.		672
	553,941	e	Asahi Breweries Ltd		10,202
	724,400		Asiatic Development BHD		1,316
	77,849		Associated British Foods plc		1,032
	451,500		Beijing Enterprises Holdings Ltd		3,270
	96,619		Bunge Ltd		6,167
	78		C&C Group plc		0	^
	313,310		Cadbury plc		4,028
	61,794		Campbell Soup Co		2,089
	23,296		Carlsberg AS (Class B)		1,715
	2,462,000		China Agri-Industries Holdings Ltd		3,217
	40,109		Coca Cola Hellenic Bottling Co S.A.		913
	325,768		Coca-Cola Amatil Ltd		3,359

198

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	918,991		Coca-Cola Co	$	52,382
	357,561		Coca-Cola Enterprises, Inc		7,580
	5,771	e	Coca-Cola West Japan Co Ltd		102
	253,319		ConAgra Foods, Inc		5,839
	84,930	*	Constellation Brands, Inc (Class A)		1,353
	1,876,168	e	CSR Ltd		3,021
	300,000		Del Monte Foods Co		3,402
	2,212,825		Diageo plc		38,605
	50,302		Dr Pepper Snapple Group, Inc		1,424
	282,131		General Mills, Inc		19,978
	605,497		Golden Agri-Resources Ltd		218
	119,013		Groupe Danone		7,296
	96,325		H.J. Heinz Co		4,119
	46,515	*,e	Hansen Natural Corp		1,786
	338,043		Heineken NV		16,048
	75,321	e	Hershey Co		2,696
	11,412	e	Hormel Foods Corp		439
	826,279		InBev NV		42,774
	6,537	e	Ito En Ltd		98
	27,782		J.M. Smucker Co		1,716
	31,448		Kaneka Corp		200
	265,372		Kellogg Co		14,118
	30,884		Kerry Group plc (Class A)		908
	887,533		Kirin Brewery Co Ltd		14,233
	598,206		Kraft Foods, Inc (Class A)		16,259
	206		Lindt & Spruengli AG.		442
	24		Lindt & Spruengli AG. (Reg)		590
	24,121		McCormick & Co, Inc		871
	169,860		Mead Johnson Nutrition Co		7,423
	6,849	*	MEIJI Holdings Co Ltd		259
	23,485		Molson Coors Brewing Co (Class B)		1,061
	2,090,927		Nestle S.A.		101,480
	18,944		Nippon Meat Packers, Inc		219
	18,618		Nisshin Seifun Group, Inc		252
	7,035	e	Nissin Food Products Co Ltd		230
	115,298	e	Olam International Ltd		217
	403,724		Parmalat S.p.A.		1,129
	44,756		Pepsi Bottling Group, Inc		1,678
	16,361		PepsiAmericas, Inc		479
	875,682		PepsiCo, Inc		53,241
	43,723	e	Pernod-Ricard S.A.		3,739
	4,558,884	m	Petra Foods Ltd		3,342
	3,965,000		PT Indofood Sukses Makmur Tbk		1,490
	8,674	*	Ralcorp Holdings, Inc		518
	71,023	e	Reynolds American, Inc		3,762

199

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	284,622		SABMiller plc	$	8,366
	25,795	e	Sapporo Holdings Ltd		142
	62,893		Saputo, Inc		1,849
	294,261		Sara Lee Corp		3,584
	100,000	*,e	Smithfield Foods, Inc		1,519
	114,820		Suedzucker AG.		2,392
	94,704		Swire Pacific Ltd (Class A)		1,145
	159,099		Toyo Suisan Kaisha Ltd		3,669
	167,719	e	Tyson Foods, Inc (Class A)		2,058
	844,593		Unilever plc		27,074
	4,421,900		Universal Robina		1,546
	685,000		Wilmar International Ltd		3,115
	9,577	e	Yakult Honsha Co Ltd		290
	11,553	e	Yamazaki Baking Co Ltd		137
			TOTAL FOOD AND KINDRED PRODUCTS		542,697
FOOD STORES - 0.61%
	162,524		Alimentation Couche Tard, Inc		3,235
	137,302		Carrefour S.A.		6,586
	450,000		China Resources Enterprise		1,635
	3,290		Colruyt S.A.		794
	21,253		Delhaize Group		1,626
	12,277		Empire Co Ltd		560
	5,744		FamilyMart Co Ltd		170
	22,264		George Weston Ltd		1,425
	117,554	e	Goodman Fielder Ltd		171
	260,983		J Sainsbury plc		1,361
	44,547	e	Jeronimo Martins SGPS S.A.		446
	13,655	e	Kesko Oyj (B Shares)		451
	489,268		Koninklijke Ahold NV		6,482
	389,412	e	Kroger Co		7,995
	6,690		Lawson, Inc		295
	47,200		Loblaw Cos Ltd		1,529
	85,669	e	Safeway, Inc		1,824
	97,577		Supervalu, Inc		1,240
	3,163,269	*	Taiwan TEA Corp		2,020
	4,402,262		Tesco plc		30,369
	4,985,000		Want Want China Holdings Ltd		3,481
	39,700	*,e	Whole Foods Market, Inc		1,090
	461,955		WM Morrison Supermarkets plc		2,061
	228,218		Woolworths Ltd		5,724
			TOTAL FOOD STORES		82,570
FORESTRY - 0.05%
	32,418		Rayonier, Inc		1,367
	116,791		Weyerhaeuser Co		5,038
			TOTAL FORESTRY		6,405

200

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
FURNITURE AND FIXTURES - 0.04%
	31,300	*	Kinetic Concepts, Inc	$	1,178
	23,382	e	Leggett & Platt, Inc		477
	277,872	e	Masco Corp		3,838
			TOTAL FURNITURE AND FIXTURES		5,493
FURNITURE AND HOME FURNISHINGS STORES - 0.23%
	44,613	*,e	Bed Bath & Beyond, Inc		1,723
	298,590	e	Best Buy Co, Inc		11,782
	2,560,900	*,e	DSG International PLC		1,501
	31,604	*,e	GameStop Corp (Class A)		693
	346,132	e	Harvey Norman Holdings Ltd		1,305
	70,527		JB Hi-Fi Ltd		1,424
	35,300	e	K’s Holdings Corp		1,060
	56,023		Nitori Co Ltd		4,170
	54,000	e	RadioShack Corp		1,053
	86,939		Yamada Denki Co Ltd		5,865
			TOTAL FURNITURE AND HOME FURNISHINGS STORES		30,576
GENERAL BUILDING CONTRACTORS - 0.28%
	83,023	e	ACS Actividades Cons y Servicios S.A.		4,150
	248,172		AMEC plc		3,162
	153,717		Balfour Beatty plc		640
	5,831	*	Berkeley Group Holdings plc		77
	12,661		Cheung Kong Infrastructure Holdings Ltd		48
	8,211		Daito Trust Construction Co Ltd		389
	557,780		Daiwa House Industry Co Ltd		5,997
	118,420	e	DR Horton, Inc		1,287
	10,217	e	Eiffage S.A.		576
	57,999		Fletcher Building Ltd		335
	8,718		Hochtief AG.		665
	88,104		Kajima Corp		178
	42,035	e	Lend Lease Corp Ltd		388
	6,200	e	Lennar Corp (Class A)		79
	6,511	*	Leopalace21 Corp		27
	76,300	e	MDC Holdings, Inc		2,368
	9,734	*,e	NVR, Inc		6,917
	68,957	e	Obayashi Corp		235
	124,056	*,e	Pulte Homes, Inc		1,241
	49,474	f	Puravankara Projects Ltd		97
	15,780	e	Ryland Group, Inc		311
	18,893	e	Sacyr Vallehermoso S.A.		217
	45,271		Sekisui Chemical Co Ltd		282
	54,826		Sekisui House Ltd		498

201

COLLEGE RETIREMENT EQUITIES FUND - - Global Equities Account

					VALUE
SHARES			COMPANY		(000)
	62,452	e	Shimizu Corp	$	224
	87,797		Skanska AB (B Shares)		1,490
	25,381		Sobha Developers Ltd		132
	104,136		Taisei Corp		179
	27,370	*	Toll Brothers, Inc		515
	95,488	e	Vinci S.A.		5,373
			TOTAL GENERAL BUILDING CONTRACTORS		38,077
GENERAL MERCHANDISE STORES - 1.20%
	66,891	e	Aeon Co Ltd		543
	62,680	*,e	BJ’s Wholesale Club, Inc		2,050
	224,246		Costco Wholesale Corp		13,269
	233,125	e	David Jones Ltd		1,122
	127,500	e	Don Quijote Co Ltd		3,094
	117,516	e	Family Dollar Stores, Inc		3,270
	1,116,000		Far Eastern Department Stores Co Ltd		1,280
	928,000	e	Golden Eagle Retail Group Ltd		1,882
	37,138	e	Isetan Mitsukoshi Holdings Ltd		335
	51,392	e	J Front Retailing Co Ltd		227
	169,024	e	JC Penney Co, Inc		4,498
	60,305	e	Keio Corp		364
	169,914	e	Kintetsu Corp		563
	54,500		Lifestyle International Holdings Ltd		101
	350,976	e	Macy’s, Inc		5,882
	835,266		Marks & Spencer Group plc		5,397
	22,209	e	Marui Co Ltd		137
	1,404,358	*	Myer Holdings Ltd		4,592
	1,857,000		New World Department Store China Ltd		1,695
	240,898		Next plc		8,055
	65,105	e	Odakyu Electric Railway Co Ltd		500
	3,856,000	*	PCD Stores Ltd		1,497
	16,369	e	PPR		1,965
	37,600	e	Ryohin Keikaku Co Ltd		1,368
	8,399	*,e	Sears Holdings Corp		701
	16,547		Shinsegae Co Ltd		7,643
	186,950		SM Investments Corp		1,319
	32,162	e	Takashimaya Co Ltd		205
	258,501		Target Corp		12,504
	307,167		TJX Companies, Inc		11,227
	85,521	e	Tobu Railway Co Ltd		446
	119,146		Tokyu Corp		474
	17,620	e	UNY Co Ltd		124
	1,180,250		Wal-Mart Stores, Inc		63,084
			TOTAL GENERAL MERCHANDISE STORES		161,413

202

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

					VALUE
SHARES			COMPANY		(000)
HEALTH SERVICES - 0.68%
	64,025	e	AmerisourceBergen Corp	$	1,669
	3,492,000		Bangkok Dusit Medical Service PCL		2,607
	2,553		BioMerieux		298
	12,980	*,e	Covance, Inc		708
	176,691	*	Coventry Health Care, Inc		4,292
	147,181	*	DaVita, Inc		8,645
	20,603	*	Edwards Lifesciences Corp		1,789
	97,770	*	Express Scripts, Inc		8,452
	231,200	*	Fleury S.A.		2,442
	95,354		Fraser and Neave Ltd		283
	44,291		Fresenius Medical Care AG.		2,350
	508,718	*	Healthsouth Corp		9,549
	40,331	*,e	Laboratory Corp of America Holdings		3,018
	90,535	*,e	Lincare Holdings, Inc		3,361
	281,991		McKesson Corp		17,624
	280,811	*	Medco Health Solutions, Inc		17,947
	43,157	e	Mindray Medical International Ltd (ADR) (Class A)		1,464
	18,296		Omnicare, Inc		442
	16,237		Pharmaceutical Product Development, Inc		381
	228,068	e	Primary Health Care Ltd		1,222
	32,577		Quest Diagnostics, Inc		1,967
	35,191	e	Sonic Healthcare Ltd		485
			TOTAL HEALTH SERVICES		90,995
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.35%
	60,790	e	Abertis Infraestructuras S.A.		1,374
	35,739		Acciona S.A.		4,671
	84,349		Boskalis Westminster		3,247
	49,474	e	Bouygues S.A.		2,563
	181,000	e	Chiyoda Corp		1,398
	8,704	e	Fomento de Construcciones y Contratas S.A.		369
	39,575	*,e	Foster Wheeler AG.		1,165
	915,923		Saipem S.p.A.		31,610
	112,739	e	Transurban Group		558
			TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		46,955
HOLDING AND OTHER INVESTMENT OFFICES - 3.68%
	214,377		3i Group plc		971
	27,453	e	AMB Property Corp		701
	429,642	e	Annaly Mortgage Management, Inc		7,454
	6,255	e	Apartment Investment & Management Co (Class A)		100
	49,685		ARC Energy Trust		947
	1,611,473		Ascendas Real Estate Investment Trust		2,530
	24,474	e	AvalonBay Communities, Inc		2,010
	3,183	*	Berkshire Hathaway, Inc (Class B)		10,459
	121,306	e	Boston Properties, Inc		8,136

203

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

					VALUE
SHARES			COMPANY		(000)
	208,927		Brookfield Asset Management, Inc	$	4,673
	16,600	e	Camden Property Trust		703
	167,995	e	CFS Gandel Retail Trust		286
	183,701		CI Financial Corp		3,864
	455,836		DB RREEF Trust		346
	6,737	e	Developers Diversified Realty Corp		62
	109,523	e	Duke Realty Corp		1,333
	56,249		Equity Residential		1,900
	5,874		Eurazeo		407
	37,250	e	Federal Realty Investment Trust		2,523
	4,746	e	Fonciere Des Regions		485
	18,692		Genworth MI Canada Inc		484
	5,494,140	e	GOME Electrical Appliances Holdings Ltd		1,978
	834,733		GPT Group		449
	17,921		Groupe Bruxelles Lambert S.A.		1,692
	477	*	Groupe Bruxelles Lambert S.A. - STR VVPR		0	^
	56,510		HCP, Inc		1,726
	56,038		Health Care REIT, Inc		2,484
	24,831		Heineken Holding NV		1,039
	251,169	e	Host Marriott Corp		2,931
	65,989	*,e	Immoeast AG.		362
	641,581		Investimentos Itau S.A.		4,367
	1,771,359	e	iShares MSCI Canada Index Fund		46,640
	2,046,133	e	iShares MSCI EAFE Index Fund		113,151
	3,948,308	e	iShares MSCI Japan Index Fund		38,457
	21,000		iShares MSCI Pacific ex-Japan Index Fund		869
	3,066	e	Jafco Co Ltd		74
	55		Japan Prime Realty Investment Corp		114
	246		Japan Real Estate Investment Corp		1,813
	34	*	Japan Retail Fund Investment Corp		153
	683	*	Kenedix Realty Investment Corp		1,870
	108,094	e	Kimco Realty Corp		1,463
	283,500		KWG Property Holding Ltd		216
	39,642		LG Corp		2,476
	20,213		Liberty Property Trust		647
	3,845	e	Macerich Co		138
	221,498	e	Macquarie Infrastructure Group		264
	107	e	Macquarie Office Trust		0	^
	139,249		Marfin Investment Group S.A		395
	8,779		Nationale A Portefeuille		467
	253	e	Nippon Building Fund, Inc		1,923
	143		Nomura Real Estate Office Fund, Inc		778
	43,000	e	NWS Holdings Ltd		79
	65,233	e	Plum Creek Timber Co, Inc		2,463
	200,877	e	Prologis		2,750
	38,579		Public Storage, Inc		3,142

204

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

					VALUE
SHARES			COMPANY		(000)
	3,431,000		Regal Real Estate Investment Trust	$	726
	15,950	e	Regency Centers Corp		559
	651,359	*	Resolution Ltd		941
	48,160		RioCan Real Estate Investment Trust		914
	1,775	e	SBI Holdings, Inc		318
	229,000		Shanghai Industrial Holdings Ltd		1,162
	91,770	*	Shinhan Financial Group Co Ltd		3,396
	182,983	e	Simon Property Group, Inc		14,602
	2,900	e	SL Green Realty Corp		146
	1,218,068		SPDR Trust Series 1		135,740
	296,191		Starwood Property Trust, Inc		5,595
	44,023	e	Taubman Centers, Inc		1,581
	457,111	*	Vantage Drilling Co		736
	23,453		Ventas, Inc		1,026
	47,589	e	Virgin Media, Inc		801
	73,830		Vornado Realty Trust		5,164
	30,800		WABCO Holdings, Inc		794
	2,712,368		Westfield Group		30,357
	180,000		Westway Group, Inc		918
	607,875		Wharf Holdings Ltd		3,489
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES		496,709
HOTELS AND OTHER LODGING PLACES - 0.54%
	262,470		Accor S.A.		14,363
	4,276,000		Banyan Tree Holdings Ltd		2,314
	75,000	*,e	Boyd Gaming Corp		628
	244,909	e	Crown Ltd		1,752
	53,826		Intercontinental Hotels Group plc		773
	105,793	*,e	Las Vegas Sands Corp		1,581
	86,973	e	Marriott International, Inc (Class A)		2,370
	36,699	*	MGM Mirage		335
	10,366,956		Minor International PCL		3,515
	455,120	*,e	Orient-Express Hotels Ltd (Class A)		4,615
	24,645,600	*	Sands China Ltd		30,070
	2,288,977		Shangri-La Asia Ltd		4,289
	71,752	e	Starwood Hotels & Resorts Worldwide, Inc		2,624
	156,768		Thomas Cook Group plc		579
	117,590	e	TUI Travel plc		482
	46,965		United Overseas Land Ltd		135
	1,115,600	*,e	Wynn Macau Ltd		1,374
	11,387	*,e	Wynn Resorts Ltd		663
			TOTAL HOTELS AND OTHER LODGING PLACES		72,462
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.50%
	195,383		3M Co		16,153
	1,010,000		Acer, Inc		3,031
	213,974	*,e	AGCO Corp		6,920
	70,000		Aixtron AG.		2,353

205

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

					VALUE
SHARES			COMPANY		(000)
	76,198	e	Alfa Laval AB	$	1,054
	45,644		Alstom RGPT		3,192
	36,498		Amada Co Ltd		229
	5,454,289		Applied Materials, Inc		76,032
	8,858	e	ASM Pacific Technology		84
	377,175		ASML Holding NV		12,877
	149,576	e	Atlas Copco AB (A Shares)		2,199
	88,464	e	Atlas Copco AB (B Shares)		1,153
	8,963	e	Black & Decker Corp		581
	168,160		Brambles Ltd		1,020
	218,523	*,e	Brocade Communications Systems, Inc		1,667
	23,200		Brother Industries Ltd		267
	636,897		Canon, Inc		27,093
	23,533	e	Casio Computer Co Ltd		188
	162,675	e	Caterpillar, Inc		9,271
	28,342		Citizen Watch Co Ltd		164
	1,800,000		Compal Electronics, Inc		2,486
	53,421		Cummins, Inc		2,450
	47,846		Daikin Industries Ltd		1,890
	81,759	e	Deere & Co		4,422
	422,884	*,e	Dell, Inc		6,073
	59,800		Doosan Infracore Co Ltd		840
	77,582		Dover Corp		3,228
	51,851	e	Electrolux AB (Series B)		1,218
	814,135	*	EMC Corp		14,223
	231,871		Emerson Electric Co		9,878
	44,043		Fanuc Ltd		4,105
	750,000		Firich Enterprises Co Ltd		1,945
	47,050	e	Flowserve Corp		4,448
	37,965	*	FMC Technologies, Inc		2,196
	346,945		FUJIFILM Holdings Corp		10,478
	29,000	e	Gardner Denver, Inc		1,234
	122,928		GEA Group AG.		2,738
	2,057,728		Hewlett-Packard Co		105,993
	10,522		Hitachi Construction Machinery Co Ltd		276
	90,709		Husqvarna AB (B Shares)		665
	67,770	e	Ingersoll-Rand PLC		2,422
	660,196	e	International Business Machines Corp		86,419
	93,005	e	International Game Technology		1,746
	1,137,716	*	Ishikawajima-Harima Heavy Industries Co Ltd		1,814
	3,062	e	Itochu Techno-Science Corp		82
	149,983		ITT Industries, Inc		7,460
	454,428	e	Japan Steel Works Ltd		5,794
	7,348	e	John Bean Technologies Corp		125
	172,314		Johnson Controls, Inc		4,694
	98,283	e	Joy Global, Inc		5,070

206

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	892,656		Komatsu Ltd	$	18,687
	35,449		Kone Oyj (Class B)		1,519
	982,842		Konica Minolta Holdings, Inc		10,128
	115,432	e	Kubota Corp		1,059
	11,797	e	Kurita Water Industries Ltd		371
	19,768	*,e	Lam Research Corp		775
	14,932		Larsen & Toubro Ltd		538
	6,672,000	e	Lenovo Group Ltd		4,135
	600	*	Lexmark International, Inc (Class A)		16
	1,300,000		Lite-On Technology Corp		1,953
	40,024	*,e	Logitech International S.A.		694
	11,768		Makita Corp		404
	304,150	e	Mitsubishi Heavy Industries Ltd		1,073
	172,467		Northrop Grumman Corp		9,632
	43,948	*	NTN Corp		199
	24,274		Pall Corp		879
	250,000	*,e	Palm, Inc		2,510
	42,737		Pitney Bowes, Inc		973
	172,562		Raytheon Co		8,890
	68,318	*,e	SanDisk Corp		1,981
	538,280	e	Sandvik AB		6,482
	10,113		Schindler Holding AG.		774
	4,695		Schindler Holding AG. (Reg)		354
	279,579		Seagate Technology, Inc		5,086
	14,973		Seiko Epson Corp		242
	101,392	e	SKF AB (B Shares)		1,748
	39,188		SMC Corp		4,475
	20,348	e	Solarworld AG.		448
	33,359		SPX Corp		1,825
	60,821	*	Sumitomo Heavy Industries Ltd		308
	82,743	*	Teradata Corp		2,601
	236,817	e	Textron, Inc		4,455
	198,681		Tokyo Electron Ltd		12,753
	2,016,342		Toshiba Corp		11,188
	22,162	*	Toyota Tsusho Corp		328
	231,317		Tyco International Ltd		8,253
	36,905	*	Varian Medical Systems, Inc		1,729
	78,918	*	Vestas Wind Systems AS		4,805
	992	e	Wacom Co Ltd		2,163
	18,324	e	Wartsila Oyj (B Shares)		734
	160,477	*	Western Digital Corp		7,085
	22,510	e	Yokogawa Electric Corp		199
	28,314		Zardoya Otis S.A.		551
			TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		606,942

207

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
INSTRUMENTS AND RELATED PRODUCTS - 1.59%
	16,542	e	Advantest Corp	$	431
	185,970	*	Agilent Technologies, Inc		5,778
	2,577		Alcon, Inc		424
	55,258		Allergan, Inc		3,482
	34,459	e	Bard (C.R.), Inc		2,684
	465,073		Baxter International, Inc		27,290
	48,475	e	Beckman Coulter, Inc		3,172
	97,964	e	Becton Dickinson & Co		7,725
	2,704,045	*	Boston Scientific Corp		24,336
	42,966	*	CareFusion Corp		1,075
	41,011	e	Cochlear Ltd		2,533
	4,880	e	Coloplast AS (Class B)		441
	44,424	e	Compagnie Generale d’Optique Essilor International S.A.		2,657
	155,232		Covidien PLC		7,434
	75,734	e	Danaher Corp		5,695
	28,786	e	Dentsply International, Inc		1,012
	85,567		Finmeccanica S.p.A.		1,370
	38,768	*,e	Flir Systems, Inc		1,268
	18,046		Fresenius AG (Preference)		1,295
	6,921		Fresenius SE		432
	64,582	e	Garmin Ltd		1,983
	109,242	e	Getinge AB (B Shares)		2,088
	52,633	*,e	Hologic, Inc		763
	18,731	*,e	Illumina, Inc		574
	6,903	*	Intuitive Surgical, Inc		2,094
	169,976		Invensys plc		818
	4,524		Keyence Corp		939
	26,369		Kla-Tencor Corp		954
	85,590		LG.Philips LCD Co Ltd		2,894
	25,879	e	Luxottica Group S.p.A.		669
	541,395		Medtronic, Inc		23,811
	29,202	*	Millipore Corp		2,113
	323,020		Nikon Corp		6,379
	209,175		Nippon Electric Glass Co Ltd		2,879
	26,938		Nobel Biocare Holding AG.		903
	22,612	*	Olympus Corp		729
	279,054		Opto Circuits India Ltd		1,354
	288,331		PerkinElmer, Inc		5,937
	9,810		Phonak Holding AG.		1,188
	49,895	*,e	Qiagen NV		1,124
	397,815	*,e	ResMed, Inc (ADR)		2,107
	21,987	e	Rockwell Automation, Inc		1,033
	70,543	e	Rockwell Collins, Inc		3,905
	23,123		Roper Industries, Inc		1,211
	43,595		Safran S.A.		852
	25,982	e	Shimadzu Corp		173

208

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	195,146		Smith & Nephew plc	$	2,007
	67,069	*	St. Jude Medical, Inc		2,467
	1,518	e	Straumann Holding AG.		426
	172,689		Stryker Corp		8,698
	14,764		Swatch Group AG.		3,737
	4,720		Swatch Group AG. Reg		225
	13,187		Synthes, Inc		1,729
	59,700	e	Sysmex Corp		3,122
	109,276		Terumo Corp		6,586
	150,663	*	Thermo Electron Corp		7,185
	33,886	*	Waters Corp		2,100
	4,780	*	William Demant Holding		359
	174,717	e	Xerox Corp		1,478
	67,074	*	Zimmer Holdings, Inc		3,965
			TOTAL INSTRUMENTS AND RELATED PRODUCTS		214,092
INSURANCE AGENTS, BROKERS AND SERVICE - 0.32%
	142,215	e	AON Corp		5,453
	97,194		Hartford Financial Services Group, Inc		2,261
	192,376	e	Marsh & McLennan Cos, Inc		4,248
	383,472		Millea Holdings, Inc		10,464
	773,414	e	QBE Insurance Group Ltd		17,649
	142,540	e	Unipol Gruppo Finanziario S.p.A.		195
	24,398	*	Verisk Analytics, Inc		739
	1,573		White Mountains Insurance Group Ltd		523
	38,824	e	Willis Group Holdings Ltd		1,024
			TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		42,556
INSURANCE CARRIERS - 3.84%
	483,110		ACE Ltd		24,349
	1,769,845		Admiral Group plc		33,840
	346,950	*	Aegon NV		2,222
	89,438	e	Aetna, Inc		2,835
	1,193,262		Aflac, Inc		55,187
	51,871		Aioi Insurance Co Ltd		249
	140,649		Allianz AG.		17,435
	111,203		Allstate Corp		3,341
	96,000		American Financial Group, Inc		2,395
	17,839	*,e	American International Group, Inc		535
	1,169,275	e	AMP Ltd		7,063
	78,022	*,e	Arch Capital Group Ltd		5,582
	272,193		Assicurazioni Generali S.p.A.		7,333
	24,991	e	Assurant, Inc		737
	610,234		Aviva plc		3,882
	99,233		AXA Asia Pacific Holdings Ltd		580

209

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	367,802		AXA S.A.	$	8,636
	538,932	e	Axis Capital Holdings Ltd		15,311
	10,532		Baloise Holding AG.		874
	1,307,000		China Life Insurance Co Ltd		6,396
	288,000	*	China Pacific Insurance Group Co Ltd		1,148
	61,249		Chubb Corp		3,012
	113,413		Cigna Corp		4,000
	27,905	e	Cincinnati Financial Corp		732
	8,105		CNP Assurances		785
	151,220	e	Corp Mapfre S.A.		635
	59,280		Everest Re Group Ltd		5,079
	8,509	e	Fairfax Financial Holdings Ltd		3,336
	44,947		Fidelity National Title Group, Inc (Class A)		605
	16,021		First American Corp		530
	12,707	e	Fondiaria-Sai S.p.A		202
	123,081	*	Genworth Financial, Inc (Class A)		1,397
	122,923	e	Great-West Lifeco, Inc		3,159
	14,212	*	Hannover Rueckversicherung AG.		664
	77,400	*	Health Net, Inc		1,803
	124,736	*	Humana, Inc		5,475
	34,479		Industrial Alliance Insurance and Financial Services, Inc		1,062
	48,005		ING Canada, Inc		1,705
	231,249	e	Insurance Australia Group Ltd		831
	36,182	*	KBC Groep NV		1,555
	29,692	*	Leucadia National Corp		706
	143,810		Lincoln National Corp		3,578
	64,164		Loews Corp		2,332
	739,524	e	Manulife Financial Corp		13,668
	48,049	e	Mediolanum S.p.A.		300
	371,674		Metlife, Inc		13,139
	41,820		Mitsui Sumitomo Insurance Group Holdings, Inc		1,068
	181,839		Muenchener Rueckver AG.		28,323
	70,000		Nipponkoa Insurance Co Ltd		399
	20,000		Nissay Dowa General Insurance Co Ltd		96
	1,169,743		Old Mutual plc		2,048
	68,763	e	Old Republic International Corp		690
	210,135		PartnerRe Ltd		15,689
	148,901		Power Corp Of Canada		4,159
	106,937	e	Power Financial Corp		3,178
	682,340		Principal Financial Group		16,403
	135,912	*,e	Progressive Corp		2,445
	578,358		Prudential Financial, Inc		28,779
	1,969,057		Prudential plc		20,156
	449	e	Reinsurance Group of America, Inc (Class A)		21
	128,544		RenaissanceRe Holdings Ltd		6,832
	748,199		Royal & Sun Alliance Insurance Group plc		1,454

210

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	90,143		Sampo Oyj (A Shares)	$	2,196
	35,887		SCOR		902
	882,709		Sompo Japan Insurance, Inc		5,691
	832		Sony Financial Holdings, Inc		2,165
	499,991		Standard Life plc		1,737
	240,829	e	Sun Life Financial, Inc		6,966
	6,759		Swiss Life Holding		860
	76,253		Swiss Reinsurance Co		3,653
	27,498		T&D Holdings, Inc		566
	3,086	*,e	Topdanmark AS		416
	22,589	e	Torchmark Corp		993
	13,901		Transatlantic Holdings, Inc		724
	418,746		Travelers Cos, Inc		20,879
	6,412		TrygVesta A.S.		421
	461,208		UnitedHealth Group, Inc		14,058
	86,429		UnumProvident Corp		1,687
	64,001	e	Validus Holdings Ltd		1,724
	22,271	e	W.R. Berkley Corp		549
	36,800	*,e	WellCare Health Plans, Inc		1,353
	516,162	*,e	WellPoint, Inc		30,086
	9,015		Wiener Staedtische Allgemeine Versicherung AG.		463
	589,771		XL Capital Ltd (Class A)		10,811
	34,806		Zurich Financial Services AG.		7,609
			TOTAL INSURANCE CARRIERS		518,469
LEATHER AND LEATHER PRODUCTS - 0.15%
	48,199		Adidas-Salomon AG.		2,611
	252,717		Coach, Inc		9,232
	71,408		LVMH Moet Hennessy Louis Vuitton S.A.		8,007
	61,589	e	Yue Yuen Industrial Holdings		178
			TOTAL LEATHER AND LEATHER PRODUCTS		20,028
LEGAL SERVICES - 0.00%**
	292	*	FTI Consulting, Inc		14
			TOTAL LEGAL SERVICES		14
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.01%
	40,933		Brisa-Auto Estradas de Portugal S.A.		420
	175,028		ComfortDelgro Corp Ltd		204
	46,262	e	Keihin Electric Express Railway Co Ltd		340
	26,426	e	Keisei Electric Railway Co Ltd		145
			TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		1,109
LUMBER AND WOOD PRODUCTS - 0.01%
	100,869	*,e	Sino-Forest Corp		1,869
			TOTAL LUMBER AND WOOD PRODUCTS		1,869

211

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
METAL MINING - 3.49%
	67,237	e	Agnico-Eagle Mines Ltd	$	3,659
	237,952	e	Alumina Ltd		389
	1,856,108		Anglo American plc		80,383
	157,591		Antofagasta plc		2,507
	579,578		Barrick Gold Corp		22,824
	438,103		Barrick Gold Corp (Canada)		17,367
	2,007,491	e	BHP Billiton Ltd		76,820
	889,270		BHP Billiton plc		28,350
	171,760		Cameco Corp		5,572
	67,980	e	Cleveland-Cliffs, Inc		3,133
	178,570	e	Companhia Vale do Rio Doce (ADR)		5,184
	213,731	*,e	Eldorado Gold Corp		3,049
	5,834		Energy Resources of Australia Ltd		125
	56,853		Eurasian Natural Resources Corp		833
	33,786		First Quantum Minerals Ltd		2,593
	47,769		Franco-Nevada Corp		1,283
	237,403	*,e	Freeport-McMoRan Copper & Gold, Inc (Class B)		19,061
	37,258		Fresnillo plc		473
	309,929		Goldcorp, Inc		12,254
	147,411		IAMGOLD Corp		2,327
	21,689		Inmet Mining Corp		1,323
	107,202	*	Ivanhoe Mines Ltd		1,590
	46,039		Kazakhmys plc		975
	159,271		Kingsgate Consolidated Ltd		1,313
	295,356		Kinross Gold Corp		5,470
	36,304	*	Lonmin PLC		1,141
	1	*	MMC Norilsk Nickel (ADR)		0	^
	356,198		Newcrest Mining Ltd		11,282
	143,728		Newmont Mining Corp		6,800
	101,242	e	Orica Ltd		2,354
	1,984,862	e	Oxiana Ltd		2,116
	668,320	*,e	Paladin Resources Ltd		2,495
	41,693	*,e	PAN American Silver Corp		999
	9,071,638	*,e	Pan Australian Resources Ltd		4,568
	3,907,000		PT International Nickel Indonesia Tbk		1,510
	19,699		Randgold Resources Ltd		1,569
	448,326	e	Rio Tinto Ltd		29,928
	1,484,582		Rio Tinto plc		80,162
	124,662		Sherritt International Corp		783
	138,043	*	Silver Wheaton Corp		2,096
	2,069,000		Straits Asia Resources Ltd		3,811
	1,012	e	Sumitomo Titanium Corp		28
	211,232	*	Teck Cominco Ltd		7,437

212

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	28,471	e	Vedanta Resources plc	$	1,191
	435,403		Xstrata plc		7,766
	310,982		Yamana Gold, Inc		3,568
			TOTAL METAL MINING		470,461
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.26%
	550,792		Compagnie Financiere Richemont S.A.		18,521
	91,349	e	Hasbro, Inc		2,929
	253,293		Jarden Corp		7,829
	112,254	e	Mattel, Inc		2,243
	21,273	e	Namco Bandai Holdings, Inc		203
	59,790		Sankyo Co Ltd		2,994
	5,946		Societe BIC S.A.		411
	15,788		Yamaha Corp		190
			TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		35,320
MISCELLANEOUS RETAIL - 0.89%
	142,517	*	Amazon.com, Inc		19,172
	897,790	e	CVS Corp		28,919
	45,605	*,e	Dollar Tree, Inc		2,203
	840,000		Game Group PLC		1,434
	756,960		Home Retail Group		3,433
	2,333,710		Hutchison Whampoa Ltd		15,967
	80,000	*	Hypermarcas S.A.		1,838
	38,206		Metro AG.		2,333
	10,400	*,e	Office Depot, Inc		67
	471,502		Origin Energy Ltd		7,094
	62,997	e	Petsmart, Inc		1,681
	16,980	*	Priceline.com, Inc		3,710
	2,666,000		SA SA International Holdings Ltd		1,761
	76,581		Seven & I Holdings Co Ltd		1,564
	89,048	e	Shoppers Drug Mart Corp		3,866
	433,810		Staples, Inc		10,667
	19,124		Tiffany & Co		822
	32,818	*	Vitamin Shoppe, Inc		730
	328,757		Walgreen Co		12,072
			TOTAL MISCELLANEOUS RETAIL		119,333
MOTION PICTURES - 0.48%
	2,283		Astral Media, Inc		73
	218,282	*,e	Discovery Communications, Inc (Class A)		6,695
	24,453	*	Discovery Communications, Inc (Class C)		648
	135,000	*,e	DreamWorks Animation SKG, Inc (Class A)		5,393
	256,390	e	News Corp (ADR)		4,083
	715,826		News Corp (Class A)		9,800
	107,654	e	News Corp (Class B)		1,714

213

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	157,422		Scripps Networks Interactive (Class A)	$	6,533
	1,000,870		Time Warner, Inc		29,165
	11,475		Toho Co Ltd		186
			TOTAL MOTION PICTURES		64,290
NONDEPOSITORY INSTITUTIONS - 1.18%
	4,082	e	Acom Co Ltd		62
	238,503	e	Aeon Credit Service Co Ltd		2,303
	313,783		American Express Co		12,714
	125,341		Bank of Cyprus Public Co Ltd		878
	242,500		Capital One Financial Corp		9,297
	7,460	e,m	Cattles plc		1
	2,032,186		Challenger Financial Services Group Ltd		7,649
	3,554,378	e	Chimera Investment Corp		13,791
	16,783		Credit Saison Co Ltd		188
	183,301		Criteria Caixacorp S.A.		868
	299,965		Discover Financial Services		4,412
	32,700	*,e	Federal Home Loan Mortgage Corp		48
	205,500	*,e	Federal National Mortgage Association		242
	100,474	e	Investor AB (B Shares)		1,861
	230,300	e	Japan Securities Finance Co Ltd		1,779
	82,800		Jardine Matheson Holdings Ltd		2,488
	6,596	*	KB Financial Group, Inc		336
	55,046		Lender Processing Services, Inc		2,238
	236,159	e	ORIX Corp		16,079
	1,122		Osaka Securities Exchange Co Ltd		5,348
	3,397	e	Promise Co Ltd		26
	27,130		Samsung Card Co		1,339
	786,030		Siemens AG.		72,135
	120,819	*,e	SLM Corp		1,362
	923,700		Tisco Financial Group PCL (ADR)		669
			TOTAL NONDEPOSITORY INSTITUTIONS		158,113
NONMETALLIC MINERALS, EXCEPT FUELS - 0.05%
	748,046	e	Adelaide Brighton Ltd		1,841
	821,787		Grupo Mexico S.A. de C.V. (Series B)		1,885
	7,032	e	Imerys S.A.		421
	38,895		K+S AG.		2,219
	18,900		Vulcan Materials Co		995
			TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		7,361
OIL AND GAS EXTRACTION - 4.47%
	308,798		Anadarko Petroleum Corp		19,275
	252,607		Apache Corp		26,061
	52,862	*,e	Arrow Energy NL		197

214

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	274,437	e	Baker Hughes, Inc	$	11,109
	3,121,154		BG Group plc		56,356
	59,706	e	BJ Services Co		1,111
	164,360	e	Cabot Oil & Gas Corp		7,164
	293,710	*	Cairn Energy PLC		1,572
	84,672	*	Cameron International Corp		3,539
	278,954		Canadian Natural Resources Ltd (Canada)		20,271
	102,177		Canadian Oil Sands Trust		2,922
	414,127		Cenovus Energy, Inc		10,493
	116,040	e	Chesapeake Energy Corp		3,003
	1,890,000		China Oilfield Services Ltd		2,242
	12,955		Cimarex Energy Co		686
	2,004,000		CNOOC Ltd		3,122
	536,028	*	Cobalt International Energy, Inc		7,419
	32,042	*,e	Compagnie Generale de Geophysique S.A.		681
	1	*	Compagnie Generale de Geophysique-Veritas (ADR)		0	^
	113,983	*	Concho Resources, Inc		5,118
	62,335	*,m	Crescent Point Energy Corp		2,354
	253,028	e	Crescent Point Energy Corp		9,554
	278,935	*,e	Denbury Resources, Inc		4,128
	122,919		Devon Energy Corp		9,035
	78,160	e	Diamond Offshore Drilling, Inc		7,693
	414,127		EnCana Corp		13,507
	74,821		Enerplus Resources Fund		1,732
	29,342	e	Ensco International PLC (ADR)		1,172
	59,322		Ensign Energy Services, Inc		851
	214,363	e	EOG Resources, Inc		20,858
	25,387		Equitable Resources, Inc		1,115
	3,000	*,e	Exterran Holdings, Inc		64
	620,152	e	Halliburton Co		18,660
	32,285		Helmerich & Payne, Inc		1,288
	113,411	e	Husky Energy, Inc		3,262
	2,373		Idemitsu Kosan Co Ltd		139
	82		Inpex Holdings, Inc		620
	2,900		Japan Petroleum Exploration Co		128
	49,113	*,e	Lundin Petroleum AB		387
	153,008	*,e	Nabors Industries Ltd		3,349
	243,058		National Oilwell Varco, Inc		10,716
	20,653	*	Newfield Exploration Co		996
	312,189		Nexen, Inc		7,528
	20,319	e	Niko Resources Ltd		1,912
	103,830		Noble Corp		4,226
	118,821		Noble Energy, Inc		8,462
	810,729		Occidental Petroleum Corp		65,954
	49,148	*	Oil India Ltd		1,312
	64,230	e	Oil Search Ltd		352

215

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	79,846	e	Patterson-UTI Energy, Inc	$	1,226
	179,166		Penn West Energy Trust		3,178
	28,200	e	PetroBakken Energy Ltd		872
	32,417	*	Petrobank Energy & Resources Ltd		1,587
	55,451	*	PetroHawk Energy Corp		1,330
	420,023	e	Petroleo Brasileiro S.A. (ADR)		20,027
	17,917		Pioneer Natural Resources Co		863
	20,559	*	Plains Exploration & Production Co		569
	574,340	*,e	Pride International, Inc		18,327
	66,659		ProEx Energy Ltd		902
	114,029		Provident Energy Trust		772
	147,337		Range Resources Corp		7,345
	22,873		Rowan Cos, Inc		518
	513,148	e	Santos Ltd		6,463
	38,160		SBM Offshore NV		749
	647,850		Schlumberger Ltd		42,169
	60,246	e	SeaDrill Ltd		1,533
	611	*,e	Seahawk Drilling, Inc		14
	241,896		Smith International, Inc		6,572
	93,201	*,e	Southwestern Energy Co		4,492
	448,798		Talisman Energy, Inc		8,449
	33,335	e	Technip S.A.		2,345
	40,567	e	Tidewater, Inc		1,945
	115,428	*	Transocean Ltd		9,557
	54,174	e	Trican Well Service Ltd		728
	2,140,038		Tullow Oil plc		44,899
	30,474	*	Ultra Petroleum Corp		1,519
	16,396		Vermilion Energy Trust		508
	177,200	*,e	Weatherford International Ltd		3,174
	95,833	e	Woodside Petroleum Ltd		4,041
	494,405		XTO Energy, Inc		23,005
			TOTAL OIL AND GAS EXTRACTION		603,373
PAPER AND ALLIED PRODUCTS - 0.27%
	14	*,e	Domtar Corporation		1
	13,840		Exor S.p.A		270
	10,470		Holmen AB (B Shares)		267
	206,233		International Paper Co		5,523
	263,492		Kimberly-Clark Corp		16,786
	44,382		MeadWestvaco Corp		1,271
	26,568		Metso Oyj		935
	9,800		Nippon Paper Group, Inc		250
	88,563	e	OJI Paper Co Ltd		371
	38,600		Smurfit Kappa Group plc		341
	36,000		Sonoco Products Co		1,053
	131,520	e	Stora Enso Oyj (R Shares)		922

216

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	126,530	e	Svenska Cellulosa AB (B Shares)	$	1,687
	60,941	e	Uni-Charm Corp		5,713
	114,863		UPM-Kymmene Oyj		1,366
			TOTAL PAPER AND ALLIED PRODUCTS		36,756
PERSONAL SERVICES - 0.04%
	28,287	e	Cintas Corp		737
	102,237	e	H&R Block, Inc		2,313
	545,838		Kuala Lumpur Kepong BHD		2,624
			TOTAL PERSONAL SERVICES		5,674
PETROLEUM AND COAL PRODUCTS - 4.55%
	9,546,492		BP plc		92,182
	175,800		BP plc (ADR)		10,191
	12,354	e	Caltex Australia Ltd		103
	1,173,156		Chevron Corp		90,321
	440,744		ConocoPhillips		22,509
	59,343		Cosmo Oil Co Ltd		125
	1,674,282		ENI S.p.A.		42,637
	2,043,986		Exxon Mobil Corp		139,378
	34,448	e	Galp Energia SGPS S.A.		595
	18,634		Hellenic Petroleum S.A.		209
	167,231		Hess Corp		10,117
	127,607		Imperial Oil Ltd		4,961
	371,959		Marathon Oil Corp		11,613
	103,116		Murphy Oil Corp		5,589
	27,245	e	Neste Oil Oyj		484
	87,820		Nippon Mining Holdings, Inc		377
	32,193		OMV AG.		1,413
	169,361	e	Repsol YPF S.A.		4,545
	960,350		Royal Dutch Shell plc (A Shares)		29,060
	1,207,646		Royal Dutch Shell plc (B Shares)		35,171
	13,407	e	Saras S.p.A.		42
	18,473	e	Showa Shell Sekiyu KK		151
	409,825		Statoil ASA		10,221
	700,522		Suncor Energy, Inc		24,924
	230,737		Suncor Energy, Inc (NY)		8,147
	17,689		Sunoco, Inc		462
	88,000	e	Tesoro Corp		1,192
	28,626	e	TonenGeneral Sekiyu KK		239
	859,313	e	Total S.A.		55,194
	110,686	e	Valero Energy Corp		1,854
	135,770	e	Walter Industries, Inc		10,225
			TOTAL PETROLEUM AND COAL PRODUCTS		614,231

217

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
PIPELINES, EXCEPT NATURAL GAS - 0.11%
	11,663	*	Kinder Morgan Management LLC	$	637
	218,089		Spectra Energy Corp		4,473
	298,884	e	TransCanada Corp		10,343
			TOTAL PIPELINES, EXCEPT NATURAL GAS		15,453
PRIMARY METAL INDUSTRIES - 0.89%
	30,796		Acerinox S.A.		643
	5,600	e	AK Steel Holding Corp		120
	165,361		Alcoa, Inc		2,666
	18,183	e	Allegheny Technologies, Inc		814
	186,466	e	ArcelorMittal		8,523
	1,383,616		BlueScope Steel Ltd		3,812
	27,698	e	Daido Steel Co Ltd		103
	134,318		Dowa Holdings Co Ltd		743
	963,458	e	Furukawa Electric Co Ltd		4,024
	65,619		Gerdau Ameristeel Corp		546
	27,125		Hyundai Steel Co		2,014
	170,504	e	JFE Holdings, Inc		6,740
	47,309		Johnson Matthey plc		1,167
	260,723		Kobe Steel Ltd		472
	3,270,000	e	Maanshan Iron & Steel		2,369
	2,496	e	Maruichi Steel Tube Ltd		50
	102,186		Mitsubishi Materials Corp		250
	58,239		Mitsui Mining & Smelting Co Ltd		151
	1,569,884		Nippon Steel Corp		6,361
	144,166	*	Norsk Hydro ASA		1,211
	66,937		Nucor Corp		3,123
	121,136	e	OneSteel Ltd		364
	26,333		Outokumpu Oyj		498
	6,000		POSCO		3,164
	152,222		Precision Castparts Corp		16,798
	14,000		Steel Dynamics, Inc		248
	837,071	e	Straits Resources Ltd		1,288
	384,156	*	Sumitomo Electric Industries Ltd		4,785
	2,320,314		Sumitomo Metal Industries Ltd		6,237
	51,464		Sumitomo Metal Mining Co Ltd		759
	272,095		Tenaris S.A.		5,864
	22,300	e	Titanium Metals Corp		279
	88,440		Tokyo Steel Manufacturing Co Ltd		996
	24,731		Umicore		825
	20,834	e	United States Steel Corp		1,148
	109,687		Usinas Siderurgicas de Minas Gerais S.A. (Preference)		3,112
	149,880	e	Vallourec		27,117
	31,203		Voestalpine AG.		1,140
	4,200		Yamato Kogyo Co Ltd		137
			TOTAL PRIMARY METAL INDUSTRIES		120,661

218

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
PRINTING AND PUBLISHING - 0.46%
	58,138		Dai Nippon Printing Co Ltd	$	741
	44,291		Dun & Bradstreet Corp		3,737
	1,428,594	e	John Fairfax Holdings Ltd		2,220
	25,759	e	Lagardere S.C.A.		1,043
	137,470	e	McGraw-Hill Cos, Inc		4,607
	169,330	e	Orkla ASA		$1,661
	24,893	e	PagesJaunes Groupe S.A.		277
	2,199,331		Pearson plc		31,533
	63,409		R.R. Donnelley & Sons Co		1,412
	188,318		Reed Elsevier NV		2,311
	267,026		Reed Elsevier plc		2,192
	15,610	e	Sanoma-WSOY Oyj		352
	195,344	e	Singapore Press Holdings Ltd		509
	158,928	e	Thomson Corp		5,159
	58,540		Toppan Printing Co Ltd		477
	927	e	Washington Post Co (Class B)		408
	265,524		West Australian Newspapers Holdings Ltd		1,919
	60,574		Wolters Kluwer NV		1,325
	110,208		Yellow Pages Income Fund		567
			TOTAL PRINTING AND PUBLISHING		62,450
RAILROAD TRANSPORTATION - 0.58%
	1,789,023	*,e	Asciano Group		2,896
	85,999		Burlington Northern Santa Fe Corp		8,481
	209,516		Canadian National Railway Co		11,487
	74,830	e	Canadian Pacific Railway Ltd		4,063
	158		Central Japan Railway Co		1,058
	243,003		CSX Corp		11,783
	78,178		East Japan Railway Co		4,947
	372,776		Firstgroup PLC		2,550
	113,720	e	Hankyu Hanshin Holdings, Inc		507
	10,000	*,e	Kansas City Southern Industries, Inc		333
	131,813		MTR Corp		454
	114,125		Norfolk Southern Corp		5,982
	364,978		Union Pacific Corp		23,323
	178		West Japan Railway Co		597
			TOTAL RAILROAD TRANSPORTATION		78,461
REAL ESTATE - 0.81%
	1,500,000	e	Agile Property Holdings Ltd		2,177
	9,580,701		Ayala Land, Inc		2,315
	10,195,901	m	Ayala Land, Inc (Preference)		22
	892,359		British Land Co plc		6,872
	103,834		Brookfield Properties Corp		1,271

219

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	2,088,994		CapitaLand Ltd	$	6,197
	376,516		CapitaMall Trust		481
	10,200	*,e	CB Richard Ellis Group, Inc (Class A)		138
	339,696		Cheung Kong Holdings Ltd		4,365
	428,000		China Aoyuan Property Group Ltd		75
	114,669	*	China Real Estate Information Corp (ADR)		1,259
	998,000	e	China Resources Land Ltd		2,246
	69,304		Chinese Estates Holdings Ltd		118
	48,495	e	City Developments Ltd		397
	11,336		Corio NV		772
	20,265,600		Erawan Group PCL		1,431
	3,000	*,e	Forest City Enterprises, Inc (Class A)		35
	3,867		Gecina S.A.		420
	414,384	*,e	Genting International plc		382
	79,000	*	Glorious Property Holdings Ltd		36
	156,937		Hammerson plc		1,068
	79,000		Hang Lung Group Ltd		391
	1,218,793		Hang Lung Properties Ltd		4,778
	254,273		Henderson Land Development Co Ltd		1,900
	56,217		Hopewell Holdings		181
	58,452		Hysan Development Co Ltd		165
	4,261		ICADE		408
	4,111,600		IGB Corp BHD		2,386
	4,128	e	Kenedix, Inc		1,336
	149,000	e	Keppel Land Ltd		368
	2,546,700		KLCC Property Holdings BHD		2,552
	19,559	e	Klepierre		792
	10,643,200		Land and Houses PCL		2,004
	170,923		Land Securities Group plc		1,881
	14,446	e	Leighton Holdings Ltd		490
	112,591	e	Liberty International plc		931
	343,336		Link Real Estate Investment Trust		876
	16,728,500	*	Lippo Karawaci Tbk PT		896
	546,226		Macquarie Goodman Group		309
	45,524,500	*	Metro Pacific Investments Corp		2,568
	247,974	e	Mirvac Group		346
	660,705		Mitsubishi Estate Co Ltd		10,549
	473,863		Mitsui Fudosan Co Ltd		8,012
	87,000	*	Mongolia Energy Co ltd		44
	17,600		Multiplan Empreendimentos Imobiliarios S.A.		328
	2,232,589		New World Development Ltd		4,549
	9,374		Nomura Real Estate Holdings, Inc		139
	121		NTT Urban Development Corp		81
	4,832,000		Renhe Commercial Holdings Co Ltd		1,093
	2,477	e	Risa Partners, Inc		1,557
	4,421,900		Robinsons Land Corp		1,237

220

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	161,803		Segro plc	$	897
	924,000		Shanghai Real Estate Ltd		98
	169,701		Sino Land Co		327
	8,432,000		SM Prime Holdings		1,776
	1,681,300		SP Setia BHD		1,921
	240,784	e	Stockland Trust Group		848
	58,256		Sumitomo Realty & Development Co Ltd		1,100
	748,448		Sun Hung Kai Properties Ltd		11,130
	27,572		Tokyo Tatemono Co Ltd		106
	47,862	e	Tokyu Land Corp		178
	20,456		Unibail		4,494
	3,450,782	*	Unitech Corporate Parks plc		1,343
	90,000		Wheelock & Co Ltd		275
	12,916		YNH Property BHD		6
			TOTAL REAL ESTATE		109,723
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.48%
	620,015	e	Asics Corp		5,565
	374,738		Bayer AG.		29,987
	378,204	e	Bridgestone Corp		6,671
	1,700		Cooper Tire & Rubber Co		34
	46,676	e	Denki Kagaku Kogyo KK		209
	256,020	*	Goodyear Tire & Rubber Co		3,610
	38,568		Michelin (C.G.D.E.) (Class B)		2,954
	51,495		Mitsubishi Rayon Co Ltd		207
	63,282		Mitsui Chemicals, Inc		164
	253,959	e	Newell Rubbermaid, Inc		3,812
	12,151	*	NOK Corp		168
	25,297	e	Nokian Renkaat Oyj		613
	714,546		Pirelli & C S.p.A.		428
	9,495		Puma AG. Rudolf Dassler Sport		3,161
	24,562		Sealed Air Corp		537
	511,359		SSL International plc		6,459
	18,463	e	Sumitomo Rubber Industries, Inc		161
			TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		64,740
SECURITY AND COMMODITY BROKERS - 2.32%
	73,094		Ameriprise Financial, Inc		2,838
	107,939		Australian Stock Exchange Ltd		3,365
	19,158	e	BlackRock, Inc		4,448
	38,000		Broadridge Financial Solutions, Inc		857
	677,718		Charles Schwab Corp		12,755
	494,000		China Everbright Ltd		1,210
	14,851	e	CME Group, Inc		4,989
	1,048,234		Credit Suisse Group		51,931
	167,355		Daiwa Securities Group, Inc		842

221

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	46,314		Deutsche Boerse AG.	$	3,835
	30,048,419	*,e	E*Trade Financial Corp		52,585
	17,012	e	Eaton Vance Corp		517
	1,214		F&C Asset Management plc		1
	89,507		Franklin Resources, Inc		9,430
	364,576		Goldman Sachs Group, Inc		61,556
	674,098	e	Hong Kong Exchanges and Clearing Ltd		11,994
	108,762		ICAP plc		750
	50,866	e	IGM Financial, Inc		2,063
	9,658	*	IntercontinentalExchange, Inc		1,085
	230,603		Invesco Ltd		5,417
			iShares Asia Trust - iShares FTSE/Xinhua A50 China
	1,669,600		Tracker		3,213
	15,915	*	Jefferies Group, Inc		378
	4,304,305		Legal & General Group plc		5,537
	37,200	e	Legg Mason, Inc		1,122
	31,722	e	London Stock Exchange Group plc		366
	158,863	e	Macquarie Group Ltd		6,807
	389,330		Man Group plc		1,921
	11,900	e	Matsui Securities Co Ltd		83
	636,903		Morgan Stanley		18,852
	65,542	*	Nasdaq Stock Market, Inc		1,299
	3,027,563		Nomura Holdings, Inc		22,515
	40,649		NYSE Euronext		1,028
	1,944	e	Perpetual Trustees Australia Ltd		64
	27,265		Schroders plc		583
	20,462		SEI Investments Co		358
	56,751		Shinko Securities Co Ltd		172
	1,054,111	e	Singapore Exchange Ltd		6,207
	157,687		T Rowe Price Group, Inc		8,397
	40,582	*	TD Ameritrade Holding Corp		786
	32,440		TMX Group, Inc		1,027
			TOTAL SECURITY AND COMMODITY BROKERS		313,183
SPECIAL TRADE CONTRACTORS - 0.01%
	13,131		Kinden Corp		111
	30,451	*,e	Quanta Services, Inc		635
			TOTAL SPECIAL TRADE CONTRACTORS		746
STONE, CLAY, AND GLASS PRODUCTS - 0.64%
	1,077,298	e	Asahi Glass Co Ltd		10,247
	57,215	e	Boral Ltd		304
	27,500	e	Buzzi Unicem S.p.A.		442
	44,208		Cimpor Cimentos de Portugal S.A.		406
	478,310		Corning, Inc		9,236
	863,888		CRH plc		23,490

222

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	7,402		CRH plc (IRELAND)	$	202
	30,957		HeidelbergCement AG.		2,142
	317,112	e	Holcim Ltd		24,646
	16,212		Italcementi S.p.A.		222
	39,279	*	James Hardie Industries NV		299
	44,167	e	Lafarge S.A.		3,637
	6,592	e	Martin Marietta Materials, Inc		589
	26,673	e	NGK Insulators Ltd		583
	67,041		Nippon Sheet Glass Co Ltd		192
	135,363	*	Owens-Illinois, Inc		4,449
	5,961		Pargesa Holding S.A.		519
	2,003,000		PT Indocement Tunggal Prakarsa Tbk		2,895
	423,376	e	Taiheiyo Cement Corp		483
	12,460		Titan Cement Co S.A.		361
	25,681	e	Toto Ltd		163
			TOTAL STONE, CLAY, AND GLASS PRODUCTS		85,507
TEXTILE MILL PRODUCTS - 0.05%
	2,137,246		Far Eastern Textile Co Ltd		2,672
	11,594	*,e	Mohawk Industries, Inc		552
	13,054	e	Nisshinbo Industries, Inc		121
	1,127,807		Teijin Ltd		3,644
			TOTAL TEXTILE MILL PRODUCTS		6,989
TOBACCO PRODUCTS - 1.11%
	997,722		Altria Group, Inc		19,585
	1,228,764		British American Tobacco plc		39,890
	45,199		Fortune Brands, Inc		1,953
	2,902,728	e	Huabao International Holdings Ltd		3,121
	251,140		Imperial Tobacco Group plc		7,923
	2,600		Japan Tobacco, Inc		8,779
	172,395		Lorillard, Inc		13,831
	1,122,729		Philip Morris International, Inc		54,105
	52,656		Swedish Match AB		1,151
			TOTAL TOBACCO PRODUCTS		150,338
TRANSPORTATION BY AIR - 0.42%
	7,194		Aeroports de Paris		578
	3,900,000	e	Air China Ltd		3,023
	26,596		Air France-KLM		417
	2,183,000	*	AirAsia BHD		876
	82,862	*	All Nippon Airways Co Ltd		225
	78,342		Auckland International Airport Ltd		115
	3,727,903	*,e	British Airways plc		11,212
	1,864,237		Cathay Pacific Airways Ltd		3,462
	288,712	*,e	Continental Airlines, Inc (Class B)		5,174

223

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	210,373	*,e	Delta Air Lines, Inc	$	2,394
	4,951,000	*	Eva Airways Corp		2,208
	194,438		FedEx Corp		16,227
	8,278	e	Fraport AG. Frankfurt Airport Services Worldwide		427
	3,200		Hong Kong Aircraft Engineerg		41
	118,253		Iberia Lineas Aereas de Espana		321
	91,000	*,e	Japan Airlines Corp		65
	54,990	*	JetBlue Airways Corp		300
	72,100	*	Korean Air Lines Co Ltd		3,391
	66,883		Macquarie Airports		181
	100,477		Qantas Airways Ltd		268
	64,043	*	Ryanair Holdings plc		302
	3,641	*	Ryanair Holdings plc (ADR)		98
	61,774		Singapore Airlines Ltd		654
	749,152		Singapore Airport Terminal Services Ltd		1,456
	91,900	e	Southwest Airlines Co		1,050
	5,334,514	*	Virgin Blue Holdings Ltd		2,800
			TOTAL TRANSPORTATION BY AIR		57,265
TRANSPORTATION EQUIPMENT - 3.42%
	18,642	*	Aisin Seiki Co Ltd		539
	1,289,910	e	Austal Ltd		2,685
	420,100	*,e	Autoliv, Inc		18,216
	16,400	*	Autoliv, Inc (ADR)		717
	785,378		BAE Systems plc		4,546
	147,732	e	Bayerische Motoren Werke AG.		6,725
	10,902		Bayerische Motoren Werke AG. (Preference)		361
	434,246		Boeing Co		23,506
	622,555		Bombardier, Inc		2,857
	254,687		Cobham plc		1,029
	94,584	e	Cosco Corp Singapore Ltd		79
	18,290	e	Daihatsu Motor Co Ltd		183
	1,744,640		DaimlerChrysler AG. (EUR)		92,925
	352,845	*	Denso Corp		10,662
	86,951	e	European Aeronautic Defence and Space Co		1,748
	208,067	e	Fiat S.p.A.		3,045
	1,196,134	*,e	Ford Motor Co		11,961
	496,342		Fuji Heavy Industries Ltd		2,425
	206,342		General Dynamics Corp		14,066
	40,544		Genuine Parts Co		1,539
	132,006		Goodrich Corp		8,481
	43,949	e	Harley-Davidson, Inc		1,108
	16,453	e	Harsco Corp		530
	26,182	*,e	Hino Motors Ltd		91
	1,320,668	*	Honda Motor Co Ltd		44,808
	443,047		Honeywell International, Inc		17,367

224

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	3,602		Hyundai Mobis	$	528
	1,569,169	*,e	Isuzu Motors Ltd		2,948
	12,945		Jardine Cycle & Carriage Ltd		247
	297,795		JTEKT Corp		3,830
	149,044	e	Kawasaki Heavy Industries Ltd		378
	899,472		Keppel Corp Ltd		5,240
	3,000		Koito Manufacturing Co Ltd		48
	231,543		Lockheed Martin Corp		17,447
	89,751	*	Magna International, Inc (Class A)		4,571
	23,788	e	MAN AG.		1,846
	148,150	*	Mazda Motor Corp		341
	369,130	*,e	Mitsubishi Motors Corp		513
	72,875	e	Mitsui Engineering & Shipbuilding Co Ltd		176
	103,800	e	Modec, Inc		1,989
	18,138		NHK Spring Co Ltd		169
	566,206	e	NSK Ltd		4,155
	71,176	e	Paccar, Inc		2,582
	259,164		Peugeot S.A.		8,712
	155,312		Porsche AG.		9,712
	87,681		Renault S.A.		4,498
	424,685		Rolls-Royce Group plc		3,307
	72,301		Scania AB (B Shares)		934
	76,372		SembCorp Marine Ltd		199
	7,061	e	Shimano, Inc		285
	133,074		Singapore Technologies Engineering Ltd		306
	50,000	*,e	Spirit Aerosystems Holdings, Inc (Class A)		993
	296,418	e	Suzuki Motor Corp		7,300
	38,378		Thales S.A.		1,972
	1,151,253		Tomkins PLC		3,578
	7,296	e	Toyoda Gosei Co Ltd		221
	16,961	*	Toyota Industries Corp		507
	1,558,148		Toyota Motor Corp		65,692
	307,996		United Technologies Corp		21,378
	184,700		Valeo S.A.		6,464
	6,063		Volkswagen AG.		672
	17,187		Volkswagen AG. (Preference)		1,621
	102,399		Volvo AB (A Shares)		873
	243,705	e	Volvo AB (B Shares)		2,090
	22,283	e	Yamaha Motor Co Ltd		282
	39,000		Yangzijiang Shipbuilding		33
			TOTAL TRANSPORTATION EQUIPMENT		460,836
TRANSPORTATION SERVICES - 0.07%
	55,331		Autostrade S.p.A.		1,447
	26,179	e	CH Robinson Worldwide, Inc		1,537
			Cintra Concesiones de Infraestructuras de Transporte
	94,946		S.A.		1,121

225

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	49,501		Deutsche Lufthansa AG.	$	836
	54,709		Expeditors International Washington, Inc		1,900
	369,001	e	Toll Holdings Ltd		2,882
	37,634	e	TUI AG.		315
			TOTAL TRANSPORTATION SERVICES		10,038
TRUCKING AND WAREHOUSING - 0.62%
	1,404,076		Deutsche Post AG.		27,136
	110,173	e	DSV AS		1,997
	17,520		J.B. Hunt Transport Services, Inc		565
	68,927		Kerry Properties Ltd		349
	11,262	e	Mitsubishi Logistics Corp		133
	6,745	e	Neopost S.A.		557
	89,252		Nippon Express Co Ltd		369
	1,076,917		TNT NV		33,086
	324,462		United Parcel Service, Inc (Class B)		18,614
	40,378		Yamato Transport Co Ltd		562
			TOTAL TRUCKING AND WAREHOUSING		83,368
WATER TRANSPORTATION - 0.25%
	130		AP Moller - Maersk AS (Class A)		878
	276		AP Moller - Maersk AS (Class B)		1,939
	99,225	*	Carnival Corp		3,144
	34,428	*	Carnival plc		1,173
	4,161,139		DP World Ltd		1,769
	1,781,000		Ezra Holdings Ltd		2,851
	222,168		Hamburger Hafen und Logistik AG.		8,581
	5,568,400		International Container Term Services, Inc		2,695
	26,126		Kamigumi Co Ltd		191
	286,186	e	Kawasaki Kisen Kaisha Ltd		818
	12,308		Kuehne & Nagel International AG.		1,197
	1,118,906	e	Mitsui OSK Lines Ltd		5,911
	85,465	e	Neptune Orient Lines Ltd		100
	117,636	e	Nippon Yusen Kabushiki Kaisha		362
	21,364		Orient Overseas International Ltd		99
	50,131	*,e	Royal Caribbean Cruises Ltd		1,267
	2,272,000	e	Shun TAK Holdings Ltd		1,418
			TOTAL WATER TRANSPORTATION		34,393
WHOLESALE TRADE-DURABLE GOODS - 1.16%
	88,591	*,e	Arrow Electronics, Inc		2,623
	69,272	e	Assa Abloy AB (Class B)		1,335
	281,887		Banpu PCL		4,883
	18,452	e	BorgWarner, Inc		613
	54,094		Bunzl plc		588
	6,964		Canon Marketing Japan, Inc		103

226

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	786,000	e	China National Building Material Co Ltd	$	1,615
	3,350,000	*	China Resources Cement Holdings Ltd		1,663
	163,794	e	Compagnie de Saint-Gobain		8,885
	814,000		Dongfeng Motor Group Co Ltd		1,162
	74,300		Finning International, Inc		1,185
	121,227	*,e	Fortescue Metals Group Ltd		480
	606,028		Itochu Corp		4,477
	278,602		Li & Fung Ltd		1,152
	1,080,141		Mitsubishi Corp		26,904
	939,304		Mitsui & Co Ltd		13,325
	2,242,923		Nissan Motor Co Ltd		19,711
	74,321		Nisshin Steel Co Ltd		131
	19,728	*,e	Patterson Cos, Inc		552
	577,360		Prysmian S.p.A.		10,078
	1,641,063		PT Astra International Tbk		6,033
	900,000		Rajesh Exports Ltd		1,719
	20,956	e	Rautaruukki Oyj		485
	26,800	e	Reliance Steel & Aluminum Co		1,158
	50,119		Schneider Electric S.A.		5,827
	14,437	e	Sims Group Ltd		283
	118,247	e	Sumitomo Corp		1,204
	108,531	*	Talecris Biotherapeutics Holdings Corp		2,417
	12,569		THK Co Ltd		224
	109,776	e	ThyssenKrupp AG.		4,127
	9,687		W.W. Grainger, Inc		938
	822,487		Wesfarmers Ltd		22,993
	14,856		Wesfarmers Ltd PPS		415
	365,450	*	Wolseley plc		7,315
			TOTAL WHOLESALE TRADE-DURABLE GOODS		156,603
WHOLESALE TRADE-NONDURABLE GOODS - 1.53%
	2,600	e	ABC-Mart, Inc		72
	28,586	e	Airgas, Inc		1,361
	740,307	e	Akzo Nobel NV		49,093
	3,757		Alfresa Holdings Corp		149
	25,000,000	*	Alliance Global Group, Inc		2,224
	150,156	e	Billabong International Ltd		1,469
	12,472	e	Brown-Forman Corp (Class B)		668
	126,815		Cardinal Health, Inc		4,089
	11,903	e	Casino Guichard Perrachon S.A.		1,060
	20,526	e	Celesio AG.		520
	6,682,000		Dalian Port PDA Co Ltd		2,569
	192,830	*,e	Dean Foods Co		3,479
	59,886	*,e	Endo Pharmaceuticals Holdings, Inc		1,228
	768,689		Esprit Holdings Ltd		5,100
	1,713,466	e	Foster’s Group Ltd		8,429

227

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	48,952	*,e	Gildan Activewear, Inc	$	1,203
	79,240		Hanwha Corp		3,245
	18,364	*,e	Henry Schein, Inc		966
	166,622	e	Herbalife Ltd		6,760
	16,795		Kikkoman Corp		206
	4,882		Koninklijke Vopak NV		387
	11,000		LG Chem Ltd		2,156
	1,141,072		Marubeni Corp		6,303
	73,466	e	Metcash Ltd		295
	97,082	e	Metro, Inc		3,641
	124,417		Nippon Oil Corp		577
	5,253,050		Noble Group Ltd		12,049
	21,060		Point, Inc		1,177
	75,100	e	San-A Co Ltd		2,827
	1,631,633	*	Sojitz Holdings Corp		3,087
	7,271	e	Suzuken Co Ltd		239
	232,440	e	Sysco Corp		6,494
	195,000		Terra Industries, Inc		6,277
	1,739,911	e	Unilever NV		56,629
	240,000		Unilever NV ADR		7,759
	153,469	*	Viterra, Inc		1,448
			TOTAL WHOLESALE TRADE-NONDURABLE GOODS		205,235
			TOTAL COMMON STOCKS		13,312,050
			(Cost $12,501,977)
PREFERRED STOCKS - 0.09%
DEPOSITORY INSTITUTIONS - 0.09%
	776,208	*	Bank of America Corp		11,581
			TOTAL DEPOSITORY INSTITUTIONS		11,581
			TOTAL PREFERRED STOCKS		11,581
			(Cost $11,643)
RIGHTS / WARRANTS - 0.00%**
DEPOSITORY INSTITUTIONS - 0.00% **
	457,527	m	Fortis		0	^
	105,153	e	Mediobanca S.p.A		16
	135,487	e	Unione di Banche Italiane SCPA		10
			TOTAL DEPOSITORY INSTITUTIONS		26
FOOD AND KINDRED PRODUCTS - 0.00% **
	34,086		Golden Agri-Resources Ltd		3
			TOTAL FOOD AND KINDRED PRODUCTS		3
HOLDING AND OTHER INVESTMENT OFFICES - 0.00% **
	4,746	e	Fonciere Des Regions		4

228

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	MATURITY DATE	VALUE (000)
	681,005	m	GPT Group		$	0	^
	22,780		IJM Land BHD			9
			TOTAL HOLDING AND OTHER INVESTMENT
			OFFICES			13
PRIMARY METAL INDUSTRIES - 0.00% **
	10,913		DOWA HOLDINGS CO LTD			0	^
			TOTAL PRIMARY METAL INDUSTRIES			0	^
REAL ESTATE - 0.00% **
	556,400		SP Setia BHD			91
			TOTAL REAL ESTATE			91
			TOTAL RIGHTS / WARRANTS			133
			(Cost $70)

SHORT TERM INVESTMENTS - 4.91%
PRINCIPAL			ISSUER
U.S. TREASURY BILLS - 1.10%
$	15,320,000		United States Cash Management Bills	6/10/10	15,308
	50,000,000		United States Cash Management Bills	6/17/10	49,957
	45,445,000		United States Treasury Bills	5/20/10	45,420
	37,600,000		United States Treasury Bills	6/24/10	37,567
			TOTAL U.S. TREASURY BILLS		148,252
			(Cost $148,239)
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 3.81%
REPURCHASE AGREEMENTS - 0.64%
	86,026,000	y	Deutsche Bank		86,026
			TOTAL REPURCHASE AGREEMENTS		86,026
CORPORATE VARIABLE RATE SECURITIES - 3.17%
	15,000,000		American Express Credit Account Master		14,987
	11,000,000		American Express Credit Account Master		10,899
	14,000,000		American Express Credit Account Master		13,927
	15,000,000		BA Credit Card Trust		14,913
	11,000,000		BA Credit Card Trust		10,903
	5,000,000		Bank One Issuance Trust		4,971
	1,290,167		Brunel Residential Mortgage Securization Plc		1,286
	5,000,000		Capital One Multi-Asset Execution Trust		5,001
	8,000,000		Capital One Multi-Asset Execution Trust		7,910
	30,000,000		Capital One Multi-Asset Execution Trust		29,903
	5,000,000		Chase Issuance Trust 2006		4,982
	9,000,000		Chase Issuance Trust 2007		8,877
	3,875,000		Chase Issuance Trust 2007		3,859
	20,000,000		Citibank Credit Card Issuance Trust 2007		19,782
	7,000,000		Discover Card Execution Note Trust		7,009

229

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

PRINCIPAL		ISSUER	VALUE (000)
$	10,000,000	Discover Card Execution Note Trust	$	10,001
	3,000,000	Discover Card Master Trust 2003		2,999
	12,000,000	Discover Card Master Trust 2003		11,964
	18,000,000	Discover Card Master Trust 2005		17,924
	3,000,000	Discover Card Master Trust 2007		2,998
	2,000,000	Discover Card Master Trust 2007		1,998
	8,000,000	GE Equipment Midticket LLC		7,921
	20,000,000	General Electric Cap Corp		19,889
	6,000,000	General Electric Cap Corp		6,000
	3,000,000	General Electric Cap Corp		2,970
	4,000,000	General Electric Cap Corp		3,985
	4,852,842	Granite Master Issuer Plc 2006		4,304
	4,159,578	Granite Master Issuer Plc 2007		3,691
	22,000,000	JP Morgan Chase & Co		22,052
	2,204,904	Medallion Trust Series 2005		2,092
	13,000,000	Nelnet Student Loan Trust 2006		12,933
	4,614,784	Nelnet Student Loan Trust 2007		4,585
	22,000,000	Permanent Financing Plc		21,934
	25,000,000	Permanent Master Issuer Plc		24,049
	4,802,600	Puma Global Mortgage Backed Trust		4,466
	25,000,000	Rabobank Nederland Trust		25,032
	8,641,399	SLM Student Loan Trust 2006		8,627
	8,000,000	SLM Student Loan Trust 2008		8,006
	30,000,000	SLM Student Loan Trust 2007		28,330
	9,792,912	Wachovia Student Loan Trust 2005		9,764
	444,059	World Omni Auto Receivable Trust 2008		445
		TOTAL CORPORATE VARIABLE RATE SECURITY		428,168
		TOTAL INVESTMENT OF CASH COLLATERAL
		FOR SECURITIES LOANED		514,194
		(Cost $518,693)
		TOTAL SHORT-TERM INVESTMENTS		662,446
		(Cost $666,932)
		TOTAL PORTFOLIO - 103.68%		13,986,210
		(Cost $13,180,622)
		OTHER ASSETS & LIABILITIES, NET - (3.68)%		(496,001	)
		NET ASSETS - 100.00%	$	13,490,209

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

230

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SPDR	Standard & Poor’s Depository Receipts
*	Non-income producing
**	Percentage represents less than 0.01%.
^	Amount represents less than $1,000.
b	In bankruptcy
e	All or a portion of these securities are out on loan.
f	Restricted security
m	Indicates a security that has been deemed illiquid.
	Cost amounts are in thousands.
y	Agreement with Deutsche Bank, 0.01% dated 12/31/09 to be repurchased at $86,026,096 on 01/04/10, collateralized by U.S. Government Agency securities valued at $87,746,520.

231

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
SUMMARY OF MARKET VALUES BY COUNTRY
December 31, 2009

COUNTRY	VALUE (000)		% OF TOTAL PORTFOLIO
DOMESTIC
UNITED STATES	$	6,937,373		49.60	%
TOTAL DOMESTIC		6,937,373		49.60
FOREIGN
ARGENTINA		5,864		0.04
AUSTRALIA		495,872		3.55
AUSTRIA		15,382		0.11
BELGIUM		77,882		0.56
BERMUDA		1,724		0.01
BRAZIL		62,791		0.45
CAMBODIA		1,174		0.01
CANADA		538,451		3.85
CAYMAN ISLANDS		1,446		0.01
CHINA		129,499		0.93
CYPRUS		878		0.01
CZECH REPUBLIC		2,546		0.02
DENMARK		24,050		0.17
FINLAND		62,793		0.45
FRANCE		461,783		3.30
GERMANY		545,333		3.90
GREECE		21,260		0.15
HONG KONG		125,236		0.89
INDIA		29,967		0.21
INDONESIA		17,795		0.13
IRELAND		67,865		0.48
ISRAEL		65,332		0.47
ITALY		155,081		1.11
JAPAN		1,047,609		7.49
JERSEY, C.I.		1,569		0.01
KAZAKHSTAN		833		0.01
KOREA, REPUBLIC OF		60,984		0.43
LUXEMBOURG		11,186		0.08
MACAU		31,445		0.22
MALAYSIA		17,725		0.13
MEXICO		2,922		0.02
NETHERLANDS		313,179		2.24
NEW ZEALAND		1,528		0.01
NORWAY		22,128		0.16
PERU		2,366		0.02
PHILIPPINES		25,055		0.18
PORTUGAL		25,365		0.18
SINGAPORE		89,616		0.64
SPAIN		206,745		1.48
SWEDEN		86,097		0.62
SWITZERLAND		636,882		4.55
TAIWAN		88,978		0.64
THAILAND		27,002		0.19
UNITED ARAB EMIRATES		1,769		0.01
UNITED KINGDOM		1,437,850		10.28
TOTAL FOREIGN		7,048,837		50.40
TOTAL PORTFOLIO	$	13,986,210		100.00	%

** Percentage represents less than 0.01%.

232

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2009

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 98.00%
AGRICULTURAL SERVICES - 0.02%
	93,257	*	VCA Antech, Inc	$	2,324
			TOTAL AGRICULTURAL SERVICES		2,324
AMUSEMENT AND RECREATION SERVICES - 0.63%
	1,342,418	*	Electronic Arts, Inc		23,828
	606,945	*	Melco PBL Entertainment Macau Ltd (ADR)		2,045
	1,470,073		Walt Disney Co		47,410
	16,425	*	Warner Music Group Corp		93
	57,206	*	WMS Industries, Inc		2,288
			TOTAL AMUSEMENT AND RECREATION SERVICES		75,664
APPAREL AND ACCESSORY STORES - 1.60%
	48,354		Abercrombie & Fitch Co (Class A)		1,685
	230,518	*	Aeropostale, Inc		7,849
	189,202		American Eagle Outfitters, Inc		3,213
	186,541	*	Chico’s FAS, Inc		2,621
	76,669		Foot Locker, Inc		854
	893,394		Gap, Inc		18,717
	1,586,990	*	Kohl’s Corp		85,586
	484,344		Limited Brands, Inc		9,319
	1,243,169		Nordstrom, Inc		46,718
	260,764		Ross Stores, Inc		11,137
	139,962	*	Urban Outfitters, Inc		4,897
			TOTAL APPAREL AND ACCESSORY STORES		192,596
APPAREL AND OTHER TEXTILE PRODUCTS - 0.47%
	365,965		Guess ?, Inc		15,480
	104,339	*	Hanesbrands, Inc		2,516
	398,372		Nike, Inc (Class B)		26,319
	37,281		Phillips-Van Heusen Corp		1,517
	106,455		Polo Ralph Lauren Corp (Class A)		8,621
	21,485		VF Corp		1,574
			TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		56,027
AUTO REPAIR, SERVICES AND PARKING - 0.03%
	88,246		Ryder System, Inc		3,633
			TOTAL AUTO REPAIR, SERVICES AND PARKING		3,633

233

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.19%
	105,148		Advance Auto Parts	$	4,256
	7,300	*	Autonation, Inc		140
	33,019	*	Autozone, Inc		5,219
	171,347	*	Carmax, Inc		4,155
	72,220	*	Copart, Inc		2,645
	147,906	*	O’Reilly Automotive, Inc		5,639
	18,655		Penske Auto Group, Inc		283
			TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		22,337
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.68%
	144,073		Fastenal Co		5,999
	123,396		Home Depot, Inc		3,570
	3,060,596		Lowe’s Cos, Inc		71,587
			TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		81,156
BUSINESS SERVICES - 16.10%
	51,346		Aaron Rents, Inc		1,424
	356,454	*	Activision Blizzard, Inc		3,960
	1,834,695	*	Adobe Systems, Inc		67,480
	164,180	*	Affiliated Computer Services, Inc (Class A)		9,800
	190,792	*	Akamai Technologies, Inc		4,833
	648,421	*	Alliance Data Systems Corp		41,881
	34,588	*	Amdocs Ltd		987
	95,903	*	Ansys, Inc		4,168
	168,895	*	Autodesk, Inc		4,292
	552,946		Automatic Data Processing, Inc		23,677
	380,271	*	BMC Software, Inc		15,249
	49,262		Brink’s Co		1,199
	51,307	*	Brink’s Home Security Holdings, Inc		1,675
	703,630		CA, Inc		15,804
	282,255	*	Cadence Design Systems, Inc		1,691
	74,723	*	Cerner Corp		6,160
	200,659	*	Citrix Systems, Inc		8,349
	322,038	*	Cognizant Technology Solutions Corp (Class A)		14,588
	98,270	*	Computer Sciences Corp		5,653
	13,100	*	Convergys Corp		141
	172,426	*	DST Systems, Inc		7,509
	605,630	*	eBay, Inc		14,257
	108,719		Equifax, Inc		3,358
	183,881	*	Expedia, Inc		4,728
	86,772	*	F5 Networks, Inc		4,597
	46,565		Factset Research Systems, Inc		3,067
	572,807		Fidelity National Information Services, Inc		13,427

234

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	170,381	*	Fiserv, Inc	$	8,260
	635,786	*	Google, Inc (Class A)		394,175
	51,885	*	IHS, Inc (Class A)		2,844
	48,460		IMS Health, Inc		1,021
	20,195		Interactive Data Corp		511
	2,608,610	*	Intuit, Inc		80,110
	197,504	*	Iron Mountain, Inc		4,495
	893,840	*	Juniper Networks, Inc		23,839
	48,283		Manpower, Inc		2,635
	476,644		Mastercard, Inc (Class A)		122,012
	172,298	*	McAfee, Inc		6,990
	15,656,648		Microsoft Corp		477,372
	84,431	*	Monster Worldwide, Inc		1,469
	207,589		Moody’s Corp		5,563
	555,617	*	NCR Corp		6,184
	202,961	*	Netease.com (ADR)		7,633
	46,478	*	NetFlix, Inc		2,563
	178,645	*	Novell, Inc		741
	1,860,450	*	Nuance Communications, Inc		28,911
	1,714,992		Omnicom Group, Inc		67,142
	6,143,940		Oracle Corp		150,772
	209,575	*	Red Hat, Inc		6,476
	167,352		Robert Half International, Inc		4,473
	544,196	*	Salesforce.com, Inc		40,145
	127,354	*	Sohu.com, Inc		7,295
	91,060	*	Sybase, Inc		3,952
	1,545,411	*	Symantec Corp		27,647
	102,656	*	Synopsys, Inc		2,287
	130,895		Total System Services, Inc		2,261
	214,480	*	VeriSign, Inc		5,199
	1,378,525		Visa, Inc (Class A)		120,566
	56,439	*	VMware, Inc (Class A)		2,392
	49,000	*	WebMD Health Corp (Class A)		1,886
	1,827,323	*	Yahoo!, Inc		30,662
			TOTAL BUSINESS SERVICES		1,934,437
CHEMICALS AND ALLIED PRODUCTS - 14.29%
	2,082,721		Abbott Laboratories		112,446
	9,237	*	Abraxis Bioscience, Inc		375
	79,784		Air Products & Chemicals, Inc		6,467
	7,861		Albemarle Corp		286
	82,074		Alberto-Culver Co		2,404
	96,102	*	Alexion Pharmaceuticals, Inc		4,692
	1,777,143	*	Amgen, Inc		100,533
	23,664		Avery Dennison Corp		863
	547,142		Avon Products, Inc		17,235

235

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	318,103	*	Biogen Idec, Inc	$	17,019
	107,394	*	BioMarin Pharmaceuticals, Inc		2,020
	1,581,791		Bristol-Myers Squibb Co		39,940
	157,965		Celanese Corp (Series A)		5,071
	2,017,741	*	Celgene Corp		112,349
	81,405	*	Cephalon, Inc		5,080
	71,626		CF Industries Holdings, Inc		6,502
	47,279	*	Charles River Laboratories International, Inc		1,593
	77,276		Church & Dwight Co, Inc		4,671
	136,008		Clorox Co		8,296
	879,978		Colgate-Palmolive Co		72,290
	127,065	*	Dendreon Corp		3,339
	330,151		Du Pont (E.I.) de Nemours & Co		11,116
	374,626		Ecolab, Inc		16,701
	585,793		Eli Lilly & Co		20,919
	121,596		Estee Lauder Cos (Class A)		5,880
	68,176		FMC Corp		3,801
	650,024	*	Forest Laboratories, Inc		20,872
	297,397	*	Genzyme Corp		14,575
	2,358,344	*	Gilead Sciences, Inc		102,069
	175,712	*	Hospira, Inc		8,961
	63,642	*	Idexx Laboratories, Inc		3,401
	80,957		International Flavors & Fragrances, Inc		3,331
	40,019	*	Inverness Medical Innovations, Inc		1,661
	725,870	*	Invitrogen Corp		37,912
	3,406,766		Johnson & Johnson		219,431
	774,389	*	King Pharmaceuticals, Inc		9,502
	124,353		Lubrizol Corp		9,072
	1,873,850		Merck & Co, Inc		68,470
	1,741,021		Monsanto Co		142,327
	275,450		Mosaic Co		16,453
	674,902	*	Mylan Laboratories, Inc		12,438
	152,186		Nalco Holding Co		3,882
	39,814	*	NBTY, Inc		1,734
	157,892		Novartis AG.		8,622
	1,286,310		Novartis AG. (ADR)		70,014
	63,728	*	OSI Pharmaceuticals, Inc		1,977
	119,067	*	Pactiv Corp		2,874
	86,382		Perrigo Co		3,441
	464,591		Pfizer, Inc		8,451
	718,792		Praxair, Inc		57,726
	2,513,177		Procter & Gamble Co		152,375
	73,422		RPM International, Inc		1,493
	49,318		Scotts Miracle-Gro Co (Class A)		1,939
	92,876		Sherwin-Williams Co		5,726
	506,253		Shire Ltd		9,892

236

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	311,198		Shire plc (ADR)	$	18,267
	133,712		Sigma-Aldrich Corp		6,756
	1,615,298		Teva Pharmaceutical Industries Ltd (ADR)		90,747
	51,186	*	United Therapeutics Corp		2,695
	72,822	*	Valeant Pharmaceuticals International		2,315
	214,300	*	Vertex Pharmaceuticals, Inc		9,183
	97,746	*	Watson Pharmaceuticals, Inc		3,872
			TOTAL CHEMICALS AND ALLIED PRODUCTS		1,716,344
COAL MINING - 0.33%
	131,835	*	Alpha Natural Resources, Inc		5,719
	199,195		Consol Energy, Inc		9,920
	76,888		Massey Energy Co		3,230
	449,933		Peabody Energy Corp		20,342
			TOTAL COAL MINING		39,211
COMMUNICATIONS - 1.09%
	667,691	*	American Tower Corp (Class A)		28,850
	26,498	*,m	AOL, Inc		617
	2,021,963		CBS Corp (Class B)		28,409
	141,195		CenturyTel, Inc		5,113
	940,835		Comcast Corp (Class A)		15,862
	115,306	*	Crown Castle International Corp		4,502
	38,634	*	CTC Media, Inc		576
	715,467	*	DIRECTV		23,861
	41,870	*	Equinix, Inc		4,445
	150,006		Frontier Communications Corp		1,172
	88,060		Global Payments, Inc		4,743
	54,216	*	IAC/InterActiveCorp		1,110
	53,809	*	Leap Wireless International, Inc		944
	287,950	*	MetroPCS Communications, Inc		2,197
	78,954	*	NeuStar, Inc (Class A)		1,819
	10,454	*	NII Holdings, Inc (Class B)		351
	126,326	*	SBA Communications Corp (Class A)		4,315
	225,601		Windstream Corp		2,479
			TOTAL COMMUNICATIONS		131,365
DEPOSITORY INSTITUTIONS - 1.36%
	610,679		Bank of New York Mellon Corp		17,081
	8,451		BOK Financial Corp		402
	22,932		Capitol Federal Financial		721
	24,752		Commerce Bancshares, Inc		958
	289,914		Hudson City Bancorp, Inc		3,981
	265,618		Northern Trust Corp		13,918
	385,928		State Street Corp		16,803
	16,000		TFS Financial Corp		194

237

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	1,502,793		Wells Fargo & Co	$	40,560
	3,659,348		Western Union Co		68,980
			TOTAL DEPOSITORY INSTITUTIONS		163,598
EATING AND DRINKING PLACES - 1.12%
	113,266		Brinker International, Inc		1,690
	116,995		Burger King Holdings, Inc		2,202
	35,358	*	Chipotle Mexican Grill, Inc (Class A)		3,117
	151,309		Darden Restaurants, Inc		5,306
	1,369,519		McDonald’s Corp		85,513
	811,002	*	Starbucks Corp		18,702
	170,548		Wendy’s/Arby’s Group, Inc (Class A)		800
	508,447		Yum! Brands, Inc		17,780
			TOTAL EATING AND DRINKING PLACES		135,110
EDUCATIONAL SERVICES - 0.32%
	283,949	*	Apollo Group, Inc (Class A)		17,202
	72,162	*	Career Education Corp		1,682
	68,196		DeVry, Inc		3,869
	5,700	*	Education Management Corp		125
	128,404	*	ITT Educational Services, Inc		12,322
	15,479		Strayer Education, Inc		3,289
			TOTAL EDUCATIONAL SERVICES		38,489
ELECTRIC, GAS, AND SANITARY SERVICES - 0.94%
	930,073	*	AES Corp		12,379
	112,132		Allegheny Energy, Inc		2,633
	12,249		American Water Works Co, Inc		275
	193,535	*	Calpine Corp		2,129
	358,800		Centerpoint Energy, Inc		5,206
	167,802		Constellation Energy Group, Inc		5,902
	17,910		DPL, Inc		494
	206,245		El Paso Corp		2,027
	63,431		Exelon Corp		3,100
	60,249		FPL Group, Inc		3,182
	19,401		Integrys Energy Group, Inc		815
	54,177		ITC Holdings Corp		2,822
	246,298	*	NRG Energy, Inc		5,815
	109,750		NV Energy, Inc		1,359
	20,015		Ormat Technologies, Inc		757
	414,598		PPL Corp		13,395
	316,589		Public Service Enterprise Group, Inc		10,527
	552,791		Republic Services, Inc		15,650
	93,556	*	Stericycle, Inc		5,161
	65,135	*	Waste Connections, Inc		2,172
	486,549		Waste Management, Inc		16,450
			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		112,250

238

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 13.03%
	91,705	*	A123 Systems, Inc	$	2,058
	483,465	*	Advanced Micro Devices, Inc		4,680
	323,679		Altera Corp		7,325
	117,569		Ametek, Inc		4,496
	188,865		Amphenol Corp (Class A)		8,722
	1,380,666		Analog Devices, Inc		43,601
	2,038,360	*	Apple Computer, Inc		429,808
	253,762	*	Avnet, Inc		7,653
	5,796		AVX Corp		73
	1,049,895	*	Broadcom Corp (Class A)		33,019
	14,906	*	Ciena Corp		162
	12,348,777	*	Cisco Systems, Inc		295,629
	315,581		Cooper Industries plc		13,456
	266,394	*	Cree, Inc		15,017
	158,601	*	Cypress Semiconductor Corp		1,675
	57,169	*	Dolby Laboratories, Inc (Class A)		2,729
	63,924	*	Energizer Holdings, Inc		3,917
	241,307	*	First Solar, Inc		32,673
	37,303		Harman International Industries, Inc		1,316
	256,281		Harris Corp		12,186
	59,870	*	Integrated Device Technology, Inc		387
	7,503,551		Intel Corp		153,072
	36,103	*	International Rectifier Corp		799
	67,450		Intersil Corp (Class A)		1,035
	127,604	*	JDS Uniphase Corp		1,053
	245,056		Linear Technology Corp		7,484
	3,769,405	*	Marvell Technology Group Ltd		78,215
	278,645		Maxim Integrated Products, Inc		5,656
	248,031	*	MEMC Electronic Materials, Inc		3,378
	181,869		Microchip Technology, Inc		5,285
	163,719	*	Micron Technology, Inc		1,729
	18,638		Molex, Inc		402
	160,314		Motorola, Inc		1,244
	424,449		National Semiconductor Corp		6,520
	2,228,061	*	NetApp, Inc		76,623
	64,228	*	Novellus Systems, Inc		1,499
	1,092,995	*	Nvidia Corp		20,417
	911,390	*	ON Semiconductor Corp		8,029
	130,881	*	QLogic Corp		2,470
	4,593,688		Qualcomm, Inc		212,504
	115,533	*	Rambus, Inc		2,819
	49,308	*	Silicon Laboratories, Inc		2,384
	108,573	*	Sunpower Corp (Class A)		2,571

239

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	18,685		Teleflex, Inc	$	1,007
	1,404,913		Texas Instruments, Inc		36,612
	19,723	*	Thomas & Betts Corp		706
	80,741	*	Varian Semiconductor Equipment Associates, Inc		2,897
	49,782	*	Vishay Intertechnology, Inc		416
	302,299		Xilinx, Inc		7,576
			TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		1,564,984
ENGINEERING AND MANAGEMENT SERVICES - 0.85%
	219,420		Accenture plc		9,106
	104,202	*	Aecom Technology Corp		2,866
	153,949	*	Amylin Pharmaceuticals, Inc		2,185
	197,142		Fluor Corp		8,879
	69,004	*	Genpact Ltd		1,028
	57,620	*	Gen-Probe, Inc		2,472
	225,938	*	Hewitt Associates, Inc (Class A)		9,548
	135,140	*	Jacobs Engineering Group, Inc		5,083
	481,478		KBR, Inc		9,148
	633,934	*	McDermott International, Inc		15,221
	106,393	*	Myriad Genetics, Inc		2,777
	355,780		Paychex, Inc		10,901
	616,700	*	SAIC, Inc		11,680
	370,277	*	Shaw Group, Inc		10,645
	11,507	*	URS Corp		512
			TOTAL ENGINEERING AND MANAGEMENT SERVICES		102,051
FABRICATED METAL PRODUCTS - 0.51%
	35,586	*	Alliant Techsystems, Inc		3,141
	66,544		Ball Corp		3,441
	29,079		Crane Co		890
	454,691	*	Crown Holdings, Inc		11,631
	734,516		Illinois Tool Works, Inc		35,250
	149,139		Pentair, Inc		4,817
	16,148		Snap-On, Inc		682
	22,625		Valmont Industries, Inc		1,775
			TOTAL FABRICATED METAL PRODUCTS		61,627
FOOD AND KINDRED PRODUCTS - 4.39%
	396,764		Archer Daniels Midland Co		12,423
	146,353		Campbell Soup Co		4,947
	3,389,771		Coca-Cola Co		193,216
	824,994		Coca-Cola Enterprises, Inc		17,490
	420,012		ConAgra Foods, Inc		9,681
	248,361		Dr Pepper Snapple Group, Inc		7,029

240

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	71,773		Flowers Foods, Inc	$	1,705
	250,146		General Mills, Inc		17,713
	278,997		H.J. Heinz Co		11,930
	75,986	*	Hansen Natural Corp		2,918
	99,565		Hershey Co		3,563
	9,016		Hormel Foods Corp		347
	298,605		InBev NV		15,458
	280,362		Kellogg Co		14,915
	144,438		McCormick & Co, Inc		5,219
	589,600		Mead Johnson Nutrition Co		25,766
	8,117		Molson Coors Brewing Co (Class B)		367
	123,464		Pepsi Bottling Group, Inc		4,630
	2,895,182		PepsiCo, Inc		176,027
	190,665		Sara Lee Corp		2,322
	15,300	*	Smithfield Foods, Inc		232
			TOTAL FOOD AND KINDRED PRODUCTS		527,898
FOOD STORES - 0.17%
	739,178		Kroger Co		15,176
	30,892	*	Panera Bread Co (Class A)		2,069
	102,164	*	Whole Foods Market, Inc		2,804
			TOTAL FOOD STORES		20,049
FORESTRY - 0.01%
	38,529		Rayonier, Inc		1,624
			TOTAL FORESTRY		1,624
FURNITURE AND FIXTURES - 0.08%
	25,675		Hill-Rom Holdings, Inc		616
	25,236	*	Kinetic Concepts, Inc		950
	237,496		Leggett & Platt, Inc		4,845
	189,982		Masco Corp		2,624
			TOTAL FURNITURE AND FIXTURES		9,035
FURNITURE AND HOME FURNISHINGS STORES - 0.52%
	981,412	*	Bed Bath & Beyond, Inc		37,912
	494,698		Best Buy Co, Inc		19,521
	158,857	*	GameStop Corp (Class A)		3,485
	21,366		RadioShack Corp		417
	43,568		Williams-Sonoma, Inc		905
			TOTAL FURNITURE AND HOME FURNISHINGS STORES		62,240
GENERAL BUILDING CONTRACTORS - 0.01%
	9,800		KB Home		134
	14,659		MDC Holdings, Inc		455

241

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	1,028	*	NVR, Inc	$	731
	44,989	*	Pulte Homes, Inc		450
			TOTAL GENERAL BUILDING CONTRACTORS		1,770
GENERAL MERCHANDISE STORES - 2.62%
	11,654	*	Big Lots, Inc		338
	150,904	*	BJ’s Wholesale Club, Inc		4,936
	478,422		Costco Wholesale Corp		28,308
	24,500	*	Dollar General Corp		550
	154,909		Family Dollar Stores, Inc		4,311
	666,477		Macy’s, Inc		11,170
	1,198,168		Target Corp		57,955
	831,774		TJX Companies, Inc		30,401
	3,307,125		Wal-Mart Stores, Inc		176,766
			TOTAL GENERAL MERCHANDISE STORES		314,735
HEALTH SERVICES - 1.48%
	291,757		AmerisourceBergen Corp		7,605
	51,459	*	Community Health Systems, Inc		1,832
	70,407	*	Covance, Inc		3,842
	47,050	*	Coventry Health Care, Inc		1,143
	114,015	*	DaVita, Inc		6,697
	61,723	*	Edwards Lifesciences Corp		5,361
	524,999	*	Express Scripts, Inc		45,387
	273,730	*	Health Management Associates, Inc (Class A)		1,990
	118,643	*	Laboratory Corp of America Holdings		8,879
	311,628	*	Lincare Holdings, Inc		11,568
	420,358		McKesson Corp		26,272
	617,503	*	Medco Health Solutions, Inc		39,465
	57,334		Omnicare, Inc		1,386
	17,447	*	Pediatrix Medical Group, Inc		1,049
	114,862		Pharmaceutical Product Development, Inc		2,692
	171,306		Quest Diagnostics, Inc		10,343
	365,705	*	Tenet Healthcare Corp		1,971
	6,838		Universal Health Services, Inc (Class B)		210
			TOTAL HEALTH SERVICES		177,692
HOLDING AND OTHER INVESTMENT OFFICES - 1.39%
	44,999	*	Affiliated Managers Group, Inc		3,031
	10,305		Alexandria Real Estate Equities, Inc		663
	83,977		Digital Realty Trust, Inc		4,222
	13		Duke Realty Corp		0
	10,762		Federal Realty Investment Trust		729
	125,669		HCP, Inc		3,838
	64,994		Health Care REIT, Inc		2,881
	2,470,750		iShares Russell 1000 Growth Index Fund		123,166

242

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	95,370		Nationwide Health Properties, Inc	$	3,355
	63,243		Plum Creek Timber Co, Inc		2,388
	148,240		Public Storage, Inc		12,074
	112,270		Simon Property Group, Inc		8,959
	64,003		WABCO Holdings, Inc		1,651
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES		166,957
HOTELS AND OTHER LODGING PLACES - 0.43%
	11,046		Choice Hotels International, Inc		350
	30,500	*	Hyatt Hotels Corp		909
	674,593	*	Las Vegas Sands Corp		10,078
	153,546		Marriott International, Inc (Class A)		4,184
	102,835	*	MGM Mirage		938
	888,733		Starwood Hotels & Resorts Worldwide, Inc		32,501
	86,764		Wyndham Worldwide Corp		1,750
	516,800	*	Wynn Macau Ltd		637
			TOTAL HOTELS AND OTHER LODGING PLACES		51,347
INDUSTRIAL MACHINERY AND EQUIPMENT - 7.35%
	832,028		3M Co		68,784
	177,288	*	AGCO Corp		5,733
	1,011,694		Applied Materials, Inc		14,103
	1,335,458	*	Brocade Communications Systems, Inc		10,190
	19,613		Bucyrus International, Inc (Class A)		1,106
	17,071		Carlisle Cos, Inc		585
	330,258		Caterpillar, Inc		18,821
	73,590		Cummins, Inc		3,375
	115,218		Deere & Co		6,232
	2,191,829	*	Dell, Inc		31,475
	64,348		Diebold, Inc		1,831
	83,672		Donaldson Co, Inc		3,559
	277,013		Dover Corp		11,527
	90,924	*	Dresser-Rand Group, Inc		2,874
	1,718,054	*	EMC Corp		30,014
	1,252,483		Emerson Electric Co		53,356
	128,207		Flowserve Corp		12,119
	134,072	*	FMC Technologies, Inc		7,755
	31,674		Graco, Inc		905
	3,317,753		Hewlett-Packard Co		170,897
	53,269		IDEX Corp		1,659
	2,079,413		International Business Machines Corp		272,196
	682,475		International Game Technology		12,809
	140,052		ITT Industries, Inc		6,966
	104,377		Jabil Circuit, Inc		1,813
	401,304		Johnson Controls, Inc		10,932
	363,069		Joy Global, Inc		18,731
	138,944	*	Lam Research Corp		5,448

243

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	50,458		Lennox International, Inc	$	1,970
	88,024	*	Micros Systems, Inc		2,731
	198,961		Northrop Grumman Corp		11,112
	128,170		Pall Corp		4,640
	474,592		Raytheon Co		24,451
	122,178	*	SanDisk Corp		3,542
	74,707	*	Scientific Games Corp (Class A)		1,087
	700,222		Seagate Technology, Inc		12,737
	155,244	*	Teradata Corp		4,879
	247,651	*	Terex Corp		4,906
	39,196		Toro Co		1,639
	138,253	*	Varian Medical Systems, Inc		6,477
	359,944	*	Western Digital Corp		15,892
	59,321	*	Zebra Technologies Corp (Class A)		1,682
			TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		883,540
INSTRUMENTS AND RELATED PRODUCTS - 4.15%
	1,190,576	*	Agilent Technologies, Inc		36,991
	183,004		Alcon, Inc		30,077
	335,610		Allergan, Inc		21,147
	110,069		Bard (C.R.), Inc		8,574
	1,198,708		Baxter International, Inc		70,339
	77,005		Beckman Coulter, Inc		5,039
	264,120		Becton Dickinson & Co		20,829
	21,373	*	Bio-Rad Laboratories, Inc (Class A)		2,062
	1,989,129	*	Boston Scientific Corp		17,902
	649,474		Danaher Corp		48,840
	161,840		Dentsply International, Inc		5,692
	163,769	*	Flir Systems, Inc		5,359
	100,042		Garmin Ltd		3,071
	26,990		Hillenbrand, Inc		508
	27,054	*	Hologic, Inc		392
	135,447	*	Illumina, Inc		4,151
	41,819	*	Intuitive Surgical, Inc		12,685
	40,525	*	Itron, Inc		2,738
	1,549,033		Medtronic, Inc		68,126
	36,613	*	Mettler-Toledo International, Inc		3,844
	61,334	*	Millipore Corp		4,438
	62,036		National Instruments Corp		1,827
	30,602		PerkinElmer, Inc		630
	82,544	*	Resmed, Inc		4,315
	14,637		Rockwell Automation, Inc		688
	673,584		Rockwell Collins, Inc		37,290
	589,767		Roper Industries, Inc		30,886
	381,973	*	St. Jude Medical, Inc		14,049
	373,021		Stryker Corp		18,789

244

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	41,480		Techne Corp	$	2,844
	186,429	*	Teradyne, Inc		2,000
	37,212	*	Thermo Electron Corp		1,775
	131,714	*	Trimble Navigation Ltd		3,319
	106,291	*	Waters Corp		6,586
			TOTAL INSTRUMENTS AND RELATED PRODUCTS		497,802
INSURANCE AGENTS, BROKERS AND SERVICE - 0.08%
	101,651		Arthur J. Gallagher & Co		2,288
	91,421		Brown & Brown, Inc		1,643
	43,368		Marsh & McLennan Cos, Inc		958
	138,162	*	Verisk Analytics, Inc		4,184
			TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		9,073
INSURANCE CARRIERS - 1.35%
	209,219		ACE Ltd		10,545
	354,104		Aetna, Inc		11,225
	1,116,555		Aflac, Inc		51,640
	396,015		Axis Capital Holdings Ltd		11,251
	203,865		Cigna Corp		7,190
	16,196	*	CNA Financial Corp		389
	17,160		Endurance Specialty Holdings Ltd		639
	23,031		Erie Indemnity Co (Class A)		899
	40,138		Fidelity National Title Group, Inc (Class A)		540
	231,931	*	Genworth Financial, Inc (Class A)		2,632
	4,013		Hanover Insurance Group, Inc		178
	67,779	*	Humana, Inc		2,975
	73,290	*	Leucadia National Corp		1,744
	104,976		Lincoln National Corp		2,612
	90,413		PartnerRe Ltd		6,750
	535,598		Principal Financial Group		12,876
	75,660	*	Progressive Corp		1,361
	392,427		Prudential Financial, Inc		19,527
	8,126		Reinsurance Group of America, Inc (Class A)		387
	16,850		Validus Holdings Ltd		454
	51,049		W.R. Berkley Corp		1,258
	263,068	*	WellPoint, Inc		15,334
			TOTAL INSURANCE CARRIERS		162,406
JUSTICE, PUBLIC ORDER AND SAFETY - 0.00%**
	14,997	*	Corrections Corp of America		368
			TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		368
LEATHER AND LEATHER PRODUCTS - 0.24%
	784,392		Coach, Inc		28,654
			TOTAL LEATHER AND LEATHER PRODUCTS		28,654

245

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
LEGAL SERVICES - 0.02%
	57,064	*	FTI Consulting, Inc	$	2,691
			TOTAL LEGAL SERVICES		2,691
METAL MINING - 1.20%
	267,509		Anglo American plc		11,585
	165,212		Barrick Gold Corp		6,506
	88,170		Cleveland-Cliffs, Inc		4,064
	1,818,534		Companhia Vale do Rio Doce (ADR)		52,793
	480,548	*	Freeport-McMoRan Copper & Gold, Inc (Class B)		38,583
	526,888		Newmont Mining Corp		24,927
	12,733		Royal Gold, Inc		600
	141,860		Southern Copper Corp (NY)		4,668
			TOTAL METAL MINING		143,726
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.22%
	11,969		Armstrong World Industries, Inc		466
	352,751		Hasbro, Inc		11,309
	41,404	*	Intrepid Potash, Inc		1,208
	226,438		Jarden Corp		6,999
	306,739		Mattel, Inc		6,129
			TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		26,111
MISCELLANEOUS RETAIL - 2.68%
	1,162,576	*	Amazon.com, Inc		156,390
	11,712		Barnes & Noble, Inc		223
	885,779		CVS Corp		28,531
	95,230	*	Dick’s Sporting Goods, Inc		2,368
	182,108	*	Dollar Tree, Inc		8,796
	53,813	*	Marvel Entertainment, Inc		2,910
	46,405		MSC Industrial Direct Co (Class A)		2,181
	67,687	*	Office Depot, Inc		437
	137,429		Petsmart, Inc		3,668
	182,776	*	Priceline.com, Inc		39,937
	1,058,675		Staples, Inc		26,033
	123,904		Tiffany & Co		5,328
	1,225,100		Walgreen Co		44,985
			TOTAL MISCELLANEOUS RETAIL		321,787
MOTION PICTURES - 0.42%
	177,531	*	Discovery Communications, Inc (Class A)		5,445
	286,147	*	Discovery Communications, Inc (Class C)		7,589
	76,696	*	Macrovision Solutions Corp		2,444

246

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	42,281		Regal Entertainment Group (Class A)	$	611
	57,420		Scripps Networks Interactive (Class A)		2,383
	1,012,519		Time Warner, Inc		29,504
	164,062	*	tw telecom inc (Class A)		2,812
			TOTAL MOTION PICTURES		50,788
NONDEPOSITORY INSTITUTIONS - 0.29%
	203,575		American Express Co		8,249
	33,889	*	AmeriCredit Corp		645
	502,119		Capital One Financial Corp		19,251
	54,041		CapitalSource, Inc		215
	214,194		GLG Partners, Inc		690
	105,264		Lender Processing Services, Inc		4,280
	111,897	*	SLM Corp		1,261
	2,300		Student Loan Corp		107
			TOTAL NONDEPOSITORY INSTITUTIONS		34,698
NONMETALLIC MINERALS, EXCEPT FUELS - 0.01%
	19,001		Compass Minerals International, Inc		1,277
			TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		1,277
OIL AND GAS EXTRACTION - 3.26%
	474,252		Anadarko Petroleum Corp		29,603
	137,667		Apache Corp		14,203
	53,664	*	Atwood Oceanics, Inc		1,924
	466,516	*	Cameron International Corp		19,500
	28,543	*	CNX Gas Corp		843
	5,644	*	Comstock Resources, Inc		229
	550,619	*	Concho Resources, Inc		24,723
	15,556	*	Continental Resources, Inc		667
	239,873		Crescent Point Energy Corp		9,057
	557,509	*	Denbury Resources, Inc		8,251
	186,556		Diamond Offshore Drilling, Inc		18,361
	144,337		Equitable Resources, Inc		6,339
	137,592		EXCO Resources, Inc		2,921
	34,700	*	Exterran Holdings, Inc		744
	46,056	*	Forest Oil Corp		1,025
	37,635		Helmerich & Payne, Inc		1,501
	102,540	*	Mariner Energy, Inc		1,190
	1,440,471		National Oilwell Varco, Inc		63,511
	763,076		Occidental Petroleum Corp		62,077
	58,358	*	Oceaneering International, Inc		3,415
	26,610		Patterson-UTI Energy, Inc		408
	332,364	*	PetroHawk Energy Corp		7,973
	287,149		Petroleo Brasileiro S.A. (ADR)		13,691
	83,998	*	Plains Exploration & Production Co		2,323

247

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	90,339	*	Pride International, Inc	$	2,883
	131,634	*	Quicksilver Resources, Inc		1,976
	212,094		Range Resources Corp		10,573
	23,827		Rowan Cos, Inc		539
	794,964		Schlumberger Ltd		51,745
	8,222	*	Seahawk Drilling, Inc		185
	156,898		Smith International, Inc		4,263
	378,393	*	Southwestern Energy Co		18,239
	20,351		St. Mary Land & Exploration Co		697
	124,906		XTO Energy, Inc		5,812
			TOTAL OIL AND GAS EXTRACTION		391,391
PAPER AND ALLIED PRODUCTS - 0.31%
	90,744		Greif, Inc (Class A)		4,898
	500,622		Kimberly-Clark Corp		31,895
	11,860		Packaging Corp of America		273
			TOTAL PAPER AND ALLIED PRODUCTS		37,066
PERSONAL SERVICES - 0.08%
	27,161		Cintas Corp		708
	374,621		H&R Block, Inc		8,474
	5,012		Weight Watchers International, Inc		146
			TOTAL PERSONAL SERVICES		9,328
PETROLEUM AND COAL PRODUCTS - 1.07%
	7,772		Ashland, Inc		308
	1,516,239	c	Exxon Mobil Corp		103,392
	91,610		Frontier Oil Corp		1,103
	45,525		Holly Corp		1,167
	246,404		Suncor Energy, Inc		8,701
	62,888		Tesoro Corp		852
	171,951		Walter Industries, Inc		12,949
			TOTAL PETROLEUM AND COAL PRODUCTS		128,472
PRIMARY METAL INDUSTRIES - 0.56%
	500,074		Alcoa, Inc		8,061
	10,460		Hubbell, Inc (Class B)		495
	417,778		Precision Castparts Corp		46,102
	18,640		Schnitzer Steel Industries, Inc (Class A)		889
	65,605		Vallourec		11,869
			TOTAL PRIMARY METAL INDUSTRIES		67,416
PRINTING AND PUBLISHING - 0.20%
	58,629		Dun & Bradstreet Corp		4,947
	45,056		John Wiley & Sons, Inc (Class A)		1,887
	346,890		McGraw-Hill Cos, Inc		11,624

248

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	110,377	*	MSCI, Inc (Class A)	$	3,510
	14,400		New York Times Co (Class A)		178
	59,089		R.R. Donnelley & Sons Co		1,316
			TOTAL PRINTING AND PUBLISHING		23,462
RAILROAD TRANSPORTATION - 0.60%
	330,518		CSX Corp		16,027
	45,892	*	Kansas City Southern Industries, Inc		1,528
	335,058		Norfolk Southern Corp		17,564
	580,372		Union Pacific Corp		37,085
			TOTAL RAILROAD TRANSPORTATION		72,204
REAL ESTATE - 0.05%
	259,887	*	CB Richard Ellis Group, Inc (Class A)		3,527
	100,876	*	St. Joe Co		2,914
			TOTAL REAL ESTATE		6,441
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.12%
	270,627	*	Goodyear Tire & Rubber Co		3,816
	687,299		Newell Rubbermaid, Inc		10,316
			TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		14,132
SECURITY AND COMMODITY BROKERS - 2.19%
	24,006		Ameriprise Financial, Inc		932
	62,020		BlackRock, Inc		14,401
	95,018		Broadridge Financial Solutions, Inc		2,144
	2,498,191		Charles Schwab Corp		47,015
	4,297		CME Group, Inc		1,444
	128,425		Eaton Vance Corp		3,905
	89,795		Federated Investors, Inc (Class B)		2,469
	127,698		Franklin Resources, Inc		13,453
	563,078		Goldman Sachs Group, Inc		95,069
	21,991		Greenhill & Co, Inc		1,765
	80,271	*	IntercontinentalExchange, Inc		9,014
	503,768		Invesco Ltd		11,834
	6,282	*	Investment Technology Group, Inc		124
	176,623		Janus Capital Group, Inc		2,376
	99,017	*	Jefferies Group, Inc		2,350
	82,994		Lazard Ltd (Class A)		3,151
	725,252		Morgan Stanley		21,467
	21,551	*	Morningstar, Inc		1,042
	66,762	*	Nasdaq Stock Market, Inc		1,323
	73,954		NYSE Euronext		1,871
	131,870		SEI Investments Co		2,310
	281,614		T Rowe Price Group, Inc		14,996
	285,065	*	TD Ameritrade Holding Corp		5,525

249

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	94,241		Waddell & Reed Financial, Inc (Class A)	$	2,878
			TOTAL SECURITY AND COMMODITY BROKERS		262,858
STONE, CLAY, AND GLASS PRODUCTS - 0.54%
	2,231,144		Corning, Inc		43,083
	47,103		Eagle Materials, Inc		1,227
	149,180		Gentex Corp		2,663
	18,613		Martin Marietta Materials, Inc		1,664
	44,663	*	Owens Corning, Inc		1,145
	490,878	*	Owens-Illinois, Inc		16,135
			TOTAL STONE, CLAY, AND GLASS PRODUCTS		65,917
TOBACCO PRODUCTS - 1.94%
	3,475,728		Altria Group, Inc		68,229
	294,522		Lorillard, Inc		23,630
	2,929,208		Philip Morris International, Inc		141,158
			TOTAL TOBACCO PRODUCTS		233,017
TRANSPORTATION BY AIR - 0.34%
	371,090	*	AMR Corp		2,869
	153,840	*	Continental Airlines, Inc (Class B)		2,757
	33,857		Copa Holdings S.A. (Class A)		1,844
	851,474	*	Delta Air Lines, Inc		9,690
	242,886		FedEx Corp		20,269
	258,738		Southwest Airlines Co		2,957
			TOTAL TRANSPORTATION BY AIR		40,386
TRANSPORTATION EQUIPMENT - 2.56%
	53,187	*	BE Aerospace, Inc		1,250
	1,125,866		Boeing Co		60,944
	8,600	*	Federal Mogul Corp (Class A)		149
	145,403		General Dynamics Corp		9,912
	273,969		Goodrich Corp		17,603
	62,823		Harsco Corp		2,025
	1,330,977		Honeywell International, Inc		52,174
	595,676		Lockheed Martin Corp		44,884
	70,119	*	Navistar International Corp		2,710
	370,289		Paccar, Inc		13,430
	40,060	*	Spirit Aerosystems Holdings, Inc (Class A)		796
	21,473		Thor Industries, Inc		674
	42,319		TransDigm Group, Inc		2,010
	74,923	*	TRW Automotive Holdings Corp		1,789
	1,384,129		United Technologies Corp		96,072
	50,935		Westinghouse Air Brake Technologies Corp		2,080
			TOTAL TRANSPORTATION EQUIPMENT		308,502

250

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
TRANSPORTATION SERVICES - 0.18%
	185,570		CH Robinson Worldwide, Inc	$	10,899
	234,057		Expeditors International Washington, Inc		8,129
	23,453		GATX Corp		674
	105,329		UTI Worldwide, Inc		1,508
			TOTAL TRANSPORTATION SERVICES		21,210
TRUCKING AND WAREHOUSING - 0.50%
	17,549		Con-way, Inc		613
	95,257		J.B. Hunt Transport Services, Inc		3,074
	55,082		Landstar System, Inc		2,136
	946,042		United Parcel Service, Inc (Class B)		54,274
			TOTAL TRUCKING AND WAREHOUSING		60,097
WATER TRANSPORTATION - 0.07%
	219,326	*	Carnival Corp		6,950
	13,375	*	Kirby Corp		466
	47,391	*	Royal Caribbean Cruises Ltd		1,198
	20,913		Teekay Corp		486
			TOTAL WATER TRANSPORTATION		9,100
WHOLESALE TRADE-DURABLE GOODS - 0.22%
	53,448	*	Arrow Electronics, Inc		1,583
	117,562		BorgWarner, Inc		3,906
	21,500	*	Emdeon, Inc		328
	151,216	*	LKQ Corp		2,962
	109,217	*	Patterson Cos, Inc		3,056
	329,608	*	Talecris Biotherapeutics Holdings Corp		7,340
	67,819		W.W. Grainger, Inc		6,567
	25,526	*	WESCO International, Inc		689
			TOTAL WHOLESALE TRADE-DURABLE GOODS		26,431
WHOLESALE TRADE-NONDURABLE GOODS - 0.54%
	69,257		Allscripts Healthcare Solutions, Inc		1,401
	83,228		Brown-Forman Corp (Class B)		4,459
	613,651	*	Dean Foods Co		11,070
	200,628	*	Endo Pharmaceuticals Holdings, Inc		4,115
	38,291	*	Green Mountain Coffee Roasters, Inc		3,120
	99,640	*	Henry Schein, Inc		5,241
	292,173		Herbalife Ltd		11,853
	650,464		Sysco Corp		18,174
	179,107		Terra Industries, Inc		5,765
	5,900		Valhi, Inc		83
			TOTAL WHOLESALE TRADE-NONDURABLE GOODS		65,281
			TOTAL COMMON STOCKS		11,772,182
			(Cost $10,445,186)

251

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

PRINCIPAL		ISSUER	MATURITY DATE	VALUE (000)
SHORT TERM INVESTMENTS - 1.81%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.24%
$	8,685,000	Federal Home Loan Bank (FHLB)	1/15/10	$	8,685
	20,350,000	FHLB	1/20/10		20,350
		TOTAL U.S. GOVERNMENT AND AGENCIES
		DISCOUNT NOTES			29,035
U.S. TREASURY BILLS - 1.57%
	21,685,000	United States Cash Management Bills	6/10/10		21,668
	36,000,000	United States Cash Management Bills	7/15/10		35,961
	78,345,000	United States Treasury Bills	5/20/10		78,302
	53,000,000	United States Treasury Bills	6/24/10		52,953
		TOTAL U.S. TREASURY BILLS			188,884
		TOTAL SHORT-TERM INVESTMENTS			217,919
		(Cost $217,902)
		TOTAL PORTFOLIO - 99.81%			11,990,101
		(Cost $10,663,088)
		OTHER ASSETS & LIABILITIES, NET - 0.19%			22,817
		NET ASSETS - 100.00%		$	12,012,918

	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 has been segregated by the Custodian to cover margin or other requirements on future contracts in the amount of $12,251,272.
m	Indicates a security that has been deemed illiquid.
	Cost amounts are in thousands.

252

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
SUMMARY OF MARKET VALUES BY COUNTRY
December 31, 2009

COUNTRY	VALUE (000)		% OF TOTAL PORTFOLIO
DOMESTIC
UNITED STATES	$	11,486,585		95.80	%
TOTAL DOMESTIC		11,486,585		95.80
FOREIGN
BELGIUM		15,458		0.13
BERMUDA		454		0.00	**
BRAZIL		66,483		0.55
CANADA		24,264		0.20
CHINA		16,974		0.14
FRANCE		11,869		0.10
GUERNSEY, C.I.		987		0.01
IRELAND		37,265		0.31
ISRAEL		90,747		0.76
MACAU		637		0.01
MEXICO		4,669		0.04
NORWAY		485		0.00	**
PANAMA		1,844		0.02
SWITZERLAND		219,795		1.83
UNITED KINGDOM		11,585		0.10
TOTAL FOREIGN		503,516		4.20
TOTAL PORTFOLIO	$	11,990,101		100.00	%

** Percentage represents less than 0.01%.

253

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

COLLEGE RETIREMENT EQUITIES FUND
EQUITY INDEX ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2009

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 99.47%
AGRICULTURAL PRODUCTION-CROPS - 0.01%
	31,603	*	Chiquita Brands International, Inc	$	570
	2,482		Griffin Land & Nurseries, Inc (Class A)		72
			TOTAL AGRICULTURAL PRODUCTION-CROPS		642
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%
	9,480		Cal-Maine Foods, Inc		323
	269		Seaboard Corp		363
			TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		686
AGRICULTURAL SERVICES - 0.02%
	8,402	*	Cadiz, Inc		101
	7,129		Calavo Growers, Inc		121
	68,810	*	VCA Antech, Inc		1,715
			TOTAL AGRICULTURAL SERVICES		1,937
AMUSEMENT AND RECREATION SERVICES - 0.63%
	41,654	*	Bally Technologies, Inc		1,720
	6,588		Churchill Downs, Inc		246
	9,373		Dover Downs Gaming & Entertainment, Inc		35
	251,247	*	Electronic Arts, Inc		4,460
	24,089		International Speedway Corp (Class A)		685
	14,530	*	Lakes Entertainment, Inc		36
	30,709	*	Life Time Fitness, Inc		766
	64,272	*	Live Nation, Inc		547
	20,438	*	Multimedia Games, Inc		123
	51,327	*	Penn National Gaming, Inc		1,395
	48,180	*	Pinnacle Entertainment, Inc		433
	9,984		Speedway Motorsports, Inc		176
	26,504	*	Ticketmaster		324
	11,514	*	Town Sports International Holdings, Inc		27
	1,442,069		Walt Disney Co		46,507
	39,735	*	Warner Music Group Corp		225
	40,586	*	WMS Industries, Inc		1,624
	22,569		World Wrestling Entertainment, Inc (Class A)		346
	22,701	*	Youbet.com, Inc		64
			TOTAL AMUSEMENT AND RECREATION SERVICES		59,739

254

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
APPAREL AND ACCESSORY STORES - 0.64%
	67,218		Abercrombie & Fitch Co (Class A)	$	2,343
	50,961	*	Aeropostale, Inc		1,735
	57,123	*	American Apparel, Inc		177
	130,540		American Eagle Outfitters, Inc		2,217
	47,813	*	AnnTaylor Stores Corp		652
	23,033		Bebe Stores, Inc		144
	32,106		Brown Shoe Co, Inc		317
	19,480		Buckle, Inc		570
	43,571	*	Carter’s, Inc		1,144
	21,208		Cato Corp (Class A)		425
	84,814	*	Charming Shoppes, Inc		549
	136,751	*	Chico’s FAS, Inc		1,921
	17,847	*	Children’s Place Retail Stores, Inc		589
	27,159		Christopher & Banks Corp		207
	12,866	*	Citi Trends, Inc		355
	48,995	*	Collective Brands, Inc		1,116
	3,762	*	Destination Maternity Corp		71
	41,551	*	Dress Barn, Inc		960
	12,248	*	DSW, Inc (Class A)		317
	34,177		Finish Line, Inc (Class A)		429
	119,112		Foot Locker, Inc		1,327
	373,577		Gap, Inc		7,827
	31,627	*	Hot Topic, Inc		201
	40,087	*	J Crew Group, Inc		1,793
	14,743	*	JOS A Bank Clothiers, Inc		622
	236,701	*	Kohl’s Corp		12,766
	204,693		Limited Brands, Inc		3,938
	31,095	*	Lululemon Athletica, Inc		936
	15,006	*	New York & Co, Inc		64
	126,477		Nordstrom, Inc		4,754
	78,597	*	Pacific Sunwear Of California, Inc		313
	98,853		Ross Stores, Inc		4,222
	5,056	*	Shoe Carnival, Inc		103
	30,798		Stage Stores, Inc		381
	4,598	*	Syms Corp		33
	24,891		Talbots, Inc		222
	25,346	*	Under Armour, Inc (Class A)		691
	98,352	*	Urban Outfitters, Inc		3,441
	73,584	*	Wet Seal, Inc (Class A)		254
			TOTAL APPAREL AND ACCESSORY STORES		60,126
APPAREL AND OTHER TEXTILE PRODUCTS - 0.40%
	9,339		Columbia Sportswear Co		365

255

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	9,368	*	G-III Apparel Group Ltd	$	203
	46,020		Guess ?, Inc		1,947
	22,405	*	Gymboree Corp		974
	72,404	*	Hanesbrands, Inc		1,746
	66,643		Jones Apparel Group, Inc		1,070
	80,414	*	Liz Claiborne, Inc		453
	13,600	*	Maidenform Brands, Inc		227
	280,036		Nike, Inc (Class B)		18,501
	39,553		Phillips-Van Heusen Corp		1,609
	42,391		Polo Ralph Lauren Corp (Class A)		3,433
	105,727	*	Quiksilver, Inc		214
	19,300	*	True Religion Apparel, Inc		357
	70,015		VF Corp		5,127
	35,032	*	Warnaco Group, Inc		1,479
			TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		37,705
AUTO REPAIR, SERVICES AND PARKING - 0.06%
	7,541	*	Amerco, Inc		375
	23,658	*	Dollar Thrifty Automotive Group, Inc		606
	142,929	*	Hertz Global Holdings, Inc		1,703
	10,010	*	Midas, Inc		85
	12,456		Monro Muffler, Inc		417
	43,349		Ryder System, Inc		1,784
	7,402	*	Standard Parking Corp		118
	31,100	*	Wright Express Corp		991
			TOTAL AUTO REPAIR, SERVICES AND PARKING		6,079
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.21%
	74,507		Advance Auto Parts		3,016
	6,968	*	America’s Car-Mart, Inc		183
	27,020	*	Asbury Automotive Group, Inc		312
	55,689	*	Autonation, Inc		1,066
	23,580	*	Autozone, Inc		3,727
	168,907	*	Carmax, Inc		4,097
	50,728	*	Copart, Inc		1,858
	13,017	*	Lithia Motors, Inc (Class A)		107
	105,720	*	O’Reilly Automotive, Inc		4,030
	29,308		Penske Auto Group, Inc		445
	21,664	*	Rush Enterprises, Inc (Class A)		258
	27,187		Sonic Automotive, Inc (Class A)		282
			TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		19,381
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.74%
	7,599	*	Builders FirstSource, Inc		29
	103,159		Fastenal Co		4,296

256

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	1,317,011		Home Depot, Inc	$	38,101
	1,142,109		Lowe’s Cos, Inc		26,714
	10,841	*	Lumber Liquidators, Inc		290
			TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		69,430
BUSINESS SERVICES - 8.23%
	301,109	*	3Com Corp		2,258
	10,702	*	3D Systems Corp		121
	36,649		Aaron Rents, Inc		1,016
	34,759		ABM Industries, Inc		718
	24,912	*	Acacia Research (Acacia Technologies)		227
	27,282	*	ACI Worldwide, Inc		468
	35,015	*	ActivIdentity Corp		82
	428,781	*	Activision Blizzard, Inc		4,764
	40,528	*	Actuate Corp		173
	52,067	*	Acxiom Corp		699
	16,355		Administaff, Inc		386
	406,666	*	Adobe Systems, Inc		14,957
	12,368	*	Advent Software, Inc		504
	70,531	*	Affiliated Computer Services, Inc (Class A)		4,210
	39,824		Aircastle Ltd		392
	136,722	*	Akamai Technologies, Inc		3,463
	41,169	*	Alliance Data Systems Corp		2,659
	149,614	*	Amdocs Ltd		4,268
	26,021	*	American Reprographics Co		182
	15,720	*	American Software, Inc (Class A)		94
	25,829	*	AMICAS, Inc		141
	23,326	*	AMN Healthcare Services, Inc		211
	6,900	*	Ancestry.com, Inc		97
	67,294	*	Ansys, Inc		2,925
	20,202	*	APAC Customer Services, Inc		120
	22,243		Arbitron, Inc		521
	14,282	*	ArcSight, Inc		365
	68,046	*	Ariba, Inc		852
	99,812	*	Art Technology Group, Inc		450
	11,658	*	Asset Acceptance Capital Corp		79
	25,682	*	athenahealth, Inc		1,162
	177,292	*	Autodesk, Inc		4,505
	391,127		Automatic Data Processing, Inc		16,749
	80,768	*	Avis Budget Group, Inc		1,060
	6,166		Barrett Business Services, Inc		76
	36,447		BGC Partners, Inc (Class A)		168
	31,258		Blackbaud, Inc		739
	24,220	*	Blackboard, Inc		1,099
	30,392	*	Blue Coat Systems, Inc		867
	143,883	*	BMC Software, Inc		5,770

257

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	19,249	*	Bottomline Technologies, Inc	$	338
	80,973	*	BPZ Energy, Inc		769
	37,869		Brady Corp (Class A)		1,136
	34,910		Brink’s Co		850
	35,022	*	Brink’s Home Security Holdings, Inc		1,143
	307,836		CA, Inc		6,914
	23,036	*	CACI International, Inc (Class A)		1,125
	201,713	*	Cadence Design Systems, Inc		1,208
	5,462	*	CAI International, Inc		49
	21,031	*	Callidus Software, Inc		64
	11,193	*	Capella Education Co		843
	30,613	*	Cavium Networks, Inc		730
	41,673	*	CBIZ, Inc		321
	52,498	*	Cerner Corp		4,328
	22,101	*	Chordiant Software, Inc		61
	52,926	*	Ciber, Inc		183
	140,718	*	Citrix Systems, Inc		5,855
	28,047	*	Clear Channel Outdoor Holdings, Inc (Class A)		291
	7,443	*	Clinical Data, Inc		136
	35,274	*	Cogent Communications Group, Inc		348
	30,867	*	Cogent, Inc		321
	32,766		Cognex Corp		581
	225,879	*	Cognizant Technology Solutions Corp (Class A)		10,232
	30,771	*	Commvault Systems, Inc		729
	14,638		Compass Diversified Trust		187
	15,742	*	Compellent Technologies, Inc		357
	9,637		Computer Programs & Systems, Inc		444
	117,156	*	Computer Sciences Corp		6,740
	11,045	*	Computer Task Group, Inc		88
	186,043	*	Compuware Corp		1,345
	11,985	*	COMSYS IT Partners, Inc		107
	31,023	*	Concur Technologies, Inc		1,326
	18,777	*	Constant Contact, Inc		300
	76,174	*	Convergys Corp		819
	14,866	*	CoStar Group, Inc		621
	29,162	*	CSG Systems International, Inc		557
	55,466	*	Cybersource Corp		1,115
	30,663	*	DealerTrack Holdings, Inc		576
	13,498	*	Deltek, Inc		105
	37,676		Deluxe Corp		557
	11,372	*	Dice Holdings, Inc		74
	29,296	*	Digital River, Inc		791
	24,156	*	DivX, Inc		136
	12,741	*	Double-Take Software, Inc		127
	29,407	*	DST Systems, Inc		1,281
	6,729	*	Dynamics Research Corp		71

258

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	18,300	*	DynCorp International, Inc (Class A)	$	263
	82,942		Earthlink, Inc		689
	869,484	*	eBay, Inc		20,468
	4,491	*	Ebix, Inc		219
	24,998	*	Echelon Corp		289
	42,934	*	Eclipsys Corp		795
	11,677		Electro Rent Corp		135
	39,428	*	Electronics for Imaging, Inc		513
	5,263	*	eLoyalty Corp		36
	42,487	*	Epicor Software Corp		324
	25,591	*	EPIQ Systems, Inc		358
	97,623		Equifax, Inc		3,016
	98,710	*	Evergreen Energy, Inc		34
	13,663	*	ExlService Holdings, Inc		248
	140,851	*	Expedia, Inc		3,620
	60,565	*	F5 Networks, Inc		3,209
	32,751		Factset Research Systems, Inc		2,157
	36,812		Fair Isaac Corp		784
	22,225	*	FalconStor Software, Inc		90
	254,848		Fidelity National Information Services, Inc		5,974
	120,866	*	Fiserv, Inc		5,860
	11,266	*	Forrester Research, Inc		292
	43,182	*	Gartner, Inc		779
	31,343	*	Global Cash Access, Inc		235
	12,411	*	Global Sources Ltd		78
	185,900	*	Google, Inc (Class A)		115,255
	12,334	*	GSE Systems, Inc		68
	21,180	*	H&E Equipment Services, Inc		222
	30,102	*	Hackett Group, Inc		84
	33,142		Healthcare Services Group		711
	28,656		Heartland Payment Systems, Inc		376
	3,513	*	HeartWare International, Inc		125
	14,300		Heidrick & Struggles International, Inc		447
	20,018	*	HMS Holdings Corp		975
	10,436	*	i2 Technologies, Inc		200
	4,942	*	ICT Group, Inc		81
	12,987		iGate Corp		130
	38,062	*	IHS, Inc (Class A)		2,086
	5,713		Imergent, Inc		35
	145,041		IMS Health, Inc		3,054
	20,612		infoGROUP, Inc		165
	67,760	*	Informatica Corp		1,752
	23,086	*	Infospace, Inc		198
	22,974	*	Innerworkings, Inc		136
	17,040	*	Innodata Isogen, Inc		94
	11,404	*	Integral Systems, Inc		99

259

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	31,864		Interactive Data Corp	$	806
	9,285	*	Interactive Intelligence, Inc		171
	34,783	*	Internap Network Services Corp		163
	21,159	*	Internet Brands, Inc (Class A)		166
	32,107	*	Internet Capital Group, Inc		214
	376,254	*	Interpublic Group of Cos, Inc		2,777
	252,060	*	Intuit, Inc		7,741
	23,825	*	inVentiv Health, Inc		385
	36,908		Ipass, Inc		38
	140,177	*	Iron Mountain, Inc		3,190
	64,362		Jack Henry & Associates, Inc		1,488
	18,698	*	JDA Software Group, Inc		476
	404,788	*	Juniper Networks, Inc		10,796
	20,372		Kelly Services, Inc (Class A)		243
	17,839	*	Kenexa Corp		233
	10,875		Keynote Systems, Inc		119
	21,985	*	Kforce, Inc		275
	19,259	*	Knot, Inc		194
	34,304	*	Korn/Ferry International		566
	43,697	*	Lamar Advertising Co (Class A)		1,359
	99,271	*	Lawson Software, Inc		660
	21,868	*	Limelight Networks, Inc		86
	44,720	*	Lionbridge Technologies		103
	10,323	*	Liquidity Services, Inc		104
	31,275	*	Liveperson, Inc		218
	7,000	*	LogMeIn, Inc		140
	19,563	*	Manhattan Associates, Inc		470
	60,033		Manpower, Inc		3,277
	18,898	*	Mantech International Corp (Class A)		912
	16,386		Marchex, Inc (Class B)		83
	66,277		Mastercard, Inc (Class A)		16,965
	120,113	*	McAfee, Inc		4,873
	8,500	*	Medidata Solutions, Inc		133
	72,751	*	Mentor Graphics Corp		642
	5,983,277		Microsoft Corp		182,431
	6,831	*	MicroStrategy, Inc (Class A)		642
	33,165	*	ModusLink Global Solutions, Inc		312
	62,930	*	MoneyGram International, Inc		181
	17,209	*	Monotype Imaging Holdings, Inc		155
	96,312	*	Monster Worldwide, Inc		1,676
	147,016		Moody’s Corp		3,940
	117,341	*	Move, Inc		195
	71,559	*	MPS Group, Inc		983
	7,188	*	NCI, Inc (Class A)		199
	122,276	*	NCR Corp		1,361
	24,391	*	Ness Technologies, Inc		120

260

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	32,422	*	NetFlix, Inc	$	1,788
	21,523	*	Netscout Systems, Inc		315
	12,764	*	NetSuite, Inc		204
	22,651	*	Network Equipment Technologies, Inc		92
	38,877		NIC, Inc		355
	263,166	*	Novell, Inc		1,092
	177,541	*	Nuance Communications, Inc		2,759
	240,592		Omnicom Group, Inc		9,418
	25,372	*	On Assignment, Inc		181
	14,464	*	Online Resources Corp		76
	2,386	*	OpenTable, Inc		61
	9,552		Opnet Technologies, Inc		116
	2,962,566		Oracle Corp		72,702
	90,859	*	Parametric Technology Corp		1,485
	14,951		PC-Tel, Inc		89
	10,922		Pegasystems, Inc		371
	20,679	*	Perficient, Inc		174
	12,149	*	Pervasive Software, Inc		59
	35,033	*	Phase Forward, Inc		538
	19,353	*	Phoenix Technologies Ltd		53
	13,016	*	Portfolio Recovery Associates, Inc		584
	46,371	*	Premiere Global Services, Inc		383
	31,976	*	Progress Software Corp		934
	14,689	*	PROS Holdings, Inc		152
	8,302		QAD, Inc		51
	18,284		Quality Systems, Inc		1,148
	52,171	*	Quest Software, Inc		960
	50,966	*	Rackspace Hosting, Inc		1,063
	21,037	*	Radiant Systems, Inc		219
	15,185	*	Radisys Corp		145
	82,046	*	Raser Technologies, Inc		102
	72,153	*	RealNetworks, Inc		268
	145,532	*	Red Hat, Inc		4,497
	5,893		Renaissance Learning, Inc		67
	53,565	*	Rent-A-Center, Inc		949
	5,075		Rewards Network, Inc		64
	20,163	*	RightNow Technologies, Inc		350
	16,664	*	Riskmetrics Group Inc		265
	116,240		Robert Half International, Inc		3,107
	33,789		Rollins, Inc		651
	4,798	*	Rosetta Stone, Inc		86
	34,156	*	RSC Holdings, Inc		240
	41,988	*	S1 Corp		274
	18,173	*	Saba Software, Inc		75
	84,213	*	Salesforce.com, Inc		6,212
	70,737	*	Sapient Corp		585

261

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	20,806	*	Smith Micro Software, Inc	$	190
	23,020	*	Sohu.com, Inc		1,319
	9,112	*	SolarWinds, Inc		210
	45,445	*	SonicWALL, Inc		346
	165,491	*	Sonus Networks, Inc		349
	51,448		Sotheby’s (Class A)		1,157
	20,938	*	Sourcefire, Inc		560
	42,038	*	Spherion Corp		236
	31,079	*	SRA International, Inc (Class A)		594
	9,634	*	StarTek, Inc		72
	14,356	*	Stratasys, Inc		248
	35,828	*	SuccessFactors, Inc		594
	575,173	*	Sun Microsystems, Inc		5,389
	32,388	*	SupportSoft, Inc		86
	64,953	*	Sybase, Inc		2,819
	26,699	*	SYKES Enterprises, Inc		680
	639,809	*	Symantec Corp		11,446
	17,694	*	Synchronoss Technologies, Inc		280
	14,793	*	SYNNEX Corp		454
	112,895	*	Synopsys, Inc		2,515
	9,061		Syntel, Inc		345
	61,427		Take-Two Interactive Software, Inc		617
	11,400		TAL International Group, Inc		151
	30,543	*	Taleo Corp (Class A)		718
	5,765	*	TechTarget, Inc		32
	26,717	*	TeleTech Holdings, Inc		535
	7,088		Textainer Group Holdings Ltd		120
	48,928	*	THQ, Inc		247
	137,923	*	TIBCO Software, Inc		1,328
	13,125	*	Tier Technologies, Inc		105
	19,243	*	TNS, Inc		494
	124,011		Total System Services, Inc		2,142
	25,593	*	TradeStation Group, Inc		202
	4,369	*	Travelzoo, Inc		54
	37,265	*	TrueBlue, Inc		552
	17,682	*	Ultimate Software Group, Inc		519
	6,599	*	Unica Corp		51
	32,818	*	Unisys Corp		1,265
	61,183		United Online, Inc		440
	49,976	*	United Rentals, Inc		490
	68,260	*	Valueclick, Inc		691
	19,828	*	Vasco Data Security International		124
	149,625	*	VeriSign, Inc		3,626
	15,178		Viad Corp		313
	5,940	*	Virtusa Corp		54
	348,821		Visa, Inc (Class A)		30,508

262

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	39,323	*	VMware, Inc (Class A)	$	1,667
	11,624	*	Vocus, Inc		209
	12,149	*	Volt Information Sciences, Inc		121
	42,000	*	WebMD Health Corp (Class A)		1,617
	33,540	*	Websense, Inc		586
	19,543	*	Website Pros, Inc		128
	920,677	*	Yahoo!, Inc		15,449
			TOTAL BUSINESS SERVICES		775,298
CHEMICALS AND ALLIED PRODUCTS - 11.48%
	1,197,975		Abbott Laboratories		64,679
	4,621	*	Abraxis Bioscience, Inc		187
	29,951	*	Acorda Therapeutics, Inc		755
	6,188	*	Acura Pharmaceuticals, Inc		33
	33,118	*	Adolor Corp		48
	163,723		Air Products & Chemicals, Inc		13,272
	17,349	*	Albany Molecular Research, Inc		158
	71,187		Albemarle Corp		2,589
	68,218		Alberto-Culver Co		1,998
	68,970	*	Alexion Pharmaceuticals, Inc		3,367
	70,988	*	Alkermes, Inc		668
	63,430	*	Allos Therapeutics, Inc		417
	27,380	*	Alnylam Pharmaceuticals, Inc		482
	13,595	*	AMAG Pharmaceuticals, Inc		517
	48,382	*	American Oriental Bioengineering, Inc		225
	18,079		American Vanguard Corp		150
	786,841	*	Amgen, Inc		44,512
	11,531	*	Amicus Therapeutics, Inc		46
	20,784		Arch Chemicals, Inc		642
	10,757	*	Ardea Biosciences, Inc		151
	86,496	*	Arena Pharmaceuticals, Inc		307
	31,352	*	Arqule, Inc		116
	33,623	*	Array Biopharma, Inc		94
	15,509	*	ARYx Therapeutics, Inc		50
	35,727	*	Auxilium Pharmaceuticals, Inc		1,071
	47,282	*	AVANIR Pharmaceuticals, Inc		90
	86,115		Avery Dennison Corp		3,142
	59,505	*	AVI BioPharma, Inc		87
	330,148		Avon Products, Inc		10,400
	14,060		Balchem Corp		471
	22,254	*	BioCryst Pharmaceuticals, Inc		144
	7,894	*	Biodel, Inc		34
	6,953	*	BioDelivery Sciences International, Inc		27
	223,761	*	Biogen Idec, Inc		11,971
	76,417	*	BioMarin Pharmaceuticals, Inc		1,437
	8,360	*	BioMimetic Therapeutics, Inc		100

263

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	2,885	*	Biospecifics Technologies Corp	$	85
	1,343,452		Bristol-Myers Squibb Co		33,922
	50,868		Cabot Corp		1,334
	17,732	*	Cadence Pharmaceuticals, Inc		171
	45,612	*	Calgon Carbon Corp		634
	20,927	*	Cambrex Corp		117
	5,883	*	Caraco Pharmaceutical Laboratories Ltd		36
	7,241	*	Cardiovascular Systems, Inc		33
	112,801		Celanese Corp (Series A)		3,621
	357,953	*	Celgene Corp		19,931
	356,715	*	Cell Therapeutics, Inc		407
	24,391	*	Celldex Therapeutics, Inc		114
	57,885	*	Cephalon, Inc		3,613
	36,971		CF Industries Holdings, Inc		3,356
	50,891	*	Charles River Laboratories International, Inc		1,715
	4,622		Chase Corp		55
	16,211	*	Chattem, Inc		1,512
	14,400	*	Chelsea Therapeutics International, Inc		39
	11,855	*	China Green Agriculture, Inc		174
	42,048	*	China Precision Steel, Inc		86
	5,689	*	China-Biotics, Inc		88
	55,000		Church & Dwight Co, Inc		3,325
	109,309		Clorox Co		6,668
	388,438		Colgate-Palmolive Co		31,910
	5,072	*	Cornerstone Therapeutics, Inc		31
	43,598	*	Cubist Pharmaceuticals, Inc		827
	47,886	*	Curis, Inc		156
	35,559	*	Cypress Bioscience, Inc		205
	38,318		Cytec Industries, Inc		1,396
	33,643	*	Cytokinetics, Inc		98
	30,280	*	Cytori Therapeutics, Inc		185
	88,349	*	Dendreon Corp		2,322
	58,878	*	Discovery Laboratories, Inc		37
	864,696		Dow Chemical Co		23,892
	700,502		Du Pont (E.I.) de Nemours & Co		23,586
	50,131	*	Durect Corp		124
	55,624		Eastman Chemical Co		3,351
	184,261		Ecolab, Inc		8,214
	786,241		Eli Lilly & Co		28,077
	17,426	*	Elizabeth Arden, Inc		252
	12,093	*	Emergent Biosolutions, Inc		164
	34,981	*	Enzon Pharmaceuticals, Inc		368
	87,061		Estee Lauder Cos (Class A)		4,210
	17,933	*	Facet Biotech Corp		315
	11,623	*	Female Health Co		55
	66,543		Ferro Corp		548

264

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	56,330		FMC Corp	$	3,141
	233,916	*	Forest Laboratories, Inc		7,511
	209,621	*	Genzyme Corp		10,274
	68,660	*	Geron Corp		381
	705,128	*	Gilead Sciences, Inc		30,518
	11,695	*	GTx, Inc		49
	36,079		H.B. Fuller Co		821
	45,558	*	Halozyme Therapeutics, Inc		267
	6,809		Hawkins, Inc		149
	86,421	*	Hemispherx Biopharma, Inc		48
	6,140	*	Hi-Tech Pharmacal Co, Inc		172
	124,815	*	Hospira, Inc		6,366
	141,340	*	Human Genome Sciences, Inc		4,325
	122,095		Huntsman Corp		1,378
	20,516		ICO, Inc		150
	17,140	*	Idenix Pharmaceuticals, Inc		37
	14,987	*	Idera Pharmaceuticals, Inc		77
	45,410	*	Idexx Laboratories, Inc		2,427
	57,358	*	Immucor, Inc		1,161
	38,313	*	Immunogen, Inc		301
	46,831	*	Impax Laboratories, Inc		637
	13,337		Innophos Holdings, Inc		307
	16,128		Innospec, Inc		163
	47,438	*	Inspire Pharmaceuticals, Inc		262
	9,091		Inter Parfums, Inc		111
	32,210	*	InterMune, Inc		420
	61,056		International Flavors & Fragrances, Inc		2,512
	62,562	*	Inverness Medical Innovations, Inc		2,597
	135,330	*	Invitrogen Corp		7,068
	29,249	*	Javelin Pharmaceuticals, Inc		38
	2,137,934		Johnson & Johnson		137,705
	11,905		Kaiser Aluminum Corp		495
	190,295	*	King Pharmaceuticals, Inc		2,335
	16,539		Koppers Holdings, Inc		503
	54,332	*	KV Pharmaceutical Co (Class A)		199
	14,893	*	Landec Corp		93
	7,363	*	Lannett Co, Inc		44
	87,765	*	Ligand Pharmaceuticals, Inc (Class B)		190
	52,468		Lubrizol Corp		3,828
	9,202		Mannatech, Inc		29
	40,693	*	MannKind Corp		356
	5,396	*	MAP Pharmaceuticals, Inc		51
	25,699		Martek Biosciences Corp		487
	40,166	*	Medicines Co		335
	44,203		Medicis Pharmaceutical Corp (Class A)		1,196
	9,661	*	Medifast, Inc		295

265

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	21,973	*	Medivation, Inc	$	827
	2,360,750		Merck & Co, Inc		86,261
	31,965		Meridian Bioscience, Inc		689
	44,376	*	Micromet, Inc		296
	26,053	*	MiddleBrook Pharmaceuticals, Inc		13
	14,800		Minerals Technologies, Inc		806
	12,466	*	Molecular Insight Pharmaceuticals, Inc		28
	37,892	*	Momenta Pharmaceuticals, Inc		478
	424,429		Monsanto Co		34,697
	122,851		Mosaic Co		7,338
	233,723	*	Mylan Laboratories, Inc		4,308
	18,274	*	Myriad Pharmaceuticals, Inc		92
	40,164	*	Nabi Biopharmaceuticals		197
	108,109		Nalco Holding Co		2,758
	8,950	*	Nanosphere, Inc		58
	41,255	*	NBTY, Inc		1,796
	26,156	*	Neurocrine Biosciences, Inc		71
	7,464	*	NeurogesX, Inc		58
	7,956		NewMarket Corp		913
	4,943		NL Industries, Inc		34
	69,550	*	Novavax, Inc		185
	34,351	*	NPS Pharmaceuticals, Inc		117
	8,067	*	Nutraceutical International Corp		100
	12,855	*	Obagi Medical Products, Inc		154
	63,038		Olin Corp		1,104
	23,303	*	OM Group, Inc		731
	32,453	*	Omnova Solutions, Inc		199
	3,003	*	OncoGenex Pharmaceutical, Inc		67
	48,332	*	Onyx Pharmaceuticals, Inc		1,418
	29,666	*	Opko Health, Inc		54
	22,266	*	Optimer Pharmaceuticals, Inc		251
	30,922	*	OraSure Technologies, Inc		157
	23,670	*	Orexigen Therapeutics, Inc		176
	44,755	*	OSI Pharmaceuticals, Inc		1,389
	12,630	*	Osiris Therapeutics, Inc		90
	21,868	*	OXiGENE, Inc		25
	102,451	*	Pactiv Corp		2,473
	24,948	*	Pain Therapeutics, Inc		134
	26,028	*	Par Pharmaceutical Cos, Inc		704
	42,468	*	Parexel International Corp		599
	97,967		PDL BioPharma, Inc		672
	60,547		Perrigo Co		2,412
	22,927		PetMed Express, Inc		404
	6,250,493		Pfizer, Inc		113,696
	16,121	*	Pharmasset, Inc		334
	22,253	*	PharMerica Corp		353

266

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	67,684	*	PolyOne Corp	$	506
	18,100	*	Poniard Pharmaceuticals, Inc		33
	15,548	*	Pozen, Inc		93
	126,967		PPG Industries, Inc		7,433
	238,735		Praxair, Inc		19,173
	32,300	*	Prestige Brands Holdings, Inc		254
	2,261,636		Procter & Gamble Co		137,122
	15,641	*	Progenics Pharmaceuticals, Inc		69
	27,360	*	Protalix BioTherapeutics, Inc		181
	39,281	*	Questcor Pharmaceuticals, Inc		187
	21,781	*	Quidel Corp		300
	6,770	*	Repros Therapeutics, Inc		5
	15,116	*	Revlon, Inc (Class A)		257
	37,713	*	Rockwood Holdings, Inc		889
	98,223		RPM International, Inc		1,997
	38,461	*	Salix Pharmaceuticals Ltd		977
	40,020	*	Santarus, Inc		185
	28,586	*	Sciclone Pharmaceuticals, Inc		67
	34,325		Scotts Miracle-Gro Co (Class A)		1,349
	36,251		Sensient Technologies Corp		953
	77,387		Sherwin-Williams Co		4,772
	19,701	*	SIGA Technologies, Inc		114
	95,097		Sigma-Aldrich Corp		4,805
	91,478	*	Solutia, Inc		1,162
	47,540	*	Spectrum Pharmaceuticals, Inc		211
	77,753	*	StemCells, Inc		98
	5,500		Stepan Co		356
	6,322	*	Sucampo Pharmaceuticals, Inc (Class A)		26
	44,629	*	SuperGen, Inc		117
	13,627	*	SurModics, Inc		309
	11,524	*	Synta Pharmaceuticals Corp		58
	41,591	*	Theravance, Inc		544
	21,072	*	Ulta Salon Cosmetics & Fragrance, Inc		383
	32,716	*	Unifi, Inc		127
	36,852	*	United Therapeutics Corp		1,940
	6,878	*	USANA Health Sciences, Inc		219
	93,574	*	USEC, Inc		360
	52,808	*	Valeant Pharmaceuticals International		1,679
	75,915		Valspar Corp		2,060
	30,018	*	Vanda Pharmaceuticals, Inc		337
	150,237	*	Vertex Pharmaceuticals, Inc		6,438
	26,873	*	Vical, Inc		88
	65,329	*	Viropharma, Inc		548
	10,000	*	Vitacost.com, Inc		104
	82,103	*	Watson Pharmaceuticals, Inc		3,252
	15,532		Westlake Chemical Corp		387

267

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	57,989	*	WR Grace & Co	$	1,470
	22,676	*	Xenoport, Inc		421
	26,437	*	Zymogenetics, Inc		169
			TOTAL CHEMICALS AND ALLIED PRODUCTS		1,081,905
COAL MINING - 0.29%
	93,494	*	Alpha Natural Resources, Inc		4,056
	125,706		Arch Coal, Inc		2,797
	23,500	*	Cloud Peak Energy, Inc		342
	139,379		Consol Energy, Inc		6,941
	80,098	*	International Coal Group, Inc		309
	21,382	*	James River Coal Co		396
	66,819		Massey Energy Co		2,807
	206,792		Peabody Energy Corp		9,349
	6,846	*	Westmoreland Coal Co		61
			TOTAL COAL MINING		27,058
COMMUNICATIONS - 4.33%
	9,532	*	AboveNet, Inc		620
	42,374		Adtran, Inc		956
	39,332		Alaska Communications Systems Group, Inc		314
	309,336	*	American Tower Corp (Class A)		13,366
	24,197	*	Anixter International, Inc		1,140
	84,372	*,m	AOL, Inc		1,964
	45,147	*	Aruba Networks, Inc		481
	4,579,698		AT&T, Inc		128,368
	6,765		Atlantic Tele-Network, Inc		372
	10,900	*	Audiovox Corp (Class A)		77
	37,143	*	Brightpoint, Inc		273
	182,467		Cablevision Systems Corp (Class A)		4,711
	20,132	*	Cbeyond Communications, Inc		317
	465,855		CBS Corp (Class B)		6,545
	27,491	*	Central European Media Enterprises Ltd (Class A)		649
	229,791		CenturyTel, Inc		8,321
	168,115	*	Cincinnati Bell, Inc		580
	48,356	*	Clearwire Corp (Class A)		327
	2,229,929		Comcast Corp (Class A)		37,598
	15,026		Consolidated Communications Holdings, Inc		263
	225,342	*	Crown Castle International Corp		8,797
	13,062	*	Crown Media Holdings, Inc (Class A)		19
	27,453	*	CTC Media, Inc		409
	17,694	*	DG FastChannel, Inc		494
	11,283	*	DigitalGlobe, Inc		273
	761,442	*	DIRECTV		25,394
	159,079		DISH Network Corp (Class A)		3,304
	29,100	*	Equinix, Inc		3,089

268

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	5,404		Fisher Communications, Inc	$	88
	249,723		Frontier Communications Corp		1,950
	38,028	*	General Communication, Inc (Class A)		243
	16,043	*	GeoEye, Inc		447
	23,031	*	Global Crossing Ltd		328
	63,116		Global Payments, Inc		3,399
	10,027		HickoryTech Corp		89
	6,874	*	Hughes Communications, Inc		179
	74,558	*	IAC/InterActiveCorp		1,527
	19,932	*	inContact, Inc		58
	28,194		Iowa Telecommunications Services, Inc		473
	34,679	*	j2 Global Communications, Inc		706
	18,344	*	Knology, Inc		201
	51,889	*	Leap Wireless International, Inc		911
	1,248,110	*	Level 3 Communications, Inc		1,910
	204,161	*	Liberty Global, Inc (Class A)		4,473
	62,143	*	Liberty Media Corp - Capital (Series A)		1,484
	40,282	*	Liberty Media Corp-Starz		1,859
	466,171	*	Liberty Media Holding Corp (Interactive A)		5,053
	29,608	*	Lin TV Corp (Class A)		132
	14,920	*	Lodgenet Entertainment Corp		83
	39,968	*	Mastec, Inc		500
	36,987	*	Mediacom Communications Corp (Class A)		165
	196,534	*	MetroPCS Communications, Inc		1,500
	55,661	*	NeuStar, Inc (Class A)		1,282
	25,073	*	Neutral Tandem, Inc		570
	127,947	*	NII Holdings, Inc (Class B)		4,296
	26,247	*	Novatel Wireless, Inc		209
	23,518		NTELOS Holdings Corp		419
	89,041	*	PAETEC Holding Corp		370
	1,801		Preformed Line Products Co		79
	1,129,855		Qwest Communications International, Inc		4,757
	27,120	*	RCN Corp		294
	26,729	*	SAVVIS, Inc		376
	89,246	*	SBA Communications Corp (Class A)		3,049
	18,151		Shenandoah Telecom Co		369
	34,573		Sinclair Broadcast Group, Inc (Class A)		139
	2,212,888	*	Sprint Nextel Corp		8,099
	10,917	*	SureWest Communications		109
	14,575	*	Switch & Data Facilities Co, Inc		295
	58,380	*	Syniverse Holdings, Inc		1,020
	29,873	*	TeleCommunication Systems, Inc (Class A)		289
	72,845		Telephone & Data Systems, Inc		2,471
	40,863	*	Terremark Worldwide, Inc		280
	272,112		Time Warner Cable, Inc		11,263
	84,201	*	TiVo, Inc		857

269

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	12,229	*	US Cellular Corp	$	519
	18,421		USA Mobility, Inc		203
	2,205,939		Verizon Communications, Inc		73,082
	422,253	*	Viacom, Inc (Class B)		12,554
	345,334		Windstream Corp		3,795
			TOTAL COMMUNICATIONS		407,824
DEPOSITORY INSTITUTIONS - 6.54%
	11,459		1st Source Corp		184
	17,560		Abington Bancorp, Inc		121
	3,251		Alliance Financial Corp		88
	4,510		American National Bankshares, Inc		99
	8,026		Ameris Bancorp		57
	4,648		Ames National Corp		98
	6,527		Arrow Financial Corp		163
	100,185		Associated Banc-Corp		1,103
	70,950		Astoria Financial Corp		882
	1,876		Auburn National Bancorporation, Inc		37
	5,016		Bancfirst Corp		186
	19,277		Banco Latinoamericano de Exportaciones S.A. (Class E)		268
	2,914		Bancorp Rhode Island, Inc		75
	65,819		Bancorpsouth, Inc		1,544
	41,404		Bank Mutual Corp		287
	6,716,569		Bank of America Corp		101,152
	37,476		Bank of Hawaii Corp		1,764
	2,380		Bank of Kentucky Financial Corp		45
	3,864		Bank of Marin Bancorp		126
	928,746		Bank of New York Mellon Corp		25,977
	11,948		Bank of the Ozarks, Inc		350
	17,629		BankFinancial Corp		175
	8,647		Banner Corp		23
	2,271		Bar Harbor Bankshares		62
	533,448		BB&T Corp		13,534
	23,421	*	Beneficial Mutual Bancorp, Inc		230
	10,481		Berkshire Hills Bancorp, Inc		217
	16,813		BOK Financial Corp		799
	70,242		Boston Private Financial Holdings, Inc		405
	4,741		Bridge Bancorp, Inc		114
	48,082		Brookline Bancorp, Inc		476
	4,771		Bryn Mawr Bank Corp		72
	5,527		Camden National Corp		181
	9,158		Capital City Bank Group, Inc		127
	16,284		Capitol Federal Financial		512
	18,053		Cardinal Financial Corp		158
	6,400		Cass Information Systems, Inc		195
	49,847		Cathay General Bancorp		376

270

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	9,062		Center Bancorp, Inc	$	81
	6,947		Centerstate Banks of Florida, Inc		70
	24,035	*	Central Pacific Financial Corp		31
	2,883		Century Bancorp, Inc		64
	16,601		Chemical Financial Corp		391
	5,074	*	Chicopee Bancorp, Inc		63
	11,816,506		Citigroup, Inc		39,113
	6,398		Citizens & Northern Corp		61
	3,016		Citizens Holding Co		68
	54,766	*	Citizens Republic Bancorp, Inc		38
	12,921		City Holding Co		418
	32,999		City National Corp		1,505
	8,907		Clifton Savings Bancorp, Inc		83
	6,672		CNB Financial Corp		107
	21,290		CoBiz, Inc		101
	21,548		Columbia Banking System, Inc		349
	115,773		Comerica, Inc		3,423
	49,935		Commerce Bancshares, Inc		1,933
	25,190		Community Bank System, Inc		486
	11,562		Community Trust Bancorp, Inc		283
	40,626		Cullen/Frost Bankers, Inc		2,031
	67,239		CVB Financial Corp		581
	19,824		Dime Community Bancshares		232
	17,386	*	Dollar Financial Corp		411
	7,486	*	Eagle Bancorp, Inc		78
	76,490		East West Bancorp, Inc		1,209
	3,785		Enterprise Bancorp, Inc		41
	5,234		Enterprise Financial Services Corp		40
	6,988		ESB Financial Corp		92
	12,436		ESSA Bancorp, Inc		146
	36,402	*	Euronet Worldwide, Inc		799
	4,534		Farmers Capital Bank Corp		46
	610,412		Fifth Third Bancorp		5,952
	7,979		Financial Institutions, Inc		94
	9,860		First Bancorp		138
	78,912		First Bancorp (Puerto Rico)		181
	6,485		First Bancorp, Inc		100
	16,258		First Busey Corp		63
	5,016		First Citizens Bancshares, Inc (Class A)		823
	65,852		First Commonwealth Financial Corp		306
	6,565		First Community Bancshares, Inc		79
	6,428		First Defiance Financial Corp		73
	39,758		First Financial Bancorp		579
	16,578		First Financial Bankshares, Inc		899
	8,954		First Financial Corp		273
	8,300		First Financial Holdings, Inc		108

271

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	16,505		First Financial Northwest, Inc	$	108
	2,916		First Financial Service Corp		26
	170,188	*	First Horizon National Corp		2,281
	12,330		First Merchants Corp		73
	45,233		First Midwest Bancorp, Inc		493
	145,587		First Niagara Financial Group, Inc		2,025
	4,191		First of Long Island Corp		106
	5,157		First South Bancorp, Inc		53
	65,561		FirstMerit Corp		1,320
	31,002	*	Flagstar Bancorp, Inc		19
	19,779		Flushing Financial Corp		223
	87,796		FNB Corp		596
	4,305	*	Fox Chase Bancorp, Inc		41
	139,518		Fulton Financial Corp		1,217
	8,476		German American Bancorp, Inc		138
	46,200		Glacier Bancorp, Inc		634
	7,809		Great Southern Bancorp, Inc		167
	40,600	*	Guaranty Bancorp		54
	13,866		Hampton Roads Bankshares, Inc		24
	22,696		Hancock Holding Co		994
	42,413		Harleysville National Corp		273
	10,342		Heartland Financial USA, Inc		148
	4,346	*	Heritage Financial Corp		60
	6,749	*	Home Bancorp, Inc		82
	13,542		Home Bancshares, Inc		326
	12,641		Home Federal Bancorp, Inc		168
	363,114		Hudson City Bancorp, Inc		4,986
	567,359		Huntington Bancshares, Inc		2,071
	16,966		IBERIABANK Corp		913
	17,904		Independent Bank Corp		374
	40,567		International Bancshares Corp		768
	37,852	*	Investors Bancorp, Inc		414
	2,917,497		JPMorgan Chase & Co		121,573
	14,732		Kearny Financial Corp		148
	679,791		Keycorp		3,773
	13,792		Lakeland Bancorp, Inc		88
	8,565		Lakeland Financial Corp		148
	5,980		Legacy Bancorp, Inc		59
	60,349		M&T Bank Corp		4,037
	11,504		MainSource Financial Group, Inc		55
	405,911		Marshall & Ilsley Corp		2,212
	38,744		MB Financial, Inc		764
	3,784		Merchants Bancshares, Inc		86
	7,250	*	Meridian Interstate Bancorp, Inc		63
	3,556		Midsouth Bancorp, Inc		49
	25,640		Nara Bancorp, Inc		291

272

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	1,893		NASB Financial, Inc	$	44
	5,351		National Bankshares, Inc		151
	97,609		National Penn Bancshares, Inc		565
	27,027		NBT Bancorp, Inc		551
	24,010	*	Net 1 UEPS Technologies, Inc		467
	327,283		New York Community Bancorp, Inc		4,749
	85,685		NewAlliance Bancshares, Inc		1,029
	4,865		Northeast Community Bancorp, Inc		32
	187,499		Northern Trust Corp		9,825
	14,313		Northfield Bancorp, Inc		194
	4,676		Northrim BanCorp, Inc		79
	41,213		Northwest Bancshares, Inc		467
	1,433		Norwood Financial Corp		41
	6,098		OceanFirst Financial Corp		69
	3,056		Ohio Valley Banc Corp		67
	67,288		Old National Bancorp		836
	9,237		Old Second Bancorp, Inc		64
	22,798		Oriental Financial Group, Inc		246
	8,236		Oritani Financial Corp		113
	3,841		Orrstown Financial Services, Inc		134
	33,369		Pacific Capital Bancorp		32
	7,335		Pacific Continental Corp		84
	22,250		PacWest Bancorp		448
	9,214		Park National Corp		543
	6,295		Peapack Gladstone Financial Corp		80
	2,964		Penns Woods Bancorp, Inc		96
	3,548	*	Pennsylvania Commerce Bancorp, Inc		45
	6,808		Peoples Bancorp, Inc		66
	2,916		Peoples Financial Corp		59
	271,285		People’s United Financial, Inc		4,530
	25,469	*	Pinnacle Financial Partners, Inc		362
	357,144		PNC Financial Services Group, Inc		18,854
	494,295		Popular, Inc		1,117
	15,240		Premierwest Bancorp		22
	39,968		PrivateBancorp, Inc		359
	37,342		Prosperity Bancshares, Inc		1,511
	45,191		Provident Financial Services, Inc		481
	30,181		Provident New York Bancorp		255
	2,997		Prudential Bancorp, Inc of Pennsylvania		29
	896,118		Regions Financial Corp		4,740
	15,054		Renasant Corp		205
	6,104		Republic Bancorp, Inc (Class A)		126
	5,918	*	Republic First Bancorp, Inc		25
	6,115		Rockville Financial, Inc		64
	7,271		Roma Financial Corp		90
	20,998		S&T Bancorp, Inc		357

273

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	8,198		S.Y. Bancorp, Inc	$	175
	11,917		Sandy Spring Bancorp, Inc		106
	4,873	*	Santander BanCorp		60
	9,604		SCBT Financial Corp		266
	6,171		Shore Bancshares, Inc		89
	3,786		Sierra Bancorp		29
	31,262	*	Signature Bank		997
	9,660		Simmons First National Corp (Class A)		269
	11,251		Smithtown Bancorp, Inc		67
	102,277		South Financial Group, Inc		66
	9,217		Southside Bancshares, Inc		181
	9,257		Southwest Bancorp, Inc		64
	10,282		State Bancorp, Inc		73
	384,212		State Street Corp		16,729
	16,183		StellarOne Corp		161
	16,576		Sterling Bancorp		118
	66,597		Sterling Bancshares, Inc		342
	40,780		Sterling Financial Corp		25
	7,140		Suffolk Bancorp		212
	9,646	*	Sun Bancorp, Inc		36
	387,843		SunTrust Banks, Inc		7,869
	63,735		Susquehanna Bancshares, Inc		375
	31,722	*	SVB Financial Group		1,322
	339,634		Synovus Financial Corp		696
	98,460		TCF Financial Corp		1,341
	9,400	*	Territorial Bancorp, Inc		170
	27,236	*	Texas Capital Bancshares, Inc		380
	67,219		TFS Financial Corp		816
	7,985	*	The Bancorp, Inc		55
	6,413		Tompkins Trustco, Inc		260
	2,692		Tower Bancorp, Inc		62
	14,640		TowneBank		171
	9,919		Trico Bancshares		165
	62,026		Trustco Bank Corp NY		391
	47,449		Trustmark Corp		1,070
	24,432		UMB Financial Corp		961
	66,824		Umpqua Holdings Corp		896
	8,916		Union Bankshares Corp		110
	30,662		United Bankshares, Inc		612
	92,170		United Community Banks, Inc		312
	15,445		United Financial Bancorp, Inc		202
	4,738		United Security Bancshares		81
	9,080		Univest Corp of Pennsylvania		159
	1,476,049		US Bancorp		33,226
	118,769		Valley National Bancorp		1,678
	7,559		ViewPoint Financial Group		109

274

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	7,186		Washington Banking Co	$	86
	86,710		Washington Federal, Inc		1,677
	10,818		Washington Trust Bancorp, Inc		169
	7,507	*	Waterstone Financial, Inc		15
	52,669		Webster Financial Corp		625
	3,690,501		Wells Fargo & Co		99,607
	19,012		WesBanco, Inc		235
	11,970		West Bancorporation, Inc		59
	23,845		Westamerica Bancorporation		1,320
	56,187	*	Western Alliance Bancorp		212
	542,886		Western Union Co		10,233
	23,121		Westfield Financial, Inc		191
	75,084		Whitney Holding Corp		684
	4,209		Wilber Corp		30
	51,413		Wilmington Trust Corp		634
	9,638		Wilshire Bancorp, Inc		79
	17,249		Wintrust Financial Corp		531
	4,467		WSFS Financial Corp		114
	8,510		Yadkin Valley Financial Corp		31
	106,575		Zions Bancorporation		1,367
			TOTAL DEPOSITORY INSTITUTIONS		616,581
EATING AND DRINKING PLACES - 1.05%
	18,260	*	AFC Enterprises		149
	10,622	*	Benihana, Inc		40
	13,771	*	BJ’s Restaurants, Inc		259
	24,666		Bob Evans Farms, Inc		714
	78,146		Brinker International, Inc		1,166
	13,602	*	Buffalo Wild Wings, Inc		548
	86,018		Burger King Holdings, Inc		1,619
	20,543	*	California Pizza Kitchen, Inc		276
	8,099	*	Carrols Restaurant Group, Inc		57
	17,289		CBRL Group, Inc		657
	17,642	*	CEC Entertainment, Inc		563
	46,024	*	Cheesecake Factory		994
	24,449	*	Chipotle Mexican Grill, Inc (Class A)		2,155
	39,583		CKE Restaurants, Inc		335
	105,300		Darden Restaurants, Inc		3,693
	75,312	*	Denny’s Corp		165
	2,189	*	Diedrich Coffee, Inc		76
	13,678	*	DineEquity, Inc		332
	30,059	*	Domino’s Pizza, Inc		252
	1,620		Frisch’s Restaurants, Inc		39
	44,170	*	Jack in the Box, Inc		869
	39,822	*	Krispy Kreme Doughnuts, Inc		117
	8,401	*	Landry’s Restaurants, Inc		179

275

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	14,864	*	Luby’s, Inc	$	55
	11,950	*	McCormick & Schmick’s Seafood Restaurants, Inc		83
	856,505		McDonald’s Corp		53,479
	14,289	*	O’Charleys, Inc		94
	18,183	*	Papa John’s International, Inc		425
	18,084	*	PF Chang’s China Bistro, Inc		686
	11,853	*	Red Robin Gourmet Burgers, Inc		212
	58,476	*	Ruby Tuesday, Inc		421
	10,929	*	Ruth’s Chris Steak House, Inc		23
	45,772	*	Sonic Corp		461
	572,506	*	Starbucks Corp		13,202
	958	*	Steak N Shake Co		311
	37,299	*	Texas Roadhouse, Inc (Class A)		419
	282,986		Wendy’s/Arby’s Group, Inc (Class A)		1,327
	356,577		Yum! Brands, Inc		12,470
			TOTAL EATING AND DRINKING PLACES		98,922
EDUCATIONAL SERVICES - 0.20%
	13,862	*	American Public Education, Inc		476
	103,701	*	Apollo Group, Inc (Class A)		6,283
	5,600	*	Archipelago Learning, Inc		116
	10,806	*	Bridgepoint Education, Inc		162
	55,966	*	Career Education Corp		1,305
	23,045	*	ChinaCast Education Corp		174
	62,840	*	Corinthian Colleges, Inc		865
	48,586		DeVry, Inc		2,756
	17,800	*	Education Management Corp		392
	12,064	*	Grand Canyon Education, Inc		229
	29,475	*	ITT Educational Services, Inc		2,828
	18,366	*	K12, Inc		372
	6,272	*	Learning Tree International, Inc		75
	7,293	*	Lincoln Educational Services Corp		158
	9,555	*	Princeton Review, Inc		39
	11,133		Strayer Education, Inc		2,366
	19,401	*	Universal Technical Institute, Inc		392
			TOTAL EDUCATIONAL SERVICES		18,988
ELECTRIC, GAS, AND SANITARY SERVICES - 4.31%
	517,360	*	AES Corp		6,886
	60,416		AGL Resources, Inc		2,203
	129,395		Allegheny Energy, Inc		3,038
	22,911		Allete, Inc		749
	83,951		Alliant Energy Corp		2,540
	182,647		Ameren Corp		5,105
	14,202		American Ecology Corp		242
	369,975		American Electric Power Co, Inc		12,871

276

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	13,797		American States Water Co	$	489
	46,816		American Water Works Co, Inc		1,049
	104,679		Aqua America, Inc		1,833
	4,909		Artesian Resources Corp		90
	70,089		Atmos Energy Corp		2,061
	46,278		Avista Corp		999
	29,085		Black Hills Corp		775
	15,365		California Water Service Group		566
	256,909	*	Calpine Corp		2,826
	301,288		Centerpoint Energy, Inc		4,372
	10,819		Central Vermont Public Service Corp		225
	13,300		CH Energy Group, Inc		566
	8,826		Chesapeake Utilities Corp		283
	30,062	*	Clean Energy Fuels Corp		463
	17,301	*	Clean Harbors, Inc		1,031
	48,084		Cleco Corp		1,314
	171,136		CMS Energy Corp		2,680
	6,221		Connecticut Water Service, Inc		154
	213,598		Consolidated Edison, Inc		9,704
	10,306		Consolidated Water Co, Inc		147
	139,704		Constellation Energy Group, Inc		4,913
	99,005	*	Covanta Holding Corp		1,791
	28,820		Crosstex Energy, Inc		174
	458,412		Dominion Resources, Inc		17,842
	91,244		DPL, Inc		2,518
	126,157		DTE Energy Co		5,499
	1,002,912		Duke Energy Corp		17,260
	375,752	*	Dynegy, Inc (Class A)		680
	251,382		Edison International		8,743
	542,670		El Paso Corp		5,335
	35,119	*	El Paso Electric Co		712
	29,343		Empire District Electric Co		550
	54,955		Energen Corp		2,572
	57,426		EnergySolutions, Inc		488
	11,773	*	EnerNOC, Inc		358
	153,251		Entergy Corp		12,542
	513,069		Exelon Corp		25,075
	236,011		FirstEnergy Corp		10,963
	319,243		FPL Group, Inc		16,862
	103,717		Great Plains Energy, Inc		2,011
	68,666		Hawaiian Electric Industries, Inc		1,435
	36,600		Idacorp, Inc		1,169
	57,780		Integrys Energy Group, Inc		2,426
	38,559		ITC Holdings Corp		2,009
	18,300		Laclede Group, Inc		618
	140,890		MDU Resources Group, Inc		3,325

277

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	18,500		MGE Energy, Inc	$	661
	9,765		Middlesex Water Co		172
	110,337	*	Mirant Corp		1,685
	54,213		National Fuel Gas Co		2,711
	35,420		New Jersey Resources Corp		1,325
	34,619		Nicor, Inc		1,457
	208,593		NiSource, Inc		3,208
	132,666		Northeast Utilities		3,421
	21,251		Northwest Natural Gas Co		957
	30,516		NorthWestern Corp		794
	202,929	*	NRG Energy, Inc		4,791
	85,889		NSTAR		3,161
	176,210		NV Energy, Inc		2,181
	73,489		OGE Energy Corp		2,711
	80,701		Oneok, Inc		3,597
	15,003		Ormat Technologies, Inc		568
	29,407		Otter Tail Corp		729
	3,325		Pennichuck Corp		70
	168,153		Pepco Holdings, Inc		2,833
	39,942	*	Perma-Fix Environmental Services		91
	286,010		PG&E Corp		12,770
	17,372	*	Pico Holdings, Inc		569
	57,157		Piedmont Natural Gas Co, Inc		1,529
	12,323	*	Pike Electric Corp		114
	78,286		Pinnacle West Capital Corp		2,864
	64,221		PNM Resources, Inc		812
	60,898		Portland General Electric Co		1,243
	292,642		PPL Corp		9,455
	218,418		Progress Energy, Inc		8,957
	34,100	*	Progress Energy, Inc (CVO)		5
	393,768		Public Service Enterprise Group, Inc		13,093
	133,375		Questar Corp		5,544
	269,219	*	Reliant Energy, Inc		1,540
	249,547		Republic Services, Inc		7,065
	10,949		Resource America, Inc (Class A)		44
	94,530		SCANA Corp		3,562
	190,330		Sempra Energy		10,655
	10,436		SJW Corp		236
	24,251		South Jersey Industries, Inc		926
	609,975		Southern Co		20,325
	85,109		Southern Union Co		1,932
	34,400		Southwest Gas Corp		981
	16,033		Southwest Water Co		94
	65,915	*	Stericycle, Inc		3,637
	163,004		TECO Energy, Inc		2,644
	85,402		UGI Corp		2,066

278

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	26,118		UIL Holdings Corp	$	733
	27,775		Unisource Energy Corp		894
	11,594		Unitil Corp		266
	63,379		Vectren Corp		1,564
	63,647	*	Waste Connections, Inc		2,122
	381,725		Waste Management, Inc		12,906
	19,253	*	Waste Services, Inc		175
	82,396		Westar Energy, Inc		1,790
	38,725		WGL Holdings, Inc		1,299
	450,065		Williams Cos, Inc		9,488
	92,788		Wisconsin Energy Corp		4,624
	353,988		Xcel Energy, Inc		7,512
	9,006		York Water Co		129
			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		406,418
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 8.49%
	21,900	*	A123 Systems, Inc		491
	30,135	*	Acme Packet, Inc		331
	21,535	*	Actel Corp		256
	33,751		Acuity Brands, Inc		1,203
	82,321	*	Adaptec, Inc		276
	76,254	*	ADC Telecommunications, Inc		473
	25,828	*	Advanced Analogic Technologies, Inc		102
	49,842	*	Advanced Battery Technologies, Inc		199
	23,059	*	Advanced Energy Industries, Inc		348
	429,150	*	Advanced Micro Devices, Inc		4,154
	18,258	*	Airvana, Inc		139
	228,714		Altera Corp		5,176
	33,594	*	American Superconductor Corp		1,374
	84,768		Ametek, Inc		3,242
	86,945	*	Amkor Technology, Inc		623
	133,647		Amphenol Corp (Class A)		6,172
	47,982	*	Anadigics, Inc		202
	226,099		Analog Devices, Inc		7,140
	693,054	*	Apple Computer, Inc		146,138
	51,846	*	Applied Micro Circuits Corp		387
	12,026		Applied Signal Technology, Inc		232
	94,272	*	Arris Group, Inc		1,078
	23,979	*	Ascent Solar Technologies, Inc		127
	50,090	*	Atheros Communications, Inc		1,715
	341,960	*	Atmel Corp		1,576
	24,963	*	ATMI, Inc		465
	118,635	*	Avnet, Inc		3,578
	34,410		AVX Corp		436
	10,559	*	AZZ, Inc		345
	35,945		Baldor Electric Co		1,010

279

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	7,316		Bel Fuse, Inc (Class B)	$	157
	51,432	*	Benchmark Electronics, Inc		973
	24,403	*	BigBand Networks, Inc		84
	379,519	*	Broadcom Corp (Class A)		11,936
	19,382	*	Ceradyne, Inc		372
	14,775	*	Ceva, Inc		190
	27,817	*	Checkpoint Systems, Inc		424
	39,449	*	China BAK Battery, Inc		110
	36,073	*	China Security & Surveillance Technology, Inc		276
	4,300	*	China TransInfo Technology Corp		35
	70,799	*	Ciena Corp		767
	4,477,904	*	Cisco Systems, Inc		107,201
	21,353	*	Comtech Telecommunications Corp		748
	5,037	*	CPI International, Inc		67
	79,781	*	Cree, Inc		4,497
	23,637		CTS Corp		227
	12,848		Cubic Corp		479
	119,631	*	Cypress Semiconductor Corp		1,263
	10,171	*	DDi Corp		50
	24,448	*	Diodes, Inc		500
	40,199	*	Dolby Laboratories, Inc (Class A)		1,919
	21,955	*	DSP Group, Inc		124
	15,044	*	DTS, Inc		515
	128,054		Eaton Corp		8,146
	32,176	*	EchoStar Corp (Class A)		648
	23,062	*	Electro Scientific Industries, Inc		250
	52,713	*	EMCORE Corp		56
	10,542	*	EMS Technologies, Inc		153
	53,893	*	Energizer Holdings, Inc		3,303
	33,752	*	Energy Conversion Devices, Inc		357
	30,981	*	EnerSys		678
	41,562	*	Entropic Communications, Inc		128
	143,685	*	Evergreen Solar, Inc		217
	25,111	*	Exar Corp		179
	46,087	*	Exide Technologies		328
	95,996	*	Fairchild Semiconductor International, Inc		959
	39,969	*	First Solar, Inc		5,412
	19,315		Franklin Electric Co, Inc		562
	46,577	*	FuelCell Energy, Inc		175
	8,199,518		General Electric Co		124,058
	14,375	*	Globecomm Systems, Inc		112
	12,104	*	GP Strategies Corp		91
	92,133	*	GrafTech International Ltd		1,433
	16,954	*	Greatbatch, Inc		326
	13,134	*	GSI Technology, Inc		59
	23,300	*	GT Solar International, Inc		130

280

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	53,747		Harman International Industries, Inc	$	1,896
	68,074	*	Harmonic, Inc		431
	103,854		Harris Corp		4,938
	42,057	*	Harris Stratex Networks, Inc (Class A)		291
	21,557	*	Helen of Troy Ltd		527
	72,515	*	Hexcel Corp		941
	17,117	*	Hittite Microwave Corp		698
	21,588		Imation Corp		188
	67,383	*	Infinera Corp		598
	124,419	*	Integrated Device Technology, Inc		805
	4,336,880		Intel Corp		88,472
	34,659	*	InterDigital, Inc		920
	54,670	*	International Rectifier Corp		1,209
	94,162		Intersil Corp (Class A)		1,444
	17,746	*	IPG Photonics Corp		297
	12,510	*	iRobot Corp		220
	16,725		IXYS Corp		124
	161,842	*	JDS Uniphase Corp		1,335
	90,360		L-3 Communications Holdings, Inc		7,856
	81,127	*	Lattice Semiconductor Corp		219
	32,522		Lincoln Electric Holdings, Inc		1,739
	173,328		Linear Technology Corp		5,293
	17,104	*	Littelfuse, Inc		550
	8,072	*	Loral Space & Communications, Inc		255
	12,960		LSI Industries, Inc		102
	494,222	*	LSI Logic Corp		2,970
	401,742	*	Marvell Technology Group Ltd		8,336
	236,420		Maxim Integrated Products, Inc		4,799
	17,242	*	Maxwell Technologies, Inc		308
	172,909	*	MEMC Electronic Materials, Inc		2,355
	10,978	*	MEMSIC, Inc		36
	13,858	*	Mercury Computer Systems, Inc		153
	28,385		Methode Electronics, Inc		246
	40,439		Micrel, Inc		332
	143,138		Microchip Technology, Inc		4,160
	647,147	*	Micron Technology, Inc		6,834
	62,654	*	Microsemi Corp		1,112
	45,471	*	Microtune, Inc		103
	60,310	*	Microvision, Inc		191
	33,720	*	MIPS Technologies, Inc		147
	101,907		Molex, Inc		2,196
	25,869	*	Monolithic Power Systems, Inc		620
	36,229	*	Moog, Inc (Class A)		1,059
	1,775,323		Motorola, Inc		13,777
	6,600	*	Multi-Fineline Electronix, Inc		187
	3,938		National Presto Industries, Inc		430

281

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	178,658		National Semiconductor Corp	$	2,744
	257,999	*	NetApp, Inc		8,873
	15,686	*	Netlogic Microsystems, Inc		726
	77,389	*	Novellus Systems, Inc		1,806
	3,184	*	NVE Corp		132
	426,219	*	Nvidia Corp		7,962
	39,050	*	Omnivision Technologies, Inc		567
	321,621	*	ON Semiconductor Corp		2,833
	63,876	*	Openwave Systems, Inc		146
	15,398	*	Oplink Communications, Inc		252
	13,224	*	OpNext, Inc		25
	6,196	*	Orion Energy Systems, Inc		27
	10,891	*	OSI Systems, Inc		297
	18,452		Park Electrochemical Corp		510
	16,717	*	Parkervision, Inc		31
	19,298	*	Pericom Semiconductor Corp		223
	39,345	*	Photronics, Inc		175
	37,039		Plantronics, Inc		962
	31,345	*	Plexus Corp		893
	26,715	*	PLX Technology, Inc		86
	170,759	*	PMC - Sierra, Inc		1,479
	64,770	*	Polycom, Inc		1,617
	21,500	*	Polypore International, Inc		256
	5,761	*	Powell Industries, Inc		182
	20,115		Power Integrations, Inc		731
	51,516	*	Power-One, Inc		224
	96,435	*	Powerwave Technologies, Inc		122
	92,060	*	QLogic Corp		1,737
	1,283,466		Qualcomm, Inc		59,373
	80,610	*	Rambus, Inc		1,967
	11,399		Raven Industries, Inc		362
	26,941		Regal-Beloit Corp		1,399
	213,104	*	RF Micro Devices, Inc		1,017
	12,342	*	Rogers Corp		374
	9,394	*	Rubicon Technology, Inc		191
	38,773	*	SatCon Technology Corp		109
	21,571	*	Seachange International, Inc		142
	47,571	*	Semtech Corp		809
	31,292	*	ShoreTel, Inc		181
	56,384	*	Silicon Image, Inc		145
	34,296	*	Silicon Laboratories, Inc		1,658
	72,899	*	Silicon Storage Technology, Inc		187
	128,457	*	Skyworks Solutions, Inc		1,823
	35,494	*	Smart Modular Technologies WWH, Inc		223
	9,719	*	Spectrum Control, Inc		92
	18,903	*	Standard Microsystems Corp		393

282

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	10,374	*	Stoneridge, Inc	$	93
	74,060	*	Sunpower Corp (Class A)		1,754
	8,595	*	Supertex, Inc		256
	14,861		Sycamore Networks, Inc		311
	35,188	*	Symmetricom, Inc		183
	26,694	*	Synaptics, Inc		818
	38,313		Technitrol, Inc		168
	10,550	*	Techwell, Inc		139
	50,795	*	Tekelec		776
	30,469		Teleflex, Inc		1,642
	303,944	*	Tellabs, Inc		1,726
	36,930	*	Tessera Technologies, Inc		859
	991,216		Texas Instruments, Inc		25,831
	41,326	*	Thomas & Betts Corp		1,479
	40,125	*	Trident Microsystems, Inc		75
	121,131	*	Triquint Semiconductor, Inc		727
	32,309	*	TTM Technologies, Inc		373
	9,064	*	Ultralife Corp		39
	22,074	*	Universal Display Corp		273
	8,900	*	Universal Electronics, Inc		207
	42,939	*	US Geothermal, Inc		66
	87,200	*	Utstarcom, Inc		191
	36,704	*	Valence Technology, Inc		33
	56,829	*	Varian Semiconductor Equipment Associates, Inc		2,039
	20,875	*	Viasat, Inc		663
	12,845		Vicor Corp		119
	12,385	*	Virage Logic Corp		68
	138,523	*	Vishay Intertechnology, Inc		1,157
	18,190	*	Volterra Semiconductor Corp		348
	56,606		Whirlpool Corp		4,565
	14,174	*	White Electronic Designs Corp		66
	213,685		Xilinx, Inc		5,355
	47,197	*	Zix Corp		81
	19,213	*	Zoltek Cos, Inc		183
	42,064	*	Zoran Corp		466
			TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		800,553
ENGINEERING AND MANAGEMENT SERVICES - 0.67%
	19,818	*	Accelrys, Inc		114
	13,465	*	Advisory Board Co		413
	72,536	*	Aecom Technology Corp		1,995
	10,564	*	Affymax, Inc		261
	110,387	*	Amylin Pharmaceuticals, Inc		1,566
	68,338	*	Ariad Pharmaceuticals, Inc		156
	7,981		CDI Corp		103
	62,836	*	Celera Corp		434

283

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	16,785	*	comScore, Inc	$	295
	8,356	*	Cornell Cos, Inc		190
	27,057		Corporate Executive Board Co		617
	8,400	*	CRA International, Inc		224
	19,233		Diamond Management & Technology Consultants, Inc		142
	69,074	*	Dyax Corp		234
	35,238	*	eResearch Technology, Inc		212
	87,374	*	Exelixis, Inc		644
	11,236	*	Exponent, Inc		313
	139,160		Fluor Corp		6,269
	9,375	*	Franklin Covey Co		59
	25,764	*	Furmanite Corp		98
	47,841	*	Genpact Ltd		713
	40,128	*	Gen-Probe, Inc		1,721
	66,408	*	Hewitt Associates, Inc (Class A)		2,806
	17,074	*	Hill International, Inc		107
	16,505	*	Huron Consulting Group, Inc		380
	6,713	*	ICF International, Inc		180
	67,377	*	Incyte Corp		614
	14,237	*	Infinity Pharmaceuticals, Inc		88
	95,079	*	Insmed, Inc		73
	74,058	*	Isis Pharmaceuticals, Inc		822
	96,009	*	Jacobs Engineering Group, Inc		3,611
	122,850		KBR, Inc		2,334
	10,294	*	Kendle International, Inc		188
	7,375		Landauer, Inc		453
	60,298	*	Lexicon Pharmaceuticals, Inc		103
	34,898	*	Luminex Corp		521
	14,380		MAXIMUS, Inc		719
	16,427	*	Maxygen, Inc		100
	180,024	*	McDermott International, Inc		4,322
	7,039	*	Michael Baker Corp		291
	73,098	*	Myriad Genetics, Inc		1,908
	40,393	*	Navigant Consulting, Inc		600
	24,067	*	Omnicell, Inc		281
	249,691		Paychex, Inc		7,651
	47,888	*	Regeneron Pharmaceuticals, Inc		1,158
	21,650	*	Repligen Corp		89
	32,857	*	Resources Connection, Inc		697
	38,564	*	Rigel Pharmaceuticals, Inc		367
	38,631	*	RTI Biologics, Inc		148
	306,938	*	SAIC, Inc		5,813
	32,625	*	Sangamo Biosciences, Inc		193
	50,281	*	Savient Pharmaceuticals, Inc		684
	64,120	*	Seattle Genetics, Inc		651
	47,243	*	Sequenom, Inc		196

284

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	63,956	*	Shaw Group, Inc	$	1,839
	8,699	*	Stanley, Inc		238
	24,068	*	Symyx Technologies, Inc		132
	10,424	*	Tejon Ranch Co		305
	47,935	*	Tetra Tech, Inc		1,302
	4,824	*	Transcend Services, Inc		103
	63,697	*	URS Corp		2,836
	2,793		VSE Corp		126
	33,194		Watson Wyatt & Co Holdings (Class A)		1,578
			TOTAL ENGINEERING AND MANAGEMENT SERVICES		63,380
FABRICATED METAL PRODUCTS - 0.57%
	23,834	*	Alliant Techsystems, Inc		2,104
	7,062		Ameron International Corp		448
	52,516		Aptargroup, Inc		1,877
	73,622		Ball Corp		3,806
	5,100	*	Bway Holding Co		98
	23,060	*	Chart Industries, Inc		382
	12,832		CIRCOR International, Inc		323
	86,134		Commercial Metals Co		1,348
	38,327		Crane Co		1,174
	124,193	*	Crown Holdings, Inc		3,177
	12,440		Dynamic Materials Corp		249
	37,869	*	Griffon Corp		463
	9,089		Gulf Island Fabrication, Inc		191
	4,401	*	Hawk Corp		78
	348,334		Illinois Tool Works, Inc		16,717
	10,094		Insteel Industries, Inc		131
	9,968	*	Ladish Co, Inc		150
	25,129	*	Mobile Mini, Inc		354
	119,077		Mueller Water Products, Inc (Class A)		619
	15,669	*	NCI Building Systems, Inc		28
	9,775	*	North American Galvanizing & Coating, Inc		47
	124,907		Parker Hannifin Corp		6,730
	75,224		Pentair, Inc		2,430
	26,576		Quanex Building Products Corp		451
	21,540		Silgan Holdings, Inc		1,247
	29,264		Simpson Manufacturing Co, Inc		787
	5,034	*	SmartHeat, Inc		73
	40,347	*	Smith & Wesson Holding Corp		165
	43,917		Snap-On, Inc		1,856
	61,499		Stanley Works		3,168
	14,503		Sturm Ruger & Co, Inc		141
	7,928		Sun Hydraulics Corp		208
	44,785	*	Taser International, Inc		196

285

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	9,351	*	Trimas Corp	$	63
	16,165		Valmont Industries, Inc		1,268
	23,144		Watts Water Technologies, Inc (Class A)		716
			TOTAL FABRICATED METAL PRODUCTS		53,263
FISHERIES - 0.00%**
	5,153	*	HQ Sustainable Maritime Industries, Inc		36
			TOTAL FISHERIES		36
FOOD AND KINDRED PRODUCTS - 3.86%
	20,643	*	AgFeed Industries, Inc		103
	6,818	*	American Dairy, Inc		148
	16,175	*	American Italian Pasta Co		563
	498,850		Archer Daniels Midland Co		15,619
	22,577		B&G Foods, Inc (Class A)		207
	6,482	*	Boston Beer Co, Inc (Class A)		302
	104,292		Bunge Ltd		6,657
	155,411		Campbell Soup Co		5,253
	51,442	*	Central Garden and Pet Co (Class A)		511
	4,202		Coca-Cola Bottling Co Consolidated		227
	1,797,195		Coca-Cola Co		102,441
	236,657		Coca-Cola Enterprises, Inc		5,017
	346,726		ConAgra Foods, Inc		7,992
	145,538	*	Constellation Brands, Inc (Class A)		2,318
	57,268		Corn Products International, Inc		1,674
	60,640	*	Darling International, Inc		508
	151,457		Del Monte Foods Co		1,718
	14,403		Diamond Foods, Inc		512
	197,400		Dr Pepper Snapple Group, Inc		5,586
	5,320		Farmer Bros Co		105
	60,388		Flowers Foods, Inc		1,435
	256,577		General Mills, Inc		18,168
	243,707		H.J. Heinz Co		10,421
	53,236	*	Hansen Natural Corp		2,044
	7,067	*	Harbinger Group, Inc		50
	119,986		Hershey Co		4,294
	55,510		Hormel Foods Corp		2,134
	8,158		Imperial Sugar Co		142
	11,326		J&J Snack Foods Corp		453
	92,875		J.M. Smucker Co		5,735
	197,825		Kellogg Co		10,524
	1,145,501		Kraft Foods, Inc (Class A)		31,136
	15,418		Lancaster Colony Corp		766
	23,149		Lance, Inc		609
	3,603	*	Lifeway Foods, Inc		43
	8,556	*	M&F Worldwide Corp		338

286

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	9,400	*	Matrixx Initiatives, Inc	$	40
	101,909		McCormick & Co, Inc		3,682
	158,700		Mead Johnson Nutrition Co		6,935
	99,412		Molson Coors Brewing Co (Class B)		4,489
	5,604	*	National Beverage Corp		78
	13,326	*	Omega Protein Corp		58
	12,378	*	Overhill Farms, Inc		60
	12,195	*	Peet’s Coffee & Tea, Inc		406
	107,664		Pepsi Bottling Group, Inc		4,037
	44,594		PepsiAmericas, Inc		1,305
	1,208,697		PepsiCo, Inc		73,490
	44,601	*	Ralcorp Holdings, Inc		2,663
	131,096		Reynolds American, Inc		6,944
	16,068		Sanderson Farms, Inc		677
	533,701		Sara Lee Corp		6,500
	7,792	*	Seneca Foods Corp		186
	53,670	*	Smart Balance, Inc		322
	108,127	*	Smithfield Foods, Inc		1,642
	19,889		Tootsie Roll Industries, Inc		545
	23,212	*	TreeHouse Foods, Inc		902
	230,818		Tyson Foods, Inc (Class A)		2,832
			TOTAL FOOD AND KINDRED PRODUCTS		363,546
FOOD STORES - 0.28%
	837		Arden Group, Inc (Class A)		80
	27,600	*	Dole Food Co, Inc		343
	34,215	*	Great Atlantic & Pacific Tea Co, Inc		403
	8,163		Ingles Markets, Inc (Class A)		124
	507,140		Kroger Co		10,411
	22,448	*	Panera Bread Co (Class A)		1,504
	16,292	*	Pantry, Inc		221
	33,448		Ruddick Corp		861
	330,645		Safeway, Inc		7,039
	165,275		Supervalu, Inc		2,101
	5,570	*	Susser Holdings Corp		48
	4,652		Village Super Market (Class A)		127
	8,834		Weis Markets, Inc		321
	83,804	*	Whole Foods Market, Inc		2,300
	41,829	*	Winn-Dixie Stores, Inc		420
			TOTAL FOOD STORES		26,303
FORESTRY - 0.10%
	61,487		Rayonier, Inc		2,592
	163,714		Weyerhaeuser Co		7,063
			TOTAL FORESTRY		9,655

287

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
FURNITURE AND FIXTURES - 0.15%
	7,057	*	Astronics Corp	$	60
	18,783		Ethan Allen Interiors, Inc		252
	34,198	*	Furniture Brands International, Inc		187
	41,802		Herman Miller, Inc		668
	45,716		Hill-Rom Holdings, Inc		1,097
	33,809		HNI Corp		934
	7,413		Hooker Furniture Corp		92
	18,600		Kimball International, Inc (Class B)		158
	47,219	*	Kinetic Concepts, Inc		1,778
	53,628		La-Z-Boy, Inc		511
	119,468		Leggett & Platt, Inc		2,437
	281,044		Masco Corp		3,881
	57,367	*	Sealy Corp		181
	7,908	*	Stanley Furniture Co, Inc		80
	54,705		Steelcase, Inc (Class A)		348
	57,532	*	Tempur-Pedic International, Inc		1,360
			TOTAL FURNITURE AND FIXTURES		14,024
FURNITURE AND HOME FURNISHINGS STORES - 0.27%
	201,844	*	Bed Bath & Beyond, Inc		7,797
	262,529		Best Buy Co, Inc		10,358
	126,094	*	GameStop Corp (Class A)		2,767
	16,062		Haverty Furniture Cos, Inc		221
	9,008	*	hhgregg, Inc		198
	35,963		Knoll, Inc		371
	86,255	*	Pier 1 Imports, Inc		439
	95,926		RadioShack Corp		1,871
	6,400	*	Rex Stores Corp		90
	21,617	*	Tuesday Morning Corp		56
	71,873		Williams-Sonoma, Inc		1,494
			TOTAL FURNITURE AND HOME FURNISHINGS STORES		25,662
GENERAL BUILDING CONTRACTORS - 0.18%
	1,271	*	Amrep Corp		17
	3,890	*	Avatar Holdings, Inc		66
	36,219	*	Beazer Homes USA, Inc		175
	7,978		Brookfield Homes Corp		64
	4,557	*	Cavco Industries, Inc		164
	212,707		DR Horton, Inc		2,312
	65,648	*	Hovnanian Enterprises, Inc (Class A)		252
	58,687		KB Home		803
	114,490		Lennar Corp (Class A)		1,462
	16,303	*	M/I Homes, Inc		169
	17,708		McGrath RentCorp		396
	28,595		MDC Holdings, Inc		888

288

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	24,046	*	Meritage Homes Corp	$	465
	4,602	*	NVR, Inc		3,271
	20,289	*	Perini Corp		367
	256,906	*	Pulte Homes, Inc		2,569
	35,106		Ryland Group, Inc		692
	95,329	*	Standard-Pacific Corp		357
	13,336	*	Team, Inc		251
	103,635	*	Toll Brothers, Inc		1,948
			TOTAL GENERAL BUILDING CONTRACTORS		16,688
GENERAL MERCHANDISE STORES - 1.86%
	34,292	*	99 Cents Only Stores		448
	65,532	*	Big Lots, Inc		1,899
	44,967	*	BJ’s Wholesale Club, Inc		1,471
	39,621		Casey’s General Stores, Inc		1,265
	8,648	*	Conn’s, Inc		51
	335,924		Costco Wholesale Corp		19,877
	41,061		Dillard’s, Inc (Class A)		758
	26,300	*	Dollar General Corp		590
	109,043		Family Dollar Stores, Inc		3,035
	29,664		Fred’s, Inc (Class A)		303
	172,217		JC Penney Co, Inc		4,583
	327,288		Macy’s, Inc		5,485
	17,729	*	Retail Ventures, Inc		158
	95,426	*	Saks, Inc		626
	38,145	*	Sears Holdings Corp		3,183
	17,973	*	Stein Mart, Inc		192
	585,369		Target Corp		28,314
	320,904		TJX Companies, Inc		11,729
	1,717,027		Wal-Mart Stores, Inc		91,773
			TOTAL GENERAL MERCHANDISE STORES		175,740
HEALTH SERVICES - 1.30%
	18,580	*	Alliance Imaging, Inc		106
	34,529	*	Allied Healthcare International, Inc		100
	4,568	*	Almost Family, Inc		181
	21,596	*	Amedisys, Inc		1,049
	6,404		America Service Group, Inc		102
	9,851	*	American Dental Partners, Inc		127
	235,210		AmerisourceBergen Corp		6,132
	24,648	*	Amsurg Corp		543
	8,583	*	Assisted Living Concepts, Inc (A Shares)		226
	11,668	*	Bio-Reference Labs, Inc		457
	33,994		Brookdale Senior Living, Inc		618
	11,140	*	China Sky One Medical, Inc		253
	70,912	*	Community Health Systems, Inc		2,524

289

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	23,514	*	Continucare Corp	$	103
	6,016	*	Corvel Corp		202
	50,029	*	Covance, Inc		2,730
	114,216	*	Coventry Health Care, Inc		2,774
	22,090	*	Cross Country Healthcare, Inc		219
	27,223	*	CryoLife, Inc		175
	79,964	*	DaVita, Inc		4,697
	43,917	*	Edwards Lifesciences Corp		3,814
	17,698	*	eHealth, Inc		291
	14,234	*	Emeritus Corp		267
	6,373		Ensign Group, Inc		98
	18,855	*	Enzo Biochem, Inc		101
	212,740	*	Express Scripts, Inc		18,390
	11,423	*	Genomic Health, Inc		223
	15,633	*	Genoptix, Inc		555
	22,160	*	Gentiva Health Services, Inc		599
	18,744	*	Health Grades, Inc		80
	197,006	*	Health Management Associates, Inc (Class A)		1,432
	71,500	*	Healthsouth Corp		1,342
	28,116	*	Healthways, Inc		516
	54,649	*	Immunomedics, Inc		175
	11,925	*	IPC The Hospitalist Co, Inc		397
	29,869	*	Kindred Healthcare, Inc		551
	83,985	*	Laboratory Corp of America Holdings		6,285
	11,885	*	LCA-Vision, Inc		61
	14,598	*	LHC Group, Inc		491
	41,072	*	LifePoint Hospitals, Inc		1,335
	53,547	*	Lincare Holdings, Inc		1,988
	27,118	*	Magellan Health Services, Inc		1,105
	210,628		McKesson Corp		13,164
	11,469	*	Medcath Corp		91
	375,002	*	Medco Health Solutions, Inc		23,965
	6,892		National Healthcare Corp		249
	76,148	*	Nektar Therapeutics		710
	15,155	*	Nighthawk Radiology Holdings, Inc		69
	16,021	*	NovaMed, Inc		62
	25,907	*	Odyssey HealthCare, Inc		404
	93,450		Omnicare, Inc		2,260
	35,963	*	Pediatrix Medical Group, Inc		2,162
	81,765		Pharmaceutical Product Development, Inc		1,917
	43,029	*	Psychiatric Solutions, Inc		910
	120,648		Quest Diagnostics, Inc		7,285
	19,070	*	RehabCare Group, Inc		580
	26,000	*	Select Medical Holdings Corp		276
	15,881	*	Skilled Healthcare Group, Inc (Class A)		118
	40,332	*	Sun Healthcare Group, Inc		370

290

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	35,130	*	Sunrise Senior Living, Inc	$	113
	367,275	*	Tenet Healthcare Corp		1,980
	71,696		Universal Health Services, Inc (Class B)		2,187
	8,422	*	US Physical Therapy, Inc		143
	5,340	*	Virtual Radiologic Corp		69
			TOTAL HEALTH SERVICES		122,498
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.03%
	25,000	*	Broadwind Energy, Inc		202
	15,782	*	Comverge, Inc		177
	28,988		Granite Construction, Inc		975
	28,862		Great Lakes Dredge & Dock Corp		187
	7,262	*	LB Foster Co (Class A)		216
	23,922	*	Matrix Service Co		255
	13,261	*	MYR Group, Inc		240
	19,593	*	Orion Marine Group, Inc		413
	8,423	*	Sterling Construction Co, Inc		163
			TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		2,828
HOLDING AND OTHER INVESTMENT OFFICES - 2.98%
	30,272		Acadia Realty Trust		511
	31,920	*	Affiliated Managers Group, Inc		2,150
	5,860		Agree Realty Corp		136
	1,723		Alexander’s, Inc		525
	34,274		Alexandria Real Estate Equities, Inc		2,203
	151,445		Allied Capital Corp		547
	111,148		AMB Property Corp		2,840
	39,859		American Campus Communities, Inc		1,120
	10,063		American Capital Agency Corp		267
	12,511	*	Ampal American Israel (Class A)		34
	420,683		Annaly Mortgage Management, Inc		7,299
	87,436		Anworth Mortgage Asset Corp		612
	90,262		Apartment Investment & Management Co (Class A)		1,437
	59,957	*	Ashford Hospitality Trust, Inc		278
	10,813		Associated Estates Realty Corp		122
	61,892		AvalonBay Communities, Inc		5,082
	76,686		BioMed Realty Trust, Inc		1,210
	107,409		Boston Properties, Inc		7,204
	98,418		Brandywine Realty Trust		1,122
	39,170		BRE Properties, Inc (Class A)		1,296
	50,873		Camden Property Trust		2,155
	8,730	*	Cape Bancorp, Inc		59
	60,957		Capital Lease Funding, Inc		267
	2,167		Capital Southwest Corp		171
	53,489		Capstead Mortgage Corp		730
	9,676		Care Investment Trust, Inc		75

291

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	115,359		CBL & Associates Properties, Inc	$	1,116
	31,340		Cedar Shopping Centers, Inc		213
	5,581		Cherokee, Inc		99
	20,827		Cogdell Spencer, Inc		118
	51,371		Colonial Properties Trust		603
	11,100		Colony Financial, Inc		226
	43,764		Corporate Office Properties Trust		1,603
	56,829		Cousins Properties, Inc		434
	10,600	*	CreXus Investment Corp		148
	17,535		Danvers Bancorp, Inc		228
	158,800		DCT Industrial Trust, Inc		797
	125,504		Developers Diversified Realty Corp		1,162
	82,463		DiamondRock Hospitality Co		698
	58,071		Digital Realty Trust, Inc		2,920
	88,791		Douglas Emmett, Inc		1,265
	173,154		Duke Realty Corp		2,107
	9,022		Dynex Capital, Inc		79
	19,564		EastGroup Properties, Inc		749
	43,827		Education Realty Trust, Inc		212
	32,437		Entertainment Properties Trust		1,144
	19,482		Equity Lifestyle Properties, Inc		983
	26,061		Equity One, Inc		421
	212,864		Equity Residential		7,191
	22,577		Essex Property Trust, Inc		1,889
	62,323		Extra Space Storage, Inc		720
	46,343		Federal Realty Investment Trust		3,138
	66,474	*	FelCor Lodging Trust, Inc		239
	42,593		First Industrial Realty Trust, Inc		223
	25,392		First Potomac Realty Trust		319
	48,173		Franklin Street Properties Corp		704
	14,898		Getty Realty Corp		351
	15,081		Gladstone Capital Corp		116
	6,667		Gladstone Commercial Corp		89
	48,316		Glimcher Realty Trust		130
	58,824	*	Gramercy Capital Corp		152
	16,757	*	Harris & Harris Group, Inc		77
	31,378		Hatteras Financial Corp		877
	225,397		HCP, Inc		6,884
	93,845		Health Care REIT, Inc		4,159
	45,444		Healthcare Realty Trust, Inc		975
	46,608		Hersha Hospitality Trust		146
	54,288		Highwoods Properties, Inc		1,811
	33,859	*	Hilltop Holdings, Inc		394
	25,152		Home Properties, Inc		1,200
	94,278		Hospitality Properties Trust		2,235
	476,848		Host Marriott Corp		5,565

292

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	177,977		HRPT Properties Trust	$	1,152
	53,550		Inland Real Estate Corp		436
	6,800		Invesco Mortgage Capital, Inc		155
	61,579		Investors Real Estate Trust		554
	1,201,233		iShares Russell 3000 Index Fund		78,415
	84,164	*	iStar Financial, Inc		215
	33,316		Kilroy Realty Corp		1,022
	287,050		Kimco Realty Corp		3,884
	35,097		Kite Realty Group Trust		143
	51,068		LaSalle Hotel Properties		1,084
	79,456		Lexington Corporate Properties Trust		483
	85,850		Liberty Property Trust		2,748
	17,555		LTC Properties, Inc		470
	74,628		Macerich Co		2,683
	59,666		Mack-Cali Realty Corp		2,063
	5,395		Main Street Capital Corp		87
	70,910		Medical Properties Trust, Inc		709
	215,519		MFA Mortgage Investments, Inc		1,584
	21,993		Mid-America Apartment Communities, Inc		1,062
	14,218		Mission West Properties, Inc		102
	13,926		Monmouth Real Estate Investment Corp (Class A)		104
	17,411		MVC Capital, Inc		205
	21,615		National Health Investors, Inc		800
	63,481		National Retail Properties, Inc		1,347
	88,255		Nationwide Health Properties, Inc		3,105
	63,283		NorthStar Realty Finance Corp		217
	61,387		Omega Healthcare Investors, Inc		1,194
	16,523		Parkway Properties, Inc		344
	39,626		Pennsylvania Real Estate Investment Trust		335
	11,300	*	Pennymac Mortgage Investment Trust		194
	127,141		Plum Creek Timber Co, Inc		4,801
	36,066		Post Properties, Inc		707
	30,602		Potlatch Corp		976
	365,533		Prologis		5,004
	40,446		Prospect Capital Corp		478
	13,782		PS Business Parks, Inc		690
	104,740		Public Storage, Inc		8,531
	79,770		RAIT Investment Trust		104
	20,748		Ramco-Gershenson Properties		198
	79,144		Realty Income Corp		2,051
	59,452		Redwood Trust, Inc		860
	69,474		Regency Centers Corp		2,436
	15,662		Resource Capital Corp		77
	6,560		Saul Centers, Inc		215
	98,382		Senior Housing Properties Trust		2,152
	186,968		Simon Property Group, Inc		14,920

293

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	58,802		SL Green Realty Corp	$	2,954
	21,282		Sovran Self Storage, Inc		760
	8,406	*	SRS Labs, Inc		62
	31,300		Starwood Property Trust, Inc		591
	91,126	*	Strategic Hotels & Resorts, Inc		169
	12,790		Sun Communities, Inc		253
	76,097		Sunstone Hotel Investors, Inc		676
	31,091		Tanger Factory Outlet Centers, Inc		1,212
	42,522		Taubman Centers, Inc		1,527
	116,061		UDR, Inc		1,908
	6,794		UMH Properties, Inc		58
	10,285		Universal Health Realty Income Trust		329
	19,529		Urstadt Biddle Properties, Inc (Class A)		298
	64,991		U-Store-It Trust		476
	21,439	*	Vantage Drilling Co		35
	119,579		Ventas, Inc		5,230
	221,694		Virgin Media, Inc		3,731
	4,394	*	Virtus Investment Partners, Inc		70
	117,903		Vornado Realty Trust		8,246
	50,291		WABCO Holdings, Inc		1,297
	16,401		Walter Investment Management Corp		235
	44,612		Washington Real Estate Investment Trust		1,229
	81,200		Weingarten Realty Investors		1,607
	11,543		Winthrop Realty Trust		125
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES		280,535
HOTELS AND OTHER LODGING PLACES - 0.29%
	18,496		Ameristar Casinos, Inc		282
	15,345	*	Bluegreen Corp		37
	43,845	*	Boyd Gaming Corp		367
	22,909		Choice Hotels International, Inc		725
	28,655	*	Gaylord Entertainment Co		566
	21,853	*	Great Wolf Resorts, Inc		52
	33,800	*	Hyatt Hotels Corp		1,008
	9,907	*	Isle of Capri Casinos, Inc		74
	235,762	*	Las Vegas Sands Corp		3,522
	14,891		Marcus Corp		191
	232,694		Marriott International, Inc (Class A)		6,341
	162,281	*	MGM Mirage		1,480
	8,692	*	Monarch Casino & Resort, Inc		70
	38,293	*	Morgans Hotel Group Co		173
	67,477	*	Orient-Express Hotels Ltd (Class A)		684
	11,051	*	Outdoor Channel Holdings, Inc		64
	9,873	*	Red Lion Hotels Corp		49
	142,945		Starwood Hotels & Resorts Worldwide, Inc		5,227
	22,214	*	Vail Resorts, Inc		840

294

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	137,321		Wyndham Worldwide Corp	$	2,770
	51,255	*	Wynn Resorts Ltd		2,985
			TOTAL HOTELS AND OTHER LODGING PLACES		27,507
INDUSTRIAL MACHINERY AND EQUIPMENT - 6.42%
	539,132		3M Co		44,570
	19,106	*	3PAR, Inc		226
	8,853		Aaon, Inc		173
	55,514		Actuant Corp (Class A)		1,029
	72,519	*	AGCO Corp		2,345
	4,490		Alamo Group, Inc		77
	68,477	*	Allis-Chalmers Energy, Inc		258
	18,705	*	Altra Holdings, Inc		231
	8,632		Ampco-Pittsburgh Corp		272
	1,031,365		Applied Materials, Inc		14,377
	5,631	*	Argan, Inc		81
	17,387	*	Astec Industries, Inc		468
	46,778		Black & Decker Corp		3,033
	13,787		Black Box Corp		391
	35,059	*	Blount International, Inc		354
	6,303	*	Bolt Technology Corp		69
	39,839		Briggs & Stratton Corp		745
	324,101	*	Brocade Communications Systems, Inc		2,473
	52,087	*	Brooks Automation, Inc		447
	57,569		Bucyrus International, Inc (Class A)		3,245
	46,691		Carlisle Cos, Inc		1,600
	8,145		Cascade Corp		224
	468,040		Caterpillar, Inc		26,673
	4,900	*	China Automotive Systems, Inc		92
	50,384	*	Cirrus Logic, Inc		344
	25,795	*	Colfax Corp		311
	12,813	*	Columbus McKinnon Corp		175
	22,453	*	Cray, Inc		144
	155,436		Cummins, Inc		7,128
	38,157		Curtiss-Wright Corp		1,195
	22,436	*	Cymer, Inc		861
	328,076		Deere & Co		17,745
	1,332,446	*	Dell, Inc		19,134
	53,590		Diebold, Inc		1,525
	59,606		Donaldson Co, Inc		2,536
	145,465		Dover Corp		6,053
	63,078	*	Dresser-Rand Group, Inc		1,994
	22,541	*	Dril-Quip, Inc		1,273
	1,566,234	*	EMC Corp		27,362
	584,208		Emerson Electric Co		24,886
	65,177	*	Emulex Corp		710
	37,016	*	Ener1, Inc		235

295

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	19,155	*	ENGlobal Corp	$	60
	15,889	*	EnPro Industries, Inc		420
	101,389	*	Entegris, Inc		535
	89,895	*	Extreme Networks, Inc		258
	10,864	*	Flanders Corp		48
	26,655	*	Flow International Corp		82
	43,431		Flowserve Corp		4,106
	96,705	*	FMC Technologies, Inc		5,594
	9,600	*	Fortinet, Inc		169
	12,288	*	Fuel Tech, Inc		100
	39,732		Gardner Denver, Inc		1,691
	12,797		Gorman-Rupp Co		354
	46,150		Graco, Inc		1,319
	13,951		Graham Corp		289
	12,803	*	Harbin Electric, Inc		263
	1,854,168		Hewlett-Packard Co		95,509
	3,857	*	Hurco Cos, Inc		57
	61,072		IDEX Corp		1,902
	18,659	*	Immersion Corp		85
	48,048	*	Intermec, Inc		618
	1,025,443		International Business Machines Corp		134,231
	227,144		International Game Technology		4,263
	14,156	*	Intevac, Inc		162
	19,132	*	Isilon Systems, Inc		131
	140,454		ITT Industries, Inc		6,986
	145,696		Jabil Circuit, Inc		2,531
	20,027		John Bean Technologies Corp		341
	519,582		Johnson Controls, Inc		14,153
	79,248		Joy Global, Inc		4,088
	9,545	*	Kadant, Inc		152
	25,319		Kaydon Corp		905
	62,712		Kennametal, Inc		1,625
	53,200	*	Kulicke & Soffa Industries, Inc		287
	98,550	*	Lam Research Corp		3,864
	35,025		Lennox International, Inc		1,367
	62,766	*	Lexmark International, Inc (Class A)		1,631
	10,010		Lindsay Manufacturing Co		399
	11,534		Lufkin Industries, Inc		844
	103,194		Manitowoc Co, Inc		1,029
	10,825		Met-Pro Corp		115
	60,518	*	Micros Systems, Inc		1,878
	12,902	*	Middleby Corp		632
	36,302		Modine Manufacturing Co		430
	3,910		Nacco Industries, Inc (Class A)		195
	14,671	*	Natural Gas Services Group, Inc		277
	36,296	*	Netezza Corp		352

296

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	28,803	*	Netgear, Inc	$	625
	25,532		Nordson Corp		1,562
	251,526		Northrop Grumman Corp		14,048
	36,849	*	Oil States International, Inc		1,448
	90,100		Pall Corp		3,262
	128,085	*	Palm, Inc		1,286
	5,898	*	PAR Technology Corp		34
	159,153		Pitney Bowes, Inc		3,622
	9,152	*	PMFG, Inc		148
	6,528		Primoris Services Corp		52
	175,155	*	Quantum Corp		513
	25,143	*	Rackable Systems, Inc		176
	305,563		Raytheon Co		15,743
	19,019	*	RBC Bearings, Inc		463
	7,282	*	Rimage Corp		126
	40,886	*	Riverbed Technology, Inc		939
	19,984		Robbins & Myers, Inc		470
	21,125	*	Safeguard Scientifics, Inc		218
	174,115	*	SanDisk Corp		5,048
	16,514		Sauer-Danfoss, Inc		198
	19,852	*	Scansource, Inc		530
	49,874	*	Scientific Games Corp (Class A)		726
	383,218		Seagate Technology, Inc		6,971
	19,250	*	Sigma Designs, Inc		206
	37,552		SPX Corp		2,054
	13,669		Standex International Corp		275
	19,954	*	STEC, Inc		326
	16,272	*	Super Micro Computer, Inc		181
	8,956	*	T-3 Energy Services, Inc		228
	10,545	*	Tecumseh Products Co (Class A)		123
	16,656		Tennant Co		436
	135,805	*	Teradata Corp		4,268
	79,671	*	Terex Corp		1,578
	213,323		Textron, Inc		4,013
	74,143		Timken Co		1,758
	27,554		Toro Co		1,152
	6,504		Twin Disc, Inc		68
	18,851	*	Ultratech, Inc		280
	97,663	*	Varian Medical Systems, Inc		4,576
	58,568	*	VeriFone Holdings, Inc		959
	21,886		Watsco, Inc		1,072
	173,063	*	Western Digital Corp		7,641
	46,214		Woodward Governor Co		1,191
	46,516	*	Zebra Technologies Corp (Class A)		1,320
			TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		605,304

297

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
INSTRUMENTS AND RELATED PRODUCTS - 3.31%
	15,924	*	Abaxis, Inc	$	407
	27,756	*	Abiomed, Inc		243
	26,489	*	Accuray, Inc		149
	64,693	*	Affymetrix, Inc		378
	265,823	*	Agilent Technologies, Inc		8,259
	47,580	*	Align Technology, Inc		848
	235,978		Allergan, Inc		14,869
	18,953	*	Alphatec Holdings, Inc		101
	55,114	*	American Medical Systems Holdings, Inc		1,063
	7,436		American Science & Engineering, Inc		564
	10,953		Analogic Corp		422
	14,600	*	Anaren, Inc		220
	18,523	*	Angiodynamics, Inc		298
	10,519	*	Argon ST, Inc		228
	1,039		Atrion Corp		162
	35,190	*	ATS Medical, Inc		114
	11,864		Badger Meter, Inc		472
	77,413		Bard (C.R.), Inc		6,030
	471,084		Baxter International, Inc		27,643
	53,391		Beckman Coulter, Inc		3,494
	187,103		Becton Dickinson & Co		14,755
	14,547	*	Bio-Rad Laboratories, Inc (Class A)		1,403
	1,166,211	*	Boston Scientific Corp		10,496
	12,772	*	Bovie Medical Corp		100
	39,674	*	Bruker BioSciences Corp		478
	12,419	*	Cantel Medical Corp		251
	14,117	*	Cardiac Science Corp		31
	18,454	*	CardioNet, Inc		110
	139,063	*	CareFusion Corp		3,478
	42,022	*	Cepheid, Inc		524
	23,514	*	Clarient, Inc		62
	17,122	*	Coherent, Inc		509
	15,857		Cohu, Inc		221
	22,053	*	Conmed Corp		503
	34,815		Cooper Cos, Inc		1,327
	10,023	*	Cutera, Inc		85
	19,734	*	Cyberonics, Inc		403
	5,493	*	Cynosure, Inc (Class A)		63
	201,880		Danaher Corp		15,180
	17,304	*	Delcath Systems, Inc		89
	117,341		Dentsply International, Inc		4,127
	68,445	*	Depomed, Inc		229
	34,877	*	DexCom, Inc		282
	14,062	*	Dionex Corp		1,039
	5,160	*	DXP Enterprises, Inc		67

298

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	209,804		Eastman Kodak Co	$	886
	13,235	*	Electro-Optical Sciences, Inc		137
	34,017	*	Endologix, Inc		180
	11,853	*	EnteroMedics, Inc		7
	20,938		ESCO Technologies, Inc		751
	23,800	*	Esterline Technologies Corp		970
	56,726	*	ev3, Inc		757
	4,898	*	Exactech, Inc		85
	12,851	*	FARO Technologies, Inc		276
	27,915	*	FEI Co		652
	8,200	*	FGX International Holdings Ltd		161
	115,107	*	Flir Systems, Inc		3,766
	38,173	*	Formfactor, Inc		831
	35,908	*	Fossil, Inc		1,205
	87,170		Garmin Ltd		2,677
	19,914	*	Haemonetics Corp		1,098
	22,869	*	Hanger Orthopedic Group, Inc		316
	19,183	*	Harvard Bioscience, Inc		68
	9,696	*	Herley Industries, Inc		135
	48,016		Hillenbrand, Inc		905
	196,639	*	Hologic, Inc		2,851
	8,752	*	Home Diagnostics, Inc		53
	11,395	*	ICU Medical, Inc		415
	10,189	*	ICx Technologies, Inc		97
	20,867	*	II-VI, Inc		664
	95,406	*	Illumina, Inc		2,924
	27,569	*	Insulet Corp		394
	14,613	*	Integra LifeSciences Holdings Corp		537
	29,349	*	Intuitive Surgical, Inc		8,902
	24,872		Invacare Corp		620
	89,211	*	ION Geophysical Corp		528
	12,955	*	IRIS International, Inc		160
	25,003	*	ISTA Pharmaceuticals, Inc		114
	30,263	*	Itron, Inc		2,045
	30,992	*	Ixia		231
	8,260	*	Kensey Nash Corp		211
	131,804		Kla-Tencor Corp		4,766
	50,517	*	Kopin Corp		211
	1,705	*	K-Tron International, Inc		185
	10,929	*	KVH Industries, Inc		161
	63,078	*	L-1 Identity Solutions, Inc		472
	8,713	*	LaBarge, Inc		105
	10,243	*	MAKO Surgical Corp		114
	38,810	*	Masimo Corp		1,181
	9,778	*	Measurement Specialties, Inc		98
	9,627	*	Medical Action Industries, Inc		155

299

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	869,050		Medtronic, Inc	$	38,220
	23,230	*	Merit Medical Systems, Inc		448
	26,746	*	Mettler-Toledo International, Inc		2,808
	10,806	*	Micrus Endovascular Corp		162
	43,216	*	Millipore Corp		3,127
	21,996		Mine Safety Appliances Co		584
	35,548	*	MKS Instruments, Inc		619
	12,667		Movado Group, Inc		123
	13,932		MTS Systems Corp		400
	44,405		National Instruments Corp		1,308
	19,956	*	Natus Medical, Inc		295
	15,786	*	Neogen Corp		373
	27,910	*	Newport Corp		256
	28,592	*	NuVasive, Inc		914
	14,324	*	NxStage Medical, Inc		120
	14,876	*	Orthofix International NV		461
	57,344	*	Orthovita, Inc		201
	2,713	*	OYO Geospace Corp		116
	12,302	*	Palomar Medical Technologies, Inc		124
	89,639		PerkinElmer, Inc		1,846
	30,372	*	RAE Systems, Inc		33
	59,773	*	Resmed, Inc		3,124
	7,581	*	Rochester Medical Corp		84
	109,405		Rockwell Automation, Inc		5,140
	123,096		Rockwell Collins, Inc		6,814
	11,197	*	Rockwell Medical Technologies, Inc		86
	21,764	*	Rofin-Sinar Technologies, Inc		514
	70,535		Roper Industries, Inc		3,694
	20,900	*	Rudolph Technologies, Inc		140
	11,900	*	Sirona Dental Systems, Inc		378
	8,984	*	Somanetics Corp		158
	15,050	*	SonoSite, Inc		356
	21,581	*	Spectranetics Corp		150
	269,616	*	St. Jude Medical, Inc		9,916
	63,050	*	Star Scientific, Inc		44
	16,786	*	Stereotaxis, Inc		66
	44,141		STERIS Corp		1,235
	263,064		Stryker Corp		13,251
	33,149	*	Symmetry Medical, Inc		267
	9,221	*	Synovis Life Technologies, Inc		119
	29,457		Techne Corp		2,020
	27,519	*	Teledyne Technologies, Inc		1,056
	132,428	*	Teradyne, Inc		1,421
	325,953	*	Thermo Electron Corp		15,546
	43,318	*	Thoratec Corp		1,166
	9,073	*	Trans1, Inc		36

300

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	90,408	*	Trimble Navigation Ltd	$	2,278
	2,357		Utah Medical Products, Inc		69
	22,745	*	Varian, Inc		1,172
	12,709	*	Vascular Solutions, Inc		107
	30,373	*	Veeco Instruments, Inc		1,004
	11,927	*	Vital Images, Inc		151
	56,585	*	Vivus, Inc		520
	37,127	*	Volcano Corp		645
	75,249	*	Waters Corp		4,662
	28,863	*	Wright Medical Group, Inc		547
	662,878		Xerox Corp		5,608
	4,290		Young Innovations, Inc		106
	166,651	*	Zimmer Holdings, Inc		9,851
	14,948	*	Zoll Medical Corp		399
	12,959	*	Zygo Corp		89
			TOTAL INSTRUMENTS AND RELATED PRODUCTS		312,360
INSURANCE AGENTS, BROKERS AND SERVICE - 0.34%
	214,863		AON Corp		8,238
	79,596		Arthur J. Gallagher & Co		1,792
	92,725		Brown & Brown, Inc		1,666
	14,025	*	Crawford & Co (Class B)		55
	295,828		Hartford Financial Services Group, Inc		6,881
	5,396		Life Partners Holdings, Inc		114
	406,530		Marsh & McLennan Cos, Inc		8,976
	36,167	*	National Financial Partners Corp		293
	75,800	*	Verisk Analytics, Inc		2,295
	5,996		White Mountains Insurance Group Ltd		1,995
			TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		32,305
INSURANCE CARRIERS - 3.34%
	345,514		Aetna, Inc		10,953
	363,124		Aflac, Inc		16,794
	4,318	*	Alleghany Corp		1,192
	37,855		Allied World Assurance Holdings Ltd		1,744
	414,047		Allstate Corp		12,438
	223,278	*	Ambac Financial Group, Inc		185
	50,088		American Equity Investment Life Holding Co		373
	65,151		American Financial Group, Inc		1,626
	97,070	*	American International Group, Inc		2,910
	12,181		American National Insurance Co		1,455
	10,925		American Physicians Capital, Inc		331
	4,784		American Physicians Service Group, Inc		110
	7,468	*	American Safety Insurance Holdings Ltd		108
	40,065	*	AMERIGROUP Corp		1,080

301

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	13,065	*	Amerisafe, Inc	$	235
	17,807		Amtrust Financial Services, Inc		210
	37,679	*	Arch Capital Group Ltd		2,696
	23,723	*	Argo Group International Holdings Ltd		691
	65,046		Aspen Insurance Holdings Ltd		1,655
	89,185		Assurant, Inc		2,629
	95,079		Assured Guaranty Ltd		2,069
	109,056		Axis Capital Holdings Ltd		3,098
	4,897		Baldwin & Lyons, Inc (Class B)		121
	30,114	*	Catalyst Health Solutions, Inc		1,098
	31,767	*	Centene Corp		673
	273,181		Chubb Corp		13,435
	211,797		Cigna Corp		7,470
	114,799		Cincinnati Financial Corp		3,012
	32,879	*	Citizens, Inc (Class A)		215
	19,762	*	CNA Financial Corp		474
	16,018	*	CNA Surety Corp		239
	150,674	*	Conseco, Inc		753
	36,264		Delphi Financial Group, Inc (Class A)		811
	9,364		Donegal Group, Inc (Class A)		146
	6,304		Eastern Insurance Holdings, Inc		54
	4,503		EMC Insurance Group, Inc		97
	37,852		Employers Holdings, Inc		581
	38,059		Endurance Specialty Holdings Ltd		1,417
	4,920	*	Enstar Group Ltd		359
	22,958		Erie Indemnity Co (Class A)		896
	48,483		Everest Re Group Ltd		4,154
	10,036		FBL Financial Group, Inc (Class A)		186
	178,542		Fidelity National Title Group, Inc (Class A)		2,403
	13,254	*	First Acceptance Corp		26
	74,197		First American Corp		2,457
	8,814		First Mercury Financial Corp		121
	29,997		Flagstone Reinsurance Holdings Ltd		328
	6,887	*	Fpic Insurance Group, Inc		266
	382,190	*	Genworth Financial, Inc (Class A)		4,338
	20,683	*	Greenlight Capital Re Ltd (Class A)		487
	7,438	*	Hallmark Financial Services		59
	39,385		Hanover Insurance Group, Inc		1,750
	10,427		Harleysville Group, Inc		331
	87,439		HCC Insurance Holdings, Inc		2,446
	79,465	*	Health Net, Inc		1,851
	44,595	*	Healthspring, Inc		785
	29,235		Horace Mann Educators Corp		365
	131,169	*	Humana, Inc		5,757
	3,952		Independence Holding Co		23
	10,619		Infinity Property & Casualty Corp		432

302

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	2,078		Kansas City Life Insurance Co	$	62
	142,951	*	Leucadia National Corp		3,401
	234,409		Lincoln National Corp		5,832
	254,775		Loews Corp		9,261
	34,934		Maiden Holdings Ltd		256
	7,760	*	Markel Corp		2,638
	37,052		Max Re Capital Ltd		826
	103,730	*	MBIA, Inc		413
	42,189		Meadowbrook Insurance Group, Inc		312
	4,134		Mercer Insurance Group, Inc		75
	19,709		Mercury General Corp		774
	448,672		Metlife, Inc		15,861
	30,372	*	Metropolitan Health Networks, Inc		60
	101,479	*	MGIC Investment Corp		587
	10,923	*	Molina Healthcare, Inc		250
	67,583		Montpelier Re Holdings Ltd		1,171
	11,286		National Interstate Corp		191
	1,551		National Western Life Insurance Co (Class A)		269
	10,494	*	Navigators Group, Inc		494
	4,145		NYMAGIC, Inc		69
	183,477		Old Republic International Corp		1,842
	20,220		OneBeacon Insurance Group Ltd (Class A)		279
	55,056		PartnerRe Ltd		4,110
	113,193		Phoenix Cos, Inc		315
	40,201		Platinum Underwriters Holdings Ltd		1,539
	22,267	*	PMA Capital Corp (Class A)		140
	76,047		PMI Group, Inc		192
	13,808		Presidential Life Corp		126
	32,274	*	Primus Guaranty Ltd		98
	241,284		Principal Financial Group		5,800
	26,434	*	ProAssurance Corp		1,420
	524,349	*	Progressive Corp		9,433
	65,519		Protective Life Corp		1,084
	356,742		Prudential Financial, Inc		17,752
	70,916		Radian Group, Inc		518
	15,001	*	RadNet, Inc		31
	57,902		Reinsurance Group of America, Inc (Class A)		2,759
	48,832		RenaissanceRe Holdings Ltd		2,595
	14,489		RLI Corp		772
	11,778		Safety Insurance Group, Inc		427
	14,868	*	SeaBright Insurance Holdings, Inc		171
	40,400		Selective Insurance Group, Inc		665
	37,995		Stancorp Financial Group, Inc		1,521
	9,480		State Auto Financial Corp		175
	12,744		Stewart Information Services Corp		144
	63,422		Torchmark Corp		2,787

303

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	35,183		Tower Group, Inc	$	824
	20,330		Transatlantic Holdings, Inc		1,059
	422,819		Travelers Cos, Inc		21,083
	14,800	*	Triple-S Management Corp (Class B)		260
	27,654	*	United America Indemnity Ltd (Class A)		219
	17,338		United Fire & Casualty Co		316
	922,416		UnitedHealth Group, Inc		28,115
	32,289		Unitrin, Inc		712
	23,233	*	Universal American Financial Corp		272
	10,064		Universal Insurance Holdings, Inc		59
	253,873		UnumProvident Corp		4,956
	73,010		Validus Holdings Ltd		1,967
	102,893		W.R. Berkley Corp		2,535
	32,075	*	WellCare Health Plans, Inc		1,179
	354,660	*	WellPoint, Inc		20,673
	1,221		Wesco Financial Corp		419
	262,310		XL Capital Ltd (Class A)		4,808
	29,373		Zenith National Insurance Corp		874
			TOTAL INSURANCE CARRIERS		314,825
JUSTICE, PUBLIC ORDER AND SAFETY - 0.03%
	9,575	*	China Fire & Security Group, Inc		130
	88,315	*	Corrections Corp of America		2,168
	39,357	*	Geo Group, Inc		861
			TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		3,159
LEATHER AND LEATHER PRODUCTS - 0.14%
	245,862		Coach, Inc		8,982
	69,894	*	CROCS, Inc		402
	16,862	*	Genesco, Inc		463
	54,965	*	Iconix Brand Group, Inc		695
	13,378	*	Steven Madden Ltd		552
	34,829	*	Timberland Co (Class A)		624
	5,214		Weyco Group, Inc		123
	38,905		Wolverine World Wide, Inc		1,059
			TOTAL LEATHER AND LEATHER PRODUCTS		12,900
LEGAL SERVICES - 0.02%
	39,169	*	FTI Consulting, Inc		1,847
	7,085	*	Pre-Paid Legal Services, Inc		291
			TOTAL LEGAL SERVICES		2,138
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.01%
	22,414	*	Emergency Medical Services Corp (Class A)		1,214
			TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		1,214

304

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
LUMBER AND WOOD PRODUCTS - 0.02%
	8,518		American Woodmark Corp	$	168
	9,014		Deltic Timber Corp		416
	103,107	*	Louisiana-Pacific Corp		719
	7,407		Skyline Corp		136
	14,766		Universal Forest Products, Inc		544
			TOTAL LUMBER AND WOOD PRODUCTS		1,983
METAL MINING - 0.63%
	44,779	*	Allied Nevada Gold Corp		675
	102,843		Cleveland-Cliffs, Inc		4,739
	58,283	*	Coeur d’Alene Mines Corp		1,053
	320,747	*	Freeport-McMoRan Copper & Gold, Inc (Class B)		25,752
	195,118	*	Hecla Mining Co		1,206
	370,558		Newmont Mining Corp		17,531
	50,856	*	Paramount Gold and Silver Corp		74
	60,226	*	Patriot Coal Corp		931
	45,043	*	Rosetta Resources, Inc		898
	28,068		Royal Gold, Inc		1,322
	19,857	*	ShengdaTech, Inc		122
	135,177		Southern Copper Corp (NY)		4,449
	30,773	*	Stillwater Mining Co		292
	36,975	*	Uranerz Energy Corp		48
	68,813	*	US Gold Corp		171
			TOTAL METAL MINING		59,263
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.15%
	16,319		Armstrong World Industries, Inc		635
	4,923		Blyth, Inc		166
	51,179		Callaway Golf Co		386
	22,322		Daktronics, Inc		206
	98,113		Hasbro, Inc		3,146
	31,609	*	Intrepid Potash, Inc		922
	19,429	*	Jakks Pacific, Inc		235
	67,398		Jarden Corp		2,084
	22,402	*	Leapfrog Enterprises, Inc		88
	8,407		Marine Products Corp		41
	276,921		Mattel, Inc		5,533
	3,981		Oil-Dri Corp of America		62
	14,785	*	RC2 Corp		218
	38,355	*	Shuffle Master, Inc		316
	4,356	*	Steinway Musical Instruments, Inc		68
			TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		14,106

305

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
MISCELLANEOUS RETAIL - 1.60%
	14,742	*	1-800-FLOWERS.COM, Inc (Class A)	$	39
	15,331	*	Allion Healthcare, Inc		101
	255,557	*	Amazon.com, Inc		34,378
	28,636		Barnes & Noble, Inc		546
	15,894		Big 5 Sporting Goods Corp		273
	10,266	*	Blue Nile, Inc		650
	5,600		Books-A-Million, Inc		38
	41,091	*	Borders Group, Inc		48
	10,668	*	Build-A-Bear Workshop, Inc		52
	30,566	*	Cabela’s, Inc		436
	22,738		Cash America International, Inc		795
	44,420	*	CKX, Inc		234
	46,768	*	Coldwater Creek, Inc		209
	1,126,606		CVS Corp		36,288
	65,848	*	Dick’s Sporting Goods, Inc		1,638
	71,540	*	Dollar Tree, Inc		3,455
	61,220	*	Drugstore.Com		189
	36,390	*	Ezcorp, Inc (Class A)		626
	10,172	*	Fuqi International, Inc		183
	11,202	*	Gaiam, Inc (Class A)		86
	22,258	*	GSI Commerce, Inc		565
	23,990	*	Hibbett Sports, Inc		528
	30,139	*	HSN, Inc		609
	19,736	*	Jo-Ann Stores, Inc		715
	9,216	*	Kirkland’s, Inc		160
	38,265	*	Marvel Entertainment, Inc		2,069
	32,978		MSC Industrial Direct Co (Class A)		1,550
	24,699		Nutri/System, Inc		770
	212,310	*	Office Depot, Inc		1,369
	62,128	*	OfficeMax, Inc		788
	11,517	*	Overstock.com, Inc		156
	6,868	*	PC Connection, Inc		46
	7,784	*	PC Mall, Inc		41
	96,494		Petsmart, Inc		2,575
	33,999	*	Priceline.com, Inc		7,429
	12,378		Pricesmart, Inc		253
	445,462	*	Rite Aid Corp		673
	15,239	*	Shutterfly, Inc		271
	65,800		Signet Jewelers Ltd		1,758
	12,380	*	Stamps.com, Inc		111
	554,659		Staples, Inc		13,639
	9,938		Systemax, Inc		156
	95,185		Tiffany & Co		4,093
	770,670		Walgreen Co		28,299
	45,976		World Fuel Services Corp		1,232
	25,452	*	Zale Corp		69
	20,755	*	Zumiez, Inc		265
			TOTAL MISCELLANEOUS RETAIL		150,453

306

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
MOTION PICTURES - 0.73%
	10,098	*	Ascent Media Corp (Series A)	$	258
	24,879	*	Avid Technology, Inc		317
	8,632	*	Carmike Cinemas, Inc		65
	21,687		Cinemark Holdings, Inc		312
	219,050	*	Discovery Communications, Inc (Class C)		5,809
	58,199	*	DreamWorks Animation SKG, Inc (Class A)		2,324
	77,604	*	Macrovision Solutions Corp		2,474
	30,800		National CineMedia, Inc		510
	1,764,268		News Corp (Class A)		24,153
	60,087		Regal Entertainment Group (Class A)		868
	7,217	*	Rentrak Corp		128
	68,393		Scripps Networks Interactive (Class A)		2,838
	928,098		Time Warner, Inc		27,045
	114,426	*	tw telecom inc (Class A)		1,961
			TOTAL MOTION PICTURES		69,062
NONDEPOSITORY INSTITUTIONS - 0.77%
	36,918		Advance America Cash Advance Centers, Inc		205
	234,563	*	American Capital Ltd		572
	787,167		American Express Co		31,897
	69,319	*	AmeriCredit Corp		1,320
	125,597		Apollo Investment Corp		1,197
	79,235		Ares Capital Corp		986
	7,100		BlackRock Kelso Capital Corp		60
	29,500	*	Boise, Inc		157
	351,311		Capital One Financial Corp		13,470
	210,135		CapitalSource, Inc		834
	510,120		Chimera Investment Corp		1,979
	16,600		CompuCredit Corp		55
	6,526	*	Credit Acceptance Corp		275
	12,000		Cypress Sharpridge Investments, Inc		162
	417,034		Discover Financial Services		6,136
	24,100	*	Doral Financial Corp		87
	11,162	*	Encore Capital Group, Inc		194
	2,603	*	ePlus, Inc		43
	19,417		Financial Federal Corp		534
	18,408	*	First Cash Financial Services, Inc		408
	64,388	*	First Marblehead Corp		137
	15,921		Gladstone Investment Corp		73
	145,433		GLG Partners, Inc		468
	60,592	*	Heckmann Corp		302
	24,455		Hercules Technology Growth Capital, Inc		254

307

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	17,512	*	Information Services Group, Inc	$	56
	8,511		Kohlberg Capital Corp		39
	73,976		Lender Processing Services, Inc		3,007
	50,285	*	MCG Capital Corp		217
	9,981		Medallion Financial Corp		82
	20,441	*	Mercadolibre, Inc		1,060
	13,901		Nelnet, Inc (Class A)		240
	9,384	*	NewStar Financial, Inc		37
	12,077		NGP Capital Resources Co		98
	44,117	*	Ocwen Financial Corp		422
	14,385		PennantPark Investment Corp		128
	41,814	*	PHH Corp		674
	359,310	*	SLM Corp		4,049
	2,846		Student Loan Corp		133
	20,926		TICC Capital Corp		127
	4,417	*	Tree.com, Inc		40
	5,712		Triangle Capital Corp		69
	12,929	*	World Acceptance Corp		463
			TOTAL NONDEPOSITORY INSTITUTIONS		72,746
NONMETALLIC MINERALS, EXCEPT FUELS - 0.08%
	18,209		AMCOL International Corp		517
	28,828	*	Cardium Therapeutics, Inc		20
	26,355		Compass Minerals International, Inc		1,771
	71,059	*	General Moly, Inc		148
	1,357	*	United States Lime & Minerals, Inc		47
	96,370		Vulcan Materials Co		5,075
			TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		7,578
OIL AND GAS EXTRACTION - 4.63%
	387,259		Anadarko Petroleum Corp		24,173
	260,378		Apache Corp		26,863
	6,580		APCO Argentina, Inc		145
	6,556	*	Approach Resources, Inc		51
	30,327	*	Arena Resources, Inc		1,308
	52,318		Atlas America, Inc		1,578
	33,846	*	ATP Oil & Gas Corp		619
	44,674	*	Atwood Oceanics, Inc		1,602
	240,115		Baker Hughes, Inc		9,720
	22,381	*	Basic Energy Services, Inc		199
	33,452		Berry Petroleum Co (Class A)		975
	29,418	*	Bill Barrett Corp		915
	222,479		BJ Services Co		4,138
	62,158	*	Boots & Coots, Inc		103
	76,924	*	Brigham Exploration Co		1,042
	34,477	*	Bronco Drilling Co, Inc		175

308

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	78,361		Cabot Oil & Gas Corp	$	3,416
	38,620	*	Cal Dive International, Inc		292
	185,418	*	Cameron International Corp		7,750
	25,047	*	Carrizo Oil & Gas, Inc		663
	59,090	*	Cheniere Energy, Inc		143
	484,933		Chesapeake Energy Corp		12,550
	63,993		Cimarex Energy Co		3,390
	6,769	*	Clayton Williams Energy, Inc		237
	19,751	*	CNX Gas Corp		583
	51,350	*	Complete Production Services, Inc		668
	34,810	*	Comstock Resources, Inc		1,412
	58,293	*	Concho Resources, Inc		2,617
	10,428	*	Contango Oil & Gas Co		490
	24,174	*	Continental Resources, Inc		1,037
	5,233	*	CREDO Petroleum Corp		49
	7,528	*	Dawson Geophysical Co		174
	154,398	*	Delta Petroleum Corp		161
	190,838	*	Denbury Resources, Inc		2,824
	345,322		Devon Energy Corp		25,381
	52,580		Diamond Offshore Drilling, Inc		5,175
	41,811	*	Encore Acquisition Co		2,008
	81,717	*	Endeavour International Corp		88
	25,675	*	Energy Recovery, Inc		177
	194,549		EOG Resources, Inc		18,930
	100,116		Equitable Resources, Inc		4,397
	108,518		EXCO Resources, Inc		2,304
	48,293	*	Exterran Holdings, Inc		1,036
	85,352	*	Forest Oil Corp		1,899
	24,931	*	FX Energy, Inc		71
	4,904	*	Geokinetics, Inc		47
	4,145	*	Georesources, Inc		57
	79,950	*	Global Industries Ltd		570
	27,174	*	GMX Resources, Inc		373
	20,317	*	Goodrich Petroleum Corp		495
	18,897	*	Gulfport Energy Corp		216
	696,254		Halliburton Co		20,950
	29,621	*	Harvest Natural Resources, Inc		157
	81,706	*	Helix Energy Solutions Group, Inc		960
	80,380		Helmerich & Payne, Inc		3,206
	99,193	*	Hercules Offshore, Inc		474
	823	*	Isramco, Inc		59
	12,909		Kayne Anderson Energy Development Co		188
	95,985	*	Key Energy Services, Inc		844
	78,626	*	Mariner Energy, Inc		913
	59,567	*	McMoRan Exploration Co		478
	215,656	*	Nabors Industries Ltd		4,721

309

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY		VALUE (000)
	322,909		National Oilwell Varco, Inc	$	14,237
	101,507	*	Newfield Exploration Co		4,896
	96,029	*	Newpark Resources, Inc		406
	134,061		Noble Energy, Inc		9,548
	31,257	*	Northern Oil And Gas, Inc		370
	627,543		Occidental Petroleum Corp		51,051
	42,236	*	Oceaneering International, Inc		2,472
	140,208	*	Oilsands Quest, Inc		161
	5,367		Panhandle Oil and Gas, Inc (Class A)		139
	96,030	*	Parker Drilling Co		475
	119,282		Patterson-UTI Energy, Inc		1,831
	35,015		Penn Virginia Corp		745
	231,356	*	PetroHawk Energy Corp		5,550
	16,488	*	Petroleum Development Corp		300
	59,203	*	Petroquest Energy, Inc		363
	35,470	*	Pioneer Drilling Co		280
	87,460		Pioneer Natural Resources Co		4,213
	107,013	*	Plains Exploration & Production Co		2,960
	12,071	*	PowerSecure International, Inc		87
	132,232	*	Pride International, Inc		4,220
	94,219	*	Quicksilver Resources, Inc		1,414
	120,004		Range Resources Corp		5,982
	31,629	*	Rex Energy Corp		380
	86,005		Rowan Cos, Inc		1,947
	23,456		RPC, Inc		244
	926,059		Schlumberger Ltd		60,276
	15,473	*	SEACOR Holdings, Inc		1,180
	8,815	*	Seahawk Drilling, Inc		199
	192,069		Smith International, Inc		5,219
	265,788	*	Southwestern Energy Co		12,811
	49,539		St. Mary Land & Exploration Co		1,696
	36,323	*	Stone Energy Corp		656
	23,906	*	Sulphco, Inc		16
	59,956	*	Superior Energy Services		1,456
	11,230	*	Superior Well Services, Inc		160
	28,903	*	Swift Energy Co		693
	49,984	*	Syntroleum Corp		133
	61,137	*	Tetra Technologies, Inc		677
	9,895	*	TGC Industries, Inc		39
	41,944		Tidewater, Inc		2,011
	22,758		Toreador Resources Corp		225
	10,127	*	Union Drilling, Inc		63
	31,837	*	Unit Corp		1,353
	50,557		Vaalco Energy, Inc		230
	20,033	*	Venoco, Inc		261
	26,306		W&T Offshore, Inc		308

310

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY		VALUE (000)
	37,871	*	Warren Resources, Inc	$	93
	38,900	*	Whiting Petroleum Corp		2,779
	30,921	*	Willbros Group, Inc		522
	449,689		XTO Energy, Inc		20,924
	11,208	*	Zion Oil & Gas, Inc		79
			TOTAL OIL AND GAS EXTRACTION		436,566
PAPER AND ALLIED PRODUCTS - 0.52%
	84,337		Bemis Co		2,501
	26,323	*	Buckeye Technologies, Inc		257
	38,005	*	Cenveo, Inc		333
	32,513	*	Domtar Corporation		1,802
	35,119		Glatfelter		427
	104,801	*	Graphic Packaging Holding Co		364
	25,049		Greif, Inc (Class A)		1,352
	334,155		International Paper Co		8,948
	25,561	*	Kapstone Paper and Packaging Corp		252
	320,656		Kimberly-Clark Corp		20,429
	130,827		MeadWestvaco Corp		3,745
	17,978		Neenah Paper, Inc		251
	3,565	*	Orchids Paper Products Co		71
	77,673		Packaging Corp of America		1,787
	28,437		Rock-Tenn Co (Class A)		1,434
	14,072		Schweitzer-Mauduit International, Inc		990
	76,538		Sonoco Products Co		2,239
	81,476		Temple-Inland, Inc		1,720
	29,954		Wausau Paper Corp		346
			TOTAL PAPER AND ALLIED PRODUCTS		49,248
PERSONAL SERVICES - 0.15%
	101,777		Cintas Corp		2,652
	22,900	*	Coinstar, Inc		636
	3,696		CPI Corp		45
	15,088		G & K Services, Inc (Class A)		379
	264,974		H&R Block, Inc		5,994
	20,449		Jackson Hewitt Tax Service, Inc		90
	8,861	*	Mac-Gray Corp		91
	44,951		Regis Corp		700
	68,023	*	Sally Beauty Holdings, Inc		520
	187,277		Service Corp International		1,534
	11,970	*	Steiner Leisure Ltd		476
	9,989		Unifirst Corp		481
	26,680		Weight Watchers International, Inc		778
			TOTAL PERSONAL SERVICES		14,376

311

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY		VALUE (000)
PETROLEUM AND COAL PRODUCTS - 5.27%
	9,171		Alon USA Energy, Inc	$	63
	60,252		Ashland, Inc		2,387
	1,554,657		Chevron Corp		119,693
	1,149,644		ConocoPhillips		58,712
	21,762	*	CVR Energy, Inc		149
	7,530		Delek US Holdings, Inc		51
	3,788,682	c	Exxon Mobil Corp		258,350
	80,549		Frontier Oil Corp		970
	162,929	*	Gran Tierra Energy, Inc		934
	54,162	*	Headwaters, Inc		353
	224,623		Hess Corp		13,590
	32,029		Holly Corp		821
	548,601		Marathon Oil Corp		17,127
	147,725		Murphy Oil Corp		8,007
	7,327		Quaker Chemical Corp		151
	106,710	*	SandRidge Energy, Inc		1,006
	89,404		Sunoco, Inc		2,333
	104,460		Tesoro Corp		1,415
	438,022		Valero Energy Corp		7,337
	40,621		Walter Industries, Inc		3,060
	11,564		WD-40 Co		374
	34,300	*	Western Refining, Inc		162
			TOTAL PETROLEUM AND COAL PRODUCTS		497,045
PIPELINES, EXCEPT NATURAL GAS - 0.11%
	503,176		Spectra Energy Corp		10,320
			TOTAL PIPELINES, EXCEPT NATURAL GAS		10,320
PRIMARY METAL INDUSTRIES - 0.69%
	83,997		AK Steel Holding Corp		1,793
	752,363		Alcoa, Inc		12,128
	75,088		Allegheny Technologies, Inc		3,362
	36,981		Belden CDT, Inc		811
	14,781	*	Brush Engineered Materials, Inc		274
	34,840		Carpenter Technology Corp		939
	38,600	*	Century Aluminum Co		625
	72,244	*	CommScope, Inc		1,917
	15,305		Encore Wire Corp		322
	10,195	*	Fushi Copperweld, Inc		103
	40,791	*	General Cable Corp		1,200
	27,239	*	General Steel Holdings, Inc		120
	20,138		Gibraltar Industries, Inc		317
	9,402		Haynes International, Inc		310
	33,599	*	Horsehead Holding Corp		428
	44,893		Hubbell, Inc (Class B)		2,123
	24,024		Matthews International Corp (Class A)		851

312

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY		VALUE (000)
	39,317	*	Metalico, Inc	$	193
	27,916		Mueller Industries, Inc		693
	8,845	*	Northwest Pipe Co		238
	242,591		Nucor Corp		11,318
	9,331		Olympic Steel, Inc		304
	108,069		Precision Castparts Corp		11,926
	23,200	*	RTI International Metals, Inc		584
	16,575		Schnitzer Steel Industries, Inc (Class A)		791
	165,292		Steel Dynamics, Inc		2,929
	17,419		Texas Industries, Inc		609
	61,371		Titanium Metals Corp		768
	24,156		Tredegar Corp		382
	111,914		United States Steel Corp		6,170
	4,623	*	Universal Stainless & Alloy		87
	60,823	*	Uranium Energy Corp		230
	46,555		Worthington Industries, Inc		608
			TOTAL PRIMARY METAL INDUSTRIES		65,453
PRINTING AND PUBLISHING - 0.33%
	49,506	*	ACCO Brands Corp		360
	34,915		American Greetings Corp (Class A)		761
	59,879		Belo (A.H.) Corp (Class A)		326
	23,523		Bowne & Co, Inc		157
	16,074	*	China Information Security Technology, Inc		99
	8,210	*	Consolidated Graphics, Inc		288
	6,267		Courier Corp		89
	5,480		CSS Industries, Inc		107
	23,101	*	Dolan Media Co		236
	41,847		Dun & Bradstreet Corp		3,531
	17,307		Ennis, Inc		291
	21,197	*	EW Scripps Co (Class A)		148
	177,581		Gannett Co, Inc		2,637
	33,505		Harte-Hanks, Inc		361
	30,975		John Wiley & Sons, Inc (Class A)		1,297
	51,243		Journal Communications, Inc (Class A)		199
	39,858	*	Martha Stewart Living Omnimedia, Inc (Class A)		197
	243,949		McGraw-Hill Cos, Inc		8,174
	26,535		Meredith Corp		819
	76,747	*	MSCI, Inc (Class A)		2,441
	5,947		Multi-Color Corp		73
	81,235		New York Times Co (Class A)		1,004
	12,663	*	Playboy Enterprises, Inc (Class B)		41
	31,380		Primedia, Inc		113
	157,353		R.R. Donnelley & Sons Co		3,503
	10,767		Schawk, Inc (Class A)		146
	17,418		Scholastic Corp		520

313

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY		VALUE (000)
	10,680		Standard Register Co	$	54
	40,793	*	Valassis Communications, Inc		745
	4,829		Washington Post Co (Class B)		2,123
			TOTAL PRINTING AND PUBLISHING		30,840
RAILROAD TRANSPORTATION - 0.83%
	204,476		Burlington Northern Santa Fe Corp		20,165
	304,220		CSX Corp		14,752
	28,715	*	Genesee & Wyoming, Inc (Class A)		937
	69,698	*	Kansas City Southern Industries, Inc		2,320
	284,676		Norfolk Southern Corp		14,923
	17,000	*	RailAmerica, Inc		207
	392,389		Union Pacific Corp		25,074
			TOTAL RAILROAD TRANSPORTATION		78,378
REAL ESTATE - 0.10%
	181,348	*	CB Richard Ellis Group, Inc (Class A)		2,461
	20,046	*	China Housing & Land Development, Inc		83
	4,977		Consolidated-Tomoka Land Co		174
	20,453		DuPont Fabros Technology, Inc		368
	84,802	*	Forest City Enterprises, Inc (Class A)		999
	29,389	*	Forestar Real Estate Group, Inc		646
	8,800		Government Properties Income Trust		202
	32,173		Jones Lang LaSalle, Inc		1,943
	19,220	*	LoopNet, Inc		191
	13,593	*	Reading International, Inc		55
	70,149	*	St. Joe Co		2,027
	68,986		Stewart Enterprises, Inc (Class A)		355
			TOTAL REAL ESTATE		9,504
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.17%
	21,213		A. Schulman, Inc		428
	5,113	*	AEP Industries, Inc		196
	43,609		Cooper Tire & Rubber Co		874
	9,928	*	Deckers Outdoor Corp		1,010
	183,380	*	Goodyear Tire & Rubber Co		2,586
	10,182	*	Metabolix, Inc		113
	211,403		Newell Rubbermaid, Inc		3,173
	120,927		Sealed Air Corp		2,643
	23,839	*	Skechers U.S.A., Inc (Class A)		701
	25,932		Spartech Corp		266
	27,247		Titan International, Inc		221
	13,203	*	Trex Co, Inc		259
	48,152		Tupperware Corp		2,242
	26,348		West Pharmaceutical Services, Inc		1,033
			TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		15,745

314

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
SECURITY AND COMMODITY BROKERS - 2.41%
	197,586		Ameriprise Financial, Inc	$	7,670
	21,300	*	Artio Global Investors, Inc		543
	24,521		BlackRock, Inc		5,694
	40,153	*	Broadpoint Securities Group, Inc		179
	110,905		Broadridge Financial Solutions, Inc		2,502
	16,951		Calamos Asset Management, Inc (Class A)		195
	736,490		Charles Schwab Corp		13,861
	51,680		CME Group, Inc		17,362
	12,285		Cohen & Steers, Inc		281
	1,420		Diamond Hill Investment Group, Inc		91
	12,546		Duff & Phelps Corp		229
	1,133,585	*	E*Trade Financial Corp		1,984
	89,258		Eaton Vance Corp		2,714
	6,384		Epoch Holding Corp		67
	11,307		Evercore Partners, Inc (Class A)		344
	20,447	*	FBR Capital Markets Corp		126
	69,691		Federated Investors, Inc (Class B)		1,917
	22,257		Fifth Street Finance Corp		239
	116,839		Franklin Resources, Inc		12,309
	6,584		GAMCO Investors, Inc (Class A)		318
	54,396		GFI Group, Inc		249
	390,974		Goldman Sachs Group, Inc		66,012
	17,050		Greenhill & Co, Inc		1,368
	31,233	*	Interactive Brokers Group, Inc (Class A)		553
	57,042	*	IntercontinentalExchange, Inc		6,406
	14,903	*	International Assets Holding Corp		217
	322,917		Invesco Ltd		7,585
	33,274	*	Investment Technology Group, Inc		655
	137,373		Janus Capital Group, Inc		1,848
	89,727	*	Jefferies Group, Inc		2,129
	11,011		JMP Group, Inc		107
	26,819	*	KBW, Inc		734
	70,728	*	Knight Capital Group, Inc (Class A)		1,089
	37,720	*	LaBranche & Co, Inc		107
	58,754		Lazard Ltd (Class A)		2,231
	123,819		Legg Mason, Inc		3,734
	21,429		MarketAxess Holdings, Inc		298
	79,055	*	MF Global Ltd		549
	1,057,851		Morgan Stanley		31,312
	14,941	*	Morningstar, Inc		722
	103,270	*	Nasdaq Stock Market, Inc		2,047
	203,886		NYSE Euronext		5,158
	7,363		Oppenheimer Holdings, Inc		245
	30,987		optionsXpress Holdings, Inc		479

315

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	15,186	*	Penson Worldwide, Inc	$	138
	15,010	*	Piper Jaffray Cos		760
	9,591	*	Pzena Investment Management, Inc (Class A)		78
	75,031		Raymond James Financial, Inc		1,783
	8,937		Sanders Morris Harris Group, Inc		49
	95,014		SEI Investments Co		1,665
	23,214	*	Stifel Financial Corp		1,375
	19,558		SWS Group, Inc		237
	198,316		T Rowe Price Group, Inc		10,560
	203,909	*	TD Ameritrade Holding Corp		3,952
	98		Teton Advisors, Inc		2
	15,283	*	Thomas Weisel Partners Group, Inc		58
	12,213		US Global Investors, Inc (Class A)		150
	800		Value Line, Inc		20
	65,258		Waddell & Reed Financial, Inc (Class A)		1,993
	3,869		Westwood Holdings Group, Inc		141
			TOTAL SECURITY AND COMMODITY BROKERS		227,420
SOCIAL SERVICES - 0.00%**
	15,384	*	Capital Senior Living Corp		77
	8,598	*	Providence Service Corp		136
	19,452	*	Res-Care, Inc		218
			TOTAL SOCIAL SERVICES		431
SPECIAL TRADE CONTRACTORS - 0.09%
	2,319		Alico, Inc		66
	23,315	*	AsiaInfo Holdings, Inc		710
	17,483		Chemed Corp		839
	28,901		Comfort Systems USA, Inc		357
	32,076	*	Dycom Industries, Inc		258
	50,074	*	EMCOR Group, Inc		1,346
	32,339	*	Insituform Technologies, Inc (Class A)		735
	10,880	*	Integrated Electrical Services, Inc		64
	13,874	*	Layne Christensen Co		398
	162,277	*	Quanta Services, Inc		3,382
			TOTAL SPECIAL TRADE CONTRACTORS		8,155
STONE, CLAY, AND GLASS PRODUCTS - 0.40%
	25,458		Apogee Enterprises, Inc		356
	18,135	*	Cabot Microelectronics Corp		598
	15,540		CARBO Ceramics, Inc		1,059
	1,205,932		Corning, Inc		23,286
	33,735		Eagle Materials, Inc		879
	105,796		Gentex Corp		1,889
	34,691		Martin Marietta Materials, Inc		3,102

316

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	65,642	*	Owens Corning, Inc	$	1,683
	128,673	*	Owens-Illinois, Inc		4,229
	23,708	*	US Concrete, Inc		22
	32,462	*	USG Corp		456
			TOTAL STONE, CLAY, AND GLASS PRODUCTS		37,559
TEXTILE MILL PRODUCTS - 0.03%
	23,047		Albany International Corp (Class A)		518
	38,561		Interface, Inc (Class A)		320
	44,512	*	Mohawk Industries, Inc		2,119
	10,106		Oxford Industries, Inc		209
			TOTAL TEXTILE MILL PRODUCTS		3,166
TOBACCO PRODUCTS - 1.29%
	1,604,395		Altria Group, Inc		31,494
	115,699		Fortune Brands, Inc		4,998
	130,594		Lorillard, Inc		10,478
	1,518,941		Philip Morris International, Inc		73,199
	21,518		Universal Corp		981
	30,746		Vector Group Ltd		430
			TOTAL TOBACCO PRODUCTS		121,580
TRANSPORTATION BY AIR - 0.51%
	7,464	*	Air Methods Corp		251
	43,342	*	Air Transport Services Group, Inc		114
	94,997	*	Airtran Holdings, Inc		496
	28,857	*	Alaska Air Group, Inc		997
	11,958	*	Allegiant Travel Co		564
	258,366	*	AMR Corp		1,997
	13,153	*	Atlas Air Worldwide Holdings, Inc		490
	27,721	*	Bristow Group, Inc		1,066
	106,996	*	Continental Airlines, Inc (Class B)		1,917
	23,678		Copa Holdings S.A. (Class A)		1,290
	601,350	*	Delta Air Lines, Inc		6,843
	242,189		FedEx Corp		20,211
	53,091	*	Hawaiian Holdings, Inc		372
	195,814	*	JetBlue Airways Corp		1,067
	9,723	*	PHI, Inc		201
	23,015	*	Republic Airways Holdings, Inc		170
	45,222		Skywest, Inc		765
	577,035		Southwest Airlines Co		6,596
	129,720	*	UAL Corp		1,675
	125,471	*	US Airways Group, Inc		608
			TOTAL TRANSPORTATION BY AIR		47,690

317

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
TRANSPORTATION EQUIPMENT - 2.32%
	18,257		A.O. Smith Corp	$	792
	29,552	*	AAR Corp		679
	9,735	*	Aerovironment, Inc		283
	42,925		American Axle & Manufacturing Holdings, Inc		344
	7,032		American Railcar Industries, Inc		77
	15,097	*	Amerigon, Inc (Class A)		120
	57,384		ArvinMeritor, Inc		642
	14,702	*	ATC Technology Corp		351
	64,693	*	Autoliv, Inc		2,805
	74,030	*	BE Aerospace, Inc		1,740
	562,898		Boeing Co		30,469
	73,449		Brunswick Corp		934
	38,932		Clarcor, Inc		1,263
	18,024	*	Cogo Group, Inc		133
	107,758	*	Dana Holding Corp		1,168
	7,682	*	Dorman Products, Inc		120
	7,637		Ducommun, Inc		143
	13,635	*	Federal Mogul Corp (Class A)		236
	34,017		Federal Signal Corp		205
	56,935	*	Force Protection, Inc		297
	2,426,934	*	Ford Motor Co		24,268
	8,920		Freightcar America, Inc		177
	10,861	*	Fuel Systems Solutions, Inc		448
	42,477	*	GenCorp, Inc		297
	268,169		General Dynamics Corp		18,281
	124,310		Genuine Parts Co		4,719
	95,802		Goodrich Corp		6,155
	12,975		Greenbrier Cos, Inc		135
	17,217		Group 1 Automotive, Inc		488
	182,315		Harley-Davidson, Inc		4,594
	61,544		Harsco Corp		1,984
	18,067		Heico Corp		801
	576,706		Honeywell International, Inc		22,607
	21,747		Kaman Corp		502
	6,398	*	LMI Aerospace, Inc		85
	246,905		Lockheed Martin Corp		18,604
	7,280	*	Miller Industries, Inc		83
	49,945	*	Navistar International Corp		1,930
	44,747	*	Orbital Sciences Corp		683
	68,619		Oshkosh Truck Corp		2,541
	280,865		Paccar, Inc		10,187
	24,262		Polaris Industries, Inc		1,059
	5,233		Portec Rail Products, Inc		56
	30,024		Spartan Motors, Inc		169
	82,916	*	Spirit Aerosystems Holdings, Inc (Class A)		1,647
	11,969	*	Standard Motor Products, Inc		102

318

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	17,715		Superior Industries International, Inc	$	271
	46,120	*	Tenneco, Inc		818
	28,300		Thor Industries, Inc		889
	4,238	*	Todd Shipyards Corp		71
	32,065		TransDigm Group, Inc		1,523
	61,064		Trinity Industries, Inc		1,065
	13,981		Triumph Group, Inc		675
	46,873	*	TRW Automotive Holdings Corp		1,119
	649,636		United Technologies Corp		45,090
	38,351		Westinghouse Air Brake Technologies Corp		1,566
	24,826	*	Winnebago Industries, Inc		303
	15,478	*	Wonder Auto Technology, Inc		182
			TOTAL TRANSPORTATION EQUIPMENT		218,975
TRANSPORTATION SERVICES - 0.19%
	14,656		Ambassadors Group, Inc		195
	131,545		CH Robinson Worldwide, Inc		7,726
	8,003	*	Dynamex, Inc		145
	165,262		Expeditors International Washington, Inc		5,740
	35,663		GATX Corp		1,025
	28,305	*	Hub Group, Inc (Class A)		759
	26,504	*	Interval Leisure Group, Inc		330
	37,000	*	Orbitz Worldwide, Inc		272
	53,231		Pacer International, Inc		168
	7,904	*	Universal Travel Group		80
	81,226		UTI Worldwide, Inc		1,163
			TOTAL TRANSPORTATION SERVICES		17,603
TRUCKING AND WAREHOUSING - 0.42%
	19,331		Arkansas Best Corp		569
	16,346	*	Celadon Group, Inc		177
	37,901		Con-way, Inc		1,323
	22,919		Forward Air Corp		574
	39,254		Heartland Express, Inc		599
	66,499		J.B. Hunt Transport Services, Inc		2,147
	40,073		Landstar System, Inc		1,554
	14,139	*	Marten Transport Ltd		254
	21,283	*	Old Dominion Freight Line		653
	1,137	*	Patriot Transportation Holding, Inc		107
	9,635	*	Saia, Inc		143
	537,224		United Parcel Service, Inc (Class B)		30,822
	3,884		Universal Truckload Services, Inc		70
	5,744	*	USA Truck, Inc		72
	31,101		Werner Enterprises, Inc		615
	66,066	*	YRC Worldwide, Inc		55
			TOTAL TRUCKING AND WAREHOUSING		39,734

319

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
WATER TRANSPORTATION - 0.25%
	30,756		Alexander & Baldwin, Inc	$	1,053
	8,786	*	American Commercial Lines, Inc		161
	341,503	*	Carnival Corp		10,822
	38,961		DHT Maritime, Inc		143
	51,764	*	Eagle Bulk Shipping, Inc		256
	39,564		Frontline Ltd		1,081
	20,776		Genco Shipping & Trading Ltd		465
	37,255		General Maritime Corp		260
	24,752		Golar LNG Ltd		317
	19,461	*	Gulfmark Offshore, Inc		551
	23,837		Horizon Lines, Inc (Class A)		133
	18,746	*	Hornbeck Offshore Services, Inc		436
	4,290		International Shipholding Corp		133
	41,752	*	Kirby Corp		1,455
	11,975		Knightsbridge Tankers Ltd		159
	32,302		Nordic American Tanker Shipping		969
	28,315	*	Odyssey Marine Exploration, Inc		40
	18,001		Overseas Shipholding Group, Inc		791
	100,520	*	Royal Caribbean Cruises Ltd		2,541
	34,031		Ship Finance International Ltd		464
	10,426	*	TBS International Ltd (Class A)		77
	32,878		Teekay Corp		763
	9,000		Teekay Tankers Ltd (Class A)		77
	18,066	*	Ultrapetrol Bahamas Ltd		86
			TOTAL WATER TRANSPORTATION		23,233
WHOLESALE TRADE-DURABLE GOODS - 0.38%
	18,766		Agilysys, Inc		171
	30,894		Applied Industrial Technologies, Inc		682
	92,479	*	Arrow Electronics, Inc		2,738
	34,240		Barnes Group, Inc		579
	35,044	*	Beacon Roofing Supply, Inc		561
	91,659		BorgWarner, Inc		3,045
	8,096	*	Cardtronics, Inc		90
	11,808		Castle (A.M.) & Co		162
	8,056	*	Chindex International, Inc		114
	4,580		Communications Systems, Inc		57
	25,681	*	Conceptus, Inc		482
	14,464	*	DemandTec, Inc		127
	18,652	*	Digi International, Inc		170
	16,941	*	Drew Industries, Inc		350
	4,502		Eastern Co		60
	21,300	*	Emdeon, Inc		325
	12,096	*	Hansen Medical, Inc		37

320

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	12,024		Houston Wire & Cable Co	$	143
	124,256	*	Ingram Micro, Inc (Class A)		2,168
	34,716	*	Insight Enterprises, Inc		396
	23,318	*	Interline Brands, Inc		403
	42,424		Knight Transportation, Inc		818
	3,000		Lawson Products, Inc		53
	112,667	*	LKQ Corp		2,207
	30,570	*	MedAssets, Inc		648
	19,916	*	Merge Healthcare, Inc		67
	8,104	*	MWI Veterinary Supply, Inc		306
	32,272		Owens & Minor, Inc		1,385
	77,203	*	Patterson Cos, Inc		2,160
	37,199		PEP Boys - Manny Moe & Jack		315
	38,375		Pool Corp		732
	47,208	*	PSS World Medical, Inc		1,065
	48,117		Reliance Steel & Aluminum Co		2,080
	53,265		Solera Holdings, Inc		1,918
	6,849		Sport Supply Group, Inc		86
	38,600	*	Talecris Biotherapeutics Holdings Corp		860
	38,960	*	Tech Data Corp		1,818
	10,213	*	Titan Machinery, Inc		118
	29,444	*	TomoTherapy, Inc		115
	27,050	*	Tyler Technologies, Inc		539
	47,076		W.W. Grainger, Inc		4,558
	32,103	*	WESCO International, Inc		867
	11,292	*	West Marine, Inc		91
	3,600	*	Willis Lease Finance Corp		53
			TOTAL WHOLESALE TRADE-DURABLE GOODS		35,719
WHOLESALE TRADE-NONDURABLE GOODS - 0.61%
	17,815		Aceto Corp		92
	62,264		Airgas, Inc		2,964
	31,521	*	Akorn, Inc		56
	68,179	*	Alliance One International, Inc		333
	48,859		Allscripts Healthcare Solutions, Inc		988
	13,080		Andersons, Inc		338
	51,120	*	Bare Escentuals, Inc		625
	31,488	*	BioScrip, Inc		263
	19,314	*	BMP Sunstone Corp		110
	70,721		Brown-Forman Corp (Class B)		3,789
	278,126		Cardinal Health, Inc		8,967
	47,321	*	Central European Distribution Corp		1,344
	9,887	*	Clearwater Paper Corp		543
	8,334	*	Core-Mark Holding Co, Inc		275
	136,917	*	Dean Foods Co		2,470
	90,528	*	Endo Pharmaceuticals Holdings, Inc		1,857

321

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	33,010	*	Fresh Del Monte Produce, Inc	$	730
	26,566	*	Green Mountain Coffee Roasters, Inc		2,164
	30,203	*	Hain Celestial Group, Inc		514
	69,753	*	Henry Schein, Inc		3,669
	48,187		Herbalife Ltd		1,955
	6,203		Kenneth Cole Productions, Inc (Class A)		60
	19,366		K-Swiss, Inc (Class A)		192
	16,187	*	LSB Industries, Inc		228
	45,303		Men’s Wearhouse, Inc		954
	24,388		Myers Industries, Inc		222
	10,977		Nash Finch Co		407
	38,826		Nu Skin Enterprises, Inc (Class A)		1,043
	9,998	*	Perry Ellis International, Inc		151
	9,325		Schiff Nutrition International, Inc		73
	14,249	*	School Specialty, Inc		333
	18,527		Spartan Stores, Inc		265
	14,223	*	Synutra International, Inc		192
	458,524		Sysco Corp		12,811
	77,583		Terra Industries, Inc		2,497
	29,432	*	Tractor Supply Co		1,559
	33,743	*	United Natural Foods, Inc		902
	18,197	*	United Stationers, Inc		1,035
	6,399		Valhi, Inc		89
	13,192	*	Volcom, Inc		221
	15,316		Zep, Inc		265
	18,750	*	Zhongpin, Inc		293
			TOTAL WHOLESALE TRADE-NONDURABLE GOODS		57,838
			TOTAL COMMON STOCKS		9,376,911
			(Cost $8,594,187)
RIGHTS / WARRANTS - 0.00%**
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.00%**
	14,500		Builders FirstSource, Inc		4
			TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		4
COMMUNICATIONS - 0.00%**
	48,356		Clearwire Corp		19
			TOTAL COMMUNICATIONS		19
EATING AND DRINKING PLACES - 0.00%**
	2,604		Krispy Kreme Doughnuts, Inc		0	^
			TOTAL EATING AND DRINKING PLACES		0	^
			TOTAL RIGHTS / WARRANTS		23
			(Cost $0^)

322

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

PRINCIPAL		ISSUER	MATURITY DATE	VALUE (000)
SHORT TERM INVESTMENTS - 0.37%
U.S. TREASURY BILLS - 0.37%
$	14,715,000	United States Cash Management Bills	6/10/10	$	14,703
	20,000,000	United States Treasury Bills	6/24/10		19,983
		TOTAL U.S. TREASURY BILLS			34,686
		(Cost $34,685)
		TOTAL SHORT-TERM INVESTMENTS			34,686
		(Cost $34,685)
		TOTAL PORTFOLIO - 99.84%			9,411,620
		(Cost $8,628,872)
		OTHER ASSETS & LIABILITIES, NET - 0.16%			14,700
		NET ASSETS - 100.00%		$	9,426,320

*	Non-income producing
**	Percentage represents less than 0.01%
^	Amount represents less than $1,000.
c	All or a portion of these securities has been segregated by the Custodian to cover margin or other requirements on open futures contracts in the amount of $2,590,325.
m	Indicates a security that has been deemed illiquid.
	Cost amounts are in thousands.

323

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

COLLEGE RETIREMENT EQUITIES FUND
BOND MARKET ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2009

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
BANK LOAN OBLIGATIONS - 0.29%
CHEMICALS AND ALLIED PRODUCTS - 0.19%
$	5,000,000	i	JohnsonDiversey, Inc	5.200	%	11/24/2015	Ba2	$	5,005
	4,948,454		Mylan, Inc	3.550		10/2/2014	Ba3		4,834
	5,000,000		Nalco Co	6.500		5/13/2016	Ba1		5,039
	5,033,072		Solutia, Inc	7.250		2/28/2014	Ba3		5,102
			TOTAL CHEMICALS AND ALLIED PRODUCTS						19,980
NONDEPOSITORY INSTITUTIONS - 0.10%
	5,000,000		Reynolds Consumer Products Term Loan	6.250		11/05/2015	NR		5,017
	4,984,500		Universal City Term Loan	6.880		11/17/2014	Ba2		4,991
			TOTAL NONDEPOSITORY INSTITUTIONS						10,008
			TOTAL BANK LOAN OBLIGATIONS (Cost $30,056)						29,988
BONDS - 97.51%
CORPORATE BONDS - 31.11%
AGENCY SECURITIES - 4.21%
	24,573,385		AMAL Ltd	3.470		8/21/2021	Aaa		23,199
	28,000,000		Bank of America Corp	2.380		6/22/2012	Aaa		28,530
	4,000,000		CitiBank NA	1.380		8/10/2011	Aaa		4,011
	34,000,000		Citigroup Funding, Inc	2.000		3/30/2012	Aaa		34,276
	40,000,000		Citigroup Funding, Inc	1.880		10/22/2012	Aaa		39,849
	45,500,000		Citigroup, Inc	2.130		4/30/2012	Aaa		45,987
	15,000,000		General Electric Capital Corp	2.130		12/21/2012	Aaa		15,014
	54,875,000		GMAC, Inc	1.750		10/30/2012	Aaa		54,518
	61,800,000		GMAC, Inc	2.200		12/19/2012	Aaa		62,178
	10,000,000		KeyBank NA	3.200		6/15/2012	Aaa		10,380
	10,000,000		New York Community Bank	3.000		12/16/2011	Aaa		10,270
	10,000,000		Regions Bank	3.250		12/9/2011	Aaa		10,377
	4,772,686		Rowan Cos, Inc	3.530		5/1/2020	NR		4,790
	10,000,000		Rowan Cos, Inc	3.160		7/15/2021	NR		9,750
	9,832,829		San Clemente Leasing LLC	3.590		8/27/2021	NR		9,646
	6,500,000		Sovereign Bank	2.750		1/17/2012	Aaa		6,672
	39,000,000		State Street Corp	2.150		4/30/2012	Aaa		39,511
	9,500,000		US Central Federal Credit Union	1.900		10/19/2012	Aaa		9,493
	18,400,000		Wells Fargo & Co	2.130		6/15/2012	Aaa		18,614
	5,000,000		Western Corporate Federal Credit Union	1.750		11/2/2012	Aaa		4,978
			TOTAL AGENCY SECURITIES						442,043
AMUSEMENT AND RECREATION SERVICES - 0.15%
	2,000,000	g	Ameristar Casinos, Inc	9.250		6/1/2014	B2		2,075

324

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	2,175,000	g	Peninsula Gaming LLC	8.380	%	8/15/2015	Ba2	$	2,169
	1,000,000	g	Penn National Gaming, Inc	8.750		8/15/2019	B1		1,023
	2,000,000		Speedway Motorsports, Inc	6.750		6/1/2013	Ba2		1,990
	7,825,000		Walt Disney Co	4.500		12/15/2013	A2		8,312
			TOTAL AMUSEMENT AND RECREATION SERVICES						15,569
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.08%
	2,150,000		Home Depot, Inc	5.250		12/16/2013	Baa1		2,302
	3,900,000		Home Depot, Inc	5.880		12/16/2036	Baa1		3,765
	1,850,000		Lowe’s Cos, Inc	8.250		6/1/2010	A1		1,909
			TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES						7,976
BUSINESS SERVICES - 0.34%
	3,250,000		Daimler Finance North America LLC	5.880		3/15/2011	A3		3,398
	7,400,000		Daimler Finance North America LLC	5.750		9/8/2011	A3		7,773
	4,500,000		Hanarotelecom, Inc	7.000		2/1/2012	Baa3		4,696
	1,970,000		Interpublic Group of Cos, Inc	6.250		11/15/2014	Ba3		1,891
	1,000,000		Iron Mountain, Inc	7.750		1/15/2015	B2		1,005
	840,000		Iron Mountain, Inc	8.380		8/15/2021	B2		867
	4,190,000		Lamar Media Corp	7.250		1/1/2013	B2		4,180
	375,000		Lamar Media Corp	6.630		8/15/2015	B2		360
	1,500,000		Lender Processing Services, Inc	8.130		7/1/2016	Ba2		1,596
	3,100,000		Oracle Corp	4.950		4/15/2013	A2		3,326
	3,925,000		Oracle Corp	3.750		7/8/2014	A2		4,051
	2,310,000		Sungard Data Systems, Inc	10.250		8/15/2015	Caa1		2,460
			TOTAL BUSINESS SERVICES						35,603
CHEMICALS AND ALLIED PRODUCTS - 1.10%
	1,550,000		Abbott Laboratories	5.600		5/15/2011	A1		1,644
	4,600,000		Air Products & Chemicals, Inc	4.150		2/1/2013	A2		4,772
	6,630,000		Air Products & Chemicals, Inc	4.380		8/21/2019	A2		6,571
	1,125,000		Airgas, Inc	4.500		9/15/2014	Baa3		1,142
	2,000,000	g	Airgas, Inc	7.130		10/1/2018	Ba1		2,085
	1,000,000		Amgen, Inc	5.850		6/1/2017	A3		1,093
	2,500,000		Amgen, Inc	6.400		2/1/2039	A3		2,743
	1,570,000		Clorox Co	5.450		10/15/2012	Baa2		1,688
	1,000,000		Clorox Co	3.550		11/1/2015	Baa2		989
	1,000,000		Eastman Chemical Co	5.500		11/15/2019	Baa2		997
	6,450,000		EI Du Pont de Nemours & Co	3.250		1/15/2015	A2		6,390
	6,000,000		EI Du Pont de Nemours & Co	4.630		1/15/2020	A2		5,874
	9,400,000		Eli Lilly & Co	3.550		3/6/2012	A1		9,782
	2,325,000		Eli Lilly & Co	5.950		11/15/2037	A1		2,450
	7,575,000		GlaxoSmithKline Capital, Inc	5.650		5/15/2018	A1		8,170
	3,760,000		GlaxoSmithKline Capital, Inc	6.380		5/15/2038	A1		4,166
	4,000,000		Johnson & Johnson	5.850		7/15/2038	Aaa		4,315
	10,500,000		Novartis Capital Corp	4.130		2/10/2014	Aa2		11,038
	10,000,000		Pfizer, Inc	4.450		3/15/2012	A1		10,576
	7,150,000		Pfizer, Inc	6.200		3/15/2019	A1		7,948
	7,100,000		Potash Corp of Saskatchewan, Inc	4.880		3/30/2020	Baa1		7,004
	5,050,000		Praxair, Inc	5.250		11/15/2014	A2		5,515
	4,975,000		Procter & Gamble Co	5.550		3/5/2037	Aa3		5,138
	3,225,000		Schering-Plough Corp	6.550		9/15/2037	Aa3		3,663
			TOTAL CHEMICALS AND ALLIED PRODUCTS						115,753

325

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
COAL MINING - 0.03%
$	1,000,000	g	Arch Coal, Inc	8.750	%	8/1/2016	B1	$	1,058
	2,000,000		Peabody Energy Corp	7.380		11/1/2016	Ba1		2,062
			TOTAL COAL MINING						3,120
COMMUNICATIONS - 2.85%
	2,400,000		America Movil SAB de C.V.	6.130		11/15/2037	A3		2,401
	4,300,000	g	American Tower Corp	4.630		4/1/2015	Baa3		4,349
	4,650,000		AT&T, Inc	4.950		1/15/2013	A2		4,961
	2,000,000		AT&T, Inc	6.150		9/15/2034	A2		1,977
	3,625,000		AT&T, Inc	6.500		9/1/2037	A2		3,757
	11,500,000		AT&T, Inc	6.300		1/15/2038	A2		11,681
	1,745,000		BellSouth Capital Funding Corp	7.880		2/15/2030	A2		1,992
	13,125,000		BellSouth Corp	5.200		9/15/2014	A2		14,057
	14,950,000		Cellco Partnership	3.750		5/20/2011	A2		15,416
	10,725,000		Cellco Partnership	5.550		2/1/2014	A2		11,640
	15,600,000		Cellco Partnership	8.500		11/15/2018	A2		19,350
	1,011,000		Comcast Cable Communications Holdings, Inc	8.380		3/15/2013	Baa1		1,165
	2,125,000		Comcast Corp	5.650		6/15/2035	Baa1		1,986
	2,750,000		Comcast Corp	6.500		11/15/2035	Baa1		2,851
	3,300,000		Comcast Corp	6.400		5/15/2038	Baa1		3,396
	3,300,000		Comcast Corp	6.550		7/1/2039	Baa1		3,460
	2,000,000		Cricket Communications, Inc	7.750		5/15/2016	Ba2		1,995
	1,455,000	g	CSC Holdings, Inc	8.500		4/15/2014	Ba3		1,550
	4,000,000		Deutsche Telekom International Finance BV	8.750		6/15/2030	Baa1		5,144
	3,875,000	g	DirecTV Holdings LLC	4.750		10/1/2014	Ba2		3,950
	4,740,000		DirecTV Holdings LLC	7.630		5/15/2016	Ba2		5,178
	11,650,000	g	DirecTV Holdings LLC	5.880		10/1/2019	Ba2		11,849
	2,000,000		DISH DBS Corp	7.880		9/1/2019	Ba3		2,098
	3,200,000		France Telecom S.A.	7.750		3/1/2011	A3		3,430
	1,150,000		GTE Corp	6.840		4/15/2018	Baa1		1,260
	3,000,000	g	Intelsat Subsidiary Holding Co Ltd	8.880		1/15/2015	B3		3,090
	4,000,000		New Cingular Wireless Services, Inc	7.880		3/1/2011	A2		4,298
	3,155,000		New Cingular Wireless Services, Inc	8.750		3/1/2031	A2		4,077
	3,000,000		Qwest Communications International, Inc	7.250		2/15/2011	Ba3		3,015
	4,500,000		Qwest Corp	8.880		3/15/2012	Ba1		4,838
	500,000		Rogers Cable, Inc	6.750		3/15/2015	Baa2		565
	2,000,000	g	SBA Telecommunications, Inc	8.000		8/15/2016	Ba2		2,090
	4,500,000		Sprint Capital Corp	8.750		3/15/2032	Ba3		4,241
	1,225,000		Sprint Nextel Corp	6.000		12/1/2016	Ba3		1,118
	3,075,000		Telecom Italia Capital S.A.	6.180		6/18/2014	Baa2		3,333
	2,825,000		Telecom Italia Capital S.A.	7.000		6/4/2018	Baa2		3,108
	12,275,000		Telecom Italia Capital S.A.	7.180		6/18/2019	Baa2		13,685
	7,900,000		Telefonica Emisiones SAU	5.880		7/15/2019	Baa1		8,467
	4,500,000	g	Telefonos de Mexico SAB de C.V.	5.500		11/15/2019	A3		4,382
	4,500,000	g	Telemar Norte Leste S.A.	9.500		4/23/2019	Baa2		5,378
	5,495,000		Time Warner Cable, Inc	6.200		7/1/2013	Baa2		6,036
	9,000,000		Time Warner Cable, Inc	5.850		5/1/2017	Baa2		9,456
	6,075,000		Time Warner Cable, Inc	6.750		7/1/2018	Baa2		6,674
	7,100,000		Time Warner Cable, Inc	8.750		2/14/2019	Baa2		8,653
	9,675,000		Time Warner Cable, Inc	8.250		4/1/2019	Baa2		11,524
	8,000,000		Time Warner Cable, Inc	5.000		2/1/2020	Baa2		7,758
	5,550,000		Verizon Communications, Inc	4.350		2/15/2013	A3		5,805
	2,905,000		Verizon Communications, Inc	8.750		11/1/2018	A3		3,628
	2,900,000		Verizon Communications, Inc	6.400		2/15/2038	A3		3,032
	6,975,000		Verizon Communications, Inc	8.950		3/1/2039	A3		9,438

326

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	6,500,000		Verizon Virginia, Inc	4.630	%	3/15/2013	Baa1	$	6,750
	3,875,000		Viacom, Inc	4.380		9/15/2014	Baa2		3,996
	1,635,000		Viacom, Inc	6.130		10/5/2017	Baa2		1,763
	2,000,000		Virgin Media Finance plc	9.500		8/15/2016	B2		2,148
	2,000,000		Vodafone Group plc	5.000		12/16/2013	Baa1		2,118
	3,800,000		Vodafone Group plc	5.380		1/30/2015	Baa1		4,083
			TOTAL COMMUNICATIONS						299,440
DEPOSITORY INSTITUTIONS - 4.26%
	4,500,000	g	Banco Bradesco S.A.	6.750		9/29/2019	Baa2		4,691
	4,500,000	g	Banco Santander Chile	2.880		11/13/2012	Aa3		4,533
	3,050,000		Bank of America Corp	4.900		5/1/2013	A2		3,162
	4,850,000		Bank of America Corp	7.380		5/15/2014	A2		5,503
	18,550,000		Bank of America Corp	5.300		3/15/2017	A1		18,181
	8,525,000		Bank of America Corp	6.000		9/1/2017	A2		8,848
	5,725,000		Bank of America Corp	5.750		12/1/2017	A2		5,863
	3,850,000		Bank of America Corp	7.630		6/1/2019	A2		4,454
	5,700,000		Bank of New York Mellon Corp	4.300		5/15/2014	Aa2		5,999
	4,125,000		Bank of New York Mellon Corp	5.450		5/15/2019	Aa2		4,331
	4,250,000		Bank One Corp	5.250		1/30/2013	A1		4,507
	2,900,000		Barclays Bank plc	2.500		1/23/2013	Aa3		2,897
	3,750,000		Barclays Bank plc	5.200		7/10/2014	Aa3		3,975
	1,250,000	i	BB&T Capital Trust IV	6.820		6/12/2057	A2		1,125
	6,000,000		BB&T Corp	3.850		7/27/2027	A1		6,210
	7,500,000		Capital One Bank USA NA	8.800		7/15/2019	A3		8,863
	5,000,000		Capital One Capital V	8.880		5/15/2040	Baa2		5,325
	5,150,000		Capital One Financial Corp	5.700		9/15/2011	Baa1		5,409
	3,250,000		Citigroup, Inc	5.100		9/29/2011	A3		3,360
	7,375,000		Citigroup, Inc	5.300		10/17/2012	A3		7,683
	6,655,000		Citigroup, Inc	5.000		9/15/2014	Baa1		6,416
	5,800,000		Citigroup, Inc	5.500		10/15/2014	A3		5,873
	4,525,000		Citigroup, Inc	6.130		5/15/2018	A3		4,549
	10,375,000		Citigroup, Inc	8.500		5/22/2019	A3		11,981
	7,575,000		Citigroup, Inc	6.880		3/5/2038	A3		7,560
	3,825,000		Citigroup, Inc	8.130		7/15/2039	A3		4,317
	8,550,000		Credit Suisse	5.000		5/15/2013	Aa1		9,118
	8,250,000		Credit Suisse	5.500		5/1/2014	Aa1		8,953
	8,000,000		Credit Suisse	5.300		8/13/2019	Aa1		8,216
	45,000,000	g	Depfa ACS Bank	5.130		3/16/2037	Aa2		33,073
	3,500,000		Deutsche Bank AG.	3.880		8/18/2014	Aa1		3,574
	4,750,000		Discover Bank	8.700		11/18/2019	Ba1		5,089
	3,500,000		Golden West Financial Corp	4.750		10/1/2012	A1		3,654
	7,000,000		HSBC Bank USA NA	4.630		4/1/2014	A1		7,307
	3,000,000	g,i	HSBC Capital Funding LP	4.610		12/30/2049	A3		2,561
	2,100,000		HSBC Holdings plc	6.500		9/15/2037	A1		2,194
	4,350,000	g	ICICI Bank Ltd	5.500		3/25/2015	Baa2		4,330
	3,600,000	i	ING Groep NV	5.780		12/30/2049	Ba1		2,659
	1,000,000		JPMorgan Chase & Co	7.880		6/15/2010	A1		1,031
	50,000,000		JPMorgan Chase & Co	3.130		12/1/2011	Aaa		51,748
	4,500,000		JPMorgan Chase & Co	4.500		1/15/2012	Aa3		4,716
	7,000,000		JPMorgan Chase & Co	3.700		1/20/2015	Aa3		7,021
	9,770,000		JPMorgan Chase & Co	6.000		1/15/2018	Aa3		10,503
	15,275,000		JPMorgan Chase & Co	6.300		4/23/2019	Aa3		16,804
	3,025,000		JPMorgan Chase & Co	6.400		5/15/2038	Aa3		3,330
	4,250,000	i	Manufacturers & Traders Trust Co	5.630		12/1/2021	A3		3,653
	12,750,000		Northern Trust Corp	4.630		5/1/2014	A1		13,587

327

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	5,500,000	g	Principal Life Global Funding I	5.130	%	10/15/2013	Aa3	$	5,576
	4,900,000	g,i	Rabobank Nederland NV	11.000		12/30/2049	Aa2		5,974
	4,000,000		Sovereign Bancorp, Inc	2.500		6/15/2012	Aaa		4,084
	6,350,000		State Street Corp	4.300		5/30/2014	A1		6,571
	2,000,000		Union Bank of California NA	5.950		5/11/2016	A3		1,986
	15,000,000		US Bancorp	2.250		3/13/2012	Aaa		15,250
	5,000,000		US Bank NA	4.950		10/30/2014	Aa2		5,303
	1,925,000		USB Capital XIII Trust	6.630		12/15/2039	A2		1,956
	5,125,000		Wachovia Bank NA	5.300		10/15/2011	A1		5,440
	8,275,000		Wachovia Bank NA	4.800		11/1/2014	Aa3		8,459
	2,050,000		Wachovia Bank NA	5.850		2/1/2037	Aa3		1,961
	2,975,000		Wachovia Corp	5.500		5/1/2013	A1		3,160
	3,500,000		Wells Fargo & Co	5.250		10/23/2012	A1		3,737
	5,500,000		Wells Fargo & Co	4.950		10/16/2013	A2		5,757
	10,650,000		Wells Fargo & Co	4.750		2/9/2015	Aa3		10,860
	3,000,000		Zions Bancorporation	7.750		9/23/2014	Baa3		2,648
			TOTAL DEPOSITORY INSTITUTIONS						447,458
ELECTRIC, GAS, AND SANITARY SERVICES - 2.55%
	2,400,000	g	AES Corp	8.750		5/15/2013	Ba3		2,460
	2,250,000		AGL Capital Corp	5.250		8/15/2019	Baa1		2,266
	2,000,000		AGL Capital Corp	6.000		10/1/2034	Baa1		1,882
	8,435,000		Alliant Energy Corp	1.000		10/15/2014	Baa1		8,437
	5,500,000		Atmos Energy Corp	8.500		3/15/2019	Baa2		6,680
	4,500,000		Carolina Power & Light Co	5.130		9/15/2013	A1		4,816
	4,750,000		Carolina Power & Light Co	5.300		1/15/2019	A1		4,960
	2,750,000		Carolina Power & Light Co	5.700		4/1/2035	A1		2,735
	2,100,000		CenterPoint Energy Houston Electric LLC	7.000		3/1/2014	Baa1		2,391
	4,250,000		CenterPoint Energy Resources Corp	7.880		4/1/2013	Baa3		4,787
	3,550,000		CenterPoint Energy Resources Corp	6.250		2/1/2037	Baa3		3,441
	4,200,000		Commonweatlh Edison Co	5.900		3/15/2036	Baa1		4,177
	2,750,000		Connecticut Light & Power Co	5.500		2/1/2019	A2		2,902
	3,500,000		Consolidated Natural Gas Co	6.250		11/1/2011	Baa2		3,768
	4,250,000		Consolidated Natural Gas Co	5.000		12/1/2014	Baa2		4,526
	3,975,000		Dominion Resources, Inc	5.200		8/15/2019	Baa2		4,037
	7,150,000		Duke Energy Carolinas LLC	5.750		11/15/2013	A1		7,822
	10,000,000		Duke Energy Carolinas LLC	5.300		2/15/2040	A1		9,606
	11,500,000		Duke Energy Corp	3.950		9/15/2014	Baa2		11,651
	12,280,000	g	Enel Finance International S.A.	3.880		10/7/2014	A2		12,430
	12,950,000	g	Enel Finance International S.A.	5.130		10/7/2019	A2		13,030
	5,375,000		Energy Transfer Partners LP	9.000		4/15/2019	Baa3		6,408
	4,000,000		FirstEnergy Solutions Corp	4.800		2/15/2015	Baa2		4,083
	4,000,000		FirstEnergy Solutions Corp	6.050		8/15/2021	Baa2		4,035
	1,860,000		Florida Power & Light Co	4.850		2/1/2013	Aa2		1,969
	3,500,000		Florida Power Corp	4.500		6/1/2010	A1		3,557
	2,000,000		Florida Power Corp	6.400		6/15/2038	A1		2,184
	5,000,000		Georgia Power Co	5.950		2/1/2039	A2		5,219
	5,000,000		Indiana Michigan Power Co	7.000		3/15/2019	Baa2		5,576
	1,000,000	g	Kansas Gas & Electric	6.700		6/15/2019	Baa1		1,111
	2,815,000		Kinder Morgan Energy Partners LP	5.850		9/15/2012	Baa2		3,029
	2,825,000		Kinder Morgan Energy Partners LP	9.000		2/1/2019	Baa2		3,476
	3,850,000		Kinder Morgan Energy Partners LP	6.500		9/1/2039	Baa2		3,880
	5,000,000	g	Korea Hydro & Nuclear Power Co Ltd	6.250		6/17/2014	A2		5,456
	2,092,000		Mirant North America LLC	7.380		12/31/2013	B1		2,068
	4,000,000		National Fuel Gas Co	5.250		3/1/2013	Baa1		4,167
	2,800,000		Nevada Power Co	6.500		8/1/2018	Baa3		3,000

328

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	3,500,000		Nevada Power Co	6.650	%	4/1/2036	Baa3	$	3,683
	3,250,000		NiSource Finance Corp	10.750		3/15/2016	Baa3		4,005
	2,000,000		NRG Energy, Inc	7.250		2/1/2014	B1		2,025
	4,075,000		ONEOK Partners LP	5.900		4/1/2012	Baa2		4,320
	5,250,000		Pacific Gas & Electric Co	8.250		10/15/2018	A3		6,411
	2,750,000		PacifiCorp	6.000		1/15/2039	A2		2,890
	6,750,000		PG&E Corp	5.750		4/1/2014	Baa1		7,276
	750,000		Potomac Electric Power Co	7.900		12/15/2038	A3		958
	3,825,000		Progress Energy, Inc	7.050		3/15/2019	Baa2		4,279
	2,000,000		Public Service Co of Colorado	7.880		10/1/2012	A2		2,295
	2,825,000		Public Service Co of Colorado	4.880		3/1/2013	A2		2,979
	2,500,000		Public Service Co of Colorado	5.500		4/1/2014	A2		2,714
	8,800,000		Public Service Co of Oklahoma	5.150		12/1/2019	Baa1		8,737
	2,640,000		Public Service Electric & Gas Co	5.300		5/1/2018	A2		2,771
	2,250,000		Puget Sound Energy, Inc	6.270		3/15/2037	Baa1		2,335
	4,135,000	g	Republic Services, Inc	5.250		11/15/2021	Baa3		4,066
	2,000,000		Sabine Pass LNG LP	7.250		11/30/2013	B2		1,815
	2,100,000		San Diego Gas & Electric Co	6.000		6/1/2039	Aa3		2,255
	2,750,000		Southern California Edison Co	6.000		1/15/2034	A1		2,898
	2,000,000		Spectra Energy Capital LLC	6.250		2/15/2013	Baa2		2,150
	2,600,000		Veolia Environnement	5.250		6/3/2013	A3		2,750
	4,500,000		Virginia Electric and Power Co	4.750		3/1/2013	Baa1		4,708
	9,040,000		Waste Management, Inc	6.130		11/30/2039	Baa3		8,983
	3,000,000		Wisconsin Electric Power Co	5.630		5/15/2033	A1		3,014
			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES						268,339
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.49%
	4,000,000		Amphenol Corp	4.750		11/15/2014	Baa3		4,001
	3,838,000		Analog Devices, Inc	5.000		7/1/2014	A3		4,004
	10,685,000		Cisco Systems, Inc	4.450		1/15/2020	A1		10,482
	3,130,000	g	Empresas Publicas de Medellin ESP	7.630		7/29/2019	Baa3		3,443
	3,300,000		General Electric Co	5.250		12/6/2017	Aa2		3,372
	1,550,000		Koninklijke Philips Electronics NV	6.880		3/11/2038	A3		1,758
	4,450,000		L-3 Communications Corp	6.380		10/15/2015	Ba2		4,467
	2,255,000	g	L-3 Communications Corp	5.200		10/15/2019	Baa2		2,231
	4,225,000		Nokia OYJ	5.380		5/15/2019	A2		4,313
	4,500,000	g	Power Sector Assets & Liabilities Management Corp	7.390		12/2/2024	Ba3		4,635
	2,190,000		Tyco International Finance S.A.	4.130		10/15/2014	Baa1		2,239
	5,600,000		Whirlpool Corp	8.000		5/1/2012	Baa3		6,067
			TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT						51,012
EXECUTIVE, LEGISLATIVE AND GENERAL - 0.04%
	4,500,000	g	National Agricultural Cooperative Federation	5.000		9/30/2014	A2		4,664
			TOTAL EXECUTIVE, LEGISLATIVE AND GENERAL						4,664
FABRICATED METAL PRODUCTS - 0.05%
	1,015,000		Ball Corp	7.130		9/1/2016	Ba1		1,040
	355,000		Ball Corp	7.380		9/1/2019	Ba1		365
	1,875,000		CRH America, Inc	6.950		3/15/2012	Baa1		2,031
	2,000,000		Silgan Holdings, Inc	7.250		8/15/2016	Ba3		2,055
			TOTAL FABRICATED METAL PRODUCTS						5,491
FOOD AND KINDRED PRODUCTS - 0.74%
	6,400,000		Bottling Group LLC	6.950		3/15/2014	Aa2		7,364

329

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	2,750,000		Bunge Ltd	8.500	%	6/15/2019	Baa2	$	3,135
	4,000,000		Coca-Cola Enterprises, Inc	4.250		3/1/2015	A3		4,202
	1,200,000		Coca-Cola Enterprises, Inc	4.500		8/15/2019	A3		1,191
	7,250,000		Dr Pepper Snapple Group, Inc	2.350		12/21/2012	Baa3		7,258
	3,698,000		Dr Pepper Snapple Group, Inc	6.820		5/1/2018	Baa3		4,148
	2,500,000	g	Foster’s Finance Corp	4.880		10/1/2014	Baa2		2,551
	3,850,000		General Mills, Inc	5.250		8/15/2013	Baa1		4,154
	6,000,000		General Mills, Inc	5.650		2/15/2019	Baa1		6,363
	3,400,000		Kraft Foods, Inc	6.500		8/11/2017	Baa2		3,689
	2,530,000		Kraft Foods, Inc	6.130		2/1/2018	Baa2		2,660
	4,000,000		Kraft Foods, Inc	6.500		11/1/2031	Baa2		4,018
	7,300,000	g	Mead Johnson Nutrition Co	4.900		11/1/2019	Baa1		7,238
	2,750,000	g	Mead Johnson Nutrition Co	5.900		11/1/2039	Baa1		2,708
	6,350,000		PepsiAmericas, Inc	5.750		7/31/2012	Baa1		6,905
	625,000		PepsiAmericas, Inc	4.380		2/15/2014	Baa1		650
	3,175,000		PepsiCo, Inc	7.900		11/1/2018	Aa2		3,897
	5,000,000		Reynolds American, Inc	6.500		7/15/2010	Baa3		5,108
	1,000,000	g	Smithfield Foods, Inc	10.000		7/15/2014	Ba3		1,085
			TOTAL FOOD AND KINDRED PRODUCTS						78,324
FOOD STORES - 0.19%
	3,800,000		Delhaize Group S.A.	5.880		2/1/2014	Baa3		4,081
	3,800,000		Delhaize Group S.A.	6.500		6/15/2017	Baa3		4,126
	2,000,000		Ingles Markets, Inc	8.880		5/15/2017	B1		2,080
	1,350,000		Kroger Co	6.800		4/1/2011	Baa2		1,434
	1,205,000		Kroger Co	5.000		4/15/2013	Baa2		1,274
	1,600,000		Kroger Co	6.400		8/15/2017	Baa2		1,748
	775,000		Kroger Co	6.800		12/15/2018	Baa2		861
	1,600,000		Safeway, Inc	5.000		8/15/2019	Baa2		1,587
	1,750,000		Stater Brothers Holdings	8.130		6/15/2012	B2		1,768
	880,000		Stater Brothers Holdings	7.750		4/15/2015	B2		893
			TOTAL FOOD STORES						19,852
FURNITURE AND HOME FURNISHINGS STORES - 0.02%
	2,000,000		GSC Holdings Corp	8.000		10/1/2012	Ba1		2,072
			TOTAL FURNITURE AND HOME FURNISHINGS STORES						2,072
GENERAL BUILDING CONTRACTORS - 0.04%
	3,715,000	g	Corp GEO SAB de C.V.	8.880		9/25/2014	Ba3		3,836
			TOTAL GENERAL BUILDING CONTRACTORS						3,836
GENERAL MERCHANDISE STORES - 0.13%
	1,925,000		TJX Cos, Inc	6.950		4/15/2019	A3		2,225
	875,000		Wal-Mart Stores, Inc	3.000		2/3/2014	Aa2		880
	3,750,000		Wal-Mart Stores, Inc	5.250		9/1/2035	Aa2		3,687
	6,125,000		Wal-Mart Stores, Inc	6.200		4/15/2038	Aa2		6,755
			TOTAL GENERAL MERCHANDISE STORES						13,547
HEALTH SERVICES - 0.18%
	2,750,000	g	Apria Healthcare Group, Inc	11.250		11/1/2014	Ba2		3,018
	2,000,000		Community Health Services	8.880		7/15/2015	B3		2,070
	2,000,000		DaVita, Inc	6.630		3/15/2013	B1		2,005
	2,250,000		Express Scripts, Inc	7.250		6/15/2019	Baa3		2,556
	5,259,000	o	HCA, Inc	9.630		11/15/2016	B2		5,693
	3,500,000		Quest Diagnostics, Inc	6.400		7/1/2017	Baa3		3,841
			TOTAL HEALTH SERVICES						19,183

330

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
HOLDING AND OTHER INVESTMENT OFFICES - 0.43%
$	2,310,000		AMB Property LP	6.630	%	12/1/2019	Baa1	$	2,266
	2,220,000		Boston Properties LP	6.250		1/15/2013	Baa2		2,366
	2,400,000		Boston Properties LP	5.880		10/15/2019	Baa2		2,407
	1,525,000		Brandywine Operating Partnership LP	7.500		5/15/2015	Baa3		1,550
	1,525,000		Brandywine Operating Partnership LP	5.700		5/1/2017	Baa3		1,368
	5,000,000		Brookfield Asset Management, Inc	7.130		6/15/2012	Baa2		5,249
	1,835,000		Developers Diversified Realty Corp	9.630		3/15/2016	Baa3		1,916
	700,000		Duke Realty LP	5.630		8/15/2011	Baa2		717
	1,485,000		Duke Realty LP	7.380		2/15/2015	Baa2		1,566
	1,505,000		Duke Realty LP	8.250		8/15/2019	Baa2		1,573
	255,000		Federal Realty Investment Trust	5.650		6/1/2016	Baa1		246
	1,600,000		Highwoods Properties, Inc	5.850		3/15/2017	Baa3		1,460
	840,000		Kimco Realty Corp	5.700		5/1/2017	Baa1		809
	1,480,000		Mack-Cali Realty Corp	7.750		8/15/2019	Baa2		1,531
	125,000		National Retail Properties, Inc	6.880		10/15/2017	Baa2		120
	4,500,000	g	Odebrecht Finance Ltd	7.000		4/21/2020	Baa3		4,551
	725,000	g	PPF Funding, Inc	5.350		4/15/2012	Baa2		657
	625,000		ProLogis	5.500		4/1/2012	Baa2		633
	1,500,000		ProLogis	5.500		3/1/2013	Baa2		1,484
	385,000		ProLogis	5.750		4/1/2016	Baa2		362
	1,540,000		ProLogis	5.630		11/15/2016	Baa2		1,419
	2,325,000		Realty Income Corp	5.950		9/15/2016	Baa1		2,291
	2,325,000		Regency Centers LP	5.250		8/1/2015	Baa2		2,226
	225,000		Regency Centers LP	5.880		6/15/2017	Baa2		208
	1,090,000		Simon Property Group LP	6.750		5/15/2014	A3		1,162
	800,000		Simon Property Group LP	5.250		12/1/2016	A3		778
	3,040,000		Simon Property Group LP	10.350		4/1/2019	A3		3,815
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES						44,730
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.27%
	1,500,000		Black & Decker Corp	8.950		4/15/2014	Baa3		1,773
	7,525,000		Hewlett-Packard Co	4.250		2/24/2012	A2		7,893
	2,550,000		Hewlett-Packard Co	2.950		8/15/2012	A2		2,602
	5,250,000		Hewlett-Packard Co	4.750		6/2/2014	A2		5,606
	3,000,000		Ingersoll-Rand Global Holding Co Ltd	9.500		4/15/2014	Baa1		3,585
	3,150,000		International Game Technology	7.500		6/15/2019	Baa2		3,413
	2,125,000		ITT Corp	4.900		5/1/2014	Baa1		2,227
	1,500,000		Kennametal, Inc	7.200		6/15/2012	Baa2		1,573
			TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT						28,672
INSTRUMENTS AND RELATED PRODUCTS - 0.49%
	1,700,000		Agilent Technologies, Inc	4.450		9/14/2012	Baa3		1,759
	3,750,000		Boston Scientific Corp	4.500		1/15/2015	Ba1		3,758
	4,000,000		Emerson Electric Co	4.500		5/1/2013	A2		4,243
	5,000,000		Medtronic, Inc	4.750		9/15/2015	A1		5,398
	2,150,000		Northrop Grumman Corp	7.750		2/15/2031	Baa1		2,656
	6,000,000		St. Jude Medical, Inc	3.750		7/15/2014	Baa1		6,064
	6,225,000	g	Thermo Fisher Scientific, Inc	2.150		12/28/2012	Baa1		6,139
	1,695,000	g	Thermo Fisher Scientific, Inc	3.250		11/18/2014	Baa1		1,662
	1,750,000		Thermo Fisher Scientific, Inc	5.000		6/1/2015	Baa1		1,835
	3,600,000		Xerox Corp	8.250		5/15/2014	Baa2		4,130

331

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	5,000,000		Xerox Corp	4.250	%	2/15/2015	Baa2	$	4,965
	2,075,000		Xerox Corp	5.630		12/15/2019	Baa2		2,072
	1,947,000		Zimmer Holdings, Inc	4.630		11/30/2019	Baa1		1,929
	4,988,000		Zimmer Holdings, Inc	5.750		11/30/2039	Baa1		4,890
			TOTAL INSTRUMENTS AND RELATED PRODUCTS						51,500
INSURANCE CARRIERS - 1.07%
	3,825,000		ACE INA Holdings, Inc	5.880		6/15/2014	A3		4,149
	2,155,000		Aetna, Inc	6.500		9/15/2018	A3		2,292
	1,925,000		Aetna, Inc	6.630		6/15/2036	A3		1,974
	11,525,000		Aflac, Inc	8.500		5/15/2019	A2		13,278
	8,000,000		Aflac, Inc	6.900		12/17/2039	A2		7,881
	5,000,000	g	AIG SunAmerica Global Financing VI	6.300		5/10/2011	A1		4,973
	5,375,000		Allstate Corp	7.450		5/16/2019	A3		6,245
	4,375,000		American Financial Group, Inc	9.880		6/15/2019	Baa2		4,905
	3,750,000		Chubb Corp	6.000		5/11/2037	A2		3,857
	4,000,000	g	John Hancock Global Funding II	7.900		7/2/2010	Aa3		4,126
	3,000,000		Metlife, Inc	5.380		12/15/2012	A3		3,188
	5,620,000		Metlife, Inc	5.000		6/15/2015	A3		5,911
	7,675,000		Metlife, Inc	6.750		6/1/2016	A3		8,595
	2,500,000		Metlife, Inc	5.700		6/15/2035	A3		2,469
	3,000,000		Prudential Financial, Inc	5.800		6/15/2012	Baa2		3,162
	11,300,000		Prudential Financial, Inc	7.380		6/15/2019	Baa2		12,669
	3,000,000	g	Prudential Funding LLC	6.750		9/15/2023	A3		2,856
	4,250,000		Travelers Cos, Inc	5.800		5/15/2018	A2		4,529
	1,150,000		Travelers Cos, Inc	5.900		6/2/2019	A2		1,228
	4,750,000		Unum Group	7.130		9/30/2016	Ba1		4,921
	4,902,000		WellPoint, Inc	6.380		1/15/2012	Baa1		5,280
	1,800,000		WellPoint, Inc	5.880		6/15/2017	Baa1		1,854
	2,250,000		WellPoint, Inc	5.850		1/15/2036	Baa1		2,116
			TOTAL INSURANCE CARRIERS						112,458
JUSTICE, PUBLIC ORDER AND SAFETY - 0.02%
	2,000,000		Corrections Corp of America	7.750		6/1/2017	Ba2		2,060
			TOTAL JUSTICE, PUBLIC ORDER AND SAFETY						2,060
LEGAL SERVICES - 0.01%
	1,256,000		FTI Consulting, Inc	7.630		6/15/2013	Ba2		1,273
			TOTAL LEGAL SERVICES						1,273
METAL MINING - 0.25%
	5,575,000		Freeport-McMoRan Copper & Gold, Inc	8.380		4/1/2017	Ba2		6,105
	3,875,000		Newmont Mining Corp	6.250		10/1/2039	Baa2		3,880
	3,850,000		Rio Tinto Finance USA Ltd	5.880		7/15/2013	Baa1		4,154
	4,000,000		Rio Tinto Finance USA Ltd	6.500		7/15/2018	Baa1		4,394
	2,500,000		Rio Tinto Finance USA Ltd	9.000		5/1/2019	Baa1		3,164
	4,500,000	g	Vedanta Resources plc	8.750		1/15/2014	Ba2		4,601
			TOTAL METAL MINING						26,298
MISCELLANEOUS RETAIL - 0.18%
	2,500,000		CVS Caremark Corp	4.880		9/15/2014	Baa2		2,649
	10,500,000		CVS Caremark Corp	5.750		6/1/2017	Baa2		11,082
	795,000		CVS Caremark Corp	6.600		3/15/2019	Baa2		870
	3,875,000		Staples, Inc	9.750		1/15/2014	Baa2		4,721
			TOTAL MISCELLANEOUS RETAIL						19,322

332

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
MOTION PICTURES - 0.24%
$	3,000,000		Time Warner, Inc	6.750	%	4/15/2011	Baa2	$	3,179
	16,250,000		Time Warner, Inc	6.880		5/1/2012	Baa2		17,790
	3,825,000		Time Warner, Inc	6.500		11/15/2036	Baa2		3,993
			TOTAL MOTION PICTURES						24,962
NONDEPOSITORY INSTITUTIONS - 3.57%
	2,550,000		American Express Co	7.000		3/19/2018	A3		2,808
	5,125,000		American Express Co	8.130		5/20/2019	A3		6,073
	7,500,000		American General Finance Corp	6.900		12/15/2017	B2		5,208
	3,500,000	g	American Honda Finance Corp	5.130		12/15/2010	A1		3,614
	3,900,000	g	Anglo American Capital plc	9.380		4/8/2014	Baa1		4,680
	3,875,000		Barrick Australian Finance Pty Ltd	5.950		10/15/2039	Baa1		3,782
	4,500,000	g	CCL Finance Ltd	9.500		8/15/2014	Ba3		4,838
	12,000,000	g	CDP Financial, Inc	3.000		11/25/2014	Aaa		11,710
	12,000,000		Citigroup Funding, Inc	2.250		12/10/2012	Aaa		12,094
	3,700,000		Countrywide Financial Corp	6.250		5/15/2016	A3		3,764
	4,500,000		Countrywide Home Loans, Inc	4.000		3/22/2011	A2		4,596
	4,500,000	g	Drummond Co, Inc	7.380		2/15/2016	B1		4,399
	2,000,000		Ford Motor Credit Co LLC	7.500		8/1/2012	B3		2,017
	25,000,000		General Electric Capital Corp	3.000		12/9/2011	Aaa		25,770
	2,100,000		General Electric Capital Corp	5.880		2/15/2012	Aa2		2,250
	61,500,000		General Electric Capital Corp	2.250		3/12/2012	Aaa		62,391
	37,400,000		General Electric Capital Corp	2.200		6/8/2012	Aaa		37,925
	7,000,000		General Electric Capital Corp	2.630		12/28/2012	Aaa		7,129
	7,450,000		General Electric Capital Corp	5.900		5/13/2014	Aa2		8,054
	21,200,000		General Electric Capital Corp	5.500		6/4/2014	Aa2		22,463
	7,500,000		General Electric Capital Corp	3.750		11/14/2014	Aa2		7,487
	5,375,000		General Electric Capital Corp	6.880		1/10/2039	Aa2		5,551
	10,000,000		HSBC Finance Corp	5.250		1/14/2011	A3		10,353
	5,750,000		HSBC Finance Corp	6.380		11/27/2012	A3		6,262
	4,000,000		HSBC Finance Corp	4.750		7/15/2013	A3		4,165
	5,000,000		HSBC Finance Corp	5.500		1/19/2016	A3		5,245
	4,500,000	g	Hutchinson Whampoa Finance	5.750		9/11/2019	A3		4,562
	3,040,000	g	Hyundai Capital Services, Inc	6.000		5/5/2015	Baa2		3,174
	5,575,000		International Lease Finance Corp	5.750		6/15/2011	B1		5,122
	2,475,000		International Lease Finance Corp	5.630		9/20/2013	B1		1,941
	3,825,000		International Lease Finance Corp	6.630		11/15/2013	B1		3,079
	4,000,000		JPM Chase Capital XXVII	7.000		11/1/2039	A2		4,034
	15,350,000		Kreditanstalt fuer Wiederaufbau	4.500		7/16/2018	Aaa		15,852
	4,150,000		Landwirtschaftliche Rentenbank	5.250		7/2/2012	Aaa		4,484
	5,000,000		Landwirtschaftliche Rentenbank	5.130		2/1/2017	Aaa		5,361
	4,500,000	g	Lukoil International Finance BV	7.250		11/5/2019	Baa2		4,534
	4,092,000	g	Majapahit Holding BV	8.000		8/7/2019	Ba2		4,317
	4,000,000		MBNA Corp	6.130		3/1/2013	A2		4,244
	3,415,000		National Rural Utilities Cooperative Finance Corp	2.610		9/16/2012	A1		3,436
	5,990,000		National Rural Utilities Cooperative Finance Corp	5.500		7/1/2013	A1		6,484
	3,800,000		National Rural Utilities Cooperative Finance Corp	10.380		11/1/2018	A1		5,035
	7,680,000		Svensk Exportkredit AB	5.130		3/1/2017	Aa1		8,110
	4,500,000		Tam Linhas Aeres S.A.	7.380		4/25/2017	B1		3,983
	7,575,000	g	Temasek Financial I Ltd	4.300		10/25/2019	Aaa		7,413
	4,156,250		Totem Ocean Trailer Express, Inc	4.510		12/18/2019	NR		4,310
	900,000	g	WEA Finance LLC	7.130		4/15/2018	A2		984
			TOTAL NONDEPOSITORY INSTITUTIONS						375,087

333

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
OIL AND GAS EXTRACTION - 1.91%
$	2,000,000		Anadarko Finance Co	6.750	%	5/1/2011	Baa3	$	2,113
	7,450,000		Anadarko Petroleum Corp	5.950		9/15/2016	Baa3		8,059
	2,310,000		Anadarko Petroleum Corp	8.700		3/15/2019	Baa3		2,873
	3,825,000		Anadarko Petroleum Corp	7.950		6/15/2039	Baa3		4,732
	4,500,000		Atlas Energy Operating Co LLC	10.750		2/1/2018	B3		4,972
	5,900,000		Baker Hughes, Inc	6.500		11/15/2013	A2		6,660
	3,000,000		Baker Hughes, Inc	6.880		1/15/2029	A2		3,410
	3,500,000		BJ Services Co	5.750		6/1/2011	Baa1		3,697
	2,000,000		Burlington Resources Finance Co	6.400		8/15/2011	A2		2,156
	7,750,000		Burlington Resources Finance Co	7.200		8/15/2031	A2		8,878
	3,000,000	g	Cenovus Energy, Inc	4.500		9/15/2014	Baa2		3,097
	3,250,000		Chesapeake Energy Corp	6.500		8/15/2017	Ba3		3,185
	2,000,000		Denbury Resources, Inc	7.500		4/1/2013	B1		2,010
	4,500,000	g	Empresa Nacional del Petroleo	6.250		7/8/2019	A3		4,679
	1,525,000		EnCana Corp	6.500		5/15/2019	Baa2		1,706
	1,525,000		EnCana Corp	6.630		8/15/2037	Baa2		1,655
	5,000,000		Encore Acquisition Co	9.500		5/1/2016	B1		5,275
	5,950,000		Enterprise Products Operating LLC	4.600		8/1/2012	Baa3		6,284
	4,000,000		Enterprise Products Operating LLC	5.600		10/15/2014	Baa3		4,259
	1,150,000		Enterprise Products Operating LLC	5.000		3/1/2015	Baa3		1,182
	2,800,000		Enterprise Products Operating LLC	6.300		9/15/2017	Baa3		3,014
	1,600,000		Enterprise Products Operating LLC	6.500		1/31/2019	Baa3		1,726
	7,650,000		Enterprise Products Operating LLC	6.130		10/15/2039	Baa3		7,390
	3,250,000		EOG Resources, Inc	5.630		6/1/2019	A3		3,453
	4,500,000		Gaz Capital S.A.	6.510		3/7/2022	Baa1		4,140
	3,250,000		Husky Energy, Inc	6.250		6/15/2012	Baa2		3,508
	2,975,000		Husky Energy, Inc	6.800		9/15/2037	Baa2		3,152
	3,710,000	g	KazMunaiGaz Finance Sub BV	11.750		1/23/2015	Baa2		4,471
	3,000,000		Kerr-McGee Corp	6.950		7/1/2024	Baa3		3,249
	2,000,000		Nexen, Inc	6.200		7/30/2019	Baa3		2,116
	9,200,000		Nexen, Inc	7.500		7/30/2039	Baa3		10,546
	2,800,000		Pemex Project Funding Master Trust	5.750		3/1/2018	Baa1		2,831
	1,890,000		Pemex Project Funding Master Trust	6.630		6/15/2038	Baa1		1,759
	7,300,000		Petrobras International Finance Co	7.880		3/15/2019	Baa1		8,416
	2,650,000		Petrobras International Finance Co	6.880		1/20/2040	Baa1		2,723
	4,500,000	g	Petroleos Mexicanos	4.880		3/15/2015	Baa1		4,483
	2,900,000		Petroleos Mexicanos	8.000		5/3/2019	Baa1		3,357
	3,960,000	g	Petroleum Co of Trinidad & Tobago Ltd	9.750		8/14/2019	Baa3		4,430
	4,500,000	g	Petronas Capital Ltd	5.250		8/12/2019	A1		4,502
	3,000,000		Plains All American Pipeline LP	5.630		12/15/2013	Baa3		3,167
	8,200,000		Plains All American Pipeline LP	5.750		1/15/2020	Baa3		8,206
	2,000,000		Range Resources Corp	7.500		5/15/2016	Ba3		2,055
	700,000		Range Resources Corp	7.250		5/1/2018	Ba3		714
	3,920,000		Ras Laffan Liquefied Natural Gas Co Ltd	5.300		9/30/2020	Aa2		3,935
	3,750,000		SEACOR Holdings, Inc	7.380		10/1/2019	Ba1		3,796
	1,964,000		Southwestern Energy Co	7.500		2/1/2018	Ba2		2,082
	5,000,000		XTO Energy, Inc	6.250		4/15/2013	Baa2		5,507
	4,400,000		XTO Energy, Inc	4.630		6/15/2013	Baa2		4,678
	3,225,000		XTO Energy, Inc	5.500		6/15/2018	Baa2		3,440
	2,500,000		XTO Energy, Inc	6.380		6/15/2038	Baa2		2,805
			TOTAL OIL AND GAS EXTRACTION						200,533
PAPER AND ALLIED PRODUCTS - 0.09%
	2,662,000		Celulosa Arauco y Constitucion S.A.	7.250		7/29/2019	Baa2		2,893

334

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	1,900,000		Greif, Inc	7.750	%	8/1/2019	Ba2	$	1,938
	4,250,000		International Paper Co	7.300		0	Baa3		4,508
			TOTAL PAPER AND ALLIED PRODUCTS						9,339
PETROLEUM AND COAL PRODUCTS - 0.73%
	4,725,000		BP Capital Markets plc	3.130		3/10/2012	Aa1		4,867
	2,725,000		BP Capital Markets plc	3.630		5/8/2014	Aa1		2,788
	11,675,000		BP Capital Markets plc	3.880		3/10/2015	Aa1		11,995
	7,475,000		Chevron Corp	3.450		3/3/2012	Aa1		7,769
	9,725,000		ConocoPhillips	4.600		1/15/2015	A1		10,329
	7,600,000		ConocoPhillips	6.500		2/1/2039	A1		8,436
	3,130,000		Ecopetrol S.A.	7.630		7/23/2019	Baa2		3,470
	2,225,000		Hess Corp	7.000		2/15/2014	Baa2		2,503
	3,600,000		Hess Corp	8.130		2/15/2019	Baa2		4,341
	6,000,000		Hess Corp	6.000		1/15/2040	Baa2		5,941
	2,850,000		Marathon Oil Corp	7.500		2/15/2019	Baa1		3,289
	4,000,000		Marathon Oil Corp	6.600		10/1/2037	Baa1		4,243
	1,925,000		Shell International Finance BV	6.380		12/15/2038	Aa1		2,170
	2,800,000		Statoil ASA	2.900		10/15/2014	Aa2		2,788
	2,500,000		Valero Energy Corp	6.630		6/15/2037	Baa2		2,345
			TOTAL PETROLEUM AND COAL PRODUCTS						77,274
PIPELINES, EXCEPT NATURAL GAS - 0.18%
	2,000,000		Kaneb Pipe Line Operating Partnership LP	5.880		6/1/2013	Baa3		2,070
	4,000,000		Magellan Midstream Partners LP	6.550		7/15/2019	Baa2		4,342
	4,025,000	g	Rockies Express Pipeline LLC	6.250		7/15/2013	Baa3		4,397
	2,175,000		TransCanada Pipelines Ltd	4.000		6/15/2013	A3		2,228
	3,400,000		TransCanada Pipelines Ltd	5.850		3/15/2036	A3		3,427
	2,750,000	i	TransCanada Pipelines Ltd	6.350		5/15/2067	Baa1		2,580
			TOTAL PIPELINES, EXCEPT NATURAL GAS						19,044
PRIMARY METAL INDUSTRIES - 0.22%
	3,040,000		ArcelorMittal	5.380		6/1/2013	Baa3		3,208
	2,085,000		ArcelorMittal	9.850		6/1/2019	Baa3		2,697
	7,900,000		ArcelorMittal	7.000		10/15/2039	Baa3		8,317
	4,350,000	g	CSN Islands XI Corp	6.880		9/21/2019	Ba1		4,350
	3,260,000	g	Gerdau S.A.	7.000		1/20/2020	Baa1		3,350
	1,550,000	g	Xstrata Finance Canada Ltd	6.900		11/15/2037	Baa2		1,581
			TOTAL PRIMARY METAL INDUSTRIES						23,503
PRINTING AND PUBLISHING - 0.24%
	2,500,000		Dun & Bradstreet Corp	5.500		3/15/2011	A3		2,604
	1,274,000		News America, Inc	7.250		5/18/2018	Baa1		1,450
	4,250,000		News America, Inc	7.630		11/30/2028	Baa1		4,542
	3,575,000		News America, Inc	6.650		11/15/2037	Baa1		3,776
	7,600,000	g	News America, Inc	6.900		8/15/2039	Baa1		8,291
	4,125,000		Thomson Corp	5.700		10/1/2014	Baa1		4,529
			TOTAL PRINTING AND PUBLISHING						25,192
RAILROAD TRANSPORTATION - 0.38%
	3,750,000		Burlington Northern Santa Fe Corp	6.750		7/15/2011	Baa1		4,038
	7,650,000		Burlington Northern Santa Fe Corp	4.700		10/1/2019	Baa1		7,580
	2,400,000		Burlington Northern Santa Fe Corp	6.150		5/1/2037	Baa1		2,524
	3,500,000		Canadian National Railway Co	4.400		3/15/2013	A3		3,649
	2,500,000		Norfolk Southern Corp	5.750		1/15/2016	Baa1		2,660

335

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	2,800,000		Norfolk Southern Corp	5.750	%	4/1/2018	Baa1	$	2,962
	4,000,000		Norfolk Southern Corp	5.900		6/15/2019	Baa1		4,271
	2,056,000		Norfolk Southern Corp	5.590		5/17/2025	Baa1		1,999
	3,000,000		Union Pacific Corp	6.500		4/15/2012	Baa2		3,276
	6,375,000		Union Pacific Corp	5.130		2/15/2014	Baa2		6,768
			TOTAL RAILROAD TRANSPORTATION						39,727
REAL ESTATE - 0.05%
	4,500,000	g	Desarrolladora Homex SAB de C.V.	9.500		12/11/2019	Ba3		4,511
	1,750,000	g,i	USB Realty Corp	6.090		12/30/2049	A2		1,282
			TOTAL REAL ESTATE						5,793
SECURITY AND COMMODITY BROKERS - 2.15%
	7,250,000		BlackRock, Inc	3.500		12/10/2014	A1		7,159
	7,500,000		BlackRock, Inc	5.000		12/10/2019	A1		7,370
	4,200,000		Charles Schwab Corp	4.950		6/1/2014	A2		4,431
	3,000,000		Credit Suisse USA, Inc	4.880		1/15/2015	Aa1		3,141
	1,250,000		Eaton Vance Corp	6.500		10/2/2017	A3		1,293
	4,900,000	i	Goldman Sachs Capital II	5.790		12/30/2049	A3		3,798
	3,825,000		Goldman Sachs Group, Inc	3.630		8/1/2012	A1		3,941
	3,250,000		Goldman Sachs Group, Inc	5.700		9/1/2012	A1		3,496
	7,200,000		Goldman Sachs Group, Inc	5.250		10/15/2013	A1		7,646
	11,760,000		Goldman Sachs Group, Inc	5.150		1/15/2014	A1		12,440
	1,130,000		Goldman Sachs Group, Inc	6.000		5/1/2014	A1		1,236
	5,612,000		Goldman Sachs Group, Inc	5.350		1/15/2016	A1		5,829
	15,725,000		Goldman Sachs Group, Inc	7.500		2/15/2019	A1		18,332
	1,150,000		Goldman Sachs Group, Inc	6.450		5/1/2036	A2		1,133
	3,100,000		Goldman Sachs Group, Inc	6.750		10/1/2037	A2		3,186
	3,150,000	n	Lehman Brothers Holdings Capital Trust V	5.860		12/30/2049	Ca		1
	15,125,000		Merrill Lynch & Co, Inc	6.050		8/15/2012	A2		16,202
	4,825,000		Merrill Lynch & Co, Inc	5.450		2/5/2013	A2		5,077
	4,675,000		Merrill Lynch & Co, Inc	6.400		8/28/2017	A2		4,920
	13,650,000		Merrill Lynch & Co, Inc	6.880		4/25/2018	A2		14,707
	30,000,000		Morgan Stanley	2.250		3/13/2012	Aaa		30,474
	14,775,000		Morgan Stanley	6.000		5/13/2014	A2		15,886
	3,925,000		Morgan Stanley	6.000		4/28/2015	A2		4,181
	9,350,000		Morgan Stanley	5.380		10/15/2015	A2		9,661
	5,000,000		Morgan Stanley	5.750		10/18/2016	A2		5,188
	4,125,000		Morgan Stanley	5.450		1/9/2017	A2		4,169
	4,775,000		Morgan Stanley	5.950		12/28/2017	A2		4,925
	3,850,000		Morgan Stanley	6.630		4/1/2018	A2		4,162
	4,975,000		Morgan Stanley	7.300		5/13/2019	A2		5,587
	15,000,000		Morgan Stanley	5.630		9/23/2019	A2		15,110
	1,157,000		Nuveen Investments, Inc	10.500		11/15/2015	Caa3		1,050
			TOTAL SECURITY AND COMMODITY BROKERS						225,731
SOCIAL SERVICES - 0.02%
	2,000,000	g	Knowledge Learning Corp, Inc	7.750		2/1/2015	B2		1,920
			TOTAL SOCIAL SERVICES						1,920
STONE, CLAY, AND GLASS PRODUCTS - 0.14%
	3,385,000		3M Co	4.380		8/15/2013	Aa2		3,644
	4,150,000		3M Co	5.700		3/15/2037	Aa2		4,331
	4,500,000	g	Cemex SAB de C.V.	9.500		12/14/2016	NR		4,714
	2,000,000		Owens Brockway Glass Container, Inc	8.250		5/15/2013	Ba3		2,055
			TOTAL STONE, CLAY, AND GLASS PRODUCTS						14,744

336

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
TOBACCO PRODUCTS - 0.13%
$	3,700,000		Philip Morris International, Inc	4.880	%	5/16/2013	A2	$	3,906
	7,425,000		Philip Morris International, Inc	6.880		3/17/2014	A2		8,414
	1,600,000		Philip Morris International, Inc	6.380		5/16/2038	A2		1,729
			TOTAL TOBACCO PRODUCTS						14,049
TRANSPORTATION EQUIPMENT - 0.32%
	4,745,000		Boeing Co	5.000		3/15/2014	A2		5,107
	2,000,000	g	Bombardier, Inc	6.750		5/1/2012	Ba2		2,065
	3,515,000		Goodrich Corp	6.130		3/1/2019	Baa2		3,797
	1,500,000		Goodrich Corp	4.880		3/1/2020	Baa2		1,484
	3,750,000		Honeywell International, Inc	3.880		2/15/2014	A2		3,907
	2,500,000		Lockheed Martin Corp	4.120		3/14/2013	Baa1		2,612
	3,875,000	g	Meccanica Holdings USA	6.250		1/15/2040	A3		3,880
	4,575,000		United Technologies Corp	6.130		2/1/2019	A2		5,056
	4,970,000		United Technologies Corp	5.400		5/1/2035	A2		4,840
	1,075,000		United Technologies Corp	6.050		6/1/2036	A2		1,143
			TOTAL TRANSPORTATION EQUIPMENT						33,891
WATER TRANSPORTATION - 0.05%
	4,500,000	g	DP World Ltd	6.850		7/2/2037	Ba1		3,461
	1,335,000	g	Hornbeck Offshore Services, Inc	8.000		9/1/2017	Ba3		1,335
			TOTAL WATER TRANSPORTATION						4,796
WHOLESALE TRADE-DURABLE GOODS - 0.24%
	5,250,000	g	Ace Hardware Corp	9.130		6/1/2016	Ba2		5,558
	4,500,000	g	Adaro Indonesia PT	7.630		10/22/2019	Ba1		4,449
	1,500,000		Martin Marietta Materials, Inc	6.600		4/15/2018	Baa3		1,544
	2,000,000		Vale Overseas Ltd	6.250		1/23/2017	Baa2		2,086
	2,760,000		Vale Overseas Ltd	5.630		9/15/2019	Baa2		2,787
	2,760,000		Vale Overseas Ltd	6.880		11/21/2036	Baa2		2,758
	6,150,000		Vale Overseas Ltd	6.880		11/10/2039	Baa2		6,192
			TOTAL WHOLESALE TRADE-DURABLE GOODS						25,374
WHOLESALE TRADE-NONDURABLE GOODS - 0.28%
	7,775,000	g	Anheuser-Busch InBev Worldwide, Inc	5.380		1/15/2020	Baa2		7,933
	2,500,000	g	Anheuser-Busch InBev Worldwide, Inc	6.380		1/15/2040	Baa2		2,607
	2,000,000		Inergy LP	6.880		12/15/2014	B1		1,975
	4,250,000		McKesson Corp	6.500		2/15/2014	Baa3		4,701
	9,275,000		Procter & Gamble Co	4.600		1/15/2014	Aa3		9,875
	1,800,000		SuperValu, Inc	7.500		11/15/2014	Ba3		1,823
	640,000		SuperValu, Inc	8.000		5/1/2016	Ba3		650
			TOTAL WHOLESALE TRADE-NONDURABLE GOODS						29,564
			TOTAL CORPORATE BONDS						3,270,118
			(Cost $3,139,099)
GOVERNMENT BONDS 61.10%
AGENCY SECURITIES - 5.92%
			Federal Farm Credit Bank (FFCB)
	7,250,000		FFCB	5.380		7/18/2011	Aaa		7,731

337

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	31,850,000		FFCB	2.630	%	4/21/2011	Aaa	$	32,586
			Federal Home Loan Bank (FHLB)
	10,500,000		FHLB	5.000		11/17/2017	Aaa		11,358
	3,000,000		FHLB	3.630		9/16/2011	Aaa		3,130
			Federal Home Loan Mortgage Corp (FHLMC)
	6,000,000		FHLMC	3.500		5/29/2013	Aaa		6,277
	5,000,000		FHLMC	4.130		12/21/2012	Aaa		5,318
	27,600,000		FHLMC	2.500		4/23/2014	Aaa		27,584
	10,500,000		FHLMC	3.750		3/27/2019	Aaa		10,294
	20,000,000		FHLMC	3.000		7/28/2014	Aaa		20,270
	21,225,000		FHLMC	3.250		7/16/2010	Aaa		21,576
	19,000,000		FHLMC	4.880		2/9/2010	Aaa		19,087
	5,000,000		FHLMC	1.750		6/15/2012	Aaa		5,022
	28,000,000		FHLMC	2.130		9/21/2012	Aaa		28,298
	15,000,000		FHLMC	5.500		8/20/2012	Aaa		16,459
	22,500,000		FHLMC	5.250		7/18/2011	Aaa		23,966
			Federal National Mortgage Association (FNMA)
	24,500,000		FNMA	2.750		2/5/2014	Aaa		24,777
	25,000,000		FNMA	3.880		7/12/2013	Aaa		26,581
	76,000,000		FNMA	2.750		3/13/2014	Aaa		76,646
	10,000,000		FNMA	3.630		2/12/2013	Aaa		10,489
	25,500,000		FNMA	2.500		5/15/2014	Aaa		25,450
	35,000,000		FNMA	2.630		11/20/2014	Aaa		34,729
	23,500,000		FNMA	3.000		9/16/2014	Aaa		23,798
	8,250,000		FNMA	3.250		8/12/2010	Aaa		8,397
	7,200,000		FNMA	7.130		6/15/2010	Aaa		7,424
	19,400,000		FNMA	1.380		4/28/2011	Aaa		19,543
	20,000,000		FNMA	2.000		1/9/2012	Aaa		20,291
	8,000,000		FNMA	5.000		10/15/2011	Aaa		8,550
	5,302,209		Cal Dive I- Title XI, Inc	4.930		2/1/2027	NR		5,319
	2,192,696		Overseas Private Investment Corp	3.420		1/15/2015	NR		2,275
	13,000,000		Private Export Funding Corp	4.900		12/15/2011	Aaa		13,924
	25,000,000		Private Export Funding Corp	3.550		4/15/2013	Aaa		26,136
	10,000,000		Private Export Funding Corp	3.050		10/15/2014	Aaa		9,933
	7,000,000		Private Export Funding Corp	4.550		5/15/2015	Aaa		7,481
	17,000,000		Private Export Funding Corp	5.450		9/15/2017	Aaa		18,207
	10,000,000		Private Export Funding Corp	4.380		3/15/2019	Aaa		9,976
	3,000,000		US Department of Housing and Urban Development	5.380		8/1/2018	NR		3,248
			TOTAL AGENCY SECURITIES						622,130
FOREIGN GOVERNMENT BONDS - 3.10%
	5,300,000	g	Banco Nacional de Desenvolvimento Economico e Social	6.500		6/10/2019	Baa2		5,698
	1,675,000		Banque Centrale de Tunisie	8.250		9/19/2027	Baa2		2,018
	13,000,000	g	Belgium Government International Bond	2.880		9/15/2014	Aa1		12,908
	5,460,000		Brazilian Government International Bond	5.880		1/15/2019	Baa3		5,815
	825,000		Brazilian Government International Bond	7.130		1/20/2037	Baa3		947
	12,200,000		Canada Government International Bond	2.380		9/10/2014	Aaa		11,988
	10,000,000		Canada Mortgage & Housing Corp	4.800		10/1/2010	Aaa		10,321
	3,500,000		China Development Bank	5.000		10/15/2015	A1		3,758
	4,500,000		Colombia Government International Bond	6.130		1/18/2041	Ba1		4,174
	4,500,000	g	Commonwealth of the Bahamas	6.950		11/20/2029	A3		4,432
	2,350,000	g	Democratic Socialist Republic of Sri Lanka	7.400		1/22/2015	B1		2,438
	2,000,000		Development Bank of Japan	4.250		6/9/2015	Aa2		2,074
	4,660,000		Eksportfinans A/S	5.000		2/14/2012	Aa1		4,967
	3,500,000		European Investment Bank	4.880		2/15/2036	Aaa		3,333
	3,196,000		Export-Import Bank of Korea	5.880		1/14/2015	A2		3,430

338

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	4,000,000	g	Federal Republic of Germany	3.880	%	6/1/2010	Aaa	$	4,052
	16,395,000		Federative Republic of Brazil	6.000		1/17/2017	Baa3		17,707
	5,666,667		Federative Republic of Brazil	8.000		1/15/2018	Baa3		6,466
	5,000,000		International Finance Corp	5.130		5/2/2011	Aaa		5,247
	4,400,000		Italy Government International Bond	5.380		6/12/2017	NR		4,698
	4,000,000		Italy Government International Bond	6.880		9/27/2023	Aa2		4,528
	16,600,000		Japan Finance Corp	2.000		6/24/2011	Aa2		16,800
	3,890,000	g	Korea Expressway Corp	4.500		3/23/2015	A2		3,963
	1,000,000		Mexico Government International Bond	6.380		1/16/2013	Baa1		1,105
	1,150,000		Mexico Government International Bond	5.880		1/15/2014	Baa1		1,256
	2,900,000		Mexico Government International Bond	6.750		9/27/2034	Baa1		3,060
	4,772,000		Mexico Government International Bond	6.050		1/11/2040	Baa1		4,587
	5,400,000		Oesterreichische Kontrollbank AG.	5.000		4/25/2017	Aaa		5,620
	4,500,000		Panama Government International Bond	5.200		1/30/2020	Ba1		4,511
	4,435,000		Peruvian Government International Bond	7.130		3/30/2019	Baa3		5,100
	1,200,000		Peruvian Government International Bond	7.350		7/21/2025	Baa3		1,374
	3,000,000		Peruvian Government International Bond	6.550		3/14/2037	Baa3		3,120
	6,285,000		Poland Government International Bond	6.380		7/15/2019	A2		6,836
	7,400,000		Province of Manitoba Canada	5.000		2/15/2012	Aa1		7,904
	17,120,000		Province of Ontario Canada	3.130		9/8/2010	Aa1		17,439
	20,000,000		Province of Ontario Canada	2.630		1/20/2012	Aa1		20,411
	27,400,000		Province of Ontario Canada	4.100		6/16/2014	Aa1		28,595
	10,000,000		Province of Ontario Canada	4.000		10/7/2019	Aa1		9,576
	2,250,000		Province of Quebec Canada	5.130		11/14/2016	Aa2		2,421
	8,835,000		Province of Quebec Canada	4.630		5/14/2018	Aa2		9,032
	6,000,000		Province of Quebec Canada	7.500		9/15/2029	Aa2		7,549
	2,630,000	g	Qatar Govt International Bond	4.000		1/20/2015	Aa2		2,637
	2,670,000	g	Qatar Govt International Bond	6.400		1/20/2040	Aa2		2,683
	2,450,000	g	Republic of El Salvador	7.380		12/1/2019	Ba1		2,517
	4,500,000		Republic of Korea	5.750		4/16/2014	A2		4,919
	4,500,000	g	Republic of Lithuania	6.750		1/15/2015	Baa1		4,582
	4,500,000		Republic of the Philippines	6.500		1/20/2020	Ba3		4,871
	4,500,000		Republic of the Philippines	6.380		10/23/2034	Ba3		4,410
	4,500,000		Republic of Turkey	7.500		7/14/2017	Ba3		5,108
	3,402,000		South Africa Government International Bond	6.880		5/27/2019	A3		3,819
	1,030,000		United Mexican States	5.880		2/17/2014	Baa1		1,120
	3,500,000		United Mexican States	5.950		3/19/2019	Baa1		3,701
	4,500,000		Uruguay Government International Bond	6.880		9/28/2025	Ba3		4,725
			TOTAL FOREIGN GOVERNMENT BONDS						326,350
MORTGAGE BACKED - 35.11%
			Federal Home Loan Mortgage Corp (FHLMC)
	1,292,702	i	FHLMC	5.960		5/1/2037			1,378
	13,142,074	i	FHLMC	5.880		4/1/2037			13,842
	17,606,956	i	FHLMC	5.780		3/1/2037			18,654
	13,162,758	i	FHLMC	5.830		9/1/2037			14,021
	12,501,764	i	FHLMC	5.790		8/1/2037			13,319
	21,861,455	i	FHLMC	5.720		6/1/2037			23,160
	5,646,258	i	FHLMC	3.350		9/1/2036			5,839
	9,383,499	i	FHLMC	5.800		7/1/2036			9,921
	7,410,252	i	FHLMC	2.910		2/1/2036			7,569
	16,052,613	i	FHLMC	5.740		2/1/2037			17,053
	8,004,338	i	FHLMC	6.060		9/1/2036			8,476
	6,112,019	i	FHLMC	5.940		9/1/2036			6,473
	8,443,528	i	FHLMC	5.940		9/1/2036			8,935
	1,994,487		FHLMC	5.750		12/15/2018			2,086

339

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
		Federal Home Loan Mortgage Corp Gold (FGLMC)
$	22,934,651	FGLMC	5.500	%	6/1/2035	$	24,112
	4,477,134	FGLMC	6.000		6/1/2035		4,767
	3,204,976	FGLMC	5.500		6/1/2035		3,370
	5,624,513	FGLMC	5.500		6/1/2035		5,913
	17,222,671	FGLMC	4.500		8/1/2035		17,246
	552,011	FGLMC	6.500		11/1/2035		592
	2,840,315	FGLMC	6.000		1/1/2036		3,020
	2,464,266	FGLMC	5.000		10/1/2035		2,532
	14,169,568	FGLMC	5.000		11/1/2035		14,558
	1,935,651	FGLMC	6.000		5/1/2035		2,061
	3,748,906	FGLMC	6.000		5/1/2035		3,991
	9,748,916	FGLMC	4.500		4/1/2035		9,783
	3,683,544	FGLMC	6.000		5/1/2035		3,932
	3,568,131	FGLMC	6.000		5/1/2035		3,799
	10,619,675	FGLMC	7.000		5/1/2035		11,728
	1,660,917	FGLMC	5.500		6/1/2035		1,746
	7,261,076	FGLMC	6.000		5/1/2035		7,731
	4,443,761	FGLMC	6.000		5/1/2035		4,731
	5,410,100	FGLMC	5.000		2/1/2036		5,558
	23,109,398	FGLMC	5.000		4/1/2038		23,723
	11,352,366	FGLMC	5.500		7/1/2038		11,905
	17,516,008	FGLMC	5.000		12/1/2037		17,982
	10,849,533	FGLMC	5.000		4/1/2038		11,138
	23,736,490	FGLMC	6.000		11/1/2038		25,193
	18,777,125	FGLMC	4.000		6/1/2039		18,125
	12,584,299	FGLMC	5.000		7/1/2039		12,917
	11,879,370	FGLMC	5.500		1/1/2039		12,457
	15,614,304	FGLMC	4.500		5/1/2039		15,592
	13,476,568	FGLMC	6.500		10/1/2036		14,441
	36,240,094	FGLMC	5.500		1/1/2037		38,033
	2,302,710	FGLMC	5.500		4/1/2036		2,417
	2,937,220	FGLMC	6.500		5/1/2036		3,147
	24,278,704	FGLMC	5.500		4/1/2037		25,461
	5,004,686	FGLMC	6.000		9/1/2037		5,316
	13,730,357	FGLMC	6.500		11/1/2037		14,710
	38,236,800	FGLMC	5.500		5/1/2037		40,099
	11,383,739	FGLMC	6.000		8/1/2037		12,092
	1,942,145	FGLMC	5.500		12/1/2034		2,043
	2,677,640	FGLMC	4.500		8/1/2020		2,782
	420,215	FGLMC	7.000		10/1/2020		469
	5,575,675	FGLMC	4.500		1/1/2020		5,792
	3,639,503	FGLMC	4.500		7/1/2020		3,774
	40,478,882	FGLMC	4.500		6/1/2021		41,976
	963,970	FGLMC	6.000		10/1/2023		1,037
	731,381	FGLMC	6.000		11/1/2023		787
	12,930,347	FGLMC	4.500		6/1/2021		13,409
	57,819	FGLMC	7.000		5/1/2023		65
	242,161	FGLMC	7.000		7/1/2013		258
	1,240,424	FGLMC	6.500		12/1/2016		1,338
	14,971	FGLMC	7.000		9/1/2010		15
	47,643	FGLMC	6.000		4/1/2011		51
	10,500,595	FGLMC	5.000		9/1/2018		11,066
	2,332,644	FGLMC	5.500		1/1/2019		2,487
	1,191,534	FGLMC	4.000		6/1/2019		1,217
	4,162,536	FGLMC	4.500		10/1/2018		4,335

340

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	2,375,280		FGLMC	4.500	%	11/1/2018	$	2,474
	15,823,842		FGLMC	4.000		7/1/2024		15,944
	18,892,741		FGLMC	5.500		12/1/2033		19,892
	4,499,941		FGLMC	5.500		12/1/2033		4,735
	7,631,131		FGLMC	4.500		7/1/2033		7,672
	3,457,078		FGLMC	5.500		11/1/2033		3,682
	39,220,879		FGLMC	7.000		12/1/2033		43,313
	7,482,912		FGLMC	6.000		9/1/2034		7,988
	21,874,005		FGLMC	4.500		10/1/2034		21,992
	57,523,545		FGLMC	5.000		1/1/2034		59,226
	11,486,396		FGLMC	5.000		5/1/2034		11,815
	73,862		FGLMC	7.000		11/1/2031		81
	175,158		FGLMC	7.000		12/1/2031		193
	5,948,669		FGLMC	4.500		9/1/2024		6,120
	175,857		FGLMC	8.000		1/1/2031		201
	87,994		FGLMC	7.000		12/1/2031		97
	21,742		FGLMC	7.000		1/1/2032		24
	467,818		FGLMC	8.000		2/1/2032		536
	96,009		FGLMC	7.000		12/1/2031		106
	274,499		FGLMC	7.000		12/1/2031		302
	27,000,000		FGLMC	6.500		1/15/2040		28,898
	9,000,000		FGLMC	6.000		1/15/2040		9,543
	5,591,447		FGLMC	5.000		4/1/2023		5,851
			Federal National Mortgage Association (FNMA)
	16,000,000		FNMA	5.500		1/25/2040		16,748
	239,000,000		FNMA	6.000		1/25/2040		253,115
	55,000,000		FNMA	6.500		1/25/2040		58,902
	50,000,000		FNMA	5.000		1/25/2040		51,305
	22,000,000		FNMA	4.500		1/25/2025		22,626
	106,000,000		FNMA	4.000		1/25/2040		102,323
	268,000,000		FNMA	4.500		1/25/2040		267,497
	7,395,681		FNMA	5.500		11/1/2035		7,769
	11,324,998		FNMA	5.500		10/1/2035		11,896
	13,316,565		FNMA	5.000		2/1/2036		13,692
	25,679,998		FNMA	6.000		3/1/2036		27,277
	10,872,852	i	FNMA	5.740		2/1/2036		11,501
	11,549,474		FNMA	5.000		8/1/2035		11,875
	8,577,348		FNMA	4.500		8/1/2035		8,602
	24,591,067		FNMA	5.500		9/1/2035		25,846
	11,196,846		FNMA	5.000		10/1/2035		11,512
	10,663,319		FNMA	5.500		9/1/2035		11,201
	5,708,017		FNMA	5.000		4/1/2036		5,865
	9,138,776	i	FNMA	5.760		12/1/2036		9,646
	45,834,963	i	FNMA	5.770		11/1/2036		48,382
	12,100,572		FNMA	6.000		12/1/2036		12,853
	38,095,262		FNMA	5.500		2/1/2037		39,950
	9,163,495		FNMA	5.000		2/1/2037		9,415
	10,007,864	i	FNMA	5.840		6/1/2036		10,591
	8,896,633		FNMA	5.500		4/1/2036		9,345
	6,671,097	i	FNMA	5.920		7/1/2036		7,069
	5,931,674		FNMA	6.500		9/1/2036		6,365
	24,936,901	i	FNMA	5.990		7/1/2036		26,366
	60,406,735		FNMA	5.500		2/1/2035		63,491
	5,887,791		FNMA	5.500		1/1/2035		6,188
	23,564,746		FNMA	5.500		4/1/2035		24,768
	5,817,963		FNMA	6.000		4/1/2035		6,205

341

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	3,984,731		FNMA	5.500	%	4/1/2035	$	4,186
	2,550,810		FNMA	5.500		10/1/2034		2,681
	3,032,779		FNMA	5.500		9/1/2034		3,188
	2,367,788		FNMA	5.500		10/1/2034		2,489
	3,029,170		FNMA	6.000		12/1/2034		3,231
	17,203,686		FNMA	5.500		12/1/2034		18,082
	14,400,311		FNMA	4.500		5/1/2035		14,487
	1,028,214		FNMA	5.500		6/1/2035		1,080
	1,674,246		FNMA	5.500		6/1/2035		1,759
	404,251		FNMA	7.500		6/1/2035		453
	2,777,607		FNMA	6.000		7/1/2035		2,956
	1,774,558		FNMA	5.500		7/1/2035		1,864
	5,670,448		FNMA	6.000		5/1/2035		6,034
	17,791,284		FNMA	5.500		5/1/2035		18,688
	2,667,175		FNMA	5.500		6/1/2035		2,802
	4,221,480		FNMA	5.500		6/1/2035		4,434
	2,049,005		FNMA	5.500		6/1/2035		2,152
	24,676,868		FNMA	5.500		3/1/2037		25,859
	9,468,771		FNMA	5.000		5/1/2038		9,728
	20,877,781		FNMA	5.000		4/1/2038		21,449
	11,399,887	i	FNMA	5.250		9/1/2038		12,000
	15,322,464		FNMA	4.500		1/1/2039		15,311
	9,814,683	i	FNMA	4.910		10/1/2038		10,282
	4,788,353		FNMA	6.500		3/1/2038		5,133
	1,544,182		FNMA	6.500		3/1/2038		1,655
	12,200,388		FNMA	5.000		4/1/2038		12,534
	22,610,972		FNMA	5.000		4/1/2038		23,229
	11,275,337		FNMA	5.000		4/1/2038		11,584
	13,789,764		FNMA	5.500		1/1/2039		14,451
	10,777,135		FNMA	4.000		4/1/2039		10,415
	21,595,283		FNMA	5.000		3/1/2039		22,184
	13,448,266		FNMA	5.000		4/1/2039		13,815
	15,373,374		FNMA	4.500		8/1/2039		15,361
	19,370,698		FNMA	4.500		5/1/2039		19,355
	11,799,759		FNMA	6.000		1/1/2039		12,510
	12,244,624		FNMA	6.000		1/1/2039		12,981
	14,656,549		FNMA	4.500		2/1/2039		14,646
	11,166,503		FNMA	5.500		2/1/2039		11,702
	26,738,014		FNMA	4.500		2/1/2039		26,718
	6,486,486		FNMA	6.000		9/1/2037		6,881
	5,870,275		FNMA	6.000		9/1/2037		6,227
	3,874,866		FNMA	6.000		9/1/2037		4,110
	15,597,804		FNMA	6.500		9/1/2037		16,721
	4,854,364		FNMA	6.000		9/1/2037		5,149
	703,346		FNMA	6.500		3/1/2037		754
	9,936,825		FNMA	6.500		3/1/2037		10,663
	6,370,638		FNMA	7.000		4/1/2037		6,990
	4,318,043		FNMA	6.500		8/1/2037		4,629
	13,100,831		FNMA	6.500		8/1/2037		14,044
	9,629,907		FNMA	6.500		9/1/2037		10,324
	1,156,049		FNMA	6.500		1/1/2038		1,239
	6,811,610		FNMA	5.500		1/1/2038		7,138
	59,893,514		FNMA	5.500		2/1/2038		62,764
	10,228,968		FNMA	6.500		3/1/2038		10,965
	475,257		FNMA	6.500		2/1/2038		509
	14,881,987		FNMA	6.500		9/1/2037		15,954

342

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	8,231,613		FNMA	6.500	%	9/1/2037	$	8,825
	1,578,161		FNMA	6.500		9/1/2037		1,692
	9,867,193		FNMA	7.000		11/1/2037		10,826
	18,182,493	i	FNMA	5.880		10/1/2037		19,172
	4,463,189		FNMA	4.500		6/1/2019		4,641
	8,412,450		FNMA	5.000		4/1/2019		8,853
	6,346,449		FNMA	5.000		3/1/2020		6,686
	2,137,795		FNMA	4.500		11/1/2020		2,223
	2,978,595		FNMA	5.500		7/1/2020		3,175
	236,356		FNMA	5.500		5/1/2018		252
	853,231		FNMA	6.500		4/1/2018		923
	13,405,980		FNMA	4.500		12/1/2018		13,973
	97,248		FNMA	6.000		2/1/2019		105
	544,348		FNMA	6.000		1/1/2019		587
	6,853,116		FNMA	5.000		12/1/2020		7,203
	13,733,376		FNMA	5.000		7/1/2023		14,367
	18,903,782		FNMA	5.000		7/1/2023		19,776
	4,900,872		FNMA	5.000		12/1/2023		5,091
	16,250,322		FNMA	4.000		5/1/2024		16,369
	1,382,825		FNMA	5.500		2/1/2024		1,465
	6,530,829		FNMA	5.500		8/1/2021		6,930
	9,284,128		FNMA	5.000		3/1/2021		9,781
	10,010,122		FNMA	4.500		3/1/2023		10,318
	20,952,290		FNMA	4.500		6/1/2023		21,596
	155,778		FNMA	8.000		3/1/2023		178
	1,390,006		FNMA	4.780		2/1/2014		1,461
	3,605,423		FNMA	4.760		10/1/2013		3,761
	5,365,635		FNMA	4.440		4/1/2014		5,586
	415,721		FNMA	7.500		2/1/2015		454
	1,574,217		FNMA	4.570		1/1/2015		1,642
	2,432		FNMA	8.000		6/1/2011		3
	1,386		FNMA	7.500		11/1/2010		1
	2,713		FNMA	8.000		7/1/2011		3
	2,702,706		FNMA	4.440		7/1/2013		2,824
	191,342		FNMA	5.000		6/1/2013		198
	882,705		FNMA	7.500		4/1/2015		963
	1,553,943		FNMA	6.500		2/1/2018		1,681
	5,782,262		FNMA	5.000		12/1/2017		6,094
	3,932,940		FNMA	5.500		3/1/2018		4,194
	734,031		FNMA	5.500		4/1/2018		782
	8,940,444		FNMA	5.500		4/1/2018		9,534
	73,490		FNMA	6.500		3/1/2016		79
	764,581		FNMA	7.500		4/1/2015		817
	29,288		FNMA	6.500		4/1/2016		32
	450,835		FNMA	6.500		11/1/2016		489
	719,320		FNMA	6.500		10/1/2016		781
	2,723,235		FNMA	5.500		7/1/2024		2,881
	2,195,451		FNMA	5.500		12/1/2033		2,308
	1,393,132		FNMA	5.500		12/1/2033		1,464
	2,879,981		FNMA	5.500		1/1/2034		3,027
	9,095,945		FNMA	5.500		2/1/2034		9,560
	5,628,955		FNMA	5.500		1/1/2034		5,916
	8,019,511		FNMA	5.000		11/1/2033		8,263
	735,285		FNMA	5.000		11/1/2033		758
	7,434,437		FNMA	5.000		11/1/2033		7,660
	1,011,221		FNMA	5.500		12/1/2033		1,063

343

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
$	7,224,616	FNMA	5.500	%	12/1/2033	$	7,687
	2,239,290	FNMA	5.000		3/1/2034		2,307
	55,534,025	FNMA	5.000		8/1/2034		57,265
	14,260,642	FNMA	5.000		4/1/2034		14,680
	8,759,062	FNMA	6.000		8/1/2034		9,356
	3,975,820	FNMA	5.500		9/1/2034		4,179
	4,322,923	FNMA	5.500		9/1/2034		4,544
	1,936,624	FNMA	5.000		3/1/2034		1,995
	5,566,863	FNMA	5.000		3/1/2034		5,736
	14,833,885	FNMA	5.000		3/1/2034		15,284
	6,348,561	FNMA	5.500		3/1/2034		6,673
	1,774,505	FNMA	5.000		3/1/2034		1,828
	6,712,404	FNMA	6.500		7/1/2032		7,254
	87,243	FNMA	9.000		11/1/2025		101
	253,638	FNMA	7.000		7/1/2032		280
	9,937,024	FNMA	5.500		1/1/2033		10,455
	637,199	FNMA	7.000		7/1/2032		703
	5,172,159	FNMA	4.500		8/1/2024		5,326
	384,023	FNMA	8.000		7/1/2024		440
	3,837,839	FNMA	5.500		8/1/2024		4,061
	13,455,558	FNMA	5.000		10/1/2025		13,952
	19,529,637	FNMA	4.000		9/1/2024		19,672
	14,341,009	FNMA	6.000		1/1/2033		15,370
	4,968,755	FNMA	5.000		10/1/2033		5,120
	8,578,905	FNMA	4.500		10/1/2033		8,631
	2,661,318	FNMA	5.000		10/1/2033		2,742
	42,031,734	FNMA	5.000		11/1/2033		43,308
	1,522,531	FNMA	5.000		10/1/2033		1,569
	8,295,335	FNMA	4.500		3/25/2033		8,612
	1,490,005	FNMA	5.000		2/1/2033		1,535
	1,421,435	FNMA	5.500		6/1/2033		1,494
	5,301,373	FNMA	5.000		8/1/2033		5,462
	5,270,880	FNMA	4.500		8/1/2033		5,303
		Government National Mortgage Association (GNMA)
	103,000,000	GNMA	5.000		1/15/2040		105,913
	25,000,000	GNMA	4.500		1/15/2040		25,016
	6,177,527	GNMA	4.000		8/15/2039		5,979
	8,012,131	GNMA	6.500		1/15/2044		8,604
	10,313,620	GNMA	6.230		9/15/2043		10,439
	48,000,000	GNMA	5.500		1/15/2040		50,280
	15,783,238	GNMA	4.500		3/15/2039		15,822
	12,809,326	GNMA	5.000		4/15/2038		13,197
	3,935,169	GNMA	5.500		7/15/2033		4,152
	6,969,862	GNMA	5.000		6/15/2039		7,181
	7,594,780	GNMA	5.000		6/15/2039		7,825
	16,729,934	GNMA	4.500		5/15/2039		16,771
	17,017,018	GNMA	4.500		7/20/2039		17,027
	6,145,031	GNMA	5.000		7/20/2039		6,327
	9,861,346	GNMA	6.000		2/20/2037		10,462
	6,991,263	GNMA	6.500		11/20/2038		7,456
	3,333,075	GNMA	6.000		10/20/2036		3,537
	3,533,629	GNMA	6.000		1/20/2037		3,749
	4,610,449	GNMA	5.500		12/20/2035		4,850
	1,929,386	GNMA	5.500		11/20/2033		2,034
	7,414,845	GNMA	5.500		3/20/2035		7,800
	5,912,060	GNMA	6.000		8/15/2038		6,253

344

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	5,183,846	GNMA	6.000	%	8/20/2038		$	5,495
	14,482,130	GNMA	5.500		7/20/2038			15,200
	9,688,630	GNMA	6.000		12/15/2037			10,253
	16,457,714	GNMA	5.500		7/15/2038			17,263
	17,298	GNMA	9.000		11/15/2016			19
	7,295	GNMA	9.000		12/15/2016			8
	10,127	GNMA	9.000		9/15/2016			11
	24,434	GNMA	9.000		6/15/2016			27
	5,089	GNMA	9.000		9/15/2016			6
	79,162	GNMA	8.500		11/20/2030			91
	84,456	GNMA	8.500		12/20/2030			98
	48,157	GNMA	8.000		6/15/2024			55
	10,094	GNMA	9.000		12/15/2016			11
	109,744	GNMA	9.500		12/15/2016			122
		TOTAL MORTGAGE BACKED						3,690,488
MUNICIPAL BONDS - 0.02%
	2,000,000	Charlotte-Mecklenburg Hospital Authority	5.000		8/1/2015	Aaa		2,053
		TOTAL MUNICIPAL BONDS						2,053
U.S. TREASURY SECURITIES - 16.95%
	331,072,000	United States Treasury Bond	8.000		11/15/2021			450,827
	112,900,000	United States Treasury Bond	5.250		2/15/2029			122,320
	13,861,000	United States Treasury Bond	5.380		2/15/2031			15,316
	677,000	United States Treasury Bond	4.500		2/15/2036			667
	6,689,000	United States Treasury Bond	4.380		2/15/2038			6,421
	1,000,000	United States Treasury Note	2.380		8/31/2010			1,013
	13,000,000	United States Treasury Note	0.880		4/30/2011			13,017
	32,762,500	United States Treasury Note	0.880		5/31/2011			32,802
	55,020,000	United States Treasury Note	1.000		7/31/2011			55,104
	38,899,500	United States Treasury Note	1.000		8/31/2011			38,919
	78,983,000	United States Treasury Note	1.000		9/30/2011			78,961
	26,650,000	United States Treasury Note	1.880		6/15/2012			26,941
	19,779,000	United States Treasury Note	1.380		9/15/2012			19,686
	6,477,000	United States Treasury Note	1.380		10/15/2012			6,441
	102,500,000	United States Treasury Note	1.380		11/15/2012			101,764
	25,195,000	United States Treasury Note	3.130		8/31/2013			26,181
	131,829,000	United States Treasury Note	3.130		9/30/2013			137,010
	62,337,000	United States Treasury Note	2.750		10/31/2013			63,842
	189,533,000	United States Treasury Note	2.000		11/30/2013			188,527
	15,679,000	United States Treasury Note	1.880		4/30/2014			15,357
	10,967,000	United States Treasury Note	2.250		5/31/2014			10,892
	44,610,000	United States Treasury Note	2.630		6/30/2014			44,934
	22,985,000	United States Treasury Note	2.380		8/31/2014			22,816
	32,420,000	United States Treasury Note	2.380		10/31/2014			32,068
	22,415,000	United States Treasury Note	2.130		11/30/2014			21,884
	50,000,000	United States Treasury Note	2.630		12/31/2014			49,856
	300,000	United States Treasury Note	2.630		2/29/2016			292
	9,800,000	United States Treasury Note	2.380		3/31/2016			9,376
	18,075,000	United States Treasury Note	2.630		4/30/2016			17,514
	19,130,000	United States Treasury Note	3.250		7/31/2016			19,164
	35,464,000	United States Treasury Note	4.750		8/15/2017			38,481
	20,666,000	United States Treasury Note	4.000		8/15/2018			21,107
	10,361,900	United States Treasury Note	3.380		11/15/2019			9,967
	22,000,000	United States Treasury Note	6.380		8/15/2027			26,868
	21,495,000	United States Treasury Note	3.500		2/15/2039			17,606

345

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	20,979,000		United States Treasury Note	4.500	%	8/15/2039		$	20,504
	7,400,000		United States Treasury Note	4.380		11/15/2039			7,083
	25,000,000	j	United States Treasury Strip Principal	0.000		8/15/2027			10,651
			TOTAL U.S. TREASURY SECURITIES						1,782,179
			TOTAL GOVERNMENT BONDS						6,423,200
			(Cost $6,285,773)
STRUCTURED ASSETS - 5.30%
ASSET BACKED - 2.45%
	5,000,000	g,i	American Express Credit Account Master Trust	0.510		12/15/2013	Baa2		4,840
			Series - 2006 1 (Class C)
	2,850,000	g,i	American Express Credit Account Master Trust	0.580		12/15/2014	Baa2		2,698
			Series - 2007 5 (Class C)
	3,147,520		AmeriCredit Automobile Receivables Trust	5.160		4/6/2012	Aa3		3,166
			Series - 2007 BF (Class A3A)
	3,367,213		AmeriCredit Automobile Receivables Trust	5.640		9/6/2013	Aa3		3,458
			Series - 2006 AF (Class A4)
	74,236	g	Asset Backed Funding Corp NIM Trust	5.900		7/26/2035	Ca		0	^
			Series - 2006 WMC1 (Class N1)
	15,000,000	g	Avis Budget Rental Car Funding AESOP LLC	5.680		2/20/2014	Aaa		15,489
			Series - 2009 2A (Class A)
	2,360,274	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		2/25/2035	Aa2		1,496
			Series - 2004 2 (Class 1M1)
	1,180,137	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		2/25/2035	A2		612
			Series - 2004 2 (Class 1M2)
	927,250	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		2/25/2035	Baa2		318
			Series - 2004 2 (Class 1B)
	3,870,212		CIT Group Home Equity Loan Trust	6.200		2/25/2030	Aa2		3,458
			Series - 2002 1 (Class AF6)
	682,305		CIT Group Home Equity Loan Trust	6.390		12/25/2030	Ba3		76
			Series - 2002 2 (Class MF2)
	25,148		CIT Group Home Equity Loan Trust	6.830		6/25/2033	Ca		1
			Series - 2002 2 (Class BF)
	26,224,891		Citicorp Mortgage Securities, Inc	5.710		7/25/2036	Aaa		25,162
			Series - 2006 1 (Class A3)
	11,669,768		Citicorp Mortgage Securities, Inc	5.560		9/25/2036	Aaa		11,448
			Series - 2006 2 (Class A3)
	510,018	i	CNH Equipment Trust	1.180		12/15/2011	Aaa		510
			Series - 2007 C (Class A3B)
	9,000,000		CNH Equipment Trust	5.280		11/15/2012	Aaa		9,414
			Series - 2009 A (Class A3)
	876,000		CNH Equipment Trust	5.090		6/16/2014	A3		891
			Series - 2007 A (Class B)
	716,335	i	Countrywide Home Equity Loan Trust	0.450		2/15/2029	B3		247
			Series - 2004 B (Class 1A)
	5,345,275	g	Credit-Based Asset Servicing and Securitization LLC	6.160		12/25/2036	Aaa		5,091
			Series - 2007 MX1 (Class A1)
	25,000,000	g	Flagstar Home Equity Loan Trust	5.780		1/25/2035	B3		16,692
			Series - 2007 1A (Class AF3)
	4,944,022		GMAC Mortgage Corporation Loan Trust 2006-HLTV A3	5.590		10/25/2029	Baa2		4,666
			Series - 2006 HLTV (Class A3)
	2,600,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV A4	5.810		10/25/2029	Baa3		1,618
			Series - 2006 HLTV (Class A4)

346

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	1,666,667	g	Hertz Vehicle Financing LLC	5.010	%	2/25/2011	Baa2	$	1,671
			Series - 0 1A (Class A3)
	833,333	g	Hertz Vehicle Financing LLC	5.010		2/25/2011	Baa2		836
			Series - 2005 2A (Class A4)
	5,000,000	g	Hertz Vehicle Financing LLC	4.260		3/25/2014	Aaa		4,983
			Series - 2009 2A (Class A1)
	5,000,000	g	Hertz Vehicle Financing LLC	5.290		3/25/2016	Aaa		4,989
			Series - 2009 2A (Class A2)
	4,000,000		HFC Home Equity Loan Asset Backed Certificates	5.730		3/20/2036	Aaa		3,697
			Series - 2007 1 (Class A3F)
	3,153,916		HFC Home Equity Loan Asset Backed Certificates	5.910		3/20/2036	Aaa		3,181
			Series - 2007 1 (Class A1F)
	3,000,000		Household Automotive Trust	5.340		9/17/2013	Aaa		3,106
			Series - 2006 3 (Class A4)
	8,043,000	i	Household Credit Card Master Note Trust I	0.280		4/15/2013	Aaa		8,003
			Series - 2007 1 (Class A)
	22,000,000		Hyundai Auto Receivables Trust	5.150		5/15/2013	Aaa		22,924
			Series - 2006 B (Class A4)
	567,683	g	JPMorgan Auto Receivables Trust	5.190		2/15/2011	Aaa		569
			Series - 2007 A (Class A3)
	3,559,441	g	JPMorgan Auto Receivables Trust	5.220		7/15/2015	A1		3,628
			Series - 2008 A (Class C)
	10,642	g,m	New York City Tax Lien	5.930		11/10/2019	Aaa		11
			Series - 2006 AA (Class A)
	6,500,000		Renaissance Home Equity Loan Trust	5.590		11/25/2036	Caa2		3,243
			Series - 2006 3 (Class AF3)
	12,000,000	i	Residential Asset Mortgage Products, Inc	0.850		11/25/2034	Aa1		8,486
			Series - 2004 RS11 (Class M1)
	681,292	i	Residential Asset Securities Corp	6.490		10/25/2030	Baa1		564
			Series - 2001 KS2 (Class AI6)
	870,014	i	Residential Funding Mortgage Securities II, Inc	0.330		8/25/2019	Aaa		860
			Series - 2006 HI5 (Class A1)
	7,000,000		Residential Funding Mortgage Securities II, Inc	5.520		4/25/2021	Aa1		6,714
			Series - 2006 HI5 (Class A2)
	13,500,000		Residential Funding Mortgage Securities II, Inc	5.500		8/25/2025	Aa3		9,795
			Series - 2006 HI5 (Class A3)
	5,000,000		Residential Funding Mortgage Securities II, Inc	5.450		8/25/2034	B1		2,881
			Series - 2005 HI1 (Class A5)
	4,868,530		Residential Funding Mortgage Securities II, Inc	5.750		2/25/2036	Aa1		4,735
			Series - 2006 HI2 (Class A2)
	1,600,633		Residential Funding Mortgage Securities II, Inc	5.950		2/25/2036	Aa1		1,557
			Series - 2006 HI3 (Class A2)
	6,000,000		Residential Funding Mortgage Securities II, Inc	5.960		2/25/2036	Aa3		4,052
			Series - 2006 HI3 (Class A3)
	2,500,000		Residential Funding Mortgage Securities II, Inc	6.010		2/25/2036	Aa1		1,188
			Series - 2006 HI1 (Class M1)
	350,000		Residential Funding Mortgage Securities II, Inc	6.060		2/25/2036	A2		94
			Series - 2006 HI1 (Class M2)
	30,000,000		Residential Funding Mortgage Securities II, Inc	5.440		9/25/2036	Aa3		22,007
			Series - 2006 HI4 (Class A3)
	9,628,000		Residential Funding Mortgage Securities II, Inc	5.450		9/25/2036	Aa1		9,269
			Series - 2006 HI4 (Class A2)
	1,252,338	g	Sierra Receivables Funding Co	5.840		5/20/2018	Baa3		1,233
			Series - 2006 1A (Class A1)

347

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	3,710,331	g,i	Wachovia Loan Trust	0.590	%	5/25/2035	Aaa	$	2,321
			Series - 2005 SD1 (Class A)
	10,000,000		World Financial Network Credit Card Master Trust	3.790		5/15/2016	Aaa		10,070
			Series - 2009 B (Class A)
			TOTAL ASSET BACKED						258,018
OTHER MORTGAGE BACKED - 2.85%
	2,130,000	i	Banc of America Commercial Mortgage, Inc	5.400		6/10/2039	Aaa		2,146
			Series - 2004 3 (Class A5)
	6,400,000	i	Banc of America Commercial Mortgage, Inc	5.080		11/10/2042	Aaa		6,349
			Series - 2005 1 (Class A5)
	6,410,000		Banc of America Commercial Mortgage, Inc	5.360		10/10/2045	Aaa		5,746
			Series - 2006 6 (Class A4)
	433,114		Bank of America Alternative Loan Trust	5.500		9/25/2019	Aaa		428
			Series - 2004 8 (Class 3A1)
	3,570,153		Bear Stearns Commercial Mortgage Securities	5.200		12/11/2038	Aaa		3,431
			Series - 2006 PW14 (Class A4)
	4,000,000	i	Bear Stearns Commercial Mortgage Securities	5.460		3/11/2039	Aaa		3,910
			Series - 2006 PW11 (Class A4)
	7,525,000		Bear Stearns Commercial Mortgage Securities	4.670		6/11/2041	Aaa		7,198
			Series - 2005 PWR8 (Class A4)
	9,420,000	i	Bear Stearns Commercial Mortgage Securities	5.470		6/11/2041	Aaa		9,522
			Series - 2004 PWR4 (Class A3)
	8,000,000		Bear Stearns Commercial Mortgage Securities	5.540		10/12/2041	Aaa		7,955
			Series - 2006 T24 (Class A4)
	725,000	i	Bear Stearns Commercial Mortgage Securities	4.980		7/11/2042	Aaa		707
			Series - 2004 PWR5 (Class A5)
	10,445,000	i	Bear Stearns Commercial Mortgage Securities	4.750		2/13/2046	Aaa		10,130
			Series - 2004 T16 (Class A6)
	5,500,000		Citigroup/Deutsche Bank Commercial Mortgage Trust	5.620		10/15/2048	Aaa		5,239
			Series - 2006 CD3 (Class A5)
	17,274,000	i	Commercial Mortgage Pass Through Certificates	5.820		12/10/2049	Aaa		15,665
			Series - 2007 C9 (Class A4)
	7,949,603		Countrywide Alternative Loan Trust	5.500		8/25/2016	Baa1		6,676
			Series - 2004 30CB (Class 1A15)
	6,353,354		Countrywide Home Loan Mortgage Pass Through Trust	5.250		9/25/2035	NR		6,024
			Series - 2005 17 (Class 1A10)
	15,692,159	g,i	Credit Suisse Mortgage Capital Certificates	0.410		4/15/2022	Aaa		13,454
			Series - 2007 TF2A (Class A1)
	5,890,000		Credit Suisse Mortgage Capital Certificates	5.380		2/15/2040	Aaa		4,754
			Series - 2007 C1 (Class A3)
			Credit Suisse/Morgan Stanley Commercial Mortgage
	4,190,321	g,i	Certificate	0.420		5/15/2023	Aaa		3,685
			Series - 2006 HC1A (Class A1)
	4,415,000		CS First Boston Mortgage Securities Corp	3.940		5/15/2038	Aaa		4,345
			Series - 2003 C3 (Class A5)
	9,863,000	i	CS First Boston Mortgage Securities Corp	5.100		8/15/2038	Aaa		9,502
			Series - 2005 C5 (Class A4)
	7,332,431	g	Developers Diversified Realty Corp	3.810		10/14/2022	Aaa		7,227
			Series - 2009 DDR1 (Class A)
	1,566,941		First Horizon Asset Securities, Inc	5.500		11/25/2033	NR		1,560
			Series - 2003 9 (Class 1A4)
	6,000,000		GMAC Commercial Mortgage Securities, Inc	5.020		4/10/2040	Aaa		6,103
			Series - 2003 C3 (Class A4)
	8,836,015	i	GMAC MORTGAGE CORP LOAN TRUST	4.600		10/19/2033	Aaa		8,525
			Series - 2003 AR1 (Class A5)

348

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	10,960,000		Greenwich Capital Commercial Funding Corp	5.440	%	3/10/2039	Aaa	$	9,684
			Series - 2007 GG9 (Class A4)
	16,765,000		Greenwich Capital Commercial Funding Corp	5.740		12/10/2049	Aaa		14,882
			Series - 2007 GG11 (Class A4)
	6,410,000	i	GS Mortgage Securities Corp II	5.550		4/10/2038	NR		5,846
			Series - 2006 GG6 (Class A4)
	6,350,000		GS Mortgage Securities Corp II	5.560		11/10/2039	Aaa		5,560
			Series - 2006 GG8 (Class A4)
	4,700,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	0.410		2/15/2020	Aaa		3,895
			Series - 2006 FL1A (Class A2)
	4,650,000	g	JP Morgan Chase Commercial Mortgage Securities Corp	5.630		12/5/2027	Aaa		4,606
			Series - 2009 IWST (Class A2)
	11,000,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.380		7/12/2037	Aaa		11,434
			Series - 2002 C1 (Class A3)
	2,510,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.860		4/15/2045	Aaa		2,573
			Series - 2006 LDP7 (Class A2)
	5,880,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.750		2/12/2049	Aaa		4,260
			Series - 2007 CB19 (Class AM)
	7,799,000		LB-UBS Commercial Mortgage Trust	4.740		2/15/2030	Aaa		7,643
			Series - 2005 C1 (Class A4)
	7,500,000	i	LB-UBS Commercial Mortgage Trust	5.150		4/15/2030	Aaa		7,342
			Series - 2005 C2 (Class A5)
	3,160,000		LB-UBS Commercial Mortgage Trust	4.390		3/15/2032	Aaa		3,176
			Series - 2003 C1 (Class A4)
	3,729,128	i	Merrill Lynch Mortgage Trust	5.110		7/12/2038	Aaa		2,999
			Series - 2005 CIP1 (Class AM)
	2,500,000	i	Merrill Lynch Mortgage Trust	5.660		5/12/2039	Aaa		2,443
			Series - 2006 C1 (Class A4)
	3,365,000	g,i	Merrill Lynch Mortgage Trust	6.270		2/12/2051	A3		1,027
			Series - 2008 C1 (Class C)
	4,700,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.420		2/12/2039	Aaa		4,525
			Series - 2006 1 (Class A4)
	5,670,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.960		8/12/2049	Aaa		4,142
			Series - 2007 8 (Class AM)
	2,510,832		Morgan Stanley Capital I	4.690		6/13/2041	Aaa		2,531
			Series - 2004 T15 (Class A2)
	9,930,000	i	Morgan Stanley Capital I	5.270		6/13/2041	Aaa		9,946
			Series - 2004 T15 (Class A4)
	1,215,000		Morgan Stanley Capital I	5.330		11/12/2041	Aaa		1,141
			Series - 0 HQ10 (Class A4)
	511,479		Morgan Stanley Capital I	4.810		1/14/2042	Aaa		511
			Series - 2005 HQ5 (Class A2)
	8,712,000		Morgan Stanley Capital I	5.170		1/14/2042	Aaa		8,587
			Series - 2005 HQ5 (Class A4)
	6,710,000		Morgan Stanley Capital I	5.360		3/15/2044	Aaa		5,777
			Series - 2007 IQ13 (Class A4)
	4,587,000	i	Morgan Stanley Capital I	5.730		7/12/2044	Aaa		4,493
			Series - 2006 HQ9 (Class A4)
	7,500,000	i	Morgan Stanley Capital I	5.770		10/15/2042	Aaa		7,420
			Series - 2006 IQ11 (Class A4)
	1,817,350	g	Wachovia Amortization Controlled Heloc NIM	5.680		8/12/2047	A3		1,408
			Series - 2006 N1 (Class N1)
	8,325,000	g,i	Wachovia Bank Commercial Mortgage Trust	0.350		9/15/2021	A1		5,651
			Series - 2006 WL7A (Class A2)
	5,000,000		Wachovia Bank Commercial Mortgage Trust	5.380		12/15/2043	A2		2,956
			Series - 2007 C30 (Class AM)

349

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	2,600,000		Wachovia Bank Commercial Mortgage Trust	5.420	%	4/15/2047	Aaa	$	2,630
			Series - 2007 C31 (Class A2)
			TOTAL OTHER MORTGAGE BACKED						299,369
			TOTAL STRUCTURED ASSETS						557,387
			(Cost $596,336)
			TOTAL BONDS						10,250,705
			(Cost $10,021,208)
SHARES			COMPANY
PREFERRED STOCKS - 0.02%
MORTGAGE BACKED - 0.02%
	470,597	*	Federal Home Loan Mortgage Corp	8.380		12/30/2049	Ca		494
	1,527,061	*	Federal National Mortgage Association (FNMA)	8.250		12/30/2049	Ca		1,680
			Total MORTGAGE BACKED						2,174
			TOTAL PREFERRED STOCKS						2,174
			(Cost $49,941)
TIAA-CREF MUTUAL FUND - 0.05%
	532,405	a	TIAA-CREF High-Yield Fund						4,914
			TOTAL TIAA-CREF MUTUAL FUND						4,914
			(Cost $4,923)

PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 10.78%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 10.05%
		Federal Home Loan Bank (FHLB)
$	19,990,000	FHLB	0.000	1/15/2010	19,990
	17,476,000	FHLB	0.000	1/11/2010	17,476
	58,695,000	FHLB	0.000	1/13/2010	58,695
	5,600,000	FHLB	0.000	2/10/2010	5,600
	7,400,000	FHLB	0.000	2/19/2010	7,399
		Federal Home Loan Mortgage Corp (FHLMC)
	16,979,000	FHLMC	0.000	1/21/2010	16,978
	64,382,000	FHLMC	0.000	1/20/2010	64,381
	113,173,000	FHLMC	0.000	1/25/2010	113,170
	15,000,000	FHLMC	0.000	1/19/2010	15,000
	9,904,000	FHLMC	0.000	1/28/2010	9,904
	66,187,000	FHLMC	0.000	1/26/2010	66,186
	30,000,000	FHLMC	0.000	1/11/2010	30,000
	59,400,000	FHLMC	0.000	1/27/2010	59,398
	16,855,000	FHLMC	0.000	2/8/2010	16,854
	22,730,000	FHLMC	0.000	2/3/2010	22,730
	25,000,000	FHLMC	0.000	2/1/2010	24,998
	3,900,000	FHLMC	0.000	3/9/2010	3,900
	50,000,000	FHLMC	0.000	3/8/2010	49,995
		Federal National Mortgage Association (FNMA)
	25,000,000	FNMA	0.000	1/14/2010	24,999
	30,000,000	FNMA	0.000	1/8/2010	30,000
	24,685,000	FNMA	0.000	1/20/2010	24,684
	25,000,000	FNMA	0.000	1/5/2010	25,000
	68,474,000	FNMA	0.000	1/13/2010	68,473

350

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE		VALUE (000)
$	42,417,000	FNMA	0.000	%	1/11/2010	$	42,417
	28,065,000	FNMA	0.000		1/4/2010		28,065
	91,791,000	FNMA	0.000		1/19/2010		91,788
	20,000,000	FNMA	0.000		1/22/2010		20,000
	20,000,000	FNMA	0.000		2/16/2010		19,999
	8,397,000	FNMA	0.000		2/1/2010		8,397
	20,000,000	FNMA	0.000		2/17/2010		19,999
	50,000,000	FNMA	0.000		3/17/2010		49,995
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES					1,056,470
U.S. TREASURY BILLS - 0.73%
	42,860,000	United States Treasury Bills	0.000		5/20/2010		42,837
	34,000,000	United States Treasury Bills	0.000		6/24/2010		33,970
		TOTAL U.S. TREASURY BILLS					76,807
		TOTAL SHORT-TERM INVESTMENTS					1,133,277
		(Cost $1,133,269)
		TOTAL PORTFOLIO - 108.65%					11,421,058
		(Cost $11,239,397)
		OTHER ASSETS & LIABILITIES, NET - (8.65)%					(909,215	)
		NET ASSETS - 100.00%				$	10,511,843

	The following abbreviations are used in portfolio descriptions:
LLC	Limited Liability Company
LP	Limited Partnership
NR	Not Rated by Moody’s
plc	Public Limited Company

†	As provided by Moody’s Investors Services
*	Non-income producing.
^	Amount represents less than $1,000.
a	Affiliated holding.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At December 31, 2009 the value of these securities amounted to $506,793,485 or 4.82% of net assets.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
j	Zero coupon.
m	Indicates a security that has been deemed illiquid.
n	In default.
o	Payment in Kind Bond
	Cost amounts are in thousands.

351

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

COLLEGE RETIREMENT EQUITIES FUND
INFLATION-LINKED BOND ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2009

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
GOVERNMENT BONDS - 98.89%
U.S. TREASURY SECURITIES - 98.89% (k)
$	412,002,961	United States Treasury Inflation Indexed Bonds	2.380	%	1/15/2025	$	434,727
	271,440,917	United States Treasury Inflation Indexed Bonds	2.000		1/15/2026		272,607
	220,496,001	United States Treasury Inflation Indexed Bonds	2.380		1/15/2027		232,038
	216,793,786	United States Treasury Inflation Indexed Bonds	1.750		1/15/2028		207,885
	287,387,363	United States Treasury Inflation Indexed Bonds	3.630		4/15/2028		355,215
	213,854,940	United States Treasury Inflation Indexed Bonds	2.500		1/15/2029		229,376
	322,020,554	United States Treasury Inflation Indexed Bonds	3.880		4/15/2029		414,375
	86,784,704	United States Treasury Inflation Indexed Bonds	3.380		4/15/2032		107,288
	181,679,401	United States Treasury Inflation Indexed Notes	3.500		1/15/2011		188,450
	269,751,257	United States Treasury Inflation Indexed Notes	2.380		4/15/2011		277,717
	107,674,712	United States Treasury Inflation Indexed Notes	3.380		1/15/2012		115,161
	214,895,625	United States Treasury Inflation Indexed Notes	2.000		4/15/2012		224,566
	373,157,655	United States Treasury Inflation Indexed Notes	3.000		7/15/2012		401,203
	214,619,891	United States Treasury Inflation Indexed Notes	0.630		4/15/2013		218,242
	342,389,367	United States Treasury Inflation Indexed Notes	1.880		7/15/2013		360,606
	355,123,366	United States Treasury Inflation Indexed Notes	2.000		1/15/2014		375,543
	228,087,552	United States Treasury Inflation Indexed Notes	1.250		4/15/2014		235,732
	327,041,542	United States Treasury Inflation Indexed Notes	2.000		7/15/2014		346,460
	316,905,892	United States Treasury Inflation Indexed Notes	1.630		1/15/2015		329,582
	284,619,296	United States Treasury Inflation Indexed Notes	1.880		7/15/2015		299,895
	266,240,273	United States Treasury Inflation Indexed Notes	2.000		1/15/2016		281,154
	266,077,166	United States Treasury Inflation Indexed Notes	2.500		7/15/2016		289,754
	235,351,557	United States Treasury Inflation Indexed Notes	2.380		1/15/2017		254,198
	212,774,040	United States Treasury Inflation Indexed Notes	2.630		7/15/2017		234,002
	220,869,633	United States Treasury Inflation Indexed Notes	1.630		1/15/2018		226,098
	208,110,696	United States Treasury Inflation Indexed Notes	1.380		7/15/2018		208,533
	207,914,525	United States Treasury Inflation Indexed Notes	2.130		1/15/2019		220,487
	230,325,550	United States Treasury Inflation Indexed Notes	1.880		7/15/2019		239,071
		TOTAL U.S. TREASURY SECURITIES					7,579,965
		TOTAL GOVERNMENT BONDS					7,579,965
		(Cost $7,266,477)
SHORT-TERM INVESTMENTS - 0.23%
U.S. TREASURY BILLS - 0.23%
	17,900,000	United States Treasury Bills			6/24/2010		17,884
		TOTAL U.S. TREASURY BILLS					17,884
		TOTAL SHORT-TERM INVESTMENTS					17,884
		(Cost $17,884)

352

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

ISSUER	VALUE (000)
TOTAL PORTFOLIO - 99.12%	$	7,597,849
(Cost $7,284,361)
OTHER ASSETS & LIABILITIES, NET - 0.88%		67,151
NET ASSETS - 100.00%	$	7,665,000

k	Principal amount for interest accrual purposes is periodically adjusted based on changes
	in the Consumer Price Index.
	Cost amounts are in thousands.

353

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

COLLEGE RETIREMENT EQUITIES FUND
SOCIAL CHOICE ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2009

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
BONDS - 37.92%
CORPORATE BONDS - 11.78%
AGENCY SECURITIES - 2.30%
$	24,573,385		AMAL Ltd	3.470	%	8/21/2021	Aaa	$	23,199
	2,500,000		Bank of America Corp	2.380		6/22/2012	Aaa		2,547
	3,000,000		CitiBank NA	1.380		8/10/2011	Aaa		3,008
	15,000,000		Citigroup Funding, Inc	2.000		3/30/2012	Aaa		15,122
	21,000,000		Citigroup Funding, Inc	1.880		10/22/2012	Aaa		20,921
	10,000,000		Citigroup, Inc	2.130		4/30/2012	Aaa		10,107
	10,000,000		COP I LLC	3.610		12/5/2021	NR		9,523
	5,000,000		General Electric Capital Corp	2.130		12/21/2012	Aaa		5,005
	24,875,000		GMAC, Inc	1.750		10/30/2012	Aaa		24,713
	17,506,000		GMAC, Inc	2.200		12/19/2012	Aaa		17,613
	4,500,000		KeyBank NA	3.200		6/15/2012	Aaa		4,671
	4,000,000		New York Community Bank	3.000		12/16/2011	Aaa		4,108
	4,000,000		Regions Bank	3.250		12/9/2011	Aaa		4,151
	2,386,343		Rowan Cos, Inc	3.530		5/1/2020	NR		2,395
	6,359,000		Rowan Cos, Inc	3.160		7/15/2021	NR		6,200
	9,832,829		San Clemente Leasing LLC	3.590		8/27/2021	NR		9,646
	3,000,000		Sovereign Bank	2.750		1/17/2012	Aaa		3,079
	8,050,000		State Street Corp	2.150		4/30/2012	Aaa		8,155
	5,000,000		Tricahue Leasing LLC	3.500		11/19/2021	NR		5,000
	10,000,000		US Central Federal Credit Union	1.900		10/19/2012	Aaa		9,992
	5,000,000	e	Wells Fargo & Co	2.130		6/15/2012	Aaa		5,058
	5,000,000		Western Corporate Federal Credit Union	1.750		11/2/2012	Aaa		4,979
			TOTAL AGENCY SECURITIES						199,192
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.06%
	5,000,000		AutoZone, Inc	5.750		1/15/2015	Baa2		5,422
			TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS						5,422
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.08%
	1,850,000		Home Depot, Inc	5.250		12/16/2013	Baa1		1,981
	5,000,000		Home Depot, Inc	5.880		12/16/2036	Baa1		4,826
			TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES						6,807
BUSINESS SERVICES - 0.06%
	5,000,000	e	Microsoft Corp	2.950		6/1/2014	Aaa		5,054
			TOTAL BUSINESS SERVICES						5,054

354

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
CHEMICALS AND ALLIED PRODUCTS - 0.30%
$	1,000,000		Abbott Laboratories	3.750	%	3/15/2011	A1	$	1,033
	3,335,000		Air Products & Chemicals, Inc	4.380		8/21/2019	A2		3,305
	2,800,000		Airgas, Inc	4.500		9/15/2014	Baa3		2,842
	2,500,000		Amgen, Inc	6.400		2/1/2039	A3		2,743
	965,000		Clorox Co	5.450		10/15/2012	Baa2		1,038
	2,300,000		Eastman Chemical Co	5.500		11/15/2019	Baa2		2,293
	5,000,000		Praxair, Inc	4.380		3/31/2014	A2		5,272
	2,500,000		Praxair, Inc	5.250		11/15/2014	A2		2,730
	5,000,000		Praxair, Inc	4.500		8/15/2019	A2		5,016
			TOTAL CHEMICALS AND ALLIED PRODUCTS						26,272
COMMUNICATIONS - 0.70%
	5,000,000		Cellco Partnership	3.750		5/20/2011	A2		5,156
	5,000,000		CenturyTel, Inc	6.150		9/15/2019	Baa3		5,112
	2,750,000	g	DirecTV Holdings LLC	4.750		10/1/2014	Ba2		2,803
	5,000,000	g	DirecTV Holdings LLC	5.880		10/1/2019	Ba2		5,085
	1,265,000		Sprint Capital Corp	8.380		3/15/2012	Ba3		1,309
	3,235,000		Sprint Nextel Corp	6.000		12/1/2016	Ba3		2,952
	3,500,000		Time Warner Cable, Inc	3.500		2/1/2015	Baa2		3,458
	3,200,000		Time Warner Cable, Inc	8.750		2/14/2019	Baa2		3,900
	3,900,000		Time Warner Cable, Inc	8.250		4/1/2019	Baa2		4,645
	5,000,000		Time Warner Cable, Inc	5.000		2/1/2020	Baa2		4,849
	3,500,000		Time Warner Cable, Inc	6.750		6/15/2039	Baa2		3,666
	5,234,000		Time Warner Entertainment Co LP	10.150		5/1/2012	Baa2		6,023
	2,500,000		Verizon Communications, Inc	4.350		2/15/2013	A3		2,615
	1,400,000		Verizon Communications, Inc	6.400		2/15/2038	A3		1,464
	3,000,000		Verizon Communications, Inc	8.950		3/1/2039	A3		4,059
	1,000,000		Verizon New Jersey, Inc	5.880		1/17/2012	Baa1		1,065
	2,500,000		Viacom, Inc	4.380		9/15/2014	Baa2		2,578
			TOTAL COMMUNICATIONS						60,739
DEPOSITORY INSTITUTIONS - 1.60%
	3,400,000		Bank of New York Mellon Corp	4.300		5/15/2014	Aa2		3,578
	5,000,000		Bank of New York Mellon Corp	3.100		1/15/2015	Aa2		4,953
	2,675,000		Bank of New York Mellon Corp	5.450		5/15/2019	Aa2		2,808
	5,000,000		BB&T Corp	3.380		9/25/2013	A1		5,039
	5,000,000		BB&T Corp	3.850		7/27/2027	A1		5,175
	5,000,000		Capital One Bank USA NA	8.800		7/15/2019	A3		5,908
	3,500,000		Capital One Capital V	8.880		5/15/2040	Baa2		3,728
	4,000,000		Capital One Financial Corp	5.700		9/15/2011	Baa1		4,201
	5,000,000		City National Capital Trust I	9.630		2/1/2040	NR		5,311
	3,000,000	g	Corestates Capital Trust I	8.000		12/15/2026	Baa1		2,934
	8,800,000	g	Depfa ACS Bank	5.130		3/16/2037	Aa2		6,468
	5,000,000		Discover Bank	8.700		11/18/2019	Ba1		5,357
	5,000,000	i	First Tennessee Bank NA	0.410		2/14/2011	A3		4,804
	3,000,000		First Union National Bank of Florida	6.180		2/15/2036	Aa3		3,059
	1,500,000	e	M&I Marshall & Ilsley Bank	5.300		9/8/2011	A3		1,477
	3,612,000	i	Manufacturers & Traders Trust Co	5.590		12/28/2020	A3		3,150
	6,076,000	i	Manufacturers & Traders Trust Co	5.630		12/1/2021	A3		5,223
	5,000,000		Mellon Funding Corp	6.400		5/14/2011	Aa3		5,306
	5,000,000		Mercantile Bankshares Corp	4.630		4/15/2013	Baa1		5,061
	1,250,000		Mercantile-Safe Deposit & Trust Co	5.700		11/15/2011	A1		1,289
	6,100,000		Northern Trust Corp	4.630		5/1/2014	A1		6,500
	2,500,000	g	Principal Life Global Funding I	5.130		10/15/2013	Aa3		2,535
	5,000,000		Regions Financial Corp	7.750		11/10/2014	Baa3		4,931
	5,000,000		Silicon Valley Bank	5.700		6/1/2012	A2		5,078

355

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	3,000,000		State Street Corp	4.300	%	5/30/2014	A1	$	3,105
	5,000,000		US Bancorp	2.880		11/20/2014	Aa3		4,876
	3,000,000		US Bank NA	4.950		10/30/2014	Aa2		3,182
	2,500,000		USB CAPITAL XIII TRUST	6.630		12/15/2039	A2		2,541
	5,000,000		Webster Bank	5.880		1/15/2013	A3		4,436
	5,000,000		Wells Fargo & Co	3.750		10/1/2014	A1		4,985
	5,000,000		Wells Fargo & Co	4.750		2/9/2015	Aa3		5,099
	3,100,000		Wells Fargo & Co	5.630		12/11/2017	A1		3,225
	4,000,000		Zions Bancorporation	7.750		9/23/2014	Baa3		3,530
			TOTAL DEPOSITORY INSTITUTIONS						138,852
EATING AND DRINKING PLACES - 0.02%
	1,250,000		McDonald’s Corp	5.000		2/1/2019	A3		1,307
			TOTAL EATING AND DRINKING PLACES						1,307
ELECTRIC, GAS, AND SANITARY SERVICES - 1.31%
	1,875,000		AGL Capital Corp	5.250		8/15/2019	Baa1		1,888
	2,000,000		Atmos Energy Corp	8.500		3/15/2019	Baa2		2,429
	5,000,000		Avista Corp	5.950		6/1/2018	Baa1		5,237
	1,000,000		Avista Corp	5.130		4/1/2022	Baa1		981
	5,000,000		CenterPoint Energy Houston Electric LLC	7.000		3/1/2014	Baa1		5,693
	2,000,000		Connecticut Light & Power	5.750		3/1/2037	A2		2,002
	1,200,000		Connecticut Light & Power Co	5.500		2/1/2019	A2		1,266
	3,784,988	g	Great River Energy	5.830		7/1/2017	A3		4,119
	5,000,000		Hawaiian Electric Industries, Inc	6.140		8/15/2011	Baa2		5,204
	5,000,000		Idaho Power Co	5.500		4/1/2033	A3		4,727
	2,500,000		Idaho Power Co	6.250		10/15/2037	A3		2,605
	7,500,000	g	International Transmission Co	4.450		7/15/2013	A2		7,575
	1,550,000		Laclede Gas Co	6.500		11/15/2010	A2		1,603
	2,000,000		Laclede Gas Co	6.150		6/1/2036	A2		2,002
	5,000,000		National Fuel Gas Co	6.500		4/15/2018	Baa1		5,192
	6,000,000		Nevada Power Co	6.650		4/1/2036	Baa3		6,314
	2,000,000		Nicor, Inc	6.580		2/15/2028	Aa3		2,151
	1,750,000		NiSource Finance Corp	10.750		3/15/2016	Baa3		2,156
	1,500,000		Northwest Natural Gas Co	5.620		11/21/2023	A1		1,547
	4,000,000	e	ONEOK Partners LP	5.900		4/1/2012	Baa2		4,240
	5,000,000		Pacific Gas & Electric Co	8.250		10/15/2018	A3		6,105
	3,750,000		Pacific Gas & Electric Co	5.400		1/15/2040	A3		3,589
	500,000		Piedmont Natural Gas Co, Inc	7.800		9/29/2010	A3		524
	3,850,000		Portland General Electric Co	6.100		4/15/2019	A3		4,253
	2,500,000		PPL Electric Utilities Corp	6.250		5/15/2039	A3		2,679
	1,000,000		Public Service Electric & Gas Co	5.380		11/1/2039	A2		969
	2,000,000		Puget Sound Energy, Inc	6.270		3/15/2037	Baa1		2,075
	2,000,000		Questar Pipeline Co	6.570		9/26/2011	A3		2,150
	2,000,000		San Diego Gas & Electric Co	6.000		6/1/2039	Aa3		2,148
	2,800,000		Southern California Edison Co	6.050		3/15/2039	A1		2,984
	5,000,000		Spectra Energy Capital LLC	5.650		3/1/2020	Baa2		5,046
	2,500,000		Tennessee Gas Pipeline Co	8.000		2/1/2016	Baa3		2,869
	3,000,000		Transcontinental Gas Pipe Line Co LLC	6.050		6/15/2018	Baa2		3,195
	5,000,000		Washington Gas Light Co	5.440		8/11/2025	A2		4,619
	1,000,000		Wisconsin Power & Light Co	5.000		7/15/2019	A2		1,008
			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES						113,144
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.09%
	666,000		Cisco Systems, Inc	2.900		11/17/2014	A1		665

356

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	3,340,000		Cisco Systems, Inc	4.450	%	1/15/2020	A1	$	3,276
	2,500,000		Whirlpool Corp	8.000		5/1/2012	Baa3		2,709
	1,100,000	e	Whirlpool Corp	8.600		5/1/2014	Baa3		1,245
			TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT						7,895
ENGINEERING AND MANAGEMENT SERVICES - 0.04%
	3,750,000		Quest Diagnostics, Inc	4.750		1/30/2020	Baa3		3,664
			TOTAL ENGINEERING AND MANAGEMENT SERVICES						3,664
FOOD AND KINDRED PRODUCTS - 0.22%
	5,000,000		Coca-Cola Enterprises, Inc	5.000		8/15/2013	A3		5,380
	1,500,000		Coca-Cola Enterprises, Inc	4.500		8/15/2019	A3		1,488
	5,000,000		General Mills, Inc	5.650		2/15/2019	Baa1		5,303
	1,600,000	g	HJ Heinz Finance Co	7.130		8/1/2039	Baa2		1,809
	2,500,000		Kellogg Co	4.150		11/15/2019	A3		2,423
	535,000		Kraft Foods, Inc	6.130		2/1/2018	Baa2		563
	2,000,000		PepsiCo, Inc	7.900		11/1/2018	Aa2		2,454
			TOTAL FOOD AND KINDRED PRODUCTS						19,420
FOOD STORES - 0.01%
	1,000,000		Safeway, Inc	5.000		8/15/2019	Baa2		992
			TOTAL FOOD STORES						992
FURNITURE AND FIXTURES - 0.05%
	4,000,000		Leggett & Platt, Inc	4.700		4/1/2013	Baa1		4,159
			TOTAL FURNITURE AND FIXTURES						4,159
GENERAL BUILDING CONTRACTORS - 0.04%
	3,000,000	e	Lennar Corp	5.130		10/1/2010	B3		3,015
			TOTAL GENERAL BUILDING CONTRACTORS						3,015
GENERAL MERCHANDISE STORES - 0.03%
	2,500,000		TJX Cos, Inc	6.950		4/15/2019	A3		2,890
			TOTAL GENERAL MERCHANDISE STORES						2,890
HEALTH SERVICES - 0.14%
	5,000,000		Howard Hughes Medical Institute	3.450		9/1/2014	Aaa		5,066
	5,000,000		Providence Health & Services	5.050		10/1/2014	Aa2		5,126
	1,500,000		Quest Diagnostics, Inc	6.400		7/1/2017	Baa3		1,646
			TOTAL HEALTH SERVICES						11,838
HOLDING AND OTHER INVESTMENT OFFICES - 0.34
	5,000,000		ANDREW W MELLON FOUNDATION	3.950		8/1/2014	Aaa		5,195
	5,000,000	e	Boston Properties LP	5.880		10/15/2019	Baa2		5,016
	5,000,000		Brandywine Operating Partnership LP	7.500		5/15/2015	Baa3		5,081
	1,000,000		Duke Realty LP	7.380		2/15/2015	Baa2		1,055
	1,000,000		Duke Realty LP	8.250		8/15/2019	Baa2		1,045
	3,000,000		Highwoods Properties, Inc	5.850		3/15/2017	Baa3		2,737
	5,000,000		Kimco Realty Corp	5.300		2/22/2011	Baa1		5,090
	1,160,000		Liberty Property LP	7.250		3/15/2011	Baa2		1,195
	3,000,000		Washington Real Estate Investment Trust	5.130		3/15/2013	Baa1		2,880
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES						29,294

357

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†		VALUE (000)
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.35%
$	1,800,000		Deere & Co	5.380	%	10/16/2029	A2	$	1,797
	4,340,000		Deere & Co	8.100		5/15/2030	A2		5,505
	1,500,000		Dell, Inc	3.380		6/15/2012	A2		1,551
	2,500,000		Dell, Inc	5.880		6/15/2019	A2		2,646
	3,000,000		Hewlett-Packard Co	2.950		8/15/2012	A2		3,061
	2,000,000		Ingersoll-Rand Global Holding Co Ltd	9.500		4/15/2014	Baa1		2,390
	7,775,000		Smith International, Inc	6.750		2/15/2011	Baa1		8,134
	5,000,000		Timken Co	6.000		9/15/2014	Baa3		5,262
			TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT						30,346
INSTRUMENTS AND RELATED PRODUCTS - 0.60%
	2,500,000		Agilent Technologies, Inc	4.450		9/14/2012	Baa3		2,587
	5,000,000		Baxter International, Inc	4.500		8/15/2019	A3		5,004
	4,000,000		Becton Dickinson and Co	5.000		5/15/2019	A2		4,108
	2,000,000		Becton Dickinson and Co	6.000		5/15/2039	A2		2,103
	3,500,000		Medtronic, Inc	4.750		9/15/2015	A1		3,778
	2,500,000		Medtronic, Inc	6.500		3/15/2039	A1		2,798
	5,000,000		St. Jude Medical, Inc	4.880		7/15/2019	Baa1		5,040
	2,165,000	g	Thermo Fisher Scientific, Inc	2.150		12/28/2012	Baa1		2,135
	2,000,000	g	Thermo Fisher Scientific, Inc	3.250		11/18/2014	Baa1		1,961
	1,750,000		Thermo Fisher Scientific, Inc	5.000		6/1/2015	Baa1		1,835
	5,000,000		Xerox Corp	8.250		5/15/2014	Baa2		5,736
	2,500,000		Xerox Corp	4.250		2/15/2015	Baa2		2,483
	2,500,000		Xerox Corp	5.630		12/15/2019	Baa2		2,497
	2,105,000		Zimmer Holdings, Inc	4.630		11/30/2019	Baa1		2,086
	7,697,000		Zimmer Holdings, Inc	5.750		11/30/2039	Baa1		7,543
			TOTAL INSTRUMENTS AND RELATED PRODUCTS						51,694
INSURANCE CARRIERS - 0.67%
	5,000,000		Aflac, Inc	8.500		5/15/2019	A2		5,760
	5,000,000		Aflac, Inc	6.900		12/17/2039	A2		4,926
	2,800,000	g	Anthem Insurance Co, Inc	9.130		4/1/2010	A3		2,842
	3,500,000		Cincinnati Financial Corp	6.130		11/1/2034	A3		3,090
	2,500,000	i	Hartford Life Global Funding Trusts	0.350		3/15/2011	A3		2,444
	5,000,000	g	Health Care Service Corp	7.750		6/15/2011	A1		5,195
	1,200,000	g	Jackson National Life Global Funding	6.130		5/30/2012	A1		1,270
	1,945,000	g	John Hancock Global Funding II	7.900		7/2/2010	Aa3		2,006
	2,000,000	e	Markel Corp	6.800		2/15/2013	Baa2		2,021
	2,500,000		Markel Corp	7.130		9/30/2019	Baa2		2,581
	5,300,000		Markel Corp	7.350		8/15/2034	Baa2		4,963
	5,000,000	g	Nationwide Life Global Funding I	5.350		3/15/2011	A1		4,955
	3,000,000		Progressive Corp	6.380		1/15/2012	A1		3,215
	5,000,000		Protective Life Corp	7.380		10/15/2019	Baa2		5,011
	2,000,000		Travelers Cos, Inc	5.900		6/2/2019	A2		2,136
	5,000,000		Unum Group	7.130		9/30/2016	Ba1		5,180
			TOTAL INSURANCE CARRIERS						57,595
MEMBERSHIP ORGANIZATIONS - 0.06%
	5,000,000		Nature Conservancy	6.300		7/1/2019	Aa2		5,239
			TOTAL MEMBERSHIP ORGANIZATIONS						5,239

358

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
MISCELLANEOUS RETAIL - 0.08%
$	3,000,000		CVS Caremark Corp	5.750	%	6/1/2017	Baa2	$	3,166
	1,116,210	g	CVS Caremark Corp	5.300		1/11/2027	Baa2		1,030
	2,150,000		Staples, Inc	7.750		4/1/2011	Baa2		2,310
	500,000		Staples, Inc	9.750		1/15/2014	Baa2		609
			TOTAL MISCELLANEOUS RETAIL						7,115
NONDEPOSITORY INSTITUTIONS - 0.53%
	1,675,000		American Express Co	7.000		3/19/2018	A3		1,845
	3,325,000		American Express Co	8.130		5/20/2019	A3		3,940
	5,000,000	i	American Express Credit Corp	0.380		10/4/2010	A2		4,987
	6,000,000	g	CDP Financial, Inc	3.000		11/25/2014	Aaa		5,855
	10,000,000		Citigroup Funding, Inc	2.250		12/10/2012	Aaa		10,079
	15,000,000		General Electric Capital Corp	2.250		3/12/2012	Aaa		15,217
	4,000,000		General Electric Capital Corp	2.200		6/8/2012	Aaa		4,056
			TOTAL NONDEPOSITORY INSTITUTIONS						45,979
NONMETALLIC MINERALS, EXCEPT FUELS - 0.03%
	2,500,000	e	Vulcan Materials Co	6.300		6/15/2013	Baa2		2,674
			TOTAL NONMETALLIC MINERALS, EXCEPT FUELS						2,674
OIL AND GAS EXTRACTION - 0.56%
	5,000,000		Apache Corp	5.250		4/15/2013	A3		5,358
	3,000,000		Apache Corp	6.000		1/15/2037	A3		3,192
	1,750,000		Chesapeake Energy Corp	6.500		8/15/2017	Ba3		1,715
	2,500,000		Devon Energy Corp	6.300		1/15/2019	Baa1		2,784
	5,000,000		Diamond Offshore Drilling, Inc	4.880		7/1/2015	Baa1		5,278
	3,000,000		EOG Resources, Inc	5.630		6/1/2019	A3		3,187
	5,000,000		EQT Corp	8.130		6/1/2019	Baa1		5,777
	2,500,000		Noble Energy, Inc	8.250		3/1/2019	Baa2		2,991
	3,000,000		Questar Market Resources, Inc	6.050		9/1/2016	Baa3		3,056
	5,000,000		SEACOR Holdings, Inc	7.380		10/1/2019	Ba1		5,062
	2,000,000		Valero Logistics Operations LP	6.050		3/15/2013	Baa3		2,105
	5,000,000		XTO Energy, Inc	6.250		4/15/2013	Baa2		5,507
	2,500,000		XTO Energy, Inc	6.380		6/15/2038	Baa2		2,805
			TOTAL OIL AND GAS EXTRACTION						48,817
PAPER AND ALLIED PRODUCTS - 0.16%
	1,000,000		Bemis Co, Inc	5.650		8/1/2014	Baa1		1,064
	4,000,000		Bemis Co, Inc	6.800		8/1/2019	Baa1		4,398
	2,650,000		International Paper Co	7.300		0	Baa3		2,811
	5,000,000		MeadWestvaco Corp	7.380		9/1/2019	Ba1		5,492
			TOTAL PAPER AND ALLIED PRODUCTS						13,765
PETROLEUM AND COAL PRODUCTS - 0.16%
	2,500,000		Hess Corp	8.130		2/15/2019	Baa2		3,015
	4,000,000		Hess Corp	6.000		1/15/2040	Baa2		3,961
	1,430,000		Marathon Oil Corp	6.500		2/15/2014	Baa1		1,582
	5,000,000		Marathon Oil Corp	5.900		3/15/2018	Baa1		5,266
			TOTAL PETROLEUM AND COAL PRODUCTS						13,824
PRINTING AND PUBLISHING - 0.03%
	2,500,000		Dun & Bradstreet Corp	5.500		3/15/2011	A3		2,604
			TOTAL PRINTING AND PUBLISHING						2,604

359

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
RAILROAD TRANSPORTATION - 0.27%
$	5,000,000		Burlington Northern Santa Fe Corp	4.700	%	10/1/2019	Baa1	$	4,953
	1,440,000		CSX Corp	6.150		5/1/2037	Baa3		1,459
	1,900,000		CSX Transportation, Inc	7.820		4/1/2011	NR		2,025
	2,500,000		Norfolk Southern Corp	5.750		1/15/2016	Baa1		2,660
	5,000,000		Norfolk Southern Corp	5.900		6/15/2019	Baa1		5,339
	2,500,000		Norfolk Southern Corp	5.590		5/17/2025	Baa1		2,430
	4,815,000		Norfolk Southern Corp	5.640		5/17/2029	Baa1		4,662
	202,668	g	Sea-Land Service, Inc	6.600		1/2/2011	Baa3		202
	202,668	g	Sea-Land Service, Inc	6.600		1/2/2011	Baa3		202
	202,668	g	Sea-Land Service, Inc	6.600		1/2/2011	Baa3		204
			TOTAL RAILROAD TRANSPORTATION						24,136
SECURITY AND COMMODITY BROKERS - 0.04%
	3,500,000		Charles Schwab Corp	4.950		6/1/2014	A2		3,692
			TOTAL SECURITY AND COMMODITY BROKERS						3,692
SOCIAL SERVICES - 0.12%
	2,000,000		American National Red Cross	5.390		11/15/2012	Baa1		2,019
	4,000,000		American National Red Cross	5.570		11/15/2017	Baa1		3,701
	5,145,000		Salvation Army	5.640		9/1/2026	Aa3		4,829
			TOTAL SOCIAL SERVICES						10,549
STONE, CLAY, AND GLASS PRODUCTS - 0.03%
	2,500,000	e	3M Co	6.380		2/15/2028	Aa2		2,822
			TOTAL STONE, CLAY, AND GLASS PRODUCTS						2,822
TRANSPORTATION BY AIR - 0.36%
	10,312,000		Delta Air Lines, Inc	7.110		0	NR		10,402
	14,550,000		Delta Air Lines, Inc	7.570		11/18/2010	NR		14,750
	2,500,000		FedEx Corp	7.380		1/15/2014	Baa2		2,837
	5,000,000	i	JetBlue Airways Corp	0.720		11/15/2016	B2		3,150
			TOTAL TRANSPORTATION BY AIR						31,139
TRANSPORTATION EQUIPMENT - 0.09%
	5,000,000	g	Harley-Davidson Funding Corp	6.800		6/15/2018	Baa1		4,986
	2,828,464	g	Southern Capital Corp	5.700		6/30/2022	Ba2		1,920
	1,000,000		Union Tank CAR Co	6.790		5/1/2010	A1		1,017
			TOTAL TRANSPORTATION EQUIPMENT						7,923
TRANSPORTATION SERVICES - 0.10%
			United Parcel Service of America, Inc (Step Bond
	1,360,000		8.375% until 04/01/20, 7.620% until 04/01/30)	8.380		4/1/2030	Aa3		1,740
	3,750,000		United Parcel Service, Inc	3.880		4/1/2014	Aa3		3,896
	2,500,000		United Parcel Service, Inc	8.380		4/1/2020	Aa3		3,160
			TOTAL TRANSPORTATION SERVICES						8,796
WHOLESALE TRADE-DURABLE GOODS - 0.03%
	3,000,000		Reliance Steel & Aluminum Co	6.200		11/15/2016	Baa3		2,957
			TOTAL WHOLESALE TRADE-DURABLE GOODS						2,957
WHOLESALE TRADE-NONDURABLE GOODS - 0.12%
	4,000,000	e	Procter & Gamble Co	4.600		1/15/2014	Aa3		4,259
	2,500,000		Procter & Gamble Co	8.750		6/1/2022	Aa3		3,180
	2,500,000		SYSCO Corp	6.630		3/17/2039	A1		2,918
			TOTAL WHOLESALE TRADE-NONDURABLE GOODS						10,357
			TOTAL CORPORATE BONDS						1,021,979
			(Cost $996,499)

360

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
GOVERNMENT BONDS 23.94%
AGENCY SECURITIES - 2.31%
			Federal Farm Credit Bank (FFCB)
$	11,900,000		FFCB	2.630	%	4/21/2011	Aaa	$	12,175
			Federal Home Loan Bank
	5,500,000		FHLB	5.000		11/17/2017	Aaa		5,949
			Federal Home Loan Mortgage Corp
	3,000,000		FHLMC	3.500		5/29/2013	Aaa		3,138
	7,780,000		FHLMC	2.500		4/23/2014	Aaa		7,775
	5,500,000		FHLMC	3.750		3/27/2019	Aaa		5,392
	5,000,000		FHLMC	3.250		7/16/2010	Aaa		5,083
	11,000,000		FHLMC	2.130		9/21/2012	Aaa		11,117
	2,000,000		FHLMC	4.130		12/21/2012	Aaa		2,127
			Federal National Mortgage Association (FNMA)
	13,500,000		FNMA	3.000		9/16/2014	Aaa		13,671
	20,000,000		FNMA	2.630		11/20/2014	Aaa		19,845
	12,000,000		FNMA	2.500		5/15/2014	Aaa		11,976
	3,700,000		FNMA	3.250		8/12/2010	Aaa		3,766
	7,000,000		FNMA	1.380		4/28/2011	Aaa		7,051
	7,706,761		Cal Dive I- Title XI, Inc	4.930		2/1/2027	NR		7,732
	4,000,000	j	Government Trust Certificate	0.000		4/1/2021	NR		2,217
	3,780,954		New Valley Generation II	5.570		5/1/2020	Aaa		4,004
	3,757,180		New Valley Generation III	4.930		1/15/2021	Aaa		3,826
	451,467	m	New Valley Generation III	4.690		1/15/2022	Aaa		449
	4,200,000		Overseas Private Investment Corp	1.900		12/10/2011			4,200
	1,321,739		Overseas Private Investment Corp	5.410		12/15/2011	NR		1,359
	6,400,000	j	Overseas Private Investment Corp	0.000		6/10/2012			6,384
	3,000,000	j	Overseas Private Investment Corp	0.000		12/14/2014			2,985
	2,192,696		Overseas Private Investment Corp	3.420		1/15/2015	NR		2,275
	4,558,776		Overseas Private Investment Corp	5.140		12/15/2023			4,791
	10,000,000		Private Export Funding Corp	4.900		12/15/2011	Aaa		10,711
	6,900,000		Private Export Funding Corp	3.550		4/15/2013	Aaa		7,214
	6,085,000		Private Export Funding Corp	4.970		8/15/2013	Aaa		6,641
	1,050,000		Private Export Funding Corp	4.550		5/15/2015	Aaa		1,122
	10,000,000		Private Export Funding Corp	4.380		3/15/2019	Aaa		9,976
	5,007,000		US Department of Housing and Urban Development	5.380		8/1/2018	NR		5,421
	9,217,112	g	US Trade Funding Corp	4.260		11/15/2014	NR		9,477
			TOTAL AGENCY SECURITIES						199,849
FOREIGN GOVERNMENT BONDS - 1.21%
	4,000,000	g	Belgium Government International Bond	2.880		9/15/2014	Aa1		3,972
	3,900,000		Canada Government International Bond	2.380		9/10/2014	Aaa		3,832
	1,500,000		Development Bank of Japan	4.250		6/9/2015	Aa2		1,556
	2,750,000		Eksportfinans A/S	5.000		2/14/2012	Aa1		2,931
	2,000,000		European Investment Bank	4.880		2/15/2036	Aaa		1,905
	5,000,000	g	Federal Republic of Germany	3.880		6/1/2010	Aaa		5,065

361

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	6,082,000		Hydro Quebec	8.400	%	1/15/2022	Aa2	$	7,779
	21,875,000	i	India Government AID Bond	0.380		2/1/2027			19,716
	5,000,000	g	International Finance Facility for Immunisation	5.000		11/14/2011	Aaa		5,320
	2,850,000		Italy Government International Bond	5.380		6/12/2017	NR		3,043
	5,350,000		Japan Finance Corp	2.000		6/24/2011	Aa2		5,415
	5,000,000		Oesterreichische Kontrollbank AG.	5.000		4/25/2017	Aaa		5,203
	5,000,000		Province of Manitoba Canada	5.000		2/15/2012	Aa1		5,341
	2,500,000		Province of Ontario Canada	3.130		9/8/2010	Aa1		2,547
	10,000,000		Province of Ontario Canada	2.630		1/20/2012	Aa1		10,205
	8,700,000		Province of Ontario Canada	4.100		6/16/2014	Aa1		9,079
	6,000,000		Province of Ontario Canada	4.000		10/7/2019	Aa1		5,745
	5,000,000		Province of Quebec Canada	7.500		9/15/2029	Aa2		6,290
			TOTAL FOREIGN GOVERNMENT BONDS						104,944
MORTGAGE BACKED - 13.58%
			Federal National Mortgage Association (FNMA)
	5,000,000		FNMA	5.500		1/25/2040			5,234
	13,000,000		FNMA	5.000		1/25/2040			13,339
	29,000,000		FNMA	6.500		1/25/2040			31,057
	51,000,000		FNMA	6.000		1/25/2040			54,012
	79,000,000		FNMA	4.500		1/25/2040			78,853
	7,799,604		FNMA	4.500		4/1/2039			7,793
	8,000,000		FNMA	4.500		1/25/2025			8,228
	16,000,000		FNMA	4.000		1/25/2040			15,445
	13,056,935		FNMA	6.000		9/1/2039			13,840
	5,094,717		FNMA	5.000		8/1/2035			5,238
	2,743,114		FNMA	4.500		8/1/2035			2,751
	9,813,889		FNMA	4.000		10/1/2035			9,493
	6,452,272		FNMA	5.000		9/1/2035			6,634
	780,126		FNMA	6.000		7/1/2035			830
	2,594,248		FNMA	5.500		6/1/2035			2,725
	3,296,898		FNMA	5.500		6/1/2035			3,463
	205,134		FNMA	7.500		6/1/2035			230
	2,625,021		FNMA	5.500		6/1/2035			2,757
	4,598,220		FNMA	5.000		10/1/2035			4,728
	4,691,919		FNMA	6.000		3/1/2036			4,984
	1,451,908		FNMA	6.500		2/1/2036			1,558
	6,003,567	i	FNMA	5.840		6/1/2036			6,354
	2,965,544		FNMA	5.500		4/1/2036			3,115
	1,073,935		FNMA	6.500		2/1/2036			1,153
	6,353,254		FNMA	5.500		11/1/2035			6,674
	10,782,935		FNMA	5.500		10/1/2035			11,327
	2,778,618	i	FNMA	5.740		2/1/2036			2,939
	4,000,210		FNMA	5.000		2/1/2036			4,113
	4,399,316		FNMA	6.000		5/1/2035			4,681
	48,640		FNMA	4.500		9/1/2034			49
	1,485,030		FNMA	4.500		8/1/2034			1,492
	9,855,421		FNMA	5.500		1/1/2035			10,358
	785,341		FNMA	6.000		12/1/2034			838
	95,282		FNMA	4.500		8/1/2034			96
	176,647		FNMA	4.500		7/1/2034			177
	243,661		FNMA	4.500		6/1/2034			245
	56,659		FNMA	4.500		7/1/2034			57
	174,281		FNMA	4.500		7/1/2034			175
	3,458,702		FNMA	5.500		1/1/2035			3,635
	887,267		FNMA	5.500		5/1/2035			932

362

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	3,400,266		FNMA	5.500	%	5/1/2035	$	3,572
	365,429		FNMA	5.500		5/1/2035		384
	733,637		FNMA	5.500		5/1/2035		771
	11,520,822		FNMA	4.500		5/1/2035		11,590
	1,919,630		FNMA	5.500		4/1/2035		2,016
	746,928		FNMA	5.500		3/1/2035		785
	2,054,009		FNMA	5.500		4/1/2035		2,158
	2,496,392		FNMA	5.500		4/1/2035		2,622
	4,417,437	i	FNMA	5.250		9/1/2038		4,650
	1,276,578		FNMA	6.500		3/1/2038		1,368
	4,922,218		FNMA	4.500		1/1/2039		4,919
	3,770,116	i	FNMA	4.910		10/1/2038		3,950
	412,117		FNMA	6.500		3/1/2038		442
	308,479		FNMA	6.500		1/1/2038		331
	5,044,670		FNMA	7.000		11/1/2037		5,535
	2,727,693		FNMA	6.500		3/1/2038		2,924
	126,603		FNMA	6.500		2/1/2038		136
	4,139,015		FNMA	5.500		1/1/2039		4,337
	24,660,716		FNMA	5.000		4/1/2039		25,332
	3,918,958		FNMA	4.000		4/1/2039		3,787
	4,974,321		FNMA	4.500		8/1/2039		4,970
	24,519,871		FNMA	4.500		5/1/2039		24,499
	3,550,557		FNMA	5.500		2/1/2039		3,721
	3,787,948		FNMA	6.000		1/1/2039		4,016
	3,725,953		FNMA	6.000		1/1/2039		3,950
	14,323,936		FNMA	4.500		2/1/2039		14,313
	4,705,032		FNMA	4.500		2/1/2039		4,702
	1,691,982	i	FNMA	5.880		10/1/2037		1,784
	1,721,795		FNMA	7.000		2/1/2037		1,889
	4,071,806		FNMA	5.000		2/1/2037		4,183
	1,274,128		FNMA	7.000		4/1/2037		1,398
	4,968,413		FNMA	6.500		3/1/2037		5,332
	26,178,084	i	FNMA	5.870		1/1/2037		27,803
	2,965,837		FNMA	6.500		9/1/2036		3,183
	3,940,067	i	FNMA	5.920		7/1/2036		4,175
	3,531,900		FNMA	6.000		12/1/2036		3,752
	5,672,344	i	FNMA	5.760		12/1/2036		5,987
	1,213,040		FNMA	6.500		8/1/2037		1,300
	891,661		FNMA	6.500		9/1/2037		956
	2,924,588		FNMA	6.500		9/1/2037		3,135
	677,455		FNMA	6.500		9/1/2037		726
	1,543,428		FNMA	6.500		9/1/2037		1,655
	2,600,552		FNMA	6.000		9/1/2037		2,759
	3,144,790		FNMA	6.000		9/1/2037		3,336
	1,903,845		FNMA	6.500		8/1/2037		2,041
	2,075,821		FNMA	6.000		9/1/2037		2,202
	3,474,903		FNMA	6.000		9/1/2037		3,686
	600,000		FNMA	4.000		2/25/2019		608
	416,670		FNMA	6.000		2/1/2019		449
	579,010		FNMA	4.500		5/1/2019		602
	148,434		FNMA	4.500		3/1/2019		154
	388,836		FNMA	6.000		1/1/2019		419
	5,794,940		FNMA	5.500		11/1/2018		6,180
	49,594		FNMA	5.500		5/1/2018		53
	3,200,953		FNMA	5.000		1/1/2019		3,372
	3,661,344		FNMA	5.000		12/1/2018		3,857

363

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
$	1,393,806	FNMA	4.500	%	6/1/2019	$	1,449
	42,723	FNMA	8.000		3/1/2023		49
	4,394,688	FNMA	4.500		3/1/2023		4,530
	231,027	FNMA	5.000		1/1/2024		240
	8,391,562	FNMA	5.000		7/1/2023		8,779
	5,597,853	FNMA	5.500		8/1/2021		5,940
	667,609	FNMA	4.500		11/1/2020		694
	1,543,731	FNMA	5.000		3/1/2020		1,626
	2,258,301	FNMA	5.000		3/1/2021		2,379
	2,002,471	FNMA	5.000		12/1/2020		2,105
	367,015	FNMA	5.500		4/1/2018		391
	1,487	FNMA	7.500		10/1/2011		2
	8,730	FNMA	7.500		10/1/2011		9
	70,867	FNMA	5.000		6/1/2013		73
	72,629	FNMA	7.000		4/1/2012		77
	286	FNMA	7.500		10/1/2011		0	^
	5,426	FNMA	8.000		7/1/2011		6
	9,805	FNMA	7.500		6/1/2011		10
	2,836	FNMA	7.500		9/1/2011		3
	2,753	FNMA	7.500		8/1/2011		3
	2,702,706	FNMA	4.440		7/1/2013		2,824
	942,284	FNMA	6.500		4/1/2017		1,023
	245,769	FNMA	6.500		10/1/2016		267
	468,831	FNMA	6.500		2/1/2018		507
	2,556,952	FNMA	5.000		12/1/2017		2,695
	7,501	FNMA	8.500		11/1/2014		8
	1,832,926	FNMA	4.600		5/1/2014		1,920
	3,730,384	FNMA	4.020		8/1/2013		3,861
	3,014,628	FNMA	4.530		10/1/2014		3,145
	4,160,380	FNMA	4.270		6/1/2014		4,301
	183,598	FNMA	7.000		1/1/2034		202
	1,439,990	FNMA	5.500		1/1/2034		1,513
	1,296,856	FNMA	5.000		3/1/2034		1,336
	582,215	FNMA	5.000		3/1/2034		600
	800,696	FNMA	5.500		12/1/2033		842
	2,151,070	FNMA	5.500		11/1/2033		2,261
	2,706,148	FNMA	5.500		11/1/2033		2,844
	370,032	FNMA	5.500		12/1/2033		389
	457,818	FNMA	5.500		12/1/2033		481
	503,652	FNMA	5.000		3/1/2034		519
	55,413	FNMA	4.500		6/1/2034		56
	56,238	FNMA	4.500		5/1/2034		57
	52,628	FNMA	4.500		6/1/2034		53
	70,927	FNMA	4.500		6/1/2034		71
	62,889	FNMA	4.500		5/1/2034		63
	443,626	FNMA	5.000		3/1/2034		457
	22,714,386	FNMA	5.000		3/1/2034		23,404
	1,097,015	FNMA	4.500		5/1/2034		1,102
	3,804,312	FNMA	5.000		4/1/2034		3,916
	2,280,418	FNMA	5.500		11/1/2033		2,397
	2,086,986	FNMA	6.500		7/1/2032		2,255
	19,622,689	FNMA	5.000		10/1/2025		20,346
	4,147,668	FNMA	4.500		3/25/2033		4,306
	398,307	FNMA	5.000		2/1/2033		410
	9,764,819	FNMA	4.000		9/1/2024		9,836
	5,735,408	FNMA	4.000		5/1/2024		5,777

364

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	691,412		FNMA	5.500	%	2/1/2024	$	733
	3,112,145		FNMA	4.500		8/1/2024		3,205
	106,246		FNMA	8.000		7/1/2024		122
	887,204		FNMA	5.500		6/1/2033		932
	1,893,630		FNMA	5.000		11/1/2033		1,951
	1,312,820		FNMA	5.000		10/1/2033		1,353
	1,824,131		FNMA	5.500		11/1/2033		1,917
	1,550,347		FNMA	5.500		11/1/2033		1,629
	1,431,643		FNMA	5.000		10/1/2033		1,475
	2,247,374		FNMA	4.500		8/1/2033		2,261
	1,226,775		FNMA	5.500		7/1/2033		1,289
	303,350		FNMA	4.500		9/1/2033		305
	1,325,343		FNMA	5.000		8/1/2033		1,366
			Federal Home Loan Mortgage Corp (FHLMC)
	7,179,668	i	FHLMC	5.880		4/1/2037		7,562
	9,600,166	i	FHLMC	5.780		3/1/2037		10,171
	12,337,462	i	FHLMC	5.830		9/1/2037		13,142
	6,225,901	i	FHLMC	5.790		8/1/2037		6,633
	7,677,337	i	FHLMC	5.740		2/1/2037		8,156
	5,824,241	i	FHLMC	5.800		7/1/2036		6,158
	3,810,000	i	FHLMC	2.910		2/1/2036		3,892
	12,006,506	i	FHLMC	6.060		9/1/2036		12,714
	1,878,726	i	FHLMC	3.350		9/1/2036		1,943
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	5,988,322		FGLMC	4.500		9/1/2035		5,996
	2,094,588		FGLMC	4.500		9/1/2035		2,097
	2,308,901		FGLMC	6.000		8/1/2035		2,458
	5,252,507		FGLMC	4.500		9/1/2035		5,260
	2,833,914		FGLMC	5.000		11/1/2035		2,912
	2,156,233		FGLMC	5.000		10/1/2035		2,215
	10,380,147		FGLMC	5.000		9/1/2035		10,665
	2,142,896		FGLMC	6.000		5/1/2035		2,282
	1,455,358		FGLMC	6.000		5/1/2035		1,550
	1,879,636		FGLMC	6.000		5/1/2035		2,001
	702,105		FGLMC	6.000		5/1/2035		748
	2,377,022		FGLMC	5.500		6/1/2035		2,499
	4,664,324		FGLMC	7.000		5/1/2035		5,151
	576,446		FGLMC	6.000		5/1/2035		614
	868,948		FGLMC	4.500		12/1/2035		870
	2,566,107		FGLMC	6.000		11/1/2038		2,724
	5,297,771		FGLMC	5.500		7/1/2038		5,555
	8,496,102		FGLMC	5.000		4/1/2038		8,722
	3,808,084		FGLMC	5.500		1/1/2039		3,993
	3,929,561		FGLMC	5.000		7/1/2039		4,034
	5,929,618		FGLMC	4.000		6/1/2039		5,724
	1,951,788		FGLMC	4.500		5/1/2039		1,949
	2,257,243		FGLMC	6.500		10/1/2036		2,419
	587,444		FGLMC	6.500		5/1/2036		629
	1,577,946		FGLMC	5.000		2/1/2036		1,621
	2,681,082		FGLMC	6.000		9/1/2037		2,848
	2,639,075		FGLMC	5.000		4/1/2038		2,709
	5,397,632		FGLMC	6.000		2/1/2038		5,729
	4,287,843		FGLMC	6.500		11/1/2037		4,594
	1,741,223		FGLMC	4.500		1/1/2020		1,809
	2,183,107		FGLMC	5.000		2/1/2019		2,298
	2,351,242		FGLMC	5.500		1/1/2019		2,507

365

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
$	392,578	FGLMC	4.500	%	7/1/2020	$	407
	3,526,458	FGLMC	4.500		6/1/2021		3,657
	12,930,754	FGLMC	4.500		6/1/2021		13,409
	350,180	FGLMC	7.000		10/1/2020		390
	603,166	FGLMC	6.000		12/1/2017		649
	323,049	FGLMC	6.500		12/1/2016		348
	28,919	FGLMC	6.000		3/1/2011		30
	3,625,189	FGLMC	4.500		10/1/2018		3,775
	6,012,774	FGLMC	4.500		1/1/2019		6,246
	5,241,740	FGLMC	4.500		11/1/2018		5,459
	4,542,035	FGLMC	4.500		11/1/2018		4,730
	4,176,100	FGLMC	4.500		3/1/2023		4,302
	11,504,709	FGLMC	5.000		1/1/2034		11,845
	17,228,211	FGLMC	7.000		12/1/2033		19,026
	9,666,054	FGLMC	5.500		12/1/2033		10,178
	3,494,812	FGLMC	5.000		5/1/2034		3,595
	1,028,356	FGLMC	6.000		5/1/2035		1,095
	1,481,640	FGLMC	5.500		12/1/2034		1,559
	2,391,874	FGLMC	6.000		9/1/2034		2,553
	1,911,219	FGLMC	4.500		9/1/2024		1,966
	4,925,140	FGLMC	4.000		7/1/2024		4,963
	23,141	FGLMC	7.000		5/1/2023		26
	104,531	FGLMC	8.000		1/1/2031		120
	4,089,196	FGLMC	5.500		9/1/2033		4,303
	4,639,381	FGLMC	5.500		9/1/2033		4,882
	3,349,153	FGLMC	4.500		7/1/2033		3,367
	16,000,000	FGLMC	6.000		1/15/2040		16,965
	5,000,000	FGLMC	6.500		1/15/2040		5,352
	11,802,852	FGLMC	4.500		6/1/2039		11,786
	1,796,449	FGLMC	5.000		4/1/2023		1,880
	23,409,246	FGLMC	5.500		4/1/2036		24,611
		Government National Mortgage Association (GNMA)
	10,000,000	GNMA	4.500		1/15/2040		10,006
	1,984,748	GNMA	4.000		8/15/2039		1,921
	13,000,000	GNMA	5.000		1/15/2040		13,368
	4,951,092	GNMA	6.230		9/15/2043		5,011
	22,000,000	GNMA	5.500		1/15/2040		23,045
	4,319,888	GNMA	5.500		2/15/2037		4,533
	1,113,883	GNMA	5.500		7/15/2033		1,175
	3,897,787	GNMA	5.000		4/15/2038		4,016
	984,114	GNMA	4.500		5/15/2039		987
	4,932,262	GNMA	4.500		3/15/2039		4,944
	4,989,024	GNMA	4.500		7/20/2039		4,992
	1,919,028	GNMA	5.000		7/20/2039		1,976
	4,936,922	GNMA	6.000		2/20/2037		5,238
	3,495,631	GNMA	6.500		11/20/2038		3,728
	892,606	GNMA	6.000		10/20/2036		947
	274,437	GNMA	6.500		5/20/2031		297
	946,292	GNMA	6.000		1/20/2037		1,004
	2,169,157	GNMA	6.000		8/20/2038		2,300
	2,474,696	GNMA	6.000		8/15/2038		2,617
	8,051,829	GNMA	4.390		8/16/2030		8,222
	93,159	GNMA	9.000		12/15/2017		103
	3,080,019	GNMA	5.220		4/15/2015		3,119
	67,251	GNMA	8.000		6/15/2022		77
	12,635	GNMA	6.500		8/15/2023		13
	43,869	GNMA	6.500		8/15/2023		46
		TOTAL MORTGAGE BACKED					1,178,017

366

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
MUNICIPAL BONDS - 1.44%
$	1,860,000		Allegheny County Redevelopment Authority	5.000	%	9/1/2011	NR	$	1,927
	1,110,000		Atlanta Urban Residential Finance Authority	5.070		12/1/2011	A1		1,114
	4,500,000	g	Basin Electric Power Coop	6.130		6/1/2041	Aa3		3,973
	265,000		Bellevue Community Schools	4.630		5/1/2010	Aa3		265
	2,390,000		Charlotte-Mecklenburg Hospital Authority	5.000		8/1/2015	Aaa		2,453
	5,000,000		Chicago Metropolitan Water Reclamation District-Greater Chicago	5.720		12/1/2038	Aaa		4,995
	1,250,000		City & County of Honolulu HI	6.110		7/1/2029	Aa3		1,219
	4,000,000		City of Dallas TX	5.080		2/15/2022	Aa1		3,889
	1,500,000		City of Dallas TX	5.200		2/15/2035	Aa1		1,347
	950,000		City of Eugene OR	6.320		8/1/2022	Aa3		971
	5,000,000		City of New York NY	4.500		6/1/2015	Aa3		5,117
	1,055,000	j	City of Oakland CA	0.000		12/15/2011	A1		976
	5,000,000		Commonwealth of Massachusetts	5.460		12/1/2039	Aa2		4,778
	585,000		County of Harnett NC	5.150		5/1/2012	Aa3		586
	2,605,000		County of Mercer NJ	5.380		2/1/2017	Aa2		2,619
	4,000,000		Dallas County Hospital District	5.620		8/15/2044	Aaa		3,906
			Douglas County Public Utility District No 1 Wells
	1,680,000		Hydroelectric	5.110		9/1/2018	Aa2		1,645
	1,400,000		Elkhart Redevelopment District	5.500		6/15/2018	Baa1		1,493
	8,395,000		Fiscal Year 2005 Securitization Corp	4.760		8/15/2019	Aaa		8,479
	2,000,000		Guadalupe Valley Electric Coop, Inc	5.670		10/1/2032	NR		1,620
	1,000,000		Kansas Development Finance Authority	4.590		5/1/2014	Aa2		1,025
	1,350,000		Kansas Development Finance Authority	4.720		5/1/2015	Aa2		1,370
	2,750,000	g	LL & P Wind Energy, Inc	5.220		12/1/2012	A3		2,782
	3,000,000		Metropolitan Washington Airports Authority	5.690		10/1/2030	Aa3		2,784
	5,000,000		Metropolitan Water District of Southern California	6.250		7/1/2039	Aa2		4,826
	5,000,000		Mississippi Development Bank Special Obligation	5.320		7/1/2014	Baa1		5,113
	1,110,000		New York City Housing Development Corp	4.660		11/1/2010	Aa2		1,112
	2,160,000		New York State Environmental Facilities Corp	4.900		12/15/2011	NR		2,238
	3,000,000		New York State Urban Development Corp	6.500		12/15/2018	NR		3,279
	2,500,000		Newport News Economic Development Authority	5.640		1/15/2029	Aa2		2,341
	2,500,000		Oklahoma Capital Improvement Authority	5.180		7/1/2014	Aa3		2,625
	2,050,000		State of Hawaii	4.670		5/1/2014	Aa2		2,145
	5,570,000		State of Illinois	4.350		6/1/2018	A2		5,353
	5,750,000		State of Michigan	4.600		11/1/2011	Aa3		6,010
	3,050,000		State of Oregon	5.030		8/1/2014	Aa2		3,245
	3,265,000		State of Texas	4.900		8/1/2020	Aa1		3,113
	5,000,000		State of Texas	6.070		10/1/2029	Aa1		5,046
	5,210,000		State of Washington	5.050		1/1/2018	Aa2		5,174
	1,033,000		State of Wisconsin	5.700		5/1/2026	Aa3		981
	4,250,000		Tennessee State School Bond Authority	7.750		5/1/2015	Aa2		4,334
	5,000,000		TUOLUMNE WIND	6.920		1/1/2034	A1		4,930
	2,025,000		University Central Fl University Revenues	5.130		10/1/2020	WR		1,786
			TOTAL MUNICIPAL BONDS						124,984
U.S. TREASURY SECURITIES - 5.40%
	65,800,000		United States Treasury Bond	8.000		11/15/2021			89,602
	20,000,000		United States Treasury Bond	5.250		2/15/2029			21,669
	13,176,000		United States Treasury Bond	5.380		2/15/2031			14,559
	5,650,000		United States Treasury Bond	4.380		2/15/2038			5,424
	4,200,000		United States Treasury Note	0.880		1/31/2011			4,213

367

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	1,300,000		United States Treasury Note	0.880	%	4/30/2011		$	1,302
	10,000		United States Treasury Note	0.880		5/31/2011			10
	15,945,000		United States Treasury Note	1.000		7/31/2011			15,969
	5,130,000		United States Treasury Note	1.000		8/31/2011			5,133
	11,875,000		United States Treasury Note	1.000		9/30/2011			11,872
	1,400,000		United States Treasury Note	0.750		11/30/2011			1,391
	7,880,000		United States Treasury Note	1.380		9/15/2012			7,843
	36,625,000		United States Treasury Note	1.380		11/15/2012			36,362
	2,670,000		United States Treasury Note	3.130		9/30/2013			2,775
	31,500,000		United States Treasury Note	1.750		3/31/2014			30,752
	21,601,000		United States Treasury Note	1.880		4/30/2014			21,157
	34,030,000		United States Treasury Note	2.250		5/31/2014			33,799
	18,680,000		United States Treasury Note	2.630		6/30/2014			18,816
	33,395,000		United States Treasury Note	2.380		8/31/2014			33,150
	12,240,000		United States Treasury Note	2.380		10/31/2014			12,107
	22,585,000		United States Treasury Note	2.130		11/30/2014			22,050
	5,000,000		United States Treasury Note	2.630		4/30/2016			4,845
	12,700,000		United States Treasury Note	3.250		7/31/2016			12,723
	42,641,000		United States Treasury Note	3.380		11/15/2019			41,016
	5,000,000		United States Treasury Note	6.380		8/15/2027			6,106
	13,900,000		United States Treasury Note	4.500		8/15/2039			13,583
			TOTAL U.S. TREASURY SECURITIES						468,228
			TOTAL GOVERNMENT BONDS						2,076,022
			(Cost $2,045,536)
STRUCTURED ASSETS - 2.20%
ASSET BACKED - 1.08%
	1,500,000		AmeriCredit Prime Automobile Receivable	4.990		7/17/2017	A1		1,485
			Series - 2009 1 (Class C)
	3,501,139	i	Chase Funding Loan Acquisition Trust	0.800		6/25/2034	Aa1		2,603
			Series - 2004 OPT1 (Class M1)
	674,364	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		2/25/2035	Baa2		232
			Series - 2004 2 (Class 1B)
	3,000,000		CNH Equipment Trust	4.980		4/15/2016	A1		2,982
			Series - 2009 C (Class B)
	651,213	i	Countrywide Home Equity Loan Trust	0.450		2/15/2029	B3		224
			Series - 2004 B (Class 1A)
	3,012,791	g	Credit-Based Asset Servicing and Securitization LLC	6.160		12/25/2036	Aaa		2,869
			Series - 2007 MX1 (Class A1)
	12,000,000	g	Flagstar Home Equity Loan Trust	5.780		1/25/2035	B3		8,012
			Series - 2007 1A (Class AF3)
	2,647,097		GMAC Mortgage Corporation Loan Trust 2006-HLTV A3	5.590		10/25/2029	Baa2		2,498
			Series - 2006 HLTV (Class A3)
	2,282,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV A4	5.810		10/25/2029	Baa3		1,420
			Series - 2006 HLTV (Class A4)
	370,000	g	Hertz Vehicle Financing LLC	5.290		3/25/2016	Aaa		369
			Series - 2009 2A (Class A2)
	4,000,000		HFC Home Equity Loan Asset Backed Certificates	5.730		3/20/2036	Aaa		3,697
			Series - 2007 1 (Class A3F)
	1,563,925		HFC Home Equity Loan Asset Backed Certificates	5.910		3/20/2036	Aaa		1,577
			Series - 2007 1 (Class A1F)

368

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	19,000,000		Household Automotive Trust	5.340	%	9/17/2013	Aaa	$	19,672
			Series - 2006 3 (Class A4)
	1,760,246		MP Environmental Funding LLC	4.980		7/15/2014	Aaa		1,810
			Series - 2007 A1 (Class)
	3,250,000		Renaissance Home Equity Loan Trust	5.590		11/25/2036	Caa2		1,621
			Series - 2006 3 (Class AF3)
	2,201,086		Residential Asset Mortgage Products, Inc	4.970		9/25/2033	Aaa		1,817
			Series - 2003 RZ5 (Class A7)
	5,003,000		Residential Funding Mortgage Securities II, Inc	5.520		4/25/2021	Aa1		4,799
			Series - 2006 HI5 (Class A2)
	9,000,000		Residential Funding Mortgage Securities II, Inc	5.500		8/25/2025	Aa3		6,530
			Series - 2006 HI5 (Class A3)
	2,434,265		Residential Funding Mortgage Securities II, Inc	5.750		2/25/2036	Aa1		2,368
			Series - 2006 HI2 (Class A2)
	5,700,000		Residential Funding Mortgage Securities II, Inc	5.960		2/25/2036	Aa3		3,849
			Series - 2006 HI3 (Class A3)
	2,000,000		Residential Funding Mortgage Securities II, Inc	6.010		2/25/2036	Aa1		951
			Series - 2006 HI1 (Class M1)
	200,000		Residential Funding Mortgage Securities II, Inc	6.060		2/25/2036	A2		54
			Series - 2006 HI1 (Class M2)
	18,000,000		Residential Funding Mortgage Securities II, Inc	5.440		9/25/2036	Aa3		13,204
			Series - 2006 HI4 (Class A3)
	7,000,000		Residential Funding Mortgage Securities II, Inc	5.450		9/25/2036	Aa1		6,739
			Series - 2006 HI4 (Class A2)
	1,047,106	g	Sierra Receivables Funding Co	5.840		5/20/2018	Baa3		1,031
			Series - 2006 1A (Class A1)
	1,923,875	g,i	Wachovia Loan Trust	0.590		5/25/2035	Aaa		1,205
			Series - 2005 SD1 (Class A)
			TOTAL ASSET BACKED						93,618
OTHER MORTGAGE BACKED - 1.12%
	1,920,000	i	Banc of America Commercial Mortgage, Inc	5.080		11/10/2042	Aaa		1,905
			Series - 2005 1 (Class A5)
	1,875,000		Banc of America Commercial Mortgage, Inc	5.360		10/10/2045	Aaa		1,681
			Series - 2006 6 (Class A4)
	1,479,807		Bank of America Alternative Loan Trust	5.500		9/25/2019	Aaa		1,461
			Series - 2004 8 (Class 3A1)
	505,000		Bear Stearns Commercial Mortgage Securities	5.200		12/11/2038	Aaa		485
			Series - 2006 PW14 (Class A4)
	1,100,000	i	Bear Stearns Commercial Mortgage Securities	5.460		3/11/2039	Aaa		1,075
			Series - 2006 PW11 (Class A4)
	1,430,000		Bear Stearns Commercial Mortgage Securities	4.670		6/11/2041	Aaa		1,368
			Series - 2005 PWR8 (Class A4)
	1,400,000	i	Bear Stearns Commercial Mortgage Securities	5.470		6/11/2041	Aaa		1,415
			Series - 2004 PWR4 (Class A3)
	2,655,000	i	Bear Stearns Commercial Mortgage Securities	4.750		2/13/2046	Aaa		2,575
			Series - 2004 T16 (Class A6)
	3,530,000	i	Commercial Mortgage Pass Through Certificates	5.820		12/10/2049	Aaa		3,201
			Series - 2007 C9 (Class A4)
	3,895,468		Countrywide Alternative Loan Trust	5.500		8/25/2016	Baa1		3,271
			Series - 2004 30CB (Class 1A15)
	4,872,809		Countrywide Home Loan Mortgage Pass Through Trust	4.750		9/25/2018	NR		4,671
			Series - 2003 35 (Class 1A1)
	2,117,785		Countrywide Home Loan Mortgage Pass Through Trust	5.250		9/25/2035	NR		2,008
			Series - 2005 17 (Class 1A10)

369

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	5,341,694	g,i	Credit Suisse Mortgage Capital Certificates	0.410	%	4/15/2022	Aaa	$	4,580
			Series - 2007 TF2A (Class A1)
	2,600,000		Credit Suisse Mortgage Capital Certificates	5.380		2/15/2040	Aaa		2,099
			Series - 2007 C1 (Class A3)
	2,304,677	g,i	Credit Suisse/Morgan Stanley Commercial Mortgage Certificate	0.420		5/15/2023	Aaa		2,027
			Series - 2006 HC1A (Class A1)
	1,345,000		CS First Boston Mortgage Securities Corp	3.940		5/15/2038	Aaa		1,324
			Series - 2003 C3 (Class A5)
	3,367,000	i	CS First Boston Mortgage Securities Corp	5.100		8/15/2038	Aaa		3,244
			Series - 2005 C5 (Class A4)
	444,239	g	Developers Diversified Realty Corp	3.810		10/14/2022	Aaa		438
			Series - 2009 DDR1 (Class A)
	710,000		GMAC Commercial Mortgage Securities, Inc	5.020		4/10/2040	Aaa		722
			Series - 2003 C3 (Class A4)
	2,744,104	i	GMAC MORTGAGE CORP LOAN TRUST	4.600		10/19/2033	Aaa		2,647
			Series - 2003 AR1 (Class A5)
	5,895,000		Greenwich Capital Commercial Funding Corp	5.440		3/10/2039	Aaa		5,208
			Series - 2007 GG9 (Class A4)
	3,250,000		Greenwich Capital Commercial Funding Corp	5.740		12/10/2049	Aaa		2,885
			Series - 2007 GG11 (Class A4)
	1,875,000	i	GS Mortgage Securities Corp II	5.550		4/10/2038	NR		1,710
			Series - 2006 GG6 (Class A4)
	3,525,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	0.410		2/15/2020	Aaa		2,921
			Series - 2006 FL1A (Class A2)
	1,500,000	g	JP Morgan Chase Commercial Mortgage Securities Corp	5.630		12/5/2027	Aaa		1,486
			Series - 2009 IWST (Class A2)
	9,000,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.260		7/12/2037	Aaa		9,230
			Series - 2003 CB6 (Class A2)
	1,240,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.860		4/15/2045	Aaa		1,271
			Series - 2006 LDP7 (Class A2)
	2,615,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.750		2/12/2049	Aaa		1,895
			Series - 2007 CB19 (Class AM)
	2,330,000		LB-UBS Commercial Mortgage Trust	4.740		2/15/2030	Aaa		2,284
			Series - 2005 C1 (Class A4)
	900,000	i	LB-UBS Commercial Mortgage Trust	5.150		4/15/2030	Aaa		881
			Series - 2005 C2 (Class A5)
	1,015,000		LB-UBS Commercial Mortgage Trust	4.390		3/15/2032	Aaa		1,020
			Series - 2003 C1 (Class A4)
	5,800,000	i	Merrill Lynch Mortgage Trust	5.230		11/12/2037	Aaa		5,741
			Series - 2005 CKI1 (Class A6)
	1,645,209	i	Merrill Lynch Mortgage Trust	5.110		7/12/2038	Aaa		1,323
			Series - 2005 CIP1 (Class AM)
	1,300,000	i	Merrill Lynch Mortgage Trust	5.660		5/12/2039	Aaa		1,270
			Series - 2006 C1 (Class A4)
	1,485,000	g,i	Merrill Lynch Mortgage Trust	6.270		2/12/2051	A3		453
			Series - 2008 C1 (Class C)
	2,515,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.960		8/12/2049	Aaa		1,837
			Series - 2007 8 (Class AM)
	2,225,000	i	Morgan Stanley Capital I	5.270		6/13/2041	Aaa		2,229
			Series - 2004 T15 (Class A4)
	425,000		Morgan Stanley Capital I	5.330		11/12/2041	Aaa		399
			Series - 0 HQ10 (Class A4)
	2,650,000		Morgan Stanley Capital I	5.170		1/14/2042	Aaa		2,612
			Series - 2005 HQ5 (Class A4)
	1,211,000	i	Morgan Stanley Capital I	5.730		7/12/2044	Aaa		1,186
			Series - 2006 HQ9 (Class A4)

370

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	1,329,768	g	Wachovia Amortization Controlled Heloc NIM	5.680	%	8/12/2047	A3	$	1,031
			Series - 2006 N1 (Class N1)
	3,710,000	g,i	Wachovia Bank Commercial Mortgage Trust	0.350		9/15/2021	A1		2,518
			Series - 2006 WL7A (Class A2)
	4,700,000		Wachovia Bank Commercial Mortgage Trust	5.380		12/15/2043	A2		2,779
			Series - 2007 C30 (Class AM)
	1,250,000		Wachovia Bank Commercial Mortgage Trust	5.420		4/15/2047	Aaa		1,265
			Series - 2007 C31 (Class A2)
			TOTAL OTHER MORTGAGE BACKED						97,631
			TOTAL STRUCTURED ASSETS						191,249
			(Cost $214,116)
			TOTAL BONDS						3,289,250
			(Cost $3,256,151)
SHARES			COMPANY
COMMON STOCKS - 60.25%
AGRICULTURAL SERVICES - 0.01%
	44,070	*,e	VCA Antech, Inc						1,098
			TOTAL AGRICULTURAL SERVICES						1,098
AMUSEMENT AND RECREATION SERVICES - 0.47%
	7,420	*,e	Electronic Arts, Inc						132
	1,255,438		Walt Disney Co						40,488
			TOTAL AMUSEMENT AND RECREATION SERVICES						40,620
APPAREL AND ACCESSORY STORES - 0.46%
	61,300	e	American Eagle Outfitters, Inc						1,041
	12,300	*,e	AnnTaylor Stores Corp						168
	1,200	e	Buckle, Inc						35
	16,100		Burberry Group plc						155
	2,700	*	Cache, Inc						12
	3,931	*	Casual Male Retail Group, Inc						9
	10,800		Cato Corp (Class A)						217
	26,700	*,e	Chico’s FAS, Inc						375
	3,400	e	Christopher & Banks Corp						26
	3,973	*,e	Dress Barn, Inc						92
	12,500		Fast Retailing Co Ltd						2,349
	2,586		Finish Line, Inc (Class A)						32
	39,492	e	Foot Locker, Inc						440
	454,846	e	Gap, Inc						9,530
	78,820		Hennes & Mauritz AB (B Shares)						4,370
	56,720		Inditex S.A.						3,542
	166,037	*	Kohl’s Corp						8,954
	243,990	e	Limited Brands, Inc						4,694
	85,636	e	Nordstrom, Inc						3,218
	1,800	*	Shoe Carnival, Inc						37

371

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	14,007		Stage Stores, Inc	$	173
			TOTAL APPAREL AND ACCESSORY STORES		39,469
APPAREL AND OTHER TEXTILE PRODUCTS - 0.36%
	1,000	e	Columbia Sportswear Co		39
	1,550	*,e	Gymboree Corp		67
	45,954	*,e	Liz Claiborne, Inc		259
	388,984	e	Nike, Inc (Class B)		25,700
	30,600		Phillips-Van Heusen Corp		1,245
	11,858	e	Polo Ralph Lauren Corp (Class A)		960
	35,538	e	VF Corp		2,603
			TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		30,873
AUTO REPAIR, SERVICES AND PARKING - 0.02%
	9,710	*,e	Dollar Thrifty Automotive Group, Inc		249
	57,395	*,e	Hertz Global Holdings, Inc		684
	5,955		Ryder System, Inc		245
	20,400	*,e	Wright Express Corp		650
			TOTAL AUTO REPAIR, SERVICES AND PARKING		1,828
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.09%
	2,050	e	Advance Auto Parts		83
	27,204	*	Autozone, Inc		4,301
	39,036	*,e	Carmax, Inc		947
	11,532	*	Copart, Inc		422
	3,999,860	*	Inchcape plc		1,907
	800	*,e	O’Reilly Automotive, Inc		30
	3,300	*,e	Rush Enterprises, Inc (Class A)		39
			TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		7,729
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.60%
	8,900	*,e	Builders FirstSource, Inc		34
	16,210	e	Fastenal Co		675
	1,141,348	e	Home Depot, Inc		33,019
	263,200		Kingfisher plc		969
	756,601		Lowe’s Cos, Inc		17,697
			TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		52,394
BUSINESS SERVICES - 3.93%
	198,900	*	3Com Corp		1,492
	39,141	*,e	3D Systems Corp		442
	600	*,e	Acacia Research (Acacia Technologies)		5
	41,858		Adecco S.A.		2,309
	4,500		Administaff, Inc		106

372

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	271,394	*,e	Adobe Systems, Inc	$	9,982
	700	*,e	Affiliated Computer Services, Inc (Class A)		42
	16,000	e	Aircastle Ltd		158
	58,381	*	Akamai Technologies, Inc		1,479
	36,641	*,e	Alliance Data Systems Corp		2,367
	1,100	*	Ansys, Inc		48
	225,855	*	Art Technology Group, Inc		1,019
	97,818	*,e	Autodesk, Inc		2,486
	603,003	e	Automatic Data Processing, Inc		25,822
	9,500	*,e	Blackboard, Inc		431
	22,202	*,e	Blue Coat Systems, Inc		634
	83,200	*,e	BPZ Energy, Inc		790
	1,300		Brady Corp (Class A)		39
	2,370	e	Brink’s Co		58
	29,200	*,e	Ciber, Inc		101
	70,418	*,e	Cogent, Inc		732
	4,800	e	Cognex Corp		85
	89,838	*	Compuware Corp		650
	60,267	*	COMSYS IT Partners, Inc		536
	800	*,e	CoStar Group, Inc		33
	12,200	*	CSG Systems International, Inc		233
	82,383		Dassault Systemes S.A.		4,691
	12,600		Deluxe Corp		186
	43,241	*	DivX, Inc		244
	66,656	*	DST Systems, Inc		2,903
	97,800	e	Earthlink, Inc		813
	582,336	*,e	eBay, Inc		13,709
	9,220	*,e	Ebix, Inc		450
	2,100	*	EPIQ Systems, Inc		29
	118,983	*,e	Expedia, Inc		3,059
	238,317		Experian Group Ltd		2,354
	24,000	e	Fair Isaac Corp		511
	54,216	*,e	FalconStor Software, Inc		220
	54,825	e	Fidelity National Information Services, Inc		1,285
	700	*,e	Fiserv, Inc		34
	592,000		Fujitsu Ltd		3,841
	43	*,e	Gartner, Inc		1
	114,206	*,e	Google, Inc (Class A)		70,806
	62,958		Hays plc		105
	2,000	e	Heidrick & Struggles International, Inc		62
	2,800	*,e	Hudson Highland Group, Inc		13
	2,600		iGate Corp		26
	700	*,e	IHS, Inc (Class A)		38
	127,401	e	IMS Health, Inc		2,683
	65,577	*,e	Informatica Corp		1,696
	208,450	e	Innovative Solutions & Support, Inc		957

373

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	12,000		Interactive Data Corp	$	304
	42,117	*	Internap Network Services Corp		198
	3,500	*,e	inVentiv Health, Inc		57
	55,934		Ipass, Inc		58
	55,772	*,e	Iron Mountain, Inc		1,269
	50,890		Jack Henry & Associates, Inc		1,177
	42,100		JSR Corp		857
	3,011	*	Kforce, Inc		38
	3,300	*	Korn/Ferry International		54
	39,506	*,e	Lamar Advertising Co (Class A)		1,228
	91,500	*	Lawson Software, Inc		608
	69,660	*	Lionbridge Technologies		160
	24,926	*	Liquidity Services, Inc		251
	20,316	e	Manpower, Inc		1,109
	40,415		Marchex, Inc (Class B)		205
	49,167	*,e	Mentor Graphics Corp		434
	3,378,605		Microsoft Corp		103,015
	600	*	MicroStrategy, Inc (Class A)		56
	40,747	*	ModusLink Global Solutions, Inc		383
	446,916	*,e	MoneyGram International, Inc		1,287
	70,842	*,e	Monster Worldwide, Inc		1,233
	5,200	*	MPS Group, Inc		71
	81,219	*,e	Network Equipment Technologies, Inc		329
	165,999	e	NIC, Inc		1,517
	286,573	*	Novell, Inc		1,189
	316,014		Omnicom Group, Inc		12,372
	3,300	*	Online Resources Corp		17
	5,480	e	PC-Tel, Inc		32
	16,200	e	Pegasystems, Inc		551
	1,500	*	Progress Software Corp		44
	112,997	*	Radisys Corp		1,079
	75,439	*	RealNetworks, Inc		280
	83,058	*	Red Hat, Inc		2,566
	93,456	e	Robert Half International, Inc		2,498
	54,977	*,e	S1 Corp		358
	25,965	*	Salesforce.com, Inc		1,915
	92,740	*,e	Sapient Corp		767
	53,100		Secom Co Ltd		2,522
	51,141	*,e	Smith Micro Software, Inc		467
	28,120	*	SonicWALL, Inc		214
	438,601	*	Sun Microsystems, Inc		4,110
	12,000	*,e	Sybase, Inc		521
	484,820	*,e	Symantec Corp		8,673
	1,700	*	Synopsys, Inc		38
	1,700		Syntel, Inc		65
	133,500	*,e	TIBCO Software, Inc		1,286

374

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	61,369	*,e	TNS, Inc	$	1,577
	180,782	e	Total System Services, Inc		3,122
	29,020	*,e	TradeStation Group, Inc		229
	15,133	*,e	Ultimate Software Group, Inc		444
	31,867		United Online, Inc		229
	32,414	*,e	Vasco Data Security International		203
	2,100		Viad Corp		43
	1,500	*,e	Vocus, Inc		27
	2,100	*	Volt Information Sciences, Inc		21
	683,960		WPP plc		6,689
	495,540	*,e	Yahoo!, Inc		8,315
			TOTAL BUSINESS SERVICES		341,156
CHEMICALS AND ALLIED PRODUCTS - 7.37%
	278,110		Abbott Laboratories		15,015
	1,400	*	Acadia Pharmaceuticals, Inc		2
	20,600		Agrium, Inc (Toronto)		1,289
	82,152		Air Liquide		9,770
	280,951		Air Products & Chemicals, Inc		22,774
	5,870	e	Alberto-Culver Co		172
	17,280	*,e	Alexion Pharmaceuticals, Inc		844
	91,661	*,e	Alexza Pharmaceuticals, Inc		220
	13,974	*	Alkermes, Inc		131
	1,400	*,e	Alnylam Pharmaceuticals, Inc		25
	500	*,e	AMAG Pharmaceuticals, Inc		19
	669,930	*,e	Amgen, Inc		37,899
	1,400		Arch Chemicals, Inc		43
	1,052	*,e	Arena Pharmaceuticals, Inc		4
	4,001	*,e	Array Biopharma, Inc		11
	57,000		Asahi Kasei Corp		286
	167,180		Astellas Pharma, Inc		6,237
	273,336		AstraZeneca plc		12,846
	13,508	*,e	Auxilium Pharmaceuticals, Inc		405
	148,573		Avery Dennison Corp		5,421
	123,096	e	Avon Products, Inc		3,878
	1,200		Balchem Corp		40
	9,680		Beiersdorf AG.		638
	41,592	*,e	Biodel, Inc		181
	215,885	*,e	Biogen Idec, Inc		11,550
	40,027	*	BioMarin Pharmaceuticals, Inc		753
	55,710	*,e	BioMimetic Therapeutics, Inc		665
	1,432,339		Bristol-Myers Squibb Co		36,167
	21,700	*,e	Calgon Carbon Corp		302
	25,710	*,e	Cambrex Corp		143
	12,960	*,e	Caraco Pharmaceutical Laboratories Ltd		78
	148,800		Chugai Pharmaceutical Co Ltd		2,781

375

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	7,045		Church & Dwight Co, Inc	$	426
	33,171	e	Clorox Co		2,023
	386,074		Colgate-Palmolive Co		31,716
	17,881	*	Cypress Bioscience, Inc		103
	221,300		Daiichi Sankyo Co Ltd		4,641
	55,674	*,e	Dendreon Corp		1,463
	181,610	*,e	Discovery Laboratories, Inc		114
	251,617	*,e	Durect Corp		621
	37,350	*,e	Dynavax Technologies Corp		53
	900		Eastman Chemical Co		54
	277,152		Ecolab, Inc		12,355
	105,100		Eisai Co Ltd		3,864
	4,012		Estee Lauder Cos (Class A)		194
	175,765	*	Genzyme Corp		8,614
	22,156	*,e	Geron Corp		123
	633,432	*,e	Gilead Sciences, Inc		27,415
	452		Givaudan S.A.		362
	75,227	e	H.B. Fuller Co		1,711
	156,880		Henkel KGaA (Preference)		8,238
	60,776	*,e	Human Genome Sciences, Inc		1,860
	36,523	*,e	Idexx Laboratories, Inc		1,952
	22,086		Innophos Holdings, Inc		508
	1,000		International Flavors & Fragrances, Inc		41
	36,503	*,e	Inverness Medical Innovations, Inc		1,515
	23,778	*,e	Invitrogen Corp		1,242
	239,705	*,e	Javelin Pharmaceuticals, Inc		312
	1,236,229		Johnson & Johnson		79,627
	181,200		Kao Corp		4,247
	13,000		Kuraray Co Ltd		153
	38,274		Linde AG.		4,611
	63,795		L’Oreal S.A.		7,125
	48,213		Lubrizol Corp		3,517
	5,120	*,e	MAP Pharmaceuticals, Inc		49
	1,500	e	Martek Biosciences Corp		28
	1,558,032		Merck & Co, Inc		56,931
	21,256	e	Minerals Technologies, Inc		1,158
	234,000		Mitsubishi Chemical Holdings Corp		996
	3,230	*,e	Molecular Insight Pharmaceuticals, Inc		7
	47,300		Nalco Holding Co		1,207
	71,281	*,e	Neurocrine Biosciences, Inc		194
	350,003		Novartis AG.		19,113
	122,745		Novo Nordisk AS (Class B)		7,836
	6,330		Novozymes AS (B Shares)		659
	42,720	*	Omnova Solutions, Inc		262
	1,100	*,e	Onyx Pharmaceuticals, Inc		32
	1,500	*,e	OraSure Technologies, Inc		8

376

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	28,980	*,e	Orexigen Therapeutics, Inc	$	216
	1,200	*,e	OSI Pharmaceuticals, Inc		37
	61	e	PDL BioPharma, Inc		0	^
	66,449	e	Perrigo Co		2,647
	2,400	e	PetMed Express, Inc		42
	21,168	*,e	Pharmasset, Inc		438
	21,744	*	PharMerica Corp		345
	11,630	*,e	Poniard Pharmaceuticals, Inc		21
	15,800		Potash Corp of Saskatchewan		1,728
	73,809	*,e	Pozen, Inc		442
	328,774		Praxair, Inc		26,404
	1,275,939		Procter & Gamble Co		77,361
	27,366	*,e	Progenics Pharmaceuticals, Inc		122
	152,666		Reckitt Benckiser Group plc		8,264
	111,435		Roche Holding AG.		19,057
	49,114		RPM International, Inc		998
	58,884	*,e	Salix Pharmaceuticals Ltd		1,496
	9,610	*,e	Santarus, Inc		44
	34,028	e	Sensient Technologies Corp		895
	92,200		Shin-Etsu Chemical Co Ltd		5,205
	150,000		Shionogi & Co Ltd		3,252
	190,000		Shiseido Co Ltd		3,652
	24,140	*,e	SIGA Technologies, Inc		140
	166,718	e	Sigma-Aldrich Corp		8,424
	10,200		Solvay S.A.		1,098
	295,000		Sumitomo Chemical Co Ltd		1,294
	58,476	*,e	SuperGen, Inc		153
	11,290	*,e	Synta Pharmaceuticals Corp		57
	268,000		Toray Industries, Inc		1,458
	213,000		UBE Industries Ltd		583
	800	*	United Therapeutics Corp		42
	18,375	*,e	USANA Health Sciences, Inc		586
	41,400		Valspar Corp		1,124
	21,431	*	Vertex Pharmaceuticals, Inc		918
	193,980	*,e	XOMA Ltd		136
	20,900		Yara International ASA		947
			TOTAL CHEMICALS AND ALLIED PRODUCTS		639,495
COMMUNICATIONS - 2.75%
	1,400		Adtran, Inc		32
	148,096	e	Alaska Communications Systems Group, Inc		1,182
	2,460	*,e	Anixter International, Inc		116
	106,900		BCE, Inc		2,964
	54,682		Belgacom S.A.		1,985
	181,836		CenturyTel, Inc		6,584
	1,021,216	*,e	DIRECTV		34,057

377

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	33,529	*,e	Entercom Communications Corp (Class A)	$	237
	345,020	*	Entravision Communications Corp (Class A)		1,173
	7,087	*,e	Equinix, Inc		752
	76,841	*,e	FiberTower Corp		321
	22,077	e	Fisher Communications, Inc		359
	839,210	e	Frontier Communications Corp		6,554
	900	e	Global Payments, Inc		48
	381,268	e	Gray Television, Inc		576
	373,196	*	ICO Global Communications Holdings Ltd (Class A)		403
	2,600	e	Iowa Telecommunications Services, Inc		44
	1,334,817		ITV plc		1,125
	894		KDDI Corp		4,735
	100,214	*,e	Leap Wireless International, Inc		1,759
	236,925	*,e	Liberty Global, Inc (Class A)		5,191
	261,463	*	Liberty Media Corp - Capital (Series A)		6,244
	52,627	*	Liberty Media Corp-Starz		2,429
	403,506	*	Liberty Media Holding Corp (Interactive A)		4,374
	250,634	*	Lin TV Corp (Class A)		1,118
	3,400	*,e	Lodgenet Entertainment Corp		19
	81,220	*,e	Mediacom Communications Corp (Class A)		363
	131,422	*,e	MetroPCS Communications, Inc		1,003
	14,350	*	NeuStar, Inc (Class A)		331
	91,232	*,e	NII Holdings, Inc (Class B)		3,064
	8,800	e	NTELOS Holdings Corp		157
	4,326		NTT DoCoMo, Inc		6,037
	219,990		Portugal Telecom SGPS S.A.		2,684
	1,046,070		Qwest Communications International, Inc		4,404
	54,500		Rogers Communications, Inc (Class B)		1,703
	39,600	*	Shaw Communications, Inc (B Shares)		821
	2,121,896	*	Sprint Nextel Corp		7,766
	82,185	*,e	SureWest Communications		819
	22,821		Swisscom AG.		8,716
	17,333	*	Switch & Data Facilities Co, Inc		350
	49,774	*	Syniverse Holdings, Inc		870
	1,136,039		Telecom Corp of New Zealand Ltd		2,041
	2,403,268		Telecom Italia RSP		2,669
	2,598,797		Telecom Italia S.p.A.		4,054
	18,000		Telekom Austria AG.		257
	141,263		TeliaSonera AB		1,021
	11,900		TELUS Corp, non-voting shares		373
	49,300	*,e	Terremark Worldwide, Inc		337
	329,919	e	Time Warner Cable, Inc		13,655
	78,654	*,e	TiVo, Inc		801
	1,467,474		Verizon Communications, Inc		48,616
	565,681	*	Viacom, Inc (Class B)		16,818
	7,813,140		Vodafone Group plc		18,092

378

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	563,968	e	Windstream Corp	$	6,198
			TOTAL COMMUNICATIONS		238,401
DEPOSITORY INSTITUTIONS - 4.27%
	7,264	e	Associated Banc-Corp		80
	410,816		Australia & New Zealand Banking Group Ltd		8,372
	720,577		Banco Bilbao Vizcaya Argentaria S.A.		13,133
	209,409		Banco Comercial Portugues S.A.		252
	349,583		Banco Espirito Santo S.A.		2,277
	533,485		Banco Santander Central Hispano S.A.		8,816
	9,736	e	Bank of Hawaii Corp		458
	70,500		Bank of Montreal		3,765
	749,333		Bank of New York Mellon Corp		20,958
	194,500		Bank of NOVA Scotia		9,154
	188,873	e	BankAtlantic Bancorp Inc (Class A)		246
	16,660	e	Banner Corp		45
	453,344	e	BB&T Corp		11,501
	700	e	BOK Financial Corp		33
	40,100		Canadian Imperial Bank of Commerce/Canada		2,613
	36,920	*,e	Central Pacific Financial Corp		48
	29,001	e	City National Corp		1,322
	110,404	e	Comerica, Inc		3,265
	1,049		Commerce Bancshares, Inc		41
	294,679		Commonwealth Bank of Australia		14,387
	2,000	e	Community Bank System, Inc		39
	700		Cullen/Frost Bankers, Inc		35
	143,286		Dexia		902
	47,788		DNB NOR Holding ASA		516
	300	*,e	Euronet Worldwide, Inc		7
	627,030	e	Fifth Third Bancorp		6,114
	140,037	*,e,h	First Horizon National Corp		1,876
	6,872	e	First Midwest Bancorp, Inc		75
	2,900	e	First Niagara Financial Group, Inc		40
	379,557	*,e	Flagstar Bancorp, Inc		228
	22,979	e	Fulton Financial Corp		200
	1,000	e	Hancock Holding Co		44
	171,600		Hang Seng Bank Ltd		2,525
	2,236,618		HSBC Holdings plc		25,515
	165,755	e	Hudson City Bancorp, Inc		2,276
	660,469	*	ING Groep NV		6,361
	1,147	e	International Bancshares Corp		22
	237,000		Joyo Bank Ltd		952
	331,763	e	Keycorp		1,841
	6,898,369		Lloyds TSB Group plc		5,550
	101,285	e	M&T Bank Corp		6,775
	165,693		Marshall & Ilsley Corp		903

379

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	1,843,100		Mizuho Financial Group, Inc	$	3,314
	305,319		National Australia Bank Ltd		7,451
	1,500	e	NBT Bancorp, Inc		31
	69,500	e	New York Community Bancorp, Inc		1,008
	20,699	e	NewAlliance Bancshares, Inc		249
	143,070	e	Northern Trust Corp		7,497
	19,938	e	Old National Bancorp		248
	600	e	Park National Corp		35
	20,520	e	People’s United Financial, Inc		343
	2,500	*,e	Pinnacle Financial Partners, Inc		36
	314,235	e	PNC Financial Services Group, Inc		16,588
	80,514		Popular, Inc		182
	1,100	e	Prosperity Bancshares, Inc		45
	46,919	e	Provident Financial Services, Inc		500
	542,276	e	Regions Financial Corp		2,869
	160,700		Resona Holdings, Inc		1,633
	244,110		Royal Bank of Canada (Toronto)		13,164
	2,952,713	*	Royal Bank of Scotland Group plc		1,371
	1,000	e	S&T Bancorp, Inc		17
	622,000	*	Shinsei Bank Ltd		678
	410,200		Shizuoka Bank Ltd		3,571
	1,200	*	Signature Bank		38
	97,082	e	South Financial Group, Inc		63
	333,495		State Street Corp		14,520
	408,900		Sumitomo Trust & Banking Co Ltd		2,008
	34,129		Suncorp-Metway Ltd		264
	294,601	e	SunTrust Banks, Inc		5,977
	22,325	*,e	SVB Financial Group		931
	236,810		Svenska Handelsbanken (A Shares)		6,747
	42,104	e	Synovus Financial Corp		86
	2,400	e	TCF Financial Corp		33
	3,000	e	TFS Financial Corp		36
	122,211		Toronto-Dominion Bank		7,708
	1,700	e	Trustmark Corp		38
	2,122,460	*	UniCredito Italiano S.p.A		7,097
	1,156,241	e	US Bancorp		26,026
	6,478	e	Washington Federal, Inc		125
	2,724	e	Webster Financial Corp		32
	2,260,228		Wells Fargo & Co		61,003
	591,023		Westpac Banking Corp		13,350
	1,700	e	Whitney Holding Corp		15
	6	e	Zions Bancorporation		0	^
			TOTAL DEPOSITORY INSTITUTIONS		370,489
EATING AND DRINKING PLACES - 0.70%
	35,220	*,e	AFC Enterprises		287

380

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	7,343		Bob Evans Farms, Inc	$	213
	435,783		Compass Group plc		3,119
	75,641		Darden Restaurants, Inc		2,653
	1,346	*,e	DineEquity, Inc		33
	3,400	*,e	Domino’s Pizza, Inc		28
	641,970		McDonald’s Corp		40,085
	12,376	*,e	O’Charleys, Inc		81
	1,300	*	Papa John’s International, Inc		30
	24,228	*,e	Sonic Corp		244
	505,351	*,e	Starbucks Corp		11,653
	285	*,e	Steak N Shake Co		92
	61,210	e	Yum! Brands, Inc		2,141
			TOTAL EATING AND DRINKING PLACES		60,659
EDUCATIONAL SERVICES - 0.02%
	800	*,e	American Public Education, Inc		27
	30,700		Benesse Corp		1,285
	900	e	DeVry, Inc		51
	2,527	*	ITT Educational Services, Inc		242
	2,200	*	Universal Technical Institute, Inc		44
			TOTAL EDUCATIONAL SERVICES		1,649
ELECTRIC, GAS, AND SANITARY SERVICES - 3.84%
	545,851	*,e	AES Corp		7,265
	158,196	e	AGL Resources, Inc		5,769
	136,329		Alliant Energy Corp		4,125
	1,000	e	American States Water Co		35
	123,564	e	Aqua America, Inc		2,164
	148,489	e	Atmos Energy Corp		4,366
	307,262		Avista Corp		6,634
	2,700		California Water Service Group		99
	130,506	*,e	Calpine Corp		1,436
	174,347	e	Centerpoint Energy, Inc		2,530
	22,932		Central Vermont Public Service Corp		477
	1,457,225		Centrica plc		6,601
	22,260		CH Energy Group, Inc		946
	236,229	*,e	Clean Energy Fuels Corp		3,640
	349,909	e	Cleco Corp		9,563
	577,500		CLP Holdings Ltd		3,908
	378,675		Consolidated Edison, Inc		17,203
	81,563		Contact Energy Ltd		363
	184,621	e	Crosstex Energy, Inc		1,117
	167,364		Edison International		5,821
	635,268		El Paso Corp		6,245
	63,537		Enbridge, Inc		2,954
	1,447,708		Enel S.p.A.		8,381

381

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	46,094	e	Energen Corp	$	2,157
	328,295	e	FPL Group, Inc		17,341
	156,216		Gas Natural SDG S.A.		3,367
	349,024	e	Hawaiian Electric Industries, Inc		7,295
	897,500		Hong Kong & China Gas Ltd		2,251
	122,000		Hong Kong Electric Holdings Ltd		665
	924,776		Iberdrola S.A.		8,862
	300,477		Idacorp, Inc		9,600
	749,969		International Power plc		3,737
	7,100		ITC Holdings Corp		370
	29,634	e	Laclede Group, Inc		1,001
	1,800		MDU Resources Group, Inc		42
	67,199		MGE Energy, Inc		2,402
	257,847	e	National Fuel Gas Co		12,892
	690,073		National Grid plc		7,532
	24,800	e	New Jersey Resources Corp		928
	92,283	e	Nicor, Inc		3,885
	586,276	e	NiSource, Inc		9,017
	155,448	e	Northeast Utilities		4,009
	24,397		Northwest Natural Gas Co		1,099
	164,752	*,e	NRG Energy, Inc		3,890
	134,289		NSTAR		4,942
	404,354		NV Energy, Inc		5,006
	52,813		Oest Elektrizitatswirts AG. (Class A)		2,239
	505,332	e	OGE Energy Corp		18,643
	760,000		Osaka Gas Co Ltd		2,561
	678,075		Pepco Holdings, Inc		11,426
	109,950		PG&E Corp		4,909
	154,190		Piedmont Natural Gas Co, Inc		4,125
	1,700		Portland General Electric Co		35
	280,606		PPL Corp		9,066
	186,965		Public Power Corp		3,467
	251,980		Public Service Enterprise Group, Inc		8,378
	267,357		Questar Corp		11,114
	147,035	e	Resource America, Inc (Class A)		594
	345,465		Scottish & Southern Energy plc		6,466
	153,980	e	Sempra Energy		8,620
	30,331	e	SJW Corp		685
	101,100		Snam Rete Gas S.p.A.		502
	71,498	e	South Jersey Industries, Inc		2,730
	22,319		Southwest Gas Corp		637
	3,300	e	Southwest Water Co		19
	600	*	Stericycle, Inc		33
	68,500		Terna Rete Elettrica Nazionale S.p.A.		295
	159,300		Tohoku Electric Power Co, Inc		3,157
	706,790		Tokyo Gas Co Ltd		2,821

382

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	61,864		UGI Corp	$	1,496
	25,942		UIL Holdings Corp		728
	78,456	e	WGL Holdings, Inc		2,631
	571,140		Williams Cos, Inc		12,040
	800	e	Wisconsin Energy Corp		40
	1,800	e	Xcel Energy, Inc		38
			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		333,427
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 3.12%
	1,200	e	Acuity Brands, Inc		43
	223,172	*	Adaptec, Inc		748
	38,375	*	Advanced Energy Industries, Inc		579
	257,011	*,e	Advanced Micro Devices, Inc		2,488
	2,655	*,e	American Superconductor Corp		109
	233,272		Ametek, Inc		8,920
	22,178	*,e	Anadigics, Inc		94
	12,820	*,e	Ascent Solar Technologies, Inc		68
	41,500	*,e	Avnet, Inc		1,252
	15,174		Baldor Electric Co		426
	18,000	*	Benchmark Electronics, Inc		340
	2,863,205	*	Cisco Systems, Inc		68,546
	65,729	*,e	Conexant Systems, Inc		152
	45,830	*,e	Cree, Inc		2,583
	7,400		CTS Corp		71
	11,000	*,e	Dolby Laboratories, Inc (Class A)		525
	3,605	*,e	DTS, Inc		123
	63,999		Eaton Corp		4,072
	118,030	*,e	EMCORE Corp		126
	25	*,e	Energy Conversion Devices, Inc		0^
	353,008		Ericsson (LM) (B Shares)		3,250
	46	*,e	Evergreen Solar, Inc		0^
	76,433	*,e	Finisar Corp		682
	38,020	*,e	First Solar, Inc		5,148
	54,069		Gamesa Corp Tecnologica S.A.		911
	51,754	*	GrafTech International Ltd		805
	10,200	*,e	Greatbatch, Inc		196
	14,175		Harman International Industries, Inc		500
	69,668	*,e	Harmonic, Inc		441
	1,200	*,e	Hittite Microwave Corp		49
	54,455	*	Hutchinson Technology, Inc		559
	28,700		Ibiden Co Ltd		1,029
	2,863,339	e	Intel Corp		58,412
	20,012	*	InterDigital, Inc		531
	338,378		Koninklijke Philips Electronics NV		10,002
	25,700		Kyocera Corp		2,263
	11,300		Lincoln Electric Holdings, Inc		604

383

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	1,068	*,e	Littelfuse, Inc	$	34
	63,953	*	Loral Space & Communications, Inc		2,022
	313,663	*,e	LSI Logic Corp		1,885
	189,800		Matsushita Electric Industrial Co Ltd		2,732
	20,000		Matsushita Electric Works Ltd		242
	14,183	*	Mattson Technology, Inc		51
	304,942	*,e	Micron Technology, Inc		3,220
	2,200		Molex, Inc		47
	1,442,719		Motorola, Inc		11,195
	23,600		Murata Manufacturing Co Ltd		1,178
	152,606	*	NetApp, Inc		5,248
	22,500		Nidec Corp		2,080
	31,500		Nitto Denko Corp		1,132
	503,415		Nokia Oyj		6,509
	206,971	*,e	ON Semiconductor Corp		1,823
	69,596	*	Oplink Communications, Inc		1,141
	26,310	*,e	Photronics, Inc		117
	40,673		Plantronics, Inc		1,057
	54,160	*	Polycom, Inc		1,352
	1,300		Power Integrations, Inc		47
	15,700	*,e	Power-One, Inc		68
	227,544	*,e	Powerwave Technologies, Inc		287
	25,546	*	Q-Cells AG.		417
	66,106	*,e	QLogic Corp		1,247
	74,722	*,e	Quantum Fuel Systems Technologies Worldwide, Inc		83
	51,131	*	RF Micro Devices, Inc		244
	62,000		Ricoh Co Ltd		888
	2,400		Rohm Co Ltd		157
	646,000	*	Sanyo Electric Co Ltd		1,193
	46,000		Sharp Corp		581
	109,628	*,e	Silicon Storage Technology, Inc		281
	1,928,483	*,e	Sirius XM Radio, Inc		1,157
	57,139	*	Skyworks Solutions, Inc		811
	99,900		Sony Corp		2,904
	4,025	*,e	Sunpower Corp (Class A)		95
	8,445	e	Sycamore Networks, Inc		177
	145,266	*,e	Symmetricom, Inc		755
	12,083	*,e	Synaptics, Inc		370
	20,700		TDK Corp		1,265
	40,403	*,e	Tekelec		617
	37,309		Teleflex, Inc		2,011
	197,426	*	Tellabs, Inc		1,121
	1,075,307		Texas Instruments, Inc		28,023
	52,499	*	Thomas & Betts Corp		1,879
	126,305	*	Triquint Semiconductor, Inc		758
	11,800	*,e	TTM Technologies, Inc		136

384

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	24,750	*,e	US Geothermal, Inc	$	38
	74,252	*,e	Valence Technology, Inc		68
	2,600		Vicor Corp		24
	7,026	e	Whirlpool Corp		567
	93,478	e	Xilinx, Inc		2,343
	18,030	*,e	Zix Corp		31
	6,400	*,e	Zoltek Cos, Inc		61
			TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		270,416
ENGINEERING AND MANAGEMENT SERVICES - 0.47%
	517,600		Accenture plc		21,481
	62	*,e	Amylin Pharmaceuticals, Inc		1
	61,621	*,e	Ariad Pharmaceuticals, Inc		140
	88,869		Capita Group plc		1,075
	2,000		CDI Corp		26
	28,175	*,e	Celera Corp		195
	5,300		Corporate Executive Board Co		121
	18,735		Diamond Management & Technology Consultants, Inc		138
	18,820	*	Dyax Corp		64
	3,100	*,e	Gen-Probe, Inc		133
	37,333	*,e	Hewitt Associates, Inc (Class A)		1,578
	98,416	*,e	Incyte Corp		897
	54,690	*,e	Isis Pharmaceuticals, Inc		607
	46,000		JGC Corp		848
	1,400	e	Landauer, Inc		86
	19,200	*	Navigant Consulting, Inc		285
	3,000	*	Omnicell, Inc		35
	229,351	e	Paychex, Inc		7,027
	25,743	*	Regeneron Pharmaceuticals, Inc		622
	769,765	*,e	Rentech, Inc		947
	1,900	*,e	Resources Connection, Inc		40
	3,472	*,e	Savient Pharmaceuticals, Inc		47
	1,269,500		SembCorp Industries Ltd		3,317
	38,330	*	Tetra Tech, Inc		1,041
	900	e	Watson Wyatt & Co Holdings (Class A)		43
			TOTAL ENGINEERING AND MANAGEMENT SERVICES		40,794
FABRICATED METAL PRODUCTS - 0.49%
	21,600		Aptargroup, Inc		772
	700		Ball Corp		36
	99,259	e	Commercial Metals Co		1,553
	41,047		Dynamic Materials Corp		823
	6,191		Geberit AG.		1,098
	22,906	e	Gulf Island Fabrication, Inc		482

385

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	583,259		Illinois Tool Works, Inc	$	27,991
	2,300	e	Insteel Industries, Inc		30
	2,100	*,e	Mobile Mini, Inc		30
	241,540	*	NCI Building Systems, Inc		437
	32,785	e	Pentair, Inc		1,059
	34,002	e	Quanex Building Products Corp		577
	15,996		Snap-On, Inc		676
	87,526	e	Stanley Works		4,508
	117,300		Toyo Seikan Kaisha Ltd		1,787
	6,200		Valmont Industries, Inc		486
			TOTAL FABRICATED METAL PRODUCTS		42,345
FOOD AND KINDRED PRODUCTS - 2.09%
	33,000		Ajinomoto Co, Inc		311
	246,615	e	Campbell Soup Co		8,336
	189,544		Coca Cola Hellenic Bottling Co S.A.		4,315
	2,700		Coca-Cola Enterprises, Inc		57
	653,002		CSR Ltd		1,051
	1,400		Flowers Foods, Inc		33
	348,325	e	General Mills, Inc		24,665
	169,225		Groupe Danone		10,374
	240,196	e	H.J. Heinz Co		10,271
	11,640	*,e	Hansen Natural Corp		447
	130,454	e	Hershey Co		4,669
	7,850		J.M. Smucker Co		485
	379,275		Kellogg Co		20,177
	1,001,488		Kraft Foods, Inc (Class A)		27,220
	10,103	e	Lancaster Colony Corp		502
	1,600	e	Lance, Inc		42
	17,347	e	McCormick & Co, Inc		627
	9,000		Nisshin Seifun Group, Inc		122
	2,700		Nissin Food Products Co Ltd		88
	831,309		PepsiCo, Inc		50,544
	66	*,e	Ralcorp Holdings, Inc		4
	3,000		Saputo, Inc		88
	382,242	e	Sara Lee Corp		4,656
	10,460	e	Tootsie Roll Industries, Inc		286
	339,269		Unilever plc		10,875
	32,600		Yakult Honsha Co Ltd		987
			TOTAL FOOD AND KINDRED PRODUCTS		181,232
FOOD STORES - 0.41%
	179,256		Carrefour S.A.		8,598
	10,250		Delhaize Group		784
	3,000		George Weston Ltd		192
	2,301	*,e	Great Atlantic & Pacific Tea Co, Inc		27

386

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	54,500		Jeronimo Martins SGPS S.A.	$	545
	2,488		Kesko Oyj (B Shares)		82
	140,457		Koninklijke Ahold NV		1,861
	170,230		Kroger Co		3,495
	6,100		Lawson, Inc		269
	1,400	e	Ruddick Corp		36
	272,433		Safeway, Inc		5,800
	1,349,776		Tesco plc		9,313
	39,081	*,e	Whole Foods Market, Inc		1,073
	2,600	*,e	Winn-Dixie Stores, Inc		26
	141,277		Woolworths Ltd		3,543
			TOTAL FOOD STORES		35,644
FORESTRY - 0.07%
	145,513		Weyerhaeuser Co		6,277
			TOTAL FORESTRY		6,277
FURNITURE AND FIXTURES - 0.12%
	8,629	e	Herman Miller, Inc		138
	69,737		Hill-Rom Holdings, Inc		1,673
	23,219	e	HNI Corp		642
	24,963	*,e	Kinetic Concepts, Inc		940
	95,084	e	Leggett & Platt, Inc		1,940
	322,259	e	Masco Corp		4,450
	9,700	*,e	Tempur-Pedic International, Inc		229
			TOTAL FURNITURE AND FIXTURES		10,012
FURNITURE AND HOME FURNISHINGS STORES - 0.12%
	134,725	*,e	Bed Bath & Beyond, Inc		5,205
	118,206	e	Best Buy Co, Inc		4,664
	13,200	*,e	GameStop Corp (Class A)		290
	2,200	e	Haverty Furniture Cos, Inc		30
	29,641		RadioShack Corp		578
	1,900	e	Williams-Sonoma, Inc		39
			TOTAL FURNITURE AND HOME FURNISHINGS STORES		10,806
GENERAL BUILDING CONTRACTORS - 0.17%
	16,350		ACS Actividades Cons y Servicios S.A.		817
	301	*	Avatar Holdings, Inc		5
	31,714		Balfour Beatty plc		132
	3,524	e	Brookfield Homes Corp		28
	28,700		Daito Trust Construction Co Ltd		1,359
	48,000		Daiwa House Industry Co Ltd		516
	29,742	e	Lennar Corp (Class A)		380
	30,753	*	M/I Homes, Inc		320
	12,000		Obayashi Corp		41

387

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	4		Persimmon plc	$	0	^
	46,515	*,e	Pulte Homes, Inc		465
	8,000		Sekisui House Ltd		73
	19,000		Shimizu Corp		68
	334,062	*	Standard-Pacific Corp		1,249
	165,360		Vinci S.A.		9,305
			TOTAL GENERAL BUILDING CONTRACTORS		14,758
GENERAL MERCHANDISE STORES - 0.88%
	29,700		Aeon Co Ltd		241
	1,300	e	Casey’s General Stores, Inc		41
	412,144	e	Costco Wholesale Corp		24,387
	1,100	e	Family Dollar Stores, Inc		31
	130,624	e	JC Penney Co, Inc		3,476
	14,000		Keio Corp		84
	420,000		Kintetsu Corp		1,392
	93,736	e	Macy’s, Inc		1,571
	15,400		Next plc		515
	59,900		Odakyu Electric Railway Co Ltd		460
	41,387		PPR		4,968
	10,500	*,e	Retail Ventures, Inc		93
	3,300	*,e	Stein Mart, Inc		35
	582,143	e	Target Corp		28,158
	276,704		TJX Companies, Inc		10,114
	18,000		Tobu Railway Co Ltd		94
	139,000		Tokyu Corp		554
			TOTAL GENERAL MERCHANDISE STORES		76,214
HEALTH SERVICES - 0.27%
	10,800	*	Amsurg Corp		238
	4,670	*,e	Corvel Corp		157
	30,297	*,e	Edwards Lifesciences Corp		2,631
	110,544	*	Five Star Quality Care, Inc		384
	20,090	*,e	Healthways, Inc		368
	98,198	*,e	Laboratory Corp of America Holdings		7,349
	60,942	*,e	LCA-Vision, Inc		312
	40,740	*,e	LifePoint Hospitals, Inc		1,324
	229,203	*,e	Nektar Therapeutics		2,136
	46,947	*,e	Nighthawk Radiology Holdings, Inc		213
	136,912	e	Quest Diagnostics, Inc		8,267
			TOTAL HEALTH SERVICES		23,379
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.08%
	165,663		Abertis Infraestructuras S.A.		3,745
	44,300		Bouygues S.A.		2,295
	36,587	*	LB Foster Co (Class A)		1,091
			TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		7,131

388

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
HOLDING AND OTHER INVESTMENT OFFICES - 0.75%
	2,571		Acadia Realty Trust	$	43
	1,500	e	American Campus Communities, Inc		42
	125,288		Annaly Mortgage Management, Inc		2,174
	62,500	e	Anworth Mortgage Asset Corp		438
	301,138	*,e	Ashford Hospitality Trust, Inc		1,397
	1,500		BioMed Realty Trust, Inc		24
	52,792	e	Boston Properties, Inc		3,541
	600		Brandywine Realty Trust		7
	63,200		Brookfield Asset Management, Inc		1,413
	3,200	e	Capital Lease Funding, Inc		14
	1,200	*,e	Capital Trust, Inc (Class A)		2
	41,400	e	Capstead Mortgage Corp		565
	25,300	e	CBL & Associates Properties, Inc		245
	21,544	e	Cedar Shopping Centers, Inc		146
	3,360	e	Cherokee, Inc		60
	164,637	e	Duke Realty Corp		2,004
	1,000	e	EastGroup Properties, Inc		38
	2,600	e	Equity One, Inc		42
	262,948	e	Equity Residential		8,881
	8,247	*,e	FelCor Lodging Trust, Inc		30
	112,944	e	First Industrial Realty Trust, Inc		591
	2,300		First Potomac Realty Trust		29
	2,600	e	Franklin Street Properties Corp		38
	1,650		Gladstone Commercial Corp		22
	61,950	e	Glimcher Realty Trust		167
	1,200	e	Hatteras Financial Corp		34
	57,490	e	HCP, Inc		1,756
	28,360		Health Care REIT, Inc		1,257
	2,000	e	Healthcare Realty Trust, Inc		43
	62,020		Hersha Hospitality Trust		195
	7,346	e	Highwoods Properties, Inc		245
	3,500	*	Hilltop Holdings, Inc		41
	1,000		Home Properties, Inc		48
	340,791	e	Host Marriott Corp		3,977
	8,588	e	HRPT Properties Trust		56
	816	e	Investors Real Estate Trust		7
	164,700	*,e	iStar Financial, Inc		422
	139,666	e	Kimco Realty Corp		1,890
	8,316	e	Lexington Corporate Properties Trust		51
	41,078		Liberty Property Trust		1,315
	6,565		LTC Properties, Inc		176
	4,789	e	Macerich Co		172
	14,820		Mid-America Apartment Communities, Inc		716

389

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	1,900		National Retail Properties, Inc	$	40
	245,310	e	NorthStar Realty Finance Corp		841
	1,200		Parkway Properties, Inc		25
	2,628	e	Post Properties, Inc		52
	124,965	e	Prologis		1,711
	700		PS Business Parks, Inc		35
	173,468	e	Public Storage, Inc		14,128
	108,261	e	RAIT Investment Trust		142
	11,900	e	Regency Centers Corp		417
	25,960	e	Resource Capital Corp		128
	2,766	e	Senior Housing Properties Trust		60
	26,606	e	UDR, Inc		437
	1,100		Universal Health Realty Income Trust		35
	5,660	e	Urstadt Biddle Properties, Inc (Class A)		86
	5,300	e	U-Store-It Trust		39
	234,142	e	Virgin Media, Inc		3,941
	86,791	e	Vornado Realty Trust		6,069
	38,416		WABCO Holdings, Inc		991
	1,500	e	Washington Real Estate Investment Trust		41
	86,959	e	Weingarten Realty Investors		1,721
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES		65,293
HOTELS AND OTHER LODGING PLACES - 0.23%
	111,542		Accor S.A.		6,103
	6,530	*,e	Bluegreen Corp		16
	93,016	e	Choice Hotels International, Inc		2,945
	57,501	*,e	Gaylord Entertainment Co		1,136
	125,552	*	Great Wolf Resorts, Inc		298
	72,350	*	Lodgian, Inc		108
	43,668	e	Marcus Corp		560
	194,268	e	Marriott International, Inc (Class A)		5,293
	52,986	e	Starwood Hotels & Resorts Worldwide, Inc		1,938
	268,603		TUI Travel plc		1,101
			TOTAL HOTELS AND OTHER LODGING PLACES		19,498
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.39%
	499,571	e	3M Co		41,300
	34,211	*,e	AGCO Corp		1,106
	47,230		Alfa Laval AB		653
	256,504	*,e	Allis-Chalmers Energy, Inc		967
	4,300		Ampco-Pittsburgh Corp		136
	946,209	e	Applied Materials, Inc		13,190
	10,900		ASML Holding NV		372
	10,969	*,e	Astec Industries, Inc		296
	74,230	*	Axcelis Technologies, Inc		105
	54,926	e	Black & Decker Corp		3,561
	5,420	*,e	Bolt Technology Corp		60

390

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	72,002		Brambles Ltd	$	437
	16,090	e	Briggs & Stratton Corp		301
	223,500		Canon, Inc		9,507
	3,900	e	Cascade Corp		107
	334,871	e	Caterpillar, Inc		19,084
	7,900	*	Columbus McKinnon Corp		108
	129,390	*,e	Cray, Inc		831
	162,377	e	Cummins, Inc		7,447
	1,100	*	Cymer, Inc		42
	355,022		Deere & Co		19,203
	1,195,611	*,e	Dell, Inc		17,169
	10,400	e	Donaldson Co, Inc		442
	1,000		Dover Corp		42
	1,400	*	Dresser-Rand Group, Inc		44
	11,934	*,e	Dril-Quip, Inc		674
	710,883	e	Emerson Electric Co		30,284
	38,963	*,e	ENGlobal Corp		122
	5,149	*,e	Entegris, Inc		27
	59,100		Fanuc Ltd		5,508
	121,430	*,e	Flotek Industries, Inc		163
	78,912	*	FMC Technologies, Inc		4,564
	64,200		FUJIFILM Holdings Corp		1,939
	900		Gardner Denver, Inc		38
	1,200	e	Gorman-Rupp Co		33
	61,737	e	Graco, Inc		1,764
	1,246,302		Hewlett-Packard Co		64,196
	27,600		Hitachi Construction Machinery Co Ltd		723
	1,300	e	IDEX Corp		40
	89,698	*,e	Immersion Corp		410
	9,686	*	Intermec, Inc		125
	608,738		International Business Machines Corp		79,683
	22,664	*	Intevac, Inc		260
	17,936		John Bean Technologies Corp		305
	479,699	e	Johnson Controls, Inc		13,067
	13,202		Kone Oyj (Class B)		566
	118,500		Konica Minolta Holdings, Inc		1,221
	243,000		Kubota Corp		2,230
	2,300	*	Kulicke & Soffa Industries, Inc		12
	47,200		Kurita Water Industries Ltd		1,483
	54,647	*,e	Lam Research Corp		2,143
	42,635	*	Lexmark International, Inc (Class A)		1,108
	600	e	Lindsay Manufacturing Co		24
	5,454	e	Lufkin Industries, Inc		399
	35,858		Manitowoc Co, Inc		358
	38,400	e	Modine Manufacturing Co		455
	62,650	e	Nordson Corp		3,833

391

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	14,886	*,e	Oil States International, Inc	$	585
	43,464		Pall Corp		1,573
	737,097	*,e	Quantum Corp		2,160
	2,000		Robbins & Myers, Inc		47
	15,778	*,e	Safeguard Scientifics, Inc		163
	175,680		Sandvik AB		2,116
	2,100	e	Sauer-Danfoss, Inc		25
	1,300	*,e	Scansource, Inc		35
	348,061	e	Seagate Technology, Inc		6,331
	16,682	*,e	Sigma Designs, Inc		178
	3,300		SMC Corp		377
	83,051		Solarworld AG.		1,828
	700		SPX Corp		38
	45,405	*,e	STEC, Inc		742
	14,706	*,e	Tecumseh Products Co (Class A)		172
	96,430	e	Tennant Co		2,526
	23,800		Tokyo Electron Ltd		1,528
	10,500	*,e	Ultratech, Inc		156
	62,888	*,e	Varian Medical Systems, Inc		2,946
	37,780	*	Vestas Wind Systems AS		2,300
	1,300	*	Zebra Technologies Corp (Class A)		37
			TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		380,130
INSTRUMENTS AND RELATED PRODUCTS - 2.35%
	17,804	*	Affymetrix, Inc		104
	208,643	*	Agilent Technologies, Inc		6,483
	187,585	e	Allergan, Inc		11,820
	600		American Science & Engineering, Inc		46
	3,704	e	Analogic Corp		143
	501,272	e	Baxter International, Inc		29,415
	56,948	e	Beckman Coulter, Inc		3,727
	258,369	e	Becton Dickinson & Co		20,375
	400	*	Bio-Rad Laboratories, Inc (Class A)		39
	21,900	*,e	Bruker BioSciences Corp		264
	3,600	*,e	CardioNet, Inc		21
	50,897	*,e	Cepheid, Inc		635
	4,300		Cochlear Ltd		266
	302,665	e	Danaher Corp		22,760
	98,836	e	Dentsply International, Inc		3,476
	19,200	*,e	Depomed, Inc		64
	500	*,e	Dionex Corp		37
	53,619	*,e	Flir Systems, Inc		1,754
	62,082	e	Garmin Ltd		1,906
	66,337		Hillenbrand, Inc		1,250
	71,636	*	Hologic, Inc		1,039
	900	*	ICU Medical, Inc		33

392

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	6,426	*,e	Illumina, Inc	$	197
	1,200	*,e	Integra LifeSciences Holdings Corp		44
	16,138	*,e	Intuitive Surgical, Inc		4,895
	4,500	e	Invacare Corp		112
	309,846		Invensys plc		1,491
	49,728	*	ION Geophysical Corp		294
	100	*	Itron, Inc		7
	628	*	L-1 Identity Solutions, Inc		5
	32,218	*,e	LTX-Credence Corp		57
	806,650		Medtronic, Inc		35,475
	1,166	*	Merit Medical Systems, Inc		22
	32,312	*	Millipore Corp		2,338
	23,800	e	Movado Group, Inc		231
	1,400		National Instruments Corp		41
	197,000		Nikon Corp		3,890
	60,000	*	Olympus Corp		1,934
	2,970	*,e	OYO Geospace Corp		127
	1,888	*,e	Palomar Medical Technologies, Inc		19
	1,900	e	PerkinElmer, Inc		39
	1,770	*	Resmed, Inc		93
	41,002		Rockwell Automation, Inc		1,926
	2,500	*,e	Rofin-Sinar Technologies, Inc		59
	26,200	e	Roper Industries, Inc		1,372
	2,223	*	Rudolph Technologies, Inc		15
	214,524	*,e	St. Jude Medical, Inc		7,890
	40,359		STERIS Corp		1,129
	9,600	e	Techne Corp		658
	87,880		Terumo Corp		5,297
	188,668	*,e	Thermo Electron Corp		8,998
	37,275	*,e	Trimble Navigation Ltd		939
	77,319	*,e	Vivus, Inc		711
	44,461	*,e	Waters Corp		2,755
	2,100	*,e	Wright Medical Group, Inc		40
	595,082	e	Xerox Corp		5,034
	161,795	*,e	Zimmer Holdings, Inc		9,564
	5,140	*,e	Zoll Medical Corp		137
			TOTAL INSTRUMENTS AND RELATED PRODUCTS		203,492
INSURANCE AGENTS, BROKERS AND SERVICE - 0.25%
	230,137		AON Corp		8,823
	1,500	e	Arthur J. Gallagher & Co		34
	135,277	*,e	Crawford & Co (Class B)		533
	283,627		Hartford Financial Services Group, Inc		6,597
	19,410	*,e	National Financial Partners Corp		157
	258,748		QBE Insurance Group Ltd		5,905
			TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		22,049

393

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
INSURANCE CARRIERS - 2.62%
	98,200	*	Aegon NV	$	629
	340,151	e	Aetna, Inc		10,783
	499,950	e	Aflac, Inc		23,123
	748	*	Alleghany Corp		206
	89,993		Allianz AG.		11,156
	4,400	e	American Equity Investment Life Holding Co		33
	7,900	e	American Physicians Capital, Inc		240
	129,156		AMP Ltd		780
	17,433	*,e	Arch Capital Group Ltd		1,247
	120,579	e	Aspen Insurance Holdings Ltd		3,069
	92,341	e	Assurant, Inc		2,722
	1,084,807		Aviva plc		6,901
	1,200		Axis Capital Holdings Ltd		34
	22,716	*	Catalyst Health Solutions, Inc		828
	34,100	*,e	Centene Corp		722
	451,058	e	Chubb Corp		22,183
	344,705	e	Cincinnati Financial Corp		9,045
	1,400	e	Donegal Group, Inc (Class A)		22
	2,400		Employers Holdings, Inc		37
	44,087	e	Endurance Specialty Holdings Ltd		1,641
	27,664	e	Erie Indemnity Co (Class A)		1,079
	2,200	e	First Mercury Financial Corp		30
	1,251	*,e	Fpic Insurance Group, Inc		48
	334,695	*,e	Genworth Financial, Inc (Class A)		3,799
	22,550	e	Hanover Insurance Group, Inc		1,002
	1,200		Harleysville Group, Inc		38
	103,226	*	Humana, Inc		4,531
	90,119	*	KBC Groep NV		3,872
	283,539	e	Lincoln National Corp		7,054
	217,500		Manulife Financial Corp		4,020
	4,514	*,e	Markel Corp		1,535
	21,970	*,e	Molina Healthcare, Inc		502
	113,345	e	Montpelier Re Holdings Ltd		1,963
	59,428		Muenchener Rueckver AG.		9,256
	700	*	Navigators Group, Inc		33
	104,500	e	Phoenix Cos, Inc		291
	51,011	e	Platinum Underwriters Holdings Ltd		1,953
	238,849	e	Principal Financial Group		5,742
	700	*,e	ProAssurance Corp		38
	664,944	*,e	Progressive Corp		11,962
	27,150	e	Protective Life Corp		449
	43,200	e	Radian Group, Inc		316
	700	e	RLI Corp		37

394

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	900	e	Safety Insurance Group, Inc	$	33
	2,400	e	Selective Insurance Group, Inc		39
	5,540	e	Stancorp Financial Group, Inc		222
	54,100		Sun Life Financial, Inc		1,565
	140,685		Swiss Reinsurance Co		6,739
	88,990		T&D Holdings, Inc		1,830
	519,047		Travelers Cos, Inc		25,880
	3,100	*,e	Universal American Financial Corp		36
	198,908		UnumProvident Corp		3,883
	106,135		W.R. Berkley Corp		2,615
	472,582	*	WellPoint, Inc		27,547
	100		Wesco Financial Corp		34
	86,841		XL Capital Ltd (Class A)		1,592
	1,500	e	Zenith National Insurance Corp		45
			TOTAL INSURANCE CARRIERS		227,011
LEATHER AND LEATHER PRODUCTS - 0.07%
	152,137	e	Coach, Inc		5,557
	400	*,e	Timberland Co (Class A)		7
	14,200	e	Weyco Group, Inc		336
			TOTAL LEATHER AND LEATHER PRODUCTS		5,900
LEGAL SERVICES - 0.01%
	12,798	*	FTI Consulting, Inc		603
	700	*,e	Pre-Paid Legal Services, Inc		29
			TOTAL LEGAL SERVICES		632
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%
	89,328		Brisa-Auto Estradas de Portugal S.A.		918
	493,000		ComfortDelgro Corp Ltd		573
	17,000		Keihin Electric Express Railway Co Ltd		125
			TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		1,616
LUMBER AND WOOD PRODUCTS - 0.00%**
	900	e	Deltic Timber Corp		42
	4,415		Skyline Corp		81
			TOTAL LUMBER AND WOOD PRODUCTS		123
METAL MINING - 0.42%
	38,858		Agnico-Eagle Mines Ltd		2,115
	580,217		Alumina Ltd		949
	13,800		Inmet Mining Corp		842
	133,600		Kinross Gold Corp		2,474
	155,840		Newcrest Mining Ltd		4,936
	11,342		Orica Ltd		264

395

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	9,300	*,e	Rosetta Resources, Inc	$	185
	129,066		Royal Gold, Inc		6,079
	44,488	*,e	Stillwater Mining Co		422
	108,000	*	Teck Cominco Ltd		3,802
	705,694		Xstrata plc		12,586
	139,800		Yamana Gold, Inc		1,604
			TOTAL METAL MINING		36,258
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.15%
	45,634		Armstrong World Industries, Inc		1,777
	1,024	e	Blyth, Inc		35
	27,478	e	Callaway Golf Co		207
	12,100	e	Daktronics, Inc		111
	1,300		Hasbro, Inc		42
	2,600	*,e	Jakks Pacific, Inc		32
	457,150		Mattel, Inc		9,133
	123,400		Yamaha Corp		1,487
			TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		12,824
MISCELLANEOUS RETAIL - 1.15%
	164,705	*	Amazon.com, Inc		22,156
	900	e	Barnes & Noble, Inc		17
	811,583		CVS Corp		26,140
	6,823	*,e	Dollar Tree, Inc		330
	38,120	*,e	GSI Commerce, Inc		968
	112,788	*,e	Hibbett Sports, Inc		2,480
	61,700		Home Retail Group		280
	29,300	*,e	HSN, Inc		592
	58,366		Metro AG.		3,565
	900		MSC Industrial Direct Co (Class A)		42
	65,185	*,e	Office Depot, Inc		420
	368,600		Origin Energy Ltd		5,546
	10,103	*,e	Overstock.com, Inc		137
	30,830		Petsmart, Inc		823
	7,655	*,e	Priceline.com, Inc		1,673
	5,300		Shoppers Drug Mart Corp		230
	390,951	e	Staples, Inc		9,613
	22,595	e	Tiffany & Co		972
	646,538	e	Walgreen Co		23,741
			TOTAL MISCELLANEOUS RETAIL		99,725
MOTION PICTURES - 0.14%
	11,531	*	Avid Technology, Inc		147
	80,001	*,e	Discovery Communications, Inc (Class A)		2,454
	59,701	*	Discovery Communications, Inc (Class C)		1,583
	46,417	*,e	DreamWorks Animation SKG, Inc (Class A)		1,854

396

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	9,091	e	Regal Entertainment Group (Class A)	$	131
	116,604		Scripps Networks Interactive (Class A)		4,839
	51,432	*	tw telecom inc (Class A)		882
			TOTAL MOTION PICTURES		11,890
NONDEPOSITORY INSTITUTIONS - 0.64%
	821,479	e	American Express Co		33,286
	105,992	*,e	AmeriCredit Corp		2,018
	317,713	e	Capital One Financial Corp		12,181
	115,285	e	CapitalSource, Inc		458
	303,716	e	Discover Financial Services		4,468
	86,852	e	Federal Agricultural Mortgage Corp (Class C)		609
	204,108		Medallion Financial Corp		1,668
	130,606	*	NewStar Financial, Inc		512
	1,500	*,e	PHH Corp		24
	12,483	*,e	World Acceptance Corp		447
			TOTAL NONDEPOSITORY INSTITUTIONS		55,671
NONMETALLIC MINERALS, EXCEPT FUELS - 0.16%
	119,532	e	AMCOL International Corp		3,397
	6,700	e	Compass Minerals International, Inc		450
	85,630	*,e	General Moly, Inc		178
	77,699		K+S AG.		4,431
	102,081	e	Vulcan Materials Co		5,377
			TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		13,833
OIL AND GAS EXTRACTION - 3.58%
	19,350		Acergy S.A.		305
	320,466		Apache Corp		33,061
	3,740	*,e	Approach Resources, Inc		29
	45,074	e	Atlas America, Inc		1,360
	17,290	*,e	ATP Oil & Gas Corp		316
	4,366	*,e	Atwood Oceanics, Inc		157
	39,638	e	Berry Petroleum Co (Class A)		1,155
	103,950	*,e	Boots & Coots, Inc		172
	9,766	*	Bronco Drilling Co, Inc		50
	94,779	e	Cabot Oil & Gas Corp		4,131
	207,937	*,e	Callon Petroleum Co		312
	108,191	*,e	Cameron International Corp		4,522
	2,700	*,e	Carrizo Oil & Gas, Inc		72
	149,800		Cenovus Energy, Inc		3,796
	520,036	e	Chesapeake Energy Corp		13,459
	77,959		Cimarex Energy Co		4,129
	1,200	*	CNX Gas Corp		35
	48,215	*	Complete Production Services, Inc		627
	38,480	*	Contango Oil & Gas Co		1,809

397

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	6,000	*,e	Dawson Geophysical Co	$	139
	382,802	*,e	Denbury Resources, Inc		5,665
	422,328		Devon Energy Corp		31,040
	151,430	e	Diamond Offshore Drilling, Inc		14,904
	149,800		EnCana Corp		4,886
	43,101	*	Encore Acquisition Co		2,070
	233,757	e	EOG Resources, Inc		22,744
	303,381	e	Equitable Resources, Inc		13,324
	26,900	e	EXCO Resources, Inc		571
	11	*,e	Exterran Holdings, Inc		0	^
	64,130	*	Gasco Energy, Inc		34
	57,034	*,e	Geokinetics, Inc		549
	22,400	*,e	Geomet, Inc		33
	148,004	*,e	Global Industries Ltd		1,055
	16,840	*,e	GMX Resources, Inc		231
	38,098	*,e	Goodrich Petroleum Corp		928
	12,100	*,e	Gulfport Energy Corp		139
	136,609	e	Helmerich & Payne, Inc		5,448
	9,600	*,e	Hercules Offshore, Inc		46
	537,719	*	Meridian Resource Corp		140
	127,188	*,e	Nabors Industries Ltd		2,784
	392,376	e	National Oilwell Varco, Inc		17,300
	97,648	*,e	Newfield Exploration Co		4,710
	91,677		Nexen, Inc		2,211
	245,406		Noble Energy, Inc		17,478
	18,260	*,e	Northern Oil And Gas, Inc		216
	6,468	*,e	Oceaneering International, Inc		379
	127,600	*,e	Parker Drilling Co		632
	220,346	*,e	PetroHawk Energy Corp		5,286
	32,190	*,e	Petroleum Development Corp		586
	67,500	*,e	Petroquest Energy, Inc		414
	75,500	*	Pioneer Drilling Co		596
	141,676		Pioneer Natural Resources Co		6,825
	160,990	*	Pride International, Inc		5,137
	116,576	*,e	Quicksilver Resources, Inc		1,750
	75,758		Range Resources Corp		3,777
	38,327	*,e	Rex Energy Corp		460
	9,820	e	RPC, Inc		102
	439,137		Santos Ltd		5,531
	400	*	SEACOR Holdings, Inc		31
	112,212	e	Smith International, Inc		3,049
	124,486	*	Southwestern Energy Co		6,000
	74,030	e	St. Mary Land & Exploration Co		2,535
	23,778	*	Stone Energy Corp		429
	281,994	*,e	Sulphco, Inc		189
	59,046	*	Swift Energy Co		1,415

398

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	154,400		Talisman Energy, Inc	$	2,907
	800		Tidewater, Inc		38
	82,880	*,e	Ultra Petroleum Corp		4,132
	37,545	*	Unit Corp		1,596
	70,198	*,e	Venoco, Inc		915
	57,800	e	W&T Offshore, Inc		676
	43,705	*	Whiting Petroleum Corp		3,123
	194,758		Woodside Petroleum Ltd		8,213
	555,329	e	XTO Energy, Inc		25,838
			TOTAL OIL AND GAS EXTRACTION		310,703
PAPER AND ALLIED PRODUCTS - 0.53%
	78,459		Bemis Co		2,326
	52,800	*	Buckeye Technologies, Inc		515
	4,655	*,e	Domtar Corporation		258
	22,564		Glatfelter		274
	138,059		International Paper Co		3,697
	335,954		Kimberly-Clark Corp		21,405
	217,265	e	MeadWestvaco Corp		6,220
	12,396		Metso Oyj		436
	16,900		Rock-Tenn Co (Class A)		852
	106,964	e	Sonoco Products Co		3,129
	153,116		Stora Enso Oyj (R Shares)		1,074
	121,590		Svenska Cellulosa AB (B Shares)		1,621
	52,384		Temple-Inland, Inc		1,106
	17,300		Uni-Charm Corp		1,622
	133,335		UPM-Kymmene Oyj		1,585
	10,800	e	Wausau Paper Corp		125
			TOTAL PAPER AND ALLIED PRODUCTS		46,245
PERSONAL SERVICES - 0.01%
	1,200	*,e	Coinstar, Inc		33
	35,896	e	Regis Corp		559
	7,956		Unifirst Corp		383
	3,320	e	Weight Watchers International, Inc		97
			TOTAL PERSONAL SERVICES		1,072
PETROLEUM AND COAL PRODUCTS - 1.46%
	4,002	*,e	American Oil & Gas, Inc		17
	6,879		Ashland, Inc		273
	501,352		ENI S.p.A.		12,767
	20,700		Galp Energia SGPS S.A.		358
	6,351		Hellenic Petroleum S.A.		71
	379,547	e	Hess Corp		22,962
	727,200		Marathon Oil Corp		22,703
	101,331		Neste Oil Oyj		1,801

399

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	414,500		Nippon Mining Holdings, Inc	$	1,779
	69,589		OMV AG.		3,053
	293,175		Repsol YPF S.A.		7,867
	588,840		Royal Dutch Shell plc (A Shares)		17,818
	501,220		Royal Dutch Shell plc (B Shares)		14,597
	5,400	*,e	SandRidge Energy, Inc		51
	338,760		Statoil ASA		8,449
	330,004		Suncor Energy, Inc		11,741
			TOTAL PETROLEUM AND COAL PRODUCTS		126,307
PIPELINES, EXCEPT NATURAL GAS - 0.35%
	1,218,867		Spectra Energy Corp		24,999
	145,100		TransCanada Corp		5,021
			TOTAL PIPELINES, EXCEPT NATURAL GAS		30,020
PRIMARY METAL INDUSTRIES - 0.75%
	612,200		Alcoa, Inc		9,869
	28,444	e	Allegheny Technologies, Inc		1,273
	223,171		ArcelorMittal		10,200
	231,916		BlueScope Steel Ltd		639
	2,800	e	Encore Wire Corp		59
	48,876	e	Gibraltar Industries, Inc		769
	39,200	*	Horsehead Holding Corp		500
	45,503		Hubbell, Inc (Class B)		2,152
	108,210	*,e	Metalico, Inc		532
	57,000		Mitsubishi Materials Corp		139
	927,000		Nippon Steel Corp		3,756
	179,400	*	Norsk Hydro ASA		1,507
	321,267		Nucor Corp		14,988
	29,346		Olympic Steel, Inc		956
	135,956		Steel Dynamics, Inc		2,409
	357,000		Sumitomo Metal Industries Ltd		960
	217,000		Sumitomo Metal Mining Co Ltd		3,202
	69,914		Tredegar Corp		1,106
	15,649		Umicore		522
	111,605		United States Steel Corp		6,152
	2,750	*,e	Universal Stainless & Alloy		52
	11,392		Voestalpine AG.		416
	235,332	e	Worthington Industries, Inc		3,076
			TOTAL PRIMARY METAL INDUSTRIES		65,234
PRINTING AND PUBLISHING - 0.47%
	38,320	*	ACCO Brands Corp		279
	2,700		American Greetings Corp (Class A)		59
	5,289		Bowne & Co, Inc		35
	800		CSS Industries, Inc		16

400

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	156,000		Dai Nippon Printing Co Ltd	$	1,989
	61,905		Dun & Bradstreet Corp		5,223
	2,100	e	Ennis, Inc		35
	83,421	*,e	EW Scripps Co (Class A)		581
	40,459	e	Harte-Hanks, Inc		436
	375,606		John Fairfax Holdings Ltd		584
	9,742	e	John Wiley & Sons, Inc (Class A)		408
	215,606	e	Journal Communications, Inc (Class A)		839
	24,900	*,e	Lee Enterprises, Inc		86
	1,800	e	McClatchy Co (Class A)		6
	35,360	e	Meredith Corp		1,091
	189,109	e	New York Times Co (Class A)		2,337
	66,800		Orkla ASA		655
	581,401		Pearson plc		8,337
	40,400	e	R.R. Donnelley & Sons Co		900
	22,388		Reed Elsevier NV		275
	660,387		Reed Elsevier plc		5,421
	90,275		Standard Register Co		460
	73,361		Thomson Corp		2,381
	141,000		Toppan Printing Co Ltd		1,148
	1,200	*,e	VistaPrint Ltd		68
	16,546	e	Washington Post Co (Class B)		7,274
			TOTAL PRINTING AND PUBLISHING		40,923
RAILROAD TRANSPORTATION - 0.68%
	87,680		Burlington Northern Santa Fe Corp		8,647
	53,300		Canadian National Railway Co		2,922
	6,200		Canadian Pacific Railway Ltd		337
	337,380		CSX Corp		16,360
	4,700	*,e	Genesee & Wyoming, Inc (Class A)		153
	483,000		Hankyu Hanshin Holdings, Inc		2,154
	57,244	*,e	Kansas City Southern Industries, Inc		1,906
	969,663		MTR Corp		3,341
	420,585		Norfolk Southern Corp		22,047
	265,553		Stagecoach Group plc		722
			TOTAL RAILROAD TRANSPORTATION		58,589
REAL ESTATE - 0.32%
	54,068	*,e	CB Richard Ellis Group, Inc (Class A)		734
	378,200		City Developments Ltd		3,092
	12,398	*,e	Forest City Enterprises, Inc (Class A)		146
	26,565	*,e	Forestar Real Estate Group, Inc		584
	1,087,950		Hang Lung Properties Ltd		4,265
	2,160	e	Jones Lang LaSalle, Inc		130
	27,737		Leighton Holdings Ltd		940
	339,200		Mitsubishi Estate Co Ltd		5,416

401

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	305,810		Mitsui Fudosan Co Ltd	$	5,171
	33,399	e	Stewart Enterprises, Inc (Class A)		172
	505,000		Sun Hung Kai Properties Ltd		7,509
			TOTAL REAL ESTATE		28,159
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.09%
	2,100		A. Schulman, Inc		42
	381	*	Deckers Outdoor Corp		39
	64,635		Michelin (C.G.D.E.) (Class B)		4,951
	120,960		Mitsui Chemicals, Inc		313
	1,075,974		Pirelli & C S.p.A.		644
	52,543	e	Sealed Air Corp		1,149
	11,100		Spartech Corp		114
	1,800	*,e	Trex Co, Inc		35
	13,165		Tupperware Corp		613
			TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		7,900
SECURITY AND COMMODITY BROKERS - 1.55%
	94,759	e	Ameriprise Financial, Inc		3,679
	72,341	e	BlackRock, Inc		16,799
	76,741		Broadridge Financial Solutions, Inc		1,731
	859,082	e	Charles Schwab Corp		16,168
	42,802	e	CME Group, Inc		14,379
	240,866		Credit Suisse Group		11,933
	844,100		Daiwa Securities Group, Inc		4,248
	1,040	e	Diamond Hill Investment Group, Inc		67
	48,717	e	Duff & Phelps Corp		890
	29,700	e	Eaton Vance Corp		903
	45,670	e	Evercore Partners, Inc (Class A)		1,388
	43,789	e	Federated Investors, Inc (Class B)		1,204
	217,824		Franklin Resources, Inc		22,949
	53,546	*	IntercontinentalExchange, Inc		6,013
	1,750	*	International Assets Holding Corp		25
	317,539	e	Invesco Ltd		7,459
	74,983	e	Legg Mason, Inc		2,261
	70,999	*,e	Nasdaq Stock Market, Inc		1,407
	550,500		Nomura Holdings, Inc		4,094
	189,030	e	NYSE Euronext		4,782
	18,240	*,e	Pzena Investment Management, Inc (Class A)		148
	89,969	e	SEI Investments Co		1,576
	186,903	e	T Rowe Price Group, Inc		9,953
	56,898	e	US Global Investors, Inc (Class A)		700
			TOTAL SECURITY AND COMMODITY BROKERS		134,756
SOCIAL SERVICES - 0.00%**
	44,409	*	Capital Senior Living Corp		223
			TOTAL SOCIAL SERVICES		223

402

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
SPECIAL TRADE CONTRACTORS - 0.02%
	400	e	Alico, Inc	$	11
	8,300		Chemed Corp		399
	2,050	e	Comfort Systems USA, Inc		25
	6,983	*	Layne Christensen Co		200
	60,482	*	Quanta Services, Inc		1,261
			TOTAL SPECIAL TRADE CONTRACTORS		1,896
STONE, CLAY, AND GLASS PRODUCTS - 0.44%
	5,965	e	Apogee Enterprises, Inc		84
	7,922	*	Cabot Microelectronics Corp		261
	21,025	e	CARBO Ceramics, Inc		1,433
	794,396	e	Corning, Inc		15,340
	270,968		CRH plc		7,367
	63,051	e	Gentex Corp		1,125
	38,952		Holcim Ltd		3,027
	83,183		Lafarge S.A.		6,850
	83,000		NGK Insulators Ltd		1,815
	31,700	*,e	Owens Corning, Inc		814
			TOTAL STONE, CLAY, AND GLASS PRODUCTS		38,116
TEXTILE MILL PRODUCTS - 0.01%
	1,300	e	Albany International Corp (Class A)		29
	22,800	e	Oxford Industries, Inc		472
			TOTAL TEXTILE MILL PRODUCTS		501
TRANSPORTATION BY AIR - 0.47%
	402,645	*,e	Airtran Holdings, Inc		2,102
	3,000	*	All Nippon Airways Co Ltd		8
	623,369		Auckland International Airport Ltd		911
	66,237	*	British Airways plc		199
	68,937	*,e	Continental Airlines, Inc (Class B)		1,235
	238,048	*,e	Delta Air Lines, Inc		2,709
	62,034	*	ExpressJet Holdings, Inc		299
	259,764		FedEx Corp		21,678
	381,273	*,e	JetBlue Airways Corp		2,078
	208,840		Singapore Airlines Ltd		2,212
	36,065	e	Skywest, Inc		610
	579,255		Southwest Airlines Co		6,621
			TOTAL TRANSPORTATION BY AIR		40,662
TRANSPORTATION EQUIPMENT - 1.22%
	3,800	e	A.O. Smith Corp		165

403

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	24,300	*	Aisin Seiki Co Ltd	$	702
	84,800	e	American Axle & Manufacturing Holdings, Inc		680
	65,137	e	ArvinMeritor, Inc		728
	7,885	*	ATC Technology Corp		188
	127,203		Bayerische Motoren Werke AG.		5,791
	211,538	*	BE Aerospace, Inc		4,971
	333,800		Bombardier, Inc		1,532
	1,100		Clarcor, Inc		36
	130,600	*	Denso Corp		3,946
	14,800		Federal Signal Corp		89
	1,745,900	*,e	Ford Motor Co		17,458
	5,139	*,e	Fuel Systems Solutions, Inc		212
	240,636		Genuine Parts Co		9,135
	189,806	e	Harley-Davidson, Inc		4,783
	94,992	e	Harsco Corp		3,062
	305,980	*	Honda Motor Co Ltd		10,380
	39,000		NSK Ltd		286
	192,413	e	Paccar, Inc		6,979
	54,787		Peugeot S.A.		1,842
	83,765		Renault S.A.		4,297
	152,400		Scania AB (B Shares)		1,968
	756,000		SembCorp Marine Ltd		1,973
	2,100		Shimano, Inc		85
	182,710	*,e	Spirit Aerosystems Holdings, Inc (Class A)		3,629
	48,870	e	Superior Industries International, Inc		748
	110,384	*,e	Tenneco, Inc		1,957
	817,210		Tomkins PLC		2,540
	8,700	*	Toyota Industries Corp		260
	16,126		Volkswagen AG.		1,787
	64,844		Volkswagen AG. (Preference)		6,117
	134,600		Volvo AB (A Shares)		1,147
	341,990		Volvo AB (B Shares)		2,933
	42,540	e	Westinghouse Air Brake Technologies Corp		1,737
	102,500		Yamaha Motor Co Ltd		1,296
			TOTAL TRANSPORTATION EQUIPMENT		105,439
TRANSPORTATION SERVICES - 0.11%
	81,069		Autostrade S.p.A.		2,120
	22,693		CH Robinson Worldwide, Inc		1,333
			Cintra Concesiones de Infraestructuras de Transporte
	99,916		S.A.		1,180
	134,669		Deutsche Lufthansa AG.		2,275
	22,989	e	Expeditors International Washington, Inc		798
	2,064	*,e	Hub Group, Inc (Class A)		55
	36,000	*,e	Interval Leisure Group, Inc		449
	85,068	*	Orbitz Worldwide, Inc		624
	53,373		Toll Holdings Ltd		417

404

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	2,600	e	UTI Worldwide, Inc	$	37
			TOTAL TRANSPORTATION SERVICES		9,288
TRUCKING AND WAREHOUSING - 0.48%
	493,298		Deutsche Post AG.		9,534
	1,500	e	Forward Air Corp		38
	2,200	e	Heartland Express, Inc		34
	1,100		J.B. Hunt Transport Services, Inc		35
	900		Landstar System, Inc		35
	73,000		Nippon Express Co Ltd		301
	13,837		TNT NV		425
	521,934		United Parcel Service, Inc (Class B)		29,944
	1,600	e	Werner Enterprises, Inc		32
	94,000		Yamato Transport Co Ltd		1,308
			TOTAL TRUCKING AND WAREHOUSING		41,686
WATER TRANSPORTATION - 0.05%
	14,391		Alexander & Baldwin, Inc		493
	53,600	*,e	Gulfmark Offshore, Inc		1,517
	36,022	*,e	Hornbeck Offshore Services, Inc		839
	153,000		Kawasaki Kisen Kaisha Ltd		437
	1,100	*	Kirby Corp		38
	376,000		Nippon Yusen Kabushiki Kaisha		1,158
			TOTAL WATER TRANSPORTATION		4,482
WHOLESALE TRADE-DURABLE GOODS - 0.64%
	121,197		Agilysys, Inc		1,103
	109,330	e	Barnes Group, Inc		1,848
	51,856	e	BorgWarner, Inc		1,723
	295,728		Bunzl plc		3,215
	47,825		Castle (A.M.) & Co		655
	52,882	*	Chindex International, Inc		747
	7,328		Compagnie de Saint-Gobain		398
	222,696	*	Fortescue Metals Group Ltd		881
	1,900	*	Ingram Micro, Inc (Class A)		33
	2,000	e	Knight Transportation, Inc		39
	747,810		Li & Fung Ltd		3,092
	2,500	*	LKQ Corp		49
	8,672	*,e	MWI Veterinary Supply, Inc		327
	599,000		Nissan Motor Co Ltd		5,263
	80,000		Nisshin Steel Co Ltd		141
	5,558	e	Owens & Minor, Inc		239
	76,533	*,e	Patterson Cos, Inc		2,141
	2,000	e	Pool Corp		38
	2,500	*,e	PSS World Medical, Inc		56
	13,424		Rautaruukki Oyj		311

405

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	120,238		Reliance Steel & Aluminum Co	$	5,197
	105,065		Schneider Electric S.A.		12,215
	3,600	*	Tech Data Corp		168
	23,000	*,e	Tyler Technologies, Inc		458
	91,529	e	W.W. Grainger, Inc		8,862
	17,580	*,e	WESCO International, Inc		475
	115,996		Wesfarmers Ltd		3,243
	131,715	*	Wolseley plc		2,637
			TOTAL WHOLESALE TRADE-DURABLE GOODS		55,554
WHOLESALE TRADE-NONDURABLE GOODS - 0.49%
	6,480	e	Airgas, Inc		308
	63,861	*,e	Akorn, Inc		114
	13,200		Akzo Nobel NV		875
	48,872	e	Allscripts Healthcare Solutions, Inc		989
	2,536	*	Clearwater Paper Corp		139
	8,757	*	Dean Foods Co		158
	75,320	*	Endo Pharmaceuticals Holdings, Inc		1,545
	7,100	*	Gildan Activewear, Inc		174
	2,100	*,e	Hain Celestial Group, Inc		36
	16,830	*,e	Henry Schein, Inc		885
	11,000		Kikkoman Corp		135
	3,500		Metro, Inc		131
	2,100	e	Myers Industries, Inc		19
	13,956	e	Nash Finch Co		518
	2,308,070		Noble Group Ltd		5,294
	452,200	*	Sojitz Holdings Corp		856
	18,582	e	Spartan Stores, Inc		266
	684,821	e	Sysco Corp		19,134
	334,862		Unilever NV		10,899
	1,900	*,e	Volcom, Inc		32
			TOTAL WHOLESALE TRADE-NONDURABLE GOODS		42,507
			TOTAL COMMON STOCKS		5,224,502
			(Cost $4,665,667)
PREFERRED STOCKS - 0.01%
MORTGAGE BACKED - 0.01%
	233,115	*	Federal Home Loan Mortgage Corp		245
	740,991	*	Federal National Mortgage Association		815
			TOTAL MORTGAGE BACKED		1,060
			TOTAL PREFERRED STOCKS		1,060
			(Cost $24,353)

406

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	MATURITY DATE	VALUE (000)
RIGHTS / WARRANTS - 0.00%**
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.00% **
	14,339	e	Builders FirstSource, Inc		$	4
			TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES			4
	DEPOSITORY INSTITUTIONS - 0.00% **
	180,978	m	Fortis			0	^
			TOTAL DEPOSITORY INSTITUTIONS			0	^
			TOTAL RIGHTS / WARRANTS			4
			(Cost $0)

PRINCIPAL		ISSUER
SHORT TERM INVESTMENTS - 7.00%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 1.90%
$	18,140,000	Federal Home Loan Bank (FHLB)	3/24/10	18,138
	5,260,000	FHLB	6/2/10	5,257
	1,230,000	Federal Home Loan Mortgage Corp (FHLMC)	2/22/10	1,230
	3,400,000	FHLMC	3/1/10	3,399
	3,100,000	FHLMC	3/22/10	3,099
	15,400,000	FHLMC	4/19/10	15,396
	1,000,000	FHLMC	4/22/10	999
	23,435,000	FHLMC	4/28/10	23,427
	4,000,000	FHLMC	5/19/10	3,998
	50,000,000	Federal National Mortgage Association (FNMA)	1/11/10	49,997
	15,800,000	FNMA	2/3/10	15,799
	25,000,000	FNMA	5/25/10	24,988
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		165,727
		(Cost $165,707)
U.S. TREASURY BILLS - 2.19%
	77,000,000	United States Cash Management Bills	6/10/10	76,939
	46,000,000	United States Treasury Bills	4/22/10	45,990
	15,000,000	United States Treasury Bills	5/20/10	14,992
	11,890,000	United States Treasury Bills	5/27/10	11,882
	40,000,000	United States Treasury Bills	8/26/10	39,924
		TOTAL U.S. TREASURY BILLS		189,727
		(Cost $189,732)
		INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOAN - 2.91%
		U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 2.91%
	3,000,000	Federal Home Loan Bank (FHLB)	1/15/10	3,000
	9,600,000	FHLB	2/1/10	9,599
	3,147,000	FHLB	5/5/10	3,146
	11,500,000	Federal Home Loan Mortgage Corp (FHLMC)	2/8/10	11,497
	48,700,000	FHLMC	3/1/10	48,688
	10,400,000	FHLMC	3/9/10	10,399
	2,900,000	FHLMC	3/22/10	2,900
	30,407,000	FHLMC	3/30/10	30,403
	20,000,000	FHLMC	4/6/10	19,995

407

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	MATURITY DATE	VALUE (000)
$	1,482,000		FHLMC	4/22/10	$	1,482
	7,200,000		FHLMC	4/27/10		7,198
	8,000,000		FHLMC	4/30/10		7,997
	50,000,000		FHLMC	5/10/10		49,978
	14,200,000		FHLMC	5/17/10		14,194
	10,000,000		FHLMC	5/19/10		9,995
	15,000,000		FHLMC	5/24/10		14,993
	2,000,000		FHLMC	6/14/10		1,999
	4,981,000		Federal National Mortgage Association (FNMA)	1/8/10		4,981
			TOTAL INVESTMENT OF CASH COLLATERAL
			FOR SECURITIES LOANED			252,444
			(Cost $252,412)
			TOTAL SHORT-TERM INVESTMENTS			607,898
			(Cost $607,851)
			TOTAL PORTFOLIO - 105.18%			9,122,714
			(Cost $8,554,022)
			OTHER ASSETS & LIABILITIES, NET - (5.18)%			(449,412)
			NET ASSETS - 100.00%		$	8,673,302
			The following abbreviations are used in portfolio descriptions:
		COP	Certificate of Participation
		LLC	Limited Liability Company
		LP	Limited partnership
		NR	Not Rated by Moody’s
		plc	Public limited company
		WR	Withdrawn rating.

†	As provided by Moody’s Investors Services.
*	Non-income producing.
**	Percentage represents less than 0.01%
e	All or a portion of these securities are out on loan.
	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At December 31, 2009 the value of these securities amounted to $127,617,942 or 1.47%
g	of net assets.
h	These securities were purchased on a delayed delivery basis.
i	Floating rate or variable rate security. Coupon rate reflects the rate at period end.
j	Zero coupon.
m	Indicates a security that has been deemed illiquid.
	Cost amounts are in thousands.

408

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

COLLEGE RETIREMENT EQUITIES FUND
MONEY MARKET ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2009

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
SHORT-TERM INVESTMENTS - 99.95%
BANK NOTE - 0.41%
$	25,000,000	Bank of America NA	0.220	%	2/16/2010	$	25,001
	30,000,000	Bank of America NA	0.300		3/15/2010		30,003
		TOTAL BANK NOTES					55,004
BANKER’S ACCEPTANCES - 1.54%
	2,178,000	Bank of America NA	0.000		1/4/2010		2,178
	2,015,000	Bank of America NA	0.000		1/5/2010		2,015
	18,207,000	Bank of America NA	0.000		1/6/2010		18,207
	1,467,000	Bank of America NA	0.000		1/11/2010		1,467
	16,688,000	Bank of America NA	0.000		1/19/2010		16,683
	6,129,000	Bank of America NA	0.000		1/29/2010		6,128
	3,787,000	Bank of America NA	0.000		2/1/2010		3,785
	1,780,000	Bank of America NA	0.000		2/4/2010		1,780
	2,093,000	Bank of America NA	0.000		2/5/2010		2,093
	8,911,000	Bank of America NA	0.000		2/16/2010		8,906
	1,072,000	Bank of America NA	0.000		2/19/2010		1,072
	4,707,000	Bank of America NA	0.000		2/22/2010		4,706
	15,317,000	Bank of America NA	0.000		3/1/2010		15,309
	7,202,000	Bank of America NA	0.000		3/2/2010		7,199
	30,740,000	Bank of America NA	0.000		3/9/2010		30,728
	4,111,000	Bank of America NA	0.000		3/10/2010		4,109
	1,500,000	Bank of America NA	0.000		3/30/2010		1,499
	1,618,000	Bank of America NA	0.000		3/31/2010		1,617
	1,968,000	Bank of America NA	0.000		4/1/2010		1,967
	1,276,000	Bank of America NA	0.000		4/6/2010		1,275
	5,177,000	Bank of America NA	0.000		5/3/2010		5,170
	1,968,000	Bank of America NA	0.000		5/11/2010		1,966
	1,779,000	JPMorgan Chase Bank NA	0.000		1/12/2010		1,779
	9,109,000	JPMorgan Chase Bank NA	0.000		1/13/2010		9,108
	2,505,000	JPMorgan Chase Bank NA	0.000		1/19/2010		2,505
	6,832,000	JPMorgan Chase Bank NA	0.000		1/22/2010		6,831
	2,426,000	JPMorgan Chase Bank NA	0.000		1/26/2010		2,426
	2,693,000	JPMorgan Chase Bank NA	0.000		1/29/2010		2,693
	5,822,000	JPMorgan Chase Bank NA	0.000		2/17/2010		5,821
	4,000,000	Wachovia Bank NA	0.000		1/12/2010		4,000
	30,000,000	Wachovia Bank NA	0.000		1/15/2010		29,997
		TOTAL BANKER’S ACCEPTANCES					205,019
CERTIFICATE OF DEPOSIT - 12.50%
	40,000,000	Abbey National North America LLC	0.210		2/5/2010		40,000
	25,000,000	Abbey National North America LLC	0.180		2/12/2010		25,000
	56,500,000	Banco Bilbao Vizcaya Argentaria S.A.	0.190		1/19/2010		56,501
	50,000,000	Banco Bilbao Vizcaya Argentaria S.A.	0.230		1/27/2010		50,000
	50,000,000	Banco Bilbao Vizcaya Argentaria S.A.	0.280		2/26/2010		50,004

409

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
$	25,000,000	Banco Bilbao Vizcaya Argentaria S.A.	0.340	%	5/17/2010	$	25,000
	37,425,000	Bank of Montreal	0.140		1/8/2010		37,425
	25,000,000	Bank of Montreal	0.170		1/11/2010		25,000
	47,500,000	Bank of Montreal	0.180		1/15/2010		47,500
	25,000,000	Bank of Montreal	0.170		2/11/2010		25,000
	30,000,000	Bank of Montreal	0.160		2/24/2010		30,000
	20,100,000	Bank of Montreal	0.190		3/18/2010		20,100
	25,000,000	Bank of Nova Scotia	0.180		3/10/2010		25,000
	20,000,000	Bank of Nova Scotia	0.950		6/10/2010		20,000
	25,000,000	Bank of Nova Scotia	0.570		10/1/2010		25,000
	30,000,000	Barclays Bank plc	0.780		1/11/2010		30,000
	25,000,000	Barclays Bank plc	0.480		4/13/2010		25,000
	30,000,000	Barclays Bank plc	0.960		4/19/2010		30,000
	25,000,000	Barclays Bank plc	0.550		4/30/2010		25,000
	22,715,000	Barclays Bank plc	0.820		5/11/2010		22,715
	30,000,000	Barclays Bank plc	0.570		5/17/2010		30,000
	30,000,000	Barclays Bank plc	0.500		6/2/2010		30,000
	25,000,000	Barclays Bank plc	0.620		7/1/2010		25,000
	21,000,000	Barclays Bank plc	0.580		8/18/2010		21,000
	30,000,000	BNP Paribas	0.220		1/19/2010		30,000
	25,000,000	BNP Paribas	0.220		2/3/2010		25,000
	25,000,000	BNP Paribas	0.210		3/8/2010		25,000
	40,000,000	BNP Paribas Finance, Inc	0.220		1/29/2010		40,000
	35,000,000	Calyon North America, Inc	0.180		1/11/2010		35,000
	25,000,000	Calyon North America, Inc	0.220		1/13/2010		25,000
	50,000,000	Calyon North America, Inc	0.160		1/21/2010		50,001
	50,000,000	Calyon North America, Inc	0.190		1/25/2010		50,001
	25,000,000	Calyon North America, Inc	0.270		2/3/2010		25,000
	25,000,000	Canadian Imperial Bank of Commerce	0.250		1/20/2010		25,000
	50,000,000	Canadian Imperial Bank of Commerce	0.200		1/26/2010		50,000
	25,000,000	Canadian Imperial Bank of Commerce	0.300		3/16/2010		25,000
	25,000,000	Canadian Imperial Bank of Commerce	0.200		4/12/2010		25,000
	50,000,000	Lloyds TSB Bank plc	0.220		1/11/2010		50,000
	40,000,000	Lloyds TSB Bank plc	0.210		1/29/2010		40,000
	30,000,000	Lloyds TSB Bank plc	0.220		2/12/2010		30,000
	55,000,000	Rabobank Nederland NV	0.520		1/15/2010		55,001
	10,000,000	Rabobank Nederland NV	0.190		3/2/2010		10,000
	45,000,000	Rabobank Nederland NV	0.170		3/3/2010		45,001
	20,000,000	Rabobank Nederland NV	1.050		4/30/2010		20,032
	20,000,000	Rabobank Nederland NV	0.740		7/30/2010		20,000
	50,000,000	Royal Bank of Canada	0.230		1/22/2010		50,001
	25,000,000	Royal Bank of Scotland plc	0.250		1/22/2010		25,000
	30,000,000	Royal Bank of Scotland plc	0.550		3/5/2010		30,000
	25,000,000	Royal Bank of Scotland plc	0.680		4/5/2010		25,000
	45,000,000	Toronto-Dominion Bank	0.250		1/25/2010		45,000
	50,000,000	Toronto-Dominion Bank	0.180		3/3/2010		50,000
		TOTAL CERTIFICATE OF DEPOSITS					1,665,282
COMMERCIAL PAPER - 41.69%
	3,796,000	Abbey National North America LLC	0.000		1/5/2010		3,796
	50,000,000	Abbey National North America LLC	0.000		1/14/2010		49,996
	20,470,000	Abbey National North America LLC	0.000		1/20/2010		20,468
	20,000,000	Abbey National North America LLC	0.000		2/24/2010		19,995
	30,000,000	Abbey National North America LLC	0.000		3/1/2010		29,989
	38,125,000	American Honda Finance Corp	0.000		1/5/2010		38,124
	35,370,000	American Honda Finance Corp	0.000		1/22/2010		35,367

410

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
$	42,885,000	American Honda Finance Corp	0.000	%	1/26/2010	$	42,880
	47,000,000	American Honda Finance Corp	0.000		1/28/2010		46,994
	13,170,000	Bank of Nova Scotia	0.000		1/11/2010		13,169
	3,775,000	Bank of Nova Scotia	0.000		1/15/2010		3,775
	9,900,000	Bank of Nova Scotia	0.000		1/19/2010		9,899
	46,060,000	Bank of Nova Scotia	0.000		1/26/2010		46,054
	10,000,000	Bank of Nova Scotia	0.000		1/27/2010		9,999
	20,765,000	Bank of Nova Scotia	0.000		1/28/2010		20,762
	30,000,000	Bank of Nova Scotia	0.000		2/5/2010		29,994
	25,000,000	Bank of Nova Scotia	0.000		2/8/2010		24,995
	4,800,000	Bank of Nova Scotia	0.000		2/9/2010		4,799
	20,565,000	Bank of Nova Scotia	0.000		2/18/2010		20,560
	48,000,000	Bank of Nova Scotia	0.000		2/19/2010		47,989
	25,000,000	BNP Paribas Finance, Inc	0.000		1/5/2010		24,999
	37,725,000	BNP Paribas Finance, Inc	0.000		1/7/2010		37,724
	20,000,000	BNP Paribas Finance, Inc	0.000		1/12/2010		19,999
	40,000,000	BNP Paribas Finance, Inc	0.000		1/27/2010		39,994
	20,000,000	BNP Paribas Finance, Inc	0.000		1/29/2010		19,998
	6,535,000	BNP Paribas Finance, Inc	0.000		2/5/2010		6,534
	30,000,000	BNP Paribas Finance, Inc	0.000		2/9/2010		29,994
	25,000,000	Calyon North America, Inc	0.000		1/6/2010		24,999
	23,735,000	Calyon North America, Inc	0.000		1/12/2010		23,734
	5,000,000	Calyon North America, Inc	0.000		1/13/2010		5,000
	16,785,000	Calyon North America, Inc	0.000		1/14/2010		16,784
	38,492,000	Calyon North America, Inc	0.000		2/5/2010		38,485
	21,650,000	Calyon North America, Inc	0.000		4/6/2010		21,639
	18,365,000	Ciesco LLC	0.000		1/14/2010		18,363
	25,000,000	Coca-Cola Co	0.000		1/7/2010		24,999
	30,725,000	Coca-Cola Co	0.000		1/13/2010		30,724
	47,000,000	Coca-Cola Co	0.000		1/14/2010		46,997
	23,500,000	Coca-Cola Co	0.000		1/19/2010		23,498
	30,000,000	Coca-Cola Co	0.000		3/15/2010		29,988
	17,125,000	Coca-Cola Co	0.000		4/8/2010		17,116
	16,700,000	Coca-Cola Co	0.000		4/16/2010		16,690
	22,400,000	Coca-Cola Co	0.000		5/11/2010		22,383
	5,134,000	Coca-Cola Co	0.000		6/10/2010		5,128
	50,000,000	Corporate Asset Funding Co, Inc	0.000		1/27/2010		49,989
	20,000,000	Deutsche Bank Financial, Inc	0.000		1/20/2010		19,998
	17,860,000	Fairway Finance LLC	0.000		1/5/2010		17,860
	13,075,000	Fairway Finance LLC	0.000		1/11/2010		13,074
	6,140,000	Fairway Finance LLC	0.000		1/20/2010		6,139
	19,544,000	Fairway Finance LLC	0.000		1/21/2010		19,542
	26,706,000	Fairway Finance LLC	0.000		1/22/2010		26,703
	26,275,000	Fairway Finance LLC	0.000		3/8/2010		26,265
	8,000,000	Fairway Finance LLC	0.000		3/9/2010		7,997
	15,017,000	Fairway Finance LLC	0.000		3/10/2010		15,010
	20,000,000	Fairway Finance LLC	0.000		3/16/2010		19,991
	35,826,000	Govco LLC	0.000		2/2/2010		35,818
	52,640,000	Govco LLC	0.000		2/8/2010		52,625
	20,000,000	Govco LLC	0.000		2/22/2010		19,994
	42,485,000	Govco LLC	0.000		2/23/2010		42,471
	25,000,000	Govco LLC	0.000		3/5/2010		24,991
	15,535,000	Govco LLC	0.000		3/10/2010		15,524
	30,000,000	ING US Funding LLC	0.000		2/8/2010		29,994
	32,038,000	Johnson & Johnson	0.000		1/25/2010		32,036
	50,000,000	Johnson & Johnson	0.000		2/17/2010		49,991

411

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
$	25,740,000	Johnson & Johnson	0.000	%	3/18/2010	$	25,732
	12,056,000	Johnson & Johnson	0.000		3/26/2010		12,052
	85,000,000	Johnson & Johnson	0.000		4/5/2010		84,966
	9,465,000	Johnson & Johnson	0.000		4/19/2010		9,460
	28,690,000	Johnson & Johnson	0.000		4/20/2010		28,677
	61,830,000	Johnson & Johnson	0.000		5/3/2010		61,788
	11,000,000	Johnson & Johnson	0.000		5/24/2010		10,993
	790,000	Johnson & Johnson	0.000		8/3/2010		789
	23,300,000	Kitty Hawk Funding Corp	0.000		1/14/2010		23,298
	34,690,000	Kitty Hawk Funding Corp	0.000		2/17/2010		34,682
	35,772,000	Kitty Hawk Funding Corp	0.000		3/1/2010		35,759
	12,675,000	Lloyds TSB Bank plc	0.000		1/7/2010		12,675
	21,720,000	Lloyds TSB Bank plc	0.000		1/26/2010		21,717
	11,400,000	Lloyds TSB Bank plc	0.000		2/17/2010		11,397
	35,000,000	Lloyds TSB Bank plc	0.000		2/19/2010		34,986
	39,450,000	Lloyds TSB Bank plc	0.000		2/26/2010		39,435
	17,000,000	Lloyds TSB Bank plc	0.000		3/19/2010		16,980
	8,000,000	Microsoft Corp	0.000		2/9/2010		7,999
	15,000,000	Microsoft Corp	0.000		2/16/2010		14,998
	13,350,000	Microsoft Corp	0.000		4/14/2010		13,344
	50,000,000	Nestle Capital Corp	0.000		1/19/2010		49,985
	12,135,000	Nestle Capital Corp	0.000		2/16/2010		12,125
	75,000,000	Nestle Capital Corp	0.000		2/22/2010		74,984
	43,000,000	Nestle Capital Corp	0.000		2/23/2010		42,991
	37,015,000	Nestle Capital Corp	0.000		2/25/2010		37,004
	21,425,000	Nestle Capital Corp	0.000		3/2/2010		21,418
	15,000,000	Nestle Capital Corp	0.000		3/8/2010		14,994
	15,650,000	Nestle Capital Corp	0.000		3/15/2010		15,644
	25,000,000	Nestle Capital Corp	0.000		3/17/2010		24,975
	25,000,000	Nestle Capital Corp	0.000		4/5/2010		24,970
	20,000,000	Nestle Capital Corp	0.000		4/14/2010		19,988
	25,000,000	Old Line Funding LLC	0.000		1/6/2010		24,999
	40,000,000	Old Line Funding LLC	0.000		1/13/2010		39,997
	23,916,000	Old Line Funding LLC	0.000		1/14/2010		23,914
	20,000,000	Old Line Funding LLC	0.000		1/20/2010		19,998
	22,000,000	Old Line Funding LLC	0.000		1/25/2010		21,998
	50,000,000	Old Line Funding LLC	0.000		2/5/2010		49,991
	42,020,000	Old Line Funding LLC	0.000		2/10/2010		42,012
	25,000,000	Old Line Funding LLC	0.000		2/16/2010		24,994
	12,000,000	Old Line Funding LLC	0.000		2/17/2010		11,997
	9,275,000	Old Line Funding LLC	0.000		3/8/2010		9,272
	30,000,000	Old Line Funding LLC	0.000		3/15/2010		29,988
	30,300,000	PACCAR Financial Corp	0.000		3/3/2010		30,292
	63,000,000	Park Avenue Receivables Corp	0.000		1/4/2010		62,999
	10,000,000	Park Avenue Receivables Corp	0.000		1/5/2010		10,000
	10,525,000	Park Avenue Receivables Corp	0.000		1/12/2010		10,524
	20,000,000	Park Avenue Receivables Corp	0.000		1/19/2010		19,998
	50,890,000	Park Avenue Receivables Corp	0.000		1/26/2010		50,884
	25,200,000	Park Avenue Receivables Corp	0.000		2/1/2010		25,196
	61,530,000	Park Avenue Receivables Corp	0.000		2/8/2010		61,519
	30,000,000	Park Avenue Receivables Corp	0.000		2/24/2010		29,992
	21,320,000	Private Export Funding Corp	0.000		1/27/2010		21,316
	20,000,000	Private Export Funding Corp	0.000		2/3/2010		19,990
	23,845,000	Private Export Funding Corp	0.000		2/5/2010		23,832
	14,000,000	Private Export Funding Corp	0.000		2/11/2010		13,991
	25,000,000	Private Export Funding Corp	0.000		2/17/2010		24,985

412

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
$	15,000,000	Private Export Funding Corp	0.000	%	3/4/2010	$	14,991
	26,650,000	Private Export Funding Corp	0.000		3/8/2010		26,630
	22,000,000	Private Export Funding Corp	0.000		3/9/2010		21,983
	20,000,000	Private Export Funding Corp	0.000		3/11/2010		19,994
	30,000,000	Private Export Funding Corp	0.000		3/16/2010		29,991
	22,000,000	Private Export Funding Corp	0.000		4/5/2010		21,987
	25,000,000	Private Export Funding Corp	0.000		4/6/2010		24,989
	34,500,000	Private Export Funding Corp	0.000		4/7/2010		34,452
	10,000,000	Private Export Funding Corp	0.000		4/16/2010		9,994
	10,000,000	Private Export Funding Corp	0.000		4/26/2010		9,984
	3,844,000	Procter & Gamble International Funding S.C.A	0.000		2/11/2010		3,843
	50,000,000	Province of Ontario Canada	0.000		1/7/2010		49,999
	45,890,000	Province of Ontario Canada	0.000		2/4/2010		45,883
	40,000,000	Province of Ontario Canada	0.000		3/9/2010		39,991
	47,000,000	Province of Ontario Canada	0.000		4/19/2010		46,965
	14,908,000	Rabobank USA Financial Corp	0.000		1/7/2010		14,908
	10,000,000	Rabobank USA Financial Corp	0.000		1/15/2010		9,999
	32,700,000	Rabobank USA Financial Corp	0.000		1/19/2010		32,696
	20,000,000	Rabobank USA Financial Corp	0.000		2/8/2010		19,995
	10,000,000	Rabobank USA Financial Corp	0.000		2/18/2010		9,996
	35,000,000	Rabobank USA Financial Corp	0.000		3/5/2010		34,989
	20,000,000	Rabobank USA Financial Corp	0.000		3/8/2010		19,994
	20,000,000	Rabobank USA Financial Corp	0.000		3/10/2010		19,993
	4,000,000	Rabobank USA Financial Corp	0.000		4/6/2010		3,997
	50,000,000	Ranger Funding Co LLC	0.000		1/20/2010		49,994
	6,546,000	Ranger Funding Co LLC	0.000		2/9/2010		6,545
	20,000,000	Ranger Funding Co LLC	0.000		2/10/2010		19,994
	20,000,000	Ranger Funding Co LLC	0.000		2/24/2010		19,994
	25,000,000	Ranger Funding Co LLC	0.000		3/2/2010		24,991
	30,000,000	Ranger Funding Co LLC	0.000		3/17/2010		29,986
	12,012,000	Ranger Funding Co LLC	0.000		3/23/2010		12,006
	5,000,000	Royal Bank of Canada	0.000		1/22/2010		4,999
	35,000,000	Royal Bank of Canada	0.000		1/25/2010		34,995
	25,000,000	Royal Bank of Canada	0.000		2/23/2010		24,991
	25,000,000	Royal Bank of Canada	0.000		5/3/2010		24,979
	17,000,000	Royal Bank of Canada	0.000		6/21/2010		16,981
	9,975,000	Royal Bank of Scotland plc	0.000		1/4/2010		9,975
	27,000,000	Santander Central Hispano Finance Delaware, Inc	0.000		4/9/2010		26,962
	33,150,000	Santander Central Hispano Finance Delaware, Inc	0.000		6/3/2010		33,066
	3,000,000	Sheffield Receivables Corp	0.000		1/4/2010		3,000
	41,600,000	Sheffield Receivables Corp	0.000		1/6/2010		41,599
	55,000,000	Sheffield Receivables Corp	0.000		1/7/2010		54,998
	5,000,000	Sheffield Receivables Corp	0.000		1/8/2010		5,000
	1,996,000	Sheffield Receivables Corp	0.000		1/11/2010		1,996
	21,715,000	Sheffield Receivables Corp	0.000		1/12/2010		21,714
	10,000,000	Sheffield Receivables Corp	0.000		1/13/2010		9,999
	16,000,000	Sheffield Receivables Corp	0.000		1/14/2010		15,999
	25,000,000	Sheffield Receivables Corp	0.000		1/15/2010		24,998
	30,000,000	Sheffield Receivables Corp	0.000		1/25/2010		29,996
	8,650,000	Sheffield Receivables Corp	0.000		2/10/2010		8,648
	20,000,000	Sheffield Receivables Corp	0.000		2/17/2010		19,995
	42,500,000	Societe Generale North America, Inc	0.000		1/11/2010		42,497
	50,000,000	Societe Generale North America, Inc	0.000		1/21/2010		49,994
	16,510,000	Societe Generale North America, Inc	0.000		1/22/2010		16,508
	50,000,000	Straight-A Funding LLC	0.000		2/12/2010		49,990
	10,920,000	Straight-A Funding LLC	0.000		2/12/2010		10,918

413

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
$	45,532,000	Straight-A Funding LLC	0.000	%	2/16/2010	$	45,520
	23,026,000	Straight-A Funding LLC	0.000		3/11/2010		23,018
	20,070,000	Straight-A Funding LLC	0.000		3/18/2010		20,062
	50,915,000	Svensk Exportkredit AB	0.000		2/1/2010		50,906
	30,000,000	Svensk Exportkredit AB	0.000		3/17/2010		29,990
	24,570,000	Svensk Exportkredit AB	0.000		3/19/2010		24,561
	50,000,000	Svensk Exportkredit AB	0.000		3/29/2010		49,963
	75,140,000	Svensk Exportkredit AB	0.000		4/1/2010		75,084
	6,000,000	Toronto-Dominion Holdings USA, Inc	0.000		1/11/2010		6,000
	16,000,000	Toronto-Dominion Holdings USA, Inc	0.000		2/8/2010		15,991
	23,000,000	Toronto-Dominion Holdings USA, Inc	0.000		3/15/2010		22,984
	20,000,000	Toronto-Dominion Holdings USA, Inc	0.000		3/23/2010		19,972
	20,000,000	Toronto-Dominion Holdings USA, Inc	0.000		4/6/2010		19,966
	40,000,000	Toronto-Dominion Holdings USA, Inc	0.000		5/14/2010		39,928
	20,000,000	Toyota Motor Credit Corp	0.000		1/4/2010		20,000
	50,000,000	Toyota Motor Credit Corp	0.000		1/5/2010		49,999
	20,000,000	Toyota Motor Credit Corp	0.000		1/6/2010		20,000
	60,000,000	Toyota Motor Credit Corp	0.000		1/12/2010		59,997
	25,000,000	Toyota Motor Credit Corp	0.000		1/22/2010		24,998
	20,000,000	Toyota Motor Credit Corp	0.000		2/17/2010		19,995
	30,000,000	Toyota Motor Credit Corp	0.000		2/18/2010		29,992
	20,000,000	Toyota Motor Credit Corp	0.000		2/19/2010		19,995
	25,000,000	Toyota Motor Credit Corp	0.000		3/1/2010		24,992
	50,000,000	US Bank NA	0.000		3/10/2010		49,983
	37,000,000	Variable Funding Capital Co LLC	0.000		1/8/2010		36,999
	25,000,000	Variable Funding Capital Co LLC	0.000		1/12/2010		24,999
	20,000,000	Variable Funding Capital Co LLC	0.000		1/13/2010		19,999
	5,762,000	Variable Funding Capital Co LLC	0.000		1/14/2010		5,762
	40,000,000	Variable Funding Capital Co LLC	0.000		1/20/2010		39,996
	46,500,000	Variable Funding Capital Co LLC	0.000		1/29/2010		46,494
	20,000,000	Variable Funding Capital Co LLC	0.000		2/10/2010		19,996
	35,000,000	Variable Funding Capital Co LLC	0.000		2/18/2010		34,992
	24,500,000	Variable Funding Capital Co LLC	0.000		2/24/2010		24,494
	33,214,000	Yorktown Capital LLC	0.000		1/12/2010		33,211
	12,500,000	Yorktown Capital LLC	0.000		1/15/2010		12,499
	18,682,000	Yorktown Capital LLC	0.000		1/21/2010		18,679
	17,263,000	Yorktown Capital LLC	0.000		2/4/2010		17,259
	4,450,000	Yorktown Capital LLC	0.000		3/16/2010		4,448
		TOTAL COMMERCIAL PAPER					5,557,141
INTEREST BEARING SHORT-TERM - 0.25%
	10,000,000	Private Export Funding Corp	7.200		1/15/2010		10,023
	23,200,000	Svensk Exportkredit AB	4.500		9/27/2010		23,859
		TOTAL INTEREST BEARING SHORT-TERMS					33,882
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 26.50%
		Federal National Mortgage Association (FNMA)
	19,735,000	FNMA	0.000		1/19/2010		19,730
	300,000	FNMA	0.000		1/22/2010		300
	48,380,000	FNMA	0.000		2/1/2010		48,370
	18,115,000	FNMA	0.000		2/5/2010		18,114
	95,000,000	FNMA	0.000		2/10/2010		94,982
	51,416,000	FNMA	0.000		2/22/2010		51,390
	13,655,000	FNMA	0.000		3/1/2010		13,653
	6,779,000	FNMA	0.000		3/3/2010		6,777
	13,084,000	FNMA	0.000		3/10/2010		13,080

414

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
$	21,919,000	FNMA	0.000	%	3/17/2010	$	21,912
	52,100,000	FNMA	0.000		3/24/2010		52,082
	64,549,000	FNMA	0.000		3/31/2010		64,524
	107,657,000	FNMA	0.000		4/1/2010		107,507
	7,350,000	FNMA	0.000		4/7/2010		7,346
	19,000,000	FNMA	0.000		4/9/2010		18,991
	65,000,000	FNMA	0.000		4/14/2010		64,967
	31,135,000	FNMA	0.000		4/19/2010		31,119
	40,337,000	FNMA	0.000		4/21/2010		40,316
	30,000,000	FNMA	0.000		4/28/2010		29,982
	3,011,000	FNMA	0.000		5/3/2010		3,006
	44,894,000	FNMA	0.000		5/5/2010		44,867
	23,070,000	FNMA	0.000		5/12/2010		23,057
	69,500,000	FNMA	0.000		5/19/2010		69,459
	83,730,000	FNMA	0.000		5/24/2010		83,672
	21,500,000	FNMA	0.000		5/25/2010		21,484
	44,000,000	FNMA	0.000		5/26/2010		43,971
	22,775,000	FNMA	0.000		6/9/2010		22,755
	13,680,000	FNMA	0.000		8/16/2010		13,658
	51,700,000	FNMA	0.000		12/1/2010		51,504
	17,000,000	FNMA	3.000		3/10/2010		17,078
		Federal Farm Credit Bank (FFCB)
	6,000,000	FFCB	0.000		4/19/2010		5,992
	4,000,000	FFCB	0.000		4/21/2010		3,995
		Federal Home Loan Bank (FHLB)
	1,845,000	FHLB	0.000		1/29/2010		1,845
	11,050,000	FHLB	0.000		2/24/2010		11,047
	29,574,000	FHLB	0.000		1/4/2010		29,574
	1,200,000	FHLB	0.000		1/19/2010		1,200
	17,000,000	FHLB	0.000		1/20/2010		16,998
	19,550,000	FHLB	0.000		2/1/2010		19,539
	12,465,000	FHLB	0.000		2/10/2010		12,464
	15,985,000	FHLB	0.000		2/16/2010		15,983
	15,760,000	FHLB	0.000		2/17/2010		15,753
	44,600,000	FHLB	0.000		2/19/2010		44,593
	5,000,000	FHLB	0.000		3/3/2010		4,999
	3,100,000	FHLB	0.000		3/5/2010		3,098
	37,280,000	FHLB	0.000		3/19/2010		37,271
	8,000,000	FHLB	0.000		3/24/2010		7,998
	44,880,000	FHLB	0.000		3/26/2010		44,868
	9,912,000	FHLB	0.000		3/30/2010		9,908
	14,780,000	FHLB	0.000		4/1/2010		14,762
	30,000,000	FHLB	0.000		4/22/2010		29,938
	85,000,000	FHLB	0.000		4/26/2010		84,937
	9,400,000	FHLB	0.000		5/5/2010		9,395
	20,270,000	FHLB	0.000		5/12/2010		20,259
	30,000,000	FHLB	0.000		5/21/2010		29,982
	13,400,000	FHLB	0.000		6/8/2010		13,390
	9,650,000	FHLB	0.000		7/1/2010		9,624
	25,000,000	FHLB	0.000		9/15/2010		24,929
	38,373,000	FHLB	0.000		9/16/2010		38,262
	11,755,000	FHLB	0.000		9/17/2010		11,721
	18,750,000	FHLB	0.600		6/15/2010		18,749
	10,000,000	FHLB	0.560		6/22/2010		9,997
	3,445,000	FHLB	1.060		7/13/2010		3,454

415

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
			Federal Home Loan Mortgage Corp (FHLMC)
$	22,375,000		FHLMC	0.000	%	1/4/2010	$	22,374
	12,632,000		FHLMC	0.000		1/6/2010		12,632
	18,000,000		FHLMC	0.000		1/11/2010		17,999
	8,000,000		FHLMC	0.000		1/12/2010		8,000
	30,000,000		FHLMC	0.000		1/20/2010		29,998
	49,300,000		FHLMC	0.000		1/21/2010		49,295
	15,762,000		FHLMC	0.000		1/26/2010		15,760
	31,400,000		FHLMC	0.000		1/27/2010		31,396
	6,000,000		FHLMC	0.000		1/28/2010		6,000
	81,744,000		FHLMC	0.000		2/1/2010		81,731
	10,000,000		FHLMC	0.000		2/4/2010		9,997
	10,000,000		FHLMC	0.000		2/8/2010		9,998
	15,000,000		FHLMC	0.000		2/12/2010		14,998
	78,200,000		FHLMC	0.000		2/16/2010		78,185
	44,000,000		FHLMC	0.000		2/22/2010		43,984
	66,999,000		FHLMC	0.000		2/23/2010		66,984
	3,800,000		FHLMC	0.000		3/1/2010		3,799
	44,555,000		FHLMC	0.000		3/2/2010		44,544
	50,000,000		FHLMC	0.000		3/5/2010		49,987
	5,580,000		FHLMC	0.000		3/8/2010		5,579
	49,960,000		FHLMC	0.000		3/9/2010		49,945
	25,321,000		FHLMC	0.000		3/15/2010		25,313
	24,400,000		FHLMC	0.000		3/16/2010		24,392
	154,005,000		FHLMC	0.000		3/22/2010		153,950
	96,605,000		FHLMC	0.000		3/24/2010		96,574
	24,139,000		FHLMC	0.000		3/29/2010		24,130
	111,915,000		FHLMC	0.000		3/30/2010		111,869
	21,492,000		FHLMC	0.000		3/31/2010		21,483
	79,868,000		FHLMC	0.000		4/12/2010		79,832
	31,000,000		FHLMC	0.000		4/16/2010		30,958
	60,160,000		FHLMC	0.000		4/19/2010		60,126
	5,465,000		FHLMC	0.000		4/20/2010		5,462
	14,200,000		FHLMC	0.000		4/21/2010		14,193
	41,670,000		FHLMC	0.000		4/26/2010		41,646
	25,000,000		FHLMC	0.000		4/27/2010		24,986
	65,790,000		FHLMC	0.000		4/28/2010		65,758
	130,475,000		FHLMC	0.000		5/4/2010		130,401
	55,460,000		FHLMC	0.000		5/5/2010		55,367
	66,229,000		FHLMC	0.000		5/10/2010		66,194
	3,835,000		FHLMC	0.000		5/11/2010		3,833
	53,650,000		FHLMC	0.000		5/17/2010		53,618
	9,760,000		FHLMC	0.000		5/18/2010		9,754
	62,660,000		FHLMC	0.000		6/1/2010		62,562
	10,005,000		FHLMC	0.000		7/13/2010		9,992
			TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES					3,531,755
U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES - 6.88%
			Federal Home Loan Bank (FHLB)
	100,000,000	i	FHLB	0.120		1/8/2010		100,000
	90,000,000	i	FHLB	0.210		1/13/2010		89,999
	100,000,000	i	FHLB	0.580		2/2/2010		100,000
	42,000,000	i	FHLB	0.740		2/26/2010		42,000
	100,000,000	i	FHLB	0.780		3/11/2010		99,999
			Federal Home Loan Mortgage Corp (FHLMC)
	100,000,000	i	FHLMC	0.140		2/4/2010		100,000

416

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	190,000,000	i	FHLMC	0.140	%	2/9/2010	$	190,009
	100,000,000	i	FHLMC	0.420		3/26/2010		100,000
			Federal National Mortgage Association (FNMA)
	44,385,000	i	FNMA	0.200		1/28/2010		44,399
	50,000,000	i	FNMA	0.060		2/26/2010		50,000
			TOTAL U.S. GOVERNMENT AND AGENCIES VARIABLE
			NOTES					916,406
U.S. TREASURY BILLS - 10.18%
	223,505,000		United States Cash Management Bills	0.000		6/10/2010		223,210
	98,030,000		United States Cash Management Bills	0.000		6/17/2010		97,920
	8,550,000		United States Treasury Bills	0.000		1/21/2010		8,549
	149,000,000		United States Treasury Bills	0.000		2/11/2010		148,958
	64,792,000		United States Treasury Bills	0.000		2/18/2010		64,771
	121,667,000		United States Treasury Bills	0.000		3/4/2010		121,634
	42,392,000		United States Treasury Bills	0.000		4/8/2010		42,374
	128,290,000		United States Treasury Bills	0.000		4/15/2010		128,231
	106,885,000		United States Treasury Bills	0.000		4/22/2010		106,833
	53,650,000		United States Treasury Bills	0.000		5/13/2010		53,620
	44,500,000		United States Treasury Bills	0.000		5/20/2010		44,478
	92,620,000		United States Treasury Bills	0.000		5/27/2010		92,564
	25,000,000		United States Treasury Bills	0.000		8/26/2010		24,960
	25,000,000		United States Treasury Notes	2.000		2/28/2010		25,063
	39,690,000		United States Treasury Notes	2.630		5/31/2010		40,043
	73,850,000		United States Treasury Notes	2.880		6/30/2010		74,682
	44,500,000		United States Treasury Notes	2.750		7/31/2010		45,100
	13,500,000		United States Treasury Notes	1.250		11/30/2010		13,602
			TOTAL U.S. TREASURY BILLS					1,356,592
			TOTAL SHORT-TERM INVESTMENTS					13,321,081
			(Cost $13,321,081)
			TOTAL PORTFOLIO - 99.95%					13,321,081
			(Cost $13,321,081)
			OTHER ASSETS & LIABILITIES,NET - 0.05%					6,368
			NET ASSETS - 100.00%				$	13,327,449

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

i	Floating rate or variable rate security. Coupon rate reflects the rate at period end.
	Cost amounts are in thousands.

417

Report of Independent Registered Public Accounting Firm

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

We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the financial statements of the Stock Account, Global Equities Account, Growth Account, Equity Index Account, Bond Market Account, Inflation-Linked Bond Account, Social Choice Account and Money Market Account (constituting the College Retirement Equities Fund, hereafter referred to as the "Accounts") at December 31, 2009, and for the year then ended and have issued our unqualified report thereon dated February 22, 2010 (which report and financial statements are included in Item 1 of this Certified Shareholder Report on Form N-CSR). Our audit included an audit of each of the Accounts' schedule of investments in securities (the Schedules) as of December 31, 2009 appearing in Item 6 of this Form N-CSR. These Schedules are the responsibility of the Accounts' management. Our responsibility is to express an opinion on these Schedules based on our audits.

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

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

New York, NY
February 22, 2010

(b) The CREF Stock Account divested itself of the following equity securities in accordance with Section 13(c) of the Investment Company Act of 1940 on the dates indicated below:

	Exchange	CUSIP/SEDOL	Total Shares	Divestment
Issuer Name	Ticker Symbol	Number	Divested	Date(s)
PetroChina Co Ltd-H	857 HK	6226576	8,000,000	10/02/2009
PetroChina Co Ltd-H	857 HK	6226576	3,970,251	10/21/2009
PetroChina Co Ltd-H	857 HK	6226576	8,000,000	10/30/2009
PetroChina Co Ltd-H	857 HK	6226576	7,026,291	11/17/2009
CNPC Hong Kong Ltd	135 HK	6340078	900,000	10/08/2009
CNPC Hong Kong Ltd	135 HK	6340078	230,000	10/21/2009
CNPC Hong Kong Ltd	135 HK	6340078	900,000	10/30/2009
CNPC Hong Kong Ltd	135 HK	6340078	810,000	11/17/2009
China Petroleum & Chemical-H (Sinopec)	386 HK	6291819	6,000,000	10/02/2009
China Petroleum & Chemical-H (Sinopec)	386 HK	6291819	3,148,764	10/21/2009
China Petroleum & Chemical-H (Sinopec)	386 HK	6291819	6,000,000	10/30/2009
China Petroleum & Chemical-H (Sinopec)	386 HK	6291819	5,392,000	11/17/2009
Oil & Natural Gas Corporation Ltd	ONGC IN	6139362	100,000	10/08/2009
Oil & Natural Gas Corporation Ltd	ONGC IN	6139362	54,532	10/21/2009
Oil & Natural Gas Corporation Ltd	ONGC IN	6139362	100,000	10/30/2009
Oil & Natural Gas Corporation Ltd	ONGC IN	6139362	100,284	11/17/2009

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

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

SIGNATURES

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

	COLLEGE RETIREMENT EQUITIES FUND
Date: February 18, 2010	By:	/s/ Roger W. Ferguson, Jr.
		Roger W. Ferguson, Jr.
		President and Chief Executive Officer

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

Date: February 18, 2010	By:	/s/ Roger W. Ferguson, Jr.
		Roger W. Ferguson, Jr.
		President and Chief Executive Officer
		(principal executive officer)

Date: February 18, 2010	By:	/s/ Georganne C. Proctor
		Georganne C. Proctor
		Executive Vice President and Chief Financial Officer
		(principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

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

EX-99.CERT

Exhibit 12(a)(2)(i)

CERTIFICATION

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

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

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

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

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 18, 2010	By:	/s/ Roger W. Ferguson, Jr.
		Roger W. Ferguson, Jr.
		President and Chief Executive Officer
		(principal executive officer)

Exhibit 12(a)(2)(ii)

CERTIFICATION

I, Georganne C. Proctor, certify that:

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

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

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

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 18, 2010	By:	/s/ Georganne C. Proctor
		Georganne C. Proctor
		Executive Vice President and Chief Financial Officer
		(principal financial officer)

EX-99.906CERT

Exhibit 12(b)

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

          Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of the College Retirement Equities Fund does hereby certify, to such officer’s knowledge, that:

The report on Form N-CSR of the College Retirement Equities Fund (the “Fund”) dated ended December 31, 2009 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Dated: February 18, 2010	By:	/s/ Roger W. Ferguson, Jr.
		Roger W. Ferguson, Jr.
		President and Chief Executive Officer
		(principal executive officer)

Date: February 18, 2010	By:	/s/ Georganne C. Proctor
		Georganne C. Proctor
		Executive Vice President and Chief Financial Officer
		(principal financial officer)