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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number File No. 811-4415

COLLEGE RETIREMENT EQUITIES FUND

(Exact name of Registrant as specified in charter)

730 Third Avenue, New York, New York 10017-3206

(Address of principal executive offices) (Zip code)

Stewart P. Greene, Esq.
c/o TIAA-CREF
730 Third Avenue

New York, New York 10017-3206

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: March 31, 2010

Item 1. Schedule of Investments.

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2010

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
BONDS - 0.0%
CORPORATE BONDS - 0.0%
HOLDING AND OTHER INVESTMENT OFFICES - 0.0%
$	100,000,000	j	Japan Asia Investment Co Ltd	0.000	%	09/26/11	NR	$	535
	22,970		Kiwi Income Property Trust	8.950		12/20/14	NR		17
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES						552
			TOTAL CORPORATE BONDS						552
			(Cost $683)
GOVERNMENT BONDS 0.0%
U.S. TREASURY SECURITIES - 0.0%
	325,000		United States Treasury Note	5.000		02/15/11			338
			TOTAL U.S. TREASURY SECURITIES						338
			TOTAL GOVERNMENT BONDS						338
			(Cost $324)
			TOTAL BONDS						890
			(Cost $1,007)

SHARES			COMPANY
COMMON STOCKS - 99.7%
AGRICULTURAL PRODUCTION-CROPS - 0.0%
	266,794	*,e	Chiquita Brands International, Inc	4,197
	18,722	e	Griffin Land & Nurseries, Inc (Class A)	544
			Societa per la Bonifica dei Terreni Ferraresi e
	3,280		Imprese Agricole S.p.A.	149
			TOTAL AGRICULTURAL PRODUCTION-CROPS	4,890
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.0%
	65,471	e	Cal-Maine Foods, Inc	2,219
	2,036	e	Seaboard Corp	2,645
			TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK	4,864
AGRICULTURAL SERVICES - 0.0%
	145,305	*	Black Earth Farming Ltd	539
	68,751	*,e	Cadiz, Inc	878

1

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	55,998	e	Calavo Growers, Inc	$	1,021
	67,638	*	Hanfeng Evergreen, Inc		520
	36,900	e	Hokuto Corp		757
	4,121		KWS Saat AG.		710
	237,995	*,e	VCA Antech, Inc		6,671
			TOTAL AGRICULTURAL SERVICES		11,096
AMUSEMENT AND RECREATION SERVICES - 0.7%
	208,500	e	888 Holdings plc		314
	1,090		Accordia Golf Co Ltd		1,095
	205,827	e	Aristocrat Leisure Ltd		856
	39,300	e	Aruze Corp		572
	267,872	*	Bally Technologies, Inc		10,860
	981,272		Berjaya Sports Toto BHD		1,348
	104,530		Betsson AB (Series B)		1,795
	112,128	*	bwin Interactive Entertainment		6,595
	48,600	e	Churchill Downs, Inc		1,823
	41,903	*	Codere S.A.		414
	29,642		CTS Eventim AG.		1,505
	24,200		Daikoku Denki Co Ltd		426
	70,148		Dover Downs Gaming & Entertainment, Inc		278
	1,183,598	*,e	Electronic Arts, Inc		22,086
	31,247	*	Euro Disney SCA		187
	228		Fields Corp		265
	18,430		Fiera Milano S.p.A.		109
	80,000		Fuji Kyuko Co Ltd		389
	27,148,000	*,e	Galaxy Entertainment Group Ltd		12,518
	879,000	*	Gallant Venture Ltd		154
	18,488		GL Events		494
	117,415	*	Great Canadian Gaming Corp		850
	35,524	*	Groupe Partouche		129
	48,154	*	Gruppo Coin S.p.A.		335
	58,200	e	Heiwa Corp		598
	742,762		IG Group Holdings plc		4,533
	119,629		International Speedway Corp (Class A)		3,083
	162,201		Intralot S.A.-Integrated Lottery Systems & Services		734
	97,559	*	Juventus Football Club S.p.A.		109
	232,570		Kangwon Land, Inc		3,494
	1,358,994		Ladbrokes plc		3,279
	81,916	*,e	Lakes Entertainment, Inc		188
	213,816	*,e	Life Time Fitness, Inc		6,008
	748,649	*,e	Live Nation, Inc		10,855
	138,891		Luminar Group Holdings plc		93
	230,030	*,e	Madison Square Garden, Inc		4,999
	14,892	*	Meetic		457
	989,612	*,e	Melco PBL Entertainment Macau Ltd (ADR)		4,770
	124,070	*,e	Multimedia Games, Inc		484
	7,181,755		NagaCorp Ltd		943
	206,791	e	Nintendo Co Ltd		69,233
	159,931		OPAP S.A.		3,629
	104,093	e	Oriental Land Co Ltd		7,259

2

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	839		Pacific Golf Group International Holdings KK	$	554
	112,433		Paddy Power plc		4,001
	4,826,668	*	PartyGaming plc		23,446
	1,144,133	*,e	Penn National Gaming, Inc		31,807
	828,222	*,e	Pinnacle Entertainment, Inc		8,067
	619,996	e	Publishing & Broadcasting Ltd		1,792
	753,881	*,e	Rank Group plc		1,345
	6,285,300		Resorts World BHD		5,530
	25,600,600		Rexcapital Financial Holdings Ltd		3,660
	78,500		Round One Corp		516
	607,997		Sega Sammy Holdings, Inc		7,362
	5,246,000		SJM Holdings Ltd		3,466
	44,812		SkiStar AB (Series B)		853
	284,780		Sky City Entertainment Group Ltd		651
	188,142	*,e	Snai S.p.A.		780
	55,935	e	Speedway Motorsports, Inc		873
	926,595		Sportingbet plc		1,069
	2,415,445	e	TABCORP Holdings Ltd		15,294
	455,000		Tanjong plc		2,502
	2,204,952	e	Tattersall’s Ltd		4,978
	297,000		Tokyo Dome Corp		845
	91,512	*,e	Town Sports International Holdings, Inc		358
	64,200		Valor Co Ltd		524
	10,068,297	e	Walt Disney Co		351,483
	141,516	*	Warner Music Group Corp		978
	1,241,062		William Hill plc		3,978
	145,408	*,e	WMS Industries, Inc		6,098
	95,637	e	World Wrestling Entertainment, Inc (Class A)		1,655
	50,000		Yomiuri Land Co Ltd		167
	192,518	*,e	Youbet.com, Inc		566
			TOTAL AMUSEMENT AND RECREATION SERVICES		675,343
APPAREL AND ACCESSORY STORES - 0.9%
	821,779	e	Abercrombie & Fitch Co (Class A)		37,506
	1,144,729	*,e	Aeropostale, Inc		33,003
	179,131	*,e	American Apparel, Inc		543
	2,799,418	e	American Eagle Outfitters, Inc		51,845
	314,086	*,e	AnnTaylor Stores Corp		6,502
	93,500	e	Aoyama Trading Co Ltd		1,543
	4,360,000	*	Apac Resources Ltd		320
	96,373	e	Bebe Stores, Inc		858
	7,044,400		Belle International Holdings Ltd		9,472
	34,099	e	Bjoern Borg AB		359
	206,263	e	Brown Shoe Co, Inc		3,193
	122,223	e	Buckle, Inc		4,493
	868,559		Burberry Group plc		9,417
	423,491	*,e	Carter’s, Inc		12,768
	123,753	e	Cato Corp (Class A)		2,653
	15,767		Charles Voegele Holding AG.		710
	604,183	*,e	Charming Shoppes, Inc		3,299
	696,225	e	Chico’s FAS, Inc		10,040
	104,443	*,e	Children’s Place Retail Stores, Inc		4,653

3

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	33,400	e	Chiyoda Co Ltd	$	412
	181,009	e	Christopher & Banks Corp		1,448
	68,600	*,e	Citi Trends, Inc		2,225
	328,195	*,e	Collective Brands, Inc		7,463
	23,562	*	Destination Maternity Corp		605
	303,976	*,e	Dress Barn, Inc		7,952
	71,291	*,e	DSW, Inc (Class A)		1,820
	13,580		Etam Developpement S.A.		453
	431,185		Fast Retailing Co Ltd		74,947
	309,406		Finish Line, Inc (Class A)		5,050
	819,631		Foot Locker, Inc		12,327
	62,409		Forzani Group Ltd/The		879
	257,900		Foschini Ltd		2,372
	2,816,262	e	Gap, Inc		65,084
	2,066,000		Giordano International Ltd		828
	637,188	e	Hennes & Mauritz AB (B Shares)		41,396
	33,070	e	Honeys Co Ltd		284
	247,633	*,e	Hot Topic, Inc		1,610
	770,613		Inditex S.A.		50,798
	895,847	*,e	J Crew Group, Inc		41,119
	85,056	*,e	JOS A Bank Clothiers, Inc		4,648
	109,242	e	KappAhl Holding AB		1,044
	2,561,880	*,e	Kohl’s Corp		140,339
	1,487,231	e	Limited Brands, Inc		36,616
	19,483		Lotte Shopping Co Ltd		5,648
	182,273	*,e	Lululemon Athletica, Inc		7,564
	27,586		Macintosh Retail Group NV		592
	114,603	*	New York & Co, Inc		549
	106,600	e	Nishimatsuya Chain Co Ltd		1,108
	2,049,920	e	Nordstrom, Inc		83,738
	319,916	*,e	Pacific Sunwear Of California, Inc		1,699
	95,637		Reitmans Canada Ltd		1,686
	16,400		Right On Co Ltd		125
	156,745	*	rnb Retail and Brands AB		224
	989,643	e	Ross Stores, Inc		52,916
	34,704	*,e	Rue21, Inc		1,203
	45,064	*,e	Shoe Carnival, Inc		1,030
	252,082		Sports Direct International plc		410
	233,733	e	Stage Stores, Inc		3,597
	32,591	*,e	Syms Corp		325
	820,333	*,e	Talbots, Inc		10,632
	543,327		Truworths International Ltd		3,901
	154,421	*,e	Under Armour, Inc (Class A)		4,542
	47,700		United Arrows Ltd		522
	1,035,458	*	Urban Outfitters, Inc		39,378
	420,748	*,e	Wet Seal, Inc (Class A)		2,003
	1,017,339		Woolworths Holdings Ltd		3,147
			TOTAL APPAREL AND ACCESSORY STORES		921,435
APPAREL AND OTHER TEXTILE PRODUCTS - 0.3%
	2,002,000		Anta Sports Products Ltd		3,306
	79,885	e	Benetton Group S.p.A.		662

4

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,875,000	e	C C Land Holdings Ltd	$	795
	3,298,600		China Dongxiang Group Co		2,379
	868,000		China Ting Group Holdings Ltd		161
	60,367	e	Columbia Sportswear Co		3,171
	30,200	e	Daidoh Ltd		234
	2,468,284		Debenhams plc		2,835
	62,000		Descente Ltd		367
	26,800		F&A Aqua Holdings, Inc		267
	26,233		Gerry Weber International AG.		911
	69,919	*,e	G-III Apparel Group Ltd		1,927
	1,051,216	e	Guess ?, Inc		49,385
	495,000		Gunze Ltd		1,827
	138,786	*,e	Gymboree Corp		7,166
	881,330	*	Hanesbrands, Inc		24,519
	6,535	e	Hermes International		908
	22,657		Hugo Boss AG.		863
	1,245,830		Jones Apparel Group, Inc		23,696
	1,005,200	e	Li Ning Co Ltd		3,644
	587,912	*,e	Liz Claiborne, Inc		4,368
	86,500	*	Maidenform Brands, Inc		1,890
	6,442	b	Mariella Burani S.p.A.		22
	62,918		New Wave Group AB (B Shares)		322
	1,142,964		Nike, Inc (Class B)		84,007
	332,869	e	Onward Kashiyama Co Ltd		2,596
	1,591,961	e	Pacific Brands Ltd		1,936
	305,841	e	Phillips-Van Heusen Corp		17,543
	160,197	e	Polo Ralph Lauren Corp (Class A)		13,623
	695,241	*,e	Quiksilver, Inc		3,288
	168,000	e	Sanyo Shokai Ltd		638
	168,000		Shikibo Ltd		248
	56,805		Shimamura Co Ltd		5,031
	482,500		Stella International Holdings Ltd		987
	45,000		Takihyo Co Ltd		228
	47,186	e	Ten Cate NV		1,235
	82,000		Tokyo Style Co Ltd		570
	2,792,000	*	Trinity Ltd		1,827
	121,213	*,e	True Religion Apparel, Inc		3,680
	447,340		VF Corp		35,854
	157,000	e	Wacoal Holdings Corp		1,961
	270,730	*	Warnaco Group, Inc		12,917
			TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		323,794
AUTO REPAIR, SERVICES AND PARKING - 0.0%
	45,090	*,e	Amerco, Inc		2,448
	603,837	*	Avis Europe plc		296
	95,978		Dechra Pharmaceuticals plc		604
	155,532	*,e	Dollar Thrifty Automotive Group, Inc		4,997
	92,539	e	Genus plc		960
	661,477	*,e	Hertz Global Holdings, Inc		6,608
	137,592		Localiza Rent A CAR		1,455
	70,065	*,e	Midas, Inc		790
	77,155	e	Monro Muffler, Inc		2,759

5

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	193,291	*	Northgate plc	$	549
	178,500		Park24 Co Ltd		1,825
	358,533	e	Ryder System, Inc		13,896
	22,348		Sixt AG.		715
	20,568		Sixt AG. (Preference)		465
	72,811	*	Standard Parking Corp		1,196
	198,842	*,e	Wright Express Corp		5,989
			TOTAL AUTO REPAIR, SERVICES AND PARKING		45,552
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.1%
	759,234	e	Advance Auto Parts		31,828
	46,959	*,e	America’s Car-Mart, Inc		1,133
	207,168	*,e	Asbury Automotive Group, Inc		2,755
	281,932	*,e	Autonation, Inc		5,097
	153,262	*,e	Autozone, Inc		26,528
	163,859		Canadian Tire Corp Ltd		8,944
	645,346	*,e	Carmax, Inc		16,211
	246,096	*	Copart, Inc		8,761
	6,230	e	Gulliver International Co Ltd		219
	505,097		Halfords Group plc		3,622
	7,817,101	*	Inchcape plc		3,497
	103,268	*,e	Lithia Motors, Inc (Class A)		661
	307,491	*	Lookers plc		269
	1,720	*	MarineMax, Inc		19
	76,810		MOL Hungarian Oil and Gas plc		7,858
	393,845	*,e	O’Reilly Automotive, Inc		16,427
	860,666		Pendragon plc		304
	146,058	*	Penske Auto Group, Inc		2,106
	4,575	*,m	Rodriguez Group		18
	181,463	*,e	Rush Enterprises, Inc (Class A)		2,397
	163,129	*,e	Sonic Automotive, Inc (Class A)		1,794
	740	*	TravelCenters of America LLC		3
	17,150	*	US Auto Parts Network, Inc		129
			TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		140,580
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.5%
	136,927	e	Alesco Corp Ltd		377
	237,141	*,e	Builders FirstSource, Inc		747
	52,337		Clas Ohlson AB (B Shares)		953
	187,100	e	DCM Japan Holdings Co Ltd		1,073
	484,702	e	Fastenal Co		23,261
	8,075,076	e	Home Depot, Inc		261,229
	96,800	e	Keiyo Co Ltd		476
	5,167,670		Kingfisher plc		16,813
	7,512,866		Lowe’s Cos, Inc		182,112
	58,735	*,e	Lumber Liquidators, Inc		1,566
	94,000		Nice Holdings, Inc		207
	113,100	e	Praktiker Bau- und Heimwerkermaerkte AG.		1,210
	226,832	*	RONA, Inc		3,426
	10,300		Stella-Jones, Inc		296
	300,193	*	Travis Perkins plc		3,729
			TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		497,475

6

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
SHARES			COMPANY	VALUE (000)
BUSINESS SERVICES - 6.4%
	2,237,855	*	3Com Corp	$	17,209
	79,482	*,e	3D Systems Corp		1,085
	162,459	e	Aaron Rents, Inc		5,416
	254,760	e	ABM Industries, Inc		5,401
	63,953	*	Absolute Software Corp		363
	167,717	*,e	Acacia Research (Acacia Technologies)		1,816
	343	*,e	Access Co Ltd		520
	190,910	*,e	ACI Worldwide, Inc		3,935
	221,204	*,e	ActivIdentity Corp		628
	2,059,009	e	Activision Blizzard, Inc		24,832
	253,846	*,e	Actuate Corp		1,419
	450,115	*,e	Acxiom Corp		8,075
	1,074,719	e	Adecco S.A.		61,003
	108,085	e	Administaff, Inc		2,307
	3,725,848	*	Adobe Systems, Inc		131,783
	68,564	*,e	Advent Software, Inc		3,068
	1,303,018		Aegis Group plc		2,515
	24,100		Aeon Delight Co Ltd		339
	440,844		Aggreko plc		7,974
	270,851	e	Aircastle Ltd		2,565
	505,111	*,e	Akamai Technologies, Inc		15,866
	1,232,850	*,e	Alliance Data Systems Corp		78,890
	152,547		Alpha Systems, Inc		2,733
	146,096	*,e	Altran Technologies S.A.		791
	1,122,441	*,e	Amdocs Ltd		33,797
	158,689	*,e	American Reprographics Co		1,423
	121,916	*,e	American Software, Inc (Class A)		708
	317,798	*,e	AMICAS, Inc		1,913
	268,292	*	AMN Healthcare Services, Inc		2,361
	14,200	*,e	Ancestry.com, Inc		241
	431,068		Anite plc		214
	309,223	*	Ansys, Inc		13,340
	108,379	*,e	APAC Customer Services, Inc		623
	127,179	e	Arbitron, Inc		3,391
	82,054	*,e	ArcSight, Inc		2,310
	344,387		Argo Graphics, Inc		3,816
	409,605	*	Ariba, Inc		5,263
	827,010	*,e	Art Technology Group, Inc		3,647
	67,605	*	AS. Roma S.p.A		80
	42,800	e	Asatsu-DK, Inc		909
	1,315,387		Ashtead Group plc		1,905
	87,952		Asseco Poland S.A.		1,749
	73,288	*,e	Asset Acceptance Capital Corp		462
	157,807	*,e	athenahealth, Inc		5,769
	621,270	*,e	Atos Origin S.A.		31,198
	1,743,437	*	Autodesk, Inc		51,292
	1,781,194		Automatic Data Processing, Inc		79,210
	5,584,475	*	Autonomy Corp plc		154,490
	521,006	e	Aveva Group plc		9,369
	530,162	*,e	Avis Budget Group, Inc		6,097

7

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
SHARES			COMPANY	VALUE (000)
	65,017		B2W Companhia Global Do Varejo	$	1,404
	36,100	e	Barrett Business Services, Inc		490
	29,134		Bechtle AG.		896
	393,433	e	BGC Partners, Inc (Class A)		2,404
	279,990	e	Blackbaud, Inc		7,053
	151,576	*,e	Blackboard, Inc		6,315
	180,828	*,e	Blue Coat Systems, Inc		5,613
	737,130	*,e	BMC Software, Inc		28,011
	190,224	*,e	Bottomline Technologies, Inc		3,201
	425,931	*,e	BPZ Energy, Inc		3,131
	250,332	e	Brady Corp (Class A)		7,790
	168,520	e	Brink’s Co		4,757
	131,721	*	Brink’s Home Security Holdings, Inc		5,605
	29,594		Brunel International		1,038
	123,249	*	Bull S.A.		568
	1,818,936		CA, Inc		42,690
	149,215	e	Cabcharge Australia Ltd		786
	170,339	*,e	CACI International, Inc (Class A)		8,321
	731,400	*,e	Cadence Design Systems, Inc		4,871
	41,376	*,e	CAI International, Inc		510
	81,236		Cairo Communication S.p.A.		317
	153,757	*,e	Callidus Software, Inc		558
	708,275		Cam Finanziaria S.p.A.		267
	156,200	e	Capcom Co Ltd		2,951
	71,207	*,e	Capella Education Co		6,611
	160,616	*,e	Cavium Networks, Inc		3,993
	212,170	*	CBIZ, Inc		1,394
	11,555		Cegid Group		343
	120,700	e	Century Leasing System, Inc		1,672
	195,548	*,e	Cerner Corp		16,633
	14,924		Cewe Color Holding AG.		560
	522,557	*	CGI Group, Inc		7,820
	231,745	*,e	Check Point Software Technologies		8,125
	22,836,000	*	China LotSynergy Holdings Ltd		985
	62,000		Chinese Gamer International Corp		671
	42,300	*,e	Chiyoda Integre Co Ltd		570
	181,518	*,e	Chordiant Software, Inc		920
	450,133	*,e	Ciber, Inc		1,683
	563,184	*	Citrix Systems, Inc		26,734
	121,235	*,e	Clear Channel Outdoor Holdings, Inc (Class A)		1,286
	60,781	*,e	Clinical Data, Inc		1,179
	210,416	*,e	Cogent Communications Group, Inc		2,190
	339,763	*,e	Cogent, Inc		3,466
	199,938	e	Cognex Corp		3,697
	1,919,930	*	Cognizant Technology Solutions Corp (Class A)		97,878
	289,450	*	Commvault Systems, Inc		6,180
	119,708	e	Compass Diversified Trust		1,827
	101,619	*,e	Compellent Technologies, Inc		1,783
	249,685		Computacenter plc		1,163
	45,610	e	Computer Programs & Systems, Inc		1,782
	1,203,090	*	Computer Sciences Corp		65,556
	71,039	*,e	Computer Task Group, Inc		515

8

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
SHARES			COMPANY	VALUE (000)
	329,859		Computershare Ltd	$	3,790
	1,187,268	*,e	Compuware Corp		9,973
	83,329	*,e	COMSYS IT Partners, Inc		1,457
	190,931	*,e	Concur Technologies, Inc		7,830
	202,296	e	Connaught plc		758
	97,038	*,e	Constant Contact, Inc		2,253
	965,899	*,e	Convergys Corp		11,842
	1,600	*,e	COOKPAD, Inc		137
	1,856,900	e	COSCO Pacific Ltd		2,813
	92,099	*,e	CoStar Group, Inc		3,824
	87,645		Cramo Oyj (Series B)		1,724
	760,000		CSE Global Ltd		538
	244,201	*,e	CSG Systems International, Inc		5,118
	105,300	e	CSK Holdings Corp		457
	51,870	e	Ctrip.com International Ltd (ADR)		2,033
	873	e	CyberAgent, Inc		1,544
	334,500	*	Cybersource Corp		5,901
	138,185	e	Dassault Systemes S.A.		8,174
	181,447	*,e	DealerTrack Holdings, Inc		3,099
	95,739	*,e	Deltek, Inc		731
	243,652		Deluxe Corp		4,732
	558	e	Dena Co Ltd		4,130
	175,478	e	Dentsu, Inc		4,612
	19,737		Devoteam S.A.		541
	86,379	*,e	Dice Holdings, Inc		656
	182,816	*,e	Digital River, Inc		5,539
	171,451	*	DivX, Inc		1,228
	142,234	*,e	Double-Take Software, Inc		1,267
	463,244	e	DST Systems, Inc		19,201
	29,400		DTS Corp		292
	116,900		Duskin Co Ltd		2,079
	40,569	*	Dynamics Research Corp		457
	268,283	*,e	DynCorp International, Inc (Class A)		3,083
	2,333	e	eAccess Ltd		1,702
	724,857	e	Earthlink, Inc		6,190
	6,375,455	*,e	eBay, Inc		171,820
	101,564	*,e	Ebix, Inc		1,622
	155,810	*,e	Echelon Corp		1,398
	346,441	*	Eclipsys Corp		6,887
	88,300	e	EDB Business Partner ASA		278
	95,184	e	Electro Rent Corp		1,250
	234,891	*,e	Electronics for Imaging, Inc		2,732
	33,558	*	eLoyalty Corp		189
	828,129	e	Emeco Holdings Ltd		464
	253,400	e	Ementor ASA		2,143
	6,377		Engineering Ingegneria Informatica S.p.A.		226
	179	*	en-japan, Inc		239
	266,880	*,e	Epicor Software Corp		2,551
	152,441	*,e	EPIQ Systems, Inc		1,895
	373,877	e	Equifax, Inc		13,385
	61,178	e	Euromoney Institutional Investor plc		483
	656,572	*,e	Evergreen Energy, Inc		118

9

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
SHARES			COMPANY	VALUE (000)
	17,784		Exact Holding NV	$	475
	75,042	*,e	ExlService Holdings, Inc		1,252
	679,245		Expedia, Inc		16,954
	1,043,854		Experian Group Ltd		10,273
	572,000	e	Ezion Holdings Ltd		307
	372,660	*	F5 Networks, Inc		22,922
	144,043	e	Factset Research Systems, Inc		10,568
	262,402	e	Fair Isaac Corp		6,649
	173,850	*,e	FalconStor Software, Inc		605
	1,123,438		Fidelity National Information Services, Inc		26,333
	72,389		Fidessa Group plc		1,453
	11,330		Fimalac		564
	39,010	*	FirstService Corp		891
	454,828	*,e	Fiserv, Inc		23,087
	222,880		FlexiGroup Ltd		278
	82,086		Fluidra S.A.		294
	69,456	*,e	Forrester Research, Inc		2,089
	37	*,e	Freebit Co Ltd		149
	125,728		F-Secure Oyj		426
	45,800		FUJI SOFT, Inc		766
	4,573,343		Fujitsu Ltd		29,938
	297		Future Architect, Inc		113
	51,497		Fuyo General Lease Co Ltd		1,457
	314,589	*,e	Gartner, Inc		6,996
	45,814	*,e	General de Alquiler de Maquinaria		201
	16,726	*,m	General de Alquiler de Maquinaria S.A.		73
	1,790	*,e	Gerber Scientific, Inc		11
	56,097	e	Gestevision Telecinco S.A.		880
	82,760		GFI Informatique		339
	188,381	*,e	Global Cash Access, Inc		1,539
	94,074	*,e	Global Sources Ltd		612
	72,900		GMO internet, Inc		278
	1,458,133	*	Google, Inc (Class A)		826,777
	170	e	Gourmet Navigator, Inc		328
	350,000	*,e	Gravity Co Ltd (ADR)		637
	18,000	*,e	Gree, Inc		1,099
	1,046		Green Hospital Supply, Inc		596
	11,968		Grenkeleasing AG.		511
	1,568,812		Group 4 Securicor plc		6,225
	4,099		Groupe CRIT		103
	56,812		Groupe Steria SCA		1,758
	238,692	*,e	Gruppo Editoriale L’Espresso S.p.A.		675
	78,319	*,e	GSE Systems, Inc		424
	139,691	*	H&E Equipment Services, Inc		1,506
	224,237	*,e	Hackett Group, Inc		623
	11,726	e	Hakuhodo DY Holdings, Inc		617
	760,483	e	Havas S.A.		3,828
	2,046,681	e	Hays plc		3,370
	262,088		HCL Technologies Ltd		2,092
	179,930		Healthcare Locums plc		491
	189,551	e	Healthcare Services Group		4,244
	182,223	e	Heartland Payment Systems, Inc		3,389

10

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	25,500	*,e	HeartWare International, Inc	$	1,134
	80,559	e	Heidrick & Struggles International, Inc		2,258
	83,923	*	Hi-Media S.A.		608
	122,569	*	HMS Holdings Corp		6,250
	461,117		Hogg Robinson Group plc		220
	1,336,338	e	IBA Health Group Ltd		693
	37,500	e	IBJ Leasing Co Ltd		748
	133,509	e	iGate Corp		1,299
	176,158	*	IHS, Inc (Class A)		9,419
	15,600	*	Iida Home Max		256
	195,164		iiNET Ltd		484
	37,554	e	Imergent, Inc		253
	598,562	e	Indra Sistemas S.A.		12,272
	46,786	e	Industrial & Financial Systems		596
	91,400		Ines Corp		679
	232,311	*,e	infoGROUP, Inc		1,812
	668,908	*,e	Informatica Corp		17,967
	431,900		Information Development Co		2,301
	18,000		Information Services International-Dentsu Ltd		96
	162,855	*,e	Infospace, Inc		1,800
	689,406		Infosys Technologies Ltd		40,170
	23,300	e	Infosys Technologies Ltd (ADR)		1,371
	134,600	*,e	Innerworkings, Inc		700
	107,190	*,e	Innodata Isogen, Inc		434
	78,447	*,e	Integral Systems, Inc		755
	102,060	e	Interactive Data Corp		3,266
	95,190	*,e	Interactive Intelligence, Inc		1,779
	263,401	*,e	Internap Network Services Corp		1,475
	129,232	*,e	Internet Brands, Inc (Class A)		1,192
	211,587	*,e	Internet Capital Group, Inc		1,788
	256	e	Internet Initiative Japan, Inc		566
	2,989,429	*,e	Interpublic Group of Cos, Inc		24,872
	97,031	e	Intrum Justitia AB		1,230
	1,256,223	*	Intuit, Inc		43,139
	237,829	*,e	inVentiv Health, Inc		5,342
	248,975	e	Ipass, Inc		286
	203,029	e	Iress Market Technology Ltd		1,490
	657,127		Iron Mountain, Inc		18,005
	125,960	e	IT Holdings Corp		1,533
	485,990	e	ITE Group plc		1,057
	485,650	e	Jack Henry & Associates, Inc		11,685
	325,275	*,e	JC Decaux S.A.		9,090
	156,235	*,e	JDA Software Group, Inc		4,346
	335,239	e	JSR Corp		7,003
	2,589,121	*,e	Juniper Networks, Inc		79,434
	314	e	Kakaku.com, Inc		1,139
	10,756		Kardex AG.		357
	128,142	*,e	Kelly Services, Inc (Class A)		2,135
	177,928	*,e	Kenexa Corp		2,447
	61,220	e	Keynote Systems, Inc		697
	153,239	*,e	Kforce, Inc		2,331
	147,569	*	Knot, Inc		1,154

11

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	54,955	e	Konami Corp	$	1,060
	81,168		Kontron AG.		794
	202,371	*,e	Korn/Ferry International		3,572
	163,319	*,e	Lamar Advertising Co (Class A)		5,610
	243,917		Lavendon Group plc		283
	832,590	*,e	Lawson Software, Inc		5,503
	147,542	*,e	Limelight Networks, Inc		540
	321,426	*	Lionbridge Technologies		1,167
	72,909	*,e	Liquidity Services, Inc		841
	228,121	*,e	Liveperson, Inc		1,750
	2,816,296		LogicaCMG plc		5,834
	64,634	*,e	LogMeIn, Inc		1,337
	630	*,e	LoJack Corp		3
	46,494	*,e	Longtop Financial Technologies Ltd (ADR)		1,498
	116,482	e	Loomis AB		1,500
	65,183	*	MacDonald Dettwiler & Associates Ltd		2,423
	436		Macromill, Inc		631
	148,399	*	Manhattan Associates, Inc		3,781
	408,979		Manpower, Inc		23,361
	140,967	*	Mantech International Corp (Class A)		6,883
	125,635	e	Marchex, Inc (Class B)		642
	536,561	e	Mastercard, Inc (Class A)		136,287
	862,448	*	McAfee, Inc		34,610
	94,440	*,e	Medidata Solutions, Inc		1,435
	62,700	e	Meitec Corp		1,228
	522,494	*,e	Mentor Graphics Corp		4,190
	491,221		Michael Page International plc		2,982
	459,371		Micro Focus International plc		3,496
	45,943,101		Microsoft Corp		1,344,756
	62,119	*	MicroStrategy, Inc (Class A)		5,284
	696,166		Misys plc		2,561
	572,256		Mitsubishi UFJ Lease & Finance Co Ltd		20,812
	293	*,e	Mixi Inc		1,996
	327,721	*,e	ModusLink Global Solutions, Inc		2,763
	404,488	*,e	MoneyGram International, Inc		1,541
	120,650	*,e	Monotype Imaging Holdings, Inc		1,174
	408,881	*,e	Monster Worldwide, Inc		6,792
	1,085,664	e	Moody’s Corp		32,299
	89,492		Morgan Sindall plc		740
	30,400	e	Moshi Moshi Hotline, Inc		581
	751,329	*,e	Move, Inc		1,570
	32,293	*,e	NCI, Inc (Class A)		976
	453,482	*	NCR Corp		6,258
	16,636		Ncsoft		2,110
	12,600		NEC Capital Solutions Ltd		163
	1,174,399		NEC Corp		3,530
	44,200		NEC Fielding Ltd		599
	39,500		NEC Networks & System Integration Corp		523
	7,015	*	Nemetschek AG.		184
	34,631	*	Neowiz Games Corp		1,077
	202,245	*,e	Ness Technologies, Inc		1,276
	33,617	e	Net Entertainment NE AB		398

12

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	93,488	*	Netease.com (ADR)	$	3,316
	113,455	*,e	NetFlix, Inc		8,366
	209,758	*,e	Netscout Systems, Inc		3,102
	73,025	*,e	NetSuite, Inc		1,062
	145,565	*,e	Network Equipment Technologies, Inc		802
	61,950	*	NHN Corp		9,855
	350,404	e	NIC, Inc		2,758
	98,500	e	Nihon Unisys Ltd		661
	9,000		Nippon Kanzai Co Ltd		145
	52,200	e	Nippon System Development Co Ltd		627
	335,401		Nippon Systemware Co Ltd		1,173
	30,400		Nishio Rent All Co Ltd		223
	161,981	e	Nomura Research Institute Ltd		3,690
	482,000	*	Norse Energy Corp ASA		332
	1,356,150	*	Novell, Inc		8,123
	37,800	e	NS Solutions Corp		685
	3,825	e	NTT Data Corp		12,745
	1,762,996	*	Nuance Communications, Inc		29,336
	8,800	e	OBIC Business Consultants Ltd		430
	15,096		Obic Co Ltd		2,742
	1,450,314	e	Omnicom Group, Inc		56,287
	210,577	*,e	On Assignment, Inc		1,501
	129,913	*,e	Online Resources Corp		524
	69,393	*	Open Text Corp		3,309
	11,238	*,e	OpenTable, Inc		429
	104,600	e	Opera Software ASA		417
	72,335	e	Opnet Technologies, Inc		1,166
	72		OPT, Inc		95
	20,650,536	e	Oracle Corp		530,513
	32,321	e	Oracle Corp Japan		1,499
	23,315	e	ORC Software AB		544
	71,843	*	Ordina NV		404
	11,241	e	Otsuka Corp		714
	551,114	*	Parametric Technology Corp		9,948
	273	*,e	Pasona Group, Inc		180
	275,000		PCA Corp		2,341
	112,720	e	PC-Tel, Inc		697
	76,741		Pegasystems, Inc		2,839
	158,492	*,e	Perficient, Inc		1,786
	74,231	*	Pervasive Software, Inc		376
	203,180	*	Phase Forward, Inc		2,656
	145,346	*,e	Phoenix Technologies Ltd		468
	1,768,000		Pico Far East Holdings Ltd		321
	1,401,448	e	Playtech Ltd		11,484
	76,628	*,e	Portfolio Recovery Associates, Inc		4,205
	310,610	*,e	Premiere Global Services, Inc		2,566
	197,828	*,e	Progress Software Corp		6,218
	173,162	*,e	Promotora de Informaciones S.A.		622
	93,476	*,e	PROS Holdings, Inc		924
	58,719		Prosegur Cia de Seguridad S.A.		2,649
	139,465	e	Publicis Groupe S.A.		5,968
	2,731		PubliGroupe AG.		272

13

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	72,378	e	QAD, Inc	$	380
	109,020	e	Quality Systems, Inc		6,698
	397,715	*,e	Quest Software, Inc		7,075
	26,100	*	QuinStreet, Inc		444
	310,033	*,e	Rackspace Hosting, Inc		5,807
	136,134	*,e	Radiant Systems, Inc		1,943
	112,032	*,e	Radisys Corp		1,004
	16,476	e	Rakuten, Inc		11,913
	95,068	e	Ramirent Oyj		1,005
	56,841	*	Randstad Holdings NV		2,701
	264,408	*,e	Raser Technologies, Inc		264
	364,336	*,e	RealNetworks, Inc		1,760
	552,489	*	Red Hat, Inc		16,171
	88,193		Redflex Holdings Ltd		142
	46,122	e	Renaissance Learning, Inc		749
	375,578	*,e	Rent-A-Center, Inc		8,882
	44,533	e	Rewards Network, Inc		597
	44,300		Ricoh Leasing Co Ltd		1,035
	290,980		Rightmove plc		2,976
	149,281	*,e	RightNow Technologies, Inc		2,666
	170,985	*	Riskmetrics Group Inc		3,866
	97,849	e	Ritchie Bros Auctioneers, Inc		2,111
	450,156	e	Robert Half International, Inc		13,698
	200,619	e	Rollins, Inc		4,349
	30,582	*,e	Rosetta Stone, Inc		727
	232,089	*,e	RSC Holdings, Inc		1,847
	349,757	*,e	S1 Corp		2,064
	17,918		S1 Corp (Korea)		740
	116,964	*,e	Saba Software, Inc		579
	1,390,641		Sage Group plc		5,046
	482,800	*,e	Salesforce.com, Inc		35,944
	158,413	*,e	Sandvine Corp		306
	1,701,517	e	SAP AG.		82,412
	390,558		Sapient Corp		3,570
	1,049,616	*	Satyam Computer Services Ltd		2,159
	111,999	*	SDL plc		829
	166,318		Secom Co Ltd		7,276
	16,536		Securitas AB (B Shares)		176
	526,678		Seek Ltd		3,876
	18,199	*	SeLoger.com		722
	116	e	SGS S.A.		160
	6,811	e	SimCorp AS		1,258
	30,573	*	Sina Corp		1,152
	4,548,423	e	Singapore Post Ltd		3,414
	154,669	*	SK Broadband Co Ltd		733
	180,727		Skilled Group Ltd		264
	132,587	*,e	Smith Micro Software, Inc		1,172
	43	*	SMS Co Ltd		58
	172,336		SMS Management & Technology Ltd		1,026
	9,959		Societe Des Autoroutes Paris-Rhin-Rhone		716
	894,056	e	Softbank Corp		22,024
	40,667		Software AG.		4,843

14

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	203,300		Sohgo Security Services Co Ltd	$	2,355
	105,505	*,e	Sohu.com, Inc		5,761
	298,219	*,e	SolarWinds, Inc		6,459
	228	e	So-net Entertainment Corp		568
	153	e	So-net M3, Inc		524
	319,865	*,e	SonicWALL, Inc		2,780
	1,150,577	*,e	Sonus Networks, Inc		3,003
	11,430		Sopra Group S.A.		818
	360,682	e	Sotheby’s (Class A)		11,214
	168,569	*,e	Sourcefire, Inc		3,869
	753,938		Speedy Hire plc		346
	314,085	*,e	Spherion Corp		2,516
	573,475		Spotless Group Ltd		1,500
	83,195	e	Square Enix Co Ltd		1,819
	245,302	*	SRA International, Inc (Class A)		5,100
	159	e	Start Today Co Ltd		289
	57,665	*,e	StarTek, Inc		401
	141,985		Sthree plc		733
	95,466	*,e	Stratasys, Inc		2,327
	624,355		STW Communications Group Ltd		487
	220,758	*,e	SuccessFactors, Inc		4,203
	251,561	*,e	SupportSoft, Inc		823
	17,377	e	Sword Group		598
	55,225	*	SXC Health Solutions Corp		3,739
	346,850	*,e	Sybase, Inc		16,170
	168,772	*,e	SYKES Enterprises, Inc		3,855
	7,236,967	*	Symantec Corp		122,449
	91,454	*,e	Synchronoss Technologies, Inc		1,771
	136,355	*	SYNNEX Corp		4,031
	412,297	*	Synopsys, Inc		9,223
	60,621	e	Syntel, Inc		2,332
	350,000		Taiwan Secom Co Ltd		560
	11,350,530		Taiwan-Sogo Shinkong Security Corp		8,471
	370,473	e	Take-Two Interactive Software, Inc		3,649
	88,305	e	TAL International Group, Inc		1,764
	186,867	*,e	Taleo Corp (Class A)		4,842
	746,263		Tata Consultancy Services Ltd		12,976
	53,085	*,e	TechTarget, Inc		278
	45,800	e	Tecmo Koei Holdings Co Ltd		327
	245,441	*	Telecity Group plc		1,579
	76,713		Teleperformance		2,642
	249,055	*,e	TeleTech Holdings, Inc		4,254
	757,851	*,e	Temenos Group AG.		22,317
	1,469,100	e	Tencent Holdings Ltd		29,479
	44,247	e	Textainer Group Holdings Ltd		954
	278,399	*,e	THQ, Inc		1,952
	856,702	*	TIBCO Software, Inc		9,244
	83,351	*	Tier Technologies, Inc		663
	109,253	e	Tietoenator Oyj		2,529
	36,200		TKC		669
	121,416	*,e	TNS, Inc		2,708
	2,848,000	*	Tom Group Ltd		282

15

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	218,700	e	Tomra Systems ASA	$	1,071
	899,546		Total System Services, Inc		14,087
	69,707	*,e	TradeDoubler AB		383
	179,108	*,e	TradeStation Group, Inc		1,256
	49,100	e	Trans Cosmos, Inc/Japan		405
	27,463	*,e	Travelzoo, Inc		412
	83,403		Trend Micro, Inc		2,908
	243,005	*,e	TrueBlue, Inc		3,767
	102,896	*,e	UBISOFT Entertainment		1,415
	106,304	*	Ultimate Software Group, Inc		3,503
	61,686	*,e	Unica Corp		548
	366,282	*	Unisys Corp		12,780
	29,986		Unit 4 Agresso NV		767
	570,063	*,e	United Internet AG.		8,647
	506,688	e	United Online, Inc		3,790
	322,795	*,e	United Rentals, Inc		3,028
	95,425		USG People NV		1,802
	12,420	e	USS Co Ltd		844
	602,082	*	Valueclick, Inc		6,105
	127,695	*,e	Vasco Data Security International		1,053
	393,000		Venture Corp Ltd		2,450
	283	e	VeriSign Japan KK		114
	564,550	*,e	VeriSign, Inc		14,684
	94,086	e	Viad Corp		1,933
	64,289	*,e	Virtusa Corp		663
	2,792,720		Visa, Inc (Class A)		254,222
	952,820	*,e	VMware, Inc (Class A)		50,785
	78,327	*,e	Vocus, Inc		1,335
	63,857	*,e	Volt Information Sciences, Inc		652
	147,729	*,e	WebMD Health Corp (Class A)		6,852
	293,056	*,e	Websense, Inc		6,673
	173,381	*	Website Pros, Inc		945
	451,491		Wipro Ltd		7,110
	162,608	e	Wirecard AG.		1,537
	475	e	Works Applications Co Ltd		317
	232,806		Wotif.com Holdings Ltd		1,549
	3,998,530		WPP plc		41,443
	43,334	e	Yahoo! Japan Corp		15,783
	5,462,293	*	Yahoo!, Inc		90,292
			TOTAL BUSINESS SERVICES		6,524,476
CHEMICALS AND ALLIED PRODUCTS - 10.8%
	4,319	*	3SBio, Inc (ADR)		53
	59,300	*	5N Plus, Inc		318
	8,782,901		Abbott Laboratories		462,683
	73,781	*,b,m	Able Laboratories, Inc		0	^
	20,999	*,e	Abraxis Bioscience, Inc		1,087
	196,259		Accsys Technologies plc		123
	247,905	*,e	Acorda Therapeutics, Inc		8,478
	132,502	*	Actelion Ltd		6,028
	15,407	*,e	Acura Pharmaceuticals, Inc		83
	3,845	*	Addex Pharmaceuticals Ltd		50

16

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	157,100		ADEKA Corp	$	1,569
	290,185	*	Adolor Corp		522
	255,589		Agrium, Inc		18,052
	366,444		Agrium, Inc (Toronto)		25,912
	135,350		Air Liquide		16,248
	788,453	e	Air Products & Chemicals, Inc		58,306
	228,400		Air Water, Inc		2,614
	2,294,044		Alapis Holding Industrial and Commercial S.A.		1,363
	158,680	*,e	Albany Molecular Research, Inc		1,325
	257,073		Albemarle Corp		10,959
	787,914		Alberto-Culver Co		20,604
	244,917	*	Alexion Pharmaceuticals, Inc		13,316
	10,004	e	ALK-Abello AS		788
	444,313	*,e	Alkermes, Inc		5,763
	342,531	*,e	Allos Therapeutics, Inc		2,545
	166,968	*,e	Alnylam Pharmaceuticals, Inc		2,842
	98,427	*,e	AMAG Pharmaceuticals, Inc		3,436
	303,151	*,e	American Oriental Bioengineering, Inc		1,237
	92,792	e	American Vanguard Corp		756
	6,774,029	*	Amgen, Inc		404,816
	75,156	*,e	Amicus Therapeutics, Inc		240
	3,739		Amorepacific Corp		2,720
	129	*	AnGes MG, Inc		203
	828,571	*,e	Anthera Pharmaceuticals, Inc		5,792
	765,342	*	Antisoma plc		87
	138,566	e	Arch Chemicals, Inc		4,765
	96,974	*,e	Ardea Biosciences, Inc		1,771
	447,869	*,e	Arena Pharmaceuticals, Inc		1,388
	52,500	e	Arisawa Manufacturing Co Ltd		374
	97,449	e	Arkema		3,608
	351,061	*,e	Arqule, Inc		2,022
	248,366	*,e	Array Biopharma, Inc		681
	101,030	*,e	ARYx Therapeutics, Inc		88
	1,868,748	e	Asahi Kasei Corp		10,054
	31,000		ASKA Pharmaceutical Co Ltd		210
	412,037	*	Aspen Pharmacare Holdings Ltd		4,500
	502,680	e	Astellas Pharma, Inc		18,201
	825,871		AstraZeneca plc		36,833
	782,345	e	AstraZeneca plc (ADR)		34,986
	49,044	*	Atrium Innovations Inc		805
	19,679	e	Auriga Industries (Class B)		371
	214,962	*,e	Auxilium Pharmaceuticals, Inc		6,698
	354,567	*,e	AVANIR Pharmaceuticals, Inc		823
	630,171	e	Avery Dennison Corp		22,945
	412,554	*,e	AVI BioPharma, Inc		491
	1,557,264	e	Avon Products, Inc		52,745
	61,499	*	Axis-Shield plc		383
	6,936		Bachem Holding AG.		457
	151,714	e	Balchem Corp		3,740
	1,858,950	e	BASF AG.		115,296
	11,872	*	Basilea Pharmaceutica		920
	4,076	e	Beiersdorf AG.		244

17

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	95,997	*,e	BioCryst Pharmaceuticals, Inc	$	631
	48,018	*,e	Biodel, Inc		205
	66,246	*,e	BioDelivery Sciences International, Inc		254
	1,305,048	*	Biogen Idec, Inc		74,858
	278,188	*,e	BioMarin Pharmaceuticals, Inc		6,501
	66,886	*,e	BioMimetic Therapeutics, Inc		880
	18,072	*,e	Biospecifics Technologies Corp		501
	303,233	e	Biota Holdings Ltd		632
	6,924		Biotest AG.		357
	12,694		Biotest AG. (Preference)		634
	208,699	e	Biovail Corp		3,491
	10,950,199	*,e	Biovitrum AB		57,931
	16,286		Boiron S.A.		693
	185,028	*	Braskem S.A.		1,362
	7,885,155	e	Bristol-Myers Squibb Co		210,534
	738,092	e	Cabot Corp		22,438
	120,171	*,e	Cadence Pharmaceuticals, Inc		1,097
	260,962	*,e	Calgon Carbon Corp		4,468
	172,582	*,e	Cambrex Corp		699
	58,300	*	Cangene Corp		247
	93,234	*,e	Caraco Pharmaceutical Laboratories Ltd		558
	115,961	*	Cardiome Pharma Corp		765
	43,556	*,e	Cardiovascular Systems, Inc		231
	713,122		Celanese Corp (Series A)		22,713
	3,499,361	*	Celgene Corp		216,820
	2,992,826	*,e	Cell Therapeutics, Inc		1,618
	215,933	*,e	Celldex Therapeutics, Inc		1,326
	67,930	*	Celltrion, Inc		1,192
	538,334	*,e	Cephalon, Inc		36,488
	371,104	e	CF Industries Holdings, Inc		33,837
	193,614	*,e	Charles River Laboratories International, Inc		7,611
	28,969	e	Chase Corp		366
	57,210	*,e	Chelsea Therapeutics International, Inc		203
	51,474		Chemring Group PLC		2,586
	44,870	*,e	China Green Agriculture, Inc		628
	146,072	*,e	China Precision Steel, Inc		307
	36,562	*,e	China-Biotics, Inc		655
	98,055		Christian Dior S.A.		10,460
	271,860		Chugai Pharmaceutical Co Ltd		5,112
	131,000	e	Chugoku Marine Paints Ltd		901
	205,035		Church & Dwight Co, Inc		13,727
	671,883		Cipla Ltd		5,064
	369,102	*	Clariant AG.		4,694
	614,823	e	Clorox Co		39,435
	1,400	e	CMIC Co Ltd		325
	2,736,239		Colgate-Palmolive Co		233,292
	50,417	*,e	Cornerstone Therapeutics, Inc		320
	259,229		Croda International		3,686
	1,015,788	e	CSL Ltd		33,958
	374,486	*,e	Cubist Pharmaceuticals, Inc		8,441
	15,000	*,e	Cumberland Pharmaceuticals, Inc		158
	366,018	*,e	Curis, Inc		1,124

18

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	185,069	*,e	Cypress Bioscience, Inc	$	907
	741,656		Cytec Industries, Inc		34,665
	182,984	*,e	Cytokinetics, Inc		586
	123,103	*,e	Cytori Therapeutics, Inc		561
	144,000		Dai Nippon Toryo Co Ltd		157
	1,324,550	e	Daicel Chemical Industries Ltd		9,110
	531,895	e	Daiichi Sankyo Co Ltd		9,962
			Dainichiseika Color & Chemicals Manufacturing
	95,000		Co Ltd		365
	1,250,675	e	Dainippon Ink and Chemicals, Inc		2,702
	101,000	e	Dainippon Sumitomo Pharma Co Ltd		926
	90,000		Daiso Co Ltd		228
	934,048	*,e	Dendreon Corp		34,065
	29,700	*	Devgen		407
	23,779	*	Diamyd Medical AB (B Shares)		444
	36,078		DiaSorin S.p.A.		1,358
	546,834	*,e	Discovery Laboratories, Inc		284
	7,784,393	e	Dow Chemical Co		230,185
	212,132		Dr Reddy’s Laboratories Ltd		6,024
	647,050	e	DSM NV		28,853
	4,263,761		Du Pont (E.I.) de Nemours & Co		158,782
	371,764	*,e	Durect Corp		1,119
	27,000		Earth Chemical Co Ltd		820
	339,123	e	Eastman Chemical Co		21,595
	944,803	e	Ecolab, Inc		41,524
	517,501	e	Eisai Co Ltd		18,460
	408,253	*	Elan Corp plc		3,077
	1,157,002	*,e	Elan Corp plc (ADR)		8,770
	757,925		Elementis plc		656
	3,608,631		Eli Lilly & Co		130,705
	123,731	*	Elizabeth Arden, Inc		2,227
	118,149	*	Emergent Biosolutions, Inc		1,984
	13,637		EMS-Chemie Holding AG.		1,870
	238,339	*,e	Enzon Pharmaceuticals, Inc		2,426
	172	e	EPS Co Ltd		417
	20,860	e	Eramet		7,180
	977,023		Estee Lauder Cos (Class A)		63,379
	1,912,586		Eternal Chemical Co Ltd		1,954
	125,392	*,e	Facet Biotech Corp		3,384
	286,249	e	FAES FARMA S.A.		1,320
	162,400	e	Fancl Corp		3,078
	75,249	e	Female Health Co		540
	4,118,136	e	Ferro Corp		36,198
	118,972		Fertilizantes Fosfatados S.A.		1,137
	299,792		Filtrona plc		993
	213,767		FMC Corp		12,941
	4,003,039	*,e	Forest Laboratories, Inc		125,535
	3,958,733		Formosa Chemicals & Fibre Corp		9,262
	5,331,091		Formosa Plastics Corp		11,751
	9,772		Fuchs Petrolub AG.		883
	23,210	e	Fuchs Petrolub AG. (Preference)		2,238
	90,000		Fuso Pharmaceutical Industries Ltd		295

19

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	615,535	*	Galapagos NV	$	9,311
	55,641	*,e	Genmab AS		700
	1,010,031	*,e	Genzyme Corp		52,350
	398,331	*,e	Georgia Gulf Corp		7,365
	435,894	*,e	Geron Corp		2,476
	6,449,368	*	Gilead Sciences, Inc		293,317
	44,519		Givaudan S.A.		39,055
	3,101,005		GlaxoSmithKline plc		59,552
	58,770	e	Grifols S.A.		878
	94,790	*,e	GTx, Inc		317
	72,000		Gun-Ei Chemical Industry Co Ltd		170
	15,549		H Lundbeck A/s		293
	19,660		H&R WASAG AG.		413
	264,736	e	H.B. Fuller Co		6,145
	453,394	*,e	Halozyme Therapeutics, Inc		3,623
	105,605		Hanwha Chemical Corp		1,288
	229,945		Haw Par Corp Ltd		983
	54,404	e	Hawkins, Inc		1,317
	521,294	*,e	Hemispherx Biopharma, Inc		386
	85,157		Henkel KGaA		3,946
	1,774,327	e	Henkel KGaA (Preference)		95,524
	271,876		Hikma Pharmaceuticals plc		2,607
	1,326,224		Hindustan Lever Ltd		7,076
	37,400	e	Hisamitsu Pharmaceutical Co, Inc		1,390
	66,067	*,e	Hi-Tech Pharmacal Co, Inc		1,463
	19,334		Honam Petrochemical Corp		1,939
	1,092,253	*,e	Hospira, Inc		61,876
	1,415,735	*,e	Human Genome Sciences, Inc		42,755
	1,566,172		Huntsman Corp		18,872
	167,542	e	ICO, Inc		1,354
	374,021	*,e	Idenix Pharmaceuticals, Inc		1,055
	116,329	*,e	Idera Pharmaceuticals, Inc		722
	166,485	*,e	Idexx Laboratories, Inc		9,581
	426,235	*,e	Immucor, Inc		9,543
	273,445	*,e	Immunogen, Inc		2,212
	398,708	*,e	Impax Laboratories, Inc		7,129
	2,626,715		Incitec Pivot Ltd		8,364
	109,569		Innophos Holdings, Inc		3,057
	150,839	e	Innospec, Inc		1,714
	294,484	*,e	Inspire Pharmaceuticals, Inc		1,838
	5,911		Inter Parfums S.A.		169
	58,565	e	Inter Parfums, Inc		868
	81,097	*,e	Intercell AG.		2,356
	207,882	*,e	InterMune, Inc		9,265
	232,301	e	International Flavors & Fragrances, Inc		11,074
	231,419	*	Inverness Medical Innovations, Inc		9,014
	147,848		Ipsen		7,220
	441,000	*	Ishihara Sangyo Kaisha Ltd		363
	700,393		Israel Chemicals Ltd		9,476
	250,232	*,e	Javelin Pharmaceuticals, Inc		323
	14,597,954		Johnson & Johnson		951,786
	84,785		Kaiser Aluminum Corp		3,270

20

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	182,000	e	Kaken Pharmaceutical Co Ltd	$	1,501
	268,411		Kansai Paint Co Ltd		2,188
	59,000	e	Kanto Denka Kogyo Co Ltd		461
	511,010	e	Kao Corp		12,954
	30,800	e	Katakura Industries Co Ltd		318
	157,742	e	Kemira Oyj		1,685
	2,301,739	*	King Pharmaceuticals, Inc		27,068
	1,415,276		Kingboard Chemical Holdings Ltd		6,444
	66,000		Kissei Pharmaceutical Co Ltd		1,372
	58,000		Koatsu Gas Kogyo Co Ltd		344
	99,625	e	Koppers Holdings, Inc		2,821
	44,200	e	Kose Corp		1,038
	63,000	e	Kumiai Chemical Industry Co Ltd		194
	290,965		Kuraray Co Ltd		3,915
	172,000	e	KUREHA CORP		833
	170,803	*,e	KV Pharmaceutical Co (Class A)		301
	115,000	e	Kyorin Co Ltd		1,663
	216,067		Kyowa Hakko Kogyo Co Ltd		2,230
	387,725	*,e	La Seda de Barcelona S.A. (Class B)		178
	118,777	*,e	Landec Corp		787
	48,221	*,e	Lannett Co, Inc		205
	1,531,640	e	Lanxess AG.		70,574
	17,449		LG Household & Health Care Ltd		4,665
	954,196	*	Life Technologies Corp		49,876
	541,227	*,e	Ligand Pharmaceuticals, Inc (Class B)		947
	244,030		Linde AG.		29,117
	128,500		Lintec Corp		2,513
	360,000		Lion Corp		1,814
	670,820	e	Lonza Group AG.		54,714
	67,921	e	L’Oreal S.A.		7,143
	715,263	e	Lubrizol Corp		65,604
	55,676		Lupin Ltd		2,018
	270,022	e	Maire Tecnimont S.p.A.		1,028
	314,880		Makhteshim-Agan Industries Ltd		1,423
	30,300	e	Mandom Corp		826
	118,083		Mannatech, Inc		394
	257,120	*,e	MannKind Corp		1,687
	53,780	*,e	MAP Pharmaceuticals, Inc		855
	192,546	e	Martek Biosciences Corp		4,334
	409,703		Mcbride plc		1,418
	481,402		Meda AB (A Shares)		5,284
	73,814	e	Mediceo Paltac Holdings Co Ltd		874
	312,051	*,e	Medicines Co		2,446
	356,795		Medicis Pharmaceutical Corp (Class A)		8,977
	105,255	*,e	Medifast, Inc		2,645
	43,351	*	Medigene AG.		195
	267,430	*,e	Medivation, Inc		2,805
	12,668,514		Merck & Co, Inc		473,168
	10,584	e	Merck KGaA		858
	189,482	e	Meridian Bioscience, Inc		3,860
	146,100		Methanex Corp		3,539
	267,535	*,e	Micromet, Inc		2,162

21

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	204,379	*,e	MiddleBrook Pharmaceuticals, Inc	$	61
	12,800	e	Milbon Co Ltd		293
	89,043		Minerals Technologies, Inc		4,616
	107,800		Miraca Holdings, Inc		3,286
	1,169,267	e	Mitsubishi Chemical Holdings Corp		5,978
	496,337		Mitsubishi Gas Chemical Co, Inc		2,989
	141,000		Mochida Pharmaceutical Co Ltd		1,342
	96,479	*,e	Molecular Insight Pharmaceuticals, Inc		126
	177,802	*,e	Momenta Pharmaceuticals, Inc		2,662
	3,439,680		Monsanto Co		245,662
	29,508	*	Morphosys AG.		669
	541,225	e	Mosaic Co		32,890
	5,209,825	*,e	Mylan Laboratories, Inc		118,315
	133,919	*,e	Myriad Pharmaceuticals, Inc		605
	277,060	*,e	Nabi Biopharmaceuticals		1,516
	705,618		Nalco Holding Co		17,168
	7,766,057		Nan Ya Plastics Corp		15,846
	65,471	*,e	Nanosphere, Inc		314
	332,401	*	Natraceutical S.A.		205
	287,438		Natura Cosmeticos S.A.		5,835
	830,000		Natural Beauty Bio-Technology Ltd		146
	207,455	*,e	NBTY, Inc		9,954
	288,966	*,e	Neurocrine Biosciences, Inc		737
	66,143	*,e	NeurogesX, Inc		622
	48,161	e	NewMarket Corp		4,960
	31,800	e	Nichi-iko Pharmaceutical Co Ltd		894
	94,657	*,e	NicOx S.A.		799
	61,000	e	Nihon Nohyaku Co Ltd		352
	72,000	e	Nihon Parkerizing Co Ltd		976
	485,550	e	Nippon Chemiphar Co Ltd		1,350
	298,000		Nippon Kayaku Co Ltd		2,588
	337,000	e	Nippon Paint Co Ltd		2,206
	87,000		Nippon Shinyaku Co Ltd		985
	192,000		Nippon Shokubai Co Ltd		1,735
	279,000		Nippon Soda Co Ltd		1,235
	113,000	e	Nippon Synthetic Chemical Industry Co Ltd		777
	116,000		Nippon Valqua Industries Ltd		254
	241,022	e	Nissan Chemical Industries Ltd		3,372
	48,446	e	NL Industries, Inc		416
	30,500	e	Noevir Co Ltd		315
	7,877,312	e	Novartis AG.		425,467
	798,128	e	Novartis AG. (ADR)		43,179
	321,907	*,e	Novavax, Inc		744
	634,632	e	Novo Nordisk AS (Class B)		49,246
	39,858	e	Novozymes AS (B Shares)		4,411
	325,381	*,e	NPS Pharmaceuticals, Inc		1,640
	104,116	e	Nufarm Ltd		786
	420,544	e	Nuplex Industries Ltd		1,055
	55,745	*,e	Nutraceutical International Corp		833
	85,112	*	Obagi Medical Products, Inc		1,037
	430,260	e	Olin Corp		8,442
	162,878	*,e	OM Group, Inc		5,518

22

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	33,219		Omega Pharma S.A.	$	1,655
	262,070	*,e	Omeros Corp		1,845
	331,722	*,e	Omnova Solutions, Inc		2,604
	22,114	*,e	OncoGenex Pharmaceutical, Inc		454
	162	*	OncoTherapy Science, Inc		310
	77,380	e	Ono Pharmaceutical Co Ltd		3,443
	312,751	*,e	Onyx Pharmaceuticals, Inc		9,470
	135,131		OPG Groep NV		2,491
	229,485	*,e	Opko Health, Inc		454
	139,464	*,e	Optimer Pharmaceuticals, Inc		1,713
	264,070	*	OraSure Technologies, Inc		1,566
	127,696	*,e	Orexigen Therapeutics, Inc		752
	72,075	e	Oriflame Cosmetics S.A.		4,492
	151,001	e	Oriola-KD Oyj (B Shares)		993
	6,891	e	Orion Oyj (Class B)		152
	155,788	*,e	OSI Pharmaceuticals, Inc		9,277
	138,257	*,e	Osiris Therapeutics, Inc		1,023
	142,437	*,e	OXiGENE, Inc		175
	700,422	*,e	Pactiv Corp		17,637
	167,485	*,e	Pain Therapeutics, Inc		1,050
	199,775	*,e	Par Pharmaceutical Cos, Inc		4,954
	318,037	*,e	Parexel International Corp		7,413
	98,700	*,e	Patheon, Inc		243
	593,061	e	PDL BioPharma, Inc		3,683
	391,837		Perrigo Co		23,009
	106,038	e	PetMed Express, Inc		2,351
	41,357,451	e	Pfizer, Inc		709,279
	420,199	*,e	Pharmacyclics, Inc		2,622
	100,750	*,e	Pharmasset, Inc		2,700
	287,381	*,e	Pharmaxis Ltd		746
	127,896	*,e	PharMerica Corp		2,330
	701,151	*,e	PolyOne Corp		7,180
	98,736	*,e	Poniard Pharmaceuticals, Inc		114
	394,664	e	Potash Corp of Saskatchewan		47,127
	127,716	*,e	Pozen, Inc		1,224
	762,661		PPG Industries, Inc		49,878
	1,175,541		Praxair, Inc		97,570
	166,413	*,e	Prestige Brands Holdings, Inc		1,498
	15,490,019		Procter & Gamble Co		980,053
	136,336	*,e	Progenics Pharmaceuticals, Inc		727
	183,791	*,e	Protalix BioTherapeutics, Inc		1,206
	403,600		PTT Chemical PCL		1,186
	281,225		PZ Cussons plc		1,162
	483,321	*,e	Questcor Pharmaceuticals, Inc		3,978
	230,148	*,e	Quidel Corp		3,346
	141,972	*	Ranbaxy Laboratories Ltd		1,503
	2,545,461	e	Reckitt Benckiser Group plc		139,715
	277,144		Recordati S.p.A.		2,109
	45,349	*,e	Repros Therapeutics, Inc		31
	95,577	*,e	Revlon, Inc (Class A)		1,419
	229,189	*,e	Rhodia S.A.		4,749
	22,663		Richter Gedeon Nyrt		4,903

23

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	1,351,541		Roche Holding AG.	$	219,190
	261,670	*	Rockwood Holdings, Inc		6,966
	120,000		Rohto Pharmaceutical Co Ltd		1,318
	540,425	e	RPM International, Inc		11,533
	163,000		Sakai Chemical Industry Co Ltd		793
	264,366	*	Salix Pharmaceuticals Ltd		9,848
	1,655,696		Sanofi-Aventis		123,420
	423,462	*,e	Santarus, Inc		2,278
	40,404	e	Santen Pharmaceutical Co Ltd		1,213
	131,000		Sanyo Chemical Industries Ltd		783
	10,063		Sartorius Stedim Biotech		515
	35,100	e	Sawai Pharmaceutical Co Ltd		2,290
	179,186	*,e	Sciclone Pharmaceuticals, Inc		633
	265,539	e	Scotts Miracle-Gro Co (Class A)		12,308
	705,669	*,e	Seattle Genetics, Inc		8,426
	157,000		Seikagaku Corp		1,641
	232,366	e	Sensient Technologies Corp		6,753
	509,026	e	Sherwin-Williams Co		34,451
	47,000		Shikoku Chemicals Corp		262
	647,593	e	Shin-Etsu Chemical Co Ltd		37,613
	72,800		Shin-Etsu Polymer Co Ltd		554
	192,111	e	Shionogi & Co Ltd		3,654
	3,438,185		Shire Ltd		75,862
	649,760		Shire plc (ADR)		42,858
	871,022	e	Shiseido Co Ltd		18,913
	1,682,021		Showa Denko KK		3,796
	340,280		Sidi Kerir Petrochemcials Co		904
	134,732	*,e	SIGA Technologies, Inc		893
	658,636		Sigma-Aldrich Corp		35,342
	4,594,000	e	Sinochem Hong Kong Holding Ltd		2,745
	4,388,600	*	Sinopec Shanghai Petrochemical Co Ltd		1,741
	1,095,200	*	Sinopharm Group Co		4,923
	74,292	*	Sinovac Biotech Ltd		439
			Sociedad Nacional de Industrias Apicaciones
	79,584	*	Celulosa Espanola S.A.		150
	116,587		Sociedad Quimica y Minera de Chile S.A. (Class B)		4,357
	615,087	*,e	Solutia, Inc		9,909
	59,338		Solvay S.A.		6,100
	340,459	*,e	Spectrum Pharmaceuticals, Inc		1,570
	60,000		SSP Co Ltd		454
	17,200		ST Corp		192
	96,556	e	Stada Arzneimittel AG.		3,804
	10,518		Stallergenes		824
	12,600	e	Stella Chemifa Corp		535
	721,252	*,e	StemCells, Inc		837
	70,571	e	Stepan Co		3,944
	53,807	*,e	Sucampo Pharmaceuticals, Inc (Class A)		192
	1,652,673		Sumitomo Chemical Co Ltd		8,079
	117,000		Sumitomo Seika Chemicals Co Ltd		461
	134,347		Sun Pharmaceuticals Industries Ltd		5,363
	395,035	*,e	SuperGen, Inc		1,264

24

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	72,832	*,e	SurModics, Inc	$	1,525
	368,078	e	Syngenta AG.		102,213
	130,108	*,e	Synta Pharmaceuticals Corp		561
	6,200	e	Taiko Pharmaceutical Co Ltd		100
	75,815		Taisho Pharmaceutical Co Ltd		1,379
	1,414,500		Taiwan Fertilizer Co Ltd		4,521
	24,000		Taiyo Ink Manufacturing Co Ltd		643
	661,050		Taiyo Nippon Sanso Corp		6,463
	1,484,878	e	Takeda Pharmaceutical Co Ltd		65,358
	270,907	e	Tanabe Seiyaku Co Ltd		3,825
	12,000	e	Tanaka Chemical Corp		203
	23,900	e	Tenma Corp		278
	30,390		Tessenderlo Chemie NV		1,016
	1,352,057		Teva Pharmaceutical Industries Ltd		86,521
	4,407,314	e	Teva Pharmaceutical Industries Ltd (ADR)		278,013
	88,001	*	Theratechnologies, Inc		440
	825,600	*,e	Theravance, Inc		10,997
	358,000		Toagosei Co Ltd		1,520
	42,000	e	Toda Kogyo Corp		310
	725,000		Tokai Carbon Co Ltd		4,219
	509,929	e	Tokuyama Corp		2,825
	57,700	e	Tokyo Ohka Kogyo Co Ltd		1,072
	87,758	e	Toray Industries, Inc		513
	31,400		Torii Pharmaceutical Co Ltd		616
	301,300	e	Tosoh Corp		767
	13,800	e	Towa Pharmaceutical Co Ltd		703
	330,000		Toyo Ink Manufacturing Co Ltd		1,483
	1,166,000	e	Toyobo Co Ltd		1,858
	16,111	*,e	Transgene S.A.		370
	911,500		TSRC Corp		1,214
	138,000	e	Tsumura & Co		4,008
	1,972,388		UBE Industries Ltd		5,063
	494,351		UCB S.A.		21,109
	212,527	*,e	Ulta Salon Cosmetics & Fragrance, Inc		4,807
	264,748	*,e	Unifi, Inc		964
	524,000		United Laboratories Ltd		451
	290,114		United Phosphorus Ltd		964
	265,840	*	United Therapeutics Corp		14,709
	229,914	e,f	Uralkali (GDR)		4,826
	40,452	*,e	USANA Health Sciences, Inc		1,271
	531,091	*,e	USEC, Inc		3,064
	384,565	*,e	Valeant Pharmaceuticals International		16,502
	410,746		Valspar Corp		12,109
	1,546,515	*,e	Vanda Pharmaceuticals, Inc		17,847
	445,681	*	Vectura Group plc		318
	661,433	*,e	Vertex Pharmaceuticals, Inc		27,033
	227,540	*,e	Vical, Inc		765
	115,198		Victrex plc		1,539
	10,561		Virbac S.A.		1,118
	421,419	*	Viropharma, Inc		5,744
	20,300	*,e	Vitacost.com, Inc		245
	40,200		VITAL KSK Holdings, Inc		262

25

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	12,734	e	Wacker Chemie AG.	$	1,899
	4,199,767		Wah Lee Industrial Corp		5,726
	170,774	*,e	Warner Chilcott plc		4,363
	1,628,118	*	Watson Pharmaceuticals, Inc		68,006
	95,027	e	Westlake Chemical Corp		2,451
	389,224	*	WR Grace & Co		10,805
	136,568	*,e	Xenoport, Inc		1,265
	661,404	e	Yara International ASA		28,712
	12,406		Yuhan Corp		1,891
	230,479	*	Yule Catto & Co plc		620
	226,731	e	Zeltia S.A.		1,204
	618,000		Zeon Corp		3,609
	32,000	e	ZERIA Pharmaceutical Co Ltd		341
	313,119	*,e	Zymogenetics, Inc		1,794
			TOTAL CHEMICALS AND ALLIED PRODUCTS		10,957,819
	COAL MINING - 0.4%
	20,527,500		Adaro Energy Tbk		4,422
	459,879	*	Alpha Natural Resources, Inc		22,943
	212,041		Anglo Pacific Group plc		782
	180,066	*,e	Aquila Resources Ltd		1,740
	477,936		Arch Coal, Inc		10,921
	508,896	*	Carbon Energy Ltd		269
	1,330,908	e	Centennial Coal Co Ltd		5,203
	8,744,383	e	China Coal Energy Co		13,650
	5,600,799		China Shenhua Energy Co Ltd		24,202
	191,808	*,e	Cloud Peak Energy, Inc		3,192
	529,427	e	Consol Energy, Inc		22,585
	116,148	*	Felix Resources Ltd		68
	243,825	e,m	Gloucester Coal Ltd		2,014
	243,400	*	Grande Cache Coal Corp		1,980
	492,528	*,e	International Coal Group, Inc		2,251
	126,768	*,e	James River Coal Co		2,016
	210,710		Kumba Resources Ltd		3,642
	4,298,412	e	MacArthur Coal Ltd		55,418
	396,704		Massey Energy Co		20,744
	286,500	e	Mitsui Mining Co Ltd		429
	2,664,112	e	New World Resources NV		31,351
	1,469,313		Peabody Energy Corp		67,147
	264,041	*	Pike River Coal Ltd		173
	26,177,000		PT Bumi Resources Tbk		6,473
	1,553,634		PT Tambang Batubara Bukit Asam Tbk		2,971
	855,700	e	Sasol Ltd		35,564
	327,198	*	UK Coal plc		250
	510,500	*	Western Canadian Coal Corp		3,056
	56,197	*,e	Westmoreland Coal Co		709
	761,984	e	Whitehaven Coal Ltd		3,587
	4,578,000	e	Yanzhou Coal Mining Co Ltd		11,014
			TOTAL COAL MINING		360,766
	COMMERCIAL SERVICES AND SUPPLIES - 0.0%
	44,064		Bureau Veritas S.A.		2,339

26

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,408		Thessaloniki Port Authority S.A.	$	83
			TOTAL COMMERCIAL SERVICES AND SUPPLIES		2,422
	COMMUNICATIONS - 4.4%
	58,531	*	AboveNet, Inc		2,969
	1,824	*	Acotel Group S.p.A		155
	269,846	e	Adtran, Inc		7,110
	8,484	*	Advanced Digital Broadcast Holdings S.A.		358
	1,051,700		Advanced Info Service PCL		2,805
	400,000	*	Advanced Info Service PCL (ADR)		1,067
	139,146	f	AFK Sistema (GDR)		3,785
	194,061	e	Alaska Communications Systems Group, Inc		1,576
	47,898		America Movil S.A. de C.V. (ADR) (Series L)		2,411
	28,348,755	e	America Movil S.A. de C.V. (Series L)		71,378
	1,576,260	*	American Tower Corp (Class A)		67,164
	34,351		Amper S.A.		246
	202,065	*,e	Anixter International, Inc		9,467
	107,708	e	Antena 3 de Television S.A.		1,190
	1,225,479	*	AOL, Inc		30,980
	313,161	*,e	Aruba Networks, Inc		4,278
	368,200		Astro All Asia Networks plc		483
	31,134,639		AT&T, Inc		804,518
	44,504		Atlantic Tele-Network, Inc		2,000
	118,177	*,e	Audiovox Corp (Class A)		919
	2,433,003	*,e	Austar United Communications Ltd		2,657
	342,089		Austereo Group Ltd		537
	577,487	*	Avanzit S.A.		552
	356,359	e	BCE, Inc		10,473
	663,000		BEC World PCL (Foreign)		509
	223,629		Belgacom S.A.		8,735
	2,651,802		Bezeq Israeli Telecommunication Corp Ltd		7,527
	490,200		Bharti Airtel Ltd		3,413
	587,905		Brasil Telecom S.A. (Preference)		3,769
	409,558	*,e	Brightpoint, Inc		3,084
	960,550		British Sky Broadcasting plc		8,775
	28,050,746		BT Group plc		52,740
	5,469,241	e	Cable & Wireless plc		4,594
	1,869,241	*	Cable & Wireless Worldwide		2,610
	1,212,899		Cablevision Systems Corp (Class A)		29,279
	117,728		Canal Plus		934
	1,031,663	*	Carso Global Telecom SAB de CV		5,239
	106,513	*,e	Cbeyond Communications, Inc		1,457
	4,940,228		CBS Corp (Class B)		68,867
	60,096		Cellcom Israel Ltd		2,096
	110,019	*,e	Central European Media Enterprises Ltd (Class A)		3,225
	1,784,633		CenturyTel, Inc		63,283
	3,090,232	e	China Communications Services Corp Ltd		1,552
	9,204,410	e	China Mobile Hong Kong Ltd		88,556
	21,811,859	e	China Telecom Corp Ltd		10,759
	10,567,923	e	China Unicom Ltd		11,896
	6,325,000		Chunghwa Telecom Co Ltd		12,368
	1,091,900	*,e	Cincinnati Bell, Inc		3,723

27

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,441,000		Citic 1616 Holdings Ltd	$	488
	816,000		City Telecom (HK) Ltd		653
	236,786	*,e	Clearwire Corp (Class A)		1,693
	25,899	e	Cogeco Cable, Inc		1,053
	604,717	*	Colt Telecom Group S.A.		1,166
	16,052,605	e	Comcast Corp (Class A)		302,109
	224,079	f	Comstar United Telesystems (GDR)		1,571
	106,998	e	Consolidated Communications Holdings, Inc		2,029
	111,811	*	Corus Entertainment, Inc		2,185
	1,060,847	*,e	Crown Castle International Corp		40,556
	93,612	*,e	Crown Media Holdings, Inc (Class A)		180
	103,187	e	CTC Media, Inc		1,777
	56,512		Cyfrowy Polsat S.A.		309
	4,936,475	e	Deutsche Telekom AG.		66,908
	99,433	*,e	DG FastChannel, Inc		3,177
	434,300		Digi.Com BHD		3,006
	9,063	*,e	Digital Multimedia Technologies S.p.A.		195
	70,460	*,e	DigitalGlobe, Inc		1,969
	5,333,936	*	DIRECTV		180,340
	2,649,714		DISH Network Corp (Class A)		55,167
	67,483	*	Drillisch AG.		488
	159	e	Dwango Co Ltd		268
	55,023		Egyptian Co for Mobile Services		2,145
	96,714		Elisa Oyj (Series A)		1,995
	136,954		Empresa Nacional de Telecomunicaciones S.A.		1,863
	147,660	*,e	Equinix, Inc		14,373
	246,391	e	Eutelsat Communications		8,759
	180,500	*	Excelcomindo Pratama PT		69
	3,406,717		Far EasTone Telecommunications Co Ltd		4,076
	23,179	*	Fastweb		434
	36,058		Fisher Communications, Inc		508
	124,612	*	Forthnet S.A.		178
	2,105,744		France Telecom S.A.		50,384
	158,630	*	Freenet AG.		1,960
	1,103,350	e	Frontier Communications Corp		8,209
	2,856		Fuji Television Network, Inc		4,231
	222,459	*,e	General Communication, Inc (Class A)		1,284
	89,743	*,e	GeoEye, Inc		2,647
	209,966	*,e	Global Crossing Ltd		3,181
	486,364	e	Global Payments, Inc		22,154
	36,933	*	Global Village Telecom Holding S.A.		1,197
	44,750		Globe Telecom, Inc		990
	3,775,866	e	Grupo Televisa S.A.		15,966
	2,122,421		Hellenic Telecommunications Organization S.A.		26,345
	61,657	e	HickoryTech Corp		544
	77,194	e	Hikari Tsushin, Inc		1,253
	40,778	*	Hughes Communications, Inc		1,136
			Hutchison Telecommunications Hong Kong
	9,992,351		Holdings Ltd		1,725
	2,451,351	e	Hutchison Telecommunications International Ltd		672
	527,313	*	IAC/InterActiveCorp		11,991
	798,884	*	Idea Cellular Ltd		1,166

28

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	11,886	e	Iliad S.A.	$	1,226
	125,517	*,e	inContact, Inc		358
	1,151,273		Inmarsat plc		13,208
	135,738	*	Intracom Holdings S.A.		178
	149,459	e	Iowa Telecommunications Services, Inc		2,496
	5,248,343	*	ITV plc		4,838
	256,931	*,e	j2 Global Communications, Inc		6,012
	279,401	*	Jazztel plc		1,170
	5,126	e	Jupiter Telecommunications Co		5,922
	753,042	e	Kcom Group plc		560
	2,706	e	KDDI Corp		14,009
	154,832	*,e	Knology, Inc		2,081
	249,782		KT Corp		10,321
	205,031	*,e	Leap Wireless International, Inc		3,354
	5,963,862	*,e	Level 3 Communications, Inc		9,661
	331,463		LG Telecom Ltd		2,262
	971,298	*	Liberty Global, Inc (Class A)		28,323
	323,467	*	Liberty Media Corp - Capital (Series A)		11,764
	301,770	*	Liberty Media Corp - Starz		16,501
	2,542,607	*	Liberty Media Holding Corp (Interactive A)		38,927
	154,212	*,e	Lin TV Corp (Class A)		887
	113,531	*,e	Lodgenet Entertainment Corp		791
	22,094		LS Cable Ltd		1,929
	71,294		M6-Metropole Television		1,844
	506,604		Magyar Telekom		2,068
	31,100		Manitoba Telecom Services, Inc		977
	262,952		Maroc Telecom		5,041
	259,954	*,e	Mastec, Inc		3,278
	2,434,200		Maxis Bhd		3,985
	254,488	*,e	Mediacom Communications Corp (Class A)		1,514
	754,139		Mediaset S.p.A.		6,478
	2,998,182	*,e	MetroPCS Communications, Inc		21,227
	302,881	e	Mobile TeleSystems (ADR)		16,810
	862,000		MobileOne Ltd		1,282
	44,325		Mobilezone Holding AG.		386
	21,811		Mobistar S.A.		1,342
	85,632	e	Modern Times Group AB (B Shares)		4,981
	2,249,138		MTN Group Ltd		34,584
	584,452		Naspers Ltd (N Shares)		25,396
	21,400		NEC Mobiling Ltd		514
	225,482	*	NET Servicos de Comunicacao S.A.		2,954
	450,292	*	NeuStar, Inc (Class A)		11,347
	152,829	*	Neutral Tandem, Inc		2,442
	728,432	*	NII Holdings, Inc (Class B)		30,346
	1,658,962		Nippon Telegraph & Telephone Corp		69,915
	100		Nippon Television Network Corp		14
	148,773	*,e	Novatel Wireless, Inc		1,001
	30,277	*	NRJ Group		280
	219,883	e	NTELOS Holdings Corp		3,912
	20,843	e	NTT DoCoMo, Inc		31,747
	3,790,252		Orascom Telecom Holding SAE		3,876
	760,909	*,e	PAETEC Holding Corp		3,561

29

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	123,060		Partner Communications	$	2,764
	14,969,024		PCCW Ltd		4,454
	74,077		Philippine Long Distance Telephone Co		3,967
	26,615		Philippine Long Distance Telephone Co (ADR)		1,418
	1,370,000		Phoenix Satellite Television Holdings Ltd		348
	423,403		Portugal Telecom SGPS S.A.		4,734
	13,808	e	Preformed Line Products Co		527
	432,257	*	Premiere AG.		1,115
	139,888	e	ProSiebenSat.1 Media AG.		2,362
	1,527,858		PT Indosat Tbk		923
			PT Multimedia Servicos de Telecomunicacoes e
	225,280	e	Multimedia SGPS S.A.		1,155
	14,827,004		PT Telekomunikasi Indonesia Tbk (Series B)		13,117
	245,728	*	QSC AG.		536
	13,852,753	e	Qwest Communications International, Inc		72,311
	196,027	*,e	RCN Corp		2,956
	5,378		Reply S.p.A.		123
	711,903	e	Rogers Communications, Inc (Class B)		24,315
	2,179		Rostelecom (ADR)		65
	2,867,319	e	Royal KPN NV		45,427
	176,719		Salmat Ltd		689
	170,633	*,e	SAVVIS, Inc		2,815
	1,000,541	*,e	SBA Communications Corp (Class A)		36,090
	191,029	e	SES Global S.A.		4,824
	138,669	e	Seven Network Ltd		952
	10,049	*	Seven Network Ltd TELYS3		790
	362,442	*,e	Shaw Communications, Inc (B Shares)		7,176
	114,615	e	Shenandoah Telecom Co		2,155
	202,661	*,e	Sinclair Broadcast Group, Inc (Class A)		1,030
	7,782,309		Singapore Telecommunications Ltd		17,635
	49,765		SK Telecom Co Ltd		7,631
	29,200	e	SK Telecom Co Ltd (ADR)		504
	399,802		Sky Network Television Ltd		1,517
	3,281	e	Sky Perfect Jsat Corp		1,411
	313,500		SmarTone Telecommunications Holding Ltd		324
	51,891	e	Societe Television Francaise 1		963
	106,770	*,e	SONAECOM - SGPS S.A.		230
	17,323,611	*	Sprint Nextel Corp		65,830
	306,000		StarHub Ltd		501
	59,995	*,e	SureWest Communications		515
	70,883		Swisscom AG.		25,869
	96,111	*	Switch & Data Facilities Co, Inc		1,707
	304,399	*,e	Syniverse Holdings, Inc		5,927
	3,257,103		Taiwan Mobile Co Ltd		6,133
	149,127		Tele Norte Leste Participacoes S.A.		3,203
	338,760		Tele Norte Leste Participacoes S.A. (Preference)		6,002
	358,844		Tele2 AB (B Shares)		5,989
	4,342,198		Telecom Corp of New Zealand Ltd		6,693
	847,034		Telecom Egypt		2,617
	1,561,759	*,e	Telecom Italia Media S.p.A.		164
	42,743,318		Telecom Italia RSP		48,206
	8,435,265	e	Telecom Italia S.p.A.		12,145

30

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	64,686		Telecom Plus plc	$	293
	178,058	*,e	TeleCommunication Systems, Inc (Class A)		1,305
	143,692		Telefonica O2 Czech Republic A.S.		3,356
	6,471,498		Telefonica S.A.		153,312
	7,145,919	e	Telefonos de Mexico S.A. de C.V. (Series L)		5,595
	15,692		Telegate AG.		197
	225,317		Telekom Austria AG.		3,150
	1,147,900		Telekom Malaysia BHD		1,211
	851,652		Telekomunikacja Polska S.A.		4,833
	31,496		Telemar Norte Leste S.A.		887
	103,683		Telenet Group Holding NV		3,133
	1,760,575	*,e	Telenor ASA		23,876
	547,501	e	Telephone & Data Systems, Inc		18,533
	201,718		Telesp Celular Participacoes S.A.		5,479
	174,514		Television Broadcasts Ltd		845
	1,803,885	e	TeliaSonera AB		12,804
	379,673		Telkom S.A. Ltd		1,780
	6,748,913		Telmex Internacional SAB de CV		6,534
	7,484,083	e	Telstra Corp Ltd		20,535
	61,246		TELUS Corp		2,279
	376,120	e	TELUS Corp, non-voting shares		13,458
	609,449	e	Ten Network Holdings Ltd		1,063
	265,229	*,e	Terremark Worldwide, Inc		1,859
	10,532		Thrane & Thrane AS		329
	777,060		Tim Participacoes S.A.		2,172
	1,587,685	e	Time Warner Cable, Inc		84,639
	3,689,317	*,e	Tiscali S.p.A.		859
	556,797	*,e	TiVo, Inc		9,532
	34,400		Total Access Communication PCL		40
	430,100		Total Access Communication PCL		499
	649,883		Turk Telekomunikasyon AS		2,184
	1,000,177		Turkcell Iletisim Hizmet AS		6,096
	311,900		Turkcell Iletisim Hizmet AS (ADR)		4,697
	815		TV Asahi Corp		1,238
	5,700		TV Tokyo Corp		113
	134,241		TVN S.A.		846
	216,432	*,e	US Cellular Corp		8,956
	215,940	e	USA Mobility, Inc		2,736
	143,246	*,e	Usen Corp		89
	17,756,465		Verizon Communications, Inc		550,805
	28,262	*	VERSATEL AG.		271
	413,352		Vimpel-Communications (ADR)		7,610
	2,105,398	e	Vivendi Universal S.A.		56,347
	469,100		Vodacom Group Pty Ltd		3,581
	90,493,541		Vodafone Group plc		208,731
	845,601		Vodafone Group plc (ADR)		19,694
	2,049,387	e	Windstream Corp		22,318
	252,756		ZEE Telefilms Ltd		1,510
			TOTAL COMMUNICATIONS		4,499,733
DEPOSITORY INSTITUTIONS - 9.4%
	96,757	e	1st Source Corp		1,698

31

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	1,018,851		77 Bank Ltd	$	5,820
	124,584	e	Abington Bancorp, Inc		984
	443,464		ABSA Group Ltd		8,664
	999,118		African Bank Investments Ltd		4,883
	329,957		Agricultural Bank of Greece		682
	11,200		Aichi Bank Ltd		906
	1,178,813		Akbank TAS		7,612
	342,000		Akita Bank Ltd		1,375
	21,694	e	Alliance Financial Corp		640
	1,047,800		Alliance Financial Group BHD		925
	1,385,058	*	Allied Irish Banks plc		2,241
	65,815	*	Alpha Bank S.A.		623
	42,519	*	Amagerbanken AS		247
	29,134	e	American National Bankshares, Inc		587
	88,462	e	Ameris Bancorp		799
	36,008	e	Ames National Corp		722
	4,764,767		AMMB Holdings Berhad		7,303
	541,290	*,m	Anglo Irish Bank Corp plc		159
	486,000		Aomori Bank Ltd		1,144
	2,455,000		Aozora Bank Ltd		3,466
	55,214	e	Arrow Financial Corp		1,485
	483,767	e	Associated Banc-Corp		6,676
	473,069	e	Astoria Financial Corp		6,860
	550,473	*	Asya Katilim Bankasi AS		1,473
	32,828		Attijariwafa Bank		1,144
	11,628	e	Auburn National Bancorporation, Inc		240
	3,525,131		Australia & New Zealand Banking Group Ltd		82,035
	292,000	e	Awa Bank Ltd		1,740
	315,909	e	Banca Carige S.p.A.		863
	56,790	e	Banca Generali S.p.A		635
	24,073		Banca IFIS S.p.A.		231
	4,296,550	*	Banca Intesa S.p.A.		16,002
	2,613,330		Banca Intesa S.p.A. RSP		7,827
	820,255	e	Banca Monte dei Paschi di Siena S.p.A.		1,214
	171,068		Banca Popolare dell’Etruria e del Lazio		910
	270,446		Banca Popolare di Milano		1,679
	319,925		Banca Profilo S.p.A.		255
	38,516	e	Bancfirst Corp		1,614
	169,352		Banche Popolari Unite Scpa		2,285
	3,572,526	e	Banco Bilbao Vizcaya Argentaria S.A.		48,880
	4,717	e	Banco BPI S.A.		13
	2,609,125		Banco Bradesco S.A.		48,123
	108,451	e	Banco Comercial Portugues S.A.		121
	36,361		Banco de Credito e Inversiones		1,407
	2,525,900		Banco de Oro Universal Bank		2,320
	77,208	e	Banco de Sabadell S.A.		426
	18,287	e	Banco de Valencia S.A.		117
	84,548		Banco di Desio e della Brianza S.p.A.		491
	908,572		Banco do Brasil S.A.		15,251
	494,881		Banco do Estado do Rio Grande do Sul		4,146
	95,475	e	Banco Espirito Santo S.A.		516
	3,053,101		Banco Itau Holding Financeira S.A.		66,956

32

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
			Banco Latinoamericano de Exportaciones S.A.
	141,022		(Class E)	$	2,025
	269,339	e	Banco Pastor S.A.		1,562
	96,693	*	Banco Popolare Scarl		673
	365,053	e	Banco Popular Espanol S.A.		2,687
	726,059		Banco Santander Brasil S.A.		8,974
	1,605,145		Banco Santander Brasil S.A. (ADR)		19,952
	21,798,405	e	Banco Santander Central Hispano S.A.		289,710
	84,139,486		Banco Santander Chile S.A.		5,524
	257,757		BanColombia S.A.		2,987
	60,969	e	BanColombia S.A. (ADR)		2,784
	87,725		BanColombia S.A. (Preference)		1,017
	12,854	e	Bancorp Rhode Island, Inc		352
	234,842	e	Bancorpsouth, Inc		4,922
	90,500		Bangkok Bank PCL		368
	365,800		Bangkok Bank PCL (ADR)		1,488
	1,730,100		Bangkok Bank PCL (Foreign Reg)		7,357
	304,244		Banif SGPS S.A.		464
	29,565	*	Bank Handlowy w Warszawie S.A.		828
	1,417,776	*	Bank Hapoalim Ltd		6,291
	1,564,530	*	Bank Leumi Le-Israel		7,341
	470,632	*	Bank Millennium S.A.		720
	247,483	e	Bank Mutual Corp		1,609
	4,826,500		Bank Negara Indonesia PT		1,207
	55,969,446		Bank of America Corp		999,054
	102,034		Bank of Attica		183
	2,226,500		Bank of Ayudhya PCL		1,460
	91,804,000	e	Bank of China Ltd		48,951
	9,576,022	e	Bank of Communications Co Ltd		11,408
	763,893	e	Bank of East Asia Ltd		2,814
	208,986	e	Bank of Hawaii Corp		9,394
	1,559,229	*	Bank of Ireland		3,370
	30,900		Bank of Iwate Ltd		1,795
	15,064	e	Bank of Kentucky Financial Corp		300
	522,519		Bank of Kyoto Ltd		4,812
	27,547	e	Bank of Marin Bancorp		911
	1,077,429		Bank of Montreal		65,400
	224,000		Bank of Nagoya Ltd		910
	4,421,645		Bank of New York Mellon Corp		136,540
	1,911,987	e	Bank of NOVA Scotia		95,783
	78,300		Bank of Okinawa Ltd		3,191
	535,987	e	Bank of Queensland Ltd		5,799
	202,000		Bank of Saga Ltd		579
	76,513	e	Bank of the Ozarks, Inc		2,692
	1,621,780		Bank of the Philippine Islands		1,615
	139,800		Bank of the Ryukyus Ltd		1,575
	1,982,681	e	Bank of Yokohama Ltd		9,713
	7,177,500		Bank Rakyat Indonesia		6,507
	47,521		Bank Sarasin & Compagnie AG.		1,972
	47,451		Bank Zachodni WBK S.A.		3,420
	113,783	e	BankFinancial Corp		1,043
	13,127		Bankinter S.A.		109

33

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	152,256	e	Banner Corp	$	585
	6,399		Banque Cantonale Vaudoise		2,986
	19,696	e	Bar Harbor Bankshares		601
	26,483,698		Barclays plc		144,801
	10,103		Basler Kantonalbank		1,203
	2,315,331	e	BB&T Corp		74,994
	357,655	e	Bendigo Bank Ltd		3,282
	186,335	*,e	Beneficial Mutual Bancorp, Inc		1,766
	67,423	e	Berkshire Hills Bancorp, Inc		1,236
	115,531		BinckBank NV		2,044
	2,327,971		BNP Paribas		178,783
	6,344,075		BOC Hong Kong Holdings Ltd		15,132
	55,872	e	BOK Financial Corp		2,930
	370,907	e	Boston Private Financial Holdings, Inc		2,734
	11,479	*	BRE Bank S.A.		1,044
	30,269	e	Bridge Bancorp, Inc		708
	292,593	e	Brookline Bancorp, Inc		3,113
	4,584	e	Brooklyn Federal Bancorp, Inc		39
	39,977	e	Bryn Mawr Bank Corp		726
	2,647,048		Bumiputra-Commerce Holdings BHD		11,409
	119,153		Caja de Ahorros del Mediterraneo		990
	48,494	e	Camden National Corp		1,557
	455,516	e	Canadian Imperial Bank of Commerce/Canada		33,278
	104,476	e	Canadian Western Bank		2,489
	66,695	e	Capital City Bank Group, Inc		950
	62,466	e	Capitol Federal Financial		2,340
	144,415	e	Cardinal Financial Corp		1,542
	40,873	e	Cass Information Systems, Inc		1,273
	9,700,116		Cathay Financial Holding Co Ltd		16,188
	334,483	e	Cathay General Bancorp		3,897
	57,537	e	Center Bancorp, Inc		478
	63,670	e	Centerstate Banks of Florida, Inc		780
	269,459	*,e	Central Pacific Financial Corp		453
	13,940	e	Century Bancorp, Inc		268
	7,299,000		Chang Hwa Commercial Bank		3,310
	120,666	e	Chemical Financial Corp		2,850
	4,259	e	Cheviot Financial Corp		39
	2,014,938		Chiba Bank Ltd		12,048
	51,800	*	Chiba Kogyo Bank Ltd		406
	31,425	*,e	Chicopee Bancorp, Inc		399
	11,922,855		China Citic Bank		8,937
	72,352,291		China Construction Bank		59,267
	12,570,374		China Development Financial Holding Corp		3,562
	5,961,592	e	China Merchants Bank Co Ltd		16,124
	5,424,000	*	China Minsheng Banking Corp Ltd		5,596
	12,541,089		Chinatrust Financial Holding Co		7,108
	159,000		Chong Hing Bank Ltd		295
	128,000	e	Chugoku Bank Ltd		1,728
	174,000	e	Chukyo Bank Ltd		530
	123,840,803	*	Citigroup, Inc		501,554
	49,433	e	Citizens & Northern Corp		620
	19,281	e	Citizens Holding Co		476

34

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	1,902,069	*,e	Citizens Republic Bancorp, Inc	$	2,244
	94,194	e	City Holding Co		3,230
	177,024	e	City National Corp		9,554
	45,455	e	Clifton Savings Bancorp, Inc		421
	42,340	e	CNB Financial Corp		654
	119,015	e	CoBiz, Inc		741
	146,137	e	Columbia Banking System, Inc		2,968
	51,463		Comdirect Bank AG.		518
	1,011,961	e	Comerica, Inc		38,495
	176,511	e	Commerce Bancshares, Inc		7,262
	469,502		Commercial International Bank		5,548
	64,815	*,e	Commerzbank AG.		555
	1,880,715		Commonwealth Bank of Australia		97,147
	175,992	e	Community Bank System, Inc		4,009
	95,937	e	Community Trust Bancorp, Inc		2,599
	87,922	e	Credicorp Ltd (NY)		7,753
	1,715,891		Credit Agricole S.A.		30,036
	133,432		Credito Emiliano S.p.A.		923
	150,501	e	Cullen/Frost Bankers, Inc		8,398
	442,581	e	CVB Financial Corp		4,395
	176,040		Daegu Bank		2,357
	684,400	*	Dah Sing Banking Group Ltd		936
	229,600	*	Dah Sing Financial Holdings Ltd		1,257
	629,000		Daishi Bank Ltd		2,180
	53,847	*	Danske Bank AS		1,325
	3,810,657		DBS Group Holdings Ltd		38,952
	555,964	e	Deutsche Bank AG.		42,825
	4,046	*,e	Deutsche Postbank AG.		130
	206,745	*,e	Dexia		1,233
	183,935	e	Dime Community Bancshares		2,323
	632,777	*,e	DNB NOR Holding ASA		7,229
	114,131	*,e	Dollar Financial Corp		2,746
	300,000	*	Dummy Set-up for ticker DUMMY US		0	^
	5,239,020		E.Sun Financial Holding Co Ltd		2,120
	57,055	*,e	Eagle Bancorp, Inc		676
	568,946		East West Bancorp, Inc		9,911
	54,481	*	EFG Eurobank Ergasias S.A.		500
	109,646		EFG International		1,903
	220,000		Ehime Bank Ltd		619
	345,000		Eighteenth Bank Ltd		1,037
	23,472		Enterprise Bancorp, Inc		287
	58,350	e	Enterprise Financial Services Corp		645
	68,092		Erste Bank der Oesterreichischen Sparkassen AG.		2,860
	43,945	e	ESB Financial Corp		566
	96,881	e	ESSA Bancorp, Inc		1,215
	228,698	*	Euronet Worldwide, Inc		4,215
	33,388	e	Farmers Capital Bank Corp		286
	227,500		FIDEA Holdings Co Ltd		397
	3,089,995		Fifth Third Bancorp		41,993
	54,189	e	Financial Institutions, Inc		792
	4,960	*,e,m	Fionia Bank AS		0	^
	96,647	e	First Bancorp (NC)		1,307

35

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	472,345	e	First Bancorp (Puerto Rico)	$	1,138
	52,820	e	First Bancorp, Inc		842
	199,414	e	First Busey Corp		881
	9,184	*	First California Financial Group, Inc		24
	20,738		First Citizens Bancshares, Inc (Class A)		4,122
	411,977	e	First Commonwealth Financial Corp		2,764
	55,418	e	First Community Bancshares, Inc		686
	55,150	e	First Defiance Financial Corp		558
	337,150	e	First Financial Bancorp		5,998
	118,005	e	First Financial Bankshares, Inc		6,083
	65,996	e	First Financial Corp		1,911
	108,948	e	First Financial Holdings, Inc		1,641
	105,495	e	First Financial Northwest, Inc		721
	19,058	e	First Financial Service Corp		167
	1,033,609	*	First Horizon National Corp		14,522
	135,149	e	First Merchants Corp		941
	387,204		First Midwest Bancorp, Inc		5,247
	664,097	e	First Niagara Financial Group, Inc		9,443
	26,635	e	First of Long Island Corp		642
	46,138	e	First South Bancorp, Inc		577
	452,433	e	FirstMerit Corp		9,759
	4,132,626		FirstRand Ltd		11,461
	431,555	*,e	Flagstar Bancorp, Inc		259
	160,519	e	Flushing Financial Corp		2,032
	620,917	e	FNB Corp		5,036
	3,347,041	*	Fortis		11,917
	26,931	*,e	Fox Chase Bancorp, Inc		291
	2,128,000		Fubon Bank Hong Kong Ltd		932
	9,572,364		Fubon Financial Holding Co Ltd		11,635
	11,681,587		Fuhwa Financial Holdings Co Ltd		7,007
	343,000	e	Fukui Bank Ltd		1,090
	1,595,905	e	Fukuoka Financial Group, Inc		6,777
	302,000		Fukushima Bank Ltd		162
	634,197		Fulton Financial Corp		6,462
	289,337	*	Geniki Bank		246
	53,551	e	German American Bancorp, Inc		810
	359,902		Glacier Bancorp, Inc		5,481
	63,146	e	Great Southern Bancorp, Inc		1,417
	186,598		Greek Postal Savings Bank		958
	2,083,998	e	Grupo Financiero Banorte S.A. de C.V.		9,198
	849,766	e	Grupo Financiero Inbursa S.A.		2,914
	378,089	*,e	Guaranty Bancorp		601
	343,974		Gunma Bank Ltd		1,902
	204,500		Hachijuni Bank Ltd		1,164
	128,210	e	Hampton Roads Bankshares, Inc		200
	148,734	e	Hancock Holding Co		6,219
	1,108,175		Hang Seng Bank Ltd		15,443
	3,080	*,e	Hanmi Financial Corp		7
	192,704	e	Harleysville National Corp		1,291
	411,845		HDFC Bank Ltd		17,737
	87,514	e	Heartland Financial USA, Inc		1,398
	26,833	*,e	Heritage Financial Corp		405

36

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	2,967	e	Heritage Financial Group	$	36
	193,000		Higashi-Nippon Bank Ltd		405
	406,000		Higo Bank Ltd		2,258
	51,132	e	Hiroshima Bank Ltd		216
	437,000		Hokkoku Bank Ltd		1,622
	430,000	e	Hokuetsu Bank Ltd		704
	1,902,539		Hokuhoku Financial Group, Inc		4,172
	41,222	*	Home Bancorp, Inc		577
	86,396	e	Home Bancshares, Inc		2,284
	63,969		Home Capital Group, Inc		2,723
	80,703	e	Home Federal Bancorp, Inc		1,171
	573,600		Hong Leong Bank BHD		1,519
	476,212		Hong Leong Credit BHD		1,234
	24,424		HQ AB		446
	25,804,511		HSBC Holdings plc		261,578
	4,370,339		Hua Nan Financial Holdings Co Ltd		2,677
	2,920,683		Hudson City Bancorp, Inc		41,357
	11,484,856		Huntington Bancshares, Inc		61,674
	343,000		Hyakugo Bank Ltd		1,611
	339,000		Hyakujushi Bank Ltd		1,320
	129,879		IBERIABANK Corp		7,794
	1,110,106		ICICI Bank Ltd		23,552
	50,525	e	ICICI Bank Ltd (ADR)		2,157
	114,879	e	Independent Bank Corp		2,833
	72,482,000	e	Industrial & Commercial Bank of China		55,265
	388,560		Industrial Bank Of Korea		5,083
	200	*,b	IndyMac Bancorp, Inc		0	^
	3,099		ING Bank Slaski S.A.		809
	6,980,536	*	ING Groep NV		69,694
	1,854	f	Intergroup Financial Services Corp		41
	283,174	e	International Bancshares Corp		6,510
	280,067		Investec Ltd		2,403
	978,934		Investec plc		8,007
	325,059	*,e	Investors Bancorp, Inc		4,291
	1,448,694		Israel Discount Bank Ltd		3,312
	27,683	e	Iyo Bank Ltd		263
	1,264,778		Joyo Bank Ltd		5,641
	21,230,985		JPMorgan Chase & Co		950,086
	1,129,386		Julius Baer Group Ltd		40,970
	837,626		Julius Baer Holding AG.		10,288
	667,000		Juroku Bank Ltd		2,647
	98,671	*	Jyske Bank		3,505
	169,000	m	Kagawa Bank Ltd		577
	215,000		Kagoshima Bank Ltd		1,511
	430,000	e	Kansai Urban Banking Corp		667
	78,400	e	Kanto Tsukuba Bank Ltd		222
	17,163		KAS Bank NV		316
	1,279,300		Kasikornbank PCL		3,818
	6,300		Kasikornbank PCL		19
	2,352,400		Kasikornbank PCL (Foreign)		7,493
	90,161	e	Kearny Financial Corp		940
	488,000		Keiyo Bank Ltd		2,354

37

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	4,834	e	Kentucky First Federal Bancorp	$	51
	2,968,309		Keycorp		23,004
	6,168	e	K-Fed Bancorp		55
	921,000		Kiyo Holdings, Inc		1,222
	18,523		Komercni Banka A.S.		3,759
	1,023,190		Korea Exchange Bank		12,208
	168,764		Kotak Mahindra Bank Ltd		2,812
	7,221,100		Krung Thai Bank PCL		2,680
	121,810	e	Lakeland Bancorp, Inc		1,078
	89,387	e	Lakeland Financial Corp		1,703
	40,959	e	Laurentian Bank of Canada		1,739
	33,766	e	Legacy Bancorp, Inc		320
	25,905	*	Liechtenstein Landesbank		1,881
	21,747,228	*	Lloyds TSB Group plc		20,715
	227,226	e	M&T Bank Corp		18,037
	116,361	e	MainSource Financial Group, Inc		783
	4,792,250		Malayan Banking BHD		10,974
	931,418		Marfin Popular Bank Public Co Ltd		2,566
	1,645,323	e	Marshall & Ilsley Corp		13,245
	256,584	e	MB Financial, Inc		5,781
	668,682		Mediobanca S.p.A.		7,185
	12,088,360		Mega Financial Holding Co Ltd		7,004
	23,441		Merchants Bancshares, Inc		509
	55,748	*,e	Meridian Interstate Bancorp, Inc		580
	2,152,000		Metropolitan Bank & Trust		2,381
	253,000		Michinoku Bank Ltd		520
	22,068	e	Midsouth Bancorp, Inc		364
	212,000		Mie Bank Ltd		587
	433,000		Minato Bank Ltd		565
	23,572,946	e	Mitsubishi UFJ Financial Group, Inc		123,551
	5,576,945	e	Mitsui Trust Holdings, Inc		20,938
	485,000		Miyazaki Bank Ltd		1,468
	154,404		Mizrahi Tefahot Bank Ltd		1,460
	12,282,800	e	Mizuho Financial Group, Inc		24,305
	514,655	e	Mizuho Trust & Banking Co Ltd		517
	49,400		Musashino Bank Ltd		1,418
	481,000	e	Nanto Bank Ltd		2,696
	185,657	*,e	Nara Bancorp, Inc		1,626
	19,973	e	NASB Financial, Inc		462
	4,797,147	e	National Australia Bank Ltd		121,146
	206,258	e	National Bank of Canada		12,558
	1,501,089		National Bank of Greece S.A.		30,209
	33,489	e	National Bankshares, Inc		913
	594,189	e	National Penn Bancshares, Inc		4,100
	40,328	*	Natixis		218
	192,476	e	NBT Bancorp, Inc		4,398
	398,595	e	Nedbank Group Ltd		7,661
	165,754	*,e	Net 1 UEPS Technologies, Inc		3,048
	1,233,817	e	New York Community Bancorp, Inc		20,407
	550,015	e	NewAlliance Bancshares, Inc		6,941
	1,145,854		Nishi-Nippon City Bank Ltd		3,383
	3,957,808	e	Nordea Bank AB		39,054

38

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	29,334	e	Northeast Community Bancorp, Inc	$	211
	22,377	*	Northern Rock plc		0	^
	749,314	e	Northern Trust Corp		41,407
	107,048	e	Northfield Bancorp, Inc		1,550
	29,816	e	Northrim BanCorp, Inc		509
	208,908		Northwest Bancshares, Inc		2,453
	8,859	e	Norwood Financial Corp		239
	81,393	e	OceanFirst Financial Corp		925
	521,000		Ogaki Kyoritsu Bank Ltd		1,800
	19,492	e	Ohio Valley Banc Corp		420
	385,000		Oita Bank Ltd		1,417
	335,453	e	OKO Bank (Class A)		3,770
	456,716	e	Old National Bancorp		5,458
	3,090	e	Old Point Financial Corp		46
	92,028	e	Old Second Bancorp, Inc		606
	21,900	*	OmniAmerican Bancorp, Inc		253
	135,190	e	Oriental Financial Group, Inc		1,825
	64,615	e	Oritani Financial Corp		1,038
	24,720	e	Orrstown Financial Services, Inc		627
	398,413	*,e	OTP Bank Rt		13,934
	5,059,657		Oversea-Chinese Banking Corp		31,502
	347,380	e	Pacific Capital Bancorp		629
	69,328	e	Pacific Continental Corp		728
	143,162	e	PacWest Bancorp		3,267
	64,322	e	Park National Corp		4,008
	105,209		PayPoint plc		559
	48,482	e	Peapack Gladstone Financial Corp		762
	18,488	e	Penns Woods Bancorp, Inc		620
	34,557	*,e	Pennsylvania Commerce Bancorp, Inc		476
	66,743	e	Peoples Bancorp, Inc		1,100
	18,214	e	Peoples Financial Corp		273
	1,609,644	e	People’s United Financial, Inc		25,175
	312,405	e	Piccolo Credito Valtellinese Scarl		2,049
	172,535	*,e	Pinnacle Financial Partners, Inc		2,607
	39,220		Piraeus Bank S.A.		343
	2,574,194	e	PNC Financial Services Group, Inc		153,679
	1,823,097		Popular, Inc		5,305
	4,412		Porter Bancorp, Inc		58
	998,820		Powszechna Kasa Oszczednosci Bank Polski S.A.		13,969
	513,583	e	Premierwest Bancorp		231
	301,845	e	PrivateBancorp, Inc		4,135
	241,544	e	Prosperity Bancshares, Inc		9,903
	264,882	e	Provident Financial Services, Inc		3,152
	203,128	e	Provident New York Bancorp		1,926
	6,457	e	Prudential Bancorp, Inc of Pennsylvania		54
	15,773,500		PT Bank Central Asia Tbk		9,534
	5,349,593		PT Bank Danamon Indonesia Tbk		3,057
	10,691,500		PT Bank Mandiri Persero Tbk		6,286
	58,220		Public Bank BHD		208
	1,311,911		Public Bank BHD (Foreign)		4,697
	200,087		Pusan Bank		2,149
	5,297	e	Qc Holdings, Inc		27

39

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	268,006	e	Raiffeisen International Bank Holding AG.	$	12,742
	11,005,580	e	Regions Financial Corp		86,394
	129,908	e	Renasant Corp		2,102
	68,557	e	Republic Bancorp, Inc (Class A)		1,292
	35,984	*,e	Republic First Bancorp, Inc		139
	597,000	e	Resona Holdings, Inc		7,548
	1,090,600		RHB Capital BHD		1,886
	51,308	e	Rockville Financial, Inc		625
	42,600	e	Roma Financial Corp		534
	5,200	*,m	Roskilde Bank		0	^
	135,601		Royal Bank of Canada		7,912
	1,860,785	e	Royal Bank of Canada (Toronto)		108,901
	7,236,373	*	Royal Bank of Scotland Group plc		4,832
	128,558	e	S&T Bancorp, Inc		2,687
	57,460	e	S.Y. Bancorp, Inc		1,307
	99,796	e	Sandy Spring Bancorp, Inc		1,497
	225,000		San-In Godo Bank Ltd		1,877
	45,965	*,e	Santander BanCorp		564
	17,000		Sapporo Hokuyo Holdings, Inc		78
	131,644	e,f	Sberbank (GDR)		38,895
	63,851		SCBT Financial Corp		2,365
	272,600	e	Senshu Ikeda Holdings, Inc		496
	1,729	e	SEVEN BANK Ltd		3,477
	329,000	e	Shiga Bank Ltd		2,076
	343,000	e	Shikoku Bank Ltd		1,148
	11,200		Shimizu Bank Ltd		450
	7,054,270		Shin Kong Financial Holding Co Ltd		2,777
	757,126	e	Shinsei Bank Ltd		915
	700,234	e	Shizuoka Bank Ltd		6,104
	51,061	e	Shore Bancshares, Inc		728
	2,485,100		Siam Commercial Bank PCL		7,071
	40,366	e	Sierra Bancorp		520
	211,889	*	Signature Bank		7,850
	91,375	e	Simmons First National Corp (Class A)		2,519
	7,270,947		SinoPac Financial Holdings Co Ltd		2,587
	116,754	*	Skandinaviska Enskilda Banken AB (Class A)		746
	63,713	e	Smithtown Bancorp, Inc		263
	2,291,695		Societe Generale		144,132
	1,001,441	e	South Financial Group, Inc		692
	82,665	e	Southside Bancshares, Inc		1,783
	109,377	e	Southwest Bancorp, Inc		905
	211,736	e	Sparebanken Midt-Norge		1,710
	5,222		St Galler Kantonalbank		2,382
	1,623,738		Standard Bank Group Ltd		25,547
	1,829,648		Standard Chartered plc		49,907
	122,231		Standard Chartered plc (Hong Kong)		3,287
	77,429	e	State Bancorp, Inc		609
	43,848		State Bank of India Ltd		2,030
	40,386	f	State Bank of India Ltd (GDR)		3,796
	2,538,310		State Street Corp		114,579
	115,870	e	StellarOne Corp		1,549
	141,115	e	Sterling Bancorp		1,418

40

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	458,313	e	Sterling Bancshares, Inc	$	2,557
	278,472	*,e	Sterling Financial Corp		159
	48,913	e	Suffolk Bancorp		1,502
	3,249,710	e	Sumitomo Mitsui Financial Group, Inc		107,408
	2,078,375		Sumitomo Trust & Banking Co Ltd		12,183
	100,800	*,e	Sun Bancorp, Inc		397
	1,908,383		Suncorp-Metway Ltd		14,955
	1,726,973		SunTrust Banks, Inc		46,266
	232,124	e	Suruga Bank Ltd		2,076
	528,670	e	Susquehanna Bancshares, Inc		5,186
	243,939	*,e	SVB Financial Group		11,382
	923,563		Svenska Handelsbanken (A Shares)		27,065
	97,409		Swedbank AB (A Shares)		1,000
	106,920	*	Sydbank AS		2,867
	1,643,844	e	Synovus Financial Corp		5,408
	5,933,262		Taishin Financial Holdings Co Ltd		2,410
	2,395,700	*	Taiwan Business Bank		633
	4,660,617	e	TCF Financial Corp		74,290
	69,552		Territorial Bancorp, Inc		1,324
	174,302	*,e	Texas Capital Bancshares, Inc		3,310
	240,186	e	TFS Financial Corp		3,206
	66,597	*,e	The Bancorp, Inc		593
	15,301,400	*	TMB Bank PCL		663
	133,000		Tochigi Bank Ltd		582
	542,000		Toho Bank Ltd		1,728
	102,000	e	Tokushima Bank Ltd		359
	60,700		Tokyo Tomin Bank Ltd		807
	61,148	e	Tompkins Trustco, Inc		2,231
	1,571,262	e	Toronto-Dominion Bank		117,112
	480,000	*,e	Towa Bank Ltd		329
	17,401	e	Tower Bancorp, Inc		466
	103,934	e	TowneBank		1,451
	76,247	e	Trico Bancshares		1,517
	509,632	e	Trustco Bank Corp NY		3,144
	345,649	e	Trustmark Corp		8,444
	3,270,292		Turkiye Garanti Bankasi AS		15,298
	631,474		Turkiye Halk Bankasi AS		4,577
	685,417	*	Turkiye Is Bankasi		2,150
	1,989,857		Turkiye Is Bankasi (Series C)		6,477
	1,267,474	*	Turkiye Vakiflar Bankasi Tao		3,391
	8,444,229	*	UBS A.G. (Switzerland)		137,267
	176,293		UMB Financial Corp		7,157
	452,034	e	Umpqua Holdings Corp		5,994
	8,357,739	*	UniCredito Italiano S.p.A.		24,693
	89,554		Union Bankshares Corp		1,352
	212,052	e	United Bankshares, Inc		5,560
	521,913	*,e	United Community Banks, Inc		2,302
	99,691	e	United Financial Bancorp, Inc		1,394
	1,826,514		United Overseas Bank Ltd		25,094
	29,836	e	United Security Bancshares		447
	81,082	e	Univest Corp of Pennsylvania		1,515
	13,171,583		US Bancorp		340,880

41

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	363,572		UTI Bank Ltd	$	9,461
	434,021	e	Valley National Bancorp		6,671
	8,492		Verwalt & Privat-Bank AG.		926
	49,871	e	ViewPoint Financial Group		808
	69,718		Vontobel Holding AG.		2,063
	970,868	e,f	VTB Bank OJSC (GDR)		5,379
	56,448		Washington Banking Co		711
	311,327	e	Washington Federal, Inc		6,326
	63,651	e	Washington Trust Bancorp, Inc		1,186
	113,955		Waterland Financial Holdings		36
	55,164	*,e	Waterstone Financial, Inc		200
	358,264	e	Webster Financial Corp		6,266
	35,485,149		Wells Fargo & Co		1,104,297
	133,040	e	WesBanco, Inc		2,163
	100,256	e	West Bancorporation, Inc		660
	154,519	e	Westamerica Bancorporation		8,908
	233,668	*,e	Western Alliance Bancorp		1,330
	5,024,441		Western Union Co		85,215
	150,474	e	Westfield Financial, Inc		1,383
	3,234,908		Westpac Banking Corp		82,643
	289,896	e	Whitney Holding Corp		3,998
	27,153	e	Wilber Corp		178
	256,822	e	Wilmington Trust Corp		4,256
	114,453	e	Wilshire Bancorp, Inc		1,262
	122,617		Wing Hang Bank Ltd		1,121
	139,335		Wintrust Financial Corp		5,185
	386,230		Woori Finance Holdings Co Ltd		5,667
	39,516	e	WSFS Financial Corp		1,541
	21,900		Yachiyo Bank Ltd		507
	73,397	e	Yadkin Valley Financial Corp		316
	213,000	e	Yamagata Bank Ltd		939
	319,691		Yamaguchi Financial Group, Inc		3,498
	208,000		Yamanashi Chuo Bank Ltd		914
	1,086,168	*	Yapi ve Kredi Bankasi		2,762
	494,008	e	Zions Bancorporation		10,779
			TOTAL DEPOSITORY INSTITUTIONS		9,571,132
EATING AND DRINKING PLACES - 0.9%
	137,333	*,e	AFC Enterprises		1,474
	1,480,733	e	Ajisen China Holdings Ltd		1,463
	2,163	*,e	Autogrill S.p.A.		26
	59,797	*,e	Benihana, Inc		389
	90,874	*,e	BJ’s Restaurants, Inc		2,117
	163,192	e	Bob Evans Farms, Inc		5,044
	2,221,656	e	Brinker International, Inc		42,834
	80,185	*,e	Buffalo Wild Wings, Inc		3,858
	298,577		Burger King Holdings, Inc		6,348
	366,000		Cafe de Coral Holdings Ltd		862
	136,870	*	California Pizza Kitchen, Inc		2,298
	53,113	*	Carrols Restaurant Group, Inc		361
	141,349	e	CBRL Group, Inc		6,556
	109,657	*,e	CEC Entertainment, Inc		4,177

42

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	646,356	*,e	Cheesecake Factory	$	17,490
	136,012	*	Chipotle Mexican Grill, Inc (Class A)		15,324
	245,678		CKE Restaurants, Inc		2,720
	75,000	e	Colowide Co Ltd		373
	15,649,452		Compass Group plc		124,914
	12,400		Daisyo Corp		152
	1,181,094		Darden Restaurants, Inc		52,606
	646,232	*,e	Denny’s Corp		2,482
	13,791	*	Diedrich Coffee, Inc		480
	79,614	*,e	DineEquity, Inc		3,147
	283,314	*	Domino’s Pizza, Inc		3,864
	8,762	*	Einstein Noah Restaurant Group, Inc		106
	4,765,155		Enterprise Inns plc		8,677
	37,700		Formosa International Hotels Corp		413
	10,761	e	Frisch’s Restaurants, Inc		238
	417,678		Greene King plc		2,841
	9,681		Ibersol SGPS S.A.		105
	9,300		Ichibanya Co Ltd		227
	257,357	*	Jack in the Box, Inc		6,061
	408,800		Jollibee Foods Corp		534
	15,300	e	Kappa Create Co Ltd		303
	24,600	e	Kisoji Co Ltd		504
	439,581	*,e	Krispy Kreme Doughnuts, Inc		1,767
	154	*	Kura Corp		552
	34,425	*,e	Landry’s Restaurants, Inc		617
	116,612	*,e	Luby’s, Inc		459
	1,285,121	e	Marston’s plc		1,788
	18,800	e	Matsuya Foods Co Ltd		275
	88,153	*,e	McCormick & Schmick’s Seafood Restaurants, Inc		888
	5,134,561		McDonald’s Corp		342,577
	45,900	e	McDonald’s Holdings Co Japan Ltd		932
	419,550	*	Mitchells & Butlers plc		2,018
	44,300		MOS Food Services, Inc		725
	105,918	*,e	O’Charleys, Inc		947
	108,440		Onex Corp		3,085
	169,190	*,e	Papa John’s International, Inc		4,350
	157,052	*,e	PF Chang’s China Bistro, Inc		6,931
	29,100	e	Plenus Co Ltd		391
	3,089,542	*	Punch Taverns plc		3,751
	75,498	*,e	Red Robin Gourmet Burgers, Inc		1,845
	614,301		Restaurant Group plc		2,172
	19,200	e	Ringer Hut Co Ltd		205
	35,700		Royal Holdings Co Ltd		355
	323,555	*,e	Ruby Tuesday, Inc		3,420
	118,067	*,e	Ruth’s Chris Steak House, Inc		626
	64,800		Saizeriya Co Ltd		1,169
	4,353	e	Sodexho Alliance S.A.		260
	391,783	*,e	Sonic Corp		4,329
	10,800		St Marc Holdings Co Ltd		366
	582	e	Starbucks Coffee Japan Ltd		255
	4,189,553	*,e	Starbucks Corp		101,680
	5,343	*	Steak N Shake Co		2,037

43

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	242,735	*,e	Texas Roadhouse, Inc (Class A)	$	3,372
	268,536		Tim Hortons, Inc		8,741
	178	e	Toridoll.corp		321
	30,400	e	WATAMI Co Ltd		556
	2,912,536		Wendy’s/Arby’s Group, Inc (Class A)		14,563
	162,115		Wetherspoon (J.D.) plc		1,244
	184,355		Whitbread plc		4,124
	676	e	Yoshinoya D&C Co Ltd		720
	1,686,583		Yum! Brands, Inc		64,647
	95,300	e	Zensho Co Ltd		713
			TOTAL EATING AND DRINKING PLACES		911,141
EDUCATIONAL SERVICES - 0.2%
	1,299,039	*,e,m	ABC Learning Centres Ltd		644
	11,428	*	Academedia AB		233
	79,979	*,e	American Public Education, Inc		3,727
	721,648	*,e	Apollo Group, Inc (Class A)		44,230
	13,300	*,e	Archipelago Learning, Inc		194
	108,517	e	Benesse Corp		4,701
	67,543	*,e	Bridgepoint Education, Inc		1,660
	1,378,534		CAE, Inc		13,464
	275,779	*,e	Career Education Corp		8,726
	132,193	*,e	ChinaCast Education Corp		966
	486,860	*,e	Corinthian Colleges, Inc		8,564
	484,169		DeVry, Inc		31,568
	65,821	*,e	Education Management Corp		1,441
	71,229	*,e	Grand Canyon Education, Inc		1,862
	197,249	*,e	ITT Educational Services, Inc		22,187
	98,252	*,e	K12, Inc		2,182
	45,679	*	Learning Tree International, Inc		643
	42,523	*,e	Lincoln Educational Services Corp		1,076
	76,014	*,e	Princeton Review, Inc		265
	2,128,000	e	Raffles Education Corp Ltd		555
	49,328	e	Strayer Education, Inc		12,012
	92,159	*	Universal Technical Institute, Inc		2,103
	82,735		UP, Inc		453
	335,000		YBM Sisa.com, Inc		2,460
			TOTAL EDUCATIONAL SERVICES		165,916
ELECTRIC, GAS, AND SANITARY SERVICES - 3.9%
	723,267		A2A S.p.A.		1,357
	2,470,958	e	ACEA S.p.A.		25,081
	51,867		Actelios S.p.A.		255
	4,531,709	*	AES Corp		49,849
	3,754,166		AES Gener S.A.		1,681
	132,644		AES Tiete S.A.		1,440
	726,980	e	AGL Energy Ltd		10,027
	227,260		AGL Resources, Inc		8,784
	190,725		Algonquin Power & Utilities Corp		828
	1,280,243		Allegheny Energy, Inc		29,446
	137,756	e	Allete, Inc		4,612
	424,262		Alliant Energy Corp		14,111

44

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	697,280	e	Ameren Corp	$	18,185
	120,642	e	American Ecology Corp		1,942
	2,765,184	e	American Electric Power Co, Inc		94,514
	80,175	e	American States Water Co		2,782
	483,153		American Water Works Co, Inc		10,513
	388,506	e	Aqua America, Inc		6,826
	29,862	e	Artesian Resources Corp		527
	149,199		Ascopiave S.p.A.		338
	92,480	e	Atco Ltd		4,639
	364,116	e	Atmos Energy Corp		10,403
	303,432		Avista Corp		6,284
	386	*	Beacon Power Corp		0	^
	16,164,500	*	Beijing Enterprises Water Group Ltd		5,975
	163,561	e	BFI Canada Ltd		2,828
	280		Bkw Fmb Energie AG		21
	220,791	e	Black Hills Corp		6,701
	32,402		Boralex Power, Income Fund		142
	36,895	*	Boralex, Inc		385
	122,791	e	California Water Service Group		4,618
	2,010,661	*	Calpine Corp		23,907
	192,916		Canadian Utilities Ltd		9,326
	31,700	e	Capital Power Corp		702
	7,994,656	e	Centerpoint Energy, Inc		114,803
	312,710		Centrais Eletricas Brasileiras S.A.		4,607
	269,924		Centrais Eletricas Brasileiras S.A. (Preference)		4,836
	76,928		Central Vermont Public Service Corp		1,552
	24,622,568		Centrica plc		109,815
	112,897	*,e	Ceres Power Holdings plc		219
	287,724		CEZ		13,592
	95,731	e	CH Energy Group, Inc		3,910
	61,420		Chesapeake Utilities Corp		1,830
	2,004,000	*,e	China Longyuan Power Group Corp		2,375
	5,516,000	e	China Resources Gas Group Ltd		7,715
	2,638,599		China Resources Power Holdings Co		5,648
	2,117,848		China Water Affairs Group Ltd		930
	818,541		Chubu Electric Power Co, Inc		20,461
	276,565	e	Chugoku Electric Power Co, Inc		5,496
	64,324		Cia de Transmissao de Energia Electrica Paulista		1,695
	576,643		CIR-Compagnie Industriali Riunite S.p.A.		1,390
	172,049	*,e	Clean Energy Fuels Corp		3,919
	94,921	*,e	Clean Harbors, Inc		5,274
	293,992	e	Cleco Corp		7,805
	387,820		CLP Holdings Ltd		2,772
	2,088,374	e	CMS Energy Corp		32,286
	524,179		Cofide S.p.A.		531
	9,219,629		Colbun S.A.		2,363
			Companhia de Saneamento Basico do Estado de
	171,873		Sao Paulo		3,085
	471,670		Companhia Energetica de Minas Gerais		7,830
	242,371		Companhia Energetica de Sao Paulo (Class B)		3,336
	233,019		Companhia Paranaense de Energia		4,771
	48,254	e	Connecticut Water Service, Inc		1,123

45

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	831,391	e	Consolidated Edison, Inc	$	37,030
	74,933	e	Consolidated Water Co, Inc		1,018
	2,226,949		Constellation Energy Group, Inc		78,188
	2,585,058		Contact Energy Ltd		11,752
	466,503	*,e	Covanta Holding Corp		7,772
	126,573		CPFL Energia S.A.		2,517
	185,813	e	Crosstex Energy, Inc		1,615
	4,796,000	e	Datang International Power Generation Co Ltd		2,174
	1,038,058		Dogan Sirketler Grubu Holdings		793
	1,979,567	e	Dominion Resources, Inc		81,380
	320,330	e	DPL, Inc		8,710
	289,407	e	Drax Group plc		1,641
	818,800	e	DTE Energy Co		36,518
	3,287,966		DUET Group		5,401
	4,454,927		Duke Energy Corp		72,704
	1,449,700	*	Dynegy, Inc (Class A)		1,827
	1,699,858	e	E.ON AG.		62,759
	1,544,853		Edison International		52,788
	78,967		EDP - Energias do Brasil S.A.		1,519
	4,628	*	EDP Renovaveis S.A.		36
	3,125,748		El Paso Corp		33,883
	263,595	*,e	El Paso Electric Co		5,430
	70,506	e	Electric Power Development Co		2,323
	1,198,535		Electricite de France		65,400
	134,752		Eletropaulo Metropolitana de Sao Paulo S.A.		2,954
	43,654		ElSwedy Cables Holding Co		596
	167,144	e	Empire District Electric Co		3,012
	6,143,525		Empresa Nacional de Electricidad S.A.		9,612
	3,801		Enagas		83
	895,204	e	Enbridge, Inc		42,695
	4,056,578		Enel S.p.A.		22,683
	531,898		Energen Corp		24,749
	4,236,478		Energias de Portugal S.A.		16,840
	87,425		Energy Savings Income Fund		1,229
	1,477,515	*,e	Energy World Corp Ltd		630
	493,076	e	EnergySolutions, Inc		3,170
	62,416	*,e	EnerNOC, Inc		1,853
	26,261,374		Enersis S.A.		10,511
	159,671		Enia S.p.A.		1,283
	280,868		Enka Insaat ve Sanayi AS		1,305
	1,110,261	e	Entergy Corp		90,320
	109,004		Enterprise Products Partners LP		3,769
	1,841,423	e	Envestra Ltd		862
	3,580,742		Exelon Corp		156,873
	173,469		Fersa Energias Renovables S.A.		439
	1,270,266	e	FirstEnergy Corp		49,655
	223,648	e	Fortis, Inc		6,362
	4,964,556	e	Fortum Oyj		121,435
	2,160,281		FPL Group, Inc		104,406
	862,799		Gas Natural SDG S.A.		15,930
	448,529		Gaz de France		17,326
	275,252	*	Geodynamics Ltd		158

46

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,871,300		Glow Energy PCL	$	2,228
	74,764		Great Lakes Hydro Income Fund		1,546
	387,738		Great Plains Energy, Inc		7,200
	63,156	*	Greentech Energy Systems		219
	6,708,000		Guangdong Investments Ltd		3,629
	23,250	e	Hafslund ASA (B shares)		268
	391,331		Hastie Group Ltd		548
	1,051,687		Hastings Diversified Utilities Fund		1,148
	272,092	e	Hawaiian Electric Industries, Inc		6,108
	1,241,700	e	Hera S.p.A.		2,920
	3,813	*,e	Heritage-Crystal Clean, Inc		43
	156,967	e	Hokkaido Electric Power Co, Inc		3,012
	162,388	e	Hokuriku Electric Power Co		3,571
	5,369,781	e	Hong Kong & China Gas Ltd		13,389
	2,072,652	e	Hong Kong Electric Holdings Ltd		12,293
	4,502,000	e	Huaneng Power International, Inc		2,615
	282,433		Hunting PLC		2,638
	17,932		Iberdrola Renovables		74
	213,032		Iberdrola S.A.		1,806
	246,661	e	Idacorp, Inc		8,539
	30,624	*	Innergex Renewable Energy, Inc.		244
	481,232	e	Integrys Energy Group, Inc		22,801
	405,279		Interconexion Electrica S.A.		2,698
	13,161,049		International Power plc		63,690
	430,038	e	Iride S.p.A.		833
	137,325	e	ITC Holdings Corp		7,553
	400,000	e	Iwatani International Corp		1,172
	161	e	Japan Wind Development Co Ltd		481
	1,887,286	e	Kansai Electric Power Co, Inc		43,241
	74,648		Keyera Facilities Income Fund		1,982
	618,398	*	KOC Holding AS		2,119
	391,077	*	Korea Electric Power Corp		12,633
	60,589		Korea Gas Corp		2,560
	481,973	e	Kyushu Electric Power Co, Inc		10,491
	134,492	e	Laclede Group, Inc		4,535
	54,406		Lassila & Tikanoja Oyj		1,136
	34,000		Macquarie Power & Infrastructure Income Fund		241
	199,300	*,e	Magma Energy Corp		279
	671,530		Manila Electric Co		2,615
	1,070,432		MDU Resources Group, Inc		23,100
	126,089	e	MGE Energy, Inc		4,459
	74,497	e	Middlesex Water Co		1,270
	573,069	*	Mirant Corp		6,224
	2,693,574		MMC Corp BHD		2,015
	213,338	e	National Fuel Gas Co		10,784
	2,556,869		National Grid plc		24,890
	273,983	e	New Jersey Resources Corp		10,291
	84,556	e	Newalta, Inc		751
	259,589		Nicor, Inc		10,882
	916,865	e	NiSource, Inc		14,486
	2,096,315		Northeast Utilities		57,942
	50,959		Northland Power Income Fund		660
	1,013,506		Northumbrian Water Group plc		4,354

47

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
SHARES			COMPANY	VALUE (000)
	144,654	e	Northwest Natural Gas Co	$	6,741
	192,144		NorthWestern Corp		5,151
	2,957,926	*	NRG Energy, Inc		61,821
	312,273		NSTAR		11,061
	1,213,748		NTPC Ltd		5,603
	2,281,130	e	NV Energy, Inc		28,126
	1,602	e	Oest Elektrizitatswirts AG. (Class A)		64
	467,963		OGE Energy Corp		18,222
	23,400		Okinawa Electric Power Co, Inc		1,221
	395,529	e	Oneok, Inc		18,056
	64,432		Ormat Industries		492
	57,369	e	Ormat Technologies, Inc		1,614
	5,338,857		Osaka Gas Co Ltd		19,131
	175,876	e	Otter Tail Corp		3,862
	448,000	*	Pan-Electric Industries		0	^
	20,492	e	Pennichuck Corp		482
	578,481	e	Pennon Group plc		4,587
	721,181		Pepco Holdings, Inc		12,368
	256,049	*,e	Perma-Fix Environmental Services		574
	668,500		Petronas Gas BHD		2,008
	3,197,434	e	PG&E Corp		135,636
	104,062	*,e	Pico Holdings, Inc		3,870
	416,867		Piedmont Natural Gas Co, Inc		11,497
	74,549	*,e	Pike Electric Corp		695
	508,180	e	Pinnacle West Capital Corp		19,174
	430,942		PNM Resources, Inc		5,400
	19,902,250		PNOC Energy Development Corp		2,202
	2,295,121		Polish Oil & Gas Co		2,941
	400,458	*	Polska Grupa Energetyczna S.A.		3,238
	363,116	e	Portland General Electric Co		7,012
	13,578	*	Poweo		211
	1,094,068		PPL Corp		30,317
	813,870	e	Progress Energy, Inc		32,034
	495,639	*	Progress Energy, Inc (CVO)		74
	14,801,500		PT Perusahaan Gas Negara		6,913
	293,826		Public Power Corp		5,159
	4,706,018	e	Public Service Enterprise Group, Inc		138,923
	1,037,233	e	Questar Corp		44,808
	2,298		Red Electrica de Espana		123
	136,300		Reliance Energy Ltd		3,033
	892,887	*	Reliance Natural Resources Ltd		1,238
	3,243,566	*,e	Reliant Energy, Inc		11,969
	2,984,689		Republic Services, Inc		86,616
	84,691	e	Resource America, Inc (Class A)		407
	286,454	*	RusHydro (ADR)		1,512
	1,124,909	*	RusHydro-SP ADR		5,940
	421,755	e	RWE A.G.		37,369
	828		RWE A.G. (Preference)		68
	534,000		Saibu Gas Co Ltd		1,497
	483,818	e	SCANA Corp		18,187
	25,870		Scottish & Southern Energy plc		432
	5,035	e	Seche Environnement S.A.		371

48

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
SHARES			COMPANY	VALUE (000)
	24,875		Sechilienne-Sidec	$	823
	1,267,997		Sempra Energy		63,273
	5,022		Severn Trent plc		91
	578,281		Shanks Group plc		886
	94,940	e	Shikoku Electric Power Co, Inc		2,690
	109,000		Shizuoka Gas Co Ltd		624
	61,148	e	SJW Corp		1,554
	113,340		Snam Rete Gas S.p.A.		574
	58,976	*,e	Solaria Energia y Medio Ambiente S.A.		186
	150,048	e	South Jersey Industries, Inc		6,301
	2,955,528		Southern Co		98,005
	403,489		Southern Union Co		10,237
	264,828	e	Southwest Gas Corp		7,924
	125,594	e	Southwest Water Co		1,311
	669,999	e	SP AusNet		556
	388,379	*,e	Stericycle, Inc		21,167
	816,548	e	Suez Environnement S.A.		18,793
	830,896	*	Suzlon Energy Ltd		1,330
	178,861		Tata Power Co Ltd		5,473
	721,237		TECO Energy, Inc		11,460
	3,936,375		Tenaga Nasional BHD		9,678
	378,837		Terna Rete Elettrica Nazionale S.p.A.		1,639
	21,967		Thessaloniki Water Supply & Sewage Co S.A.		126
	1,131,626	e	Toho Gas Co Ltd		6,173
	375,268	e	Tohoku Electric Power Co, Inc		7,932
	2,155,721	e	Tokyo Electric Power Co, Inc		57,461
	5,508,301	e	Tokyo Gas Co Ltd		24,274
	246,720		Tractebel Energia S.A.		2,773
	228,889		TransAlta Corp		5,064
	303,225	e	Transfield Services Infrastructure Fund		246
	680,623		UGI Corp		18,064
	168,557	e	UIL Holdings Corp		4,635
	112,000		Ultrapar Participacoes S.A.		5,385
	210,383	e	Unisource Energy Corp		6,614
	519,824		United Utilities Group plc		4,410
	49,579	e	Unitil Corp		1,153
	488,720		Vector Ltd		736
	225,100	e	Vectren Corp		5,564
	405,741		Veolia Environnement		14,073
	935,618	*	Waste Connections, Inc		31,774
	1,753,222	e	Waste Management, Inc		60,363
	95,778	*	Waste Services, Inc		947
	319,532		Westar Energy, Inc		7,126
	287,299	e	WGL Holdings, Inc		9,955
	3,176,451		Williams Cos, Inc		73,376
	385,255		Wisconsin Energy Corp		19,035
	3,044,331		Xcel Energy, Inc		64,540
	1,498,000		Xinao Gas Holdings Ltd		3,828
	1,116,000	*	Yingde Gases		1,233
	56,861	e	York Water Co		782
	8,123,976		YTL Power International		5,454
	9,475	e	Zhongde Waste Technology AG.		221
			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		3,976,064

49

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
SHARES			COMPANY	VALUE (000)
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 7.6%
	133,429	*,e	A123 Systems, Inc	$	1,833
	1,296,000		AAC Acoustic Technologies Holdings, Inc		2,167
	33,747		Aastra Technologies Ltd		1,072
	451,581		ABB Ltd		9,863
	64,713		ABB Ltd India		1,196
	249,906	*,e	Acme Packet, Inc		4,818
	126,888	*,e	Actel Corp		1,757
	200,456	e	Acuity Brands, Inc		8,461
	624,559	*,e	Adaptec, Inc		2,042
	200,000	*	A-DATA Technology Co Ltd		568
	505,493	*	ADC Telecommunications, Inc		3,695
	210,203	*	Advanced Analogic Technologies, Inc		734
	234,993	*,e	Advanced Battery Technologies, Inc		916
	219,872	*,e	Advanced Energy Industries, Inc		3,641
	3,896,499	*,e	Advanced Micro Devices, Inc		36,121
	9,109,873		Advanced Semiconductor Engineering, Inc		8,319
	100,922	*	Aga Rangemaster Group plc		182
	21,100		Aiphone Co Ltd		369
	119,124	*,e	Airvana, Inc		912
	2,434,081	*,e	Alcatel S.A.		7,696
	106,100	e	Alpine Electronics, Inc		1,291
	363,000		Alps Electric Co Ltd		2,504
	862,926	e	Altera Corp		20,978
	196,341	*,e	American Superconductor Corp		5,674
	313,691	e	Ametek, Inc		13,006
	508,009	*,e	Amkor Technology, Inc		3,592
	920,913		Amphenol Corp (Class A)		38,853
	290,362	*,e	Anadigics, Inc		1,411
	1,960,252	e	Analog Devices, Inc		56,494
	252,752		Ansaldo STS S.p.A.		5,172
	5,510,162	*	Apple Computer, Inc		1,294,501
	317,006	*,e	Applied Micro Circuits Corp		2,736
	85,623	e	Applied Signal Technology, Inc		1,676
	2,262,153	e	ARM Holdings plc		8,180
	804,730	*,e	Arris Group, Inc		9,665
	82,455	*,e	Ascent Solar Technologies, Inc		317
	39,357	*	Ascom Holding AG.		418
	9,228,575		Asustek Computer, Inc		16,070
	368,938	*,e	Atheros Communications, Inc		14,282
	1,288,104	*	Atmel Corp		6,479
	157,026	*,e	ATMI, Inc		3,032
	9,840,853		AU Optronics Corp		11,186
	21,164		Austriamicrosystems AG.		656
	375,192	*,e	Avago Technologies Ltd		7,714
	4,115,741		Avermedia Technologies		5,741
	50,500	e	Avex Group Holdings, Inc		436
	1,546,855	*,e	Avnet, Inc		46,406
	130,604		AVX Corp		1,855
	9,200		Axell Corp		330

50

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
SHARES			COMPANY	VALUE (000)
	64,175	e	AZZ, Inc	$	2,172
	246,127	e	Baldor Electric Co		9,205
	150,118	*,e	Ballard Power Systems, Inc		401
	50,191	e	Bang & Olufsen AS (B Shares)		606
	20,631	*	Barco NV		930
	57,971	e	Bel Fuse, Inc (Class B)		1,168
	446,361	*	Benchmark Electronics, Inc		9,258
	163,541	*,e	BigBand Networks, Inc		577
	4,103,186		Broadcom Corp (Class A)		136,144
	669,900	*,e	Byd Co Ltd		6,674
	2,430	*,e	C&D Technologies, Inc		4
	78,800		Canon Electronics, Inc		1,742
	22,836	e	Carbone Lorraine		830
	365,757	*	Celestica, Inc		3,997
	13,881	*,e	Centrotherm Photovoltaics AG.		590
	127,079	*,e	Ceradyne, Inc		2,883
	111,532	*,e	Ceva, Inc		1,300
	196,576	*,e	Checkpoint Systems, Inc		4,348
	397,981		Cheng Uei Precision Industry Co Ltd		783
	171,523	*,e	China BAK Battery, Inc		413
	11,538	*,e,m	China Energy Savings Technology, Inc		1
	221,251	*,e	China Security & Surveillance Technology, Inc		1,701
	33,850	*,e	China TransInfo Technology Corp		228
	381,276	e	Chloride Group plc		1,216
	12,014,000		Chunghwa Picture Tubes Ltd		1,373
	1,083,521	*,e	Ciena Corp		16,513
	33,912,116	*,e	Cisco Systems, Inc		882,731
	165,000	e	Clarion Co Ltd		401
	59,700	*,e	CMK Corp		448
	105,400	*	COM DEV International Ltd		311
	1,546,500		Comba Telecom Systems Holdings Ltd		1,980
	333,475		Compal Communications, Inc		340
	133,429	*,e	Comtech Telecommunications Corp		4,268
	174,087	*,e	Conergy AG.		184
	1,231,724	e	Cooper Industries plc		59,049
	2,074,200		Coretronic Corp		2,942
	22,000		Corona Corp		280
	31,300		Cosel Co Ltd		452
	50,992	*	CPI International, Inc		676
	464,519	*,e	Cree, Inc		32,619
	294,878	*,e	CSR plc		2,049
	231,625	e	CTS Corp		2,182
	111,477		Cubic Corp		4,013
	1,096,845	*,e	Cypress Semiconductor Corp		12,614
	187,000		Daihen Corp		888
	10,300	e	DAI-ICHI SEIKO Co Ltd		337
	471,578		Daiichikosho Co Ltd		6,083
	642,000	e	Dainippon Screen Manufacturing Co Ltd		3,001
	82,000	e	Daiwa Industries Ltd		411
	65,284	*	DDi Corp		370
	7,710,981	*	Dell, Inc		115,742
	82,151		De’Longhi S.p.A.		360

51

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
SHARES			COMPANY	VALUE (000)
	85,260	*,e	Dialog Semiconductor plc	$	1,315
	189,055	*,e	Diodes, Inc		4,235
	349,067	*	Dolby Laboratories, Inc (Class A)		20,480
	176,425	*,e	DSP Group, Inc		1,470
	73,560	*,e	DTS, Inc		2,504
	757,023		Eaton Corp		57,360
	127,732	*	EchoStar Corp (Class A)		2,590
	40,400		Eizo Nanao Corp		996
	134,229	*,e	Electro Scientific Industries, Inc		1,719
	447,621	*	Elpida Memory, Inc		8,815
	794,300	*,e	Eltek ASA		385
	422,913	*,e	EMCORE Corp		512
	86,769	*	EMS Technologies, Inc		1,440
	201,610	*,e	Energizer Holdings, Inc		12,653
	210,506	*,e	Energy Conversion Devices, Inc		1,648
	227,622	*,e	EnerSys		5,613
	293,131	*,e	Entropic Communications, Inc		1,489
	742,578		Epistar Corp		2,467
	5,007,655	e	Ericsson (LM) (B Shares)		52,777
	898,060	*,e	Evergreen Solar, Inc		1,015
	386,970		Everlight Electronics Co Ltd		1,201
	21,340		EVS Broadcast Equipment S.A.		1,212
	183,929	*,e	Exar Corp		1,297
	387,940		Exide Industries Ltd		1,065
	219,893	*,e	Exide Technologies		1,264
	1,295,866	*	Fairchild Semiconductor International, Inc		13,801
	184,000	*	FDK Corp		270
	203,697	*,e	First Solar, Inc		24,983
	844,546		Fisher & Paykel Appliances Holdings Ltd		372
	307,344	*,e	Flextronics International Ltd		2,410
	221,750		Formosa Sumco Technology Corp		670
	36,100		Foster Electric Co Ltd		1,002
	1,724,779	*,e	Foxconn International Holdings Ltd		1,819
	907,964		Foxconn Technology Co Ltd		3,331
	122,193	e	Franklin Electric Co, Inc		3,665
	317,039	*,e	FuelCell Energy, Inc		894
	396,042	e	Fuji Electric Holdings Co Ltd		1,080
	124,000		Fujitsu General Ltd		564
	32,900	e	Funai Electric Co Ltd		1,387
	17,000		Furukawa Battery Co Ltd		128
	46,800		Futaba Corp/Chiba		924
	3,871		Gamesa Corp Tecnologica S.A.		53
	462,327	*,e	Gemalto NV		20,007
	48,500	*	Generac Holdings, Inc		679
	1,040		Geo Corp		1,028
	812,500		Geodesic Information Systems Ltd		2,027
	126,349	*,e	Globecomm Systems, Inc		972
	420,883	*	GN Store Nord		2,520
	70,141	*,e	GP Strategies Corp		586
	709,028	*	GrafTech International Ltd		9,692
	105,737	*,e	Greatbatch, Inc		2,241
	82,975		Gruppo Beghelli S.p.A.		79

52

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
SHARES			COMPANY	VALUE (000)
	915,000	e	GS Yuasa Corp	$	6,176
	113,723	*,e	GSI Technology, Inc		530
	98,957	*,e	GT Solar International, Inc		518
	705,916	*	GVK Power & Infrastructure Ltd		705
	613,508		Halma plc		2,348
	123,100	e	Hamamatsu Photonics KK		3,480
	576,000		Hannstar Board International Holdings Ltd		183
	4,870,441		HannStar Display Corp		1,074
	364,755	e	Harman International Industries, Inc		17,063
	465,602	*,e	Harmonic, Inc		2,938
	781,472		Harris Corp		37,112
	288,074	*	Harris Stratex Networks, Inc (Class A)		1,910
	138,915	*	Helen of Troy Ltd		3,620
	15,793,061	e	Hewlett-Packard Co		839,400
	445,702	*	Hexcel Corp		6,436
	889,540		High Tech Computer Corp		10,392
	323,000		Hi-P International Ltd		147
	16,798	e	Hirose Electric Co Ltd		1,937
	197,038		Hitachi Chemical Co Ltd		4,257
	98,490		Hitachi High-Technologies Corp		2,260
	24,371,252	*	Hitachi Ltd		90,978
	137,945	*,e	Hittite Microwave Corp		6,065
	13,711,792		Hon Hai Precision Industry Co, Ltd		59,367
	132,300	e	Hosiden Corp		1,731
	526,615	e	Hoya Corp		14,471
	4,760	*,e	Hutchinson Technology, Inc		30
	595,800	*	Hynix Semiconductor, Inc		14,060
	200,073	*	Ibiden Co Ltd		6,891
	13,000	e	Icom, Inc		333
	39,000		Idec Corp		350
	130,607	*,e	Imation Corp		1,438
	124,762		Imtech NV		3,995
	94,534	*,e	Indesit Co S.p.A.		1,134
	1,241,564	*,e	Infineon Technologies AG.		8,618
	388,055	*,e	Infinera Corp		3,306
	6,157,974		InnoLux Display Corp		9,395
	2,159,912	*	Inotera Memories, Inc		1,741
	594,846	*	Integrated Device Technology, Inc		3,646
	35,323,244		Intel Corp		786,295
	214,448	*,e	InterDigital, Inc		5,975
	192,948	*	International Rectifier Corp		4,419
	340,725	e	Intersil Corp (Class A)		5,029
	36,520		Ion Beam Applications		376
	111,401	*,e	IPG Photonics Corp		1,649
	95,079	*,e	iRobot Corp		1,441
	125,250	*,e	IXYS Corp		1,070
	136,000		Japan Aviation Electronics Industry Ltd		1,030
	213,000		Japan Radio Co Ltd		467
	1,835,905	*,e	JDS Uniphase Corp		23,004
	2,319,586	*,e	Johnson Electric Holdings Ltd		1,536
	1,261,600	*,e	JVC KENWOOD Holdings, Inc		526
	2,092,669		Kinsus Interconnect Technology Corp		5,482

53

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
SHARES			COMPANY	VALUE (000)
	75,100		Koa Corp	$	732
	1,114,854	e	Koninklijke Philips Electronics NV		35,747
	52,221		Kudelski S.A.		1,608
	242,703	e	Kyocera Corp		23,650
	120,000		Kyosan Electric Manufacturing Co Ltd		605
	798,013		L-3 Communications Holdings, Inc		73,122
	388,179	e	Laird Group plc		725
	1,015,629	*	Lattice Semiconductor Corp		3,727
	213,160		Legrand S.A.		6,734
	124,862		LG Electronics, Inc		12,691
	27,471		LG Electronics, Inc (Preference)		1,093
	122,716	e	Lincoln Electric Holdings, Inc		6,667
	650,370		Linear Technology Corp		18,392
	114,601	*,e	Littelfuse, Inc		4,356
	9,481		Loewe AG.		133
	62,887	*,e	Loral Space & Communications, Inc		2,209
	20,380		LS Industrial Systems Co Ltd		1,446
	132,921	e	LSI Industries, Inc		907
	1,899,485	*,e	LSI Logic Corp		11,625
	18,823	e	Mabuchi Motor Co Ltd		1,083
	8,092,959		Macronix International		5,351
	1,700	*	Magnetek, Inc		3
	3,265	*	Manz Automation AG.		263
	4,671,462	*	Marvell Technology Group Ltd		95,204
	2,138,201		Matsushita Electric Industrial Co Ltd		32,705
	167,657		Matsushita Electric Works Ltd		2,116
	1,113,437		Maxim Integrated Products, Inc		21,590
	24,163	*,e	MaxLinear, Inc		429
	107,980	*,e	Maxwell Technologies, Inc		1,338
	859,000		Meadville Holdings Ltd		347
	1,344,242		MediaTek, Inc		23,323
	27,300	e	Megachips Corp		409
	249,000	e	Meidensha Corp		1,108
	16,800		Meiko Electronics Co		357
	31,517		Melexis NV		328
	1,287,631	*	MEMC Electronic Materials, Inc		19,739
	71,949	*,e	MEMSIC, Inc		230
	136,259	*,e	Mercury Computer Systems, Inc		1,869
	194,579	e	Methode Electronics, Inc		1,926
	55,255	*	Meyer Burger Technology AG.		1,383
	281,734	e	Micrel, Inc		3,003
	532,904	e	Microchip Technology, Inc		15,007
	9,310,663	*	Micron Technology, Inc		96,738
	43,259	*	Micronas Semiconductor Holdings, Inc		230
	496,600	*,e	Microsemi Corp		8,611
	305,161	*,e	Microtune, Inc		833
	388,131	*,e	Microvision, Inc		1,095
	58,238	e	Millicom International Cellular S.A.		5,210
	46,200	e	Mimasu Semiconductor Industry Co Ltd		690
	494,704	e	Minebea Co Ltd		3,011
	323,903	*	MIPS Technologies, Inc		1,445
	3,771,360		Mitsubishi Electric Corp		34,652

54

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
SHARES			COMPANY	VALUE (000)
	34,000	*,e	Mitsui High-Tec, Inc	$	291
	70,552	e	Mitsumi Electric Co Ltd		1,544
	412,011	e	Molex, Inc		8,595
	154,707	*	Monolithic Power Systems, Inc		3,450
	241,131	*	Moog, Inc (Class A)		8,541
	314,431		Motech Industries, Inc		1,337
	7,888,651	*,e	Motorola, Inc		55,378
	97,266	*,e	Multi-Fineline Electronix, Inc		2,506
	472,133		Murata Manufacturing Co Ltd		26,816
	228,078		Nan Ya Printed Circuit Board Corp		905
	1,542,402	*	Nanya Technology Corp		1,472
	22,480	e	National Presto Industries, Inc		2,673
	674,746		National Semiconductor Corp		9,750
	67,200	*,e	NEC Electronics Corp		681
	563,000		Neo-Neon Holdings Ltd		395
	460,480	*,e	Net Insight AB		302
	2,225,162	*,e	NetApp, Inc		72,451
	208,728	*,e	Netlogic Microsystems, Inc		6,143
	45,621	e	Nexans S.A.		3,889
	91,502	e	NGK Spark Plug Co Ltd		1,243
	75,121	*	Nice Systems Ltd		2,394
	85,300	e	Nichicon Corp		1,050
	24,200		Nidec Copal Electronics Corp		184
	192,720		Nidec Corp		20,655
	26,800	e	Nihon Dempa Kogyo Co Ltd		560
	227,000	e	Nippon Carbon Co Ltd		745
	294,000		Nippon Chemi-Con Corp		1,157
	13,600	e	Nissha Printing Co Ltd		531
	63,000		Nissin Electric Co Ltd		333
	447,654		Nitto Denko Corp		17,381
	38,500	e	Nitto Kogyo Corp		402
	34,574	e	NKT Holding AS		1,910
	51,000	e	Nohmi Bosai Ltd		322
	4,158,314		Nokia Oyj		64,757
	272,949	*	Novellus Systems, Inc		6,824
	13,673	*,e	NV IntelliMedia Technology Group, Inc		53
	25,198	*,e	NVE Corp		1,141
	3,131,297	*	Nvidia Corp		54,422
	42,900	*	Obara Corp		475
	268		Okinawa Cellular Telephone Co		499
	278,200	*	Omnivision Technologies, Inc		4,779
	120,008		Omron Corp		2,786
	1,521,172	*	ON Semiconductor Corp		12,169
	426,889	*,e	Openwave Systems, Inc		982
	130,053	*,e	Oplink Communications, Inc		2,411
	120,591	*,e	OpNext, Inc		285
	127,493	*	Option NV		115
	66,738	*,e	Orion Energy Systems, Inc		327
	91,181	*,e	OSI Systems, Inc		2,558
	825,173		Pace plc		2,405
	381,050	e	Panasonic Corp (ADR)		5,838
	91,221	e	Park Electrochemical Corp		2,622

55

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	142,144	*,e	Parkervision, Inc	$	242
	16,438	*	Parrot S.A.		238
	133,374	*,e	Pericom Semiconductor Corp		1,428
	131,113		Phison Electronics Corp		1,061
	275,465	*,e	Photronics, Inc		1,402
	476,200	*,e	Pioneer Corp		1,747
	248,322		Plantronics, Inc		7,768
	226,328	*	Plexus Corp		8,155
	148,419	*,e	PLX Technology, Inc		782
	789,782	*,e	PMC - Sierra, Inc		7,045
	550,818	*	Polycom, Inc		16,844
	112,140	*,e	Polypore International, Inc		1,958
	72,061	*,e	Powell Industries, Inc		2,344
	109,981	e	Power Integrations, Inc		4,531
	9,734,035	*	Powerchip Semiconductor Corp		1,594
	390,005	*,e	Power-One, Inc		1,646
	2,889,836		Powertech Technology, Inc		10,328
	772,826	*,e	Powerwave Technologies, Inc		966
	7,085,000	*	Prime View International Co Ltd		12,828
	394,840		PV Crystalox Solar plc		288
	98,827	*,e	Q-Cells AG.		982
	737,130	*,e	QLogic Corp		14,964
	8,748,166	e	Qualcomm, Inc		367,335
	3,538,250		Quanta Computer, Inc		6,863
	295,191	*,e	Rambus, Inc		6,450
	74,810	e	Raven Industries, Inc		2,206
	211,000	*	RCG Holdings Ltd		239
	173,633	e	Redes Energeticas Nacionais S.A.		718
	193,241	e	Regal-Beloit Corp		11,480
	840,090		Reliance Communication Ventures Ltd		3,180
	88,277	*,e	Renewable Energy Corp AS		413
	925,452	*	Research In Motion Ltd (Canada)		68,567
	358,425		Reunert Ltd		2,854
	1,497,798	*,e	RF Micro Devices, Inc		7,459
	93,524	*,e	RHJ International		811
	150,725		Richtek Technology Corp		1,614
	1,459,633	e	Ricoh Co Ltd		22,795
	20,200	e	Rinnai Corp		1,061
	78,617	*,e	Rogers Corp		2,281
	200,358		Rohm Co Ltd		14,959
	55,128	*,e	Rubicon Technology, Inc		1,114
	35,542	e	Saft Groupe S.A.		1,409
	71,958		Samsung Electro-Mechanics Co Ltd		7,314
	175,325		Samsung Electronics Co Ltd		126,754
	26,297		Samsung Electronics Co Ltd (Preference)		12,504
	41,166		Samsung SDI Co Ltd		5,166
	1,465,393	*	SanDisk Corp		50,747
	260,000	e	Sanken Electric Co Ltd		993
	52,000		Sanyo Denki Co Ltd		221
	1,064,280	*,e	Sanyo Electric Co Ltd		1,708
	282,356	*,e	SatCon Technology Corp		686
	1,386		Schweiter Technologies AG.		779

56

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	175,030	*,e	Seachange International, Inc	$	1,257
	70,677		SEB S.A.		4,689
	21,000		SEC Carbon Ltd		125
	20,833,000	*	Semiconductor Manufacturing International		2,683
	317,985	*,e	Semtech Corp		5,542
	89,822	*,e	SGL Carbon AG.		2,627
	755,360	e	Sharp Corp		9,445
	90,000		Shindengen Electric Manufacturing Co Ltd		335
	20,500	e	Shinkawa Ltd		315
	115,646	e	Shinko Electric Industries		1,789
	26,000	e	Shin-Kobe Electric Machinery Co Ltd		252
	232,692	*,e	ShoreTel, Inc		1,538
	165,242		Siemens India Ltd		2,724
	354,583	*	Silicon Image, Inc		1,071
	183,525	*,e	Silicon Laboratories, Inc		8,749
	526,567	*,e	Silicon Storage Technology, Inc		1,601
	3,555,031		Siliconware Precision Industries Co		4,287
	898,000		Silitech Technology Corp		3,280
	292,100		Simplo Technology Co Ltd		1,665
	1,365	*,e	Sirius XM Radio, Inc		1
	978,498	*	Skyworks Solutions, Inc		15,265
	197,187	*,e	Smart Modular Technologies WWH, Inc		1,520
	4,313,198		Smiths Group plc		74,354
	86,000	e	SMK Corp		442
	112,810	*,e	SOITEC		1,739
	15,488	*,e	Solar Millennium AG.		371
	47,024,511		Solomon Systech International Ltd		4,664
	11,871	*,e	Solon AG.		82
	1,693,489	e	Sony Corp		64,849
	71,422	e	Sony Corp (ADR)		2,737
	65,833	*,e	Spectrum Control, Inc		770
	99,414	*,e	Standard Microsystems Corp		2,314
	100,010	e	Stanley Electric Co Ltd		1,939
	1,397,068		STMicroelectronics NV		13,907
	77,640	*,e	Stoneridge, Inc		768
	174,074	*,e	Sumco Corp		3,702
	352,832	*,e	Sunpower Corp (Class A)		6,669
	27	*,e	Sunpower Corp (Class B)		0	^
	49,136	*,e	Supertex, Inc		1,257
	93,760	e	Sycamore Networks, Inc		1,886
	232,608	*,e	Symmetricom, Inc		1,356
	154,710	*,e	Synaptics, Inc		4,272
	39,771,504		Taiwan Semiconductor Manufacturing Co Ltd		77,018
	200,000	e	Taiyo Yuden Co Ltd		3,160
	101,000	e	Takaoka Electric Manufacturing Co Ltd		349
	298,912	*,e	TalkTalk Telecom Group plc		585
	4,688,000	*	Tatung Co Ltd		1,122
	205,320	e	TDK Corp		13,660
	209,507	e	Technitrol, Inc		1,106
	102,147	*,e	Techwell, Inc		1,910
	2,266,833		Teco Electric and Machinery Co Ltd		996
	345,213	*,e	Tekelec		6,269

57

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	54,684	*	Telecomunicaciones y Energia	$	226
	111,170	e	Teleflex, Inc		7,123
	778,833		Telefonaktiebolaget Lm Ericsson (ADR)		8,123
	1,161,059		Tellabs, Inc		8,789
	306,438	*,e	Tessera Technologies, Inc		6,215
	5,183,778	e	Texas Instruments, Inc		126,847
	37,799	*,e	Theolia SA		156
	81	e	Thine Electronics Inc		185
	357,553	*	Thomas & Betts Corp		14,030
	373,746	*,e	Thomson		544
	107,000	e	Toko, Inc		172
	155,105		Tokyo Denpa Co Ltd		1,105
	242,000		Toshiba TEC Corp		958
	38,000	e	Toyo Corp/Chuo-ku		334
	15,100	e	Toyo Tanso Co Ltd		856
	53,826	*,e	Toyota Boshoku Corp		1,034
	478,508		Transcend Information, Inc		1,733
	495,589	*	Trident Microsystems, Inc		862
	750,847		Tripod Technology Corp		2,542
	719,719	*	Triquint Semiconductor, Inc		5,038
	214,582	*	TT electronics plc		327
	244,589	*,e	TTM Technologies, Inc		2,172
	43,693		Tyco Electronics Ltd		1,201
	66,555	*,e	Ultralife Corp		267
	83,000		Uniden Corp		241
	1,784,756		Unimicron Technology Corp		2,290
	3,626	*,e	United Capital Corp		86
	18,099,022		United Microelectronics Corp		9,603
	139,979	*,e	Universal Display Corp		1,648
	75,918	*,e	Universal Electronics, Inc		1,696
	334,695	*,e	US Geothermal, Inc		305
	120,075	e	Ushio, Inc		2,037
	616,173	*,e	Utstarcom, Inc		1,719
	48	e	V Technology Co Ltd		256
	14,984	e	Vacon plc		609
	286,527	*,e	Valence Technology, Inc		244
	885,743		Vanguard International Semiconductor Corp		455
	278,667	*,e	Varian Semiconductor Equipment Associates, Inc		9,229
	145,024	*,e	Viasat, Inc		5,019
	25,700	e	Vic Tokai Corp		253
	119,206	*,e	Vicor Corp		1,646
	77,646	*,e	Virage Logic Corp		610
	1,926,305	*,e	Vishay Intertechnology, Inc		19,706
	151,206	*	Volterra Semiconductor Corp		3,795
	300,000	e	Vtech Holdings Ltd		3,246
	270,463	e	Whirlpool Corp		23,598
	91,015	*	White Electronic Designs Corp		637
	3,056,000	*	Winbond Electronics Corp		860
	1,012,000	*	Wintek Corp		918
	159,582	*	Wolfson Microelectronics plc		368
	57,400		Woongjin Coway Co Ltd		1,778
	787,130		Xilinx, Inc		20,072

58

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	15,750	*,m	Ya Hsin Industrial Co Ltd	$	3
	6,064,000		Yageo Corp		2,368
	120,972	e	Yaskawa Electric Corp		1,106
	98,600		Young Fast Optoelectronics Co Ltd		1,045
	97	e	Zappallas, Inc		164
	302,067	*,e	Zix Corp		698
	138,571	*,e	Zoltek Cos, Inc		1,336
	374,236	*,e	Zoran Corp		4,027
	470,332	e	ZTE Corp		2,850
	44,386		Zumtobel AG.		893
			TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		7,832,161
ENGINEERING AND MANAGEMENT SERVICES - 0.8%
	40,897		Aangpanneforeningen AB (B Shares)		1,277
	181,533	*,e	Accelrys, Inc		1,118
	436,734	e	Accenture plc		18,321
	105,272	*	Advisory Board Co		3,316
	265,913	*	Aecom Technology Corp		7,544
	129,800	e	Aeon Mall Co Ltd		2,737
	94,693	m	Aero Inventory plc		379
	116,190	*,e	Affymax, Inc		2,722
	34,467	*	Alten		971
	402,384	*,e	Amylin Pharmaceuticals, Inc		9,050
	134,097		Arcadis NV		2,836
	697,786	*,e	Ariad Pharmaceuticals, Inc		2,372
	26,194		Assystem		396
	292,643		Atkins WS plc		2,753
	106,584	e	Ausenco Ltd		430
	520,413	e	Babcock International Group		4,758
	14,525	*,e	Bavarian Nordic AS		601
	10,965		Bertrandt AG.		386
	84,202	e	Bilfinger Berger AG.		5,618
	66,793	*	BioInvent International AB		327
	52,100	*	Blom AS		77
	110,672		Bure Equity AB		403
	123,759		Cap Gemini S.A.		6,096
	472,220		Capita Group plc		5,421
	63,854		CDI Corp		936
	455,905	*,e	Celera Corp		3,237
	5,904,000	*,e	China Railway Group Ltd		4,258
	29,000		Commuture Corp		168
	98,607	*,e	comScore, Inc		1,646
	59,443	*	Cornell Cos, Inc		1,088
	154,499	e	Corporate Executive Board Co		4,108
	51,271	*,e	CRA International, Inc		1,175
	137,205		Daewoo Engineering & Construction Co Ltd		1,334
	174,026	e	Diamond Management & Technology Consultants, Inc		1,366
	9,944	e	Digital Garage, Inc		22,177
	13,958		Dinamia		192
	708,972	e	Downer EDI Ltd		4,918
	131,586	*	DTZ Holdings plc		146

59

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	336,651	*,e	Dyax Corp	$	1,148
	307,145	*,e	eResearch Technology, Inc		2,122
	11,383	e	Eurofins Scientific		493
	791,335	*,e	Exelixis, Inc		4,803
	89,360	*,e	Exponent, Inc		2,549
	526,510		Fluor Corp		24,488
	59,638	*,e	Franklin Covey Co		474
	157,936		Fugro NV		10,322
	180,240	*,e	Furmanite Corp		935
	117	e	GCA Savvian Group Corp		111
	180,188	*,e	Genpact Ltd		3,022
	136,538	*,e	Gen-Probe, Inc		6,827
	23,525		GFK AG.		857
	260,239		Groupe Aeroplan, Inc		2,729
	393,597		Hargreaves Lansdown plc		1,953
	385,392	*	Hewitt Associates, Inc (Class A)		15,331
	124,054	*,e	Hill International, Inc		723
	67,702		HIQ International AB		346
	96,525	*	Huron Consulting Group, Inc		1,959
	80,436		Hyundai Development Co		2,350
	42,785	*,e	ICF International, Inc		1,063
	534,808	*,e	Incyte Corp		7,466
	96,320	*,e	Infinity Pharmaceuticals, Inc		588
	513,818	*,e	Insmed, Inc		606
	324,608		Intertek Group plc		7,182
	32,004		IPSOS		1,131
	433,610	*,e	Isis Pharmaceuticals, Inc		4,735
	1,724,995	*,e	Jacobs Engineering Group, Inc		77,953
	1,060,108	e	JGC Corp		18,914
	998,903		John Wood Group plc		5,509
	6,224		Kapsch TrafficCom AG.		212
	3,544,685		KBR, Inc		78,551
	112,631		Keller Group plc		1,155
	122,627	*	Kendle International, Inc		2,144
	44,155		Landauer, Inc		2,880
	581,174	*,e	Lexicon Pharmaceuticals, Inc		860
	186,523	*,e	Luminex Corp		3,139
	112,780		MAXIMUS, Inc		6,872
	115,350	*,e	Maxygen, Inc		758
	797,028	*,e	McDermott International, Inc		21,456
	57,882	e	Medion AG.		782
	16,628	e	MedQuist, Inc		130
	49,374	*,e	Michael Baker Corp		1,702
	22,100	*,e	Mistras Group, Inc		221
	625,277		Mitie Group		2,170
	165,673	e	Monadelphous Group Ltd		2,326
	163,798		Mouchel Group plc		449
	270,415	*,e	Myriad Genetics, Inc		6,503
	2,439	e	National Research Corp		62
	302,212	*,e	Navigant Consulting, Inc		3,666
	32,095	*	NeuroSearch AS		984
	105,400	e	Nichii Gakkan Co		927

60

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	52,000		Nippon Densetsu Kogyo Co Ltd	$	407
	22,887	*	Novabase SGPS S.A.		133
	44,700	e	NPC, Inc		956
	425,742		NRW Holdings Ltd		684
	149,446	*,e	Omnicell, Inc		2,097
	28,100		Oyo Corp		242
	937,314		Paychex, Inc		28,776
	883,985		Petrofac Ltd		16,124
	55,811	e	Poyry Oyj		810
	194,595		Programmed Maintenance Services Ltd		550
	1,154,129		QinetiQ plc		2,347
	297,358	*,e	Regeneron Pharmaceuticals, Inc		7,877
	8,828,000		Regent Pacific Group Ltd		290
	167,611	*,e	Repligen Corp		681
	212,494	*,e	Resources Connection, Inc		4,074
	239,544	*,e	Rigel Pharmaceuticals, Inc		1,909
	94,951		Robert Walters plc		324
	331,000		Rotary Engineering Ltd		251
	332,449		RPS Group plc		1,030
	300,713	*,e	RTI Biologics, Inc		1,302
	344,389		SAI Global Ltd		1,258
	2,164,805	*,e	SAIC, Inc		38,317
	46,038		Samsung Engineering Co Ltd		4,761
	206,081	*,e	Sangamo Biosciences, Inc		1,117
	321,057	*,e	Savient Pharmaceuticals, Inc		4,639
	192,182		Savills plc		1,015
	154,707		Scott Wilson Group plc		209
	2,105,912		SembCorp Industries Ltd		6,217
	264,851	*,e	Sequenom, Inc		1,671
	2,355,164		Serco Group plc		21,479
	1,145,000		Shandong Weigao Group Medical Polymer Co Ltd		4,778
	1,137,589	*	Shaw Group, Inc		39,156
	1,410,000		Shenzhen Expressway Co Ltd		741
	54,000		Shinko Plantech Co Ltd		478
	248,000		Shui On Construction and Materials Ltd		375
	117,108	*	Silex Systems Ltd		605
	157,559		SNC-Lavalin Group, Inc		7,696
	107,529	*,e	Stanley, Inc		3,042
	71,662	*	Stantec, Inc		1,863
	420,000	*,e	Swiber Holdings Ltd		315
	200,829	*,e	Symyx Technologies, Inc		902
	123	*	Takara Bio, Inc		277
	329,442		Tecan Group AG.		25,292
	50,042	*,e	Tejon Ranch Co		1,527
	388,045	*,e	Tetra Tech, Inc		8,941
	31,582	*	ThromboGenics NV		702
	251,969	e	Towers Watson & Co		11,969
	692,957	e	Toyo Engineering Corp		2,661
	30,534	*,e	Transcend Services, Inc		496
	637,337		Transfield Services Ltd		2,363
	47,301	e	Trevi Finanziaria S.p.A.		811
	604,395	e	United Group Ltd		8,347

61

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	342,101	*	URS Corp	$	16,972
	466,000	*	Value Partners Group Ltd		360
	23,581		VSE Corp		971
	261,759	e	VT Group plc		2,979
	1,717		Wellnet Corp		1,859
	872,965	e	WorleyParsons Ltd		20,387
	128,157		WSP Group plc		566
	101,900	*,e	WuXi PharmaTech Cayman, Inc (ADR)		1,587
	311,076		Xchanging plc		914
	4,227	*	XING AG.		164
	906,600		Zelan BHD		154
			TOTAL ENGINEERING AND MANAGEMENT SERVICES		795,093
ENVIRONMENTAL QUALITY AND HOUSING - 0.0%
	918,767	*,e	Transpacific Industries Group Ltd		1,113
			TOTAL ENVIRONMENTAL QUALITY AND HOUSING		1,113
FABRICATED METAL PRODUCTS - 0.5%
	38,966		AFG Arbonia-Forster Hldg		931
	134,600		Aica Kogyo Co Ltd		1,500
	204,385	*	Alliant Techsystems, Inc		16,617
	1,428,628		Amcor Ltd		8,377
	49,270		Ameron International Corp		3,099
	235,534	e	Aptargroup, Inc		9,268
	94,000	e	Asahi Organic Chemicals Industry Co Ltd		226
	343,676	e	Ball Corp		18,345
	190,385		Bharat Heavy Electricals		10,138
	68,000		Bunka Shutter Co Ltd		189
	81,376	*,e	Bway Holding Co		1,636
	35,455		Cardo AB		1,245
	47,581		CCL Industries		1,323
	155,757	*,e	Chart Industries, Inc		3,115
			China International Marine Containers Co Ltd
	2,297,474		(Class B)		3,222
	26,200		Chofu Seisakusho Co Ltd		612
	92,829	e	CIRCOR International, Inc		3,083
	908,767		Commercial Metals Co		13,686
	169,011	e	Crane Co		6,000
	1,530,170	*,e	Crown Holdings, Inc		41,254
	57,377	e	Dynamic Materials Corp		896
	3,800		Furuya Metal Co Ltd		257
	74,010		Geberit AG.		13,245
	43,483	e	Gerresheimer AG.		1,360
	339,000	e	Goodpack Ltd		424
	245,779	*,e	Griffon Corp		3,062
	73,159		Gulf Island Fabrication, Inc		1,591
	60,817	*	Gunnebo AB		300
	32,894	*,e	Hawk Corp		641
	30,000		Hisaka Works Ltd		291
	245,000	e	Hitachi Cable Ltd		731
	57,683	e	Hitachi Metals Ltd		607
	2,719,932		Illinois Tool Works, Inc		128,817

62

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	74,427	e	Insteel Industries, Inc	$	796
	463,514		Jindal Steel & Power Ltd		7,259
	126,047		JS Group Corp		2,566
	132,000		Kitz Corp		769
	85,204	*	Ladish Co, Inc		1,718
	73,795	e	Landi Renzo S.p.A.		327
	5,487		LISI		312
	117,982	*	Martinrea International, Inc		1,022
	42,600		Miura Co Ltd		1,110
	176,069	*,e	Mobile Mini, Inc		2,727
	843,380	e	Mueller Water Products, Inc (Class A)		4,031
	175,206	*,e	NCI Building Systems, Inc		1,934
	118,876		Nibe Industrier AB (Series B)		1,366
	63,431	*,e	North American Galvanizing & Coating, Inc		353
	490,699		Parker Hannifin Corp		31,768
	1,588,268		Pentair, Inc		56,575
	1,307		Phoenix Mecano AG.		630
	211,522		Quanex Building Products Corp		3,496
	1,495,074		Rexam plc		6,645
	133,780		Rotork PLC		2,848
	7,566		Sabaf S.p.A.		169
	16,597		Salzgitter AG.		1,541
	331,000		Sankyo-Tateyama Holdings, Inc		446
	320,000	e	Sanwa Shutter Corp		1,068
	610,161		Shin Zu Shing Co Ltd		2,594
	167,902	e	Silgan Holdings, Inc		10,113
	182,405	e	Simpson Manufacturing Co, Inc		5,064
	3,274,000		Singamas Container Holdings Ltd		590
	41,615	*,e	SmartHeat, Inc		447
	260,220	*,e	Smith & Wesson Holding Corp		984
	185,726		Snap-On, Inc		8,049
	65,390	e	Ssab Svenskt Stal AB (Series A)		1,175
	32,734	e	Ssab Svenskt Stal AB (Series B)		531
	710,694	e	Stanley Works		40,801
	147,665	e	Sturm Ruger & Co, Inc		1,771
	58,899	e	Sun Hydraulics Corp		1,530
	285,243	*,e	Taser International, Inc		1,672
	19,600		Tocalo Co Ltd		409
	291,000	e	Toyo Kanetsu K K		588
	577,376	e	Toyo Seikan Kaisha Ltd		10,227
	70,252	*,e	Trimas Corp		456
	58,000		Tsukishima Kikai Co Ltd		404
	156,269	e	Valmont Industries, Inc		12,944
	130,847		Viohalco S.A.		710
	164,468	e	Watts Water Technologies, Inc (Class A)		5,108
			TOTAL FABRICATED METAL PRODUCTS		533,731
FISHERIES - 0.0%
	46,900	*	Copeinca ASA		394
	58,622	*,e	HQ Sustainable Maritime Industries, Inc		352
	343,500	e	Nippon Suisan Kaisha Ltd		996
	4,724,000	*,e	PAN Fish ASA		4,196

63

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	153,445		Tassal Group Ltd	$	221
			TOTAL FISHERIES		6,159
FOOD AND KINDRED PRODUCTS - 4.0%
	125,274	*,e	AgFeed Industries, Inc		550
	5,176		Agrana Beteiligungs AG.		499
	1,756,667		Ajinomoto Co, Inc		17,399
	31,640	e	Aker ASA (A Shares)		873
	50,271	*,e	American Dairy, Inc		963
	148,412	*,e	American Italian Pasta Co		5,769
	252,166		Anadolu Efes Biracilik Ve Malt Sanayii AS		2,658
	2,974	*	Anheuser-Busch InBev NV		0	^
	2,104,309		Archer Daniels Midland Co		60,815
	26,300		Ariake Japan Co Ltd		384
	1,723		Aryzta AG.		75
	1,043,896	e	Asahi Breweries Ltd		19,574
	766,500		Asiatic Development BHD		1,633
	1,139,344	e	Associated British Foods plc		16,918
	18,063		Atria Group plc		300
	187,900	e	Austevoll Seafood ASA		1,413
	787,989	e	B&G Foods, Inc (Class A)		8,258
	2,638		Barry Callebaut AG.		1,704
	1,215,600		Beijing Enterprises Holdings Ltd		8,447
	393,719		Bidvest Group Ltd		7,365
	4,664		Bonduelle S.C.A.		522
	69,178	*	Boston Beer Co, Inc (Class A)		3,615
	485,545		Britvic plc		3,419
	487,909	e	Bunge Ltd		30,070
	496,567		C&C Group plc		2,244
	957,177	e	Campbell Soup Co		33,836
	22,351		Campofrio Alimentacion S.A.		211
	63,065	e	Carlsberg AS (Class B)		5,293
	368,962	*	Central Garden and Pet Co (Class A)		3,380
	10,741,700		Charoen Pokphand Foods PCL		4,983
	2,214,700		China Agri-Industries Holdings Ltd		3,058
	1,518,000	e	China Yurun Food Group Ltd		4,634
	10,097		CJ CheilJedang Corp		2,008
	36,934		Coca Cola Hellenic Bottling Co S.A.		996
	965,330	e	Coca-Cola Amatil Ltd		9,966
	31,898		Coca-Cola Bottling Co Consolidated		1,871
	29,500		Coca-Cola Central Japan Co Ltd		361
	11,841,667	e	Coca-Cola Co		651,291
	2,166,555		Coca-Cola Enterprises, Inc		59,927
	363,475	e	Coca-Cola Femsa S.A. de C.V.		2,426
	61,268		Coca-Cola Icecek AS		521
	28,583		Coca-Cola West Japan Co Ltd		467
	3,598,409		ConAgra Foods, Inc		90,212
	1,686,466	*,e	Constellation Brands, Inc (Class A)		27,726
	1,119,738	e	Corn Products International, Inc		38,810
	149,343	*	Cosan SA Industria e Comercio		1,821
	189,700	*	Cott Corp		1,479
	68,103		Cranswick plc		832

64

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	132,659		CSM	$	4,121
	892,259	e	CSR Ltd		1,355
	547,019	*,e	Darling International, Inc		4,901
	211,654	e	Davide Campari-Milano S.p.A.		2,263
	1,666,947		Del Monte Foods Co		24,337
	355,234		Devro plc		868
	6,752,944		Diageo plc		113,338
	84,385	e	Diamond Foods, Inc		3,548
	44,300		Doutor Nichires Holdings Co Ltd		587
	4,716,986		Dr Pepper Snapple Group, Inc		165,896
	21,600		Dydo Drinco, Inc		749
	187,527		Ebro Puleva S.A.		3,454
	177,000		Ezaki Glico Co Ltd		2,066
	35,284	e	Farmer Bros Co		661
	266,786	e	Flowers Foods, Inc		6,600
	2,916,425	e	Fomento Economico Mexicano S.A. de C.V.		13,924
	135,500		Fuji Oil Co Ltd		1,915
	28,000		Fujicco Co Ltd		322
	2,749,866		General Mills, Inc		194,663
	192,559		Glanbia plc		777
	8,531,856		Golden Agri-Resources Ltd		3,537
	226,290		Greencore Group plc		425
	228,804		Greggs plc		1,689
	508,212		Groupe Danone		30,614
	465,682	e	Grupo Bimbo S.A. de C.V. (Series A)		4,097
	1,021,601	e	Grupo Modelo S.A. (Series C)		6,005
	2,039,357		H.J. Heinz Co		93,015
	471,736	*,e	Hansen Natural Corp		20,464
	39,915	*	Harbinger Group, Inc		270
	346,875		Heineken NV		17,827
	1,100,836	e	Hershey Co		47,127
	6,293		Hite Brewery Co Ltd		793
	91,714		HKScan Oyj		1,230
	402,146	e	Hormel Foods Corp		16,894
	88,900	e	House Foods Corp		1,292
	73,815	e	Imperial Sugar Co		1,145
	3,620,245		InBev NV		182,361
	528,000	*	Indofood Agri Resources Ltd		845
	30,000	*,m	International Hydron		1
	5,761,228		IOI Corp BHD		9,520
	32,644	e	Ito En Ltd		505
	198,000	e	Itoham Foods, Inc		752
	96,446	e	J&J Snack Foods Corp		4,193
	339,352	e	J.M. Smucker Co		20,449
	122,000		J-Oil Mills, Inc		382
	101,600	e	Kagome Co Ltd		1,734
	888,268		Kaneka Corp		5,758
	1,763,569		Kellogg Co		94,227
	159,865		Kerry Group plc (Class A)		4,966
	22,900	e	KEY Coffee, Inc		389
	1,521,566		Kirin Brewery Co Ltd		22,443
	94,664	*,e	Koninklijke Wessanen NV		403

65

COLLEGE RETIREMENT EQUITIES FUND -Stock Account

					VALUE (000)
SHARES			COMPANY
	12,373,959	e	Kraft Foods, Inc (Class A)	$	374,188
	1,604,527		Kulim Malaysia BHD		3,497
	111,099	e	Lancaster Colony Corp		6,550
	128,663	e	Lance, Inc		2,976
	3,900		Laurent-Perrier		313
	35,050	e	Leroy Seafood Group ASA		849
	23,387	*,e	Lifeway Foods, Inc		278
	77		Lindt & Spruengli AG.		182
	86		Lindt & Spruengli AG. (Reg)		2,329
	1,276		Lotte Confectionery Co Ltd		1,488
	58,619	*	M&F Worldwide Corp		1,794
	75,169		Maple Leaf Foods, Inc		765
	497,344		Marfrig Alimentos S.A.		5,688
	301,000		Marudai Food Co Ltd		860
	103,574	*,e	Matrixx Initiatives, Inc		525
	65,700	e	Matsumotokiyoshi Holdings Co Ltd		1,486
	378,114	e	McCormick & Co, Inc		14,504
	1,069,586	e	Mead Johnson Nutrition Co		55,651
	42,102	e	MEIJI Holdings Co Ltd		1,635
	179,000		Mercian Corp		352
	42,900		Mikuni Coca-Cola Bottling Co Ltd		339
	124,000		Mitsui Sugar Co Ltd		414
	380,897		Molson Coors Brewing Co (Class B)		16,021
	342,000	e	Morinaga & Co Ltd		761
	414,000	e	Morinaga Milk Industry Co Ltd		1,630
	25,000		Nagatanien Co Ltd		236
	61,094	e	National Beverage Corp		679
	5,289,753	e	Nestle S.A.		270,909
	628,000		Nichirei Corp		2,351
	168,000	e	Nippon Beet Sugar Manufacturing Co Ltd		410
	281,000		Nippon Flour Mills Co Ltd		1,401
	91,853	e	Nippon Meat Packers, Inc		1,162
	314,000		Nisshin Oillio Group Ltd		1,521
	586,830	e	Nisshin Seifun Group, Inc		7,576
	44,185	e	Nissin Food Products Co Ltd		1,486
	291,000	e	NOF Corp		1,152
	683,152		Northern Foods plc		603
	53,529		Nutreco Holding NV		3,373
	1,312,000	*	Oceanus Group Ltd		328
	25,458	e	Olam International Ltd		47
	98,429	*,e	Omega Protein Corp		566
	79,377	*,e	Overhill Farms, Inc		463
	5,608,010		Parmalat S.p.A.		15,357
	53,053	*,e	Peet’s Coffee & Tea, Inc		2,104
	430	e	Penford Corp		4
	8,614,035		PepsiCo, Inc		569,904
	422,658		Perdigao S.A.		11,384
	4,198	e	Pernod-Ricard S.A.		356
	3,000,600		Petra Foods Ltd		2,660
	3,145,991	*	Premier Foods plc		1,515
	367,000	e	Prima Meat Packers Ltd		389
	461,524		PT Astra Agro Lestari Tbk		1,248

66

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

					VALUE (000)
SHARES			COMPANY
	8,153,900		PT Indofood Sukses Makmur Tbk	$	3,383
	260,400	e	Q.P. Corp		2,827
	276,728	e	Raisio plc (V Shares)		1,047
	454,880	*,e	Ralcorp Holdings, Inc		30,832
	673,643		Remgro Ltd		9,064
	31,718	e	Remy Cointreau S.A.		1,639
	766,542	e	Reynolds American, Inc		41,378
	87,657	e	Robert Wiseman Dairies plc		659
	150,813		SABMiller plc		4,422
	136,305	e	Sanderson Farms, Inc		7,307
	128,346	e	Sapporo Holdings Ltd		670
	340,088		Saputo, Inc		9,905
	4,069,405		Sara Lee Corp		56,687
	32,401	e	Schouw & Co		752
	51,629	*	Seneca Foods Corp		1,503
	132,000		Showa Sangyo Co Ltd		407
	13,510		Sipef S.A		855
	283,843	*,e	Smart Balance, Inc		1,839
	1,126,985	*,e	Smithfield Foods, Inc		23,374
	50,088	e	SOS Cuetara S.A.		168
	231,456	e	Suedzucker AG.		5,108
	664,600		Swire Pacific Ltd (Class A)		7,995
	31,100	e	T Hasegawa Co Ltd		470
	254,000	e	Takara Holdings, Inc		1,424
	103,000		Takasago International Corp		555
	754,181		Tate & Lyle plc		5,198
	2,276,000	e	Tingyi Cayman Islands Holding Corp		5,382
	111,825	e	Tootsie Roll Industries, Inc		3,023
	737,433		Total Produce plc		398
	261,724		Toyo Suisan Kaisha Ltd		6,769
	172,961	*,e	TreeHouse Foods, Inc		7,588
	2,077,883		Tyson Foods, Inc (Class A)		39,791
	21,400	e	Unicharm Petcare Corp		679
	3,252,231		Unilever plc		95,497
	492,231	e	Unilever plc (ADR)		14,413
	310,605		United Breweries Co, Inc		2,320
	106,018		United Spirits Ltd		3,120
	2,363,800		Universal Robina		1,308
	1,496,000		Vitasoy International Holdings Ltd		1,177
	4,503		Vranken - Pommery Monopole		193
	1,969,748	e	Wilmar International Ltd		9,434
	55,978	e	Yakult Honsha Co Ltd		1,510
	74,306	e	Yamazaki Baking Co Ltd		920
	350,651		Yantai Changyu Pioneer Wine Co		2,917
	50,500		Yonekyu Corp		427
			TOTAL FOOD AND KINDRED PRODUCTS		4,093,866
FOOD STORES - 0.5%
	187,453		Alimentation Couche Tard, Inc		3,416
	139,445		Almacenes Exito S.A.		1,261
	63,300		Arcs Co Ltd		854
	6,662		Arden Group, Inc (Class A)		708

67

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

					VALUE (000)
SHARES			COMPANY
	13,164	*,e	Caribou Coffee Co, Inc	$	87
	371,240		Carrefour S.A.		17,893
	37,000		Cawachi Ltd		709
	1,155,434		Centros Comerciales Sudamericanos S.A.		4,536
	1,950,300		China Resources Enterprise		7,247
	77,700		Circle K Sunkus Co Ltd		963
	4,432		Colruyt S.A.		1,091
			Companhia Brasileira de Distribuicao Grupo Pao
	109,858		de Acucar		3,661
	3,593,500		CP Seven Eleven PCL		3,056
	11,300	e	CREATE SD HOLDINGS Co Ltd		212
	7,300	*	Daikokutenbussaan Co Ltd		218
	185,668		Delhaize Group		14,921
	111,264		Discount Investment Corp		3,101
	190,069	*,e	Dole Food Co, Inc		2,252
	85,861		Empire Co Ltd		4,453
	34,278	e	FamilyMart Co Ltd		1,091
	25,700		Fuji Co Ltd		497
	70,624		George Weston Ltd		4,878
	3,135,063	e	Goodman Fielder Ltd		4,114
	187,217	*,e	Great Atlantic & Pacific Tea Co, Inc		1,436
	72,266		Hakon Invest AB		1,381
	42,700		Heiwado Co Ltd		548
	61,397	e	Ingles Markets, Inc (Class A)		923
	80,800		Izumi Co Ltd		1,060
	99,000		Izumiya Co Ltd		434
	550,773		J Sainsbury plc		2,738
	3,142,247	e	Jeronimo Martins SGPS S.A.		31,831
	93,300		Kasumi Co Ltd		453
	1,411	e	Kesko Oyj (B Shares)		56
	1,102,537		Koninklijke Ahold NV		14,698
	3,019,964		Kroger Co		65,411
	82,358		Lawson, Inc		3,515
	172,881		Loblaw Cos Ltd		6,385
	103,000		Maruetsu, Inc		426
	593,000	e	Maruha Nichiro Holdings, Inc		844
	59,100		Ministop Co Ltd		687
	196,729	*,e	Panera Bread Co (Class A)		15,048
	131,268	*,e	Pantry, Inc		1,640
	293,583		Pick’n Pay Stores Ltd		1,733
	884,625		President Chain Store Corp		2,206
	221,330	e	Ruddick Corp		7,003
	2,297,562	e	Safeway, Inc		57,116
	679,486		Shoprite Holdings Ltd		6,782
	1,166,133	e	Sonae SPGS S.A.		1,386
	1,443,906		Supervalu, Inc		24,084
	37,274	*,e	Susser Holdings Corp		315
	2,331,998	*	Taiwan TEA Corp		1,454
	7,879,104		Tesco plc		52,065
	7,445		Valora Holding AG.		1,928
	43,920	e	Village Super Market (Class A)		1,231
	7,596,000	e	Want Want China Holdings Ltd		5,391

68

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

					VALUE (000)
SHARES			COMPANY
	65,114	e	Weis Markets, Inc	$	2,368
	1,419,620	*,e	Whole Foods Market, Inc		51,319
	295,017	*,e	Winn-Dixie Stores, Inc		3,685
	11,258,310		WM Morrison Supermarkets plc		50,143
	681,349	e	Woolworths Ltd		17,507
	774,000	*	Wumart Stores		1,561
	10,200	e	Yaoko Co Ltd		301
			TOTAL FOOD STORES		520,311
FORESTRY - 0.1%
	197,748	*,b,e	Great Southern Ltd		22
	1,749	*	Gunns Ltd		89
	869,943	e	Rayonier, Inc		39,522
	1,855,640		Weyerhaeuser Co		84,004
			TOTAL FORESTRY		123,637
FURNITURE AND FIXTURES - 0.2%
	44,699	*,e	Astronics Corp		438
	38,405		Beter BED Holding NV		1,065
	28,500		Cleanup Corp		235
	56,896		Dorel Industries, Inc (Class B)		1,815
	111,606	e	Ethan Allen Interiors, Inc		2,302
	40,219	*	Faurecia		808
	175,000	e	France Bed Holdings Co Ltd		253
	274,454	*,e	Furniture Brands International, Inc		1,765
	252,182	e	Herman Miller, Inc		4,554
	331,285		Hill-Rom Holdings, Inc		9,014
	219,456	e	HNI Corp		5,844
	48,741	e	Hooker Furniture Corp		784
	10,330		Hunter Douglas Nv		529
	197,122	e	Kimball International, Inc (Class B)		1,370
	532,301	*,e	Kinetic Concepts, Inc		25,449
	286,201	*,e	La-Z-Boy, Inc		3,589
	721,105	e	Leggett & Platt, Inc		15,605
	3,870,143	e	Masco Corp		60,066
	449		Mecalux S.A.		9
	82,000		Okamura Corp		524
	27,900		Paramount Bed Co Ltd		546
	57,809		Recticel S.A.		611
	242,531	*,e	Sealy Corp		849
	46,559	*,e	Stanley Furniture Co, Inc		473
	321,704	e	Steelcase, Inc (Class A)		2,081
	446,588	*,e	Tempur-Pedic International, Inc		13,469
	119,000	e	Uchida Yoko Co Ltd		396
			TOTAL FURNITURE AND FIXTURES		154,443
FURNITURE AND HOME FURNISHINGS STORES - 0.2%
	855,970	*	Bed Bath & Beyond, Inc		37,456
	66,000		Best Denki Co Ltd		162
	58,789		Carpetright plc		714
	1,004,000	*,b	Circuit City Stores, Inc		10
	5,418,816	*	DSG International plc		2,874

69

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

					VALUE (000)
SHARES			COMPANY
	160,514		Dunelm Group plc	$	900
	139,400	e	EDION Corp		1,436
	907,974	*,e	GameStop Corp (Class A)		19,894
	116,025	e	Grupo Elektra S.A. de CV		5,894
	125,705	e	GUD Holdings Ltd		1,068
	1,735,499	e	Harvey Norman Holdings Ltd		5,765
	79,202	e	Haverty Furniture Cos, Inc		1,293
	55,111	*,e	hhgregg, Inc		1,391
	233,863		JB Hi-Fi Ltd		4,356
	733,322		Kesa Electricals plc		1,412
	210,674	e	Knoll, Inc		2,370
	54,600	e	Kohnan Shoji Co Ltd		623
	45,400	e	Kojima Co Ltd		406
	53,200	e	Komeri Co Ltd		1,386
	108,120	e	K’s Holdings Corp		2,654
	82,429	e	Nitori Co Ltd		6,260
	565,402	*,e	Pier 1 Imports, Inc		3,602
	71,428		Poltrona Frau S.p.A.		78
	548,739		RadioShack Corp		12,418
	31,662	*,e	Rex Stores Corp		513
	77,700		Shimachu Co Ltd		1,657
	1,711,586	e	Steinhoff International Holdings Ltd		4,700
	179,439	*,e	Tuesday Morning Corp		1,183
	964,690	e	Williams-Sonoma, Inc		25,361
	224,748		Yamada Denki Co Ltd		16,587
			TOTAL FURNITURE AND HOME FURNISHINGS STORES		164,423
GENERAL BUILDING CONTRACTORS - 0.4%
	35,913		Ackermans & Van Haaren		2,627
	83,345	e	ACS Actividades Cons y Servicios S.A.		3,845
	367,569		AMEC plc		4,457
	9,306	*,e	Amrep Corp		135
	34,000	*	Amrep Corp		0	^
	65,700	e	Arnest One Corp		604
	321,016		Asunaro Aoki Construction Co Ltd		1,487
	31,176	*,e	Avatar Holdings, Inc		678
	600,065		Aveng Ltd		3,098
	5,729,672		Balfour Beatty plc		25,407
	1,673,241	*	Barratt Developments plc		3,149
	350,960	*,e	Beazer Homes USA, Inc		1,593
	176,066		Bellway plc		2,057
	186,750	*	Berkeley Group Holdings plc		2,307
	30,659		Bird Construction, Income Fund		962
	394,070	*	Bovis Homes Group plc		2,392
	48,648	e	Brookfield Homes Corp		425
	86,000	*	BWG Homes ASA		260
	901,065		Carillion plc		4,469
	35,280	*,e	Cavco Industries, Inc		1,204
	3,836,400		Century City International		296
	653,539	e	Cheung Kong Infrastructure Holdings Ltd		2,529
	6,689,080	e	China Overseas Land & Investment Ltd		15,111
	415,000	e	Daikyo, Inc		808

70

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	308,257		Daito Trust Construction Co Ltd	$	14,870
	1,262,818		Daiwa House Industry Co Ltd		14,250
	505,597		DLF Ltd		3,479
	1,021,189		DR Horton, Inc		12,867
	32,072	e	Eiffage S.A.		1,659
	697,700		Farglory Land Development Co Ltd		1,485
	748,332		Fletcher Building Ltd		4,439
	96,000		Fujitec Co Ltd		571
	119,312		Galliford Try PLC		578
	2,853,500	e	Haseko Corp		2,655
	326,834		Hellenic Technodomiki Tev S.A.		1,836
	56,609	e	Hochtief AG.		4,757
	241,558	*,e	Hovnanian Enterprises, Inc (Class A)		1,051
	1,375,670		IJM Corp BHD		2,058
	606,101		Impregilo S.p.A.		2,094
	338,782		Interserve plc		1,114
	74,855		J&P-Avax SA		217
	121,573	*	JM AB		2,147
	1,227,868	e	Kajima Corp		3,008
	218,184	e	KB Home		3,655
	48,832		Kier Group plc		815
	167,513	e	Koninklijke BAM Groep NV		1,303
	8,684		Lemminkainen Oyj		330
	309,570	e	Lend Lease Corp Ltd		2,460
	476,298	e	Lennar Corp (Class A)		8,197
	435,311	e	Leopalace21 Corp		2,258
	92,738	*,e	M/I Homes, Inc		1,359
	175,000		Maeda Corp		520
	4,551		Maisons France Confort		205
	119,579	e	McGrath RentCorp		2,897
	472,909	e	MDC Holdings, Inc		16,368
	117,307	e	Mears Group plc		498
	165,817	*,e	Meritage Homes Corp		3,482
	74,062		Michaniki S.A.		85
	5,861		Michaniki S.A. (Preference)		6
	65,000		Mitsui Home Co Ltd		356
	331,483	e	Mota Engil SGPS S.A.		1,452
	331,935		MRV Engenharia e Participacoes S.A.		2,316
	90,433		NCC AB (B Shares)		1,578
	59,299	*,e	NVR, Inc		43,082
	694,723	e	Obayashi Corp		3,084
	1,228,000	*	Pacific Century Premium Developments Ltd		459
	669,000		Paliburg Holdings Ltd		250
	139,000		PanaHome Corp		928
	9,141	*	PBG S.A.		690
	247,987		Peab AB (Series B)		1,525
	729,000		Penta-Ocean Construction Co Ltd		1,006
	159,956	*,e	Perini Corp		3,479
	589,058	*,e	Persimmon plc		4,161
	991,972	*,e	Pulte Homes, Inc		11,160
	697,815	f	Puravankara Projects Ltd		1,590
	449,849	*	Redrow plc		967

71

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	18,419		Renta Corp Real Estate S.A.	$	81
	261,377		ROK plc		159
	267,965		Ruukki Group Oyj		731
	224,888	e	Ryland Group, Inc		5,046
	40,090	e	Sacyr Vallehermoso S.A.		354
	1,629,699		Sekisui Chemical Co Ltd		11,052
	897,209		Sekisui House Ltd		8,963
	362,168	e	Shimizu Corp		1,511
	41,650		Skanska AB (B Shares)		757
	140,139		Sobha Developers Ltd		859
	21,440		SRV Group plc		186
	562,545	*,e	Standard-Pacific Corp		2,543
	204,600	e	Sumitomo Forestry Co Ltd		1,670
	190,727	e	Sunland Group Ltd		137
	1,897,976	e	Taisei Corp		4,182
	132,793		Takamatsu Corp		1,629
	907,522	*	Talaat Moustafa Group		1,264
	5,631,696	*	Taylor Woodrow plc		3,218
	90,679	*,e	Team, Inc		1,504
	47,811		Terna Energy S.A.		348
	382,000	e	Toda Corp		1,377
	19,540		Token Corp		558
	108,370		Tokyu Construction Co Ltd		326
	413,223	*,e	Toll Brothers, Inc		8,595
	622,115	*,e	Urbi Desarrollos Urbanos S.A. de C.V		1,474
	133,500	e	Veidekke ASA		1,089
	736,706	e	Vinci S.A.		43,419
	39,000		Yahagi Construction Co Ltd		224
	196,161	e	YIT Oyj		4,531
	2,452,493		YTL Corp BHD		5,639
			TOTAL GENERAL BUILDING CONTRACTORS		390,982
GENERAL MERCHANDISE STORES - 1.5%
	222,147	*	99 Cents Only Stores		3,621
	904,152	e	Aeon Co Ltd		10,261
	32,300		Arc Land Sakamoto Co Ltd		347
	298,949	*,e	Big Lots, Inc		10,888
	717,298	*,e	BJ’s Wholesale Club, Inc		26,533
	260,777	e	Casey’s General Stores, Inc		8,188
	46,833	*,e	Conn’s, Inc		367
	1,768,077	e	Costco Wholesale Corp		105,572
	89,350	*,e	Daiei, Inc		383
	1,132,055	e	David Jones Ltd		4,934
	378,684	e	Dillard’s, Inc (Class A)		8,937
	122,569	*,e	Dollar General Corp		3,095
	219,900	e	Don Quijote Co Ltd		5,490
	14,004		Dufry Group		1,125
	610,397		Family Dollar Stores, Inc		22,347
	1,647,671		Far Eastern Department Stores Co Ltd		1,364
	202,405	e	Fred’s, Inc (Class A)		2,425
	1,598,000	e	Golden Eagle Retail Group Ltd		3,194
	181,000	e	Hankyu Department Stores, Inc		1,237

72

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	32,382		Hyundai Department Store Co Ltd	$	2,962
	447,465	e	Isetan Mitsukoshi Holdings Ltd		4,810
	999,360	e	J Front Retailing Co Ltd		5,879
	61,600	e	Japan Airport Terminal Co Ltd		855
	774,665		JC Penney Co, Inc		24,921
	164		Jelmoli Holding AG.		82
	102,000	e	Joshin Denki Co Ltd		921
	291,302	e	Keio Corp		1,966
	877,358	e	Kintetsu Corp		2,731
	365,000		Lifestyle International Holdings Ltd		659
	452,987		Lojas Americanas S.A.		3,375
	149,449		Lojas Renner S.A.		3,429
	4,067,404		Macy’s, Inc		88,547
	591,138		Marks & Spencer Group plc		3,320
	121,229	e	Marui Co Ltd		879
	42,700	e	Matsuya Co Ltd		401
	506,000		Metro Holdings Ltd		298
	115,577	e	Mothercare plc		1,053
	1,611,105	e	Myer Holdings Ltd		4,953
	1,228,000		New World Department Store China Ltd		1,183
	1,028,943	e	Next plc		33,789
	40,939		North West Co Fund		737
	336,921	e	Odakyu Electric Railway Co Ltd		2,804
	169,750		Pantaloon Retail India Ltd		1,491
	7,864,000	*,e	PCD Stores Ltd		2,603
	61,530		PPR		8,192
	54,748		Rallye S.A.		2,020
	32,182		Reject Shop Ltd		476
	126,741	*,e	Retail Ventures, Inc		1,205
	60,300	e	Ryohin Keikaku Co Ltd		2,544
	332,206		SACI Falabella		1,956
	1,395,227	*,e	Saks, Inc		11,999
	58,325	*	Sears Canada, Inc		1,677
	143,097	*,e	Sears Holdings Corp		15,516
	56,140		Shinsegae Co Ltd		26,545
	599,771		SM Investments Corp		4,911
	210,212	*,e	Stein Mart, Inc		1,898
	44,240	e	Stockmann Oyj Abp (B Share)		1,610
	149,196	e	Takashimaya Co Ltd		1,226
	5,446,454		Target Corp		286,484
	2,777,170		TJX Companies, Inc		118,085
	414,407	e	Tobu Railway Co Ltd		2,301
	1,177,101	e	Tokyu Corp		4,923
	89,867		UNY Co Ltd		743
	4,570,429	e	Wal-Mart de Mexico S.A. de C.V. (Series V)		23,333
	11,082,371		Wal-Mart Stores, Inc		616,181
	226,860		Warehouse Group Ltd		604
			TOTAL GENERAL MERCHANDISE STORES		1,549,385
HEALTH SERVICES - 1.0%
	10,300	*	Ain Pharmaciez Inc		301
	106,872	*,e	Alliance Imaging, Inc		601

73

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	216,779	*	Allied Healthcare International, Inc	$	590
	33,589	*,e	Almost Family, Inc		1,266
	130,671	*,e	Amedisys, Inc		7,216
	57,882		America Service Group, Inc		931
	77,011	*,e	American Dental Partners, Inc		1,005
	1,694,602		AmerisourceBergen Corp		49,008
	169,326	*,e	Amsurg Corp		3,656
	47,644	*,e	Assisted Living Concepts, Inc (A Shares)		1,565
	47,987		Athens Medical Center S.A.		78
	2,299,400		Bangkok Dusit Medical Service PCL		1,813
	33,473		Biogaia AB (B Shares)		477
	12,889		BioMerieux		1,480
	56,717	*	Bio-Reference Labs, Inc		2,494
	24,200		BML, Inc		611
	157,151	*,e	Brookdale Senior Living, Inc		3,273
	50,651	*,e	China Sky One Medical, Inc		796
	10,912		Clinica Baviera S.A.		119
	63,917		CML Healthcare Income Fund		797
	259,262	*,e	Community Health Systems, Inc		9,575
	160,381	*,e	Continucare Corp		593
	14,700	*	Corp Dermoestetica		56
	42,923	*,e	Corvel Corp		1,534
	187,593	*,e	Covance, Inc		11,516
	1,648,493	*	Coventry Health Care, Inc		40,751
	199,424	*	Cross Country Healthcare, Inc		2,016
	88,280	*	Crucell NV		1,814
	155,238	*,e	CryoLife, Inc		1,004
	465,892	*,e	DaVita, Inc		29,538
	171,970		Diagnostic & Therapeutic Center of Athens Hygeia S.A.		316
	353,765	*,e	Edwards Lifesciences Corp		34,980
	111,116	*,e	eHealth, Inc		1,750
	93,399	*,e	Emeritus Corp		1,901
	45,195	e	Ensign Group, Inc		783
	157,418	*,e	Enzo Biochem, Inc		948
	134,852	*	Evotec AG.		365
	43,001	*,e	ExonHit Therapeutics SA		195
	1,721,966	*	Express Scripts, Inc		175,228
	4,907	*	Fleury S.A.		52
	2,861,760		Fraser and Neave Ltd		9,819
	146,410	e	Fresenius Medical Care AG.		8,261
	68,976	*,e	Genomic Health, Inc		1,213
	71,746	*,e	Genoptix, Inc		2,546
	137,209	*	Gentiva Health Services, Inc		3,880
	133,874	*,e	Health Grades, Inc		851
	774,074	*,e	Health Management Associates, Inc (Class A)		6,657
	557,604	e	Healthscope Ltd		2,262
	1,408,952	*,e	Healthsouth Corp		26,347
	172,547	*,e	Healthways, Inc		2,773
	299,916	*,e	Immunomedics, Inc		996
	73,687	*,e	IPC The Hospitalist Co, Inc		2,587
	950		Japan Longlife Co Ltd		304

74

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	216,410	*,e	Kindred Healthcare, Inc	$	3,906
	1,694,168		Laboratorios Almirall S.A.		21,326
	378,066	*,e	Laboratory Corp of America Holdings		28,623
	79,467	*,e	LCA-Vision, Inc		661
	82,472	*,e	LHC Group, Inc		2,765
	155,630	*	LifePoint Hospitals, Inc		5,724
	310,372	*,e	Lincare Holdings, Inc		13,929
	9,256		LVL Medical Groupe S.A.		210
	187,823	*,e	Magellan Health Services, Inc		8,167
	2,128,013		McKesson Corp		139,853
	216,000	*	MDS, Inc		1,740
	79,166	*,e	Medcath Corp		829
	3,007,132	*	Medco Health Solutions, Inc		194,141
	190		Message Co Ltd		408
	35,601	e	Mindray Medical International Ltd (ADR) (Class A)		1,297
	36,309	e	National Healthcare Corp		1,285
	479,743	*	Nektar Therapeutics		7,297
	1,634,699	e	Network Healthcare Holdings Ltd		2,962
	120,364	*,e	Nighthawk Radiology Holdings, Inc		383
	98,496	*,e	NovaMed, Inc		335
	221,259	*	Odyssey HealthCare, Inc		4,007
	341,317		Omnicare, Inc		9,656
	28,304		Orpea		1,180
	3,096	*	Osteotech, Inc		12
	1,595,000	*	Parkway Holdings Ltd		3,831
	149,011	*,e	Pediatrix Medical Group, Inc		8,671
	307,983		Pharmaceutical Product Development, Inc		7,315
	108,000	*,f	Pharmstandard (GDR)		2,689
	16,437		Prim S.A.		149
	840,410	e	Primary Health Care Ltd		3,432
	265,714	*,e	Psychiatric Solutions, Inc		7,918
	770,362		Quest Diagnostics, Inc		44,904
	608,000		Raffles Medical Group Ltd		695
	217,994		Ramsay Health Care Ltd		2,785
	172,451	*,e	RehabCare Group, Inc		4,703
	177,090	e	Rhoen Klinikum AG.		4,533
	158,361	*,e	Select Medical Holdings Corp		1,337
	107,322	*,e	Skilled Healthcare Group, Inc (Class A)		662
	276,433	e	Sonic Healthcare Ltd		3,645
	251,907	*,e	Sun Healthcare Group, Inc		2,403
	220,550	*,e	Sunrise Senior Living, Inc		1,129
	135,359		Synergy Healthcare plc		1,234
	28,200	*	Team Health Holdings, Inc		474
	1,343,671	*	Tenet Healthcare Corp		7,686
	524,863		Universal Health Services, Inc (Class B)		18,417
	70,964	*,e	US Physical Therapy, Inc		1,235
	38,196	*,e	Virtual Radiologic Corp		420
			TOTAL HEALTH SERVICES		1,042,451

75

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.3%
	59,344	e	Abengoa S.A.	$	1,712
	387,959	e	Abertis Infraestructuras S.A.		7,467
	272,028		Acciona S.A.		30,169
	118,455		Aecon Group, Inc		1,583
	131,524		Astaldi S.p.A.		1,001
	46,573		Athens Water Supply & Sewage Co S.A.		387
	48,867		Boskalis Westminster		1,873
	480,848		Bouygues S.A.		24,174
	84,032	*,e	Broadwind Energy, Inc		376
	217,000	e	Chiyoda Corp		2,154
	20,308		Compagnie d’Entreprises CFE		1,128
	95,204	*,e	Comverge, Inc		1,077
	5,844,064		ConnectEast Group		2,413
	852,201		Costain Group plc		310
	45,220		Daelim Industrial Co		2,997
	17,127	e	Fomento de Construcciones y Contratas S.A.		627
	12,133	*,e	Foster Wheeler AG.		329
	1,997,300		Gamuda BHD		1,776
	87,634		GEK Group of Cos S.A.		646
	297,221		Giken Seisakusho Co, Inc		1,310
	184,216	e	Granite Construction, Inc		5,567
	232,391		Great Lakes Dredge & Dock Corp		1,220
	62,455		GS Engineering & Construction Corp		5,382
	264,000		Guangzhou Investment Co Ltd		71
	453,000	e	Hyflux Ltd		1,101
	65,061		Hyundai Engineering & Construction Co Ltd		3,571
	2,740,000		Jiangsu Express		2,587
	56,457	*	LB Foster Co (Class A)		1,631
	161,000	e	Maeda Road Construction Co Ltd		1,312
	198,047	*	Matrix Service Co		2,131
	431,034		Murray & Roberts Holdings Ltd		2,562
	74,213	*,e	MYR Group, Inc		1,210
	161,000		Nippo Corp		1,236
	385,000		Nishimatsu Construction Co Ltd		502
	73,709		Obrascon Huarte Lain S.A.		2,130
	233,000	e	Okumura Corp		815
	108,145		Orascom Construction Industries		5,183
	121,063	*,e	Orion Marine Group, Inc		2,185
	4,337,471		Saipem S.p.A.		167,844
	54,800	e	SHO-BOND Holdings Co Ltd		1,074
	124,081	*,e	Sterling Construction Co, Inc		1,951
	40,000		Taihei Dengyo Kaisha Ltd		366
	90,000		Takuma Co Ltd		217
	49,986		Tecnicas Reunidas S.A.		3,143
	306,108	e	Teixeira Duarte - Engenharia Construcoes S.A.		438
	36,790	*	TK Development		207
	408,000		Toa Corp/Tokyo		463
	162,407	e	Tognum AG.		3,053
	35,000		Tokyo Energy & Systems, Inc		241
	57,000	e	Toshiba Plant Systems & Services Corp		641
	865,000		Toyo Construction Co Ltd		444
	705,714	e	Transurban Group		3,270
	82,000		Yokogawa Bridge Holdings Corp		611

76

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,320,000		Zhejiang Expressway Co Ltd	$	2,997
			TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		310,865
HOLDING AND OTHER INVESTMENT OFFICES - 2.3%
	851,307		3i Group plc		3,762
	963,323		Aberdeen Asset Management plc		1,900
	240,870	e	Acadia Realty Trust		4,302
	5,936	*,e	Advance Residence Investment Corp		7,359
	128,934	*,e	Affiliated Managers Group, Inc		10,186
	373,213	*	Afirma Grupo Inmobiliario S.A.		142
	36,528	e	Agree Realty Corp		835
	9,257	e	Alexander’s, Inc		2,769
	170,828	e	Alexandria Real Estate Equities, Inc		11,548
	31,284,400	e	Allco Commercial Real Estate Investment Trust		3,354
	941,785	*,e	Allied Capital Corp		4,681
	34,817		Allied Properties Real Estate Investment Trust		696
	42,579	*	Altamir Amboise		343
	451,729		AMB Property Corp		12,305
	337,556	e	American Campus Communities, Inc		9,337
	82,089	e	American Capital Agency Corp		2,101
	104,278	*,e	Ampal American Israel (Class A)		290
	3,953,616		Annaly Mortgage Management, Inc		67,923
	534,401	e	Anworth Mortgage Asset Corp		3,602
	509,839		Apartment Investment & Management Co (Class A)		9,386
	18,500	e	Apollo Commercial Real Estate Finance, Inc		333
	291,721		ARC Energy Trust		5,888
	30,051		Artis Real Estate Investment Trust		346
	1,295,915		Ascendas Real Estate Investment Trust		1,779
	603,000		Ascott Residence Trust		534
	257,645	*,e	Ashford Hospitality Trust, Inc		1,847
	607,914	e	Ashmore Group plc		2,433
	114,965	e	Associated Estates Realty Corp		1,585
	434,131	e	Atrium European Real Estate Ltd		2,779
	925,483	e	Australian Infrastructure Fund		1,682
	395,988		AvalonBay Communities, Inc		34,194
	222,976		Ayala Corp		1,641
	740,827	e	Babcock & Brown Japan Property Trust		248
	1,327,934	e	Babcock & Brown Wind Partners		1,560
	2,073		Bajaj Finserv Ltd		16
	63,965		Bajaj Holdings and Investment Ltd		2,871
	23,803		Befimmo SCA Sicafi		2,000
	54,508	*,e	Berkshire Hathaway, Inc (Class B)		4,430
	544,346	e	BioMed Realty Trust, Inc		9,003
	73,259		Boardwalk Real Estate Investment Trust		2,903
	758,093	e	Boston Properties, Inc		57,191
	638,313		Brandywine Realty Trust		7,794
	158,444		BRE Properties, Inc (Class A)		5,664
	536,322	e	Brewin Dolphin Holdings plc		1,182
	1,372,000		Brightoil Petroleum Holdings Ltd		2,050
	682,066	e	Brookfield Asset Management, Inc		17,360
	375,427	*	BTG plc		1,016

77

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	485,545	e	Bunnings Warehouse Property Trust	$	864
	69,375		Calloway Real Estate Investment Trust		1,449
	987,000		Cambridge Industrial Trust		328
	377,002	e	Camden Property Trust		15,695
	48,691		Canadian Apartment Properties REIT		688
	58,056		Canadian Real Estate Investment Trust		1,581
	55,382	*,e	Cape Bancorp, Inc		447
	4,442,600	e	CapitaCommercial Trust		3,430
	370,675	e	Capital Lease Funding, Inc		2,057
	14,625	e	Capital Southwest Corp		1,329
	717,000	*,e	CapitaMalls Asia Ltd		1,158
	636,000	e	CapitaRetail China Trust		559
	323,893	e	Capstead Mortgage Corp		3,874
	759,859	e	CBL & Associates Properties, Inc		10,410
	961,000		CDL Hospitality Trusts		1,236
	218,461	e	Cedar Shopping Centers, Inc		1,728
	1,250,447	e	CFS Gandel Retail Trust		2,152
	778,990		Challenger Diversified Property Group		375
	1,535,115		Charter Hall Group		993
	41,730	e	Cherokee, Inc		751
	2,394,999	e	China Merchants Holdings International Co Ltd		8,822
	219,347	e	CI Financial Corp		4,643
	55,815	*	Climate Exchange plc		423
	16,754		Cofinimmo		2,361
	190,536	e	Cogdell Spencer, Inc		1,410
	374,496	e	Colonial Properties Trust		4,824
	73,110	e	Colony Financial, Inc		1,462
	38,998		Cominar Real Estate Investment Trust		738
	3,968,726	e	Commonwealth Property Office Fund		3,296
	4,900		Compagnie Financiere Tradition S.A.		554
	344,415		Companhia de Concessoes Rodoviarias		7,648
	48,978		Corp Financiera Alba		2,452
	238,779	e	Corporate Office Properties Trust		9,582
	358,008		Cousins Properties, Inc		2,975
	25,100	e	CreXus Investment Corp		336
	977	*	DA Office Investment Corp		2,087
	1,179,000		Dah Chong Hong Holdings Ltd		793
	102,922	e	Danvers Bancorp, Inc		1,423
	2,256,987	e	DB RREEF Trust		1,678
	1,130,502	e	DCT Industrial Trust, Inc		5,913
	18,939	e	Deutsche Beteiligungs AG.		437
	1,115,645	e	Developers Diversified Realty Corp		13,577
	704,881	e	DiamondRock Hospitality Co		7,126
	304,156	e	Digital Realty Trust, Inc		16,485
	119,361		Domino’s Pizza UK & IRL plc		612
	375,025	e	Douglas Emmett, Inc		5,764
	1,861,365		Duke Realty Corp		23,081
	54,203	e	Dynex Capital, Inc		488
	41,398	*	East Capital Explorer AB		473
	176,766	e	EastGroup Properties, Inc		6,671
	60,242	*	Eco Business-Immobilien AG.		369
	259,914	e	Education Realty Trust, Inc		1,492

78

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,840,000		Emperor International Holdings	$	405
	276,578		Entertainment Properties Trust		11,376
	118,745	*	EOS Russia AB		859
	141,793		Equity Lifestyle Properties, Inc		7,640
	156,121	e	Equity One, Inc		2,949
	1,080,409		Equity Residential		42,298
	85,440	e	Essex Property Trust, Inc		7,685
	81,903		Eurazeo		5,689
	475,919	e	Extra Space Storage, Inc		6,035
	278,907		Federal Realty Investment Trust		20,307
	477,668	*,e	FelCor Lodging Trust, Inc		2,723
	196,221	*,e	Financial Engines, Inc		3,316
	280,431	*,e	First Industrial Realty Trust, Inc		2,176
	162,291		First Potomac Realty Trust		2,439
	20,316	e	Fonciere Des Regions		2,238
	36,442	*	Formuepleje Safe AS		893
	1,478,000	e	Fortune Real Estate Investment Trust		680
	2,379,300		Fosun International		1,903
	312,712	e	Franklin Street Properties Corp		4,512
	4,797,200		Franshion Properties China Ltd		1,631
	668,000		Frasers Centrepoint Trust		640
	371	*,e	Frontier Real Estate Investment Corp		2,881
	147	*	Fukuoka REIT Corp		784
	3,358,340		Genting BHD		6,795
	342,306	*	Getin Holding S.A.		1,288
	78,467	e	Getty Realty Corp		1,836
	25,337		Gimv NV		1,367
	151,827	e	Gladstone Capital Corp		1,792
	40,370		Gladstone Commercial Corp		583
	1,248,366	e	Glimcher Realty Trust		6,329
	183	*,e	Global One Real Estate Investment Corp		1,280
	13,976,588		GOME Electrical Appliances Holdings Ltd		4,698
	951,907		Goodman Property Trust		676
	6,640,828		GPT Group		3,504
	666,088	*,e	Gramercy Capital Corp		1,858
	67,571		Groupe Bruxelles Lambert S.A.		5,971
	883	*	Groupe Bruxelles Lambert S.A. - STR VVPR		0	^
	513,986	e	Groupe Eurotunnel S.A.		5,238
	137,804		GS Holdings Corp		4,884
	8,693,103		Guinness Peat Group plc		5,249
	194		Hankyu Reit, Inc		766
	131,859	*,e	Harris & Harris Group, Inc		608
	181,755	e	Hatteras Financial Corp		4,684
	1,081,728		HCP, Inc		35,697
	544,023		Health Care REIT, Inc		24,606
	307,102	e	Healthcare Realty Trust, Inc		7,152
	180,657		Heineken Holding NV		8,036
	495,153		Hersha Hospitality Trust		2,565
	378,868	e	Highwoods Properties, Inc		12,021
	173,070	*,e	Hilltop Holdings, Inc		2,034
	787,200		HKR International Ltd		327
	177,146	e	Home Properties, Inc		8,290

79

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	545,090		Hospitality Properties Trust	$	13,055
	3,910,697	e	Host Marriott Corp		57,292
	1,269,338	e	HRPT Properties Trust		9,875
	1,254,628	*,e	Immoeast AG.		6,880
	249		Industrial & Infrastructure Fund Investment Corp		826
	727,486		Infratil Ltd		889
	3,379,039	e	ING Industrial Fund		1,380
	335,347	e	Inland Real Estate Corp		3,068
	135,334		Intek S.p.A.		93
	10,136		Intervest Offices		326
	113,491	e	Invesco Mortgage Capital, Inc		2,610
	3,007,280		Investimentos Itau S.A.		20,597
	390,292	e	Investors Real Estate Trust		3,520
	103,500	*,e	Ironwood Pharmaceuticals, Inc		1,399
	1,180,000	e	iShares MSCI Canada Index Fund		32,910
	1,220,171	e	iShares MSCI EAFE Index Fund		68,329
	267,741	*	ISHARES MSCI EMERGING MKT		11,277
	1,100,000	e	iShares MSCI Japan Index Fund		11,484
	473,307	e	iShares Russell 2000 Index Fund		32,095
	595,886	*,e	iStar Financial, Inc		2,735
	114,318	*,e	Jafco Co Ltd		3,002
	1,635,000		Japan Asia Investment Co Ltd		892
	432		Japan Excellent, Inc		2,061
	261		Japan Logistics Fund Inc		2,091
	9,788		Japan Prime Realty Investment Corp		21,787
	524	e	Japan Real Estate Investment Corp		4,467
	2,282	*	Japan Retail Fund Investment Corp		2,685
	1,200		Joint Reit Investment Corp		3,016
	45,655	*	KBC Ancora		1,141
	1,370	*	Kenedix Realty Investment Corp		3,680
	235,087	e	Kilroy Realty Corp		7,250
	2,655,982	e	Kimco Realty Corp		41,540
	205,180	e	Kite Realty Group Trust		971
	1,237,467	e	Kiwi Income Property Trust		879
	813,000		K-REIT Asia		639
	3,834,000	e	KWG Property Holding Ltd		2,785
	369,763	e	LaSalle Hotel Properties		8,615
	615,272	e	Lexington Corporate Properties Trust		4,005
	184,512		LG Corp		11,578
	326,632	e	Liberty Property Trust		11,086
	1,095,000		Lippo-Mapletree Indonesia Retail Trust		376
	110,352	e	LTC Properties, Inc		2,986
	30,582		Lundbergs AB (B Shares)		1,557
	549,428	e	Macerich Co		21,049
	413,608		Mack-Cali Realty Corp		14,580
	2,071,067	e	Macquarie CountryWide Trust		1,064
	2,450,603	e	Macquarie Infrastructure Group		2,519
	420,949		Macquarie Leisure Trust Group		531
	2,814,000	e	Macquarie MEAG Prime REIT		1,126
	8,712,425	e	Macquarie Office Trust		2,279
	34,233		Main Street Capital Corp		534
	3,251,000		Mapletree Logistics Trust		1,975

80

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	912,246		Marfin Investment Group S.A	$	2,095
	36,442	*,e	Martifer SGPS S.A.		137
	379,090	e	Medical Properties Trust, Inc		3,973
	102,037		Meinl Airports International AG.		287
	2,717,213	*,e	Melco International Development		1,218
	11,617	*	METabolic EXplorer S.A.		101
	1,400,909	e	MFA Mortgage Investments, Inc		10,311
	228	e	MID Reit, Inc		467
	172,172	e	Mid-America Apartment Communities, Inc		8,917
	347,621		Mission West Properties, Inc		2,392
	10,590		Mobimo Holding AG.		1,918
	118,144	e	Monmouth Real Estate Investment Corp (Class A)		994
	41,121		Morguard Real Estate Investment Trust		552
	192	e	Mori Hills REIT Investment Corp		422
	169		Mori Trust Sogo Reit, Inc		1,482
	8,817		MPC Muenchmeyer Petersen Capital AG.		55
	105,425	e	MVC Capital, Inc		1,431
	128,401	e	National Health Investors, Inc		4,977
	422,689		National Retail Properties, Inc		9,650
	34,299		Nationale A Portefeuille		1,797
	605,412	e	Nationwide Health Properties, Inc		21,280
	45,890		Nieuwe Steen Investments NV		975
	296		Nippon Accommodations Fund, Inc		1,523
	332		Nippon Building Fund, Inc		2,859
	2,903	*,e	Nippon Commercial Investment Corp		3,919
	694		Nomura Real Estate Office Fund, Inc		3,897
	277		Nomura Real Estate Residential Fund, Inc		1,113
	18,869		Northern Property Real Estate Investment Trust		450
	286,003	e	NorthStar Realty Finance Corp		1,204
	820,759	e	NWS Holdings Ltd		1,639
	425,209		Omega Healthcare Investors, Inc		8,287
	1		One Liberty Properties, Inc		0	^
	15,231		Orascom Development Holding AG.		1,138
	57,767		Oresund Investment AB		1,128
	444	*,e	Orix JREIT, Inc		2,011
	5,106		OZ Holding AG.		174
	572,000	e	Parkway Life Real Estate Investment Trust		556
	153,405	e	Parkway Properties, Inc		2,881
	21,697		Partners Group		3,072
	41,800	*	Pebblebrook Hotel Trust		879
	267,962	e	Pennsylvania Real Estate Investment Trust		3,341
	52,548	*,e	Pennymac Mortgage Investment Trust		873
	37,700		Piedmont Office Realty Trust, Inc		748
	197,124	*	Pinetree Capital Ltd		355
	1,223,733	e	Plum Creek Timber Co, Inc		47,615
	2,061,000	e	Poly Hong Kong Investment Ltd		2,631
	6,641,160		Polytec Asset Holdings Ltd		1,309
	103,265		Porto Seguro S.A.		1,045
	271,158	e	Post Properties, Inc		5,971
	185,853	e	Potlatch Corp		6,512
	847		Premier Investment Co		2,786
	117,316	e	Premier Investments Ltd		818

81

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	50,116		Primaris Retail Real Estate Investment Trust	$	829
	1,944,432	e	Prologis		25,667
	326,861	e	Prospect Capital Corp		3,971
	1,445,000		Prosperity REIT		270
	131,064	e	PS Business Parks, Inc		6,999
	571,325		Public Storage, Inc		52,556
	483,107	e	RAIT Investment Trust		957
	144,465	e	Ramco-Gershenson Properties		1,627
	63,104	e	Rathbone Brothers		838
	80,244		Ratos AB (B Shares)		2,662
	425,108	e	Realty Income Corp		13,047
	2,654,607		Redefine Income Fund Ltd		2,850
	442,999	e	Redwood Trust, Inc		6,831
	55,731,000		Regal Real Estate Investment Trust		13,710
	446,391	e	Regency Centers Corp		16,726
	5,351,067	*,e	Resolution Ltd		6,655
	157,528	e	Resource Capital Corp		1,065
	161,357		RioCan Real Estate Investment Trust		2,936
	28,855	e	Saul Centers, Inc		1,195
	11,622	e	SBI Holdings, Inc		2,294
	381,150	e	Senior Housing Properties Trust		8,442
	945,600	e	Shanghai Industrial Holdings Ltd		4,336
	2,383,500	e	Shimao Property Holdings Ltd		4,384
	807,624		Shinhan Financial Group Co Ltd		31,728
	1,452,227		Simon Property Group, Inc		121,841
	1,996,000		Skyworth Digital Holdings Ltd		2,327
	616,721	e	SL Green Realty Corp		35,320
	9,168		Societe Fonciere Financiere et de Participations FFP		545
	19,392		Societe Immobiliere de Location pour l’Industrie et le Commerce		2,449
	305,073	*	Sonae Capital SGPS S.A.		251
	460,088		Southern Cross Media Group		916
	141,088	e	Sovran Self Storage, Inc		4,918
	1,896,187		SPDR Trust Series 1		221,834
	53,536	*	SRS Labs, Inc		532
	849,522	e	Starwood Property Trust, Inc		16,396
	381,515	*,e	Strategic Hotels & Resorts, Inc		1,621
	77,801	e	Sun Communities, Inc		1,961
	2,159,000		Sunlight Real Estate Investment Trust		534
	566,755	*,e	Sunstone Hotel Investors, Inc		6,331
	2,475,000	e	Suntec Real Estate Investment Trust		2,371
	208,792		Tanger Factory Outlet Centers, Inc		9,011
	306,419	e	Taubman Centers, Inc		12,232
	23,300	*	Terreno Realty Corp		460
	5,316,200	*	TM International BHD		6,274
	14,100		Tokyu Community Corp		330
	303	e	Tokyu REIT, Inc		1,593
	885		Top REIT Inc		4,004
	1,256	*,e	Transcontinental Realty Investors, Inc		16
	626,281		UDR, Inc		11,048
	45,355		UMH Properties, Inc		371

82

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	696		United Urban Investment Corp	$	4,005
	52,038	e	Universal Health Realty Income Trust		1,839
	124,937	*	Uranium Participation Corp		731
	105,294	e	Urstadt Biddle Properties, Inc (Class A)		1,665
	444,473	e	U-Store-It Trust		3,200
	211,715	*,e	Vantage Drilling Co		313
	49,739		Vastned Offices/Industrial		904
	603,579	e	Ventas, Inc		28,658
	1,096,487	e	Virgin Media, Inc		18,925
	37,736	*,e	Virtus Investment Partners, Inc		786
	726,511		Vornado Realty Trust		54,997
	535,869	e	WABCO Holdings, Inc		16,033
	101,787		Walter Investment Management Corp		1,629
	286,658	e	Washington Real Estate Investment Trust		8,757
	296,836	e	Weingarten Realty Investors		6,400
	48,931	e	Wendel		2,914
	7,830,969		Westfield Group		86,663
	250,000		Westway Group, Inc		1,128
	4,970,409	e	Wharf Holdings Ltd		28,007
	58,330		Winthrop Realty Trust		702
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES		2,408,310
HOTELS AND OTHER LODGING PLACES - 0.3%
	987,696		Accor S.A.		54,641
	127,760	e	Ameristar Casinos, Inc		2,328
	3,492,500		Banyan Tree Holdings Ltd		1,860
	118,748	*	Bluegreen Corp		388
	154,344	*,e	Boyd Gaming Corp		1,525
	13,800	*	Chesapeake Lodging Trust		269
	82,034	e	Choice Hotels International, Inc		2,856
	30,919	*	Club Mediterranee S.A.		569
	803,531	e	Crown Ltd		6,032
	98,000		Fujita Kanko, Inc		393
	203,817	*,e	Gaylord Entertainment Co		5,970
	701,399		Great Eagle Holdings Ltd		1,969
	191,891	*,e	Great Wolf Resorts, Inc		610
	102,873		Holidaybreak plc		428
	535,755		Hongkong & Shanghai Hotels		828
	257,000		Hotel Properties Ltd		424
	152,534	*,e	Hyatt Hotels Corp		5,943
	450,000		Indian Hotels Co Ltd		1,025
	220,160		Intercontinental Hotels Group plc		3,448
	81,781	*,e	Isle of Capri Casinos, Inc		636
	13,200	e	Kyoritsu Maintenance Co Ltd		194
	5,068,000	*	Lai Sun Development		86
	1,494,481	*,e	Las Vegas Sands Corp		31,608
	122,479	e	Marcus Corp		1,591
	1,309,244	e	Marriott International, Inc (Class A)		41,267
	813,232	*,e	MGM Mirage		9,759
	225,721		Millennium & Copthorne Hotels plc		1,662
	7,029,796		Minor International PCL		2,391
	46,211	*,e	Monarch Casino & Resort, Inc		395

83

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	108,569	*,e	Morgans Hotel Group Co	$	696
	125,822	e	NH Hoteles S.A.		536
	492,000	e	Nishi-Nippon Railroad Co Ltd		1,900
	1,229,797	*	Orient-Express Hotels Ltd (Class A)		17,439
	83,005	*	Outdoor Channel Holdings, Inc		547
	10,444		Pierre & Vacances		787
	67,729	*,e	Red Lion Hotels Corp		489
	737,000		Regal Hotels International Holdings Ltd		294
	64,000	e	Resorttrust, Inc		939
	131,191	*,e	Rezidor Hotel Group AB		610
	18,579,200	*	Sands China Ltd		29,529
	2,105,013		Shangri-La Asia Ltd		4,132
	80,803		Sol Melia S.A.		695
	881,000		Stamford Land Corp Ltd		321
	1,066,617	e	Starwood Hotels & Resorts Worldwide, Inc		49,746
	18,210		Thomas Cook Group plc		75
	75,995	e	TUI Travel plc		348
	1,246,294		United Overseas Land Ltd		3,474
	155,674	*,e	Vail Resorts, Inc		6,241
	669,331		Wyndham Worldwide Corp		17,222
	5,626,400	*,e	Wynn Macau Ltd		8,116
	206,107	*,e	Wynn Resorts Ltd		15,629
			TOTAL HOTELS AND OTHER LODGING PLACES		340,860
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.6%
	3,389,603		3M Co		283,268
	105,484	*,e	3PAR, Inc		1,055
	64,530	e	Aaon, Inc		1,460
	4,239,904		Acer, Inc		12,523
	346,669	e	Actuant Corp (Class A)		6,777
	287,978		Advantech Co Ltd		615
	21,700		AG Growth International Inc		791
	1,712,211	*,e	AGCO Corp		61,417
	40,500		Aichi Corp		175
	75,000		Aida Engineering Ltd		313
	183,509	e	Aixtron AG.		6,599
	50,420	e	Alamo Group, Inc		1,008
	90,869		Alfa Laval AB		1,338
	276,682	*,e	Allis-Chalmers Energy, Inc		979
	265,666		Alstom RGPT		16,567
	172,069	*,e	Altra Holdings, Inc		2,363
	1,309,588		Amada Co Ltd		10,982
	88,800	e	Amano Corp		808
	68,282		Ampco-Pittsburgh Corp		1,695
	77,592	e	Andritz AG.		4,595
	6,930,341		Applied Materials, Inc		93,421
	35,969	*,e	Argan, Inc		468
	74,000		Asahi Diamond Industrial Co Ltd		679
	78,223	*,e	ASM International NV		2,092
	673,248	e	ASM Pacific Technology		6,378
	443,976	e	ASML Holding NV		15,867
	99,572	*,e	Astec Industries, Inc		2,884

84

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	13,469	*,e	A-TEC Industries AG.	$	180
	713,360	e	Atlas Copco AB (A Shares)		11,065
	81,013		Atlas Copco AB (B Shares)		1,135
	143,843	*	ATS Automation Tooling Systems, Inc		1,018
	892		Belimo Holding AG.		1,125
	1,701,120		Benq Corp		959
	17,968		Biesse S.p.A.		146
	104,468	e	Black Box Corp		3,213
	182,793	*,e	Blount International, Inc		1,894
	42,771	*,e	Bolt Technology Corp		484
	218,806	e	Bradken Ltd		1,538
	1,539,703		Brambles Ltd		10,399
	294,478	e	Briggs & Stratton Corp		5,742
	1,231,175	*	Brocade Communications Systems, Inc		7,030
	324,917	*,e	Brooks Automation, Inc		2,866
	460,011	e	Brother Industries Ltd		5,560
	9,241		Bucher Industries AG.		1,253
	311,204		Bucyrus International, Inc (Class A)		20,536
	54,934		Burckhardt Compression Holding AG.		10,837
	12,997		BWT AG.		353
	24,800		Canon Finetech, Inc		433
	1,668,511		Canon, Inc		77,277
	51,902	e	Cargotec Corp (B Shares)		1,502
	594,141	e	Carlisle Cos, Inc		22,637
	45,946	e	Cascade Corp		1,480
	120,277	e	Casio Computer Co Ltd		925
	2,150,485		Caterpillar, Inc		135,157
	364,085		Charter International plc		4,147
	709,881		Chicony Electronics Co Ltd		1,889
	18,569	*,e	China Automotive Systems, Inc		429
	2,688,500	e	China Railway Construction Corp		3,314
	2,632,000	*,e	China Zhongwang Holdings Ltd		2,312
	404,139	*,e	Cirrus Logic, Inc		3,391
	365,519		Citizen Watch Co Ltd		2,498
	81,000	e	CKD Corp		678
	510,212		Clevo Co		1,083
	144,223	*,e	Colfax Corp		1,698
	100,838	*,e	Columbus McKinnon Corp		1,600
	7,115,110		Compal Electronics, Inc		9,309
	307,801	*	Cray, Inc		1,831
	731,165	e	Cummins, Inc		45,296
	237,865	e	Curtiss-Wright Corp		8,278
	126,976	e	Customers Ltd		373
	156,416	*,e	Cymer, Inc		5,834
	124,500	e	Daifuku Co Ltd		980
	48,000		Daihatsu Diesel Manufacturing Co Ltd		177
	86,603	e	Daikin Industries Ltd		3,543
	51,160	e	Danieli & Co S.p.A.		1,374
	139,403		Danieli & Co S.p.A. (RSP)		2,056
	24,251		Datalogic S.p.A.		132
	1,443,431		Deere & Co		85,826
	3,058,964		Delta Electronics, Inc		9,680

85

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	88,088	e	Deutz AG.	$	516
	237,224	e	Diebold, Inc		7,534
	108,600	e	Disco Corp		6,679
	398,627	e	Donaldson Co, Inc		17,986
	257,800	e	Dongfang Electric Co Ltd		1,468
	93,210		Doosan Infracore Co Ltd		1,689
	1,110,308		Dover Corp		51,907
	244,290	*	Dresser-Rand Group, Inc		7,676
	509,685	*,e	Dril-Quip, Inc		31,009
	11,348		Duerr AG.		261
	33,000		Eagle Industry Co Ltd		260
	766,000	e	Ebara Corp		3,908
	1,112,796	*,e	Electrolux AB (Series B)		25,429
	9,763,954	*	EMC Corp		176,141
	4,056,392		Emerson Electric Co		204,198
	367,096	*,e	Emulex Corp		4,875
	221,636	*,e	Ener1, Inc		1,048
	120,980	*,e	ENGlobal Corp		335
	94,898	*,e	EnPro Industries, Inc		2,760
	617,402	*,e	Entegris, Inc		3,112
	6,224		Envitec Biogas AG.		100
	44,005	*,e	Eurotech S.p.A.		159
	2,347		Exel Industries		85
	460,603	*,e	Extreme Networks, Inc		1,414
	229,511		Fanuc Ltd		24,353
	254,760		Fenner plc		823
	29,000	e	Ferrotec		334
	1,348,629		Firich Enterprises Co Ltd		2,968
	182,904	*,e	Flow International Corp		551
	182,540	e	Flowserve Corp		20,129
	764,536	*,e	FMC Technologies, Inc		49,412
	72,649	*,e	Fortinet, Inc		1,277
	94,319	*,e	Fuel Tech, Inc		756
	73,100		Fuji Machine Manufacturing Co Ltd		1,314
	1,081,012	e	FUJIFILM Holdings Corp		37,232
	24,600	e	Fujimi, Inc		434
	682,000	e	Furukawa Co Ltd		832
	408,651		Gardner Denver, Inc		17,997
	147,883	e	GEA Group AG.		3,428
	61,606,901		General Electric Co		1,121,245
	4,407		Gesco AG.		238
	89,065		Gildemeister AG.		1,199
	100,100	e	Glory Ltd		2,486
	1,022,907	*	GMR Infrastructure Ltd		1,429
	66,314	e	Gorman-Rupp Co		1,687
	285,230	e	Graco, Inc		9,127
	78,137	e	Graham Corp		1,406
	727	*	Grupo Empresarial San Jose		7
	1,093		Gurit Holding AG.		579
	42,834		Hanjin Heavy Industries & Construction Co Ltd		975
	625,000	*	Hansen Transmissions International NV		859
	63,530	*,e	Harbin Electric, Inc		1,372

86

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	6,506,300	e	Harbin Power Equipment	$	5,371
	44		Harmonic Drive Systems, Inc		154
	91,010	e	Heidelberger Druckmaschinen		655
	14,809	e	Hitachi Construction Machinery Co Ltd		350
	71,800	e	Hitachi Koki Co Ltd		773
	112,000	e	Hitachi Kokusai Electric, Inc		1,119
	1,225,000	e	Hitachi Zosen Corp		1,795
	12,578		Homag Group AG.		238
	38,800		Hoshizaki Electric Co Ltd		580
	61,000		Hosokawa Micron Corp		250
	34,011	*,e	Hurco Cos, Inc		572
	317,301	*	Husqvarna AB (B Shares)		2,307
	229,663		IDEX Corp		7,602
	690,733		IMI plc		6,918
	140,463	*,e	Immersion Corp		702
	979,654	e	Industrea Ltd		351
	12,426		Industria Macchine Automatiche S.p.A.		247
	52,523	e	Ingenico		1,313
	205,157		Ingersoll-Rand plc		7,154
	275,876	*,e	Intermec, Inc		3,912
	6,830,307		International Business Machines Corp		875,986
	2,550,455		International Game Technology		47,056
	99,755	*,e	Interpump Group S.p.A.		492
	747		Interroll Holding AG.		221
	107,697	*,e	Intevac, Inc		1,488
	2,625,530		Inventec Co Ltd		1,501
	279,000	*,e	Iseki & Co Ltd		827
	4,962,008	e	Ishikawajima-Harima Heavy Industries Co Ltd		9,076
	160,328	*,e	Isilon Systems, Inc		1,380
	155,687	e	Itochu Techno-Science Corp		5,112
	1,986,139		ITT Industries, Inc		106,476
	1,683,414		Jabil Circuit, Inc		27,254
	578,901	e	Japan Steel Works Ltd		6,632
	141,083		John Bean Technologies Corp		2,475
	3,556,837	e	Johnson Controls, Inc		117,339
	1,022,251		Joy Global, Inc		57,859
	98,767		JSW Steel Ltd		2,717
	179,000	e	Juki Corp		337
	38,707		Jungheinrich AG.		903
	71,404	*	Kadant, Inc		1,029
	900,000	e	Kato Works Co Ltd		1,916
	348,000	*	Kayaba Industry Co Ltd		1,284
	171,856	e	Kaydon Corp		6,462
	115,732	e	KCI Konecranes Oyj		3,419
	162,600	*,e	Keihin Corp		3,141
	232,113		Kennametal, Inc		6,527
	13,969		Kerself S.p.A.		132
	23,284		Koenig & Bauer AG.		404
	1,707,035		Komatsu Ltd		35,788
	4,444		Komax Holding AG		380
	89,600	e	Komori Corp		1,111
	103,403	e	Kone Oyj (Class B)		4,274

87

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,064,321		Konica Minolta Holdings, Inc	$	24,090
	30,557		Krones AG.		1,572
	172,000	e	KS Energy Services Ltd		160
	150,753		Kubota Corp		1,374
	29,856	*,e	KUKA AG.		412
	303,737	*,e	Kulicke & Soffa Industries, Inc		2,202
	342,070	e	Kumba Iron Ore Ltd		16,573
	3,175	e	Kurita Water Industries Ltd		90
	813,048	*	Lam Research Corp		30,343
	270,400		Larsen & Toubro Ltd		9,823
	273,646	e	Lennox International, Inc		12,128
	12,335,700	e	Lenovo Group Ltd		8,516
	590,092	*	Lexmark International, Inc (Class A)		21,291
	84,493	e	Lindsay Manufacturing Co		3,499
	2,595,280		Lite-On Technology Corp		3,445
	108,579	*	Logitech International S.A.		1,787
	68,831		Lufkin Industries, Inc		5,448
	262,000	e	Makino Milling Machine Co Ltd		1,698
	225,267	*	Makita Corp		7,421
	16,429		Manitou BF S.A.		240
	373,038	e	Manitowoc Co, Inc		4,849
	16,100	e	Mars Engineering Corp		329
	52,000		Max Co Ltd		556
	34,700		Melco Holdings, Inc		769
	725,320		Melrose plc		2,424
	37,635	*	Meru Networks, Inc		721
	74,784	e	Met-Pro Corp		733
	75,403		Micron Machinery Co Ltd		907
	419,149	*,e	Micros Systems, Inc		13,782
	1,156,554		Micro-Star International Co Ltd		725
	73,970	*,e	Middleby Corp		4,260
	130	*	MidgardXXI, Inc		0	^
	1,279,622		Mitac International		588
	3,095,796	e	Mitsubishi Heavy Industries Ltd		12,815
	137,000		Mitsubishi Kakoki Kaisha Ltd		375
	230,302	*,e	Modine Manufacturing Co		2,589
	153,700	e	Mori Seiki Co Ltd		1,896
	34,086		Nacco Industries, Inc (Class A)		2,527
	324,000	e	Nachi-Fujikoshi Corp		1,060
	93,920	*,e	Natural Gas Services Group, Inc		1,491
	218,202	*,e	Netezza Corp		2,791
	214,711	*	Netgear, Inc		5,604
	70,000	e	Nidec Sankyo Corp		619
	96,000	*,e	Nippon Thompson Co Ltd		668
	17,500		Nitto Kohki Co Ltd		391
	43,848	*,e	Nordex AG.		500
	188,348	e	Nordson Corp		12,793
	67,500		Noritz Corp		1,040
	2,132,374	e	Northrop Grumman Corp		139,819
	2,586,638	*	NTN Corp		11,676
	8,246	*,e	OC Oerlikon Corp AG.		280
	116,345	*,e	OCE NV		1,329

88

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	366,244	*	Oil States International, Inc	$	16,606
	37,100		Oiles Corp		603
	1,343,000	*,e	Oki Electric Industry Co Ltd		1,120
	235,000	e	Okuma Holdings, Inc		1,714
	4,434		Omega Flex, Inc		47
	6,545		ONA S.A.		1,046
	57,000	e	Organo Corp		382
	144,300	e	OSG Corp		1,522
	63,397	e	Outotec Oyj		2,282
	18,229	e	Palfinger AG.		414
	501,960		Pall Corp		20,324
	1,706,380	*,e	Palm, Inc		6,416
	37,984	*,e	PAR Technology Corp		230
	95,056		Pason Systems, Inc		1,070
	12,422		Pfeiffer Vacuum Technology AG.		948
	20,459	e	Pinguely-Haulotte		185
	855,988		Pitney Bowes, Inc		20,929
	70,615	*,e	PMFG, Inc		934
	40,567	e	Primoris Services Corp		314
	2,119,698		PTT Aromatics & Refining PCL		1,885
	976,217	*,e	Quantum Corp		2,567
	5,344		R Stahl AG.		145
	158,263	*	Rackable Systems, Inc		1,692
	4,972		Rational AG.		872
	2,836,170		Raytheon Co		162,001
	102,741	*,e	RBC Bearings, Inc		3,274
	876,395		Realtek Semiconductor Corp		2,365
	560,243	e	Rheinmetall AG.		40,127
	53,806	*,e	Rimage Corp		778
	27,200		Riso Kagaku Corp		324
	339,252	*,e	Riverbed Technology, Inc		9,635
	145,747	e	Robbins & Myers, Inc		3,472
	14,300	e	Roland DG Corp		254
	153,019	*,e	Safeguard Scientifics, Inc		1,989
	478,384		Sandvik AB		5,979
	17,435		Sartorius AG.		463
	91,556	*,e	Sauer-Danfoss, Inc		1,216
	153,741	*,e	Scansource, Inc		4,425
	72,428		Schindler Holding AG.		6,375
	34,506		Schindler Holding AG. (Reg)		2,998
	16,326		Schoeller-Bleckmann Oilfield Equipment AG.		860
	10,842		Schulthess Group		487
	177,410	*,e	Scientific Games Corp (Class A)		2,498
	3,213,098		Seagate Technology, Inc		58,671
	16,404		Seiko Epson Corp		255
	179,383		Service Point Solutions S.A.		216
	767,210	*,e	Sevan Marine ASA		1,201
	7,594,000	e	Shanghai Electric Group Co Ltd		3,697
	1,665,111		Shanghai Zhenhua Port Machinery Co		1,265
	123,566		ShawCor Ltd		3,424
	63,000	*	Shibaura Mechatronics Corp		232
	37,300	e	Shima Seiki Manufacturing Ltd		834

89

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	141,000	e	Shinko Electric Co Ltd	$	329
	522,590		Shinmaywa Industries Ltd		1,934
	159,701	*,e	Sigma Designs, Inc		1,873
	51,729	*,e	Singulus Technologies		335
	78,000		Sintokogio Ltd		648
	108,872		SKF AB (B Shares)		1,935
	136,469	e	SMC Corp		18,524
	60,907	e	Solarworld AG.		918
	511,542	e	SPX Corp		33,925
	78,299	e	Standex International Corp		2,018
	76,000		Star Micronics Co Ltd		836
	115,454	*,e	STEC, Inc		1,383
	57,795		Sulzer AG.		5,618
	2,473,561		Sumitomo Heavy Industries Ltd		14,896
	134,526	*,e	Super Micro Computer, Inc		2,325
	6,138,000	*	Superb Summit International Timber Co Ltd		233
	590,192		Swisslog Holding AG.		565
	1,254,867		Synnex Technology International Corp		2,766
	2,314,653		T RAD Co Ltd		6,635
	70,586	*,e	T-3 Energy Services, Inc		1,734
	518,186	e	Tadano Ltd		2,805
	8,971		Taewoong Co Ltd		561
	15,500		Takeuchi Manufacturing Co Ltd		217
	2,652,315	e	Tat Hong Holdings Ltd		1,649
	1,739,500	e	Techtronic Industries Co		1,411
	108,709	*,e	Tecumseh Products Co (Class A)		1,334
	28,500	e	Teikoku Piston Ring Co Ltd		213
	132,724	e	Tennant Co		3,635
	1,185,618	*	Teradata Corp		34,253
	420,476	*,e	Terex Corp		9,549
	3,473,136	e	Textron, Inc		73,735
	812,488	e	Timken Co		24,383
	248,282		Tokyo Electron Ltd		16,465
	143,000		Tokyo Kikai Seisakusho Ltd		171
	52,800	e	Tokyo Seimitsu Co Ltd		912
	73,200		Topre Corp		582
	38,700	e	Torishima Pump Manufacturing Co Ltd		779
	96,226	e	Toro Co		4,731
	3,950,488	*,e	Toshiba Corp		20,410
	170,000	e	Toshiba Machine Co Ltd		724
	160,475		Toyota Tsusho Corp		2,516
	247,000		Tsubakimoto Chain Co		1,186
	151,000	e	Tsugami Corp		977
	4,300,227		Tutt Bryant Group Ltd		2,506
	62,975	e	Twin Disc, Inc		770
	1,501,198	e	Tyco International Ltd		57,421
	108,582	*,e	Ultratech, Inc		1,477
	16,800	e	Union Tool Co		470
	416,929	*	Varian Medical Systems, Inc		23,069
	437,045	*,e	VeriFone Holdings, Inc		8,833
	827,279	*,e	Verigy Ltd		9,249
	4,323	*	Vestas Wind Systems AS		235

90

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	42,195		Wacker Construction Equipment AG.	$	483
	1,405	e	Wacom Co Ltd		2,142
	1,374		Walter Meier AG.		185
	289,379	e	Wartsila Oyj (B Shares)		14,657
	124,282	e	Watsco, Inc		7,069
	523,603		Weir Group plc		7,429
	1,999,728	*,e	Western Digital Corp		77,969
	61,690		Wincor Nixdorf AG.		4,179
	2,379,588		Wistron Corp		4,323
	284,828	e	Woodward Governor Co		9,109
	10,499,092		Xerox Corp		102,366
	107,100	e	Yamatake Corp		2,504
	135,388		Yokogawa Electric Corp		1,179
	14,300		Yushin Precision Equipment Co Ltd		215
	3,620		Zardoya Otis S.A.		63
	191,208	*	Zebra Technologies Corp (Class A)		5,660
	356		Zehnder Group AG.		577
			TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		5,723,295
INSTRUMENTS AND RELATED PRODUCTS - 2.5%
	108,116	*,e	Abaxis, Inc		2,940
	153,494	*,e	Abiomed, Inc		1,586
	189,121	*,e	Accuray, Inc		1,152
	226,196	e	Advantest Corp		5,657
	701,540	*,e	Affymetrix, Inc		5,149
	35,423	*,e	AGA Medical Holdings, Inc		576
	240,872	*	AGFA-Gevaert NV		1,864
	1,498,679	*	Agilent Technologies, Inc		51,540
	364,344	*	Align Technology, Inc		7,046
	1,692,192		Allergan, Inc		110,534
	22,700	e	Aloka Co Ltd		179
	151,827	*,e	Alphatec Holdings, Inc		967
	466,861	*,e	American Medical Systems Holdings, Inc		8,674
	65,088	e	American Science & Engineering, Inc		4,876
	101,232	*	Amplifon S.p.A.		521
	59,636	e	Analogic Corp		2,548
	84,831	*,e	Anaren, Inc		1,208
	141,145	*	Angiodynamics, Inc		2,205
	140,000		Anritsu Corp		539
	52,207	*	Argon ST, Inc		1,389
	185,000	*,e	Arthrocare Corp		5,498
	7,348	e	Atrion Corp		1,051
	226,762	*,e	ATS Medical, Inc		590
	6,887		Audika		245
	66,076	e	Badger Meter, Inc		2,545
	540,611		Bard (C.R.), Inc		46,828
	3,923,797		Baxter International, Inc		228,366
	17,199,208	*	BB Bioventures L.P.		1,497
	348,050		Beckman Coulter, Inc		21,858
	1,113,397		Becton Dickinson & Co		87,658
	98,346	*	Bio-Rad Laboratories, Inc (Class A)		10,181
	1,007,000	*	Biosensors International Group Ltd		504

91

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	10,845,941	*	Boston Scientific Corp	$	78,308
	82,286	*,e	Bovie Medical Corp		514
	619,858	*,e	Bruker BioSciences Corp		9,081
	124,635	e	Cantel Medical Corp		2,474
	120,642	*,e	Cardiac Science Corp		226
	89,411	*,e	CardioNet, Inc		684
	524,266	*,e	CareFusion Corp		13,856
	274,408	*,e	Cepheid, Inc		4,797
	149,472	*,e	Clarient, Inc		392
	94,301	e	Cochlear Ltd		6,303
	111,554	*,e	Coherent, Inc		3,565
	114,081	e	Cohu, Inc		1,571
	49,408		Coloplast AS (Class B)		5,441
			Compagnie Generale d’Optique Essilor
	11,097		International S.A.		708
	151,821	*,e	Conmed Corp		3,615
	11,251		Consort Medical plc		61
	273,931	e	Cooper Cos, Inc		10,650
	238,093		Covidien plc		11,971
	65,163	*,e	Cutera, Inc		676
	118,937	*,e	Cyberonics, Inc		2,279
	49,851	*	Cynosure, Inc (Class A)		560
	1,752,514		Danaher Corp		140,044
	128,368	*,e	Delcath Systems, Inc		1,040
	431,327		Dentsply International, Inc		15,032
	422,204	*,e	Depomed, Inc		1,499
	273,237	*	DexCom, Inc		2,659
	110,514	*,e	Dionex Corp		8,264
	21,357		Draegerwerk AG.		1,488
	57,920	*	DXP Enterprises, Inc		740
	1,435,522	e	Eastman Kodak Co		8,312
	93,574	*,e	Electro-Optical Sciences, Inc		694
	192,658		Elekta AB (B Shares)		5,390
	216,923	*,e	Endologix, Inc		876
	672,539	*,e	EnteroMedics, Inc		343
	121,514	e	ESCO Technologies, Inc		3,865
	148,616	*,e	Esterline Technologies Corp		7,346
	404,747	*,e	ev3, Inc		6,419
	39,001	*,e	Exactech, Inc		818
	32,563	*	Exfo Electro Optical Engineering, Inc		204
	81,424	*,e	FARO Technologies, Inc		2,097
	180,328	*,e	FEI Co		4,131
	18,367		Fielmann AG.		1,479
	542,210		Finmeccanica S.p.A.		7,235
	760,100	*,e	Flir Systems, Inc		21,435
	233,028	*,e	Formfactor, Inc		4,139
	284,708	*,e	Fossil, Inc		10,745
	142,146	e	Fresenius AG. (Preference)		10,732
	47,388		Fresenius SE		3,527
	28,700		Furuno Electric Co Ltd		136
	983,593	e	Garmin Ltd		37,849
	88,089		Getinge AB (B Shares)		2,112

92

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	12,884,212	*,e	Golden Meditech Co Ltd	$	3,236
	1,761		Guerbet		214
	159,582	*,e	Haemonetics Corp		9,120
	66,192		Hamworthy plc		326
	183,514	*	Hanger Orthopedic Group, Inc		3,336
	120,033	*,e	Harvard Bioscience, Inc		465
	8,256,000	e	Hengdeli Holdings Ltd		3,520
	75,950	*	Herley Industries, Inc		1,113
	278,532		Hexagon AB (B Shares)		3,973
	179,891	e	Hillenbrand, Inc		3,956
	10,200		Hioki EE Corp		188
	20,000		Hitachi Medical Corp		171
	18,800	e	Hogy Medical Co Ltd		867
	3,521,968	*	Hologic, Inc		65,297
	49,600	e	Horiba Ltd		1,427
	56,223	*,e	ICU Medical, Inc		1,937
	72,759	*,e	ICx Technologies, Inc		507
	125,809	*,e	II-VI, Inc		4,257
	360,601	*,e	Illumina, Inc		14,027
	3,581		Inficon Holding AG.		483
	151,343	*,e	Insulet Corp		2,284
	118,309	*	Integra LifeSciences Holdings Corp		5,185
	192,065	*,e	Intuitive Surgical, Inc		66,864
	223,388		Invacare Corp		5,929
	1,542,911		Invensys plc		7,977
	577,922	*,e	ION Geophysical Corp		2,843
	119,910	*,e	IRIS International, Inc		1,224
	182,561	*,e	ISTA Pharmaceuticals, Inc		743
	140,321	*,e	Itron, Inc		10,183
	162,010	*,e	Ixia		1,502
	53,096	*	Jenoptik AG.		313
	93,000	e	Jeol Ltd		358
	78,043		Kaba Holding AG.		23,352
	470	e	Keithley Instruments, Inc		3
	37,539	*,e	Kensey Nash Corp		886
	31,933		Keyence Corp		7,631
	503,384		Kla-Tencor Corp		15,565
	401,285	*,e	Kopin Corp		1,485
	13,419	*	K-Tron International, Inc		2,012
	68,231	*	KVH Industries, Inc		900
	388,094	*,e	L-1 Identity Solutions, Inc		3,466
	61,330	*,e	LaBarge, Inc		678
	125,734		Largan Precision Co Ltd		1,890
	472,502		LG.Philips LCD Co Ltd		16,683
	14,007	*,e	LifeWatch AG.		221
	89,977	e	Luxottica Group S.p.A.		2,406
	1,770	*,e	Lydall, Inc		14
	72,642	*,e	MAKO Surgical Corp		979
	8,600	e	Mani, Inc		338
	307,996	e	Masimo Corp		8,177
	79,988	*,e	Measurement Specialties, Inc		1,177
	108,579	*,e	Medical Action Industries, Inc		1,332

93

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	5,820,672		Medtronic, Inc	$	262,106
	133,359	*,e	Merit Medical Systems, Inc		2,034
	94,441	*,e	Mettler-Toledo International, Inc		10,313
	21,900	e	Micronics Japan Co Ltd		381
	110,104	*	Micrus Endovascular Corp		2,171
	188,265	*,e	Millipore Corp		19,881
	131,704		Mine Safety Appliances Co		3,682
	232,738	*,e	MKS Instruments, Inc		4,559
	78,777	e	Movado Group, Inc		889
	22,167,242	*	MPM Bioventures II		8,801
	96,105	e	MTS Systems Corp		2,790
	5,500		Nakanishi, Inc		574
	161,654		National Instruments Corp		5,391
	140,683	*,e	Natus Medical, Inc		2,238
	92,764	*,e	Neogen Corp		2,328
	202,180	*	Newport Corp		2,527
	27,500	e	Nidec Copal Corp		392
	69,200		Nihon Kohden Corp		1,273
	134,000	e	Nikkiso Co Ltd		980
	505,518	e	Nikon Corp		11,036
	962,111		Nippon Electric Glass Co Ltd		13,553
	68,300		Nippon Signal Co Ltd		611
	90,600	e	Nipro Corp		1,750
	2,627	e	Nobel Biocare Holding AG.		70
	34,900		Noritsu Koki Co Ltd		249
	179,030	*,e	NuVasive, Inc		8,092
	104,810	*,e	NxStage Medical, Inc		1,200
	41,200		ODIM ASA		311
	11,100		Ohara, Inc		204
	63,262	e	Olympus Corp		2,030
	195,217		Opto Circuits India Ltd		945
	114,527	*,e	Orthofix International NV		4,166
	309,610	*,e	Orthovita, Inc		1,319
	37,000	e	Osaki Electric Co Ltd		327
	20,595	*,e	OYO Geospace Corp		985
	90,789	*,e	Palomar Medical Technologies, Inc		986
	402,000	*,e,m	Peace Mark Holdings Ltd		78
	1,919,363	e	PerkinElmer, Inc		45,873
	395,000		Phonak Holding AG.		49,075
	150,629	*,e	Qiagen NV		3,469
	123,863	*	Q-Med AB		1,201
	77,746	*,e	RAE Systems, Inc		63
	53,052	e	Renishaw plc		526
	304,865	*,e	Resmed, Inc		19,405
	263,950	*,e	ResMed, Inc (ADR)		1,695
	48,383	*,e	Rochester Medical Corp		620
	507,367		Rockwell Automation, Inc		28,595
	620,330		Rockwell Collins, Inc		38,826
	70,782	*,e	Rockwell Medical Technologies, Inc		409
	144,225	*,e	Rofin-Sinar Technologies, Inc		3,262
	344,614		Roper Industries, Inc		19,932
	19,915	*	Roth & Rau AG.		671

94

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	162,877	*,e	Rudolph Technologies, Inc	$	1,396
	22,136	e	SAES Getters S.p.A.		172
	10,319		SAES Getters S.p.A. RSP		69
	911,122		Safilo Group S.p.A.		527
	613,285	e	Safran S.A.		15,987
	45,372		Samsung Techwin Co Ltd		3,405
	163,000	*,e	Seiko Holdings Corp		429
	524,424	*,e	Sensata Technologies Holding BV		9,419
	141,000	e	Shimadzu Corp		1,130
	126,139	*	Sirona Dental Systems, Inc		4,797
	4,254,176	*	Skyline Venture Fund II Ltd		707
	961,029	*	Skyline Venture Fund III Ltd		443
	32,312		Smith & Nephew plc		322
	59,141	*,e	Somanetics Corp		1,132
	3,360	*,e	Sonic Solutions, Inc		31
	111,625	*,e	SonoSite, Inc		3,584
	342,858	*	Sorin S.p.A.		718
	178,042	*,e	Spectranetics Corp		1,230
	168,325		Spectris plc		2,114
	11,913		Sperian Protection		977
	111,315		Spirax-Sarco Engineering plc		2,370
	1,171,134		Spirent Communications plc		2,202
	1,565,102	*,e	St. Jude Medical, Inc		64,247
	341,372	*,e	Star Scientific, Inc		870
	145,670	*,e	Stereotaxis, Inc		730
	276,017		STERIS Corp		9,291
	10,007	e	Stratec Biomedical Systems		355
	166	e	Straumann Holding AG.		41
	1,976,646		Stryker Corp		113,104
	11,850		Swatch Group AG.		3,778
	922		Swatch Group AG. Reg		55
	224,984	*,e	Symmetry Medical, Inc		2,259
	56,770	*	Synovis Life Technologies, Inc		882
	3,387	e	Synthes, Inc		423
	66,500	e	Sysmex Corp		3,898
	24,700		Tamron Co Ltd		414
	153,458		Techne Corp		9,774
	185,117	*,e	Teledyne Technologies, Inc		7,640
	1,754,167	*,e	Teradyne, Inc		19,594
	180,103		Terumo Corp		9,594
	5,580	*,e	Theragenics		9
	2,570,232	*	Thermo Electron Corp		132,213
	425,915	*,e	Thoratec Corp		14,247
	213,229	*,e	TomTom NV		1,803
	81,100	e	Topcon Corp		448
	71,424	*,e	Trans1, Inc		232
	338,065	*	Trimble Navigation Ltd		9,709
	99,555		Ultra Electronics Holdings		2,268
	14,919	e	Utah Medical Products, Inc		420
	144,327	*,e	Varian, Inc		7,473
	79,780	*,e	Vascular Solutions, Inc		717
	238,881	*,e	Veeco Instruments, Inc		10,391

95

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	76,844	*,e	Vital Images, Inc	$	1,243
	385,657	*,e	Vivus, Inc		3,363
	265,642	*	Volcano Corp		6,418
	412,524	*,e	Waters Corp		27,862
	8,993	*	William Demant Holding		636
	179,874	*,e	Wright Medical Group, Inc		3,196
	45,654	*,e	X-Rite, Inc		138
	26,924	e	Young Innovations, Inc		758
	868,064	*	Zimmer Holdings, Inc		51,389
	152,161	*,e	Zoll Medical Corp		4,011
	77,190	*	Zygo Corp		712
			TOTAL INSTRUMENTS AND RELATED PRODUCTS		2,573,983
INSURANCE AGENTS, BROKERS AND SERVICE - 0.3%
	1,173,054	e	AON Corp		50,101
	29,018		April Group		996
	279,449	e	Arthur J. Gallagher & Co		6,860
	422,177	e	Brown & Brown, Inc		7,565
	164,293	*,e	Crawford & Co (Class B)		669
	119,820		Grupo Catalana Occidente S.A.		2,439
	1,906,720		Hartford Financial Services Group, Inc		54,188
	218,233		Jardine Lloyd Thompson Group plc		1,838
	34,714	e	Life Partners Holdings, Inc		770
	2,042,814		Marsh & McLennan Cos, Inc		49,886
	1,496,778	e	Millea Holdings, Inc		42,154
	70,760	e	MLP AG.		746
	24,660		Morneau Sobeco Income Fund		254
	209,692	*,e	National Financial Partners Corp		2,957
	2,157,996		QBE Insurance Group Ltd		41,249
	573,145	*,e	Unipol Gruppo Finanziario S.p.A.		647
	367,124	*	Verisk Analytics, Inc		10,353
	24,044		White Mountains Insurance Group Ltd		8,536
	16,029	e	Willis Group Holdings plc		502
			TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		282,710
INSURANCE CARRIERS - 3.7%
	2,539,645	e	ACE Ltd		132,823
	67,139		Aditya Birla Nuvo Ltd		1,355
	2,038,456		Admiral Group plc		40,832
	3,405,123	*	Aegon NV		23,318
	1,772,494		Aetna, Inc		62,232
	4,488,529		Aflac, Inc		243,681
	260,000	e,m	Aioi Insurance Co Ltd		1,313
	15,807	*	Alleghany Corp		4,597
	566,440	e	Allianz AG.		71,021
	397,133		Allied World Assurance Holdings Ltd		17,811
	2,133,258		Allstate Corp		68,926
	8,852	*	Alm Brand AS		152
	1,461,180	*,e	Ambac Financial Group, Inc		814
	22,542	*,e	American Caresource Holdings, Inc		40
	312,292		American Equity Investment Life Holding Co		3,326
	792,986	e	American Financial Group, Inc		22,560

96

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	367,521	*,e	American International Group, Inc	$	12,547
	48,376		American National Insurance Co		5,493
	45,783	e	American Physicians Capital, Inc		1,463
	29,791	e	American Physicians Service Group, Inc		745
	60,033	*	American Safety Insurance Holdings Ltd		996
	327,567	*,e	AMERIGROUP Corp		10,888
	101,464	*	Amerisafe, Inc		1,661
	849,127	e	Amlin plc		5,001
	4,215,499	e	AMP Ltd		24,216
	112,620	e	Amtrust Financial Services, Inc		1,571
	467,837	*	Arch Capital Group Ltd		35,673
	174,682	e	Argo Group International Holdings Ltd		5,693
	546,525		Aspen Insurance Holdings Ltd		15,762
	963,139	e	Assicurazioni Generali S.p.A.		23,116
	527,837	e	Assurant, Inc		18,147
	620,886		Assured Guaranty Ltd		13,641
	2,805,867	e	Aviva plc		16,406
	772,265	e	AXA Asia Pacific Holdings Ltd		4,479
	1,592,539		AXA S.A.		35,426
	2,556,798		Axis Capital Holdings Ltd		79,926
	46,073	e	Baldwin & Lyons, Inc (Class B)		1,110
	95,524		Baloise Holding AG.		8,471
	1,357,861		Beazley plc		2,234
	139,412		Brit Insurance Holdings NV		1,592
	218,882	*,e	Catalyst Health Solutions, Inc		9,057
	694,180	e	Catlin Group Ltd		3,794
	329,621	*	Centene Corp		7,924
	798,947		Chaucer Holdings plc		594
	147,946		Chesnara plc		527
	1,305,108	*	China Insurance International Holdings Co Ltd		4,564
	11,655,419		China Life Insurance Co Ltd		55,843
	1,371,400	*	China Pacific Insurance Group Co Ltd		6,076
	1,406,423	e	Chubb Corp		72,923
	2,029,996		Cigna Corp		74,257
	420,591		Cincinnati Financial Corp		12,155
	176,367	*,e	Citizens, Inc (Class A)		1,219
	75,442	*,e	CNA Financial Corp		2,016
	112,638	*,e	CNA Surety Corp		2,004
	124,502		CNP Assurances		11,758
	1,317,672	*,e	Conseco, Inc		8,196
	1,119,610		Corp Mapfre S.A.		4,107
	3,535	*	Dai-ichi Mutual Life Insurance Co		5,294
	254,954	e	Delphi Financial Group, Inc (Class A)		6,415
	402,789		Discovery Holdings Ltd		1,908
	68,260	e	Donegal Group, Inc (Class A)		990
	51,737		Dongbu Insurance Co Ltd		1,477
	35,220		Eastern Insurance Holdings, Inc		357
	35,043	e	EMC Insurance Group, Inc		789
	241,425	e	Employers Holdings, Inc		3,585
	304,525	e	Endurance Specialty Holdings Ltd		11,313
	34,071	*	Enstar Group Ltd		2,356
	92,417	e	Erie Indemnity Co (Class A)		3,986

97

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	33,068		Euler Hermes S.A.	$	2,465
	265,946		Everest Re Group Ltd		21,523
	46,919	e	Fairfax Financial Holdings Ltd		17,642
	31,521		FBD Holdings plc		312
	71,086	e	FBL Financial Group, Inc (Class A)		1,740
	684,971		Fidelity National Title Group, Inc (Class A)		10,151
	138,746	*,e	First Acceptance Corp		283
	288,980		First American Corp		9,779
	127,610		First Mercury Financial Corp		1,663
	257,459	e	Flagstone Reinsurance Holdings Ltd		2,950
	46,799	e	Fondiaria-Sai S.p.A.		704
	57,279	*,e	Fpic Insurance Group, Inc		1,553
	238,000		Fuji Fire & Marine Insurance Co Ltd		318
	1,810,177	*	Genworth Financial, Inc (Class A)		33,199
	693,709	e	Great-West Lifeco, Inc		19,917
	149,018	*,e	Greenlight Capital Re Ltd (Class A)		3,976
	61,977	*,e	Hallmark Financial Services		558
	72,634	*,e	Hannover Rueckversicherung AG.		3,587
	131,681		Hanover Insurance Group, Inc		5,743
	68,855	e	Harleysville Group, Inc		2,325
	566,447		HCC Insurance Holdings, Inc		15,634
	390,216	*	Health Net, Inc		9,705
	284,236	*	Healthspring, Inc		5,003
	10,201		Helvetia Holding AG.		3,577
	543,452		Hiscox Ltd		2,759
	248,168		Horace Mann Educators Corp		3,737
	64,000		Hulic Co Ltd		471
	1,288,439	*	Humana, Inc		60,260
	30,032	e	Independence Holding Co		285
	211,436		Industrial Alliance Insurance and Financial Services, Inc		7,286
	81,007	e	Infinity Property & Casualty Corp		3,681
	148,162		ING Canada, Inc		6,537
	2,214,834		Insurance Australia Group Ltd		7,886
	417,214	*	Irish Life & Permanent Group Holdings plc		1,658
	25,546	e	Kansas City Life Insurance Co		807
	19,505	*	KBC Groep NV		945
	72,861		Kingsway Financial Services, Inc		115
	687,785	*	Leucadia National Corp		17,064
	144,718		Liberty Holdings Ltd		1,440
	1,026,404		Lincoln National Corp		31,511
	954,502	e	Loews Corp		35,584
	335,501	e	Maiden Holdings Ltd		2,479
	2,256,831		Manulife Financial Corp		44,530
	29,810	*	Markel Corp		11,169
	672,877	e	Max Re Capital Ltd		15,469
	324,989	*	MBIA, Inc		2,038
	329,399	e	Meadowbrook Insurance Group, Inc		2,602
	348,666	e	Mediolanum S.p.A.		2,040
	26,197	e	Mercer Insurance Group, Inc		472
	74,531	e	Mercury General Corp		3,258
	3,239,313	e	Metlife, Inc		140,391

98

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	193,274	*,e	Metropolitan Health Networks, Inc	$	624
	650,374	*,e	MGIC Investment Corp		7,135
	325,021		Milano Assicurazioni S.p.A.		922
	42,515		Milano Assicurazioni S.p.A. (RSP)		127
	832,578	e	Mitsui Sumitomo Insurance Group Holdings, Inc		23,110
	83,349	*,e	Molina Healthcare, Inc		2,098
	416,101		Montpelier Re Holdings Ltd		6,995
	651,424	e	Muenchener Rueckver AG.		105,714
	30,453		National Interstate Corp		631
	11,606		National Western Life Insurance Co (Class A)		2,140
	67,347	*,e	Navigators Group, Inc		2,649
	364,090	e,m	Nipponkoa Insurance Co Ltd		2,255
	489,733	m	Nissay Dowa General Insurance Co Ltd		2,488
	134,844		Novae Group plc		605
	32,570	e	NYMAGIC, Inc		691
	4,060,989	*,e	Old Mutual plc		7,549
	767,775		Old Republic International Corp		9,735
	59,049	e	OneBeacon Insurance Group Ltd (Class A)		1,019
	1,071,000		Pacific Century Regional Developments Ltd		149
	955,900	e	PartnerRe Ltd		76,204
	473,333	*,e	Phoenix Cos, Inc		1,145
	4,793,000	*,e	PICC Property & Casualty Co Ltd		4,883
	2,089,000	e	Ping An Insurance Group Co of China Ltd		18,000
	602,278	e	Platinum Underwriters Holdings Ltd		22,332
	210,337	*,e	PMA Capital Corp (Class A)		1,291
	314,644	*,e	PMI Group, Inc		1,705
	443,734		Power Corp Of Canada		13,395
	458,396	e	Power Financial Corp		15,120
	269,160		Premafin Finanziaria S.p.A.		369
	104,802	e	Presidential Life Corp		1,045
	73,133	*	Primerica, Inc		1,097
	146,856	*,e	Primus Guaranty Ltd		617
	2,030,889		Principal Financial Group		59,322
	165,835	*,e	ProAssurance Corp		9,708
	2,565,169	e	Progressive Corp		48,969
	247,467	e	Protective Life Corp		5,442
	4,633,000	e	Prudential Financial, Inc		280,296
	7,441,986	e	Prudential plc		61,830
	415,786		Radian Group, Inc		6,503
	114,630	*,e	RadNet, Inc		365
	272,946	e	Reinsurance Group of America, Inc (Class A)		14,335
	1,143,427		RenaissanceRe Holdings Ltd		64,901
	87,988	e	RLI Corp		5,017
	10,327,673		Royal & Sun Alliance Insurance Group plc		19,982
	64,478	e	Safety Insurance Group, Inc		2,429
	368,196		Sampo Oyj (A Shares)		9,767
	49,616		Samsung Fire & Marine Insurance Co Ltd		7,959
	3,202,858		Sanlam Ltd		10,936
	21,901		Schweizerische National-Versicherungs-Gesellschaft		618
	512,269		SCOR		12,938
	130,676	e	SeaBright Insurance Holdings, Inc		1,439

99

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	264,625	e	Selective Insurance Group, Inc	$	4,393
	314,503	*	SNS Reaal		1,971
	63,074		Societa Cattolica di Assicurazioni SCRL		1,990
	1,586,321	e,m	Sompo Japan Insurance, Inc		10,792
	4,527	e	Sony Financial Holdings, Inc		14,866
	280,853		St. James’s Place plc		1,110
	295,171	e	Stancorp Financial Group, Inc		14,059
	1,917,741		Standard Life plc		5,829
	86,656	e	State Auto Financial Corp		1,555
	87,089	e	Stewart Information Services Corp		1,202
	589,700	*	Storebrand ASA		4,662
	1,030,259		Sun Life Financial, Inc		33,140
	21,734		Swiss Life Holding		2,855
	259,468		Swiss Reinsurance Co		12,772
	33,900	*	Symetra Financial Corp		447
	183,439	e	T&D Holdings, Inc		4,342
	11,322	*,e	Topdanmark AS		1,475
	399,415	e	Torchmark Corp		21,373
	213,891	e	Tower Group, Inc		4,742
	241,494		Tower Ltd		340
	274,454		Transatlantic Holdings, Inc		14,491
	2,613,951		Travelers Cos, Inc		140,996
	123,289	*,e	Triple-S Management Corp (Class B)		2,188
	19,286		TrygVesta A.S.		1,273
	212,509	*,e	United America Indemnity Ltd (Class A)		2,034
	110,444	e	United Fire & Casualty Co		1,987
	7,305,096		UnitedHealth Group, Inc		238,656
	122,878	e	Unitrin, Inc		3,447
	136,923	*,e	Universal American Financial Corp		2,109
	124,260	e	Universal Insurance Holdings, Inc		629
	1,684,050	e	UnumProvident Corp		41,714
	641,012		Validus Holdings Ltd		17,647
	29,471		Vittoria Assicurazioni S.p.A.		156
	389,597		W.R. Berkley Corp		10,165
	405,740	*,e	WellCare Health Plans, Inc		12,091
	3,191,990	*	WellPoint, Inc		205,499
	4,435		Wesco Financial Corp		1,710
	117,293	e	Wiener Staedtische Allgemeine Versicherung AG.		6,194
	1,764,160		XL Capital Ltd (Class A)		33,343
	181,001	e	Zenith National Insurance Corp		6,936
	249,208	e	Zurich Financial Services AG.		63,886
			TOTAL INSURANCE CARRIERS		3,824,984
JUSTICE, PUBLIC ORDER AND SAFETY - 0.0%
	67,766	*,e	China Fire & Security Group, Inc		879
	479,339	*,e	Corrections Corp of America		9,519
	232,014	*,e	Geo Group, Inc		4,599
			TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		14,997
LEATHER AND LEATHER PRODUCTS - 0.2%
	211,251	e	Adidas-Salomon AG.		11,299
	2,533,403		Coach, Inc		100,120

100

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	604,065	*,e	CROCS, Inc	$	5,298
	116,399	*,e	Genesco, Inc		3,610
	113,353	e	Geox S.p.A.		786
	398,380	*,e	Iconix Brand Group, Inc		6,119
	471,791		LVMH Moet Hennessy Louis Vuitton S.A.		55,145
	3,193,814		Pou Chen Corp		2,610
	105,964	*,e	Steven Madden Ltd		5,171
	288,672	*,e	Timberland Co (Class A)		6,160
	16,218		Tod’s S.p.A.		1,193
	33,798	e	Weyco Group, Inc		795
	310,792	e	Wolverine World Wide, Inc		9,063
	4,174,578	e	Yue Yuen Industrial Holdings		14,517
			TOTAL LEATHER AND LEATHER PRODUCTS		221,886
LEGAL SERVICES - 0.0%
	130,662	*,e	FTI Consulting, Inc		5,138
	27,636	*,e	Pre-Paid Legal Services, Inc		1,046
			TOTAL LEGAL SERVICES		6,184
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.0%
	442,272		Arriva plc		4,920
	51,969		Brisa-Auto Estradas de Portugal S.A.		441
	511,923		ComfortDelgro Corp Ltd		571
	233,505	*,e	Emergency Medical Services Corp (Class A)		13,204
	78,984		Go-Ahead Group plc		1,682
	221,964	e	Keihin Electric Express Railway Co Ltd		1,823
	140,625		Keisei Electric Railway Co Ltd		856
	631,982		National Express Group plc		2,196
	1,858,000		SMRT Corp Ltd		2,709
			TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		28,402
LUMBER AND WOOD PRODUCTS - 0.0%
	57,727	e	American Woodmark Corp		1,119
	8,178		Asian Bamboo AG.		358
	105,000		Daiken Corp		289
	50,746		Deltic Timber Corp		2,235
	593,284	*	Louisiana-Pacific Corp		5,370
	1,168,026	*	MFI Furniture plc		1,367
	317,212		Nobia AB		1,696
	55,580	*,e	Pfleiderer AG.		367
	557,023	*	Sino-Forest Corp		10,915
	35,403	e	Skyline Corp		658
	71,427	e	Sonae Industria SGPS S.A.		225
	140,000	e	Takara Standard Co Ltd		870
	91,497	e	Universal Forest Products, Inc		3,524
	52,962		West Fraser Timber Co Ltd		2,014
			TOTAL LUMBER AND WOOD PRODUCTS		31,007
METAL MINING - 2.2%
	228,404	e	Aditya Birla Minerals Ltd		232
	130,567		African Rainbow Minerals Ltd		3,436
	288,575	e	Agnico-Eagle Mines Ltd		16,121

101

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	272,570	*	Alamos Gold, Inc	$	3,642
	257,818	*,e	Allied Nevada Gold Corp		4,272
	155,748		Alumina Ltd		247
	477,171	*,e	Andean Resources Ltd		1,169
	4,330,849	*	Anglo American plc		188,881
	144,544	*,e	Anglo Platinum Ltd		14,685
	381,786		AngloGold Ashanti Ltd		14,569
	772,875		Antofagasta plc		12,198
	754,639	e	Aquarius Platinum Ltd		4,778
	509,662	*,e	Atlas Iron Ltd		1,146
	195,294	*	Aura Minerals, Inc		671
	284,797	*	Aurizon Mines Ltd		1,340
	540,303	*	Avoca Resources Ltd		982
	240,637	*	Avocet Mining plc		442
	1,042,830		Barrick Gold Corp		39,982
	1,171,285		Barrick Gold Corp (Canada)		44,942
	5,502,791		BHP Billiton Ltd		220,114
	2,904,456		BHP Billiton plc		99,610
	497,898		Boliden AB		7,116
	411,285	e	Cameco Corp		11,262
	82,297		CAP S.A.		2,632
	383,000	*	Capstone Mining Corp		1,139
	285,402	*	Centerra Gold, Inc		3,737
	736,037	e	Cleveland-Cliffs, Inc		52,222
	415,027	*,e	Coeur d’Alene Mines Corp		6,217
	2,069,793		Companhia Vale do Rio Doce		66,516
	1,504,985	e	Companhia Vale do Rio Doce (ADR)		48,445
	2,936,876		Companhia Vale do Rio Doce (Preference)		81,830
	24,801		Compania de Minas Buenaventura S.A.		776
	257,100		Compania de Minas Buenaventura S.A. (ADR) (Series B)		7,962
	281,307	*	Consolidated Thompson Iron Mines Ltd		2,648
	98,900	*	Corriente Resources, Inc		798
	140,972	*,e	Cudeco Ltd		625
	668,838	*	Deep Yellow Ltd		129
	395,408	*	Denison Mines Corp		576
	95,732	*	Detour Gold Corp		1,788
	182,467	e	Dominion Mining Ltd		432
	1,451,385	*	Eastern Platinum Ltd		2,115
	423,015	*	ECU Silver Mining, Inc		258
	560,574	*,e	Eldorado Gold Corp		6,805
	376,942	e	Energy Resources of Australia Ltd		6,538
	1,060,153	*	Equinox Minerals Limited		3,998
	1,522,078		Eurasian Natural Resources Corp		27,532
	266,198	*	European Goldfields Ltd		1,832
	141,370	*,e	Extract Resources Ltd		1,004
	237,452		Ferrexpo plc		1,353
	190,839	e	First Quantum Minerals Ltd		15,703
	148,736	*	FNX Mining Co, Inc		1,987
	109,352	*	Forsys Metals Corp		466
	214,210		Franco-Nevada Corp		5,747
	2,513,654		Freeport-McMoRan Copper & Gold, Inc (Class B)		209,991

102

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	26,608	e	Fresnillo plc	$	342
	184,817	*	Fronteer Development Group, Inc		948
	291,188	*	Gabriel Resources Ltd		1,207
	208,172	*	Gammon Gold, Inc		1,490
	566,977	*,e	Gindalbie Metals Ltd		648
	1,005,048	e	Gold Fields Ltd		12,722
	40,000	e	Gold Fields Ltd (ADR)		505
	1,545,277		Goldcorp, Inc		57,740
	408,938	*	Golden Star Resources Ltd		1,566
	486,455	*,e	Great Basin Gold Ltd		829
	132,842	*,e	Guyana Goldfields, Inc		844
	563,412	e	Harmony Gold Mining Co Ltd		5,322
	1,288,602	*,e	Hecla Mining Co		7,049
	1,493,000	*,e	Hidili Industry International Development Ltd		1,625
	216,995	*	Highland Gold Mining Ltd		431
	221,766		Hochschild Mining plc		948
	322,492	*	HudBay Minerals, Inc		4,036
	413,183		IAMGOLD Corp		5,492
	610,328	*,e	Iluka Resources Ltd		2,453
	707,230		Impala Platinum Holdings Ltd		20,779
	267,889	e	Independence Group NL		1,121
	353,408	*	Indophil Resources NL		402
	65,611		Inmet Mining Corp		3,812
	91,399	*	Ivanhoe Australia Ltd		289
	394,640	*	Ivanhoe Mines Ltd		6,897
	115,800	*,e	Jaguar Mining, Inc		1,066
	587,955	*,e	Kagara Zinc Ltd		434
	381,075	*	Kazakhmys plc		8,830
	268,717	e	Kingsgate Consolidated Ltd		2,098
	752,613	e	Kinross Gold Corp		12,871
	77,338	*,e	Kirkland Lake Gold, Inc		578
	23,420		Korea Zinc Co Ltd		4,181
	60,500		Labrador Iron Ore Royalty Income Fund		3,192
	347,500	*	Lake Shore Gold Corp		862
	7,628	*	Lonmin plc		236
	786,017	*	Lundin Mining Corp		4,171
	2,292,159	*,e	Lynas Corp Ltd		1,020
	1,180,392		Macmahon Holdings Ltd		791
	53,869	*,e	MAG. Silver Corp		408
	308,765	*,e	Medusa Mining Ltd		1,074
	358,500	*	Mega Uranium Ltd		212
	260,200	*,e	Mercator Minerals Ltd		653
	672,940	*,e	Minara Resources Ltd		580
	622,572		Mincor Resources NL		1,148
	95,897	*,e	Minefinders Corp		887
	121,750	e	Mineral Resources Ltd		830
	443,807	*	Mirabela Nickel Ltd		1,002
	974,571	*	MMC Norilsk Nickel (ADR)		17,942
	208,052	*	MMC Norilsk Nickel (ADR) (London)		3,836
	7,118	*	MMX Mineracao e Metalicos S.A.		54
	1,186,810	*	Mount Gibson Iron Ltd		2,037
	492,487	*,e	Murchison Metals Ltd		1,211

103

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	196,200	*	Neo Material Technologies Inc	$	767
	204,000	*	Nevsun Resources Ltd		607
	553,541	*	New Gold, Inc		2,382
	946,943		Newcrest Mining Ltd		28,519
	2,087,187		Newmont Mining Corp		106,300
	195,222	*,e	North American Palladium Ltd		794
	176,763	e	Northam Platinum Ltd		1,165
	81,363	*	Northern Dynasty Minerals		775
	170,379	*	Northern Iron Ltd		235
	521,658	*	Northgate Minerals Corp		1,567
	214,249	*,e	Novagold Resources, Inc		1,531
	105,708	f	Novolipetsk Steel (GDR)		3,663
	173,231	*,e	Nyrstar		2,569
	889,762		Orica Ltd		21,874
	380,974	*,e	Osisko Mining Corp		3,320
	2,170,855	*,e	Oxiana Ltd		2,281
	294,024	*,e	Paladin Resources Ltd		1,066
	112,153		PAN American Silver Corp		2,582
	9,298,661	*,e	Pan Australian Resources Ltd		4,437
	343,467	*,e	Paramount Gold and Silver Corp		477
	404,124	*,e	Patriot Coal Corp		8,268
	419,857	*	Perseus Mining Ltd		769
	226,094	e	Peter Hambro Mining plc		4,083
	412,977	*,e	Platinum Australia Ltd		358
	120,328	*,f	Polymetal (ADR)		1,227
	95,216		Polyus Gold Co (ADR)		2,452
	86,402		Polyus Gold Co (ADR) (London)		2,225
	3,519,500		PT Aneka Tambang Tbk		928
	8,891,900		PT International Nickel Indonesia Tbk		4,617
	144,837	*	Quadra Mining Ltd		2,218
	78,900	*	Queenston Mining, Inc		333
	198,719	*	Quest Capital Corp		258
	89,071		Randgold Resources Ltd		6,779
	479,447	*,e	Red Back Mining, Inc		9,795
	685,290	*,e	Resolute Mining Ltd		623
	1,436,339	e	Rio Tinto Ltd		103,336
	4,398,526		Rio Tinto plc		260,648
	276,401	*	Rosetta Resources, Inc		6,509
	145,279	e	Royal Gold, Inc		6,713
	418,481		Sally Malay Mining Ltd		922
	542,800	*	SEMAFO, Inc		3,025
	483,545		Sesa Goa Ltd		5,067
	148,346	*,e	ShengdaTech, Inc		1,111
	413,946		Sherritt International Corp		3,285
	104,542	*	Silver Standard Resources, Inc		1,849
	359,316	*	Silver Wheaton Corp		5,643
	413,151	e	Silvercorp Metals, Inc		2,835
	30,899		Southern Copper Corp		979
	940,531	e	Southern Copper Corp (NY)		29,787
	3,591,574	*,e	St Barbara Ltd		840
	204,201	*,e	Stillwater Mining Co		2,651
	2,657,000	e	Straits Asia Resources Ltd		4,102

104

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	26,812	e	Sumitomo Titanium Corp	$	1,111
	3,011,979	*	Sundance Resources Ltd		428
	232,302	*,e	Talvivaara Mining Co Plc		1,566
	124,754	*,e	Tanzanian Royalty Exploration Corp		511
	393,959	*	Taseko Mines Ltd		2,060
	1,077,635	*	Teck Cominco Ltd		46,951
	213,645	*,e	Thompson Creek Metals Co, Inc		2,886
	453,294		Tricorona AB		455
	224,580	*,e	Uex Corp		188
	249,532	*,e	Uranerz Energy Corp		464
	685,554	*	Uranium One, Inc		1,809
	295,962	*,e	US Gold Corp		799
	58,163	e	Vedanta Resources plc		2,450
	182,757	e	Western Areas NL		911
	597,258	*	Xstrata plc		11,316
	930,918	e	Yamana Gold, Inc		9,212
	5,761,500	e	Zijin Mining Group Co Ltd		4,541
			TOTAL METAL MINING		2,226,143
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.3%
	149,585		Aalberts Industries NV		2,386
	46,900		Aderans Co Ltd		556
	43,100		Alpen Co Ltd		689
	191,203		Amer Sports Oyj (A Shares)		2,257
	52,828	*	Armstrong World Industries, Inc		1,918
	32,680	e	Blyth, Inc		1,021
	219,603	e	Bulgari S.p.A.		1,789
	317,751	e	Callaway Golf Co		2,803
	348,000		Chen Hsong Holdings		130
	394,000		Chow Sang Sang Holding		543
	1,923,186		Citic Pacific Ltd		4,597
	1,472,896		Compagnie Financiere Richemont S.A.		57,036
	209,000		Daiwa Seiko, Inc		264
	176,250	e	Daktronics, Inc		1,343
	82,000		Denki Kogyo Co Ltd		426
	51,458		Folli-Follie S.A.		1,162
	1,977		Forbo Holding AG.		848
	1,061,251	*,e	Futuris Corp Ltd		1,247
	1,409,368		Hasbro, Inc		53,951
	345,666	e	Hills Industries Ltd		837
	2,476,000		Hutchison Harbour Ring Ltd		261
	29,362		Indutrade AB		671
	117,772	*,e	Intrepid Potash, Inc		3,572
	144,518	*	Jakks Pacific, Inc		1,886
	23,800	e	Japan Cash Machine Co Ltd		211
	1,883,379		Jarden Corp		62,698
	159,803		JUMBO S.A.		1,619
	301,853	*	Leapfrog Enterprises, Inc		1,977
	358,000		Luk Fook Holdings International Ltd		360
	73,731	e	Marine Products Corp		442
	3,501,193		Mattel, Inc		79,617
	5,935,397		Ming Fung Jewellery Group Ltd		604

105

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	29,000		Mitsubishi Pencil Co Ltd	$	431
	126,000	e	Mizuno Corp		557
	100,656	e	Namco Bandai Holdings, Inc		981
	2,990	*,e	Nautilus, Inc		9
	37,869	e	Oil-Dri Corp of America		732
	10,424,857		Playmates Holdings Ltd		4,793
	130,726	*,e	RC2 Corp		1,957
	38,316	*	RHI AG.		1,318
	29,800		Roland Corp		357
	1,070	*	Russ Berrie & Co, Inc		9
	292,000		Ryobi Ltd		984
	74,805	e	Sankyo Co Ltd		3,701
	57,400	e	Sato Corp		818
	380,281	*,e	Shuffle Master, Inc		3,115
	56,007		Societe BIC S.A.		4,288
	169		SRI Sports Ltd		161
	38,674	*,e	Steinway Musical Instruments, Inc		728
	116,500	e	Tomy Co Ltd		907
	672,000		Win Hanverky Holdings Ltd		106
	105,940	e	Yamaha Corp		1,368
			TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		317,041
MISCELLANEOUS REPAIR SERVICES - 0.0%
	9,300		Nichiden Corp		254
			TOTAL MISCELLANEOUS REPAIR SERVICES		254
MISCELLANEOUS RETAIL - 1.4%
	144,249	*,e	1-800-FLOWERS.COM, Inc (Class A)		362
	1,645,000	e	Alibaba.com Ltd		3,309
	2,147,442	*	Amazon.com, Inc		291,473
	17,200	e	Asahi Co Ltd		284
	64,273		Avenir Telecom		81
	72,711	e	Axis Communications AB		1,080
	238,027	e	Barnes & Noble, Inc		5,146
	24,769	e	BayWa AG.		933
	62,100		Belluna Co Ltd		264
	2,333,526		Best Buy Co, Inc		99,268
	163,888	e	Big 5 Sporting Goods Corp		2,494
	47,461		BIM Birlesik Magazalar AS		2,470
	86,636	*,e	Blue Nile, Inc		4,767
	29,633	e	Books-A-Million, Inc		215
	178,187	*,e	Borders Group, Inc		306
	61,884	*,e	Build-A-Bear Workshop, Inc		441
	306,606	*	Buongiorno S.p.A.		453
	8,900,000		C&O Pharmaceutical Technology Holdings Ltd		2,640
	222,383	*,e	Cabela’s, Inc		3,889
	165,822		Cash America International, Inc		6,547
	377,000		Chemoil Energy Ltd		134
	4,980,000	*	China WindPower Group Ltd		577
	3,440,000	*	CK Life Sciences International Holdings, Inc		222
	283,462	*,e	CKX, Inc		1,738
	29,460		Cocokara Fine Holdings, Inc		522

106

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	249,912	*,e	Coldwater Creek, Inc	$	1,734
	16,200		Cosmos Pharmaceutical Corp		349
	9,397,726	e	CVS Corp		343,582
	155,150		DCC plc		4,023
	885,655	*,e	Dick’s Sporting Goods, Inc		23,124
	613,722	*,e	Dollar Tree, Inc		36,345
	66,059	e	Douglas Holding AG.		3,052
	282	e	Dr Ci:Labo Co Ltd		661
	468,099	*,e	Drugstore.Com		1,671
	218,017	*	Ezcorp, Inc (Class A)		4,491
	53,109	*,e	Fuqi International, Inc		579
	86,864	e	Gaiam, Inc (Class A)		721
	9,834,745		Game Group PLC		14,663
	14,000		Growell Holdings Co Ltd		296
	140,710	*	Grupa Lotos S.A.		1,453
	3,520		GS Home Shopping, Inc		217
	287,810	*	GSI Commerce, Inc		7,964
	28,027		Hellenic Duty Free Shops S.A.		235
	132,692	*,e	Hibbett Sports, Inc		3,394
	177,188		Home Retail Group		729
	187,570	*,e	HSN, Inc		5,522
	5,062,481		Hutchison Whampoa Ltd		37,035
	160,725	*	Hypermarcas S.A.		1,966
	93,700		Itochu Enex Co Ltd		494
	164,619		Jean Coutu Group PJC, Inc/The		1,609
	901,256	*	JJB Sports plc		308
	141,481	*,e	Jo-Ann Stores, Inc		5,939
	18,900	*	KAR Auction Services, Inc		285
	135,157	*,e	Kirkland’s, Inc		2,838
	31,500		Liquor Stores Income Fund		537
	89,593		Majestic Wine plc		347
	26,500	e	Megane TOP Co Ltd		175
	627,083	e	Metro AG.		37,199
	62,400		Mitsuuroko Co Ltd		463
	211,163	e	MSC Industrial Direct Co (Class A)		10,710
	166		MTI Ltd		285
	301,295		N Brown Group plc		1,000
	55,700	e	Nippon Gas Co Ltd		828
	55,500		Nissen Holdings Co Ltd		215
	145,452	e	Nutri/System, Inc		2,591
	799,108	*	Office Depot, Inc		6,377
	442,244	*,e	OfficeMax, Inc		7,262
	30,000		Okuwa Co Ltd		302
	1,259,408		Origin Energy Ltd		19,127
	12,100		Otsuka Kagu Ltd		125
	69,003	*,e	Overstock.com, Inc		1,121
	36,800	e	Paris Miki, Inc		354
	1,660,000	e	Parkson Retail Group Ltd		2,865
	65,238	*,e	PC Connection, Inc		404
	59,009	*,e	PC Mall, Inc		299
	714,690	e	Petsmart, Inc		22,841
	152,076	*,e	Priceline.com, Inc		38,779

107

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	76,693		Pricesmart, Inc	$	1,783
	1,478,659	*,e	Rite Aid Corp		2,218
	3,338,000		SA SA International Holdings Ltd		2,605
	48,600		Senshukai Co Ltd		262
	1,071,410		Seven & I Holdings Co Ltd		25,888
	242,495	e	Shoppers Drug Mart Corp		10,419
	102,322	*	Shutterfly, Inc		2,465
	504,054		Signet Jewelers Ltd		16,301
	133,153		Signet Jewelers Ltd (London)		4,253
	103,000		Sinanen Co Ltd		426
	61,710	*	Stamps.com, Inc		623
	4,719,693	e	Staples, Inc		110,394
	46,200	e	Sugi Pharmacy Co Ltd		1,104
	56,600	e	Sundrug Co Ltd		1,344
	54,579	e	Systemax, Inc		1,187
	28,691		Takkt AG.		333
	406		Telepark Corp		601
	366,393		Tiffany & Co		17,400
	22,500	*	Tsuruha Holdings, Inc		806
	189,303		Tsutsumi Jewelry Co Ltd		4,210
	188,766	*,e	Vitamin Shoppe, Inc		4,238
	4,115,544	e	Walgreen Co		152,647
	403,679		WH Smith plc		2,977
	353,527	e	World Fuel Services Corp		9,418
	43,200		Xebio Co Ltd		871
	101,521	*,e	Zale Corp		278
	87,579	*,e	Zumiez, Inc		1,794
			TOTAL MISCELLANEOUS RETAIL		1,465,945
MOTION PICTURES - 0.7%
	70,623	*,e	Ascent Media Corp (Series A)		1,924
	81,265	e	Astral Media, Inc		2,848
	144,352	*,e	Avid Technology, Inc		1,989
	11,220,000	*	Big Media Group Ltd		269
	54,918	*,e	Carmike Cinemas, Inc		762
	195,312	e	Cinemark Holdings, Inc		3,582
	100,600		Cineplex Galaxy Income Fund		2,011
	140,800	e	Culture Convenience Club Co Ltd		685
	1,258,243	*,e	Discovery Communications, Inc (Class A)		42,516
	1,540,353	*,e	Discovery Communications, Inc (Class C)		45,302
	730,077	*,e	DreamWorks Animation SKG, Inc (Class A)		28,758
	80,662	*	EM.Sport Media AG.		207
	1,115,000	*	eSun Holdings Ltd		148
	852,753	e	HMV Group plc		1,094
	12,782		Kinepolis		700
	2,850,000		Major Cineplex Group Pcl		798
	228,114	e	National CineMedia, Inc		3,937
	197,289	e	News Corp (ADR)		3,349
	10,445,919		News Corp (Class A)		150,526
	41,819	e	News Corp (Class B)		711
	333,331		Regal Entertainment Group (Class A)		5,857
	45,874	*,e	Rentrak Corp		989

108

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	354,136	*	Rovi Corp	$	13,149
	607,390	e	Scripps Networks Interactive (Class A)		26,938
	110,000	e	Shochiku Co Ltd		915
	6,889,344		Time Warner, Inc		215,430
	188,000		Toei Animation Co Ltd		3,179
	366,000		Toei Co Ltd		1,871
	59,845		Toho Co Ltd		964
	33,500	e	Tohokushinsha Film Corp		196
	529,457	*	tw telecom inc (Class A)		9,610
	159,563	*	Vertice Trescientos Sesenta Grados S.A.		75
	3,932,187	*	Viacom, Inc (Class B)		135,189
			TOTAL MOTION PICTURES		706,478
NONDEPOSITORY INSTITUTIONS - 1.0%
	40,510	*	Aareal Bank AG.		886
	20,418	e	Acom Co Ltd		334
	331,010	e	Advance America Cash Advance Centers, Inc		1,926
	807,619	e	Aeon Credit Service Co Ltd		9,589
	778,303		Aeon Thana Sinsap Thailand PCL		752
	256,100	e	Aiful Corp		375
	1,397,301	*	American Capital Ltd		7,098
	6,604,343		American Express Co		272,496
	318,482	*,e	AmeriCredit Corp		7,567
	952,116	e	Apollo Investment Corp		12,120
	756,000	f	ARA Asset Management Ltd		616
	690,213	e	Ares Capital Corp		10,243
	237,018		Bank of Cyprus Public Co Ltd		1,498
	150,838	*	Bank Pekao S.A.		8,765
	74,015	e	BlackRock Kelso Capital Corp		737
	70,823		BlueBay Asset Management plc		387
	1,908,658		BM&FBOVESPA S.A.		12,922
	147,488	*,e	Boise, Inc		904
	266,825	*,m	Bradford & Bingley plc		0	^
	2,730	e	California First National Bancorp		36
	2,214,244	e	Capital One Financial Corp		91,693
	2,308,757	e	CapitalSource, Inc		12,906
	628,465	*,e,m	Cattles plc		66
	1,135,757	e	Challenger Financial Services Group Ltd		4,377
	244,853		Challenger Infrastructure Fund		344
	8,581,877	e	Chimera Investment Corp		33,384
	361,670		Collins Stewart plc		483
	1,035,243		Companhia Brasileira de Meios de Pagamento		9,751
	86,132	*	Compania Vale Do Ro Doce		0	^
	115,828	e	CompuCredit Corp		598
	30,721	*,e	Credit Acceptance Corp		1,267
	404,363	e	Credit Saison Co Ltd		6,272
	2,007,312		Criteria Caixacorp S.A.		9,947
	116,118	e	Cypress Sharpridge Investments, Inc		1,554
	3,569,459		Discover Financial Services		53,186
	82,172	*,e	Doral Financial Corp		354
	73,869	*,e	Encore Capital Group, Inc		1,215
	16,552	*	ePlus, Inc		290

109

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	136,891	*	First Cash Financial Services, Inc	$	2,953
	6,337,689		First Financial Holding Co Ltd		3,482
	330,555	*,e	First Marblehead Corp		939
	1,328,000	*	First Shanghai Investments Ltd		272
	8,013	*	Formuepleje Epikur AS		439
	124,975	e	Gladstone Investment Corp		747
	720,283	*,e	GLG Partners, Inc		2,211
	1,233	*,b	Guaranty Financial Group, Inc		0	^
	404,307	*,e	Heckmann Corp		2,345
	1,141,737		Henderson Group plc		2,443
	197,467	e	Hercules Technology Growth Capital, Inc		2,091
	88,900	e	Hitachi Capital Corp		1,266
	284,552		Housing Development Finance Corp		17,222
	9,368		Indiabulls Securities Ltd		6
	107,903	*,e	Information Services Group, Inc		368
	853,250		Infrastructure Development Finance Co Ltd		3,059
	818,574		Intermediate Capital Group plc		3,366
	740,736		International Personal Finance plc		2,701
	439,435		Investor AB (B Shares)		8,429
	25,451		IWBank S.p.A		65
	179,000	e	Jaccs Co Ltd		379
	1,363,700	e	Japan Securities Finance Co Ltd		10,021
	47,600		Jardine Matheson Holdings Ltd		1,585
	663,431		KB Financial Group, Inc		32,015
	97,094	e	Kohlberg Capital Corp		550
	418,253	e	Lancashire Holdings Ltd		3,055
	595,380		Lender Processing Services, Inc		22,476
	340,322	*,e	MCG Capital Corp		1,773
	80,984	e	Medallion Financial Corp		645
	169,607	*,e	Mercadolibre, Inc		8,177
	369,915		Moneysupermarket.com Group plc		382
	106,949		Nelnet, Inc (Class A)		1,985
	98,924	*,e	NewStar Financial, Inc		631
	110,122	e	NGP Capital Resources Co		938
	259,016	*,e	Ocwen Financial Corp		2,872
	213,200	*,e	OMC Card, Inc		379
	366,000	*,e	Orient Corp		321
	378,465	e	ORIX Corp		33,559
	1,052		Osaka Securities Exchange Co Ltd		5,502
	924,832		Paragon Group of Cos plc		1,902
	163,061	e	PennantPark Investment Corp		1,689
	322,672	*	PHH Corp		7,605
	142,568	e	Promise Co Ltd		1,322
	203,885		Provident Financial plc		2,684
	480,000		Public Financial Holdings Ltd		250
	405,842		Redecard S.A.		7,508
	93,379		Samsung Card Co		4,234
	5	b,m	SFCG Co Ltd		0	^
	2,154,882	e	Siemens AG.		215,814
	1,897,716	*	SLM Corp		23,759
	10,400		Solar Capital Ltd		220
	15,617	e	Student Loan Corp		555

110

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	7,147,650		Taiwan Cooperative Bank	$	4,321
	212,260	e	Takefuji Corp		904
	284	*,b	Thornburg Mortgage, Inc		0	^
	115,444	e	TICC Capital Corp		761
	737,600		Tisco Financial Group PCL (ADR)		616
	1,180,291	e	Tower Australia Group Ltd		2,870
	50,863	*,e	Tree.com, Inc		465
	39,163	e	Triangle Capital Corp		550
	1,099,736		Tullett Prebon plc		5,836
	94,476	*,e	World Acceptance Corp		3,409
			TOTAL NONDEPOSITORY INSTITUTIONS		1,045,861
NONMETALLIC MINERALS, EXCEPT FUELS - 0.1%
	1,348,140	e	Adelaide Brighton Ltd		3,192
	120,993	e	AMCOL International Corp		3,291
	222,591	*,e	Cardium Therapeutics, Inc		98
	112,442		Compass Minerals International, Inc		9,021
	171,319	*	Gem Diamonds Ltd		645
	314,535	*,e	General Moly, Inc		1,044
	6,016,182	e	Grupo Mexico S.A. de C.V. (Series B)		16,111
	1,138,523		Haci Omer Sabanci Holding AS		4,876
	69,908	*	Haci Omer Sabanci Holding AS.		299
	116,872	*	Harry Winston Diamond Corp		1,151
	143,529		Imerys S.A.		8,848
	143,904		K+S AG.		8,733
	60,700	*	Migao Corp		421
	860,171	*	Mineral Deposits Ltd		754
	23,000	e	Nippon Ceramic Co Ltd		279
	129,000		Nittetsu Mining Co Ltd		570
	274,367	*	Petra Diamonds Ltd		304
	265,800	*	Rubicon Minerals Corp		1,015
	21,133		S&B Industrial Minerals S.A.		133
	8,888	*,e	United States Lime & Minerals, Inc		344
	365,404	e	Vulcan Materials Co		17,262
			TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		78,391
OIL AND GAS EXTRACTION - 4.8%
	407,500	e	Acergy S.A.		7,453
	254,207	*	Advantage Oil & Gas Ltd		1,722
	1,363,584	*	Afren plc		2,117
	274,400	e	Aker Kvaerner ASA		4,294
	55,619		AltaGas Income Trust		1,008
	3,054,271	e	Anadarko Petroleum Corp		222,442
	2,870,500		Apache Corp		291,355
	44,665	e	APCO Argentina, Inc		1,209
	49,757	*	Approach Resources, Inc		452
	217,078	*	Arena Resources, Inc		7,250
	310,004	*,e	Arrow Energy NL		1,431
	331,097		Atlas America, Inc		10,304
	182,917	*,e	ATP Oil & Gas Corp		3,441
	202,814	*,e	Atwood Oceanics, Inc		7,023
	906,299		Australian Worldwide Exploration Ltd		2,262

111

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	1,895,743		Baker Hughes, Inc	$	88,797
	368,670	*	Bankers Petroleum Ltd		3,325
	147,451	*,e	Basic Energy Services, Inc		1,137
	255,184		Baytex Energy Trust		8,631
	2,725,395	e	Beach Petroleum Ltd		1,851
	266,093	e	Berry Petroleum Co (Class A)		7,493
	5,942,860		BG Group plc		102,854
	217,483	*	Bill Barrett Corp		6,679
	143,957	*,e	Birchcliff Energy Ltd		1,243
	901,415	e	BJ Services Co		19,290
	574,400	*	BlackPearl Resources, Inc		1,516
	8,980,967	*,e	Boart Longyear Group		2,761
	35,125		Bonterra Oil & Gas Ltd		1,280
	315,096	*,e	Boots & Coots, Inc		766
	281,288	*	BowLeven plc		530
	490,492	*,e	Brigham Exploration Co		7,823
	134,088	*,e	Bronco Drilling Co, Inc		630
	694,022		Cabot Oil & Gas Corp		25,540
	3,452,039	*	Cairn Energy plc		21,844
	585,566	*	Cairn India Ltd		3,987
	445,439	*,e	Cal Dive International, Inc		3,265
	43,797		Calfrac Well Services Ltd		914
	114,620	*	Calvalley Petroleums, Inc		375
	1,494,995	*	Cameron International Corp		64,075
	1,225,716		Canadian Natural Resources Ltd (Canada)		90,717
	264,431		Canadian Oil Sands Trust		7,928
	898,797	*,e	Carnarvon Petroleum Ltd		400
	131,410	*,e	Carrizo Oil & Gas, Inc		3,016
	21,363	*	CAT Oil AG.		209
	51,917	*	Celtic Exploration Ltd		999
	1,558,970		Cenovus Energy, Inc		40,722
	352,364	*,e	Cheniere Energy, Inc		1,089
	2,213,096		Chesapeake Energy Corp		52,318
	5,608,000		China Oilfield Services Ltd		8,234
	380,576	e	Cimarex Energy Co		22,599
	32,360	*	Clayton Williams Energy, Inc		1,132
	415,955		Clough Ltd		344
	33,210,000		CNOOC Ltd		54,664
	105,700	*,e	CNX Gas Corp		4,022
	3,441,554	*	Cobalt International Energy, Inc		46,805
	189,202	*	Compagnie Generale de Geophysique S.A.		5,368
	289,805	*	Complete Production Services, Inc		3,347
	527,617	*	Compton Petroleum Corp		488
	128,026	*	Comstock Resources, Inc		4,071
	2,604,377	*,e	Concho Resources, Inc		131,156
	714,457	*	Connacher Oil and Gas Ltd		1,048
	65,843	*,e	Contango Oil & Gas Co		3,368
	92,882	*,e	Continental Resources, Inc		3,952
	189,229	*	Corridor Resources, Inc		859
	32,905	*,e	CREDO Petroleum Corp		325
	3,074,965	e	Crescent Point Energy Corp		117,985
	108,128	*	Crew Energy, Inc		1,849

112

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	351,102	*	Crude Carriers Corp	$	5,979
	45,781	*,e	Cubic Energy, Inc		49
	146,846	*	Dana Petroleum plc		2,679
	51,814	*,e	Dawson Geophysical Co		1,515
	126,940		Daylight Resources Trust		1,315
	846,493	*,e	Delta Petroleum Corp		1,194
	10,541,565	*,e	Denbury Resources, Inc		177,835
	418,089	*	Desire Petroleum plc		320
	1,187,000	*,e	DET Norske Oljeselskap		1,476
	74,095	*,e	Det Norske Oljeselskap ASA		373
	1,690,116		Devon Energy Corp		108,894
	237,114	e	Diamond Offshore Drilling, Inc		21,058
	723,429	*,e	Eastern Star Gas Ltd		614
	1,231,568		EnCana Corp		38,318
	829,692	*,e	Endeavour International Corp		1,054
	143,166	*,e	Energy Recovery, Inc		902
	192,299		Enerplus Resources Fund		4,557
	208,598	e	Ensco International plc (ADR)		9,341
	309,241		Ensign Energy Services, Inc		4,476
	1,267,647	e	EOG Resources, Inc		117,815
	433,913		Equitable Resources, Inc		17,790
	148,867	e	Etablissements Maurel et Prom		2,422
	448,208		EXCO Resources, Inc		8,238
	262,729	*,e	Exterran Holdings, Inc		6,350
	119,496	*	Fairborne Energy Ltd		448
	114,518	*	Faroe Petroleum plc		235
	49,790	*	Flint Energy Services Ltd		601
	336,078	*	Forest Oil Corp		8,678
	2,022,580		Formosa Petrochemical Corp		5,331
	48,630	e	Fred Olsen Energy ASA		1,862
	207,452	*,e	FX Energy, Inc		712
	582,509		GAIL India Ltd		5,328
	147,097	*	Galleon Energy, Inc		998
	113,027		Gazpromneft OAO (ADR)		2,962
	61,242	*	Geokinetics, Inc		442
	32,136	*,e	Georesources, Inc		491
	570,516	*,e	Global Industries Ltd		3,663
	153,247	*,e	GMX Resources, Inc		1,260
	128,114	*,e	Goodrich Petroleum Corp		2,004
	640,553	*	Gulf Keystone Petroleum Ltd		834
	245,384	*,e	Gulfport Energy Corp		2,758
	96,384	*	Gulfsands Petroleum plc		467
	4,961,899	e	Halliburton Co		149,502
	74,919	*	Hardy Oil & Gas plc		241
	162,476	*	Harvest Natural Resources, Inc		1,223
	308,729	*,e	Helix Energy Solutions Group, Inc		4,023
	332,193	e	Helmerich & Payne, Inc		12,650
	714,050	*	Hercules Offshore, Inc		3,078
	293,411	*,e	Heritage Oil Ltd		2,498
	1,394,691	*	Horizon Oil Ltd		435
	393,835		Husky Energy, Inc		11,296
	12,990		Idemitsu Kosan Co Ltd		984

113

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	911		Inpex Holdings, Inc	$	6,685
	5,226	*,e	Isramco, Inc		343
	307,597	*	Iteration Energy Ltd		424
	326,173	*	Ivanhoe Energy, Inc		1,066
	2,500		Japan Petroleum Exploration Co		127
	349,399		JKX Oil & Gas plc		1,495
	846,000		K1 Ventures Ltd		103
	40,000		Kanto Natural Gas Development Ltd		206
	193,633	*,e	Karoon Gas Australia Ltd		1,493
	57,226	e	Kayne Anderson Energy Development Co		925
	76,676	f	KazMunaiGas Exploration Production (GDR)		1,892
	609,990	*,e	Key Energy Services, Inc		5,825
	5,601	*,e	Lundin Petroleum AB		47
	49,680		Major Drilling Group International		1,252
	635,610	*	Mariner Energy, Inc		9,515
	435,754	*,e	McMoRan Exploration Co		6,375
	119,000		Melrose Resources plc		542
	2,176,281	*	Nabors Industries Ltd		42,720
	138,900		NAL Oil & Gas Trust		1,771
	2,305,382		National Oilwell Varco, Inc		93,552
	598,985		New Zealand Oil & Gas Ltd		660
	768,260	*	Newfield Exploration Co		39,988
	488,428	*	Newpark Resources, Inc		2,564
	614,927		Nexen, Inc		15,215
	1,591,810	*,e	Nexus Energy Ltd		394
	46,190	e	Niko Resources Ltd		4,927
	24,904		Noble Corp		1,041
	715,330		Noble Energy, Inc		52,219
	158,770	*,e	Northern Oil And Gas, Inc		2,517
	282,500	*	Norwegian Energy Co AS.		875
	138,366	f	NovaTek OAO (GDR)		10,073
	134,979	e	NuVista Energy Ltd		1,548
	7,320,876	e	Occidental Petroleum Corp		618,906
	384,959	*	Oceaneering International, Inc		24,441
	1,759,503		OGX Petroleo e Gas Participacoes S.A.		16,474
	1,626		Oil India Ltd		42
	314,274	e	Oil Search Ltd		1,719
	1,051,251	*,e	Oilsands Quest, Inc		777
	487,636	*	OPTI Canada, Inc		989
	521,554	*,e	PA Resources AB		1,799
	331,289	*	Pacific Rubiales Energy Corp		6,436
	2,510	*	Pacific Rubiales Energy Corp		49
	36,135	e	Panhandle Oil and Gas, Inc (Class A)		854
	264,561		Paramount Energy Trust		1,219
	52,589	*	Paramount Resources Ltd (Class A)		879
	570,255	*,e	Parker Drilling Co		2,811
	840,783		Patterson-UTI Energy, Inc		11,746
	239,756	e	Penn Virginia Corp		5,874
	683,486		Penn West Energy Trust		14,475
	71,467		PetroBakken Energy Ltd		1,866
	129,948	*	Petrobank Energy & Resources Ltd		7,116
	922,593	*,e	PetroHawk Energy Corp		18,710

114

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	3,812,567		Petroleo Brasileiro S.A.	$	85,112
	1,702,684	e	Petroleo Brasileiro S.A. (ADR)		75,752
	4,801,043		Petroleo Brasileiro S.A. (Preference)		95,543
	88,503	*,e	Petroleum Development Corp		2,051
	303,000	*	Petroleum Geo-Services ASA		3,969
	57,926	*	Petrominerales Ltd		1,900
	131,794		Petroplus Holdings AG.		2,449
	282,194	*,e	Petroquest Energy, Inc		1,419
	167,267		Peyto Energy Trust		2,225
	365,377	*	Pioneer Drilling Co		2,572
	427,620		Pioneer Natural Resources Co		24,084
	425,691	*	Plains Exploration & Production Co		12,766
	86,075	*	Portland Gas plc		97
	89,978	*,e	PowerSecure International, Inc		709
	733,900		PPB Group BHD		4,050
	211,000	*	Precision Drilling Trust		1,625
	177,612	*	Premier Oil plc		3,329
	1,139,309	*	Pride International, Inc		34,305
	1,212	*,e	PrimeEnergy Corp		33
	159,543	e	ProEx Energy Ltd		1,849
	456,800	e	ProSafe ASA		2,397
	241,400	*,e	Prosafe Production Public Ltd		599
	335,281		Provident Energy Trust		2,601
	1,708,869		PTT Exploration & Production PCL		7,848
	244,867	*	Questerre Energy Corp		964
	342,496	*,e	Quicksilver Resources, Inc		4,819
	818,772		Range Resources Corp		38,376
	414,099	*	Regal Petroleum plc		410
	137,722	*	Rex Energy Corp		1,569
	237,952	*	Riversdale Mining Ltd		1,976
	1,822,890	*,e	Roc Oil Co Ltd		636
	557,359	*	Rowan Cos, Inc		16,225
	137,469	e	RPC, Inc		1,530
	260,463	*	Salamander Energy plc		1,047
	660,694		Santos Ltd		8,888
	156,738		Savanna Energy Services Corp		1,074
	3,487		SBM Offshore NV		70
	6,380,177	e	Schlumberger Ltd		404,885
	76,500	*	Scorpion Offshore Ltd		417
	100,773	*,e	SEACOR Holdings, Inc		8,128
	71,360	e	SeaDrill Ltd		1,663
	53,845	*,e	Seahawk Drilling, Inc		1,015
	50	*	Serval Integrated Energy Services		0	^
	9,513	*,m	Sibir Energy plc		25
	90,244		SK Energy Co Ltd		9,691
	2,313,510		Smith International, Inc		99,064
	78,248	*	Soco International plc		1,964
	227,600	*	Songa Offshore SE		1,034
	1,171,098	*	Southwestern Energy Co		47,687
	307,129	e	St. Mary Land & Exploration Co		10,691
	482,163	*,e	Sterling Energy plc		1,039
	224,413	*	Stone Energy Corp		3,983

115

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	56,242	*	Storm Exploration, Inc	$	577
	231,300	*,e	Subsea 7, Inc		4,686
	314,434	*,e	Sulphco, Inc		91
	238,061	*,e	Superior Energy Services		5,004
	145,668	e	Superior Plus Corp		2,037
	76,770	*,e	Superior Well Services, Inc		1,027
	1,581,773		Surgutneftegaz (ADR)		15,675
	358,500		Surgutneftegaz (ADR) (London)		3,553
	201,817	*,e	Swift Energy Co		6,204
	355,806	*,e	Syntroleum Corp		754
	1,080,647		Talisman Energy, Inc		18,482
	316,981		Tatneft (GDR)		9,922
	599,579		Technip S.A.		48,751
	412,145	*	Tetra Technologies, Inc		5,036
	77,488	*,e	TGC Industries, Inc		313
	228,300	*,e	TGS Nopec Geophysical Co ASA		4,844
	282,279	e	Tidewater, Inc		13,343
	125,215	e	Toreador Resources Corp		1,024
	30,579	*,e	Transocean Ltd		2,641
	164,382		Trican Well Service Ltd		2,127
	91,980	e	Trilogy Energy Corp		772
	190,766		Trinidad Drilling Ltd		1,307
	9,786,476		Tullow Oil plc		185,636
	14,420	*	Ultra Petroleum Corp		672
	69,677	*	Union Drilling, Inc		429
	162,190	*	Unit Corp		6,857
	691,584	*,e	UTS Energy Corp		1,655
	263,872	e	Vaalco Energy, Inc		1,304
	132,030	*	Venoco, Inc		1,694
	131,239		Vermilion Energy Trust		4,573
	166,483	e	W&T Offshore, Inc		1,398
	315,457	*,e	Warren Resources, Inc		795
	1,400,339	*	Weatherford International Ltd		22,209
	107,527	*,e	West Siberian Resources Ltd (GDR)		1,709
	196,897	*,e	Whiting Petroleum Corp		15,917
	272,631	*,e	Willbros Group, Inc		3,274
	199,511	e	Woodside Petroleum Ltd		8,587
	3,297,000		XTO Energy, Inc		155,551
	27,200		Zargon Energy Trust		539
	63,035	*,e	Zion Oil & Gas, Inc		390
			TOTAL OIL AND GAS EXTRACTION		4,954,025
PAPER AND ALLIED PRODUCTS - 0.5%
	97,180	e	Altri SGPS S.A.		654
	652,344	e	Bemis Co		18,735
	142,933	*	Billerud AB		1,163
	236,921	*,e	Buckeye Technologies, Inc		3,099
	179,824	*	Canfor Corp		1,673
	176,872	e	Cascades, Inc		1,421
	15,300	*	Cellu Tissue Holdings, Inc		153
	248,077	*	Cenveo, Inc		2,148
	111,000		Chuetsu Pulp & Paper Co Ltd		199

116

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	110,252	e	Corporate Express Australia Ltd	$	566
	122,000	e	Daio Paper Corp		1,001
	226,587	*	Domtar Corporation		14,594
	564,974	e	DS Smith plc		1,156
	145,217		Empresas CMPC S.A.		6,155
	260,196	e	Exor S.p.A.		4,519
	217,059	*	Fibria Celulose S.A.		4,692
	25,000	e	FP Corp		1,143
	273,761	e	Glatfelter		3,967
	520,416	*	Graphic Packaging Holding Co		1,879
	119,289	e	Greif, Inc (Class A)		6,551
	169,359	e	Grupo Empresarial Ence S.A.		613
	51,830	*,m	Grupo Empresarial Ence S.A.		188
	914,000		Hengan International Group Co Ltd		6,816
	207,000	e	Hokuetsu Paper Mills Ltd		1,034
	45,303	e	Holmen AB (B Shares)		1,220
	176,561	e	Huhtamaki Oyj		1,924
	2,906,717		International Paper Co		71,535
	192,037	*,e	Kapstone Paper and Packaging Corp		2,279
	2,223,037		Kimberly-Clark Corp		139,786
	821,284	e	Kimberly-Clark de Mexico S.A. de C.V. (Class A)		4,657
	211,540	e	Kinnevik Investment AB (Series B)		3,896
	734,065		Klabin S.A.		2,258
	162,900		Kokuyo Co Ltd		1,357
	20,086		Mayr-Melnhof Karton AG.		1,899
	689,897	e	MeadWestvaco Corp		17,627
	72,517	e	Metso Oyj		2,342
	15,404		Miquel y Costas & Miquel S.A.		350
	400,000	e	Mitsubishi Paper Mills Ltd		479
	19,426	e	Mondi Ltd		131
	821,744		Mondi plc		5,787
	276,506	*	M-real Oyj (B Shares)		792
	71,990	e	Neenah Paper, Inc		1,140
	2,226,000		Nine Dragons Paper Holdings Ltd		3,721
	401,690	e	Nippon Paper Group, Inc		10,333
	221,100	*,e	Norske Skogindustrier ASA		334
	1,760,893	e	OJI Paper Co Ltd		7,722
	23,766	*,e	Orchids Paper Products Co		391
	28,600	e	Pack Corp		430
	652,075		Packaging Corp of America		16,048
	52,411		Papeles y Cartones de Europa S.A.		262
	1,491,859	*,e	PaperlinX Ltd		917
	205		Pilot Corp		304
	279,668	e	Portucel Empresa Produtora de Pasta e Papel S.A.		797
	588,000	e	Rengo Co Ltd		3,459
	216,680		Rock-Tenn Co (Class A)		9,874
	57,800	e	Sanrio Co Ltd		550
	848,204	e	Sappi Ltd		3,773
	88,989	e	Schweitzer-Mauduit International, Inc		4,232
	93,048	e	Semapa-Sociedade de Investimento e Gestao		987
	28,889	*	Sequana		370
	17,700	e	Shimojima Co Ltd		249

117

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	284,834	*	Smurfit Kappa Group plc	$	2,374
	1,103,757		Sonoco Products Co		33,985
	477,266	e	Stora Enso Oyj (R Shares)		3,636
	1,309,667		Svenska Cellulosa AB (B Shares)		18,464
	453,457		Temple-Inland, Inc		9,264
	234,000		Tokushu Tokai Holdings Co Ltd		623
	71,347		Uni-Charm Corp		6,891
	1,827,904	e	UPM-Kymmene Oyj		24,257
	212,502	e	Wausau Paper Corp		1,815
	600,000	*	Yuen Foong Yu Paper Manufacturing Co Ltd		249
			TOTAL PAPER AND ALLIED PRODUCTS		509,889
PERSONAL SERVICES - 0.1%
	3,790,837		Chaoda Modern Agriculture		4,038
	507,072		Cintas Corp		14,244
	141,871	*,e	Coinstar, Inc		4,611
	24,230	e	CPI Corp		336
	375,362		Davis Service Group plc		2,409
	92,910		Dignity plc		871
	95,713	e	G & K Services, Inc (Class A)		2,477
	1,479,603		H&R Block, Inc		26,337
	264,743	e	Invocare Ltd		1,446
	113,169	*,e	Jackson Hewitt Tax Service, Inc		226
	1,397,473		Kuala Lumpur Kepong BHD		7,146
	55,985	e	Mac-Gray Corp		632
	321,325	e	Regis Corp		6,002
	2,949,927	*	Rentokil Initial plc		5,837
	440,545	*,e	Sally Beauty Holdings, Inc		3,930
	891,028	e	Service Corp International		8,180
	93,533	*,e	Steiner Leisure Ltd		4,145
	89,752		Unifirst Corp		4,622
	210,788	e	Weight Watchers International, Inc		5,381
			TOTAL PERSONAL SERVICES		102,870
PETROLEUM AND COAL PRODUCTS - 4.1%
	78,964	e	Alon USA Energy, Inc		572
	51,300	e	AOC Holdings, Inc		317
	606,131	e	Ashland, Inc		31,986
	161,171		Bharat Petroleum Corp Ltd		1,860
	25,109,052	e	BP plc		237,534
	688,568	e	BP plc (ADR)		39,297
	758,158	e	Caltex Australia Ltd		7,869
	10,617,838		Chevron Corp		805,150
	6,626,150		ConocoPhillips		339,060
	53,000	e	Cosmo Oil Co Ltd		128
	123,972	*,e	CVR Energy, Inc		1,085
	46,000	e	Daiseki Co Ltd		958
	65,431	e	Delek US Holdings, Inc		476
	8,768,581		Ecopetrol S.A.		12,314
	2,354,373		ENI S.p.A.		55,235
	89,604		ERG S.p.A.		1,262
	3,748		Esso SA Francaise		480

118

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	22,621,614		Exxon Mobil Corp	$	1,515,195
	506,222		Frontier Oil Corp		6,834
	132,704	e	Galp Energia SGPS S.A.		2,305
	1,127,847	*,e	Gran Tierra Energy, Inc		6,654
	31,658	*,e	Green Plains Renewable Energy, Inc		452
	267,999	*,e	Headwaters, Inc		1,230
	1,950		Hellenic Petroleum S.A.		22
	1,459,113		Hess Corp		91,268
	136,289	e	Holly Corp		3,804
	399,047	e	Imperial Oil Ltd		15,413
	373,336	*,e	Linc Energy Ltd		555
	730,990		LUKOIL (ADR)		41,447
	3,622,853		Marathon Oil Corp		114,627
	76,143		Motor Oil Hellas Corinth Refineries S.A.		1,079
	882,111	e	Murphy Oil Corp		49,566
	2,719	e	Neste Oil Oyj		47
	480,483	*	Nighthawk Energy plc		170
	75,834	m	Nippon Mining Holdings, Inc		348
	66,094		OMV AG.		2,480
	101,115		Parkland Income Fund		1,157
	22,000	m	Peab Industri AB (B Shares)		100
	876,612		PGG Wrightson Ltd		361
	480,249		Polski Koncern Naftowy Orlen S.A.		6,523
	1,171,950		PTT PCL		9,496
	63,515		Quaker Chemical Corp		1,722
	1,819,726		Reliance Industries Ltd		43,543
	890,310		Repsol YPF S.A.		21,080
	2,518,101	e,f	Rosneft Oil Co (GDR)		19,969
	4,882,976		Royal Dutch Shell plc (A Shares)		141,529
	3,647,689		Royal Dutch Shell plc (B Shares)		100,495
	422,854	*,e	SandRidge Energy, Inc		3,256
	7,962	e	Showa Shell Sekiyu KK		54
	38,478		SK Corp		3,418
	78,098		S-Oil Corp		3,934
	221,269	e	Statoil ASA		5,123
	2,170,439		Suncor Energy, Inc		70,585
	2,063,480		Suncor Energy, Inc (NY)		67,146
	361,144		Sunoco, Inc		10,730
	438,771	e	Tesoro Corp		6,099
	1,197,700		Thai Oil PCL		1,852
	43,770	e	TonenGeneral Sekiyu KK		369
	1,959,901	e	Total S.A.		113,774
	221,663		Tupras Turkiye Petrol Rafine		5,039
	2,045,476		Valero Energy Corp		40,296
	1,373,718		Walter Industries, Inc		126,753
	78,553	e	WD-40 Co		2,579
	555,977	*,e	Western Refining, Inc		3,058
			TOTAL PETROLEUM AND COAL PRODUCTS		4,199,119
PIPELINES, EXCEPT NATURAL GAS - 0.1%
	994,083	e	APA Group		3,248
	14,400		Enbridge Income Fund		181

119

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	7,310	*	Kinder Morgan Management LLC	$	429
	111,599		Pembina Pipeline Income Fund		1,913
	2,521,263	e	Spectra Energy Corp		56,804
	983,891	e	TransCanada Corp		36,056
	123,623		Wellstream Holdings plc		1,229
	103,300		Westshore Terminals Income Fund		1,632
			TOTAL PIPELINES, EXCEPT NATURAL GAS		101,492
PRIMARY METAL INDUSTRIES - 0.9%
	2,908	e	Acerinox S.A.		57
	27,346	*,e	Advanced Metallurgical Group NV		295
	175,000	*	Aichi Steel Corp		784
	357,618	e	AK Steel Holding Corp		8,175
	2,929,700	e	Alcoa, Inc		41,719
	384,697		Allegheny Technologies, Inc		20,770
	6,300,000	*,e	Aluminum Corp of China Ltd		6,508
	1,500,720	e	Angang New Steel Co Ltd		2,752
	2,310	*	Anglo American plc		101
	583,394	*,e	ArcelorMittal		25,601
	22,247	*	Armtec Infrastructure Income Fund		470
	54,800	e	Asahi Holdings, Inc		945
	54,662		BE Group AB		362
	25,441		Bekaert S.A.		4,577
	250,125		Belden CDT, Inc		6,868
	108,182	e	BlueScope Steel Ltd		289
	273,702	e	Bodycote plc		873
	97,659	*	Brush Engineered Materials, Inc		2,204
	80,084		Canam Group, Inc		689
	128,704		Carpenter Technology Corp		4,711
	671,853		Catcher Technology Co Ltd		1,650
	290,968	*,e	Century Aluminum Co		4,004
	13,413,743		China Steel Corp		13,875
	111,000		Chugai Ro Co Ltd		327
	408,131	*,e	CommScope, Inc		11,436
	1,202,804		Companhia Siderurgica Nacional S.A.		24,126
	68,765	*	Corinth Pipeworks S.A.		125
	61,890		Daewoo International Corp		1,969
	8,531	e	Daido Steel Co Ltd		36
	413,174		Delta plc		1,193
	42,330		Dongkuk Steel Mill Co Ltd		860
	97,413	e	Dowa Holdings Co Ltd		587
	42,625	*	Draka Holding		752
	106,195		Duro Felguera S.A.		1,133
	3,976		EL Ezz Aldekhela Steel Alexandria		704
	213,553		El Ezz Steel Co		820
	51,490		Elval Aluminium Process Co		88
	103,801	e	Encore Wire Corp		2,159
	400,350		Eregli Demir ve Celik Fabrikalari TAS		1,203
	502,050		Feng Hsin Iron & Steel Co		851
	709,000	e	Fujikura Ltd		4,088
	2,257,027	e	Furukawa Electric Co Ltd		11,733
	1,177,000		Furukawa-Sky Aluminum Corp		2,896

120

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	84,430	*,e	Fushi Copperweld, Inc	$	947
	450,629	*,e	General Cable Corp		12,167
	83,595	*,e	General Steel Holdings, Inc		344
	194,248		Gerdau Ameristeel Corp		1,530
	223,813		Gerdau S.A.		2,769
	798,402		Gerdau S.A.		12,975
	142,274	*,e	Gibraltar Industries, Inc		1,794
	360,000	e	Godo Steel Ltd		809
	70,054		Halcor S.A.		101
	65,875		Haynes International, Inc		2,341
	1,458,418		Hindalco Industries Ltd		5,888
	39,786		Hoganas AB (Class B)		1,094
	208,111	*,e	Horsehead Holding Corp		2,464
	323,079		Hubbell, Inc (Class B)		16,293
	139,893		Hyundai Steel Co		10,621
	563,149	e	JFE Holdings, Inc		22,679
	173,000		JFE Shoji Holdings, Inc		729
	2,011,000	e	Jiangxi Copper Co Ltd		4,543
	124,131		Johnson Matthey plc		3,289
	325,196		KGHM Polska Miedz S.A.		12,215
	604,232		KME Group S.p.A.		249
	2,954,597		Kobe Steel Ltd		6,352
	32,200		Kyoei Steel Ltd		679
	36,799		Leoni AG.		853
	5,800	*,e	Lihua International, Inc		53
	4,650,000	e	Maanshan Iron & Steel		2,695
	18,200		Maruichi Steel Tube Ltd		369
	26,362	e	Matsuda Sangyo Co Ltd		490
	147,108	e	Matthews International Corp (Class A)		5,222
	423,969	e	Mechel Steel Group OAO (ADR)		12,049
	148,471	*,e	Metalico, Inc		889
	704,000	e	Midas Holdings Ltd		518
	662,562	e	Mitsubishi Materials Corp		1,906
	194,000	*	Mitsubishi Steel Manufacturing Co Ltd		475
	396,299	e	Mitsui Mining & Smelting Co Ltd		1,187
	215,417		Mittal Steel South Africa Ltd		2,737
	197,799	e	Mueller Industries, Inc		5,299
	261,000		Nakayama Steel Works Ltd		408
	42,400		Neturen Co Ltd		325
	121,000	e	Nippon Denko Co Ltd		902
	102,000		Nippon Koshuha Steel Co Ltd		110
	1,350,000		Nippon Light Metal Co Ltd		1,964
	181,000	e	Nippon Metal Industry Co Ltd		294
	1,033,828		Nippon Steel Corp		4,058
	162,500	e	Nippon Yakin Kogyo Co Ltd		643
	71,562	e	Norddeutsche Affinerie AG.		3,688
	152,422	*,e	Norsk Hydro ASA		1,162
	70,073	*,e	Northwest Pipe Co		1,531
	1,085,485	e	Nucor Corp		49,259
	36,973	e	Olympic Steel, Inc		1,207
	1,020,339		OneSteel Ltd		3,652
	21,600		Osaka Steel Co Ltd		344

121

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,510	e	Outokumpu Oyj	$	55
	200,000	e	Pacific Metals Co Ltd		1,662
	622,125		Parkson Holdings BHD		1,125
	98,984		POSCO		46,192
	997,713		Precision Castparts Corp		126,419
	22,700	*,e	Recylex S.A.		251
	611,595		Reliance Steel & Aluminum Co		30,109
	5,609		Royal Gold Inc		261
	140,838	*	RTI International Metals, Inc		4,272
	146,000	e	Sanyo Special Steel Co Ltd		631
	10,933		Schmolz + Bickenbach AG.		324
	102,155	e	Schnitzer Steel Industries, Inc (Class A)		5,366
	433,006	*,f	Severstal (GDR)		6,305
	49,044		Sidenor Steel Products Manufacturing Co S.A.		245
	9,800	*,f,m	Siderar SAIC (ADR) (Class A)		506
	1,348,668		Steel Authority Of India		7,587
	1,256,096		Steel Dynamics, Inc		21,944
	557,080		Sterlite Industries India Ltd		10,547
	1,229,287	e	Straits Resources Ltd		1,624
	596,900		Sumitomo Electric Industries Ltd		7,317
	418,000	*	Sumitomo Light Metal Industries Ltd		452
	8,268,436		Sumitomo Metal Industries Ltd		25,029
	708,305		Sumitomo Metal Mining Co Ltd		10,539
	11,626	*	Sutor Technology Group Ltd		34
	329,000		SWCC Showa Holdings Co Ltd		334
	571,119		Tata Steel Ltd		8,040
	233,317	e	Tenaris S.A.		5,036
	113,088	e	Texas Industries, Inc		3,864
	180,736	*,e	Timminco Ltd		146
	548,768	*,e	Titanium Metals Corp		9,104
	71,846		TKH Group NV		1,499
	44,300	e	Toho Titanium Co Ltd		1,097
	242,000	e	Toho Zinc Co Ltd		1,188
	178,000	e	Tokyo Rope Manufacturing Co Ltd		493
	34,710	e	Tokyo Steel Manufacturing Co Ltd		435
	66,000	e	Toyo Kohan Co Ltd		398
	159,690	e	Tredegar Corp		2,728
	145,379		Tubacex S.A.		582
	127,313		Tubos Reunidos S.A.		365
	808,676		Tung Ho Steel Enterprise Corp		918
	88,104		Umicore		3,077
	499,852	e	United States Steel Corp		31,751
	42,612	*	Universal Stainless & Alloy		1,022
	237,861	*,e	Uranium Energy Corp		766
	153,474		Usinas Siderurgicas de Minas Gerais S.A.		5,380
	312,531		Usinas Siderurgicas de Minas Gerais S.A. (Preference)		10,706
	416,177	e	Vallourec		83,922
	313,792	e	Voestalpine AG.		12,694
	121,207	e	Von Roll Holding AG.		808
	13,194,150		Walsin Lihwa Corp		5,193
	539,437	e	Worthington Industries, Inc		9,327

122

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	124,600	e	Yamato Kogyo Co Ltd	$	4,138
	175,000		Yodogawa Steel Works Ltd		784
			TOTAL PRIMARY METAL INDUSTRIES		957,117
PRINTING AND PUBLISHING - 0.4%
	282,873	*,e	ACCO Brands Corp		2,167
	81,573	e	Alma Media		802
	216,277	e	American Greetings Corp (Class A)		4,507
	680,422	e	APN News & Media Ltd		1,442
	170,172	*,e	Arnoldo Mondadori Editore S.p.A.		707
	447,667	*,e	Belo (A.H.) Corp (Class A)		3,053
	200,132	e	Bowne & Co, Inc		2,233
	54,666		Caltagirone Editore S.p.A.		143
	74,100	*	Cermaq ASA		867
	139,331	*,e	China Information Security Technology, Inc		704
	54,444	*	Consolidated Graphics, Inc		2,255
	66,238		Courier Corp		1,094
	43,509		CSS Industries, Inc		875
	647,440	e	Dai Nippon Printing Co Ltd		8,747
	659,944	e	Daily Mail & General Trust		4,983
	64,616		Davis & Henderson Income Fund		1,127
	143,529		De La Rue plc		2,018
	134,762	*	Dolan Media Co		1,465
	241,964		Dun & Bradstreet Corp		18,007
	59,103	*,e	Duoyuan Printing, Inc		638
	236,542	*,e	Eniro AB		753
	120,604	e	Ennis, Inc		1,962
	123,889	*	EW Scripps Co (Class A)		1,047
	49,600		Fuji Seal International, Inc		1,025
	19,963,000	*	Fung Choi Media Group Ltd		2,283
	77,000	e	Gakken Co Ltd		170
	657,765	e	Gannett Co, Inc		10,866
	207,685		Harte-Hanks, Inc		2,671
	110,204	*,e	Impresa SGPS		217
	3,629,459	*	Independent News & Media plc		564
	1,054,116		Informa plc		6,195
	2,317,400	e	John Fairfax Holdings Ltd		3,828
	126,451		John Wiley & Sons, Inc (Class A)		5,473
	839,274	*	Johnston Press plc		369
	296,996	e	Journal Communications, Inc (Class A)		1,247
	107,427	e	Kadokawa Holdings, Inc		2,430
	159,000		Kyodo Printing Co Ltd		471
	33,753		Lagardere S.C.A.		1,366
	51,656		Lambrakis Press S.A.		105
	133,184	*,e	Martha Stewart Living Omnimedia, Inc (Class A)		743
	1,489,080		McGraw-Hill Cos, Inc		53,085
	221,379	*	Mecom Group plc		637
	51	*,e	Media General, Inc (Class A)		0	^
	94,247	e	Meredith Corp		3,243
	356,797	*,e	MSCI, Inc (Class A)		12,880
	50,629		Multi-Color Corp		607
	297,727	*,e	New York Times Co (Class A)		3,314

123

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	918,000	*	Next Media Ltd	$	136
	830,000		Oriental Press Group		107
	16,379	e	Orkla ASA		145
	2,681	e	PagesJaunes Groupe S.A.		31
	4,702,072		Pearson plc		73,922
	110,831	*,e	Playboy Enterprises, Inc (Class B)		406
	439,953	*	PMP Ltd		285
	105,033	e	Primedia, Inc		361
	87,300		PRONEXUS, Inc		511
	73,380		Quebecor, Inc		2,498
	1,661,589		R.R. Donnelley & Sons Co		35,474
	213,601	*,e	RCS MediaGroup S.p.A.		382
	1,053,603		Reed Elsevier NV		12,805
	366,274		Reed Elsevier plc		2,921
	5,449		Roularta Media Group NV		135
	2,026	e	Sanoma-WSOY Oyj		45
	77,819	e	Schawk, Inc (Class A)		1,411
	122,163	e	Schibsted ASA		3,083
	126,282	e	Scholastic Corp		3,536
	1,959,013	*,e	Seat Pagine Gialle S.p.A.		461
	1,517,736	e	Singapore Press Holdings Ltd		4,144
	5,129		Spir Communication		141
	129,431		St. Ives Group plc		118
	122,863	e	Standard Register Co		657
	760,977	e	Thomson Corp		27,692
	91,000		Toppan Forms Co Ltd		1,005
	708,548	e	Toppan Printing Co Ltd		6,397
	100,779	e	Torstar Corp		989
	94,430		Transcontinental, Inc		1,267
	700,366	*	Trinity Mirror plc		1,586
	369,178		United Business Media Ltd		3,073
	225,238	*,e	Valassis Communications, Inc		6,268
	19,016	e	Washington Post Co (Class B)		8,447
	296,221	e	West Australian Newspapers Holdings Ltd		2,156
	105,900		Wolters Kluwer NV		2,296
	3,847,523	*,e	Yell Group plc		2,397
	611,785		Yellow Pages Income Fund		3,705
			TOTAL PRINTING AND PUBLISHING		386,378
RAILROAD TRANSPORTATION - 0.6%
	3,634,113	*	Asciano Group		6,320
	775,830		Canadian National Railway Co		47,085
	189,297		Canadian Pacific Railway Ltd		10,668
	2,733		Central Japan Railway Co		20,814
	2,176,971		CSX Corp		110,808
	877,576	e	East Japan Railway Co		61,014
	660,888		Firstgroup plc		3,600
	173,338	*,e	Genesee & Wyoming, Inc (Class A)		5,914
	5,752,000	e	Guangshen Railway Co Ltd		2,304
	605,352	e	Hankyu Hanshin Holdings, Inc		2,804
	497,646	*	Kansas City Southern Industries, Inc		18,000
	909,522	e	MTR Corp		3,444

124

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
SHARES			COMPANY	VALUE (000)
	1,806,781		Norfolk Southern Corp	$	100,981
	103,617	*,e	RailAmerica, Inc		1,223
	1,364,657	e	Stagecoach Group plc		3,794
	3,010,279		Union Pacific Corp		220,654
	6,204		West Japan Railway Co		21,368
			TOTAL RAILROAD TRANSPORTATION		640,795
REAL ESTATE - 0.6%
	3,414,089	e	Abacus Property Group		1,253
	59,009		Acanthe Developpement S.A.		108
	637,788	*	Aedes S.p.A.		206
	7,962		Affine S.A.		194
	2,754,000	e	Agile Property Holdings Ltd		3,760
	54,800		Airport Facilities Co Ltd		301
	224,535	*,e	Alerion Industries S.p.A.		176
	44,327	*	Aliansce Shopping Centers S.A.		258
	4,056,000	e	Allgreen Properties Ltd		3,450
	14,627	e	Allreal Holding AG.		1,802
	43,819		Alstria Office REIT-AG.		497
	3,339	*,e	American Realty Investors, Inc		36
	1,160,720	e	AMP NZ Office Trust		618
	718,615	e	Aspen Group		333
	4,039		Atenor Group		214
	1,891,784	e	Australand Property Group		885
	12,201,743		Ayala Land, Inc		3,510
	9,247,920	m	Ayala Land, Inc (Preference)		20
	29,676	*	Babis Vovos International Construction S.A.		154
	1,028,132		Beni Stabili S.p.A.		996
	151,458	*	BR Malls Participacoes SA		1,789
	435,776	*	Brioschi Sviluppo Immobiliare		130
	1,567,904		British Land Co plc		11,447
	231,100		Brookfield Incorporacoes SA		1,034
	40,000		Brookfield Properties Co		614
	648,080	e	Brookfield Properties Corp		9,986
	37,926	*	CA Immo International AG.		328
	151,673	*,e	CA Immobilien Anlagen AG.		1,838
	507,326		Capital & Regional plc		271
	2,299,011		CapitaLand Ltd		6,524
	5,284,754		CapitaMall Trust		6,686
	327,765	e	Castellum AB		3,302
	66,000	*	Cathay Real Estate Development Co Ltd		28
	1,164,545	*	CB Richard Ellis Group, Inc (Class A)		18,459
	49,000		Central Pattana PCL		31
	2,575	*	Centro Properties Group		1
	1,581,031	*	Centro Retail Group		261
	4,861,804	e	Champion Real Estate Investment Trust		2,323
	5,420,028	*	Cheuk Nang Holdings Ltd		1,990
	927,448		Cheung Kong Holdings Ltd		11,946
	25,000		China Aoyuan Property Group Ltd		4
	136,195	*,e	China Housing & Land Development, Inc		518
	76,068	*,e	China Real Estate Information Corp (ADR)		762
	4,000,000	e	China Resources Land Ltd		8,696

125

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
SHARES			COMPANY	VALUE (000)
	2,997,480		China Vanke Co Ltd	$	3,440
	408,954	e	Chinese Estates Holdings Ltd		684
	174,464		City Developments Ltd		1,322
	193,338		Citycon Oyj		770
	31,503	*,e	CLS Holdings plc		246
	46,602		Colonia Real Estate AG.		301
	8,772		ComBOTS AG.		97
	30,575	e	Consolidated-Tomoka Land Co		963
	99,542	*	Conwert Immobilien Invest AG.		1,236
	48,031		Corio NV		3,207
	5,804,000	e	Country Garden Holdings Co Ltd		2,086
	620,916		Cyrela Brazil Realty S.A.		7,353
	75,100		Daibiru Corp		633
	1,345,900		Daiman Development BHD		677
	182,167		Derwent London plc		3,776
	291,340	*,e	Desarrolladora Homex S.A. de C.V.		1,379
	64,201		Deutsche Euroshop AG.		2,108
	118,207	*	Deutsche Wohnen AG.		1,199
	155,917		Development Securities plc		646
	56,747	e	DIC Asset AG.		556
	621,483	*	Dolphin Capital Investors Ltd		483
	111,294		Douja Promotion Groupe Addoha S.A.		1,516
	36,894		Dundee Real Estate Investment Trust		940
	121,498	e	DuPont Fabros Technology, Inc		2,623
	13,625,000		Erawan Group PCL		1,003
	38,341		Eurobank Properties Real Estate Investment Co		366
	49,732		Eurocommercial Properties NV		1,998
	226,577	e	Fabege AB		1,531
	1,110,833		Far East Consortium		329
	55,900		First Capital Realty, Inc		1,220
	931,458	e	FKP Property Group		611
	551,708	*,e	Forest City Enterprises, Inc (Class A)		7,950
	197,158	*,e	Forestar Real Estate Group, Inc		3,722
	452,098		Gafisa S.A.		3,124
	20,701	e	Gecina S.A.		2,291
	99,227	*,e	Genting International plc		63
	97,464		Genworth MI Canada, Inc		2,634
	119,187	*	Globe Trade Centre S.A.		1,035
	1,414,000	*	Glorious Property Holdings Ltd		599
	40,080	e	Goldcrest Co Ltd		1,060
	111,269	e	Government Properties Income Trust		2,894
	515,198		Grainger plc		1,055
	770,750		Great Portland Estates plc		3,677
	782,500		Greentown China Holdings Ltd		1,103
	2,171,760		Growthpoint Properties Ltd		4,398
	1,679,536	e	Guangzhou R&F Properties Co Ltd		2,752
	441,000		Guocoland Ltd		750
	2,280,242		Hammerson plc		13,614
	661,988		Hang Lung Group Ltd		3,513
	2,643,518	e	Hang Lung Properties Ltd		10,657
	428,500		Heiwa Real Estate Co Ltd		1,288
	124,877		Helical Bar plc		640

126

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
SHARES			COMPANY	VALUE (000)
	1,272,000		Henderson Investment Ltd	$	115
	547,571		Henderson Land Development Co Ltd		3,858
	1,163,000	e	Ho Bee Investment Ltd		1,496
	481,000	*	Hong Fok Corp Ltd		222
	290,000	e	Hongkong Land Holdings Ltd		1,470
	797,801		Hopewell Holdings		2,363
	1,825,295	e	Hopson Development Holdings Ltd		2,948
	216,303	*	Housing Development & Infrastruture Ltd		1,380
	155,373	e	Hufvudstaden AB (Series A)		1,329
	486,222	e	Hysan Development Co Ltd		1,406
	61,583	e	ICADE		6,855
	3,485,400		IGB Corp BHD		2,019
	180,316		Immobiliare Grande Distribuzione		365
	690,914	e	IMMOFINANZ Immobilien Anlagen AG.		2,510
	4,623,681	e	ING Office Fund		2,482
	520,645	*,e	Inmobiliaria Colonial S.A.		94
	1,934		Intershop Holdings		581
	145,032	*,e	IVG Immobilien AG.		1,267
	57,004		IVR Prime Urban Developers Ltd		221
	54,200	b,e,m	Joint Corp		1
	205,532	e	Jones Lang LaSalle, Inc		14,982
	1,080,000		K Wah International Holdings Ltd		402
	89,652		Kardan NV		550
	4,505	*,e	Kenedix, Inc		1,320
	2,032,223	e	Keppel Land Ltd		5,331
	7,342,200		KLCC Property Holdings BHD		7,540
	158,145		Klepierre		6,211
	262,947		Klovern AB		954
	318,978	e	Kungsleden AB		2,507
	90,029,000		Lai Fung Holdings Ltd		3,363
	28,883	*	Lamda Development S.A.		202
	4,391,800		Land and Houses PCL		822
	1,308,500		Land and Houses PCL Co Reg		253
	631,862		Land Securities Group plc		6,501
	3,288		Leasinvest Real Estate SCA		280
	97,829	e	Leighton Holdings Ltd		3,501
	413,670		Liberty International plc		3,161
	4,513,124		Link Real Estate Investment Trust		11,126
	9,708,700	*	Lippo Karawaci Tbk PT		640
	276,000		Liu Chong Hing Investment		274
	110,284	*,e	LoopNet, Inc		1,240
	135,356		MAC Services Group		329
	2,710,098		Macquarie Goodman Group		1,629
	35,779	e,m	Mapeley Ltd		109
	643,000	f	Megaworld Corp		18
	40,386		Mercialys S.A		1,451
	23,275,800	*	Metro Pacific Investments Corp		1,597
	2,582,929	e	Midland Holdings Ltd		2,828
	1,156,034	e	Mirvac Group		1,565
	1,848,735	e	Mitsubishi Estate Co Ltd		30,256
	1,237,119		Mitsui Fudosan Co Ltd		21,001
	949,000	*	Mongolia Energy Co ltd		439

127

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
SHARES			COMPANY	VALUE (000)
	88,649		Multiplan Empreendimentos Imobiliarios S.A.	$	1,469
	96,000	*	Musashino Kogyo Co Ltd		195
	4,856,666	e	New World China Land Ltd		1,733
	7,517,457		New World Development Ltd		14,718
	55,850		Nexity		2,195
	50,947	e	Nomura Real Estate Holdings, Inc		786
	626,400	*,e	Norwegian Property ASA		1,307
	1,465	e	NTT Urban Development Corp		1,238
	102,200		Parco Co Ltd		861
	37,994	*,e	Patrizia Immobilien AG.		167
	492,463		PDG Realty SA		4,101
	556,931	*	Pirelli & C Real Estate S.p.A.		347
	914,300		Preuksa Real Estate PCL		495
	75,929		PSP Swiss Property AG.		4,875
	758,306	*	Quintain Estates & Development plc		653
	672,614		Raven Russia Ltd		515
	77,674	*,e	Reading International, Inc		332
	1,840,134		Regus plc		3,114
	11,574,500		Renhe Commercial Holdings Co Ltd		2,683
	4,643	e	Risa Partners, Inc		2,508
	3,003,900		Robinsons Land Corp		964
	285,120		Rossi Residencial SA		1,986
	44,800		Sankei Building Co Ltd		279
	262,000	*,e	SC Global Developments Ltd		341
	640,445		Segro plc		3,106
	496,971		Shaftesbury plc		2,900
	80,000		Shanghai Forte Land Co		25
	754,000		Shanghai Lujiazui Finance & Trade Zone Development Co Ltd		1,393
	15,180,000		Shanghai Real Estate Ltd		1,505
	132,000	e	Shenzhen Investment Ltd		49
	42,200		Shoei Co Ltd		320
	3,818,400	e	Shui On Land Ltd		1,952
	247,000	e	Singapore Land Ltd		1,201
	5,905,366	e	Sino Land Co		11,576
	4,054,000	e	Sino-Ocean Land Holdings Ltd		3,571
	9,548,452		SM Prime Holdings		2,071
	744		Societa Partecipazioni Finanziarie S.p.A.		0	^
	7,128		Societe de la Tour Eiffel		597
	3,259,000	e	Soho China Ltd		1,847
	1,931,750		SP Setia BHD		2,475
	113,634	*	Sparkassen Immobilien AG.		760
	2,558,956		SPG Land Holdings Ltd		1,641
	262,998	e	Sponda Oyj		1,098
	175,238	*	ST Modwen Properties plc		515
	258,238	*,e	St. Joe Co		8,354
	427,068	e	Stewart Enterprises, Inc (Class A)		2,669
	2,843,712	e	Stockland Trust Group		10,412
	24,510		Sumitomo Real Estate Sales Co Ltd		1,064
	507,304	e	Sumitomo Realty & Development Co Ltd		9,653
	393,000		Summarecon Agung Tbk PT		36
	1,626,346		Sun Hung Kai Properties Ltd		24,467

128

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
SHARES			COMPANY	VALUE (000)
	74,797	e	Swiss Prime Site AG.	$	4,678
	42,725		TAG Tegernsee Immobilien und Beteiligungs AG.		245
	856,000		TAI Cheung Holdings		499
	115,691	e	Technopolis plc		575
	136,518	e	Thomas Properties Group, Inc		455
	225,600		TOC Co Ltd		854
	1,276,988		Tokyo Tatemono Co Ltd		4,589
	254,000		Tokyotokeiba Co Ltd		361
	304,900	e	Tokyu Land Corp		1,164
	28,000	e	Tokyu Livable, Inc		255
	17,700	e	Touei Housing Corp		166
	81,435		Unibail		16,500
	232,652	*	Unite Group plc		911
	9,637,884	*	Unitech Corporate Parks plc		4,790
	1,618,424		Unitech Ltd		2,653
	926,000		United Industrial Corp Ltd		1,364
	39,916		Vastned Retail NV		2,666
	42,692		Wallenstam Byggnads AB (B Shares)		816
	12,789		Warehouses De Pauw SCA		604
	4,527		Wereldhave Belgium NV		389
	35,250		Wereldhave NV		3,378
	1,487,835		Wheelock & Co Ltd		4,388
	657,000	e	Wheelock Properties S Ltd		888
	78,987	e	Wihlborgs Fastigheter AB		1,668
	937,267		Wing Tai Holdings Ltd		1,213
	2,388,660		Workspace Group plc		870
	1,407,988		YNH Property BHD		673
	3,189,000		Zhong An Real Estate Ltd		994
	56,590		Zueblin Immobilien Holding AG.		256
			TOTAL REAL ESTATE		589,202
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.4%
	126,744		A. Schulman, Inc		3,101
	270,000		Achilles Corp		413
	37,704	*	AEP Industries, Inc		981
	279,172	e	Ansell Ltd		3,110
	342,982		Asics Corp		3,353
	110,000		Bando Chemical Industries Ltd		349
	1,568,815	e	Bayer AG.		106,117
	714,338		Bridgestone Corp		12,195
	22,672	*	CENTROTEC Sustainable AG.		364
	1,526,009		Cheng Shin Rubber Industry Co Ltd		3,248
	386,962		Cooper Tire & Rubber Co		7,360
	186,532		Deceuninck NV		431
	109,764	*	Deceuninck Plastics		0	^
	72,048	*,e	Deckers Outdoor Corp		9,943
	639,454		Denki Kagaku Kogyo KK		2,750
	1,546,306	*	Goodyear Tire & Rubber Co		19,545
	49,300	*	Graham Packaging Co, Inc		619
	140,390		Hankook Tire Co Ltd		2,662
	98,063	*,e	Metabolix, Inc		1,194
	327,434		Michelin (C.G.D.E.) (Class B)		24,129

129

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
SHARES			COMPANY	VALUE (000)
	87,000		Mitsuboshi Belting Co Ltd	$	399
	1,533,017	e	Mitsui Chemicals, Inc		4,641
	2,988,134		Newell Rubbermaid, Inc		45,420
	137,000	e	Nichias Corp		613
	135,000		Nifco, Inc		3,105
	30,900	e	Nitta Corp		493
	73,300	*,e	NOK Corp		1,103
	161,355	e	Nokian Renkaat Oyj		4,191
	48,501		Nolato AB (B Shares)		490
	118,000	e	Okamoto Industries, Inc		494
	465,572	*	Pirelli & C S.p.A.		286
	8,566	e	Puma AG. Rudolf Dassler Sport		2,714
	1,007,975		Sealed Air Corp		21,248
	61,000		Sekisui Jushi Corp		527
	803,000		Sekisui Plastics Co Ltd		3,839
	29,129		Semperit AG. Holding		1,137
	179,018	*,e	Skechers U.S.A., Inc (Class A)		6,502
	173,683	*,e	Spartech Corp		2,032
	5,821,141		SSL International plc		71,817
	57,211	*,e	STR Holdings, Inc		1,344
	889,221		Sumitomo Bakelite Co Ltd		5,098
	713,484		Sumitomo Rubber Industries, Inc		6,288
	63,000		Takiron Co Ltd		187
	182,870	e	Titan International, Inc		1,596
	53,100		Tokai Rubber Industries, Inc		726
	260,000		Toyo Tire & Rubber Co Ltd		606
	63,988	*,e	Trex Co, Inc		1,362
	552,394		Tupperware Corp		26,636
	80,034	e	Uponor Oyj		1,459
	85,756		Viscofan S.A.		2,252
	7,718,000	*	Wai Chun Mining Industry Group Co Ltd		136
	155,126	e	West Pharmaceutical Services, Inc		6,508
	366,000	e	Yokohama Rubber Co Ltd		1,723
			TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		428,836
SECURITY AND COMMODITY BROKERS - 2.3%
	56,669		ABC Arbitrage		538
	478,000		ABG Sundal Collier ASA		684
	137,543		AGF Management Ltd		2,443
	832,946		Ameriprise Financial, Inc		37,782
	166,362	e	Artio Global Investors, Inc		4,116
	364,594	e	Australian Stock Exchange Ltd		11,355
	33,124		Avanza AB		858
	168,643		Azimut Holding S.p.A.		2,135
	150,556		Banca Finnat Euramerica S.p.A.		113
	124,025		BlackRock, Inc		27,008
	115,112	e	Bolsas y Mercados Espanoles		3,082
	39,119	*	Boursorama		489
	413,698	*,e	Broadpoint Securities Group, Inc		1,655
	805,671		Broadridge Financial Solutions, Inc		17,225
	106,899	e	BT Investment Management Ltd		283
	377,000		Bursa Malaysia BHD		908

130

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
SHARES			COMPANY	VALUE (000)
	175,092		Calamos Asset Management, Inc (Class A)	$	2,511
	72,605		Canaccord Capital, Inc		793
	1,339,900		Capital Securities Corp		690
	3,065,631		Charles Schwab Corp		57,297
	1,338,000		China Everbright Ltd		3,584
	210,537		Close Brothers Group plc		2,476
	383,684		CME Group, Inc		121,287
	82,164	e	Cohen & Steers, Inc		2,051
	280,247		Count Financial Ltd		350
	34,680	*,e	Cowen Group, Inc		196
	4,651,171		Credit Suisse Group		239,750
	922,397	e	Cromwell Group		618
	29,100	e,m	D Carnegie AB		72
	27,398		DAB Bank AG.		153
	160,100		Daewoo Securities Co Ltd		2,887
	1,560		Daishin Securities Co Ltd		22
	1,261,579		Daiwa Securities Group, Inc		6,639
	156,435	*,e	DeA Capital S.p.A.		273
	886,143	e	Deutsche Boerse AG.		65,684
	12,851	e	Diamond Hill Investment Group, Inc		882
	141,173	e	Duff & Phelps Corp		2,363
	88,220	*	Dundee Corp		1,202
	104,270		DundeeWealth, Inc		1,531
	59,255,752	*,e	E*Trade Financial Corp		97,773
	333,994	e	Eaton Vance Corp		11,202
	300,521		Egyptian Financial Group-Hermes Holding		1,733
	58,039	e	Epoch Holding Corp		655
	63,877	e	Evercore Partners, Inc (Class A)		1,916
	321,315		Evolution Group plc		618
	645,297	e	F&C Asset Management plc		609
	77,843	*	FBR Capital Markets Corp		354
	486,049	e	Federated Investors, Inc (Class B)		12,822
	189,568	e	Fifth Street Finance Corp		2,201
	440,697		Franklin Resources, Inc		48,873
	158,016	e	GAGFAH S.A.		1,414
	46,503	e	GAMCO Investors, Inc (Class A)		2,116
	408,790	e	GFI Group, Inc		2,363
	25,248		Gluskin Sheff + Associates, Inc		553
	84,094		GMP Capital, Inc		1,180
	3,808,803	e	Goldman Sachs Group, Inc		649,897
	29,360		Gottex Fund Management Holdings Ltd		245
	58,562	e	Greenhill & Co, Inc		4,807
	282,140		Hana Financial Group, Inc		8,740
	165,505		Hellenic Exchanges S.A.		1,453
	1,808,720	e	Hong Kong Exchanges and Clearing Ltd		30,191
	156,217		Hyundai Securities Co		1,878
	8,215,693		ICAP plc		46,603
	216,800	e	Ichiyoshi Securities Co Ltd		1,482
	297,685	e	IGM Financial, Inc		13,072
	9,368		Indiabulls Financial Services Ltd		22
	500,995		Indiabulls Real Estate Ltd		1,702
	115,430	*,e	Interactive Brokers Group, Inc (Class A)		1,864

131

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	320,485	*,e	IntercontinentalExchange, Inc	$	35,952
	84,264	*,e	International Assets Holding Corp		1,261
	3,299,392	e	Invesco Ltd		72,290
	255,868	*,e	Investment Technology Group, Inc		4,270
	816,336	e	IOOF Holdings Ltd		5,109
	997,500	e	iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker		1,765
	44,000		Iwai Securities Co Ltd		277
	2,828,292	e	Janus Capital Group, Inc		40,416
	341,583	e	Jefferies Group, Inc		8,085
	110,031	e	JMP Group, Inc		935
	113,800	e	kabu.com Securities Co Ltd		613
	173,352	*,e	KBW, Inc		4,663
	3,928,000		KGI Securities Co Ltd		1,843
	7,062,701		Kim Eng Holdings Ltd		10,198
	577,258	*,e	Knight Capital Group, Inc (Class A)		8,803
	45,730		Korea Investment Holdings Co Ltd		1,257
	2,832,130		Kowloon Development Co Ltd		3,589
	135,900	*,e	LaBranche & Co, Inc		715
	602,710		Lazard Ltd (Class A)		21,517
	15,667,853		Legal & General Group plc		20,935
	1,106,752	e	Legg Mason, Inc		31,731
	131,805	e	London Stock Exchange Group plc		1,421
	397,430	*,e	Macquarie Group Ltd		17,232
	1,383,187		Man Group plc		5,069
	158,002	e	MarketAxess Holdings, Inc		2,485
	93,300	e	Marusan Securities Co Ltd		568
	94,000	e	Matsui Securities Co Ltd		672
	460,142	*,e	MF Global Holdings Ltd		3,713
	28,837		Mirae Asset Securities Co Ltd		1,453
	68,000		Mito Securities Co Ltd		172
	629,000	*,e	Mizuho Investors Securities Co Ltd		659
	1,690	e	Monex Beans Holdings, Inc		832
	5,595,392		Morgan Stanley		163,890
	71,577	*,e	Morningstar, Inc		3,442
	2,354,073	*	Nasdaq Stock Market, Inc		49,718
	61,649	*	NeoNet AB		165
	4,086,466		Nomura Holdings, Inc		30,116
	141,838		Nordnet AB (Series B)		473
	760,363		NYSE Euronext		22,514
	258,000		Okasan Holdings, Inc		1,234
	59,246	e	Oppenheimer Holdings, Inc		1,511
	311,717	e	optionsXpress Holdings, Inc		5,078
	95,689	*,e	Penson Worldwide, Inc		964
	517,000	*,m	Peregrine Investment Holdings		0	^
	151,565	e	Perpetual Trustees Australia Ltd		4,907
	107,621	*,e	Piper Jaffray Cos		4,337
	8,075,585		Polaris Securities Co Ltd		4,196
	37,174	*,e	Pzena Investment Management, Inc (Class A)		284
	464,370	e	Raymond James Financial, Inc		12,417
	133,399		Reliance Capital Ltd		2,246
	1,731		Renta 4 S.A.		12

132

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,207,258		RMB Holdings Ltd	$	5,365
	65,119		Samsung Securities Co Ltd		3,511
	102,702	e	Sanders Morris Harris Group, Inc		636
	127,214		Schroders plc		2,716
	611,894		SEI Investments Co		13,443
	385,000		Shenyin Wanguo HK Ltd		198
	2,436,625		Shinko Securities Co Ltd		7,715
	862,676	e	Singapore Exchange Ltd		4,717
	1,428,976	e,f	Spark Infrastructure Group		1,580
	1,362	*	Sparx Group Co Ltd		172
	89,815		Sprott, Inc		340
	138,182	*,e	Stifel Financial Corp		7,427
	727,000		Sun Hung Kai & Co Ltd		575
	271,580		Suramericana de Inversiones S.A.		3,995
	12,751		Swissquote Group Holding S.A.		556
	127,058	e	SWS Group, Inc		1,465
	1,656,541	e	T Rowe Price Group, Inc		90,995
	736,081		Tai Fook Securities Group Ltd		644
	170,000	e	Takagi Securities Co Ltd		318
	773,071	*,e	TD Ameritrade Holding Corp		14,735
	143,115	*,e	Thomas Weisel Partners Group, Inc		561
	105,400	e	TMX Group, Inc		3,105
	718,000		Tokai Tokyo Securities Co Ltd		2,995
	89,801		Tong Yang Investment Bank		833
	93,000		Toyo Securities Co Ltd		193
	5,916		Union Financiere de France BQE S.A.		212
	1,430,565		UOB-Kay Hian Holdings Ltd		1,728
	67,557	*,e	US Global Investors, Inc (Class A)		668
	8,471	e	Value Line, Inc		196
	168,533	*	Vostok Nafta Investment Ltd		780
	5,442	*	VZ Holding AG.		463
	410,075	e	Waddell & Reed Financial, Inc (Class A)		14,779
	26,807	e	Westwood Holdings Group, Inc		986
	111,080		Woori Investment & Securities Co Ltd		1,541
			TOTAL SECURITY AND COMMODITY BROKERS		2,380,470
	SOCIAL SERVICES - 0.0%
	114,604	*	Capital Senior Living Corp		603
	1,151		Care UK plc		8
	1,425,420	e	Gunns Ltd		628
	7,036	*	Nobel Learning Communities, Inc		55
	77,910	*,e	Providence Service Corp		1,183
	161,303	*	Res-Care, Inc		1,934
	582,976	e	Ryman Healthcare Ltd		857
	274,186	*	Southern Cross Healthcare Ltd		378
	33,800	e	Temp Holdings Co Ltd		273
			TOTAL SOCIAL SERVICES		5,919

133

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
SPECIAL TRADE CONTRACTORS - 0.1%
	20,973	e	Alico, Inc	$	530
	203,588	*,e	AsiaInfo Holdings, Inc		5,391
	13,734	e	Bauer AG.		615
	321,898	*	Cape plc		1,116
	131,312	e	Chemed Corp		7,141
	38,000	e	Chudenko Corp		485
	246,239	e	Comfort Systems USA, Inc		3,076
	205,000	e	COMSYS Holdings Corp		1,984
	68,700		Daimei Telecom Engineering Corp		495
	217,276	*	Dycom Industries, Inc		1,906
	362,996	e	eaga plc		791
	430,025	*,e	EMCOR Group, Inc		10,592
	32,200		Hibiya Engineering Ltd		278
	76,188		Homeserve plc		2,072
	199,576	*,e	Insituform Technologies, Inc (Class A)		5,311
	57,735	*,e	Integrated Electrical Services, Inc		326
	196,000	e	Kandenko Co Ltd		1,245
	140,309		Kinden Corp		1,229
	111,600		Kyowa Exeo Corp		922
	100,000		Kyudenko Corp		600
	105,005	*,e	Layne Christensen Co		2,805
	369,100		Metalurgica Gerdau S.A.		7,571
	616,874	*	Quanta Services, Inc		11,818
	70,000		Sanki Engineering Co Ltd		493
	7,500		Secom Techno Service Co Ltd		196
	129,160		Severfield-Rowen plc		386
	436,370	e	Spice plc		195
	163,000		Taihei Kogyo Co Ltd		699
	80,300	e	Taikisha Ltd		1,294
	117,100	e	Takasago Thermal Engineering Co Ltd		928
	590,146	*,b,e	Timbercorp Ltd		24
	49,000	e	Toenec Corp		266
	53,000		Yurtec Corp		268
			TOTAL SPECIAL TRADE CONTRACTORS		73,048
STONE, CLAY, AND GLASS PRODUCTS - 0.6%
	828,690		Ambuja Cements Ltd		2,212
	601,435	e	Anhui Conch Cement Co Ltd		3,974
	197,804	e	Apogee Enterprises, Inc		3,127
	2,466,604	e	Asahi Glass Co Ltd		27,782
	2,296,272		Asia Cement Corp		2,241
	76,151		Associated Cement Co Ltd		1,613
	1,546,500	*	BBMG Corp		1,560
	691,655	e	Boral Ltd		3,561
	438,593		Bradespar S.A.		10,839
	108,462	e	Buzzi Unicem S.p.A.		1,366
	118,591		Buzzi Unicem S.p.A. RSP		970
	123,283	*,e	Cabot Microelectronics Corp		4,664
	93,040	e	CARBO Ceramics, Inc		5,800
	81,180		Cementir S.p.A.		326
	369,506		Cementos Argos S.A.		2,303

134

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	19,529		Cementos Portland Valderrivas S.A.	$	501
	11,763,269	*,e	Cemex S.A. de C.V.		12,121
	320,000		Central Glass Co Ltd		1,581
	73,297	e	Cimpor Cimentos de Portugal S.A.		554
	484,079	*,e	Coal of Africa Ltd		1,044
	425,382	*	Cookson Group plc		3,528
	11,444,687		Corning, Inc		231,296
	33,037		CRH plc		825
	2,641	*	Daldrup & Soehne AG.		86
	853		Dyckerhoff AG.		53
	128,257	e	Eagle Materials, Inc		3,404
	828,015		Egypt Kuwait Holding Co		1,863
	107,752		FLSmidth & Co AS		7,476
	488,876		Gentex Corp		9,494
	6,540,000		Goldsun Development & Construction Co Ltd		2,759
	17,845		GranitiFiandre S.p.A.		90
	46,901		Grasim Industries Ltd		2,941
	815,037	e	Grupo Carso S.A. de C.V. (Series A1)		3,048
	837	*	H+H International AS		10
	41,410	e	HeidelbergCement AG.		2,310
	394,763	e	Holcim Ltd		29,428
	1,273,000		Indo Tambangraya Megah Pt		5,323
	232,325	e	Industrias Penoles S.A. de C.V.		4,900
	398,289		Inversiones Argos S.A.		4,102
	57,028	e	Italcementi S.p.A.		659
	11,317	*,e	Italmobiliare S.p.A.		472
	23,823		Italmobiliare S.p.A. RSP		715
	1,248,477		Jaiprakash Associates Ltd		4,159
	273,981	*,e	James Hardie Industries NV		1,825
	85,000	e	Krosaki Harima Corp		347
	664,820		Lafarge Malayan Cement BHD		1,294
	46,464		Lafarge S.A.		3,270
	240,000		Luks Group Vietnam Holdings Ltd		120
	279,237		Marshalls plc		377
	130,595	e	Martin Marietta Materials, Inc		10,911
	393,876		Morgan Crucible Co plc		1,218
	141,419	e	NGK Insulators Ltd		2,885
	40,300		Nichiha Corp		363
	238,000		Nihon Yamamura Glass Co Ltd		789
	319,576	e	Nippon Sheet Glass Co Ltd		943
	150,000		Noritake Co Ltd		435
	276,563	*,e	Owens Corning, Inc		7,036
	810,959	*	Owens-Illinois, Inc		28,821
	48,795		Pargesa Holding S.A.		4,142
	31,100	e	Pigeon Corp		1,158
	629,689	e	Pretoria Portland Cement Co Ltd		2,957
	3,751,200		PT Indocement Tunggal Prakarsa Tbk		5,874
	2,430,000		PT Semen Gresik Persero Tbk		1,949
	23,066		Sa des Ciments Vicat		1,807
	501,900		Siam Cement PCL reg		4,067
	4,350		Sika AG.		7,344
	5,532		STO AG.		471

135

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	766,193		Sumitomo Osaka Cement Co Ltd	$	1,328
	850,090		Taiheiyo Cement Corp		1,218
	3,955,065		Taiwan Cement Corp		3,730
	1,138,222		Taiwan Glass Industrial Corp		1,208
	1,000,000	*	TCC International Holdings Ltd		425
	6,035		Titan Cement Co S.A.		160
	195,951	e	Toto Ltd		1,335
	332,449	*	Turk Sise ve Cam Fabrikalari AS		418
	217,249	*,e	US Concrete, Inc		83
	117,735	*,e	USG Corp		2,020
	535		Vetropack Holding AG.		999
	4,156,875	*,e	Wienerberger AG.		80,961
	1,164,000	e,m	Xinyi Glass Holdings Co Ltd		1,063
	40,813		Zignago Vetro S.p.A.		247
			TOTAL STONE, CLAY, AND GLASS PRODUCTS		592,678
	TEXTILE MILL PRODUCTS - 0.1%
	136,869	e	Albany International Corp (Class A)		2,947
	449,409	e	Alfa S.A. de C.V. (Class A)		3,540
	243,000		Atsugi Co Ltd		309
	61,455		Cheil Industries, Inc		3,471
	248,000	e	Daiwabo Co Ltd		515
	7,035,858		Far Eastern Textile Co Ltd		7,732
	827,220		Formosa Taffeta Co Ltd		659
	30,080		Hyosung Corp		2,159
	228,325		Interface, Inc (Class A)		2,644
	113,000	e	Japan Wool Textile Co Ltd		879
	468,000	e	Kurabo Industries Ltd		796
	562,000		Li Heng Chemical Fibre Technologies Ltd		117
	239,261	*,e	Mohawk Industries, Inc		13,010
	2,231	e	Nisshinbo Industries, Inc		23
	360,000	e	Nitto Boseki Co Ltd		766
	87,511	e	Oxford Industries, Inc		1,779
	1,472,000		Pacific Textile Holdings Ltd		931
	461,000	*	Ruentex Industries Ltd		1,050
	869,230		Seiren Co Ltd		5,393
	5,053,710		Teijin Ltd		16,973
	678,000		Texwinca Holdings Ltd		748
	624,000		Unitika Ltd		507
	971,000		Victory City International Hlds		241
			TOTAL TEXTILE MILL PRODUCTS		67,189
	TOBACCO PRODUCTS - 1.0%
	7,828,377		Altria Group, Inc		160,638
	211,861	e	Australian Agricultural Co Ltd		272
	168,800		British American Tobacco Malaysia BHD		2,284
	3,165,408		British American Tobacco plc		109,112
	439,443		Fortune Brands, Inc		21,317
	3,290,612		Huabao International Holdings Ltd		3,954
	2,389,942		Imperial Tobacco Group plc		72,897
	1,820,217		ITC Ltd		10,665
	4,718		Japan Tobacco, Inc		17,562

136

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,112,169		Lorillard, Inc	$	83,680
	9,636,319		Philip Morris International, Inc		502,630
	104,931		Souza Cruz S.A.		3,658
	45,335		Swedish Match AB		1,084
	117,076		Universal Corp		6,169
	181,897	e	Vector Group Ltd		2,807
			TOTAL TOBACCO PRODUCTS		998,729
TRANSPORTATION BY AIR - 0.6%
	44,361	*	ACE Aviation Holdings, Inc (Class A)		368
	47,129		Aegean Airlines S.A.		215
	272,473	*	AER Lingus		265
	146,152		Aeroports de Paris		12,034
	171,084	*,e	Air Berlin plc		964
	5,190,600	e	Air China Ltd		5,362
	89,641	e	Air France-KLM		1,417
	50,275	*,e	Air Methods Corp		1,709
	378,683		Air New Zealand Ltd		342
	315,350	*,e	Air Transport Services Group, Inc		1,063
	4,731,800	*	AirAsia BHD		2,016
	605,917	*,e	Airtran Holdings, Inc		3,078
	199,340	*,e	Alaska Air Group, Inc		8,219
	140,075	*,e,m	Alitalia S.p.A.		84
	835,896	*,e	All Nippon Airways Co Ltd		2,387
	89,700	*,e	Allegiant Travel Co		5,190
	1,480,628	*	AMR Corp		13,489
	117,859	*,e	Atlas Air Worldwide Holdings, Inc		6,252
	684,262		Auckland International Airport Ltd		943
	658,808		BBA Aviation plc		1,946
	3,592,400	*,e	Beijing Capital International Airport Co Ltd		2,147
	194,561	*,e	Bristow Group, Inc		7,341
	13,945,897	*,e	British Airways plc		51,426
	5,139,274	*	Cathay Pacific Airways Ltd		10,829
	1,892,127	*	China Airlines		691
	1,706,450	*,e	Continental Airlines, Inc (Class B)		37,491
	250,043		Copa Holdings S.A. (Class A)		15,203
	6,097,954	*,e	Delta Air Lines, Inc		88,968
	311,208	*	easyJet plc		2,167
	5,131,520	*	Eva Airways Corp		2,416
	1,603,189	e	FedEx Corp		149,737
	79,746	*	Finnair Oyj		469
	21,335	e	Flughafen Wien AG.		1,061
	6,014		Flughafen Zuerich AG.		2,139
	191,464	*,b,m	FLYi, Inc		1
	2,625	e	Fraport AG. Frankfurt Airport Services Worldwide		138
	1,902,546	*,e	Gemina S.p.A.		1,646
	111,794		Gol Linhas Aereas Inteligentes S.A.		1,402
	609,991	e	Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		2,270
	372,609	*,e	Hawaiian Holdings, Inc		2,746
	33,200		Hong Kong Aircraft Engineerg		419

137

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	397,154		Iberia Lineas Aereas de Espana	$	1,388
	520,535	*,b,m	Japan Airlines Corp		6
	89,500		Jazz Air Income Fund		389
	1,341,416	*,e	JetBlue Airways Corp		7,485
	81,530	*	Korean Air Lines Co Ltd		4,792
	217,453		Lan Airlines S.A.		3,858
	3,495,512		Macquarie Airports		9,912
	611,766		Malaysian Airline System BHD		403
	39,050	*	Norwegian Air Shuttle AS		953
	73,388	*,e	PHI, Inc		1,554
	710,249		Qantas Airways Ltd		1,851
	190,343	*,e	Republic Airways Holdings, Inc		1,127
	63,552	*	Ryanair Holdings plc		316
	17,880	*	Ryanair Holdings plc (ADR)		486
	96	*,m	SAir Group		0	^
	1,552,108	*,e	SAS AB		580
	32,268		SAVE S.p.A.		306
	91,190		Singapore Airlines Ltd		991
	1,418,357		Singapore Airport Terminal Services Ltd		2,687
	314,303	e	Skywest, Inc		4,488
	2,653,188	e	Southwest Airlines Co		35,075
	88,570		Tam S.A.		1,514
	6,810,900	*	Thai Airways International Pcl		5,950
	678,812		Turk Hava Yollari		2,326
	918,516	*,e	UAL Corp		17,957
	808,063	*,e	US Airways Group, Inc		5,939
	5,338,088	*,e	Virgin Blue Holdings Ltd		3,453
	7,238	*	Vueling Airlines S.A.		125
			TOTAL TRANSPORTATION BY AIR		563,961
TRANSPORTATION EQUIPMENT - 2.9%
	131,336		A.O. Smith Corp		6,904
	216,388	*,e	AAR Corp		5,371
	17,734		Accell Group		879
	62,618	*,e	Aerovironment, Inc		1,635
	54,400	*	Aisan Industry Co Ltd		499
	296,345	*,e	Aisin Seiki Co Ltd		8,875
	109,000	e	Akebono Brake Industry Co Ltd		598
	2,879,917	*,e	American Axle & Manufacturing Holdings, Inc		28,742
	66,461	e	American Railcar Industries, Inc		808
	107,138	*,e	Amerigon, Inc (Class A)		1,083
	470	*,e	Arctic Cat, Inc		5
	474,144	*,e	ArvinMeritor, Inc		6,330
	126,541	*	ATC Technology Corp		2,171
	2,336,656	e	Austal Ltd		5,468
	938,483	*,e	Autoliv, Inc		48,360
	31,695	*,e	Autoliv, Inc (ADR)		1,639
	295,302		BAE Systems plc		1,664
	557,245	e	Bayerische Motoren Werke AG.		25,725
	1,314		Bayerische Motoren Werke AG. (Preference)		47
	337,359	*	BE Aerospace, Inc		10,273
	63,837		Beneteau S.A.		1,166

138

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,403,639	e	Boeing Co	$	319,749
	3,151,055		Bombardier, Inc		19,329
	136,172		Brembo S.p.A.		1,054
	490,169	e	Brunswick Corp		7,828
	233,000	*,e	BW Offshore Ltd		416
	1,024,058	e	Calsonic Kansei Corp		3,034
	26,137	*	Carraro S.p.A.		92
	10,811,500		China South Locomotive and Rolling Stock Corp		8,480
	245,311	e	Clarcor, Inc		8,461
	48,790		Cobham plc		190
	122,477	*,e	Cogo Group, Inc		856
	15,696		Compagnie Plastic-Omnium S.A.		570
	4,057		Construcciones y Auxiliar de Ferrocarriles S.A.		2,389
	599,851	e	Cosco Corp Singapore Ltd		532
	127,671		Daewoo Shipbuilding & Marine Engineering Co Ltd		2,449
	52,712		Daihatsu Motor Co Ltd		503
	1,911,119		DaimlerChrysler AG. (EUR)		89,970
	740,535	*	Dana Holding Corp		8,798
	1,167,026	e	Denso Corp		34,765
	6,760,000	e	Denway Motors Ltd		3,596
	40,645		Doosan Heavy Industries and Construction Co Ltd		3,255
	59,867	*,e	Dorman Products, Inc		1,137
	55,926		Ducommun, Inc		1,175
	26,390		Elbit Systems Ltd		1,689
	46,179	e	ElringKlinger AG.		1,150
	1,005,393		Empresa Brasileira de Aeronautica S.A.		5,947
	379,393	e	European Aeronautic Defence and Space Co		7,633
	82,600		Exedy Corp		2,017
	9,449		Faiveley S.A.		771
	71,400	e	FCC Co Ltd		1,417
	204,172	*	Federal Mogul Corp (Class A)		3,749
	261,119	e	Federal Signal Corp		2,353
	228,513	*	Fiat S.p.A.		2,975
	154,503	e	Fleetwood Corp Ltd		1,276
	401,182	*,e	Force Protection, Inc		2,415
	17,581,874	*,e	Ford Motor Co		221,004
	57,800	e	Freightcar America, Inc		1,396
	62,272	*,e	Fuel Systems Solutions, Inc		1,990
	2,478,000		Fuji Heavy Industries Ltd		12,829
	175,000	*,e	Futaba Industrial Co Ltd		1,518
	5,755,000	e	Geely Automobile Holdings Ltd		3,046
	499,027	*,e	GenCorp, Inc		2,874
	2,241,276	e	General Dynamics Corp		173,027
	587,347		Genuine Parts Co		24,810
	5,679		Georg Fischer AG.		2,084
	307,000		Giant Manufacturing Co Ltd		890
	2,519,509	*	GKN plc		5,276
	1,461,132		Goodrich Corp		103,039
	91,282	e	Greenbrier Cos, Inc		1,005
	129,522	*,e	Group 1 Automotive, Inc		4,127
	82,334	*	Haldex AB		673

139

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	384,554		Hampson Industries plc	$	353
	852,408	e	Harley-Davidson, Inc		23,927
	346,601	e	Harsco Corp		11,070
	104,014	e	Heico Corp		5,363
	134,010		Hero Honda Motors Ltd		5,804
	209,136	*,e	Hino Motors Ltd		884
	3,683,359	e	Honda Motor Co Ltd		130,015
	6,175,492		Honeywell International, Inc		279,566
	546,000		Hong Leong Asia Ltd		1,772
	56,626		Hyundai Heavy Industries		11,861
	18,620		Hyundai Mipo Dockyard		2,559
	91,553		Hyundai Mobis		12,137
	244,685		Hyundai Motor Co		24,978
	66,360		Hyundai Motor Co Ltd (2nd Preference)		2,460
	32,680		Hyundai Motor Co Ltd (Preference)		1,167
	250,133	*	IMMSI S.p.A.		299
	26,470		Indus Holding AG.		498
	5,252,085	*	Isuzu Motors Ltd		14,213
	63,000		Japan Vilene Co Ltd		290
	279,590		Jardine Cycle & Carriage Ltd		5,872
	506,000		Jaya Holdings Ltd		242
	751,435		JTEKT Corp		8,874
	176,750	e	Kaman Corp		4,421
	45,800		Kanto Auto Works Ltd		367
	722,363	e	Kawasaki Heavy Industries Ltd		1,993
	5,024,680		Keppel Corp Ltd		32,757
	71,000	e	Kinki Sharyo Co Ltd		466
	52,000	e	Koito Manufacturing Co Ltd		772
	600	*,b,m	Lear Corp		0	^
	91,699	*,e	Lear Corp		7,276
	89,098		Linamar Corp		1,670
	48,533	*,e	LMI Aerospace, Inc		902
	1,784,568		Lockheed Martin Corp		148,512
	315,193		Magna International, Inc - Class A (NY)		19,495
	164,936	*	Magna International, Inc (Class A)		10,206
	408,812		Mahindra & Mahindra Ltd		4,930
	2,244	e	MAN AG.		188
	100,435		Maruti Udyog Ltd		3,172
	1,165,663	e	Mazda Motor Corp		3,279
	2,466,106		Meggitt plc		11,440
	39,328		Mekonomen AB		880
	69,080		Metka S.A.		996
	58,910		Miller Industries, Inc		732
	50,000		Mitsuba Corp		316
	1,993,694	*,e	Mitsubishi Motors Corp		2,708
	3,466,460	e	Mitsui Engineering & Shipbuilding Co Ltd		8,639
	90,500	e	Modec, Inc		1,623
	99,498	e	MTU Aero Engines Holding AG.		5,789
	35,800		Musashi Seimitsu Industry Co Ltd		762
	148,000	e	Nabtesco Corp		1,972
	101,700		Namura Shipbuilding Co Ltd		528
	566,764	*	Navistar International Corp		25,351

140

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	263,258	e	NHK Spring Co Ltd	$	2,416
	65,000	e	Nippon Seiki Co Ltd		768
	171,000		Nippon Sharyo Ltd		1,022
	103,000		Nissan Shatai Co Ltd		822
	72,100	e	Nissin Kogyo Co Ltd		1,177
	848,000	*,m	Norstar Founders Group Ltd		1
	886,826		Novatek Microelectronics Corp Ltd		2,765
	372,194	e	NSK Ltd		2,938
	278,910	*,e	Orbital Sciences Corp		5,302
	570,050		Oshkosh Truck Corp		22,996
	1,232,842	e	Paccar, Inc		53,431
	747,688	e	Peugeot S.A.		22,015
	350,988		Piaggio & C S.p.A.		1,119
	115,816		Pixart Imaging, Inc		759
	143,359	e	Polaris Industries, Inc		7,334
	290,886		Porsche AG.		17,753
	29,527	e	Portec Rail Products, Inc		343
	191,000		Press Kogyo Co Ltd		476
	707,237	*,e	Renault S.A.		33,146
	43,618	*	Rieter Holding AG.		12,700
	116,000		Riken Corp		457
	4,134,135	e	Rolls-Royce Group plc		37,359
	4,956		Rosenbauer International AG.		206
	108,555		Saab AB (Class B)		1,654
	213,140		Samsung Heavy Industries Co Ltd		4,964
	164,000	e	Sanden Corp		603
	290,000		Sasebo Heavy Industries Co Ltd		608
	6,800		Scania AB (B Shares)		108
	1,308,833	e	SembCorp Marine Ltd		3,920
	991,186		Senior plc		1,661
	43,682	e	Shimano, Inc		1,932
	96,600		Showa Corp		769
	724,134		Singapore Technologies Engineering Ltd		1,651
	1,198,500		Sinotruk Hong Kong Ltd		1,266
	119,668		Sogefi S.p.A.		370
	224,446	e	Spartan Motors, Inc		1,257
	572,753	*	Spirit Aerosystems Holdings, Inc (Class A)		13,391
	181,926	e	Standard Motor Products, Inc		1,805
	54,404		STX Shipbuilding Co Ltd		620
	450,575	e	Sumitomo Precision Products Co Ltd		1,465
	104,026	e	Superior Industries International, Inc		1,673
	192,733	e	Suzuki Motor Corp		4,253
	40,800		Tachi-S Co Ltd		444
	55,300	*,e	Takata Corp		1,417
	287,075		Tata Motors Ltd		4,845
	312,587	*,e	Tenneco, Inc		7,393
	685,065		Thales S.A.		27,499
	442,646	e	Thor Industries, Inc		13,372
	27,249	*,e	Todd Shipyards Corp		448
	96,400	*	Tokai Rika Co Ltd		1,979
	7,043,155		Tomkins PLC		25,224
	246,000		Topy Industries Ltd		558

141

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	51,000	e	Toyo Electric Manufacturing Co Ltd	$	371
	91,837		Toyoda Gosei Co Ltd		2,575
	73,373	*	Toyota Industries Corp		2,095
	4,568,787	e	Toyota Motor Corp		183,015
	139,336		TransDigm Group, Inc		7,390
	371,123	*,e	Trelleborg AB (B Shares)		2,711
	15,436		Trigano S.A.		353
	223,506	e	Trinity Industries, Inc		4,461
	96,059	e	Triumph Group, Inc		6,733
	625,628	*	TRW Automotive Holdings Corp		17,880
	69,400	e	TS Tech Co Ltd		1,301
	85,151		Umeco plc		466
	47,700	e	Unipres Corp		673
	3,488,264		United Technologies Corp		256,771
	1,011,816	*,e	Valeo S.A.		36,113
	38,307	e	Volkswagen AG.		3,699
	4,856	e	Volkswagen AG. (Preference)		445
	36,726		Volvo AB (A Shares)		364
	122,984	e	Volvo AB (B Shares)		1,237
	305,500		Weichai Power Co Ltd		2,558
	137,884	e	Westinghouse Air Brake Technologies Corp		5,808
	135,071	*,e	Winnebago Industries, Inc		1,973
	81,371	*,e	Wonder Auto Technology, Inc		861
	110,191	e	Yamaha Motor Co Ltd		1,651
	2,545,000	e	Yangzijiang Shipbuilding		2,110
	1,005,258		Yulon Motor Co Ltd		1,116
	67,624		Zodiac S.A.		3,326
			TOTAL TRANSPORTATION EQUIPMENT		3,018,706
TRANSPORTATION SERVICES - 0.2%
	505,950		All America Latina Logistica S.A.		4,637
	93,055	e	Ambassadors Group, Inc		1,028
	110,361		Autostrada Torino-Milano S.p.A.		1,550
	1,004,785	e	Autostrade S.p.A.		23,451
	496,448		CH Robinson Worldwide, Inc		27,728
	5,114,000		China Travel International Inv HK		1,390
	32,100		Cintra Concesiones de Infraestructuras de Transporte S.A.		312
	15,220		Clarkson plc		201
	293,000	e	CWT Ltd		222
	32,506		D/S Norden		1,412
	912,332	e	Deutsche Lufthansa AG.		15,132
	3,498		Dfds AS		254
	85,111	*,e	Dynamex, Inc		1,464
	10,500	*,e	Echo Global Logistics, Inc		136
	641,202		Expeditors International Washington, Inc		23,673
	80,458	e	Flight Centre Ltd		1,549
	206,789		Freightways Ltd		464
	28,684	*	Gategroup Holding AG.		1,080
	170,064		GATX Corp		4,872
	1,075,000	*	Genting Hong Kong Ltd		226
	13,030		GLOVIS Co Ltd		1,133

142

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	45,000		HIS Co Ltd	$	922
	7,585	e	Hopewell Highway Infrastructure Ltd		5
	259,870	*,e	Hub Group, Inc (Class A)		7,271
	191,690	*,e	Interval Leisure Group, Inc		2,791
	26,200	e	Kintetsu World Express, Inc		676
	3,747		Kuoni Reisen Holding		1,501
	1,106,436	*,e	Macquarie Atlas Roads Group		954
	107,654		Mainfreight Ltd		485
	49,235	e	Oesterreichische Post AG.		1,436
	170,233	*,e	Orbitz Worldwide, Inc		1,210
	163,206	*	Pacer International, Inc		983
	20,043		Panalpina Welttransport Holding AG.		1,702
	3,665,900		PLUS Expressways BHD		3,799
	167,000	e	Senko Co Ltd		613
	139,856		Societa Iniziative Autostradali e Servizi S.p.A.		1,291
	28,400		Toho Real Estate Co Ltd		151
	1,815,825	e	Toll Holdings Ltd		12,364
	2,937	*,e	TUI AG.		33
	45,869	*,e	Universal Travel Group		455
	1,725,603	e	UTI Worldwide, Inc		26,436
	176,940		Wincanton plc		540
	54,600		Yusen Air & Sea Service Co Ltd		822
			TOTAL TRANSPORTATION SERVICES		178,354
TRUCKING AND WAREHOUSING - 0.5%
	125,649	e	Arkansas Best Corp		3,754
	37,000	e	ASKUL Corp		703
	142,782	*	Big Yellow Group plc		737
	157,286	*,e	Celadon Group, Inc		2,193
	493,194	e	Con-way, Inc		17,321
	1,832,465	e	Deutsche Post AG.		31,792
	264,933	e	DSV AS		4,735
	141,481		Forward Air Corp		3,721
	404,000	e	Fukuyama Transporting Co Ltd		2,018
	237,654	e	Heartland Express, Inc		3,921
	85,900	e	Hitachi Transport System Ltd		1,210
	318,297	e	J.B. Hunt Transport Services, Inc		11,420
	161,000		Keppel Telecommunications & Transportation Ltd		159
	695,416		Kerry Properties Ltd		3,730
	406,999	e	Landstar System, Inc		17,086
	340,805	*	LLX Logistica S.A.		1,604
	89,613	*,e	Marten Transport Ltd		1,766
	115,000		Maruzen Showa Unyu Co Ltd		421
	57,643	e	Mitsubishi Logistics Corp		716
	152,000		Mitsui-Soko Co Ltd		569
	145,360		Mullen Group Ltd		2,296
	101,995	e	Neopost S.A.		8,151
	2,299,930		Nippon Express Co Ltd		9,890
	87,000		Nippon Konpo Unyu Soko Co Ltd		985
	133,002	*	Old Dominion Freight Line		4,441
	8,004	*,e	Patriot Transportation Holding, Inc		676
	10,933		Piraeus Port Authority		192

143

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	81,660	*,e	Saia, Inc	$	1,133
	520,000	e	Sankyu, Inc		2,564
	329,000		Seino Holdings Corp		2,344
	67,000	e	Shibusawa Warehouse Co Ltd		229
	304,000		Sumitomo Warehouse Co Ltd		1,349
	1,589,097		TNT NV		45,566
	111,056		TransForce, Inc		1,092
	5,180,734	e	United Parcel Service, Inc (Class B)		333,691
	43,949		Universal Truckload Services, Inc		773
	41,280	*,e	USA Truck, Inc		667
	131		Vantec Corp		153
	211,092	e	Werner Enterprises, Inc		4,891
	354,068		Yamato Transport Co Ltd		4,976
	2,187,820	*	YRC Worldwide, Inc		1,190
			TOTAL TRUCKING AND WAREHOUSING		536,825
WATER TRANSPORTATION - 0.3%
	148,618		Alexander & Baldwin, Inc		4,912
	56,414	*,e	American Commercial Lines, Inc		1,416
	152,334		Anek Lines S.A.		105
	790		AP Moller - Maersk AS (Class A)		5,753
	1,597	e	AP Moller - Maersk AS (Class B)		12,169
	146	e	Babcock & Brown Infrastructure Group		0	^
	57,963	e	Bourbon S.A.		2,506
	1,552,893		Carnival Corp		60,377
	100,844	e	Carnival plc		4,139
	411,000		CH Offshore Ltd		192
	5,229,600	*,e	China Shipping Container Lines Co Ltd		2,088
	2,046,700	e	China Shipping Development Co Ltd		3,343
	20,408		Compagnie Maritime Belge S.A.		652
	3,479,475	e	COSCO Holdings		4,607
	135,149	e	D/S Torm AS		1,398
	166,803		d’aAmico International Shipping SA		274
	173,000	e	Daiichi Chuo Kisen Kaisha		546
	113,500	*	Deep Sea Supply plc		199
	274,713	e	DHT Maritime, Inc		1,077
	18,050	*,e	Dockwise Ltd		439
	59,800		DOF ASA		453
	325,157	*,e	Eagle Bulk Shipping, Inc		1,727
	1,000	*	Eitzen Chemical ASA		0	^
	32,386		Euronav NV		717
	519,500	*	Evergreen International Storage & Transport Corp		435
	1,010,722		Evergreen Marine Corp Tawain Ltd		595
	1,747,000	e	Ezra Holdings Ltd		2,947
	66,537		Forth Ports plc		1,401
	182,133	e	Frontline Ltd		5,579
	82,650	e	Frontline Ltd (Norway)		2,545
	131,114	*,e	Genco Shipping & Trading Ltd		2,768
	233,743	e	General Maritime Corp		1,681
	7,128	*,e	Golar LNG Energy Ltd		11
	157,027	*,e	Golar LNG Ltd		1,837
	55,300	*,e	Golar LNG Ltd (Norway)		647

144

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	433,000	*,e	Golden Ocean Group Ltd	$	823
	133,064	*	Gulfmark Offshore, Inc		3,533
	386,668	e	Hamburger Hafen und Logistik AG.		14,670
	274		Hanjin Shipping Holdings Co Ltd		5
	121,579	e	Horizon Lines, Inc (Class A)		661
	123,489	*,e	Hornbeck Offshore Services, Inc		2,293
	121,400	e	Iino Kaiun Kaisha Ltd		809
	3,721,400		International Container Term Services, Inc		1,915
	44,771		International Shipholding Corp		1,316
	32,200	e	Inui Steamship Co Ltd		243
	2,505		Israel Corp Ltd		2,128
	94,860		James Fisher & Sons plc		620
	305,310		Kamigumi Co Ltd		2,456
	1,585,433	e	Kawasaki Kisen Kaisha Ltd		6,325
	190,730	*,e	Kirby Corp		7,276
	86,301	e	Knightsbridge Tankers Ltd		1,462
	43,406		Kuehne & Nagel International AG.		4,392
	205,596		Mermaid Marine Australia Ltd		517
	21,914		Minoan Lines S.A.		99
	1,828,500	*	MISC Bhd		4,540
	1,633,060		Mitsui OSK Lines Ltd		11,721
	546,599	e	Neptune Orient Lines Ltd		785
	1,802,741		Nippon Yusen Kabushiki Kaisha		7,115
	96,000		Nissin Corp		222
	227,424	e	Nordic American Tanker Shipping		6,884
	251,412	*,e	Odyssey Marine Exploration, Inc		329
	348,406		Orient Overseas International Ltd		2,582
	85,722	e	Overseas Shipholding Group, Inc		3,363
	3,353,000		Pacific Basin Shipping Ltd		2,669
	1,114,656	*,e	Royal Caribbean Cruises Ltd		36,773
	118,000	e	Shinwa Kaiun Kaisha Ltd		371
	232,856	e	Ship Finance International Ltd		4,136
	3,184,000		Shun TAK Holdings Ltd		2,055
	21,783		Smit Internationale NV		1,765
	48,000	e	Stolt-Nielsen S.A.		787
	129,970		STX Pan Ocean Co Ltd		1,539
	165,431	e	Teekay Corp		3,762
	52,057	e	Teekay Tankers Ltd (Class A)		654
	135,613	*,e	Ultrapetrol Bahamas Ltd		745
	1,611,700		U-Ming Marine Transport Corp		3,268
	24,943		VTG AG.		386
	1,015,670		Wan Hai Lines Ltd		571
	21,450		Wilh Wilhelmsen ASA		534
	1,010,212		Yang Ming Marine Transport		379
			TOTAL WATER TRANSPORTATION		279,013
WHOLESALE TRADE-DURABLE GOODS - 1.0%
	88,000		Advan Co Ltd		623
	116,143	e	Agilysys, Inc		1,297
	238,647	e	Applied Industrial Technologies, Inc		5,930
	1,220,443	*	Arrow Electronics, Inc		36,772
	46,427		Arseus NV		567

145

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	18,100		As One Corp	$	318
	1,702,165		Assa Abloy AB (Class B)		33,310
	45,500	e	Autobacs Seven Co Ltd		1,453
	323,900		Banpu PCL		6,191
	246,835	e	Barnes Group, Inc		4,801
	209,871	*,e	Beacon Roofing Supply, Inc		4,015
	776		BIC CAMERA, Inc		269
	21,595	*,e	Bluelinx Holdings, Inc		82
	14,278		Bobst Group AG.		542
	463,442	*	BorgWarner, Inc		17,694
	181,237	e	BSS Group plc		784
	238,960	e	Bunzl plc		2,615
	100,864		Campbell Brothers Ltd		2,735
	34,224		Canon Marketing Japan, Inc		466
	58,144	*	Cardtronics, Inc		731
	47,409		Carl Zeiss Meditec AG.		759
	89,794	e	Castle (A.M.) & Co		1,175
	6,740,000	e	China Communications Construction Co Ltd		6,363
	1,243,300	e	China High Speed Transmission Equipment Group Co Ltd		2,748
	1,625,861	e	China National Building Material Co Ltd		3,149
	2,224,000	*	China Resources Cement Holdings Ltd		1,074
	65,517	*,e	Chindex International, Inc		774
	2,875,000	*	CMC Magnetics Corp		789
	5,228		Coltene Holding AG.		297
	28,660	e	Communications Systems, Inc		371
	86,366		Compagnie de Saint-Gobain		4,153
	143,087	*,e	Conceptus, Inc		2,856
	36,092		Consumers’ Waterheater Income Fund		183
	113,561	e	Crane Group Ltd		934
	80,950		Creative Technology Ltd		291
	14,196		Daetwyler Holding AG.		916
	52,000	e	Daiichi Jitsugyo Co Ltd		137
	30,864		Demag Cranes AG.		1,082
	111,075	*,e	DemandTec, Inc		772
	124,190		Derichebourg		577
	3,225	e	D’ieteren S.A.		1,633
	121,030	*,e	Digi International, Inc		1,288
	2,902,859		Dimension Data Holdings plc		4,020
	5,245,215	e	Dongfeng Motor Group Co Ltd		8,526
	12,562		Doosan Corp		1,427
	34,400		Doshisha Co Ltd		893
	103,432	*,e	Drew Industries, Inc		2,278
	28,533	e	Eastern Co		386
	738,935		Electrocomponents plc		2,467
	91,916	*,e	Emdeon, Inc		1,518
	745,462		Energy Support Corp		1,507
	16,800		Enplas Corp		330
	60,211		Esprinet S.p.A.		627
	197,194		Finning International, Inc		3,572
	745,734		Fisher & Paykel Healthcare Corp		1,738
	1,354,822	*	Fortescue Metals Group Ltd		6,092

146

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	90,278		Fourlis Holdings S.A.	$	1,080
	35,160		Frigoglass S.A.		463
	3,968,200	e	Fushan International Energy Group Ltd		3,015
	59,523	*,e	GameLoft		287
	8,240	*,e	Global Defense Technology & Systems, Inc		110
	302,627		Grafton Group plc		1,298
	495,195	e	GWA International Ltd		1,509
	19,400		Hakuto Co Ltd		189
	3,669		Hamon & CIE S.A.		153
	109,542	*,e	Hansen Medical, Inc		251
	278,000	e	Hanwa Co Ltd		1,178
	39,161		Hargreaves Services plc		390
	132,504		Headlam Group plc		543
	31,291	*	Hexpol AB (Series B)		368
	113,144	e	Houston Wire & Cable Co		1,310
	335,352		Imperial Holdings Ltd		4,617
	15,792	*	IMS-Intl Metal Service		243
	41,000		Inaba Denki Sangyo Co Ltd		950
	128,100		Inabata & Co Ltd		604
	1,228,500	*,e	Ingram Micro, Inc (Class A)		21,560
	551,437		Inner Mongolia Yitai Coal Co		5,144
	299,630	*,e	Insight Enterprises, Inc		4,303
	181,222	*,e	Interline Brands, Inc		3,469
	3,586		Interseroh AG.		235
	2,431,672	e	Itochu Corp		21,302
	56,000		Japan Digital Laboratory Co Ltd		597
	3,095,800	*	JCY International Bhd		1,699
	29,300	e	Kaga Electronics Co Ltd		316
	554,000	*,e	Kanematsu Corp		456
	8,284		KCC Corp		2,592
	331,570		Kia Motors Corp		7,399
	181,638	*	Kingspan Group plc		1,570
	102,693	*,e	Kloeckner & Co AG.		3,036
	268,690	e	Knight Transportation, Inc		5,667
	38,100	e	Kuroda Electric Co Ltd		524
	34,263	e	Lawson Products, Inc		530
	3,855,362		Li & Fung Ltd		18,968
	80,310	e	Lindab International AB		809
	734,954	*	LKQ Corp		14,920
	27,900		Macnica, Inc		457
	185,000		Marubun Corp		1,120
	189,480	*	MedAssets, Inc		3,979
	128,902	*,e	Merge Healthcare, Inc		267
	5,304,000	*,e	Metallurgical Corp of China Ltd		2,903
	117,400	e	MISUMI Group, Inc		2,409
	3,119,322		Mitsubishi Corp		81,744
	3,220,355	e	Mitsui & Co Ltd		54,115
	227,600	*,e	Molopo Energy Ltd		240
	76,528	*	Munters AB		551
	60,052	*,e	MWI Veterinary Supply, Inc		2,426
	110,841		Mytilineos Holdings S.A.		737
	23,300		Nafco Co Ltd		427

147

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	15,300		Nagaileben Co Ltd	$	354
	2,038		NET One Systems Co Ltd		2,590
	149,455	*,e	New Carphone Warehouse plc		362
	204,000		Nippon Road Co Ltd		515
	65,000		Nippon Steel Trading Co Ltd		129
	9,051,721	*	Nissan Motor Co Ltd		77,552
	22,425	e	Nisshin Steel Co Ltd		47
	15,767	*	Norbord, Inc		245
	16,200		Onoken Co Ltd		146
	257,464		Owens & Minor, Inc		11,944
	5,731,000		Pan-United Corp Ltd		2,151
	293,498		Patterson Cos, Inc		9,113
	239,070	e	PEP Boys - Manny Moe & Jack		2,403
	8,769		Phoenix Solar AG.		373
	796,000	*	Playmates Toys Ltd		74
	247,047	e	Pool Corp		5,593
	933,414		Premier Farnell plc		3,196
	1,433,097	e	Prysmian S.p.A.		28,163
	267,631	*,e	PSS World Medical, Inc		6,292
	3,043,034		PT Astra International Tbk		14,012
	2,908,544		PT United Tractors Tbk		5,865
	876,000		Ralink Technology Corp		3,434
	68,190	e	Rautaruukki Oyj		1,474
	112,891	*	Rexel S.A.		1,715
	11,679		Rockwool International AS (B Shares)		1,254
	87,067	e	Russel Metals, Inc		1,734
	42,700		Ryosan Co Ltd		1,087
	32,700		Ryoyo Electro Corp		313
	498,000	e	Sagami Railway Co Ltd		2,104
	174,596		Samsung Corp		9,398
	57,000		Sangetsu Co Ltd		1,293
	35,300		Sanshin Electronics Co Ltd		298
	254,684		Satipel Industrial S.A.		2,198
	112,195	e	Schneider Electric S.A.		13,159
	507,153		Securitas Systems AB (B Shares)		976
	144,000		Seika Corp		330
	52,900		Shinko Shoji Co Ltd		457
	65,000		Shinsho Corp		150
	45,253	*	Sierra Wireless, Inc		381
	861,236	*	SIG plc		1,485
	3,667,271		Sime Darby BHD		9,792
	467,869	e	Sims Group Ltd		9,300
	77,268		Sims Group Ltd ADR		1,518
	91,510		SK Networks Co Ltd		930
	10,688		Solar Holdings AS (B Shares)		749
	339,301		Solera Holdings, Inc		13,114
	43,400	e	Sport Supply Group, Inc		583
	132,000		Sumikin Bussan Corp		302
	54,100		Sumisho Computer Systems Corp		785
	3,534,278	e	Sumitomo Corp		40,639
	554,445	*,e	Talecris Biotherapeutics Holdings Corp		11,045
	82,000	e	Tamura Corp		283

148

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	506,608	*	Tech Data Corp	$	21,227
	17,709,605		Test-Rite International Co		10,484
	65,725		THK Co Ltd		1,434
	1,757,509	e	ThyssenKrupp AG.		60,424
	55,574	*,e	Titan Machinery, Inc		761
	101,471	e,f	TMK OAO (GDR)		2,095
	242,623	*,e	TomoTherapy, Inc		827
	219,475	*	Topps Tiles plc		182
	142,942		Toromont Industries Ltd		4,179
	26,500	e	Trusco Nakayama Corp		419
	146,960	*,e	Tyler Technologies, Inc		2,754
	68,200	e	Ulvac, Inc		1,770
	1,201,841		UMW Holdings BHD		2,340
	15,428		Vossloh AG.		1,647
	179,567		W.W. Grainger, Inc		19,415
	10,938		Wajax Income Fund		297
	676,963		Wavin NV		1,326
	523,977	*,e	WESCO International, Inc		18,187
	1,990,581	e	Wesfarmers Ltd		58,069
	85,446		Wesfarmers Ltd PPS		2,499
	79,012	*,e	West Marine, Inc		857
	54,805	*,e	Westport Innovations, Inc		902
	22,181	*,e	Willis Lease Finance Corp		350
	3,401,107	*	Wolseley plc		82,165
	1,261,700		WPG Holdings Co Ltd		2,062
	4,500,000		Xiamen International Port Co Ltd		840
	82,100	e	Yamazen Corp		349
	432,000		Yuasa Trading Co Ltd		411
	33,400	e	Zenrin Co Ltd		400
			TOTAL WHOLESALE TRADE-DURABLE GOODS		1,075,997
WHOLESALE TRADE-NONDURABLE GOODS - 1.0%
	38,750		AarhusKarlshamn AB		1,052
	12,590	e	ABC-Mart, Inc		403
	131,935		Aceto Corp		797
	825,312		Airgas, Inc		52,506
	282,987	*,e	Akorn, Inc		433
	2,123,552		Akzo Nobel NV		121,024
	30,999	e	Alfresa Holdings Corp		1,336
	27,352,000	*	Alliance Global Group, Inc		3,329
	507,155	*,e	Alliance One International, Inc		2,581
	179,711	e	Allscripts Healthcare Solutions, Inc		3,515
	108,782	e	Andersons, Inc		3,642
	57,600		AOKI Holdings, Inc		771
	79,973	*,e	ASOS plc		628
	1,317,101	e	AWB Ltd		1,154
	36,352	e	Axfood AB		1,067
	4,239	*	Baron de Ley		197
	111,698	e	Billabong International Ltd		1,158
	205,572	*,e	BioScrip, Inc		1,640
	162,571	*,e	BMP Sunstone Corp		823
	425,464	e	Brown-Forman Corp (Class B)		25,294

149

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	10,900	e	C Uyemura & Co Ltd	$	442
	2,300,826		Cardinal Health, Inc		82,900
	40,035	e	Casino Guichard Perrachon S.A.		3,388
	98,271		Celesio AG.		3,142
	193,836	*,e	Central European Distribution Corp		6,786
	322,000		China Aviation Oil Singapore Corp Ltd		295
	3,958,000	e	China BlueChemical Ltd		2,579
	1,515,000		China Mengniu Dairy Co Ltd		4,722
	85,474	*,e	Clearwater Paper Corp		4,210
	68,302	*	Core-Mark Holding Co, Inc		2,091
	296,969		Dairy Crest Group plc		1,676
	4,502,000		Dalian Port PDA Co Ltd		2,111
	79,109		Danisco AS		5,899
	17,991		DC Chemical Co Ltd		3,132
	610,165	*,e	Dean Foods Co		9,573
	5,041		Delek Group Ltd		1,154
	381,500		Dickson Concepts International Ltd		232
	18,992	e	East Asiatic Co Ltd A.S.		593
	583,904		Empresas COPEC S.A.		8,735
	1,001,147	*,e	Endo Pharmaceuticals Holdings, Inc		23,717
	146,673	*	Ercros S.A.		255
	1,885,314	e	Esprit Holdings Ltd		14,873
	677,786	e	Findel plc		262
	3,094,000		First Pacific Co		2,004
	2,007,563		Foster’s Group Ltd		9,745
	233,548	*,e	Fresh Del Monte Produce, Inc		4,729
	150,000	*,e	Fujiya Co Ltd		342
	452,996		Fyffes plc		232
	8,869	e	Galenica AG.		3,524
	3,457,145		Gazprom (ADR)		80,656
	164,681	*,e	Gildan Activewear, Inc		4,332
	397,789	e	GrainCorp Ltd		2,270
	124,351	*,e	Green Mountain Coffee Roasters, Inc		12,040
	191,501	*,e	Hain Celestial Group, Inc		3,323
	87,072		Hanwha Corp		3,174
	420,029	*,e	Henry Schein, Inc		24,740
	1,442,761		Herbalife Ltd		66,541
	16,949		IC Companys AS		710
	13,929,000		IRPC PCL		2,007
	6,600		Itochu-Shokuhin Co Ltd		209
	183,000		Japan Pulp & Paper Co Ltd		656
	423,721		JBS S.A.		1,894
	53,100		Kato Sangyo Co Ltd		870
	39,402	*,e	Kenneth Cole Productions, Inc (Class A)		505
	88,015	e	Kikkoman Corp		1,030
	43,400		Kobayashi Pharmaceutical Co Ltd		1,787
	47,343	*	Koninklijke Vopak NV		3,729
	35,800	*	KRATON Polymers LLC		639
	122,318	*	K-Swiss, Inc (Class A)		1,279
	146,792		KT&G Corp		8,122
	42,891		Laboratorios Farmaceuticos Rovi S.A		391
	70,928		LG Chem Ltd		15,076

150

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	85,575	*,e	LSB Industries, Inc	$	1,304
	59,484		MARR S.p.A.		549
	3,146,594	e	Marubeni Corp		19,555
	265,462	e	Massmart Holdings Ltd		3,955
	56,700	e	Megmilk Snow Brand Co Ltd		882
	13,900	e	Meito Sangyo Co Ltd		194
	286,584	e	Men’s Wearhouse, Inc		6,861
	2,176,387	e	Metcash Ltd		8,268
	308,187		Metro, Inc		12,778
	1,893,632		Mexichem SAB de C.V.		5,636
	159,966	e	Myers Industries, Inc		1,676
	279,000		Nagase & Co Ltd		3,489
	71,718		Nash Finch Co		2,413
	2,237,596	e,m	Nippon Oil Corp		11,081
	5,744,655	e	Noble Group Ltd		12,566
	306,288	e	Nu Skin Enterprises, Inc (Class A)		8,913
	1,660,094		Pacific Andes International Holdings Ltd		319
	17,600	*	Paladin Labs, Inc		432
	63,171	*,e	Perry Ellis International, Inc		1,431
	9,921		Pescanova S.A.		297
	1,167,300		Petronas Dagangan BHD		3,239
	50,480	e	Point, Inc		3,024
	197,500	*,e	Pronova BioPharma AS		635
	2,246,500		PT Unilever Indonesia Tbk		3,000
	17,239		Rubis		1,504
	21,300	e	Ryoshoku Ltd		499
	29,000		S Foods, Inc		240
	48,200	e	Sakata Seed Corp		647
	59,800		San-A Co Ltd		2,248
	119,000		San-Ai Oil Co Ltd		477
	30,748		Sarantis S.A.		205
	76,322	e	Schiff Nutrition International, Inc		624
	103,247	*,e	School Specialty, Inc		2,345
	6,070		Schweizerhall Holding AG.		921
	2,298,804		Sigma Pharmaceuticals Ltd		981
	57,548		Sligro Food Group NV		1,918
	1,840,609	*	Sojitz Holdings Corp		3,563
	144,356		Spartan Stores, Inc		2,082
	45,931		Sprider Stores S.A.		47
	411,731		Suzano Papel e Celulose S.A.		5,626
	187,858	e	Suzuken Co Ltd		6,621
	196,375	e	Symrise AG.		4,676
	70,847	*,e	Synutra International, Inc		1,602
	2,064,880		Sysco Corp		60,914
	319,182		Terra Industries, Inc		14,606
	298,114		Tiger Brands Ltd		7,506
	39,436	*,e	Tikkurila Oy		811
	58,400		Toho Pharmaceutical Co Ltd		765
	50,000		Tokai Corp		278
	169,104	e	Tractor Supply Co		9,816
	686,046		Tsingtao Brewery Co Ltd		3,450
	3,086,875		Unilever NV		93,372

151

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	346,000	e	Unilever NV ADR	$	10,435
	4,973,144		Uni-President Enterprises Corp		5,661
	392,959		United Drug plc		1,364
	202,654	*,e	United Natural Foods, Inc		5,701
	126,569	*,e	United Stationers, Inc		7,449
	17,690	e	Valhi, Inc		348
	8,739		VAN DE Velde		393
	10,065	e	Vilmorin & Cie		1,034
	558,694		Vina Concha Y Toro S.A.		1,278
	384,146	*	Viterra, Inc		3,627
	91,532	*,e	Volcom, Inc		1,787
	89,214	e	Wimm-Bill-Dann Foods OJSC (ADR)		2,000
	90,000		Yokohama Reito Co Ltd		645
	107,783	e	Zep, Inc		2,358
	112,317	*,e	Zhongpin, Inc		1,426
			TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,049,020
			TOTAL COMMON STOCKS		102,096,798
			(Cost $90,847,602)
PREFERRED STOCK - 0.0%
FOOD AND KINDRED PRODUCTS - 0.0%
	243,497	*	Ambev Cia De Bebidas Das		22,319
			TOTAL FOOD AND KINDRED PRODUCTS		22,319
HOLDING AND OTHER INVESTMENT OFFICES - 0.0%
	99,480	*	Goodman PLUS Trust		6,390
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES		6,390
SECURITY AND COMMODITY BROKERS - 0.0%
	370,000		Daishin Securities Co Ltd		2,789
			TOTAL SECURITY AND COMMODITY BROKERS		2,789
TRANSPORTATION BY AIR - 0.0%
	1,366	*	Malaysian Airline System BHD		0	^
			TOTAL TRANSPORTATION BY AIR		0	^
			TOTAL PREFERRED STOCK		31,498
			(Cost $30,477)

152

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
RIGHTS / WARRANTS - 0.0%
BUSINESS SERVICES - 0.0%
	103,550	m	Asseco Poland S.A.	$	0	^
			TOTAL BUSINESS SERVICES		0	^
CHEMICALS AND ALLIED PRODUCTS - 0.0%
	76,228	m	Braskem S.A.		0	^
	3,136	m	Braskem S.A.		0	^
			TOTAL CHEMICALS AND ALLIED PRODUCTS		0	^
COMMUNICATIONS - 0.0%
	195,068	e	Clearwire Corp		36
			TOTAL COMMUNICATIONS		36
DEPOSITORY INSTITUTIONS - 0.0%
	269,339	e	Banco Pastor S.A.		35
	945,259	e	Mediobanca S.p.A.		120
	61,978	e	Unione di Banche Italiane SCPA		3
			TOTAL DEPOSITORY INSTITUTIONS		158
EATING AND DRINKING PLACES - 0.0%
	23,136		Krispy Kreme Doughnuts, Inc		2
			TOTAL EATING AND DRINKING PLACES		2
ELECTRIC, GAS, AND SANITARY SERVICES - 0.0%
	32		Cia de Transmissao de Energia Electrica Paulista		0	^
			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		0	^
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.0%
	6	m	GreenHunter Energy, Inc		0	^
			TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		0	^
FABRICATED METAL PRODUCTS - 0.0%
	52,800		Goodpack Ltd		40
			TOTAL FABRICATED METAL PRODUCTS		40
FOOD AND KINDRED PRODUCTS - 0.0%
	11,534		Golden Agri-Resources Ltd		1
			TOTAL FOOD AND KINDRED PRODUCTS		1
GENERAL BUILDING CONTRACTORS - 0.0%
	132,237		IJM Corp BHD		46
			TOTAL GENERAL BUILDING CONTRACTORS		46
HOLDING AND OTHER INVESTMENT OFFICES - 0.0%
	2,800	e	Fonciere Des Regions		3
	4,761,352	m	GPT Group		0	^
	67,045		IJM Land BHD		23
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES		26
PRIMARY METAL INDUSTRIES - 0.0%
	18,621		KME Group S.p.A.		1
			TOTAL PRIMARY METAL INDUSTRIES		1

153

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY			VALUE (000)
REAL ESTATE - 0.0%
	553,875		SP Setia BHD		$	88
			TOTAL REAL ESTATE			88
TRANSPORTATION BY AIR - 0.0%
	3,096		Gol Linhas Aereas Inteligentes S.A.			0	^
			TOTAL TRANSPORTATION BY AIR			0	^
TRANSPORTATION EQUIPMENT - 0.0%
	43,163	e	Volkswagen AG.			27
			TOTAL TRANSPORTATION EQUIPMENT			27
WHOLESALE TRADE-DURABLE GOODS - 0.0%
	32,514	m	Molopo Energy Ltd			4
			TOTAL WHOLESALE TRADE-DURABLE GOODS			4
WHOLESALE TRADE-NONDURABLE GOODS - 0.0%
	590,018		Pacific Andes International Holdings Ltd			0	^
			TOTAL WHOLESALE TRADE-NONDURABLE GOODS			0	^
			TOTAL RIGHTS / WARRANTS			429
			(Cost $116)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 6.6%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.1%
			Federal Home Loan Bank (FHLB)
	$22,900,000		FHLB	05/10/10		22,898
			Federal Home Loan Mortgage Corp (FHLMC)
	3,328,000		FHLMC	06/08/10		3,327
			Federal National Mortgage Association (FNMA)
	34,700,000		FNMA	05/19/10		34,694
	20,700,000		FNMA	06/09/10		20,696
			TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES			81,615
U.S. TREASURY BILLS - 0.1%
	9,000,000		United States Cash Management Bill	04/01/10		9,000
	420,000		United States Cash Management Bill	06/10/10		420
	25,000,000		United States Treasury Bill	07/22/10		24,988
	30,000,000		United States Treasury Bill	10/21/10		29,960
			TOTAL U.S. TREASURY BILLS			64,368
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 6.4%

154

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
REPURCHASE AGREEMENTS - 4.4%
	$   391,000,000	n	Barclays	$	391,000
	81,478,000	o	Bank of America		81,478
	492,000,000	p	BNP		492,000
	252,000,000	q	BNP		252,000
	65,000,000	r	Deutsche Bank		65,000
	1,618,000,000	s	Goldman Sachs		1,618,000
	500,000,000	t	Goldman Sachs		500,000
	400,000,000	u	JP Morgan Chase & Co		400,000
	211,000,000	v	Merrill Lynch		211,000
	186,000,000	w	Salomon Bros		186,000
	400,000,000	x	Salomon Bros		400,000
			TOTAL REPURCHASE AGREEMENTS		4,596,478
VARIABLE RATE SECURITY - 2.0%
	82,000,000		American Express Credit Account Master		81,938
	58,000,000		American Express Credit Account Master		58,028
	85,000,000		American Express Credit Account Master		85,219
	85,000,000		BA Credit Card Trust		84,895
	64,000,000		BA Credit Card Trust		63,818
	25,000,000		Bank One Issuance Trust		24,978
	4,510,209		Brunel Residential Mortgage Securitization plc		4,506
	43,525,000		Capital One Multi-Asset Execution Trust		43,260
	170,000,000		Capital One Multi-Asset Execution Trust		169,941
	32,000,000		Chase Issuance Trust 2006		31,967
	17,000,000		Chase Issuance Trust 2007		16,981
	51,000,000		Chase Issuance Trust 2007		50,727
	110,000,000		Citibank Credit Card Issuance Trust		109,952
	68,000,000		Discover Card Master Trust 2003		67,930
	102,000,000		Discover Card Master Trust 2005		101,785
	8,000,000		Discover Card Master Trust 2007		8,000
	39,000,000		GE Equipment Midticket LLC		38,850
	20,600,000		General Electric Cap Corp		20,611
	110,000,000		General Electric Cap Corp		109,676
	17,000,000		General Electric Cap Corp		16,882
	27,796,981		Granite Master Issuer plc 2006		25,539
	21,979,004		Granite Master Issuer plc 2007		20,198
	128,000,000		JP Morgan Chase & Co		128,215
	10,941,853		Medallion Trust Series 2005		10,579
	73,000,000		Nelnet Student Loan Trust 2006		72,724
	38,978,618		Nelnet Student Loan Trust 2007		38,825
	59,000,000		Permanent Financing plc		59,000
	135,000,000		Permanent Master Issuer plc		131,536
	26,692,250		Puma Global Mortgage Backed Trust		25,352
	100,000,000		Rabobank Nederland Trust		100,059
	40,485,202		SLM Student Loan Trust 2006		40,439
	170,000,000		SLM Student Loan Trust 2007		161,855
	43,000,000		SLM Student Loan Trust 2008		43,156
	49,315,240		Wachovia Student Loan Trust 2005		49,213
			TOTAL VARIABLE RATE SECURITY		2,096,634
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED		6,693,112

155

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COMPANY		VALUE (000)
TOTAL SHORT-TERM INVESTMENTS	$	6,839,095
(Cost $6,844,468)
TOTAL INVESTMENTS - 106.3%		108,971,393
(Cost $97,723,670)
OTHER ASSETS & LIABILITIES, NET - (6.3)%		(6,472,591)
NET ASSETS - 100.0%	$	102,498,802

	Abbreviation(s):
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
NR	Not Rated by Moody’s
SPDR	Standard & Poor’s Depository Receipts
*	Non-income producing.
^	Amount represents less than $1,000.
†	As provided by Moody’s Investors Services.
b	In bankruptcy
e	All or a portion of these securities are out on loan.
f	Restricted security
j	Zero coupon
m	Indicates a security that has been deemed illiquid.
n	Agreement with Barclays, 0.02% dated 3/31/10 to be repurchased at $391,000,000 on 04/01/10, collateralized by U.S. Government Agencies security valued at $398,820,100.
o	Agreement with Bank of America, 0.02% dated 3/31/10 to be repurchased at $81,478,000 on 04/01/10, collateralized by U.S. Government Agencies security valued at $83,107,560.
p	Agreement with BNP, 0.00% dated 3/31/10 to be repurchased at $492,000,000 on 04/01/10, collateralized by U.S. Government Agencies security valued at $501,844,090.
q	Agreement with BNP, 0.00% dated 3/31/10 to be repurchased at $252,000,000 on 04/01/10, collateralized by U.S. Government Agencies security valued at $257,040,012.
r	Agreement with Deutsche Bank, 0.03% dated 3/31/10 to be repurchased at $65,000,000 on 04/01/10, collateralized by U.S. Government Agencies security valued at $66,300,000.
s	Agreement with Goldman Sachs, 0.01% dated 3/31/10 to be repurchased at $1,618,000,000 on 04/01/10, collateralized by U.S. Government Agencies security valued at $1,650,360,000.
t	Agreement with Goldman Sachs, 0.01% dated 3/31/10 to be repurchased at $500,000,000 on 04/01/10, collateralized by U.S. Government Agencies security valued at $510,000,897.
u	Agreement with JP Morgan Chase & Co, 0.00% dated 3/31/10 to be repurchased at $400,000,000 on 04/01/10, collateralized by U.S. Government Agencies security valued at $408,002,839.
v	Agreement with Merrill Lynch, 0.00% dated 3/31/10 to be repurchased at $211,000,000 on 04/01/10, collateralized by U.S. Government Agencies security valued at $215,221,484.
w	Agreement with Salomon Bros, 0.02% dated 3/31/10 to be repurchased at $186,000,000 on 04/01/10, collateralized by U.S. Government Agencies security valued at $189,720,000.
x	Agreement with Salomon Bros, 0.01% dated 3/31/10 to be repurchased at $400,000,000 on 04/01/10, collateralized by U.S. Government Agencies security valued at $408,000,733.
	Cost amounts are in thousands.

156

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
SUMMARY OF MARKET VALUES BY COUNTRY (unaudited)
March 31, 2010

COUNTRY	VALUE (000)		% OF TOTAL PORTFOLIO
DOMESTIC
UNITED STATES	$	78,100,779		71.7	%
TOTAL DOMESTIC		78,100,779		71.7
FOREIGN
ARGENTINA		14,926		0.0
AUSTRALIA		1,711,898		1.6
AUSTRIA		162,725		0.2
BELGIUM		309,750		0.3
BERMUDA		51,611		0.1
BRAZIL		967,744		0.9
CAMBODIA		943		0.0
CANADA		2,355,644		2.2
CAYMAN ISLANDS		2,251		0.0
CHILE		68,786		0.1
CHINA		963,825		0.9
COLOMBIA		39,945		0.0
CYPRUS		4,065		0.0
CZECH REPUBLIC		55,283		0.1
DENMARK		131,388		0.1
EGYPT		27,252		0.0
FINLAND		297,515		0.3
FRANCE		1,786,678		1.6
GERMANY		1,722,972		1.6
GIBRALTAR		23,446		0.0
GREECE		91,128		0.1
GUERNSEY, C.I.		34,557		0.0
HONG KONG		542,509		0.5
HUNGARY		26,695		0.0
INDIA		393,327		0.4
INDONESIA		107,994		0.1
IRELAND		182,756		0.2
ISRAEL		426,583		0.4
ITALY		589,009		0.5
JAPAN		4,721,468		4.3
JERSEY, C.I.		9,563		0.0
KAZAKHSTAN		29,424		0.0
KOREA, REPUBLIC OF		699,392		0.6
LIECHTENSTEIN		2,807		0.0
LUXEMBOURG		35,635		0.0
MACAU		37,645		0.0
MALAYSIA		172,963		0.2
MEXICO		261,160		0.2
MOROCCO		8,747		0.0
NETHERLANDS		902,144		0.8

157

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
SUMMARY OF MARKET VALUES BY COUNTRY (unaudited)
March 31, 2010

COUNTRY	VALUE (000)		% OF TOTAL PORTFOLIO
NEW ZEALAND	$	37,260		0.0	%
NORWAY		132,821		0.1
PANAMA		17,228		0.0
PERU		16,532		0.0
PHILIPPINES		39,325		0.0
POLAND		72,651		0.1
PORTUGAL		66,739		0.1
PUERTO RICO		8,412		0.0
RUSSIA		329,699		0.3
SINGAPORE		316,228		0.3
SOUTH AFRICA		371,193		0.3
SPAIN		722,690		0.7
SWEDEN		517,827		0.5
SWITZERLAND		2,658,307		2.4
TAIWAN		643,229		0.6
THAILAND		97,058		0.1
TURKEY		80,742		0.1
UNITED KINGDOM		4,768,520		4.4
TOTAL FOREIGN		30,870,614		28.3
TOTAL PORTFOLIO	$	108,971,393		100.0	%

Value amounts are in thousands.

158

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2010

SHARES			COMPANY		VALUE (000)
COMMON STOCKS - 99.4%
AMUSEMENT AND RECREATION SERVICES - 0.6%
	35,752	e	Aristocrat Leisure Ltd	$	149
	65,700	*	bwin Interactive Entertainment		3,865
	55,347	*	Electronic Arts, Inc		1,033
	9,531,000	*,e	Galaxy Entertainment Group Ltd		4,395
	42,281		Ladbrokes plc		102
	2,148		Lottomatica S.p.A.		41
	10,350	*	Madison Square Garden, Inc		225
	464,279	*,e	Melco PBL Entertainment Macau Ltd (ADR)		2,238
	10,651,796		NagaCorp Ltd		1,399
	71,158	e	Nintendo Co Ltd		23,823
	47,916		OPAP S.A.		1,087
	4,801	e	Oriental Land Co Ltd		335
	2,040,798	*	PartyGaming plc		9,913
	14,930,000		Rexcapital Financial Holdings Ltd		2,134
	289,644	e	Sega Sammy Holdings, Inc		3,507
	1,143,000		SJM Holdings Ltd		755
	52,025	e	Sky City Entertainment Group Ltd		119
	379,051		TABCORP Holdings Ltd		2,400
	117,714	e	Tattersall’s Ltd		266
	624,932		Walt Disney Co		21,816
			TOTAL AMUSEMENT AND RECREATION SERVICES		79,602
APPAREL AND ACCESSORY STORES - 1.1%
	32,384		Abercrombie & Fitch Co (Class A)		1,478
	489,703		American Eagle Outfitters, Inc		9,069
	3,321,000		Belle International Holdings Ltd		4,465
	88,097		Burberry Group plc		955
	282,494	e	Fast Retailing Co Ltd		49,102
	684,910		Gap, Inc		15,828
	157,844		Hennes & Mauritz AB (B Shares)		10,255
	226,401		Inditex S.A.		14,924
	218,770	*	Kohl’s Corp		11,984
	458,567		Limited Brands, Inc		11,290
	11,876		Lotte Shopping Co Ltd		3,443
	272,591		Nordstrom, Inc		11,135
	134,516		Ross Stores, Inc		7,193
	50,222	*	Urban Outfitters, Inc		1,910
			TOTAL APPAREL AND ACCESSORY STORES		153,031
APPAREL AND OTHER TEXTILE PRODUCTS - 0.1%
	65,000		Guess ?, Inc		3,054
	11,015		Hermes International		1,530
	71,017		Nike, Inc (Class B)		5,220
	6,000	e	Onward Kashiyama Co Ltd		47

159

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY		VALUE (000)
	8,320		Polo Ralph Lauren Corp (Class A)	$	708
	1,126		Shimamura Co Ltd		100
	83,916		VF Corp		6,725
			TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		17,384
AUTO REPAIR, SERVICES AND PARKING - 0.0%
	42,250		Ryder System, Inc		1,638
			TOTAL AUTO REPAIR, SERVICES AND PARKING		1,638
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.1%
	49,721		Advance Auto Parts		2,085
	17,857	*,e	Autonation, Inc		323
	9,015	*	Autozone, Inc		1,560
	33,322		Canadian Tire Corp Ltd		1,819
	32,770	*	Carmax, Inc		823
	20,236	*	O’Reilly Automotive, Inc		844
			TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		7,454
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.3%
	26,010	e	Fastenal Co		1,248
	692,915		Home Depot, Inc		22,416
	1,753,090		Kingfisher plc		5,704
	408,202		Lowe’s Cos, Inc		9,895
			TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		39,263
BUSINESS SERVICES - 5.9%
	96,256		Activision Blizzard, Inc		1,161
	26,190		Adecco S.A.		1,487
	366,182	*	Adobe Systems, Inc		12,952
	39,102	*	Akamai Technologies, Inc		1,228
	476,644	*,e	Alliance Data Systems Corp		30,500
	460,655	*	Atos Origin S.A.		23,133
	33,008	*	Autodesk, Inc		971
	205,253		Automatic Data Processing, Inc		9,128
	3,479,192	*	Autonomy Corp plc		96,248
	358,700		Aveva Group plc		6,450
	91,031	*	BMC Software, Inc		3,459
	101,987		CA, Inc		2,394
	10,095	*	Cerner Corp		859
	416,923	*	CGI Group, Inc		6,240
	39,779	*	Citrix Systems, Inc		1,888
	87,941	*	Cognizant Technology Solutions Corp (Class A)		4,483
	312,483	*	Computer Sciences Corp		17,027
	39,748		Computershare Ltd		457
	78,154		Ctrip.com International Ltd (ADR)		3,064
	12,690	e	Dassault Systemes S.A.		751
	27		Dena Co Ltd		200
	15,255	e	Dentsu, Inc		401
	5,540		DST Systems, Inc		230
	643,584	*	eBay, Inc		17,345
	33,361		Equifax, Inc		1,194
	28,995		Expedia, Inc		724

160

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY		VALUE (000)
	182,573		Experian Group Ltd	$	1,797
	139,563		Fidelity National Information Services, Inc		3,271
	31,382	*	Fiserv, Inc		1,593
	1,900,406		Fujitsu Ltd		12,440
	48,269	e	Gestevision Telecinco S.A.		758
	154,155	*	Google, Inc (Class A)		87,407
	270,398		Group 4 Securicor plc		1,073
	2,445	e	Hakuhodo DY Holdings, Inc		129
	7,502	*	IHS, Inc (Class A)		401
	23,142	e	Indra Sistemas S.A.		474
	50,000		Infosys Technologies Ltd		2,913
	36,000	e	Infosys Technologies Ltd (ADR)		2,119
	91,235	*	Interpublic Group of Cos, Inc		759
	81,423	*	Intuit, Inc		2,796
	36,257		Iron Mountain, Inc		993
	187,562	*,e	JC Decaux S.A.		5,241
	172,059	e	JSR Corp		3,594
	103,721	*	Juniper Networks, Inc		3,182
	9,273	e	Konami Corp		179
	61,430	*,e	Longtop Financial Technologies Ltd (ADR)		1,979
	42,478		Manpower, Inc		2,426
	57,434		Mastercard, Inc (Class A)		14,588
	164,162	*	McAfee, Inc		6,588
	4,465,511		Microsoft Corp		130,706
	283,800	e	Mitsubishi UFJ Lease & Finance Co Ltd		10,321
	305	*,e	Mixi Inc		2,078
	49,999	e	Moody’s Corp		1,487
	1,110,328		NEC Corp		3,337
	50,163	*	Neowiz Games Corp		1,561
	70,177	*	Netease.com (ADR)		2,489
	13,305	*	NHN Corp		2,117
	10,610	e	Nomura Research Institute Ltd		242
	240,000	*	Novell, Inc		1,438
	124	e	NTT Data Corp		413
	352,984	*	Nuance Communications, Inc		5,874
	687	e	Obic Co Ltd		125
	123,842		Omnicom Group, Inc		4,806
	24,131	*	Open Text Corp		1,151
	2,085,319		Oracle Corp		53,572
	3,803	e	Oracle Corp Japan		176
	1,587	e	Otsuka Corp		101
	1,398,100	e	Playtech Ltd		11,457
	19,780	e	Publicis Groupe S.A.		846
	11,218	e	Rakuten, Inc		8,111
	23,054	*	Randstad Holdings NV		1,096
	27,739	*	Red Hat, Inc		812
	41,175	e	Ritchie Bros Auctioneers, Inc		888
	28,958		Robert Half International, Inc		881
	261,105		Sage Group plc		947
	32,211	*	Salesforce.com, Inc		2,398
	745,821		SAP AG.		36,123
	20,313		Secom Co Ltd		889

161

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY		VALUE (000)
	71,139		Securitas AB (B Shares)	$	759
	102,343		Seek Ltd		753
	2,149	e	SGS S.A.		2,963
	42,738	*	Sina Corp		1,611
	5,024		Societe Des Autoroutes Paris-Rhin-Rhone		361
	476,993	e	Softbank Corp		11,750
	40,000	*	Sohu.com, Inc		2,184
	75,000	e	Sotheby’s (Class A)		2,332
	6,299	e	Square Enix Co Ltd		138
	1,247,073	*	Symantec Corp		21,100
	21,424	*	Synopsys, Inc		479
	550,776	*,e	Temenos Group AG.		16,219
	155,500	e	Tencent Holdings Ltd		3,120
	24,863		Total System Services, Inc		389
	10,151		Trend Micro, Inc		354
	24,764	*,e	United Internet AG.		376
	1,452	e	USS Co Ltd		99
	28,023	*	VeriSign, Inc		729
	336,909		Visa, Inc (Class A)		30,669
	125,224	*	VMware, Inc (Class A)		6,674
	1,537,505		WPP plc		15,935
	16,772	e	Yahoo! Japan Corp		6,109
	523,142	*	Yahoo!, Inc		8,648
			TOTAL BUSINESS SERVICES		820,867
CHEMICALS AND ALLIED PRODUCTS - 10.4%
	712,325		Abbott Laboratories		37,525
	21,431	*	Actelion Ltd		975
	66,176		Agrium, Inc (Toronto)		4,680
	41,095		Air Liquide		4,933
	38,388		Air Products & Chemicals, Inc		2,839
	197,000	e	Air Water, Inc		2,255
	150,000		Alberto-Culver Co		3,923
	780,870	*	Amgen, Inc		46,665
	121,859	e	Asahi Kasei Corp		656
	54,483	e	Astellas Pharma, Inc		1,973
	599,406		AstraZeneca plc		26,733
	94,208	e	AstraZeneca plc (ADR)		4,213
	14,800		Avery Dennison Corp		539
	84,224		Avon Products, Inc		2,853
	717,132		BASF AG.		44,478
	19,394	e	Beiersdorf AG.		1,160
	101,865	*	Biogen Idec, Inc		5,843
	61,901	e	Biovail Corp		1,035
	2,615,000	*	Biovitrum AB		13,834
	414,978		Bristol-Myers Squibb Co		11,080
	179,238		Celanese Corp (Series A)		5,709
	434,830	*	Celgene Corp		26,942
	48,864	*	Cephalon, Inc		3,312
	65,079		CF Industries Holdings, Inc		5,934
	12,981	*	Charles River Laboratories International, Inc		510
	10,467		Christian Dior S.A.		1,117

162

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	21,758		Chugai Pharmaceutical Co Ltd	$	409
	37,367		Church & Dwight Co, Inc		2,502
	260,756		Cipla Ltd		1,965
	75,123		Clorox Co		4,818
	215,539		Colgate-Palmolive Co		18,377
	310,970		CSL Ltd		10,396
	205,000		Cytec Industries, Inc		9,582
	27,630	e	Daicel Chemical Industries Ltd		190
	65,379	e	Daiichi Sankyo Co Ltd		1,225
	27,000	e	Dainippon Ink and Chemicals, Inc		58
	15,563	e	Dainippon Sumitomo Pharma Co Ltd		143
	34,026	*	Dendreon Corp		1,241
	701,219		Dow Chemical Co		20,735
	60,246		Dr Reddy’s Laboratories Ltd		1,711
	25,465	e	DSM NV		1,136
	328,731		Du Pont (E.I.) de Nemours & Co		12,242
	37,581		Eastman Chemical Co		2,393
	46,915		Ecolab, Inc		2,062
	27,241	e	Eisai Co Ltd		972
	78,082	*	Elan Corp plc		588
	27,332	*	Elan Corp plc (ADR)		207
	226,829		Eli Lilly & Co		8,216
	1,075	e	Eramet		370
	59,701		Estee Lauder Cos (Class A)		3,873
	65,700	e	Fancl Corp		1,245
	1,070,819		Ferro Corp		9,412
	25,067		FMC Corp		1,518
	571,735	*	Forest Laboratories, Inc		17,930
	600,000	*	Genomma Lab Internacional S.A. de C.V.		2,085
	92,330	*	Genzyme Corp		4,785
	703,559	*	Gilead Sciences, Inc		31,998
	1,585		Givaudan S.A.		1,390
	1,434,385		GlaxoSmithKline plc		27,546
	26,596	e	Grifols S.A.		397
	12,593		H Lundbeck A/s		237
	1		H.B. Fuller Co		0	^
	28,685		Henkel KGaA		1,329
	38,161	e	Henkel KGaA (Preference)		2,054
	6,700	e	Hisamitsu Pharmaceutical Co, Inc		249
	79,925	*	Hospira, Inc		4,528
	33,937	*	Human Genome Sciences, Inc		1,025
	1,692,397		Incitec Pivot Ltd		5,389
	11,536		International Flavors & Fragrances, Inc		550
	98,560		Ipsen		4,813
	1,275,400		Johnson & Johnson		83,155
	18,480		Kansai Paint Co Ltd		151
	262,953		Kao Corp		6,666
	133,000	*	King Pharmaceuticals, Inc		1,564
	464,000		Kingboard Chemical Holdings Ltd		2,113
	226,587		Kuraray Co Ltd		3,049
	25,486		Kyowa Hakko Kogyo Co Ltd		263
	170,600	e	Lanxess AG.		7,861

163

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	10,053		LG Household & Health Care Ltd	$	2,688
	124,816	*	Life Technologies Corp		6,524
	32,794	e	Linde AG.		3,913
	162,540	e	Lonza Group AG.		13,257
	42,809		L’Oreal S.A.		4,502
	45,597		Lubrizol Corp		4,182
	83,963		Lupin Ltd		3,043
	14,412	e	Mediceo Paltac Holdings Co Ltd		171
	1,051,024		Merck & Co, Inc		39,256
	11,068	e	Merck KGaA		897
	116,850	e	Mitsubishi Chemical Holdings Corp		597
	36,269	e	Mitsubishi Gas Chemical Co, Inc		218
	626,876		Monsanto Co		44,771
	49,094		Mosaic Co		2,983
	912,188	*	Mylan Laboratories, Inc		20,716
	179,455	e	Nissan Chemical Industries Ltd		2,511
	2,358,584		Novartis AG.		127,390
	83,000		Novartis AG. (ADR)		4,490
	113,917	e	Novo Nordisk AS (Class B)		8,840
	10,373	e	Novozymes AS (B Shares)		1,148
	15,665	e	Nufarm Ltd		118
	8,266		Ono Pharmaceutical Co Ltd		368
	13,186	e	Orion Oyj (Class B)		292
	39,911	*	Pactiv Corp		1,005
	91,959		Perrigo Co		5,400
	4,019,035		Pfizer, Inc		68,925
	132,045		Potash Corp of Saskatchewan		15,768
	108,961		PPG Industries, Inc		7,126
	76,821		Praxair, Inc		6,376
	994,764		Procter & Gamble Co		62,939
	596,868		PTT Chemical PCL		1,754
	566,496		Reckitt Benckiser Group plc		31,094
	405,479		Roche Holding AG.		65,759
	516,873		Sanofi-Aventis		38,529
	7,456	e	Santen Pharmaceutical Co Ltd		224
	19,100	e	Sawai Pharmaceutical Co Ltd		1,246
	24,773		Sherwin-Williams Co		1,677
	206,700		Shin-Etsu Chemical Co Ltd		12,005
	29,073	e	Shionogi & Co Ltd		553
	1,671,388		Shire Ltd		36,878
	60,000		Shire plc (ADR)		3,958
	197,485	e	Shiseido Co Ltd		4,288
	1,466,654		Showa Denko KK		3,310
	17,956		Sigma-Aldrich Corp		964
	2,203,585	e	Sinochem Hong Kong Holding Ltd		1,317
	100,708	*	Sinovac Biotech Ltd		595
	12,478		Solvay S.A.		1,283
	150,748		Sumitomo Chemical Co Ltd		737
	40,134		Sun Pharmaceuticals Industries Ltd		1,602
	113,362		Syngenta AG.		31,480
	10,411		Taisho Pharmaceutical Co Ltd		189
	666,000		Taiwan Fertilizer Co Ltd		2,129

164

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	488,897	e	Taiyo Nippon Sanso Corp	$	4,780
	244,048	e	Takeda Pharmaceutical Co Ltd		10,742
	21,721	e	Tanabe Seiyaku Co Ltd		307
	1,661,297		Teva Pharmaceutical Industries Ltd (ADR)		104,794
	357,689	*,e	Theravance, Inc		4,764
	601,500		Tokai Carbon Co Ltd		3,500
	26,693	e	Tokuyama Corp		148
	129,283	e	Toray Industries, Inc		755
	51,647	e	Tosoh Corp		131
	450,000		TSRC Corp		599
	144,574	e	Tsumura & Co		4,199
	97,012		UBE Industries Ltd		249
	182,038		UCB S.A.		7,773
	300,000	*,e	Vanda Pharmaceuticals, Inc		3,462
	28,104	*	Vertex Pharmaceuticals, Inc		1,149
	3,312	e	Wacker Chemie AG.		494
	70,553	*	Warner Chilcott plc		1,803
	240,803	*	Watson Pharmaceuticals, Inc		10,058
	41,997	e	Yara International ASA		1,823
			TOTAL CHEMICALS AND ALLIED PRODUCTS		1,453,944
COAL MINING - 0.3%
	35,127	*	Alpha Natural Resources, Inc		1,752
	22,430		Arch Coal, Inc		513
	821,443	e	Centennial Coal Co Ltd		3,211
	6,167,847		China Coal Energy Co		9,628
	52,549		Consol Energy, Inc		2,242
	323,061	e,m	Gloucester Coal Ltd		2,668
	1,400,239	e	MacArthur Coal Ltd		18,054
	205,674		New World Resources NV		2,420
	78,093		Peabody Energy Corp		3,569
	461,173		Whitehaven Coal Ltd		2,171
			TOTAL COAL MINING		46,228
COMMERCIAL SERVICES AND SUPPLIES - 0.0%
	10,497		Bureau Veritas S.A.		557
			TOTAL COMMERCIAL SERVICES AND SUPPLIES		557
COMMUNICATIONS - 4.1%
	76,990		America Movil S.A. de C.V. (ADR) (Series L)		3,876
	174,790	*	American Tower Corp (Class A)		7,448
	29,422	*	AOL, Inc		744
	2,646,355		AT&T, Inc		68,382
	206,534	e	BCE, Inc		6,070
	31,973		Belgacom S.A.		1,249
	238,575		British Sky Broadcasting plc		2,179
	12,791,819		BT Group plc		24,051
	133,456	e	Cable & Wireless plc		112
	540,356	*	Cable & Wireless Worldwide		754
	184,296		Cablevision Systems Corp (Class A)		4,449
	525,034		CBS Corp (Class B)		7,319
	163,968		CenturyTel, Inc		5,814

165

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,356,681		Comcast Corp (Class A)	$	25,533
	122,905	e	Comcast Corp (Special Class A)		2,209
	80,737	*	Crown Castle International Corp		3,087
	1,806,280		Deutsche Telekom AG.		24,482
	553,897	*	DIRECTV		18,727
	298,534		DISH Network Corp (Class A)		6,215
	29,075		Elisa Oyj (Series A)		600
	21,182		Eutelsat Communications		753
	568,356		France Telecom S.A.		13,599
	2,264		Fuji Television Network, Inc		3,354
	903,685		Hellenic Telecommunications Organization S.A.		11,217
	10,434,000		Hutchison Telecommunications Hong Kong Holdings Ltd		1,801
	95,013	*	IAC/InterActiveCorp		2,161
	3,772	e	Iliad S.A.		389
	70,719		Inmarsat plc		811
	256	e	Jupiter Telecommunications Co		296
	284		KDDI Corp		1,470
	249,927	*,e	Level 3 Communications, Inc		405
	23,170	*	Liberty Global, Inc (Class A)		676
	13,786	*,e	Liberty Global, Inc (Series C)		398
	2,324	*	Liberty Media Corp - Starz		127
	80,080	*	Liberty Media Holding Corp (Interactive A)		1,226
	12,541		M6-Metropole Television		324
	1,000		Manitoba Telecom Services, Inc		31
	149,561		Mediaset S.p.A.		1,285
	168,951	*	MetroPCS Communications, Inc		1,196
	6,080		Mobistar S.A.		374
	73,328	*	NII Holdings, Inc (Class B)		3,055
	488,630		Nippon Telegraph & Telephone Corp		20,593
	5,716	e	NTT DoCoMo, Inc		8,706
	173,749		PCCW Ltd		52
	40,201		Philippine Long Distance Telephone Co (ADR)		2,142
	124,335		Portugal Telecom SGPS S.A.		1,390
	47,700	e	ProSiebenSat.1 Media AG.		805
	1,439,500		PT Telekomunikasi Indonesia Tbk (Series B)		1,273
	1,883,660		Qwest Communications International, Inc		9,833
	199,185	e	Rogers Communications, Inc (Class B)		6,803
	1,288,702	e	Royal KPN NV		20,417
	32,405	*	SBA Communications Corp (Class A)		1,169
	60,630	e	SES Global S.A.		1,531
	147,229	*,e	Shaw Communications, Inc (B Shares)		2,915
	3,646,508		Singapore Telecommunications Ltd		8,263
	23,847	e	Societe Television Francaise 1		442
	984,449	*	Sprint Nextel Corp		3,741
	33,274		StarHub Ltd		54
	5,063		Swisscom AG.		1,848
	1,592,923		Taiwan Mobile Co Ltd		2,999
	64,520		Tele2 AB (B Shares)		1,077
	176,649		Telecom Corp of New Zealand Ltd		272
	12,368,253		Telecom Italia RSP		13,949
	1,920,254		Telecom Italia S.p.A.		2,765
	80,000		Telefonica O2 Czech Republic A.S.		1,868

166

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,463,393		Telefonica S.A.	$	34,668
	66,952		Telekom Austria AG.		936
	29,100		Telenet Group Holding NV		879
	178,937	*,e	Telenor ASA		2,427
	42,917		Telephone & Data Systems, Inc		1,453
	14,177		Television Broadcasts Ltd		69
	487,091	e	TeliaSonera AB		3,457
	450,409		Telstra Corp Ltd		1,236
	24,660		TELUS Corp		918
	60,900		TELUS Corp, non-voting shares		2,179
	170,383		Time Warner Cable, Inc		9,083
	1,700		Tokyo Broadcasting System, Inc		26
	1,711,487		Verizon Communications, Inc		53,090
	252,520		Vivendi Universal S.A.		6,758
	33,201,489		Vodafone Group plc		76,582
	306,678		Vodafone Group plc (ADR)		7,143
	63,684		Windstream Corp		694
			TOTAL COMMUNICATIONS		574,753
DEPOSITORY INSTITUTIONS - 10.8%
	15,083		77 Bank Ltd		86
	95,359	*	Alpha Bank S.A.		903
	1,600,000		AMMB Holdings Berhad		2,452
	147,992	*,m	Anglo Irish Bank Corp plc		43
	2,212,848	e	Aozora Bank Ltd		3,124
	1,278,941		Australia & New Zealand Banking Group Ltd		29,763
	142,582	e	Banca Carige S.p.A.		389
	1,746,760	*	Banca Intesa S.p.A.		6,506
	194,814		Banca Intesa S.p.A. RSP		583
	469,713	e	Banca Monte dei Paschi di Siena S.p.A.		695
	81,542		Banca Popolare di Milano		506
	127,146		Banche Popolari Unite Scpa		1,716
	1,136,725	e	Banco Bilbao Vizcaya Argentaria S.A.		15,553
	229,229	e	Banco Bradesco S.A. (ADR)		4,225
	527,469		Banco Comercial Portugues S.A.		587
	1,888,700		Banco de Oro Universal Bank		1,734
	192,958	e	Banco de Sabadell S.A.		1,065
	48,128	e	Banco de Valencia S.A.		307
	224,954		Banco do Brasil S.A.		3,776
	123,384		Banco Espirito Santo S.A.		667
	130,000		Banco Itau Holding Financeira S.A.		2,851
	135,956	*	Banco Popolare Scarl		946
	180,882	e	Banco Popular Espanol S.A.		1,331
	728,911		Banco Santander Brasil S.A. (ADR)		9,060
	5,629,945		Banco Santander Central Hispano S.A.		74,824
	551,500		Bangkok Bank PCL (ADR)		2,243
	5,020,447		Bank of America Corp		89,616
	4,242,000	e	Bank of China Ltd		2,262
	131,618		Bank of East Asia Ltd		485
	475,177		Bank of India		3,601
	29,653		Bank of Kyoto Ltd		273
	239,014		Bank of Montreal		14,508

167

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	245,131		Bank of New York Mellon Corp	$	7,570
	442,572		Bank of NOVA Scotia		22,171
	55,609		Bank of Okinawa Ltd		2,266
	628,805	e	Bank of Yokohama Ltd		3,080
	62,240		Bankinter S.A.		518
	5,585,036		Barclays plc		30,536
	128,006		BB&T Corp		4,146
	29,160	e	Bendigo Bank Ltd		268
	595,608	e	BNP Paribas		45,741
	456,448		BOC Hong Kong Holdings Ltd		1,089
	167,358	e	Canadian Imperial Bank of Commerce/Canada		12,227
	73,635	e	Chiba Bank Ltd		440
	2,880,000		China Citic Bank		2,159
	7,241,000		China Construction Bank		5,931
	953,546	e	China Merchants Bank Co Ltd		2,579
	2,212,459		Chinatrust Financial Holding Co		1,254
	17,000	e	Chugoku Bank Ltd		229
	12,063,188	*	Citigroup, Inc		48,856
	24,549		Comerica, Inc		934
	153,647	*,e	Commerzbank AG.		1,316
	736,802		Commonwealth Bank of Australia		38,059
	30,714		Credicorp Ltd (NY)		2,708
	195,894	e	Credit Agricole S.A.		3,429
	95,188	*	Danske Bank AS		2,342
	1,870,628		DBS Group Holdings Ltd		19,121
	126,962	e	Deutsche Bank AG.		9,780
	18,703	*,e	Deutsche Postbank AG.		600
	115,105	*,e	Dexia		687
	199,545	*,e	DNB NOR Holding ASA		2,280
	71,466	*	EFG Eurobank Ergasias S.A.		656
	41,263		Erste Bank der Oesterreichischen Sparkassen AG.		1,733
	210,931		Fifth Third Bancorp		2,867
	77,230	*	First Horizon National Corp		1,085
	2,136,513	*	Fortis		7,607
	1,035,000		Fubon Financial Holding Co Ltd		1,258
	3,178,365		Fuhwa Financial Holdings Co Ltd		1,907
	39,167	e	Fukuoka Financial Group, Inc		166
	19,774		Gunma Bank Ltd		109
	21,842		Hachijuni Bank Ltd		124
	79,093	e	Hang Seng Bank Ltd		1,102
	5,416		HDFC Bank Ltd		233
	29,744	e	Hiroshima Bank Ltd		126
	63,481		Hokuhoku Financial Group, Inc		139
	50,000		Home Capital Group, Inc		2,128
	9,462,600		HSBC Holdings plc		95,922
	395,216		Hudson City Bancorp, Inc		5,596
	1,740,749		Huntington Bancshares, Inc		9,348
	1,619		ICICI Bank Ltd		34
	80,000		ICICI Bank Ltd (ADR)		3,416
	2,271,000	e	Industrial & Commercial Bank of China		1,732
	2,372,282	*	ING Groep NV		23,685
	87,052		Investec plc		712

168

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	11,912	e	Iyo Bank Ltd	$	113
	29,624		Joyo Bank Ltd		132
	2,079,659		JPMorgan Chase & Co		93,066
	440,400		Julius Baer Group Ltd		15,976
	154,771		Julius Baer Holding AG.		1,901
	800,000		Kasikornbank PCL		2,388
	1,007,331		Kasikornbank PCL (Foreign)		3,209
	222,815		Keycorp		1,727
	750,000		Korea Exchange Bank		8,949
	12,513,103	*	Lloyds TSB Group plc		11,919
	11,170	e	M&T Bank Corp		887
	68,874		Marshall & Ilsley Corp		554
	168,916		Mediobanca S.p.A.		1,815
	4,005,300		Metropolitan Bank & Trust		4,432
	7,716,454	e	Mitsubishi UFJ Financial Group, Inc		40,443
	1,765,750	e	Mitsui Trust Holdings, Inc		6,629
	6,766,398	e	Mizuho Financial Group, Inc		13,389
	95,872	e	Mizuho Trust & Banking Co Ltd		96
	1,534,720		National Australia Bank Ltd		38,757
	68,033	e	National Bank of Canada		4,142
	352,415		National Bank of Greece S.A.		7,092
	182,413	*,e	Natixis		984
	72,947	e	New York Community Bancorp, Inc		1,207
	66,721		Nishi-Nippon City Bank Ltd		197
	734,802	e	Nordea Bank AB		7,251
	68,292		Northern Trust Corp		3,774
	29,792	e	OKO Bank (Class A)		335
	1,505,614		Oversea-Chinese Banking Corp		9,374
	104,643		People’s United Financial, Inc		1,637
	66,070		Piraeus Bank S.A.		577
	145,527		PNC Financial Services Group, Inc		8,688
	2,379,500		PT Bank Danamon Indonesia Tbk		1,360
	21,260	e	Raiffeisen International Bank Holding AG.		1,011
	1,076,249		Regions Financial Corp		8,449
	24,900	e	Resona Holdings, Inc		315
	658,752	e	Royal Bank of Canada (Toronto)		38,553
	3,510,369	*	Royal Bank of Scotland Group plc		2,344
	57,109	*	Royal Bank of Scotland Group plc (Euro)		39
	16,700		Sapporo Hokuyo Holdings, Inc		76
	38,700	e	Senshu Ikeda Holdings, Inc		70
	31	e	SEVEN BANK Ltd		62
	58,320	e	Shinsei Bank Ltd		70
	30,727	e	Shizuoka Bank Ltd		268
	900,800		Siam Commercial Bank PCL		2,563
	327,783	*	Skandinaviska Enskilda Banken AB (Class A)		2,094
	653,929		Societe Generale		41,128
	461,488		Standard Chartered plc		12,588
	178,263		Standard Chartered plc (Hong Kong)		4,794
	25,000		State Bank of India Ltd		1,157
	107,370		State Street Corp		4,847
	1,182,279	e	Sumitomo Mitsui Financial Group, Inc		39,076
	1,143,488		Sumitomo Trust & Banking Co Ltd		6,703

169

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	717,899		Suncorp-Metway Ltd	$	5,626
	154,386		SunTrust Banks, Inc		4,136
	19,738	e	Suruga Bank Ltd		176
	106,487		Svenska Handelsbanken (A Shares)		3,121
	125,897		Swedbank AB (A Shares)		1,292
	533,671	e	TCF Financial Corp		8,507
	14,765		TFS Financial Corp		197
	371,229	e	Toronto-Dominion Bank		27,669
	3,087,720	*	UBS A.G. (Switzerland)		50,193
	5,448,089	*	UniCredito Italiano S.p.A.		16,097
	521,741		United Overseas Bank Ltd		7,168
	1,727,375		US Bancorp		44,704
	4,434,105		Wells Fargo & Co		137,990
	545,080		Western Union Co		9,245
	1,252,820		Westpac Banking Corp		32,006
	17,626		Wing Hang Bank Ltd		161
	22,666		Yamaguchi Financial Group, Inc		248
			TOTAL DEPOSITORY INSTITUTIONS		1,518,424
EATING AND DRINKING PLACES - 1.1%
	2,170,007	e	Ajisen China Holdings Ltd		2,144
	19,423	*,e	Autogrill S.p.A.		236
	270,238	e	Brinker International, Inc		5,210
	9,546,319		Compass Group plc		76,200
	216,789		Darden Restaurants, Inc		9,656
	1,475,000		Enterprise Inns plc		2,686
	466,604		McDonald’s Corp		31,133
	6,400	e	McDonald’s Holdings Co Japan Ltd		130
	40,411		Onex Corp		1,149
	2,100,000	*	Punch Taverns plc		2,549
	14,778	e	Sodexho Alliance S.A.		883
	240,516	*	Starbucks Corp		5,837
	28,198	e	Tim Hortons, Inc		919
	66,200		Tim Hortons, Inc		2,155
	36,771		Whitbread plc		822
	164,675		Yum! Brands, Inc		6,312
			TOTAL EATING AND DRINKING PLACES		148,021
EDUCATIONAL SERVICES - 0.1%
	25,655	*	Apollo Group, Inc (Class A)		1,572
	71,482	e	Benesse Corp		3,096
	109,723		CAE, Inc		1,072
	32,836		DeVry, Inc		2,141
	9,502	*	ITT Educational Services, Inc		1,069
			TOTAL EDUCATIONAL SERVICES		8,950
ELECTRIC, GAS, AND SANITARY SERVICES - 3.3%
	193,972		A2A S.p.A.		364
	153,506	e	ACEA S.p.A.		1,558
	303,454	*	AES Corp		3,338
	48,453	e	AGL Energy Ltd		668
	174,764		Allegheny Energy, Inc		4,020

170

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	21,932		Alliant Energy Corp	$	729
	44,338		Ameren Corp		1,156
	139,305		American Electric Power Co, Inc		4,761
	203,504		American Water Works Co, Inc		4,428
	770	e	Aqua America, Inc		14
	13,285,500	*	Beijing Enterprises Water Group Ltd		4,911
	2,961		Bkw Fmb Energie AG		220
	167,214	*	Calpine Corp		1,988
	35,033		Canadian Utilities Ltd		1,694
	1,054,109		Centerpoint Energy, Inc		15,137
	8,200,499		Centrica plc		36,575
	3,484,000	e	China Resources Gas Group Ltd		4,873
	656,000		China Resources Power Holdings Co		1,404
	70,366	e	Chubu Electric Power Co, Inc		1,759
	27,092	e	Chugoku Electric Power Co, Inc		538
	124,521		CLP Holdings Ltd		890
	90,000		CMS Energy Corp		1,391
	87,053	e	Companhia de Saneamento Basico do Estado de Sao Paulo (ADR)		3,204
	126,338		Companhia Paranaense de Energia		2,587
	44,350		Consolidated Edison, Inc		1,975
	324,345		Constellation Energy Group, Inc		11,388
	144,967	e	Contact Energy Ltd		659
	176,379		Dominion Resources, Inc		7,251
	78,602		Drax Group plc		446
	62,276		DTE Energy Co		2,778
	2,156,181		DUET Group		3,542
	292,754		Duke Energy Corp		4,778
	24,700	*	Dynegy, Inc (Class A)		31
	811,684	e	E.ON AG.		29,968
	61,085		Edison International		2,087
	44,602	*	EDP Renovaveis S.A.		348
	123,093		El Paso Corp		1,334
	12,939	e	Electric Power Development Co		426
	91,459		Electricite de France		4,991
	83,660		Eletropaulo Metropolitana de Sao Paulo S.A.		1,834
	38,417		Enagas		842
	155,075		Enbridge, Inc		7,396
	1,429,272		Enel S.p.A.		7,992
	57,628		Energen Corp		2,681
	379,603		Energias de Portugal S.A.		1,509
	98,493		Entergy Corp		8,012
	301,574		Exelon Corp		13,212
	59,001		FirstEnergy Corp		2,306
	72,281		Fortis, Inc		2,056
	1,193,597	e	Fortum Oyj		29,197
	101,026		FPL Group, Inc		4,883
	49,824	e	Gas Natural SDG S.A.		920
	405,890		Gaz de France		15,679
	1,186,800		Glow Energy PCL		1,413
	17,582	e	Hokkaido Electric Power Co, Inc		337
	18,175	e	Hokuriku Electric Power Co		400

171

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	214,515		Hong Kong & China Gas Ltd	$	535
	76,864		Hong Kong Electric Holdings Ltd		456
	186,349		Iberdrola Renovables		774
	788,763		Iberdrola S.A.		6,685
	49,341	e	Integrys Energy Group, Inc		2,338
	2,883,440		International Power plc		13,954
	85,953	e	Kansai Electric Power Co, Inc		1,969
	36,847	e	Kyushu Electric Power Co, Inc		802
	67,207		MDU Resources Group, Inc		1,450
	34,005	*	Mirant Corp		369
	526,667		National Grid plc		5,127
	88,931		NiSource, Inc		1,405
	156,965		Northeast Utilities		4,339
	400,367	*	NRG Energy, Inc		8,368
	15,593		NSTAR		552
	16,518	e	Oest Elektrizitatswirts AG. (Class A)		656
	37,948		Oneok, Inc		1,732
	189,846	e	Osaka Gas Co Ltd		680
	64,766		Pepco Holdings, Inc		1,111
	352,348		PG&E Corp		14,947
	33,850		Pinnacle West Capital Corp		1,277
	14,442,500		PNOC Energy Development Corp		1,598
	55,300		PPL Corp		1,532
	40,902		Progress Energy, Inc		1,610
	21,043		Public Power Corp		369
	525,920		Public Service Enterprise Group, Inc		15,525
	134,014		Questar Corp		5,789
	21,809		Red Electrica de Espana		1,170
	17,700	*	Reliant Energy, Inc		65
	501,759		Republic Services, Inc		14,561
	83,687	e	RWE A.G.		7,415
	4,545		RWE A.G. (Preference)		374
	22,350		SCANA Corp		840
	198,647		Scottish & Southern Energy plc		3,319
	104,642		Sempra Energy		5,222
	51,240		Severn Trent plc		929
	17,400	e	Shikoku Electric Power Co, Inc		493
	239,838		Snam Rete Gas S.p.A.		1,216
	165,500		Southern Co		5,488
	123,551		SP AusNet		103
	20,172	*	Stericycle, Inc		1,099
	43,745		Suez Environnement S.A.		1,007
	50,000		Tata Power Co Ltd		1,530
	218,089	e	Terna Rete Elettrica Nazionale S.p.A.		943
	40,000		Toho Gas Co Ltd		218
	41,641	e	Tohoku Electric Power Co, Inc		880
	277,460		Tokyo Electric Power Co, Inc		7,396
	224,838	e	Tokyo Gas Co Ltd		991
	90,960	e	TransAlta Corp		2,012
	149,156		United Utilities Group plc		1,265
	68,004		Veolia Environnement		2,359
	95,880	*	Waste Connections, Inc		3,256

172

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY		VALUE (000)
	197,555		Waste Management, Inc	$	6,802
	463,465		Williams Cos, Inc		10,706
	34,736		Wisconsin Energy Corp		1,716
	236,536		Xcel Energy, Inc		5,015
	574,000		Xinao Gas Holdings Ltd		1,467
	1,682,500	*	Yingde Gases		1,859
			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		458,543
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.5%
	26,590	*,e	A123 Systems, Inc		365
	424,756		ABB Ltd		9,277
	300,000	*	A-DATA Technology Co Ltd		852
	84,126	*	Advanced Micro Devices, Inc		780
	3,080,000		Advanced Semiconductor Engineering, Inc		2,813
	492,250	*,e	Alcatel S.A.		1,556
	43,510		Altera Corp		1,058
	15,847		Ametek, Inc		657
	70,223		Amphenol Corp (Class A)		2,963
	121,078		Analog Devices, Inc		3,489
	552,010	*	Apple Computer, Inc		129,685
	6,985,692		Asustek Computer, Inc		12,164
	132,766	*	Avnet, Inc		3,983
	145,149		Broadcom Corp (Class A)		4,816
	95,400		Canon Electronics, Inc		2,109
	348,213	*	Celestica, Inc		3,806
	319,650	*,e	Ciena Corp		4,871
	3,704,324	*	Cisco Systems, Inc		96,424
	2,515,000		Comba Telecom Systems Holdings Ltd		3,220
	194,271		Cooper Industries plc		9,313
	52,374	*	Cree, Inc		3,678
	402,000	e	Dainippon Screen Manufacturing Co Ltd		1,879
	473,744	*	Dell, Inc		7,111
	47,695	*	Dolby Laboratories, Inc (Class A)		2,798
	37,149		Eaton Corp		2,815
	17,308	*	Elpida Memory, Inc		341
	30,743	*	Energizer Holdings, Inc		1,929
	32,442	*	EnerSys		800
	627,976		Ericsson (LM) (B Shares)		6,618
	547,804		Exide Industries Ltd		1,503
	34,741	*,e	First Solar, Inc		4,261
	242,354	*	Flextronics International Ltd		1,900
	96,728	*,e	Foxconn International Holdings Ltd		102
	58,822	e	Fuji Electric Holdings Co Ltd		160
	41,085		Gamesa Corp Tecnologica S.A.		563
	349,232	*	Gemalto NV		15,113
	1,221,502		Geodesic Information Systems Ltd		3,047
	39,000	e	GS Yuasa Corp		263
	44,009		Harris Corp		2,090
	2,079,082		Hewlett-Packard Co		110,503
	2,851	e	Hirose Electric Co Ltd		329
	10,152		Hitachi Chemical Co Ltd		219
	108,800		Hitachi High-Technologies Corp		2,496

173

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY		VALUE (000)
	7,355,548	*,e	Hitachi Ltd	$	27,458
	2,120,544		Hon Hai Precision Industry Co, Ltd		9,181
	299,617		Hoya Corp		8,233
	128,472	*	Ibiden Co Ltd		4,425
	885,524	*	Imagination Technologies Group PLC		3,257
	225,227	*,e	Infineon Technologies AG.		1,563
	3,314,050		Intel Corp		73,771
	25,750	*	JDS Uniphase Corp		323
	542,000		Kinsus Interconnect Technology Corp		1,420
	204,390	e	Koninklijke Philips Electronics NV		6,554
	14,812	e	Kyocera Corp		1,443
	35,234		L-3 Communications Holdings, Inc		3,228
	20,248	e	Legrand S.A.		640
	32,763		Linear Technology Corp		927
	130,837	*	LSI Logic Corp		801
	2,916	e	Mabuchi Motor Co Ltd		168
	493,620	*	Marvell Technology Group Ltd		10,060
	1,013,455		Matsushita Electric Industrial Co Ltd		15,502
	35,956	e	Matsushita Electric Works Ltd		454
	190,731		Maxim Integrated Products, Inc		3,698
	66,259	*	MEMC Electronic Materials, Inc		1,016
	27,083	e	Microchip Technology, Inc		763
	788,934	*	Micron Technology, Inc		8,197
	16,233	e	Millicom International Cellular S.A.		1,452
	31,716	e	Minebea Co Ltd		193
	1,845,785		Mitsubishi Electric Corp		16,959
	8,222	e	Mitsumi Electric Co Ltd		180
	445,554	*	Motorola, Inc		3,128
	145,229		Murata Manufacturing Co Ltd		8,249
	39,816		National Semiconductor Corp		575
	508,220	*	NetApp, Inc		16,548
	13,988	e	NGK Spark Plug Co Ltd		190
	92,506		Nidec Corp		9,915
	900	e	Nissha Printing Co Ltd		35
	134,677		Nitto Denko Corp		5,229
	944,460		Nokia Oyj		14,708
	290,259	*	Nvidia Corp		5,045
	19,602	e	Omron Corp		455
	90,000	*	Polycom, Inc		2,752
	1,828,450		Powertech Technology, Inc		6,535
	715,195		Qualcomm, Inc		30,031
	1,811,162		Quanta Computer, Inc		3,513
	77,027	*,e	Renewable Energy Corp AS		360
	281,986	*	Research In Motion Ltd (Canada)		20,892
	813,581	e	Ricoh Co Ltd		12,705
	3,699	e	Rinnai Corp		194
	9,624		Rohm Co Ltd		719
	15,026		Samsung Electronics Co Ltd		10,863
	84,418	*	SanDisk Corp		2,923
	167,975	*,e	Sanyo Electric Co Ltd		270
	52,232	*,e	SGL Carbon AG.		1,527
	90,106	e	Sharp Corp		1,127

174

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY		VALUE (000)
	103,974	e	Shinko Electric Industries	$	1,608
	528,000		Silitech Technology Corp		1,929
	760,137		Smiths Group plc		13,104
	28,673,611		Solomon Systech International Ltd		2,844
	540,402		Sony Corp		20,694
	13,835	e	Stanley Electric Co Ltd		268
	142,665		STMicroelectronics NV		1,420
	11,576	*,e	Sumco Corp		246
	13,164	*,e	Sunpower Corp (Class A)		249
	3,600	*,e	Sunpower Corp (Class B)		60
	2,539,204		Taiwan Semiconductor Manufacturing Co Ltd		4,917
	195,000		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		2,046
	84,354	*,e	TalkTalk Telecom Group plc		165
	101,666	e	TDK Corp		6,764
	392,107		Texas Instruments, Inc		9,595
	7,200	*,e	Toyota Boshoku Corp		138
	180,590		Tyco Electronics Ltd		4,963
	10,884	e	Ushio, Inc		185
	87,400	*	Vishay Intertechnology, Inc		894
	12,431		Whirlpool Corp		1,085
	67,533		Xilinx, Inc		1,722
	9,141,000		Yageo Corp		3,569
	21,384	e	Yaskawa Electric Corp		196
			TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		903,734
	ENGINEERING AND MANAGEMENT SERVICES - 0.6%
	212,650		Accenture plc		8,921
	118,400	e	Aeon Mall Co Ltd		2,496
	30,027		Cap Gemini S.A.		1,479
	100,902		Capita Group plc		1,158
	26,607		Fluor Corp		1,237
	12,932		Fugro NV		845
	85,674		Groupe Aeroplan, Inc		898
	203,442	*	Jacobs Engineering Group, Inc		9,194
	353,142		JGC Corp		6,301
	605,678		KBR, Inc		13,421
	124,285	*	McDermott International, Inc		3,346
	14,680	*	Myriad Genetics, Inc		353
	42,400	e	NPC, Inc		907
	54,772		Paychex, Inc		1,682
	43,546		Petrofac Ltd		794
	99,321	*	SAIC, Inc		1,758
	10,719		Samsung Engineering Co Ltd		1,108
	1,226,811		SembCorp Industries Ltd		3,622
	374,967		Serco Group plc		3,420
	729,000		Shandong Weigao Group Medical Polymer Co Ltd		3,042
	74,802	*,e	Shaw Group, Inc		2,575
	3,000,000		Shenzhen Expressway Co Ltd		1,576
	63,620		SNC-Lavalin Group, Inc		3,108
	12,246	*	URS Corp		608
	242,535	e	WorleyParsons Ltd		5,664
	153,625	*	WuXi PharmaTech Cayman, Inc (ADR)		2,392
			TOTAL ENGINEERING AND MANAGEMENT SERVICES		81,905

175

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY		VALUE (000)
FABRICATED METAL PRODUCTS - 0.4%
	840,655	e	Amcor Ltd	$	4,929
	17,350		Ball Corp		926
	478,926	*	Crown Holdings, Inc		12,911
	8,475		Geberit AG.		1,517
	17,000	e	Hitachi Metals Ltd		179
	217,068		Illinois Tool Works, Inc		10,280
	24,408		JS Group Corp		497
	30,068		Parker Hannifin Corp		1,947
	270,825		Pentair, Inc		9,647
	1,094,890		Rexam plc		4,867
	8,509	e	Salzgitter AG.		790
	38,619	e	Ssab Svenskt Stal AB (Series A)		694
	16,649	e	Ssab Svenskt Stal AB (Series B)		270
	40,142		Stanley Works		2,305
	15,655	e	Toyo Seikan Kaisha Ltd		277
			TOTAL FABRICATED METAL PRODUCTS		52,036
FOOD AND KINDRED PRODUCTS - 4.8%
	64,214		Ajinomoto Co, Inc		636
	40,157	*	Anheuser-Busch InBev NV		0	^
	87,786		Archer Daniels Midland Co		2,537
	17,414		Aryzta AG.		763
	400,597	e	Asahi Breweries Ltd		7,511
	724,400		Asiatic Development BHD		1,543
	58,400		Associated British Foods plc		867
	561,000		Beijing Enterprises Holdings Ltd		3,898
	19,419	e	Bunge Ltd		1,197
	78		C&C Group plc		0	^
	31,494		Campbell Soup Co		1,113
	22,481	e	Carlsberg AS (Class B)		1,887
	1,500,000		China Agri-Industries Holdings Ltd		2,071
	38,725		Coca Cola Hellenic Bottling Co S.A.		1,044
	321,526	e	Coca-Cola Amatil Ltd		3,319
	897,549		Coca-Cola Co		49,365
	165,544		Coca-Cola Enterprises, Inc		4,579
	5,771		Coca-Cola West Japan Co Ltd		94
	379,719		ConAgra Foods, Inc		9,520
	73,830	*	Constellation Brands, Inc (Class A)		1,214
	320,458		Corn Products International, Inc		11,107
	133,577	e	CSR Ltd		203
	610,000		Del Monte Foods Co		8,906
	2,281,121		Diageo plc		38,285
	1,656,235		Dr Pepper Snapple Group, Inc		58,250
	363,976		General Mills, Inc		25,766
	296,497		Golden Agri-Resources Ltd		123
	234,891		Groupe Danone		14,150
	424,525		H.J. Heinz Co		19,363
	55,215	*	Hansen Natural Corp		2,395
	391,777		Heineken NV		20,134

176

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY		VALUE (000)
	106,821		Hershey Co	$	4,573
	90,812		Hormel Foods Corp		3,815
	1,065,694		InBev NV		53,682
	6,537	e	Ito En Ltd		101
	17,484		J.M. Smucker Co		1,054
	31,448		Kaneka Corp		204
	235,972		Kellogg Co		12,608
	29,841		Kerry Group plc (Class A)		927
	1,104,533		Kirin Brewery Co Ltd		16,292
	1,349,346		Kraft Foods, Inc (Class A)		40,804
	206		Lindt & Spruengli AG.		487
	23		Lindt & Spruengli AG. (Reg)		623
	51,321		McCormick & Co, Inc		1,969
	180,870		Mead Johnson Nutrition Co		9,411
	6,249	e	MEIJI Holdings Co Ltd		243
	22,285		Molson Coors Brewing Co (Class B)		937
	1,797,434	e	Nestle S.A.		92,053
	15,944	e	Nippon Meat Packers, Inc		202
	16,618	e	Nisshin Seifun Group, Inc		215
	6,435	e	Nissin Food Products Co Ltd		216
	60,298	e	Olam International Ltd		112
	392,262		Parmalat S.p.A.		1,074
	865,056		PepsiCo, Inc		57,232
	42,021	e	Pernod-Ricard S.A.		3,568
	4,533,884		Petra Foods Ltd		4,019
	3,965,000		PT Indofood Sukses Makmur Tbk		1,645
	143,074	*	Ralcorp Holdings, Inc		9,698
	116,423		Reynolds American, Inc		6,285
	233,053		SABMiller plc		6,833
	25,795	e	Sapporo Holdings Ltd		135
	60,790		Saputo, Inc		1,770
	433,261		Sara Lee Corp		6,035
	75,000	*	Smithfield Foods, Inc		1,556
	113,879	e	Suedzucker AG.		2,513
	78,704		Swire Pacific Ltd (Class A)		947
	158,099	e	Toyo Suisan Kaisha Ltd		4,089
	183,919		Tyson Foods, Inc (Class A)		3,522
	742,161		Unilever plc		21,793
	3,476,700		Universal Robina		1,923
	616,000	e	Wilmar International Ltd		2,950
	8,777	e	Yakult Honsha Co Ltd		237
	11,553	e	Yamazaki Baking Co Ltd		143
			TOTAL FOOD AND KINDRED PRODUCTS		670,335
FOOD STORES - 0.8%
	162,524		Alimentation Couche Tard, Inc		2,962
	132,456		Carrefour S.A.		6,384
	450,000		China Resources Enterprise		1,672
	3,189		Colruyt S.A.		785
	20,520		Delhaize Group		1,649
	12,277		Empire Co Ltd		637
	5,744	e	FamilyMart Co Ltd		183

177

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY		VALUE (000)
	21,445		George Weston Ltd	$	1,481
	117,554	e	Goodman Fielder Ltd		154
	252,354		J Sainsbury plc		1,255
	1,932,747		Jeronimo Martins SGPS S.A.		19,578
	13,655	e	Kesko Oyj (B Shares)		537
	248,976		Koninklijke Ahold NV		3,319
	395,327		Kroger Co		8,563
	6,190		Lawson, Inc		264
	46,300		Loblaw Cos Ltd		1,710
	291,069		Safeway, Inc		7,236
	455,377		Supervalu, Inc		7,596
	3,466,512	*	Taiwan TEA Corp		2,161
	2,531,476		Tesco plc		16,728
	4,985,000	e	Want Want China Holdings Ltd		3,538
	69,700	*,e	Whole Foods Market, Inc		2,520
	3,006,816		WM Morrison Supermarkets plc		13,392
	130,892	e	Woolworths Ltd		3,363
			TOTAL FOOD STORES		107,667
FORESTRY - 0.1%
	31,818		Rayonier, Inc		1,445
	124,691		Weyerhaeuser Co		5,645
			TOTAL FORESTRY		7,090
FURNITURE AND FIXTURES - 0.1%
	23,800	*	Kinetic Concepts, Inc		1,138
	47,182		Leggett & Platt, Inc		1,021
	712,587		Masco Corp		11,059
			TOTAL FURNITURE AND FIXTURES		13,218
FURNITURE AND HOME FURNISHINGS STORES - 0.1%
	36,913	*	Bed Bath & Beyond, Inc		1,615
	76,304	*	GameStop Corp (Class A)		1,672
	48,439	e	Harvey Norman Holdings Ltd		161
	61,645		JB Hi-Fi Ltd		1,148
	42,360		K’s Holdings Corp		1,040
	56,023	e	Nitori Co Ltd		4,255
	91,800		RadioShack Corp		2,077
	93,369		Yamada Denki Co Ltd		6,891
			TOTAL FURNITURE AND HOME FURNISHINGS STORES		18,859
GENERAL BUILDING CONTRACTORS - 0.2%
	81,890	e	ACS Actividades Cons y Servicios S.A.		3,778
	230,148		AMEC plc		2,791
	148,826		Balfour Beatty plc		660
	5,831	*	Berkeley Group Holdings plc		72
	12,661		Cheung Kong Infrastructure Holdings Ltd		49
	7,611		Daito Trust Construction Co Ltd		367
	550,856		Daiwa House Industry Co Ltd		6,216
	105,220		DR Horton, Inc		1,326
	10,217	e	Eiffage S.A.		528
	57,999	e	Fletcher Building Ltd		344

178

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY		VALUE (000)
	6,335	e	Hochtief AG.	$	532
	88,104	e	Kajima Corp		216
	47,442	e	Lend Lease Corp Ltd		377
	6,500	e	Leopalace21 Corp		34
	60,000		MDC Holdings, Inc		2,077
	7,500	*	NVR, Inc		5,449
	62,957	e	Obayashi Corp		279
	49,534	*	Pulte Homes, Inc		557
	49,474	f	Puravankara Projects Ltd		113
	18,893	e	Sacyr Vallehermoso S.A.		167
	41,271		Sekisui Chemical Co Ltd		280
	50,826		Sekisui House Ltd		508
	56,452	e	Shimizu Corp		235
	85,016		Skanska AB (B Shares)		1,545
	25,381		Sobha Developers Ltd		156
	104,136	e	Taisei Corp		229
	19,870	*	Toll Brothers, Inc		413
	90,468	e	Vinci S.A.		5,332
			TOTAL GENERAL BUILDING CONTRACTORS		34,630
GENERAL MERCHANDISE STORES - 1.3%
	322,291	e	Aeon Co Ltd		3,658
	3,386	*	BJ’s Wholesale Club, Inc		125
	220,846		Costco Wholesale Corp		13,187
	283,414	e	David Jones Ltd		1,235
	156,400	e	Don Quijote Co Ltd		3,905
	122,931		Family Dollar Stores, Inc		4,501
	928,000	e	Golden Eagle Retail Group Ltd		1,855
	22,000		Hyundai Department Store Co Ltd		2,012
	34,338	e	Isetan Mitsukoshi Holdings Ltd		369
	46,392	e	J Front Retailing Co Ltd		273
	33,424		JC Penney Co, Inc		1,075
	56,305	e	Keio Corp		380
	158,914	e	Kintetsu Corp		495
	27,000		Lifestyle International Holdings Ltd		49
	760,676		Macy’s, Inc		16,559
	748,863		Marks & Spencer Group plc		4,206
	22,209	e	Marui Co Ltd		161
	792,624		Myer Holdings Ltd		2,437
	1,857,000		New World Department Store China Ltd		1,789
	151,433		Next plc		4,973
	57,398	e	Odakyu Electric Railway Co Ltd		478
	4,128,000	*,e	PCD Stores Ltd		1,366
	15,782	e	PPR		2,101
	37,600	e	Ryohin Keikaku Co Ltd		1,587
	6,878	*,e	Sears Holdings Corp		746
	21,811		Shinsegae Co Ltd		10,313
	186,950		SM Investments Corp		1,531
	29,162	e	Takashimaya Co Ltd		240
	439,836		Target Corp		23,134
	291,367		TJX Companies, Inc		12,389
	79,521	e	Tobu Railway Co Ltd		441

179

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY		VALUE (000)
	110,146	e	Tokyu Corp	$	461
	17,620		UNY Co Ltd		146
	500,000		Wal-Mart de Mexico S.A. de C.V. (Series V)		2,553
	1,013,345		Wal-Mart Stores, Inc		56,341
			TOTAL GENERAL MERCHANDISE STORES		177,071
HEALTH SERVICES - 0.7%
	61,625		AmerisourceBergen Corp		1,782
	3,492,000		Bangkok Dusit Medical Service PCL		2,754
	2,553		BioMerieux		293
	12,480	*,e	Covance, Inc		766
	149,091	*	Coventry Health Care, Inc		3,686
	138,381	*	DaVita, Inc		8,773
	36,103	*	Edwards Lifesciences Corp		3,570
	80,491	*	Express Scripts, Inc		8,191
	358,200	*	Fleury S.A.		3,827
	41,354		Fraser and Neave Ltd		142
	43,235	e	Fresenius Medical Care AG.		2,439
	590,000	*	Healthsouth Corp		11,033
	695,000		Laboratorios Almirall S.A.		8,749
	39,531	*	Laboratory Corp of America Holdings		2,993
	90,535	*	Lincare Holdings, Inc		4,063
	261,461		McKesson Corp		17,183
	301,711	*	Medco Health Solutions, Inc		19,478
	51,504	e	Mindray Medical International Ltd (ADR) (Class A)		1,876
	17,396		Omnicare, Inc		492
	16,237		Pharmaceutical Product Development, Inc		386
	23,277		Quest Diagnostics, Inc		1,357
	32,609	e	Sonic Healthcare Ltd		430
			TOTAL HEALTH SERVICES		104,263
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.4%
	58,722	e	Abertis Infraestructuras S.A.		1,130
	5,526		Acciona S.A.		613
	84,349		Boskalis Westminster		3,232
	47,782		Bouygues S.A.		2,402
	181,000	e	Chiyoda Corp		1,797
	8,704	e	Fomento de Construcciones y Contratas S.A.		319
	38,575	*,e	Foster Wheeler AG.		1,047
	1,045,778		Saipem S.p.A.		40,467
	103,535		Transurban Group		480
			TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		51,487
HOLDING AND OTHER INVESTMENT OFFICES - 3.8%
	207,137		3i Group plc		915
	26,253		AMB Property Corp		715
	464,942		Annaly Mortgage Management, Inc		7,988
	6,255		Apartment Investment & Management Co (Class A)		115
	52,085		ARC Energy Trust		1,051
	1,592,473		Ascendas Real Estate Investment Trust		2,186
	21,624		AvalonBay Communities, Inc		1,867
	158,665	*	Berkshire Hathaway, Inc (Class B)		12,895

180

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY		VALUE (000)
	101,937		Boston Properties, Inc	$	7,690
	213,718		Brookfield Asset Management, Inc		5,439
	16,600		Camden Property Trust		691
	155,328	e	CFS Gandel Retail Trust		267
	1,116,000	e	China Merchants Holdings International Co Ltd		4,111
	181,183	e	CI Financial Corp		3,835
	432,241	e	DB RREEF Trust		321
	6,737		Developers Diversified Realty Corp		82
	107,623		Duke Realty Corp		1,335
	54,049		Equity Residential		2,116
	5,874		Eurazeo		408
	36,850		Federal Realty Investment Trust		2,683
	4,746	e	Fonciere Des Regions		523
	18,692		Genworth MI Canada Inc		505
	5,494,140	e	GOME Electrical Appliances Holdings Ltd		1,847
	767,532		GPT Group		405
	17,283		Groupe Bruxelles Lambert S.A.		1,527
	477	*	Groupe Bruxelles Lambert S.A. - STR VVPR		0	^
	66,033	e	Groupe Eurotunnel S.A.		673
	66,010		HCP, Inc		2,178
	56,730		Health Care REIT, Inc		2,566
	23,839		Heineken Holding NV		1,060
	354,417		Host Marriott Corp		5,192
	65,989	*,e	Immoeast AG.		362
	641,581		Investimentos Itau S.A.		4,394
	1,771,359	e	iShares MSCI Canada Index Fund		49,403
	2,056,133	e	iShares MSCI EAFE Index Fund		115,143
	2,898,308	e	iShares MSCI Japan Index Fund		30,258
	21,000	e	iShares MSCI Pacific ex-Japan Index Fund		903
	3,066	*,e	Jafco Co Ltd		81
	2,584		Japan Prime Realty Investment Corp		5,752
	46	e	Japan Real Estate Investment Corp		392
	136	*,e	Japan Retail Fund Investment Corp		160
	112,543		Kimco Realty Corp		1,760
	283,500	e	KWG Property Holding Ltd		206
	39,642		LG Corp		2,488
	21,167	e	Liberty Property Trust		718
	3,898	e	Macerich Co		149
	221,498	e	Macquarie Infrastructure Group		228
	139,249		Marfin Investment Group S.A		320
	8,779		Nationale A Portefeuille		460
	49		Nippon Building Fund, Inc		422
	27		Nomura Real Estate Office Fund, Inc		152
	43,000	e	NWS Holdings Ltd		86
	63,833	e	Plum Creek Timber Co, Inc		2,484
	199,197		Prologis		2,629
	37,579		Public Storage, Inc		3,457
	12,991	e	Ratos AB (B Shares)		431
	3,431,000		Regal Real Estate Investment Trust		844
	16,775		Regency Centers Corp		629
	615,736	*	Resolution Ltd		766
	48,160		RioCan Real Estate Investment Trust		876

181

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY		VALUE (000)
	1,665	e	SBI Holdings, Inc	$	329
	229,000		Shanghai Industrial Holdings Ltd		1,050
	86,310		Shinhan Financial Group Co Ltd		3,391
	184,590		Simon Property Group, Inc		15,487
	2,900		SL Green Realty Corp		166
	1,354,068		SPDR Trust Series 1		158,412
	60,000		Starwood Property Trust, Inc		1,158
	44,023	e	Taubman Centers, Inc		1,757
	1,296,300	*	TM International BHD		1,530
	23,054		Ventas, Inc		1,095
	45,289		Virgin Media, Inc		782
	72,604		Vornado Realty Trust		5,496
	55,000	e	WABCO Holdings, Inc		1,646
	2,718,573		Westfield Group		30,086
	180,000		Westway Group, Inc		812
	1,213,875		Wharf Holdings Ltd		6,840
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES		529,176
HOTELS AND OTHER LODGING PLACES - 0.5%
	291,507		Accor S.A.		16,127
	4,276,000		Banyan Tree Holdings Ltd		2,277
	75,000	*,e	Boyd Gaming Corp		741
	241,134	e	Crown Ltd		1,810
	52,039		Intercontinental Hotels Group plc		815
	61,703	*,e	Las Vegas Sands Corp		1,305
	72,831	e	Marriott International, Inc (Class A)		2,296
	39,269	*,e	MGM Mirage		471
	10,366,956		Minor International PCL		3,527
	838,957	*	Orient-Express Hotels Ltd (Class A)		11,896
	14,968,000	*,e	Sands China Ltd		23,789
	2,216,977	e	Shangri-La Asia Ltd		4,352
	26,252		Starwood Hotels & Resorts Worldwide, Inc		1,224
	156,768		Thomas Cook Group plc		642
	117,590	e	TUI Travel plc		538
	46,965		United Overseas Land Ltd		131
	1,196,800	*,e	Wynn Macau Ltd		1,726
	10,787	*,e	Wynn Resorts Ltd		818
			TOTAL HOTELS AND OTHER LODGING PLACES		74,485
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.2%
	191,237		3M Co		15,982
	1,010,000		Acer, Inc		2,983
	223,838	*	AGCO Corp		8,029
	30,000	e	Aixtron AG.		1,079
	73,374	e	Alfa Laval AB		1,080
	42,946		Alstom RGPT		2,678
	1,099,498	e	Amada Co Ltd		9,220
	669,817		Applied Materials, Inc		9,029
	8,858	e	ASM Pacific Technology		84
	243,962	e	ASML Holding NV		8,719
	144,368		Atlas Copco AB (A Shares)		2,239
	85,290		Atlas Copco AB (B Shares)		1,195

182

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	143,145		Brambles Ltd	$	967
	23,200	e	Brother Industries Ltd		280
	655,297		Canon, Inc		30,351
	23,533	e	Casio Computer Co Ltd		181
	148,675		Caterpillar, Inc		9,344
	28,342		Citizen Watch Co Ltd		194
	1,800,000		Compal Electronics, Inc		2,355
	47,121		Cummins, Inc		2,919
	21,446	e	Daikin Industries Ltd		877
	69,459		Deere & Co		4,130
	59,800		Doosan Infracore Co Ltd		1,083
	76,082		Dover Corp		3,557
	9,398	*	Dril-Quip, Inc		572
	50,187	*,e	Electrolux AB (Series B)		1,147
	754,384	*	EMC Corp		13,609
	225,971		Emerson Electric Co		11,375
	89,343		Fanuc Ltd		9,480
	750,000		Firich Enterprises Co Ltd		1,651
	17,150		Flowserve Corp		1,891
	36,965	*	FMC Technologies, Inc		2,389
	343,245	e	FUJIFILM Holdings Corp		11,822
	25,400		Gardner Denver, Inc		1,119
	114,185	e	GEA Group AG.		2,646
	5,135,638		General Electric Co		93,470
	4,082,000	e	Harbin Power Equipment		3,370
	10,522	e	Hitachi Construction Machinery Co Ltd		249
	87,547	*	Husqvarna AB (B Shares)		637
	57,220	e	Ingersoll-Rand plc		1,995
	636,818		International Business Machines Corp		81,673
	490,705		International Game Technology		9,054
	1,137,716	e	Ishikawajima-Harima Heavy Industries Co Ltd		2,081
	3,062	e	Itochu Techno-Science Corp		101
	340,083		ITT Industries, Inc		18,232
	451,428	e	Japan Steel Works Ltd		5,171
	7,348		John Bean Technologies Corp		129
	135,614		Johnson Controls, Inc		4,474
	103,258		Joy Global, Inc		5,844
	84,300	*,e	Keihin Corp		1,628
	885,256	e	Komatsu Ltd		18,560
	34,379	e	Kone Oyj (Class B)		1,421
	1,253,342	e	Konica Minolta Holdings, Inc		14,626
	55,432	e	Kubota Corp		505
	80,000		Kumba Iron Ore Ltd		3,876
	5,697	e	Kurita Water Industries Ltd		161
	18,768	*	Lam Research Corp		700
	7,286,000	e	Lenovo Group Ltd		5,030
	150,600	*	Lexmark International, Inc (Class A)		5,434
	1,300,000		Lite-On Technology Corp		1,725
	40,024	*	Logitech International S.A.		659
	10,868	*	Makita Corp		358
	279,150	e	Mitsubishi Heavy Industries Ltd		1,156
	130,582		Northrop Grumman Corp		8,562

183

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,068,948	*	NTN Corp	$	4,825
	23,374		Pall Corp		946
	40,937		Pitney Bowes, Inc		1,001
	170,246		Raytheon Co		9,724
	60,000		Rheinmetall AG.		4,297
	530,336	e	Sandvik AB		6,629
	7,511		Schindler Holding AG.		661
	3,724		Schindler Holding AG. (Reg)		324
	441,205		Seagate Technology, Inc		8,056
	7,073		Seiko Epson Corp		110
	234,811	e	SKF AB (B Shares)		4,172
	43,988	e	SMC Corp		5,971
	16,467	e	Solarworld AG.		248
	32,959		SPX Corp		2,186
	55,821		Sumitomo Heavy Industries Ltd		336
	79,973	*	Teradata Corp		2,310
	234,917		Textron, Inc		4,987
	206,981		Tokyo Electron Ltd		13,726
	1,498,542	*	Toshiba Corp		7,742
	20,462		Toyota Tsusho Corp		321
	336,796	e	Tyco International Ltd		12,882
	31,305	*	Varian Medical Systems, Inc		1,732
	43,217	*	Vestas Wind Systems AS		2,348
	1,284	e	Wacom Co Ltd		1,957
	17,715	e	Wartsila Oyj (B Shares)		897
	170,477	*	Western Digital Corp		6,647
	968,566		Xerox Corp		9,444
	22,510		Yokogawa Electric Corp		196
	28,314		Zardoya Otis S.A.		491
			TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		582,303
INSTRUMENTS AND RELATED PRODUCTS - 1.6%
	15,342	e	Advantest Corp		384
	184,750	*	Agilent Technologies, Inc		6,354
	2,577		Alcon, Inc		416
	170,553		Allergan, Inc		11,141
	31,659		Bard (C.R.), Inc		2,742
	447,843		Baxter International, Inc		26,063
	51,424		Beckman Coulter, Inc		3,229
	94,064		Becton Dickinson & Co		7,406
	385,774	*	Boston Scientific Corp		2,785
	42,966	*	CareFusion Corp		1,136
	40,604	e	Cochlear Ltd		2,714
	4,880		Coloplast AS (Class B)		537
	43,012	e	Compagnie Generale d’Optique Essilor International S.A.		2,746
	153,232		Covidien plc		7,705
	78,454		Danaher Corp		6,269
	27,786		Dentsply International, Inc		968
	82,477		Finmeccanica S.p.A.		1,101
	22,035	*	Flir Systems, Inc		621
	70,000	*	Fossil, Inc		2,642
	17,221	e	Fresenius AG. (Preference)		1,300

184

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	6,921		Fresenius SE	$	515
	63,582	e	Garmin Ltd		2,447
	107,660	e	Getinge AB (B Shares)		2,581
	4,000,000	e	Hengdeli Holdings Ltd		1,705
	530,733	*	Hologic, Inc		9,840
	17,731	*,e	Illumina, Inc		690
	6,603	*	Intuitive Surgical, Inc		2,299
	126,640		Invensys plc		655
	4,024		Keyence Corp		962
	25,069		Kla-Tencor Corp		775
	85,590		LG.Philips LCD Co Ltd		3,022
	24,978	e	Luxottica Group S.p.A.		668
	465,795		Medtronic, Inc		20,974
	15,952	*	Millipore Corp		1,685
	373,820	e	Nikon Corp		8,161
	243,175	e	Nippon Electric Glass Co Ltd		3,426
	26,031	e	Nobel Biocare Holding AG.		696
	20,812	e	Olympus Corp		668
	279,054		Opto Circuits India Ltd		1,351
	230,000		PerkinElmer, Inc		5,497
	9,501		Phonak Holding AG.		1,180
	47,711	*,e	Qiagen NV		1,099
	397,815	*	ResMed, Inc (ADR)		2,555
	20,887		Rockwell Automation, Inc		1,177
	86,243		Rockwell Collins, Inc		5,398
	22,323		Roper Industries, Inc		1,291
	42,225		Safran S.A.		1,101
	104,924	*	Sensata Technologies Holding BV		1,884
	25,982	e	Shimadzu Corp		208
	188,344		Smith & Nephew plc		1,876
	147,469	*	St. Jude Medical, Inc		6,054
	1,518	e	Straumann Holding AG.		378
	196,889		Stryker Corp		11,266
	7,531		Swatch Group AG.		2,401
	4,720		Swatch Group AG. Reg		281
	12,741	e	Synthes, Inc		1,590
	74,300	e	Sysmex Corp		4,355
	107,876		Terumo Corp		5,746
	254,463	*	Thermo Electron Corp		13,090
	45,000	*,e	Veeco Instruments, Inc		1,958
	33,086	*	Waters Corp		2,235
	4,780	*	William Demant Holding		338
	43,474	*	Zimmer Holdings, Inc		2,574
			TOTAL INSTRUMENTS AND RELATED PRODUCTS		226,911
INSURANCE AGENTS, BROKERS AND SERVICE - 0.3%
	116,415		AON Corp		4,972
	100,408		Hartford Financial Services Group, Inc		2,854
	188,376		Marsh & McLennan Cos, Inc		4,600
	391,472	e	Millea Holdings, Inc		11,025
	594,260		QBE Insurance Group Ltd		11,359
	142,540	*,e	Unipol Gruppo Finanziario S.p.A.		161

185

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	24,398	*	Verisk Analytics, Inc	$	688
	1,473		White Mountains Insurance Group Ltd		523
	37,424	e	Willis Group Holdings plc		1,171
			TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		37,353
INSURANCE CARRIERS - 4.1%
	521,276		ACE Ltd		27,263
	1,785,649		Admiral Group plc		35,769
	334,740	*	Aegon NV		2,292
	85,538		Aetna, Inc		3,003
	1,169,654		Aflac, Inc		63,502
	51,871	e,m	Aioi Insurance Co Ltd		262
	134,102		Allianz AG.		16,814
	91,703		Allstate Corp		2,963
	96,000		American Financial Group, Inc		2,731
	17,839	*,e	American International Group, Inc		609
	1,153,207	e	AMP Ltd		6,625
	81,282	*	Arch Capital Group Ltd		6,198
	263,157		Assicurazioni Generali S.p.A.		6,316
	23,991		Assurant, Inc		825
	589,015		Aviva plc		3,444
	90,849		AXA Asia Pacific Holdings Ltd		527
	356,058		AXA S.A.		7,921
	521,373		Axis Capital Holdings Ltd		16,298
	10,188		Baloise Holding AG.		903
	1,307,000		China Life Insurance Co Ltd		6,262
	313,800	*	China Pacific Insurance Group Co Ltd		1,390
	57,020		Chubb Corp		2,956
	105,313		Cigna Corp		3,852
	26,705		Cincinnati Financial Corp		772
	7,821		CNP Assurances		739
	151,220	e	Corp Mapfre S.A.		555
	965	*	Dai-ichi Mutual Life Insurance Co		1,445
	58,680	e	Everest Re Group Ltd		4,749
	8,228		Fairfax Financial Holdings Ltd		3,094
	43,047		Fidelity National Title Group, Inc (Class A)		638
	16,021		First American Corp		542
	12,707	e	Fondiaria-Sai S.p.A.		191
	125,161	*	Genworth Financial, Inc (Class A)		2,295
	119,260	e	Great-West Lifeco, Inc		3,424
	13,594	*,e	Hannover Rueckversicherung AG.		671
	77,400	*	Health Net, Inc		1,925
	112,736	*	Humana, Inc		5,273
	34,479		Industrial Alliance Insurance and Financial Services, Inc		1,188
	48,005		ING Canada, Inc		2,118
	214,937	e	Insurance Australia Group Ltd		765
	34,900	*	KBC Groep NV		1,690
	28,192	*	Leucadia National Corp		699
	103,710		Lincoln National Corp		3,184
	61,364		Loews Corp		2,288
	730,252		Manulife Financial Corp		14,409
	48,049	e	Mediolanum S.p.A.		281

186

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	209,912		Metlife, Inc	$	9,098
	38,420	e	Mitsui Sumitomo Insurance Group Holdings, Inc		1,066
	177,511	e	Muenchener Rueckver AG.		28,807
	64,000	e,m	Nipponkoa Insurance Co Ltd		396
	20,000	m	Nissay Dowa General Insurance Co Ltd		102
	1,129,323	*	Old Mutual plc		2,099
	68,763		Old Republic International Corp		872
	227,209		PartnerRe Ltd		18,113
	146,101		Power Corp Of Canada		4,410
	103,787	e	Power Financial Corp		3,423
	12,032	*	Primerica, Inc		180
	543,240		Principal Financial Group		15,868
	130,712		Progressive Corp		2,495
	523,214		Prudential Financial, Inc		31,654
	3,406,919		Prudential plc		28,306
	449		Reinsurance Group of America, Inc (Class A)		24
	239,159		RenaissanceRe Holdings Ltd		13,575
	723,678		Royal & Sun Alliance Insurance Group plc		1,400
	87,015		Sampo Oyj (A Shares)		2,308
	34,724		SCOR		877
	1,135,709	e,m	Sompo Japan Insurance, Inc		7,726
	902	e	Sony Financial Holdings, Inc		2,962
	482,613		Standard Life plc		1,467
	236,429		Sun Life Financial, Inc		7,605
	6,497		Swiss Life Holding		853
	73,635		Swiss Reinsurance Co		3,624
	24,498	e	T&D Holdings, Inc		580
	3,086	*	Topdanmark AS		402
	21,889		Torchmark Corp		1,171
	24,087		Transatlantic Holdings, Inc		1,272
	385,983		Travelers Cos, Inc		20,820
	6,412		TrygVesta A.S.		423
	850,661		UnitedHealth Group, Inc		27,791
	83,929		UnumProvident Corp		2,079
	63,201		Validus Holdings Ltd		1,740
	21,171		W.R. Berkley Corp		552
	46,800	*	WellCare Health Plans, Inc		1,395
	454,888	*	WellPoint, Inc		29,286
	9,015		Wiener Staedtische Allgemeine Versicherung AG.		476
	547,071		XL Capital Ltd (Class A)		10,340
	33,694		Zurich Financial Services AG.		8,638
			TOTAL INSURANCE CARRIERS		567,935
LEATHER AND LEATHER PRODUCTS - 0.2%
	58,874		Adidas-Salomon AG.		3,149
	386,231		Coach, Inc		15,264
	102,514	e	LVMH Moet Hennessy Louis Vuitton S.A.		11,982
	202,089	e	Yue Yuen Industrial Holdings		703
			TOTAL LEATHER AND LEATHER PRODUCTS		31,098
LEGAL SERVICES - 0.0%
	292	*	FTI Consulting, Inc		11
			TOTAL LEGAL SERVICES		11

187

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.0%
	40,933		Brisa-Auto Estradas de Portugal S.A.	$	347
	84,028		ComfortDelgro Corp Ltd		94
	42,262	e	Keihin Electric Express Railway Co Ltd		347
	26,426		Keisei Electric Railway Co Ltd		161
			TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		949
LUMBER AND WOOD PRODUCTS - 0.0%
	100,869	*	Sino-Forest Corp		1,976
			TOTAL LUMBER AND WOOD PRODUCTS		1,976
METAL MINING - 3.3%
	66,037	e	Agnico-Eagle Mines Ltd		3,689
	103,426		Alumina Ltd		164
	1,634,262	*	Anglo American plc		71,275
	154,717		Antofagasta plc		2,442
	393,347		Barrick Gold Corp		15,081
	433,964		Barrick Gold Corp (Canada)		16,651
	1,890,694		BHP Billiton Ltd		75,627
	609,758		BHP Billiton plc		20,912
	162,908	e	Cameco Corp		4,461
	92,330		Cleveland-Cliffs, Inc		6,551
	333,570		Companhia Vale do Rio Doce (ADR)		10,738
	211,623	*	Eldorado Gold Corp		2,569
	2,889	e	Energy Resources of Australia Ltd		50
	42,654		Eurasian Natural Resources Corp		772
	33,286		First Quantum Minerals Ltd		2,739
	47,769		Franco-Nevada Corp		1,282
	243,011		Freeport-McMoRan Copper & Gold, Inc (Class B)		20,301
	28,714		Fresnillo plc		370
	304,429		Goldcorp, Inc		11,375
	145,011		IAMGOLD Corp		1,927
	21,189		Inmet Mining Corp		1,231
	105,502	*	Ivanhoe Mines Ltd		1,844
	34,521	*	Kazakhmys plc		800
	161,936	e	Kingsgate Consolidated Ltd		1,265
	288,884		Kinross Gold Corp		4,941
	2,100		Korea Zinc Co Ltd		375
	27,757	*	Lonmin plc		858
	1	*	MMC Norilsk Nickel (ADR)		0	^
	412,400	*	MMX Mineracao e Metalicos S.A.		3,138
	347,215		Newcrest Mining Ltd		10,457
	105,517		Newmont Mining Corp		5,374
	98,536	e	Orica Ltd		2,422
	1,959,742	*,e	Oxiana Ltd		2,059
	62,233	*,e	Paladin Resources Ltd		226
	41,693		PAN American Silver Corp		960
	7,689,911	*,e	Pan Australian Resources Ltd		3,669
	3,907,000		PT International Nickel Indonesia Tbk		2,029
	19,100		Randgold Resources Ltd		1,454

188

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	440,187	e	Rio Tinto Ltd	$	31,669
	1,479,288		Rio Tinto plc		87,659
	124,662		Sherritt International Corp		989
	135,643	*	Silver Wheaton Corp		2,130
	2,069,000	e	Straits Asia Resources Ltd		3,195
	991	e	Sumitomo Titanium Corp		41
	207,432	*	Teck Cominco Ltd		9,037
	20,935	e	Vedanta Resources plc		882
	321,086	*	Xstrata plc		6,083
	305,482	e	Yamana Gold, Inc		3,023
			TOTAL METAL MINING		456,786
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.4%
	589,000		Citic Pacific Ltd		1,408
	718,084		Compagnie Financiere Richemont S.A.		27,807
	614,060	*	Futuris Corp Ltd		721
	330,941		Hasbro, Inc		12,668
	283,293		Jarden Corp		9,431
	179,454		Mattel, Inc		4,081
	21,273	e	Namco Bandai Holdings, Inc		207
	5,190	e	Sankyo Co Ltd		257
	5,946		Societe BIC S.A.		455
	15,788	e	Yamaha Corp		204
			TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		57,239
MISCELLANEOUS RETAIL - 1.0%
	139,417	*	Amazon.com, Inc		18,923
	154,817		Best Buy Co, Inc		6,586
	983,279		CVS Corp		35,949
	44,905	*	Dollar Tree, Inc		2,659
	1,840,000		Game Group PLC		2,743
	104,040	*	GSI Commerce, Inc		2,879
	750,569		Home Retail Group		3,087
	2,376,710		Hutchison Whampoa Ltd		17,387
	290,000	*	Hypermarcas S.A.		3,547
	23,975	e	Metro AG.		1,422
	10,400	*	Office Depot, Inc		83
	456,378		Origin Energy Ltd		6,931
	61,897		Petsmart, Inc		1,978
	11,060	*	Priceline.com, Inc		2,820
	2,666,000		SA SA International Holdings Ltd		2,081
	70,681		Seven & I Holdings Co Ltd		1,708
	86,827	e	Shoppers Drug Mart Corp		3,731
	437,210		Staples, Inc		10,226
	18,024		Tiffany & Co		856
	32,818	*,e	Vitamin Shoppe, Inc		737
	191,357		Walgreen Co		7,097
			TOTAL MISCELLANEOUS RETAIL		133,430
MOTION PICTURES - 0.5%
	2,283		Astral Media, Inc		80
	232,282	*	Discovery Communications, Inc (Class A)		7,849

189

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	19,653	*	Discovery Communications, Inc (Class C)	$	578
	105,000	*	DreamWorks Animation SKG, Inc (Class A)		4,136
	297,390	e	News Corp (ADR)		5,049
	613,726		News Corp (Class A)		8,844
	62,054	e	News Corp (Class B)		1,056
	128,172		Scripps Networks Interactive (Class A)		5,684
	738,872		Time Warner, Inc		23,104
	11,475	e	Toho Co Ltd		185
	574,752	*	Viacom, Inc (Class B)		19,760
			TOTAL MOTION PICTURES		76,325
NONDEPOSITORY INSTITUTIONS - 1.3%
	4,082	e	Acom Co Ltd		67
	287,903		Aeon Credit Service Co Ltd		3,418
	603,938		American Express Co		24,918
	121,149		Bank of Cyprus Public Co Ltd		766
	200,700		Capital One Financial Corp		8,311
	7,460	*,e,m	Cattles plc		1
	1,927,164	e	Challenger Financial Services Group Ltd		7,428
	2,754,378		Chimera Investment Corp		10,715
	16,783	e	Credit Saison Co Ltd		260
	176,461		Criteria Caixacorp S.A.		874
	295,765		Discover Financial Services		4,407
	32,700	*,e	Federal Home Loan Mortgage Corp		42
	205,500	*,e	Federal National Mortgage Association		216
	96,958		Investor AB (B Shares)		1,860
	230,300	e	Japan Securities Finance Co Ltd		1,692
	72,000		Jardine Matheson Holdings Ltd		2,398
	14,906		KB Financial Group, Inc		719
	54,246		Lender Processing Services, Inc		2,048
	222,249	e	ORIX Corp		19,707
	1,122		Osaka Securities Exchange Co Ltd		5,869
	3,350	e	Promise Co Ltd		31
	27,130		Samsung Card Co		1,230
	732,586		Siemens AG.		73,369
	117,019	*	SLM Corp		1,465
	923,700		Tisco Financial Group PCL (ADR)		771
	600,000		Tullett Prebon plc		3,184
			TOTAL NONDEPOSITORY INSTITUTIONS		175,766
NONMETALLIC MINERALS, EXCEPT FUELS - 0.1%
	748,046	e	Adelaide Brighton Ltd		1,771
	1,000,000		Grupo Mexico S.A. de C.V. (Series B)		2,678
	7,032	e	Imerys S.A.		433
	58,150		K+S AG.		3,530
	18,000		Vulcan Materials Co		850
			TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		9,262
OIL AND GAS EXTRACTION - 4.4%
	293,498		Anadarko Petroleum Corp		21,375
	253,339		Apache Corp		25,714
	52,862	*,e	Arrow Energy NL		244

190

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	375,029		Baker Hughes, Inc	$	17,566
	2,411,389		BG Group plc		41,734
	57,506		BJ Services Co		1,231
	158,460		Cabot Oil & Gas Corp		5,831
	1,426,767	*	Cairn Energy plc		9,029
	83,972	*	Cameron International Corp		3,599
	269,459		Canadian Natural Resources Ltd (Canada)		19,943
	100,277		Canadian Oil Sands Trust		3,006
	407,428		Cenovus Energy, Inc		10,643
	113,860		Chesapeake Energy Corp		2,692
	1,890,000	e	China Oilfield Services Ltd		2,775
	35,134		Cimarex Energy Co		2,086
	2,004,000		CNOOC Ltd		3,299
	489,930	*	Cobalt International Energy, Inc		6,663
	30,898	*	Compagnie Generale de Geophysique S.A.		877
	1	*	Compagnie Generale de Geophysique-Veritas (ADR)		0	^
	136,399	*	Concho Resources, Inc		6,869
	62,335	*,m	Crescent Point Energy Corp		2,392
	253,253	e	Crescent Point Energy Corp		9,717
	253,639	*	Crude Carriers Corp		4,319
	514,835	*	Denbury Resources, Inc		8,685
	120,591		Devon Energy Corp		7,770
	13,560	e	Diamond Offshore Drilling, Inc		1,204
	403,257		EnCana Corp		12,547
	73,221		Enerplus Resources Fund		1,735
	32,804		Ensco International plc (ADR)		1,469
	56,337		Ensign Energy Services, Inc		815
	152,525		EOG Resources, Inc		14,176
	24,387		Equitable Resources, Inc		1,000
	3,000	*	Exterran Holdings, Inc		73
	590,252		Halliburton Co		17,784
	23,785		Helmerich & Payne, Inc		906
	107,213		Husky Energy, Inc		3,075
	1,947		Idemitsu Kosan Co Ltd		147
	75		Inpex Holdings, Inc		550
	2,900		Japan Petroleum Exploration Co		147
	49,113	*,e	Lundin Petroleum AB		416
	222,531	*	Nabors Industries Ltd		4,368
	243,578		National Oilwell Varco, Inc		9,884
	92,653	*	Newfield Exploration Co		4,823
	319,529		Nexen, Inc		7,906
	18,914	e	Niko Resources Ltd		2,017
	101,730		Noble Corp		4,254
	134,421		Noble Energy, Inc		9,813
	833,452		Occidental Petroleum Corp		70,460
	62,846		Patterson-UTI Energy, Inc		878
	175,766		Penn West Energy Trust		3,722
	28,200		PetroBakken Energy Ltd		736
	32,417	*	Petrobank Energy & Resources Ltd		1,775
	53,051	*	PetroHawk Energy Corp		1,076
	516,198		Petroleo Brasileiro S.A. (ADR)		22,966
	29,217		Pioneer Natural Resources Co		1,646

191

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	19,359	*	Plains Exploration & Production Co	$	581
	363,340	*	Pride International, Inc		10,940
	66,659	e	ProEx Energy Ltd		772
	111,329		Provident Energy Trust		864
	196,037		Range Resources Corp		9,188
	22,873	*	Rowan Cos, Inc		666
	434,778		Santos Ltd		5,849
	38,160		SBM Offshore NV		764
	649,474		Schlumberger Ltd		41,216
	58,096	e	SeaDrill Ltd		1,354
	611	*	Seahawk Drilling, Inc		12
	466,262		Smith International, Inc		19,965
	102,601	*	Southwestern Energy Co		4,178
	429,560		Talisman Energy, Inc		7,346
	66,446		Technip S.A.		5,403
	40,567		Tidewater, Inc		1,918
	90,700	*	Transocean Ltd		7,835
	54,174		Trican Well Service Ltd		701
	2,629,723		Tullow Oil plc		49,883
	29,174	*	Ultra Petroleum Corp		1,360
	16,396		Vermilion Energy Trust		571
	440,777	*	Weatherford International Ltd		6,991
	60,950		Woodside Petroleum Ltd		2,623
	354,504		XTO Energy, Inc		16,725
			TOTAL OIL AND GAS EXTRACTION		618,132
PAPER AND ALLIED PRODUCTS - 0.2%
	14	*	Domtar Corporation		1
	13,840		Exor S.p.A.		240
	10,470	e	Holmen AB (B Shares)		282
	203,033		International Paper Co		4,997
	187,970		Kimberly-Clark Corp		11,821
	28,800		Kinnevik Investment AB (Series B)		530
	42,982		MeadWestvaco Corp		1,098
	25,618	e	Metso Oyj		827
	9,000	e	Nippon Paper Group, Inc		232
	80,563	e	OJI Paper Co Ltd		353
	118,300	*	Smurfit Kappa Group plc		986
	36,000		Sonoco Products Co		1,108
	126,813	e	Stora Enso Oyj (R Shares)		966
	122,164		Svenska Cellulosa AB (B Shares)		1,722
	60,641	e	Uni-Charm Corp		5,857
	110,739	e	UPM-Kymmene Oyj		1,470
			TOTAL PAPER AND ALLIED PRODUCTS		32,490
PERSONAL SERVICES - 0.0%
	20,187		Cintas Corp		567
	118,337		H&R Block, Inc		2,106
	494,538		Kuala Lumpur Kepong BHD		2,529
			TOTAL PERSONAL SERVICES		5,202

192

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
PETROLEUM AND COAL PRODUCTS - 3.9%
	7,390,093		BP plc	$	69,911
	175,800		BP plc (ADR)		10,033
	199,198	e	Caltex Australia Ltd		2,067
	1,122,731		Chevron Corp		85,138
	438,444		ConocoPhillips		22,435
	59,343	e	Cosmo Oil Co Ltd		143
	1,083,401		ENI S.p.A.		25,417
	1,848,755		Exxon Mobil Corp		123,831
	39,800		Frontier Oil Corp		537
	34,448	e	Galp Energia SGPS S.A.		598
	18,634		Hellenic Petroleum S.A.		213
	190,931		Hess Corp		11,943
	125,207		Imperial Oil Ltd		4,836
	155,888		Marathon Oil Corp		4,932
	52,216		Murphy Oil Corp		2,934
	27,245	e	Neste Oil Oyj		475
	80,820	m	Nippon Mining Holdings, Inc		371
	30,981		OMV AG.		1,162
	155,781		Repsol YPF S.A.		3,688
	1,232,657		Royal Dutch Shell plc (A Shares)		35,728
	1,173,071		Royal Dutch Shell plc (B Shares)		32,318
	13,407	e	Saras S.p.A.		37
	18,473	e	Showa Shell Sekiyu KK		125
	401,075	e	Statoil ASA		9,286
	664,040		Suncor Energy, Inc		21,595
	80,737		Suncor Energy, Inc (NY)		2,627
	16,689		Sunoco, Inc		496
	25,626	e	TonenGeneral Sekiyu KK		216
	833,848		Total S.A.		48,406
	106,486		Valero Energy Corp		2,098
	185,030		Walter Industries, Inc		17,073
			TOTAL PETROLEUM AND COAL PRODUCTS		540,669
PIPELINES, EXCEPT NATURAL GAS - 0.1%
	11,277	*	Kinder Morgan Management LLC		661
	213,089		Spectra Energy Corp		4,801
	294,184	e	TransCanada Corp		10,781
			TOTAL PIPELINES, EXCEPT NATURAL GAS		16,243
PRIMARY METAL INDUSTRIES - 1.0%
	30,796	e	Acerinox S.A.		606
	5,600		AK Steel Holding Corp		128
	177,561		Alcoa, Inc		2,528
	17,383		Allegheny Technologies, Inc		939
	179,821	*,e	ArcelorMittal		7,891
	66,985	e	BlueScope Steel Ltd		179
	27,698	e	Daido Steel Co Ltd		116
	134,318	e	Dowa Holdings Co Ltd		809
	1,199,458	e	Furukawa Electric Co Ltd		6,235
	65,619		Gerdau Ameristeel Corp		517
	27,125		Hyundai Steel Co		2,059
	257,104	e	JFE Holdings, Inc		10,354

193

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	35,626		Johnson Matthey plc	$	944
	240,723		Kobe Steel Ltd		518
	3,270,000	e	Maanshan Iron & Steel		1,895
	2,496		Maruichi Steel Tube Ltd		51
	102,186	e	Mitsubishi Materials Corp		294
	58,239	e	Mitsui Mining & Smelting Co Ltd		174
	298,884	e	Nippon Steel Corp		1,173
	138,566	*,e	Norsk Hydro ASA		1,056
	60,148		Nucor Corp		2,730
	48,707		OneSteel Ltd		174
	26,333	e	Outokumpu Oyj		578
	4,000		POSCO		1,867
	187,122		Precision Castparts Corp		23,710
	31,400		Reliance Steel & Aluminum Co		1,546
	6,600		Schnitzer Steel Industries, Inc (Class A)		347
	837,071	e	Straits Resources Ltd		1,106
	73,556		Sumitomo Electric Industries Ltd		902
	3,126,314	e	Sumitomo Metal Industries Ltd		9,464
	47,464		Sumitomo Metal Mining Co Ltd		706
	268,298	e	Tenaris S.A.		5,791
	22,300	*,e	Titanium Metals Corp		370
	88,440	e	Tokyo Steel Manufacturing Co Ltd		1,108
	23,882		Umicore		834
	45,254	e	United States Steel Corp		2,875
	109,687		Usinas Siderurgicas de Minas Gerais S.A. (Preference)		3,757
	171,421		Vallourec		34,567
	30,275		Voestalpine AG.		1,225
	4,200	e	Yamato Kogyo Co Ltd		139
			TOTAL PRIMARY METAL INDUSTRIES		132,262
PRINTING AND PUBLISHING - 0.5%
	54,138	e	Dai Nippon Printing Co Ltd		731
	40,891		Dun & Bradstreet Corp		3,043
	125,000		Gannett Co, Inc		2,065
	188,369	e	John Fairfax Holdings Ltd		311
	19,181	e	Lagardere S.C.A.		776
	134,970		McGraw-Hill Cos, Inc		4,812
	162,930	e	Orkla ASA		1,441
	18,957	e	PagesJaunes Groupe S.A.		218
	2,333,165		Pearson plc		36,681
	61,709		R.R. Donnelley & Sons Co		1,317
	158,432	e	Reed Elsevier NV		1,925
	200,322		Reed Elsevier plc		1,597
	15,610	e	Sanoma-WSOY Oyj		346
	107,344		Singapore Press Holdings Ltd		293
	154,891	e	Thomson Corp		5,638
	53,540	e	Toppan Printing Co Ltd		483
	827		Washington Post Co (Class B)		367
	264		West Australian Newspapers Holdings Ltd		2
	58,229		Wolters Kluwer NV		1,263
	110,208		Yellow Pages Income Fund		667
			TOTAL PRINTING AND PUBLISHING		63,976

194

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
RAILROAD TRANSPORTATION - 0.6%
	2,127,050	*,e	Asciano Group	$	3,699
	203,236		Canadian National Railway Co		12,334
	69,857		Canadian Pacific Railway Ltd		3,937
	146		Central Japan Railway Co		1,112
	305,003		CSX Corp		15,525
	15,052	e	East Japan Railway Co		1,047
	372,776		Firstgroup plc		2,031
	3,364,000	e	Guangshen Railway Co Ltd		1,347
	103,720	e	Hankyu Hanshin Holdings, Inc		480
	63,000	*	Kansas City Southern Industries, Inc		2,279
	90,813	e	MTR Corp		344
	131,825		Norfolk Southern Corp		7,368
	375,191		Union Pacific Corp		27,501
	165		West Japan Railway Co		568
			TOTAL RAILROAD TRANSPORTATION		79,572
REAL ESTATE - 0.7%
	9,580,701		Ayala Land, Inc		2,756
	10,195,901	m	Ayala Land, Inc (Preference)		23
	885,901		British Land Co plc		6,468
	119,852	e	Brookfield Properties Corp		1,847
	2,067,994		CapitaLand Ltd		5,869
	356,516		CapitaMall Trust		451
	10,200	*	CB Richard Ellis Group, Inc (Class A)		162
	98,696		Cheung Kong Holdings Ltd		1,271
	428,000		China Aoyuan Property Group Ltd		74
	114,669	*,e	China Real Estate Information Corp (ADR)		1,149
	998,000	e	China Resources Land Ltd		2,170
	69,304		Chinese Estates Holdings Ltd		116
	44,495		City Developments Ltd		337
	10,905		Corio NV		728
	20,265,600		Erawan Group PCL		1,492
	3,000	*,e	Forest City Enterprises, Inc (Class A)		43
	3,867		Gecina S.A.		428
	168,384	*,e	Genting International plc		107
	79,000	*	Glorious Property Holdings Ltd		33
	151,418		Hammerson plc		904
	72,000		Hang Lung Group Ltd		382
	1,201,793		Hang Lung Properties Ltd		4,845
	244,273		Henderson Land Development Co Ltd		1,721
	29,717		Hopewell Holdings		88
	58,452		Hysan Development Co Ltd		169
	4,261		ICADE		474
	3,913,200		IGB Corp BHD		2,267
	4,128	*,e	Kenedix, Inc		1,210
	149,000	e	Keppel Land Ltd		391
	2,546,700		KLCC Property Holdings BHD		2,615
	18,850		Klepierre		740
	10,643,200		Land and Houses PCL		1,991
	164,904		Land Securities Group plc		1,697

195

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	13,279	e	Leighton Holdings Ltd	$	475
	108,552		Liberty International plc		829
	495,450		Link Real Estate Investment Trust		1,221
	498,383		Macquarie Goodman Group		300
	34,351,500	*	Metro Pacific Investments Corp		2,356
	247,974	e	Mirvac Group		336
	650,705		Mitsubishi Estate Co Ltd		10,648
	466,863		Mitsui Fudosan Co Ltd		7,925
	87,000	*	Mongolia Energy Co ltd		40
	2,179,589		New World Development Ltd		4,267
	9,374	e	Nomura Real Estate Holdings, Inc		145
	121	e	NTT Urban Development Corp		102
	1,239,000		Preuksa Real Estate PCL		671
	4,832,000		Renhe Commercial Holdings Co Ltd		1,120
	4,421,900		Robinsons Land Corp		1,419
	156,274		Segro plc		758
	924,000		Shanghai Real Estate Ltd		92
	150,299		Sino Land Co		295
	8,432,000		SM Prime Holdings		1,829
	1,681,300		SP Setia BHD		2,154
	594,992		Stockland Trust Group		2,179
	61,256	e	Sumitomo Realty & Development Co Ltd		1,166
	770,448		Sun Hung Kai Properties Ltd		11,589
	27,572		Tokyo Tatemono Co Ltd		99
	47,862	e	Tokyu Land Corp		183
	18,545		Unibail		3,757
	3,450,782	*	Unitech Corporate Parks plc		1,715
	82,000		Wheelock & Co Ltd		242
	12,916		YNH Property BHD		6
			TOTAL REAL ESTATE		102,936
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.5%
	161,200	e	Asics Corp		1,576
	380,857		Bayer AG.		25,760
	345,404		Bridgestone Corp		5,897
	673,000		Cheng Shin Rubber Industry Co Ltd		1,433
	104,700		Cooper Tire & Rubber Co		1,991
	46,676	e	Denki Kagaku Kogyo KK		201
	98,520	*	Goodyear Tire & Rubber Co		1,245
	67,200		Hankook Tire Co Ltd		1,274
	37,378		Michelin (C.G.D.E.) (Class B)		2,754
	63,282		Mitsui Chemicals, Inc		192
	640,463		Newell Rubbermaid, Inc		9,735
	10,351	*,e	NOK Corp		156
	24,091	e	Nokian Renkaat Oyj		626
	675,529	*	Pirelli & C S.p.A.		415
	1,159	e	Puma AG. Rudolf Dassler Sport		367
	23,262		Sealed Air Corp		490
	1,118,459		SSL International plc		13,799
	15,863		Sumitomo Rubber Industries, Inc		140
	45,000		Tupperware Corp		2,170
			TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		70,221

196

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
SECURITY AND COMMODITY BROKERS - 2.1%
	70,994		Ameriprise Financial, Inc	$	3,220
	106,776		Australian Stock Exchange Ltd		3,326
	17,324		BlackRock, Inc		3,772
	460,218		Charles Schwab Corp		8,601
	426,000	e	China Everbright Ltd		1,141
	29,498		CME Group, Inc		9,325
	961,480		Credit Suisse Group		49,560
	155,355	e	Daiwa Securities Group, Inc		818
	44,720	e	Deutsche Boerse AG.		3,315
	30,400,900	*,e	E*Trade Financial Corp		50,161
	16,112		Eaton Vance Corp		540
	1,214		F&C Asset Management plc		1
	53,584		Franklin Resources, Inc		5,942
	360,111		Goldman Sachs Group, Inc		61,447
	532,998		Hong Kong Exchanges and Clearing Ltd		8,897
	108,762		ICAP plc		617
	49,866	e	IGM Financial, Inc		2,190
	9,158	*	IntercontinentalExchange, Inc		1,027
	227,503		Invesco Ltd		4,985
	1,460,800	e	iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker		2,585
	15,915	e	Jefferies Group, Inc		377
	1,258,880		Legal & General Group plc		1,682
	20,800		Legg Mason, Inc		596
	31,722	e	London Stock Exchange Group plc		342
	189,459	*,e	Macquarie Group Ltd		8,215
	376,274		Man Group plc		1,379
	11,900	e	Matsui Securities Co Ltd		85
	490,041		Morgan Stanley		14,353
	245,562	*	Nasdaq Stock Market, Inc		5,186
	2,120,063	e	Nomura Holdings, Inc		15,624
	38,549		NYSE Euronext		1,141
	1,944	e	Perpetual Trustees Australia Ltd		63
	27,265		Schroders plc		582
	20,462		SEI Investments Co		450
	56,751		Shinko Securities Co Ltd		180
	1,008,111	e	Singapore Exchange Ltd		5,513
	155,687		T Rowe Price Group, Inc		8,552
	38,582	*	TD Ameritrade Holding Corp		735
	32,440	e	TMX Group, Inc		956
			TOTAL SECURITY AND COMMODITY BROKERS		287,481
SPECIAL TRADE CONTRACTORS - 0.0%
	13,131		Kinden Corp		115
	28,951	*	Quanta Services, Inc		555
			TOTAL SPECIAL TRADE CONTRACTORS		670
STONE, CLAY, AND GLASS PRODUCTS - 0.7%
	1,069,298		Asahi Glass Co Ltd		12,044
	52,722	e	Boral Ltd		271
	44,208		Cimpor Cimentos de Portugal S.A.		334

197

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,426,565		Corning, Inc	$	28,832
	142,035		CRH plc		3,547
	7,402		CRH plc (IRELAND)		185
	42,173	e	HeidelbergCement AG.		2,352
	165,344	e	Holcim Ltd		12,326
	16,212	e	Italcementi S.p.A.		187
	36,029	*	James Hardie Industries NV		240
	42,630		Lafarge S.A.		3,000
	6,292	e	Martin Marietta Materials, Inc		526
	24,673	e	NGK Insulators Ltd		503
	67,041	e	Nippon Sheet Glass Co Ltd		198
	130,423	*	Owens-Illinois, Inc		4,635
	5,961		Pargesa Holding S.A.		506
	2,003,000		PT Indocement Tunggal Prakarsa Tbk		3,137
	669,376	e	Taiheiyo Cement Corp		959
	12,460		Titan Cement Co S.A.		330
	25,681	e	Toto Ltd		175
	1,002,100	*	Wienerberger AG.		19,517
			TOTAL STONE, CLAY, AND GLASS PRODUCTS		93,804
TEXTILE MILL PRODUCTS - 0.1%
	2,614,246		Far Eastern Textile Co Ltd		2,873
	8,494	*	Mohawk Industries, Inc		462
	13,054	e	Nisshinbo Industries, Inc		135
	1,663,807		Teijin Ltd		5,588
			TOTAL TEXTILE MILL PRODUCTS		9,058
TOBACCO PRODUCTS - 1.1%
	824,322		Altria Group, Inc		16,915
	768,378		British American Tobacco plc		26,486
	22,099		Fortune Brands, Inc		1,072
	2,278,728		Huabao International Holdings Ltd		2,738
	709,667		Imperial Tobacco Group plc		21,646
	2,564		Japan Tobacco, Inc		9,544
	176,061		Lorillard, Inc		13,247
	1,092,122		Philip Morris International, Inc		56,966
	50,801	e	Swedish Match AB		1,214
			TOTAL TOBACCO PRODUCTS		149,828
TRANSPORTATION BY AIR - 0.6%
	7,194		Aeroports de Paris		592
	3,112,000	e	Air China Ltd		3,215
	26,596	e	Air France-KLM		420
	2,577,900	*	AirAsia BHD		1,098
	523,862	*,e	All Nippon Airways Co Ltd		1,496
	170,000	*	AMR Corp		1,549
	78,342	e	Auckland International Airport Ltd		108
	7,488,703	*,e	British Airways plc		27,616
	1,809,237	*	Cathay Pacific Airways Ltd		3,812
	288,712	*,e	Continental Airlines, Inc (Class B)		6,343
	235,373	*	Delta Air Lines, Inc		3,434
	4,951,000	*	Eva Airways Corp		2,331

198

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	192,138		FedEx Corp	$	17,946
	7,801	e	Fraport AG. Frankfurt Airport Services Worldwide		411
	3,200		Hong Kong Aircraft Engineerg		40
	118,253		Iberia Lineas Aereas de Espana		413
	56,066	*	Korean Air Lines Co Ltd		3,295
	66,883		Macquarie Airports		190
	91,852		Qantas Airways Ltd		239
	64,043	*	Ryanair Holdings plc		318
	3,641	*	Ryanair Holdings plc (ADR)		99
	32,774		Singapore Airlines Ltd		356
	749,152		Singapore Airport Terminal Services Ltd		1,419
	122,050		Southwest Airlines Co		1,614
	6,000,000	*	Thai Airways International Pcl		5,242
	4,304,991	*,e	Virgin Blue Holdings Ltd		2,785
			TOTAL TRANSPORTATION BY AIR		86,381
TRANSPORTATION EQUIPMENT - 3.2%
	17,542	*	Aisin Seiki Co Ltd		525
	160,000	*	American Axle & Manufacturing Holdings, Inc		1,597
	1,289,910	e	Austal Ltd		3,018
	229,318	*	Autoliv, Inc		11,817
	16,400	*,e	Autoliv, Inc (ADR)		848
	757,857		BAE Systems plc		4,270
	60,311		Bayerische Motoren Werke AG.		2,784
	2,057		Bayerische Motoren Werke AG. (Preference)		73
	428,159		Boeing Co		31,089
	605,062		Bombardier, Inc		3,711
	9,828,000	e	China South Locomotive and Rolling Stock Corp		7,709
	246,507		Cobham plc		961
	47,584	e	Cosco Corp Singapore Ltd		42
	18,290		Daihatsu Motor Co Ltd		175
	755,278		DaimlerChrysler AG. (EUR)		35,556
	343,345		Denso Corp		10,228
	83,805	e	European Aeronautic Defence and Space Co		1,686
	85,000	*	Federal Mogul Corp (Class A)		1,561
	164,448	*	Fiat S.p.A.		2,141
	1,716,058	*	Ford Motor Co		21,571
	569,342	e	Fuji Heavy Industries Ltd		2,947
	200,342		General Dynamics Corp		15,466
	39,144		Genuine Parts Co		1,653
	168,506		Goodrich Corp		11,883
	34,349	e	Harley-Davidson, Inc		964
	15,753		Harsco Corp		503
	26,182	*,e	Hino Motors Ltd		111
	1,504,268	e	Honda Motor Co Ltd		53,097
	607,547		Honeywell International, Inc		27,504
	3,735		Hyundai Mobis		495
	46,782		Hyundai Motor Co		4,776
	1,555,169	*	Isuzu Motors Ltd		4,209
	4,945		Jardine Cycle & Carriage Ltd		104
	928,295		JTEKT Corp		10,962
	138,044	e	Kawasaki Heavy Industries Ltd		381

199

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

					VALUE (000)
SHARES			COMPANY
	829,472		Keppel Corp Ltd	$	5,407
	3,000	e	Koito Manufacturing Co Ltd		45
	20,000	*	Lear Corp		1,587
	241,743		Lockheed Martin Corp		20,118
	89,251	*	Magna International, Inc (Class A)		5,523
	17,885	e	MAN AG.		1,497
	133,150	e	Mazda Motor Corp		375
	331,130	*,e	Mitsubishi Motors Corp		450
	72,875	e	Mitsui Engineering & Shipbuilding Co Ltd		182
	103,800	e	Modec, Inc		1,862
	14,138	e	NHK Spring Co Ltd		130
	540,206	e	NSK Ltd		4,264
	68,476		Paccar, Inc		2,968
	33,892		Peugeot S.A.		998
	19,509		Porsche AG.		1,191
	115,731	*	Renault S.A.		5,424
	620,319		Rolls-Royce Group plc		5,606
	69,662		Scania AB (B Shares)		1,102
	37,372	e	SembCorp Marine Ltd		112
	6,461	e	Shimano, Inc		286
	57,074	e	Singapore Technologies Engineering Ltd		130
	130,000	*	Spirit Aerosystems Holdings, Inc (Class A)		3,039
	208,018	e	Suzuki Motor Corp		4,590
	18,150		Thales S.A.		729
	1,801,253		Tomkins PLC		6,451
	6,396		Toyoda Gosei Co Ltd		179
	16,961	*	Toyota Industries Corp		484
	1,668,148		Toyota Motor Corp		66,822
	70,000	*	TRW Automotive Holdings Corp		2,001
	229,679		United Technologies Corp		16,907
	232,400	*	Valeo S.A.		8,295
	2,063	e	Volkswagen AG.		199
	16,916	e	Volkswagen AG. (Preference)		1,551
	98,603		Volvo AB (A Shares)		976
	235,204	e	Volvo AB (B Shares)		2,367
	19,483	e	Yamaha Motor Co Ltd		292
	39,000	e	Yangzijiang Shipbuilding		32
			TOTAL TRANSPORTATION EQUIPMENT		450,588
TRANSPORTATION SERVICES - 0.1%
	53,473		Autostrade S.p.A.		1,248
	24,879		CH Robinson Worldwide, Inc		1,389
	92,025		Cintra Concesiones de Infraestructuras de Transporte S.A.		895
	46,933	e	Deutsche Lufthansa AG.		778
	53,109		Expeditors International Washington, Inc		1,961
	24,024	*,e	Macquarie Atlas Roads Group		21
	417,603	e	Toll Holdings Ltd		2,844
	31,378	*,e	TUI AG.		353
			TOTAL TRANSPORTATION SERVICES		9,489

200

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY		VALUE (000)
TRUCKING AND WAREHOUSING - 0.7%
	1,396,973	e	Deutsche Post AG.	$	24,236
	108,668	e	DSV AS		1,942
	17,520		J.B. Hunt Transport Services, Inc		629
	63,427		Kerry Properties Ltd		340
	11,262	e	Mitsubishi Logistics Corp		140
	6,745	e	Neopost S.A.		539
	83,252		Nippon Express Co Ltd		358
	1,230,955		TNT NV		35,298
	495,999		United Parcel Service, Inc (Class B)		31,947
	37,878	e	Yamato Transport Co Ltd		532
			TOTAL TRUCKING AND WAREHOUSING		95,961
WATER TRANSPORTATION - 0.3%
	125		AP Moller - Maersk AS (Class A)		910
	270		AP Moller - Maersk AS (Class B)		2,057
	196,670		Carnival Corp		7,648
	25,615		Carnival plc		1,051
	4,161,139		DP World Ltd		2,143
	1,520,000	e	Ezra Holdings Ltd		2,564
	75,968	e	Hamburger Hafen und Logistik AG.		2,882
	5,568,400		International Container Term Services, Inc		2,865
	26,126		Kamigumi Co Ltd		210
	611,186	e	Kawasaki Kisen Kaisha Ltd		2,438
	11,955		Kuehne & Nagel International AG.		1,210
	1,312,906		Mitsui OSK Lines Ltd		9,424
	42,465	e	Neptune Orient Lines Ltd		61
	117,636		Nippon Yusen Kabushiki Kaisha		464
	10,364		Orient Overseas International Ltd		77
	179,031	*,e	Royal Caribbean Cruises Ltd		5,906
	2,272,000	e	Shun TAK Holdings Ltd		1,466
			TOTAL WATER TRANSPORTATION		43,376
WHOLESALE TRADE-DURABLE GOODS - 1.4%
	117,891	*	Arrow Electronics, Inc		3,552
	52,352		Assa Abloy AB (Class B)		1,024
	281,887		Banpu PCL		5,388
	29,152	*	BorgWarner, Inc		1,113
	51,661		Bunzl plc		565
	6,964	e	Canon Marketing Japan, Inc		95
	3,350,000	*	China Resources Cement Holdings Ltd		1,618
	61,145		Compagnie de Saint-Gobain		2,940
	1,262,000	e	Dongfeng Motor Group Co Ltd		2,051
	71,559		Finning International, Inc		1,296
	52,373	*,e	Fortescue Metals Group Ltd		235
	594,028	e	Itochu Corp		5,204
	4,344,700	*	JCY International Bhd		2,384
	110,000		Kia Motors Corp		2,455
	1,798,602		Li & Fung Ltd		8,849
	1,129,541	e	Mitsubishi Corp		29,601
	921,504		Mitsui & Co Ltd		15,485
	1,716		NET One Systems Co Ltd		2,181
	42,177	*,e	New Carphone Warehouse plc		102
	2,315,123	*,e	Nissan Motor Co Ltd		19,835

201

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

					VALUE (000)
SHARES			COMPANY
	74,321	e	Nisshin Steel Co Ltd	$	155
	19,028		Patterson Cos, Inc		591
	1,172,921		Prysmian S.p.A.		23,050
	1,641,063		PT Astra International Tbk		7,557
	900,000		Rajesh Exports Ltd		2,391
	577,000		Ralink Technology Corp		2,262
	20,956	e	Rautaruukki Oyj		453
	48,426		Schneider Electric S.A.		5,680
	135,503	e	Sims Group Ltd		2,693
	102,763	e	Sumitomo Corp		1,182
	108,531	*	Talecris Biotherapeutics Holdings Corp		2,162
	12,569		THK Co Ltd		274
	106,900		ThyssenKrupp AG.		3,675
	9,187		W.W. Grainger, Inc		993
	529,431		Wesfarmers Ltd		15,445
	13,650		Wesfarmers Ltd PPS		399
	741,100	*	Wolseley plc		17,904
			TOTAL WHOLESALE TRADE-DURABLE GOODS		192,839
WHOLESALE TRADE-NONDURABLE GOODS - 1.7%
	2,600	e	ABC-Mart, Inc		83
	117,736		Airgas, Inc		7,490
	1,346,013		Akzo Nobel NV		76,711
	3,757	e	Alfresa Holdings Corp		162
	36,621,000	*	Alliance Global Group, Inc		4,457
	17,835	e	Billabong International Ltd		185
	19,672		Brown-Forman Corp (Class B)		1,170
	123,915		Cardinal Health, Inc		4,465
	11,498	e	Casino Guichard Perrachon S.A.		973
	19,534	e	Celesio AG.		624
	6,682,000	e	Dalian Port PDA Co Ltd		3,133
	25,704	*	Dean Foods Co		403
	59,886	*	Endo Pharmaceuticals Holdings, Inc		1,419
	806,689		Esprit Holdings Ltd		6,364
	1,550,976		Foster’s Group Ltd		7,529
	48,952	*	Gildan Activewear, Inc		1,288
	79,240		Hanwha Corp		2,889
	17,664	*	Henry Schein, Inc		1,040
	214,622		Herbalife Ltd		9,898
	14,795	e	Kikkoman Corp		173
	4,882	*	Koninklijke Vopak NV		384
	11,000		LG Chem Ltd		2,338
	1,543,072	e	Marubeni Corp		9,590
	73,466	e	Metcash Ltd		279
	95,648		Metro, Inc		3,966
	114,417	e,m	Nippon Oil Corp		567
	5,189,050	e	Noble Group Ltd		11,350
	44,680	e	Point, Inc		2,676
	68,600		San-A Co Ltd		2,579
	128,846	*	Sojitz Holdings Corp		249
	6,671	e	Suzuken Co Ltd		235
	209,840		Sysco Corp		6,190

202

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				MATURITY DATE		VALUE (000)
SHARES			COMPANY
	1,727,335		Unilever NV		$	52,249
	240,000		Unilever NV ADR			7,238
	153,469	*	Viterra, Inc			1,449
			TOTAL WHOLESALE TRADE-NONDURABLE GOODS			231,795
			TOTAL COMMON STOCKS			13,824,932
			(Cost $12,592,865)
RIGHTS / WARRANTS - 0.0%
DEPOSITORY INSTITUTIONS - 0.0%
	105,153	e	Mediobanca S.p.A.			13
	135,487	e	Unione di Banche Italiane SCPA			7
			TOTAL DEPOSITORY INSTITUTIONS			20
FOOD AND KINDRED PRODUCTS - 0.0%
	34,086		Golden Agri-Resources Ltd			3
			TOTAL FOOD AND KINDRED PRODUCTS			3
HOLDING AND OTHER INVESTMENT OFFICES - 0.0%
	1,228	e	Fonciere Des Regions			1
	681,005	m	GPT Group			0	^
	22,780		IJM Land BHD			8
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES			9
REAL ESTATE - 0.0%
	556,400		SP Setia BHD			89
			TOTAL REAL ESTATE			89
TRANSPORTATION EQUIPMENT - 0.0%
	18,979	e	Volkswagen AG.			12
			TOTAL TRANSPORTATION EQUIPMENT			12
			TOTAL RIGHTS / WARRANTS			133
			(Cost $70)

PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 8.8%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.0%
			Federal National Mortgage Association (FNMA)
$	3,015,000		FNMA	05/19/10	3,014
			TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		3,014
U.S. TREASURY BILLS - 0.2%
	3,510,000		United States Cash Management Bill	06/17/10	3,509
	20,500,000		United States Treasury Bill	07/22/10	20,490
			TOTAL U.S. TREASURY BILLS		23,999
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 8.6%
REPURCHASE AGREEMENT - 5.9%
	13,417,000	n	Bank of America		13,417
	343,000,000	o	Deutsche Bank		343,000
	457,000,000	p	JP Morgan Chase & Co		457,000
			TOTAL REPURCHASE AGREEMENT		813,417

203

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE (000)
SHARES		COMPANY
VARIABLE RATE SECURITY - 2.7%
$	14,000,000	American Express Credit Account Master	$	13,989
	11,000,000	American Express Credit Account Master		11,005
	15,000,000	American Express Credit Account Master		15,038
	15,000,000	BA Credit Card Trust		14,981
	11,000,000	BA Credit Card Trust		10,969
	5,000,000	Bank One Issuance Trust		4,996
	795,919	Brunel Residential Mortgage Securitization plc		795
	8,000,000	Capital One Multi-Asset Execution Trust		7,951
	30,000,000	Capital One Multi-Asset Execution Trust		29,990
	5,000,000	Chase Issuance Trust 2006		4,995
	3,875,000	Chase Issuance Trust 2007		3,871
	9,000,000	Chase Issuance Trust 2007		8,952
	20,000,000	Citibank Credit Card Issuance Trust		19,991
	12,000,000	Discover Card Master Trust 2003		11,988
	18,000,000	Discover Card Master Trust 2005		17,962
	2,000,000	Discover Card Master Trust 2007		2,000
	8,000,000	GE Equipment Midticket LLC		7,969
	4,000,000	General Electric Cap Corp		4,002
	20,000,000	General Electric Cap Corp		19,941
	3,000,000	General Electric Cap Corp		2,979
	4,525,090	Granite Master Issuer plc 2006		4,158
	3,878,648	Granite Master Issuer plc 2007		3,564
	22,000,000	JP Morgan Chase & Co		22,037
	2,084,162	Medallion Trust Series 2005		2,015
	13,000,000	Nelnet Student Loan Trust 2006		12,951
	4,330,958	Nelnet Student Loan Trust 2007		4,314
	11,000,000	Permanent Financing plc		11,000
	25,000,000	Permanent Master Issuer plc		24,359
	4,517,150	Puma Global Mortgage Backed Trust		4,290
	25,000,000	Rabobank Nederland Trust		25,015
	7,638,717	SLM Student Loan Trust 2006		7,630
	30,000,000	SLM Student Loan Trust 2007		28,563
	8,000,000	SLM Student Loan Trust 2008		8,029
	8,478,265	Wachovia Student Loan Trust 2005		8,461
		TOTAL VARIABLE RATE SECURITY		380,750
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED		1,194,167
		TOTAL SHORT-TERM INVESTMENTS		1,221,180
		(Cost $1,222,081)
		TOTAL INVESTMENTS - 108.2%		15,046,245
		(Cost $13,815,016)
		OTHER ASSETS & LIABILITIES, NET - (8.2)%		(1,142,204	)
		NET ASSETS - 100.0%	$	13,904,041

	Abbreviation(s):
ADR	American Depositary Receipt
SPDR	Standard & Poor’s Depository Receipts
*	Non-income producing.
^	Amount represents less than $1,000.
e	All or a portion of these securities are out on loan.
f	Restricted security
m	Indicates a security that has been deemed illiquid.
n	Agreement with Bank of America, 0.02% dated 3/31/10 to be repurchased at $13,417,000 on 04/01/10, collateralized by U.S. Government Agencies security valued at $13,685,340.
o	Agreement with Deutsche Bank, 0.03% dated 3/31/10 to be repurchased at $343,000,000 on 04/01/10, collateralized by U.S. Government Agencies security valued at $349,860,014.
p	Agreement with JP Morgan Chase & Co, 0.00% dated 3/31/10 to be repurchased at $457,000,000 on 04/01/10, collateralized by U.S. Government Agencies security valued at $466,142,073.
	Cost amounts are in thousands.

204

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
SUMMARY OF MARKET VALUES BY COUNTRY (unaudited)
March 31, 2010

COUNTRY	VALUE (000)			% OF TOTAL PORTFOLIO
DOMESTIC
UNITED STATES	$	7,845,571			52.1	%
TOTAL DOMESTIC		7,845,571			52.1
FOREIGN
ARGENTINA		5,791			0.0
AUSTRALIA		490,754			3.3
AUSTRIA		30,943			0.2
BELGIUM		80,479			0.5
BERMUDA		1,740			0.0
BRAZIL		81,932			0.5
CAMBODIA		1,399			0.0
CANADA		539,048			3.6
CAYMAN ISLANDS		1,859			0.0
CHINA		135,619			0.9
CYPRUS		766			0.0
CZECH REPUBLIC		4,289			0.0
DENMARK		23,413			0.2
FINLAND		56,034			0.4
FRANCE		453,351			3.0
GERMANY		428,256			2.9
GIBRALTAR		9,913			0.1
GREECE		23,810			0.2
HONG KONG		139,250			0.9
INDIA		32,768			0.2
INDONESIA		18,166			0.1
IRELAND		56,658			0.4
ISRAEL		104,795			0.7
ITALY		162,618			1.1
JAPAN		1,231,278			8.2
JERSEY, C.I.		1,454			0.0
KAZAKHSTAN		772			0.0
KOREA, REPUBLIC OF		76,810			0.5
LUXEMBOURG		10,874			0.1
MACAU		25,516			0.2
MALAYSIA		18,784			0.1
MEXICO		11,561			0.1
NETHERLANDS		341,762			2.3
NEW ZEALAND		1,502			0.0
NORWAY		20,026			0.1
PERU		2,708			0.0
PHILIPPINES		29,065			0.2
PORTUGAL		25,359			0.2
RUSSIA		0	^		0.0
SINGAPORE		84,621			0.6

205

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
SUMMARY OF MARKET VALUES BY COUNTRY (unaudited)
March 31, 2010

COUNTRY	VALUE (000)		% OF TOTAL PORTFOLIO
SOUTH AFRICA	$	3,876		0.0	%
SPAIN		178,053		1.2
SWEDEN		96,537		0.6
SWITZERLAND		612,254		4.1
TAIWAN		78,960		0.5
THAILAND		35,404		0.2
UNITED ARAB EMIRATES		2,143		0.0
UNITED KINGDOM		1,427,704		9.5
TOTAL FOREIGN		7,200,674		47.9
TOTAL PORTFOLIO	$	15,046,245		100.0	%

^	Amount represents less than $1,000.
	Value amounts are in thousands.

206

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2010

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 98.9%
AGRICULTURAL SERVICES - 0.0%
	93,257	*	VCA Antech, Inc	$	2,614
			TOTAL AGRICULTURAL SERVICES		2,614
AMUSEMENT AND RECREATION SERVICES - 0.5%
	358,624	*	Electronic Arts, Inc		6,692
	1,470,073		Walt Disney Co		51,320
	16,425	*	Warner Music Group Corp		113
	58,906	*	WMS Industries, Inc		2,471
			TOTAL AMUSEMENT AND RECREATION SERVICES		60,596
APPAREL AND ACCESSORY STORES - 1.5%
	48,354		Abercrombie & Fitch Co (Class A)		2,207
	348,927	*	Aeropostale, Inc		10,060
	752,125		American Eagle Outfitters, Inc		13,929
	186,541		Chico’s FAS, Inc		2,690
	76,669		Foot Locker, Inc		1,153
	993,854		Gap, Inc		22,968
	1,231,490	*	Kohl’s Corp		67,460
	489,544		Limited Brands, Inc		12,053
	483,501		Nordstrom, Inc		19,751
	262,464		Ross Stores, Inc		14,034
	142,562	*	Urban Outfitters, Inc		5,422
			TOTAL APPAREL AND ACCESSORY STORES		171,727
APPAREL AND OTHER TEXTILE PRODUCTS - 0.6%
	695,621		Guess ?, Inc		32,681
	107,239	*	Hanesbrands, Inc		2,983
	402,572		Nike, Inc (Class B)		29,590
	37,281		Phillips-Van Heusen Corp		2,138
	57,766		Polo Ralph Lauren Corp (Class A)		4,912
	22,485		VF Corp		1,802
			TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		74,106
AUTO REPAIR, SERVICES AND PARKING - 0.0%
	88,246		Ryder System, Inc		3,420
			TOTAL AUTO REPAIR, SERVICES AND PARKING		3,420
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.2%
	105,148		Advance Auto Parts		4,408
	7,300	*	Autonation, Inc		132
	33,019	*	Autozone, Inc		5,715
	174,347	*	Carmax, Inc		4,380
	74,220	*	Copart, Inc		2,642

207

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	150,506	*	O’Reilly Automotive, Inc	$	6,277
	18,655	*	Penske Auto Group, Inc		269
			TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		23,823
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.6%
	146,673		Fastenal Co		7,039
	127,496		Home Depot, Inc		4,124
	2,322,273		Lowe’s Cos, Inc		56,292
			TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		67,455
BUSINESS SERVICES - 15.5%
	51,346		Aaron Rents, Inc		1,712
	362,654		Activision Blizzard, Inc		4,374
	2,420,347	*	Adobe Systems, Inc		85,608
	190,792	*	Akamai Technologies, Inc		5,993
	218,455	*	Alliance Data Systems Corp		13,979
	214,579	*	Amdocs Ltd		6,461
	97,603	*	Ansys, Inc		4,211
	1,191,482	*	Autodesk, Inc		35,053
	558,746		Automatic Data Processing, Inc		24,848
	495,500	*	BMC Software, Inc		18,829
	53,062		Brink’s Co		1,498
	51,307	*	Brink’s Home Security Holdings, Inc		2,183
	516,017		CA, Inc		12,111
	282,255	*	Cadence Design Systems, Inc		1,880
	74,723	*	Cerner Corp		6,356
	200,659	*	Citrix Systems, Inc		9,525
	325,738	*	Cognizant Technology Solutions Corp (Class A)		16,606
	129,028	*	Computer Sciences Corp		7,031
	13,100	*	Convergys Corp		161
	38,099		DST Systems, Inc		1,579
	289,124	*	eBay, Inc		7,792
	108,719		Equifax, Inc		3,892
	183,881		Expedia, Inc		4,590
	215,703	*	F5 Networks, Inc		13,268
	46,565		Factset Research Systems, Inc		3,416
	577,107		Fidelity National Information Services, Inc		13,527
	172,681	*	Fiserv, Inc		8,765
	666,991	*	Google, Inc (Class A)		378,191
	51,885	*	IHS, Inc (Class A)		2,774
	20,195		Interactive Data Corp		646
	2,326,313	*	Interpublic Group of Cos, Inc		19,355
	2,468,550	*	Intuit, Inc		84,770
	200,804		Iron Mountain, Inc		5,502
	1,969,905	*	Juniper Networks, Inc		60,437
	48,283		Manpower, Inc		2,758
	520,878		Mastercard, Inc (Class A)		132,304
	172,298	*	McAfee, Inc		6,914
	15,252,100		Microsoft Corp		446,428
	84,431	*	Monster Worldwide, Inc		1,402
	210,189		Moody’s Corp		6,253
	174,336	*	NCR Corp		2,406

208

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	202,961	*	Netease.com (ADR)	$	7,199
	46,478	*	NetFlix, Inc		3,427
	178,645	*	Novell, Inc		1,070
	877,161	*	Nuance Communications, Inc		14,596
	345,044		Omnicom Group, Inc		13,391
	5,829,949		Oracle Corp		149,771
	209,575	*	Red Hat, Inc		6,134
	170,252		Robert Half International, Inc		5,181
	443,690	*	Salesforce.com, Inc		33,033
	33,330	*	Sohu.com, Inc		1,820
	92,760	*	Sybase, Inc		4,324
	1,960,993	*	Symantec Corp		33,180
	102,656	*	Synopsys, Inc		2,296
	130,895		Total System Services, Inc		2,050
	214,480	*	VeriSign, Inc		5,579
	1,383,125		Visa, Inc (Class A)		125,906
	164,415	*	VMware, Inc (Class A)		8,763
	60,300	*	WebMD Health Corp (Class A)		2,797
	3,573,849	*	Yahoo!, Inc		59,076
			TOTAL BUSINESS SERVICES		1,944,981
CHEMICALS AND ALLIED PRODUCTS - 14.7%
	2,048,079		Abbott Laboratories		107,893
	9,237	*	Abraxis Bioscience, Inc		478
	80,684		Air Products & Chemicals, Inc		5,967
	7,861		Albemarle Corp		335
	82,074		Alberto-Culver Co		2,146
	97,902	*	Alexion Pharmaceuticals, Inc		5,323
	1,671,806	*	Amgen, Inc		99,907
	23,664		Avery Dennison Corp		862
	474,831		Avon Products, Inc		16,083
	305,203	*	Biogen Idec, Inc		17,506
	111,294	*	BioMarin Pharmaceuticals, Inc		2,601
	1,227,231		Bristol-Myers Squibb Co		32,767
	160,165		Celanese Corp (Series A)		5,101
	2,234,913	*	Celgene Corp		138,475
	82,605	*	Cephalon, Inc		5,599
	72,426		CF Industries Holdings, Inc		6,604
	47,279	*	Charles River Laboratories International, Inc		1,859
	78,476		Church & Dwight Co, Inc		5,254
	137,208		Clorox Co		8,801
	885,678		Colgate-Palmolive Co		75,513
	323,754	*	Dendreon Corp		11,807
	332,351		Du Pont (E.I.) de Nemours & Co		12,377
	376,426		Ecolab, Inc		16,544
	591,893		Eli Lilly & Co		21,438
	505,436		Estee Lauder Cos (Class A)		32,788
	68,176		FMC Corp		4,127
	650,024	*	Forest Laboratories, Inc		20,385
	456,381	*	Genzyme Corp		23,654
	2,203,334	*	Gilead Sciences, Inc		100,208
	178,012	*	Hospira, Inc		10,084

209

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	645,056	*	Human Genome Sciences, Inc	$	19,481
	65,442	*	Idexx Laboratories, Inc		3,766
	80,957		International Flavors & Fragrances, Inc		3,859
	41,719	*	Inverness Medical Innovations, Inc		1,625
	3,234,898		Johnson & Johnson		210,915
	342,020	*	King Pharmaceuticals, Inc		4,022
	856,089	*	Life Technologies Corp		44,748
	191,531		Lubrizol Corp		17,567
	1,731,922		Merck & Co, Inc		64,687
	1,526,305		Monsanto Co		109,009
	176,017		Mosaic Co		10,697
	875,687	*	Mylan Laboratories, Inc		19,887
	152,186		Nalco Holding Co		3,703
	158,414	*	NBTY, Inc		7,601
	157,892		Novartis AG.		8,528
	1,317,250		Novartis AG. (ADR)		71,263
	66,028	*	OSI Pharmaceuticals, Inc		3,932
	121,967	*	Pactiv Corp		3,071
	128,147		Perrigo Co		7,525
	460,452		Pfizer, Inc		7,897
	342,343		Praxair, Inc		28,414
	2,625,830		Procter & Gamble Co		166,136
	73,422		RPM International, Inc		1,567
	49,318		Scotts Miracle-Gro Co (Class A)		2,286
	94,176		Sherwin-Williams Co		6,374
	506,253		Shire Ltd		11,170
	640,021		Shire plc (ADR)		42,216
	135,912		Sigma-Aldrich Corp		7,293
	1,471,433		Teva Pharmaceutical Industries Ltd (ADR)		92,818
	51,186	*	United Therapeutics Corp		2,832
	182,572	*	Valeant Pharmaceuticals International		7,834
	214,300	*	Vertex Pharmaceuticals, Inc		8,758
	792,735	*	Watson Pharmaceuticals, Inc		33,113
			TOTAL CHEMICALS AND ALLIED PRODUCTS		1,827,080
COAL MINING - 0.4%
	133,435	*	Alpha Natural Resources, Inc		6,657
	199,195		Consol Energy, Inc		8,498
	165,029		Massey Energy Co		8,629
	452,133		Peabody Energy Corp		20,663
			TOTAL COAL MINING		44,447
COMMUNICATIONS - 0.7%
	670,691	*	American Tower Corp (Class A)		28,579
	141,195		CenturyTel, Inc		5,006
	947,035		Comcast Corp (Class A)		17,823
	115,306	*	Crown Castle International Corp		4,408
	38,634		CTC Media, Inc		665
	512,348	*	DIRECTV		17,322
	41,870	*	Equinix, Inc		4,076
	150,006		Frontier Communications Corp		1,116
	89,560		Global Payments, Inc		4,079

210

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	54,216	*	IAC/InterActiveCorp	$	1,233
	53,809	*	Leap Wireless International, Inc		880
	287,950	*	MetroPCS Communications, Inc		2,039
	78,954	*	NeuStar, Inc (Class A)		1,990
	10,454	*	NII Holdings, Inc (Class B)		436
	129,526	*	SBA Communications Corp (Class A)		4,671
	225,601		Windstream Corp		2,457
			TOTAL COMMUNICATIONS		96,780
DEPOSITORY INSTITUTIONS - 1.1%
	414,824		Bank of New York Mellon Corp		12,810
	8,451		BOK Financial Corp		443
	22,932		Capitol Federal Financial		859
	24,752		Commerce Bancshares, Inc		1,018
	289,914		Hudson City Bancorp, Inc		4,105
	267,418		Northern Trust Corp		14,778
	292,464		State Street Corp		13,202
	16,000		TFS Financial Corp		214
	215,000		US Bancorp		5,564
	2,062,784		Wells Fargo & Co		64,193
	1,148,048		Western Union Co		19,471
			TOTAL DEPOSITORY INSTITUTIONS		136,657
EATING AND DRINKING PLACES - 1.5%
	434,327		Brinker International, Inc		8,374
	116,995		Burger King Holdings, Inc		2,487
	35,358	*	Chipotle Mexican Grill, Inc (Class A)		3,984
	920,174		Darden Restaurants, Inc		40,984
	1,229,179		McDonald’s Corp		82,010
	816,802	*	Starbucks Corp		19,824
	170,548		Wendy’s/Arby’s Group, Inc (Class A)		853
	514,347		Yum! Brands, Inc		19,715
			TOTAL EATING AND DRINKING PLACES		178,231
EDUCATIONAL SERVICES - 0.3%
	285,149	*	Apollo Group, Inc (Class A)		17,476
	72,162	*	Career Education Corp		2,283
	69,496		DeVry, Inc		4,531
	16,100	*	Education Management Corp		353
	129,204	*	ITT Educational Services, Inc		14,534
	15,479		Strayer Education, Inc		3,769
			TOTAL EDUCATIONAL SERVICES		42,946
ELECTRIC, GAS, AND SANITARY SERVICES - 0.9%
	939,473	*	AES Corp		10,334
	115,432		Allegheny Energy, Inc		2,655
	12,249		American Water Works Co, Inc		267
	200,835	*	Calpine Corp		2,388
	364,900		Centerpoint Energy, Inc		5,240
	170,802		Constellation Energy Group, Inc		5,997
	17,910		DPL, Inc		487
	216,945		El Paso Corp		2,352

211

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	64,931		Exelon Corp	$	2,845
	60,249		FPL Group, Inc		2,912
	19,401		Integrys Energy Group, Inc		919
	54,177		ITC Holdings Corp		2,980
	246,298	*	NRG Energy, Inc		5,148
	109,750		NV Energy, Inc		1,353
	20,015		Ormat Technologies, Inc		563
	419,498		PPL Corp		11,623
	316,589		Public Service Enterprise Group, Inc		9,346
	555,791		Republic Services, Inc		16,129
	94,856	*	Stericycle, Inc		5,170
	226,996	*	Waste Connections, Inc		7,709
	491,649		Waste Management, Inc		16,927
			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		113,344
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 14.5%
	91,705	*	A123 Systems, Inc		1,260
	1,007,288	*	Advanced Micro Devices, Inc		9,338
	326,779		Altera Corp		7,944
	119,569		Ametek, Inc		4,957
	190,765		Amphenol Corp (Class A)		8,048
	1,255,823		Analog Devices, Inc		36,193
	2,096,938	*	Apple Computer, Inc		492,633
	253,762	*	Avnet, Inc		7,613
	11,596		AVX Corp		165
	846,348		Broadcom Corp (Class A)		28,082
	14,906	*	Ciena Corp		227
	14,298,386	*	Cisco Systems, Inc		372,186
	315,581		Cooper Industries plc		15,130
	296,468	*	Cree, Inc		20,818
	158,601	*	Cypress Semiconductor Corp		1,824
	2,211,529	*	Dell, Inc		33,195
	57,169	*	Dolby Laboratories, Inc (Class A)		3,354
	63,924	*	Energizer Holdings, Inc		4,012
	57,226	*	First Solar, Inc		7,019
	42,703		Harman International Industries, Inc		1,998
	314,536		Harris Corp		14,937
	3,339,053		Hewlett-Packard Co		177,471
	59,870	*	Integrated Device Technology, Inc		367
	9,411,866		Intel Corp		209,508
	36,103	*	International Rectifier Corp		827
	67,450		Intersil Corp (Class A)		996
	127,604	*	JDS Uniphase Corp		1,599
	247,656		Linear Technology Corp		7,004
	1,891,092	*	Marvell Technology Group Ltd		38,540
	283,845		Maxim Integrated Products, Inc		5,504
	248,031	*	MEMC Electronic Materials, Inc		3,802
	185,069		Microchip Technology, Inc		5,212
	163,719	*	Micron Technology, Inc		1,701
	18,638		Molex, Inc		389
	160,314	*	Motorola, Inc		1,125
	253,605		National Semiconductor Corp		3,665

212

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	1,407,099	*	NetApp, Inc	$	45,815
	64,228	*	Novellus Systems, Inc		1,606
	931,280	*	Nvidia Corp		16,186
	467,944	*	ON Semiconductor Corp		3,744
	130,881	*	QLogic Corp		2,657
	3,399,959		Qualcomm, Inc		142,764
	115,533	*	Rambus, Inc		2,524
	122,178	*	SanDisk Corp		4,231
	49,308	*	Silicon Laboratories, Inc		2,351
	108,573	*	Sunpower Corp (Class A)		2,052
	18,685		Teleflex, Inc		1,197
	1,693,504		Texas Instruments, Inc		41,440
	19,723	*	Thomas & Betts Corp		774
	80,741	*	Varian Semiconductor Equipment Associates, Inc		2,674
	49,782	*	Vishay Intertechnology, Inc		509
	305,399		Xilinx, Inc		7,788
			TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		1,806,955
ENGINEERING AND MANAGEMENT SERVICES - 1.1%
	899,113		Accenture plc		37,718
	104,202	*	Aecom Technology Corp		2,956
	158,749	*	Amylin Pharmaceuticals, Inc		3,570
	199,842		Fluor Corp		9,295
	69,004	*	Genpact Ltd		1,157
	57,620	*	Gen-Probe, Inc		2,881
	92,193	*	Hewitt Associates, Inc (Class A)		3,667
	753,844	*	Jacobs Engineering Group, Inc		34,066
	481,478		KBR, Inc		10,670
	531,950	*	McDermott International, Inc		14,320
	106,393	*	Myriad Genetics, Inc		2,559
	358,480		Paychex, Inc		11,005
	324,477	*	SAIC, Inc		5,743
	372,777	*	Shaw Group, Inc		12,831
	11,507	*	URS Corp		571
			TOTAL ENGINEERING AND MANAGEMENT SERVICES		153,009
FABRICATED METAL PRODUCTS - 0.5%
	36,386	*	Alliant Techsystems, Inc		2,958
	66,544		Ball Corp		3,552
	29,079		Crane Co		1,032
	177,313	*	Crown Holdings, Inc		4,780
	734,516		Illinois Tool Works, Inc		34,787
	151,539		Pentair, Inc		5,398
	16,148		Snap-On, Inc		700
	23,525		Valmont Industries, Inc		1,949
			TOTAL FABRICATED METAL PRODUCTS		55,156
FOOD AND KINDRED PRODUCTS - 4.8%
	400,764		Archer Daniels Midland Co		11,582
	148,853		Campbell Soup Co		5,262
	3,180,158		Coca-Cola Co		174,910
	289,171		Coca-Cola Enterprises, Inc		7,998

213

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY		VALUE (000)
	1,211,746		ConAgra Foods, Inc	$	30,378
	1,167,856		Dr Pepper Snapple Group, Inc		41,073
	71,773		Flowers Foods, Inc		1,776
	376,038		General Mills, Inc		26,620
	282,897		H.J. Heinz Co		12,903
	77,786	*	Hansen Natural Corp		3,374
	99,565		Hershey Co		4,262
	181,143		Hormel Foods Corp		7,610
	298,605		InBev NV		15,041
	283,662		Kellogg Co		15,156
	1,495,325		Kraft Foods, Inc (Class A)		45,219
	144,438		McCormick & Co, Inc		5,541
	737,289		Mead Johnson Nutrition Co		38,361
	8,117		Molson Coors Brewing Co (Class B)		341
	2,240,757		PepsiCo, Inc		148,249
	599,046		Sara Lee Corp		8,345
	15,300	*	Smithfield Foods, Inc		317
			TOTAL FOOD AND KINDRED PRODUCTS		604,318
FOOD STORES - 0.1%
	614,272		Kroger Co		13,305
	30,892	*	Panera Bread Co (Class A)		2,363
	122,164	*	Whole Foods Market, Inc		4,416
			TOTAL FOOD STORES		20,084
FORESTRY - 0.0%
	38,529		Rayonier, Inc		1,750
			TOTAL FORESTRY		1,750
FURNITURE AND FIXTURES - 0.0%
	25,675		Hill-Rom Holdings, Inc		699
	102,664	*	Kinetic Concepts, Inc		4,908
	241,696		Leggett & Platt, Inc		5,230
	189,982		Masco Corp		2,949
			TOTAL FURNITURE AND FIXTURES		13,786
FURNITURE AND HOME FURNISHINGS STORES - 0.3%
	877,625	*	Bed Bath & Beyond, Inc		38,405
	161,857	*	GameStop Corp (Class A)		3,546
	21,366		RadioShack Corp		484
	43,568		Williams-Sonoma, Inc		1,145
			TOTAL FURNITURE AND HOME FURNISHINGS STORES		43,580
GENERAL BUILDING CONTRACTORS - 0.0%
	9,800		KB Home		164
	14,659		MDC Holdings, Inc		507
	1,128	*	NVR, Inc		820
	44,989	*	Pulte Homes, Inc		506
			TOTAL GENERAL BUILDING CONTRACTORS		1,997

214

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY		VALUE (000)
GENERAL MERCHANDISE STORES - 2.9%
	11,654	*	Big Lots, Inc	$	424
	9,862	*	BJ’s Wholesale Club, Inc		365
	483,422		Costco Wholesale Corp		28,865
	24,500	*	Dollar General Corp		619
	157,509		Family Dollar Stores, Inc		5,766
	666,477		Macy’s, Inc		14,509
	1,855,950		Target Corp		97,623
	834,874		TJX Companies, Inc		35,499
	3,093,856		Wal-Mart Stores, Inc		172,018
			TOTAL GENERAL MERCHANDISE STORES		355,688
HEALTH SERVICES - 1.9%
	503,932		AmerisourceBergen Corp		14,574
	51,459	*	Community Health Systems, Inc		1,900
	70,407	*	Covance, Inc		4,322
	47,050	*	Coventry Health Care, Inc		1,163
	115,215	*	DaVita, Inc		7,305
	295,858	*	Edwards Lifesciences Corp		29,254
	305,585	*	Express Scripts, Inc		31,096
	283,230	*	Health Management Associates, Inc (Class A)		2,436
	120,143	*	Laboratory Corp of America Holdings		9,096
	311,628	*	Lincare Holdings, Inc		13,986
	421,958		McKesson Corp		27,731
	1,045,372	*	Medco Health Solutions, Inc		67,489
	57,334		Omnicare, Inc		1,622
	17,447	*	Pediatrix Medical Group, Inc		1,015
	114,862		Pharmaceutical Product Development, Inc		2,728
	173,006		Quest Diagnostics, Inc		10,085
	365,705	*	Tenet Healthcare Corp		2,092
	9,138		Universal Health Services, Inc (Class B)		321
			TOTAL HEALTH SERVICES		228,215
HOLDING AND OTHER INVESTMENT OFFICES - 1.4%
	46,099	*	Affiliated Managers Group, Inc		3,642
	10,305		Alexandria Real Estate Equities, Inc		697
	83,977		Digital Realty Trust, Inc		4,552
	13		Duke Realty Corp		0^
	10,762		Federal Realty Investment Trust		784
	125,669		HCP, Inc		4,147
	68,431		Health Care REIT, Inc		3,095
	2,470,750		iShares Russell 1000 Growth Index Fund		128,354
	95,370		Nationwide Health Properties, Inc		3,352
	6,500		Piedmont Office Realty Trust, Inc		129
	63,243		Plum Creek Timber Co, Inc		2,461
	149,240		Public Storage, Inc		13,729
	184,770		Simon Property Group, Inc		15,502
	64,003		WABCO Holdings, Inc		1,915
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES		182,359
HOTELS AND OTHER LODGING PLACES - 0.6%
	11,046		Choice Hotels International, Inc		385
	30,500	*	Hyatt Hotels Corp		1,188

215

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY		VALUE (000)
	678,893	*	Las Vegas Sands Corp	$	14,359
	156,846		Marriott International, Inc (Class A)		4,944
	102,835	*	MGM Mirage		1,234
	301,596	*	Orient-Express Hotels Ltd (Class A)		4,277
	1,021,374		Starwood Hotels & Resorts Worldwide, Inc		47,637
	90,264		Wyndham Worldwide Corp		2,322
	516,800	*	Wynn Macau Ltd		745
			TOTAL HOTELS AND OTHER LODGING PLACES		77,091
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.8%
	840,028		3M Co		70,200
	177,288	*	AGCO Corp		6,359
	436,754		Applied Materials, Inc		5,887
	160,544	*	Brocade Communications Systems, Inc		917
	105,875		Bucyrus International, Inc (Class A)		6,987
	19,071		Carlisle Cos, Inc		727
	335,758		Caterpillar, Inc		21,102
	73,590		Cummins, Inc		4,559
	523,792		Deere & Co		31,145
	64,348		Diebold, Inc		2,044
	85,672		Donaldson Co, Inc		3,866
	277,013		Dover Corp		12,950
	90,924	*	Dresser-Rand Group, Inc		2,857
	590,592	*	EMC Corp		10,654
	1,261,083		Emerson Electric Co		63,483
	61,721		Flowserve Corp		6,806
	136,972	*	FMC Technologies, Inc		8,852
	31,674		Graco, Inc		1,014
	53,269		IDEX Corp		1,763
	2,039,540		International Business Machines Corp		261,571
	687,175		International Game Technology		12,678
	140,052		ITT Industries, Inc		7,508
	104,377		Jabil Circuit, Inc		1,690
	477,669		Johnson Controls, Inc		15,759
	364,469		Joy Global, Inc		20,629
	298,393	*	Lam Research Corp		11,136
	50,458		Lennox International, Inc		2,236
	88,024	*	Micros Systems, Inc		2,894
	200,261		Northrop Grumman Corp		13,131
	130,470		Pall Corp		5,283
	476,792		Raytheon Co		27,234
	74,707	*	Scientific Games Corp (Class A)		1,052
	841,424		Seagate Technology, Inc		15,364
	155,244	*	Teradata Corp		4,485
	247,651	*	Terex Corp		5,624
	39,196		Toro Co		1,927
	139,753	*	Varian Medical Systems, Inc		7,733
	363,144	*	Western Digital Corp		14,159
	810,228		Xerox Corp		7,900
	59,321	*	Zebra Technologies Corp (Class A)		1,756
			TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		703,921

216

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY		VALUE (000)
INSTRUMENTS AND RELATED PRODUCTS - 4.8%
	1,267,424	*	Agilent Technologies, Inc	$	43,587
	853,711		Allergan, Inc		55,764
	110,969		Bard (C.R.), Inc		9,612
	1,205,708		Baxter International, Inc		70,172
	77,005		Beckman Coulter, Inc		4,836
	266,820		Becton Dickinson & Co		21,007
	21,373	*	Bio-Rad Laboratories, Inc (Class A)		2,213
	1,998,129	*	Boston Scientific Corp		14,426
	766,001		Danaher Corp		61,211
	164,740		Dentsply International, Inc		5,741
	166,669	*	Flir Systems, Inc		4,700
	102,642		Garmin Ltd		3,950
	26,990		Hillenbrand, Inc		594
	27,054	*	Hologic, Inc		502
	135,447	*	Illumina, Inc		5,269
	84,458	*	Intuitive Surgical, Inc		29,402
	40,525	*	Itron, Inc		2,941
	1,753,508		Medtronic, Inc		78,960
	37,413	*	Mettler-Toledo International, Inc		4,085
	62,334	*	Millipore Corp		6,582
	62,036		National Instruments Corp		2,069
	30,602		PerkinElmer, Inc		731
	83,944	*	Resmed, Inc		5,343
	14,637		Rockwell Automation, Inc		825
	404,287		Rockwell Collins, Inc		25,304
	591,267		Roper Industries, Inc		34,199
	830,833	*	Sensata Technologies Holding BV		14,921
	364,573	*	St. Jude Medical, Inc		14,966
	376,921		Stryker Corp		21,567
	41,480		Techne Corp		2,642
	192,829	*	Teradyne, Inc		2,154
	694,448	*	Thermo Electron Corp		35,722
	131,714	*	Trimble Navigation Ltd		3,783
	106,291	*	Waters Corp		7,179
			TOTAL INSTRUMENTS AND RELATED PRODUCTS		596,959
INSURANCE AGENTS, BROKERS AND SERVICE - 0.0%
	101,651		Arthur J. Gallagher & Co		2,496
	95,421		Brown & Brown, Inc		1,710
	43,368		Marsh & McLennan Cos, Inc		1,059
	138,162	*	Verisk Analytics, Inc		3,896
			TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		9,161
INSURANCE CARRIERS - 1.8%
	209,219		ACE Ltd		10,942
	106,432		Aetna, Inc		3,737
	1,672,626		Aflac, Inc		90,806
	396,015		Axis Capital Holdings Ltd		12,379
	285,806		Cigna Corp		10,455
	16,196	*	CNA Financial Corp		433
	19,060		Endurance Specialty Holdings Ltd		708

217

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY		VALUE (000)
	23,031		Erie Indemnity Co (Class A)	$	993
	40,138		Fidelity National Title Group, Inc (Class A)		595
	231,931	*	Genworth Financial, Inc (Class A)		4,254
	4,013		Hanover Insurance Group, Inc		175
	69,379	*	Humana, Inc		3,245
	73,290	*	Leucadia National Corp		1,818
	104,976		Lincoln National Corp		3,223
	90,413		PartnerRe Ltd		7,208
	32,323	*	Primerica, Inc		485
	538,398		Principal Financial Group		15,727
	79,560		Progressive Corp		1,519
	395,627		Prudential Financial, Inc		23,935
	8,126		Reinsurance Group of America, Inc (Class A)		427
	13,000	*	Symetra Financial Corp		171
	398,773		UnitedHealth Group, Inc		13,028
	16,850		Validus Holdings Ltd		464
	51,049		W.R. Berkley Corp		1,332
	263,068	*	WellPoint, Inc		16,936
			TOTAL INSURANCE CARRIERS		224,995
JUSTICE, PUBLIC ORDER AND SAFETY - 0.0%
	14,997	*	Corrections Corp of America		298
			TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		298
LEATHER AND LEATHER PRODUCTS - 0.5%
	1,607,967		Coach, Inc		63,547
			TOTAL LEATHER AND LEATHER PRODUCTS		63,547
LEGAL SERVICES - 0.0%
	57,064	*	FTI Consulting, Inc		2,244
			TOTAL LEGAL SERVICES		2,244
METAL MINING - 1.3%
	267,509	*	Anglo American plc		11,667
	165,212		Barrick Gold Corp		6,334
	88,170		Cleveland-Cliffs, Inc		6,256
	2,095,175		Companhia Vale do Rio Doce (ADR)		67,444
	475,055		Freeport-McMoRan Copper & Gold, Inc (Class B)		39,686
	533,288		Newmont Mining Corp		27,160
	12,733		Royal Gold, Inc		588
	144,160		Southern Copper Corp (NY)		4,566
			TOTAL METAL MINING		163,701
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.4%
	11,969	*	Armstrong World Industries, Inc		435
	940,742		Hasbro, Inc		36,012
	41,404	*	Intrepid Potash, Inc		1,256
	226,438		Jarden Corp		7,537
	306,739		Mattel, Inc		6,975
			TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		52,215

218

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY		VALUE (000)
MISCELLANEOUS RETAIL - 2.0%
	742,030	*	Amazon.com, Inc	$	100,715
	11,712		Barnes & Noble, Inc		253
	374,117		Best Buy Co, Inc		15,915
	492,495		CVS Corp		18,006
	95,230	*	Dick’s Sporting Goods, Inc		2,486
	184,008	*	Dollar Tree, Inc		10,897
	19,000	*	KAR Auction Services, Inc		286
	46,405		MSC Industrial Direct Co (Class A)		2,354
	67,687	*	Office Depot, Inc		540
	140,329		Petsmart, Inc		4,485
	109,477	*	Priceline.com, Inc		27,917
	793,594		Staples, Inc		18,562
	126,104		Tiffany & Co		5,989
	1,104,929		Walgreen Co		40,982
			TOTAL MISCELLANEOUS RETAIL		249,387
MOTION PICTURES - 0.4%
	1,066,256	*	Discovery Communications, Inc (Class A)		36,028
	290,947	*	Discovery Communications, Inc (Class C)		8,557
	42,281		Regal Entertainment Group (Class A)		743
	76,696	*	Rovi Corp		2,848
	57,420		Scripps Networks Interactive (Class A)		2,547
	291,483		Time Warner, Inc		9,115
	164,062	*	tw telecom inc (Class A)		2,977
			TOTAL MOTION PICTURES		62,815
NONDEPOSITORY INSTITUTIONS - 0.3%
	386,573		American Express Co		15,950
	33,889	*	AmeriCredit Corp		805
	504,419		Capital One Financial Corp		20,888
	54,041		CapitalSource, Inc		302
	214,194	*	GLG Partners, Inc		658
	105,264		Lender Processing Services, Inc		3,974
	111,897	*	SLM Corp		1,401
	2,300		Student Loan Corp		82
			TOTAL NONDEPOSITORY INSTITUTIONS		44,060
NONMETALLIC MINERALS, EXCEPT FUELS - 0.0%
	19,001		Compass Minerals International, Inc		1,524
			TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		1,524
OIL AND GAS EXTRACTION - 3.0%
	474,252		Anadarko Petroleum Corp		34,540
	137,667		Apache Corp		13,973
	53,664	*	Atwood Oceanics, Inc		1,858
	401,588	*	Cameron International Corp		17,212
	28,543	*	CNX Gas Corp		1,086
	28,000	*	Cobalt International Energy, Inc		381
	5,644	*	Comstock Resources, Inc		179
	665,723	*	Concho Resources, Inc		33,526
	17,156	*	Continental Resources, Inc		730

219

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY		VALUE (000)
	239,873		Crescent Point Energy Corp	$	9,204
	557,509	*	Denbury Resources, Inc		9,405
	139,170		Diamond Offshore Drilling, Inc		12,360
	159,137		Equitable Resources, Inc		6,525
	137,592		EXCO Resources, Inc		2,529
	34,700	*	Exterran Holdings, Inc		839
	46,056	*	Forest Oil Corp		1,189
	37,635		Helmerich & Payne, Inc		1,433
	102,540	*	Mariner Energy, Inc		1,535
	238,694		National Oilwell Varco, Inc		9,686
	724,465		Occidental Petroleum Corp		61,246
	60,658	*	Oceaneering International, Inc		3,851
	26,610		Patterson-UTI Energy, Inc		372
	335,164	*	PetroHawk Energy Corp		6,797
	287,149		Petroleo Brasileiro S.A. (ADR)		12,775
	83,998	*	Plains Exploration & Production Co		2,519
	90,339	*	Pride International, Inc		2,720
	131,634	*	Quicksilver Resources, Inc		1,852
	213,494		Range Resources Corp		10,006
	23,827	*	Rowan Cos, Inc		694
	1,225,511		Schlumberger Ltd		77,772
	8,222	*	Seahawk Drilling, Inc		155
	163,198		Smith International, Inc		6,988
	380,993	*	Southwestern Energy Co		15,514
	20,351		St. Mary Land & Exploration Co		708
	432,500		Tullow Oil plc		8,204
			TOTAL OIL AND GAS EXTRACTION		370,363
PAPER AND ALLIED PRODUCTS - 0.2%
	401,140		Kimberly-Clark Corp		25,224
	11,860		Packaging Corp of America		292
			TOTAL PAPER AND ALLIED PRODUCTS		25,516
PERSONAL SERVICES - 0.1%
	27,161		Cintas Corp		763
	378,421		H&R Block, Inc		6,736
	5,012		Weight Watchers International, Inc		128
			TOTAL PERSONAL SERVICES		7,627
PETROLEUM AND COAL PRODUCTS - 1.1%
	7,772		Ashland, Inc		410
	1,530,439	d	Exxon Mobil Corp		102,509
	91,610		Frontier Oil Corp		1,237
	48,125		Holly Corp		1,343
	246,404		Suncor Energy, Inc (NY)		8,018
	62,888		Tesoro Corp		874
	252,120		Walter Industries, Inc		23,263
			TOTAL PETROLEUM AND COAL PRODUCTS		137,654
PRIMARY METAL INDUSTRIES - 0.6%
	504,874		Alcoa, Inc		7,189
	10,460		Hubbell, Inc (Class B)		527

220

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY		VALUE (000)
	418,878		Precision Castparts Corp	$	53,076
	20,040		Schnitzer Steel Industries, Inc (Class A)		1,053
	42,496		Vallourec		8,569
			TOTAL PRIMARY METAL INDUSTRIES		70,414
PRINTING AND PUBLISHING - 0.2%
	59,529		Dun & Bradstreet Corp		4,430
	45,056		John Wiley & Sons, Inc (Class A)		1,950
	502,545		McGraw-Hill Cos, Inc		17,916
	110,377	*	MSCI, Inc (Class A)		3,985
	14,400	*	New York Times Co (Class A)		160
	59,089		R.R. Donnelley & Sons Co		1,262
			TOTAL PRINTING AND PUBLISHING		29,703
RAILROAD TRANSPORTATION - 0.6%
	330,518		CSX Corp		16,823
	45,892	*	Kansas City Southern Industries, Inc		1,660
	335,058		Norfolk Southern Corp		18,726
	583,472		Union Pacific Corp		42,769
			TOTAL RAILROAD TRANSPORTATION		79,978
REAL ESTATE - 0.1%
	285,987	*	CB Richard Ellis Group, Inc (Class A)		4,533
	100,876	*	St. Joe Co		3,263
			TOTAL REAL ESTATE		7,796
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.1%
	270,627	*	Goodyear Tire & Rubber Co		3,421
	687,299		Newell Rubbermaid, Inc		10,447
			TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		13,868
SECURITY AND COMMODITY BROKERS - 1.6%
	24,006		Ameriprise Financial, Inc		1,089
	62,020		BlackRock, Inc		13,505
	95,018		Broadridge Financial Solutions, Inc		2,031
	1,057,824		Charles Schwab Corp		19,771
	109,056		CME Group, Inc		34,473
	128,425		Eaton Vance Corp		4,307
	89,795		Federated Investors, Inc (Class B)		2,369
	75,987		Franklin Resources, Inc		8,427
	148,026		Goldman Sachs Group, Inc		25,258
	22,891		Greenhill & Co, Inc		1,879
	81,071	*	IntercontinentalExchange, Inc		9,095
	503,768		Invesco Ltd		11,038
	6,282	*	Investment Technology Group, Inc		105
	176,623		Janus Capital Group, Inc		2,524
	99,017		Jefferies Group, Inc		2,344
	84,894		Lazard Ltd (Class A)		3,031
	729,652		Morgan Stanley		21,372
	21,551	*	Morningstar, Inc		1,036
	66,762	*	Nasdaq Stock Market, Inc		1,410

221

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY		VALUE (000)
	76,754		NYSE Euronext	$	2,273
	131,870		SEI Investments Co		2,897
	283,514		T Rowe Price Group, Inc		15,573
	290,165	*	TD Ameritrade Holding Corp		5,531
	94,241		Waddell & Reed Financial, Inc (Class A)		3,396
			TOTAL SECURITY AND COMMODITY BROKERS		194,734
STONE, CLAY, AND GLASS PRODUCTS - 0.9%
	4,106,216		Corning, Inc		82,987
	47,103		Eagle Materials, Inc		1,250
	153,280		Gentex Corp		2,977
	18,613		Martin Marietta Materials, Inc		1,555
	44,663	*	Owens Corning, Inc		1,136
	492,978	*	Owens-Illinois, Inc		17,521
			TOTAL STONE, CLAY, AND GLASS PRODUCTS		107,426
TOBACCO PRODUCTS - 2.0%
	3,499,428		Altria Group, Inc		71,808
	287,022		Lorillard, Inc		21,596
	2,948,708		Philip Morris International, Inc		153,804
			TOTAL TOBACCO PRODUCTS		247,208
TRANSPORTATION BY AIR - 0.2%
	371,090	*	AMR Corp		3,381
	153,840	*	Continental Airlines, Inc (Class B)		3,380
	33,857		Copa Holdings S.A. (Class A)		2,059
	857,774	*	Delta Air Lines, Inc		12,514
	258,738		Southwest Airlines Co		3,421
			TOTAL TRANSPORTATION BY AIR		24,755
TRANSPORTATION EQUIPMENT - 2.3%
	53,187	*	BE Aerospace, Inc		1,620
	780,836		Boeing Co		56,697
	8,600	*	Federal Mogul Corp (Class A)		158
	146,503		General Dynamics Corp		11,310
	275,469		Goodrich Corp		19,426
	65,023		Harsco Corp		2,077
	1,339,477		Honeywell International, Inc		60,638
	582,476		Lockheed Martin Corp		48,474
	70,119	*	Navistar International Corp		3,136
	372,789		Paccar, Inc		16,157
	40,060	*	Spirit Aerosystems Holdings, Inc (Class A)		937
	21,473		Thor Industries, Inc		649
	44,019		TransDigm Group, Inc		2,335
	74,923	*	TRW Automotive Holdings Corp		2,141
	974,758		United Technologies Corp		71,751
	52,935		Westinghouse Air Brake Technologies Corp		2,230
			TOTAL TRANSPORTATION EQUIPMENT		299,736

222

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	MATURITY DATE		VALUE (000)
TRANSPORTATION SERVICES - 0.2%
	187,970		CH Robinson Worldwide, Inc		$	10,498
	236,457		Expeditors International Washington, Inc			8,730
	23,453		GATX Corp			672
	105,329		UTI Worldwide, Inc			1,614
			TOTAL TRANSPORTATION SERVICES			21,514
TRUCKING AND WAREHOUSING - 0.9%
	17,549		Con-way, Inc			616
	95,257		J.B. Hunt Transport Services, Inc			3,418
	57,182		Landstar System, Inc			2,401
	1,654,391		United Parcel Service, Inc (Class B)			106,559
			TOTAL TRUCKING AND WAREHOUSING			112,994
WATER TRANSPORTATION - 0.1%
	221,826		Carnival Corp			8,625
	13,375	*	Kirby Corp			510
	218,771	*	Royal Caribbean Cruises Ltd			7,217
	20,913		Teekay Corp			476
			TOTAL WATER TRANSPORTATION			16,828
WHOLESALE TRADE-DURABLE GOODS - 0.3%
	53,448	*	Arrow Electronics, Inc			1,610
	120,062	*	BorgWarner, Inc			4,584
	21,500	*	Emdeon, Inc			355
	156,016	*	LKQ Corp			3,167
	111,917		Patterson Cos, Inc			3,475
	340,008	*	Talecris Biotherapeutics Holdings Corp			6,773
	67,819		W.W. Grainger, Inc			7,333
	25,526	*	WESCO International, Inc			886
			TOTAL WHOLESALE TRADE-DURABLE GOODS			28,183
WHOLESALE TRADE-NONDURABLE GOODS - 0.5%
	69,257		Allscripts Healthcare Solutions, Inc			1,355
	184,981		Brown-Forman Corp (Class B)			10,997
	199,842	*	Dean Foods Co			3,136
	200,628	*	Endo Pharmaceuticals Holdings, Inc			4,753
	39,191	*	Green Mountain Coffee Roasters, Inc			3,794
	99,640	*	Henry Schein, Inc			5,869
	292,173		Herbalife Ltd			13,475
	657,364		Sysco Corp			19,392
	76,316		Terra Industries, Inc			3,492
	5,900		Valhi, Inc			116
			TOTAL WHOLESALE TRADE-NONDURABLE GOODS			66,379
			TOTAL COMMON STOCKS			12,369,698
			(Cost $10,737,319)

PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 0.9%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.2%
		Federal Home Loan Bank (FHLB)
$	17,000,000	FHLB	05/04/10	16,999
	10,800,000	FHLB	05/10/10	10,799
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		27,798

223

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES		COMPANY	MATURITY DATE		VALUE (000)
U.S. TREASURY BILLS - 0.7%
$	1,710,000	United States Cash Management Bill	06/10/10	$	1,710
	36,000,000	United States Cash Management Bill	07/15/10		35,983
	15,135,000	United States Treasury Bill	05/20/10		15,132
	33,000,000	United States Treasury Bill	06/24/10		32,990
		TOTAL U.S. TREASURY BILLS			85,815
		TOTAL SHORT-TERM INVESTMENTS			113,613
		(Cost $113,593)
		TOTAL INVESTMENTS - 99.8%			12,483,311
		(Cost $10,850,912)
		OTHER ASSETS & LIABILITIES, NET - 0.2%			19,535
		NET ASSETS - 100.0%		$	12,502,846

	Abbreviation(s):
ADR	American Depositary Receipt
*	Non-income producing.
^	Amount represents less than $1,000.
d	All of a portion of these securities has been segregated by the custodian to cover margin or other requirements on future contracts in the amount of $4,876,412.
	Cost amounts are in thousands.

224

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
SUMMARY OF MARKET VALUES BY COUNTRY (unaudited)
March 31, 2010

COUNTRY	VALUE (000)		% OF TOTAL PORTFOLIO
DOMESTIC
UNITED STATES	$	11,879,826		95.2	%
TOTAL DOMESTIC		11,879,826		95.2
FOREIGN
BELGIUM		15,041		0.1
BERMUDA		464		0.0
BRAZIL		80,219		0.6
CANADA		23,556		0.2
CHINA		9,019		0.1
FRANCE		8,569		0.1
GUERNSEY, C.I.		6,461		0.1
IRELAND		91,104		0.7
ISRAEL		92,818		0.7
MACAU		745		0.0
MEXICO		4,566		0.0
NETHERLANDS		14,922		0.1
NORWAY		476		0.0
PANAMA		2,059		0.0
SWITZERLAND		233,596		1.9
UNITED KINGDOM		19,870		0.2
TOTAL FOREIGN		603,485		4.8
TOTAL PORTFOLIO	$	12,483,311		100.0	%

Value amounts are in thousands.

225

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

COLLEGE RETIREMENT EQUITIES FUND

EQUITY INDEX ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

March 31, 2010

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 99.7%
AGRICULTURAL PRODUCTION-CROPS - 0.0%
	31,603	*	Chiquita Brands International, Inc	$	497
	2,482		Griffin Land & Nurseries, Inc (Class A)		72
			TOTAL AGRICULTURAL PRODUCTION-CROPS		569
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.0%
	9,480		Cal-Maine Foods, Inc		321
	269		Seaboard Corp		350
			TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		671
AGRICULTURAL SERVICES - 0.0%
	8,402	*	Cadiz, Inc		107
	7,129		Calavo Growers, Inc		130
	68,810	*	VCA Antech, Inc		1,929
			TOTAL AGRICULTURAL SERVICES		2,166
AMUSEMENT AND RECREATION SERVICES - 0.6%
	41,654	*	Bally Technologies, Inc		1,689
	6,588		Churchill Downs, Inc		247
	9,373		Dover Downs Gaming & Entertainment, Inc		37
	251,247	*	Electronic Arts, Inc		4,688
	24,089		International Speedway Corp (Class A)		621
	14,530	*	Lakes Entertainment, Inc		33
	30,709	*	Life Time Fitness, Inc		863
	103,348	*	Live Nation, Inc		1,499
	45,616	*	Madison Square Garden, Inc		991
	20,438	*	Multimedia Games, Inc		80
	51,327	*	Penn National Gaming, Inc		1,427
	48,180	*	Pinnacle Entertainment, Inc		469
	9,984		Speedway Motorsports, Inc		156
	11,514	*	Town Sports International Holdings, Inc		45
	1,490,684		Walt Disney Co		52,040
	39,735	*	Warner Music Group Corp		275
	40,586	*	WMS Industries, Inc		1,702
	22,569		World Wrestling Entertainment, Inc (Class A)		390
	22,701	*	Youbet.com, Inc		67
			TOTAL AMUSEMENT AND RECREATION SERVICES		67,319
APPAREL AND ACCESSORY STORES - 0.7%
	67,218		Abercrombie & Fitch Co (Class A)		3,068
	80,941	*	Aeropostale, Inc		2,334
	57,123	*	American Apparel, Inc		173
	130,540		American Eagle Outfitters, Inc		2,418
	47,813	*	AnnTaylor Stores Corp		990
	23,033		Bebe Stores, Inc		205

226

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	32,106		Brown Shoe Co, Inc	$	497
	19,480		Buckle, Inc		716
	46,871	*	Carter’s, Inc		1,413
	21,208		Cato Corp (Class A)		455
	84,814	*	Charming Shoppes, Inc		463
	136,751		Chico’s FAS, Inc		1,972
	17,847	*	Children’s Place Retail Stores, Inc		795
	27,159		Christopher & Banks Corp		217
	12,866	*	Citi Trends, Inc		417
	48,995	*	Collective Brands, Inc		1,114
	3,762	*	Destination Maternity Corp		97
	45,351	*	Dress Barn, Inc		1,186
	12,248	*	DSW, Inc (Class A)		313
	34,177		Finish Line, Inc (Class A)		558
	119,112		Foot Locker, Inc		1,791
	379,677		Gap, Inc		8,774
	31,627	*	Hot Topic, Inc		206
	40,087	*	J Crew Group, Inc		1,840
	14,743	*	JOS A Bank Clothiers, Inc		806
	239,501	*	Kohl’s Corp		13,119
	204,693		Limited Brands, Inc		5,040
	31,095	*	Lululemon Athletica, Inc		1,290
	15,006	*	New York & Co, Inc		72
	129,477		Nordstrom, Inc		5,289
	78,597	*	Pacific Sunwear Of California, Inc		417
	100,853		Ross Stores, Inc		5,393
	5,300	*	Rue21, Inc		184
	5,056	*	Shoe Carnival, Inc		116
	30,798		Stage Stores, Inc		474
	4,598	*	Syms Corp		46
	24,891	*	Talbots, Inc		323
	25,346	*	Under Armour, Inc (Class A)		745
	98,352	*	Urban Outfitters, Inc		3,740
	73,584	*	Wet Seal, Inc (Class A)		350
			TOTAL APPAREL AND ACCESSORY STORES		69,416
APPAREL AND OTHER TEXTILE PRODUCTS - 0.4%
	9,339		Columbia Sportswear Co		491
	13,268	*	G-III Apparel Group Ltd		366
	46,020		Guess ?, Inc		2,162
	22,405	*	Gymboree Corp		1,157
	72,404	*	Hanesbrands, Inc		2,014
	66,643		Jones Apparel Group, Inc		1,268
	80,414	*	Liz Claiborne, Inc		597
	13,600	*	Maidenform Brands, Inc		297
	285,236		Nike, Inc (Class B)		20,964
	39,553		Phillips-Van Heusen Corp		2,269
	42,391		Polo Ralph Lauren Corp (Class A)		3,605
	105,727	*	Quiksilver, Inc		500
	19,300	*	True Religion Apparel, Inc		586
	70,015		VF Corp		5,612
	35,032	*	Warnaco Group, Inc		1,671
			TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		43,559

227

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
AUTO REPAIR, SERVICES AND PARKING - 0.0%
	7,541	*	Amerco, Inc	$	409
	23,658	*	Dollar Thrifty Automotive Group, Inc		760
	142,929	*	Hertz Global Holdings, Inc		1,428
	10,010	*	Midas, Inc		113
	12,456		Monro Muffler, Inc		445
	43,349		Ryder System, Inc		1,680
	7,402	*	Standard Parking Corp		122
	31,100	*	Wright Express Corp		937
			TOTAL AUTO REPAIR, SERVICES AND PARKING		5,894
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.2%
	76,907		Advance Auto Parts		3,224
	6,968	*	America’s Car-Mart, Inc		168
	27,020	*	Asbury Automotive Group, Inc		359
	55,689	*	Autonation, Inc		1,007
	23,580	*	Autozone, Inc		4,081
	173,107	*	Carmax, Inc		4,348
	53,628	*	Copart, Inc		1,909
	35,017	*	Lithia Motors, Inc (Class A)		224
	109,520	*	O’Reilly Automotive, Inc		4,569
	29,308	*	Penske Auto Group, Inc		423
	21,664	*	Rush Enterprises, Inc (Class A)		286
	27,187	*	Sonic Automotive, Inc (Class A)		299
			TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		20,897
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.7%
	22,099	*	Builders FirstSource, Inc		70
	103,159		Fastenal Co		4,950
	1,336,211		Home Depot, Inc		43,227
	1,159,909		Lowe’s Cos, Inc		28,116
	10,841	*	Lumber Liquidators, Inc		289
			TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		76,652
BUSINESS SERVICES - 7.8%
	320,609	*	3Com Corp		2,465
	10,702	*	3D Systems Corp		146
	39,749		Aaron Rents, Inc		1,325
	34,759		ABM Industries, Inc		737
	24,912	*	Acacia Research (Acacia Technologies)		270
	27,282	*	ACI Worldwide, Inc		562
	35,015	*	ActivIdentity Corp		99
	437,681		Activision Blizzard, Inc		5,278
	40,528	*	Actuate Corp		227
	52,067	*	Acxiom Corp		934
	16,355		Administaff, Inc		349
	412,466	*	Adobe Systems, Inc		14,590
	12,368	*	Advent Software, Inc		553
	39,824		Aircastle Ltd		377
	136,722	*	Akamai Technologies, Inc		4,294

228

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	41,169	*	Alliance Data Systems Corp	$	2,634
	154,714	*	Amdocs Ltd		4,658
	26,021	*	American Reprographics Co		233
	15,720	*	American Software, Inc (Class A)		91
	25,829	*	AMICAS, Inc		155
	23,326	*	AMN Healthcare Services, Inc		205
	6,900	*	Ancestry.com, Inc		117
	70,694	*	Ansys, Inc		3,050
	20,202	*	APAC Customer Services, Inc		116
	22,243		Arbitron, Inc		593
	14,282	*	ArcSight, Inc		402
	68,046	*	Ariba, Inc		874
	123,012	*	Art Technology Group, Inc		542
	11,658	*	Asset Acceptance Capital Corp		74
	25,682	*	athenahealth, Inc		939
	177,292	*	Autodesk, Inc		5,216
	394,827		Automatic Data Processing, Inc		17,558
	80,768	*	Avis Budget Group, Inc		929
	6,166		Barrett Business Services, Inc		84
	36,447		BGC Partners, Inc (Class A)		223
	35,258		Blackbaud, Inc		888
	27,820	*	Blackboard, Inc		1,159
	30,392	*	Blue Coat Systems, Inc		943
	146,683	*	BMC Software, Inc		5,574
	19,249	*	Bottomline Technologies, Inc		324
	80,973	*	BPZ Energy, Inc		595
	37,869		Brady Corp (Class A)		1,178
	39,010		Brink’s Co		1,101
	35,022	*	Brink’s Home Security Holdings, Inc		1,490
	312,136		CA, Inc		7,326
	23,036	*	CACI International, Inc (Class A)		1,125
	201,713	*	Cadence Design Systems, Inc		1,343
	5,462	*	CAI International, Inc		67
	21,031	*	Callidus Software, Inc		76
	12,593	*	Capella Education Co		1,169
	30,613	*	Cavium Networks, Inc		761
	41,673	*	CBIZ, Inc		274
	53,698	*	Cerner Corp		4,568
	22,101	*	Chordiant Software, Inc		112
	52,926	*	Ciber, Inc		198
	142,918	*	Citrix Systems, Inc		6,784
	28,047	*	Clear Channel Outdoor Holdings, Inc (Class A)		298
	7,443	*	Clinical Data, Inc		144
	35,274	*	Cogent Communications Group, Inc		367
	30,867	*	Cogent, Inc		315
	32,766		Cognex Corp		606
	230,079	*	Cognizant Technology Solutions Corp (Class A)		11,730
	30,771	*	Commvault Systems, Inc		657
	21,138		Compass Diversified Trust		323
	15,742	*	Compellent Technologies, Inc		276
	9,637		Computer Programs & Systems, Inc		377
	120,956	*	Computer Sciences Corp		6,591

229

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	11,045	*	Computer Task Group, Inc	$	80
	186,043	*	Compuware Corp		1,563
	11,985	*	COMSYS IT Partners, Inc		209
	31,023	*	Concur Technologies, Inc		1,272
	18,777	*	Constant Contact, Inc		436
	76,174	*	Convergys Corp		934
	14,866	*	CoStar Group, Inc		617
	29,162	*	CSG Systems International, Inc		611
	55,466	*	Cybersource Corp		978
	30,663	*	DealerTrack Holdings, Inc		524
	13,498	*	Deltek, Inc		103
	37,676		Deluxe Corp		732
	11,372	*	Dice Holdings, Inc		86
	29,296	*	Digital River, Inc		888
	24,156	*	DivX, Inc		173
	12,741	*	Double-Take Software, Inc		114
	29,407		DST Systems, Inc		1,219
	6,729	*	Dynamics Research Corp		76
	18,300	*	DynCorp International, Inc (Class A)		210
	82,942		Earthlink, Inc		708
	880,784	*	eBay, Inc		23,738
	19,973	*	Ebix, Inc		319
	24,998	*	Echelon Corp		224
	42,934	*	Eclipsys Corp		854
	11,677		Electro Rent Corp		153
	39,428	*	Electronics for Imaging, Inc		459
	5,263	*	eLoyalty Corp		30
	42,487	*	Epicor Software Corp		406
	25,591	*	EPIQ Systems, Inc		318
	100,423		Equifax, Inc		3,595
	98,710	*	Evergreen Energy, Inc		18
	13,663	*	ExlService Holdings, Inc		228
	145,351		Expedia, Inc		3,628
	62,165	*	F5 Networks, Inc		3,824
	32,751		Factset Research Systems, Inc		2,403
	36,812		Fair Isaac Corp		933
	22,225	*	FalconStor Software, Inc		77
	259,148		Fidelity National Information Services, Inc		6,074
	123,966	*	Fiserv, Inc		6,293
	11,266	*	Forrester Research, Inc		339
	52,182	*	Gartner, Inc		1,161
	31,343	*	Global Cash Access, Inc		256
	12,411	*	Global Sources Ltd		81
	188,700	*	Google, Inc (Class A)		106,996
	12,334	*	GSE Systems, Inc		67
	21,180	*	H&E Equipment Services, Inc		228
	30,102	*	Hackett Group, Inc		84
	33,142		Healthcare Services Group		742
	28,656		Heartland Payment Systems, Inc		533
	3,513	*	HeartWare International, Inc		156
	14,300		Heidrick & Struggles International, Inc		401
	22,318	*	HMS Holdings Corp		1,138

230

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	12,987		iGate Corp	$	126
	38,062	*	IHS, Inc (Class A)		2,035
	5,713		Imergent, Inc		38
	20,612	*	infoGROUP, Inc		161
	67,760	*	Informatica Corp		1,820
	23,086	*	Infospace, Inc		255
	22,974	*	Innerworkings, Inc		119
	17,040	*	Innodata Isogen, Inc		69
	11,404	*	Integral Systems, Inc		110
	31,864		Interactive Data Corp		1,020
	9,285	*	Interactive Intelligence, Inc		174
	34,783	*	Internap Network Services Corp		195
	21,159	*	Internet Brands, Inc (Class A)		195
	32,107	*	Internet Capital Group, Inc		271
	376,254	*	Interpublic Group of Cos, Inc		3,130
	254,960	*	Intuit, Inc		8,756
	23,825	*	inVentiv Health, Inc		535
	36,908		Ipass, Inc		42
	140,177		Iron Mountain, Inc		3,841
	64,362		Jack Henry & Associates, Inc		1,549
	25,371	*	JDA Software Group, Inc		706
	411,288	*	Juniper Networks, Inc		12,619
	20,372	*	Kelly Services, Inc (Class A)		339
	17,839	*	Kenexa Corp		245
	10,875		Keynote Systems, Inc		124
	21,985	*	Kforce, Inc		334
	19,259	*	Knot, Inc		151
	34,304	*	Korn/Ferry International		605
	43,697	*	Lamar Advertising Co (Class A)		1,501
	99,271	*	Lawson Software, Inc		656
	21,868	*	Limelight Networks, Inc		80
	44,720	*	Lionbridge Technologies		162
	10,323	*	Liquidity Services, Inc		119
	31,275	*	Liveperson, Inc		240
	7,000	*	LogMeIn, Inc		145
	19,563	*	Manhattan Associates, Inc		498
	61,833		Manpower, Inc		3,532
	18,898	*	Mantech International Corp (Class A)		923
	16,386		Marchex, Inc (Class B)		84
	67,177		Mastercard, Inc (Class A)		17,064
	122,713	*	McAfee, Inc		4,924
	8,500	*	Medidata Solutions, Inc		129
	72,751	*	Mentor Graphics Corp		583
	6,071,077		Microsoft Corp		177,701
	6,831	*	MicroStrategy, Inc (Class A)		581
	33,165	*	ModusLink Global Solutions, Inc		280
	62,930	*	MoneyGram International, Inc		240
	17,209	*	Monotype Imaging Holdings, Inc		167
	96,312	*	Monster Worldwide, Inc		1,600
	147,016		Moody’s Corp		4,374
	117,341	*	Move, Inc		245
	7,188	*	NCI, Inc (Class A)		217

231

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	122,276	*	NCR Corp	$	1,687
	24,391	*	Ness Technologies, Inc		154
	32,422	*	NetFlix, Inc		2,391
	21,523	*	Netscout Systems, Inc		318
	12,764	*	NetSuite, Inc		186
	22,651	*	Network Equipment Technologies, Inc		125
	38,877		NIC, Inc		306
	263,166	*	Novell, Inc		1,576
	177,541	*	Nuance Communications, Inc		2,954
	245,992		Omnicom Group, Inc		9,546
	25,372	*	On Assignment, Inc		181
	14,464	*	Online Resources Corp		58
	2,386	*	OpenTable, Inc		91
	9,552		Opnet Technologies, Inc		154
	3,010,866		Oracle Corp		77,350
	90,859	*	Parametric Technology Corp		1,640
	14,951		PC-Tel, Inc		92
	10,922		Pegasystems, Inc		404
	20,679	*	Perficient, Inc		233
	12,149	*	Pervasive Software, Inc		61
	35,033	*	Phase Forward, Inc		458
	19,353	*	Phoenix Technologies Ltd		62
	13,016	*	Portfolio Recovery Associates, Inc		714
	46,371	*	Premiere Global Services, Inc		383
	31,976	*	Progress Software Corp		1,005
	14,689	*	PROS Holdings, Inc		145
	8,302		QAD, Inc		44
	18,284		Quality Systems, Inc		1,123
	52,171	*	Quest Software, Inc		928
	7,500	*	QuinStreet, Inc		128
	50,966	*	Rackspace Hosting, Inc		955
	21,037	*	Radiant Systems, Inc		300
	15,185	*	Radisys Corp		136
	82,046	*	Raser Technologies, Inc		82
	72,153	*	RealNetworks, Inc		348
	149,032	*	Red Hat, Inc		4,362
	5,893		Renaissance Learning, Inc		96
	53,565	*	Rent-A-Center, Inc		1,267
	5,075		Rewards Network, Inc		68
	20,163	*	RightNow Technologies, Inc		360
	16,664	*	Riskmetrics Group Inc		377
	119,940		Robert Half International, Inc		3,650
	33,789		Rollins, Inc		733
	4,798	*	Rosetta Stone, Inc		114
	34,156	*	RSC Holdings, Inc		272
	41,988	*	S1 Corp		248
	18,173	*	Saba Software, Inc		90
	85,513	*	Salesforce.com, Inc		6,366
	70,737		Sapient Corp		647
	20,806	*	Smith Micro Software, Inc		184
	23,020	*	Sohu.com, Inc		1,257
	9,112	*	SolarWinds, Inc		197

232

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	45,445	*	SonicWALL, Inc	$	395
	165,491	*	Sonus Networks, Inc		432
	51,448		Sotheby’s (Class A)		1,600
	20,938	*	Sourcefire, Inc		481
	42,038	*	Spherion Corp		337
	31,079	*	SRA International, Inc (Class A)		646
	9,634	*	StarTek, Inc		67
	14,356	*	Stratasys, Inc		350
	35,828	*	SuccessFactors, Inc		682
	32,388	*	SupportSoft, Inc		106
	67,153	*	Sybase, Inc		3,131
	28,390	*	SYKES Enterprises, Inc		648
	645,609	*	Symantec Corp		10,925
	17,694	*	Synchronoss Technologies, Inc		343
	14,793	*	SYNNEX Corp		437
	112,895	*	Synopsys, Inc		2,525
	9,061		Syntel, Inc		349
	61,427		Take-Two Interactive Software, Inc		605
	11,400		TAL International Group, Inc		228
	30,543	*	Taleo Corp (Class A)		791
	5,765	*	TechTarget, Inc		30
	26,717	*	TeleTech Holdings, Inc		456
	7,088		Textainer Group Holdings Ltd		153
	48,928	*	THQ, Inc		343
	137,923	*	TIBCO Software, Inc		1,488
	13,125	*	Tier Technologies, Inc		104
	19,243	*	TNS, Inc		429
	124,011		Total System Services, Inc		1,942
	25,593	*	TradeStation Group, Inc		179
	4,369	*	Travelzoo, Inc		66
	37,265	*	TrueBlue, Inc		578
	20,682	*	Ultimate Software Group, Inc		681
	6,599	*	Unica Corp		59
	32,818	*	Unisys Corp		1,145
	61,183		United Online, Inc		458
	49,976	*	United Rentals, Inc		469
	68,260	*	Valueclick, Inc		692
	19,828	*	Vasco Data Security International		164
	149,625	*	VeriSign, Inc		3,891
	15,178		Viad Corp		312
	5,940	*	Virtusa Corp		61
	353,921		Visa, Inc (Class A)		32,216
	39,323	*	VMware, Inc (Class A)		2,096
	11,624	*	Vocus, Inc		198
	12,149	*	Volt Information Sciences, Inc		124
	45,500	*	WebMD Health Corp (Class A)		2,110
	33,540	*	Websense, Inc		764
	19,543	*	Website Pros, Inc		107
	935,977	*	Yahoo!, Inc		15,473
			TOTAL BUSINESS SERVICES		781,008

233

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
CHEMICALS AND ALLIED PRODUCTS - 11.3%
	1,217,475		Abbott Laboratories	$	64,137
	4,621	*	Abraxis Bioscience, Inc		239
	29,951	*	Acorda Therapeutics, Inc		1,024
	6,188	*	Acura Pharmaceuticals, Inc		33
	33,118	*	Adolor Corp		60
	165,123		Air Products & Chemicals, Inc		12,210
	17,349	*	Albany Molecular Research, Inc		145
	71,187		Albemarle Corp		3,035
	68,218		Alberto-Culver Co		1,784
	70,870	*	Alexion Pharmaceuticals, Inc		3,853
	70,988	*	Alkermes, Inc		921
	63,430	*	Allos Therapeutics, Inc		471
	27,380	*	Alnylam Pharmaceuticals, Inc		466
	16,995	*	AMAG Pharmaceuticals, Inc		593
	48,382	*	American Oriental Bioengineering, Inc		197
	18,079		American Vanguard Corp		147
	797,441	*	Amgen, Inc		47,655
	11,531	*	Amicus Therapeutics, Inc		37
	20,784		Arch Chemicals, Inc		715
	10,757	*	Ardea Biosciences, Inc		196
	86,496	*	Arena Pharmaceuticals, Inc		268
	31,352	*	Arqule, Inc		181
	33,623	*	Array Biopharma, Inc		92
	15,509	*	ARYx Therapeutics, Inc		13
	35,727	*	Auxilium Pharmaceuticals, Inc		1,113
	47,282	*	AVANIR Pharmaceuticals, Inc		110
	88,715		Avery Dennison Corp		3,230
	59,505	*	AVI BioPharma, Inc		71
	336,148		Avon Products, Inc		11,385
	21,090		Balchem Corp		520
	22,254	*	BioCryst Pharmaceuticals, Inc		146
	7,894	*	Biodel, Inc		34
	6,953	*	BioDelivery Sciences International, Inc		27
	213,061	*	Biogen Idec, Inc		12,221
	76,417	*	BioMarin Pharmaceuticals, Inc		1,786
	8,360	*	BioMimetic Therapeutics, Inc		110
	2,885	*	Biospecifics Technologies Corp		80
	1,347,852		Bristol-Myers Squibb Co		35,989
	50,868		Cabot Corp		1,546
	17,732	*	Cadence Pharmaceuticals, Inc		162
	45,612	*	Calgon Carbon Corp		781
	20,927	*	Cambrex Corp		85
	5,883	*	Caraco Pharmaceutical Laboratories Ltd		35
	7,241	*	Cardiovascular Systems, Inc		38
	123,001		Celanese Corp (Series A)		3,918
	363,453	*	Celgene Corp		22,520
	356,715	*	Cell Therapeutics, Inc		193
	24,391	*	Celldex Therapeutics, Inc		150
	59,385	*	Cephalon, Inc		4,025
	38,071		CF Industries Holdings, Inc		3,471
	50,891	*	Charles River Laboratories International, Inc		2,001
	4,622		Chase Corp		58

234

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	14,400	*	Chelsea Therapeutics International, Inc	$	51
	11,855	*	China Green Agriculture, Inc		166
	42,048	*	China Precision Steel, Inc		88
	5,689	*	China-Biotics, Inc		102
	56,500		Church & Dwight Co, Inc		3,783
	110,909		Clorox Co		7,114
	393,938		Colgate-Palmolive Co		33,587
	5,072	*	Cornerstone Therapeutics, Inc		32
	48,098	*	Cubist Pharmaceuticals, Inc		1,084
	47,886	*	Curis, Inc		147
	35,559	*	Cypress Bioscience, Inc		174
	38,318		Cytec Industries, Inc		1,791
	33,643	*	Cytokinetics, Inc		108
	30,280	*	Cytori Therapeutics, Inc		138
	103,349	*	Dendreon Corp		3,769
	58,878	*	Discovery Laboratories, Inc		31
	873,396		Dow Chemical Co		25,826
	711,002		Du Pont (E.I.) de Nemours & Co		26,478
	50,131	*	Durect Corp		151
	57,224		Eastman Chemical Co		3,644
	186,661		Ecolab, Inc		8,204
	798,541		Eli Lilly & Co		28,923
	17,426	*	Elizabeth Arden, Inc		314
	12,093	*	Emergent Biosolutions, Inc		203
	34,981	*	Enzon Pharmaceuticals, Inc		356
	87,061		Estee Lauder Cos (Class A)		5,648
	21,633	*	Facet Biotech Corp		584
	11,623		Female Health Co		83
	66,543		Ferro Corp		585
	58,030		FMC Corp		3,513
	237,216	*	Forest Laboratories, Inc		7,439
	213,221	*	Genzyme Corp		11,051
	68,660	*	Geron Corp		390
	712,628	*	Gilead Sciences, Inc		32,411
	11,695	*	GTx, Inc		39
	36,079		H.B. Fuller Co		837
	45,558	*	Halozyme Therapeutics, Inc		364
	6,809		Hawkins, Inc		165
	86,421	*	Hemispherx Biopharma, Inc		64
	6,140	*	Hi-Tech Pharmacal Co, Inc		136
	127,615	*	Hospira, Inc		7,229
	146,740	*	Human Genome Sciences, Inc		4,432
	122,095		Huntsman Corp		1,471
	20,516		ICO, Inc		166
	17,140	*	Idenix Pharmaceuticals, Inc		48
	14,987	*	Idera Pharmaceuticals, Inc		93
	47,210	*	Idexx Laboratories, Inc		2,717
	57,358	*	Immucor, Inc		1,284
	38,313	*	Immunogen, Inc		310
	46,831	*	Impax Laboratories, Inc		837
	13,337		Innophos Holdings, Inc		372
	16,128		Innospec, Inc		183

235

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	47,438	*	Inspire Pharmaceuticals, Inc	$	296
	9,091		Inter Parfums, Inc		135
	35,010	*	InterMune, Inc		1,560
	63,456		International Flavors & Fragrances, Inc		3,025
	62,562	*	Inverness Medical Innovations, Inc		2,437
	29,249	*	Javelin Pharmaceuticals, Inc		38
	2,170,634		Johnson & Johnson		141,526
	11,905		Kaiser Aluminum Corp		459
	190,295	*	King Pharmaceuticals, Inc		2,238
	16,539		Koppers Holdings, Inc		468
	54,332	*	KV Pharmaceutical Co (Class A)		96
	14,893	*	Landec Corp		99
	7,363	*	Lannett Co, Inc		31
	137,430	*	Life Technologies Corp		7,183
	87,765	*	Ligand Pharmaceuticals, Inc (Class B)		154
	52,468		Lubrizol Corp		4,812
	9,202		Mannatech, Inc		31
	40,693	*	MannKind Corp		267
	5,396	*	MAP Pharmaceuticals, Inc		86
	25,699		Martek Biosciences Corp		578
	40,166	*	Medicines Co		315
	44,203		Medicis Pharmaceutical Corp (Class A)		1,112
	9,661	*	Medifast, Inc		243
	21,973	*	Medivation, Inc		230
	2,402,650		Merck & Co, Inc		89,739
	31,965		Meridian Bioscience, Inc		651
	44,376	*	Micromet, Inc		359
	26,053	*	MiddleBrook Pharmaceuticals, Inc		8
	14,800		Minerals Technologies, Inc		767
	12,466	*	Molecular Insight Pharmaceuticals, Inc		16
	37,892	*	Momenta Pharmaceuticals, Inc		567
	429,129		Monsanto Co		30,649
	124,651		Mosaic Co		7,575
	239,923	*	Mylan Laboratories, Inc		5,449
	18,274	*	Myriad Pharmaceuticals, Inc		83
	40,164	*	Nabi Biopharmaceuticals		220
	108,109		Nalco Holding Co		2,630
	8,950	*	Nanosphere, Inc		43
	41,255	*	NBTY, Inc		1,979
	26,156	*	Neurocrine Biosciences, Inc		67
	7,464	*	NeurogesX, Inc		70
	7,956		NewMarket Corp		819
	4,943		NL Industries, Inc		42
	69,550	*	Novavax, Inc		161
	34,351	*	NPS Pharmaceuticals, Inc		173
	8,067	*	Nutraceutical International Corp		121
	12,855	*	Obagi Medical Products, Inc		157
	63,038		Olin Corp		1,237
	23,303	*	OM Group, Inc		790
	32,453	*	Omnova Solutions, Inc		255
	3,003	*	OncoGenex Pharmaceutical, Inc		62
	48,332	*	Onyx Pharmaceuticals, Inc		1,463

236

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	29,666	*	Opko Health, Inc	$	59
	22,266	*	Optimer Pharmaceuticals, Inc		273
	30,922	*	OraSure Technologies, Inc		183
	23,670	*	Orexigen Therapeutics, Inc		139
	44,755	*	OSI Pharmaceuticals, Inc		2,665
	12,630	*	Osiris Therapeutics, Inc		93
	21,868	*	OXiGENE, Inc		27
	102,451	*	Pactiv Corp		2,580
	24,948	*	Pain Therapeutics, Inc		156
	26,028	*	Par Pharmaceutical Cos, Inc		645
	42,468	*	Parexel International Corp		990
	97,967		PDL BioPharma, Inc		608
	62,947		Perrigo Co		3,696
	22,927		PetMed Express, Inc		508
	6,352,993		Pfizer, Inc		108,955
	16,121	*	Pharmasset, Inc		432
	27,653	*	PharMerica Corp		504
	67,684	*	PolyOne Corp		693
	18,100	*	Poniard Pharmaceuticals, Inc		21
	15,548	*	Pozen, Inc		149
	128,667		PPG Industries, Inc		8,415
	241,935		Praxair, Inc		20,081
	32,300	*	Prestige Brands Holdings, Inc		291
	2,296,036		Procter & Gamble Co		145,269
	15,641	*	Progenics Pharmaceuticals, Inc		83
	27,360	*	Protalix BioTherapeutics, Inc		179
	39,281	*	Questcor Pharmaceuticals, Inc		323
	21,781	*	Quidel Corp		317
	6,770	*	Repros Therapeutics, Inc		5
	15,116	*	Revlon, Inc (Class A)		224
	37,713	*	Rockwood Holdings, Inc		1,004
	98,223		RPM International, Inc		2,096
	43,161	*	Salix Pharmaceuticals Ltd		1,608
	40,020	*	Santarus, Inc		215
	28,586	*	Sciclone Pharmaceuticals, Inc		101
	36,525		Scotts Miracle-Gro Co (Class A)		1,693
	64,120	*	Seattle Genetics, Inc		766
	41,451		Sensient Technologies Corp		1,205
	78,987		Sherwin-Williams Co		5,346
	19,701	*	SIGA Technologies, Inc		131
	96,997		Sigma-Aldrich Corp		5,205
	101,878	*	Solutia, Inc		1,641
	47,540	*	Spectrum Pharmaceuticals, Inc		219
	77,753	*	StemCells, Inc		90
	5,500		Stepan Co		307
	6,322	*	Sucampo Pharmaceuticals, Inc (Class A)		23
	44,629	*	SuperGen, Inc		143
	13,627	*	SurModics, Inc		285
	11,524	*	Synta Pharmaceuticals Corp		50
	41,591	*	Theravance, Inc		554
	21,072	*	Ulta Salon Cosmetics & Fragrance, Inc		477
	32,716	*	Unifi, Inc		119

237

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	36,852	*	United Therapeutics Corp	$	2,039
	6,878	*	USANA Health Sciences, Inc		216
	93,574	*	USEC, Inc		540
	52,808	*	Valeant Pharmaceuticals International		2,266
	79,615		Valspar Corp		2,347
	30,018	*	Vanda Pharmaceuticals, Inc		346
	152,637	*	Vertex Pharmaceuticals, Inc		6,238
	26,873	*	Vical, Inc		90
	65,329	*	Viropharma, Inc		890
	10,000	*	Vitacost.com, Inc		121
	85,803	*	Watson Pharmaceuticals, Inc		3,584
	15,532		Westlake Chemical Corp		401
	57,989	*	WR Grace & Co		1,610
	22,676	*	Xenoport, Inc		210
	26,437	*	Zymogenetics, Inc		151
			TOTAL CHEMICALS AND ALLIED PRODUCTS		1,129,453
COAL MINING - 0.3%
	93,494	*	Alpha Natural Resources, Inc		4,664
	125,706		Arch Coal, Inc		2,872
	23,500	*	Cloud Peak Energy, Inc		391
	139,379		Consol Energy, Inc		5,946
	113,998	*	International Coal Group, Inc		521
	27,982	*	James River Coal Co		445
	75,819		Massey Energy Co		3,965
	209,092		Peabody Energy Corp		9,556
	6,846	*	Westmoreland Coal Co		86
			TOTAL COAL MINING		28,446
COMMUNICATIONS - 3.9%
	11,132	*	AboveNet, Inc		565
	42,374		Adtran, Inc		1,117
	39,332		Alaska Communications Systems Group, Inc		319
	312,836	*	American Tower Corp (Class A)		13,330
	24,197	*	Anixter International, Inc		1,134
	84,372	*	AOL, Inc		2,133
	45,147	*	Aruba Networks, Inc		617
	4,648,398		AT&T, Inc		120,116
	6,765		Atlantic Tele-Network, Inc		304
	10,900	*	Audiovox Corp (Class A)		85
	37,143	*	Brightpoint, Inc		280
	182,467		Cablevision Systems Corp (Class A)		4,405
	20,132	*	Cbeyond Communications, Inc		275
	473,855		CBS Corp (Class B)		6,606
	27,491	*	Central European Media Enterprises Ltd (Class A)		806
	235,491		CenturyTel, Inc		8,351
	168,115	*	Cincinnati Bell, Inc		573
	48,356	*	Clearwire Corp (Class A)		346
	2,263,029		Comcast Corp (Class A)		42,589
	20,626		Consolidated Communications Holdings, Inc		391
	228,442	*	Crown Castle International Corp		8,733
	13,062	*	Crown Media Holdings, Inc (Class A)		25

238

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	27,453		CTC Media, Inc	$	473
	17,694	*	DG FastChannel, Inc		565
	11,283	*	DigitalGlobe, Inc		315
	770,442	*	DIRECTV		26,048
	159,079		DISH Network Corp (Class A)		3,312
	30,100	*	Equinix, Inc		2,930
	5,404		Fisher Communications, Inc		76
	249,723		Frontier Communications Corp		1,858
	38,028	*	General Communication, Inc (Class A)		219
	16,043	*	GeoEye, Inc		473
	23,031	*	Global Crossing Ltd		349
	63,116		Global Payments, Inc		2,875
	10,027		HickoryTech Corp		89
	6,874	*	Hughes Communications, Inc		191
	74,558	*	IAC/InterActiveCorp		1,695
	19,932	*	inContact, Inc		57
	28,194		Iowa Telecommunications Services, Inc		471
	34,679	*	j2 Global Communications, Inc		811
	18,344	*	Knology, Inc		247
	51,889	*	Leap Wireless International, Inc		849
	1,248,110	*	Level 3 Communications, Inc		2,022
	209,661	*	Liberty Global, Inc (Class A)		6,114
	62,143	*	Liberty Media Corp - Capital (Series A)		2,260
	40,282	*	Liberty Media Corp - Starz		2,203
	466,171	*	Liberty Media Holding Corp (Interactive A)		7,137
	29,608	*	Lin TV Corp (Class A)		170
	14,920	*	Lodgenet Entertainment Corp		104
	39,968	*	Mastec, Inc		504
	36,987	*	Mediacom Communications Corp (Class A)		220
	221,434	*	MetroPCS Communications, Inc		1,568
	59,761	*	NeuStar, Inc (Class A)		1,506
	25,073	*	Neutral Tandem, Inc		401
	127,947	*	NII Holdings, Inc (Class B)		5,330
	26,247	*	Novatel Wireless, Inc		177
	23,518		NTELOS Holdings Corp		418
	89,041	*	PAETEC Holding Corp		417
	1,801		Preformed Line Products Co		69
	1,153,155		Qwest Communications International, Inc		6,019
	27,120	*	RCN Corp		409
	26,729	*	SAVVIS, Inc		441
	89,246	*	SBA Communications Corp (Class A)		3,219
	18,151		Shenandoah Telecom Co		341
	34,573	*	Sinclair Broadcast Group, Inc (Class A)		176
	2,212,888	*	Sprint Nextel Corp		8,409
	10,917	*	SureWest Communications		94
	14,575	*	Switch & Data Facilities Co, Inc		259
	58,380	*	Syniverse Holdings, Inc		1,137
	29,873	*	TeleCommunication Systems, Inc (Class A)		219
	72,845		Telephone & Data Systems, Inc		2,466
	40,863	*	Terremark Worldwide, Inc		286
	276,212		Time Warner Cable, Inc		14,725
	84,201	*	TiVo, Inc		1,441

239

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	12,229	*	US Cellular Corp	$	506
	18,421		USA Mobility, Inc		233
	2,238,239		Verizon Communications, Inc		69,430
	345,334		Windstream Corp		3,761
			TOTAL COMMUNICATIONS		401,194
DEPOSITORY INSTITUTIONS - 7.7%
	11,459		1st Source Corp		201
	17,560		Abington Bancorp, Inc		139
	3,251		Alliance Financial Corp		96
	4,510		American National Bankshares, Inc		91
	8,088		Ameris Bancorp		73
	4,648		Ames National Corp		93
	6,527		Arrow Financial Corp		176
	134,685		Associated Banc-Corp		1,859
	70,950		Astoria Financial Corp		1,029
	1,876		Auburn National Bancorporation, Inc		39
	5,016		Bancfirst Corp		210
	19,277		Banco Latinoamericano de Exportaciones S.A. (Class E)		277
	2,914		Bancorp Rhode Island, Inc		80
	65,819		Bancorpsouth, Inc		1,380
	41,404		Bank Mutual Corp		269
	7,834,369		Bank of America Corp		139,842
	39,776		Bank of Hawaii Corp		1,788
	2,380		Bank of Kentucky Financial Corp		47
	3,864		Bank of Marin Bancorp		128
	941,946		Bank of New York Mellon Corp		29,087
	11,948		Bank of the Ozarks, Inc		420
	17,629		BankFinancial Corp		162
	8,647		Banner Corp		33
	2,271		Bar Harbor Bankshares		69
	541,648		BB&T Corp		17,544
	23,421	*	Beneficial Mutual Bancorp, Inc		222
	10,481		Berkshire Hills Bancorp, Inc		192
	16,813		BOK Financial Corp		882
	70,242		Boston Private Financial Holdings, Inc		518
	4,741		Bridge Bancorp, Inc		111
	48,082		Brookline Bancorp, Inc		512
	4,771		Bryn Mawr Bank Corp		87
	5,527		Camden National Corp		177
	9,158		Capital City Bank Group, Inc		131
	16,284		Capitol Federal Financial		610
	18,053		Cardinal Financial Corp		193
	6,400		Cass Information Systems, Inc		199
	61,647		Cathay General Bancorp		718
	9,062		Center Bancorp, Inc		75
	6,947		Centerstate Banks of Florida, Inc		85
	24,035	*	Central Pacific Financial Corp		40
	2,883		Century Bancorp, Inc		55
	16,601		Chemical Financial Corp		392
	5,074	*	Chicopee Bancorp, Inc		64
	14,876,706	*	Citigroup, Inc		60,251

240

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	6,398		Citizens & Northern Corp	$	80
	3,016		Citizens Holding Co		74
	306,766	*	Citizens Republic Bancorp, Inc		362
	12,921		City Holding Co		443
	35,999		City National Corp		1,943
	10,007		Clifton Savings Bancorp, Inc		93
	6,672		CNB Financial Corp		103
	21,290		CoBiz, Inc		133
	21,548		Columbia Banking System, Inc		438
	137,773		Comerica, Inc		5,241
	49,935		Commerce Bancshares, Inc		2,054
	25,190		Community Bank System, Inc		574
	11,562		Community Trust Bancorp, Inc		313
	42,426		Cullen/Frost Bankers, Inc		2,367
	67,239		CVB Financial Corp		668
	19,824		Dime Community Bancshares		250
	17,386	*	Dollar Financial Corp		418
	7,486	*	Eagle Bancorp, Inc		89
	86,790		East West Bancorp, Inc		1,512
	3,785		Enterprise Bancorp, Inc		46
	5,234		Enterprise Financial Services Corp		58
	6,988		ESB Financial Corp		90
	12,436		ESSA Bancorp, Inc		156
	36,402	*	Euronet Worldwide, Inc		671
	4,534		Farmers Capital Bank Corp		39
	619,112		Fifth Third Bancorp		8,414
	7,979		Financial Institutions, Inc		117
	9,860		First Bancorp (NC)		133
	78,912		First Bancorp (Puerto Rico)		190
	6,485		First Bancorp, Inc		103
	16,258		First Busey Corp		72
	5,016		First Citizens Bancshares, Inc (Class A)		997
	65,852		First Commonwealth Financial Corp		442
	6,565		First Community Bancshares, Inc		81
	6,428		First Defiance Financial Corp		65
	39,758		First Financial Bancorp		707
	16,578		First Financial Bankshares, Inc		855
	8,954		First Financial Corp		259
	8,300		First Financial Holdings, Inc		125
	16,505		First Financial Northwest, Inc		113
	2,916		First Financial Service Corp		26
	172,666	*	First Horizon National Corp		2,426
	12,330		First Merchants Corp		86
	57,533		First Midwest Bancorp, Inc		780
	152,587		First Niagara Financial Group, Inc		2,170
	4,191		First of Long Island Corp		101
	5,157		First South Bancorp, Inc		64
	65,561		FirstMerit Corp		1,414
	31,002	*	Flagstar Bancorp, Inc		19
	19,779		Flushing Financial Corp		250
	87,796		FNB Corp		712
	4,305	*	Fox Chase Bancorp, Inc		47

241

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	139,518		Fulton Financial Corp	$	1,422
	8,476		German American Bancorp, Inc		128
	56,600		Glacier Bancorp, Inc		862
	7,809		Great Southern Bancorp, Inc		175
	40,600	*	Guaranty Bancorp		65
	13,866		Hampton Roads Bankshares, Inc		22
	22,696		Hancock Holding Co		949
	42,413		Harleysville National Corp		284
	10,342		Heartland Financial USA, Inc		165
	4,346	*	Heritage Financial Corp		66
	6,749	*	Home Bancorp, Inc		94
	13,542		Home Bancshares, Inc		358
	12,641		Home Federal Bancorp, Inc		183
	374,514		Hudson City Bancorp, Inc		5,303
	567,359		Huntington Bancshares, Inc		3,047
	20,966		IBERIABANK Corp		1,258
	17,904		Independent Bank Corp		442
	40,567		International Bancshares Corp		933
	37,852	*	Investors Bancorp, Inc		500
	3,133,597		JPMorgan Chase & Co		140,227
	14,732		Kearny Financial Corp		154
	679,791		Keycorp		5,268
	13,792		Lakeland Bancorp, Inc		122
	8,565		Lakeland Financial Corp		163
	5,980		Legacy Bancorp, Inc		57
	60,349		M&T Bank Corp		4,791
	11,504		MainSource Financial Group, Inc		77
	418,411		Marshall & Ilsley Corp		3,368
	38,744		MB Financial, Inc		873
	3,784		Merchants Bancshares, Inc		82
	7,250	*	Meridian Interstate Bancorp, Inc		75
	3,556		Midsouth Bancorp, Inc		59
	25,640	*	Nara Bancorp, Inc		225
	1,893		NASB Financial, Inc		44
	5,351		National Bankshares, Inc		146
	97,609		National Penn Bancshares, Inc		674
	27,027		NBT Bancorp, Inc		618
	24,010	*	Net 1 UEPS Technologies, Inc		442
	337,083		New York Community Bancorp, Inc		5,575
	85,685		NewAlliance Bancshares, Inc		1,081
	4,865		Northeast Community Bancorp, Inc		35
	189,499		Northern Trust Corp		10,472
	14,313		Northfield Bancorp, Inc		207
	4,676		Northrim BanCorp, Inc		80
	41,213		Northwest Bancshares, Inc		484
	1,433		Norwood Financial Corp		39
	6,098		OceanFirst Financial Corp		69
	3,056		Ohio Valley Banc Corp		66
	67,288		Old National Bancorp		804
	9,237		Old Second Bancorp, Inc		61
	22,798		Oriental Financial Group, Inc		308
	8,236		Oritani Financial Corp		132

242

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	3,841		Orrstown Financial Services, Inc	$	97
	33,369		Pacific Capital Bancorp		60
	7,335		Pacific Continental Corp		77
	22,250		PacWest Bancorp		508
	9,214		Park National Corp		574
	6,295		Peapack Gladstone Financial Corp		99
	2,964		Penns Woods Bancorp, Inc		99
	3,548	*	Pennsylvania Commerce Bancorp, Inc		49
	6,808		Peoples Bancorp, Inc		112
	2,916		Peoples Financial Corp		44
	297,102		People’s United Financial, Inc		4,647
	25,469	*	Pinnacle Financial Partners, Inc		385
	406,044		PNC Financial Services Group, Inc		24,241
	568,195		Popular, Inc		1,653
	65,532		Premierwest Bancorp		29
	39,968		PrivateBancorp, Inc		548
	37,342		Prosperity Bancshares, Inc		1,531
	45,191		Provident Financial Services, Inc		538
	30,181		Provident New York Bancorp		286
	2,997		Prudential Bancorp, Inc of Pennsylvania		25
	896,118		Regions Financial Corp		7,035
	15,054		Renasant Corp		244
	6,104		Republic Bancorp, Inc (Class A)		115
	5,918	*	Republic First Bancorp, Inc		23
	6,115		Rockville Financial, Inc		75
	7,271		Roma Financial Corp		91
	20,998		S&T Bancorp, Inc		439
	8,198		S.Y. Bancorp, Inc		187
	11,917		Sandy Spring Bancorp, Inc		179
	4,873	*	Santander BanCorp		60
	9,604		SCBT Financial Corp		356
	6,171		Shore Bancshares, Inc		88
	3,786		Sierra Bancorp		49
	35,162	*	Signature Bank		1,303
	9,660		Simmons First National Corp (Class A)		266
	11,251		Smithtown Bancorp, Inc		46
	102,277		South Financial Group, Inc		71
	9,217		Southside Bancshares, Inc		199
	9,257		Southwest Bancorp, Inc		77
	10,282		State Bancorp, Inc		81
	387,612		State Street Corp		17,497
	16,183		StellarOne Corp		216
	16,576		Sterling Bancorp		167
	66,597		Sterling Bancshares, Inc		372
	40,780	*	Sterling Financial Corp		23
	7,140		Suffolk Bancorp		219
	9,646	*	Sun Bancorp, Inc		38
	391,643		SunTrust Banks, Inc		10,492
	82,235		Susquehanna Bancshares, Inc		807
	31,722	*	SVB Financial Group		1,480
	339,634		Synovus Financial Corp		1,117
	110,460		TCF Financial Corp		1,761

243

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	9,400		Territorial Bancorp, Inc	$	179
	36,036	*	Texas Capital Bancshares, Inc		684
	67,219		TFS Financial Corp		897
	7,985	*	The Bancorp, Inc		71
	7,054		Tompkins Trustco, Inc		257
	2,692		Tower Bancorp, Inc		72
	14,640		TowneBank		204
	9,919		Trico Bancshares		197
	62,026		Trustco Bank Corp NY		383
	51,849		Trustmark Corp		1,267
	28,432		UMB Financial Corp		1,154
	74,924		Umpqua Holdings Corp		993
	8,916		Union Bankshares Corp		135
	30,662		United Bankshares, Inc		804
	92,170	*	United Community Banks, Inc		406
	15,445		United Financial Bancorp, Inc		216
	4,738		United Security Bancshares		71
	9,080		Univest Corp of Pennsylvania		170
	1,492,049		US Bancorp		38,614
	118,769		Valley National Bancorp		1,825
	7,559		ViewPoint Financial Group		123
	7,186		Washington Banking Co		90
	94,510		Washington Federal, Inc		1,920
	10,818		Washington Trust Bancorp, Inc		202
	7,507	*	Waterstone Financial, Inc		27
	52,669		Webster Financial Corp		921
	4,080,001		Wells Fargo & Co		126,969
	19,012		WesBanco, Inc		309
	11,970		West Bancorporation, Inc		79
	23,845		Westamerica Bancorporation		1,375
	56,187	*	Western Alliance Bancorp		320
	550,586		Western Union Co		9,338
	23,121		Westfield Financial, Inc		212
	75,084		Whitney Holding Corp		1,035
	4,209		Wilber Corp		28
	71,613		Wilmington Trust Corp		1,187
	9,638		Wilshire Bancorp, Inc		106
	23,649		Wintrust Financial Corp		880
	4,467		WSFS Financial Corp		174
	8,510		Yadkin Valley Financial Corp		37
	117,375		Zions Bancorporation		2,561
			TOTAL DEPOSITORY INSTITUTIONS		770,030
EATING AND DRINKING PLACES - 1.1%
	18,260	*	AFC Enterprises		196
	10,622	*	Benihana, Inc		69
	13,771	*	BJ’s Restaurants, Inc		321
	24,666		Bob Evans Farms, Inc		762
	78,146		Brinker International, Inc		1,507
	13,602	*	Buffalo Wild Wings, Inc		654
	86,018		Burger King Holdings, Inc		1,829
	20,543	*	California Pizza Kitchen, Inc		345

244

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	8,099	*	Carrols Restaurant Group, Inc	$	55
	17,289		CBRL Group, Inc		802
	17,642	*	CEC Entertainment, Inc		672
	46,024	*	Cheesecake Factory		1,245
	25,349	*	Chipotle Mexican Grill, Inc (Class A)		2,856
	39,583		CKE Restaurants, Inc		438
	107,900		Darden Restaurants, Inc		4,806
	75,312	*	Denny’s Corp		289
	2,189	*	Diedrich Coffee, Inc		76
	13,678	*	DineEquity, Inc		541
	30,059	*	Domino’s Pizza, Inc		410
	1,620		Frisch’s Restaurants, Inc		36
	44,170	*	Jack in the Box, Inc		1,040
	39,822	*	Krispy Kreme Doughnuts, Inc		160
	8,401	*	Landry’s Restaurants, Inc		151
	14,864	*	Luby’s, Inc		59
	11,950	*	McCormick & Schmick’s Seafood Restaurants, Inc		120
	868,605		McDonald’s Corp		57,953
	14,289	*	O’Charleys, Inc		128
	18,183	*	Papa John’s International, Inc		467
	18,084	*	PF Chang’s China Bistro, Inc		798
	11,853	*	Red Robin Gourmet Burgers, Inc		290
	58,476	*	Ruby Tuesday, Inc		618
	26,831	*	Ruth’s Chris Steak House, Inc		142
	45,772	*	Sonic Corp		506
	578,006	*	Starbucks Corp		14,028
	958	*	Steak N Shake Co		365
	37,299	*	Texas Roadhouse, Inc (Class A)		518
	282,986		Wendy’s/Arby’s Group, Inc (Class A)		1,415
	363,677		Yum! Brands, Inc		13,940
			TOTAL EATING AND DRINKING PLACES		110,607
EDUCATIONAL SERVICES - 0.2%
	13,862	*	American Public Education, Inc		646
	103,701	*	Apollo Group, Inc (Class A)		6,356
	5,600	*	Archipelago Learning, Inc		82
	10,806	*	Bridgepoint Education, Inc		266
	55,966	*	Career Education Corp		1,771
	23,045	*	ChinaCast Education Corp		168
	62,840	*	Corinthian Colleges, Inc		1,105
	48,586		DeVry, Inc		3,168
	17,800	*	Education Management Corp		390
	12,064	*	Grand Canyon Education, Inc		315
	30,475	*	ITT Educational Services, Inc		3,428
	18,366	*	K12, Inc		408
	6,272	*	Learning Tree International, Inc		88
	7,293	*	Lincoln Educational Services Corp		185
	9,555	*	Princeton Review, Inc		33
	11,133		Strayer Education, Inc		2,711
	19,401	*	Universal Technical Institute, Inc		443
			TOTAL EDUCATIONAL SERVICES		21,563

245

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
SHARES			COMPANY	VALUE (000)
ELECTRIC, GAS, AND SANITARY SERVICES - 4.0%
	517,360	*	AES Corp	$	5,691
	63,116		AGL Resources, Inc		2,439
	129,395		Allegheny Energy, Inc		2,976
	26,011		Allete, Inc		871
	86,951		Alliant Energy Corp		2,892
	186,647		Ameren Corp		4,868
	14,202		American Ecology Corp		229
	375,775		American Electric Power Co, Inc		12,844
	18,197		American States Water Co		631
	53,716		American Water Works Co, Inc		1,169
	104,679		Aqua America, Inc		1,839
	4,909		Artesian Resources Corp		87
	70,089		Atmos Energy Corp		2,002
	46,278		Avista Corp		958
	29,085		Black Hills Corp		883
	15,365		California Water Service Group		578
	256,909	*	Calpine Corp		3,055
	301,288		Centerpoint Energy, Inc		4,326
	10,819		Central Vermont Public Service Corp		218
	13,300		CH Energy Group, Inc		543
	8,826		Chesapeake Utilities Corp		263
	30,062	*	Clean Energy Fuels Corp		685
	17,301	*	Clean Harbors, Inc		961
	48,084		Cleco Corp		1,277
	171,136		CMS Energy Corp		2,646
	6,221		Connecticut Water Service, Inc		145
	215,898		Consolidated Edison, Inc		9,616
	10,306		Consolidated Water Co, Inc		140
	142,304		Constellation Energy Group, Inc		4,996
	99,005	*	Covanta Holding Corp		1,649
	42,320		Crosstex Energy, Inc		368
	464,912		Dominion Resources, Inc		19,114
	91,244		DPL, Inc		2,481
	129,557		DTE Energy Co		5,778
	1,015,112		Duke Energy Corp		16,568
	375,752	*	Dynegy, Inc (Class A)		473
	257,382		Edison International		8,795
	542,670		El Paso Corp		5,883
	35,119	*	El Paso Electric Co		723
	34,943		Empire District Electric Co		630
	54,955		Energen Corp		2,557
	57,426		EnergySolutions, Inc		369
	11,773	*	EnerNOC, Inc		349
	155,151		Entergy Corp		12,622
	519,969		Exelon Corp		22,781
	240,811		FirstEnergy Corp		9,413
	323,543		FPL Group, Inc		15,637
	103,717		Great Plains Energy, Inc		1,926
	68,666		Hawaiian Electric Industries, Inc		1,542
	39,800		Idacorp, Inc		1,378
	57,780		Integrys Energy Group, Inc		2,738

246

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
SHARES			COMPANY	VALUE (000)
	40,559		ITC Holdings Corp	$	2,231
	18,300		Laclede Group, Inc		617
	140,890		MDU Resources Group, Inc		3,040
	18,500		MGE Energy, Inc		654
	9,765		Middlesex Water Co		166
	110,337	*	Mirant Corp		1,198
	54,213		National Fuel Gas Co		2,740
	35,420		New Jersey Resources Corp		1,330
	37,119		Nicor, Inc		1,556
	208,593		NiSource, Inc		3,296
	137,566		Northeast Utilities		3,802
	21,251		Northwest Natural Gas Co		990
	30,516		NorthWestern Corp		818
	207,329	*	NRG Energy, Inc		4,333
	85,889		NSTAR		3,042
	176,210		NV Energy, Inc		2,173
	76,189		OGE Energy Corp		2,967
	80,701		Oneok, Inc		3,684
	15,003		Ormat Technologies, Inc		422
	29,407		Otter Tail Corp		646
	3,325		Pennichuck Corp		78
	168,153		Pepco Holdings, Inc		2,884
	39,942	*	Perma-Fix Environmental Services		89
	290,710		PG&E Corp		12,332
	17,372	*	Pico Holdings, Inc		646
	57,773		Piedmont Natural Gas Co, Inc		1,593
	12,323	*	Pike Electric Corp		115
	78,286		Pinnacle West Capital Corp		2,954
	64,221		PNM Resources, Inc		805
	60,898		Portland General Electric Co		1,176
	297,742		PPL Corp		8,250
	221,018		Progress Energy, Inc		8,699
	34,100	*	Progress Energy, Inc (CVO)		5
	398,668		Public Service Enterprise Group, Inc		11,769
	136,975		Questar Corp		5,917
	269,219	*	Reliant Energy, Inc		993
	253,347		Republic Services, Inc		7,352
	10,949		Resource America, Inc (Class A)		53
	94,530		SCANA Corp		3,553
	193,430		Sempra Energy		9,652
	10,436		SJW Corp		265
	24,251		South Jersey Industries, Inc		1,018
	616,075		Southern Co		20,430
	85,109		Southern Union Co		2,159
	34,400		Southwest Gas Corp		1,029
	16,033		Southwest Water Co		167
	67,815	*	Stericycle, Inc		3,696
	163,004		TECO Energy, Inc		2,590
	85,402		UGI Corp		2,267
	26,118		UIL Holdings Corp		718
	27,775		Unisource Energy Corp		873
	11,594		Unitil Corp		270

247

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
SHARES			COMPANY	VALUE (000)
	67,579		Vectren Corp	$	1,671
	63,647	*	Waste Connections, Inc		2,161
	389,225		Waste Management, Inc		13,402
	19,253	*	Waste Services, Inc		190
	86,996		Westar Energy, Inc		1,940
	41,725		WGL Holdings, Inc		1,446
	450,065		Williams Cos, Inc		10,396
	92,788		Wisconsin Energy Corp		4,585
	353,988		Xcel Energy, Inc		7,505
	9,006		York Water Co		124
			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		401,124
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 8.6%
	21,900	*	A123 Systems, Inc		301
	30,135	*	Acme Packet, Inc		582
	21,535	*	Actel Corp		298
	33,751		Acuity Brands, Inc		1,425
	82,321	*	Adaptec, Inc		269
	76,254	*	ADC Telecommunications, Inc		557
	25,828	*	Advanced Analogic Technologies, Inc		90
	49,842	*	Advanced Battery Technologies, Inc		194
	23,059	*	Advanced Energy Industries, Inc		382
	441,850	*	Advanced Micro Devices, Inc		4,096
	18,258	*	Airvana, Inc		140
	233,514		Altera Corp		5,677
	33,594	*	American Superconductor Corp		971
	84,768		Ametek, Inc		3,514
	86,945	*	Amkor Technology, Inc		615
	136,047		Amphenol Corp (Class A)		5,740
	47,982	*	Anadigics, Inc		233
	229,599		Analog Devices, Inc		6,617
	703,354	*	Apple Computer, Inc		165,238
	51,846	*	Applied Micro Circuits Corp		447
	12,026		Applied Signal Technology, Inc		235
	94,272	*	Arris Group, Inc		1,132
	23,979	*	Ascent Solar Technologies, Inc		92
	52,890	*	Atheros Communications, Inc		2,047
	341,960	*	Atmel Corp		1,720
	24,963	*	ATMI, Inc		482
	118,635	*	Avnet, Inc		3,559
	34,410		AVX Corp		489
	10,559		AZZ, Inc		357
	35,945		Baldor Electric Co		1,344
	7,316		Bel Fuse, Inc (Class B)		147
	51,432	*	Benchmark Electronics, Inc		1,067
	24,403	*	BigBand Networks, Inc		86
	387,219		Broadcom Corp (Class A)		12,848
	19,382	*	Ceradyne, Inc		440
	14,775	*	Ceva, Inc		172
	27,817	*	Checkpoint Systems, Inc		615
	39,449	*	China BAK Battery, Inc		95
	36,073	*	China Security & Surveillance Technology, Inc		277

248

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
SHARES			COMPANY	VALUE (000)
	4,300	*	China TransInfo Technology Corp	$	29
	70,799	*	Ciena Corp		1,079
	4,543,704	*	Cisco Systems, Inc		118,273
	21,353	*	Comtech Telecommunications Corp		683
	5,037	*	CPI International, Inc		67
	81,381	*	Cree, Inc		5,715
	23,637		CTS Corp		223
	12,848		Cubic Corp		463
	119,631	*	Cypress Semiconductor Corp		1,376
	10,171	*	DDi Corp		58
	1,347,446	*	Dell, Inc		20,225
	24,448	*	Diodes, Inc		548
	42,899	*	Dolby Laboratories, Inc (Class A)		2,517
	21,955	*	DSP Group, Inc		183
	15,044	*	DTS, Inc		512
	129,854		Eaton Corp		9,840
	32,176	*	EchoStar Corp (Class A)		653
	23,062	*	Electro Scientific Industries, Inc		295
	52,713	*	EMCORE Corp		64
	10,542	*	EMS Technologies, Inc		175
	53,893	*	Energizer Holdings, Inc		3,382
	54,352	*	Energy Conversion Devices, Inc		426
	30,981	*	EnerSys		764
	41,562	*	Entropic Communications, Inc		211
	143,685	*	Evergreen Solar, Inc		162
	25,111	*	Exar Corp		177
	46,087	*	Exide Technologies		265
	95,996	*	Fairchild Semiconductor International, Inc		1,022
	39,969	*	First Solar, Inc		4,902
	19,315		Franklin Electric Co, Inc		579
	46,577	*	FuelCell Energy, Inc		131
	14,500	*	Generac Holdings, Inc		203
	14,375	*	Globecomm Systems, Inc		111
	12,104	*	GP Strategies Corp		101
	92,133	*	GrafTech International Ltd		1,259
	16,954	*	Greatbatch, Inc		359
	13,134	*	GSI Technology, Inc		61
	23,300	*	GT Solar International, Inc		122
	53,747		Harman International Industries, Inc		2,514
	68,074	*	Harmonic, Inc		430
	103,854		Harris Corp		4,932
	42,057	*	Harris Stratex Networks, Inc (Class A)		279
	21,557	*	Helen of Troy Ltd		562
	1,884,268		Hewlett-Packard Co		100,149
	79,515	*	Hexcel Corp		1,148
	17,117	*	Hittite Microwave Corp		753
	21,588	*	Imation Corp		238
	67,383	*	Infinera Corp		574
	124,419	*	Integrated Device Technology, Inc		763
	4,400,280		Intel Corp		97,950
	34,659	*	InterDigital, Inc		966
	54,670	*	International Rectifier Corp		1,252

249

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
SHARES			COMPANY	VALUE (000)
	94,162		Intersil Corp (Class A)	$	1,390
	17,746	*	IPG Photonics Corp		263
	12,510	*	iRobot Corp		190
	16,725	*	IXYS Corp		143
	161,842	*	JDS Uniphase Corp		2,028
	91,460		L-3 Communications Holdings, Inc		8,381
	81,127	*	Lattice Semiconductor Corp		298
	32,522		Lincoln Electric Holdings, Inc		1,767
	177,028		Linear Technology Corp		5,006
	17,104	*	Littelfuse, Inc		650
	8,072	*	Loral Space & Communications, Inc		283
	12,960		LSI Industries, Inc		88
	494,222	*	LSI Logic Corp		3,025
	401,742	*	Marvell Technology Group Ltd		8,188
	241,520		Maxim Integrated Products, Inc		4,683
	17,242	*	Maxwell Technologies, Inc		214
	172,909	*	MEMC Electronic Materials, Inc		2,651
	10,978	*	MEMSIC, Inc		35
	13,858	*	Mercury Computer Systems, Inc		190
	28,385		Methode Electronics, Inc		281
	40,439		Micrel, Inc		431
	146,838		Microchip Technology, Inc		4,135
	667,847	*	Micron Technology, Inc		6,939
	62,654	*	Microsemi Corp		1,086
	45,471	*	Microtune, Inc		124
	60,310	*	Microvision, Inc		170
	33,720	*	MIPS Technologies, Inc		150
	101,907		Molex, Inc		2,126
	25,869	*	Monolithic Power Systems, Inc		577
	36,229	*	Moog, Inc (Class A)		1,283
	1,803,423	*	Motorola, Inc		12,660
	6,600	*	Multi-Fineline Electronix, Inc		170
	3,938		National Presto Industries, Inc		468
	178,658		National Semiconductor Corp		2,582
	261,299	*	NetApp, Inc		8,508
	38,372	*	Netlogic Microsystems, Inc		1,129
	77,389	*	Novellus Systems, Inc		1,935
	3,184	*	NVE Corp		144
	426,219	*	Nvidia Corp		7,408
	39,050	*	Omnivision Technologies, Inc		671
	321,621	*	ON Semiconductor Corp		2,573
	63,876	*	Openwave Systems, Inc		147
	15,398	*	Oplink Communications, Inc		285
	13,224	*	OpNext, Inc		31
	6,196	*	Orion Energy Systems, Inc		30
	10,891	*	OSI Systems, Inc		305
	18,452		Park Electrochemical Corp		530
	16,717	*	Parkervision, Inc		28
	19,298	*	Pericom Semiconductor Corp		207
	39,345	*	Photronics, Inc		200
	37,039		Plantronics, Inc		1,159
	31,345	*	Plexus Corp		1,129

250

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
SHARES			COMPANY	VALUE (000)
	26,715	*	PLX Technology, Inc	$	141
	170,759	*	PMC - Sierra, Inc		1,523
	64,770	*	Polycom, Inc		1,981
	21,500	*	Polypore International, Inc		375
	5,761	*	Powell Industries, Inc		187
	20,115		Power Integrations, Inc		829
	51,516	*	Power-One, Inc		217
	96,435	*	Powerwave Technologies, Inc		121
	92,060	*	QLogic Corp		1,869
	1,303,266		Qualcomm, Inc		54,724
	80,610	*	Rambus, Inc		1,761
	11,399		Raven Industries, Inc		336
	28,641		Regal-Beloit Corp		1,702
	213,104	*	RF Micro Devices, Inc		1,061
	12,342	*	Rogers Corp		358
	9,394	*	Rubicon Technology, Inc		190
	177,415	*	SanDisk Corp		6,144
	38,773	*	SatCon Technology Corp		94
	21,571	*	Seachange International, Inc		155
	47,571	*	Semtech Corp		829
	31,292	*	ShoreTel, Inc		207
	56,384	*	Silicon Image, Inc		170
	36,596	*	Silicon Laboratories, Inc		1,745
	72,899	*	Silicon Storage Technology, Inc		222
	128,457	*	Skyworks Solutions, Inc		2,004
	35,494	*	Smart Modular Technologies WWH, Inc		274
	9,719	*	Spectrum Control, Inc		114
	18,903	*	Standard Microsystems Corp		440
	10,374	*	Stoneridge, Inc		103
	79,260	*	Sunpower Corp (Class A)		1,498
	8,595	*	Supertex, Inc		220
	14,861		Sycamore Networks, Inc		299
	35,188	*	Symmetricom, Inc		205
	26,694	*	Synaptics, Inc		737
	38,313		Technitrol, Inc		202
	10,550	*	Techwell, Inc		197
	50,795	*	Tekelec		922
	32,169		Teleflex, Inc		2,061
	303,944		Tellabs, Inc		2,301
	36,930	*	Tessera Technologies, Inc		749
	1,005,216		Texas Instruments, Inc		24,598
	41,326	*	Thomas & Betts Corp		1,622
	40,125	*	Trident Microsystems, Inc		70
	121,131	*	Triquint Semiconductor, Inc		848
	32,309	*	TTM Technologies, Inc		287
	9,064	*	Ultralife Corp		36
	22,074	*	Universal Display Corp		260
	8,900	*	Universal Electronics, Inc		199
	42,939	*	US Geothermal, Inc		39
	87,200	*	Utstarcom, Inc		243
	36,704	*	Valence Technology, Inc		31
	56,829	*	Varian Semiconductor Equipment Associates, Inc		1,882

251

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
SHARES			COMPANY	VALUE (000)
	23,975	*	Viasat, Inc	$	830
	12,845	*	Vicor Corp		177
	12,385	*	Virage Logic Corp		97
	138,523	*	Vishay Intertechnology, Inc		1,417
	18,190	*	Volterra Semiconductor Corp		457
	57,906		Whirlpool Corp		5,053
	14,174	*	White Electronic Designs Corp		99
	219,385		Xilinx, Inc		5,594
	47,197	*	Zix Corp		109
	19,213	*	Zoltek Cos, Inc		185
	42,064	*	Zoran Corp		453
			TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		847,242
ENGINEERING AND MANAGEMENT SERVICES - 0.6%
	19,818	*	Accelrys, Inc		122
	13,465	*	Advisory Board Co		424
	72,536	*	Aecom Technology Corp		2,058
	14,564	*	Affymax, Inc		341
	110,387	*	Amylin Pharmaceuticals, Inc		2,483
	68,338	*	Ariad Pharmaceuticals, Inc		232
	7,981		CDI Corp		117
	62,836	*	Celera Corp		446
	16,785	*	comScore, Inc		280
	8,356	*	Cornell Cos, Inc		153
	27,057		Corporate Executive Board Co		719
	8,400	*	CRA International, Inc		193
	19,233		Diamond Management & Technology Consultants, Inc		151
	69,074	*	Dyax Corp		236
	35,238	*	eResearch Technology, Inc		243
	87,374	*	Exelixis, Inc		530
	11,236	*	Exponent, Inc		320
	141,360		Fluor Corp		6,574
	9,375	*	Franklin Covey Co		74
	25,764	*	Furmanite Corp		134
	47,841	*	Genpact Ltd		802
	40,128	*	Gen-Probe, Inc		2,007
	66,408	*	Hewitt Associates, Inc (Class A)		2,642
	17,074	*	Hill International, Inc		100
	16,505	*	Huron Consulting Group, Inc		335
	10,813	*	ICF International, Inc		269
	67,377	*	Incyte Corp		941
	14,237	*	Infinity Pharmaceuticals, Inc		87
	95,079	*	Insmed, Inc		112
	74,058	*	Isis Pharmaceuticals, Inc		809
	96,009	*	Jacobs Engineering Group, Inc		4,339
	122,850		KBR, Inc		2,722
	10,294	*	Kendle International, Inc		180
	7,375		Landauer, Inc		481
	60,298	*	Lexicon Pharmaceuticals, Inc		89
	34,898	*	Luminex Corp		587
	14,380		MAXIMUS, Inc		876
	16,427	*	Maxygen, Inc		108

252

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
SHARES			COMPANY	VALUE (000)
	180,024	*	McDermott International, Inc	$	4,846
	7,039	*	Michael Baker Corp		243
	7,800	*	Mistras Group, Inc		78
	77,498	*	Myriad Genetics, Inc		1,864
	40,393	*	Navigant Consulting, Inc		490
	24,067	*	Omnicell, Inc		338
	253,091		Paychex, Inc		7,770
	47,888	*	Regeneron Pharmaceuticals, Inc		1,269
	21,650	*	Repligen Corp		88
	32,857	*	Resources Connection, Inc		630
	38,564	*	Rigel Pharmaceuticals, Inc		307
	38,631	*	RTI Biologics, Inc		167
	314,738	*	SAIC, Inc		5,571
	32,625	*	Sangamo Biosciences, Inc		177
	50,281	*	Savient Pharmaceuticals, Inc		727
	47,243	*	Sequenom, Inc		298
	63,956	*	Shaw Group, Inc		2,201
	8,699	*	Stanley, Inc		246
	24,068	*	Symyx Technologies, Inc		108
	10,424	*	Tejon Ranch Co		318
	47,935	*	Tetra Tech, Inc		1,104
	33,194		Towers Watson & Co		1,577
	4,824	*	Transcend Services, Inc		78
	63,697	*	URS Corp		3,160
	2,793		VSE Corp		115
			TOTAL ENGINEERING AND MANAGEMENT SERVICES		67,086
FABRICATED METAL PRODUCTS - 0.6%
	26,734	*	Alliant Techsystems, Inc		2,173
	7,062		Ameron International Corp		444
	52,516		Aptargroup, Inc		2,067
	73,622		Ball Corp		3,930
	5,100	*	Bway Holding Co		103
	23,060	*	Chart Industries, Inc		461
	12,832		CIRCOR International, Inc		426
	86,134		Commercial Metals Co		1,297
	38,327		Crane Co		1,361
	127,893	*	Crown Holdings, Inc		3,448
	12,440		Dynamic Materials Corp		194
	37,869	*	Griffon Corp		472
	9,089		Gulf Island Fabrication, Inc		198
	4,401	*	Hawk Corp		86
	355,034		Illinois Tool Works, Inc		16,815
	10,094		Insteel Industries, Inc		108
	9,968	*	Ladish Co, Inc		201
	25,129	*	Mobile Mini, Inc		389
	119,077		Mueller Water Products, Inc (Class A)		569
	23,613	*	NCI Building Systems, Inc		261
	9,775	*	North American Galvanizing & Coating, Inc		54
	124,907		Parker Hannifin Corp		8,087
	75,224		Pentair, Inc		2,679
	26,576		Quanex Building Products Corp		439

253

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
SHARES			COMPANY	VALUE (000)
	21,540		Silgan Holdings, Inc	$	1,297
	29,264		Simpson Manufacturing Co, Inc		812
	5,034	*	SmartHeat, Inc		54
	40,347	*	Smith & Wesson Holding Corp		153
	46,317		Snap-On, Inc		2,007
	122,840		Stanley Works		7,052
	14,503		Sturm Ruger & Co, Inc		174
	7,928		Sun Hydraulics Corp		206
	44,785	*	Taser International, Inc		262
	9,351	*	Trimas Corp		61
	16,165		Valmont Industries, Inc		1,339
	23,144		Watts Water Technologies, Inc (Class A)		719
			TOTAL FABRICATED METAL PRODUCTS		60,398
FISHERIES - 0.0%
	5,153	*	HQ Sustainable Maritime Industries, Inc		31
			TOTAL FISHERIES		31
FOOD AND KINDRED PRODUCTS - 3.9%
	20,643	*	AgFeed Industries, Inc		91
	6,818	*	American Dairy, Inc		131
	16,175	*	American Italian Pasta Co		629
	505,550		Archer Daniels Midland Co		14,609
	22,577		B&G Foods, Inc (Class A)		237
	6,482	*	Boston Beer Co, Inc (Class A)		339
	104,292		Bunge Ltd		6,428
	155,411		Campbell Soup Co		5,494
	51,442	*	Central Garden and Pet Co (Class A)		471
	4,202		Coca-Cola Bottling Co Consolidated		246
	1,823,695		Coca-Cola Co		100,302
	243,057		Coca-Cola Enterprises, Inc		6,723
	350,726		ConAgra Foods, Inc		8,793
	145,538	*	Constellation Brands, Inc (Class A)		2,393
	57,268		Corn Products International, Inc		1,985
	60,640	*	Darling International, Inc		543
	151,457		Del Monte Foods Co		2,211
	14,403		Diamond Foods, Inc		606
	197,400		Dr Pepper Snapple Group, Inc		6,943
	5,320		Farmer Bros Co		100
	66,288		Flowers Foods, Inc		1,640
	258,777		General Mills, Inc		18,318
	248,307		H.J. Heinz Co		11,325
	56,936	*	Hansen Natural Corp		2,470
	7,067	*	Harbinger Group, Inc		48
	122,786		Hershey Co		5,256
	55,510		Hormel Foods Corp		2,332
	8,158		Imperial Sugar Co		127
	11,326		J&J Snack Foods Corp		492
	92,875		J.M. Smucker Co		5,597
	201,625		Kellogg Co		10,773
	1,361,601		Kraft Foods, Inc (Class A)		41,174
	15,418		Lancaster Colony Corp		909

254

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
SHARES			COMPANY	VALUE (000)
	23,149		Lance, Inc	$	535
	3,603	*	Lifeway Foods, Inc		43
	8,556	*	M&F Worldwide Corp		262
	9,400	*	Matrixx Initiatives, Inc		48
	104,609		McCormick & Co, Inc		4,013
	161,800		Mead Johnson Nutrition Co		8,418
	101,812		Molson Coors Brewing Co (Class B)		4,282
	5,604		National Beverage Corp		62
	13,326	*	Omega Protein Corp		77
	12,378	*	Overhill Farms, Inc		72
	12,195	*	Peet’s Coffee & Tea, Inc		484
	1,273,255		PepsiCo, Inc		84,238
	44,601	*	Ralcorp Holdings, Inc		3,023
	133,896		Reynolds American, Inc		7,228
	16,068		Sanderson Farms, Inc		861
	542,201		Sara Lee Corp		7,553
	7,792	*	Seneca Foods Corp		227
	53,670	*	Smart Balance, Inc		348
	108,127	*	Smithfield Foods, Inc		2,243
	20,486		Tootsie Roll Industries, Inc		554
	25,812	*	TreeHouse Foods, Inc		1,132
	230,818		Tyson Foods, Inc (Class A)		4,420
			TOTAL FOOD AND KINDRED PRODUCTS		389,858
FOOD STORES - 0.3%
	837		Arden Group, Inc (Class A)		89
	27,600	*	Dole Food Co, Inc		327
	34,215	*	Great Atlantic & Pacific Tea Co, Inc		262
	8,163		Ingles Markets, Inc (Class A)		123
	516,640		Kroger Co		11,191
	22,448	*	Panera Bread Co (Class A)		1,718
	16,292	*	Pantry, Inc		203
	33,448		Ruddick Corp		1,058
	306,045		Safeway, Inc		7,609
	165,275		Supervalu, Inc		2,757
	5,570	*	Susser Holdings Corp		47
	4,652		Village Super Market (Class A)		130
	8,834		Weis Markets, Inc		321
	103,504	*	Whole Foods Market, Inc		3,742
	41,829	*	Winn-Dixie Stores, Inc		522
			TOTAL FOOD STORES		30,099
FORESTRY - 0.1%
	61,487		Rayonier, Inc		2,793
	163,714		Weyerhaeuser Co		7,412
			TOTAL FORESTRY		10,205
FURNITURE AND FIXTURES - 0.1%
	7,057	*	Astronics Corp		69
	18,783		Ethan Allen Interiors, Inc		387
	34,198	*	Furniture Brands International, Inc		220
	41,802		Herman Miller, Inc		755

255

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	45,716		Hill-Rom Holdings, Inc	$	1,244
	33,809		HNI Corp		901
	7,413		Hooker Furniture Corp		119
	18,600		Kimball International, Inc (Class B)		129
	47,219	*	Kinetic Concepts, Inc		2,257
	53,628	*	La-Z-Boy, Inc		672
	119,468		Leggett & Platt, Inc		2,586
	281,044		Masco Corp		4,362
	57,367	*	Sealy Corp		201
	7,908	*	Stanley Furniture Co, Inc		80
	54,705		Steelcase, Inc (Class A)		354
	57,532	*	Tempur-Pedic International, Inc		1,736
			TOTAL FURNITURE AND FIXTURES		16,072
FURNITURE AND HOME FURNISHINGS STORES - 0.2%
	204,444	*	Bed Bath & Beyond, Inc		8,946
	126,094	*	GameStop Corp (Class A)		2,763
	16,062		Haverty Furniture Cos, Inc		262
	9,008	*	hhgregg, Inc		227
	35,963		Knoll, Inc		405
	104,955	*	Pier 1 Imports, Inc		669
	95,926		RadioShack Corp		2,171
	6,400	*	Rex Stores Corp		104
	21,617	*	Tuesday Morning Corp		142
	71,873		Williams-Sonoma, Inc		1,890
			TOTAL FURNITURE AND HOME FURNISHINGS STORES		17,579
GENERAL BUILDING CONTRACTORS - 0.2%
	1,271	*	Amrep Corp		18
	3,890	*	Avatar Holdings, Inc		84
	69,719	*	Beazer Homes USA, Inc		317
	7,978		Brookfield Homes Corp		70
	4,557	*	Cavco Industries, Inc		156
	212,707		DR Horton, Inc		2,680
	65,648	*	Hovnanian Enterprises, Inc (Class A)		286
	58,687		KB Home		983
	122,890		Lennar Corp (Class A)		2,115
	16,303	*	M/I Homes, Inc		239
	17,708		McGrath RentCorp		429
	31,395		MDC Holdings, Inc		1,087
	24,046	*	Meritage Homes Corp		505
	4,602	*	NVR, Inc		3,342
	20,289	*	Perini Corp		441
	256,906	*	Pulte Homes, Inc		2,890
	35,106		Ryland Group, Inc		788
	95,329	*	Standard-Pacific Corp		431
	13,336	*	Team, Inc		221
	109,135	*	Toll Brothers, Inc		2,270
			TOTAL GENERAL BUILDING CONTRACTORS		19,352

256

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
GENERAL MERCHANDISE STORES - 2.0%
	34,292	*	99 Cents Only Stores	$	559
	65,532	*	Big Lots, Inc		2,387
	44,967	*	BJ’s Wholesale Club, Inc		1,663
	44,421		Casey’s General Stores, Inc		1,395
	8,648	*	Conn’s, Inc		68
	342,824		Costco Wholesale Corp		20,470
	41,061		Dillard’s, Inc (Class A)		969
	26,300	*	Dollar General Corp		664
	112,343		Family Dollar Stores, Inc		4,113
	29,664		Fred’s, Inc (Class A)		355
	172,217		JC Penney Co, Inc		5,540
	327,288		Macy’s, Inc		7,125
	17,729	*	Retail Ventures, Inc		169
	95,426	*	Saks, Inc		821
	39,245	*	Sears Holdings Corp		4,255
	17,973	*	Stein Mart, Inc		162
	591,269		Target Corp		31,101
	323,704		TJX Companies, Inc		13,764
	1,741,927		Wal-Mart Stores, Inc		96,851
			TOTAL GENERAL MERCHANDISE STORES		192,431
HEALTH SERVICES - 1.4%
	18,580	*	Alliance Imaging, Inc		104
	34,529	*	Allied Healthcare International, Inc		94
	7,268	*	Almost Family, Inc		274
	21,596	*	Amedisys, Inc		1,193
	6,404		America Service Group, Inc		103
	9,851	*	American Dental Partners, Inc		129
	225,810		AmerisourceBergen Corp		6,531
	24,648	*	Amsurg Corp		532
	8,583	*	Assisted Living Concepts, Inc (A Shares)		282
	11,668	*	Bio-Reference Labs, Inc		513
	33,994	*	Brookdale Senior Living, Inc		708
	11,140	*	China Sky One Medical, Inc		175
	70,912	*	Community Health Systems, Inc		2,619
	23,514	*	Continucare Corp		87
	6,016	*	Corvel Corp		215
	50,029	*	Covance, Inc		3,071
	114,216	*	Coventry Health Care, Inc		2,823
	22,090	*	Cross Country Healthcare, Inc		223
	27,223	*	CryoLife, Inc		176
	82,464	*	DaVita, Inc		5,228
	44,917	*	Edwards Lifesciences Corp		4,441
	17,698	*	eHealth, Inc		279
	14,234	*	Emeritus Corp		290
	6,373		Ensign Group, Inc		110
	18,855	*	Enzo Biochem, Inc		114
	216,040	*	Express Scripts, Inc		21,984
	11,423	*	Genomic Health, Inc		201
	15,633	*	Genoptix, Inc		555
	22,160	*	Gentiva Health Services, Inc		627
	18,744	*	Health Grades, Inc		119
	197,006	*	Health Management Associates, Inc (Class A)		1,694

257

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	71,500	*	Healthsouth Corp	$	1,337
	28,116	*	Healthways, Inc		452
	54,649	*	Immunomedics, Inc		181
	11,925	*	IPC The Hospitalist Co, Inc		419
	29,869	*	Kindred Healthcare, Inc		539
	85,385	*	Laboratory Corp of America Holdings		6,464
	11,885	*	LCA-Vision, Inc		99
	14,598	*	LHC Group, Inc		489
	41,072	*	LifePoint Hospitals, Inc		1,511
	53,547	*	Lincare Holdings, Inc		2,403
	27,118	*	Magellan Health Services, Inc		1,179
	214,028		McKesson Corp		14,066
	11,469	*	Medcath Corp		120
	380,602	*	Medco Health Solutions, Inc		24,573
	6,892		National Healthcare Corp		244
	76,148	*	Nektar Therapeutics		1,158
	15,155	*	Nighthawk Radiology Holdings, Inc		48
	16,021	*	NovaMed, Inc		54
	25,907	*	Odyssey HealthCare, Inc		469
	93,450		Omnicare, Inc		2,644
	35,963	*	Pediatrix Medical Group, Inc		2,093
	81,765		Pharmaceutical Product Development, Inc		1,942
	43,029	*	Psychiatric Solutions, Inc		1,282
	122,448		Quest Diagnostics, Inc		7,137
	19,070	*	RehabCare Group, Inc		520
	26,000	*	Select Medical Holdings Corp		219
	15,881	*	Skilled Healthcare Group, Inc (Class A)		98
	40,332	*	Sun Healthcare Group, Inc		385
	35,130	*	Sunrise Senior Living, Inc		180
	11,500	*	Team Health Holdings, Inc		193
	367,275	*	Tenet Healthcare Corp		2,101
	71,696		Universal Health Services, Inc (Class B)		2,516
	8,422	*	US Physical Therapy, Inc		147
	5,340	*	Virtual Radiologic Corp		59
			TOTAL HEALTH SERVICES		132,815
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.0%
	47,100	*	Broadwind Energy, Inc		211
	15,782	*	Comverge, Inc		178
	28,988		Granite Construction, Inc		875
	28,862		Great Lakes Dredge & Dock Corp		152
	7,262	*	LB Foster Co (Class A)		210
	23,922	*	Matrix Service Co		257
	13,261	*	MYR Group, Inc		216
	19,593	*	Orion Marine Group, Inc		354
	8,423	*	Sterling Construction Co, Inc		132
			TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		2,585
HOLDING AND OTHER INVESTMENT OFFICES - 2.8%
	30,272		Acadia Realty Trust		541
	31,920	*	Affiliated Managers Group, Inc		2,522
	5,860		Agree Realty Corp		134

258

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	1,723		Alexander’s, Inc	$	515
	34,274		Alexandria Real Estate Equities, Inc		2,317
	151,445	*	Allied Capital Corp		753
	111,148		AMB Property Corp		3,028
	39,859		American Campus Communities, Inc		1,102
	13,863		American Capital Agency Corp		355
	12,511	*	Ampal American Israel (Class A)		35
	431,083		Annaly Mortgage Management, Inc		7,406
	87,436		Anworth Mortgage Asset Corp		589
	90,262		Apartment Investment & Management Co (Class A)		1,662
	7,800		Apollo Commercial Real Estate Finance, Inc		140
	59,957	*	Ashford Hospitality Trust, Inc		430
	10,813		Associated Estates Realty Corp		149
	61,892		AvalonBay Communities, Inc		5,344
	76,686		BioMed Realty Trust, Inc		1,268
	109,109		Boston Properties, Inc		8,231
	112,018		Brandywine Realty Trust		1,368
	42,370		BRE Properties, Inc (Class A)		1,515
	50,873		Camden Property Trust		2,118
	8,730	*	Cape Bancorp, Inc		70
	60,957		Capital Lease Funding, Inc		338
	2,167		Capital Southwest Corp		197
	53,489		Capstead Mortgage Corp		640
	115,359		CBL & Associates Properties, Inc		1,580
	31,340		Cedar Shopping Centers, Inc		248
	5,581		Cherokee, Inc		100
	20,827		Cogdell Spencer, Inc		154
	51,371		Colonial Properties Trust		662
	11,100		Colony Financial, Inc		222
	43,764		Corporate Office Properties Trust		1,756
	57,259		Cousins Properties, Inc		476
	10,600		CreXus Investment Corp		142
	17,535		Danvers Bancorp, Inc		243
	158,800		DCT Industrial Trust, Inc		831
	174,404		Developers Diversified Realty Corp		2,122
	102,550		DiamondRock Hospitality Co		1,037
	59,971		Digital Realty Trust, Inc		3,250
	88,791		Douglas Emmett, Inc		1,365
	173,154		Duke Realty Corp		2,147
	9,022		Dynex Capital, Inc		81
	19,564		EastGroup Properties, Inc		738
	43,827		Education Realty Trust, Inc		252
	32,437		Entertainment Properties Trust		1,334
	21,382		Equity Lifestyle Properties, Inc		1,152
	26,061		Equity One, Inc		492
	212,864		Equity Residential		8,334
	22,577		Essex Property Trust, Inc		2,031
	62,323		Extra Space Storage, Inc		790
	46,343		Federal Realty Investment Trust		3,374
	66,474	*	FelCor Lodging Trust, Inc		379
	42,593	*	First Industrial Realty Trust, Inc		331
	25,392		First Potomac Realty Trust		382

259

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	48,173		Franklin Street Properties Corp	$	695
	14,898		Getty Realty Corp		349
	15,081		Gladstone Capital Corp		178
	6,667		Gladstone Commercial Corp		96
	48,316		Glimcher Realty Trust		245
	58,824	*	Gramercy Capital Corp		164
	16,757	*	Harris & Harris Group, Inc		77
	31,378		Hatteras Financial Corp		809
	230,197		HCP, Inc		7,597
	95,431		Health Care REIT, Inc		4,316
	45,444		Healthcare Realty Trust, Inc		1,058
	75,808		Hersha Hospitality Trust		393
	54,288		Highwoods Properties, Inc		1,723
	33,859	*	Hilltop Holdings, Inc		398
	27,352		Home Properties, Inc		1,280
	94,278		Hospitality Properties Trust		2,258
	511,848		Host Marriott Corp		7,499
	197,977		HRPT Properties Trust		1,540
	53,550		Inland Real Estate Corp		490
	13,400		Invesco Mortgage Capital, Inc		308
	61,579		Investors Real Estate Trust		555
	9,200	*	Ironwood Pharmaceuticals, Inc		124
	898,593		iShares Russell 3000 Index Fund		61,833
	84,164	*	iStar Financial, Inc		386
	33,316		Kilroy Realty Corp		1,027
	317,750		Kimco Realty Corp		4,970
	35,097		Kite Realty Group Trust		166
	51,068		LaSalle Hotel Properties		1,190
	79,456		Lexington Corporate Properties Trust		517
	85,850		Liberty Property Trust		2,914
	17,555		LTC Properties, Inc		475
	79,858		Macerich Co		3,059
	59,666		Mack-Cali Realty Corp		2,103
	5,395		Main Street Capital Corp		84
	70,910		Medical Properties Trust, Inc		743
	229,419		MFA Mortgage Investments, Inc		1,689
	21,993		Mid-America Apartment Communities, Inc		1,139
	14,218		Mission West Properties, Inc		98
	13,926		Monmouth Real Estate Investment Corp (Class A)		117
	17,411		MVC Capital, Inc		236
	21,615		National Health Investors, Inc		838
	64,704		National Retail Properties, Inc		1,477
	88,255		Nationwide Health Properties, Inc		3,102
	63,283		NorthStar Realty Finance Corp		266
	66,487		Omega Healthcare Investors, Inc		1,296
	16,523		Parkway Properties, Inc		310
	13,500	*	Pebblebrook Hotel Trust		284
	39,626		Pennsylvania Real Estate Investment Trust		494
	11,300	*	Pennymac Mortgage Investment Trust		188
	40,500		Piedmont Office Realty Trust, Inc		804
	127,141		Plum Creek Timber Co, Inc		4,947
	36,066		Post Properties, Inc		794

260

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	33,402		Potlatch Corp	$	1,170
	376,833		Prologis		4,974
	49,146		Prospect Capital Corp		597
	13,782		PS Business Parks, Inc		736
	106,640		Public Storage, Inc		9,810
	79,770		RAIT Investment Trust		158
	20,748		Ramco-Gershenson Properties		234
	83,044		Realty Income Corp		2,549
	59,452		Redwood Trust, Inc		917
	69,474		Regency Centers Corp		2,603
	15,662		Resource Capital Corp		106
	6,560		Saul Centers, Inc		272
	98,382		Senior Housing Properties Trust		2,179
	188,168		Simon Property Group, Inc		15,787
	58,802		SL Green Realty Corp		3,368
	21,282		Sovran Self Storage, Inc		742
	8,406	*	SRS Labs, Inc		84
	36,500		Starwood Property Trust, Inc		704
	91,126	*	Strategic Hotels & Resorts, Inc		387
	12,790		Sun Communities, Inc		322
	76,097	*	Sunstone Hotel Investors, Inc		850
	31,091		Tanger Factory Outlet Centers, Inc		1,342
	42,522		Taubman Centers, Inc		1,697
	6,500	*	Terreno Realty Corp		128
	116,061		UDR, Inc		2,047
	6,794		UMH Properties, Inc		56
	10,285		Universal Health Realty Income Trust		363
	19,529		Urstadt Biddle Properties, Inc (Class A)		309
	64,991		U-Store-It Trust		468
	21,439	*	Vantage Drilling Co		32
	121,779		Ventas, Inc		5,782
	221,694		Virgin Media, Inc		3,826
	4,394	*	Virtus Investment Partners, Inc		92
	120,103		Vornado Realty Trust		9,092
	50,291		WABCO Holdings, Inc		1,505
	16,401		Walter Investment Management Corp		262
	44,612		Washington Real Estate Investment Trust		1,363
	81,200		Weingarten Realty Investors		1,751
	11,543		Winthrop Realty Trust		139
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES		287,273
HOTELS AND OTHER LODGING PLACES - 0.4%
	28,396		Ameristar Casinos, Inc		517
	15,345	*	Bluegreen Corp		50
	43,845	*	Boyd Gaming Corp		433
	5,500	*	Chesapeake Lodging Trust		107
	22,909		Choice Hotels International, Inc		797
	32,255	*	Gaylord Entertainment Co		945
	21,853	*	Great Wolf Resorts, Inc		69
	33,800	*	Hyatt Hotels Corp		1,317
	9,907	*	Isle of Capri Casinos, Inc		77
	235,762	*	Las Vegas Sands Corp		4,986

261

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	14,891		Marcus Corp	$	193
	232,694		Marriott International, Inc (Class A)		7,336
	162,281	*	MGM Mirage		1,947
	8,692	*	Monarch Casino & Resort, Inc		74
	38,293	*	Morgans Hotel Group Co		245
	67,477	*	Orient-Express Hotels Ltd (Class A)		957
	11,051	*	Outdoor Channel Holdings, Inc		73
	9,873	*	Red Lion Hotels Corp.		71
	142,945		Starwood Hotels & Resorts Worldwide, Inc		6,668
	22,214	*	Vail Resorts, Inc		891
	141,421		Wyndham Worldwide Corp		3,639
	52,855	*	Wynn Resorts Ltd		4,008
			TOTAL HOTELS AND OTHER LODGING PLACES		35,400
INDUSTRIAL MACHINERY AND EQUIPMENT - 6.8%
	546,632		3M Co		45,683
	19,106	*	3PAR, Inc		191
	8,853		Aaon, Inc		200
	55,514		Actuant Corp (Class A)		1,085
	72,519	*	AGCO Corp		2,602
	4,490		Alamo Group, Inc		90
	68,477	*	Allis-Chalmers Energy, Inc		242
	18,705	*	Altra Holdings, Inc		257
	8,632		Ampco-Pittsburgh Corp		214
	1,046,865		Applied Materials, Inc		14,112
	5,631	*	Argan, Inc		73
	17,387	*	Astec Industries, Inc		504
	13,787		Black Box Corp		424
	35,059	*	Blount International, Inc		363
	6,303	*	Bolt Technology Corp		71
	39,839		Briggs & Stratton Corp		777
	346,401	*	Brocade Communications Systems, Inc		1,978
	52,087	*	Brooks Automation, Inc		459
	63,569		Bucyrus International, Inc (Class A)		4,195
	46,691		Carlisle Cos, Inc		1,779
	8,145		Cascade Corp		262
	473,740		Caterpillar, Inc		29,776
	4,900	*	China Automotive Systems, Inc		113
	50,384	*	Cirrus Logic, Inc		423
	25,795	*	Colfax Corp		304
	12,813	*	Columbus McKinnon Corp		203
	22,453	*	Cray, Inc		134
	157,336		Cummins, Inc		9,747
	38,157		Curtiss-Wright Corp		1,328
	25,236	*	Cymer, Inc		941
	329,976		Deere & Co		19,620
	53,590		Diebold, Inc		1,702
	61,906		Donaldson Co, Inc		2,793
	145,465		Dover Corp		6,800
	66,278	*	Dresser-Rand Group, Inc		2,082
	24,241	*	Dril-Quip, Inc		1,475
	1,583,634	*	EMC Corp		28,568

262

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	591,008		Emerson Electric Co	$	29,751
	65,177	*	Emulex Corp		866
	37,016	*	Ener1, Inc		175
	19,155	*	ENGlobal Corp		53
	15,889	*	EnPro Industries, Inc		462
	101,389	*	Entegris, Inc		511
	89,895	*	Extreme Networks, Inc		276
	26,655	*	Flow International Corp		80
	44,431		Flowserve Corp		4,899
	96,705	*	FMC Technologies, Inc		6,250
	9,600	*	Fortinet, Inc		169
	12,288	*	Fuel Tech, Inc		99
	39,732		Gardner Denver, Inc		1,750
	8,344,818		General Electric Co		151,877
	12,797		Gorman-Rupp Co		326
	46,150		Graco, Inc		1,477
	13,951		Graham Corp		251
	12,803	*	Harbin Electric, Inc		276
	3,857	*	Hurco Cos, Inc		65
	61,072		IDEX Corp		2,021
	18,659	*	Immersion Corp		93
	48,048	*	Intermec, Inc		681
	1,041,043		International Business Machines Corp		133,513
	232,144		International Game Technology		4,283
	14,156	*	Intevac, Inc		196
	19,132	*	Isilon Systems, Inc		165
	142,554		ITT Industries, Inc		7,642
	145,696		Jabil Circuit, Inc		2,359
	20,027		John Bean Technologies Corp		351
	527,182		Johnson Controls, Inc		17,392
	79,248		Joy Global, Inc		4,485
	9,545	*	Kadant, Inc		138
	25,319		Kaydon Corp		952
	62,712		Kennametal, Inc		1,763
	53,200	*	Kulicke & Soffa Industries, Inc		386
	101,250	*	Lam Research Corp		3,779
	37,625		Lennox International, Inc		1,668
	62,766	*	Lexmark International, Inc (Class A)		2,265
	10,010		Lindsay Manufacturing Co		415
	11,534		Lufkin Industries, Inc		913
	103,194		Manitowoc Co, Inc		1,342
	10,825		Met-Pro Corp		106
	63,918	*	Micros Systems, Inc		2,102
	12,902	*	Middleby Corp		743
	36,302	*	Modine Manufacturing Co		408
	3,910		Nacco Industries, Inc (Class A)		290
	14,671	*	Natural Gas Services Group, Inc		233
	36,296	*	Netezza Corp		464
	28,803	*	Netgear, Inc		752
	25,532		Nordson Corp		1,734
	238,626		Northrop Grumman Corp		15,647
	39,449	*	Oil States International, Inc		1,789

263

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	90,100		Pall Corp	$	3,648
	153,385	*	Palm, Inc		577
	5,898	*	PAR Technology Corp		36
	163,853		Pitney Bowes, Inc		4,006
	9,152	*	PMFG, Inc		121
	6,528		Primoris Services Corp		51
	175,155	*	Quantum Corp		461
	25,143	*	Rackable Systems, Inc		269
	311,563		Raytheon Co		17,796
	19,019	*	RBC Bearings, Inc		606
	7,282	*	Rimage Corp		105
	40,886	*	Riverbed Technology, Inc		1,161
	19,984		Robbins & Myers, Inc		476
	21,125	*	Safeguard Scientifics, Inc		275
	16,514	*	Sauer-Danfoss, Inc		219
	19,852	*	Scansource, Inc		571
	49,874	*	Scientific Games Corp (Class A)		702
	383,218		Seagate Technology, Inc		6,998
	27,850	*	Sigma Designs, Inc		327
	37,552		SPX Corp		2,490
	13,669		Standex International Corp		352
	19,954	*	STEC, Inc		239
	16,272	*	Super Micro Computer, Inc		281
	8,956	*	T-3 Energy Services, Inc		220
	10,545	*	Tecumseh Products Co (Class A)		129
	16,656		Tennant Co		456
	135,805	*	Teradata Corp		3,923
	87,371	*	Terex Corp		1,984
	213,323		Textron, Inc		4,529
	74,143		Timken Co		2,225
	27,554		Toro Co		1,355
	6,504		Twin Disc, Inc		79
	18,851	*	Ultratech, Inc		256
	99,563	*	Varian Medical Systems, Inc		5,509
	58,568	*	VeriFone Holdings, Inc		1,184
	21,886		Watsco, Inc		1,245
	175,463	*	Western Digital Corp		6,841
	46,214		Woodward Governor Co		1,478
	1,033,748		Xerox Corp		10,079
	46,516	*	Zebra Technologies Corp (Class A)		1,377
			TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		676,889
INSTRUMENTS AND RELATED PRODUCTS - 3.3%
	15,924	*	Abaxis, Inc		433
	27,756	*	Abiomed, Inc		287
	26,489	*	Accuray, Inc		161
	64,693	*	Affymetrix, Inc		475
	10,700	*	AGA Medical Holdings, Inc		174
	270,923	*	Agilent Technologies, Inc		9,318
	47,580	*	Align Technology, Inc		920
	240,178		Allergan, Inc		15,688
	18,953	*	Alphatec Holdings, Inc		121

264

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	55,114	*	American Medical Systems Holdings, Inc	$	1,024
	7,436		American Science & Engineering, Inc		557
	10,953		Analogic Corp		468
	14,600	*	Anaren, Inc		208
	18,523	*	Angiodynamics, Inc		289
	10,519	*	Argon ST, Inc		280
	1,039		Atrion Corp		149
	35,190	*	ATS Medical, Inc		91
	11,864		Badger Meter, Inc		457
	78,713		Bard (C.R.), Inc		6,818
	476,884		Baxter International, Inc		27,756
	55,591		Beckman Coulter, Inc		3,491
	189,103		Becton Dickinson & Co		14,888
	15,647	*	Bio-Rad Laboratories, Inc (Class A)		1,620
	1,185,611	*	Boston Scientific Corp		8,560
	12,772	*	Bovie Medical Corp		80
	39,674	*	Bruker BioSciences Corp		581
	12,419		Cantel Medical Corp		247
	14,117	*	Cardiac Science Corp		26
	18,454	*	CardioNet, Inc		141
	139,063	*	CareFusion Corp		3,675
	42,022	*	Cepheid, Inc		735
	23,514	*	Clarient, Inc		62
	17,122	*	Coherent, Inc		547
	15,857		Cohu, Inc		218
	22,053	*	Conmed Corp		525
	34,815		Cooper Cos, Inc		1,354
	10,023	*	Cutera, Inc		104
	19,734	*	Cyberonics, Inc		378
	5,493	*	Cynosure, Inc (Class A)		62
	203,880		Danaher Corp		16,293
	17,304	*	Delcath Systems, Inc		140
	117,341		Dentsply International, Inc		4,089
	68,445	*	Depomed, Inc		243
	34,877	*	DexCom, Inc		339
	14,062	*	Dionex Corp		1,052
	5,160	*	DXP Enterprises, Inc		66
	226,404		Eastman Kodak Co		1,311
	13,235	*	Electro-Optical Sciences, Inc		98
	34,017	*	Endologix, Inc		137
	11,853	*	EnteroMedics, Inc		6
	20,938		ESCO Technologies, Inc		666
	23,800	*	Esterline Technologies Corp		1,176
	56,726	*	ev3, Inc		900
	4,898	*	Exactech, Inc		103
	12,851	*	FARO Technologies, Inc		331
	27,915	*	FEI Co		640
	118,407	*	Flir Systems, Inc		3,339
	38,173	*	Formfactor, Inc		678
	35,908	*	Fossil, Inc		1,355
	89,770		Garmin Ltd		3,454
	21,714	*	Haemonetics Corp		1,241

265

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	22,869	*	Hanger Orthopedic Group, Inc	$	416
	19,183	*	Harvard Bioscience, Inc		74
	9,696	*	Herley Industries, Inc		142
	52,516		Hillenbrand, Inc		1,155
	196,639	*	Hologic, Inc		3,646
	11,395	*	ICU Medical, Inc		393
	10,189	*	ICx Technologies, Inc		71
	20,867	*	II-VI, Inc		706
	97,906	*	Illumina, Inc		3,809
	27,569	*	Insulet Corp		416
	14,613	*	Integra LifeSciences Holdings Corp		640
	29,949	*	Intuitive Surgical, Inc		10,426
	24,872		Invacare Corp		660
	89,211	*	ION Geophysical Corp		439
	12,955	*	IRIS International, Inc		132
	25,003	*	ISTA Pharmaceuticals, Inc		102
	30,263	*	Itron, Inc		2,196
	30,992	*	Ixia		287
	8,260	*	Kensey Nash Corp		195
	135,104		Kla-Tencor Corp		4,177
	50,517	*	Kopin Corp		187
	2,215	*	K-Tron International, Inc		332
	10,929	*	KVH Industries, Inc		144
	63,078	*	L-1 Identity Solutions, Inc		563
	8,713	*	LaBarge, Inc		96
	17,643	*	MAKO Surgical Corp		238
	38,810		Masimo Corp		1,030
	9,778	*	Measurement Specialties, Inc		144
	9,627	*	Medical Action Industries, Inc		118
	881,750		Medtronic, Inc		39,705
	23,230	*	Merit Medical Systems, Inc		354
	26,746	*	Mettler-Toledo International, Inc		2,921
	10,806	*	Micrus Endovascular Corp		213
	44,716	*	Millipore Corp		4,722
	21,996		Mine Safety Appliances Co		615
	35,548	*	MKS Instruments, Inc		696
	12,667		Movado Group, Inc		143
	13,932		MTS Systems Corp		404
	44,405		National Instruments Corp		1,481
	19,956	*	Natus Medical, Inc		317
	15,786	*	Neogen Corp		396
	27,910	*	Newport Corp		349
	28,592	*	NuVasive, Inc		1,292
	14,324	*	NxStage Medical, Inc		164
	14,876	*	Orthofix International NV		541
	57,344	*	Orthovita, Inc		244
	2,713	*	OYO Geospace Corp		130
	12,302	*	Palomar Medical Technologies, Inc		134
	89,639		PerkinElmer, Inc		2,142
	30,372	*	RAE Systems, Inc		25
	59,773	*	Resmed, Inc		3,805
	7,581	*	Rochester Medical Corp		97

266

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	111,405		Rockwell Automation, Inc	$	6,279
	124,796		Rockwell Collins, Inc		7,811
	11,197	*	Rockwell Medical Technologies, Inc		65
	21,764	*	Rofin-Sinar Technologies, Inc		492
	72,335		Roper Industries, Inc		4,184
	20,900	*	Rudolph Technologies, Inc		179
	11,900	*	Sirona Dental Systems, Inc		453
	8,984	*	Somanetics Corp		172
	12,040	*	SonoSite, Inc		387
	21,581	*	Spectranetics Corp		149
	256,116	*	St. Jude Medical, Inc		10,514
	63,050	*	Star Scientific, Inc		161
	16,786	*	Stereotaxis, Inc		84
	44,141		STERIS Corp		1,486
	266,764		Stryker Corp		15,264
	33,149	*	Symmetry Medical, Inc		333
	9,221	*	Synovis Life Technologies, Inc		143
	29,457		Techne Corp		1,876
	30,019	*	Teledyne Technologies, Inc		1,239
	132,428	*	Teradyne, Inc		1,479
	329,053	*	Thermo Electron Corp		16,927
	43,318	*	Thoratec Corp		1,449
	9,073	*	Trans1, Inc		29
	94,808	*	Trimble Navigation Ltd		2,723
	2,357		Utah Medical Products, Inc		66
	22,745	*	Varian, Inc		1,178
	12,709	*	Vascular Solutions, Inc		114
	30,373	*	Veeco Instruments, Inc		1,321
	11,927	*	Vital Images, Inc		193
	67,285	*	Vivus, Inc		587
	37,127	*	Volcano Corp		897
	76,849	*	Waters Corp		5,190
	28,863	*	Wright Medical Group, Inc		513
	4,290		Young Innovations, Inc		121
	159,551	*	Zimmer Holdings, Inc		9,445
	14,948	*	Zoll Medical Corp		394
	12,959	*	Zygo Corp		120
			TOTAL INSTRUMENTS AND RELATED PRODUCTS		328,466
INSURANCE AGENTS, BROKERS AND SERVICE - 0.4%
	219,863		AON Corp		9,390
	79,596		Arthur J. Gallagher & Co		1,954
	92,725		Brown & Brown, Inc		1,662
	14,025	*	Crawford & Co (Class B)		57
	345,828		Hartford Financial Services Group, Inc		9,828
	5,396		Life Partners Holdings, Inc		120
	412,930		Marsh & McLennan Cos, Inc		10,083
	36,167	*	National Financial Partners Corp		510
	75,800	*	Verisk Analytics, Inc		2,138
	5,996		White Mountains Insurance Group Ltd		2,129
			TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		37,871

267

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
INSURANCE CARRIERS - 3.6%
	352,414		Aetna, Inc	$	12,373
	368,024		Aflac, Inc		19,979
	4,404	*	Alleghany Corp		1,281
	40,155		Allied World Assurance Holdings Ltd		1,801
	418,047		Allstate Corp		13,507
	223,278	*	Ambac Financial Group, Inc		124
	50,088		American Equity Investment Life Holding Co		533
	65,151		American Financial Group, Inc		1,854
	97,070	*	American International Group, Inc		3,314
	12,181		American National Insurance Co		1,383
	10,925		American Physicians Capital, Inc		349
	4,784		American Physicians Service Group, Inc		120
	7,468	*	American Safety Insurance Holdings Ltd		124
	40,065	*	AMERIGROUP Corp		1,332
	13,065	*	Amerisafe, Inc		214
	17,807		Amtrust Financial Services, Inc		248
	39,079	*	Arch Capital Group Ltd		2,980
	23,723		Argo Group International Holdings Ltd		773
	65,046		Aspen Insurance Holdings Ltd		1,876
	91,985		Assurant, Inc		3,162
	95,079		Assured Guaranty Ltd		2,089
	109,056		Axis Capital Holdings Ltd		3,409
	4,897		Baldwin & Lyons, Inc (Class B)		118
	30,114	*	Catalyst Health Solutions, Inc		1,246
	39,667	*	Centene Corp		954
	261,281		Chubb Corp		13,547
	216,197		Cigna Corp		7,908
	114,799		Cincinnati Financial Corp		3,318
	32,879	*	Citizens, Inc (Class A)		227
	19,762	*	CNA Financial Corp		528
	16,018	*	CNA Surety Corp		285
	225,874	*	Conseco, Inc		1,405
	36,264		Delphi Financial Group, Inc (Class A)		912
	9,364		Donegal Group, Inc (Class A)		136
	6,304		Eastern Insurance Holdings, Inc		64
	4,503		EMC Insurance Group, Inc		101
	37,852		Employers Holdings, Inc		562
	38,059		Endurance Specialty Holdings Ltd		1,414
	4,920	*	Enstar Group Ltd		340
	22,958		Erie Indemnity Co (Class A)		990
	48,483		Everest Re Group Ltd		3,924
	10,036		FBL Financial Group, Inc (Class A)		246
	178,542		Fidelity National Title Group, Inc (Class A)		2,646
	13,254	*	First Acceptance Corp		27
	77,697		First American Corp		2,629
	8,814		First Mercury Financial Corp		115
	29,997		Flagstone Reinsurance Holdings Ltd		344
	10,330	*	Fpic Insurance Group, Inc		280
	382,190	*	Genworth Financial, Inc (Class A)		7,009
	20,683	*	Greenlight Capital Re Ltd (Class A)		552
	7,438	*	Hallmark Financial Services		67

268

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	39,385		Hanover Insurance Group, Inc	$	1,718
	10,427		Harleysville Group, Inc		352
	87,439		HCC Insurance Holdings, Inc		2,413
	79,465	*	Health Net, Inc		1,976
	44,595	*	Healthspring, Inc		785
	29,235		Horace Mann Educators Corp		440
	133,469	*	Humana, Inc		6,242
	3,952		Independence Holding Co		38
	10,619		Infinity Property & Casualty Corp		483
	2,078		Kansas City Life Insurance Co		66
	142,951	*	Leucadia National Corp		3,547
	240,309		Lincoln National Corp		7,377
	254,775		Loews Corp		9,498
	34,934		Maiden Holdings Ltd		258
	7,760	*	Markel Corp		2,907
	37,052		Max Re Capital Ltd		852
	103,730	*	MBIA, Inc		650
	42,189		Meadowbrook Insurance Group, Inc		333
	4,134		Mercer Insurance Group, Inc		74
	22,309		Mercury General Corp		975
	452,872		Metlife, Inc		19,627
	30,372	*	Metropolitan Health Networks, Inc		98
	101,479	*	MGIC Investment Corp		1,113
	10,923	*	Molina Healthcare, Inc		275
	67,583		Montpelier Re Holdings Ltd		1,136
	11,286		National Interstate Corp		234
	1,551		National Western Life Insurance Co (Class A)		286
	10,494	*	Navigators Group, Inc		413
	4,145		NYMAGIC, Inc		88
	183,477		Old Republic International Corp		2,326
	20,220		OneBeacon Insurance Group Ltd (Class A)		349
	66,356		PartnerRe Ltd		5,290
	113,193	*	Phoenix Cos, Inc		274
	40,201		Platinum Underwriters Holdings Ltd		1,491
	22,267	*	PMA Capital Corp (Class A)		137
	76,047	*	PMI Group, Inc		412
	13,808		Presidential Life Corp		138
	32,274	*	Primus Guaranty Ltd		136
	247,784		Principal Financial Group		7,238
	26,434	*	ProAssurance Corp		1,547
	529,749		Progressive Corp		10,113
	65,519		Protective Life Corp		1,441
	362,442		Prudential Financial, Inc		21,927
	70,916		Radian Group, Inc		1,109
	15,001	*	RadNet, Inc		48
	57,902		Reinsurance Group of America, Inc (Class A)		3,041
	48,832		RenaissanceRe Holdings Ltd		2,772
	14,489		RLI Corp		826
	11,778		Safety Insurance Group, Inc		444
	14,868		SeaBright Insurance Holdings, Inc		164
	40,400		Selective Insurance Group, Inc		671
	37,995		Stancorp Financial Group, Inc		1,810

269

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	9,480		State Auto Financial Corp	$	170
	12,744		Stewart Information Services Corp		176
	25,000	*	Symetra Financial Corp		330
	66,622		Torchmark Corp		3,565
	35,183		Tower Group, Inc		780
	20,330		Transatlantic Holdings, Inc		1,073
	405,619		Travelers Cos, Inc		21,878
	14,800	*	Triple-S Management Corp (Class B)		263
	27,654	*	United America Indemnity Ltd (Class A)		265
	17,338		United Fire & Casualty Co		312
	936,816		UnitedHealth Group, Inc		30,606
	32,289		Unitrin, Inc		906
	23,233	*	Universal American Financial Corp		358
	10,064		Universal Insurance Holdings, Inc		51
	258,973		UnumProvident Corp		6,415
	73,010		Validus Holdings Ltd		2,010
	102,893		W.R. Berkley Corp		2,684
	32,075	*	WellCare Health Plans, Inc		956
	360,560	*	WellPoint, Inc		23,213
	1,221		Wesco Financial Corp		471
	262,310		XL Capital Ltd (Class A)		4,958
	29,373		Zenith National Insurance Corp		1,126
			TOTAL INSURANCE CARRIERS		355,243
JUSTICE, PUBLIC ORDER AND SAFETY - 0.0%
	9,575	*	China Fire & Security Group, Inc		124
	88,315	*	Corrections Corp of America		1,754
	39,357	*	Geo Group, Inc		780
			TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		2,658
LEATHER AND LEATHER PRODUCTS - 0.1%
	249,262		Coach, Inc		9,851
	69,894	*	CROCS, Inc		613
	16,862	*	Genesco, Inc		523
	54,965	*	Iconix Brand Group, Inc		844
	13,378	*	Steven Madden Ltd		653
	34,829	*	Timberland Co (Class A)		743
	5,214		Weyco Group, Inc		123
	38,905		Wolverine World Wide, Inc		1,134
			TOTAL LEATHER AND LEATHER PRODUCTS		14,484
LEGAL SERVICES - 0.0%
	41,669	*	FTI Consulting, Inc		1,639
	7,085	*	Pre-Paid Legal Services, Inc		268
			TOTAL LEGAL SERVICES		1,907
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.0%
	22,414	*	Emergency Medical Services Corp (Class A)		1,268
			TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		1,268

270

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
LUMBER AND WOOD PRODUCTS - 0.0%
	8,518		American Woodmark Corp	$	165
	9,014		Deltic Timber Corp		397
	103,107	*	Louisiana-Pacific Corp		933
	7,407		Skyline Corp		138
	14,766		Universal Forest Products, Inc		569
			TOTAL LUMBER AND WOOD PRODUCTS		2,202
METAL MINING - 0.7%
	44,779	*	Allied Nevada Gold Corp		742
	102,843		Cleveland-Cliffs, Inc		7,296
	68,483	*	Coeur d’Alene Mines Corp		1,026
	323,347		Freeport-McMoRan Copper & Gold, Inc (Class B)		27,013
	195,118	*	Hecla Mining Co		1,067
	377,258		Newmont Mining Corp		19,214
	50,856	*	Paramount Gold and Silver Corp		71
	60,226	*	Patriot Coal Corp		1,232
	45,043	*	Rosetta Resources, Inc		1,061
	32,268		Royal Gold, Inc		1,491
	19,857	*	ShengdaTech, Inc		149
	138,577		Southern Copper Corp (NY)		4,389
	43,873	*	Stillwater Mining Co		569
	36,975	*	Uranerz Energy Corp		69
	68,813	*	US Gold Corp		186
			TOTAL METAL MINING		65,575
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.1%
	16,319	*	Armstrong World Industries, Inc		593
	4,923		Blyth, Inc		154
	51,179		Callaway Golf Co		451
	22,322		Daktronics, Inc		170
	98,113		Hasbro, Inc		3,756
	31,609	*	Intrepid Potash, Inc		959
	19,429	*	Jakks Pacific, Inc		254
	67,398		Jarden Corp		2,243
	37,102	*	Leapfrog Enterprises, Inc		243
	8,407		Marine Products Corp		50
	281,821		Mattel, Inc		6,409
	3,981		Oil-Dri Corp of America		77
	14,785	*	RC2 Corp		221
	38,355	*	Shuffle Master, Inc		314
	4,356	*	Steinway Musical Instruments, Inc		82
			TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		15,976
MISCELLANEOUS RETAIL - 1.8%
	14,742	*	1-800-FLOWERS.COM, Inc (Class A)		37
	258,457	*	Amazon.com, Inc		35,080
	28,636		Barnes & Noble, Inc		619
	265,029		Best Buy Co, Inc		11,274
	15,894		Big 5 Sporting Goods Corp		242
	10,266	*	Blue Nile, Inc		565
	5,600		Books-A-Million, Inc		41
	41,091	*	Borders Group, Inc		71

271

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	10,668	*	Build-A-Bear Workshop, Inc	$	76
	30,566	*	Cabela’s, Inc		535
	22,738		Cash America International, Inc		897
	44,420	*	CKX, Inc		272
	46,768	*	Coldwater Creek, Inc		325
	1,146,506		CVS Corp		41,915
	65,848	*	Dick’s Sporting Goods, Inc		1,719
	71,540	*	Dollar Tree, Inc		4,237
	61,220	*	Drugstore.Com		219
	36,390	*	Ezcorp, Inc (Class A)		750
	10,172	*	Fuqi International, Inc		111
	11,202		Gaiam, Inc (Class A)		93
	22,258	*	GSI Commerce, Inc		616
	23,990	*	Hibbett Sports, Inc		614
	30,139	*	HSN, Inc		887
	19,736	*	Jo-Ann Stores, Inc		829
	21,500	*	KAR Auction Services, Inc		324
	9,216	*	Kirkland’s, Inc		194
	32,978		MSC Industrial Direct Co (Class A)		1,672
	24,699		Nutri/System, Inc		440
	212,310	*	Office Depot, Inc		1,694
	62,128	*	OfficeMax, Inc		1,020
	11,517	*	Overstock.com, Inc		187
	6,868	*	PC Connection, Inc		43
	7,784	*	PC Mall, Inc		39
	100,294		Petsmart, Inc		3,205
	34,899	*	Priceline.com, Inc		8,899
	17,378		Pricesmart, Inc		404
	445,462	*	Rite Aid Corp		668
	15,239	*	Shutterfly, Inc		367
	65,800		Signet Jewelers Ltd		2,128
	12,380	*	Stamps.com, Inc		125
	562,959		Staples, Inc		13,168
	9,938		Systemax, Inc		216
	97,585		Tiffany & Co		4,634
	7,100	*	Vitamin Shoppe, Inc		159
	781,570		Walgreen Co		28,988
	45,976		World Fuel Services Corp		1,225
	25,452	*	Zale Corp		70
	20,755	*	Zumiez, Inc		425
			TOTAL MISCELLANEOUS RETAIL		172,318
MOTION PICTURES - 0.9%
	10,098	*	Ascent Media Corp (Series A)		275
	24,879	*	Avid Technology, Inc		343
	8,632	*	Carmike Cinemas, Inc		120
	27,187		Cinemark Holdings, Inc		499
	224,550	*	Discovery Communications, Inc (Class C)		6,604
	58,199	*	DreamWorks Animation SKG, Inc (Class A)		2,291
	30,800		National CineMedia, Inc		532
	1,788,968		News Corp (Class A)		25,779
	60,087		Regal Entertainment Group (Class A)		1,056

272

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	7,217	*	Rentrak Corp	$	156
	77,604	*	Rovi Corp		2,881
	70,693		Scripps Networks Interactive (Class A)		3,135
	942,798		Time Warner, Inc		29,482
	114,426	*	tw telecom inc (Class A)		2,077
	427,353	*	Viacom, Inc (Class B)		14,692
			TOTAL MOTION PICTURES		89,922
NONDEPOSITORY INSTITUTIONS - 0.7%
	36,918		Advance America Cash Advance Centers, Inc		215
	234,563	*	American Capital Ltd		1,192
	796,167		American Express Co		32,850
	69,319	*	AmeriCredit Corp		1,647
	138,197		Apollo Investment Corp		1,759
	102,635		Ares Capital Corp		1,523
	7,100		BlackRock Kelso Capital Corp		71
	29,500	*	Boise, Inc		181
	354,711		Capital One Financial Corp		14,689
	210,135		CapitalSource, Inc		1,175
	510,120		Chimera Investment Corp		1,984
	16,600		CompuCredit Corp		86
	6,526	*	Credit Acceptance Corp		269
	12,000		Cypress Sharpridge Investments, Inc		161
	417,034		Discover Financial Services		6,214
	24,100	*	Doral Financial Corp		104
	11,162	*	Encore Capital Group, Inc		184
	2,603	*	ePlus, Inc		46
	18,408	*	First Cash Financial Services, Inc		397
	64,388	*	First Marblehead Corp		183
	15,921		Gladstone Investment Corp		95
	201,233	*	GLG Partners, Inc		618
	60,592	*	Heckmann Corp		351
	24,455		Hercules Technology Growth Capital, Inc		259
	17,512	*	Information Services Group, Inc		60
	8,511		Kohlberg Capital Corp		48
	73,976		Lender Processing Services, Inc		2,792
	50,285	*	MCG Capital Corp		262
	9,981		Medallion Financial Corp		79
	20,441	*	Mercadolibre, Inc		985
	13,901		Nelnet, Inc (Class A)		258
	9,384	*	NewStar Financial, Inc		60
	12,077		NGP Capital Resources Co		103
	44,117	*	Ocwen Financial Corp		489
	14,385		PennantPark Investment Corp		149
	41,814	*	PHH Corp		985
	367,810	*	SLM Corp		4,605
	4,400		Solar Capital Ltd		93
	2,846		Student Loan Corp		101
	20,926		TICC Capital Corp		138
	4,417	*	Tree.com, Inc		40
	5,712		Triangle Capital Corp		80
	12,929	*	World Acceptance Corp		466
			TOTAL NONDEPOSITORY INSTITUTIONS		78,046

273

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
NONMETALLIC MINERALS, EXCEPT FUELS - 0.1%
	18,209		AMCOL International Corp	$	495
	28,828	*	Cardium Therapeutics, Inc		13
	26,355		Compass Minerals International, Inc		2,114
	71,059	*	General Moly, Inc		236
	1,357	*	United States Lime & Minerals, Inc		52
	98,470		Vulcan Materials Co		4,653
			TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		7,563
OIL AND GAS EXTRACTION - 4.5%
	392,059		Anadarko Petroleum Corp		28,553
	263,878		Apache Corp		26,783
	6,580		APCO Argentina, Inc		178
	6,556	*	Approach Resources, Inc		60
	30,327	*	Arena Resources, Inc		1,013
	52,318		Atlas America, Inc		1,628
	33,846	*	ATP Oil & Gas Corp		637
	44,674	*	Atwood Oceanics, Inc		1,547
	242,315		Baker Hughes, Inc		11,350
	22,381	*	Basic Energy Services, Inc		173
	39,652		Berry Petroleum Co (Class A)		1,117
	29,418	*	Bill Barrett Corp		903
	227,879		BJ Services Co		4,877
	62,158	*	Boots & Coots, Inc		151
	84,524	*	Brigham Exploration Co		1,348
	34,477	*	Bronco Drilling Co, Inc		162
	80,761		Cabot Oil & Gas Corp		2,972
	38,620	*	Cal Dive International, Inc		283
	188,918	*	Cameron International Corp		8,097
	25,047	*	Carrizo Oil & Gas, Inc		575
	59,090	*	Cheniere Energy, Inc		183
	490,633		Chesapeake Energy Corp		11,599
	65,793		Cimarex Energy Co		3,907
	6,769	*	Clayton Williams Energy, Inc		237
	19,751	*	CNX Gas Corp		752
	55,500	*	Cobalt International Energy, Inc		755
	51,350	*	Complete Production Services, Inc		593
	34,810	*	Comstock Resources, Inc		1,107
	63,693	*	Concho Resources, Inc		3,208
	10,428	*	Contango Oil & Gas Co		533
	24,174	*	Continental Resources, Inc		1,029
	5,233	*	CREDO Petroleum Corp		52
	7,528	*	Dawson Geophysical Co		220
	154,398	*	Delta Petroleum Corp		218
	309,451	*	Denbury Resources, Inc		5,220
	349,822		Devon Energy Corp		22,538
	55,480		Diamond Offshore Drilling, Inc		4,927
	81,717	*	Endeavour International Corp		104
	25,675	*	Energy Recovery, Inc		162
	196,349		EOG Resources, Inc		18,249

274

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	113,016		Equitable Resources, Inc	$	4,634
	108,518		EXCO Resources, Inc		1,995
	48,293	*	Exterran Holdings, Inc		1,167
	85,352	*	Forest Oil Corp		2,204
	24,931	*	FX Energy, Inc		86
	4,904	*	Geokinetics, Inc		35
	4,145	*	Georesources, Inc		63
	79,950	*	Global Industries Ltd		513
	27,174	*	GMX Resources, Inc		223
	20,317	*	Goodrich Petroleum Corp		318
	28,397	*	Gulfport Energy Corp		319
	703,954		Halliburton Co		21,210
	29,621	*	Harvest Natural Resources, Inc		223
	81,706	*	Helix Energy Solutions Group, Inc		1,065
	80,380		Helmerich & Payne, Inc		3,061
	99,193	*	Hercules Offshore, Inc		428
	823	*	Isramco, Inc		54
	12,909		Kayne Anderson Energy Development Co		209
	95,985	*	Key Energy Services, Inc		917
	88,226	*	Mariner Energy, Inc		1,321
	66,367	*	McMoRan Exploration Co		971
	220,756	*	Nabors Industries Ltd		4,333
	326,909		National Oilwell Varco, Inc		13,266
	101,507	*	Newfield Exploration Co		5,283
	96,029	*	Newpark Resources, Inc		504
	135,861		Noble Energy, Inc		9,918
	31,257	*	Northern Oil And Gas, Inc		495
	637,943		Occidental Petroleum Corp		53,931
	42,236	*	Oceaneering International, Inc		2,682
	140,208	*	Oilsands Quest, Inc		104
	5,367		Panhandle Oil and Gas, Inc (Class A)		127
	96,030	*	Parker Drilling Co		473
	119,282		Patterson-UTI Energy, Inc		1,666
	35,015		Penn Virginia Corp		858
	235,556	*	PetroHawk Energy Corp		4,777
	16,488	*	Petroleum Development Corp		382
	59,203	*	Petroquest Energy, Inc		298
	49,870	*	Pioneer Drilling Co		351
	87,460		Pioneer Natural Resources Co		4,926
	107,013	*	Plains Exploration & Production Co		3,209
	12,071	*	PowerSecure International, Inc		95
	132,232	*	Pride International, Inc		3,982
	94,219	*	Quicksilver Resources, Inc		1,326
	122,004		Range Resources Corp		5,718
	31,629	*	Rex Energy Corp		360
	86,005	*	Rowan Cos, Inc		2,504
	23,456		RPC, Inc		261
	941,359		Schlumberger Ltd		59,738
	17,773	*	SEACOR Holdings, Inc		1,434
	8,815	*	Seahawk Drilling, Inc		166
	194,469		Smith International, Inc		8,327
	269,088	*	Southwestern Energy Co		10,957

275

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	49,539		St. Mary Land & Exploration Co	$	1,724
	36,323	*	Stone Energy Corp		645
	23,906	*	Sulphco, Inc		7
	59,956	*	Superior Energy Services		1,260
	17,630	*	Superior Well Services, Inc		236
	28,903	*	Swift Energy Co		888
	49,984	*	Syntroleum Corp		106
	61,137	*	Tetra Technologies, Inc		747
	9,895	*	TGC Industries, Inc		40
	41,944		Tidewater, Inc		1,983
	22,758		Toreador Resources Corp		186
	10,127	*	Union Drilling, Inc		62
	31,837	*	Unit Corp		1,346
	50,557		Vaalco Energy, Inc		250
	20,033	*	Venoco, Inc		257
	43,206		W&T Offshore, Inc		363
	76,271	*	Warren Resources, Inc		192
	38,900	*	Whiting Petroleum Corp		3,145
	30,921	*	Willbros Group, Inc		371
	456,489		XTO Energy, Inc		21,537
	11,208	*	Zion Oil & Gas, Inc		69
			TOTAL OIL AND GAS EXTRACTION		446,881
PAPER AND ALLIED PRODUCTS - 0.4%
	84,337		Bemis Co		2,422
	26,323	*	Buckeye Technologies, Inc		344
	38,005	*	Cenveo, Inc		329
	32,513	*	Domtar Corporation		2,094
	35,119		Glatfelter		509
	104,801	*	Graphic Packaging Holding Co		378
	25,049		Greif, Inc (Class A)		1,376
	340,455		International Paper Co		8,378
	25,561	*	Kapstone Paper and Packaging Corp		303
	325,656		Kimberly-Clark Corp		20,477
	130,827		MeadWestvaco Corp		3,343
	17,978		Neenah Paper, Inc		285
	3,565	*	Orchids Paper Products Co		59
	77,673		Packaging Corp of America		1,912
	30,637		Rock-Tenn Co (Class A)		1,396
	14,072		Schweitzer-Mauduit International, Inc		669
	79,938		Sonoco Products Co		2,461
	89,176		Temple-Inland, Inc		1,822
	29,954		Wausau Paper Corp		256
			TOTAL PAPER AND ALLIED PRODUCTS		48,813
PERSONAL SERVICES - 0.1%
	101,777		Cintas Corp		2,860
	22,900	*	Coinstar, Inc		744
	3,696		CPI Corp		51
	15,088		G & K Services, Inc (Class A)		390
	264,974		H&R Block, Inc		4,716
	74,649	*	Jackson Hewitt Tax Service, Inc		149

276

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	8,861		Mac-Gray Corp	$	100
	44,951		Regis Corp		840
	79,523	*	Sally Beauty Holdings, Inc		709
	187,277		Service Corp International		1,719
	11,970	*	Steiner Leisure Ltd		531
	9,989		Unifirst Corp		514
	26,680		Weight Watchers International, Inc		681
			TOTAL PERSONAL SERVICES		14,004
PETROLEUM AND COAL PRODUCTS - 5.0%
	9,171		Alon USA Energy, Inc		66
	60,252		Ashland, Inc		3,179
	1,579,357		Chevron Corp		119,763
	1,166,444		ConocoPhillips		59,687
	21,762	*	CVR Energy, Inc		190
	7,530		Delek US Holdings, Inc		55
	3,844,682	d	Exxon Mobil Corp		257,516
	80,549		Frontier Oil Corp		1,087
	162,929	*	Gran Tierra Energy, Inc		961
	7,500	*	Green Plains Renewable Energy, Inc		107
	54,162	*	Headwaters, Inc		249
	228,023		Hess Corp		14,263
	32,029		Holly Corp		894
	555,501		Marathon Oil Corp		17,576
	149,725		Murphy Oil Corp		8,413
	7,327		Quaker Chemical Corp		199
	117,110	*	SandRidge Energy, Inc		902
	89,404		Sunoco, Inc		2,656
	104,460		Tesoro Corp		1,452
	443,122		Valero Energy Corp		8,730
	41,821		Walter Industries, Inc		3,858
	11,564		WD-40 Co		380
	34,300	*	Western Refining, Inc		189
			TOTAL PETROLEUM AND COAL PRODUCTS		502,372
PIPELINES, EXCEPT NATURAL GAS - 0.1%
	507,676		Spectra Energy Corp		11,438
			TOTAL PIPELINES, EXCEPT NATURAL GAS		11,438
PRIMARY METAL INDUSTRIES - 0.6%
	90,797		AK Steel Holding Corp		2,076
	763,363		Alcoa, Inc		10,870
	75,088		Allegheny Technologies, Inc		4,054
	36,981		Belden CDT, Inc		1,016
	14,781	*	Brush Engineered Materials, Inc		334
	34,840		Carpenter Technology Corp		1,275
	51,400	*	Century Aluminum Co		707
	72,244	*	CommScope, Inc		2,024
	15,305		Encore Wire Corp		318
	15,255	*	Fushi Copperweld, Inc		171
	40,791	*	General Cable Corp		1,101
	27,239	*	General Steel Holdings, Inc		112

277

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	20,138	*	Gibraltar Industries, Inc	$	254
	9,402		Haynes International, Inc		334
	33,599	*	Horsehead Holding Corp		398
	46,993		Hubbell, Inc (Class B)		2,370
	24,024		Matthews International Corp (Class A)		853
	39,317	*	Metalico, Inc		236
	27,916		Mueller Industries, Inc		748
	8,845	*	Northwest Pipe Co		193
	244,691		Nucor Corp		11,103
	9,331		Olympic Steel, Inc		305
	109,969		Precision Castparts Corp		13,933
	48,117		Reliance Steel & Aluminum Co		2,369
	23,200	*	RTI International Metals, Inc		704
	16,575		Schnitzer Steel Industries, Inc (Class A)		871
	165,292		Steel Dynamics, Inc		2,888
	17,419		Texas Industries, Inc		595
	69,471	*	Titanium Metals Corp		1,153
	24,156		Tredegar Corp		413
	111,914		United States Steel Corp		7,109
	4,623	*	Universal Stainless & Alloy		111
	60,823	*	Uranium Energy Corp		196
	46,555		Worthington Industries, Inc		805
			TOTAL PRIMARY METAL INDUSTRIES		71,999
PRINTING AND PUBLISHING - 0.3%
	49,506	*	ACCO Brands Corp		379
	34,915		American Greetings Corp (Class A)		728
	77,279	*	Belo (A.H.) Corp (Class A)		527
	36,923		Bowne & Co, Inc		412
	16,074	*	China Information Security Technology, Inc		81
	8,210	*	Consolidated Graphics, Inc		340
	6,267		Courier Corp		103
	5,480		CSS Industries, Inc		110
	23,101	*	Dolan Media Co		251
	41,847		Dun & Bradstreet Corp		3,115
	17,307		Ennis, Inc		282
	21,197	*	EW Scripps Co (Class A)		179
	184,081		Gannett Co, Inc		3,042
	33,505		Harte-Hanks, Inc		431
	33,375		John Wiley & Sons, Inc (Class A)		1,444
	51,243		Journal Communications, Inc (Class A)		215
	39,858	*	Martha Stewart Living Omnimedia, Inc (Class A)		222
	246,949		McGraw-Hill Cos, Inc		8,805
	26,535		Meredith Corp		913
	76,747	*	MSCI, Inc (Class A)		2,771
	5,947		Multi-Color Corp		71
	81,235	*	New York Times Co (Class A)		904
	12,663	*	Playboy Enterprises, Inc (Class B)		46
	31,380		Primedia, Inc		108
	157,353		R.R. Donnelley & Sons Co		3,360
	10,767		Schawk, Inc (Class A)		195
	17,418		Scholastic Corp		488

278

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	10,680		Standard Register Co	$	57
	40,793	*	Valassis Communications, Inc		1,135
	4,829		Washington Post Co (Class B)		2,145
			TOTAL PRINTING AND PUBLISHING		32,859
RAILROAD TRANSPORTATION - 0.7%
	308,520		CSX Corp		15,704
	31,715	*	Genesee & Wyoming, Inc (Class A)		1,082
	75,498	*	Kansas City Southern Industries, Inc		2,731
	288,576		Norfolk Southern Corp		16,129
	17,000	*	RailAmerica, Inc		201
	397,289		Union Pacific Corp		29,120
			TOTAL RAILROAD TRANSPORTATION		64,967
REAL ESTATE - 0.1%
	208,848	*	CB Richard Ellis Group, Inc (Class A)		3,309
	20,046	*	China Housing & Land Development, Inc		76
	4,977		Consolidated-Tomoka Land Co		157
	20,453		DuPont Fabros Technology, Inc		442
	97,002	*	Forest City Enterprises, Inc (Class A)		1,398
	29,389	*	Forestar Real Estate Group, Inc		555
	12,599		Government Properties Income Trust		328
	32,173		Jones Lang LaSalle, Inc		2,345
	19,220	*	LoopNet, Inc		216
	13,593	*	Reading International, Inc		58
	73,349	*	St. Joe Co		2,373
	68,986		Stewart Enterprises, Inc (Class A)		431
			TOTAL REAL ESTATE		11,688
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.1%
	21,213		A. Schulman, Inc		519
	5,113	*	AEP Industries, Inc		133
	43,609		Cooper Tire & Rubber Co		829
	9,928	*	Deckers Outdoor Corp		1,370
	183,380	*	Goodyear Tire & Rubber Co		2,318
	13,000	*	Graham Packaging Co, Inc		163
	10,182	*	Metabolix, Inc		124
	218,403		Newell Rubbermaid, Inc		3,320
	120,927		Sealed Air Corp		2,550
	27,339	*	Skechers U.S.A., Inc (Class A)		993
	25,932	*	Spartech Corp		303
	9,600	*	STR Holdings, Inc		226
	44,947		Titan International, Inc		392
	13,203	*	Trex Co, Inc		281
	48,152		Tupperware Corp		2,322
	26,348		West Pharmaceutical Services, Inc		1,105
			TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		16,948
SECURITY AND COMMODITY BROKERS - 2.3%
	197,586		Ameriprise Financial, Inc		8,963
	21,300		Artio Global Investors, Inc		527
	25,021		BlackRock, Inc		5,449

279

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	77,753	*	Broadpoint Securities Group, Inc	$	311
	110,905		Broadridge Financial Solutions, Inc		2,371
	16,951		Calamos Asset Management, Inc (Class A)		243
	747,490		Charles Schwab Corp		13,971
	52,080		CME Group, Inc		16,463
	12,285		Cohen & Steers, Inc		307
	16,500	*	Cowen Group, Inc		93
	1,420		Diamond Hill Investment Group, Inc		97
	12,546		Duff & Phelps Corp		210
	1,133,585	*	E*Trade Financial Corp		1,870
	92,458		Eaton Vance Corp		3,101
	6,384		Epoch Holding Corp		72
	11,307		Evercore Partners, Inc (Class A)		339
	20,447	*	FBR Capital Markets Corp		93
	69,691		Federated Investors, Inc (Class B)		1,838
	35,957		Fifth Street Finance Corp		417
	118,739		Franklin Resources, Inc		13,168
	6,584		GAMCO Investors, Inc (Class A)		300
	54,396		GFI Group, Inc		314
	397,374		Goldman Sachs Group, Inc		67,805
	17,050		Greenhill & Co, Inc		1,400
	31,233	*	Interactive Brokers Group, Inc (Class A)		504
	57,042	*	IntercontinentalExchange, Inc		6,399
	14,903	*	International Assets Holding Corp		223
	322,917		Invesco Ltd		7,075
	42,174	*	Investment Technology Group, Inc		704
	137,373		Janus Capital Group, Inc		1,963
	89,727		Jefferies Group, Inc		2,124
	11,011		JMP Group, Inc		94
	26,819	*	KBW, Inc		721
	80,028	*	Knight Capital Group, Inc (Class A)		1,220
	33,500	*	LaBranche & Co, Inc		176
	58,754		Lazard Ltd (Class A)		2,098
	123,819		Legg Mason, Inc		3,550
	21,429		MarketAxess Holdings, Inc		337
	79,055	*	MF Global Holdings Ltd		638
	1,069,151		Morgan Stanley		31,315
	14,941	*	Morningstar, Inc		719
	111,270	*	Nasdaq Stock Market, Inc		2,350
	203,886		NYSE Euronext		6,037
	7,363		Oppenheimer Holdings, Inc		188
	30,987		optionsXpress Holdings, Inc		505
	15,186	*	Penson Worldwide, Inc		153
	15,010	*	Piper Jaffray Cos		605
	9,591	*	Pzena Investment Management, Inc (Class A)		73
	75,031		Raymond James Financial, Inc		2,006
	8,937		Sanders Morris Harris Group, Inc		55
	95,014		SEI Investments Co		2,087
	23,214	*	Stifel Financial Corp		1,248
	19,558		SWS Group, Inc		226
	200,316		T Rowe Price Group, Inc		11,003
	203,909	*	TD Ameritrade Holding Corp		3,887

280

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	15,283	*	Thomas Weisel Partners Group, Inc	$	60
	12,213	*	US Global Investors, Inc (Class A)		121
	800		Value Line, Inc		18
	68,458		Waddell & Reed Financial, Inc (Class A)		2,467
	3,869		Westwood Holdings Group, Inc		142
			TOTAL SECURITY AND COMMODITY BROKERS		232,813
SOCIAL SERVICES - 0.0%
	15,384	*	Capital Senior Living Corp		81
	8,598	*	Providence Service Corp		131
	19,452	*	Res-Care, Inc		233
			TOTAL SOCIAL SERVICES		445
SPECIAL TRADE CONTRACTORS - 0.0%
	2,319		Alico, Inc		59
	23,315	*	AsiaInfo Holdings, Inc		617
	17,483		Chemed Corp		951
	28,901		Comfort Systems USA, Inc		361
	32,076	*	Dycom Industries, Inc		281
	50,074	*	EMCOR Group, Inc		1,232
	32,339	*	Insituform Technologies, Inc (Class A)		861
	10,880	*	Integrated Electrical Services, Inc		61
	13,874	*	Layne Christensen Co		371
	162,277	*	Quanta Services, Inc		3,109
			TOTAL SPECIAL TRADE CONTRACTORS		7,903
STONE, CLAY, AND GLASS PRODUCTS - 0.4%
	25,458		Apogee Enterprises, Inc		402
	22,335	*	Cabot Microelectronics Corp		845
	15,540		CARBO Ceramics, Inc		969
	1,222,832		Corning, Inc		24,713
	33,735		Eagle Materials, Inc		895
	105,796		Gentex Corp		2,055
	35,891		Martin Marietta Materials, Inc		2,999
	65,642	*	Owens Corning, Inc		1,670
	132,073	*	Owens-Illinois, Inc		4,694
	23,708	*	US Concrete, Inc		9
	32,462	*	USG Corp		557
			TOTAL STONE, CLAY, AND GLASS PRODUCTS		39,808
TEXTILE MILL PRODUCTS - 0.0%
	23,047		Albany International Corp (Class A)		496
	38,561		Interface, Inc (Class A)		447
	44,512	*	Mohawk Industries, Inc		2,421
	10,106		Oxford Industries, Inc		205
			TOTAL TEXTILE MILL PRODUCTS		3,569
TOBACCO PRODUCTS - 1.3%
	1,627,195		Altria Group, Inc		33,390
	117,999		Fortune Brands, Inc		5,724
	123,494		Lorillard, Inc		9,292

281

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	1,543,541		Philip Morris International, Inc	$	80,511
	21,518		Universal Corp		1,134
	30,746		Vector Group Ltd		474
			TOTAL TOBACCO PRODUCTS		130,525
TRANSPORTATION BY AIR - 0.5%
	7,464	*	Air Methods Corp		254
	43,342	*	Air Transport Services Group, Inc		146
	113,697	*	Airtran Holdings, Inc		578
	28,857	*	Alaska Air Group, Inc		1,190
	14,858	*	Allegiant Travel Co		860
	258,366	*	AMR Corp		2,353
	16,253	*	Atlas Air Worldwide Holdings, Inc		862
	27,721	*	Bristow Group, Inc		1,046
	106,996	*	Continental Airlines, Inc (Class B)		2,351
	23,678		Copa Holdings S.A. (Class A)		1,440
	608,450	*	Delta Air Lines, Inc		8,877
	244,389		FedEx Corp		22,825
	53,091	*	Hawaiian Holdings, Inc		391
	195,814	*	JetBlue Airways Corp		1,093
	9,723	*	PHI, Inc		206
	23,015	*	Republic Airways Holdings, Inc		136
	45,222		Skywest, Inc		646
	577,035		Southwest Airlines Co		7,628
	129,720	*	UAL Corp		2,536
	125,471	*	US Airways Group, Inc		922
			TOTAL TRANSPORTATION BY AIR		56,340
TRANSPORTATION EQUIPMENT - 2.8%
	18,257		A.O. Smith Corp		960
	29,552	*	AAR Corp		733
	13,835	*	Aerovironment, Inc		361
	57,725	*	American Axle & Manufacturing Holdings, Inc		576
	7,032		American Railcar Industries, Inc		86
	15,097	*	Amerigon, Inc (Class A)		153
	74,084	*	ArvinMeritor, Inc		989
	14,702	*	ATC Technology Corp		252
	67,893	*	Autoliv, Inc		3,499
	74,030	*	BE Aerospace, Inc		2,254
	570,398		Boeing Co		41,417
	73,449		Brunswick Corp		1,173
	38,932		Clarcor, Inc		1,343
	18,024	*	Cogo Group, Inc		126
	117,658	*	Dana Holding Corp		1,398
	7,682	*	Dorman Products, Inc		146
	7,637		Ducommun, Inc		160
	13,635	*	Federal Mogul Corp (Class A)		250
	34,017		Federal Signal Corp		306
	56,935	*	Force Protection, Inc		343
	2,600,134	*	Ford Motor Co		32,683
	8,920		Freightcar America, Inc		216
	10,861	*	Fuel Systems Solutions, Inc		347

282

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	42,477	*	GenCorp, Inc	$	245
	271,469		General Dynamics Corp		20,956
	124,310		Genuine Parts Co		5,251
	97,402		Goodrich Corp		6,869
	12,975		Greenbrier Cos, Inc		143
	17,217	*	Group 1 Automotive, Inc		549
	186,015		Harley-Davidson, Inc		5,221
	61,544		Harsco Corp		1,966
	18,067		Heico Corp		932
	585,606		Honeywell International, Inc		26,509
	21,747		Kaman Corp		544
	6,398	*	LMI Aerospace, Inc		119
	237,405		Lockheed Martin Corp		19,756
	7,280		Miller Industries, Inc		90
	49,945	*	Navistar International Corp		2,234
	44,747	*	Orbital Sciences Corp		851
	68,619		Oshkosh Truck Corp		2,768
	286,065		Paccar, Inc		12,398
	24,262		Polaris Industries, Inc		1,241
	5,233		Portec Rail Products, Inc		61
	30,024		Spartan Motors, Inc		168
	82,916	*	Spirit Aerosystems Holdings, Inc (Class A)		1,939
	11,969		Standard Motor Products, Inc		119
	17,715		Superior Industries International, Inc		285
	46,120	*	Tenneco, Inc		1,091
	28,300		Thor Industries, Inc		855
	4,238	*	Todd Shipyards Corp		70
	32,065		TransDigm Group, Inc		1,701
	61,064		Trinity Industries, Inc		1,219
	13,981		Triumph Group, Inc		980
	46,873	*	TRW Automotive Holdings Corp		1,340
	659,136		United Technologies Corp		48,518
	38,351		Westinghouse Air Brake Technologies Corp		1,615
	24,826	*	Winnebago Industries, Inc		363
	15,478	*	Wonder Auto Technology, Inc		164
			TOTAL TRANSPORTATION EQUIPMENT		258,901
TRANSPORTATION SERVICES - 0.2%
	14,656		Ambassadors Group, Inc		162
	133,345		CH Robinson Worldwide, Inc		7,448
	8,003	*	Dynamex, Inc		138
	167,962		Expeditors International Washington, Inc		6,201
	35,663		GATX Corp		1,022
	28,305	*	Hub Group, Inc (Class A)		792
	26,504	*	Interval Leisure Group, Inc		386
	37,000	*	Orbitz Worldwide, Inc		263
	53,231	*	Pacer International, Inc		320
	7,904	*	Universal Travel Group		78
	81,226		UTI Worldwide, Inc		1,244
			TOTAL TRANSPORTATION SERVICES		18,054

283

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
TRUCKING AND WAREHOUSING - 0.4%
	19,331		Arkansas Best Corp	$	577
	16,346	*	Celadon Group, Inc		228
	37,901		Con-way, Inc		1,331
	22,919		Forward Air Corp		603
	39,254		Heartland Express, Inc		648
	66,499		J.B. Hunt Transport Services, Inc		2,385
	42,473		Landstar System, Inc		1,783
	14,139	*	Marten Transport Ltd		279
	21,283	*	Old Dominion Freight Line		711
	1,137	*	Patriot Transportation Holding, Inc		96
	9,635	*	Saia, Inc		134
	544,824		United Parcel Service, Inc (Class B)		35,091
	3,884		Universal Truckload Services, Inc		68
	5,744	*	USA Truck, Inc		93
	31,101		Werner Enterprises, Inc		721
	66,066	*	YRC Worldwide, Inc		36
			TOTAL TRUCKING AND WAREHOUSING		44,784
	WATER TRANSPORTATION - 0.2%
	30,756		Alexander & Baldwin, Inc		1,016
	8,786	*	American Commercial Lines, Inc		221
	344,203		Carnival Corp		13,383
	38,961		DHT Maritime, Inc		153
	51,764	*	Eagle Bulk Shipping, Inc		275
	39,564		Frontline Ltd		1,212
	20,776	*	Genco Shipping & Trading Ltd		439
	37,255		General Maritime Corp		268
	24,752	*	Golar LNG Ltd		290
	19,461	*	Gulfmark Offshore, Inc		517
	23,837		Horizon Lines, Inc (Class A)		130
	18,746	*	Hornbeck Offshore Services, Inc		348
	4,290		International Shipholding Corp		126
	41,752	*	Kirby Corp		1,592
	11,975		Knightsbridge Tankers Ltd		203
	37,402		Nordic American Tanker Shipping		1,132
	28,315	*	Odyssey Marine Exploration, Inc		37
	18,001		Overseas Shipholding Group, Inc		706
	100,520	*	Royal Caribbean Cruises Ltd		3,316
	34,031		Ship Finance International Ltd		604
	32,878		Teekay Corp		748
	9,000		Teekay Tankers Ltd (Class A)		113
	18,066	*	Ultrapetrol Bahamas Ltd		99
			TOTAL WATER TRANSPORTATION		26,928
	WHOLESALE TRADE-DURABLE GOODS - 0.4%
	18,766		Agilysys, Inc		210
	35,294		Applied Industrial Technologies, Inc		877
	92,479	*	Arrow Electronics, Inc		2,787
	34,240		Barnes Group, Inc		666
	35,044	*	Beacon Roofing Supply, Inc		670
	91,659	*	BorgWarner, Inc		3,499
	8,096	*	Cardtronics, Inc		102

284

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	11,808		Castle (A.M.) & Co	$	154
	8,056	*	Chindex International, Inc		95
	4,580		Communications Systems, Inc		59
	25,681	*	Conceptus, Inc		513
	14,464	*	DemandTec, Inc		101
	18,652	*	Digi International, Inc		198
	16,941	*	Drew Industries, Inc		373
	4,502		Eastern Co		61
	21,300	*	Emdeon, Inc		352
	12,096	*	Hansen Medical, Inc		28
	12,024		Houston Wire & Cable Co		139
	129,856	*	Ingram Micro, Inc (Class A)		2,278
	34,716	*	Insight Enterprises, Inc		499
	23,318	*	Interline Brands, Inc		446
	47,324		Knight Transportation, Inc		998
	3,000		Lawson Products, Inc		46
	112,667	*	LKQ Corp		2,287
	30,570	*	MedAssets, Inc		642
	19,916	*	Merge Healthcare, Inc		41
	8,104	*	MWI Veterinary Supply, Inc		327
	32,272		Owens & Minor, Inc		1,497
	77,203		Patterson Cos, Inc		2,397
	37,199		PEP Boys - Manny Moe & Jack		374
	38,375		Pool Corp		869
	47,208	*	PSS World Medical, Inc		1,110
	55,865		Solera Holdings, Inc		2,159
	6,849		Sport Supply Group, Inc		92
	38,600	*	Talecris Biotherapeutics Holdings Corp		769
	38,960	*	Tech Data Corp		1,632
	10,213	*	Titan Machinery, Inc		140
	29,444	*	TomoTherapy, Inc		100
	27,050	*	Tyler Technologies, Inc		507
	49,176		W.W. Grainger, Inc		5,318
	32,103	*	WESCO International, Inc		1,114
	11,292	*	West Marine, Inc		123
	3,600	*	Willis Lease Finance Corp		57
			TOTAL WHOLESALE TRADE-DURABLE GOODS		36,706
	WHOLESALE TRADE-NONDURABLE GOODS - 0.7%
	17,815		Aceto Corp		108
	62,264		Airgas, Inc		3,961
	31,521	*	Akorn, Inc		48
	68,179	*	Alliance One International, Inc		347
	48,859		Allscripts Healthcare Solutions, Inc		956
	13,080		Andersons, Inc		438
	31,488	*	BioScrip, Inc		251
	19,314	*	BMP Sunstone Corp		98
	72,521		Brown-Forman Corp (Class B)		4,312
	282,526		Cardinal Health, Inc		10,179
	47,321	*	Central European Distribution Corp		1,657
	9,887	*	Clearwater Paper Corp		487
	8,334	*	Core-Mark Holding Co, Inc		255

285

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	136,917	*	Dean Foods Co	$	2,148
	90,528	*	Endo Pharmaceuticals Holdings, Inc		2,145
	33,010	*	Fresh Del Monte Produce, Inc		668
	28,366	*	Green Mountain Coffee Roasters, Inc		2,747
	30,203	*	Hain Celestial Group, Inc		524
	71,653	*	Henry Schein, Inc		4,220
	48,187		Herbalife Ltd		2,222
	6,203	*	Kenneth Cole Productions, Inc (Class A)		79
	8,500	*	KRATON Polymers LLC		152
	19,366	*	K-Swiss, Inc (Class A)		203
	16,187	*	LSB Industries, Inc		247
	45,303		Men’s Wearhouse, Inc		1,085
	24,388		Myers Industries, Inc		256
	10,977		Nash Finch Co		369
	38,826		Nu Skin Enterprises, Inc (Class A)		1,129
	9,998	*	Perry Ellis International, Inc		226
	9,325		Schiff Nutrition International, Inc		76
	14,249	*	School Specialty, Inc		324
	18,527		Spartan Stores, Inc		267
	14,223	*	Synutra International, Inc		322
	465,624		Sysco Corp		13,737
	77,583		Terra Industries, Inc		3,550
	29,432		Tractor Supply Co		1,708
	33,743	*	United Natural Foods, Inc		949
	18,197	*	United Stationers, Inc		1,070
	6,399		Valhi, Inc		126
	13,192	*	Volcom, Inc		258
	15,316		Zep, Inc		335
	18,750	*	Zhongpin, Inc		238
			TOTAL WHOLESALE TRADE-NONDURABLE GOODS		64,477
			TOTAL COMMON STOCKS		10,032,604
			(Cost $8,740,775)
	RIGHTS / WARRANTS - 0.0%
	COMMUNICATIONS - 0.0%
	48,356		Clearwire Corp		9
			TOTAL COMMUNICATIONS		9
	EATING AND DRINKING PLACES - 0.0%
	2,604		Krispy Kreme Doughnuts, Inc		0	^
			TOTAL EATING AND DRINKING PLACES		0	^
			TOTAL RIGHTS / WARRANTS		9
			(Cost $0)

286

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

PRINCIPAL		ISSUER	MATURITY DATE	VALUE (000)
SHORT-TERM INVESTMENTS - 0.2%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.2%
		Federal Home Loan Bank (FHLB)
$	16,300,000	FHLB	05/10/10	$	16,299
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES			16,299
		TOTAL SHORT-TERM INVESTMENTS			16,299
		(Cost $16,299)
		TOTAL INVESTMENTS - 99.9%			10,048,912
		(Cost $8,757,074)
		OTHER ASSETS & LIABILITIES, NET - 0.1%			7,127
		NET ASSETS - 100.0%		$	10,056,039

	Abbreviation(s):
*	Non-income producing.
^	Amount represents less than $1,000.
d	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 $363,233.
	Cost amounts are in thousands.

287

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

COLLEGE RETIREMENT EQUITIES FUND
BOND MARKET ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2010

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†		VALUE (000)
BANK LOAN OBLIGATIONS - 0.2%
CHEMICALS AND ALLIED PRODUCTS - 0.2%
$	4,987,500	i	JohnsonDiversey, Inc	5.500	%	11/24/15	Ba2	$	5,027
	4,948,454	i	Mylan, Inc	3.550		10/02/14	Ba2		4,946
	4,987,437	i	Nalco Co	6.500		05/13/16	Ba1		5,031
			TOTAL CHEMICALS AND ALLIED PRODUCTS						15,004
NONDEPOSITORY INSTITUTIONS - 0.0%
	4,968,750	i	Reynolds Consumer Products Term Loan	6.250		11/16/15	NR		5,014
	4,972,039	i	Universal City TL	6.500		11/17/14	Ba2		5,015
			TOTAL NONDEPOSITORY INSTITUTIONS						10,029
			TOTAL BANK LOAN OBLIGATIONS						25,033
			(Cost $24,848)
BONDS - 97.7%
CORPORATE BONDS - 32.4%
AGENCY SECURITIES - 6.3%
	24,143,251		AMAL Ltd	3.470		08/21/21	NR		23,856
	28,000,000		Bank of America Corp	2.380		06/22/12	Aaa		28,687
	4,000,000		CitiBank NA	1.380		08/10/11	Aaa		4,032
	34,000,000		Citigroup Funding, Inc	2.000		03/30/12	Aaa		34,485
	40,000,000		Citigroup Funding, Inc	1.880		10/22/12	Aaa		40,319
	12,000,000		Citigroup Funding, Inc	2.250		12/10/12	Aaa		12,195
	45,500,000		Citigroup, Inc	2.130		04/30/12	Aaa		46,333
	25,000,000		General Electric Capital Corp	3.000		12/09/11	Aaa		25,835
	61,500,000		General Electric Capital Corp	2.250		03/12/12	Aaa		62,809
	37,400,000		General Electric Capital Corp	2.200		06/08/12	Aaa		38,094
	15,000,000		General Electric Capital Corp	2.130		12/21/12	Aaa		15,196
	7,000,000		General Electric Capital Corp	2.630		12/28/12	Aaa		7,188
	54,875,000		GMAC, Inc	1.750		10/30/12	Aaa		55,192
	61,800,000		GMAC, Inc	2.200		12/19/12	Aaa		62,729
	50,000,000		JPMorgan Chase & Co	3.130		12/01/11	Aaa		51,738
	10,000,000		KeyBank NA	3.200		06/15/12	Aaa		10,385
	10,000,000		New York Community Bank	3.000		12/16/11	Aaa		10,329
	25,000,000	m	Premier Aircraft Leasing	3.580		02/06/22	Aaa		25,000
	10,000,000		Regions Bank	3.250		12/09/11	Aaa		10,372
	4,772,686		Rowan Cos, Inc	3.530		05/01/20	NR		4,746
	9,583,290		Rowan Cos, Inc	3.160		07/15/21	NR		9,508
	9,664,140		San Clemente Leasing LLC	3.590		08/27/21	NR		9,645
	4,000,000		Sovereign Bancorp, Inc	2.500		06/15/12	Aaa		4,094
	6,500,000		Sovereign Bank	2.750		01/17/12	Aaa		6,700
	39,000,000		State Street Corp	2.150		04/30/12	Aaa		39,750
	15,000,000		US Bancorp	2.250		03/13/12	Aaa		15,284
	9,500,000		US Central Federal Credit Union	1.900		10/19/12	Aaa		9,588

288

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†		VALUE (000)
$	18,400,000		Wells Fargo & Co	2.130	%	06/15/12	Aaa	$	18,684
	5,000,000		Western Corporate Federal Credit Union	1.750		11/02/12	Aaa		5,014
			TOTAL AGENCY SECURITIES						687,787
AMUSEMENT AND RECREATION SERVICES - 0.1%
	1,000,000	g	Penn National Gaming, Inc	8.750		08/15/19	B1		1,015
	2,000,000		Speedway Motorsports, Inc	6.750		06/01/13	Ba2		2,000
	7,825,000		Walt Disney Co	4.500		12/15/13	A2		8,427
			TOTAL AMUSEMENT AND RECREATION SERVICES						11,442
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.1%
	2,150,000		Home Depot, Inc	5.250		12/16/13	Baa1		2,328
	3,900,000		Home Depot, Inc	5.880		12/16/36	Baa1		3,785
	1,850,000		Lowe’s Cos, Inc	8.250		06/01/10	A1		1,868
			TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES						7,981
BUSINESS SERVICES - 0.3%
	3,825,000		Adobe Systems, Inc	3.250		02/01/15	Baa1		3,840
	3,250,000		Daimler Finance North America LLC	5.880		03/15/11	A3		3,381
	7,400,000		Daimler Finance North America LLC	5.750		09/08/11	A3		7,800
	4,500,000		Hanarotelecom, Inc	7.000		02/01/12	Baa3		4,744
	1,970,000		Interpublic Group of Cos, Inc	6.250		11/15/14	Ba2		1,982
	1,000,000		Iron Mountain, Inc	7.750		01/15/15	B2		1,009
	840,000		Iron Mountain, Inc	8.380		08/15/21	B2		874
	4,190,000		Lamar Media Corp	7.250		01/01/13	B2		4,221
	375,000		Lamar Media Corp	6.630		08/15/15	B2		360
	1,500,000		Lender Processing Services, Inc	8.130		07/01/16	Ba2		1,608
	2,000,000		Nielsen Finance LLC	10.000		08/01/14	Caa1		2,095
	2,000,000		Nielsen Finance LLC	12.500		08/01/16	Caa1		1,900
	3,100,000		Oracle Corp	4.950		04/15/13	A2		3,368
	3,925,000		Oracle Corp	3.750		07/08/14	A2		4,096
	2,000,000		Sungard Data Systems, Inc	9.130		08/15/13	Caa1		2,050
	2,310,000		Sungard Data Systems, Inc	10.250		08/15/15	Caa1		2,428
			TOTAL BUSINESS SERVICES						45,756
CHEMICALS AND ALLIED PRODUCTS - 1.2%
	1,550,000		Abbott Laboratories	5.600		05/15/11	A1		1,629
	4,600,000		Air Products & Chemicals, Inc	4.150		02/01/13	A3		4,814
	6,630,000		Air Products & Chemicals, Inc	4.380		08/21/19	A3		6,453
	1,125,000		Airgas, Inc	4.500		09/15/14	Baa3		1,161
	1,000,000	g	Airgas, Inc	7.130		10/01/18	Ba1		1,100
	1,570,000		Clorox Co	5.450		10/15/12	Baa2		1,702
	1,000,000		Clorox Co	3.550		11/01/15	Baa2		1,013
	1,000,000		Eastman Chemical Co	5.500		11/15/19	Baa2		1,024
	6,450,000		EI Du Pont de Nemours & Co	3.250		01/15/15	A2		6,489
	6,000,000		EI Du Pont de Nemours & Co	4.630		01/15/20	A2		6,044
	6,170,000		Eli Lilly & Co	3.550		03/06/12	A1		6,438
	2,325,000		Eli Lilly & Co	5.950		11/15/37	A1		2,433
	3,750,000		GlaxoSmithKline Capital, Inc	5.650		05/15/18	A1		4,072
	3,760,000		GlaxoSmithKline Capital, Inc	6.380		05/15/38	A1		4,147
	4,000,000		Johnson & Johnson	5.850		07/15/38	Aaa		4,277
	2,435,000		Life Technologies Corp	3.380		03/01/13	Ba1		2,448
	1,550,000		Life Technologies Corp	4.400		03/01/15	Ba1		1,561

289

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†		VALUE (000)
$	3,750,000		Novartis Capital Corp	4.130	%	02/10/14	Aa2	$	3,971
	15,775,000		Novartis Capital Corp	2.900		04/24/15	Aa2		15,666
	2,715,000		Novartis Capital Corp	4.400		04/24/20	Aa2		2,714
	10,000,000		Pfizer, Inc	4.450		03/15/12	A1		10,600
	3,230,000		Pfizer, Inc	5.350		03/15/15	A1		3,559
	7,150,000		Pfizer, Inc	6.200		03/15/19	A1		8,076
	7,100,000		Potash Corp of Saskatchewan, Inc	4.880		03/30/20	Baa1		7,111
	5,050,000		Praxair, Inc	5.250		11/15/14	A2		5,521
	4,975,000		Procter & Gamble Co	5.550		03/05/37	Aa3		5,030
	3,225,000		Schering-Plough Corp	6.550		09/15/37	Aa3		3,683
	3,000,000		Solutia, Inc	7.880		03/15/20	B2		3,038
			TOTAL CHEMICALS AND ALLIED PRODUCTS						125,774
COAL MINING - 0.1%
	1,000,000	g	Arch Coal, Inc	8.750		08/01/16	B1		1,058
	4,500,000	g	Drummond Co, Inc	7.380		02/15/16	B1		4,387
	2,000,000		Peabody Energy Corp	7.380		11/01/16	Ba1		2,115
			TOTAL COAL MINING						7,560
COMMUNICATIONS - 2.8%
	2,400,000	g	America Movil SAB de C.V.	5.000		03/30/20	A2		2,366
	4,000,000	g	America Movil SAB de C.V.	6.130		03/30/40	A2		3,909
	4,300,000		American Tower Corp	4.630		04/01/15	Baa3		4,422
	2,000,000		AT&T, Inc	6.150		09/15/34	A2		1,976
	3,625,000		AT&T, Inc	6.500		09/01/37	A2		3,759
	11,500,000		AT&T, Inc	6.300		01/15/38	A2		11,670
	1,745,000		BellSouth Capital Funding Corp	7.880		02/15/30	A2		2,028
	13,125,000		BellSouth Corp	5.200		09/15/14	A2		14,141
	2,250,000		CBS Corp	5.750		04/15/20	Baa3		2,260
	14,950,000		Cellco Partnership	3.750		05/20/11	A2		15,415
	3,025,000		Cellco Partnership	5.550		02/01/14	A2		3,306
	15,600,000		Cellco Partnership	8.500		11/15/18	A2		19,462
	1,011,000		Comcast Cable Communications Holdings, Inc	8.380		03/15/13	Baa1		1,172
	2,125,000		Comcast Corp	5.650		06/15/35	Baa1		1,967
	7,850,000		Comcast Corp	6.400		03/01/40	Baa1		7,979
	1,455,000	g	CSC Holdings, Inc	8.500		04/15/14	Ba3		1,550
	4,000,000		Deutsche Telekom International Finance BV	8.750		06/15/30	Baa1		5,123
	3,875,000	g	DIRECTV Holdings LLC	4.750		10/01/14	Baa3		4,048
	15,550,000	g	DIRECTV Holdings LLC	3.550		03/15/15	Baa3		15,299
	4,740,000		DIRECTV Holdings LLC	7.630		05/15/16	Baa3		5,309
	15,750,000	g	DIRECTV Holdings LLC	5.200		03/15/20	Baa3		15,505
	5,350,000	g	DIRECTV Holdings LLC	6.350		03/15/40	Baa3		5,311
	2,000,000		DISH DBS Corp	7.880		09/01/19	Ba3		2,080
	5,000,000		Grupo Televisa S.A.	6.000		05/15/18	Baa1		5,167
	1,150,000		GTE Corp	6.840		04/15/18	Baa1		1,270
	5,187,500	o	Intelsat Bermuda Ltd	11.500		02/04/17	Caa3		5,317
	4,000,000		New Cingular Wireless Services, Inc	7.880		03/01/11	A2		4,257
	3,155,000		New Cingular Wireless Services, Inc	8.750		03/01/31	A2		4,074
	3,000,000	g	Qwest Communications International, Inc	7.130		04/01/18	Ba3		3,098
	4,500,000		Qwest Corp	8.880		03/15/12	Ba1		4,928
	2,000,000	g	SBA Telecommunications, Inc	8.000		08/15/16	Ba2		2,105
	4,500,000		Sprint Capital Corp	8.750		03/15/32	Ba3		4,174
	1,225,000		Sprint Nextel Corp	6.000		12/01/16	Ba3		1,106

290

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†		VALUE (000)
$	3,075,000		Telecom Italia Capital S.A.	6.180	%	06/18/14	Baa2	$	3,287
	2,825,000		Telecom Italia Capital S.A.	7.000		06/04/18	Baa2		3,055
	16,275,000		Telecom Italia Capital S.A.	7.180		06/18/19	Baa2		17,570
	7,900,000		Telefonica Emisiones SAU	5.880		07/15/19	Baa1		8,461
	4,500,000	g	Telefonos de Mexico SAB de C.V.	5.500		11/15/19	A3		4,556
	4,500,000	g	Telemar Norte Leste S.A.	9.500		04/23/19	Baa2		5,344
	5,495,000		Time Warner Cable, Inc	6.200		07/01/13	Baa2		6,064
	9,000,000		Time Warner Cable, Inc	5.850		05/01/17	Baa2		9,637
	6,075,000		Time Warner Cable, Inc	6.750		07/01/18	Baa2		6,788
	7,100,000		Time Warner Cable, Inc	8.750		02/14/19	Baa2		8,805
	9,675,000		Time Warner Cable, Inc	8.250		04/01/19	Baa2		11,707
	8,000,000		Time Warner Cable, Inc	5.000		02/01/20	Baa2		7,888
	5,550,000		Verizon Communications, Inc	4.350		02/15/13	A3		5,887
	2,905,000		Verizon Communications, Inc	8.750		11/01/18	A3		3,644
	3,875,000		Verizon Communications, Inc	6.250		04/01/37	A3		3,927
	2,900,000		Verizon Communications, Inc	6.400		02/15/38	A3		3,009
	3,100,000		Verizon Communications, Inc	8.950		03/01/39	A3		4,204
	6,500,000		Verizon Virginia, Inc	4.630		03/15/13	Baa1		6,818
	3,875,000		Viacom, Inc	4.380		09/15/14	Baa2		4,004
	2,000,000		Virgin Media Finance plc	9.500		08/15/16	B1		2,185
			TOTAL COMMUNICATIONS						312,393
DEPOSITORY INSTITUTIONS - 4.0%
	4,500,000	g	Banco Bradesco S.A.	6.750		09/29/19	Baa2		4,680
	2,540,000	g	Banco do Brasil S.A.	4.500		01/22/15	Baa2		2,598
	4,450,000	g	Banco do Brasil S.A.	6.000		01/22/20	Baa2		4,509
	4,500,000		Banco Santander Brasil	4.500		04/06/15	Baa2		4,490
	3,050,000		Bank of America Corp	4.900		05/01/13	A2		3,191
	4,850,000		Bank of America Corp	7.380		05/15/14	A2		5,454
	11,300,000		Bank of America Corp	4.500		04/01/15	A2		11,393
	18,550,000		Bank of America Corp	5.300		03/15/17	A1		18,362
	8,525,000		Bank of America Corp	6.000		09/01/17	A2		8,866
	5,725,000		Bank of America Corp	5.750		12/01/17	A2		5,870
	7,450,000		Bank of America Corp	7.630		06/01/19	A2		8,522
	2,500,000	g	Bank of China Hong Kong Ltd	5.550		02/11/20	A1		2,495
	5,700,000		Bank of New York Mellon Corp	4.300		05/15/14	Aa2		6,000
	4,125,000		Bank of New York Mellon Corp	5.450		05/15/19	Aa2		4,375
	4,250,000		Bank One Corp	5.250		01/30/13	A1		4,568
	3,750,000		Barclays Bank plc	5.200		07/10/14	Aa3		4,004
	3,900,000	g	Barclays Bank plc	6.050		12/04/17	Baa1		4,022
	1,250,000	i	BB&T Capital Trust IV	6.820		06/12/57	A3		1,180
	6,000,000		BB&T Corp	3.850		07/27/27	A1		6,253
	2,500,000	g	Canadian Imperial Bank of Commerce	2.000		02/04/13	Aaa		2,510
	3,750,000		Capital One Bank USA NA	8.800		07/15/19	A3		4,531
	5,000,000		Capital One Capital V	8.880		05/15/40	Baa3		5,449
	5,150,000		Capital One Financial Corp	5.700		09/15/11	Baa1		5,383
	3,250,000		Citigroup, Inc	5.100		09/29/11	A3		3,388
	7,375,000		Citigroup, Inc	5.300		10/17/12	A3		7,746
	6,655,000		Citigroup, Inc	5.000		09/15/14	Baa1		6,646
	5,800,000		Citigroup, Inc	5.500		10/15/14	A3		6,002
	4,525,000		Citigroup, Inc	6.130		05/15/18	A3		4,624
	10,375,000		Citigroup, Inc	8.500		05/22/19	A3		12,109
	7,575,000		Citigroup, Inc	6.880		03/05/38	A3		7,655

291

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	3,825,000		Citigroup, Inc	8.130	%	07/15/39	A3	$	4,416
	8,550,000		Credit Suisse	5.000		05/15/13	Aa1		9,189
	8,250,000		Credit Suisse	5.500		05/01/14	Aa1		8,980
	8,000,000		Credit Suisse	5.300		08/13/19	Aa1		8,204
	45,000,000	g	Depfa ACS Bank	5.130		03/16/37	Aa2		33,252
	3,500,000		Deutsche Bank AG.	3.880		08/18/14	Aa3		3,576
	4,750,000		Discover Bank	8.700		11/18/19	Ba1		5,203
	3,500,000		Golden West Financial Corp	4.750		10/01/12	A1		3,677
	7,000,000		HSBC Bank USA NA	4.630		04/01/14	A1		7,304
	3,000,000	g,i	HSBC Capital Funding LP	4.610		12/30/49	A3		2,761
	2,100,000		HSBC Holdings plc	6.500		09/15/37	A1		2,177
	4,350,000	g	ICICI Bank Ltd	5.500		03/25/15	Baa2		4,414
	3,600,000	i	ING Groep NV	5.780		12/30/49	Ba1		3,065
	4,000,000		JP Morgan Chase Capital XXV	6.800		10/01/37	A2		3,982
	1,000,000		JPMorgan Chase & Co	7.880		06/15/10	A1		1,013
	4,500,000		JPMorgan Chase & Co	4.500		01/15/12	Aa3		4,744
	7,000,000		JPMorgan Chase & Co	3.700		01/20/15	Aa3		7,043
	9,770,000		JPMorgan Chase & Co	6.000		01/15/18	Aa3		10,607
	11,800,000		JPMorgan Chase & Co	6.300		04/23/19	Aa3		13,021
	7,700,000		JPMorgan Chase & Co	4.950		03/25/20	Aa3		7,634
	3,025,000		JPMorgan Chase & Co	6.400		05/15/38	Aa3		3,266
	3,875,000	g	Lloyds TSB Bank plc	5.800		01/13/20	Aa3		3,781
	4,250,000	i	Manufacturers & Traders Trust Co	5.630		12/01/21	A3		3,874
	12,750,000		Northern Trust Corp	4.630		05/01/14	A1		13,559
	8,000,000		PNC Funding Corp	5.130		02/08/20	A3		8,059
	5,500,000	g	Principal Life Global Funding I	5.130		10/15/13	Aa3		5,644
	4,900,000	g,i	Rabobank Nederland NV	11.000		12/30/49	A2		6,306
	4,500,000	g	Shinhan Bank	4.380		09/15/15	A2		4,482
	6,350,000		State Street Corp	4.300		05/30/14	A1		6,721
	2,000,000		Union Bank of California NA	5.950		05/11/16	A3		2,099
	5,000,000		US Bank NA	4.950		10/30/14	Aa2		5,323
	1,925,000		USB Capital XIII Trust	6.630		12/15/39	A2		1,949
	5,125,000		Wachovia Bank NA	5.300		10/15/11	A1		5,422
	8,275,000		Wachovia Bank NA	4.800		11/01/14	Aa3		8,517
	2,050,000		Wachovia Bank NA	5.850		02/01/37	Aa3		1,914
	2,975,000		Wachovia Corp	5.500		05/01/13	A1		3,213
	3,500,000		Wells Fargo & Co	5.250		10/23/12	A1		3,771
	5,500,000		Wells Fargo & Co	4.950		10/16/13	A2		5,810
	10,650,000		Wells Fargo & Co	4.750		02/09/15	Aa3		11,060
	11,525,000		Wells Fargo & Co	3.630		04/15/15	A1		11,434
	3,000,000		Zions Bancorporation	7.750		09/23/14	Baa3		3,026
			TOTAL DEPOSITORY INSTITUTIONS						440,367
ELECTRIC, GAS, AND SANITARY SERVICES - 2.5%
	2,400,000	g	AES Corp	8.750		05/15/13	Ba3		2,436
	2,250,000		AGL Capital Corp	5.250		08/15/19	Baa1		2,274
	2,000,000		AGL Capital Corp	6.000		10/01/34	Baa1		1,960
	8,435,000		Alliant Energy Corp	1.000		10/15/14	Baa1		8,501
	5,500,000		Atmos Energy Corp	8.500		03/15/19	Baa2		6,748
	4,500,000		Carolina Power & Light Co	5.130		09/15/13	A1		4,922
	4,750,000		Carolina Power & Light Co	5.300		01/15/19	A1		4,997
	2,750,000		Carolina Power & Light Co	5.700		04/01/35	A1		2,726
	2,100,000		CenterPoint Energy Houston Electric LLC	7.000		03/01/14	Baa1		2,386

292

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	4,250,000		CenterPoint Energy Resources Corp	7.880	%	04/01/13	Baa3	$	4,866
	3,550,000		CenterPoint Energy Resources Corp	6.250		02/01/37	Baa3		3,452
	4,375,000	g	Colbun S.A.	6.000		01/21/20	NR		4,399
	4,200,000		Commonweatlh Edison Co	5.900		03/15/36	Baa1		4,263
	2,750,000		Connecticut Light & Power Co	5.500		02/01/19	A2		2,900
	3,500,000		Consolidated Natural Gas Co	6.250		11/01/11	Baa2		3,750
	4,250,000		Consolidated Natural Gas Co	5.000		12/01/14	Baa2		4,529
	7,150,000		Duke Energy Carolinas LLC	5.750		11/15/13	A1		7,965
	10,000,000		Duke Energy Carolinas LLC	5.300		02/15/40	A1		9,474
	11,500,000		Duke Energy Corp	3.950		09/15/14	Baa2		11,850
	1,335,000	g	Enel Finance International S.A.	3.880		10/07/14	A2		1,352
	5,375,000		Energy Transfer Partners LP	9.000		04/15/19	Baa3		6,600
	4,000,000		FirstEnergy Solutions Corp	4.800		02/15/15	Baa2		4,094
	4,000,000		FirstEnergy Solutions Corp	6.050		08/15/21	Baa2		4,005
	2,000,000		Florida Power Corp	6.400		06/15/38	A1		2,175
	5,000,000		Georgia Power Co	5.950		02/01/39	A2		5,156
	5,000,000		Indiana Michigan Power Co	7.000		03/15/19	Baa2		5,643
	1,000,000	g	Kansas Gas & Electric	6.700		06/15/19	Baa1		1,125
	2,815,000		Kinder Morgan Energy Partners LP	5.850		09/15/12	Baa2		3,058
	2,825,000		Kinder Morgan Energy Partners LP	9.000		02/01/19	Baa2		3,525
	3,850,000		Kinder Morgan Energy Partners LP	6.500		09/01/39	Baa2		3,957
	5,000,000	g	Korea Hydro & Nuclear Power Co Ltd	6.250		06/17/14	A2		5,479
	2,092,000		Mirant North America LLC	7.380		12/31/13	B1		2,087
	4,000,000		National Fuel Gas Co	5.250		03/01/13	Baa1		4,201
	2,800,000		Nevada Power Co	6.500		08/01/18	Baa3		3,056
	3,500,000		Nevada Power Co	6.650		04/01/36	Baa3		3,718
	3,250,000		NiSource Finance Corp	10.750		03/15/16	Baa3		4,131
	2,000,000		NRG Energy, Inc	7.250		02/01/14	B1		2,015
	4,075,000		ONEOK Partners LP	5.900		04/01/12	Baa2		4,369
	5,250,000		Pacific Gas & Electric Co	8.250		10/15/18	A3		6,409
	2,750,000		PacifiCorp	6.000		01/15/39	A2		2,827
	6,750,000		PG&E Corp	5.750		04/01/14	Baa1		7,373
	750,000		Potomac Electric Power Co	7.900		12/15/38	A3		948
	3,825,000		Progress Energy, Inc	7.050		03/15/19	Baa2		4,316
	2,000,000		Public Service Co of Colorado	7.880		10/01/12	A2		2,290
	2,825,000		Public Service Co of Colorado	4.880		03/01/13	A2		3,059
	2,500,000		Public Service Co of Colorado	5.500		04/01/14	A2		2,727
	8,800,000		Public Service Co of Oklahoma	5.150		12/01/19	Baa1		8,877
	2,640,000		Public Service Electric & Gas Co	5.300		05/01/18	A2		2,785
	4,415,000	g	Republic Services, Inc	5.000		03/01/20	Baa3		4,329
	4,135,000	g	Republic Services, Inc	5.250		11/15/21	Baa3		4,088
	5,810,000	g	Republic Services, Inc	6.200		03/01/40	Baa3		5,659
	2,000,000		Sabine Pass LNG LP	7.250		11/30/13	B2		1,880
	2,100,000		San Diego Gas & Electric Co	6.000		06/01/39	Aa3		2,224
	4,000,000		Sempra Energy	6.000		10/15/39	Baa1		3,926
	2,000,000		Spectra Energy Capital LLC	6.250		02/15/13	Baa2		2,186
	2,600,000		Veolia Environnement	5.250		06/03/13	A3		2,791
	4,500,000		Virginia Electric and Power Co	4.750		03/01/13	Baa1		4,811
	9,040,000		Waste Management, Inc	6.130		11/30/39	Baa3		8,972
	3,000,000	g	Williams Partners LP	3.800		02/15/15	Baa3		2,995
	5,350,000	g	Williams Partners LP	5.250		03/15/20	Baa3		5,361
	6,200,000	g	Williams Partners LP	6.300		04/15/40	Baa3		6,161
	3,000,000		Wisconsin Electric Power Co	5.630		05/15/33	A1		2,946
			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES						264,084

293

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.5%
$	4,000,000		Amphenol Corp	4.750	%	11/15/14	Baa3	$	4,115
	3,838,000		Analog Devices, Inc	5.000		07/01/14	A3		4,053
	10,685,000		Cisco Systems, Inc	4.450		01/15/20	A1		10,626
	4,430,000	g	Empresas Publicas de Medellin ESP	7.630		07/29/19	Baa3		4,895
	3,300,000		General Electric Co	5.250		12/06/17	Aa2		3,461
	2,550,000		Hewlett-Packard Co	2.950		08/15/12	A2		2,634
	1,550,000		Koninklijke Philips Electronics NV	6.880		03/11/38	A3		1,752
	4,450,000		L-3 Communications Corp	6.380		10/15/15	Ba2		4,567
	2,255,000	g	L-3 Communications Corp	5.200		10/15/19	Baa2		2,266
	2,150,000		National Semiconductor Corp	3.950		04/15/15	Baa1		2,126
	4,225,000		Nokia OYJ	5.380		05/15/19	A2		4,450
	4,500,000	g	Power Sector Assets & Liabilities Management Corp	7.390		12/02/24	Ba3		4,736
	3,050,000		Tyco International Finance S.A.	6.000		11/15/13	Baa1		3,371
	2,190,000		Tyco International Finance S.A.	4.130		10/15/14	Baa1		2,264
	5,600,000		Whirlpool Corp	8.000		05/01/12	Baa3		6,155
			TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT						61,471
EXECUTIVE, LEGISLATIVE AND GENERAL - 0.0%
	4,500,000	g	National Agricultural Cooperative Federation	5.000		09/30/14	A2		4,662
			TOTAL EXECUTIVE, LEGISLATIVE AND GENERAL						4,662
FABRICATED METAL PRODUCTS - 0.1%
	1,015,000		Ball Corp	7.130		09/01/16	Ba1		1,078
	355,000		Ball Corp	7.380		09/01/19	Ba1		374
	1,875,000		CRH America, Inc	6.950		03/15/12	Baa1		2,038
	5,000,000		Crown Americas LLC	7.750		11/15/15	B1		5,201
	2,000,000		Silgan Holdings, Inc	7.250		08/15/16	Ba3		2,075
			TOTAL FABRICATED METAL PRODUCTS						10,766
FOOD AND KINDRED PRODUCTS - 1.0%
	4,300,000	g	BFF International Ltd	7.250		01/28/20	Ba1		4,365
	6,400,000		Bottling Group LLC	6.950		03/15/14	Aa3		7,409
	2,750,000		Bunge Ltd	8.500		06/15/19	Baa2		3,197
	4,000,000		Coca-Cola Enterprises, Inc	4.250		03/01/15	A3		4,234
	1,200,000		Coca-Cola Enterprises, Inc	4.500		08/15/19	A3		1,204
	2,880,000	g	Corp Pesquera Inca Sac	9.000		02/10/17	B2		2,909
	7,250,000		Dr Pepper Snapple Group, Inc	2.350		12/21/12	Baa2		7,301
	3,775,000		Dr Pepper Snapple Group, Inc	6.120		05/01/13	Baa2		4,198
	3,698,000		Dr Pepper Snapple Group, Inc	6.820		05/01/18	Baa2		4,225
	3,875,000		Dr Pepper Snapple Group, Inc	7.450		05/01/38	Baa2		4,603
	3,850,000		General Mills, Inc	5.250		08/15/13	Baa1		4,203
	6,000,000		General Mills, Inc	5.650		02/15/19	Baa1		6,436
	2,530,000		Kraft Foods, Inc	6.130		02/01/18	Baa2		2,769
	4,750,000		Kraft Foods, Inc	5.380		02/10/20	Baa2		4,828
	4,000,000		Kraft Foods, Inc	6.500		11/01/31	Baa2		4,117
	8,250,000		Kraft Foods, Inc	6.500		02/09/40	Baa2		8,548
	7,300,000	g	Mead Johnson Nutrition Co	4.900		11/01/19	Baa1		7,245
	2,750,000	g	Mead Johnson Nutrition Co	5.900		11/01/39	Baa1		2,679
	2,025,000		PepsiAmericas, Inc	5.750		07/31/12	Baa1		2,215
	625,000		PepsiAmericas, Inc	4.380		02/15/14	Baa1		661

294

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	3,175,000		PepsiCo, Inc	7.900	%	11/01/18	Aa3	$	3,932
	5,000,000		Reynolds American, Inc	6.500		07/15/10	Baa3		5,059
	1,000,000	g	Smithfield Foods, Inc	10.000		07/15/14	Ba3		1,115
			TOTAL FOOD AND KINDRED PRODUCTS						97,452
FOOD STORES - 0.2%
	3,800,000		Delhaize Group S.A.	5.880		02/01/14	Baa3		4,155
	3,800,000		Delhaize Group S.A.	6.500		06/15/17	Baa3		4,197
	2,000,000		Ingles Markets, Inc	8.880		05/15/17	B1		2,090
	1,500,000		Kroger Co	6.200		06/15/12	Baa2		1,628
	1,205,000		Kroger Co	5.000		04/15/13	Baa2		1,283
	1,600,000		Kroger Co	6.400		08/15/17	Baa2		1,779
	775,000		Kroger Co	6.800		12/15/18	Baa2		872
	1,600,000		Safeway, Inc	5.000		08/15/19	Baa2		1,614
	1,750,000		Stater Brothers Holdings	8.130		06/15/12	B2		1,759
	880,000		Stater Brothers Holdings	7.750		04/15/15	B2		889
			TOTAL FOOD STORES						20,266
FOREIGN GOVERNMENT BONDS - 0.2%
	15,000,000		Council Of Europe Development Bank	2.750		02/10/15	Aaa		14,932
			TOTAL FOREIGN GOVERNMENT BONDS						14,932
FURNITURE AND HOME FURNISHINGS STORES - 0.0%
	2,000,000		GSC Holdings Corp	8.000		10/01/12	Ba1		2,075
			TOTAL FURNITURE AND HOME FURNISHINGS STORES						2,075
GENERAL BUILDING CONTRACTORS - 0.0%
	2,120,000	g	Urbi Desarrollos Urbanos SAB de C.V.	9.500		01/21/20	Ba3		2,295
			TOTAL GENERAL BUILDING CONTRACTORS						2,295
GENERAL MERCHANDISE STORES - 0.1%
	4,700,000		JC Penney Corp, Inc	5.750		02/15/18	Ba1		4,705
	1,925,000		TJX Cos, Inc	6.950		04/15/19	A3		2,275
	875,000		Wal-Mart Stores, Inc	3.000		02/03/14	Aa2		893
	3,750,000		Wal-Mart Stores, Inc	5.250		09/01/35	Aa2		3,583
	4,000,000		Wal-Mart Stores, Inc	5.630		04/01/40	Aa2		3,986
			TOTAL GENERAL MERCHANDISE STORES						15,442
HEALTH SERVICES - 0.2%
	2,750,000	g	Apria Healthcare Group, Inc	11.250		11/01/14	Ba2		2,991
	2,000,000		CHS	8.880		07/15/15	B3		2,070
	2,000,000		DaVita, Inc	6.630		03/15/13	B1		2,013
	2,250,000		Express Scripts, Inc	7.250		06/15/19	Baa3		2,605
	5,259,000	o	HCA, Inc	9.630		11/15/16	B2		5,633
	3,500,000		Quest Diagnostics, Inc	6.400		07/01/17	Baa2		3,879
			TOTAL HEALTH SERVICES						19,191
HOLDING AND OTHER INVESTMENT OFFICES - 0.5%
	2,310,000		AMB Property LP	6.630		12/01/19	Baa1		2,351
	1,610,000		Boston Properties LP	5.880		10/15/19	Baa2		1,671
	1,875,000		Boston Properties LP	2.880		02/15/37	NR		1,868
	1,525,000		Brandywine Operating Partnership LP	7.500		05/15/15	Baa3		1,641

295

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	1,525,000		Brandywine Operating Partnership LP	5.700	%	05/01/17	Baa3	$	1,447
	5,000,000		Brookfield Asset Management, Inc	7.130		06/15/12	Baa2		5,344
	1,835,000		Developers Diversified Realty Corp	9.630		03/15/16	Baa3		2,053
	2,325,000		Developers Diversified Realty Corp	7.500		04/01/17	Baa3		2,352
	2,700,000	g	Digital Realty Trust LP	5.880		02/01/20	Baa2		2,640
	700,000		Duke Realty LP	5.630		08/15/11	Baa2		725
	255,000		Federal Realty Investment Trust	5.650		06/01/16	Baa1		255
	700,000		Federal Realty Investment Trust	5.900		04/01/20	Baa1		701
	3,825,000		Health Care REIT, Inc	6.130		04/15/20	Baa2		3,837
	1,600,000		Highwoods Properties, Inc	5.850		03/15/17	Baa3		1,529
	840,000		Kimco Realty Corp	5.700		05/01/17	Baa1		842
	1,480,000		Mack-Cali Realty Corp	7.750		08/15/19	Baa2		1,632
	915,000		National Retail Properties, Inc	6.880		10/15/17	Baa2		939
	900,000		Nationwide Health Properties, Inc	6.250		02/01/13	Baa2		958
	4,500,000	g	Odebrecht Finance Ltd	7.000		04/21/20	Baa3		4,686
	725,000	g	PPF Funding, Inc	5.350		04/15/12	Baa2		739
	1,485,000		ProLogis	7.630		08/15/14	Baa2		1,624
	385,000		ProLogis	5.750		04/01/16	Baa2		377
	1,540,000		ProLogis	5.630		11/15/16	Baa2		1,490
	1,505,000		ProLogis	7.380		10/30/19	Baa2		1,545
	3,850,000		ProLogis	6.880		03/15/20	Baa2		3,803
	2,325,000		Realty Income Corp	5.950		09/15/16	Baa1		2,372
	2,325,000		Regency Centers LP	5.250		08/01/15	Baa2		2,325
	225,000		Regency Centers LP	5.880		06/15/17	Baa2		225
	1,090,000		Simon Property Group LP	6.750		05/15/14	A3		1,193
	800,000		Simon Property Group LP	5.250		12/01/16	A3		793
	3,040,000		Simon Property Group LP	10.350		04/01/19	A3		3,822
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES						57,779
HOTELS AND OTHER LODGING PLACES - 0.0%
	2,000,000		Ameristar Casinos, Inc	9.250		06/01/14	B2		2,095
			TOTAL HOTELS AND OTHER LODGING PLACES						2,095
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.4%
	1,500,000		Black & Decker Corp	8.950		04/15/14	Baa1		1,776
	7,525,000		Hewlett-Packard Co	4.250		02/24/12	A2		7,950
	5,250,000		Hewlett-Packard Co	4.750		06/02/14	A2		5,668
	3,000,000		Ingersoll-Rand Global Holding Co Ltd	9.500		04/15/14	Baa1		3,638
	3,150,000		International Game Technology	7.500		06/15/19	Baa2		3,568
	2,125,000		ITT Corp	4.900		05/01/14	Baa1		2,257
	2,945,000		John Deere Capital Corp	2.950		03/09/15	A2		2,944
	1,500,000		Kennametal, Inc	7.200		06/15/12	Baa2		1,583
	3,600,000		Xerox Corp	8.250		05/15/14	Baa2		4,180
	5,000,000		Xerox Corp	4.250		02/15/15	Baa2		5,041
	2,075,000		Xerox Corp	5.630		12/15/19	Baa2		2,133
			TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT						40,738
INSTRUMENTS AND RELATED PRODUCTS - 0.4%
	1,700,000		Agilent Technologies, Inc	4.450		09/14/12	Baa3		1,782
	3,750,000		Boston Scientific Corp	4.500		01/15/15	Ba1		3,594
	4,000,000		Emerson Electric Co	4.500		05/01/13	A2		4,299
	5,000,000		Medtronic, Inc	4.750		09/15/15	A1		5,409
	4,450,000		Medtronic, Inc	4.450		03/15/20	A1		4,429

296

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL				ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	6,000,000			St. Jude Medical, Inc	3.750	%	07/15/14	Baa1	$	6,152
	6,200,000			Stryker Corp	3.000		01/15/15	A3		6,197
	4,000,000			Stryker Corp	4.380		01/15/20	A3		3,967
	6,225,000	g		Thermo Fisher Scientific, Inc	2.150		12/28/12	Baa1		6,204
	1,695,000	g		Thermo Fisher Scientific, Inc	3.250		11/18/14	Baa1		1,669
	1,750,000			Thermo Fisher Scientific, Inc	5.000		06/01/15	Baa1		1,838
	1,947,000			Zimmer Holdings, Inc	4.630		11/30/19	Baa1		1,936
	4,988,000			Zimmer Holdings, Inc	5.750		11/30/39	Baa1		4,883
				TOTAL INSTRUMENTS AND RELATED PRODUCTS						52,359
INSURANCE AGENTS, BROKERS AND SERVICE - 0.2%
	7,600,000			Hartford Financial Services Group, Inc	4.000		03/30/15	Baa3		7,530
	7,600,000			Hartford Financial Services Group, Inc	5.500		03/30/20	Baa3		7,485
	3,725,000			Hartford Financial Services Group, Inc	6.630		03/30/40	Baa3		3,665
				TOTAL INSURANCE AGENTS, BROKERS AND SERVICE						18,680
INSURANCE CARRIERS - 1.0%
	3,825,000			ACE INA Holdings, Inc	5.880		06/15/14	A3		4,201
	2,155,000			Aetna, Inc	6.500		09/15/18	A3		2,405
	1,925,000			Aetna, Inc	6.630		06/15/36	A3		2,028
	11,525,000			Aflac, Inc	8.500		05/15/19	A2		13,876
	8,000,000			Aflac, Inc	6.900		12/17/39	A2		8,245
	5,000,000	g		AIG SunAmerica Global Financing VI	6.300		05/10/11	A1		5,149
	5,375,000			Allstate Corp	7.450		05/16/19	A3		6,307
	4,375,000			American Financial Group, Inc	9.880		06/15/19	Baa2		5,158
	3,750,000			Chubb Corp	6.000		05/11/37	A2		3,846
	4,000,000	g		John Hancock Global Funding II	7.900		07/02/10	Aa3		4,063
	3,000,000			Metlife, Inc	5.380		12/15/12	A3		3,246
	5,620,000			Metlife, Inc	5.000		06/15/15	A3		5,893
	7,675,000			Metlife, Inc	6.750		06/01/16	A3		8,601
	2,500,000			Metlife, Inc	5.700		06/15/35	A3		2,398
	3,000,000			Prudential Financial, Inc	5.800		06/15/12	Baa2		3,220
	11,300,000			Prudential Financial, Inc	7.380		06/15/19	Baa2		12,959
	3,000,000	g		Prudential Funding LLC	6.750		09/15/23	A3		3,183
	4,250,000			Travelers Cos, Inc	5.800		05/15/18	A2		4,553
	1,150,000			Travelers Cos, Inc	5.900		06/02/19	A2		1,258
	4,750,000			Unum Group	7.130		09/30/16	Ba1		5,163
	4,902,000			WellPoint, Inc	6.380		01/15/12	Baa1		5,285
	1,800,000			WellPoint, Inc	5.880		06/15/17	Baa1		1,933
	2,250,000			WellPoint, Inc	5.850		01/15/36	Baa1		2,177
			TOTAL INSURANCE CARRIERS							115,147
JUSTICE, PUBLIC ORDER AND SAFETY - 0.0%
	2,000,000			Corrections Corp of America	7.750		06/01/17	Ba2		2,090
				TOTAL JUSTICE, PUBLIC ORDER AND SAFETY						2,090
LEGAL SERVICES - 0.0%
	1,256,000			FTI Consulting, Inc	7.630		06/15/13	Ba2		1,272
				TOTAL LEGAL SERVICES						1,272

297

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
METAL MINING - 0.2%
$	5,575,000		Freeport-McMoRan Copper & Gold, Inc	8.380	%	04/01/17	Ba2	$	6,202
	1,940,000		Newmont Mining Corp	6.250		10/01/39	Baa2		1,940
	3,850,000		Rio Tinto Finance USA Ltd	5.880		07/15/13	Baa1		4,232
	4,000,000		Rio Tinto Finance USA Ltd	6.500		07/15/18	Baa1		4,502
	2,500,000		Rio Tinto Finance USA Ltd	9.000		05/01/19	Baa1		3,209
			TOTAL METAL MINING						20,085
MISCELLANEOUS RETAIL - 0.2%
	2,500,000		CVS Caremark Corp	4.880		09/15/14	Baa2		2,664
	10,500,000		CVS Caremark Corp	5.750		06/01/17	Baa2		11,322
	795,000		CVS Caremark Corp	6.600		03/15/19	Baa2		889
	3,875,000		Staples, Inc	9.750		01/15/14	Baa2		4,698
			TOTAL MISCELLANEOUS RETAIL						19,573
MOTION PICTURES - 0.2%
	3,000,000		AMC Entertainment, Inc	8.750		06/01/19	B1		3,150
	16,250,000		Time Warner, Inc	6.880		05/01/12	Baa2		17,875
	3,825,000		Time Warner, Inc	6.500		11/15/36	Baa2		3,929
			TOTAL MOTION PICTURES						24,954
NONDEPOSITORY INSTITUTIONS - 2.2%
	2,550,000		American Express Co	7.000		03/19/18	A3		2,896
	8,875,000		American Express Co	8.130		05/20/19	A3		10,749
	7,500,000		American General Finance Corp	6.900		12/15/17	B2		6,569
	3,500,000	g	American Honda Finance Corp	5.130		12/15/10	A1		3,605
	3,900,000	g	Anglo American Capital plc	9.380		04/08/14	Baa1		4,685
	3,875,000		Barrick Australian Finance Pty Ltd	5.950		10/15/39	Baa1		3,816
	4,500,000	g	CCL Finance Ltd	9.500		08/15/14	Ba3		5,175
	12,000,000	g	CDP Financial, Inc	3.000		11/25/14	Aaa		11,816
	3,700,000		Countrywide Financial Corp	6.250		05/15/16	A3		3,799
	4,500,000		Countrywide Home Loans, Inc	4.000		03/22/11	A2		4,626
	2,000,000		Ford Motor Credit Co LLC	7.500		08/01/12	B1		2,071
	2,100,000		General Electric Capital Corp	5.880		02/15/12	Aa2		2,257
	7,450,000		General Electric Capital Corp	5.900		05/13/14	Aa2		8,197
	21,200,000		General Electric Capital Corp	5.500		06/04/14	Aa2		22,903
	20,250,000		General Electric Capital Corp	5.500		01/08/20	Aa2		20,660
	5,375,000		General Electric Capital Corp	6.880		01/10/39	Aa2		5,798
	10,000,000		HSBC Finance Corp	5.250		01/14/11	A3		10,310
	5,750,000		HSBC Finance Corp	6.380		11/27/12	A3		6,297
	4,000,000		HSBC Finance Corp	4.750		07/15/13	A3		4,201
	5,000,000		HSBC Finance Corp	5.500		01/19/16	A3		5,252
	4,500,000	g	Hutchinson Whampoa International	5.750		09/11/19	A3		4,671
	5,575,000		International Lease Finance Corp	5.750		06/15/11	B1		5,603
	2,325,000	g	International Lease Finance Corp	8.630		09/15/15	B1		2,377
	15,350,000		Kreditanstalt fuer Wiederaufbau	4.500		07/16/18	Aaa		16,140
	12,000,000		Kreditanstalt fuer Wiederaufbau	4.000		01/27/20	Aaa		11,958
	4,150,000		Landwirtschaftliche Rentenbank	5.250		07/02/12	Aaa		4,494
	5,000,000		Landwirtschaftliche Rentenbank	5.130		02/01/17	Aaa		5,454
	4,500,000	g	LUKOIL International Finance BV	7.250		11/05/19	Baa2		4,725
	4,092,000	g	Majapahit Holding BV	8.000		08/07/19	Ba2		4,496
	4,000,000		MBNA Corp	6.130		03/01/13	A2		4,296
	3,415,000		National Rural Utilities Cooperative Finance Corp	2.610		09/16/12	A1		3,484
	5,990,000		National Rural Utilities Cooperative Finance Corp	5.500		07/01/13	A1		6,559
	3,800,000		National Rural Utilities Cooperative Finance Corp	10.380		11/01/18	A1		5,054

298

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	7,680,000		Svensk Exportkredit AB	5.130	%	03/01/17	Aa1	$	8,356
	4,500,000		TAM LINHAS AERES S.A.	7.380		04/25/17	B1		4,241
	4,500,000	g	TNK-BP Finance S.A.	6.250		02/02/15	Baa2		4,725
	4,156,250		Totem Ocean Trailer Express, Inc	4.510		12/18/19	NR		4,381
			TOTAL NONDEPOSITORY INSTITUTIONS						246,696
OIL AND GAS EXTRACTION - 2.1%
	7,450,000		Anadarko Petroleum Corp	5.950		09/15/16	Baa3		8,117
	2,310,000		Anadarko Petroleum Corp	8.700		03/15/19	Baa3		2,858
	3,825,000		Anadarko Petroleum Corp	7.950		06/15/39	Baa3		4,598
	5,325,000		Anadarko Petroleum Corp	6.200		03/15/40	Baa3		5,239
	4,500,000		Atlas Energy Operating Co LLC	10.750		02/01/18	B3		4,950
	5,900,000		Baker Hughes, Inc	6.500		11/15/13	A2		6,746
	3,000,000		Baker Hughes, Inc	6.880		01/15/29	A2		3,425
	3,500,000		BJ Services Co	5.750		06/01/11	Baa1		3,661
	2,000,000		Burlington Resources Finance Co	6.400		08/15/11	A2		2,134
	7,750,000		Burlington Resources Finance Co	7.200		08/15/31	A2		8,881
	3,000,000	g	Cenovus Energy, Inc	4.500		09/15/14	Baa2		3,130
	3,250,000		Chesapeake Energy Corp	6.500		08/15/17	Ba3		3,144
	2,000,000		Denbury Resources, Inc	7.500		04/01/13	B1		2,020
	4,500,000	g	Empresa Nacional del Petroleo	6.250		07/08/19	A3		4,555
	1,525,000		EnCana Corp	6.500		05/15/19	Baa2		1,701
	1,525,000		EnCana Corp	6.630		08/15/37	Baa2		1,638
	5,000,000		Encore Acquisition Co	9.500		05/01/16	B1		5,406
	5,950,000		Enterprise Products Operating LLC	4.600		08/01/12	Baa3		6,276
	4,000,000		Enterprise Products Operating LLC	5.600		10/15/14	Baa3		4,330
	1,150,000		Enterprise Products Operating LLC	5.000		03/01/15	Baa3		1,219
	2,800,000		Enterprise Products Operating LLC	6.300		09/15/17	Baa3		3,076
	1,600,000		Enterprise Products Operating LLC	6.500		01/31/19	Baa3		1,768
	7,650,000		Enterprise Products Operating LLC	6.130		10/15/39	Baa3		7,522
	3,250,000		EOG Resources, Inc	5.630		06/01/19	A3		3,488
	4,000,000		Gaz Capital S.A.	6.210		11/22/16	Baa1		4,120
	4,500,000		Gaz Capital S.A.	6.510		03/07/22	Baa1		4,417
	3,250,000		Husky Energy, Inc	6.250		06/15/12	Baa2		3,525
	2,975,000		Husky Energy, Inc	6.800		09/15/37	Baa2		3,231
	3,710,000	g	KazMunaiGaz Finance Sub BV	11.750		01/23/15	Baa2		4,767
	3,000,000		Kerr-McGee Corp	6.950		07/01/24	Baa3		3,337
	9,200,000		Nexen, Inc	7.500		07/30/39	Baa3		10,494
	2,800,000		Pemex Project Funding Master Trust	5.750		03/01/18	Baa1		2,882
	1,890,000		Pemex Project Funding Master Trust	6.630		06/15/38	Baa1		1,832
	7,300,000		Petrobras International Finance Co	7.880		03/15/19	Baa1		8,538
	4,450,000		Petrobras International Finance Co	6.880		01/20/40	Baa1		4,593
	4,500,000	g	Petroleos Mexicanos	4.880		03/15/15	Baa1		4,622
	2,900,000		Petroleos Mexicanos	8.000		05/03/19	Baa1		3,400
	8,000,000	g	Petroleos Mexicanos	6.000		03/05/20	Baa1		8,200
	3,960,000	g	Petroleum Co of Trinidad & Tobago Ltd	9.750		08/14/19	Baa3		4,505
	4,500,000	g	Petronas Capital Ltd	5.250		08/12/19	A1		4,562
	3,000,000		Plains All American Pipeline LP	5.630		12/15/13	Baa3		3,232
	8,200,000		Plains All American Pipeline LP	5.750		01/15/20	Baa3		8,409
	2,000,000		Range Resources Corp	7.500		05/15/16	Ba3		2,060
	700,000		Range Resources Corp	7.250		05/01/18	Ba3		718
	3,920,000		Ras Laffan Liquefied Natural Gas Co Ltd	5.300		09/30/20	Aa2		4,018
	3,750,000		SEACOR Holdings, Inc	7.380		10/01/19	Ba1		3,860

299

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	1,964,000		Southwestern Energy Co	7.500	%	02/01/18	Ba2	$	2,131
	5,000,000		XTO Energy, Inc	6.250		04/15/13	Baa2		5,583
	4,400,000		XTO Energy, Inc	4.630		06/15/13	Baa2		4,718
	3,225,000		XTO Energy, Inc	5.500		06/15/18	Baa2		3,501
	2,500,000		XTO Energy, Inc	6.380		06/15/38	Baa2		2,800
			TOTAL OIL AND GAS EXTRACTION						217,937
PAPER AND ALLIED PRODUCTS - 0.0%
	1,900,000		Greif, Inc	7.750		08/01/19	Ba2		1,976
	4,250,000		International Paper Co	7.300		11/15/39	Baa3		4,542
			TOTAL PAPER AND ALLIED PRODUCTS						6,518
PETROLEUM AND COAL PRODUCTS - 0.9%
	4,725,000		BP Capital Markets plc	3.130		03/10/12	Aa1		4,895
	2,725,000		BP Capital Markets plc	3.630		05/08/14	Aa1		2,827
	11,675,000		BP Capital Markets plc	3.880		03/10/15	Aa1		12,125
	7,000,000		Chevron Corp	3.450		03/03/12	Aa1		7,287
	9,725,000		ConocoPhillips	4.600		01/15/15	A1		10,430
	7,600,000		ConocoPhillips	6.500		02/01/39	A1		8,490
	4,430,000		Ecopetrol S.A.	7.630		07/23/19	Baa2		4,917
	3,600,000		Hess Corp	8.130		02/15/19	Baa2		4,388
	6,000,000		Hess Corp	6.000		01/15/40	Baa2		5,925
	2,225,000		Marathon Oil Corp	6.500		02/15/14	Baa1		2,495
	4,850,000		Marathon Oil Corp	7.500		02/15/19	Baa1		5,697
	4,000,000		Marathon Oil Corp	6.600		10/01/37	Baa1		4,199
	7,620,000		Shell International Finance BV	4.380		03/25/20	Aa1		7,554
	1,925,000		Shell International Finance BV	6.380		12/15/38	Aa1		2,120
	2,800,000		Statoil ASA	2.900		10/15/14	Aa2		2,800
	3,375,000		Valero Energy Corp	4.500		02/01/15	Baa2		3,381
	8,000,000		Valero Energy Corp	6.130		02/01/20	Baa2		8,002
			TOTAL PETROLEUM AND COAL PRODUCTS						97,532
PIPELINES, EXCEPT NATURAL GAS - 0.2%
	3,250,000		Enbridge Energy Partners LP	5.200		03/15/20	Baa2		3,264
	2,000,000		Kaneb Pipe Line Operating Partnership LP	5.880		06/01/13	Baa3		2,139
	4,025,000	g	Rockies Express Pipeline LLC	6.250		07/15/13	Ba1		4,379
	2,175,000		TransCanada Pipelines Ltd	4.000		06/15/13	A3		2,283
	3,400,000		TransCanada Pipelines Ltd	5.850		03/15/36	A3		3,388
	2,750,000	i	TransCanada Pipelines Ltd	6.350		05/15/67	Baa1		2,617
			TOTAL PIPELINES, EXCEPT NATURAL GAS						18,070
PRIMARY METAL INDUSTRIES - 0.2%
	3,040,000		ArcelorMittal	5.380		06/01/13	Baa3		3,236
	2,085,000		ArcelorMittal	9.850		06/01/19	Baa3		2,650
	7,900,000		ArcelorMittal	7.000		10/15/39	Baa3		8,113
	4,350,000	g	CSN Islands XI Corp	6.880		09/21/19	Ba1		4,546
	4,460,000	g	Gerdau S.A.	7.000		01/20/20	Baa1		4,705
	1,550,000	g	Xstrata Finance Canada Ltd	6.900		11/15/37	Baa2		1,605
			TOTAL PRIMARY METAL INDUSTRIES						24,855

300

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
PRINTING AND PUBLISHING - 0.2%
$	2,500,000		Dun & Bradstreet Corp	5.500	%	03/15/11	A3	$	2,601
	1,274,000		News America, Inc	7.250		05/18/18	Baa1		1,474
	4,250,000		News America, Inc	7.630		11/30/28	Baa1		4,725
	3,800,000		News America, Inc	6.200		12/15/34	Baa1		3,790
	3,575,000		News America, Inc	6.650		11/15/37	Baa1		3,760
	3,800,000		News America, Inc	6.900		08/15/39	Baa1		4,148
			TOTAL PRINTING AND PUBLISHING						20,498
RAILROAD TRANSPORTATION - 0.5%
	3,750,000		Burlington Northern Santa Fe Corp	6.750		07/15/11	A3		3,990
	7,650,000		Burlington Northern Santa Fe Corp	4.700		10/01/19	A3		7,575
	2,400,000		Burlington Northern Santa Fe Corp	6.150		05/01/37	A3		2,467
	3,500,000		Canadian National Railway Co	4.400		03/15/13	A3		3,697
	4,000,000		CSX Corp	6.250		03/15/18	Baa3		4,322
	2,640,000	g	Kansas City Southern de Mexico S.A. de C.V.	8.000		02/01/18	B2		2,706
	2,500,000		Norfolk Southern Corp	5.750		01/15/16	Baa1		2,764
	2,800,000		Norfolk Southern Corp	5.750		04/01/18	Baa1		3,005
	2,056,000		Norfolk Southern Corp	5.590		05/17/25	Baa1		2,016
	1,500,000		Union Pacific Corp	6.500		04/15/12	Baa2		1,638
	6,375,000		Union Pacific Corp	5.130		02/15/14	Baa2		6,830
			TOTAL RAILROAD TRANSPORTATION						41,010
REAL ESTATE - 0.0%
	4,500,000	g	Desarrolladora Homex SAB de C.V.	9.500		12/11/19	Ba3		4,759
	3,280,000	g	Sable International Finance Ltd	7.750		02/15/17	Ba2		3,411
	1,750,000	g,i	USB Realty Corp	6.090		12/30/49	A3		1,420
			TOTAL REAL ESTATE						9,590
SECURITY AND COMMODITY BROKERS - 2.1%
	3,550,000		Ameriprise Financial, Inc	5.300		03/15/20	A3		3,591
	7,250,000		BlackRock, Inc	3.500		12/10/14	A1		7,339
	7,500,000		BlackRock, Inc	5.000		12/10/19	A1		7,508
	4,200,000		Charles Schwab Corp	4.950		06/01/14	A2		4,478
	3,000,000		Credit Suisse USA, Inc	4.880		01/15/15	Aa1		3,181
	1,250,000		Eaton Vance Corp	6.500		10/02/17	A3		1,346
	4,900,000	i	Goldman Sachs Capital II	5.790		12/30/49	Baa2		4,153
	3,825,000		Goldman Sachs Group, Inc	3.630		08/01/12	A1		3,961
	3,250,000		Goldman Sachs Group, Inc	5.700		09/01/12	A1		3,525
	7,300,000		Goldman Sachs Group, Inc	4.750		07/15/13	A1		7,718
	1,130,000		Goldman Sachs Group, Inc	6.000		05/01/14	A1		1,237
	14,037,000		Goldman Sachs Group, Inc	5.350		01/15/16	A1		14,787
	4,975,000		Goldman Sachs Group, Inc	7.500		02/15/19	A1		5,685
	11,075,000		Goldman Sachs Group, Inc	5.380		03/15/20	A1		10,973
	1,150,000		Goldman Sachs Group, Inc	6.450		05/01/36	A2		1,112
	3,100,000		Goldman Sachs Group, Inc	6.750		10/01/37	A2		3,096
	3,150,000	n	Lehman Brothers Holdings Capital Trust V	5.860		12/30/49	Ca		8
	15,125,000		Merrill Lynch & Co, Inc	6.050		08/15/12	A2		16,155
	4,825,000		Merrill Lynch & Co, Inc	5.450		02/05/13	A2		5,105
	4,675,000		Merrill Lynch & Co, Inc	6.400		08/28/17	A2		4,927
	13,650,000		Merrill Lynch & Co, Inc	6.880		04/25/18	A2		14,710
	30,000,000		Morgan Stanley	2.250		03/13/12	Aaa		30,610
	14,775,000		Morgan Stanley	6.000		05/13/14	A2		15,959
	3,925,000		Morgan Stanley	6.000		04/28/15	A2		4,205
	9,350,000		Morgan Stanley	5.380		10/15/15	A2		9,711

301

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	5,000,000		Morgan Stanley	5.750	%	10/18/16	A2	$	5,198
	4,125,000		Morgan Stanley	5.450		01/09/17	A2		4,182
	4,775,000		Morgan Stanley	5.950		12/28/17	A2		4,906
	3,850,000		Morgan Stanley	6.630		04/01/18	A2		4,106
	4,975,000		Morgan Stanley	7.300		05/13/19	A2		5,496
	3,000,000		Morgan Stanley	5.630		09/23/19	A2		2,989
	7,875,000		Morgan Stanley	5.500		01/26/20	A2		7,703
	3,500,000		NASDAQ OMX Group, Inc	4.000		01/15/15	Baa3		3,483
	2,625,000		NASDAQ OMX Group, Inc	5.550		01/15/20	Baa3		2,610
	1,500,000		Nomura Holdings, Inc	5.000		03/04/15	Baa2		1,533
	1,650,000		Nomura Holdings, Inc	6.700		03/04/20	Baa2		1,712
	1,157,000		Nuveen Investments, Inc	10.500		11/15/15	Caa3		1,122
			TOTAL SECURITY AND COMMODITY BROKERS						230,120
SOCIAL SERVICES - 0.0%
	2,000,000	g	Knowledge Learning Corp, Inc	7.750		02/01/15	B2		1,940
			TOTAL SOCIAL SERVICES						1,940
STONE, CLAY, AND GLASS PRODUCTS - 0.1%
	3,385,000		3M Co	4.380		08/15/13	Aa2		3,631
	4,150,000		3M Co	5.700		03/15/37	Aa2		4,290
	4,500,000	g	Cemex SAB de C.V.	9.500		12/14/16	NR		4,657
	2,000,000		Owens Brockway Glass Container, Inc	8.250		05/15/13	Ba3		2,025
			TOTAL STONE, CLAY, AND GLASS PRODUCTS						14,603
TOBACCO PRODUCTS - 0.1%
	2,900,000		Philip Morris International, Inc	4.880		05/16/13	A2		3,115
	7,425,000		Philip Morris International, Inc	6.880		03/17/14	A2		8,502
	1,600,000		Philip Morris International, Inc	6.380		05/16/38	A2		1,741
			TOTAL TOBACCO PRODUCTS						13,358
TRANSPORTATION BY AIR - 0.0%
	2,840,000		Bristow Group, Inc	7.500		09/15/17	Ba2		2,868
			TOTAL TRANSPORTATION BY AIR						2,868
TRANSPORTATION EQUIPMENT - 0.4%
	2,000,000	g	Bombardier, Inc	7.500		03/15/18	Ba2		2,085
	2,325,000		Embraer Overseas Ltd	6.380		01/15/20	Baa3		2,366
	3,515,000		Goodrich Corp	6.130		03/01/19	Baa2		3,820
	1,500,000		Goodrich Corp	4.880		03/01/20	Baa2		1,511
	2,500,000		Lockheed Martin Corp	4.120		03/14/13	Baa1		2,638
	3,875,000	g	Meccanica Holdings USA	6.250		01/15/40	A3		3,799
	6,825,000		United Technologies Corp	4.500		04/15/20	A2		6,856
	4,970,000		United Technologies Corp	5.400		05/01/35	A2		4,810
	1,075,000		United Technologies Corp	6.050		06/01/36	A2		1,127
			TOTAL TRANSPORTATION EQUIPMENT						29,012
WATER TRANSPORTATION - 0.0%
	4,500,000	g	DP World Ltd	6.850		07/02/37	Ba1		3,864
	1,335,000		Hornbeck Offshore Services, Inc	8.000		09/01/17	Ba3		1,335
			TOTAL WATER TRANSPORTATION						5,199

302

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
WHOLESALE TRADE-DURABLE GOODS - 0.2%
$	5,250,000	g	Ace Hardware Corp	9.130	%	06/01/16	Ba2	$	5,631
	4,500,000	g	Adaro Indonesia PT	7.630		10/22/19	Ba1		4,675
	3,000,000		Martin Marietta Materials, Inc	6.600		04/15/18	Baa3		3,196
	2,250,000	g	Rearden G Holdings Eins	7.880		03/30/20	B1		2,278
	2,000,000		Vale Overseas Ltd	6.250		01/23/17	Baa2		2,168
	2,760,000		Vale Overseas Ltd	6.880		11/21/36	Baa2		2,855
	6,150,000		Vale Overseas Ltd	6.880		11/10/39	Baa2		6,373
			TOTAL WHOLESALE TRADE-DURABLE GOODS						27,176
WHOLESALE TRADE-NONDURABLE GOODS - 0.4%
	2,000,000		AmeriGas Partners LP	7.130		05/20/16	Ba3		2,020
	11,600,000		Anheuser-Busch InBev Worldwide, Inc	5.380		01/15/20	Baa2		11,967
	2,500,000		Anheuser-Busch InBev Worldwide, Inc	6.380		01/15/40	Baa2		2,668
	2,000,000		Inergy LP	6.880		12/15/14	B1		2,000
	4,250,000		McKesson Corp	6.500		02/15/14	Baa3		4,747
	5,000,000		New Albertsons, Inc	7.500		02/15/11	Ba3		5,175
	9,275,000		Procter & Gamble Co	4.600		01/15/14	Aa3		9,965
	640,000		SuperValu, Inc	8.000		05/01/16	Ba3		648
			TOTAL WHOLESALE TRADE-NONDURABLE GOODS						39,190
			TOTAL CORPORATE BONDS						3,552,640
			(Cost $3,404,316)
GOVERNMENT BONDS - 59.2%
AGENCY SECURITIES - 5.9%
			Federal Farm Credit Bank (FFCB)
	31,850,000		FFCB	2.630		04/21/11	Aaa		32,524
	7,250,000		FFCB	5.380		07/18/11	Aaa		7,682
			Federal Home Loan Bank (FHLB)
	3,000,000		FHLB	3.630		09/16/11	Aaa		3,125
			Federal Home Loan Mortgage Corp (FHLMC)
	22,500,000		FHLMC	5.250		07/18/11	Aaa		23,817
	5,000,000		FHLMC	1.750		06/15/12	Aaa		5,048
	15,000,000		FHLMC	5.500		08/20/12	Aaa		16,431
	28,000,000		FHLMC	2.130		09/21/12	Aaa		28,440
	5,000,000		FHLMC	4.130		12/21/12	Aaa		5,321
	6,000,000		FHLMC	3.500		05/29/13	Aaa		6,300
	27,600,000		FHLMC	2.500		04/23/14	Aaa		27,825
	20,000,000		FHLMC	3.000		07/28/14	Aaa		20,443
	20,000,000		FHLMC	2.880		02/09/15	Aaa		20,123
	1,517,522		FHLMC	5.750		12/15/18	Aaa		1,586
	10,500,000		FHLMC	3.750		03/27/19	Aaa		10,243
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	5,091,825		FGLMC	5.000		04/01/23	Aaa		5,382
			Federal National Mortgage Association (FNMA)
	7,200,000		FNMA	7.130		06/15/10	Aaa		7,302
	8,250,000		FNMA	3.250		08/12/10	Aaa		8,340
	19,400,000		FNMA	1.380		04/28/11	Aaa		19,556
	8,000,000		FNMA	5.000		10/15/11	Aaa		8,500
	20,000,000		FNMA	2.000		01/09/12	Aaa		20,314
	10,000,000		FNMA	3.630		02/12/13	Aaa		10,540

303

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	20,000,000		FNMA	1.750	%	05/07/13	Aaa	$	19,949
	25,000,000		FNMA	3.880		07/12/13	Aaa		26,618
	24,500,000		FNMA	2.750		02/05/14	Aaa		24,957
	76,000,000		FNMA	2.750		03/13/14	Aaa		77,361
	25,500,000		FNMA	2.500		05/15/14	Aaa		25,645
	23,500,000		FNMA	3.000		09/16/14	Aaa		23,932
	35,000,000		FNMA	2.630		11/20/14	Aaa		35,002
	8,028,271		FNMA	4.500		03/25/33	Aaa		8,457
	5,205,035		Cal Dive I- Title XI, Inc	4.930	%	02/01/27	NR		5,221
	26,000,000	g,j	FDIC Structured Sale Guarantee	0.000		10/25/12	NR		24,978
	1,993,360		Overseas Private Investment Corp	3.420		01/15/15	NR		2,083
	13,000,000		Private Export Funding Corp	4.900		12/15/11	Aaa		13,858
	25,000,000		Private Export Funding Corp	3.550		04/15/13	Aaa		26,212
	10,000,000		Private Export Funding Corp	3.050		10/15/14	Aaa		10,127
	7,000,000		Private Export Funding Corp	4.550		05/15/15	Aaa		7,509
	17,000,000		Private Export Funding Corp	5.450		09/15/17	Aaa		18,878
	10,000,000		Private Export Funding Corp	4.380		03/15/19	Aaa		10,091
	3,000,000		US Department of Housing and Urban Development	5.380		08/01/18	NR		3,301
			TOTAL AGENCY SECURITIES						653,021
FOREIGN GOVERNMENT BONDS - 4.0%
	5,000,000	g	Bahrain Government International Bond	5.500		03/31/20	NR		4,961
	5,300,000	g	Banco Nacional de Desenvolvimento Economico e Social	6.500		06/10/19	Baa2		5,658
	4,500,000	g	Banco Nacional de Desenvolvimento Economico e Social	5.500		07/12/20	Baa2		4,455
	15,600,000	g	Bank of England Euro Note	1.630		03/18/13	Aaa		15,489
	1,675,000		Banque Centrale de Tunisie	8.250		09/19/27	Baa2		2,048
	13,000,000	g	Belgium Government International Bond	2.880		09/15/14	NR		13,100
	11,250,000		Belgium Kingdom	2.750		03/05/15	NR		11,180
	5,460,000		Brazilian Government International Bond	5.880		01/15/19	Baa3		5,870
	825,000		Brazilian Government International Bond	7.130		01/20/37	Baa3		939
	12,200,000		Canada Government International Bond	2.380		09/10/14	NR		12,177
	10,000,000		Canada Mortgage & Housing Corp	4.800		10/01/10	Aaa		10,218
	3,500,000		China Development Bank	5.000		10/15/15	A1		3,742
	4,500,000		Colombia Government International Bond	6.130		01/18/41	Ba1		4,298
	4,500,000	g	Commonwealth of the Bahamas	6.950		11/20/29	A3		4,491
	2,350,000	g	Democratic Socialist Republic of Sri Lanka	7.400		01/22/15	B1		2,450
	4,660,000		Eksportfinans A/S	5.000		02/14/12	Aa1		4,973
	3,500,000		European Investment Bank	4.880		02/15/36	Aaa		3,463
	3,196,000		Export-Import Bank of Korea	5.880		01/14/15	A2		3,445
	7,450,000		Export-Import Bank of Korea	4.130		09/09/15	A2		7,473
	4,000,000	g	Federal Republic of Germany	3.880		06/01/10	Aaa		4,020
	16,395,000		Federative Republic of Brazil	6.000		01/17/17	Baa3		17,812
	7,111,111		Federative Republic of Brazil	8.000		01/15/18	Baa3		8,288
	5,000,000		International Finance Corp	5.130		05/02/11	Aaa		5,197
	4,400,000		Italy Government International Bond	5.380		06/12/17	NR		4,729
	4,000,000		Italy Government International Bond	6.880		09/27/23	Aa2		4,587
	4,500,000		Korea Development Bank	4.380		08/10/15	A2		4,567
	3,890,000	g	Korea Expressway Corp	4.500		03/23/15	A2		3,949
	1,000,000		Mexico Government International Bond	6.380		01/16/13	Baa1		1,110
	1,150,000		Mexico Government International Bond	5.880		01/15/14	Baa1		1,264
	2,900,000		Mexico Government International Bond	6.750		09/27/34	Baa1		3,190
	4,772,000		Mexico Government International Bond	6.050		01/11/40	Baa1		4,760
	5,400,000		Oesterreichische Kontrollbank AG.	5.000		04/25/17	Aaa		5,829

304

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	4,500,000		Panama Government International Bond	5.200	%	01/30/20	Ba1	$	4,534
	4,500,000		Panama Government International Bond	6.700		01/26/36	Ba1		4,781
	4,435,000		Peruvian Government International Bond	7.130		03/30/19	Baa3		5,138
	1,200,000		Peruvian Government International Bond	7.350		07/21/25	Baa3		1,392
	4,500,000		Peruvian Government International Bond	6.550		03/14/37	Baa3		4,815
	10,785,000		Poland Government International Bond	6.380		07/15/19	A2		11,815
	14,000,000	g	Portugal Government International Bond	3.500		03/25/15	NR		13,829
	7,400,000		Province of Manitoba Canada	5.000		02/15/12	Aa1		7,926
	3,000,000		Province of Manitoba Canada	2.130		04/22/13	Aa1		3,032
	17,120,000		Province of Ontario Canada	3.130		09/08/10	Aa1		17,343
	20,000,000		Province of Ontario Canada	2.630		01/20/12	Aa1		20,522
	27,400,000		Province of Ontario Canada	4.100		06/16/14	Aa1		29,270
	24,250,000		Province of Ontario Canada	2.950		02/05/15	Aa1		24,314
	10,000,000		Province of Ontario Canada	4.000		10/07/19	Aa1		9,819
	2,250,000		Province of Quebec Canada	5.130		11/14/16	Aa2		2,464
	8,835,000		Province of Quebec Canada	4.630		05/14/18	Aa2		9,220
	6,000,000		Province of Quebec Canada	7.500		09/15/29	Aa2		7,809
	2,630,000	g	Qatar Govt International Bond	4.000		01/20/15	Aa2		2,679
	2,670,000	g	Qatar Govt International Bond	6.400		01/20/40	Aa2		2,790
	4,500,000	g	Republic of El Salvador	7.380		12/01/19	Ba1		4,905
	7,380,000		Republic of Hungary	6.250		01/29/20	Baa1		7,851
	4,500,000	g	Republic of Indonesia	5.880		03/13/20	Ba2		4,669
	4,500,000		Republic of Korea	5.750		04/16/14	A2		4,914
	4,500,000	g	Republic of Lithuania	6.750		01/15/15	Baa1		4,912
	4,000,000		Republic of Serbia	6.750		11/01/24	NR		3,960
	5,500,000		Republic of the Philippines	6.500		01/20/20	Ba3		5,926
	4,500,000		Republic of the Philippines	6.380		10/23/34	Ba3		4,410
	4,500,000		Republic of Turkey	7.500		07/14/17	Ba2		5,130
	3,980,000	g	Socialist Republic of Vietnam	6.750		01/29/20	Ba3		4,060
	4,502,000		South Africa Government International Bond	6.880		05/27/19	A3		5,025
	7,000,000		South Africa Government International Bond	5.500		03/09/20	A3		7,088
	4,180,000		Turkey Government International Bond	6.750		05/30/40	Ba2		4,107
	1,040,000		Ukraine Government International Bond	6.580		11/21/16	B2		992
	960,000	g	Ukraine Government International Bond	6.580		11/21/16	B2		914
	1,030,000		United Mexican States	5.880		02/17/14	Baa1		1,149
	3,500,000		United Mexican States	5.950		03/19/19	Baa1		3,780
	4,500,000		United Mexican States	5.130		01/15/20	Baa1		4,545
	4,500,000		Uruguay Government International Bond	6.880		09/28/25	Ba3		4,883
			TOTAL FOREIGN GOVERNMENT BONDS						456,444
MORTGAGE BACKED - 32.6%
			Federal Home Loan Mortgage Corp (FHLMC)
	6,901,479	i	FHLMC	2.640		02/01/36			7,096
	7,643,643	i	FHLMC	5.810		07/01/36			8,099
	5,418,858	i	FHLMC	3.310		09/01/36			5,594
	4,993,690	i	FHLMC	5.860		09/01/36			5,291
	7,290,845	i	FHLMC	5.940		09/01/36			7,721
	5,206,017	i	FHLMC	6.050		09/01/36			5,513
	14,616,205	i	FHLMC	5.730		02/01/37			15,483
	13,484,450	i	FHLMC	5.610		03/01/37			14,238
	11,354,075	i	FHLMC	5.870		04/01/37			11,978
	955,642	i	FHLMC	5.770		05/01/37			1,014
	11,937,740	i	FHLMC	5.640		06/01/37			12,634

305

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	8,098,414	i	FHLMC	5.700	%	08/01/37		$	8,599
	7,569,279	i	FHLMC	5.740		09/01/37			8,036
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	8,725		FGLMC	7.000		09/01/10			9
	34,858		FGLMC	6.000		04/01/11			38
	223,361		FGLMC	7.000		07/01/13			238
	1,162,274		FGLMC	6.500		12/01/16			1,259
	9,388,610		FGLMC	5.000		09/01/18			10,028
	3,881,849		FGLMC	4.500		10/01/18			4,086
	2,267,523		FGLMC	4.500		11/01/18			2,387
	2,184,798		FGLMC	5.500		01/01/19			2,361
	1,102,794		FGLMC	4.000		06/01/19			1,143
	5,263,013		FGLMC	4.500		01/01/20			5,532
	3,395,002		FGLMC	4.500		07/01/20			3,559
	2,492,509		FGLMC	4.500		08/01/20			2,620
	382,311		FGLMC	7.000		10/01/20			430
	37,030,091		FGLMC	4.500		06/01/21			38,818
	11,947,443		FGLMC	4.500		06/01/21			12,524
	53,306		FGLMC	7.000		05/01/23			60
	871,803		FGLMC	6.000		10/01/23			944
	685,594		FGLMC	6.000		11/01/23			742
	15,492,702		FGLMC	4.000		07/01/24			15,745
	5,626,771		FGLMC	4.500		09/01/24			5,844
	33,000,000		FGLMC	5.000		04/15/25			34,836
	169,744		FGLMC	8.000		01/01/31			196
	73,570		FGLMC	7.000		11/01/31			82
	174,252		FGLMC	7.000		12/01/31			195
	87,553		FGLMC	7.000		12/01/31			98
	273,428		FGLMC	7.000		12/01/31			307
	21,644		FGLMC	7.000		01/01/32			24
	434,912		FGLMC	8.000		02/01/32			502
	7,351,996		FGLMC	4.500		07/01/33			7,441
	3,326,378		FGLMC	5.500		11/01/33			3,570
	17,654,972		FGLMC	5.500		12/01/33			18,750
	4,201,415		FGLMC	5.500		12/01/33			4,459
	35,882,121		FGLMC	7.000		12/01/33			40,343
	54,550,180		FGLMC	5.000		01/01/34			56,703
	11,024,438		FGLMC	5.000		05/01/34			11,449
	6,942,120		FGLMC	6.000		09/01/34			7,521
	21,712,269		FGLMC	4.500		10/01/34			21,976
	1,774,299		FGLMC	5.500		12/01/34			1,881
	9,173,027		FGLMC	4.500		04/01/35			9,267
	3,427,516		FGLMC	6.000		05/01/35			3,714
	1,803,942		FGLMC	6.000		05/01/35			1,948
	2,867,400		FGLMC	6.000		05/01/35			3,096
	3,316,318		FGLMC	6.000		05/01/35			3,581
	6,490,988		FGLMC	6.000		05/01/35			7,008
	4,034,657		FGLMC	6.000		05/01/35			4,356
	9,340,509		FGLMC	7.000		05/01/35			10,502
	1,649,592		FGLMC	5.500		06/01/35			1,746
	1,937,395		FGLMC	5.500		06/01/35			2,051
	5,419,672		FGLMC	5.500		06/01/35			5,737
	20,617,248		FGLMC	5.500		06/01/35			21,826

306

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	3,814,694	FGLMC	6.000	%	06/01/35		$	4,119
	16,245,328	FGLMC	4.500		08/01/35			16,372
	2,074,140	FGLMC	5.000		10/01/35			2,148
	11,255,933	FGLMC	5.000		11/01/35			11,654
	549,685	FGLMC	6.500		11/01/35			601
	2,473,115	FGLMC	6.000		01/01/36			2,660
	4,841,539	FGLMC	5.000		02/01/36			5,013
	2,074,265	FGLMC	5.500		04/01/36			2,195
	1,803,391	FGLMC	6.500		05/01/36			1,966
	12,268,644	FGLMC	6.500		10/01/36			13,373
	31,593,190	FGLMC	5.500		01/01/37			33,425
	20,846,290	FGLMC	5.500		04/01/37			22,038
	33,386,728	FGLMC	5.500		05/01/37			35,295
	10,712,821	FGLMC	6.000		08/01/37			11,513
	4,743,047	FGLMC	6.000		09/01/37			5,097
	8,586,383	FGLMC	6.500		11/01/37			9,349
	16,127,690	FGLMC	5.000		12/01/37			16,675
	10,124,445	FGLMC	5.000		04/01/38			10,468
	21,988,642	FGLMC	5.000		04/01/38			22,735
	10,352,526	FGLMC	5.500		07/01/38			10,944
	20,254,882	FGLMC	6.000		11/01/38			21,757
	9,546,940	FGLMC	5.500		01/01/39			10,093
	15,426,418	FGLMC	4.500		05/01/39			15,479
	18,655,565	FGLMC	4.000		06/01/39			18,102
	12,118,157	FGLMC	5.000		07/01/39			12,528
	14,000,000	FGLMC	5.000		04/15/40			14,455
	9,000,000	FGLMC	6.000		04/15/40			9,657
		Federal National Mortgage Association (FNMA)
	515	FNMA	7.500		11/01/10			1
	2,016	FNMA	8.000		06/01/11			2
	2,168	FNMA	8.000		07/01/11			2
	169,908	FNMA	5.000		06/01/13			175
	2,688,413	FNMA	4.440		07/01/13			2,843
	3,584,897	FNMA	4.760		10/01/13			3,768
	1,381,923	FNMA	4.780		02/01/14			1,468
	5,337,428	FNMA	4.440		04/01/14			5,648
	1,564,617	FNMA	4.570		01/01/15			1,658
	395,658	FNMA	7.500		02/01/15			433
	806,047	FNMA	7.500		04/01/15			882
	715,043	FNMA	7.500		04/01/15			766
	69,702	FNMA	6.500		03/01/16			76
	25,248	FNMA	6.500		04/01/16			28
	686,556	FNMA	6.500		10/01/16			743
	424,649	FNMA	6.500		11/01/16			460
	5,382,180	FNMA	5.000		12/01/17			5,747
	1,400,327	FNMA	6.500		02/01/18			1,517
	3,514,078	FNMA	5.500		03/01/18			3,796
	8,306,275	FNMA	5.500		04/01/18			8,972
	686,291	FNMA	5.500		04/01/18			739
	806,282	FNMA	6.500		04/01/18			874
	229,954	FNMA	5.500		05/01/18			248
	12,738,728	FNMA	4.500		12/01/18			13,412
	486,539	FNMA	6.000		01/01/19			531

307

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	92,810	FNMA	6.000	%	02/01/19		$	101
	8,036,373	FNMA	5.000		04/01/19			8,561
	4,236,164	FNMA	4.500		06/01/19			4,453
	5,891,664	FNMA	5.000		03/01/20			6,287
	2,796,425	FNMA	5.500		07/01/20			3,019
	2,019,103	FNMA	4.500		11/01/20			2,123
	6,392,287	FNMA	5.000		12/01/20			6,802
	8,751,635	FNMA	5.000		03/01/21			9,339
	5,999,096	FNMA	5.500		08/01/21			6,439
	9,262,437	FNMA	4.500		03/01/23			9,626
	113,997	FNMA	8.000		03/01/23			131
	22,000,000	FNMA	4.500		04/25/23			22,818
	20,109,684	FNMA	4.500		06/01/23			20,899
	16,976,931	FNMA	5.000		07/01/23			17,928
	12,916,512	FNMA	5.000		07/01/23			13,640
	4,677,567	FNMA	5.000		12/01/23			4,879
	1,314,403	FNMA	5.500		02/01/24			1,397
	15,818,311	FNMA	4.000		05/01/24			16,073
	2,584,156	FNMA	5.500		07/01/24			2,745
	368,854	FNMA	8.000		07/01/24			427
	5,000,713	FNMA	4.500		08/01/24			5,195
	3,608,704	FNMA	5.500		08/01/24			3,834
	19,190,345	FNMA	4.000		09/01/24			19,500
	31,000,000	FNMA	4.000		04/25/25			31,446
	53,000,000	FNMA	5.000		04/25/25			55,898
	12,716,006	FNMA	5.000		10/01/25			13,237
	86,174	FNMA	9.000		11/01/25			101
	6,394,291	FNMA	6.500		07/01/32			7,065
	252,361	FNMA	7.000		07/01/32			284
	633,873	FNMA	7.000		07/01/32			712
	9,098,040	FNMA	5.500		01/01/33			9,658
	12,361,438	FNMA	6.000		01/01/33			13,245
	1,388,569	FNMA	5.000		02/01/33			1,441
	1,332,692	FNMA	5.500		06/01/33			1,414
	5,208,900	FNMA	4.500		08/01/33			5,275
	4,891,756	FNMA	5.000		08/01/33			5,076
	8,341,441	FNMA	4.500		10/01/33			8,448
	4,791,872	FNMA	5.000		10/01/33			4,972
	2,646,965	FNMA	5.000		10/01/33			2,746
	1,327,685	FNMA	5.000		10/01/33			1,378
	40,429,587	FNMA	5.000		11/01/33			41,949
	728,309	FNMA	5.000		11/01/33			756
	7,975,025	FNMA	5.000		11/01/33			8,275
	7,244,203	FNMA	5.000		11/01/33			7,516
	7,049,290	FNMA	5.500		12/01/33			7,549
	935,800	FNMA	5.500		12/01/33			993
	1,297,040	FNMA	5.500		12/01/33			1,377
	2,182,221	FNMA	5.500		12/01/33			2,316
	2,794,972	FNMA	5.500		01/01/34			2,966
	5,488,312	FNMA	5.500		01/01/34			5,825
	8,593,825	FNMA	5.500		02/01/34			9,120
	2,141,520	FNMA	5.000		03/01/34			2,222
	5,332,641	FNMA	5.000		03/01/34			5,533

308

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	1,854,957		FNMA	5.000	%	03/01/34		$	1,925
	14,218,733		FNMA	5.000		03/01/34			14,753
	1,699,381		FNMA	5.000		03/01/34			1,763
	6,176,362		FNMA	5.500		03/01/34			6,541
	13,973,743		FNMA	5.000		04/01/34			14,477
	53,354,081		FNMA	5.000		08/01/34			55,266
	8,327,366		FNMA	6.000		08/01/34			9,037
	4,040,167		FNMA	5.500		09/01/34			4,279
	3,946,487		FNMA	5.500		09/01/34			4,180
	2,770,058		FNMA	5.500		09/01/34			2,934
	2,444,492		FNMA	5.500		10/01/34			2,589
	2,354,298		FNMA	5.500		10/01/34			2,493
	16,945,920		FNMA	5.500		12/01/34			17,947
	2,940,123		FNMA	6.000		12/01/34			3,172
	5,539,892		FNMA	5.500		01/01/35			5,867
	57,480,873		FNMA	5.500		02/01/35			61,003
	22,547,863		FNMA	5.500		04/01/35			23,880
	3,586,765		FNMA	5.500		04/01/35			3,792
	5,505,927		FNMA	6.000		04/01/35			5,940
	13,904,042		FNMA	4.500		05/01/35			14,082
	17,399,317		FNMA	5.500		05/01/35			18,395
	5,452,399		FNMA	6.000		05/01/35			5,835
	2,652,983		FNMA	5.500		06/01/35			2,805
	2,039,711		FNMA	5.500		06/01/35			2,156
	4,122,376		FNMA	5.500		06/01/35			4,358
	1,667,480		FNMA	5.500		06/01/35			1,763
	1,022,480		FNMA	5.500		06/01/35			1,081
	280,762		FNMA	7.500		06/01/35			318
	1,767,376		FNMA	5.500		07/01/35			1,868
	2,538,537		FNMA	6.000		07/01/35			2,717
	8,245,996		FNMA	4.500		08/01/35			8,326
	11,216,373		FNMA	5.000		08/01/35			11,603
	23,428,993		FNMA	5.500		09/01/35			24,864
	10,141,127		FNMA	5.500		09/01/35			10,721
	10,810,465		FNMA	5.000		10/01/35			11,183
	10,819,793		FNMA	5.500		10/01/35			11,439
	7,040,955		FNMA	5.500		11/01/35			7,444
	12,664,069		FNMA	5.000		02/01/36			13,100
	10,586,172	i	FNMA	5.720		02/01/36			11,044
	24,046,301		FNMA	6.000		03/01/36			25,666
	5,162,323		FNMA	5.000		04/01/36			5,334
	8,406,315		FNMA	5.500		04/01/36			8,887
	6,379,378	i	FNMA	5.920		07/01/36			6,697
	5,654,958		FNMA	6.500		09/01/36			6,145
	7,812,389	i	FNMA	5.760		12/01/36			8,193
	11,040,654		FNMA	6.000		12/01/36			11,784
	8,570,384		FNMA	5.000		02/01/37			8,853
	35,483,316		FNMA	5.500		02/01/37			37,458
	20,961,951		FNMA	5.500		03/01/37			22,117
	9,400,181		FNMA	6.500		03/01/37			10,215
	566,098		FNMA	6.500		03/01/37			614
	6,191,075		FNMA	7.000		04/01/37			6,873
	12,247,579		FNMA	6.500		08/01/37			13,291

309

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	4,104,602		FNMA	6.500	%	08/01/37		$	4,454
	5,764,315		FNMA	6.000		09/01/37			6,133
	6,226,300		FNMA	6.000		09/01/37			6,624
	3,733,038		FNMA	6.000		09/01/37			3,972
	4,746,319		FNMA	6.000		09/01/37			5,050
	14,589,766		FNMA	6.500		09/01/37			15,832
	8,980,201		FNMA	6.500		09/01/37			9,745
	7,489,151		FNMA	6.500		09/01/37			8,127
	13,908,765		FNMA	6.500		09/01/37			15,093
	1,412,103		FNMA	6.500		09/01/37			1,532
	17,240,163	i	FNMA	5.880		10/01/37			18,176
	8,364,938		FNMA	7.000		11/01/37			9,286
	6,382,636		FNMA	5.500		01/01/38			6,734
	1,046,644		FNMA	6.500		01/01/38			1,136
	473,690		FNMA	6.500		02/01/38			514
	9,238,148		FNMA	6.500		03/01/38			10,023
	1,156,161		FNMA	6.500		03/01/38			1,254
	4,440,694		FNMA	6.500		03/01/38			4,818
	11,657,151		FNMA	5.000		04/01/38			12,042
	9,854,893		FNMA	5.000		04/01/38			10,180
	21,818,499		FNMA	5.000		04/01/38			22,538
	20,137,435		FNMA	5.000		04/01/38			20,802
	70,000,000		FNMA	5.500		04/25/38			73,773
	278,000,000		FNMA	6.000		04/25/38			295,288
	9,310,795		FNMA	5.000		05/01/38			9,618
	9,620,169	i	FNMA	4.900		10/01/38			10,073
	14,998,219		FNMA	4.500		01/01/39			15,051
	12,909,578		FNMA	5.500		01/01/39			13,621
	11,476,716		FNMA	6.000		01/01/39			12,205
	10,362,797		FNMA	6.000		01/01/39			11,020
	14,191,112		FNMA	4.500		02/01/39			14,241
	26,317,207		FNMA	4.500		02/01/39			26,410
	10,162,857		FNMA	5.500		02/01/39			10,723
	10,661,174		FNMA	4.000		04/01/39			10,346
	19,119,549		FNMA	4.500		05/01/39			19,185
	15,198,749		FNMA	4.500		08/01/39			15,251
	147,000,000		FNMA	4.000		04/25/40			142,498
	358,000,000		FNMA	4.500		04/25/40			358,783
	26,000,000		FNMA	5.000		04/25/40			26,821
			Government National Mortgage Association (GNMA)
	23,697		GNMA	9.000		06/15/16			26
	4,952		GNMA	9.000		09/15/16			6
	9,752		GNMA	9.000		09/15/16			11
	16,554		GNMA	9.000		11/15/16			18
	7,100		GNMA	9.000		12/15/16			8
	9,832		GNMA	9.000		12/15/16			11
	106,221		GNMA	9.500		12/15/16			119
	47,601		GNMA	8.000		06/15/24			55
	78,666		GNMA	8.500		11/20/30			91
	83,908		GNMA	8.500		12/20/30			97
	3,524,064		GNMA	5.500		07/15/33			3,757
	1,819,360		GNMA	5.500		11/20/33			1,937
	6,914,216		GNMA	5.500		03/20/35			7,348

310

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	4,263,595	GNMA	5.500	%	12/20/35		$	4,531
	3,030,436	GNMA	6.000		10/20/36			3,255
	3,196,082	GNMA	6.000		01/20/37			3,427
	8,840,798	GNMA	6.000		02/20/37			9,479
	8,789,951	GNMA	6.000		12/15/37			9,406
	103,000,000	GNMA	5.000		04/15/38			107,056
	12,139,078	GNMA	5.000		04/15/38			12,646
	48,000,000	GNMA	5.500		04/15/38			50,767
	15,297,976	GNMA	5.500		07/15/38			16,211
	13,086,993	GNMA	5.500		07/20/38			13,855
	4,290,581	GNMA	6.000		08/15/38			4,590
	4,566,248	GNMA	6.000		08/20/38			4,896
	6,096,826	GNMA	6.500		11/20/38			6,593
	15,204,549	GNMA	4.500		03/15/39			15,416
	16,325,250	GNMA	4.500		05/15/39			16,552
	7,352,022	GNMA	5.000		06/15/39			7,659
	6,788,636	GNMA	5.000		06/15/39			7,072
	16,831,914	GNMA	4.500		07/20/39			17,018
	5,997,024	GNMA	5.000		07/20/39			6,232
	6,138,544	GNMA	4.000		08/15/39			6,015
	40,000,000	GNMA	4.500		04/15/40			40,469
	10,292,237	GNMA	6.230		09/15/43			10,423
	7,996,882	GNMA	6.500		01/15/44			8,634
		TOTAL MORTGAGE BACKED						3,578,062
MUNICIPAL BONDS - 0.2%
	2,000,000	Charlotte-Mecklenburg Hospital Authority	5.000		08/01/15	Aaa		2,080
	16,100,000	State of California	7.630		03/01/40	Baa1		16,762
		TOTAL MUNICIPAL BONDS						18,842
U.S. TREASURY SECURITIES - 16.5%
	331,072,000	United States Treasury Bond	8.000		11/15/21			451,087
	22,000,000	United States Treasury Bond	6.380		08/15/27			27,029
	112,900,000	United States Treasury Bond	5.250		02/15/29			122,849
	13,861,000	United States Treasury Bond	5.380		02/15/31			15,334
	677,000	United States Treasury Bond	4.500		02/15/36			661
	21,495,000	United States Treasury Bond	3.500		02/15/39			17,394
	3,139,000	United States Treasury Bond	4.380		11/15/39			2,968
	12,020,000	United States Treasury Bond	4.630		02/15/40			11,847
	1,000,000	United States Treasury Note	2.380		08/31/10			1,009
	13,000,000	United States Treasury Note	0.880		04/30/11			13,053
	32,762,500	United States Treasury Note	0.880		05/31/11			32,903
	55,020,000	United States Treasury Note	1.000		07/31/11			55,304
	38,899,500	United States Treasury Note	1.000		08/31/11			39,079
	78,983,000	United States Treasury Note	1.000		09/30/11			79,301
	16,600,000	United States Treasury Note	1.000		12/31/11			16,633
	26,650,000	United States Treasury Note	1.880		06/15/12			27,085
	6,477,000	United States Treasury Note	1.380		10/15/12			6,485
	102,500,000	United States Treasury Note	1.380		11/15/12			102,476
	17,319,000	United States Treasury Note	1.380		03/15/13			17,218
	25,195,000	United States Treasury Note	3.130		08/31/13			26,289
	131,829,000	United States Treasury Note	3.130		09/30/13			137,462
	62,337,000	United States Treasury Note	2.750		10/31/13			64,144

311

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†		VALUE (000)
$	189,533,000		United States Treasury Note	2.000	%	11/30/13		$	189,858
	10,967,000		United States Treasury Note	2.250		05/31/14			10,982
	44,610,000		United States Treasury Note	2.630		06/30/14			45,269
	22,985,000		United States Treasury Note	2.380		08/31/14			23,039
	27,120,000		United States Treasury Note	2.380		10/31/14			27,084
	22,415,000		United States Treasury Note	2.130		11/30/14			22,121
	114,420,000		United States Treasury Note	2.250		01/31/15			113,177
	23,530,000		United States Treasury Note	2.500		03/31/15			23,464
	300,000		United States Treasury Note	2.630		02/29/16			295
	9,800,000		United States Treasury Note	2.380		03/31/16			9,478
	18,075,000		United States Treasury Note	2.630		04/30/16			17,695
	19,130,000		United States Treasury Note	3.250		07/31/16			19,329
	30,000,000		United States Treasury Note	3.130		01/31/17			29,787
	1,075,000		United States Treasury Note	3.000		02/28/17			1,058
	2,666,000		United States Treasury Note	3.630		02/15/20			2,621
	25,000,000	j	United States Treasury Strip Principal	0.000		08/15/27			10,905
			TOTAL U.S. TREASURY SECURITIES						1,813,772
			TOTAL GOVERNMENT BONDS						6,520,141
			(Cost $6,351,636)
STRUCTURED ASSETS - 6.1%
ASSET BACKED - 2.2%
	5,000,000		AmeriCredit Automobile Receivables Trust	5.190		08/17/15	A1		5,140
			Series - 2010 1 (Class C)
	2,897,444		AmeriCredit Automobile Receivables Trust	5.640		09/06/13	Aa3		2,975
			Series - 2006 AF (Class A4)
	74,236	g	Asset Backed Funding Corp NIM Trust	5.900		07/26/35	Ca		0^
			Series - 2006 WMC1 (Class N1)
	15,000,000	g	Avis Budget Rental Car Funding AESOP LLC	5.680		02/20/14	Aaa		15,873
			Series - 2009 2A (Class A)
	2,200,000		CarMax Auto Owner Trust	3.750		12/15/15	NR		2,199
			Series - 2010 1 (Class B)
	2,360,274	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35	Aa2		1,565
			Series - 2004 2 (Class 1M1)
	1,180,137	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35	A2		646
			Series - 2004 2 (Class 1M2)
	927,250	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35	Baa2		346
			Series - 2004 2 (Class 1B)
	3,711,056		CIT Group Home Equity Loan Trust	6.200		02/25/30	Aa2		3,341
			Series - 2002 1 (Class AF6)
	682,305		CIT Group Home Equity Loan Trust	6.390		12/25/30	Ba3		79
			Series - 2002 2 (Class MF2)
	19,712		CIT Group Home Equity Loan Trust	6.830		06/25/33	Ca		1
			Series - 2002 2 (Class BF)
	23,232,387		Citicorp Mortgage Securities, Inc	5.710		07/25/36	Aaa		23,010
			Series - 2006 1 (Class A3)
	9,720,283		Citicorp Mortgage Securities, Inc	5.560		09/25/36	Aaa		9,563
			Series - 2006 2 (Class A3)
	876,000		CNH Equipment Trust	5.090		06/16/14	A3		891
			Series - 2007 A (Class B)
	6,570,000	i	Countrywide Asset-Backed Certificates	5.680		10/25/46	Baa2		6,453
			Series - 2006 15 (Class A2)

312

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†		VALUE (000)
$	700,011	i	Countrywide Home Equity Loan Trust	0.450	%	02/15/29	B3	$	315
			Series - 2004 B (Class 1A)
	5,166,115	g	Credit-Based Asset Servicing and Securitization LLC	6.160		12/25/36	Aaa		5,089
			Series - 2007 MX1 (Class A1)
	25,000,000	g	Flagstar Home Equity Loan Trust	5.780		01/25/35	B3		17,600
			Series - 2007 1A (Class AF3)
	4,295,507		GMAC Mortgage Corporation Loan Trust 2006-HLTV A3	5.590		10/25/29	Baa2		4,003
			Series - 2006 HLTV (Class A3)
	2,600,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV A4	5.810		10/25/29	Baa3		1,721
			Series - 2006 HLTV (Class A4)
	5,000,000	g	Hertz Vehicle Financing LLC	4.260		03/25/14	Aaa		5,147
			Series - 2009 2A (Class A1)
	5,500,000	g	Hertz Vehicle Financing LLC	5.290		03/25/16	Aaa		5,740
			Series - 2009 2A (Class A2)
	4,000,000		HFC Home Equity Loan Asset Backed Certificates	5.730		03/20/36	Aaa		3,990
			Series - 2007 1 (Class A3F)
	2,472,062		HFC Home Equity Loan Asset Backed Certificates	5.910		03/20/36	Aaa		2,490
			Series - 2007 1 (Class A1F)
	21,481,355		Hyundai Auto Receivables Trust	5.150		05/15/13	Aaa		22,269
			Series - 2006 B (Class A4)
	2,965,652	g	JPMorgan Auto Receivables Trust	5.220		07/15/15	A1		3,040
			Series - 2008 A (Class C)
	3,404,034	i	Morgan Stanley ABS Capital I	0.270		01/25/37	A2		3,318
			Series - 2007 HE2 (Class A2A)
	358	g	New York City Tax Lien	5.930		11/10/19	Aaa		0^
			Series - 2006 AA (Class A)
	6,500,000		Renaissance Home Equity Loan Trust	5.590		11/25/36	Caa2		3,398
			Series - 2006 3 (Class AF3)
	11,476,609	i	Residential Asset Mortgage Products, Inc	0.870		11/25/34	Aa1		8,596
			Series - 2004 RS11 (Class M1)
	649,773	i	Residential Asset Securities Corp	6.490		10/25/30	Baa1		552
			Series - 2001 KS2 (Class AI6)
	185,948	i	Residential Funding Mortgage Securities II, Inc	0.350		08/25/19	Aaa		184
			Series - 2006 HI5 (Class A1)
	7,000,000		Residential Funding Mortgage Securities II, Inc	5.520		04/25/21	Aa1		6,693
			Series - 2006 HI5 (Class A2)
	13,500,000		Residential Funding Mortgage Securities II, Inc	5.500		08/25/25	Ba2		10,361
			Series - 2006 HI5 (Class A3)
	5,000,000		Residential Funding Mortgage Securities II, Inc	5.450		08/25/34	B1		3,595
			Series - 2005 HI1 (Class A5)
	3,725,914		Residential Funding Mortgage Securities II, Inc	5.750		02/25/36	Aa1		3,679
			Series - 2006 HI2 (Class A2)
	1,274,471		Residential Funding Mortgage Securities II, Inc	5.950		02/25/36	Aa1		1,255
			Series - 2006 HI3 (Class A2)
	6,000,000		Residential Funding Mortgage Securities II, Inc	5.960		02/25/36	Baa2		4,272
			Series - 2006 HI3 (Class A3)
	2,500,000		Residential Funding Mortgage Securities II, Inc	6.010		02/25/36	Aa1		1,222
			Series - 2006 HI1 (Class M1)
	350,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36	A2		96
			Series - 2006 HI1 (Class M2)
	30,000,000		Residential Funding Mortgage Securities II, Inc	5.440		09/25/36	Ba2		23,259
			Series - 2006 HI4 (Class A3)

313

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE	MATURITY DATE	RATING†	VALUE (000)
$	8,119,990		Residential Funding Mortgage Securities II, Inc	5.450%	09/25/36	Aa1	$7,962
			Series - 2006 HI4 (Class A2)
	5,534,187	i	Securitized Asset Backed Receivables LLC Trust	0.400	03/25/36	Baa2	5,159
			Series - 2006 NC2 (Class A2)
	2,100,000		Wachovia Auto Owner Trust	5.800	01/20/15	Baa2	2,183
			Series - 2007 A (Class B)
	3,566,604	g,i	Wachovia Loan Trust	0.610	05/25/35	Aaa	2,160
			Series - 2005 SD1 (Class A)
	4,230,000	i	Wells Fargo Home Equity Trust	0.390	07/25/36	Aa3	3,740
			Series - 2006 2 (Class A3)
	10,000,000		World Financial Network Credit Card Master Trust	3.790	05/15/16	Aaa	10,185
			Series - 2009 B (Class A)
			TOTAL ASSET BACKED				245,355
OTHER MORTGAGE BACKED - 3.9%
	6,410,000		Banc of America Commercial Mortgage, Inc	5.360	10/10/45	Aaa	6,228
			Series - 2006 6 (Class A4)
	15,848,000	i	Banc of America Commercial Mortgage, Inc	5.690	04/10/49	NR	15,211
			Series - 2007 2 (Class A4)
	412,538		Bank of America Alternative Loan Trust	5.500	09/25/19	Aaa	412
			Series - 2004 8 (Class 3A1)
	3,570,153		Bear Stearns Commercial Mortgage Securities	5.200	12/11/38	Aaa	3,569
			Series - 2006 PW14 (Class A4)
	4,000,000	i	Bear Stearns Commercial Mortgage Securities	5.460	03/11/39	Aaa	4,144
			Series - 2006 PW11 (Class A4)
	7,525,000		Bear Stearns Commercial Mortgage Securities	4.670	06/11/41	Aaa	7,628
			Series - 2005 PWR8 (Class A4)
	9,420,000	i	Bear Stearns Commercial Mortgage Securities	5.470	06/11/41	Aaa	9,786
			Series - 2004 PWR4 (Class A3)
	8,000,000		Bear Stearns Commercial Mortgage Securities	5.540	10/12/41	Aaa	8,175
			Series - 2006 T24 (Class A4)
	725,000	i	Bear Stearns Commercial Mortgage Securities	4.980	07/11/42	Aaa	744
			Series - 2004 PWR5 (Class A5)
	10,445,000	i	Bear Stearns Commercial Mortgage Securities	4.750	02/13/46	Aaa	10,642
			Series - 2004 T16 (Class A6)
	8,540,000	i	Bear Stearns Commercial Mortgage Securities	5.690	06/11/50	NR	8,452
			Series - 2007 PW17 (Class A4)
	9,150,000		Bear Stearns Commercial Mortgage Securities	5.700	06/11/50	NR	8,833
			Series - 2007 PW18 (Class A4)
	6,792,500		CITIGROUP	5.320	12/11/49	Aaa	6,575
			Series - 2007 CD4 (Class A4)
	17,274,000	i	Commercial Mortgage Pass Through Certificates	5.820	12/10/49	Aaa	17,271
			Series - 2007 C9 (Class A4)
	7,700,596		Countrywide Alternative Loan Trust	5.500	08/25/16	Baa1	6,568
			Series - 2004 30CB (Class 1A15)
	5,742,338		Countrywide Home Loan Mortgage Pass Through Trust	5.250	09/25/35	NR	5,609
			Series - 2005 17 (Class 1A10)
	14,797,788	g,i	Credit Suisse Mortgage Capital Certificates	0.410	04/15/22	Aaa	12,665
			Series - 2007 TF2A (Class A1)
			Credit Suisse/Morgan Stanley Commercial Mortgage
	4,108,000	g,i	Certificate	0.420	05/15/23	Aaa	3,963
			Series - 2006 HC1A (Class A1)
	4,415,000		CS First Boston Mortgage Securities Corp	3.940	05/15/38	Aaa	4,497
			Series - 2003 C3 (Class A5)

314

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE	MATURITY DATE	RATING†		VALUE (000)
$	9,863,000	i	CS First Boston Mortgage Securities Corp	5.100%	08/15/38	Aaa	$	10,050
			Series - 2005 C5 (Class A4)
	2,710,000	i	CS First Boston Mortgage Securities Corp	5.100	08/15/38	NR		2,224
			Series - 2005 C5 (Class AJ)
	1,441,956		First Horizon Asset Securities, Inc	5.500	11/25/33	NR		1,445
			Series - 2003 9 (Class 1A4)
	6,000,000		GMAC Commercial Mortgage Securities, Inc	5.020	04/10/40	Aaa		6,299
			Series - 2003 C3 (Class A4)
	8,459,298	i	GMAC MORTGAGE CORP LOAN TRUST	4.600	10/19/33	Aaa		8,235
			Series - 2003 AR1 (Class A5)
	5,537,800	i	Greenwich Capital Commercial Funding Corp	5.890	07/10/38	Aaa		5,645
			Series - 2006 GG7 (Class A4)
	15,180,000		Greenwich Capital Commercial Funding Corp	5.440	03/10/39	Aaa		14,763
			Series - 2007 GG9 (Class A4)
	4,425,000		Greenwich Capital Commercial Funding Corp	5.480	03/10/39	Aaa		3,651
			Series - 2007 GG9 (Class AM)
	20,785,000		Greenwich Capital Commercial Funding Corp	5.740	12/10/49	Aaa		20,203
			Series - 2007 GG11 (Class A4)
	6,410,000	i	GS Mortgage Securities Corp II	5.550	04/10/38	NR		6,442
			Series - 2006 GG6 (Class A4)
	9,300,000	i	GS Mortgage Securities Corp II	5.620	04/10/38	NR		8,032
			Series - 2006 GG6 (Class AM)
	16,615,000		GS Mortgage Securities Corp II	5.560	11/10/39	Aaa		16,449
			Series - 2006 GG8 (Class A4)
	4,546,881	i	GSR Mortgage Loan Trust	5.080	01/25/36	NR		4,401
			Series - 2006 AR1 (Class 2A2)
	4,700,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	0.410	02/15/20	Aaa		3,838
			Series - 2006 FL1A (Class A2)
	4,650,000	g	JP Morgan Chase Commercial Mortgage Securities Corp	5.630	12/05/27	Aaa		4,920
			Series - 2009 IWST (Class A2)
	11,000,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.380	07/12/37	Aaa		11,591
			Series - 2002 C1 (Class A3)
	15,970,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.340	05/15/47	Aaa		15,572
			Series - 2006 LDP9 (Class A3)
	5,880,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.750	02/12/49	Aaa		4,385
			Series - 2007 CB19 (Class AM)
	10,400,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.820	06/15/49	Aaa		9,973
			Series - 2007 LD11 (Class A4)
	7,799,000		LB-UBS Commercial Mortgage Trust	4.740	02/15/30	Aaa		7,891
			Series - 2005 C1 (Class A4)
	7,500,000	i	LB-UBS Commercial Mortgage Trust	5.150	04/15/30	Aaa		7,714
			Series - 2005 C2 (Class A5)
	3,160,000		LB-UBS Commercial Mortgage Trust	4.390	03/15/32	Aaa		3,272
			Series - 2003 C1 (Class A4)
	17,500,000		LB-UBS Commercial Mortgage Trust	5.420	02/15/40	NR		16,952
			Series - 2007 C1 (Class A4)
	12,325,000		LB-UBS Commercial Mortgage Trust	5.430	02/15/40	NR		11,861
			Series - 2007 C2 (Class A3)
	2,594,000	i	LB-UBS Commercial Mortgage Trust	5.860	07/15/40	Aaa		2,551
			Series - 2007 C6 (Class A4)
	4,205,000	i	Merrill Lynch	5.170	12/12/49	Aaa		4,069
			Series - 2006 4 (Class A3)

315

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		RATING†		VALUE (000)
$	3,729,128	i	Merrill Lynch Mortgage Trust	5.110	%		07/12/38	Aaa	$	3,477
			Series - 2005 CIP1 (Class AM)
	2,500,000	i	Merrill Lynch Mortgage Trust	5.660			05/12/39	Aaa		2,599
			Series - 2006 C1 (Class A4)
	3,365,000	g,i	Merrill Lynch Mortgage Trust	6.270			02/12/51	A3		1,057
			Series - 2008 C1 (Class C)
	4,700,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.420			02/12/39	Aaa		4,854
			Series - 2006 1 (Class A4)
	5,670,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.960			08/12/49	Aaa		4,609
			Series - 2007 8 (Class AM)
	2,350,744		Morgan Stanley Capital I	4.690			06/13/41	Aaa		2,370
			Series - 2004 T15 (Class A2)
	9,930,000	i	Morgan Stanley Capital I	5.270			06/13/41	Aaa		10,178
			Series - 2004 T15 (Class A4)
	8,712,000		Morgan Stanley Capital I	5.170			01/14/42	Aaa		9,104
			Series - 2005 HQ5 (Class A4)
	13,200,000	i	Morgan Stanley Capital I	5.450			02/12/44	Aaa		12,594
			Series - 2007 HQ11 (Class A4)
	6,710,000		Morgan Stanley Capital I	5.360			03/15/44	Aaa		6,512
			Series - 2007 IQ13 (Class A4)
	4,587,000	i	Morgan Stanley Capital I	5.730			07/12/44	Aaa		4,734
			Series - 2006 HQ9 (Class A4)
	3,075,000	i	Morgan Stanley Capital I	5.540			11/12/49	Aaa		2,683
			Series - 2007 T25 (Class AM)
	3,075,000		Morgan Stanley Capital I	4.770			07/15/56	NR		2,510
			Series - 0 IQ9 (Class AJ)
	7,500,000	i	Morgan Stanley Capital I	5.770			10/15/42	Aaa		7,783
			Series - 2006 IQ11 (Class A4)
	1,728,108	g	Wachovia Amortization Controlled Heloc NIM	5.680			08/12/47	A3		1,359
			Series - 2006 N1 (Class N1)
	6,125,000	i	Wachovia Bank Commercial Mortgage Trust	5.900			02/15/51	Aaa		5,710
			Series - 2007 C33 (Class A4)
			TOTAL OTHER MORTGAGE BACKED							435,533
			TOTAL STRUCTURED ASSETS							680,888
			(Cost $692,328)
			TOTAL BONDS							10,753,669
			(Cost $10,448,280)

SHARES			COMPANY
PREFERRED STOCKS - 0.0%
AGENCY SECURITIES - 0.0%
	470,597	*	Federal Home Loan Mortgage Corp (FHLMC)	8.380	12/30/49	Ca	598
	1,527,061	*	Federal National Mortgage Association (FNMA)	8.250	12/30/49	Ca	1,939
			TOTAL AGENCY SECURITIES				2,537
			TOTAL PREFERRED STOCKS				2,537
			(Cost $49,941)
TIAA-CREF MUTUAL FUND - 0.0%
	543,076	q	TIAA-CREF High-Yield Fund				5,110
			TOTAL TIAA-CREF MUTUAL FUND				5,110
			(Cost $5,022)

316

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL		ISSUER	RATE	MATURITY DATE	RATING†		VALUE (000)
SHORT-TERM INVESTMENTS - 12.7%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 12.0%
		Federal Home Loan Bank (FHLB)
$	20,000,000	FHLB		04/05/10		$	20,000
	13,800,000	FHLB		04/07/10			13,800
	20,000,000	FHLB		04/08/10			20,000
	23,200,000	FHLB		04/09/10			23,199
	22,713,000	FHLB		04/12/10			22,713
	110,933,000	FHLB		04/13/10			110,929
	15,316,000	FHLB		04/15/10			15,315
	70,925,000	FHLB		04/16/10			70,921
	35,388,000	FHLB		04/19/10			35,387
	39,300,000	FHLB		04/20/10			39,298
	25,000,000	FHLB		04/22/10			24,998
	35,982,000	FHLB		04/23/10			35,979
	25,000,000	FHLB		04/26/10			24,998
	16,455,000	FHLB		04/29/10			16,454
	30,769,000	FHLB		04/30/10			30,766
	20,000,000	FHLB		05/07/10			19,999
		Federal Home Loan Mortgage Corp (FHLMC)
	10,169,000	FHLMC		04/01/10			10,169
	91,002,000	FHLMC		04/12/10			90,999
	57,155,000	FHLMC		04/13/10			57,153
	66,940,000	FHLMC		04/19/10			66,937
	10,200,000	FHLMC		04/26/10			10,199
	68,200,000	FHLMC		04/27/10			68,193
	25,000,000	FHLMC		04/28/10			24,998
	35,886,000	FHLMC		04/28/10			35,883
	19,800,000	FHLMC		05/03/10			19,798
	25,900,000	FHLMC		05/04/10			25,897
	11,726,000	FHLMC		05/06/10			11,725
	25,000,000	FHLMC		05/13/10			24,997
	25,000,000	FHLMC		05/14/10			24,996
	12,765,000	FHLMC		05/24/10			12,762
		Federal National Mortgage Association (FNMA)
	40,475,000	FNMA		04/01/10			40,475
	30,000,000	FNMA		04/02/10			30,000
	55,238,000	FNMA		04/06/10			55,237
	17,842,000	FNMA		04/07/10			17,842
	22,816,000	FNMA		04/12/10			22,815
	55,000,000	FNMA		04/14/10			54,998
	46,750,000	FNMA		04/21/10			46,747
	25,000,000	FNMA		05/05/10			24,996
	15,000,000	FNMA		05/12/10			14,998
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES					1,317,570
U.S. TREASURY BILLS - 0.7%
	42,860,000	United States Treasury Bill		05/20/10			42,853
	34,000,000	United States Treasury Bill		06/24/10			33,989
		TOTAL U.S. TREASURY BILLS					76,842

317

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL	ISSUER	RATE	MATURITY DATE	RATING†		VALUE (000)
	TOTAL SHORT-TERM INVESTMENTS				$	1,394,412
	(Cost $1,394,408)
	TOTAL INVESTMENTS - 110.6%					12,180,761
	(Cost $11,922,499)
	OTHER ASSETS & LIABILITIES, NET - (10.6)%					(1,165,742	)
	NET ASSETS - 100.0%				$	11,015,019

	Abbreviation(s):
NR	Not Rated by Moody’s
*	Non-income producing.
^	Amount represents less than $1,000.
†	As provided by Moody’s Investors Services.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At March 31, 2010 the value of these securities amounted to $605,813,594 or 5.50% 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
q	Affiliated holding.
	Cost amounts are in thousands.

318

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

COLLEGE RETIREMENT EQUITIES FUND
INFLATION-LINKED BOND
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2010

PRINCIPAL		ISSUER		VALUE (000)
GOVERNMENT BONDS - 99.4%
U.S. TREASURY SECURITIES - 99.4%
		United States Treasury Inflation Indexed Bonds (k)
$	270,367,992	2.380%, 04/15/11	$	279,113
	100,598,565	3.380%, 01/15/12		107,664
	230,333,897	2.000%, 04/15/12		241,239
	374,008,083	3.000%, 07/15/12		402,877
	215,108,841	0.630%, 04/15/13		219,243
	359,687,281	1.880%, 07/15/13		380,566
	362,731,760	2.000%, 01/15/14		385,147
	241,916,851	1.250%, 04/15/14		250,044
	327,788,700	2.000%, 07/15/14		348,711
	334,648,448	1.630%, 01/15/15		349,603
	285,267,229	1.880%, 07/15/15		301,893
	276,673,624	2.000%, 01/15/16		293,534
	272,047,939	2.500%, 07/15/16		297,212
	239,378,983	2.380%, 01/15/17		258,473
	213,259,560	2.630%, 07/15/17		234,385
	221,372,651	1.630%, 01/15/18		226,475
	208,586,100	1.380%, 07/15/18		208,733
	216,462,675	2.130%, 01/15/19		228,013
	224,255,330	1.880%, 07/15/19		231,000
	154,998,571	1.380%, 01/15/20		151,923
	417,541,942	2.380%, 01/15/25		437,082
	289,636,730	2.000%, 01/15/26		288,121
	220,997,909	2.380%, 01/15/27		230,321
	217,287,521	1.750%, 01/15/28		205,693
	284,024,450	3.630%, 04/15/28		346,266
	228,471,560	2.500%, 01/15/29		241,502
	337,252,784	3.880%, 04/15/29		428,048
	86,982,806	3.380%, 04/15/32		105,480
	114,676,848	2.130%, 02/15/40		113,682
		TOTAL U.S. TREASURY SECURITIES		7,792,043
		TOTAL GOVERNMENT BONDS		7,792,043
		(Cost $7,501,657)
		TOTAL INVESTMENTS - 99.4%		7,792,043
		(Cost $7,501,657)
		OTHER ASSETS AND LIABILITIES, NET - 0.6%		47,894
		NET ASSETS - 100.0%	$	7,839,937

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

319

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

COLLEGE RETIREMENT EQUITIES FUND
SOCIAL CHOICE ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2010

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†		VALUE (000)
BONDS - 39.1%
CORPORATE BONDS - 11.9%
AGENCY SECURITIES - 1.4%
$	24,143,251		AMAL Ltd	3.470	%	08/21/21	NR	$	23,856
	9,865,686		COP I LLC	3.610		12/05/21	NR		9,686
	7,340,563		COP I LLC	3.650		12/05/21	NR		7,232
	9,773,462		Gate Capital Cayman Two	3.550		06/11/21	NR		9,750
	4,500,000		KeyBank NA	3.200		06/15/12	Aaa		4,673
	4,500,000		New York Community Bank	3.000		12/16/11	Aaa		4,648
	9,500,000	m	Premier Aircraft Leasing	3.580		02/06/22	Aaa		9,500
	4,000,000		Regions Bank	3.250		12/09/11	Aaa		4,149
	2,386,343		Rowan Cos, Inc	3.530		05/01/20	NR		2,373
	6,094,014		Rowan Cos, Inc	3.160		07/15/21	NR		6,046
	9,664,140		San Clemente Leasing LLC	3.590		08/27/21	NR		9,645
	8,050,000	e	State Street Corp	2.150		04/30/12	Aaa		8,205
	5,000,000		Tayarra Ltd	3.630		02/15/22	NR		4,980
	4,926,020		Tricahue Leasing LLC	3.500		11/19/21	NR		4,926
	10,000,000		US Central Federal Credit Union	1.900		10/19/12	Aaa		10,092
	5,000,000	e	Wells Fargo & Co	2.130		06/15/12	Aaa		5,077
	5,000,000		Western Corporate Federal Credit Union	1.750		11/02/12	Aaa		5,014
			TOTAL AGENCY SECURITIES						129,852
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.1%
	5,000,000		AutoZone, Inc	5.750		01/15/15	Baa2		5,397
			TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS						5,397
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.1%
	1,850,000		Home Depot, Inc	5.250		12/16/13	Baa1		2,003
	5,000,000		Home Depot, Inc	5.880		12/16/36	Baa1		4,852
			TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES						6,855
BUSINESS SERVICES - 0.2%
	5,000,000		Adobe Systems, Inc	3.250		02/01/15	Baa1		5,020
	5,000,000		Microsoft Corp	2.950		06/01/14	Aaa		5,076
			TOTAL BUSINESS SERVICES						10,096
CHEMICALS AND ALLIED PRODUCTS - 0.4%
	1,000,000		Abbott Laboratories	3.750		03/15/11	A1		1,026
	3,335,000		Air Products & Chemicals, Inc	4.380		08/21/19	A3		3,246
	2,800,000		Airgas, Inc	4.500		09/15/14	Baa3		2,890
	805,000		Amgen, Inc	4.500		03/15/20	A3		804
	4,900,000		Amgen, Inc	5.750		03/15/40	A3		4,851
	965,000		Clorox Co	5.450		10/15/12	Baa2		1,046
	2,300,000		Eastman Chemical Co	5.500		11/15/19	Baa2		2,355
	6,250,000		Life Technologies Corp	3.380		03/01/13	Ba1		6,285

320

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†		VALUE (000)
$	4,000,000		Life Technologies Corp	4.400	%	03/01/15	Ba1	$	4,028
	5,000,000		Praxair, Inc	4.380		03/31/14	A2		5,322
	2,500,000		Praxair, Inc	5.250		11/15/14	A2		2,733
	5,000,000		Praxair, Inc	4.500		08/15/19	A2		5,053
			TOTAL CHEMICALS AND ALLIED PRODUCTS						39,639
COMMUNICATIONS - 0.7%
	5,000,000		Cellco Partnership	3.750		05/20/11	A2		5,156
	5,000,000		CenturyTel, Inc	6.150		09/15/19	Baa3		4,953
	2,750,000	g	DIRECTV Holdings LLC	4.750		10/01/14	Baa3		2,873
	4,900,000	g	DIRECTV Holdings LLC	3.550		03/15/15	Baa3		4,821
	4,900,000	g	DIRECTV Holdings LLC	5.200		03/15/20	Baa3		4,824
	3,225,000	g	DIRECTV Holdings LLC	6.350		03/15/40	Baa3		3,201
	1,265,000		Sprint Capital Corp	8.380		03/15/12	Ba3		1,316
	3,235,000		Sprint Nextel Corp	6.000		12/01/16	Ba3		2,920
	3,500,000	e	Time Warner Cable, Inc	3.500		02/01/15	Baa2		3,503
	3,200,000	e	Time Warner Cable, Inc	8.750		02/14/19	Baa2		3,969
	3,900,000		Time Warner Cable, Inc	8.250		04/01/19	Baa2		4,719
	5,000,000		Time Warner Cable, Inc	5.000		02/01/20	Baa2		4,930
	3,500,000		Time Warner Cable, Inc	6.750		06/15/39	Baa2		3,672
	5,234,000		Time Warner Entertainment Co LP	10.150		05/01/12	Baa2		6,052
	2,500,000		Verizon Communications, Inc	4.350		02/15/13	A3		2,652
	1,500,000		Verizon Communications, Inc	6.250		04/01/37	A3		1,520
	1,400,000	e	Verizon Communications, Inc	6.400		02/15/38	A3		1,453
	1,500,000		Verizon Communications, Inc	8.950		03/01/39	A3		2,034
	1,000,000		Verizon New Jersey, Inc	5.880		01/17/12	Baa1		1,065
	2,500,000		Viacom, Inc	4.380		09/15/14	Baa2		2,583
			TOTAL COMMUNICATIONS						68,216
DEPOSITORY INSTITUTIONS - 1.8%
	3,400,000		Bank of New York Mellon Corp	4.300		05/15/14	Aa2		3,579
	5,000,000		Bank of New York Mellon Corp	3.100		01/15/15	Aa2		4,990
	2,675,000		Bank of New York Mellon Corp	5.450		05/15/19	Aa2		2,837
	5,000,000		BB&T Corp	3.380		09/25/13	A1		5,103
	5,000,000		BB&T Corp	3.850		07/27/27	A1		5,211
	1,250,000	g	Canadian Imperial Bank of Commerce	2.000		02/04/13	Aaa		1,255
	5,000,000		Capital One Bank USA NA	8.800		07/15/19	A3		6,041
	3,500,000		Capital One Capital V	8.880		05/15/40	Baa3		3,814
	4,000,000		Capital One Financial Corp	5.700		09/15/11	Baa1		4,181
	5,000,000		City National Capital Trust I	9.630		02/01/40	NR		5,555
	3,000,000	g	Corestates Capital Trust I	8.000		12/15/26	Baa1		3,033
	8,800,000	g	Depfa ACS Bank	5.130		03/16/37	Aa2		6,503
	5,000,000		Discover Bank	8.700		11/18/19	Ba1		5,476
	5,000,000		First Niagara Financial Group, Inc	6.750		03/19/20	Baa1		5,053
	5,000,000	i	First Tennessee Bank NA	0.390		02/14/11	A3		4,911
	3,000,000		First Union National Bank of Florida	6.180		02/15/36	Aa3		3,149
	1,500,000	e	M&I Marshall & Ilsley Bank	5.300		09/08/11	A3		1,496
	3,612,000	i	Manufacturers & Traders Trust Co	5.590		12/28/20	A3		3,321
	6,076,000	i	Manufacturers & Traders Trust Co	5.630		12/01/21	A3		5,538
	5,000,000		Mellon Funding Corp	6.400		05/14/11	Aa3		5,286
	5,000,000		Mercantile Bankshares Corp	4.630		04/15/13	Baa1		5,097
	1,250,000		Mercantile-Safe Deposit & Trust Co	5.700		11/15/11	A1		1,289

321

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†		VALUE (000)
$	6,100,000		Northern Trust Corp	4.630	%	05/01/14	A1	$	6,488
	5,000,000		PNC Funding Corp	3.630		02/08/15	A3		5,030
	5,000,000		PNC Funding Corp	5.130		02/08/20	A3		5,037
	2,500,000	g	Principal Life Global Funding I	5.130		10/15/13	Aa3		2,565
	5,000,000		Regions Financial Corp	7.750		11/10/14	Baa3		5,261
	5,000,000		Silicon Valley Bank	5.700		06/01/12	A2		5,226
	3,000,000		State Street Corp	4.300		05/30/14	A1		3,175
	5,000,000		US Bancorp	2.880		11/20/14	Aa3		4,939
	3,000,000		US Bank NA	4.950		10/30/14	Aa2		3,194
	2,500,000		USB Capital XIII Trust	6.630		12/15/39	A2		2,531
	5,000,000		Webster Bank	5.880		01/15/13	Baa1		4,611
	5,000,000		Wells Fargo & Co	3.750		10/01/14	A1		5,061
	5,000,000		Wells Fargo & Co	4.750		02/09/15	Aa3		5,192
	2,475,000		Wells Fargo & Co	3.630		04/15/15	A1		2,456
	3,100,000		Wells Fargo & Co	5.630		12/11/17	A1		3,289
	4,000,000	e	Zions Bancorporation	7.750		09/23/14	Baa3		4,034
			TOTAL DEPOSITORY INSTITUTIONS						160,807
EATING AND DRINKING PLACES - 0.0%
	1,250,000		McDonald’s Corp	5.000		02/01/19	A3		1,312
			TOTAL EATING AND DRINKING PLACES						1,312
ELECTRIC, GAS, AND SANITARY SERVICES - 1.3%
	1,875,000		AGL Capital Corp	5.250		08/15/19	Baa1		1,895
	2,000,000		Atmos Energy Corp	8.500		03/15/19	Baa2		2,454
	5,000,000		Avista Corp	5.950		06/01/18	Baa1		5,320
	1,000,000		Avista Corp	5.130		04/01/22	Baa1		1,004
	5,000,000		CenterPoint Energy Houston Electric LLC	7.000		03/01/14	Baa1		5,680
	2,000,000		Connecticut Light & Power	5.750		03/01/37	A2		1,955
	1,200,000		Connecticut Light & Power Co	5.500		02/01/19	A2		1,266
	3,784,988	g	Great River Energy	5.830		07/01/17	A3		4,179
	5,000,000		Hawaiian Electric Industries, Inc	6.140		08/15/11	Baa2		5,261
	5,000,000		Idaho Power Co	5.500		04/01/33	A2		4,684
	2,500,000		Idaho Power Co	6.250		10/15/37	A2		2,577
	7,500,000	g	International Transmission Co	4.450		07/15/13	A2		7,865
	1,550,000		Laclede Gas Co	6.500		11/15/10	A2		1,592
	2,000,000		Laclede Gas Co	6.150		06/01/36	A2		2,021
	5,000,000		National Fuel Gas Co	6.500		04/15/18	Baa1		5,264
	6,000,000		Nevada Power Co	6.650		04/01/36	Baa3		6,373
	2,000,000		Nicor, Inc	6.580		02/15/28	Aa3		2,131
	1,750,000		NiSource Finance Corp	10.750		03/15/16	Baa3		2,225
	1,500,000		Northwest Natural Gas Co	5.620		11/21/23	A1		1,544
	1,600,000		NSTAR Electric Co	5.500		03/15/40	A1		1,580
	5,000,000		Pacific Gas & Electric Co	8.250		10/15/18	A3		6,104
	4,750,000		Pacific Gas & Electric Co	5.800		03/01/37	A3		4,713
	3,750,000		Pacific Gas & Electric Co	5.400		01/15/40	A3		3,530
	500,000		Piedmont Natural Gas Co, Inc	7.800		09/29/10	A3		518
	3,850,000		Portland General Electric Co	6.100		04/15/19	A3		4,269
	2,500,000		PPL Electric Utilities Corp	6.250		05/15/39	A3		2,669
	1,000,000		Public Service Electric & Gas Co	5.380		11/01/39	A2		961
	2,000,000		Questar Pipeline Co	6.570		09/26/11	A3		2,148
	2,000,000		San Diego Gas & Electric Co	6.000		06/01/39	Aa3		2,118

322

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†		VALUE (000)
$	2,800,000		Southern California Edison Co	6.050	%	03/15/39	A1	$	2,952
	5,000,000		Spectra Energy Capital LLC	5.650		03/01/20	Baa2		5,143
	2,500,000		Tennessee Gas Pipeline Co	8.000		02/01/16	Baa3		2,881
	3,000,000		Transcontinental Gas Pipe Line Co LLC	6.050		06/15/18	Baa2		3,265
	5,000,000		Washington Gas Light Co	5.440		08/11/25	A2		4,705
	2,250,000	g	Williams Partners LP	3.800		02/15/15	Baa3		2,246
	3,900,000	g	Williams Partners LP	6.300		04/15/40	Baa3		3,875
	1,000,000		Wisconsin Power & Light Co	5.000		07/15/19	A2		1,012
			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES						119,979
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.2%
	666,000		Cisco Systems, Inc	2.900		11/17/14	A1		674
	1,500,000		Dell, Inc	3.380		06/15/12	A2		1,559
	2,500,000	e	Dell, Inc	5.880		06/15/19	A2		2,705
	3,000,000	e	Hewlett-Packard Co	2.950		08/15/12	A2		3,098
	3,500,000		National Semiconductor Corp	3.950		04/15/15	Baa1		3,461
	2,500,000		Whirlpool Corp	8.000		05/01/12	Baa3		2,748
	1,100,000		Whirlpool Corp	8.600		05/01/14	Baa3		1,277
			TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT						15,522
FABRICATED METAL PRODUCTS - 0.0%
	1,000,000		Ball Corp	6.750		09/15/20	Ba1		1,018
			TOTAL FABRICATED METAL PRODUCTS						1,018
FOOD AND KINDRED PRODUCTS - 0.4%
	5,000,000		Coca-Cola Enterprises, Inc	5.000		08/15/13	A3		5,457
	1,500,000		Coca-Cola Enterprises, Inc	4.500		08/15/19	A3		1,506
	5,000,000		General Mills, Inc	5.650		02/15/19	Baa1		5,363
	1,600,000	g	HJ Heinz Finance Co	7.130		08/01/39	Baa2		1,815
	2,500,000		Kellogg Co	4.150		11/15/19	A3		2,469
	5,000,000	e	Kraft Foods, Inc	2.630		05/08/13	Baa2		5,038
	5,000,000		Kraft Foods, Inc	6.500		02/09/40	Baa2		5,181
	2,000,000		PepsiCo, Inc	7.900		11/01/18	Aa3		2,477
	2,500,000		PepsiCo, Inc	5.500		01/15/40	Aa3		2,475
			TOTAL FOOD AND KINDRED PRODUCTS						31,781
FOOD STORES - 0.0%
	1,000,000		Safeway, Inc	5.000		08/15/19	Baa2		1,009
			TOTAL FOOD STORES						1,009
FOREIGN GOVERNMENT BONDS - 0.1%
	10,000,000	e	Council Of Europe Development Bank	2.750		02/10/15	Aaa		9,955
			TOTAL FOREIGN GOVERNMENT BONDS						9,955
FURNITURE AND FIXTURES - 0.1%
	3,250,000		Johnson Controls, Inc	5.000		03/30/20	Baa2		3,242
	4,000,000		Leggett & Platt, Inc	4.700		04/01/13	Baa1		4,216
	4,900,000		Masco Corp	7.130		03/15/20	Ba2		4,950
			TOTAL FURNITURE AND FIXTURES						12,408

323

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†		VALUE (000)
GENERAL BUILDING CONTRACTORS - 0.0%
$	3,000,000		Lennar Corp	5.130	%	10/01/10	B3	$	3,019
			TOTAL GENERAL BUILDING CONTRACTORS						3,019
GENERAL MERCHANDISE STORES - 0.0%
	2,500,000		TJX Cos, Inc	6.950		04/15/19	A3		2,954
			TOTAL GENERAL MERCHANDISE STORES						2,954
HEALTH SERVICES - 0.2%
	5,000,000		Howard Hughes Medical Institute	3.450		09/01/14	Aaa		5,159
	5,000,000		Providence Health & Services	5.050		10/01/14	Aa2		5,200
	1,500,000		Quest Diagnostics, Inc	6.400		07/01/17	Baa2		1,663
	3,750,000		Quest Diagnostics, Inc	4.750		01/30/20	Baa2		3,669
			TOTAL HEALTH SERVICES						15,691
HOLDING AND OTHER INVESTMENT OFFICES - 1.0%
	5,000,000		ANDREW W MELLON FOUNDATION	3.950		08/01/14	Aaa		5,230
	5,000,000		Boston Properties LP	5.880		10/15/19	Baa2		5,191
	5,000,000		Brandywine Operating Partnership LP	7.500		05/15/15	Baa3		5,380
	3,500,000	g	Digital Realty Trust LP	5.880		02/01/20	Baa2		3,422
	11,204,000		Duke Realty LP	5.630		08/15/11	Baa2		11,609
	8,050,000		Federal Realty Investment Trust	4.500		02/15/11	Baa1		8,250
	1,400,000		Federal Realty Investment Trust	5.900		04/01/20	Baa1		1,403
	4,900,000		Health Care REIT, Inc	6.130		04/15/20	Baa2		4,915
	3,000,000		Highwoods Properties, Inc	5.850		03/15/17	Baa3		2,867
	5,000,000		Kimco Realty Corp	5.300		02/22/11	Baa1		5,172
	1,160,000		Liberty Property LP	7.250		03/15/11	Baa2		1,213
	1,000,000		ProLogis	7.630		08/15/14	Baa2		1,093
	1,000,000		ProLogis	7.380		10/30/19	Baa2		1,027
	4,900,000		ProLogis	6.880		03/15/20	Baa2		4,840
	2,550,000		Regency Centers LP	7.950		01/15/11	Baa2		2,658
	3,000,000		Washington Real Estate Investment Trust	5.130		03/15/13	Baa1		3,052
	15,000,000		Weingarten Realty Investors	4.480		10/31/10	Baa2		15,218
	4,900,000		Weingarten Realty Investors	5.650		01/15/13	Baa2		5,058
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES						87,598
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.3%
	1,800,000	e	Deere & Co	5.380		10/16/29	A2		1,795
	4,340,000		Deere & Co	8.100		05/15/30	A2		5,503
	2,000,000		Ingersoll-Rand Global Holding Co Ltd	9.500		04/15/14	Baa1		2,425
	2,380,000		John Deere Capital Corp	2.950		03/09/15	A2		2,379
	5,000,000		Timken Co	6.000		09/15/14	Baa3		5,317
	5,000,000		Xerox Corp	8.250		05/15/14	Baa2		5,806
	2,500,000		Xerox Corp	4.250		02/15/15	Baa2		2,521
	2,500,000		Xerox Corp	5.630		12/15/19	Baa2		2,570
			TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT						28,316
INSTRUMENTS AND RELATED PRODUCTS - 0.5%
	2,500,000		Agilent Technologies, Inc	4.450		09/14/12	Baa3		2,620
	5,000,000		Baxter International, Inc	4.500		08/15/19	A3		5,045
	4,000,000		Becton Dickinson and Co	5.000		05/15/19	A2		4,163
	2,000,000		Becton Dickinson and Co	6.000		05/15/39	A2		2,108

324

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	4,900,000		Medtronic, Inc	3.000	%	03/15/15	A1	$	4,875
	3,500,000		Medtronic, Inc	4.750		09/15/15	A1		3,786
	2,650,000		Medtronic, Inc	4.450		03/15/20	A1		2,637
	2,500,000		Medtronic, Inc	6.500		03/15/39	A1		2,793
	4,900,000		Medtronic, Inc	5.550		03/15/40	A1		4,857
	5,000,000		St. Jude Medical, Inc	4.880		07/15/19	Baa1		5,110
	2,165,000	g	Thermo Fisher Scientific, Inc	2.150		12/28/12	Baa1		2,158
	2,000,000	g	Thermo Fisher Scientific, Inc	3.250		11/18/14	Baa1		1,970
	1,750,000		Thermo Fisher Scientific, Inc	5.000		06/01/15	Baa1		1,838
	2,105,000		Zimmer Holdings, Inc	4.630		11/30/19	Baa1		2,093
	7,697,000		Zimmer Holdings, Inc	5.750		11/30/39	Baa1		7,535
			TOTAL INSTRUMENTS AND RELATED PRODUCTS						53,588
INSURANCE AGENTS, BROKERS AND SERVICE - 0.2%
	5,000,000		Hartford Financial Services Group, Inc	4.000		03/30/15	Baa3		4,953
	4,970,000		Hartford Financial Services Group, Inc	5.500		03/30/20	Baa3		4,895
	2,000,000		Hartford Financial Services Group, Inc	6.630		03/30/40	Baa3		1,968
			TOTAL INSURANCE AGENTS, BROKERS AND SERVICE						11,816
INSURANCE CARRIERS - 0.6%
	5,000,000		Aflac, Inc	8.500		05/15/19	A2		6,020
	5,000,000		Aflac, Inc	6.900		12/17/39	A2		5,153
	2,800,000	g	Anthem Insurance Co, Inc	9.130		04/01/10	A3		2,800
	3,500,000		Cincinnati Financial Corp	6.130		11/01/34	A3		3,118
	2,500,000	i	Hartford Life Global Funding Trusts	0.360		03/15/11	A3		2,477
	5,000,000	g	Health Care Service Corp	7.750		06/15/11	A2		5,150
	2,000,000		Markel Corp	6.800		02/15/13	Baa2		2,159
	2,500,000		Markel Corp	7.130		09/30/19	Baa2		2,687
	5,300,000		Markel Corp	7.350		08/15/34	Baa2		5,319
	3,000,000		Progressive Corp	6.380		01/15/12	A1		3,243
	5,000,000		Protective Life Corp	7.380		10/15/19	Baa2		5,311
	2,000,000	e	Travelers Cos, Inc	5.900		06/02/19	A2		2,187
	5,000,000		Unum Group	7.130		09/30/16	Ba1		5,435
			TOTAL INSURANCE CARRIERS						51,059
MEMBERSHIP ORGANIZATIONS - 0.1%
	5,000,000		Nature Conservancy	6.300		07/01/19	Aa2		5,292
			TOTAL MEMBERSHIP ORGANIZATIONS						5,292
MISCELLANEOUS RETAIL - 0.1%
	3,000,000	e	CVS Caremark Corp	5.750		06/01/17	Baa2		3,235
	1,093,703	g	CVS Caremark Corp	5.300		01/11/27	Baa2		1,041
	2,150,000		Staples, Inc	7.750		04/01/11	Baa2		2,281
	500,000		Staples, Inc	9.750		01/15/14	Baa2		606
			TOTAL MISCELLANEOUS RETAIL						7,163
NONDEPOSITORY INSTITUTIONS - 0.2%
	1,675,000		American Express Co	7.000		03/19/18	A3		1,902
	3,325,000		American Express Co	8.130		05/20/19	A3		4,027
	5,000,000	i	American Express Credit Corp	0.400		10/04/10	A2		4,998
	6,000,000	g	CDP Financial, Inc	3.000		11/25/14	Aaa		5,908

325

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	4,500,000		Kreditanstalt fuer Wiederaufbau	4.000	%	01/27/20	Aaa	$	4,484
			TOTAL NONDEPOSITORY INSTITUTIONS						21,319
NONMETALLIC MINERALS, EXCEPT FUELS - 0.0%
	2,500,000		Vulcan Materials Co	6.300		06/15/13	Baa2		2,748
			TOTAL NONMETALLIC MINERALS, EXCEPT FUELS						2,748
OIL AND GAS EXTRACTION - 0.6%
	5,000,000		Apache Corp	5.250		04/15/13	A3		5,440
	3,000,000		Apache Corp	6.000		01/15/37	A3		3,157
	1,750,000		Chesapeake Energy Corp	6.500		08/15/17	Ba3		1,693
	2,500,000	e	Devon Energy Corp	6.300		01/15/19	Baa1		2,790
	5,000,000		Diamond Offshore Drilling, Inc	4.880		07/01/15	Baa1		5,362
	3,000,000		EOG Resources, Inc	5.630		06/01/19	A3		3,220
	5,000,000		EQT Corp	8.130		06/01/19	Baa1		5,940
	2,500,000		Noble Energy, Inc	8.250		03/01/19	Baa2		3,028
	3,000,000		Questar Market Resources, Inc	6.050		09/01/16	Baa3		3,210
	5,000,000		SEACOR Holdings, Inc	7.380		10/01/19	Ba1		5,147
	7,775,000		Smith International, Inc	6.750		02/15/11	Baa1		8,063
	5,000,000		XTO Energy, Inc	6.250		04/15/13	Baa2		5,583
	2,500,000		XTO Energy, Inc	6.380		06/15/38	Baa2		2,800
			TOTAL OIL AND GAS EXTRACTION						55,433
PAPER AND ALLIED PRODUCTS - 0.2%
	1,000,000		Bemis Co, Inc	5.650		08/01/14	Baa1		1,075
	4,000,000		Bemis Co, Inc	6.800		08/01/19	Baa1		4,468
	2,650,000		International Paper Co	7.300		11/15/39	Baa3		2,832
	5,000,000		MeadWestvaco Corp	7.380		09/01/19	Ba1		5,477
			TOTAL PAPER AND ALLIED PRODUCTS						13,852
PETROLEUM AND COAL PRODUCTS - 0.2%
	2,500,000		Hess Corp	8.130		02/15/19	Baa2		3,047
	4,000,000		Hess Corp	6.000		01/15/40	Baa2		3,950
	1,430,000		Marathon Oil Corp	6.500		02/15/14	Baa1		1,603
	5,000,000		Marathon Oil Corp	5.900		03/15/18	Baa1		5,334
			TOTAL PETROLEUM AND COAL PRODUCTS						13,934
PRIMARY METAL INDUSTRIES - 0.0%
	2,000,000		Reliance Steel & Aluminum Co	6.850		11/15/36	Baa3		1,754
	2,400,000		United States Steel Corp	7.380		04/01/20	Ba2		2,406
			TOTAL PRIMARY METAL INDUSTRIES						4,160
PRINTING AND PUBLISHING - 0.0%
	2,500,000		Dun & Bradstreet Corp	5.500		03/15/11	A3		2,601
			TOTAL PRINTING AND PUBLISHING						2,601
RAILROAD TRANSPORTATION - 0.2%
	1,440,000		CSX Corp	6.150		05/01/37	Baa3		1,451
	1,900,000		CSX Transportation, Inc	7.820		04/01/11	NR		2,001
	2,500,000		Norfolk Southern Corp	5.750		01/15/16	Baa1		2,764
	5,000,000		Norfolk Southern Corp	5.900		06/15/19	Baa1		5,402

326

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	2,500,000		Norfolk Southern Corp	5.590	%	05/17/25	Baa1	$	2,451
	4,815,000	e	Norfolk Southern Corp	5.640		05/17/29	Baa1		4,758
	60,602	g	Sea-Land Service, Inc	6.600		01/02/11	Baa3		61
	60,602	g	Sea-Land Service, Inc	6.600		01/02/11	Baa3		61
	60,602	g	Sea-Land Service, Inc	6.600		01/02/11	Baa3		61
			TOTAL RAILROAD TRANSPORTATION						19,010
SECURITY AND COMMODITY BROKERS - 0.1%
	2,200,000		Ameriprise Financial, Inc	5.300		03/15/20	A3		2,226
	3,500,000		Charles Schwab Corp	4.950		06/01/14	A2		3,732
	7,000,000		NASDAQ OMX Group, Inc	2.500		08/15/13	Baa3		6,738
			TOTAL SECURITY AND COMMODITY BROKERS						12,696
SOCIAL SERVICES - 0.1%
	2,000,000		American National Red Cross	5.390		11/15/12	Baa1		2,043
	4,000,000		American National Red Cross	5.570		11/15/17	Baa1		3,886
	5,145,000		Salvation Army	5.640		09/01/26	Aa3		4,912
			TOTAL SOCIAL SERVICES						10,841
STONE, CLAY, AND GLASS PRODUCTS - 0.0%
	2,500,000	e	3M Co	6.380		02/15/28	Aa2		2,796
			TOTAL STONE, CLAY, AND GLASS PRODUCTS						2,796
TRANSPORTATION BY AIR - 0.4%
	14,550,000		Delta Air Lines, Inc	7.570		11/18/10	NR		14,732
	10,312,000		Delta Air Lines, Inc	7.110		09/18/11	NR		10,776
	2,500,000		FedEx Corp	7.380		01/15/14	Baa2		2,871
	5,000,000	i	JetBlue Airways Corp	0.700		11/15/16	B1		3,550
			TOTAL TRANSPORTATION BY AIR						31,929
TRANSPORTATION EQUIPMENT - 0.1%
	5,000,000	g	Harley-Davidson Funding Corp	6.800		06/15/18	Baa1		4,992
	2,592,770	g	Southern Capital Corp	5.700		06/30/22	Ba2		1,691
	1,000,000		Union Tank CAR Co	6.790		05/01/10	A1		1,003
			TOTAL TRANSPORTATION EQUIPMENT						7,686
TRANSPORTATION SERVICES - 0.0%
			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		04/01/30	Aa3		1,733
	3,750,000		United Parcel Service, Inc	3.880		04/01/14	Aa3		3,928
			TOTAL TRANSPORTATION SERVICES						5,661
WHOLESALE TRADE-NONDURABLE GOODS - 0.0%
	2,500,000		SYSCO Corp	6.630		03/17/39	A1		2,885
			TOTAL WHOLESALE TRADE-NONDURABLE GOODS						2,885
			TOTAL CORPORATE BONDS						1,087,893
			(Cost $1,052,208)

327

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
GOVERNMENT BONDS 24.7%
AGENCY SECURITIES - 2.7%
			Federal Farm Credit Bank (FFCB)
$	11,900,000		FFCB	2.630	%	04/21/11	Aaa	$	12,152
			Federal Home Loan Bank (FHLB)
	5,500,000		FHLB	5.000		11/17/17	Aaa		6,011
			Federal Home Loan Mortgage Corp (FHLMC)
	7,780,000		FHLMC	2.500		04/23/14	Aaa		7,843
	11,000,000		FHLMC	2.880		02/09/15	Aaa		11,068
	5,500,000		FHLMC	3.750		03/27/19	Aaa		5,365
	11,000,000		FHLMC	2.130		09/21/12	Aaa		11,173
	2,000,000		FHLMC	4.130		12/21/12	Aaa		2,128
	3,000,000		FHLMC	3.500		05/29/13	Aaa		3,150
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	1,635,928		FGLMC	5.000		04/01/23	Aaa		1,729
			Federal National Mortgage Association (FNMA)
	20,000,000		FNMA	2.630		11/20/14	Aaa		20,001
	13,500,000		FNMA	3.000		09/16/14	Aaa		13,748
	4,014,135		FNMA	4.500		03/25/33	Aaa		4,228
	600,000		FNMA	4.000		02/25/19	Aaa		618
	7,000,000		FNMA	1.380		04/28/11	Aaa		7,056
	3,700,000		FNMA	3.250		08/12/10	Aaa		3,740
	12,000,000		FNMA	2.500		05/15/14	Aaa		12,068
	6,000,000		FNMA	1.750		05/07/13	Aaa		5,985
	7,565,519		Cal Dive I- Title XI, Inc	4.930		02/01/27	NR		7,589
	11,000,000	g,j	FDIC Structured Sale Guarantee	0.000		10/25/12	NR		10,567
	4,000,000	j	Government Trust Certificate	0.000		04/01/21	NR		2,255
	12,750,000	i	India Government AID Bond	0.350		02/01/27	NR		11,819
	4,200,000		Overseas Private Investment Corp	1.900		12/10/11	NR		4,222
	1,156,522		Overseas Private Investment Corp	5.410		12/15/11	NR		1,198
	6,400,000	j	Overseas Private Investment Corp	0.000		06/10/12	NR		6,402
	3,000,000	j	Overseas Private Investment Corp	0.000		12/14/14	NR		3,053
	7,751,954		Overseas Private Investment Corp	3.420		01/15/15	NR		8,099
	4,491,040		Overseas Private Investment Corp	5.140		12/15/23	NR		4,826
	9,855,674	m	Overseas Private Investment Corp	4.440		02/27/27	NR		9,856
	10,000,000		Private Export Funding Corp	4.900		12/15/11	Aaa		10,660
	6,900,000		Private Export Funding Corp	3.550		04/15/13	Aaa		7,235
	6,085,000		Private Export Funding Corp	4.970		08/15/13	Aaa		6,647
	1,050,000		Private Export Funding Corp	4.550		05/15/15	Aaa		1,126
	10,000,000		Private Export Funding Corp	4.380		03/15/19	Aaa		10,091
	5,007,000		US Department of Housing and Urban Development	5.380		08/01/18	NR		5,509
	9,217,112	g	US Trade Funding Corp	4.260		11/15/14	NR		9,624
			TOTAL AGENCY SECURITIES						248,841
FOREIGN GOVERNMENT BONDS - 1.1%
	5,000,000	g	Bank of England Euro Note	1.630		03/18/13	Aaa		4,964
	4,000,000	g	Belgium Government International Bond	2.880		09/15/14	NR		4,031
	3,900,000		Canada Government International Bond	2.380		09/10/14	NR		3,893
	2,750,000		Eksportfinans A/S	5.000		02/14/12	Aa1		2,935
	2,000,000		European Investment Bank	4.880		02/15/36	Aaa		1,979
	5,000,000	g	Federal Republic of Germany	3.880		06/01/10	Aaa		5,025

328

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	6,082,000		Hydro Quebec	8.400	%	01/15/22	Aa2	$	7,821
	5,000,000	g	International Finance Facility for Immunisation	5.000		11/14/11	Aaa		5,299
	2,850,000		Italy Government International Bond	5.380		06/12/17	NR		3,063
	5,000,000		Oesterreichische Kontrollbank AG.	5.000		04/25/17	Aaa		5,397
	5,000,000		Province of Manitoba Canada	5.000		02/15/12	Aa1		5,355
	2,000,000	e	Province of Manitoba Canada	2.130		04/22/13	Aa1		2,021
	2,500,000		Province of Ontario Canada	3.130		09/08/10	Aa1		2,533
	10,000,000	e	Province of Ontario Canada	2.630		01/20/12	Aa1		10,261
	8,700,000		Province of Ontario Canada	4.100		06/16/14	Aa1		9,294
	8,100,000	e	Province of Ontario Canada	2.950		02/05/15	Aa1		8,122
	6,000,000		Province of Ontario Canada	4.000		10/07/19	Aa1		5,892
	5,000,000		Province of Quebec Canada	7.500		09/15/29	Aa2		6,508
			TOTAL FOREIGN GOVERNMENT BONDS						94,393
MORTGAGE BACKED - 13.3%
			Federal Home Loan Mortgage Corp (FHLMC)
	6,202,863	i	FHLMC	5.870		04/01/37			6,544
	7,352,376	i	FHLMC	5.610		03/01/37			7,763
	7,094,690	i	FHLMC	5.740		09/01/37			7,532
	4,033,025	i	FHLMC	5.700		08/01/37			4,282
	6,990,359	i	FHLMC	5.730		02/01/37			7,405
	4,744,330	i	FHLMC	5.810		07/01/36			5,027
	3,548,413	i	FHLMC	2.640		02/01/36			3,649
	7,809,025	i	FHLMC	6.050		09/01/36			8,269
	1,803,061	i	FHLMC	3.310		09/01/36			1,861
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	1,814,872		FGLMC	5.000		10/01/35			1,879
	2,251,187		FGLMC	5.000		11/01/35			2,331
	5,121,339		FGLMC	4.500		09/01/35			5,161
	9,738,179		FGLMC	5.000		09/01/35			10,083
	20,486,138		FGLMC	5.500		04/01/36			21,687
	360,678		FGLMC	6.500		05/01/36			393
	829,144		FGLMC	4.500		12/01/35			836
	1,412,116		FGLMC	5.000		02/01/36			1,462
	574,331		FGLMC	6.000		05/01/35			620
	4,102,495		FGLMC	7.000		05/01/35			4,613
	2,009,299		FGLMC	6.000		05/01/35			2,169
	699,181		FGLMC	6.000		05/01/35			755
	1,972,182		FGLMC	4.500		09/01/35			1,988
	5,546,621		FGLMC	4.500		09/01/35			5,590
	2,219,685		FGLMC	5.500		06/01/35			2,350
	2,001,269		FGLMC	6.000		08/01/35			2,161
	5,891,231		FGLMC	4.000		06/01/39			5,716
	11,515,938		FGLMC	4.500		06/01/39			11,555
	3,060,394		FGLMC	5.500		01/01/39			3,235
	1,928,302		FGLMC	4.500		05/01/39			1,935
	25,000,000		FGLMC	5.500		04/15/40			26,398
	16,000,000		FGLMC	6.000		04/15/40			17,168
	3,784,004		FGLMC	5.000		07/01/39			3,912
	27,000,000		FGLMC	5.000		04/15/40			27,878
	2,681,435		FGLMC	6.500		11/01/37			2,919
	4,901,778		FGLMC	6.000		02/01/38			5,265

329

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†		VALUE (000)
$	2,054,923		FGLMC	6.500	%	10/01/36		$	2,240
	2,540,918		FGLMC	6.000		09/01/37			2,731
	4,831,179		FGLMC	5.500		07/01/38			5,107
	2,189,717		FGLMC	6.000		11/01/38			2,352
	2,462,702		FGLMC	5.000		04/01/38			2,546
	8,084,060		FGLMC	5.000		04/01/38			8,358
	366,205		FGLMC	4.500		07/01/20			384
	318,592		FGLMC	7.000		10/01/20			358
	1,986,443		FGLMC	5.000		02/01/19			2,118
	1,643,582		FGLMC	4.500		01/01/20			1,728
	3,760,749		FGLMC	4.500		03/01/23			3,911
	21,335		FGLMC	7.000		05/01/23			24
	11,829,057		FGLMC	4.500		06/01/21			12,400
	3,258,393		FGLMC	4.500		06/01/21			3,416
	572,902		FGLMC	6.000		12/01/17			622
	3,431,646		FGLMC	4.500		10/01/18			3,612
	19,986		FGLMC	6.000		03/01/11			20
	302,696		FGLMC	6.500		12/01/16			328
	5,710,570		FGLMC	4.500		01/01/19			6,002
	2,194,413		FGLMC	5.500		01/01/19			2,371
	4,269,439		FGLMC	4.500		11/01/18			4,494
	5,003,943		FGLMC	4.500		11/01/18			5,267
	3,354,258		FGLMC	5.000		05/01/34			3,483
	2,219,013		FGLMC	6.000		09/01/34			2,404
	15,761,624		FGLMC	7.000		12/01/33			17,721
	10,910,036		FGLMC	5.000		01/01/34			11,340
	1,732,498		FGLMC	6.000		05/01/35			1,871
	1,206,448		FGLMC	6.000		05/01/35			1,303
	1,353,592		FGLMC	5.500		12/01/34			1,435
	1,023,855		FGLMC	6.000		05/01/35			1,105
	5,000,000		FGLMC	5.000		04/15/25			5,278
	100,897		FGLMC	8.000		01/01/31			116
	4,822,074		FGLMC	4.000		07/01/24			4,901
	1,807,798		FGLMC	4.500		09/01/24			1,878
	3,877,620		FGLMC	5.500		09/01/33			4,116
	9,032,777		FGLMC	5.500		12/01/33			9,593
	3,226,646		FGLMC	4.500		07/01/33			3,266
	4,429,901		FGLMC	5.500		09/01/33			4,702
			Federal National Mortgage Association (FNMA)
	6,248,317		FNMA	5.000		09/01/35			6,464
	4,947,779		FNMA	5.000		08/01/35			5,118
	4,439,545		FNMA	5.000		10/01/35			4,593
	9,615,068		FNMA	4.000		10/01/35			9,340
	2,637,144		FNMA	4.500		08/01/35			2,663
	2,529,525		FNMA	5.500		06/01/35			2,674
	2,487,091		FNMA	5.500		06/01/35			2,629
	712,981		FNMA	6.000		07/01/35			763
	142,471		FNMA	7.500		06/01/35			161
	10,265,760		FNMA	5.500		10/01/35			10,853
	3,767,773	i	FNMA	5.920		07/01/36			3,955
	2,802,105		FNMA	5.500		04/01/36			2,962
	4,849,069	i	FNMA	5.760		12/01/36			5,085

330

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†		VALUE (000)
$	2,827,479		FNMA	6.500	%	09/01/36		$	3,073
	4,393,431		FNMA	6.000		03/01/36			4,689
	2,705,355	i	FNMA	5.720		02/01/36			2,822
	3,804,204		FNMA	5.000		02/01/36			3,935
	1,445,668		FNMA	6.500		02/01/36			1,571
	989,019		FNMA	6.500		02/01/36			1,078
	3,185,218		FNMA	5.500		06/01/35			3,367
	762,254		FNMA	6.000		12/01/34			822
	48,299		FNMA	4.500		09/01/34			49
	3,254,333		FNMA	5.500		01/01/35			3,447
	9,696,364		FNMA	5.500		01/01/35			10,269
	1,475,465		FNMA	4.500		08/01/34			1,492
	169,724		FNMA	4.500		07/01/34			172
	175,715		FNMA	4.500		07/01/34			178
	93,165		FNMA	4.500		08/01/34			94
	55,057		FNMA	4.500		07/01/34			56
	722,902		FNMA	5.500		03/01/35			764
	730,498		FNMA	5.500		05/01/35			772
	883,356		FNMA	5.500		05/01/35			934
	4,176,705		FNMA	6.000		05/01/35			4,470
	363,910		FNMA	5.500		05/01/35			385
	3,297,398		FNMA	5.500		05/01/35			3,486
	2,283,412		FNMA	5.500		04/01/35			2,414
	1,907,340		FNMA	5.500		04/01/35			2,016
	11,123,786		FNMA	4.500		05/01/35			11,266
	2,044,783		FNMA	5.500		04/01/35			2,162
	3,222,532		FNMA	6.000		12/01/36			3,440
	3,874,826		FNMA	5.500		01/01/39			4,088
	4,818,057		FNMA	4.500		01/01/39			4,835
	3,326,656		FNMA	6.000		01/01/39			3,538
	3,492,284		FNMA	6.000		01/01/39			3,714
	3,695,398	i	FNMA	4.900		10/01/38			3,870
	1,183,892		FNMA	6.500		03/01/38			1,284
	308,561		FNMA	6.500		03/01/38			335
	71,000,000		FNMA	6.000		04/25/38			75,416
	39,000,000		FNMA	5.500		04/25/38			41,103
	4,555,618		FNMA	4.500		02/01/39			4,572
	30,000,000		FNMA	4.000		04/25/40			29,081
	12,039,342		FNMA	6.000		09/01/39			12,801
	16,000,000		FNMA	5.000		04/25/40			16,505
	104,000,000		FNMA	4.500		04/25/40			104,229
	4,917,818		FNMA	4.500		08/01/39			4,935
	3,876,791		FNMA	4.000		04/01/39			3,762
	14,098,504		FNMA	4.500		02/01/39			14,148
	24,201,960		FNMA	4.500		05/01/39			24,284
	7,687,825		FNMA	4.500		04/01/39			7,714
	2,463,477		FNMA	6.500		03/01/38			2,673
	1,809,738		FNMA	6.500		08/01/37			1,964
	1,134,035		FNMA	6.500		08/01/37			1,231
	3,335,517		FNMA	6.000		09/01/37			3,549
	3,088,025		FNMA	6.000		09/01/37			3,285
	1,238,215		FNMA	7.000		04/01/37			1,375

331

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†		VALUE (000)
$	3,808,257		FNMA	5.000	%	02/01/37		$	3,934
	23,612,557	i	FNMA	5.860		01/01/37			24,710
	4,700,091		FNMA	6.500		03/01/37			5,108
	1,638,827		FNMA	7.000		02/01/37			1,819
	1,999,842		FNMA	6.000		09/01/37			2,128
	4,276,632		FNMA	7.000		11/01/37			4,747
	1,604,293	i	FNMA	5.880		10/01/37			1,691
	126,186		FNMA	6.500		02/01/38			137
	279,285		FNMA	6.500		01/01/38			303
	606,171		FNMA	6.500		09/01/37			658
	2,735,581		FNMA	6.500		09/01/37			2,969
	2,542,671		FNMA	6.000		09/01/37			2,705
	1,404,216		FNMA	6.500		09/01/37			1,524
	831,503		FNMA	6.500		09/01/37			902
	239,350		FNMA	4.500		06/01/34			242
	134,851		FNMA	4.500		03/01/19			142
	397,652		FNMA	6.000		02/01/19			434
	1,322,908		FNMA	4.500		06/01/19			1,391
	561,631		FNMA	4.500		05/01/19			590
	363,593		FNMA	6.000		01/01/19			397
	5,512,156		FNMA	5.500		11/01/18			5,954
	48,251		FNMA	5.500		05/01/18			52
	2,967,941		FNMA	5.000		01/01/19			3,167
	3,474,168		FNMA	5.000		12/01/18			3,707
	1,433,107		FNMA	5.000		03/01/20			1,529
	8,000,000		FNMA	4.500		04/25/23			8,298
	31,265		FNMA	8.000		03/01/23			36
	221,043		FNMA	5.000		01/01/24			231
	7,536,215		FNMA	5.000		07/01/23			7,958
	4,066,436		FNMA	4.500		03/01/23			4,226
	1,867,817		FNMA	5.000		12/01/20			1,987
	630,543		FNMA	4.500		11/01/20			663
	5,142,082		FNMA	5.500		08/01/21			5,519
	2,128,776		FNMA	5.000		03/01/21			2,272
	343,146		FNMA	5.500		04/01/18			369
	1,277		FNMA	7.500		10/01/11			1
	6,905		FNMA	7.500		10/01/11			7
	62,929		FNMA	5.000		06/01/13			65
	61,350		FNMA	7.000		04/01/12			65
	241		FNMA	7.500		10/01/11			0^
	4,337		FNMA	8.000		07/01/11			5
	7,797		FNMA	7.500		06/01/11			8
	2,199		FNMA	7.500		09/01/11			2
	2,342		FNMA	7.500		08/01/11			2
	2,688,413		FNMA	4.440		07/01/13			2,843
	879,688		FNMA	6.500		04/01/17			953
	234,574		FNMA	6.500		10/01/16			254
	422,485		FNMA	6.500		02/01/18			458
	2,380,033		FNMA	5.000		12/01/17			2,541
	7,069		FNMA	8.500		11/01/14			8
	1,823,505		FNMA	4.600		05/01/14			1,941
	3,705,119		FNMA	4.020		08/01/13			3,884

332

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	RATING†		VALUE (000)
$	2,999,450	FNMA	4.530	%	10/01/14		$	3,183
	4,139,162	FNMA	4.270		06/01/14			4,353
	657,202	FNMA	5.500		02/01/24			699
	181,850	FNMA	7.000		01/01/34			203
	1,397,486	FNMA	5.500		01/01/34			1,483
	1,242,292	FNMA	5.000		03/01/34			1,289
	556,795	FNMA	5.000		03/01/34			578
	795,872	FNMA	5.500		12/01/33			845
	2,067,246	FNMA	5.500		11/01/33			2,194
	2,686,894	FNMA	5.500		11/01/33			2,852
	344,509	FNMA	5.500		12/01/33			366
	423,671	FNMA	5.500		12/01/33			450
	482,413	FNMA	5.000		03/01/34			501
	53,881	FNMA	4.500		06/01/34			54
	54,485	FNMA	4.500		05/01/34			55
	51,788	FNMA	4.500		06/01/34			52
	67,694	FNMA	4.500		06/01/34			68
	61,707	FNMA	4.500		05/01/34			62
	424,845	FNMA	5.000		03/01/34			441
	21,772,435	FNMA	5.000		03/01/34			22,591
	1,036,976	FNMA	4.500		05/01/34			1,048
	3,727,776	FNMA	5.000		04/01/34			3,862
	2,266,832	FNMA	5.500		11/01/33			2,406
	18,544,175	FNMA	5.000		10/01/25			19,305
	4,000,000	FNMA	5.000		04/25/25			4,219
	371,191	FNMA	5.000		02/01/33			385
	1,988,080	FNMA	6.500		07/01/32			2,197
	10,000,000	FNMA	4.000		04/25/25			10,144
	102,050	FNMA	8.000		07/01/24			118
	5,582,933	FNMA	4.000		05/01/24			5,673
	9,595,173	FNMA	4.000		09/01/24			9,750
	3,008,984	FNMA	4.500		08/01/24			3,126
	831,814	FNMA	5.500		06/01/33			883
	1,808,518	FNMA	5.000		11/01/33			1,876
	1,144,812	FNMA	5.000		10/01/33			1,188
	1,812,448	FNMA	5.500		11/01/33			1,923
	1,540,382	FNMA	5.500		11/01/33			1,635
	1,380,678	FNMA	5.000		10/01/33			1,433
	2,220,947	FNMA	4.500		08/01/33			2,249
	1,160,457	FNMA	5.500		07/01/33			1,232
	290,796	FNMA	4.500		09/01/33			293
	1,222,939	FNMA	5.000		08/01/33			1,269
		Government National Mortgage Association (GNMA)
	1,910,726	GNMA	6.000		08/20/38			2,049
	3,048,413	GNMA	6.500		11/20/38			3,297
	4,751,422	GNMA	4.500		03/15/39			4,817
	3,693,836	GNMA	5.000		04/15/38			3,848
	22,000,000	GNMA	5.500		04/15/38			23,268
	1,795,970	GNMA	6.000		08/15/38			1,921
	1,972,223	GNMA	4.000		08/15/39			1,932
	15,000,000	GNMA	4.500		04/15/40			15,176
	4,940,827	GNMA	6.230		09/15/43			5,004

333

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†		VALUE (000)
$	960,309		GNMA	4.500	%	05/15/39		$	974
	4,934,756		GNMA	4.500		07/20/39			4,989
	1,872,807		GNMA	5.000		07/20/39			1,946
	13,000,000		GNMA	5.000		04/15/38			13,512
	43,307		GNMA	6.500		08/15/23			47
	12,464		GNMA	6.500		08/15/23			13
	7,946,297		GNMA	4.390		08/16/30			8,128
	2,954,784		GNMA	5.220		04/15/15			2,981
	86,929		GNMA	9.000		12/15/17			97
	65,808		GNMA	8.000		06/15/22			76
	855,898		GNMA	6.000		01/20/37			918
	3,975,490		GNMA	5.500		02/15/37			4,215
	4,426,002		GNMA	6.000		02/20/37			4,745
	262,169		GNMA	6.500		05/20/31			289
	997,516		GNMA	5.500		07/15/33			1,064
	811,558		GNMA	6.000		10/20/36			872
			TOTAL MORTGAGE BACKED						1,208,313
MUNICIPAL BONDS - 1.5%
	1,860,000		Allegheny County Redevelopment Authority	5.000		09/01/11	NR		1,939
	1,110,000		Atlanta Urban Residential Finance Authority	5.070		12/01/11	A1		1,134
	4,500,000	g	Basin Electric Power Coop	6.130		06/01/41	Aa3		4,034
	265,000		Bellevue Community Schools	4.630		05/01/10	Aa3		265
	2,390,000		Charlotte-Mecklenburg Hospital Authority	5.000		08/01/15	Aaa		2,485
			Chicago Metropolitan Water Reclamation District-
	5,000,000		Greater Chicago	5.720		12/01/38	Aaa		5,116
	1,250,000		City & County of Honolulu HI	6.110		07/01/29	Aa3		1,239
	4,000,000		City of Dallas TX	5.080		02/15/22	Aa1		3,941
	1,500,000		City of Dallas TX	5.200		02/15/35	Aa1		1,368
	950,000		City of Eugene OR	6.320		08/01/22	Aa3		979
	5,000,000		City of New York NY	4.500		06/01/15	Aa3		5,254
	1,055,000	j	City of Oakland CA	0.000		12/15/11	A1		997
	5,000,000		Commonwealth of Massachusetts	5.460		12/01/39	Aa2		4,992
	585,000		County of Harnett NC	5.150		05/01/12	Aa3		588
	2,335,000		County of Mercer NJ	5.380		02/01/17	Aa2		2,360
	4,000,000		Dallas County Hospital District	5.620		08/15/44	Aaa		4,031
			Douglas County Public Utility District No 1 Wells
	1,680,000		Hydroelectric	5.110		09/01/18	Aa2		1,664
	1,400,000		Elkhart Redevelopment District	5.500		06/15/18	Baa1		1,505
	8,340,000		Fiscal Year 2005 Securitization Corp	4.760		08/15/19	Aaa		8,482
	2,000,000		Guadalupe Valley Electric Coop, Inc	5.670		10/01/32	NR		1,641
	1,000,000		Kansas Development Finance Authority	4.590		05/01/14	Aa2		1,039
	1,350,000		Kansas Development Finance Authority	4.720		05/01/15	Aa2		1,395
	2,750,000	g	LL & P Wind Energy, Inc	5.220		12/01/12	A3		2,786
	3,000,000		Metropolitan Washington Airports Authority	5.690		10/01/30	Aa3		2,829
	5,000,000		Metropolitan Water District of Southern California	6.250		07/01/39	Aa2		4,897
	5,000,000		Mississippi Development Bank Special Obligation	5.320		07/01/14	Baa1		5,143
	1,110,000		New York City Housing Development Corp	4.660		11/01/10	Aa2		1,126
	2,160,000		New York State Environmental Facilities Corp	4.900		12/15/11	NR		2,228
	3,000,000		New York State Urban Development Corp	6.500		12/15/18	NR		3,332
	2,500,000		Newport News Economic Development Authority	5.640		01/15/29	Aa2		2,410
	2,500,000		Oklahoma Capital Improvement Authority	5.180		07/01/14	Aa3		2,657

334

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
PRINCIPAL		ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	3,750,000	State of California	7.630	%	03/01/40	Baa1	$	3,904
	2,050,000	State of Hawaii	4.670		05/01/14	Aa2		2,171
	5,000,000	State of Illinois	4.070		01/01/14	A2		5,040
	5,570,000	State of Illinois	4.350		06/01/18	A2		5,274
	5,750,000	State of Michigan	4.600		11/01/11	Aa3		6,036
	2,500,000	State of Ohio	5.410		09/01/28	Aa2		2,518
	3,050,000	State of Oregon	5.030		08/01/14	Aa2		3,284
	3,265,000	State of Texas	4.900		08/01/20	Aa1		3,146
	5,000,000	State of Texas	6.070		10/01/29	Aa1		5,249
	4,735,000	State of Washington	5.050		01/01/18	Aa2		4,730
	1,033,000	State of Wisconsin	5.700		05/01/26	Aa3		1,003
	4,250,000	Tennessee State School Bond Authority	7.750		05/01/15	Aa2		4,271
	5,000,000	Tuolumne Wind Project Authority	6.920		01/01/34	A1		5,028
	2,025,000	University Central Fl University Revenues	5.130		10/01/20	WR		1,807
		TOTAL MUNICIPAL BONDS						137,317
U.S. TREASURY SECURITIES -6.1%
	65,800,000	United States Treasury Bond	8.000		11/15/21			89,654
	5,000,000	United States Treasury Bond	6.380		08/15/27			6,143
	20,000,000	United States Treasury Bond	5.250		02/15/29			21,763
	13,176,000	United States Treasury Bond	5.380		02/15/31			14,576
	2,640,000	United States Treasury Bond	4.380		11/15/39			2,496
	1,300,000	United States Treasury Note	0.880		04/30/11			1,305
	10,000	United States Treasury Note	0.880		05/31/11			10
	5,130,000	United States Treasury Note	1.000		08/31/11			5,154
	11,875,000	United States Treasury Note	1.000		09/30/11			11,923
	1,400,000	United States Treasury Note	0.750		11/30/11			1,398
	67,254,000	United States Treasury Note	1.000		12/31/11			67,389
	12,750,000	United States Treasury Note	0.880		02/29/12			12,724
	36,625,000	United States Treasury Note	1.380		11/15/12			36,617
	14,280,000	United States Treasury Note	1.130		12/15/12			14,156
	34,267,000	United States Treasury Note	1.380		01/15/13			34,157
	18,500,000	United States Treasury Note	1.380		03/15/13			18,392
	2,670,000	United States Treasury Note	3.130		09/30/13			2,784
	21,601,000	United States Treasury Note	1.880		04/30/14			21,339
	34,030,000	United States Treasury Note	2.250		05/31/14			34,075
	18,680,000	United States Treasury Note	2.630		06/30/14			18,956
	33,395,000	United States Treasury Note	2.380		08/31/14			33,473
	10,190,000	United States Treasury Note	2.380		10/31/14			10,176
	17,585,000	United States Treasury Note	2.130		11/30/14			17,354
	33,650,000	United States Treasury Note	2.250		01/31/15			33,285
	24,340,000	United States Treasury Note	2.500		03/31/15			24,272
	5,000,000	United States Treasury Note	2.630		04/30/16			4,895
	12,700,000	United States Treasury Note	3.250		07/31/16			12,832
	3,500,000	United States Treasury Note	3.250		12/31/16			3,505
	3,550,000	United States Treasury Note	3.630		02/15/20			3,490
		TOTAL U.S. TREASURY SECURITIES						558,293
		TOTAL GOVERNMENT BONDS						2,247,157
		(Cost $2,202,125)

335

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
STRUCTURED ASSETS - 2.5%
ASSET BACKED - 0.9%
$	5,000,000		AmeriCredit Automobile Receivables Trust	5.190	%	08/17/15	A1	$	5,140
			Series - 2010 1 (Class C)
	1,500,000		AmeriCredit Prime Automobile Receivable	4.990		07/17/17	A1		1,543
			Series - 2009 1 (Class C)
	1,000,000	g	Avis Budget Rental Car Funding AESOP LLC	5.680		02/20/14	Aaa		1,058
			Series - 2009 2A (Class A)
	800,000		CarMax Auto Owner Trust	3.750		12/15/15	NR		799
			Series - 2010 1 (Class B)
	3,501,139	i	Chase Funding Loan Acquisition Trust	0.820		06/25/34	Aa1		2,793
			Series - 2004 OPT1 (Class M1)
			Chase Funding Mortgage Loan Asset-Backed
	674,364	i	Certificates	5.700		02/25/35	Baa2		251
			Series - 2004 2 (Class 1B)
	1,500,000		CNH Equipment Trust	4.980		04/15/16	A1		1,512
			Series - 2009 C (Class B)
	2,150,000	i	Countrywide Asset-Backed Certificates	5.680		10/25/46	Baa2		2,112
			Series - 2006 15 (Class A2)
	636,373	i	Countrywide Home Equity Loan Trust	0.450		02/15/29	B3		287
			Series - 2004 B (Class 1A)
	2,911,811	g	Credit-Based Asset Servicing and Securitization LLC	6.160		12/25/36	Aaa		2,869
			Series - 2007 MX1 (Class A1)
	12,000,000	g	Flagstar Home Equity Loan Trust	5.780		01/25/35	B3		8,448
			Series - 2007 1A (Class AF3)
			GMAC Mortgage Corporation Loan Trust 2006-
	2,299,874		HLTV A3	5.590		10/25/29	Baa2		2,143
			Series - 2006 HLTV (Class A3)
			GMAC Mortgage Corporation Loan Trust 2006-
	2,282,000		HLTV A4	5.810		10/25/29	Baa3		1,510
			Series - 2006 HLTV (Class A4)
	3,370,000	g	Hertz Vehicle Financing LLC	5.290		03/25/16	Aaa		3,517
			Series - 2009 2A (Class A2)
	4,000,000		HFC Home Equity Loan Asset Backed Certificates	5.730		03/20/36	Aaa		3,990
			Series - 2007 1 (Class A3F)
	1,225,816		HFC Home Equity Loan Asset Backed Certificates	5.910		03/20/36	Aaa		1,234
			Series - 2007 1 (Class A1F)
	1,120,385	i	Morgan Stanley ABS Capital I	0.270		01/25/37	A2		1,092
			Series - 2007 HE2 (Class A2A)
	1,603,326		MP Environmental Funding LLC	4.980		07/15/14	Aaa		1,673
			Series - 2007 A1 (Class)
	3,250,000		Renaissance Home Equity Loan Trust	5.590		11/25/36	Caa2		1,699
			Series - 2006 3 (Class AF3)
	2,134,000		Residential Asset Mortgage Products, Inc	4.970		09/25/33	Aaa		2,099
			Series - 2003 RZ5 (Class A7)
	5,003,000		Residential Funding Mortgage Securities II, Inc	5.520		04/25/21	Aa1		4,783
			Series - 2006 HI5 (Class A2)
	9,000,000		Residential Funding Mortgage Securities II, Inc	5.500		08/25/25	Ba2		6,908
			Series - 2006 HI5 (Class A3)
	1,862,957		Residential Funding Mortgage Securities II, Inc	5.750		02/25/36	Aa1		1,840
			Series - 2006 HI2 (Class A2)

336

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	5,700,000		Residential Funding Mortgage Securities II, Inc	5.960	%	02/25/36	Baa2	$	4,058
			Series - 2006 HI3 (Class A3)
	2,000,000		Residential Funding Mortgage Securities II, Inc	6.010		02/25/36	Aa1		978
			Series - 2006 HI1 (Class M1)
	200,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36	A2		55
			Series - 2006 HI1 (Class M2)
	18,000,000		Residential Funding Mortgage Securities II, Inc	5.440		09/25/36	Ba2		13,956
			Series - 2006 HI4 (Class A3)
	5,903,607		Residential Funding Mortgage Securities II, Inc	5.450		09/25/36	Aa1		5,789
			Series - 2006 HI4 (Class A2)
	1,812,355	i	Securitized Asset Backed Receivables LLC Trust	0.400		03/25/36	Baa2		1,689
			Series - 2006 NC2 (Class A2)
	1,849,351	g,i	Wachovia Loan Trust	0.610		05/25/35	Aaa		1,120
			Series - 2005 SD1 (Class A)
	1,385,000	i	Wells Fargo Home Equity Trust	0.390		07/25/36	Aa3		1,224
			Series - 2006 2 (Class A3)
			TOTAL ASSET BACKED						88,169
OTHER MORTGAGE BACKED - 1.6%
	1,875,000		Banc of America Commercial Mortgage, Inc	5.360		10/10/45	Aaa		1,822
			Series - 2006 6 (Class A4)
	5,765,000	i	Banc of America Commercial Mortgage, Inc	5.690		04/10/49	NR		5,533
			Series - 2007 2 (Class A4)
	1,409,505		Bank of America Alternative Loan Trust	5.500		09/25/19	Aaa		1,409
			Series - 2004 8 (Class 3A1)
	505,000		Bear Stearns Commercial Mortgage Securities	5.200		12/11/38	Aaa		505
			Series - 2006 PW14 (Class A4)
	1,100,000	i	Bear Stearns Commercial Mortgage Securities	5.460		03/11/39	Aaa		1,140
			Series - 2006 PW11 (Class A4)
	1,430,000		Bear Stearns Commercial Mortgage Securities	4.670		06/11/41	Aaa		1,450
			Series - 2005 PWR8 (Class A4)
	1,400,000	i	Bear Stearns Commercial Mortgage Securities	5.470		06/11/41	Aaa		1,454
			Series - 2004 PWR4 (Class A3)
	2,655,000	i	Bear Stearns Commercial Mortgage Securities	4.750		02/13/46	Aaa		2,705
			Series - 2004 T16 (Class A6)
	3,665,000	i	Bear Stearns Commercial Mortgage Securities	5.690		06/11/50	NR		3,627
			Series - 2007 PW17 (Class A4)
	3,020,000		Bear Stearns Commercial Mortgage Securities	5.700		06/11/50	NR		2,915
			Series - 2007 PW18 (Class A4)
	2,565,000		Citigroup	5.320		12/11/49	Aaa		2,483
			Series - 2007 CD4 (Class A4)
	3,530,000	i	Commercial Mortgage Pass Through Certificates	5.820		12/10/49	Aaa		3,529
			Series - 2007 C9 (Class A4)
	3,773,449		Countrywide Alternative Loan Trust	5.500		08/25/16	Baa1		3,218
			Series - 2004 30CB (Class 1A15)
			Countrywide Home Loan Mortgage Pass Through
	4,520,691		Trust	4.750		09/25/18	NR		4,583
			Series - 2003 35 (Class 1A1)
			Countrywide Home Loan Mortgage Pass Through
	1,914,113		Trust	5.250		09/25/35	NR		1,870
			Series - 2005 17 (Class 1A10)
	5,037,246	g,i	Credit Suisse Mortgage Capital Certificates	0.410		04/15/22	Aaa		4,311
			Series - 2007 TF2A (Class A1)

337

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
			Credit Suisse/Morgan Stanley Commercial Mortgage
$	2,259,400	g,i	Certificate	0.420	%	05/15/23	Aaa	$	2,179
			Series - 2006 HC1A (Class A1)
	1,345,000		CS First Boston Mortgage Securities Corp	3.940		05/15/38	Aaa		1,370
			Series - 2003 C3 (Class A5)
	3,367,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38	Aaa		3,431
			Series - 2005 C5 (Class A4)
	900,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38	NR		738
			Series - 2005 C5 (Class AJ)
	710,000		GMAC Commercial Mortgage Securities, Inc	5.020		04/10/40	Aaa		745
			Series - 2003 C3 (Class A4)
	2,627,111	i	GMAC MORTGAGE CORP LOAN TRUST	4.600		10/19/33	Aaa		2,558
			Series - 2003 AR1 (Class A5)
	2,075,000	i	Greenwich Capital Commercial Funding Corp	5.890		07/10/38	Aaa		2,115
			Series - 2006 GG7 (Class A4)
	7,495,000		Greenwich Capital Commercial Funding Corp	5.440		03/10/39	Aaa		7,289
			Series - 2007 GG9 (Class A4)
	1,750,000		Greenwich Capital Commercial Funding Corp	5.480		03/10/39	Aaa		1,444
			Series - 2007 GG9 (Class AM)
	6,380,000		Greenwich Capital Commercial Funding Corp	5.740		12/10/49	Aaa		6,202
			Series - 2007 GG11 (Class A4)
	1,875,000	i	GS Mortgage Securities Corp II	5.550		04/10/38	NR		1,884
			Series - 2006 GG6 (Class A4)
	3,000,000	i	GS Mortgage Securities Corp II	5.620		04/10/38	NR		2,591
			Series - 2006 GG6 (Class AM)
	3,880,000		GS Mortgage Securities Corp II	5.560		11/10/39	Aaa		3,841
			Series - 2006 GG8 (Class A4)
	1,488,672	i	GSR Mortgage Loan Trust	5.080		01/25/36	NR		1,441
			Series - 2006 AR1 (Class 2A2)
	3,525,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	0.410		02/15/20	Aaa		2,879
			Series - 2006 FL1A (Class A2)
	1,500,000	g	JP Morgan Chase Commercial Mortgage Securities Corp	5.630		12/05/27	Aaa		1,587
			Series - 2009 IWST (Class A2)
	4,760,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.340		05/15/47	Aaa		4,641
			Series - 2006 LDP9 (Class A3)
	2,615,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.750		02/12/49	Aaa		1,950
			Series - 2007 CB19 (Class AM)
	4,120,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.820		06/15/49	Aaa		3,951
			Series - 2007 LD11 (Class A4)
	2,330,000		LB-UBS Commercial Mortgage Trust	4.740		02/15/30	Aaa		2,358
			Series - 2005 C1 (Class A4)
	900,000	i	LB-UBS Commercial Mortgage Trust	5.150		04/15/30	Aaa		926
			Series - 2005 C2 (Class A5)
	1,015,000		LB-UBS Commercial Mortgage Trust	4.390		03/15/32	Aaa		1,051
			Series - 2003 C1 (Class A4)
	6,120,000		LB-UBS Commercial Mortgage Trust	5.420		02/15/40	NR		5,928
			Series - 2007 C1 (Class A4)

338

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	RATING†	VALUE (000)
$	3,975,000		LB-UBS Commercial Mortgage Trust	5.430	%	02/15/40	NR	$	3,825
			Series - 2007 C2 (Class A3)
	2,450,000	i	LB-UBS Commercial Mortgage Trust	5.860		07/15/40	Aaa		2,410
			Series - 2007 C6 (Class A4)
	1,305,000	i	Merrill Lynch	5.170		12/12/49	Aaa		1,263
			Series - 2006 4 (Class A3)
	5,800,000	i	Merrill Lynch Mortgage Trust	5.230		11/12/37	Aaa		6,010
			Series - 2005 CKI1 (Class A6)
	1,645,209	i	Merrill Lynch Mortgage Trust	5.110		07/12/38	Aaa		1,534
			Series - 2005 CIP1 (Class AM)
	1,300,000	i	Merrill Lynch Mortgage Trust	5.660		05/12/39	Aaa		1,351
			Series - 2006 C1 (Class A4)
	1,485,000	g,i	Merrill Lynch Mortgage Trust	6.270		02/12/51	A3		466
			Series - 2008 C1 (Class C)
	2,515,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.960		08/12/49	Aaa		2,044
			Series - 2007 8 (Class AM)
	2,225,000	i	Morgan Stanley Capital I	5.270		06/13/41	Aaa		2,281
			Series - 2004 T15 (Class A4)
	2,650,000		Morgan Stanley Capital I	5.170		01/14/42	Aaa		2,769
			Series - 2005 HQ5 (Class A4)
	6,300,000	i	Morgan Stanley Capital I	5.450		02/12/44	Aaa		6,011
			Series - 2007 HQ11 (Class A4)
	1,211,000	i	Morgan Stanley Capital I	5.730		07/12/44	Aaa		1,250
			Series - 2006 HQ9 (Class A4)
	850,000	i	Morgan Stanley Capital I	5.540		11/12/49	Aaa		742
			Series - 2007 T25 (Class AM)
	1,010,000		Morgan Stanley Capital I	4.770		07/15/56	NR		824
			Series - 0 IQ9 (Class AJ)
	1,264,469	g	Wachovia Amortization Controlled Heloc NIM	5.680		08/12/47	A3		995
			Series - 2006 N1 (Class N1)
	2,175,000	i	Wachovia Bank Commercial Mortgage Trust	5.900		02/15/51	Aaa		2,028
			Series - 2007 C33 (Class A4)
			TOTAL OTHER MORTGAGE BACKED						141,456
			TOTAL STRUCTURED ASSETS						229,625
			(Cost $241,457)
			TOTAL BONDS						3,564,675
			(Cost $3,495,790)

SHARES			COMPANY
COMMON STOCKS - 59.7%
AGRICULTURAL SERVICES - 0.0%
	44,070	*,e	VCA Antech, Inc	1,235
			TOTAL AGRICULTURAL SERVICES	1,235

339

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
SHARES			COMPANY	VALUE (000)
AMUSEMENT AND RECREATION SERVICES - 0.5%
	17,370	*	Electronic Arts, Inc	$	324
	1,287,568		Walt Disney Co		44,949
			TOTAL AMUSEMENT AND RECREATION SERVICES		45,273
APPAREL AND ACCESSORY STORES - 0.5%
	62,020	e	American Eagle Outfitters, Inc		1,149
	12,300	*	AnnTaylor Stores Corp		255
	1,200	e	Buckle, Inc		44
	16,100		Burberry Group plc		175
	2,700	*,e	Cache, Inc		15
	3,931	*	Casual Male Retail Group, Inc		15
	10,800	e	Cato Corp (Class A)		232
	26,700	e	Chico’s FAS, Inc		385
	3,400		Christopher & Banks Corp		27
	3,973	*	Dress Barn, Inc		104
	12,500		Fast Retailing Co Ltd		2,173
	2,586		Finish Line, Inc (Class A)		42
	1,892		Foot Locker, Inc		28
	454,846		Gap, Inc		10,510
	78,820		Hennes & Mauritz AB (B Shares)		5,121
	56,720		Inditex S.A.		3,739
	165,017	*	Kohl’s Corp		9,040
	243,990		Limited Brands, Inc		6,007
	94,376		Nordstrom, Inc		3,855
	1,800	*	Shoe Carnival, Inc		41
	14,007		Stage Stores, Inc		216
			TOTAL APPAREL AND ACCESSORY STORES		43,173
APPAREL AND OTHER TEXTILE PRODUCTS - 0.4%
	1,000	e	Columbia Sportswear Co		53
	1,550	*	Gymboree Corp		80
	45,954	*,e	Liz Claiborne, Inc		341
	394,744		Nike, Inc (Class B)		29,013
	29,020		Phillips-Van Heusen Corp		1,665
	12,628		Polo Ralph Lauren Corp (Class A)		1,074
	37,368		VF Corp		2,995
			TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		35,221
AUTO REPAIR, SERVICES AND PARKING - 0.0%
	9,710	*	Dollar Thrifty Automotive Group, Inc		312
	63,185	*,e	Hertz Global Holdings, Inc		631
	7,885	e	Ryder System, Inc		306
	20,400	*	Wright Express Corp		614
			TOTAL AUTO REPAIR, SERVICES AND PARKING		1,863
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.1%
	2,050		Advance Auto Parts		86
	27,204	*	Autozone, Inc		4,708
	39,036	*	Carmax, Inc		981
	11,532	*,e	Copart, Inc		411
	3,999,860	*	Inchcape plc		1,789
	800	*,e	O’Reilly Automotive, Inc		33

340

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	3,300	*,e	Rush Enterprises, Inc (Class A)	$	44
			TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		8,052
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.6%
	23,239	*	Builders FirstSource, Inc		73
	16,210	e	Fastenal Co		778
	1,164,068		Home Depot, Inc		37,659
	263,200		Kingfisher plc		856
	759,591		Lowe’s Cos, Inc		18,412
			TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		57,778
BUSINESS SERVICES - 3.6%
	148,600	*	3Com Corp		1,143
	39,141	*,e	3D Systems Corp		534
	600	*	Acacia Research (Acacia Technologies)		6
	41,858		Adecco S.A.		2,376
	4,500		Administaff, Inc		96
	271,394	*	Adobe Systems, Inc		9,599
	10,720	e	Aircastle Ltd		102
	60,961	*	Akamai Technologies, Inc		1,915
	36,641	*,e	Alliance Data Systems Corp		2,345
	1,100	*	Ansys, Inc		47
	225,855	*	Art Technology Group, Inc		996
	97,818	*	Autodesk, Inc		2,878
	607,133		Automatic Data Processing, Inc		27,000
	9,500	*,e	Blackboard, Inc		396
	22,202	*,e	Blue Coat Systems, Inc		689
	83,200	*,e	BPZ Energy, Inc		612
	1,300		Brady Corp (Class A)		40
	2,370	e	Brink’s Co		67
	29,200	*,e	Ciber, Inc		109
	70,418	*,e	Cogent, Inc		718
	4,800		Cognex Corp		89
	89,838	*	Compuware Corp		755
	60,267	*,e	COMSYS IT Partners, Inc		1,053
	800	*,e	CoStar Group, Inc		33
	12,200	*,e	CSG Systems International, Inc		256
	82,383		Dassault Systemes S.A.		4,873
	12,600		Deluxe Corp		245
	43,241	*	DivX, Inc		310
	66,656		DST Systems, Inc		2,763
	97,800	e	Earthlink, Inc		835
	582,336	*	eBay, Inc		15,694
	27,660	*,e	Ebix, Inc		442
	2,100	*	EPIQ Systems, Inc		26
	118,983		Expedia, Inc		2,970
	238,317		Experian Group Ltd		2,345
	24,000	e	Fair Isaac Corp		608
	54,216	*,e	FalconStor Software, Inc		189
	57,845		Fidelity National Information Services, Inc		1,356
	700	*	Fiserv, Inc		36
	592,000		Fujitsu Ltd		3,875

341

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	43	*	Gartner, Inc	$	1
	112,916	*	Google, Inc (Class A)		64,026
	62,958		Hays plc		104
	2,000		Heidrick & Struggles International, Inc		56
	2,800	*,e	Hudson Highland Group, Inc		12
	2,600		iGate Corp		25
	700	*,e	IHS, Inc (Class A)		37
	65,577	*	Informatica Corp		1,761
	208,450	e	Innovative Solutions & Support, Inc		1,313
	12,000	e	Interactive Data Corp		384
	42,117	*	Internap Network Services Corp		236
	3,500	*	inVentiv Health, Inc		79
	55,934	e	Ipass, Inc		64
	55,772	e	Iron Mountain, Inc		1,528
	50,890		Jack Henry & Associates, Inc		1,224
	42,100		JSR Corp		879
	3,011	*	Kforce, Inc		46
	3,300	*	Korn/Ferry International		58
	39,506	*,e	Lamar Advertising Co (Class A)		1,357
	91,500	*	Lawson Software, Inc		605
	69,660	*	Lionbridge Technologies		253
	24,926	*	Liquidity Services, Inc		288
	22,176		Manpower, Inc		1,267
	40,415		Marchex, Inc (Class B)		207
	49,167	*	Mentor Graphics Corp		394
	3,378,605		Microsoft Corp		98,893
	600	*	MicroStrategy, Inc (Class A)		51
	40,747	*	ModusLink Global Solutions, Inc		343
	446,916	*,e	MoneyGram International, Inc		1,703
	74,112	*,e	Monster Worldwide, Inc		1,231
	81,219	*,e	Network Equipment Technologies, Inc		448
	165,999	e	NIC, Inc		1,306
	286,573	*	Novell, Inc		1,717
	321,724		Omnicom Group, Inc		12,486
	3,300	*	Online Resources Corp		13
	5,480		PC-Tel, Inc		34
	16,200		Pegasystems, Inc		599
	1,500	*	Progress Software Corp		47
	112,997	*	Radisys Corp		1,012
	75,439	*	RealNetworks, Inc		364
	85,538	*	Red Hat, Inc		2,504
	93,456	e	Robert Half International, Inc		2,844
	54,977	*	S1 Corp		324
	27,325	*,e	Salesforce.com, Inc		2,034
	84,070		Sapient Corp		768
	53,100		Secom Co Ltd		2,323
	51,141	*	Smith Micro Software, Inc		452
	28,120	*	SonicWALL, Inc		244
	14,170	*,e	Sybase, Inc		661
	496,590	*	Symantec Corp		8,402
	1,700	*	Synopsys, Inc		38
	1,700		Syntel, Inc		65

342

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	133,500	*	TIBCO Software, Inc	$	1,440
	61,369	*	TNS, Inc		1,369
	184,342		Total System Services, Inc		2,887
	29,020	*,e	TradeStation Group, Inc		203
	15,133	*	Ultimate Software Group, Inc		499
	31,867		United Online, Inc		238
	32,414	*,e	Vasco Data Security International		267
	2,100		Viad Corp		43
	1,500	*	Vocus, Inc		26
	2,100	*	Volt Information Sciences, Inc		21
	683,960		WPP plc		7,089
	506,360	*	Yahoo!, Inc		8,370
			TOTAL BUSINESS SERVICES		329,983
CHEMICALS AND ALLIED PRODUCTS - 7.3%
	294,520		Abbott Laboratories		15,515
	1,400	*,e	Acadia Pharmaceuticals, Inc		2
	20,600		Agrium, Inc (Toronto)		1,457
	82,152		Air Liquide		9,862
	284,261		Air Products & Chemicals, Inc		21,021
	5,870		Alberto-Culver Co		154
	17,280	*	Alexion Pharmaceuticals, Inc		940
	91,661	*,e	Alexza Pharmaceuticals, Inc		246
	13,974	*	Alkermes, Inc		181
	1,400	*,e	Alnylam Pharmaceuticals, Inc		24
	500	*,e	AMAG Pharmaceuticals, Inc		17
	678,450	*	Amgen, Inc		40,544
	1,400		Arch Chemicals, Inc		48
	1,052	*,e	Arena Pharmaceuticals, Inc		3
	4,001	*,e	Array Biopharma, Inc		11
	57,000		Asahi Kasei Corp		307
	167,180		Astellas Pharma, Inc		6,053
	273,336		AstraZeneca plc		12,191
	13,508	*,e	Auxilium Pharmaceuticals, Inc		421
	148,573		Avery Dennison Corp		5,410
	132,866	e	Avon Products, Inc		4,500
	1,800		Balchem Corp		44
	9,680		Beiersdorf AG.		579
	41,592	*,e	Biodel, Inc		178
	217,455	*	Biogen Idec, Inc		12,473
	40,027	*,e	BioMarin Pharmaceuticals, Inc		935
	55,710	*,e	BioMimetic Therapeutics, Inc		733
	1,385,009	e	Bristol-Myers Squibb Co		36,980
	21,700	*,e	Calgon Carbon Corp		372
	25,710	*,e	Cambrex Corp		104
	12,960	*,e	Caraco Pharmaceutical Laboratories Ltd		78
	148,800		Chugai Pharmaceutical Co Ltd		2,798
	7,045		Church & Dwight Co, Inc		472
	36,781	e	Clorox Co		2,359
	386,074		Colgate-Palmolive Co		32,917
	17,881	*	Cypress Bioscience, Inc		88
	221,300		Daiichi Sankyo Co Ltd		4,145

343

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	55,674	*	Dendreon Corp	$	2,030
	181,610	*,e	Discovery Laboratories, Inc		94
	251,617	*,e	Durect Corp		757
	37,350	*,e	Dynavax Technologies Corp		49
	900		Eastman Chemical Co		57
	280,292		Ecolab, Inc		12,319
	105,100		Eisai Co Ltd		3,749
	4,012		Estee Lauder Cos (Class A)		260
	179,955	*	Genzyme Corp		9,327
	22,156	*,e	Geron Corp		126
	644,522	*	Gilead Sciences, Inc		29,313
	452		Givaudan S.A.		397
	75,227	e	H.B. Fuller Co		1,746
	156,880		Henkel KGaA (Preference)		8,446
	57,856	*	Human Genome Sciences, Inc		1,747
	36,523	*,e	Idexx Laboratories, Inc		2,102
	22,086		Innophos Holdings, Inc		616
	1,000		International Flavors & Fragrances, Inc		48
	37,713	*	Inverness Medical Innovations, Inc		1,469
	239,705	*,e	Javelin Pharmaceuticals, Inc		309
	1,260,549		Johnson & Johnson		82,187
	181,200		Kao Corp		4,593
	13,000		Kuraray Co Ltd		175
	25,788	*	Life Technologies Corp		1,348
	38,274		Linde AG.		4,567
	63,795		L’Oreal S.A.		6,709
	48,213		Lubrizol Corp		4,422
	5,120	*,e	MAP Pharmaceuticals, Inc		81
	1,500	e	Martek Biosciences Corp		34
	1,580,582		Merck & Co, Inc		59,035
	21,256		Minerals Technologies, Inc		1,102
	234,000		Mitsubishi Chemical Holdings Corp		1,196
	3,230	*,e	Molecular Insight Pharmaceuticals, Inc		4
	47,300	e	Nalco Holding Co		1,151
	71,281	*	Neurocrine Biosciences, Inc		182
	350,003		Novartis AG.		18,904
	122,745		Novo Nordisk AS (Class B)		9,525
	6,330		Novozymes AS (B Shares)		701
	42,720	*	Omnova Solutions, Inc		335
	1,100	*	Onyx Pharmaceuticals, Inc		33
	1,500	*,e	OraSure Technologies, Inc		9
	28,980	*,e	Orexigen Therapeutics, Inc		171
	1,200	*,e	OSI Pharmaceuticals, Inc		71
	61		PDL BioPharma, Inc		0	^
	67,519		Perrigo Co		3,965
	2,400	e	PetMed Express, Inc		53
	21,168	*	Pharmasset, Inc		567
	21,744	*	PharMerica Corp		396
	11,630	*,e	Poniard Pharmaceuticals, Inc		13
	15,800		Potash Corp of Saskatchewan		1,887
	73,809	*	Pozen, Inc		707
	332,934		Praxair, Inc		27,634

344

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	1,307,679		Procter & Gamble Co	$	82,736
	27,366	*,e	Progenics Pharmaceuticals, Inc		146
	152,666		Reckitt Benckiser Group plc		8,380
	111,435		Roche Holding AG.		18,072
	51,494		RPM International, Inc		1,099
	58,884	*	Salix Pharmaceuticals Ltd		2,193
	9,610	*	Santarus, Inc		52
	34,028	e	Sensient Technologies Corp		989
	92,200		Shin-Etsu Chemical Co Ltd		5,355
	150,000		Shionogi & Co Ltd		2,853
	190,000		Shiseido Co Ltd		4,126
	24,140	*,e	SIGA Technologies, Inc		160
	166,718		Sigma-Aldrich Corp		8,946
	10,200		Solvay S.A.		1,049
	295,000		Sumitomo Chemical Co Ltd		1,442
	58,476	*,e	SuperGen, Inc		187
	11,290	*,e	Synta Pharmaceuticals Corp		49
	268,000		Toray Industries, Inc		1,565
	213,000		UBE Industries Ltd		547
	1,530	*	United Therapeutics Corp		85
	18,375	*,e	USANA Health Sciences, Inc		577
	41,400	e	Valspar Corp		1,220
	24,091	*	Vertex Pharmaceuticals, Inc		985
	193,980	*,e	XOMA Ltd		111
	20,900		Yara International ASA		907
			TOTAL CHEMICALS AND ALLIED PRODUCTS		664,711
COMMUNICATIONS - 2.6%
	1,400	e	Adtran, Inc		37
	148,096	e	Alaska Communications Systems Group, Inc		1,203
	2,460	*	Anixter International, Inc		115
	106,900		BCE, Inc		3,142
	54,682		Belgacom S.A.		2,136
	177,526	e	CenturyTel, Inc		6,295
	1,021,216	*	DIRECTV		34,527
	33,529	*,e	Entercom Communications Corp (Class A)		399
	345,020	*,e	Entravision Communications Corp (Class A)		952
	7,907	*,e	Equinix, Inc		770
	76,841	*,e	FiberTower Corp		357
	22,077	e	Fisher Communications, Inc		311
	786,570	e	Frontier Communications Corp		5,852
	900		Global Payments, Inc		41
	381,268	*,e	Gray Television, Inc		877
	449,926	*,e	ICO Global Communications Holdings Ltd (Class A)		540
	2,600	e	Iowa Telecommunications Services, Inc		43
	1,334,817	*	ITV plc		1,231
	894		KDDI Corp		4,628
	104,414	*,e	Leap Wireless International, Inc		1,708
	239,865	*,e	Liberty Global, Inc (Class A)		6,994
	261,463	*	Liberty Media Corp - Capital (Series A)		9,509
	49,307	*,e	Liberty Media Corp - Starz		2,696
	408,896	*	Liberty Media Holding Corp (Interactive A)		6,260

345

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

					VALUE (000)
SHARES			COMPANY
	250,634	*	Lin TV Corp (Class A)	$	1,441
	3,400	*,e	Lodgenet Entertainment Corp		24
	81,220	*,e	Mediacom Communications Corp (Class A)		483
	131,422	*,e	MetroPCS Communications, Inc		930
	14,350	*	NeuStar, Inc (Class A)		362
	91,232	*	NII Holdings, Inc (Class B)		3,801
	8,800	e	NTELOS Holdings Corp		157
	4,326		NTT DoCoMo, Inc		6,589
	219,990		Portugal Telecom SGPS S.A.		2,460
	1,111,940		Qwest Communications International, Inc		5,804
	54,500		Rogers Communications, Inc (Class B)		1,861
	39,600	*	Shaw Communications, Inc (B Shares)		784
	2,137,576	*	Sprint Nextel Corp		8,123
	82,185	*,e	SureWest Communications		706
	22,821		Swisscom AG.		8,328
	17,333	*	Switch & Data Facilities Co, Inc		308
	49,774	*	Syniverse Holdings, Inc		969
	1,167,300		Telecom Corp of New Zealand Ltd		1,799
	2,403,268		Telecom Italia RSP		2,710
	2,598,797		Telecom Italia S.p.A.		3,742
	18,000		Telekom Austria AG.		252
	141,263		TeliaSonera AB		1,003
	11,900		TELUS Corp, non-voting shares		426
	49,300	*,e	Terremark Worldwide, Inc		346
	335,689		Time Warner Cable, Inc		17,896
	78,654	*,e	TiVo, Inc		1,347
	1,462,384		Verizon Communications, Inc		45,363
	7,813,140		Vodafone Group plc		18,022
	547,178		Windstream Corp		5,959
			TOTAL COMMUNICATIONS		232,618
DEPOSITORY INSTITUTIONS - 4.5%
	7,264	e	Associated Banc-Corp		100
	410,816		Australia & New Zealand Banking Group Ltd		9,560
	720,577		Banco Bilbao Vizcaya Argentaria S.A.		9,859
	209,409		Banco Comercial Portugues S.A.		233
	349,583		Banco Espirito Santo S.A.		1,889
	533,485		Banco Santander Central Hispano S.A.		7,090
	10,666	e	Bank of Hawaii Corp		479
	70,500		Bank of Montreal		4,279
	771,963		Bank of New York Mellon Corp		23,839
	194,500		Bank of NOVA Scotia		9,744
	188,873	e	BankAtlantic Bancorp Inc (Class A)		334
	16,660	e	Banner Corp		64
	453,344	e	BB&T Corp		14,684
	700		BOK Financial Corp		37
	40,100		Canadian Imperial Bank of Commerce/Canada		2,930
	36,920	*,e	Central Pacific Financial Corp		62
	29,001	e	City National Corp		1,565
	113,484		Comerica, Inc		4,317
	1,049		Commerce Bancshares, Inc		43
	294,679		Commonwealth Bank of Australia		15,222

346

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

					VALUE (000)
SHARES			COMPANY
	2,000	e	Community Bank System, Inc	$	46
	700		Cullen/Frost Bankers, Inc		39
	143,286	*	Dexia		855
	47,788	*	DNB NOR Holding ASA		546
	300	*	Euronet Worldwide, Inc		6
	627,030		Fifth Third Bancorp		8,521
	150,099	*,h	First Horizon National Corp		2,109
	6,872		First Midwest Bancorp, Inc		93
	2,900		First Niagara Financial Group, Inc		41
	22,979		Fulton Financial Corp		234
	1,000		Hancock Holding Co		42
	171,600		Hang Seng Bank Ltd		2,391
	2,236,618		HSBC Holdings plc		22,672
	173,255		Hudson City Bancorp, Inc		2,453
	660,469	*	ING Groep NV		6,594
	1,147	e	International Bancshares Corp		26
	237,000		Joyo Bank Ltd		1,057
	352,433		Keycorp		2,731
	6,898,369	*	Lloyds TSB Group plc		6,571
	101,285	e	M&T Bank Corp		8,040
	182,383		Marshall & Ilsley Corp		1,468
	1,843,100		Mizuho Financial Group, Inc		3,647
	305,319		National Australia Bank Ltd		7,710
	1,500		NBT Bancorp, Inc		34
	83,670	e	New York Community Bancorp, Inc		1,384
	20,699		NewAlliance Bancshares, Inc		261
	146,080		Northern Trust Corp		8,072
	19,938		Old National Bancorp		238
	600	e	Park National Corp		37
	23,170		People’s United Financial, Inc		362
	2,500	*,e	Pinnacle Financial Partners, Inc		38
	306,135		PNC Financial Services Group, Inc		18,276
	80,514		Popular, Inc		234
	1,100		Prosperity Bancshares, Inc		45
	41,429	e	Provident Financial Services, Inc		493
	567,886	e	Regions Financial Corp		4,458
	160,700		Resona Holdings, Inc		2,032
	244,110		Royal Bank of Canada (Toronto)		14,286
	2,952,713	*	Royal Bank of Scotland Group plc		1,972
	1,000	e	S&T Bancorp, Inc		21
	622,000		Shinsei Bank Ltd		752
	410,200		Shizuoka Bank Ltd		3,576
	1,200	*	Signature Bank		44
	97,082	e	South Financial Group, Inc		67
	340,515		State Street Corp		15,371
	408,900		Sumitomo Trust & Banking Co Ltd		2,397
	34,129		Suncorp-Metway Ltd		267
	311,481		SunTrust Banks, Inc		8,345
	22,325	*,e	SVB Financial Group		1,042
	236,810		Svenska Handelsbanken (A Shares)		6,940
	86,534	e	Synovus Financial Corp		285
	2,400	e	TCF Financial Corp		38

347

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

					VALUE (000)
SHARES			COMPANY
	3,000		TFS Financial Corp	$	40
	122,211		Toronto-Dominion Bank		9,109
	1,700	e	Trustmark Corp		42
	2,122,460	*	UniCredito Italiano S.p.A.		6,271
	1,180,101		US Bancorp		30,542
	6,478	e	Washington Federal, Inc		132
	2,724		Webster Financial Corp		48
	2,300,878		Wells Fargo & Co		71,604
	591,023		Westpac Banking Corp		15,099
	1,700	e	Whitney Holding Corp		23
	8,306	e	Zions Bancorporation		181
			TOTAL DEPOSITORY INSTITUTIONS		408,680
EATING AND DRINKING PLACES - 0.7%
	35,220	*	AFC Enterprises		378
	7,343		Bob Evans Farms, Inc		227
	435,783		Compass Group plc		3,478
	81,891		Darden Restaurants, Inc		3,647
	1,346	*,e	DineEquity, Inc		53
	3,400	*	Domino’s Pizza, Inc		46
	651,190		McDonald’s Corp		43,448
	12,376	*,e	O’Charleys, Inc		111
	1,300	*	Papa John’s International, Inc		33
	24,228	*,e	Sonic Corp		268
	505,351	*	Starbucks Corp		12,265
	155	*	Steak N Shake Co		59
	70,180		Yum! Brands, Inc		2,690
			TOTAL EATING AND DRINKING PLACES		66,703
EDUCATIONAL SERVICES - 0.0%
	800	*	American Public Education, Inc		37
	30,700		Benesse Corp		1,330
	900	e	DeVry, Inc		59
	4,717	*	ITT Educational Services, Inc		531
	2,200	*	Universal Technical Institute, Inc		50
			TOTAL EDUCATIONAL SERVICES		2,007
ELECTRIC, GAS, AND SANITARY SERVICES - 3.6%
	545,851	*	AES Corp		6,004
	153,846		AGL Resources, Inc		5,946
	138,619		Alliant Energy Corp		4,610
	1,000	e	American States Water Co		35
	123,564	e	Aqua America, Inc		2,171
	141,649	e	Atmos Energy Corp		4,047
	303,332		Avista Corp		6,282
	2,700		California Water Service Group		102
	130,506	*	Calpine Corp		1,552
	180,777		Centerpoint Energy, Inc		2,596
	22,932		Central Vermont Public Service Corp		463
	1,457,225		Centrica plc		6,499
	22,260	e	CH Energy Group, Inc		909
	236,229	*,e	Clean Energy Fuels Corp		5,381

348

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

					VALUE (000)
SHARES			COMPANY
	349,909	e	Cleco Corp	$	9,290
	577,500		CLP Holdings Ltd		4,128
	373,665		Consolidated Edison, Inc		16,644
	83,034		Contact Energy Ltd		377
	184,621		Crosstex Energy, Inc		1,604
	173,374		Edison International		5,924
	635,268		El Paso Corp		6,886
	63,537		Enbridge, Inc		3,030
	1,447,708		Enel S.p.A.		8,095
	46,094	e	Energen Corp		2,145
	329,825		FPL Group, Inc		15,941
	156,216		Gas Natural SDG S.A.		2,884
	344,234	e	Hawaiian Electric Industries, Inc		7,728
	897,500		Hong Kong & China Gas Ltd		2,238
	122,000		Hong Kong Electric Holdings Ltd		724
	924,776		Iberdrola S.A.		7,838
	300,477		Idacorp, Inc		10,403
	749,969		International Power plc		3,629
	7,950		ITC Holdings Corp		437
	29,634		Laclede Group, Inc		999
	1,800		MDU Resources Group, Inc		39
	67,199		MGE Energy, Inc		2,376
	258,787	e	National Fuel Gas Co		13,082
	690,073		National Grid plc		6,718
	24,800		New Jersey Resources Corp		931
	92,283	e	Nicor, Inc		3,869
	593,556		NiSource, Inc		9,378
	155,448	e	Northeast Utilities		4,297
	24,397		Northwest Natural Gas Co		1,137
	164,752	*,e	NRG Energy, Inc		3,443
	135,829	e	NSTAR		4,811
	409,564		NV Energy, Inc		5,050
	52,813		Oest Elektrizitatswirts AG. (Class A)		2,096
	499,132		OGE Energy Corp		19,437
	760,000		Osaka Gas Co Ltd		2,723
	659,635		Pepco Holdings, Inc		11,313
	115,900	e	PG&E Corp		4,916
	155,853		Piedmont Natural Gas Co, Inc		4,298
	1,700		Portland General Electric Co		33
	280,606		PPL Corp		7,776
	186,965		Public Power Corp		3,283
	259,800		Public Service Enterprise Group, Inc		7,669
	268,847		Questar Corp		11,614
	147,035	e	Resource America, Inc (Class A)		706
	345,465		Scottish & Southern Energy plc		5,772
	158,500		Sempra Energy		7,909
	30,331	e	SJW Corp		771
	101,100		Snam Rete Gas S.p.A.		512
	71,498	e	South Jersey Industries, Inc		3,002
	20,039		Southwest Gas Corp		600
	3,300	e	Southwest Water Co		34
	600	*,e	Stericycle, Inc		33

349

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
SHARES			COMPANY	VALUE (000)
	68,500		Terna Rete Elettrica Nazionale S.p.A.	$	296
	159,300		Tohoku Electric Power Co, Inc		3,367
	706,790		Tokyo Gas Co Ltd		3,115
	61,864		UGI Corp		1,642
	23,942		UIL Holdings Corp		658
	78,456	e	WGL Holdings, Inc		2,719
	512,140		Williams Cos, Inc		11,830
	800		Wisconsin Energy Corp		40
	1,800		Xcel Energy, Inc		38
			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		330,874
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 4.0%
	1,200	e	Acuity Brands, Inc		51
	223,172	*	Adaptec, Inc		730
	38,375	*	Advanced Energy Industries, Inc		635
	257,011	*	Advanced Micro Devices, Inc		2,382
	2,655	*,e	American Superconductor Corp		77
	233,272		Ametek, Inc		9,671
	22,178	*,e	Anadigics, Inc		108
	12,820	*,e	Ascent Solar Technologies, Inc		49
	41,500	*	Avnet, Inc		1,245
	15,174	e	Baldor Electric Co		568
	18,000	*	Benchmark Electronics, Inc		373
	2,863,205	*	Cisco Systems, Inc		74,530
	65,729	*	Conexant Systems, Inc		223
	45,830	*,e	Cree, Inc		3,218
	7,400		CTS Corp		70
	1,195,611	*	Dell, Inc		17,946
	12,180	*	Dolby Laboratories, Inc (Class A)		715
	3,605	*	DTS, Inc		123
	36,909		Eaton Corp		2,797
	118,030	*,e	EMCORE Corp		143
	25	*,e	Energy Conversion Devices, Inc		0^
	353,008		Ericsson (LM) (B Shares)		3,720
	46	*,e	Evergreen Solar, Inc		0^
	76,433	*,e	Finisar Corp		1,201
	38,960	*,e	First Solar, Inc		4,778
	54,069		Gamesa Corp Tecnologica S.A.		741
	51,754	*	GrafTech International Ltd		707
	10,200	*	Greatbatch, Inc		216
	14,175		Harman International Industries, Inc		663
	69,668	*	Harmonic, Inc		440
	1,199,452		Hewlett-Packard Co		63,751
	1,200	*	Hittite Microwave Corp		53
	54,455	*,e	Hutchinson Technology, Inc		340
	28,700	*	Ibiden Co Ltd		988
	2,881,539		Intel Corp		64,143
	20,012	*	InterDigital, Inc		558
	338,378		Koninklijke Philips Electronics NV		10,850
	25,700		Kyocera Corp		2,504
	11,300		Lincoln Electric Holdings, Inc		614
	1,068	*	Littelfuse, Inc		41

350

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
SHARES			COMPANY	VALUE (000)
	63,953	*	Loral Space & Communications, Inc	$	2,246
	313,663	*	LSI Logic Corp		1,920
	189,800		Matsushita Electric Industrial Co Ltd		2,903
	20,000		Matsushita Electric Works Ltd		252
	14,183	*	Mattson Technology, Inc		66
	339,972	*	Micron Technology, Inc		3,532
	2,200	e	Molex, Inc		46
	1,453,609	*,e	Motorola, Inc		10,204
	23,600		Murata Manufacturing Co Ltd		1,340
	155,116	*	NetApp, Inc		5,051
	22,500		Nidec Corp		2,411
	31,500		Nitto Denko Corp		1,223
	503,415		Nokia Oyj		7,840
	206,971	*	ON Semiconductor Corp		1,656
	69,596	*	Oplink Communications, Inc		1,290
	26,310	*,e	Photronics, Inc		134
	40,673		Plantronics, Inc		1,272
	54,160	*	Polycom, Inc		1,656
	1,300	e	Power Integrations, Inc		54
	15,700	*,e	Power-One, Inc		66
	227,544	*	Powerwave Technologies, Inc		284
	25,546	*	Q-Cells AG.		254
	66,106	*	QLogic Corp		1,342
	74,722	*,e	Quantum Fuel Systems Technologies Worldwide, Inc		50
	51,131	*	RF Micro Devices, Inc		255
	62,000		Ricoh Co Ltd		968
	2,400		Rohm Co Ltd		179
	646,000	*	Sanyo Electric Co Ltd		1,036
	46,000		Sharp Corp		575
	109,628	*	Silicon Storage Technology, Inc		333
	1,928,483	*,e	Sirius XM Radio, Inc		1,679
	62,919	*	Skyworks Solutions, Inc		982
	99,900		Sony Corp		3,825
	7,035	*,e	Sunpower Corp (Class A)		133
	8,445		Sycamore Networks, Inc		170
	145,266	*	Symmetricom, Inc		847
	12,083	*,e	Synaptics, Inc		334
	20,700		TDK Corp		1,377
	40,403	*,e	Tekelec		734
	37,309		Teleflex, Inc		2,390
	197,426		Tellabs, Inc		1,495
	1,034,527		Texas Instruments, Inc		25,315
	52,499	*	Thomas & Betts Corp		2,060
	11,800	*,e	TTM Technologies, Inc		105
	24,750	*,e	US Geothermal, Inc		23
	74,252	*,e	Valence Technology, Inc		63
	2,600	*,e	Vicor Corp		36
	2,676		Whirlpool Corp		233
	100,328	e	Xilinx, Inc		2,558
	18,030	*,e	Zix Corp		42
	6,400	*,e	Zoltek Cos, Inc		62
			TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		366,863

351

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
SHARES			COMPANY	VALUE (000)
ENGINEERING AND MANAGEMENT SERVICES - 0.5%
	517,600		Accenture plc	$	21,714
	62	*	Amylin Pharmaceuticals, Inc		1
	61,621	*,e	Ariad Pharmaceuticals, Inc		210
	88,869		Capita Group plc		1,020
	2,000		CDI Corp		29
	28,175	*,e	Celera Corp		200
	5,300		Corporate Executive Board Co		141
			Diamond Management & Technology Consultants,
	18,735	e	Inc		147
	18,820	*,e	Dyax Corp		64
	3,100	*,e	Gen-Probe, Inc		155
	38,693	*	Hewitt Associates, Inc (Class A)		1,539
	98,416	*,e	Incyte Corp		1,374
	54,690	*	Isis Pharmaceuticals, Inc		597
	46,000		JGC Corp		821
	1,400		Landauer, Inc		91
	19,200	*	Navigant Consulting, Inc		233
	3,000	*,e	Omnicell, Inc		42
	234,491		Paychex, Inc		7,199
	25,743	*,e	Regeneron Pharmaceuticals, Inc		682
	769,765	*,e	Rentech, Inc		793
	1,900	*	Resources Connection, Inc		36
	3,472	*,e	Savient Pharmaceuticals, Inc		50
	1,269,500		SembCorp Industries Ltd		3,748
	38,330	*	Tetra Tech, Inc		883
	900	e	Towers Watson & Co		43
			TOTAL ENGINEERING AND MANAGEMENT SERVICES		41,812
FABRICATED METAL PRODUCTS - 0.5%
	21,600		Aptargroup, Inc		850
	700		Ball Corp		37
	103,239	e	Commercial Metals Co		1,555
	41,047		Dynamic Materials Corp		641
	6,191		Geberit AG.		1,108
	22,906	e	Gulf Island Fabrication, Inc		498
	537,089		Illinois Tool Works, Inc		25,437
	2,300	e	Insteel Industries, Inc		25
	2,100	*,e	Mobile Mini, Inc		33
	48,307	*,e	NCI Building Systems, Inc		533
	34,235		Pentair, Inc		1,219
	34,002		Quanex Building Products Corp		562
	17,136		Snap-On, Inc		743
	157,556		Stanley Works		9,045
	117,300		Toyo Seikan Kaisha Ltd		2,078
	6,870		Valmont Industries, Inc		569
			TOTAL FABRICATED METAL PRODUCTS		44,933
FOOD AND KINDRED PRODUCTS - 2.0%
	33,000		Ajinomoto Co, Inc		327
	251,185		Campbell Soup Co		8,879

352

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
SHARES			COMPANY	VALUE (000)
	189,544		Coca Cola Hellenic Bottling Co S.A.	$	5,110
	2,700		Coca-Cola Enterprises, Inc		75
	653,002		CSR Ltd		992
	1,400		Flowers Foods, Inc		35
	342,825		General Mills, Inc		24,269
	169,225		Groupe Danone		10,194
	245,976		H.J. Heinz Co		11,219
	11,640	*,e	Hansen Natural Corp		505
	1,110		J.M. Smucker Co		67
	379,275		Kellogg Co		20,265
	973,718		Kraft Foods, Inc (Class A)		29,445
	10,103		Lancaster Colony Corp		596
	1,600		Lance, Inc		37
	17,347		McCormick & Co, Inc		665
	9,000		Nisshin Seifun Group, Inc		116
	2,700		Nissin Food Products Co Ltd		91
	844,259		PepsiCo, Inc		55,856
	6	*	Ralcorp Holdings, Inc		0^
	3,000		Saputo, Inc		87
	382,242		Sara Lee Corp		5,325
	10,774	e,h	Tootsie Roll Industries, Inc		291
	339,269		Unilever plc		9,962
	32,600		Yakult Honsha Co Ltd		879
			TOTAL FOOD AND KINDRED PRODUCTS		185,287
FOOD STORES - 0.4%
	179,256		Carrefour S.A.		8,640
	10,250		Delhaize Group		824
	3,000		George Weston Ltd		207
	2,301	*,e	Great Atlantic & Pacific Tea Co, Inc		18
	54,500		Jeronimo Martins SGPS S.A.		552
	2,488		Kesko Oyj (B Shares)		98
	140,457		Koninklijke Ahold NV		1,872
	175,960		Kroger Co		3,811
	6,100		Lawson, Inc		260
	1,400	e	Ruddick Corp		44
	227,263		Safeway, Inc		5,650
	1,349,776		Tesco plc		8,920
	39,081	*,e	Whole Foods Market, Inc		1,413
	2,600	*,e	Winn-Dixie Stores, Inc		32
	141,277		Woolworths Ltd		3,630
			TOTAL FOOD STORES		35,971
FORESTRY - 0.1%
	149,533		Weyerhaeuser Co		6,769
			TOTAL FORESTRY		6,769
FURNITURE AND FIXTURES - 0.1%
	8,629	e	Herman Miller, Inc		156
	69,737		Hill-Rom Holdings, Inc		1,898
	23,219		HNI Corp		618
	26,913	*	Kinetic Concepts, Inc		1,287

353

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
SHARES			COMPANY	VALUE (000)
	98,844		Leggett & Platt, Inc	$	2,139
	322,259	e	Masco Corp		5,000
	9,700	*	Tempur-Pedic International, Inc		293
			TOTAL FURNITURE AND FIXTURES		11,391
FURNITURE AND HOME FURNISHINGS STORES - 0.1%
	138,675	*	Bed Bath & Beyond, Inc		6,068
	24,680	*,e	GameStop Corp (Class A)		541
	2,200	e	Haverty Furniture Cos, Inc		36
	29,641		RadioShack Corp		671
	8,090		Williams-Sonoma, Inc		213
			TOTAL FURNITURE AND HOME FURNISHINGS STORES		7,529
GENERAL BUILDING CONTRACTORS - 0.2%
	16,350		ACS Actividades Cons y Servicios S.A.		754
	301	*	Avatar Holdings, Inc		7
	31,714		Balfour Beatty plc		141
	3,524	e	Brookfield Homes Corp		31
	28,700		Daito Trust Construction Co Ltd		1,385
	48,000		Daiwa House Industry Co Ltd		542
	44,382	e	Lennar Corp (Class A)		764
	30,753	*	M/I Homes, Inc		451
	12,000		Obayashi Corp		53
	4	*	Persimmon plc		0	^
	46,515	*,e	Pulte Homes, Inc		523
	8,000		Sekisui House Ltd		80
	19,000		Shimizu Corp		79
	334,062	*,e	Standard-Pacific Corp		1,509
	165,360		Vinci S.A.		9,745
			TOTAL GENERAL BUILDING CONTRACTORS		16,064
GENERAL MERCHANDISE STORES - 0.9%
	29,700		Aeon Co Ltd		337
	1,300		Casey’s General Stores, Inc		41
	416,684		Costco Wholesale Corp		24,880
	1,100		Family Dollar Stores, Inc		40
	117,754		JC Penney Co, Inc		3,788
	14,000		Keio Corp		94
	420,000		Kintetsu Corp		1,307
	93,736		Macy’s, Inc		2,041
	15,400		Next plc		506
	59,900		Odakyu Electric Railway Co Ltd		498
	41,387		PPR		5,510
	10,500	*	Retail Ventures, Inc		100
	3,300	*	Stein Mart, Inc		30
	572,643		Target Corp		30,122
	288,254		TJX Companies, Inc		12,257
	18,000		Tobu Railway Co Ltd		100
	139,000		Tokyu Corp		581
			TOTAL GENERAL MERCHANDISE STORES		82,232

354

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY		VALUE (000)
HEALTH SERVICES - 0.3%
	10,800	*	Amsurg Corp	$	233
	4,670	*,e	Corvel Corp		167
	30,297	*,e	Edwards Lifesciences Corp		2,996
	110,544	*,e	Five Star Quality Care, Inc		337
	20,090	*,e	Healthways, Inc		323
	98,198	*	Laboratory Corp of America Holdings		7,435
	60,942	*,e	LCA-Vision, Inc		507
	40,740	*,e	LifePoint Hospitals, Inc		1,498
	229,203	*	Nektar Therapeutics		3,486
	46,947	*,e	Nighthawk Radiology Holdings, Inc		149
	136,912		Quest Diagnostics, Inc		7,981
			TOTAL HEALTH SERVICES		25,112
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.1%
	165,663		Abertis Infraestructuras S.A.		3,188
	44,300		Bouygues S.A.		2,227
	36,587	*	LB Foster Co (Class A)		1,057
			TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		6,472
HOLDING AND OTHER INVESTMENT OFFICES - 0.8%
	2,571		Acadia Realty Trust		46
	1,500		American Campus Communities, Inc		41
	115,528		Annaly Mortgage Management, Inc		1,985
	62,500		Anworth Mortgage Asset Corp		421
	291,588	*,e	Ashford Hospitality Trust, Inc		2,091
	1,500		BioMed Realty Trust, Inc		25
	52,792		Boston Properties, Inc		3,983
	600	e	Brandywine Realty Trust		7
	63,200		Brookfield Asset Management, Inc		1,609
	3,200	e	Capital Lease Funding, Inc		18
	1,200	*	Capital Trust, Inc (Class A)		2
	37,390		Capstead Mortgage Corp		447
	25,300	e	CBL & Associates Properties, Inc		347
	21,544		Cedar Shopping Centers, Inc		170
	3,360	e	Cherokee, Inc		60
	164,637		Duke Realty Corp		2,041
	1,000		EastGroup Properties, Inc		38
	2,600		Equity One, Inc		49
	271,228		Equity Residential		10,619
	8,247	*	FelCor Lodging Trust, Inc		47
	102,234	*,e	First Industrial Realty Trust, Inc		793
	2,300		First Potomac Realty Trust		35
	2,600	e	Franklin Street Properties Corp		38
	1,650		Gladstone Commercial Corp		24
	61,950		Glimcher Realty Trust		314
	1,200	e	Hatteras Financial Corp		31
	48,070	e	HCP, Inc		1,586
	29,959		Health Care REIT, Inc		1,355
	2,000		Healthcare Realty Trust, Inc		47
	62,020		Hersha Hospitality Trust		321
	7,346	e	Highwoods Properties, Inc		233
	3,500	*	Hilltop Holdings, Inc		41

355

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	1,000		Home Properties, Inc	$	47
	350,321		Host Marriott Corp		5,132
	15,088		HRPT Properties Trust		117
	816		Investors Real Estate Trust		7
	164,700	*,e	iStar Financial, Inc		756
	153,636		Kimco Realty Corp		2,403
	8,316	e	Lexington Corporate Properties Trust		54
	43,368	e	Liberty Property Trust		1,472
	6,565		LTC Properties, Inc		178
	4,854		Macerich Co		186
	10,500		MFA Mortgage Investments, Inc		77
	14,820	e	Mid-America Apartment Communities, Inc		768
	6		National Retail Properties, Inc		0	^
	233,890	e	NorthStar Realty Finance Corp		985
	1,200		Parkway Properties, Inc		23
	2,628		Post Properties, Inc		58
	145,905		Prologis		1,926
	700		PS Business Parks, Inc		37
	177,378		Public Storage, Inc		16,317
	108,261	e	RAIT Investment Trust		214
	11,900	e	Regency Centers Corp		446
	25,960		Resource Capital Corp		175
	6		Senior Housing Properties Trust		0	^
	26,606	e	UDR, Inc		469
	1,100		Universal Health Realty Income Trust		39
	5,660		Urstadt Biddle Properties, Inc (Class A)		89
	5,300	e	U-Store-It Trust		38
	241,812	e	Virgin Media, Inc		4,174
	86,791		Vornado Realty Trust		6,570
	38,416		WABCO Holdings, Inc		1,149
	1,500	e	Washington Real Estate Investment Trust		46
	86,959	e	Weingarten Realty Investors		1,875
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES		74,691
HOTELS AND OTHER LODGING PLACES - 0.2%
	111,542		Accor S.A.		6,171
	6,530	*	Bluegreen Corp		21
	93,016	e	Choice Hotels International, Inc		3,238
	57,501	*,e	Gaylord Entertainment Co		1,684
	125,552	*	Great Wolf Resorts, Inc		399
	72,350	*,e	Lodgian, Inc		181
	43,668	e	Marcus Corp		567
	194,268	e	Marriott International, Inc (Class A)		6,123
	56,336	e	Starwood Hotels & Resorts Worldwide, Inc		2,628
	268,603		TUI Travel plc		1,229
			TOTAL HOTELS AND OTHER LODGING PLACES		22,241
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.5%
	499,571		3M Co		41,749
	37,151	*,e	AGCO Corp		1,333
	47,230		Alfa Laval AB		695
	256,504	*,e	Allis-Chalmers Energy, Inc		908

356

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	4,300		Ampco-Pittsburgh Corp	$	107
	946,209		Applied Materials, Inc		12,755
	10,900		ASML Holding NV		390
	10,969	*,e	Astec Industries, Inc		318
	74,230	*	Axcelis Technologies, Inc		123
	5,420	*	Bolt Technology Corp		61
	72,002		Brambles Ltd		486
	16,090	e	Briggs & Stratton Corp		314
	223,500		Canon, Inc		10,351
	3,900	e	Cascade Corp		126
	334,871		Caterpillar, Inc		21,047
	7,900	*,e	Columbus McKinnon Corp		125
	129,390	*	Cray, Inc		770
	162,377		Cummins, Inc		10,059
	1,100	*	Cymer, Inc		41
	355,022		Deere & Co		21,110
	10,400	e	Donaldson Co, Inc		469
	1,000		Dover Corp		47
	1,400	*	Dresser-Rand Group, Inc		44
	11,934	*	Dril-Quip, Inc		726
	710,883	e	Emerson Electric Co		35,786
	38,963	*	ENGlobal Corp		108
	5,149	*	Entegris, Inc		26
	59,100		Fanuc Ltd		6,271
	121,430	*,e	Flotek Industries, Inc		154
	78,912	*	FMC Technologies, Inc		5,100
	64,200		FUJIFILM Holdings Corp		2,211
	900		Gardner Denver, Inc		40
	1,200		Gorman-Rupp Co		31
	61,737	e	Graco, Inc		1,976
	27,600		Hitachi Construction Machinery Co Ltd		652
	1,300		IDEX Corp		43
	89,698	*,e	Immersion Corp		448
	9,686	*,e	Intermec, Inc		137
	614,088		International Business Machines Corp		78,757
	22,664	*,e	Intevac, Inc		313
	17,936		John Bean Technologies Corp		315
	451,029		Johnson Controls, Inc		14,879
	13,202		Kone Oyj (Class B)		546
	118,500		Konica Minolta Holdings, Inc		1,383
	243,000		Kubota Corp		2,215
	2,300	*	Kulicke & Soffa Industries, Inc		17
	47,200		Kurita Water Industries Ltd		1,335
	54,647	*	Lam Research Corp		2,039
	42,635	*,e	Lexmark International, Inc (Class A)		1,538
	600	e	Lindsay Manufacturing Co		25
	5,454		Lufkin Industries, Inc		432
	45,008	e	Manitowoc Co, Inc		585
	38,400	*,e	Modine Manufacturing Co		432
	62,650	e	Nordson Corp		4,255
	14,886	*	Oil States International, Inc		675
	43,464		Pall Corp		1,760

357

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY		VALUE (000)
	737,097	*,e	Quantum Corp	$	1,939
	2,000		Robbins & Myers, Inc		48
	15,778	*,e	Safeguard Scientifics, Inc		205
	175,680		Sandvik AB		2,196
	2,100	*,e	Sauer-Danfoss, Inc		28
	1,300	*	Scansource, Inc		37
	361,801		Seagate Technology, Inc		6,606
	16,682	*,e	Sigma Designs, Inc		196
	3,300		SMC Corp		448
	83,051		Solarworld AG.		1,252
	700		SPX Corp		46
	48,705	*,e	STEC, Inc		583
	14,706	*,e	Tecumseh Products Co (Class A)		180
	96,430		Tennant Co		2,641
	23,800		Tokyo Electron Ltd		1,578
	10,500	*	Ultratech, Inc		143
	62,888	*,e	Varian Medical Systems, Inc		3,480
	37,780	*	Vestas Wind Systems AS		2,053
	604,716		Xerox Corp		5,896
	1,300	*	Zebra Technologies Corp (Class A)		38
			TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		318,231
INSTRUMENTS AND RELATED PRODUCTS - 2.3%
	17,804	*	Affymetrix, Inc		131
	208,643	*	Agilent Technologies, Inc		7,175
	188,635		Allergan, Inc		12,322
	600	e	American Science & Engineering, Inc		45
	3,704	e	Analogic Corp		158
	512,622		Baxter International, Inc		29,835
	58,268	e	Beckman Coulter, Inc		3,659
	262,509		Becton Dickinson & Co		20,667
	400	*	Bio-Rad Laboratories, Inc (Class A)		41
	21,900	*	Bruker BioSciences Corp		321
	3,600	*,e	CardioNet, Inc		28
	50,897	*,e	Cepheid, Inc		890
	4,300		Cochlear Ltd		287
	307,505	e	Danaher Corp		24,573
	100,166		Dentsply International, Inc		3,491
	19,200	*,e	Depomed, Inc		68
	500	*	Dionex Corp		37
	55,369	*	Flir Systems, Inc		1,561
	65,072	e	Garmin Ltd		2,504
	66,337		Hillenbrand, Inc		1,459
	76,386	*,e	Hologic, Inc		1,416
	900	*	ICU Medical, Inc		31
	8,216	*,e	Illumina, Inc		320
	1,200	*	Integra LifeSciences Holdings Corp		53
	12,188	*,e	Intuitive Surgical, Inc		4,243
	4,500		Invacare Corp		119
	309,846		Invensys plc		1,602
	49,728	*,e	ION Geophysical Corp		245
	100	*	Itron, Inc		7

358

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY		VALUE (000)
	628	*,e	L-1 Identity Solutions, Inc	$	6
	32,218	*,e	LTX-Credence Corp		98
	822,340		Medtronic, Inc		37,030
	1,166	*	Merit Medical Systems, Inc		18
	32,312	*	Millipore Corp		3,412
	23,800	e	Movado Group, Inc		268
	1,400		National Instruments Corp		47
	197,000		Nikon Corp		4,301
	60,000		Olympus Corp		1,925
	2,970	*,e	OYO Geospace Corp		142
	1,888	*,e	Palomar Medical Technologies, Inc		21
	1,900		PerkinElmer, Inc		45
	1,770	*,e	Resmed, Inc		113
	41,002		Rockwell Automation, Inc		2,311
	2,500	*	Rofin-Sinar Technologies, Inc		57
	26,200		Roper Industries, Inc		1,515
	2,223	*	Rudolph Technologies, Inc		19
	218,754	*	St. Jude Medical, Inc		8,980
	40,359	e	STERIS Corp		1,358
	9,600		Techne Corp		611
	87,880		Terumo Corp		4,681
	193,278	*	Thermo Electron Corp		9,942
	37,275	*,e	Trimble Navigation Ltd		1,071
	77,319	*,e	Vivus, Inc		674
	44,461	*	Waters Corp		3,003
	2,100	*	Wright Medical Group, Inc		37
	166,075	*	Zimmer Holdings, Inc		9,832
	5,140	*	Zoll Medical Corp		135
			TOTAL INSTRUMENTS AND RELATED PRODUCTS		208,940
INSURANCE AGENTS, BROKERS AND SERVICE - 0.2%
	235,817		AON Corp		10,071
	1,500		Arthur J. Gallagher & Co		37
	135,277	*,e	Crawford & Co (Class B)		551
	228,137		Hartford Financial Services Group, Inc		6,483
	19,410	*	National Financial Partners Corp		274
	258,748		QBE Insurance Group Ltd		4,946
			TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		22,362
INSURANCE CARRIERS - 2.7%
	98,200	*	Aegon NV		672
	347,121		Aetna, Inc		12,187
	499,950		Aflac, Inc		27,142
	763	*,h	Alleghany Corp		222
	89,993		Allianz AG.		11,283
	4,400		American Equity Investment Life Holding Co		47
	7,900	e	American Physicians Capital, Inc		252
	129,156		AMP Ltd		742
	17,433	*	Arch Capital Group Ltd		1,329
	112,019		Aspen Insurance Holdings Ltd		3,231
	92,341		Assurant, Inc		3,175
	1,084,807		Aviva plc		6,343

359

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY		VALUE (000)
	1,200		Axis Capital Holdings Ltd	$	38
	22,716	*	Catalyst Health Solutions, Inc		940
	34,100	*	Centene Corp		820
	456,228	e	Chubb Corp		23,655
	342,815		Cincinnati Financial Corp		9,907
	1,400	e	Donegal Group, Inc (Class A)		20
	2,400	e	Employers Holdings, Inc		36
	37,287		Endurance Specialty Holdings Ltd		1,385
	27,664	e	Erie Indemnity Co (Class A)		1,193
	2,200		First Mercury Financial Corp		29
	1,876	*,e	Fpic Insurance Group, Inc		51
	342,645	*	Genworth Financial, Inc (Class A)		6,284
	22,550		Hanover Insurance Group, Inc		983
	1,200	e	Harleysville Group, Inc		41
	90,546	*	Humana, Inc		4,235
	90,119	*	KBC Groep NV		4,364
	290,519		Lincoln National Corp		8,919
	217,500		Manulife Financial Corp		4,292
	4,514	*,e	Markel Corp		1,691
	21,970	*,e	Molina Healthcare, Inc		553
	113,345	e	Montpelier Re Holdings Ltd		1,905
	59,428		Muenchener Rueckver AG.		9,644
	700	*	Navigators Group, Inc		28
	104,500	*,e	Phoenix Cos, Inc		253
	51,011		Platinum Underwriters Holdings Ltd		1,891
	246,319		Principal Financial Group		7,195
	700	*	ProAssurance Corp		41
	675,814		Progressive Corp		12,901
	27,150		Protective Life Corp		597
	23,620	e	Radian Group, Inc		369
	700	e	RLI Corp		40
	900		Safety Insurance Group, Inc		34
	2,400		Selective Insurance Group, Inc		40
	5,540		Stancorp Financial Group, Inc		264
	54,100		Sun Life Financial, Inc		1,740
	140,685		Swiss Reinsurance Co		6,925
	88,990		T&D Holdings, Inc		2,106
	531,127		Travelers Cos, Inc		28,650
	3,100	*,e	Universal American Financial Corp		48
	198,908	e	UnumProvident Corp		4,927
	106,135	e	W.R. Berkley Corp		2,769
	451,312	*	WellPoint, Inc		29,056
	100		Wesco Financial Corp		39
	43,931		XL Capital Ltd (Class A)		830
	1,500		Zenith National Insurance Corp		57
			TOTAL INSURANCE CARRIERS		248,410
LEATHER AND LEATHER PRODUCTS - 0.1%
	152,137		Coach, Inc		6,012
	400	*	Timberland Co (Class A)		9
	14,200	e	Weyco Group, Inc		334
			TOTAL LEATHER AND LEATHER PRODUCTS		6,355

360

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY		VALUE (000)
LEGAL SERVICES - 0.0%
	13,958	*,e	FTI Consulting, Inc	$	549
	700	*,e	Pre-Paid Legal Services, Inc		26
			TOTAL LEGAL SERVICES		575
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.0%
	89,328		Brisa-Auto Estradas de Portugal S.A.		757
	493,000		ComfortDelgro Corp Ltd		550
	17,000		Keihin Electric Express Railway Co Ltd		140
			TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		1,447
LUMBER AND WOOD PRODUCTS - 0.0%
	900	e	Deltic Timber Corp		40
	4,415	e	Skyline Corp		82
			TOTAL LUMBER AND WOOD PRODUCTS		122
METAL MINING - 0.4%
	38,858		Agnico-Eagle Mines Ltd		2,171
	580,217		Alumina Ltd		918
	13,800		Inmet Mining Corp		802
	133,600		Kinross Gold Corp		2,285
	155,840		Newcrest Mining Ltd		4,693
	11,342		Orica Ltd		279
	9,300	*	Rosetta Resources, Inc		219
	129,066	e	Royal Gold, Inc		5,965
	44,488	*,e	Stillwater Mining Co		577
	108,000	*	Teck Cominco Ltd		4,705
	705,694	*	Xstrata plc		13,371
	139,800		Yamana Gold, Inc		1,383
			TOTAL METAL MINING		37,368
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.2%
	45,634	*	Armstrong World Industries, Inc		1,657
	1,024		Blyth, Inc		32
	27,478	e	Callaway Golf Co		242
	12,100	e	Daktronics, Inc		92
	1,300		Hasbro, Inc		50
	2,600	*,e	Jakks Pacific, Inc		34
	462,630		Mattel, Inc		10,521
	123,400		Yamaha Corp		1,593
			TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		14,221
MISCELLANEOUS RETAIL - 1.2%
	164,705	*	Amazon.com, Inc		22,355
	900	e	Barnes & Noble, Inc		19
	134,186		Best Buy Co, Inc		5,708
	806,493		CVS Corp		29,486
	6,823	*,e	Dollar Tree, Inc		404
	38,120	*,e	GSI Commerce, Inc		1,055
	112,788	*,e	Hibbett Sports, Inc		2,885

361

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY		VALUE (000)
	61,700		Home Retail Group	$	254
	29,300	*,e	HSN, Inc		863
	58,366		Metro AG.		3,462
	900		MSC Industrial Direct Co (Class A)		46
	78,565	*	Office Depot, Inc		627
	368,600		Origin Energy Ltd		5,598
	10,103	*,e	Overstock.com, Inc		164
	30,830	e	Petsmart, Inc		985
	7,925	*,e	Priceline.com, Inc		2,021
	5,300		Shoppers Drug Mart Corp		228
	400,291		Staples, Inc		9,363
	17,905		Tiffany & Co		850
	661,598	e	Walgreen Co		24,539
			TOTAL MISCELLANEOUS RETAIL		110,912
MOTION PICTURES - 0.4%
	11,531	*,e	Avid Technology, Inc		159
	80,001	*	Discovery Communications, Inc (Class A)		2,703
	55,452	*	Discovery Communications, Inc (Class C)		1,631
	46,417	*	DreamWorks Animation SKG, Inc (Class A)		1,828
	12,031	e	Regal Entertainment Group (Class A)		211
	116,604		Scripps Networks Interactive (Class A)		5,172
	51,432	*	tw telecom inc (Class A)		933
	568,331	*	Viacom, Inc (Class B)		19,540
			TOTAL MOTION PICTURES		32,177
NONDEPOSITORY INSTITUTIONS - 0.6%
	821,479		American Express Co		33,895
	105,992	*,e	AmeriCredit Corp		2,518
	296,253		Capital One Financial Corp		12,269
	115,285		CapitalSource, Inc		644
	303,716		Discover Financial Services		4,525
	86,852	e	Federal Agricultural Mortgage Corp (Class C)		984
	204,108	e	Medallion Financial Corp		1,625
	130,606	*	NewStar Financial, Inc		833
	1,500	*	PHH Corp		35
	12,483	*,e	World Acceptance Corp		450
			TOTAL NONDEPOSITORY INSTITUTIONS		57,778
NONMETALLIC MINERALS, EXCEPT FUELS - 0.2%
	119,532	e	AMCOL International Corp		3,251
	6,700		Compass Minerals International, Inc		538
	74,210	*,e	General Moly, Inc		246
	77,699		K+S AG.		4,715
	104,961	e	Vulcan Materials Co		4,959
			TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		13,709
OIL AND GAS EXTRACTION - 3.3%
	19,350		Acergy S.A.		354
	320,466		Apache Corp		32,526
	3,740	*	Approach Resources, Inc		34
	45,074		Atlas America, Inc		1,403

362

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	17,290	*,e	ATP Oil & Gas Corp	$	325
	4,366	*	Atwood Oceanics, Inc		151
	37,958	e	Berry Petroleum Co (Class A)		1,069
	103,950	*,e	Boots & Coots, Inc		253
	9,766	*,e	Bronco Drilling Co, Inc		46
	98,159		Cabot Oil & Gas Corp		3,612
	207,937	*,e	Callon Petroleum Co		1,115
	108,191	*	Cameron International Corp		4,637
	2,700	*	Carrizo Oil & Gas, Inc		62
	149,800		Cenovus Energy, Inc		3,913
	520,036	e	Chesapeake Energy Corp		12,294
	80,149		Cimarex Energy Co		4,759
	1,200	*	CNX Gas Corp		46
	48,215	*	Complete Production Services, Inc		557
	38,480	*	Contango Oil & Gas Co		1,968
	6,000	*,e	Dawson Geophysical Co		175
	397,392	*	Denbury Resources, Inc		6,704
	432,528		Devon Energy Corp		27,867
	147,760	e	Diamond Offshore Drilling, Inc		13,123
	149,800		EnCana Corp		4,661
	233,757		EOG Resources, Inc		21,725
	306,031		Equitable Resources, Inc		12,547
	26,900	e	EXCO Resources, Inc		494
	2,281	*	Exterran Holdings, Inc		55
	64,130	*	Gasco Energy, Inc		21
	57,034	*,e	Geokinetics, Inc		411
	22,400	*,e	Geomet, Inc		20
	148,004	*,e	Global Industries Ltd		950
	16,840	*,e	GMX Resources, Inc		138
	40,618	*,e	Goodrich Petroleum Corp		635
	12,100	*	Gulfport Energy Corp		136
	131,969		Helmerich & Payne, Inc		5,025
	9,600	*	Hercules Offshore, Inc		41
	537,719	*	Meridian Resource Corp		151
	127,188	*	Nabors Industries Ltd		2,497
	405,906		National Oilwell Varco, Inc		16,472
	100,598	*	Newfield Exploration Co		5,236
	91,677		Nexen, Inc		2,268
	248,316		Noble Energy, Inc		18,127
	11,050	*	Northern Oil And Gas, Inc		175
	7,968	*	Oceaneering International, Inc		506
	116,560	*	Parker Drilling Co		575
	227,106	*,e	PetroHawk Energy Corp		4,606
	32,190	*	Petroleum Development Corp		746
	67,500	*	Petroquest Energy, Inc		340
	75,500	*	Pioneer Drilling Co		532
	143,586		Pioneer Natural Resources Co		8,087
	160,990	*	Pride International, Inc		4,847
	116,576	*,e	Quicksilver Resources, Inc		1,640
	78,518		Range Resources Corp		3,680
	32,917	*	Rex Energy Corp		375
	9,820	e	RPC, Inc		109

363

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	439,137		Santos Ltd	$	5,908
	400	*,e	SEACOR Holdings, Inc		32
	125,852		Smith International, Inc		5,389
	124,486	*	Southwestern Energy Co		5,069
	75,970		St. Mary Land & Exploration Co		2,645
	23,778	*	Stone Energy Corp		422
	281,994	*,e	Sulphco, Inc		82
	59,046	*	Swift Energy Co		1,815
	154,400		Talisman Energy, Inc		2,641
	800		Tidewater, Inc		38
	86,990	*	Ultra Petroleum Corp		4,056
	38,845	*,e	Unit Corp		1,642
	70,198	*	Venoco, Inc		901
	57,800	e	W&T Offshore, Inc		486
	43,705	*	Whiting Petroleum Corp		3,533
	197,116		Woodside Petroleum Ltd		8,483
	550,689		XTO Energy, Inc		25,982
			TOTAL OIL AND GAS EXTRACTION		303,945
PAPER AND ALLIED PRODUCTS - 0.5%
	80,369		Bemis Co		2,308
	52,800	*	Buckeye Technologies, Inc		691
	4,655	*	Domtar Corporation		300
	22,564	e	Glatfelter		327
	151,259		International Paper Co		3,722
	335,954		Kimberly-Clark Corp		21,126
	198,095		MeadWestvaco Corp		5,061
	12,396		Metso Oyj		400
	16,900		Rock-Tenn Co (Class A)		770
	100,244		Sonoco Products Co		3,087
	153,116		Stora Enso Oyj (R Shares)		1,166
	121,590		Svenska Cellulosa AB (B Shares)		1,714
	58,444		Temple-Inland, Inc		1,194
	17,300		Uni-Charm Corp		1,671
	133,335		UPM-Kymmene Oyj		1,769
	10,800		Wausau Paper Corp		92
			TOTAL PAPER AND ALLIED PRODUCTS		45,398
PERSONAL SERVICES - 0.0%
	1,200	*,e	Coinstar, Inc		39
	35,896	e	Regis Corp		670
	7,956		Unifirst Corp		410
	3,320		Weight Watchers International, Inc		85
			TOTAL PERSONAL SERVICES		1,204
PETROLEUM AND COAL PRODUCTS - 1.3%
	4,002	*,e	American Oil & Gas, Inc		27
	9		Ashland, Inc		0^
	501,352		ENI S.p.A.		11,762
	20,700		Galp Energia SGPS S.A.		360
	6,351		Hellenic Petroleum S.A.		73
	379,547		Hess Corp		23,741

364

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	681,280		Marathon Oil Corp	$	21,556
	101,331		Neste Oil Oyj		1,767
	414,500	m	Nippon Mining Holdings, Inc		1,904
	69,589		OMV AG.		2,611
	293,175		Repsol YPF S.A.		6,941
	588,840		Royal Dutch Shell plc (A Shares)		17,067
	501,220		Royal Dutch Shell plc (B Shares)		13,809
	5,400	*,e	SandRidge Energy, Inc		42
	338,760		Statoil ASA		7,843
	330,004		Suncor Energy, Inc		10,732
			TOTAL PETROLEUM AND COAL PRODUCTS		120,235
PIPELINES, EXCEPT NATURAL GAS - 0.4%
	1,218,867		Spectra Energy Corp		27,461
	145,100		TransCanada Corp		5,317
			TOTAL PIPELINES, EXCEPT NATURAL GAS		32,778
PRIMARY METAL INDUSTRIES - 0.8%
	612,200		Alcoa, Inc		8,718
	28,444		Allegheny Technologies, Inc		1,536
	223,171	*	ArcelorMittal		9,793
	231,916		BlueScope Steel Ltd		619
	2,800	e	Encore Wire Corp		58
	48,876	*,e	Gibraltar Industries, Inc		616
	39,200	*,e	Horsehead Holding Corp		464
	45,503	e	Hubbell, Inc (Class B)		2,295
	108,210	*	Metalico, Inc		648
	57,000		Mitsubishi Materials Corp		164
	927,000		Nippon Steel Corp		3,639
	179,400	*	Norsk Hydro ASA		1,367
	321,267	e	Nucor Corp		14,579
	29,346		Olympic Steel, Inc		958
	109,788	e	Reliance Steel & Aluminum Co		5,405
	144,626		Steel Dynamics, Inc		2,527
	357,000		Sumitomo Metal Industries Ltd		1,081
	217,000		Sumitomo Metal Mining Co Ltd		3,229
	69,914		Tredegar Corp		1,194
	15,649		Umicore		546
	112,655	e	United States Steel Corp		7,156
	2,750	*	Universal Stainless & Alloy		66
	11,392		Voestalpine AG.		461
	238,262		Worthington Industries, Inc		4,120
			TOTAL PRIMARY METAL INDUSTRIES		71,239
PRINTING AND PUBLISHING - 0.5%
	38,320	*	ACCO Brands Corp		294
	2,700	e	American Greetings Corp (Class A)		56
	5,289		Bowne & Co, Inc		59
	800		CSS Industries, Inc		16
	156,000		Dai Nippon Printing Co Ltd		2,107
	62,755		Dun & Bradstreet Corp		4,670
	2,100		Ennis, Inc		34

365

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	78,791	*	EW Scripps Co (Class A)	$	666
	40,459	e	Harte-Hanks, Inc		520
	375,606		John Fairfax Holdings Ltd		620
	9,742		John Wiley & Sons, Inc (Class A)		422
	215,606		Journal Communications, Inc (Class A)		906
	24,900	*,e	Lee Enterprises, Inc		84
	1,800	*,e	McClatchy Co (Class A)		9
	35,360	e	Meredith Corp		1,217
	189,109	*	New York Times Co (Class A)		2,105
	66,800		Orkla ASA		591
	581,401		Pearson plc		9,140
	43,030		R.R. Donnelley & Sons Co		919
	22,388		Reed Elsevier NV		272
	660,387		Reed Elsevier plc		5,266
	90,275		Standard Register Co		483
	73,361		Thomson Corp		2,670
	141,000		Toppan Printing Co Ltd		1,273
	1,200	*,e	VistaPrint Ltd		69
	16,546	e	Washington Post Co (Class B)		7,349
			TOTAL PRINTING AND PUBLISHING		41,817
RAILROAD TRANSPORTATION - 0.6%
	53,300		Canadian National Railway Co		3,235
	6,200		Canadian Pacific Railway Ltd		349
	337,380		CSX Corp		17,173
	4,700	*,e	Genesee & Wyoming, Inc (Class A)		160
	483,000		Hankyu Hanshin Holdings, Inc		2,237
	59,594	*	Kansas City Southern Industries, Inc		2,156
	969,663		MTR Corp		3,672
	420,585		Norfolk Southern Corp		23,506
	265,553		Stagecoach Group plc		738
			TOTAL RAILROAD TRANSPORTATION		53,226
REAL ESTATE - 0.3%
	54,068	*	CB Richard Ellis Group, Inc (Class A)		857
	378,200		City Developments Ltd		2,866
	12,398	*,e	Forest City Enterprises, Inc (Class A)		179
	26,565	*	Forestar Real Estate Group, Inc		502
	1,087,950		Hang Lung Properties Ltd		4,386
	2,160		Jones Lang LaSalle, Inc		157
	27,737		Leighton Holdings Ltd		993
	339,200		Mitsubishi Estate Co Ltd		5,551
	305,810		Mitsui Fudosan Co Ltd		5,191
	33,399	e	Stewart Enterprises, Inc (Class A)		209
	505,000		Sun Hung Kai Properties Ltd		7,596
			TOTAL REAL ESTATE		28,487
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.1%
	2,100		A. Schulman, Inc		51
	911	*	Deckers Outdoor Corp		126
	64,635		Michelin (C.G.D.E.) (Class B)		4,764
	120,960		Mitsui Chemicals, Inc		366

366

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	1,075,974	*	Pirelli & C S.p.A.	$	661
	52,543	e	Sealed Air Corp		1,108
	11,100	*,e	Spartech Corp		130
	1,800	*,e	Trex Co, Inc		38
	6,995		Tupperware Corp		337
			TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		7,581
SECURITY AND COMMODITY BROKERS - 1.5%
	94,759		Ameriprise Financial, Inc		4,298
	66,691		BlackRock, Inc		14,523
	76,741		Broadridge Financial Solutions, Inc		1,641
	875,282		Charles Schwab Corp		16,359
	38,432		CME Group, Inc		12,149
	240,866		Credit Suisse Group		12,416
	844,100		Daiwa Securities Group, Inc		4,442
	1,040	e	Diamond Hill Investment Group, Inc		71
	48,717	e	Duff & Phelps Corp		816
	29,700		Eaton Vance Corp		996
	45,670	e	Evercore Partners, Inc (Class A)		1,370
	43,789	e	Federated Investors, Inc (Class B)		1,155
	217,824		Franklin Resources, Inc		24,156
	56,096	*	IntercontinentalExchange, Inc		6,293
	1,750	*	International Assets Holding Corp		26
	322,789		Invesco Ltd		7,072
	78,793	e	Legg Mason, Inc		2,259
	74,419	*	Nasdaq Stock Market, Inc		1,572
	550,500		Nomura Holdings, Inc		4,057
	189,030		NYSE Euronext		5,597
	18,240	*,e	Pzena Investment Management, Inc (Class A)		139
	89,969		SEI Investments Co		1,977
	186,903		T Rowe Price Group, Inc		10,267
	56,898	*,e	US Global Investors, Inc (Class A)		563
			TOTAL SECURITY AND COMMODITY BROKERS		134,214
SOCIAL SERVICES - 0.0%
	44,409	*	Capital Senior Living Corp		234
			TOTAL SOCIAL SERVICES		234
SPECIAL TRADE CONTRACTORS - 0.0%
	400	e	Alico, Inc		10
	8,300		Chemed Corp		451
	2,050		Comfort Systems USA, Inc		26
	6,983	*	Layne Christensen Co		187
	66,382	*	Quanta Services, Inc		1,271
			TOTAL SPECIAL TRADE CONTRACTORS		1,945
STONE, CLAY, AND GLASS PRODUCTS - 0.4%
	5,965	e	Apogee Enterprises, Inc		94
	7,922	*	Cabot Microelectronics Corp		300
	21,025	e	CARBO Ceramics, Inc		1,311
	794,396		Corning, Inc		16,055
	270,968		CRH plc		6,767

367

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	63,051	e	Gentex Corp	$	1,224
	38,952		Holcim Ltd		2,904
	83,183		Lafarge S.A.		5,853
	83,000		NGK Insulators Ltd		1,693
	33,970	*,e	Owens Corning, Inc		864
			TOTAL STONE, CLAY, AND GLASS PRODUCTS		37,065
TEXTILE MILL PRODUCTS - 0.0%
	1,300		Albany International Corp (Class A)		28
	22,800	e	Oxford Industries, Inc		464
			TOTAL TEXTILE MILL PRODUCTS		492
TRANSPORTATION BY AIR - 0.5%
	412,045	*,e	Airtran Holdings, Inc		2,093
	3,000	*	All Nippon Airways Co Ltd		9
	623,369		Auckland International Airport Ltd		859
	66,237	*	British Airways plc		244
	68,937	*,e	Continental Airlines, Inc (Class B)		1,515
	238,048	*,e	Delta Air Lines, Inc		3,473
	62,034	*	ExpressJet Holdings, Inc		234
	260,984		FedEx Corp		24,375
	390,233	*,e	JetBlue Airways Corp		2,178
	208,840		Singapore Airlines Ltd		2,269
	33,225		Skywest, Inc		474
	599,765	e	Southwest Airlines Co		7,929
			TOTAL TRANSPORTATION BY AIR		45,652
TRANSPORTATION EQUIPMENT - 1.3%
	3,800		A.O. Smith Corp		200
	24,300	*	Aisin Seiki Co Ltd		728
	84,800	*	American Axle & Manufacturing Holdings, Inc		846
	65,137	*,e	ArvinMeritor, Inc		870
	7,885	*	ATC Technology Corp		135
	127,203		Bayerische Motoren Werke AG.		5,872
	211,538	*,e	BE Aerospace, Inc		6,441
	333,800		Bombardier, Inc		2,048
	1,100		Clarcor, Inc		38
	130,600		Denso Corp		3,890
	14,800		Federal Signal Corp		133
	1,745,900	*,e	Ford Motor Co		21,946
	5,139	*,e	Fuel Systems Solutions, Inc		164
	242,736		Genuine Parts Co		10,253
	189,806	e	Harley-Davidson, Inc		5,328
	96,452		Harsco Corp		3,081
	305,980		Honda Motor Co Ltd		10,800
	39,000		NSK Ltd		308
	196,043	e	Paccar, Inc		8,497
	54,787		Peugeot S.A.		1,613
	83,765	*	Renault S.A.		3,926
	152,400		Scania AB (B Shares)		2,410
	756,000		SembCorp Marine Ltd		2,264
	2,100		Shimano, Inc		93

368

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	182,710	*	Spirit Aerosystems Holdings, Inc (Class A)	$	4,272
	48,870	e	Superior Industries International, Inc		786
	113,174	*,e	Tenneco, Inc		2,677
	817,210		Tomkins PLC		2,927
	8,700	*	Toyota Industries Corp		248
	16,126		Volkswagen AG.		1,557
	64,844		Volkswagen AG. (Preference)		5,947
	134,600		Volvo AB (A Shares)		1,333
	341,990		Volvo AB (B Shares)		3,441
	42,540		Westinghouse Air Brake Technologies Corp		1,792
	102,500		Yamaha Motor Co Ltd		1,536
			TOTAL TRANSPORTATION EQUIPMENT		118,400
TRANSPORTATION SERVICES - 0.1%
	81,069		Autostrade S.p.A.		1,892
	22,693		CH Robinson Worldwide, Inc		1,267
			Cintra Concesiones de Infraestructuras de Transporte
	99,916		S.A.		972
	134,669		Deutsche Lufthansa AG.		2,234
	22,989		Expeditors International Washington, Inc		849
	2,064	*	Hub Group, Inc (Class A)		58
	36,000	*	Interval Leisure Group, Inc		524
	85,068	*,e	Orbitz Worldwide, Inc		605
	53,373		Toll Holdings Ltd		363
	2,600		UTI Worldwide, Inc		40
			TOTAL TRANSPORTATION SERVICES		8,804
TRUCKING AND WAREHOUSING - 0.5%
	493,298		Deutsche Post AG.		8,558
	1,500	e	Forward Air Corp		39
	2,200	e	Heartland Express, Inc		36
	1,100		J.B. Hunt Transport Services, Inc		39
	900		Landstar System, Inc		38
	73,000		Nippon Express Co Ltd		314
	13,837		TNT NV		397
	531,824		United Parcel Service, Inc (Class B)		34,256
	1,600	e	Werner Enterprises, Inc		37
	94,000		Yamato Transport Co Ltd		1,321
			TOTAL TRUCKING AND WAREHOUSING		45,035
WATER TRANSPORTATION - 0.1%
	10,901		Alexander & Baldwin, Inc		360
	53,600	*	Gulfmark Offshore, Inc		1,423
	36,022	*,e	Hornbeck Offshore Services, Inc		669
	153,000		Kawasaki Kisen Kaisha Ltd		610
	1,100	*	Kirby Corp		42
	376,000		Nippon Yusen Kabushiki Kaisha		1,485
			TOTAL WATER TRANSPORTATION		4,589
WHOLESALE TRADE-DURABLE GOODS - 0.6%
	121,197		Agilysys, Inc		1,354
	109,330	e	Barnes Group, Inc		2,126

369

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	51,856	*	BorgWarner, Inc	$	1,980
	295,728		Bunzl plc		3,236
	47,825		Castle (A.M.) & Co		626
	52,882	*,e	Chindex International, Inc		625
	7,328		Compagnie de Saint-Gobain		352
	222,696	*	Fortescue Metals Group Ltd		1,001
	1,900	*	Ingram Micro, Inc (Class A)		33
	2,000		Knight Transportation, Inc		42
	747,810		Li & Fung Ltd		3,679
	2,500	*,e	LKQ Corp		51
	8,672	*	MWI Veterinary Supply, Inc		350
	599,000	*	Nissan Motor Co Ltd		5,132
	80,000		Nisshin Steel Co Ltd		167
	5,558		Owens & Minor, Inc		258
	76,533	e	Patterson Cos, Inc		2,376
	2,000	e	Pool Corp		45
	2,500	*,e	PSS World Medical, Inc		59
	13,424		Rautaruukki Oyj		290
	105,065		Schneider Electric S.A.		12,323
	3,600	*,e	Tech Data Corp		151
	23,000	*,e	Tyler Technologies, Inc		431
	93,309		W.W. Grainger, Inc		10,089
	17,580	*	WESCO International, Inc		610
	115,996		Wesfarmers Ltd		3,384
	131,715	*	Wolseley plc		3,182
			TOTAL WHOLESALE TRADE-DURABLE GOODS		53,952
WHOLESALE TRADE-NONDURABLE GOODS - 0.5%
	6,480	e	Airgas, Inc		412
	63,861	*,e	Akorn, Inc		98
	13,200		Akzo Nobel NV		752
	48,872	e	Allscripts Healthcare Solutions, Inc		956
	1,186	*	Clearwater Paper Corp		58
	8,757	*	Dean Foods Co		137
	75,320	*	Endo Pharmaceuticals Holdings, Inc		1,784
	7,100	*	Gildan Activewear, Inc		187
	2,100	*	Hain Celestial Group, Inc		36
	16,830	*	Henry Schein, Inc		991
	11,000		Kikkoman Corp		129
	3,500		Metro, Inc		145
	2,100	e	Myers Industries, Inc		22
	13,956	e	Nash Finch Co		470
	2,308,070		Noble Group Ltd		5,049
	452,200	*	Sojitz Holdings Corp		875
	18,582	e	Spartan Stores, Inc		268
	694,531	e	Sysco Corp		20,490
	334,862		Unilever NV		10,129
	1,900	*,e	Volcom, Inc		37
			TOTAL WHOLESALE TRADE-NONDURABLE GOODS		43,025
			TOTAL COMMON STOCKS		5,427,462
			(Cost $4,652,610)

370

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	MATURITY DATE	VALUE (000)
PREFERRED STOCKS - 0.0%
AGENCY SECURITIES - 0.0%
	233,115	*	Federal Home Loan Mortgage Corp (FHLMC)		$	296
	740,991	*	Federal National Mortgage Association (FNMA)			941
			TOTAL AGENCY SECURITIES			1,237
			TOTAL PREFERRED STOCKS			1,237
			(Cost $24,353)
RIGHTS / WARRANTS - 0.0%
TRANSPORTATION EQUIPMENT - 0.0%
	80,970		Volkswagen AG.			50
			TOTAL TRANSPORTATION EQUIPMENT			50
			TOTAL RIGHTS / WARRANTS			50
			(Cost $0)

PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 9.2%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 3.5%
		Federal Home Loan Bank (FHLB)
$	1,600,000	FHLB	04/14/10	1,600
	31,000,000	FHLB	04/23/10	30,998
	20,000,000	FHLB	05/26/10	19,995
	5,260,000	FHLB	06/02/10	5,259
	33,000,000	FHLB	06/23/10	32,992
	31,000,000	FHLB	06/30/10	30,987
		Federal Home Loan Mortgage Corp (FHLMC)
	9,900,000	FHLMC	04/19/10	9,899
	1,000,000	FHLMC	04/22/10	1,000
	1,135,000	FHLMC	04/28/10	1,135
	11,440,000	FHLMC	04/28/10	11,439
	18,099,659	FHLMC	06/01/10	18,098
	21,000,000	FHLMC	07/12/10	20,990
		Federal National Mortgage Association (FNMA)
	54,000,000	FNMA	05/25/10	53,985
	64,300,000	FNMA	06/14/10	64,287
	25,000,000	FNMA	09/15/10	24,972
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		327,636
U.S. TREASURY BILLS - 1.7%
	31,500,000	United States Cash Management Bill	07/15/10	31,486
	16,000,000	United States Treasury Bill	04/22/10	15,999
	15,000,000	United States Treasury Bill	05/20/10	14,997
	11,890,000	United States Treasury Bill	05/27/10	11,887
	33,800,000	United States Treasury Bill	07/29/10	33,783
	40,000,000	United States Treasury Bill	08/26/10	39,967
		TOTAL U.S. TREASURY BILLS		148,119

371

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL		ISSUER	MATURITY DATE	VALUE (000)
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 3.7%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 2.6%
		Federal Home Loan Bank (FHLB)
$	15,947,000	FHLB	05/05/10	$	15,945
	50,000,000	FHLB	05/07/10		49,993
	18,000,000	FHLB	05/14/10		17,997
	17,700,000	FHLB	05/19/10		17,696
	11,300,000	FHLB	05/21/10		11,298
		Federal Home Loan Mortgage Corp (FHLMC)
	1,482,000	FHLMC	04/22/10		1,482
	1,500,000	FHLMC	04/27/10		1,500
	7,000,000	FHLMC	05/10/10		6,999
	3,200,000	FHLMC	05/17/10		3,199
	3,575,000	FHLMC	05/19/10		3,574
	18,500,000	FHLMC	05/24/10		18,496
	8,900,341	FHLMC	06/01/10		8,898
	25,000,000	FHLMC	07/29/10		24,986
		Federal National Mortgage Association (FNMA)
	50,000,000	FNMA	05/25/10		49,994
	10,778,000	FNMA	06/21/10		10,776
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES			242,833
U.S. TREASURY BILLS - 1.1%
	1,000,000	United States Cash Management Bill	07/15/10		999
	25,000,000	United States Treasury Bill	08/05/10		24,985
	46,000,000	United States Treasury Bill	10/21/10		45,940
	25,000,000	United States Treasury Bill	11/18/10		24,959
		TOTAL U.S. TREASURY BILLS			96,883
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED			339,716
		TOTAL SHORT-TERM INVESTMENTS			815,471
		(Cost $815,458)
		TOTAL INVESTMENTS - 107.7%			9,808,895
		(Cost $8,988,211)
		OTHER ASSETS & LIABILITIES, NET - (7.7)%			(705,057	)
		NET ASSETS - 100.0%		$	9,103,838

	Abbreviation(s):
NR	Not Rated by Moody’s
*	Non-income producing.
^	Amount represents less than $1,000.
†	As provided by Moody’s Investors Services.
e	All or a portion of these securities are out on loan.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers.
	At March 31, 2010 the value of these securities amounted to $154,132,210 or 1.69% of net assets.
h	These securities were purchased on a delayed delivery basis.
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.
	Cost amounts are in thousands.

372

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

COLLEGE RETIREMENT EQUITIES FUND
MONEY MARKET ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2010

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
SHORT-TERM INVESTMENTS - 99.9%
BANKER’S ACCEPTANCES - 1.0%
$	1,968,000	Bank of America NA			04/01/10	$	1,968
	1,276,000	Bank of America NA			04/06/10		1,276
	6,584,000	Bank of America NA			04/29/10		6,583
	5,177,000	Bank of America NA			05/03/10		5,175
	1,968,000	Bank of America NA			05/11/10		1,967
	7,894,000	Bank of America NA			06/14/10		7,890
	6,365,000	JPMorgan Chase Bank NA			04/20/10		6,364
	6,579,000	JPMorgan Chase Bank NA			04/26/10		6,578
	9,085,000	JPMorgan Chase Bank NA			04/27/10		9,084
	2,479,000	JPMorgan Chase Bank NA			05/24/10		2,478
	23,591,000	JPMorgan Chase Bank NA			05/28/10		23,585
	32,000,000	JPMorgan Chase Bank NA			06/07/10		31,989
	7,189,000	Wachovia Bank NA			05/17/10		7,187
	1,765,818	Wachovia Bank NA			05/27/10		1,765
	10,000,000	Wachovia Bank NA			09/03/10		9,987
		TOTAL BANKER’S ACCEPTANCES					123,876
CERTIFICATE OF DEPOSIT - 10.1%
	25,000,000	Abbey National North America LLC	0.160	%	04/09/10		25,000
	27,310,000	Abbey National North America LLC	0.200		04/29/10		27,310
	30,000,000	Banco Bilbao Vizcaya Argentaria S.A.	0.220		04/08/10		30,000
	44,000,000	Banco Bilbao Vizcaya Argentaria S.A.	0.200		04/27/10		44,000
	25,000,000	Banco Bilbao Vizcaya Argentaria S.A.	0.340		05/17/10		25,000
	50,000,000	Banco Bilbao Vizcaya Argentaria S.A.	0.250		06/22/10		50,002
	30,000,000	Bank of Montreal	0.190		04/27/10		30,000
	25,185,000	Bank of Montreal	0.220		05/27/10		25,185
	35,000,000	Bank of Nova Scotia	0.180		04/29/10		35,000
	31,220,000	Bank of Nova Scotia	0.190		05/18/10		31,220
	25,000,000	Bank of Nova Scotia	0.190		05/24/10		25,000
	23,000,000	Bank of Nova Scotia	0.200		05/24/10		23,000
	22,010,000	Bank of Nova Scotia	0.200		06/01/10		22,010
	20,000,000	Bank of Nova Scotia	0.950		06/10/10		20,000
	25,000,000	Bank of Nova Scotia	0.570		10/01/10		25,000
	25,000,000	Barclays Bank plc	0.480		04/13/10		25,000
	30,000,000	Barclays Bank plc	0.960		04/19/10		30,000
	25,000,000	Barclays Bank plc	0.550		04/30/10		25,000
	22,715,000	Barclays Bank plc	0.820		05/11/10		22,715
	30,000,000	Barclays Bank plc	0.570		05/17/10		30,000
	30,000,000	Barclays Bank plc	0.500		06/02/10		30,000
	25,000,000	Barclays Bank plc	0.620		07/01/10		25,000
	21,000,000	Barclays Bank plc	0.580		08/18/10		21,000
	25,000,000	BNP Paribas	0.200		04/05/10		25,000
	25,000,000	BNP Paribas	0.200		04/14/10		25,000
	25,000,000	BNP Paribas	0.160		04/20/10		25,000
	36,000,000	BNP Paribas	0.190		04/28/10		36,000

373

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
$	25,000,000	BNP Paribas	0.210	%	04/30/10	$	25,000
	30,000,000	BNP Paribas	0.230		05/17/10		30,000
	20,000,000	BNP Paribas	0.200		05/19/10		20,000
	20,000,000	BNP Paribas	0.230		06/23/10		20,000
	18,000,000	BNP Paribas	0.290		08/19/10		17,999
	25,000,000	Canadian Imperial Bank of Commerce	0.200		04/12/10		25,000
	35,000,000	Credit Agricole Corp	0.200		04/13/10		35,000
	50,000,000	Credit Agricole Corp	0.220		05/03/10		50,001
	40,000,000	Credit Agricole Corp	0.250		05/05/10		40,000
	20,000,000	Lloyds TSB Bank plc	0.200		04/13/10		20,000
	25,000,000	Rabobank Nederland NV	0.190		04/14/10		25,000
	20,000,000	Rabobank Nederland NV	1.050		04/30/10		20,008
	3,000,000	Rabobank Nederland NV	0.240		06/14/10		3,000
	30,000,000	Rabobank Nederland NV	0.220		07/07/10		30,000
	21,440,000	Rabobank Nederland NV	0.220		07/08/10		21,440
	19,400,000	Rabobank Nederland NV	0.270		07/15/10		19,400
	20,000,000	Rabobank Nederland NV	0.740		07/30/10		20,000
	50,000,000	Royal Bank of Canada	0.180		04/27/10		50,000
	25,000,000	Royal Bank of Scotland plc	0.680		04/05/10		25,000
	25,000,000	Royal Bank of Scotland plc	0.210		04/29/10		25,000
	26,335,000	Royal Bank of Scotland plc	0.220		05/06/10		26,335
		TOTAL CERTIFICATE OF DEPOSIT					1,305,625
COMMERCIAL PAPER - 34.6%
	24,395,000	Abbey National North America LLC			04/20/10		24,393
	22,500,000	Abbey National North America LLC			04/23/10		22,497
	20,000,000	Abbey National North America LLC			04/28/10		19,997
	30,000,000	Abbey National North America LLC			05/05/10		29,996
	45,000,000	Abbott Laboratories			05/11/10		44,993
	81,930,000	American Honda Finance Corp			05/06/10		81,915
	28,605,000	American Honda Finance Corp			05/13/10		28,598
	25,000,000	Bank of Nova Scotia			04/09/10		24,999
	4,380,000	Bank of Nova Scotia			04/14/10		4,380
	45,000,000	Bank of Nova Scotia			04/22/10		44,995
	55,200,000	Bank of Nova Scotia			05/20/10		55,186
	2,256,000	BNP Paribas Finance, Inc			04/13/10		2,256
	4,035,000	BNP Paribas Finance, Inc			04/22/10		4,035
	25,000,000	BNP Paribas Finance, Inc			05/10/10		24,994
	39,830,000	BNP Paribas Finance, Inc			06/09/10		39,815
	28,950,000	Calyon North America, Inc			04/06/10		28,949
	9,600,000	Calyon North America, Inc			04/30/10		9,599
	25,000,000	Calyon North America, Inc			06/03/10		24,990
	17,125,000	Coca-Cola Co			04/08/10		17,124
	16,700,000	Coca-Cola Co			04/16/10		16,699
	30,000,000	Coca-Cola Co			05/03/10		29,996
	13,000,000	Coca-Cola Co			05/04/10		12,998
	8,000,000	Coca-Cola Co			05/06/10		7,999
	22,400,000	Coca-Cola Co			05/11/10		22,395
	8,400,000	Coca-Cola Co			05/12/10		8,398
	15,000,000	Coca-Cola Co			05/19/10		14,997
	7,931,000	Coca-Cola Co			05/20/10		7,929
	20,000,000	Coca-Cola Co			06/03/10		19,994
	5,134,000	Coca-Cola Co			06/10/10		5,132

374

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE	MATURITY DATE	VALUE (000)
$	25,000,000	Coca-Cola Co		06/14/10	$	24,991
	2,389,000	Corporate Asset Funding Co, Inc		04/12/10		2,389
	3,125,000	Credit Agricole North America, Inc		04/13/10		3,125
	25,000,000	Credit Agricole North America, Inc		04/14/10		24,998
	24,563,000	Fairway Finance LLC		04/05/10		24,563
	10,915,000	Fairway Finance LLC		04/13/10		10,914
	35,106,000	Fairway Finance LLC		05/03/10		35,100
	15,000,000	Fairway Finance LLC		06/11/10		14,993
	20,000,000	Fairway Finance LLC		06/16/10		19,989
	50,000,000	General Electric Co		06/21/10		49,976
	50,000,000	General Electric Co		06/23/10		49,977
	50,000,000	General Electric Co		06/24/10		49,977
	30,000,000	Govco LLC		04/15/10		29,998
	4,500,000	Govco LLC		04/19/10		4,500
	2,000,000	Govco LLC		05/18/10		1,999
	50,000,000	Govco LLC		06/17/10		49,973
	23,035,000	ING US Funding LLC		04/06/10		23,034
	13,560,000	ING US Funding LLC		04/07/10		13,560
	25,000,000	ING US Funding LLC		04/29/10		24,996
	22,000,000	ING US Funding LLC		05/18/10		21,994
	85,000,000	Johnson & Johnson		04/05/10		84,998
	9,465,000	Johnson & Johnson		04/19/10		9,464
	28,690,000	Johnson & Johnson		04/20/10		28,688
	61,830,000	Johnson & Johnson		05/03/10		61,819
	11,000,000	Johnson & Johnson		05/24/10		10,997
	6,790,000	Johnson & Johnson		08/03/10		6,784
	30,000,000	Lloyds TSB Bank plc		04/08/10		29,999
	30,000,000	Lloyds TSB Bank plc		04/09/10		29,999
	9,500,000	Lloyds TSB Bank plc		04/26/10		9,499
	43,515,000	Lloyds TSB Bank plc		04/30/10		43,508
	5,000,000	Lloyds TSB Bank plc		05/18/10		4,999
	47,620,000	Lloyds TSB Bank plc		06/21/10		47,594
	13,350,000	Microsoft Corp		04/14/10		13,349
	25,000,000	Nestle Capital Corp		04/05/10		24,999
	20,000,000	Nestle Capital Corp		04/14/10		19,998
	25,000,000	Nestle Capital Corp		05/20/10		24,995
	60,710,000	Nestle Capital Corp		05/25/10		60,693
	8,000,000	Nestle Capital Corp		05/28/10		7,998
	45,070,000	Nestle Capital Corp		06/04/10		45,058
	20,000,000	Nestle Capital Corp		06/14/10		19,993
	15,000,000	Nestle Capital Corp		06/22/10		14,993
	27,760,000	Nestle Capital Corp		09/14/10		27,721
	25,000,000	Nestle Capital Corp		11/22/10		24,940
	25,000,000	Nestle Capital Corp		11/29/10		24,936
	45,208,000	Old Line Funding LLC		04/06/10		45,207
	33,900,000	Old Line Funding LLC		04/07/10		33,899
	24,131,000	Old Line Funding LLC		04/09/10		24,130
	8,089,000	Old Line Funding LLC		04/13/10		8,089
	30,000,000	Old Line Funding LLC		04/15/10		29,998
	7,720,000	Old Line Funding LLC		04/20/10		7,719
	17,000,000	Old Line Funding LLC		04/29/10		16,997
	7,220,000	Old Line Funding LLC		05/04/10		7,219
	12,000,000	Old Line Funding LLC		05/11/10		11,998

375

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE	MATURITY DATE	VALUE (000)
$	56,458,000	Old Line Funding LLC		06/07/10	$	56,436
	51,185,000	Old Line Funding LLC		06/08/10		51,164
	6,750,000	Old Line Funding LLC		06/18/10		6,746
	44,690,000	Park Avenue Receivables Corp		04/07/10		44,689
	44,500,000	Park Avenue Receivables Corp		04/09/10		44,498
	10,000,000	Park Avenue Receivables Corp		04/23/10		9,999
	17,000,000	Park Avenue Receivables Corp		05/07/10		16,996
	20,000,000	Park Avenue Receivables Corp		05/11/10		19,996
	50,000,000	Park Avenue Receivables Corp		05/18/10		49,987
	22,000,000	Private Export Funding Corp		04/05/10		21,999
	25,000,000	Private Export Funding Corp		04/06/10		24,999
	34,500,000	Private Export Funding Corp		04/07/10		34,497
	10,000,000	Private Export Funding Corp		04/16/10		9,999
	10,000,000	Private Export Funding Corp		04/26/10		9,996
	41,000,000	Private Export Funding Corp		05/13/10		40,992
	20,000,000	Private Export Funding Corp		06/03/10		19,993
	35,000,000	Private Export Funding Corp		06/08/10		34,986
	14,275,000	Private Export Funding Corp		06/11/10		14,270
	25,000,000	Private Export Funding Corp		06/30/10		24,989
	17,930,000	Private Export Funding Corp		07/06/10		17,921
	19,235,000	Private Export Funding Corp		07/12/10		19,223
	20,000,000	Private Export Funding Corp		07/15/10		19,988
	21,175,000	Private Export Funding Corp		07/26/10		21,159
	10,000,000	Private Export Funding Corp		08/19/10		9,992
	5,905,000	Procter & Gamble International Funding S.C.A		04/09/10		5,905
	3,800,000	Procter & Gamble International Funding S.C.A		04/26/10		3,800
	4,300,000	Procter & Gamble International Funding S.C.A		04/29/10		4,299
	64,500,000	Province of Ontario Canada		04/06/10		64,499
	47,000,000	Province of Ontario Canada		04/19/10		46,994
	11,855,000	Rabobank USA Financial Corp		04/06/10		11,855
	27,900,000	Rabobank USA Financial Corp		04/08/10		27,899
	19,600,000	Rabobank USA Financial Corp		04/14/10		19,599
	1,300,000	Rabobank USA Financial Corp		04/15/10		1,300
	11,220,000	Rabobank USA Financial Corp		04/21/10		11,219
	14,580,000	Rabobank USA Financial Corp		05/06/10		14,577
	2,410,000	Rabobank USA Financial Corp		05/25/10		2,409
	15,000,000	Rabobank USA Financial Corp		06/08/10		14,994
	32,700,000	Rabobank USA Financial Corp		06/21/10		32,683
	65,000,000	Rabobank USA Financial Corp		07/06/10		64,961
	4,998,000	Ranger Funding Co LLC		04/07/10		4,998
	20,000,000	Ranger Funding Co LLC		04/22/10		19,998
	11,339,000	Royal Bank of Canada		04/26/10		11,338
	25,000,000	Royal Bank of Canada		05/03/10		24,994
	25,000,000	Royal Bank of Canada		06/01/10		24,993
	17,000,000	Royal Bank of Canada		06/21/10		16,991
	50,000,000	Royal Bank of Canada		06/28/10		49,974
	50,000,000	Royal Bank of Canada		06/29/10		49,972
	30,000,000	Royal Bank of Scotland plc		04/07/10		29,999
	22,000,000	Royal Bank of Scotland plc		04/12/10		21,999
	10,000,000	Royal Bank of Scotland plc		04/13/10		9,999
	30,000,000	Royal Bank of Scotland plc		04/26/10		29,995
	27,000,000	Santander Central Hispano Finance Delaware, Inc		04/09/10		26,997
	33,150,000	Santander Central Hispano Finance Delaware, Inc		06/03/10		33,115

376

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
$	25,000,000	Santander Central Hispano Finance Delaware, Inc			10/01/10	$	24,934
	25,000,000	Santander Central Hispano Finance Delaware, Inc			10/08/10		24,930
	25,000,000	Santander Central Hispano Finance Delaware, Inc			10/14/10		24,927
	27,625,000	Sheffield Receivables Corp			04/07/10		27,624
	20,000,000	Sheffield Receivables Corp			04/08/10		19,999
	25,000,000	Sheffield Receivables Corp			04/26/10		24,997
	4,690,000	Sheffield Receivables Corp			05/04/10		4,689
	25,000,000	Sheffield Receivables Corp			05/06/10		24,995
	25,000,000	Sheffield Receivables Corp			05/19/10		24,993
	16,000,000	Sheffield Receivables Corp			05/21/10		15,995
	25,000,000	Societe Generale North America, Inc			04/05/10		24,999
	25,000,000	Societe Generale North America, Inc			04/08/10		24,999
	25,000,000	Societe Generale North America, Inc			04/29/10		24,997
	33,150,000	Societe Generale North America, Inc			05/25/10		33,138
	25,000,000	Straight-A Funding LLC			04/12/10		24,999
	14,729,000	Straight-A Funding LLC			04/13/10		14,728
	10,000,000	Straight-A Funding LLC			04/15/10		9,999
	11,550,000	Straight-A Funding LLC			04/19/10		11,549
	30,000,000	Straight-A Funding LLC			04/20/10		29,997
	49,700,000	Straight-A Funding LLC			04/20/10		49,696
	19,000,000	Straight-A Funding LLC			04/21/10		18,998
	40,000,000	Straight-A Funding LLC			04/21/10		39,996
	50,000,000	Straight-A Funding LLC			04/23/10		49,995
	35,000,000	Straight-A Funding LLC			05/11/10		34,993
	21,314,000	Straight-A Funding LLC			05/11/10		21,310
	25,041,000	Straight-A Funding LLC			06/03/10		25,032
	20,000,000	Straight-A Funding LLC			06/11/10		19,991
	20,000,000	Straight-A Funding LLC			06/11/10		19,991
	75,140,000	Svensk Exportkredit AB			04/01/10		75,140
	20,000,000	Toronto-Dominion Holdings USA, Inc			04/06/10		19,998
	40,000,000	Toronto-Dominion Holdings USA, Inc			05/14/10		39,977
	25,000,000	Toyota Motor Credit Corp			04/23/10		24,997
	50,000,000	Toyota Motor Credit Corp			05/12/10		49,989
	20,000,000	Toyota Motor Credit Corp			05/14/10		19,995
	15,000,000	Toyota Motor Credit Corp			05/19/10		14,996
	20,000,000	Unilever Capital Corp			04/08/10		19,999
	25,000,000	Variable Funding Capital Co LLC			04/01/10		25,000
	19,475,000	Variable Funding Capital Co LLC			04/09/10		19,474
	20,000,000	Variable Funding Capital Co LLC			04/15/10		19,998
	40,000,000	Variable Funding Capital Co LLC			04/20/10		39,996
	21,000,000	Variable Funding Capital Co LLC			04/23/10		20,998
	11,500,000	Variable Funding Capital Co LLC			05/07/10		11,498
	50,000,000	Yorktown Capital LLC			04/12/10		49,997
		TOTAL COMMERCIAL PAPER					4,481,982
INTEREST BEARING SHORT TERM - 0.2%
	23,200,000	Svensk Exportkredit AB	4.500	%	09/27/10		23,638
		TOTAL INTEREST BEARING SHORT TERM					23,638
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 42.6%
		Federal Farm Credit Bank (FFCB)
	6,000,000	FFCB			04/19/10		5,999
	4,000,000	FFCB			04/21/10		3,999

377

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
$	15,880,000	FFCB			06/02/10	$	15,875
		Federal Home Loan Bank (FHLB)
	14,780,000	FHLB			04/01/10		14,780
	25,000,000	FHLB			04/14/10		24,999
	26,195,000	FHLB			04/16/10		26,194
	10,000,000	FHLB			04/20/10		9,999
	37,800,000	FHLB			04/22/10		37,788
	50,000,000	FHLB			04/23/10		49,996
	85,000,000	FHLB			04/26/10		84,986
	49,370,000	FHLB			04/30/10		49,364
	9,400,000	FHLB			05/05/10		9,399
	139,716,000	FHLB			05/07/10		139,693
	40,000,000	FHLB			05/10/10		39,994
	46,808,000	FHLB			05/12/10		46,800
	35,697,000	FHLB			05/14/10		35,690
	51,330,000	FHLB			05/19/10		51,320
	173,122,000	FHLB			05/21/10		173,085
	19,160,000	FHLB			05/24/10		19,156
	4,000,000	FHLB			05/25/10		3,999
	75,000,000	FHLB			05/26/10		74,983
	47,000,000	FHLB			05/28/10		46,988
	85,000,000	FHLB			06/02/10		84,976
	130,290,000	FHLB			06/04/10		130,249
	13,400,000	FHLB			06/08/10		13,396
	2,175,000	FHLB			06/09/10		2,174
	17,120,000	FHLB			06/11/10		17,114
	18,750,000	FHLB	0.600	%	06/15/10		18,750
	50,000,000	FHLB			06/16/10		49,979
	98,150,000	FHLB			06/18/10		98,111
	44,300,000	FHLB			06/23/10		44,281
	9,650,000	FHLB			07/01/10		9,637
	2,785,000	FHLB			07/09/10		2,783
	25,000,000	FHLB			09/15/10		24,954
	38,373,000	FHLB			09/16/10		38,301
	11,755,000	FHLB			09/17/10		11,733
		Federal Home Loan Mortgage Corp (FHLMC)
	79,868,000	FHLMC			04/12/10		79,864
	31,000,000	FHLMC			04/16/10		30,994
	60,160,000	FHLMC			04/19/10		60,154
	5,465,000	FHLMC			04/20/10		5,465
	14,200,000	FHLMC			04/21/10		14,199
	78,994,000	FHLMC			04/21/10		78,988
	41,670,000	FHLMC			04/26/10		41,665
	69,000,000	FHLMC			04/27/10		68,993
	65,790,000	FHLMC			04/28/10		65,783
	59,000,000	FHLMC			04/28/10		58,994
	185,475,000	FHLMC			05/04/10		185,447
	55,460,000	FHLMC			05/05/10		55,434
	161,229,000	FHLMC			05/10/10		161,203
	3,835,000	FHLMC			05/11/10		3,834
	2,130,000	FHLMC			05/12/10		2,130
	95,075,000	FHLMC			05/17/10		95,056
	19,760,000	FHLMC			05/18/10		19,756

378

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE	MATURITY DATE	VALUE (000)
$	57,500,000	FHLMC		05/24/10	$	57,487
	66,660,000	FHLMC		06/01/10		66,619
	111,469,000	FHLMC		06/07/10		111,433
	47,370,000	FHLMC		06/08/10		47,356
	3,382,000	FHLMC		06/21/10		3,380
	48,834,000	FHLMC		06/22/10		48,816
	37,000,000	FHLMC		06/24/10		36,984
	90,000,000	FHLMC		06/25/10		89,961
	61,020,000	FHLMC		07/06/10		60,991
	13,740,000	FHLMC		07/07/10		13,733
	10,000,000	FHLMC		07/09/10		9,995
	25,000,000	FHLMC		07/12/10		24,988
	10,005,000	FHLMC		07/13/10		9,998
	51,130,000	FHLMC		07/23/10		51,095
	7,453,000	FHLMC		07/26/10		7,448
	27,500,000	FHLMC		08/03/10		27,481
	39,000,000	FHLMC		08/13/10		38,970
	20,000,000	FHLMC		08/17/10		19,986
	25,000,000	FHLMC		08/23/10		24,978
	25,000,000	FHLMC		08/24/10		24,978
	70,000,000	FHLMC		08/30/10		69,932
	77,380,000	FHLMC		09/01/10		77,311
	23,025,000	FHLMC		09/07/10		22,998
	21,242,000	FHLMC		09/13/10		21,215
	25,285,000	FHLMC		09/14/10		25,256
	4,682,000	FHLMC		09/15/10		4,676
	50,000,000	FHLMC		10/05/10		49,940
	93,268,000	FHLMC		10/26/10		93,127
	20,000,000	FHLMC		11/10/10		19,963
	45,000,000	FHLMC		11/16/10		44,911
	4,590,000	FHLMC		03/07/11		4,570
		Federal National Mortgage Association (FNMA)
	107,657,000	FNMA		04/01/10		107,657
	7,350,000	FNMA		04/07/10		7,350
	19,000,000	FNMA		04/09/10		18,999
	75,730,000	FNMA		04/14/10		75,726
	31,135,000	FNMA		04/19/10		31,132
	40,337,000	FNMA		04/21/10		40,333
	30,000,000	FNMA		04/28/10		29,996
	3,011,000	FNMA		05/03/10		3,010
	51,524,000	FNMA		05/05/10		51,516
	103,070,000	FNMA		05/12/10		103,052
	122,985,000	FNMA		05/19/10		122,960
	93,730,000	FNMA		05/24/10		93,707
	61,975,000	FNMA		05/25/10		61,960
	114,000,000	FNMA		05/26/10		113,971
	79,500,000	FNMA		05/28/10		79,481
	51,170,000	FNMA		06/01/10		51,156
	64,335,000	FNMA		06/02/10		64,317
	28,500,000	FNMA		06/03/10		28,493
	104,717,000	FNMA		06/09/10		104,680
	134,391,000	FNMA		06/14/10		134,342
	1,935,000	FNMA		06/16/10		1,934

379

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
$	28,659,000	FNMA			06/21/10	$	28,647
	13,500,000	FNMA			06/30/10		13,494
	25,000,000	FNMA			07/07/10		24,988
	83,000,000	FNMA			07/14/10		82,959
	3,450,000	FNMA			07/19/10		3,448
	4,200,000	FNMA			07/21/10		4,198
	15,000,000	FNMA			07/28/10		14,990
	19,031,000	FNMA			08/04/10		19,017
	5,000,000	FNMA			08/09/10		4,997
	21,000,000	FNMA			08/11/10		20,982
	43,680,000	FNMA			08/16/10		43,641
	16,564,000	FNMA			08/18/10		16,551
	13,000,000	FNMA			09/01/10		12,986
	55,000,000	FNMA			09/22/10		54,923
	11,165,000	FNMA			10/04/10		11,147
	2,065,000	FNMA			11/01/10		2,062
	83,585,000	FNMA			12/01/10		83,348
	2,330,000	FNMA			12/20/10		2,324
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES					5,520,533
U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES - 0.1%
		Federal Home Loan Bank (FHLB)
	10,000,000	FHLB	0.560	%	06/22/10		9,998
	3,445,000	FHLB	1.060		07/13/10		3,450
		TOTAL U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES					13,448
U.S. TREASURY BILLS - 11.0%
	223,505,000	United States Cash Management Bill			06/10/10		223,377
	98,030,000	United States Cash Management Bill			06/17/10		97,979
	42,392,000	United States Treasury Bill			04/08/10		42,391
	128,290,000	United States Treasury Bill			04/15/10		128,282
	106,885,000	United States Treasury Bill			04/22/10		106,875
	53,650,000	United States Treasury Bill			05/13/10		53,641
	44,500,000	United States Treasury Bill			05/20/10		44,492
	92,620,000	United States Treasury Bill			05/27/10		92,598
	42,000,000	United States Treasury Bill			06/03/10		41,990
	27,700,000	United States Treasury Bill			07/29/10		27,685
	10,000,000	United States Treasury Bill			08/05/10		9,994
	109,815,000	United States Treasury Bill			08/26/10		109,729
	23,000,000	United States Treasury Bill			09/02/10		22,979
	70,000,000	United States Treasury Bill			09/09/10		69,933
	30,000,000	United States Treasury Bill			09/16/10		29,967
	18,000,000	United States Treasury Bill			10/21/10		17,976
	64,070,000	United States Treasury Bill			11/18/10		63,971
	39,690,000	United States Treasury Note	2.630		05/31/10		39,831
	73,850,000	United States Treasury Note	2.880		06/30/10		74,266
	44,500,000	United States Treasury Note	2.750		07/31/10		44,844
	87,475,000	United States Treasury Note	1.250		11/30/10		88,022
		TOTAL U.S. TREASURY BILLS					1,430,822

380

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
VARIABLE NOTES - 0.3%
$	45,000,000	i	Barclays Bank plc	0.470	%	01/11/11	$	45,000
			TOTAL VARIABLE NOTES					45,000
			TOTAL SHORT-TERM INVESTMENTS					12,944,924
			(Cost $12,944,924)
			TOTAL INVESTMENTS - 99.9%					12,944,924
			(Cost $12,944,924)
			OTHER ASSETS & LIABILITIES, NET - 0.1%					15,332
			NET ASSETS - 100.0%				$	12,960,256

i	Floating or variable rate security. Coupon rate reflects the rate at period end.
	Cost amounts are in thousands.

381

COLLEGE RETIREMENT EQUITIES FUND — Notes to Schedule of Investments

Note 1—organization and significant accounting policies

The purpose of the College Retirement Equities Fund (“CREF”), as stated in its charter, is to aid and strengthen non-profit educational and research organizations, governmental entities and other non-profit institutions by providing their employees with variable retirement benefits. CREF is registered with the Securities and Exchange Commission under the Investment Company Act of 1940 as an open-end management investment company. It consists of eight investment portfolios: the Stock, Global Equities, Growth, Equity Index, Bond Market, Inflation-Linked Bond, Social Choice and Money Market Accounts (individually referred to as the “Account” or collectively referred to as the “Accounts”).

The accompanying schedule of investments 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. Actual results may differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Accounts.

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 Schedule of Investments. 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 Fund: The Accumulation Fund represents the net assets attributable to participants in the accumulation phase of their investment. The Annuity Fund represents the net assets attributable to the participants currently receiving annuity payments. The net increase or decrease in net assets from investment operations is apportioned between the funds based upon their relative daily net asset values. Annuitants bear the mortality risk under their contracts.

Accounting for investments: Securities transactions are accounted for as of the trade date for financial reporting purposes.

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.

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 Account’s agreement to resell such securities at a mutually agreed-upon price. Pursuant to the terms of the repurchase agreement, securities purchased subject to repurchase agreements must have an aggregate market value greater than or equal to the agreed-upon repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the Accounts will require the seller to deposit additional collateral by the next business day. If a

382

COLLEGE RETIREMENT EQUITIES FUND — Notes to Schedule of Investments

request for additional collateral is not met, or if the seller defaults on its repurchase obligation, the Accounts maintain the right to sell the underlying securities at market value and pursue a claim for any remaining loss against the seller.

Securities lending: The Accounts (excluding the Money Market Account) may lend portfolio securities to qualified financial institutions and brokers to earn additional income.

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 March 31, 2010, there were no securities out on loan for the Growth, Equity Index, Bond Market, and Inflation-Linked Bond Accounts.

At March 31, 2010, 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:

		Market Value		Amount Owed to
Account		of Collateral		Lending Counterparties
Stock	$	6,693,625,883	$	6,707,350,195
Global Equities		1,194,274,091		1,196,652,085
Social Choice		339,726,979		339,710,835

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 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.

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.

383

COLLEGE RETIREMENT EQUITIES FUND — Notes to Schedule of Investments

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

Indemnification: In the normal course of business, each Account enters into contracts that contain a variety of representations and warranties and which provide general indemnities. An Account’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Account that have not yet occurred. Also, under the Accounts’ 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 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 (dollars in thousands):

384

COLLEGE RETIREMENT EQUITIES FUND — Notes to Schedule of Investments

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 Trustees. Foreign securities are generally categorized in Level 2 of the fair value hierarchy.

Debt securities: Debt securities will generally be valued using prices provided by a pricing service which may employ various indications of value including but not limited to broker-dealer quotations. Certain debt securities, other than money market instruments, are valued based on the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Debt securities are generally categorized in Level 2 of the fair value hierarchy; in instances where prices, yields, or any other key inputs are unobservable, they are categorized in Level 3 of the hierarchy.

Short-term investments: Short-term investments 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 in the Money Market Account are valued at amortized cost. Short-term investments are generally categorized in Level 2 of 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 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.

Transfers between levels are recognized at the end of the reporting period. As of March 31, 2010, there were no significant transfers between levels by the Accounts.

As of March 31, 2010, 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 March 31, 2010:

Accounts		Level 1		Level 2		Level 3		Total
Stock
Domestic Government Bonds	$	-	$	338	$	-	$	338
Foreign Corporate Bonds		-		552		-		552
Domestic Common Stocks**		73,127,664		-		-		73,127,664
Food and Kindred Products		-		-		1		1
Instruments and Related Products		-		-		11,447		11,447
Foreign Common Stocks
Agricultural Production-Crops		-		149		-		149
Agricultural Services		-		2,526		-		2,526
Amusement and Recreation Services		-		208,024		-		208,024
Apparel and Accessory Stores		-		212,597		-		212,597
Apparel and Other Textile Products		-		36,759		-		36,759
Auto Repair, Services and Parking		-		6,868		-		6,868
Automotive Dealers and Service Stations		-		24,732		-		24,732
Building Materials and Garden Supplies		-		28,560		-		28,560
Business Services		-		956,248		-		956,248
Chemicals and Allied Products		-		2,647,603		-		2,647,603
Coal Mining		-		208,258		-		208,258
Commercial Services and Supplies				2,422				2,422
Communications		-		1,595,265		-		1,595,265
Depository Institutions		-		3,999,369		-		3,999,369
Eating and Drinking Places		-		176,112		-		176,112
Educational Services		-		22,510		-		22,510
Electric, Gas, and Sanitary Services		-		1,209,365		-		1,209,365
Electronic and Other Electric Equipment		-		1,489,881		-		1,489,881
Engineering and Management Services		-		273,339		-		273,339
Environmental Quality and Housing		-		1,113		-		1,113
Fabricated Metal Products		-		90,287		-		90,287
Fisheries		-		5,807		-		5,807
Food and Kindred Products		-		1,104,439		-		1,104,439
Food Stores		-		285,683		-		285,683
Forestry		-		110		-		110
Furniture and Fixtures		-		6,791		-		6,791
Furniture and Home Furnishings Stores		-		58,932		-		58,932
General Building Contractors		-		261,663		-		261,663
General Merchandise Stores		-		192,578		-		192,578
Health Services		-		79,940		-		79,940
Heavy Construction, Except Building		-		293,189		-		293,189
Holding and Other Investment Offices		-		552,080		-		552,080
Hotels and Other Lodging Places		-		127,707		-		127,707

385

COLLEGE RETIREMENT EQUITIES FUND — Notes to Schedule of Investments

Accounts		Level 1		Level 2		Level 3		Total
Industrial Machinery and Equipment		-		822,288		-		822,288
Instruments and Related Products		-		275,468		-		275,468
Insurance Agents, Brokers and Service		-		90,323		-		90,323
Insurance Carriers		-		965,431		-		965,431
Leather and Leather Products		-		85,550		-		85,550
Local and Interurban Passenger Transit		-		15,198		-		15,198
Lumber and Wood Products		-		18,100		-		18,100
Metal Mining		-		1,658,736		-		1,658,736
Miscellaneous Manufacturing Industries		-		99,263		-		99,263
Miscellaneous Repair Services		-		254		-		254
Miscellaneous Retail		-		199,982		-		199,982
Motion Pictures		-		19,311		-		19,311
Nondepository Institutions		-		445,574		-		445,574
Nonmetallic Minerals, Except Fuels		-		47,331		-		47,331
Oil and Gas Extraction		-		1,237,863		-		1,237,863
Paper and Allied Products		-		150,789		-		150,789
Personal Services		-		21,747		-		21,747
Petroleum and Coal Products		-		888,777		-		888,777
Pipelines, Except Natural Gas		-		44,259		-		44,259
Primary Metal Industries		-		496,505		-		496,505
Printing and Publishing		-		195,681		-		195,681
Railroad Transportation		-		183,216		-		183,216
Real Estate		-		522,630		-		522,630
Rubber and Miscellaneous Plastic Products		-		273,443		-		273,443
Security and Commodity Brokers		-		622,373		-		622,373
Social Services				2,144				2,144
Special Trade Contractors		-		24,154		-		24,154
Stone, Clay, and Glass Products		-		286,020		-		286,020
Textile Mill Products		-		46,809		-		46,809
Tobacco Products		-		221,488		-		221,488
Transportation By Air		-		149,362		-		149,362
Transportation Equipment		-		1,059,997		-		1,059,997
Transportation Services		-		80,308		-		80,308
Trucking and Warehousing		-		128,180		-		128,180
Water Transportation		-		124,455		-		124,455
Wholesale Trade-Durable Goods		-		808,483		-		808,483
Wholesale Trade-Nondurable Goods		-		487,971		-		487,971
Foreign Preferred Stocks
Food and Kindred Products		-		22,319		-		22,319
Holding and Other Investment Offices		-		6,390		-		6,390
Security and Commodity Brokers		-		2,789		-		2,789
Transportation By Air		-		-		-		-
Rights / Warrants		39		390		-		429
Short-term Investments		-		6,839,095		-		6,839,095
Total	$	73,127,703	$	35,832,242	$	11,448	$	108,971,393
Global Equities
Foreign Common Stocks	$	-	$	6,877,716	$	-	$	6,877,716
Domestic Common Stocks**
Amusement and Recreation Services		25,311		-		-		25,311
Apparel and Accessory Stores		69,887		-		-		69,887
Apparel and Other Textile Products		15,706		-		-		15,706
Auto Repair, Services and Parking		1,638		-		-		1,638

386

COLLEGE RETIREMENT EQUITIES FUND — Notes to Schedule of Investments

Accounts	Level 1	Level 2	Level 3	Total
Automotive Dealers and Service Stations	5,635	-	-	5,635
Building Materials and Garden Supplies	33,559	-	-	33,559
Business Services	515,987	-	-	515,987
Chemicals and Allied Products	808,518	-	-	808,518
Coal Mining	8,076	-	-	8,076
Communications	251,392	-	-	251,392
Depository Institutions	519,037	-	-	519,037
Eating and Drinking Places	59,066	-	-	59,066
Educational Services	4,782	-	-	4,782
Electric, Gas, and Sanitary Services	219,998	-	-	219,998
Electronic and Other Electric Equipment	584,492	-	-	584,492
Engineering and Management Services	45,486	-	-	45,486
Fabricated Metal Products	38,016	-	-	38,016
Food and Kindred Products	354,809	-	-	354,809
Food Stores	25,914	-	-	25,914
Forestry	7,090	-		7,090
Furniture and Fixtures	13,218	-		13,218
Furniture and Home Furnishings Stores	5,365	-	-	5,365
General Building Contractors	9,822	-	-	9,822
General Merchandise Stores	128,060	-	-	128,060
Health Services	85,629	-	-	85,629
Heavy Construction, Except Building	1,047	-	-	1,047
Holding and Other Investment Offices	442,458	-	-	442,458
Hotels and Other Lodging Places	18,752	-	-	18,752
Industrial Machinery and Equipment	373,427	-	-	373,427
Instruments and Related Products	170,610	-	-	170,610
Insurance Agents, Brokers and Service	14,808	-	-	14,808
Insurance Carriers	340,888	-	-	340,888
Leather and Leather Products	15,264	-	-	15,264
Legal Services	11	-		11
Metal Mining	58,044	-	-	58,044
Miscellaneous Manufacturing Industries	26,180	-	-	26,180
Miscellaneous Retail	90,794	-	-	90,794
Motion Pictures	71,011	-	-	71,011
Nondepository Institutions	52,121	-	-	52,121
Nonmetallic Minerals, Except Fuels	850	-	-	850
Oil and Gas Extraction	402,754	-	-	402,754
Paper and Allied Products	19,024	-	-	19,024
Personal Services	2,673	-	-	2,673
Petroleum and Coal Products	284,074	-	-	284,074
Pipelines, Except Natural Gas	5,462	-	-	5,462
Primary Metal Industries	35,172	-	-	35,172
Printing and Publishing	11,605	-	-	11,605
Railroad Transportation	52,673	-	-	52,673
Real Estate	1,354	-	-	1,354
Rubber and Miscellaneous Plastic Products	15,632	-	-	15,632
Security and Commodity Brokers	180,412	-	-	180,412
Special Trade Contractors	555	-	-	555
Stone, Clay, and Glass Products	33,992	-	-	33,992
Textile Mill Products	462	-	-	462

387

COLLEGE RETIREMENT EQUITIES FUND — Notes to Schedule of Investments

Accounts		Level 1			Level 2		Level 3		Total
Tobacco Products		88,199			-		-		88,199
Transportation By Air		30,984			-		-		30,984
Transportation Equipment		172,227			-		-		172,227
Transportation Services		3,350			-		-		3,350
Trucking and Warehousing		32,576			-		-		32,576
Water Transportation		13,553			-		-		13,553
Wholesale Trade-Durable Goods		8,411			-		-		8,411
Wholesale Trade-Nondurable Goods		39,314			-		-		39,314
Rights		-			12		-		12
Warrants		-			121		-		121
Short-term Investments		-			1,221,180		-		1,221,180
Total	$	6,947,216		$	8,099,029	$	-	$	15,046,245
Growth
Domestic Common Stocks**	$	12,296,569		$	-	$	-	$	12,296,569
Foreign Common Stocks
Chemicals and Allied Products		-			19,698		-		19,698
Food and Kindred Products		-			15,041		-		15,041
Hotels and Other Lodging Places		-			745		-		745
Metal Mining		-			11,667		-		11,667
Oil and Gas Extraction		-			17,408		-		17,408
Primary Metal Industries		-			8,569		-		8,569
Short-term Investments		-			113,614		-		113,614
Futures*		1,307			-		-		1,307
Total	$	12,297,876		$	186,742	$	-	$	12,484,618
Equity Index
Domestic Common Stocks	$	10,032,604		$	-	$	-	$	10,032,604
Rights		9			-		-		9
Short-term Investments		-			16,299		-		16,299
Futures*		(5	)		-		-		(5	)
Total	$	10,032,608		$	16,299	$	-	$	10,048,907
Bond Market
Bank Loan Obligations	$	-		$	25,033	$	-	$	25,033
Corporate Bonds		-			3,552,640		-		3,552,640
Government Bonds		-			6,501,299		-		6,501,299
Municipal Bonds		-			18,842		-		18,842
Structured Assets		-			680,888		-		680,888
Preferred Stocks		2,537					-		2,537
Investments in Registered Investment Companies		5,110					-		5,110
Short-term Investments		-			1,394,412		-		1,394,412
Total	$	7,647		$	12,173,114	$	-	$	12,180,761
Social Choice
Domestic Common Stocks	$	4,290,736		$	-	$	-	$	4,290,736
Foreign Common Stocks
Apparel and Accessory Stores		-			11,207		-		11,207
Automotive Dealers and Service Stations		-			1,789		-		1,789
Building Materials and Garden Supplies		-			856		-		856
Business Services		-			23,865		-		23,865
Chemicals and Allied Products		-			142,534		-		142,534
Communications		-			59,113		-		59,113
Depository Institutions		-			175,550		-		175,550
Eating and Drinking Places		-			3,478		-		3,478
Educational Services		-			1,330		-		1,330
Electric, Gas, and Sanitary Services		-			67,326		-		67,326

388

COLLEGE RETIREMENT EQUITIES FUND — Notes to Schedule of Investments

Accounts		Level 1		Level 2		Level 3		Total
Electronic and Other Electric Equipment		-		42,990		-		42,990
Engineering and Management Services		-		5,589		-		5,589
Fabricated Metal Products		-		3,186		-		3,186
Food and Kindred Products		-		27,758		-		27,758
Food Stores		-		25,003		-		25,003
General Building Contractors		-		12,779		-		12,779
General Merchandise Stores		-		8,934		-		8,934
Heavy Construction, Except Building		-		5,415		-		5,415
Holding and Other Investment Offices		-		1,609		-		1,609
Hotels and Other Lodging Places		-		7,400		-		7,400
Industrial Machinery and Equipment		-		34,063		-		34,063
Instruments and Related Products		-		12,797		-		12,797
Insurance Agents, Brokers and Service		-		4,946		-		4,946
Insurance Carriers		-		48,112		-		48,112
Local and Interurban Passenger Transit		-		1,447		-		1,447
Metal Mining		-		30,607		-		30,607
Miscellaneous Manufacturing Industries		-		1,593		-		1,593
Miscellaneous Retail		-		9,542		-		9,542
Nonmetallic Minerals, Except Fuels		-		4,715		-		4,715
Oil and Gas Extraction		-		28,228		-		28,228
Paper and Allied Products		-		6,721		-		6,721
Petroleum and Coal Products		-		74,869		-		74,869
Pipelines, Except Natural Gas		-		5,317		-		5,317
Primary Metal Industries		-		20,900		-		20,900
Printing and Publishing		-		21,940		-		21,940
Railroad Transportation		-		10,231		-		10,231
Real Estate		-		26,583		-		26,583
Rubber and Miscellaneous Plastic Products		-		5,791		-		5,791
Security and Commodity Brokers		-		20,915		-		20,915
Stone, Clay, and Glass Products		-		17,217		-		17,217
Transportation By Air		-		3,381		-		3,381
Transportation Equipment		-		50,942		-		50,942
Transportation Services		-		5,461		-		5,461
Trucking and Warehousing		-		10,590		-		10,590
Water Transportation		-		2,094		-		2,094
Wholesale Trade-Durable Goods		-		32,747		-		32,747
Wholesale Trade-Nondurable Goods		-		17,266		-		17,266
Corporate Bonds		-		1,087,893		-		1,087,893
Government Bonds		-		2,109,840		-		2,109,840
Municipal Bonds		-		137,317		-		137,317
Structured Assets		-		229,625		-		229,625
Preferred Stocks		1,237		-		-		1,237
Investments in Registered Investment Companies		-		-				-
Rights		-		50		-		50
Short-term Investments		-		815,471		-		815,471
Total	$	4,291,973	$	5,516,922	$	-	$	9,808,895

*Futures contracts are derivatives instruments not reflected in the schedule of investments. They are valued at the unrealized appreciation/depreciation on the instrument.
**Includes American Depository Receipts

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

389

COLLEGE RETIREMENT EQUITIES FUND — Notes to Schedule of Investments

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

Stock Account		Common Stock
Balance as of (December 31,2009)	$	11,805,801
Realized Gain/Loss		(1,831,953	)
Change in Unrealized Appreciation/Depreciation		1,517,851	*
Gross Sales		(44,124	)
Balance as of (March 31, 2010)	$	11,447,575
* Includes $(321,948) related to Level 3 securities still held at period end.

Note 3—investment affiliates

Companies in which the Account held 5% or more of the outstanding voting shares are considered “affiliated companies” of the Account pursuant to the Investment Company Act of 1940. Additionally, investments in other investment companies advised by 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, 2009		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Withholding Expense	Shares at March 31, 2010		Value at March 31, 2010
Stock Account
BioVitrum	$	*	$	50,177,054	$	257,184	$	51,201		$	-	$	-	10,950,199	$	57,931,142
Digital Garage, Inc		18,114,156		43,669		1,076,822		(24,573	)		-		-	9,944		22,176,960
Ferro Corp		39,227,369		4,742,963		9,996,258		3,367,582			-		-	4,118,136		36,198,415
First NIS Regional Fund SICAV		15,984		-		-		(1,855,782	)		-		-	- **		-
Information Development Co		2,542,111		-		-		-			88,547		6,198	431,900		2,300,633
Intelligent Wave, Inc		2,414,438		-		4,567,977		(18,463,716	)		-		-	- **		-
MPM Bioventures II		8,801,304		-		-		-			-		-	22,167,242		8,801,304
Skyline Venture Partners		1,018,611		-		-		-			-		-	4,254,176		706,504
Vanda Pharmaceuticals, Inc		16,184,004		2,033,677		663,911		(127,315	)		-		-	1,546,515		17,846,783
	$	88,317,977	$	56,997,363	$	16,562,152	$	(17,052,603	)	$	88,547	$	6,198			145,961,741
Bond Market Account
TIAA-CREF High Yield Fund	$	4,914,101	$	99,025		-	$	-		$	99,025	$	-	543,076		5,110,345
	$	4,914,101	$	99,025		-	$	-		$	99,025	$	-	543,076		5,110,345

*	Not an Affiliate as of December 31, 2009
**	Not an Affiliate as of March 31, 2010

390

Note 4—investments

At March 31, 2010, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

		Gross		Gross			Net Unrealized
		Unrealized		Unrealized			Appreciation
Account		Appreciation		(Depreciation)			(Depreciation)
Stock	$	15,268,218,275	$	(4,020,495,269	)	$	11,247,723,006
Global Equities		1,851,670,139		(620,441,438	)		1,231,228,701
Growth		1,855,113,468		(222,713,805	)		1,632,399,663
Equity Index		2,597,422,198		(1,305,584,314	)		1,291,837,884
Bond Market		378,830,828		(120,568,580	)		258,262,248
Inflation-Linked Bond		302,889,043		(12,503,383	)		290,385,660
Social Choice		1,260,320,656		(439,636,159	)		820,684,497

At March 31, 2010, the Accounts held the following open futures contracts:

							Unrealized
		Number of					Appreciation /
Account	Open Futures Contracts	Contracts		Market Value	Expiration Date		(Depreciation)
Growth	E-mini S&P 500 Index	1,082	$	63,037,320	June 2010	$	1,307,218
Equity Index	E-mini Russell 2000 Index	14		947,940	June 2010		(2,232	)
	E-mini S&P 500 Index	97		5,651,220	June 2010		(536	)
	E-mini S&P Mid-Cap 400 Index	12		945,720	June 2010		(2,417	)
			$	7,544,880		$	(5,185	)

Note 5—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 has evaluated the new disclosure requirements and has determined that the new requirements will not have a material impact on the Accounts’ financial statements.

Item 2. Controls and Procedures.

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

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

Item 3. Exhibits.

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

3(b) Section 302 certification of the principal financial officer

SIGNATURES

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

	COLLEGE RETIREMENT EQUITIES FUND
Date: May 21, 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: May 21, 2010	By:	/s/ Roger W. Ferguson, Jr.
		Roger W. Ferguson, Jr.
		President and Chief Executive Officer
		(principal executive officer)
Date: May 21, 2010	By:	/s/ Georganne C. Proctor
		Georganne C. Proctor
		Executive Vice President and
		Chief Financial Officer
		(principal financial officer)

EXHIBIT LIST

Item 3. Exhibits.

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

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