N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number File No. 811-4415

COLLEGE RETIREMENT EQUITIES FUND

(Exact name of Registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Stewart P. Greene, Esq.

c/o TIAA-CREF

730 Third Avenue

New York, New York 10017-3206

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2010

Item 1. Reports to Stockholders.

2010 SEMIANNUAL REPORT

COLLEGE RETIREMENT
EQUITIES FUND

JUNE 30, 2010

Financial statements (unaudited)

CONTENTS

Understanding your CREF report	2
Information for CREF participants	2
About the accounts’ benchmarks	3
Important information about expenses	5
Account performance
CREF Stock Account	6
CREF Global Equities Account	9
CREF Growth Account	12
CREF Equity Index Account	14
CREF Bond Market Account	16
CREF Inflation-Linked Bond Account	18
CREF Social Choice Account	20
CREF Money Market Account	23

Summary portfolios of investments	26
Financial statements
Statements of assets and liabilities	66
Statements of operations	68
Statements of changes in net assets	70
Financial highlights	76
Notes to financial statements	84
Board approval of investment management agreement	102
How to reach us	Inside back cover

UNDERSTANDING YOUR CREF REPORT

This report contains information about the eight CREF accounts and describes the accounts’ results for the six months ended on June 30, 2010. The report contains three main sections:

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

• The summary portfolios of investments list the industries and types of securities in which each account had investments as of June 30, 2010. It also lists the account’s largest individual holdings and any holding that made up more than one percent of the account’s net assets on that date.

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

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

INFORMATION FOR CREF PARTICIPANTS

PORTFOLIO HOLDINGS

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

          You can obtain a complete list of CREF’s portfolio holdings (called “CREF Schedules of Investments”) as of the most recently completed fiscal quarter in the following ways:

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

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

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

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

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

2   2010 Semiannual Report § College Retirement Equities Fund

PROXY VOTING

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

CONTACTING TIAA-CREF

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

ACCOUNT MANAGEMENT

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

ABOUT THE ACCOUNTS’ BENCHMARKS

CREF STOCK ACCOUNT

The account’s composite benchmark is a weighted average of four indexes: the Russell 3000^® Index, which measures the performance of the broad U.S. stock market; the MSCI EAFE+Canada Index, which measures stocks in 22 developed nations excluding the United States; the MSCI Emerging Markets Index, which measures stocks in 22 emerging-market nations; and the MSCI EAFE+Canada Small Cap Index, which measures small-cap stocks in 22 developed nations excluding the United States.

CREF GLOBAL EQUITIES ACCOUNT

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

CREF GROWTH ACCOUNT

The account’s benchmark is the Russell 1000^® Growth Index, a subset of the Russell 1000 Index, which measures the performance of the stocks of the 1,000 largest companies in the Russell 3000 Index, based on market capitalization.

College Retirement Equities Fund § 2010 Semiannual Report   3

ABOUT THE ACCOUNTS’ BENCHMARKS

The Russell 1000^® Growth Index measures the performance of those stocks of the Russell 1000 Index with higher relative forecasted growth rates and price/book ratios.

CREF EQUITY INDEX ACCOUNT

The account’s benchmark is the Russell 3000^® Index, which measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market.

CREF BOND MARKET ACCOUNT

The account’s benchmark is the Barclays Capital U.S. Aggregate Bond Index, which measures the performance of the U.S. investment-grade, fixed-rate bond market, including government and credit securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities.

CREF INFLATION-LINKED BOND ACCOUNT

The account’s benchmark is the Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), which measures the performance of fixed-income securities with fixed-rate coupon payments whose payments are adjusted for inflation, as measured by the Consumer Price Index for All Urban Consumers (CPI-U).

CREF SOCIAL CHOICE ACCOUNT

The account’s composite benchmark is a weighted average of three indexes: the Russell 3000 Index, which measures the performance of the broad U.S. stock market; the Barclays Capital U.S. Aggregate Bond Index, which measures the performance of the U.S. investment-grade, fixed-rate bond market; and the MSCI EAFE+Canada Index, which measures stocks in 22 developed nations excluding the United States.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

Russell 1000 and Russell 3000 are trademarks and service marks of Russell Investment Group. TIAA-CREF products are not promoted or sponsored by, or affiliated with, Russell Investment Group. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. This report is not approved, reviewed or produced by MSCI. EAFE stands for Europe, Australasia, Far East.

4   2010 Semiannual Report § College Retirement Equities Fund

IMPORTANT INFORMATION ABOUT EXPENSES

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

• You do not incur transaction costs, including sales charges (loads) on contributions. There are also no redemption fees or exchange fees.

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

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

          The examples assume $1,000 was invested on January 1, 2010, and held for six months until June 30, 2010.

ACTUAL EXPENSES

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

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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

College Retirement Equities Fund § 2010 Semiannual Report   5

CREF STOCK ACCOUNT

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2010

The CREF Stock Account returned –7.64% for the period, compared with the –7.43% return of its composite benchmark, a weighted average of the Russell 3000^® Index, the MSCI EAFE+Canada Index, the MSCI Emerging Markets Index and the MSCI EAFE+Canada Small Cap Index. For the year ended June 30, 2010, the account returned 14.08%, versus 14.15% for its composite index.

Stocks retreat on economic worries

The global equity markets performed well through the first four months of 2010. However, a sharp sell-off in May and June caused stocks to finish the first half of the year in negative territory. The spreading debt crisis in Europe, plus evidence of slowing growth in the United States, raised fears about a slowdown in the world economy.

          The Russell 3000 Index, a broad measure of the U.S. stock market, returned –6.05% during the first six months of the year. The MSCI EAFE+Canada Index, which measures stock performance in 22 developed countries excluding the United States, fell 6.98% in terms of local currencies. Weakness in the euro and pound, relative to the dollar, amplified the loss for U.S. investors. In dollar terms, the EAFE+Canada index lost 12.47%.

          The MSCI Emerging Markets Index, which tracks stocks in 22 emerging-market nations, posted a loss of 6.17% in dollar terms, holding up better than the developed markets index.

Foreign stocks weigh on results

The account lagged the broad U.S. stock market partly because of the account’s 30% allocation to foreign issues (including more than 5% in emerging-market stocks). The account underperformed its composite benchmark because of numerous unfavorable stock selections.

          Individual holdings that detracted from the account’s relative performance included overweight positions in U.K.-based Tullow Oil, Spain’s Banco Santander, U.S. online brokerage firm E*Trade, Goldman Sachs and Austrian building products company Wienerberger.

          These effects were partly offset by other positions that made positive contributions to relative returns. These included underweight holdings in Exxon Mobil and BP, whose stock tumbled following the oil spill in the Gulf of Mexico. Overweight positions that helped returns included Apple and small-cap oil and gas exploration company Concho Resources.

6   2010 Semiannual Report § College Retirement Equities Fund

CREF STOCK ACCOUNT

PERFORMANCE AS OF JUNE 30, 2010

Total return

Average annual total return

6 months

1 year

5 years

10 years

CREF Stock Account

–7.64

%

14.08

%

0.10

%

–0.69

%

Broad-based market index

Russell 3000 Index

–6.05

15.72

–0.48

–0.92

CREF Stock Composite Benchmark*

–7.43

14.15

0.17

–0.44

The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org. The index returns noted above do not include a deduction for fees or expenses.

* At June 30, 2010, the CREF Stock Composite Benchmark consisted of: 70.1% Russell 3000 Index; 21.9% MSCI EAFE+Canada Index; 5.4% MSCI Emerging Markets Index; and 2.6% MSCI EAFE+Canada Small Cap Index. The account’s benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time.

EXPENSE EXAMPLE

Six months ended June 30, 2010

CREF Stock Account	Starting account value (1/1/10)	Ending account value (6/30/10)	Expenses paid† (1/1/10– 6/30/10)
Actual return	$1,000.00	$   923.64	$2.15
5% annual hypothetical return	1,000.00	1,022.56	2.26

†	“Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2010. The account’s annualized six-month expense ratio for that period was 0.45%.
For more information about this expense example, please see page 5.

College Retirement Equities Fund § 2010 Semiannual Report   7

CREF STOCK ACCOUNT

PORTFOLIO COMPOSITION
	% of net assets as of 6/30/2010
Consumer products & services	27.4
Financial	19.2
Manufacturing & materials	18.2
Technology	15.5
Energy	9.3
Health care	6.2
Utilities	3.8
Short-term investments	6.3
Other assets & liabilities, net	–5.9
Total	100.0
HOLDINGS BY COMPANY SIZE
Market capitalization	% of equity investments as of 6/30/2010
Over $15 billion	57.6
$4 billion–$15 billion	23.4
Under $4 billion	19.0
Total	100.0
HOLDINGS BY COUNTRY
	% of portfolio investments as of 6/30/2010
United States	64.6
Japan	4.5
United Kingdom	4.5
Canada	2.6
Switzerland	2.2
France	1.6
Australia	1.5
55 other nations	12.5
Short-term investments	6.0
Total	100.0

8   2010 Semiannual Report § College Retirement Equities Fund

CREF GLOBAL EQUITIES ACCOUNT

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2010

The CREF Global Equities Account returned –10.10% for the period, compared with the –9.84% return of its benchmark, the MSCI World Index. For the year ended June 30, 2010, the account returned 11.28%, versus 10.20% for the index.

Markets slide on fears of slower growth

Global equity markets performed well through the first four months of 2010, with the MSCI World Index up 3.25%. However, a sharp sell-off in May and June caused stocks to finish the first half of the year in negative territory. The spreading debt crisis in Europe, plus evidence of slowing growth in the United States, prompted investors to take profits following the rally in global equities in 2009.

          The declining value of the euro and pound, relative to the dollar, amplified the impact of the market downturn for U.S. investors. For the six-month period, the MSCI World Index returned –7.06% in terms of local currencies but –9.84% in dollars.

European stocks post steep losses

The benchmark’s European segment fell 16.7% in dollar terms during the first half of 2010. British, French and Swiss stocks—the three largest components of this segment in terms of market capitalization at mid-year—declined 14.4%, 22.0% and 8.2%, respectively. The Pacific segment fell 6.0% in dollars. Japanese stocks, the largest component of this segment, dropped 2.7%, while other Pacific stocks slid 11.6%. North American stocks, representing more than half of the benchmark’s market capitalization, lost 6.9%.

Stock choices detract from account returns

The account lagged its benchmark because of several unfavorable stock selections. Among the largest detractors from relative performance were out-of-benchmark positions in U.S. online brokerage firm E*Trade and coal and natural gas producer Walter Energy. Overweight holdings in U.K.-based Tullow Oil, Japanese clothing manufacturer Fast Retailing and agricultural giant Monsanto also trimmed returns.

          These effects were partially offset by a number of successful stock selections. The largest positive contributor to the account’s relative performance was an underweight in BP. Overweight positions in three other British stocks—software firm Autonomy, food service provider Compass Group and insurer Admiral Group—also aided relative results. A nonbenchmark stake in Asustek Computer, a Taiwanese technology company, had a positive impact as well.

College Retirement Equities Fund § 2010 Semiannual Report   9

CREF GLOBAL EQUITIES ACCOUNT

PERFORMANCE AS OF JUNE 30, 2010

Total return

Average annual total return

6 months

1 year

5 years

10 years

CREF Global Equities Account

–10.10

%

11.28

%

–0.05

%

–1.97

%

MSCI World Index

–9.84

10.20

0.06

–1.03

The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org. The index returns noted above do not include a deduction for fees or expenses.

EXPENSE EXAMPLE

Six months ended June 30, 2010

CREF Global Equities Account	Starting account value (1/1/10)		Ending account value (6/30/10)		Expenses paid* (1/1/10– 6/30/10)
Actual return	$	1,000.00	$	898.98	$	2.31
5% annual hypothetical return		1,000.00		1,022.36		2.46

*	“Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2010. The account’s annualized six-month expense ratio for that period was 0.49%.
For more information about this expense example, please see page 5.

10   2010 Semiannual Report § College Retirement Equities Fund

CREF GLOBAL EQUITIES ACCOUNT

PORTFOLIO COMPOSITION
	% of net assets as of 6/30/2010
Consumer products & services		30.9
Financial		21.2
Manufacturing & materials		17.4
Technology		13.0
Energy		8.7
Health care		4.5
Utilities		3.2
Short-term investments		7.0
Other assets & liabilities, net		–5.9
Total		100.0
HOLDINGS BY COMPANY SIZE
Market capitalization	% of equity investments as of 6/30/2010
Over $15 billion		62.2
$4 billion–$15 billion		25.4
Under $4 billion		12.4
Total		100.0
HOLDINGS BY COUNTRY
	% of portfolio investments as of 6/30/2010
United States		46.3
United Kingdom		9.5
Japan		7.7
Canada		4.0
Switzerland		3.9
Australia		3.0
France		2.8
Netherlands		2.8
43 other nations		13.3
Short-term investments		6.7
Total		100.0

College Retirement Equities Fund § 2010 Semiannual Report   11

CREF GROWTH ACCOUNT

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2010

The CREF Growth Account returned –8.32% for the period, compared with the –7.65% return of its benchmark, the Russell 1000^® Growth Index. For the year ended June 30, 2010, the account returned 12.82%, versus 13.62% for the index.

Large-cap growth lags large-cap value

In the first half of 2010, large-cap growth stocks trailed the –5.12% return of large-cap value issues, as measured by the Russell 1000 Value Index. This marked a reversal from 2009, when the large-cap growth category returned 37.21%, strongly outpacing the 19.69% return of large-cap value issues.

          For the ten years ended June 30, 2010, the Russell 1000 Growth Index posted an average annual return of –5.14%—more than seven-and-a-half percentage points less than the 2.38% average annual gain of the Russell 1000 Value Index.

Downturn affects all sectors

All nine industry sectors of the Russell 1000 Growth Index suffered losses during the six-month period. Technology, the largest sector in the index and more than a quarter of its total market capitalization as of June 30, 2010, lost 10.2% on fears that slowing economic growth would reduce spending on technology products by both consumers and corporations. More than three percentage points of the benchmark’s loss came from this sector.

          The energy and health care sectors, which together made up one-fifth of the index, dropped 15.6% and 6.6%, respectively.

          Producer durables held up best but still finished with a loss of 1.7%. The consumer discretionary and consumer staples sectors also weathered the downturn better than most other sectors, returning –3.9% and –3.2%, respectively.

Stock choices weigh on account’s performance

The account trailed its benchmark because of several unfavorable stock selections. Among the largest detractors from relative performance were overweight positions in Google, MasterCard, software company Adobe Systems and online retailer Amazon.com. Underweight holdings in McDonald’s and gold producer Newmont Mining also detracted from the account’s relative returns.

          These results were partially offset by a number of successful stock selections, including overweight positions in Boeing, Apple, Dr Pepper Snapple Group, software company Intuit and Concho Resources, an oil and gas exploration company.

12   2010 Semiannual Report § College Retirement Equities Fund

CREF GROWTH ACCOUNT

PERFORMANCE AS OF JUNE 30, 2010

	Total return				Average annual total return
	6 months		1 year		5 years		10 years
CREF Growth Account	–8.32	%	12.82	%	0.07	%	–6.11	%
Russell 1000 Growth Index	–7.65		13.62		0.38		–5.14

The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org. The index returns noted above do not include a deduction for fees or expenses.

EXPENSE EXAMPLE

Six months ended June 30, 2010

CREF Growth Account	Starting account value (1/1/10)	Ending account value (6/30/10)	Expenses paid* (1/1/10– 6/30/10)
Actual return	$1,000.00	$   916.81	$2.14
5% annual hypothetical return	1,000.00	1,022.56	2.26

* “Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2010. The account’s annualized six-month expense ratio for that period was 0.45%.

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

PORTFOLIO COMPOSITION

	% of net assets as of 6/30/2010
Technology	31.7
Consumer products & services	27.4
Manufacturing & materials	17.0
Health care	8.2
Energy	7.9
Financial	6.2
Utilities	0.5
Short-term investments	0.3
Other assets & liabilities, net	0.8
Total	100.0

HOLDINGS BY COMPANY SIZE

Market capitalization	% of equity investments as of 6/30/2010
Over $15 billion	63.8
$4 billion–$15 billion	29.5
Under $4 billion	6.7
Total	100.0

College Retirement Equities Fund § 2010 Semiannual Report   13

CREF EQUITY INDEX ACCOUNT

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2010

The CREF Equity Index Account returned –6.20% for the period, compared with the –6.05% return of its benchmark, the Russell 3000^® Index. For the year ended June 30, 2010, the account returned 15.31%, versus 15.72% for the index.

          For the six-month period, the account’s return slightly trailed that of its benchmark, partly because of the effect of expenses. The account’s return includes a deduction for expenses, while the benchmark’s does not. The account had a risk profile similar to that of its benchmark.

Stocks retreat on economic worries

After returning 28.34% in 2009—their best calendar-year performance since 2003—U.S. stocks posted robust gains during the first four months of 2010, with the Russell 3000 Index up an additional 8.23%. However, a sharp sell-off in May and June caused stocks to finish the first half of the year in negative territory. The spreading debt crisis in Europe, plus evidence of slowing growth in the United States, raised fears about a slowdown in the world economy.

          During the six-month period, value stocks held up better than their growth counterparts, returning –4.83% versus –7.25%. Small-cap shares fell 1.95%, outperforming mid and large caps, which dropped 2.06% and 6.40%, respectively. (Returns by investment style and market capitalization are based on the Russell indexes.)

Losses vary across industry sectors

All nine industry sectors of the Russell 3000 Index posted declines for the first half of 2010, but losses varied sharply. The primary drag on the benchmark’s return was a 9.5% loss in the technology sector. Tech stocks were the benchmark’s largest sector, making up about one-sixth of its total market capitalization as of June 30, 2010. Two other large sectors, energy and health care, had losses of 12.1% and 7.2%, respectively.

          Declines were smaller, however, among producer durables (down 1.5%) and consumer discretionary stocks (down 2.0%).

Four of the benchmark’s five largest stocks decline

Of the five largest stocks in the Russell 3000, only Apple posted a gain, helped by better-than-expected earnings and investor enthusiasm for the company’s latest products. Its stock returned 18.9%. The other four stocks declined as follows, in descending order of market capitalization at period-end: Exxon Mobil, –15.9%; Microsoft, –25.0%; Procter & Gamble, –0.8%; and Johnson & Johnson, –7.5%.

14   2010 Semiannual Report § College Retirement Equities Fund

CREF EQUITY INDEX ACCOUNT

PERFORMANCE AS OF JUNE 30, 2010

	Total return				Average annual total return
	6 months		1 year		5 years		10 years
CREF Equity Index Account	–6.20	%	15.31	%	–0.86	%	–1.27	%
Russell 3000 Index	–6.05		15.72		–0.48		–0.92

The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org. The index returns noted above do not include a deduction for fees or expenses.

EXPENSE EXAMPLE

Six months ended June 30, 2010

CREF Equity Index Account	Starting account value (1/1/10)	Ending account value (6/30/10)	Expenses paid* (1/1/10– 6/30/10)
Actual return	$1,000.00	$   937.96	$1.92
5% annual hypothetical return	1,000.00	1,022.81	2.01

* “Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2010. The account’s annualized six-month expense ratio for that period was 0.40%.

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

PORTFOLIO COMPOSITION

	% of net assets as of 6/30/2010
Consumer products & services	24.2
Technology	19.7
Financial	17.5
Manufacturing & materials	15.9
Energy	9.3
Health care	8.4
Utilities	4.0
Short-term investments	0.1
Other assets & liabilities, net	0.9
Total	100.0

HOLDINGS BY COMPANY SIZE

Market capitalization	% of equity investments as of 6/30/2010
Over $15 billion	61.2
$4 billion–$15 billion	21.1
Under $4 billion	17.7
Total	100.0

College Retirement Equities Fund § 2010 Semiannual Report   15

CREF BOND MARKET ACCOUNT

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2010

The CREF Bond Market Account returned 5.16% for the period, compared with the 5.33% return of its benchmark, the Barclays Capital U.S. Aggregate Bond Index. For the year ended June 30, 2010, the account returned 9.86%, versus 9.50% for the index.

Economic uncertainty boosts bonds

During the six months, the U.S. economy continued on a path of slow recovery. Unemployment edged down to 9.5% in June. Gross domestic product grew at an annual rate of 3.7% in the first quarter of 2010, but even consumers with jobs spent sparingly, constrained by lower home values and high levels of personal debt.

          As a result, the Federal Reserve kept its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) at nearly 0% for the period.

          The Barclays Capital U.S. Aggregate Bond Index, which measures the broad domestic investment-grade, fixed-rate bond market, returned 1.78% for the period’s first half, when investors sought the potentially higher returns of stocks and lower-grade corporate bonds. However, as concern mounted over Europe’s debt crisis, the pace of economic recovery in the United States and the extent of financial reform, investors turned to the safety of U.S. Treasury securities, and the index gained 3.49% for the second half.

Treasuries lead the way

U.S. Treasury securities gained 5.9% for the period, outpacing almost all other benchmark sectors. Corporate bonds posted a return of 5.8%, while asset- and mortgage-backed securities returned 4.8% and 4.5%, respectively. Agency securities lagged with a 3.8% return. Only the relatively small commercial mortgage-backed sector outperformed Treasuries; the former gained 12.1%. During the six months, the yield on 2-year Treasury notes fell from 1.14% at year-end 2009 to 0.61% on June 30, 2010. The 10-year yield declined from 3.85% to 2.97%.

The account trails its benchmark

The account lagged the Barclays Capital index primarily because of its underweight position in U.S. Treasury securities, which helped the account in the first quarter but hurt it in the second. Favorable overweights in agency securities, corporate bonds and asset-backed securities partially offset the drag on performance posed by the Treasury underweight. With the investor “flight to quality,” the account’s small position in riskier, out-of-benchmark, higher-yielding bonds also trimmed returns slightly, as did an underweight in mortgage-backed securities.

16   2010 Semiannual Report § College Retirement Equities Fund

CREF BOND MARKET ACCOUNT

PERFORMANCE AS OF JUNE 30, 2010

	Total return				Average annual total return
	6 months		1 year		5 years		10 years
CREF Bond Market Account	5.16	%	9.86	%	4.65	%	5.97	%
Barclays Capital U.S. Aggregate Bond Index	5.33		9.50		5.54		6.47

The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org. The index returns noted above do not include a deduction for fees or expenses.

EXPENSE EXAMPLE

Six months ended June 30, 2010

CREF Bond Market Account	Starting account value (1/1/10)	Ending account value (6/30/10)	Expenses paid* (1/1/10– 6/30/10)
Actual return	$1,000.00	$1,051.63	$2.19
5% annual hypothetical return	1,000.00	1,022.66	2.16

* “Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2010. The account’s annualized six-month expense ratio for that period was 0.43%.

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

PORTFOLIO COMPOSITION

	% of net assets as of 6/30/2010
Mortgage-backed securities†	33.0
Corporate bonds	25.0
U.S. Treasury securities	18.8
Foreign government & corporate bonds denominated in U.S. dollars	10.0
U.S. agency securities	5.3
Commercial mortgage-backed securities	4.2
Asset-backed securities	1.8
Municipal bonds	0.5
Short-term investments	17.0
Other assets & liabilities, net	–15.6
Total	100.0

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

HOLDINGS BY MATURITY

	% of fixed-income investments as of 6/30/2010
Less than 1 year	15.8
1–3 years	11.8
3–5 years	16.1
5–10 years	12.3
Over 10 years	44.0
Total	100.0

College Retirement Equities Fund § 2010 Semiannual Report   17

CREF INFLATION-LINKED BOND ACCOUNT

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2010

The CREF Inflation-Linked Bond Account returned 4.25% for the period, compared with the 4.41% return of its benchmark, the Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L). For the year ended June 30, 2010, the account returned 9.20%, versus 9.52% for the index.

A muted recovery checks inflation

During the six months, the U.S. economy continued on a path of slow recovery. Unemployment edged down to 9.5%, with nearly half of jobless workers unemployed for more than six months. Gross domestic product grew at an annual rate of 3.7% in the first quarter of 2010, but even consumers with jobs spent sparingly, constrained by lower home values and high levels of personal debt.

          Inflation retreated, as oil prices declined. On June 30, 2010, the Consumer Price Index was 1.1% higher than it had been twelve months earlier, compared with 2.7% at year-end 2009. Oil began the period at $79 a barrel and ended at $76.

          Amid these mixed economic conditions, the Federal Reserve kept its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) near 0% throughout the first half of 2010.

TIPS lag for the period but maintain a long-term lead

TIPS returned 0.56% for the period’s first half, when investors sought higher returns in stocks and lower-grade corporate bonds. However, as concern mounted over the slow pace of economic recovery, investors turned to the safety of U.S. Treasury securities, including TIPS, and the index gained 3.82% for the second half.

          For the six months, TIPS trailed the 5.33% return of the U.S. investment-grade, fixed-rate bond market, as measured by the Barclays Capital U.S. Aggregate Bond Index. However, for the ten years ended June 30, 2010, the TIPS index returned an average annual 7.46%, versus 6.47% for the Barclays Capital aggregate index.

The account trails its benchmark

The account lagged the TIPS index partly because the account’s return includes a deduction for expenses, while the benchmark’s does not.

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

18   2010 Semiannual Report § College Retirement Equities Fund

CREF INFLATION-LINKED BOND ACCOUNT

PERFORMANCE AS OF JUNE 30, 2010

	Total return				Average annual total return
	6 months		1 year		5 years		10 years
CREF Inflation-Linked Bond Account	4.25	%	9.20	%	4.49	%	6.99	%
Barclays Capital U.S. Treasury Inflation Protected Securities Index (Series-L)	4.41		9.52		4.98		7.46

The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org. The index returns noted above do not include a deduction for fees or expenses.

EXPENSE EXAMPLE

Six months ended June 30, 2010

CREF Inflation-Linked Bond Account	Starting account value (1/1/10)	Ending account value (6/30/10)	Expenses paid* (1/1/10– 6/30/10)
Actual return	$1,000.00	$1,042.50	$2.18
5% annual hypothetical return	1,000.00	1,022.66	2.16

* “Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2010. The account’s annualized six-month expense ratio for that period was 0.43%.

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

HOLDINGS BY MATURITY

	% of fixed-income investments as of 6/30/2010
Less than 1 year	0.1
1–3 years	11.9
3–5 years	23.3
5–10 years	33.0
10–20 years	28.5
Over 20 years	3.2
Total	100.0

College Retirement Equities Fund § 2010 Semiannual Report   19

CREF SOCIAL CHOICE ACCOUNT

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2010

The CREF Social Choice Account returned –1.93% for the period, compared with the –2.27% return of its composite benchmark, a weighted average of the Russell 3000^® Index, the MSCI EAFE+Canada Index and the Barclays Capital U.S. Aggregate Bond Index. For the year ended June 30, 2010, the account returned 14.10%, versus 12.50% for the composite index. The account screens investments according to social criteria, while the benchmark does not.

Stock exclusions aid relative results

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

          The account outperformed in part because it excluded BP, whose oil well explosion and leak in the Gulf of Mexico sent the company’s stock tumbling, and Exxon Mobil, which lost 15.9%, as oil prices fell during the period. Avoiding telecommunications company Qualcomm, pharmaceutical leader Pfizer and agricultural firm Monsanto also aided relative results.

          In contrast, the main detractor from performance was the exclusion of Apple, which rose 18.9% on better-than-expected earnings. The absence of Citigroup and Swiss food giant Nestlé trimmed returns as well.

Strategies help limit risks

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

          During the six months, the account’s relative return was enhanced by overweights in entertainment conglomerate Liberty Media, Time Warner Cable and McDonald’s. Overweights in Google, Microsoft and asset management firm BlackRock detracted from performance.

Bonds boost account performance

For the six months, the account’s fixed-income component not only posted a positive return but also outpaced the Barclays Capital index, adding to the account’s outperformance. The fixed-income component outperformed its benchmark because of favorable overweight positions and successful security selections in corporate, asset-backed and U.S. agency securities. These positions more than offset the negative result from the account’s underweight holdings in U.S. Treasury securities, which outpaced most other bond sectors during the six-month period.

20   2010 Semiannual Report § College Retirement Equities Fund

CREF SOCIAL CHOICE ACCOUNT

PERFORMANCE AS OF JUNE 30, 2010
	Total return						Average annual total return
	6 months			1 year			5 years			10 years
CREF Social Choice Account		–1.93	%		14.10	%		2.06	%		2.11	%
Broad-based market index
Russell 3000 Index		–6.05			15.72			–0.48			–0.92
CREF Social Choice Composite Benchmark*		–2.27			12.50			1.92			2.06

The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org. The index returns noted above do not include a deduction for fees or expenses.

* At June 30, 2010, the CREF Social Choice Composite Benchmark consisted of: 47% Russell 3000 Index; 40% Barclays Capital U.S. Aggregate Bond Index; and 13% MSCI EAFE+Canada Index. The account’s benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time.

EXPENSE EXAMPLE

Six months ended June 30, 2010
CREF Social Choice Account	Starting account value (1/1/10)		Ending account value (6/30/10)		Expenses paid† (1/1/10– 6/30/10)
Actual return		$1,000.00		$   980.68		$2.06
5% annual hypothetical return		1,000.00		1,022.71		2.11

†	“Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2010. The account’s annualized six-month expense ratio for that period was 0.42%.
For more information about this expense example, please see page 5.

College Retirement Equities Fund § 2010 Semiannual Report   21

CREF SOCIAL CHOICE ACCOUNT

PORTFOLIO COMPOSITION
	% of net assets as of 6/30/2010
Equities	57.9
Long-term bonds	41.4
Short-term investments	8.4
Other assets & liabilities, net	–7.7
Total	100.0
HOLDINGS BY COMPANY SIZE
Market capitalization (Equity segment)	% of equity investments as of 6/30/2010
Over $15 billion	59.7
$4 billion–$15 billion	27.2
Under $4 billion	13.1
Total	100.0
HOLDINGS BY MATURITY
(Fixed-income segment)	% of fixed-income investments as of 6/30/2010
Less than 1 year	18.5
1–3 years	10.6
3–5 years	13.1
5–10 years	11.5
Over 10 years	46.3
Total	100.0

22   2010 Semiannual Report § College Retirement Equities Fund

CREF MONEY MARKET ACCOUNT

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2010

The CREF Money Market Account returned 0.00% for the period, compared with the 0.01% return of the iMoneyNet Money Fund Report Averages™—All Taxable, a simple average of over 1,000 taxable money market funds. The iMoneyNet average is not an index, and its return reflects the deduction of expenses charged by the funds included in the average. For the year ended June 30, 2010, the account returned 0.01%, versus 0.05% for iMoneyNet.

The Fed ends its stimulus programs

During the six months, the U.S. economy continued on a path of slow recovery. Unemployment edged down to 9.5% in June. Gross domestic product grew at an annual rate of 3.7% in the first quarter of 2010, but even consumers with jobs spent sparingly, constrained by lower home values and high levels of personal debt.

          As the credit market stabilized, the Federal Reserve allowed the programs it had created to stimulate liquidity to lapse as scheduled. However, the Fed maintained its target for the federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) at nearly 0%.

Uncertainty lifts LIBOR yields

During the period, concerns about the spreading debt crisis in Europe pushed up LIBOR yields, making it more expensive for businesses to borrow cash. (LIBOR, an indication of the interest rates that banks expect to pay to other banks for loans on the London market, is the most widely used benchmark for short-term rates.) The three-month LIBOR more than doubled, from 0.25% at year-end 2009 to 0.53% on June 30, 2010. Meanwhile, the twelve-month LIBOR rose from 0.98% to 1.17%.

The account stays flexible

To comply with new SEC regulations for all money market accounts, the account increased its holdings in U.S. Treasury and agency securities. As the supply of high-quality, short-term corporate and bank debt dried up, the account decreased its investments in them. The account also reduced its foreign holdings, in response to unstable conditions in Europe. The account’s weighted average maturity, which declined during the period, was 54 days on June 29, 2010, versus 36 days for the average iMoneyNet fund.

          On June 30, 2010, foreign securities made up 16.90% of the account’s total portfolio investments. The account’s investment in foreign securities may involve special risks, including currency fluctuation and political and economic instability.

College Retirement Equities Fund § 2010 Semiannual Report   23

CREF MONEY MARKET ACCOUNT

NET ANNUALIZED YIELD FOR THE 7 DAYS ENDED JUNE 29, 2010*
	Current yield			Effective yield
CREF Money Market Account†		0.00	%		0.00	%
iMoneyNet Money Fund Report Averages™—All Taxable‡		0.04			0.04

The current yield more closely reflects current earnings than does the total return.
*	iMoneyNet reports its 7-day yields as of Tuesday of each week.

PERFORMANCE AS OF JUNE 30, 2010
	Total return						Average annual total return
	6 months			1 year			5 years			10 years
CREF Money Market Account†		0.00	%		0.01	%		2.76	%		2.56	%
iMoneyNet Money Fund Report
Averages—All Taxable‡		0.01			0.05			2.59			2.34

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

An investment in the CREF Money Market Account, as in the other CREF variable annuity accounts, is not a deposit of any bank and is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

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

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

24   2010 Semiannual Report § College Retirement Equities Fund

CREF MONEY MARKET ACCOUNT

EXPENSE EXAMPLE

Six months ended June 30, 2010
CREF Money Market Account	Starting account value (1/1/10)		Ending account value (6/30/10)		Expenses paid* (1/1/10– 6/30/10)
Actual return		$1,000.00		$1,000.02		$1.19
5% annual hypothetical return		1,000.00		1,023.60		1.20

*

“Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2010. The account’s annualized six-month expense ratio for that period was 0.24%. The expense charges reflect a voluntary waiver. Without this waiver, the expenses of the account would have been higher and its performance lower.

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

PORTFOLIO COMPOSITION
	% of net assets as of 6/30/2010
U.S. government & agency securities	41.8
Commercial paper	31.2
U.S. Treasury securities	13.3
Certificates of deposit	8.7
Floating-rate securities, U.S. agency	3.8
Floating-rate securities, corporate	0.8
Bankers’ acceptances	0.2
Medium-term bonds & notes	0.2
Total	100.0

College Retirement Equities Fund § 2010 Semiannual Report   25

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

CREF STOCK ACCOUNT § JUNE 30, 2010

Principal			Issuer		Value (000)		% of net assets
BONDS
CORPORATE BONDS
HOLDING AND OTHER INVESTMENT OFFICES					$	864		0.0	%
TRANSPORTATION EQUIPMENT						62,247		0.1
			TOTAL CORPORATE BONDS	(Cost $72,904)		63,111		0.1
GOVERNMENT BONDS
U.S. TREASURY SECURITIES						335		0.0
			TOTAL GOVERNMENT BONDS	(Cost $324)		335		0.0
			TOTAL BONDS	(Cost $73,228)		63,446		0.1
Shares			Company
COMMON STOCKS
AGRICULTURAL PRODUCTION-CROPS						3,936		0.0
AGRICULTURAL PRODUCTION-LIVESTOCK						6,392		0.0
AGRICULTURAL SERVICES						9,402		0.0
AMUSEMENT AND RECREATION SERVICES
	10,641,643		Walt Disney Co			335,213		0.5
			Other			289,634		0.2
						624,847		0.7
APPAREL AND ACCESSORY STORES						894,459		1.0
APPAREL AND OTHER TEXTILE PRODUCTS						252,180		0.3
AUTO REPAIR, SERVICES AND PARKING						54,011		0.1
AUTOMOTIVE DEALERS AND SERVICE STATIONS						115,497		0.1
BUILDING MATERIALS AND GARDEN SUPPLIES						365,944		0.4
BUSINESS SERVICES
	1,502,886	*	Google, Inc (Class A)			668,708		0.7
	431,900	a	Information Development Co			2,606		0.0
	44,800,683		Microsoft Corp			1,030,863		1.1
	19,370,583		Oracle Corp			415,692		0.5
			Other			3,365,525		3.8
						5,483,394		6.1
CHEMICALS AND ALLIED PRODUCTS
	5,801,673		Abbott Laboratories			271,402		0.3
	7,264,804	*	Amgen, Inc			382,129		0.4
	13,195,216	*,a	Biovitrum AB			62,506		0.1
	5,429,779	*,a	Ferro Corp			40,017		0.0
	9,489,504	*,e	Gilead Sciences, Inc			325,300		0.4
	10,860,673		Johnson & Johnson			641,431		0.7
	16,828,951	e	Merck & Co, Inc			588,508		0.7
	7,254,467		Novartis AG.			351,574		0.4

26   2010 Semiannual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued
CREF STOCK ACCOUNT § JUNE 30, 2010

Shares				Company	Value (000)		% of net assets
CHEMICALS AND ALLIED PRODUCTS—continued
	45,925,659			Pfizer, Inc	$	654,901		0.7	%
	16,193,214			Procter & Gamble Co		971,270		1.1
	1,777.144	*,a		Vanda Pharmaceuticals, Inc		11,747		0.0
				Other		5,125,087		5.8
						9,425,872		10.6
COAL MINING						289,747		0.3
COMMERCIAL SERVICES AND SUPPLIES						1,052		0.0
COMMUNICATIONS
	29,213,136			AT&T, Inc		706,666		0.9
	14,647,586			Comcast Corp (Class A)		254,429		0.4
	16,709,753		e	Verizon Communications, Inc		468,207		0.6
				Other		2,564,996		2.6
						3,994,298		4.5
DEPOSITORY INSTITUTIONS
	48,594,867			Bank of America Corp		698,309		0.8
	136,531,220		*	Citigroup, Inc		513,358		0.6
	20,140,516			JPMorgan Chase & Co		737,345		0.8
	15,596,792			US Bancorp		348,589		0.4
	32,970,853			Wells Fargo & Co		844,055		0.9
				Other		4,953,745		5.6
						8,095,401		9.1
EATING AND DRINKING PLACES
	4,794,715			McDonald’s Corp		315,829		0.5
				Other		496,426		0.4
						812,255		0.9
EDUCATIONAL SERVICES						129,686		0.1
ELECTRIC, GAS, AND SANITARY SERVICES						3,705,043		4.2
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	5,613,551	*,e		Apple Computer, Inc		1,411,975		1.6
	32,966,711	*		Cisco Systems, Inc		702,520		0.8
	16,172,683	e		Hewlett-Packard Co		699,953		0.8
	31,069,148			Intel Corp		604,294		0.7
				Other		3,535,797		3.9
						6,954,539		7.8
ENGINEERING AND MANAGEMENT SERVICES						685,817		0.8
ENVIRONMENTAL QUALITY AND HOUSING						963		0.0
FABRICATED METAL PRODUCTS						413,359		0.5
FISHERIES						4,568		0.0
FOOD AND KINDRED PRODUCTS
	11,889,167	e		Coca-Cola Co		595,886		0.6
	5,359,114			Nestle S.A.		258,410		0.3
	6,881,618			PepsiCo, Inc		419,435		0.5
				Other		2,230,057		2.5
						3,503,788		3.9

See notes to financial statements College Retirement Equities Fund § 2010 Semiannual Report   27

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued
CREF STOCK ACCOUNT § JUNE 30, 2010

Shares			Company	Value (000)		% of net assets
FOOD STORES				$	487,732		0.5	%
FORESTRY					56,440		0.1
FURNITURE AND FIXTURES					113,646		0.1
FURNITURE AND HOME FURNISHINGS STORES					142,567		0.2
GENERAL BUILDING CONTRACTORS					324,133		0.4
GENERAL MERCHANDISE STORES
	11,316,781	e	Wal-Mart Stores, Inc		543,999		0.7
			Other		708,165		0.7
					1,252,164		1.4
HEALTH SERVICES					847,376		0.9
HEAVY CONSTRUCTION, EXCEPT BUILDING					213,452		0.2
HOLDING AND OTHER INVESTMENT OFFICES
	5,166,305	*	Berkshire Hathaway, Inc (Class B)		411,704		0.6
			Other		2,188,093		2.3
					2,599,797		2.9
HOTELS AND OTHER LODGING PLACES					322,321		0.4
INDUSTRIAL MACHINERY AND EQUIPMENT
	55,789,622		General Electric Co		804,487		0.9
	6,223,932		International Business Machines Corp		768,532		0.8
			Other		3,466,985		3.9
					5,040,004		5.6
INSTRUMENTS AND RELATED PRODUCTS
	597,279	*,a	EnteroMedics, Inc		215		0.0
	22,167,242	*,a	MPM Bioventures II		7,997		0.0
	4,254,176	*,a	Skyline Venture Fund II Ltd		800		0.0
			Other		2,374,460		2.7
					2,383,472		2.7
INSURANCE AGENTS, BROKERS AND SERVICE					211,163		0.2
INSURANCE CARRIERS
	4,824,656		Prudential Financial, Inc		258,890		0.4
			Other		3,153,245		3.4
					3,412,135		3.8
JUSTICE, PUBLIC ORDER AND SAFETY					13,393		0.0
LEATHER AND LEATHER PRODUCTS					197,649		0.2
LEGAL SERVICES					5,821		0.0
LOCAL AND INTERURBAN PASSENGER TRANSIT					20,988		0.0
LUMBER AND WOOD PRODUCTS					22,348		0.0
METAL MINING					1,969,145		2.2

28   2010 Semiannual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued
CREF STOCK ACCOUNT § JUNE 30, 2010

Shares			Company	Value (000)		% of net assets
MISCELLANEOUS MANUFACTURING INDUSTRIES
	4,957,619	a	Jarden Corp	$	133,211		0.1	%
			Other		238,522		0.3
					371,733		0.4
MISCELLANEOUS REPAIR SERVICES					273		0.0
MISCELLANEOUS RETAIL
	9,488,475		CVS Corp		278,203		0.4
			Other		816,058		0.8
					1,094,261		1.2
MOTION PICTURES					585,879		0.7
NONDEPOSITORY INSTITUTIONS
	7,108,932	e	American Express Co		282,225		0.4
			Other		701,892		0.7
					984,117		1.1
NONMETALLIC MINERALS, EXCEPT FUELS					69,862		0.1
OIL AND GAS EXTRACTION
	3,414,164	e	Apache Corp		287,439		0.4
	8,620,432		Occidental Petroleum Corp		665,067		0.8
	6,278,927	e	Schlumberger Ltd		347,477		0.5
			Other		2,953,478		3.1
					4,253,461		4.8
PAPER AND ALLIED PRODUCTS					454,511		0.5
PERSONAL SERVICES					85,175		0.1
PETROLEUM AND COAL PRODUCTS
	9,241,191	e	Chevron Corp		627,107		0.8
	5,509,009		ConocoPhillips		270,437		0.4
	19,504,503		Exxon Mobil Corp		1,113,123		1.3
			Other		1,378,425		1.3
					3,389,092		3.8
PIPELINES, EXCEPT NATURAL GAS					82,694		0.1
PRIMARY METAL INDUSTRIES					775,508		0.9
PRINTING AND PUBLISHING					357,356		0.4
RAILROAD TRANSPORTATION					614,136		0.7
REAL ESTATE					535,533		0.6
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS					396,484		0.4
SECURITY AND COMMODITY BROKERS
	3,067,424		Goldman Sachs Group, Inc		402,662		0.4
	12,204,889		Morgan Stanley		283,275		0.3
			Other		1,227,974		1.4
					1,913,911		2.1
SOCIAL SERVICES					6,046		0.0

See notes to financial statements College Retirement Equities Fund § 2010 Semiannual Report   29

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued
CREF STOCK ACCOUNT § JUNE 30, 2010

Shares			Company		Value (000)			% of net assets
SPECIAL TRADE CONTRACTORS					$	70,630		0.1	%
STONE, CLAY, AND GLASS PRODUCTS						415,644		0.5
TEXTILE MILL PRODUCTS						73,340		0.1
TOBACCO PRODUCTS
	8,397,486		Philip Morris International, Inc			384,941		0.5
			Other			580,029		0.6
						964,970		1.1
TRANSPORTATION BY AIR						376,371		0.4
TRANSPORTATION EQUIPMENT
	4,365,913		Boeing Co			273,961		0.4
	6,886,274	e	Honeywell International, Inc			268,771		0.4
			Other			2,179,944		2.3
						2,722,676		3.1
TRANSPORTATION SERVICES						228,027		0.3
TRUCKING AND WAREHOUSING
	5,825,186	e	United Parcel Service, Inc (Class B)			331,394		0.5
			Other			192,107		0.1
						523,501		0.6
WATER TRANSPORTATION						209,189		0.2
WHOLESALE TRADE-DURABLE GOODS						857,916		1.0
WHOLESALE TRADE-NONDURABLE GOODS						856,619		1.0
TOTAL COMMON STOCKS				(Cost $91,046,037)		88,731,111		99.5
PREFERRED STOCKS
FOOD AND KINDRED PRODUCTS						26,463		0.0
HOLDING AND OTHER INVESTMENT OFFICES						5,311		0.0
SECURITY AND COMMODITY BROKERS						2,645		0.0
TRANSPORTATION BY AIR						0	^	0.0
TRANSPORTATION EQUIPMENT						4,828		0.0
			TOTAL PREFERRED STOCKS	(Cost $38,646)		39,247		0.0
RIGHTS / WARRANTS
DEPOSITORY INSTITUTIONS						658		0.0
EATING AND DRINKING PLACES						2		0.0
ELECTRIC, GAS, AND SANITARY SERVICES						387		0.0
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT						55		0.0
GENERAL BUILDING CONTRACTORS						45		0.0
HEAVY CONSTRUCTION, EXCEPT BUILDING						81		0.0
HOLDING AND OTHER INVESTMENT OFFICES						20		0.0
HOTELS AND OTHER LODGING PLACES						47		0.0

30   2010 Semiannual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	concluded
CREF STOCK ACCOUNT § JUNE 30, 2010

Shares			Company		Value (000)			% of net assets
INDUSTRIAL MACHINERY AND EQUIPMENT					$	8			0.0	%
INSURANCE CARRIERS						34			0.0
METAL MINING						0	^		0.0
OIL AND GAS EXTRACTION						26			0.0
PRIMARY METAL INDUSTRIES						12			0.0
REAL ESTATE						112			0.0
WHOLESALE TRADE-DURABLE GOODS						17			0.0
			TOTAL RIGHTS / WARRANTS	(Cost $613)		1,504			0.0
Principal			Issuer
SHORT-TERM INVESTMENTS
U.S. TREASURY BILLS						123,919			0.1
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
REPURCHASE AGREEMENTS
$	580,000,000	w	Barclays			580,000			0.7
	800,000,000	x	HSBC			800,000			0.9
	1,440,000,000	y	Nomura Securities			1,440,000			1.6
			Other			778,345			0.8
						3,598,345			4.0
CORPORATE VARIABLE RATE SECURITY						1,907,339			2.2
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						5,505,684			6.2
TOTAL SHORT-TERM INVESTMENTS				(Cost $5,634,572)		5,629,603			6.3
			TOTAL PORTFOLIO	(Cost $96,793,096)		94,464,911			105.9
			OTHER ASSETS & LIABILITIES, NET			(5,248,837)			(5.9)
			NET ASSETS		$	89,216,074			100.0%

*	Non-income producing.
^	Amount represents less than $1,000.
a	Affiliated holding.
e	All or a portion of these securities are out on loan.
w	Agreement with Barclays, 0.02% dated 06/30/10 to be repurchased at $580,000,000 on 07/01/10, collateralized by U.S. Government Agencies security valued at $591,600,000.
x	Agreement with HSBC, 0.11% dated 06/30/10 to be repurchased at $800,002,000 on 07/01/10, collateralized by U.S. Government Agencies security valued at $816,002,000.
y	Agreement with Nomura Securities, 0.03%–0.15% dated 06/30/10 to be repurchased at $1,440,004,000 on 07/01/10, collateralized by U.S. Government Agencies security valued at $1,468,800,941.

Cost amounts are in thousands.

For ease of presentation, a number of industry classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Account uses more specific industry categories in following its investment limitations on industry concentrations.

See notes to financial statements College Retirement Equities Fund § 2010 Semiannual Report   31

SUMMARY OF MARKET VALUES BY COUNTRY (UNAUDITED)

CREF STOCK ACCOUNT § JUNE 30, 2010

Country	Value (000)		% of total portfolio
DOMESTIC
UNITED STATES	$	66,729,013		70.6	%
TOTAL DOMESTIC		66,729,013		70.6
FOREIGN
ARGENTINA		4,119		0.0
AUSTRALIA		1,415,836		1.5
AUSTRIA		100,777		0.1
BELGIUM		281,386		0.3
BERMUDA		47,125		0.1
BRAZIL		848,963		0.9
CAMBODIA		726		0.0
CANADA		2,492,538		2.6
CAYMAN ISLANDS		1,764		0.0
CHILE		76,260		0.1
CHINA		982,794		1.0
COLOMBIA		46,099		0.1
CYPRUS		2,690		0.0
CZECH REPUBLIC		45,753		0.1
DENMARK		165,287		0.2
EGYPT		24,292		0.0
FINLAND		231,715		0.3
FRANCE		1,534,971		1.6
GERMANY		1,393,466		1.5
GIBRALTAR		13,301		0.0
GREECE		64,104		0.1
GUERNSEY, C.I.		22,572		0.0
HONG KONG		500,814		0.5
HUNGARY		17,548		0.0
INDIA		416,428		0.4
INDONESIA		122,611		0.1
IRELAND		281,338		0.3
ISRAEL		233,163		0.2
ITALY		460,637		0.5
JAPAN		4,256,482		4.5
Country	Value (000)		% of total portfolio
JERSEY, C.I.	$	10,881		0.0	%
KAZAKHSTAN		15,617		0.0
KOREA, REPUBLIC OF		707,748		0.8
LIECHTENSTEIN		2,637		0.0
LUXEMBOURG		17,392		0.0
MACAU		37,604		0.0
MALAYSIA		170,442		0.2
MEXICO		246,229		0.3
MONACO		659		0.0
MOROCCO		8,035		0.0
NETHERLANDS		981,852		1.0
NEW ZEALAND		28,381		0.0
NORWAY		124,257		0.1
PANAMA		9,486		0.0
PERU		20,167		0.0
PHILIPPINES		45,628		0.1
POLAND		67,004		0.1
PORTUGAL		48,628		0.1
PUERTO RICO		6,490		0.0
RUSSIA		307,005		0.3
SINGAPORE		298,881		0.3
SOUTH AFRICA		360,961		0.4
SPAIN		593,687		0.6
SWEDEN		504,304		0.5
SWITZERLAND		2,055,725		2.2
TAIWAN		597,953		0.7
THAILAND		86,801		0.1
TURKEY		83,418		0.1
UKRAINE		865		0.0
UNITED ARAB EMIRATES		116		0.0
UNITED KINGDOM		4,211,486		4.5
TOTAL FOREIGN		27,735,898		29.4
TOTAL PORTFOLIO	$	94,464,911		100.0	%

32   2010 Semiannual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

CREF GLOBAL EQUITIES ACCOUNT § JUNE 30, 2010

Principal		Issuer		Value (000)		% of net assets
CORPORATE BONDS
TRANSPORTATION EQUIPMENT				$	45,588	0.4	%
		TOTAL CORPORATE BONDS	(Cost $52,884)		45,588	0.4
Shares		Company
COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES					83,097	0.7
APPAREL AND ACCESSORY STORES					129,539	1.1
APPAREL AND OTHER TEXTILE PRODUCTS					16,751	0.1
AUTO REPAIR, SERVICES AND PARKING					1,700	0.0
AUTOMOTIVE DEALERS AND SERVICE STATIONS					8,947	0.1
BUILDING MATERIALS AND GARDEN SUPPLIES					32,292	0.3
BUSINESS SERVICES
3,266,515	*	Autonomy Corp plc			89,039	0.7
176,570	*	Google, Inc (Class A)			78,565	0.7
4,931,064		Microsoft Corp			113,463	1.0
		Other			459,739	3.8
					740,806	6.2
CHEMICALS AND ALLIED PRODUCTS
2,086,895	*	Gilead Sciences, Inc			71,540	0.6
1,221,972		Johnson & Johnson			72,171	0.6
1,381,494		Merck & Co, Inc			48,311	0.4
2,196,048		Novartis AG.			106,428	0.9
3,502,546		Pfizer, Inc			49,946	0.4
1,190,333		Procter & Gamble Co			71,397	0.6
		Other			805,225	6.8
					1,225,018	10.3
COAL MINING					47,271	0.4
COMMERCIAL SERVICES AND SUPPLIES					553	0.0
COMMUNICATIONS
2,440,857		AT&T, Inc			59,043	0.6
25,399,193		Vodafone Group plc			52,334	0.5
		Other			366,783	2.9
					478,160	4.0
DEPOSITORY INSTITUTIONS
5,235,486		Banco Santander Central Hispano S.A.			54,899	0.5
4,596,204		Bank of America Corp			66,046	0.6
13,677,424	*	Citigroup, Inc			51,427	0.4
9,325,279		HSBC Holdings plc			85,192	0.7
7,462,760	*	ING Groep NV			55,227	0.5
2,060,167		JPMorgan Chase & Co			75,422	0.6
4,361,224		Wells Fargo & Co			111,646	0.9
		Other			759,604	6.4
					1,259,463	10.6

See notes to financial statements College Retirement Equities Fund § 2010 Semiannual Report   33

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

CREF GLOBAL EQUITIES ACCOUNT § JUNE 30, 2010

Shares			Company	Value (000)		% of net assets
EATING AND DRINKING PLACES
	8,273,069		Compass Group plc	$	62,937		0.6	%
			Other		74,891		0.6
					137,828		1.2
EDUCATIONAL SERVICES					8,634		0.1
ELECTRIC, GAS, AND SANITARY SERVICES					419,844		3.5
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	716,772	*	Apple Computer, Inc		180,291		1.5
	3,701,425	*	Cisco Systems, Inc		78,877		0.7
	1,937,589		Hewlett-Packard Co		83,859		0.7
	3,224,585		Intel Corp		62,718		0.5
	1,497,783		Koninklijke Philips Electronics NV		44,727		0.4
			Other		388,238		3.2
					838,710		7.0
ENGINEERING AND MANAGEMENT SERVICES					67,487		0.6
FABRICATED METAL PRODUCTS					37,344		0.3
FOOD AND KINDRED PRODUCTS
	1,149,260		Coca-Cola Co		57,602		0.5
	1,062,052		InBev NV		51,066		0.4
	1,774,916		Nestle S.A.		85,585		0.7
			Other		379,399		3.2
					573,652		4.8
FOOD STORES					83,073		0.7
FORESTRY					2,420		0.0
FURNITURE AND FIXTURES					10,195		0.1
FURNITURE AND HOME FURNISHINGS STORES					15,393		0.1
GENERAL BUILDING CONTRACTORS					28,325		0.2
GENERAL MERCHANDISE STORES
	1,108,343		Wal-Mart Stores, Inc		53,279		0.5
			Other		104,910		0.8
					158,189		1.3
HEALTH SERVICES					84,858		0.7
HEAVY CONSTRUCTION, EXCEPT BUILDING					40,849		0.3
HOLDING AND OTHER INVESTMENT OFFICES
	2,241,359	e	iShares MSCI Canada Index Fund		55,631		0.5
	2,263,393	e	iShares MSCI EAFE Index Fund		105,271		0.9
	1,075,589		SPDR Trust Series 1		111,023		0.9
			Other		167,736		1.4
					439,661		3.7
HOTELS AND OTHER LODGING PLACES					67,578		0.6

34   2010 Semiannual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

CREF GLOBAL EQUITIES ACCOUNT § JUNE 30, 2010

Shares			Company	Value (000)		% of net assets
INDUSTRIAL MACHINERY AND EQUIPMENT
	5,272,722		General Electric Co	$	76,033		0.7	%
	781,716		International Business Machines Corp		96,527		0.9
			Other		344,774		2.7
					517,334		4.3
INSTRUMENTS AND RELATED PRODUCTS					227,420		1.9
INSURANCE AGENTS, BROKERS AND SERVICE					30,194		0.3
INSURANCE CARRIERS					447,246		3.7
LEATHER AND LEATHER PRODUCTS					30,635		0.3
LEGAL SERVICES					13		0.0
LOCAL AND INTERURBAN PASSENGER TRANSIT					746		0.0
LUMBER AND WOOD PRODUCTS					1,452		0.0
METAL MINING
	1,441,329	*	Anglo American plc		50,224		0.5
	1,623,674		BHP Billiton Ltd		50,513		0.5
	1,085,525		Rio Tinto plc		47,671		0.5
			Other		205,151		1.5
					353,559		3.0
MISCELLANEOUS MANUFACTURING INDUSTRIES					52,898		0.4
MISCELLANEOUS RETAIL					122,036		1.0
MOTION PICTURES					57,626		0.5
NONDEPOSITORY INSTITUTIONS
	656,554		Siemens AG.		58,721		0.6
			Other		88,800		0.6
					147,521		1.2
NONMETALLIC MINERALS, EXCEPT FUELS					4,378		0.0
OIL AND GAS EXTRACTION
	846,731		Occidental Petroleum Corp		65,324		0.6
			Other		415,391		3.4
					480,715		4.0
PAPER AND ALLIED PRODUCTS					34,275		0.3
PERSONAL SERVICES					3,356		0.0
PETROLEUM AND COAL PRODUCTS
	1,075,707		Chevron Corp		72,997		0.7
	2,052,559		Exxon Mobil Corp		117,140		1.1
	1,763,115		Royal Dutch Shell plc (A Shares)		44,494		0.4
			Other		225,500		1.7
					460,131		3.9
PIPELINES, EXCEPT NATURAL GAS					14,956		0.1
PRIMARY METAL INDUSTRIES					102,891		0.9

See notes to financial statements College Retirement Equities Fund § 2010 Semiannual Report   35

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

CREF GLOBAL EQUITIES ACCOUNT § JUNE 30, 2010

Shares			Company		Value (000)		% of net assets
PRINTING AND PUBLISHING					$	41,507		0.4	%
RAILROAD TRANSPORTATION						75,957		0.6
REAL ESTATE						84,841		0.7
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS						65,004		0.5
SECURITY AND COMMODITY BROKERS						240,702		2.0
SPECIAL TRADE CONTRACTORS						702		0.0
STONE, CLAY, AND GLASS PRODUCTS						58,626		0.5
TEXTILE MILL PRODUCTS						8,706		0.1
TOBACCO PRODUCTS
	991,079		Philip Morris International, Inc			45,430		0.4
			Other			75,206		0.6
						120,636		1.0
TRANSPORTATION BY AIR						64,173		0.5
TRANSPORTATION EQUIPMENT
	916,375		DaimlerChrysler AG. (EUR)			46,356		0.5
	1,568,948	*	Toyota Motor Corp			53,908		0.6
			Other			313,055		2.4
						413,319		3.5
TRANSPORTATION SERVICES						18,637		0.2
TRUCKING AND WAREHOUSING						75,813		0.6
WATER TRANSPORTATION						28,973		0.2
WHOLESALE TRADE-DURABLE GOODS						151,931		1.3
WHOLESALE TRADE-NONDURABLE GOODS
	956,584		Akzo Nobel NV			49,717		0.5
	1,719,841		Unilever NV			46,967		0.5
			Other			80,392		0.5
						177,076		1.5
			TOTAL COMMON STOCKS	(Cost $12,325,946)		11,753,622		98.4
PREFERRED STOCKS
TRANSPORTATION EQUIPMENT						3,545		0.0
			TOTAL PREFERRED STOCKS	(Cost $4,777)		3,545		0.0
RIGHTS / WARRANTS
DEPOSITORY INSTITUTIONS						7		0.0
ELECTRIC, GAS, AND SANITARY SERVICES						247		0.0
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT						17		0.0
FOOD AND KINDRED PRODUCTS						2		0.0
HOLDING AND OTHER INVESTMENT OFFICES						7		0.0
HOTELS AND OTHER LODGING PLACES						77		0.0

36   2010 Semiannual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	concluded
CREF GLOBAL EQUITIES ACCOUNT § JUNE 30, 2010

	Shares		Company		Value (000)			% of net assets
INDUSTRIAL MACHINERY AND EQUIPMENT					$	19			0.0	%
PRIMARY METAL INDUSTRIES						22			0.0
REAL ESTATE						66			0.0
			TOTAL RIGHTS/WARRANTS	(Cost $335)		464			0.0
	Principal		Issuer
SHORT-TERM INVESTMENTS
U.S. TREASURY BILLS
United States Treasury Bill
$	99,200,000		08/05/10			99,191			0.9
			Other			4,700			0.0
						103,891			0.9
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
REPURCHASE AGREEMENTS
	110,000,000	w	Barclay Capital			110,000			0.9
	50,000,000	x	Deutsche Bank			50,000			0.4
	190,000,000	y	Nomura Securities			190,000			1.6
			Other			47,228			0.4
						397,228			3.3
CORPORATE VARIABLE RATE SECURITY						338,961			2.9
	TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED					736,189			6.2
			TOTAL SHORT-TERM INVESTMENTS	(Cost $840,921)		840,080			7.1
			TOTAL PORTFOLIO	(Cost $13,224,863)		12,643,299			105.9
			OTHER ASSETS & LIABILITIES, NET			(700,663	)		(5.9	)
			NET ASSETS		$	11,942,636			100.0	%

Abbreviation(s):
SPDR	Standard & Poor’s Depository Receipts
*	Non-income producing.
e	All or a portion of these securities are out on loan.
w	Agreement with Barclay Capital, 0.01% dated 06/30/10 to be repurchased at $110,000,031 on 07/01/10, collateralized by U.S. Government Agencies security valued at $112,200,000.
x	Agreement with Deutsche Bank, 0.04% dated 06/30/10 to be repurchased at $50,000,000 on 07/01/10, collateralized by U.S. Government Agencies security valued at $51,000,000.
y	Agreement with Nomura Securities, 0.15% dated 06/30/10 to be repurchased at $190,001,000 on 07/01/10, collateralized by U.S. Government Agencies security valued at $193,800,000.
Cost amounts are in thousands.
For ease of presentation, a number of industry classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Account uses more specific industry categories in following its investment limitations on industry concentrations.

See notes to financial statements College Retirement Equities Fund § 2010 Semiannual Report   37

SUMMARY OF MARKET VALUES BY COUNTRY (UNAUDITED)

CREF GLOBAL EQUITIES ACCOUNT § JUNE 30, 2010

Country	Value (000)		% of total portfolio
DOMESTIC
UNITED STATES	$	6,696,537		53.0	%
TOTAL DOMESTIC		6,696,537		53.0
FOREIGN
ARGENTINA		4,582		0.0
AUSTRALIA		381,617		3.0
AUSTRIA		24,272		0.2
BELGIUM		64,531		0.5
BERMUDA		1,521		0.0
BRAZIL		61,732		0.5
CAMBODIA		1,008		0.0
CANADA		508,644		4.0
CAYMAN ISLANDS		1,420		0.0
CHINA		92,920		0.7
COLOMBIA		2,090		0.0
CYPRUS		464		0.0
CZECH REPUBLIC		2,374		0.0
DENMARK		44,849		0.4
FINLAND		39,407		0.3
FRANCE		349,833		2.8
GERMANY		338,801		2.7
GIBRALTAR		6,076		0.1
GREECE		8,382		0.1
GUERNSEY, C.I.		2,250		0.0
HONG KONG		115,122		0.9
INDIA		35,567		0.3
INDONESIA		15,907		0.1
IRELAND		55,804		0.5
Country	Value (000)		% of total portfolio
ISRAEL	$	51,275		0.4	%
ITALY		114,507		0.9
JAPAN		973,946		7.7
JERSEY, C.I.		1,733		0.0
KAZAKHSTAN		511		0.0
KOREA, REPUBLIC OF		65,310		0.5
LUXEMBOURG		15,930		0.1
MACAU		20,468		0.2
MALAYSIA		16,438		0.1
MEXICO		11,505		0.1
NETHERLANDS		348,722		2.8
NEW ZEALAND		1,166		0.0
NORWAY		22,876		0.2
PERU		2,792		0.0
PHILIPPINES		27,266		0.2
PORTUGAL		22,829		0.2
SINGAPORE		80,970		0.6
SOUTH AFRICA		5,413		0.1
SPAIN		127,332		1.0
SWEDEN		90,919		0.7
SWITZERLAND		497,715		3.9
TAIWAN		57,142		0.5
THAILAND		24,767		0.2
UNITED ARAB EMIRATES		1,824		0.0
UNITED KINGDOM		1,204,233		9.5
TOTAL FOREIGN		5,946,762		47.0
TOTAL PORTFOLIO	$	12,643,299		100.0	%

38   2010 Semiannual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

CREF GROWTH ACCOUNT § JUNE 30, 2010

Shares			Company		Value (000)	% of net assets
COMMON STOCKS
AGRICULTURAL SERVICES				$	2,309	0.0	%
AMUSEMENT AND RECREATION SERVICES
	1,702,785		Walt Disney Co		53,638	0.5
			Other		9,780	0.1
					63,418	0.6
APPAREL AND ACCESSORY STORES					142,903	1.3
APPAREL AND OTHER TEXTILE PRODUCTS					66,053	0.6
AUTO REPAIR, SERVICES AND PARKING					6,411	0.1
AUTOMOTIVE DEALERS AND SERVICE STATIONS					25,692	0.2
BUILDING MATERIALS AND GARDEN SUPPLIES
	1,817,073		Home Depot, Inc		51,005	0.4
	2,601,112		Lowe’s Cos, Inc		53,115	0.5
			Other		7,144	0.1
					111,264	1.0
BUSINESS SERVICES
	620,187	*	Google, Inc (Class A)		275,952	2.5
	2,641,870	*	Intuit, Inc		91,858	0.8
	12,854,068		Microsoft Corp		295,772	2.7
	1,580,551		Omnicom Group, Inc		54,212	0.5
	5,471,234		Oracle Corp		117,413	1.1
	717,725		Visa, Inc (Class A)		50,779	0.5
			Other		521,352	4.8
					1,407,338	12.9
CHEMICALS AND ALLIED PRODUCTS
	1,495,969		Abbott Laboratories		69,981	0.6
	2,256,051	*	Celgene Corp		114,652	1.1
	1,519,462	*	Gilead Sciences, Inc		52,086	0.5
			Other		742,941	6.8
					979,660	9.0
COAL MINING					12,886	0.1
COMMUNICATIONS					122,990	1.1
DEPOSITORY INSTITUTIONS					61,760	0.6
EATING AND DRINKING PLACES
	1,155,923		McDonald’s Corp		76,141	0.7
	1,309,973		Yum! Brands, Inc		51,141	0.5
			Other		63,253	0.6
					190,535	1.8
EDUCATIONAL SERVICES					17,735	0.2
ELECTRIC, GAS, AND SANITARY SERVICES					73,382	0.7

See notes to financial statements College Retirement Equities Fund § 2010 Semiannual Report   39

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued
CREF GROWTH ACCOUNT § JUNE 30, 2010

Shares			Company	Value (000)		% of net assets
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	2,056,994	*	Apple Computer, Inc	$	517,397		4.8	%
	14,254,224	*	Cisco Systems, Inc		303,759		2.8
	3,610,311		Hewlett-Packard Co		156,255		1.5
	9,201,859		Intel Corp		178,977		1.6
	2,348,245		Qualcomm, Inc		77,117		0.7
			Other		450,630		4.1
					1,684,135		15.5
ENGINEERING AND MANAGEMENT SERVICES					124,187		1.1
FABRICATED METAL PRODUCTS					68,349		0.6
FOOD AND KINDRED PRODUCTS
	2,123,884		Coca-Cola Co		106,448		1.0
	1,812,083		Dr Pepper Snapple Group, Inc		67,754		0.6
	1,442,826		PepsiCo, Inc		87,940		0.8
			Other		123,656		1.1
					385,798		3.5
FOOD STORES					8,616		0.1
FORESTRY					1,187		0.0
FURNITURE AND FIXTURES					16,193		0.2
FURNITURE AND HOME FURNISHINGS STORES					39,554		0.4
GENERAL BUILDING CONTRACTORS					4,338		0.0
GENERAL MERCHANDISE STORES
	1,394,905		Target Corp		68,588		0.6
	1,816,178		Wal-Mart Stores, Inc		87,305		0.8
			Other		88,933		0.8
					244,826		2.2
HEALTH SERVICES
	1,926,860	*	Express Scripts, Inc		90,601		0.8
			Other		132,223		1.2
					222,824		2.0
HOLDING AND OTHER INVESTMENT OFFICES
	2,420,750		iShares Russell 1000 Growth Index Fund		110,968		1.0
			Other		60,407		0.6
					171,375		1.6
HOTELS AND OTHER LODGING PLACES					89,665		0.8
INDUSTRIAL MACHINERY AND EQUIPMENT
	834,628		3M Co		65,927		0.6
	967,070		Deere & Co		53,846		0.5
	2,397,942		Emerson Electric Co		104,765		1.0
	2,043,905		International Business Machines Corp		252,382		2.3
	2,575,650		Johnson Controls, Inc		69,208		0.6
			Other		335,666		3.1
					881,794		8.1

40   2010 Semiannual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued
CREF GROWTH ACCOUNT § JUNE 30, 2010

Shares			Company	Value (000)		% of net assets
INSTRUMENTS AND RELATED PRODUCTS
	910,328		Allergan, Inc	$	53,036		0.5	%
	2,197,910		Danaher Corp		81,586		0.7
	162,170	*	Intuitive Surgical, Inc		51,184		0.5
	1,335,484	*	Life Technologies Corp		63,102		0.6
	1,416,791		Medtronic, Inc		51,387		0.5
	1,026,522	*	Thermo Electron Corp		50,352		0.5
			Other		343,528		3.1
					694,175		6.4
INSURANCE AGENTS, BROKERS AND SERVICE					18,208		0.2
INSURANCE CARRIERS
	1,439,891		Aflac, Inc		61,439		0.6
			Other		101,235		0.9
					162,674		1.5
JUSTICE, PUBLIC ORDER AND SAFETY					286		0.0
LEATHER AND LEATHER PRODUCTS					49,666		0.5
LEGAL SERVICES					1,776		0.0
LOCAL AND INTERURBAN PASSENGER TRANSIT					1,543		0.0
METAL MINING					106,523		1.0
MISCELLANEOUS MANUFACTURING INDUSTRIES					61,495		0.6
MISCELLANEOUS RETAIL
	899,062	*	Amazon.com, Inc		98,231		0.9
			Other		95,460		0.9
					193,691		1.8
MOTION PICTURES					81,258		0.8
NONDEPOSITORY INSTITUTIONS
	1,401,325		American Express Co		55,632		0.6
			Other		18,500		0.1
					74,132		0.7
NONMETALLIC MINERALS, EXCEPT FUELS					2,441		0.0
OIL AND GAS EXTRACTION
	1,008,831	*	Concho Resources, Inc		55,819		0.5
	1,176,564		Occidental Petroleum Corp		90,773		0.8
	1,281,681		Schlumberger Ltd		70,928		0.7
			Other		261,194		2.4
					478,714		4.4
PAPER AND ALLIED PRODUCTS					29,995		0.3
PERSONAL SERVICES					3,134		0.0
PETROLEUM AND COAL PRODUCTS
	5,591,024	d	Exxon Mobil Corp		319,079		2.9
			Other		77,046		0.7
					396,125		3.6

See notes to financial statements College Retirement Equities Fund § 2010 Semiannual Report   41

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued
CREF GROWTH ACCOUNT § JUNE 30, 2010

Shares		Company		Value (000)		% of net assets
PRIMARY METAL INDUSTRIES				$	67,693		0.6	%
PRINTING AND PUBLISHING					25,172		0.2
RAILROAD TRANSPORTATION					58,251		0.5
REAL ESTATE					9,231		0.1
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS					14,657		0.1
SECURITY AND COMMODITY BROKERS					160,179		1.5
SPECIAL TRADE CONTRACTORS					824		0.0
STONE, CLAY, AND GLASS PRODUCTS					47,908		0.4
TEXTILE MILL PRODUCTS					329		0.0
TOBACCO PRODUCTS
	2,793,353	Altria Group, Inc			55,979		0.5
	2,442,254	Philip Morris International, Inc			111,952		1.0
		Other			10,195		0.1
					178,126		1.6
TRANSPORTATION BY AIR					19,064		0.2
TRANSPORTATION EQUIPMENT
	1,735,431	Boeing Co			108,899		1.0
	1,333,477	Honeywell International, Inc			52,045		0.5
	1,033,218	United Technologies Corp			67,065		0.7
		Other			138,473		1.2
					366,482		3.4
TRANSPORTATION SERVICES					34,786		0.3
TRUCKING AND WAREHOUSING
	1,744,405	United Parcel Service, Inc (Class B)			99,239		0.9
		Other			5,389		0.1
					104,628		1.0
WATER TRANSPORTATION					11,916		0.1
WHOLESALE TRADE-DURABLE GOODS					22,440		0.2
WHOLESALE TRADE-NONDURABLE GOODS					62,528		0.6
		TOTAL COMMON STOCKS	(Cost $10,709,011)		10,767,227		98.9

42   2010 Semiannual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	concluded
CREF GROWTH ACCOUNT § JUNE 30, 2010

Principal	Issuer		Value (000)		% of net assets
SHORT-TERM INVESTMENTS
U.S. TREASURY BILLS			$	35,397		0.3	%
	TOTAL SHORT-TERM INVESTMENTS	(Cost $35,397)		35,397		0.3
	TOTAL PORTFOLIO	(Cost $10,744,408)		10,802,624		99.2
	OTHER ASSETS & LIABILITIES, NET			88,666		0.8
	NET ASSETS		$	10,891,290		100.0	%

*	Non-income producing.
d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures contracts.
Cost amounts are in thousands.
For ease of presentation, a number of industry classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Account uses more specific industry categories in following its investment limitations on industry concentrations.

See notes to financial statements College Retirement Equities Fund § 2010 Semiannual Report   43

SUMMARY OF MARKET VALUES BY COUNTRY (UNAUDITED)

CREF GROWTH ACCOUNT § JUNE 30, 2010

Country	Value (000)		% of total portfolio
DOMESTIC
UNITED STATES	$	10,330,678		95.6	%
TOTAL DOMESTIC		10,330,678		95.6
FOREIGN
BELGIUM		14,357		0.1
BERMUDA		3,734		0.0
BRAZIL		31,992		0.3
CANADA		56,884		0.5
DENMARK		28,046		0.3
FRANCE		7,327		0.1
GUERNSEY, C.I.		11,247		0.1
IRELAND		86,246		0.8
ISRAEL		36,712		0.3
MACAU		843		0.0
MEXICO		4,824		0.0
NETHERLANDS		17,300		0.2
PANAMA		930		0.0
SINGAPORE		2,404		0.0
SPAIN		5,189		0.1
SWEDEN		1,451		0.0
SWITZERLAND		146,705		1.4
UNITED KINGDOM		15,755		0.2
TOTAL FOREIGN		471,946		4.4
TOTAL PORTFOLIO	$	10,802,624		100.0	%

44   2010 Semiannual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

CREF EQUITY INDEX ACCOUNT § JUNE 30, 2010

Shares			Company		Value (000)	% of net assets
COMMON STOCKS
AGRICULTURAL PRODUCTION-CROPS				$	588	0.0	%
AGRICULTURAL PRODUCTION-LIVESTOCK					1,002	0.0
AGRICULTURAL SERVICES					1,871	0.0
AMUSEMENT AND RECREATION SERVICES
	1,500,015		Walt Disney Co		47,251	0.5
			Other		13,055	0.1
					60,306	0.6
APPAREL AND ACCESSORY STORES					70,506	0.8
APPAREL AND OTHER TEXTILE PRODUCTS					37,252	0.4
AUTO REPAIR, SERVICES AND PARKING					6,161	0.0
AUTOMOTIVE DEALERS AND SERVICE STATIONS					20,668	0.2
BUILDING MATERIALS AND GARDEN SUPPLIES
	1,296,791		Home Depot, Inc		36,401	0.4
			Other		28,137	0.4
					64,538	0.8
BUSINESS SERVICES
	186,639	*	Google, Inc (Class A)		83,044	1.0
	5,866,226		Microsoft Corp		134,981	1.6
	2,917,596		Oracle Corp		62,612	0.8
			Other		367,594	3.8
					648,231	7.2
CHEMICALS AND ALLIED PRODUCTS
	1,182,149		Abbott Laboratories		55,302	0.7
	733,715	*	Amgen, Inc		38,593	0.4
	1,317,007		Bristol-Myers Squibb Co		32,846	0.5
	375,632		Colgate-Palmolive Co		29,585	0.3
	2,112,354		Johnson & Johnson		124,755	1.5
	2,388,154		Merck & Co, Inc		83,515	1.0
	6,177,168		Pfizer, Inc		88,086	1.1
	2,205,639		Procter & Gamble Co		132,295	1.6
			Other		385,270	3.9
					970,247	11.0
COAL MINING					22,877	0.2
COMMUNICATIONS
	4,525,439		AT&T, Inc		109,469	1.3
	2,154,526		Comcast Corp (Class A)		37,423	0.5
	2,164,865		Verizon Communications, Inc		60,659	0.8
			Other		157,816	1.6
					365,367	4.2

See notes to financial statements College Retirement Equities Fund § 2010 Semiannual Report   45

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued
CREF EQUITY INDEX ACCOUNT § JUNE 30, 2010

Shares			Company	Value (000)		% of net assets
DEPOSITORY INSTITUTIONS
	7,682,597		Bank of America Corp	$	110,398		1.3	%
	16,195,249	*	Citigroup, Inc		60,894		0.8
	3,046,896		JPMorgan Chase & Co		111,546		1.3
	1,468,043		US Bancorp		32,811		0.5
	3,726,650		Wells Fargo & Co		95,402		1.2
			Other		231,598		2.2
					642,649		7.3
EATING AND DRINKING PLACES
	823,924		McDonald’s Corp		54,273		0.7
			Other		49,007		0.6
					103,280		1.3
EDUCATIONAL SERVICES					16,026		0.2
ELECTRIC, GAS, AND SANITARY SERVICES					376,500		4.2
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	696,875	*	Apple Computer, Inc		175,286		2.1
	4,373,931	*	Cisco Systems, Inc		93,209		1.1
	1,795,946		Hewlett-Packard Co		77,730		1.0
	4,261,151		Intel Corp		82,880		1.0
	1,256,328		Qualcomm, Inc		41,259		0.6
			Other		284,175		2.7
					754,539		8.5
ENGINEERING AND MANAGEMENT SERVICES					77,940		0.8
FABRICATED METAL PRODUCTS					52,744		0.6
FOOD AND KINDRED PRODUCTS
	1,613,168		Coca-Cola Co		80,853		1.0
	1,228,479		Kraft Foods, Inc (Class A)		34,398		0.5
	1,235,103		PepsiCo, Inc		75,281		0.9
			Other		153,775		1.5
					344,307		3.9
FOOD STORES					25,693		0.3
FORESTRY					8,450		0.1
FURNITURE AND FIXTURES					13,757		0.0
FURNITURE AND HOME FURNISHINGS STORES					15,180		0.2
GENERAL BUILDING CONTRACTORS					15,236		0.2
GENERAL MERCHANDISE STORES
	1,562,780		Wal-Mart Stores, Inc		75,122		0.9
			Other		71,066		0.8
					146,188		1.7
HEALTH SERVICES					114,194		1.2
HEAVY CONSTRUCTION, EXCEPT BUILDING					2,312		0.0

46   2010 Semiannual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued
CREF EQUITY INDEX ACCOUNT § JUNE 30, 2010

Shares			Company	Value (000)		% of net assets
HOLDING AND OTHER INVESTMENT OFFICES
	1,324,607	*	Berkshire Hathaway, Inc (Class B)	$	105,559		1.3	%
			Other		243,414		2.5
					348,973		3.8
HOTELS AND OTHER LODGING PLACES					32,134		0.4
INDUSTRIAL MACHINERY AND EQUIPMENT
	546,121		3M Co		43,139		0.6
	8,176,386		General Electric Co		117,904		1.4
	982,115		International Business Machines Corp		121,273		1.5
			Other		334,335		3.4
					616,651		6.9
INSTRUMENTS AND RELATED PRODUCTS
	843,614		Medtronic, Inc		30,598		0.4
			Other		286,095		3.2
					316,693		3.6
INSURANCE AGENTS, BROKERS AND SERVICE					32,921		0.3
INSURANCE CARRIERS					312,807		3.5
JUSTICE, PUBLIC ORDER AND SAFETY					2,502		0.0
LEATHER AND LEATHER PRODUCTS					12,787		0.1
LEGAL SERVICES					1,905		0.0
LOCAL AND INTERURBAN PASSENGER TRANSIT					1,219		0.0
LUMBER AND WOOD PRODUCTS					1,712		0.0
METAL MINING					59,917		0.6
MISCELLANEOUS MANUFACTURING INDUSTRIES					15,046		0.1
MISCELLANEOUS RETAIL
	267,927	*	Amazon.com, Inc		29,273		0.3
	1,042,204		CVS Corp		30,557		0.4
			Other		75,033		0.7
					134,863		1.4
MOTION PICTURES					80,820		0.9
NONDEPOSITORY INSTITUTIONS
	803,112		American Express Co		31,883		0.4
			Other		47,597		0.4
					79,480		0.8
NONMETALLIC MINERALS, EXCEPT FUELS					6,659		0.1
OIL AND GAS EXTRACTION
	622,046		Occidental Petroleum Corp		47,992		0.6
	913,465		Schlumberger Ltd		50,552		0.7
			Other		276,362		3.0
					374,906		4.3
PAPER AND ALLIED PRODUCTS					45,036		0.4

See notes to financial statements College Retirement Equities Fund § 2010 Semiannual Report   47

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued
CREF EQUITY INDEX ACCOUNT § JUNE 30, 2010

Shares		Company	Value (000)		% of net assets
PERSONAL SERVICES			$	12,222		0.1	%
PETROLEUM AND COAL PRODUCTS
	1,538,300	Chevron Corp		104,389		1.2
	1,139,776	ConocoPhillips		55,952		0.6
	3,903,218	Exxon Mobil Corp		222,756		2.6
		Other		54,497		0.5
				437,594		4.9
PIPELINES, EXCEPT NATURAL GAS				9,961		0.1
PRIMARY METAL INDUSTRIES				55,380		0.6
PRINTING AND PUBLISHING				40,562		0.4
RAILROAD TRANSPORTATION				60,859		0.8
REAL ESTATE				10,443		0.1
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS				15,924		0.1
SECURITY AND COMMODITY BROKERS
	394,245	Goldman Sachs Group, Inc		51,752		0.7
		Other		135,105		1.4
				186,857		2.1
SOCIAL SERVICES				384		0.0
SPECIAL TRADE CONTRACTORS				8,432		0.0
STONE, CLAY, AND GLASS PRODUCTS				33,656		0.3
TEXTILE MILL PRODUCTS				3,204		0.0
TOBACCO PRODUCTS
	1,594,900	Altria Group, Inc		31,962		0.4
	1,418,309	Philip Morris International, Inc		65,015		0.6
		Other		14,261		0.2
				111,238		1.2
TRANSPORTATION BY AIR				28,577		0.3
TRANSPORTATION EQUIPMENT
	581,297	Boeing Co		36,476		0.5
	714,624	United Technologies Corp		46,387		0.6
		Other		145,354		1.7
				228,217		2.8
TRANSPORTATION SERVICES				33,625		0.4
TRUCKING AND WAREHOUSING
	546,982	United Parcel Service, Inc (Class B)		31,117		0.4
		Other		8,888		0.0
				40,005		0.4
WATER TRANSPORTATION				22,497		0.2
WHOLESALE TRADE-DURABLE GOODS				33,536		0.4

48   2010 Semiannual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	concluded
CREF EQUITY INDEX ACCOUNT § JUNE 30, 2010

Shares	Company		Value (000)			% of net assets
WHOLESALE TRADE-NONDURABLE GOODS			$	54,066			0.7	%
	TOTAL COMMON STOCKS	(Cost $8,832,375)		8,882,879			99.0
RIGHTS / WARRANTS
EATING AND DRINKING PLACES				0	^		0.0
OIL AND GAS EXTRACTION				0	^		0.0
	TOTAL RIGHTS / WARRANTS	(Cost $0)		0	^		0.0
Principal	Issuer
SHORT-TERM INVESTMENTS
U.S. TREASURY BILLS				10,899			0.1
	TOTAL SHORT-TERM INVESTMENTS	(Cost $10,899)		10,899			0.1
	TOTAL PORTFOLIO	(Cost $8,843,274)		8,893,778			99.1
	OTHER ASSETS & LIABILITIES, NET			83,007			0.9
	NET ASSETS		$	8,976,785			100.0	%

*	Non-income producing.
^	Amount represents less than $1,000.
Cost amounts are in thousands.
For ease of presentation, a number of industry classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Account uses more specific industry categories in following its investment limitations on industry concentrations.

See notes to financial statements College Retirement Equities Fund § 2010 Semiannual Report   49

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

CREF BOND MARKET ACCOUNT § JUNE 30, 2010

Principal		Issuer			Value (000)		% of net assets
BANK LOAN OBLIGATIONS
CHEMICALS AND ALLIED PRODUCTS					$	12,250		0.1	%
MISCELLANEOUS MANUFACTURING INDUSTRIES						4,938		0.0
		TOTAL BANK LOAN OBLIGATIONS		(Cost $17,300)		17,188		0.1
BONDS
CORPORATE BONDS
AGENCY SECURITIES
$	40,000,000	Citigroup Funding, Inc		1.880%, 10/22/12		40,841		0.3
	45,500,000	Citigroup, Inc		2.130%, 04/30/12		46,615		0.4
	61,500,000	General Electric Capital Corp		2.250%, 03/12/12		63,097		0.6
	84,400,000	General Electric Capital Corp	2.130%–3.000%, 12/09/11–12/28/12			86,907		0.7
	54,875,000	GMAC, Inc		1.750%, 10/30/12		55,827		0.6
	61,800,000	GMAC, Inc		2.200%, 12/19/12		63,501		0.6
	50,000,000	JPMorgan Chase & Co		3.130%, 12/01/11		51,726		0.4
	39,000,000	State Street Corp		2.150%, 04/30/12		39,938		0.3
		Other				265,863		2.3
						714,315		6.2
AMUSEMENT AND RECREATION SERVICES						11,641		0.1
AUTO REPAIR, SERVICES AND PARKING						3,931		0.0
AUTOMOTIVE DEALERS AND SERVICE STATIONS						7,924		0.1
BUILDING MATERIALS AND GARDEN SUPPLIES						6,362		0.1
BUSINESS SERVICES						41,627		0.3
CHEMICALS AND ALLIED PRODUCTS						151,304		1.3
COAL MINING						6,834		0.1
COMMUNICATIONS						312,399		2.6
DEPOSITORY INSTITUTIONS						470,458		4.0
ELECTRIC, GAS, AND SANITARY SERVICES						250,767		2.2
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT						51,648		0.5
EXECUTIVE, LEGISLATIVE AND GENERAL						4,683		0.0
FABRICATED METAL PRODUCTS						20,332		0.2
FOOD AND KINDRED PRODUCTS						113,959		1.0
FOOD STORES						20,189		0.2
FURNITURE AND HOME FURNISHINGS STORES						1,541		0.0
GENERAL BUILDING CONTRACTORS						1,338		0.0
GENERAL MERCHANDISE STORES						27,842		0.3
HEALTH SERVICES						17,878		0.2

50   2010 Semiannual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued
CREF BOND MARKET ACCOUNT § JUNE 30, 2010

Principal	Issuer		Value (000)		% of net assets
HOLDING AND OTHER INVESTMENT OFFICES			$	63,558		0.5	%
HOTELS AND OTHER LODGING PLACES				2,095		0.0
INDUSTRIAL MACHINERY AND EQUIPMENT				38,761		0.3
INSTRUMENTS AND RELATED PRODUCTS				43,477		0.4
INSURANCE AGENTS, BROKERS AND SERVICE				18,297		0.2
INSURANCE CARRIERS				128,503		1.1
JUSTICE, PUBLIC ORDER AND SAFETY				1,556		0.0
LEGAL SERVICES				1,006		0.0
METAL MINING				25,209		0.3
MISCELLANEOUS RETAIL				27,234		0.2
MOTION PICTURES				24,878		0.2
NONDEPOSITORY INSTITUTIONS				228,229		1.9
OIL AND GAS EXTRACTION				200,183		1.6
PAPER AND ALLIED PRODUCTS				11,454		0.0
PETROLEUM AND COAL PRODUCTS				94,341		0.8
PIPELINES, EXCEPT NATURAL GAS				18,019		0.2
PRIMARY METAL INDUSTRIES				14,359		0.1
PRINTING AND PUBLISHING				21,388		0.2
RAILROAD TRANSPORTATION				41,698		0.5
REAL ESTATE				9,125		0.0
SECURITY AND COMMODITY BROKERS				222,956		1.9
SOCIAL SERVICES				1,840		0.0
STONE, CLAY, AND GLASS PRODUCTS				12,781		0.1
TOBACCO PRODUCTS				13,604		0.1
TRANSPORTATION BY AIR				2,712		0.0
TRANSPORTATION EQUIPMENT				32,047		0.3
WATER TRANSPORTATION				3,679		0.0
WHOLESALE TRADE-DURABLE GOODS				27,053		0.1
WHOLESALE TRADE-NONDURABLE GOODS				29,665		0.3
	TOTAL CORPORATE BONDS	(Cost $3,417,364)		3,596,679		30.7

See notes to financial statements College Retirement Equities Fund § 2010 Semiannual Report   51

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued
CREF BOND MARKET ACCOUNT § JUNE 30, 2010

Principal			Issuer			Value (000)		% of net assets
GOVERNMENT BONDS
AGENCY SECURITIES
$	76,000,000		Federal National Mortgage Association (FNMA)		2.750%, 03/13/14	$	79,254		0.8	%
	213,268,001		FNMA	1.130%–5.000%, 08/12/10–03/25/33			221,965		1.9
			Other				315,615		2.5
							616,834		5.2
FOREIGN GOVERNMENT BONDS
	147,295,000		Province of Ontario Canada	2.630%–4.400%, 09/08/10–04/14/20			151,968		1.9
			Other				338,569		2.3
							490,537		4.2
MORTGAGE BACKED
	50,000,000		Federal Home Loan Mortgage Corp (FHLMC)		5.000%, 07/15/40		52,883		0.5
	49,000,000		FHLMC		5.500%, 07/15/40		52,575		0.4
	137,704,315	i	FHLMC	2.640%–6.050%, 07/15/25–07/15/40			146,649		1.3
	52,464,567		Federal Home Loan Mortgage Corp Gold
			(FGLMC)		5.000%, 01/01/34		55,771		0.6
	468,570,812		FGLMC	4.000%–8.000%, 09/01/10–07/01/39			502,951		4.5
	53,000,000		Federal National Mortgage Association (FNMA)	5.000%, 07/25/23			56,544		0.5
	38,466,717		FNMA		5.000%, 11/01/33		40,910		0.4
	50,367,467		FNMA		5.000%, 08/01/34		53,599		0.6
	52,988,558		FNMA		5.500%, 02/01/35		57,149		0.6
	167,000,000		FNMA		4.000%, 07/25/40		169,114		1.4
	279,000,000		FNMA		5.500%, 07/25/40		299,488		2.6
	205,000,000		FNMA		6.000%, 07/25/40		222,328		1.9
	327,000,000		FNMA		4.500%, 08/25/40		337,678		2.8
	61,000,000		FNMA		6.000%, 08/25/40		65,985		0.6
	191,000,000		FNMA		5.000%, 09/25/40		200,640		1.7
	855,968,293	i	FNMA	4.000%–9.000%, 06/01/11–08/01/39			914,588		7.2
	152,000,000		Government National Mortgage Association
			(GNMA)		5.000%, 07/15/38		161,904		1.4
	48,000,000		GNMA		5.500%, 07/15/38		51,855		0.4
	140,000,000		GNMA		4.500%, 07/15/40		145,819		1.2
	40,000,000		GNMA		6.000%, 07/15/40		43,588		0.4
	50,000,000		GNMA	5.000%, 07/20/40			53,141		0.5
	181,488,181		GNMA	4.000%–9.500%, 06/15/16–01/15/44			194,385		1.6
							3,879,544		33.1
MUNICIPAL BONDS							60,751		0.5

52   2010 Semiannual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued
CREF BOND MARKET ACCOUNT § JUNE 30, 2010

Principal			Issuer			Value (000)		% of net assets
U.S. TREASURY SECURITIES
$	338,372,000		United States Treasury Bond		8.000%, 11/15/21	$	492,121		4.1	%
	99,175,000		United States Treasury Bond		5.250%, 02/15/29		119,351		1.0
	101,882,000		United States Treasury Bond	3.500%–6.380%, 08/15/27–02/15/40			118,271		1.1
	78,983,000		United States Treasury Note		1.000%, 09/30/11		79,526		0.7
	102,500,000		United States Treasury Note		1.380%, 11/15/12		103,965		0.9
	53,547,000		United States Treasury Note		1.130%, 06/15/13		53,760		0.5
	131,829,000		United States Treasury Note		3.130%, 09/30/13		140,357		1.2
	62,337,000		United States Treasury Note		2.750%, 10/31/13		65,605		0.6
	189,533,000		United States Treasury Note		2.000%, 11/30/13		194,567		1.6
	76,420,000		United States Treasury Note		2.250%, 01/31/15		78,325		0.7
	62,411,000		United States Treasury Note		2.500%, 04/30/15		64,630		0.6
	197,421,000		United States Treasury Note		2.130%, 05/31/15		200,814		1.6
	93,560,000		United States Treasury Note		1.880%, 06/30/15		93,918		0.8
	39,400,000		United States Treasury Note		4.380%, 05/15/40		42,613		0.4
	330,543,400		United States Treasury Note	1.000%–3.500%, 08/31/10–05/15/20			340,587		2.9
			Other				12,772		0.1
							2,201,182		18.8
			TOTAL GOVERNMENT BONDS		(Cost $6,960,723)		7,248,848		61.8
STRUCTURED ASSETS
ASSET BACKED							229,735		2.0
OTHER MORTGAGE BACKED							483,566		4.1
			TOTAL STRUCTURED ASSETS		(Cost $709,728)		713,301		6.1
			TOTAL BONDS		(Cost $11,087,815)		11,558,828		98.6
PREFERRED STOCKS
AGENCY SECURITIES							679		0.0
			TOTAL PREFERRED STOCKS		(Cost $49,941)		679		0.0
TIAA-CREF MUTUAL FUND
	553,840	a	TIAA-CREF High-Yield Fund				5,117		0.0
			TOTAL TIAA-CREF MUTUAL FUND		(Cost $5,122)		5,117		0.0

See notes to financial statements College Retirement Equities Fund § 2010 Semiannual Report   53

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	concluded
CREF BOND MARKET ACCOUNT § JUNE 30, 2010

Principal		Issuer			Value (000)			% of net assets
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
$	61,033,000	Federal Home Loan Bank (FHLB)		07/02/10	$	61,033			0.5	%
	100,000,000	FHLB		07/09/10		99,999			0.8
	41,603,000	FHLB		07/12/10		41,602			0.4
	683,888,000	FHLB		07/14/10		683,872			5.8
	138,296,000	FHLB		07/16/10		138,290			1.2
	129,632,000	FHLB		07/19/10		129,627			1.1
	47,027,000	FHLB		07/20/10		47,025			0.4
	98,207,000	FHLB		07/26/10		98,202			0.8
	280,967,000	FHLB	07/06/10–08/31/10			280,941			2.4
	94,019,000	Federal Home Loan Mortgage Corp (FHLMC)		07/14/10		94,014			0.8
	47,509,000	FHLMC		08/05/10		47,504			0.4
	106,249,000	FHLMC	07/12/10–08/16/10			106,241			0.9
	42,962,000	Federal National Mortgage Association (FNMA)		07/28/10		42,959			0.4
	116,278,000	FNMA	07/07/10–08/16/10			116,268			1.0
						1,987,577			16.9
		TOTAL SHORT-TERM INVESTMENTS		(Cost $1,987,577)		1,987,577			16.9
		TOTAL PORTFOLIO		(Cost $13,147,755)		13,569,389			115.6
		OTHER ASSETS & LIABILITIES, NET				(1,832,308	)		(15.6	)
		NET ASSETS			$	11,737,081			100.0	%

i	Floating or variable rate security. Coupon rate reflects the rate at period end.
a	Affiliated fund.

Cost amounts are in thousands.

For ease of presentation, a number of industry classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Account uses more specific industry categories in following its investment limitations on industry concentrations.

54   2010 Semiannual Report § College Retirement Equities Fund See notes to financial statements

PORTFOLIO OF INVESTMENTS (UNAUDITED)

CREF INFLATION-LINKED BOND ACCOUNT § JUNE 30, 2010

Principal			Issuer		Value (000)		% of net assets
BONDS
GOVERNMENT BONDS
U.S. TREASURY SECURITIES
$	101,217,727	k	United States Treasury Inflation Indexed Bonds	3.380%, 01/15/12	$	106,706		1.3	%
	228,528,340	k	United States Treasury Inflation Indexed Bonds	2.000%, 04/15/12		236,741		2.9
	376,311,065	k	United States Treasury Inflation Indexed Bonds	3.000%, 07/15/12		400,330		4.9
	216,432,995	k	United States Treasury Inflation Indexed Bonds	0.630%, 04/15/13		220,880		2.7
	355,966,242	k	United States Treasury Inflation Indexed Bonds	1.880%, 07/15/13		376,518		4.6
	364,965,231	k	United States Treasury Inflation Indexed Bonds	2.000%, 01/15/14		388,802		4.8
	233,104,841	k	United States Treasury Inflation Indexed Bonds	1.250%, 04/15/14		243,358		3.0
	329,804,888	k	United States Treasury Inflation Indexed Bonds	2.000%, 07/15/14		353,870		4.3
	333,282,015	k	United States Treasury Inflation Indexed Bonds	1.630%, 01/15/15		351,821		4.3
	168,996,240	k	United States Treasury Inflation Indexed Bonds	0.500%, 04/15/15		171,227		2.1
	287,024,075	k	United States Treasury Inflation Indexed Bonds	1.880%, 07/15/15		307,542		3.8
	278,374,273	k	United States Treasury Inflation Indexed Bonds	2.000%, 01/15/16		300,318		3.7
	276,959,884	k	United States Treasury Inflation Indexed Bonds	2.500%, 07/15/16		308,204		3.8
	247,339,917	k	United States Treasury Inflation Indexed Bonds	2.380%, 01/15/17		273,059		3.3
	219,830,380	k	United States Treasury Inflation Indexed Bonds	2.630%, 07/15/17		247,979		3.0
	222,734,009	k	United States Treasury Inflation Indexed Bonds	1.630%, 01/15/18		234,775		2.9
	209,869,068	k	United States Treasury Inflation Indexed Bonds	1.380%, 07/15/18		217,510		2.7
	217,792,575	k	United States Treasury Inflation Indexed Bonds	2.130%, 01/15/19		237,666		2.9
	225,634,370	k	United States Treasury Inflation Indexed Bonds	1.880%, 07/15/19		241,887		3.0
	300,612,438	k	United States Treasury Inflation Indexed Bonds	1.380%, 01/15/20		307,822		3.8
	420,110,190	k	United States Treasury Inflation Indexed Bonds	2.380%, 01/15/25		466,027		5.6
	285,925,361	k	United States Treasury Inflation Indexed Bonds	2.000%, 01/15/26		302,344		3.7
	231,007,563	k	United States Treasury Inflation Indexed Bonds	2.380%, 01/15/27		255,913		3.1
	218,623,757	k	United States Treasury Inflation Indexed Bonds	1.750%, 01/15/28		221,766		2.7
	285,771,536	k	United States Treasury Inflation Indexed Bonds	3.630%, 04/15/28		369,829		4.5
	214,644,990	k	United States Treasury Inflation Indexed Bonds	2.500%, 01/15/29		242,599		3.0
	335,349,842	k	United States Treasury Inflation Indexed Bonds	3.880%, 04/15/29		450,024		5.4
	93,658,719	k	United States Treasury Inflation Indexed Bonds	3.380%, 04/15/32		121,939		1.5
	122,947,121	k	United States Treasury Inflation Indexed Bonds	2.130%, 02/15/40		134,714		1.6
						8,092,170		98.9
			TOTAL GOVERNMENT BONDS	(Cost $7,574,111)		8,092,170		98.9
			TOTAL BONDS	(Cost $7,574,111)		8,092,170		98.9
SHORT-TERM INVESTMENTS
U.S. TREASURY BILLS
	12,000,000		United States Treasury Bills	08/05/10		11,999		0.1
						11,999		0.1
			TOTAL SHORT-TERM INVESTMENTS	(Cost $11,999)		11,999		0.1
			TOTAL PORTFOLIO	(Cost $7,586,110)		8,104,169		99.0
			OTHER ASSETS & LIABILITIES, NET			80,064		1.0
			NET ASSETS		$	8,184,233		100.0	%

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

See notes to financial statements College Retirement Equities Fund § 2010 Semiannual Report   55

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

CREF SOCIAL CHOICE ACCOUNT § JUNE 30, 2010

Principal	Issuer	Value (000)		% of net assets
BONDS
CORPORATE BONDS
AGENCY SECURITIES		$	139,754		1.6	%
AUTOMOTIVE DEALERS AND SERVICE STATIONS			10,556		0.1
BUILDING MATERIALS AND GARDEN SUPPLIES			7,159		0.1
BUSINESS SERVICES			5,135		0.1
CHEMICALS AND ALLIED PRODUCTS			44,387		0.5
COMMUNICATIONS			64,685		0.7
DEPOSITORY INSTITUTIONS			176,458		2.0
EATING AND DRINKING PLACES			1,393		0.0
ELECTRIC, GAS, AND SANITARY SERVICES			126,145		1.4
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT			17,867		0.2
FABRICATED METAL PRODUCTS			6,031		0.1
FOOD AND KINDRED PRODUCTS			33,395		0.4
FOOD STORES			1,073		0.0
FURNITURE AND FIXTURES			12,434		0.1
GENERAL MERCHANDISE STORES			6,183		0.1
HEALTH SERVICES			16,069		0.2
HOLDING AND OTHER INVESTMENT OFFICES			49,292		0.6
INDUSTRIAL MACHINERY AND EQUIPMENT			29,698		0.3
INSTRUMENTS AND RELATED PRODUCTS			50,153		0.6
INSURANCE AGENTS, BROKERS AND SERVICE			11,590		0.1
INSURANCE CARRIERS			56,694		0.7
MEMBERSHIP ORGANIZATIONS			5,484		0.1
MISCELLANEOUS RETAIL			12,290		0.1
NONDEPOSITORY INSTITUTIONS			21,319		0.3
NONMETALLIC MINERALS, EXCEPT FUELS			2,782		0.0
OIL AND GAS EXTRACTION			44,151		0.5
PAPER AND ALLIED PRODUCTS			14,077		0.2
PETROLEUM AND COAL PRODUCTS			10,713		0.1
PRIMARY METAL INDUSTRIES			4,311		0.1
PRINTING AND PUBLISHING			2,576		0.0
RAILROAD TRANSPORTATION			20,071		0.2
SECURITY AND COMMODITY BROKERS			10,926		0.1

56   2010 Semiannual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued
CREF SOCIAL CHOICE ACCOUNT § JUNE 30, 2010

Principal			Issuer			Value (000)		% of net assets
SOCIAL SERVICES						$	11,213		0.1	%
STONE, CLAY, AND GLASS PRODUCTS							3,010		0.0
TRANSPORTATION BY AIR							39,695		0.5
TRANSPORTATION EQUIPMENT							6,994		0.1
TRANSPORTATION SERVICES							8,801		0.1
WHOLESALE TRADE-NONDURABLE GOODS							3,179		0.0
			TOTAL CORPORATE BONDS		(Cost $1,026,186)		1,087,743		12.4
GOVERNMENT BONDS
AGENCY SECURITIES							214,152		2.5
FOREIGN GOVERNMENT BONDS							107,604		1.2
MORTGAGE BACKED
$	31,000,000		Federal Home Loan Mortgage Corp (FHLMC)		5.000%, 07/15/40		32,787		0.4
	32,000,000		FHLMC		5.500%, 07/15/40		34,335		0.4
	66,351,406	i	FHLMC	2.640%–6.050%, 07/15/25–07/15/40			70,892		0.8
	202,740,827		Federal Home Loan Mortgage Corp Gold
			(FGLMC)	4.000%–8.000%, 03/01/11–07/01/39			217,250		2.5
	50,000,000		Federal National Mortgage Association (FNMA)		5.500%, 07/25/40		53,672		0.6
	53,000,000		FNMA		6.000%, 07/25/40		57,480		0.7
	95,000,000		FNMA		4.500%, 08/25/40		98,102		1.1
	51,000,000		FNMA		5.000%, 09/25/40		53,574		0.6
	422,803,314	i	FNMA	4.000%–8.500%, 06/01/11–08/25/40			448,659		5.1
	38,000,000		Government National Mortgage Association
			(GNMA)		4.500%, 07/15/40		39,579		0.4
	120,551,382		GNMA	4.000%–9.000%, 04/15/15–09/15/43			128,688		1.5
							1,235,018		14.1
MUNICIPAL BONDS							149,245		1.7
U.S. TREASURY SECURITIES
	69,400,000		United States Treasury Bond		8.000%, 11/15/21		100,934		1.2
	53,216,000		United States Treasury Bond	4.380%–6.380%, 08/15/27–02/15/40			63,359		0.7
	67,254,000		United States Treasury Note		1.000%, 12/31/11		67,745		0.8
	36,625,000		United States Treasury Note		1.380%, 11/15/12		37,149		0.4
	34,267,000		United States Treasury Note		1.380%, 01/15/13		34,727		0.4
	28,905,000		United States Treasury Note		1.130%, 06/15/13		29,020		0.3
	34,030,000		United States Treasury Note		2.250%, 05/31/14		35,112		0.4
	33,395,000		United States Treasury Note		2.380%, 08/31/14		34,525		0.4
	29,554,000		United States Treasury Note		2.130%, 05/31/15		30,062		0.3
	135,499,000		United States Treasury Note	0.750%–3.500%, 08/31/11–05/15/20			138,347		1.6
							570,980		6.5
			TOTAL GOVERNMENT BONDS		(Cost $2,187,557)		2,276,999		26.0

See notes to financial statements College Retirement Equities Fund § 2010 Semiannual Report   57

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued
CREF SOCIAL CHOICE ACCOUNT § JUNE 30, 2010

Shares			Company		Value (000)		% of net assets
STRUCTURED ASSETS
ASSET BACKED					$	91,516		1.0	%
OTHER MORTGAGE BACKED						164,182		1.9
			TOTAL STRUCTURED ASSETS	(Cost $261,019)		255,698		2.9
			TOTAL BONDS	(Cost $3,474,762)		3,620,440		41.3
COMMON STOCKS
AGRICULTURAL SERVICES						1,091		0.0
AMUSEMENT AND RECREATION SERVICES
	1,298,228		Walt Disney Co			40,894		0.5
			Other			380		0.0
						41,274		0.5
APPAREL AND ACCESSORY STORES						51,584		0.6
APPAREL AND OTHER TEXTILE PRODUCTS
	416,304		Nike, Inc. (Class B)			28,121		0.3
			Other			6,876		0.1
						34,997		0.4
AUTO REPAIR, SERVICES AND PARKING						2,516		0.0
AUTOMOTIVE DEALERS AND SERVICE STATIONS						8,680		0.1
BUILDING MATERIALS AND GARDEN SUPPLIES
	1,282,068		Home Depot, Inc			35,987		0.4
			Other			18,534		0.2
						54,521		0.6
BUSINESS SERVICES
	116,736	*	Google, Inc (Class A)			51,943		0.7
	3,503,614		Microsoft Corp			80,619		1.0
			Other			154,363		1.6
						286,925		3.3
CHEMICALS AND ALLIED PRODUCTS
	714,893	*	Amgen, Inc			37,603		0.5
	1,400,339		Bristol-Myers Squibb Co			34,924		0.5
	1,302,840		Johnson & Johnson			76,946		1.0
	1,528,112		Merck & Co, Inc			53,438		0.7
	1,338,489		Procter & Gamble Co			80,282		1.0
			Other			335,302		3.5
						618,495		7.2
COMMUNICATIONS
	880,396	*	DIRECTV			29,863		0.4
	1,509,304		Verizon Communications, Inc			42,290		0.6
			Other			157,863		1.6
						230,016		2.6
DEPOSITORY INSTITUTIONS
	2,391,088		Wells Fargo & Co			61,211		0.8
			Other			309,612		3.5
						370,823		4.3

58   2010 Semiannual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued
CREF SOCIAL CHOICE ACCOUNT § JUNE 30, 2010

Shares			Company	Value (000)		% of net assets
EATING AND DRINKING PLACES
	678,521		McDonald’s Corp	$	44,695		0.6	%
			Other		24,491		0.2
					69,186		0.8
EDUCATIONAL SERVICES					2,056		0.0
ELECTRIC, GAS, AND SANITARY SERVICES					324,298		3.7
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	2,898,505	*	Cisco Systems, Inc		61,768		0.8
	1,252,602		Hewlett-Packard Co		54,214		0.7
	2,940,326		Intel Corp		57,190		0.8
			Other		157,863		1.5
					331,035		3.8
ENGINEERING AND MANAGEMENT SERVICES					40,880		0.5
FABRICATED METAL PRODUCTS					46,162		0.5
FOOD AND KINDRED PRODUCTS
	1,069,888		Kraft Foods, Inc (Class A)		29,956		0.4
	891,339		PepsiCo, Inc		54,326		0.7
			Other		101,138		1.0
					185,420		2.1
FOOD STORES					35,460		0.4
FORESTRY					5,523		0.1
FURNITURE AND FIXTURES					9,946		0.1
FURNITURE AND HOME FURNISHINGS STORES					7,044		0.1
GENERAL BUILDING CONTRACTORS					18,585		0.2
GENERAL MERCHANDISE STORES
	612,203		Target Corp		30,102		0.4
			Other		40,467		0.4
					70,569		0.8
HEALTH SERVICES					21,195		0.2
HEAVY CONSTRUCTION, EXCEPT BUILDING					6,462		0.1
HOLDING AND OTHER INVESTMENT OFFICES					84,941		1.0
HOTELS AND OTHER LODGING PLACES					19,972		0.2
INDUSTRIAL MACHINERY AND EQUIPMENT
	510,291		3M Co		40,308		0.6
	719,456		Emerson Electric Co		31,433		0.5
	604,371		International Business Machines Corp		74,627		1.0
			Other		156,864		1.4
					303,232		3.5
INSTRUMENTS AND RELATED PRODUCTS
	874,700		Medtronic, Inc		31,724		0.5
			Other		163,726		1.7
					195,450		2.2

See notes to financial statements College Retirement Equities Fund § 2010 Semiannual Report   59

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued
CREF SOCIAL CHOICE ACCOUNT § JUNE 30, 2010

Shares		Company	Value (000)		% of net assets
INSURANCE AGENTS, BROKERS AND SERVICE			$	19,648		0.2	%
INSURANCE CARRIERS
	591,357	Travelers Cos, Inc		29,125		0.4
		Other		195,309		2.2
				224,434		2.6
LEATHER AND LEATHER PRODUCTS				5,970		0.1
LEGAL SERVICES				640		0.0
LOCAL AND INTERURBAN PASSENGER TRANSIT				1,464		0.0
LUMBER AND WOOD PRODUCTS				1,043		0.0
METAL MINING				40,439		0.5
MISCELLANEOUS MANUFACTURING INDUSTRIES				13,494		0.2
MISCELLANEOUS RETAIL				94,195		1.1
MOTION PICTURES				30,644		0.4
NONDEPOSITORY INSTITUTIONS
	802,229	American Express Co		31,847		0.5
		Other		23,284		0.1
				55,131		0.6
NONMETALLIC MINERALS, EXCEPT FUELS				12,307		0.1
OIL AND GAS EXTRACTION
	481,660	Devon Energy Corp		29,344		0.4
		Other		233,649		2.6
				262,993		3.0
PAPER AND ALLIED PRODUCTS				44,135		0.5
PERSONAL SERVICES				1,213		0.0
PETROLEUM AND COAL PRODUCTS				108,223		1.2
PIPELINES, EXCEPT NATURAL GAS				30,051		0.3
PRIMARY METAL INDUSTRIES				60,906		0.7
PRINTING AND PUBLISHING				40,822		0.5
RAILROAD TRANSPORTATION				54,077		0.6
REAL ESTATE				26,125		0.3
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS				7,105		0.1
SECURITY AND COMMODITY BROKERS				115,860		1.3
SOCIAL SERVICES				221		0.0
SPECIAL TRADE CONTRACTORS				2,348		0.0
STONE, CLAY, AND GLASS PRODUCTS				31,428		0.4
TEXTILE MILL PRODUCTS				718		0.0
TRANSPORTATION BY AIR				19,122		0.2

60   2010 Semiannual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued
CREF SOCIAL CHOICE ACCOUNT § JUNE 30, 2010

Shares		Company		Value (000)			% of net assets
TRANSPORTATION EQUIPMENT				$	108,281			1.2	%
TRANSPORTATION SERVICES					27,220			0.3
TRUCKING AND WAREHOUSING
	592,394	United Parcel Service, Inc (Class B)			33,702			0.4
		Other			10,777			0.1
					44,479			0.5
WATER TRANSPORTATION					6,245			0.1
WHOLESALE TRADE-DURABLE GOODS					52,348			0.6
WHOLESALE TRADE-NONDURABLE GOODS					42,722			0.5
		TOTAL COMMON STOCKS	(Cost $4,973,362)		5,064,389			58.0
PREFERRED STOCKS
AGENCY SECURITIES					331			0.0
		TOTAL PREFERRED STOCKS	(Cost $24,353)		331			0.0
RIGHTS / WARRANTS
DEPOSITORY INSTITUTIONS					0	^		0.0
ELECTRIC, GAS, AND SANITARY SERVICES					216			0.0
INDUSTRIAL MACHINERY AND EQUIPMENT					9			0.0
PRIMARY METAL INDUSTRIES					70			0.0
		TOTAL RIGHTS / WARRANTS	(Cost $223)		295			0.0

Principal		Issuer
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
$	56,800,000	Federal Home Loan Bank (FHLB)	07/09/10	56,798	0.7
	194,967,000	FHLB	07/02/10–08/24/10	194,941	2.2
	28,567,000	Federal National Mortgage Association (FNMA)	09/01/10	28,562	0.3
		Other		92,419	1.1
				372,720	4.3
U.S. TREASURY BILLS
	31,500,000	United States Cash Management Bill	07/15/10	31,498	0.4
	33,800,000	United States Treasury Bill	07/29/10	33,796	0.4
	38,000,000	United States Treasury Bill	08/05/10	37,994	0.4
	40,000,000	United States Treasury Bill	09/23/10	39,985	0.4
		Other		49,287	0.6
				192,560	2.2

See notes to financial statements College Retirement Equities Fund § 2010 Semiannual Report   61

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	concluded
CREF SOCIAL CHOICE ACCOUNT § JUNE 30, 2010

	Principal	Issuer		Value (000)			% of net assets
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES				$	66,891			0.7	%
U.S. TREASURY BILLS
$	46,000,000	United States Treasury Bill	10/21/10		45,978			0.5
		Other			59,775			0.7
					105,753			1.2
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED					172,644			1.9
		TOTAL SHORT-TERM INVESTMENTS	(Cost $737,894)		737,924			8.4
		TOTAL PORTFOLIO	(Cost $9,210,594)		9,423,379			107.7
		OTHER ASSETS & LIABILITIES, NET			(675,268	)		(7.7	)
		NET ASSETS		$	8,748,111			100.0	%

*	Non-income producing.
^	Amount represents less than $1,000.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.

Cost amounts are in thousands.

For ease of presentation, a number of industry classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Account uses more specific industry categories in following its investment limitations on industry concentrations.

62   2010 Semiannual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

CREF MONEY MARKET ACCOUNT § JUNE 30, 2010

	Principal	Issuer			Value (000)		% of net assets
SHORT-TERM INVESTMENTS
BANKERS’ ACCEPTANCES					$	30,951		0.2	%
CERTIFICATE OF DEPOSIT
$	177,500,000	Bank of Montreal	0.260%—0.330%, 07/06/10–07/23/10			177,500		1.4
	214,170,000	Bank of Nova Scotia	0.290%–0.570%, 07/22/10–10/01/10			214,170		1.7
	235,770,000	Toronto-Dominion Bank	0.250%–0.450% 07/08/10–09/10/10			235,770		1.8
		Other				484,040		3.8
						1,111,480		8.7
COMMERCIAL PAPER
	135,172,000	American Honda Finance Corp		07/19/10–09/22/10		135,112		1.1
	225,915,000	Coca-Cola Co		07/07/10–09/13/10		225,838		1.8
	157,585,000	Commonwealth Bank of Australia		07/06/10–09/29/10		157,431		1.2
	141,030,000	General Electric Capital Corp		07/19/10–08/27/10		140,986		1.1
	130,000,000	General Electric Co		08/31/10–09/23/10		129,916		1.0
	163,040,000	National Australia Funding (Delaware)		08/17/10–09/16/10		162,931		1.3
	320,065,000	Nestle Capital Corp		07/12/10–11/29/10		319,868		2.5
	278,396,000	Old Line Funding LLC		07/09/10–09/09/10		278,289		2.2
	286,125,000	Private Export Funding Corp		07/06/10–09/14/10		286,050		2.3
	64,535,000	Procter & Gamble International Funding S.C.A		07/15/10		64,531		0.5
	159,435,000	Procter & Gamble International Funding S.C.A		07/02/10–07/22/10		159,426		1.3
	167,000,000	Province of Ontario Canada		07/08/10–09/20/10		166,958		1.3
	67,690,000	Rabobank USA Financial Corp		07/06/10		67,689		0.5
	68,000,000	Rabobank USA Financial Corp		07/01/10–07/29/10		67,997		0.5
	180,228,000	Sheffield Receivables Corp		07/14/10–09/14/10		180,154		1.4
	377,487,000	Straight-A Funding LLC		07/01/10–09/21/10		377,313		3.0
	143,665,000	US Bank NA		07/01/10–08/10/10		143,641		1.1
		Other				913,012		7.1
						3,977,142		31.2
INTEREST BEARING SHORT TERM						23,415		0.2
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
	98,170,000	Federal Home Loan Bank (FHLB)		07/02/10		98,169		0.8
	72,500,000	FHLB		07/14/10		72,495		0.6
	140,000,000	FHLB		07/16/10		139,989		1.1
	143,414,000	FHLB		07/21/10		143,399		1.1
	92,739,000	FHLB		07/23/10		92,728		0.7
	105,405,000	FHLB		07/28/10		105,390		0.8
	80,000,000	FHLB		07/30/10		79,988		0.6
	144,553,000	FHLB		08/04/10		144,529		1.1
	71,460,000	FHLB		08/27/10		71,439		0.6
	89,306,000	FHLB		09/10/10		89,280		0.7
	119,955,000	FHLB		09/15/10		119,903		0.9
	78,788,000	FHLB		09/17/10		78,755		0.6
	85,000,000	FHLB		09/24/10		84,966		0.7
	401,133,000	FHLB		07/01/10–12/20/10		401,021		3.1

See notes to financial statements College Retirement Equities Fund § 2010 Semiannual Report   63

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued
CREF MONEY MARKET ACCOUNT § JUNE 30, 2010

	Principal		Issuer			Value (000)		% of net assets
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES—continued
$	61,020,000		Federal Home Loan Mortgage Corp (FHLMC)		07/06/10	$	61,018		0.5	%
	61,400,000		FHLMC		07/19/10		61,394		0.5
	98,894,000		FHLMC		08/03/10		98,876		0.8
	95,667,000		FHLMC		08/16/10		95,643		0.8
	100,000,000		FHLMC		08/30/10		99,963		0.8
	77,380,000		FHLMC		09/01/10		77,352		0.6
	121,774,000		FHLMC		09/07/10		121,730		1.0
	153,510,000		FHLMC		09/08/10		153,446		1.2
	101,497,000		FHLMC		09/13/10		101,457		0.8
	89,410,000		FHLMC		09/20/10		89,377		0.7
	86,076,000		FHLMC		09/28/10		86,036		0.7
	93,268,000		FHLMC		10/26/10		93,189		0.7
	993,931,000		FHLMC		07/07/10–05/02/11		993,500		7.8
	101,750,000		Federal National Mortgage Association (FNMA)		07/07/10		101,747		0.8
	111,200,000		FNMA		07/14/10		111,193		0.9
	66,285,000		FNMA		08/11/10		66,269		0.5
	84,500,000		FNMA		08/16/10		84,476		0.7
	99,319,000		FNMA		08/18/10		99,293		0.8
	132,171,000		FNMA		09/22/10		132,103		1.0
	80,935,000		FNMA		09/29/10		80,880		0.6
	83,585,000		FNMA		12/01/10		83,436		0.7
	703,405,000		FNMA		07/06/10–05/02/11		702,867		5.5
			Other				5,000		0.0
							5,322,296		41.8
U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES
	130,000,000		Federal Farm Credit Bank (FFCB)	0.250%–0.400%, 05/16/11–07/15/11			129,971		1.0
	90,000,000	i	Federal Home Loan Bank (FHLB)		0.300%, 05/26/11		90,000		0.7
	90,000,000	i	FHLB		0.350%, 06/01/11		90,017		0.7
	120,000,000	i	FHLB		0.250%, 07/11/11		119,974		1.0
	53,445,000		FHLB	0.200%–1.060%, 07/13/10–05/26/11			53,387		0.4
							483,349		3.8
U.S. TREASURY SECURITIES
	64,215,000		United States Cash Management Bill		07/15/10		64,211		0.5
	100,000,000		United States Treasury Bill		07/08/10		99,997		0.8
	72,700,000		United States Treasury Bill		07/29/10		72,691		0.6
	125,780,000		United States Treasury Bill		08/19/10		125,754		1.0
	109,815,000		United States Treasury Bill		08/26/10		109,782		0.9
	144,430,000		United States Treasury Bill		09/02/10		144,384		1.1
	70,000,000		United States Treasury Bill		09/09/10		69,971		0.5
	108,695,000		United States Treasury Bill		09/16/10		108,657		0.8
	74,030,000		United States Treasury Bill		09/23/10		74,005		0.6
	69,135,000		United States Treasury Bill		09/30/10		69,103		0.5
	109,505,000		United States Treasury Bill		11/18/10		109,414		0.9
	378,665,000		United States Treasury Bill		07/01/10–11/26/10		378,491		3.0

64   2010 Semiannual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	concluded
CREF MONEY MARKET ACCOUNT § JUNE 30, 2010

	Principal	Issuer			Value (000)		% of net assets
U.S. TREASURY SECURITIES—continued
$	117,475,000	United States Treasury Note		1.250% 11/30/10	$	117,935		0.9	%
	151,105,000	United States Treasury Note	0.880%–2.750%, 07/31/10–02/28/11			151,549		1.2
						1,695,944		13.3
VARIABLE NOTES						95,000		0.8
		TOTAL SHORT-TERM INVESTMENTS		(Cost $12,739,577)		12,739,577		100.0
		TOTAL PORTFOLIO		(Cost $12,739,577)		12,739,577		100.0
		OTHER ASSETS & LIABILITIES, NET				1,336		0.0
		NET ASSETS			$	12,740,913		100.0	%

i Floating or variable rate security. Coupon rate reflects the rate at period end.

Cost amounts are in thousands.

For ease of presentation, a number of industry classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Account uses more specific industry categories in following its investment limitations on industry concentrations.

See notes to financial statements College Retirement Equities Fund § 2010 Semiannual Report   65

STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)

COLLEGE RETIREMENT EQUITIES FUND § JUNE 30, 2010

(amounts in thousands, except accumulation unit value)		Stock Account		Global Equities Account		Growth Account		Equity Index Account		Bond Market Account		Inflation- Linked Bond Account		Social Choice Account		Money Market Account
ASSETS
Portfolio investments, at value:
Unaffiliated issuers*†		$	94,205,812	$	12,643,299	$	10,802,624	$	8,893,778	$	13,564,272	$	8,104,169	$	9,423,379	$	12,739,577
Affiliated issuers‡			259,099		—		—		—		5,117		—		—		—
Total portfolio investments, at value		$	94,464,911	$	12,643,299	$	10,802,624	$	8,893,778	$	13,569,389	$	8,104,169	$	9,423,379	$	12,739,577
Cash			341		1,785		111		184		36,030		211		10,388		9
Cash — foreign^			82,974		22,210		173		—		—		—		1,810		—
Dividends and interest receivable			159,910		27,108		11,618		11,815		81,078		63,993		36,410		2,460
Receivable from securities transactions			701,246		69,762		170,749		69,517		903,819		10,018		272,105		—
Due from affiliates			16,851		3,338		2,502		1,710		15,012		5,927		5,470		—
Receivable for variation margin on open future contracts			—		—		6		—		—		—		—		—
Other			1,286		549		1,685		518		475		505		663		573
Total assets			95,427,519		12,768,051		10,989,468		8,977,522		14,605,803		8,184,823		9,750,225		12,742,619
LIABILITIES
Payable for collateral for securities loaned			5,519,777		738,651		—		—		—		—		172,647		—
Payable for securities transactions			687,545		85,129		97,417		—		2,868,010		—		828,853		—
Due to affiliates			975		137		117		88		121		85		88		92
Accumulation withdrawals payable			—		—		—		—		—		—		—		1,000
Payable for variation margin on open future contracts			—		—		—		94		—		—		—		—
Other			3,148		1,498		644		555		591		505		526		614
Total liabilities			6,211,445		825,415		98,178		737		2,868,722		590		1,002,114		1,706
NET ASSETS:
Accumulation Fund		$	79,097,538	$	11,692,851	$	10,737,706	$	8,815,032	$	11,505,291	$	7,965,260	$	8,511,360	$	12,494,923
Annuity Funds			10,118,536		249,785		153,584		161,753		231,790		218,973		236,751		245,990
Total net assets		$	89,216,074	$	11,942,636	$	10,891,290	$	8,976,785	$	11,737,081	$	8,184,233	$	8,748,111	$	12,740,913
Accumulation units outstanding			411,210		152,389		188,298		117,971		119,820		137,669		70,397		489,363
Accumulation unit value		$	192.35	$	76.73	$	57.02	$	74.72	$	96.02	$	57.86	$	120.91	$	25.53
*	Includes securities loaned of:	$	5,269,519	$	703,575	$	—	$	—	$	—	$	—	$	166,123	$	—
†	Portfolio investments; unaffiliated issuers cost:	$	96,516,714	$	13,224,863	$	10,744,408	$	8,843,274	$	13,142,633	$	7,586,110	$	9,210,594	$	12,739,577
‡	Portfolio investments; affiliated issuers cost:	$	276,382	$	—	$	—	$	—	$	5,122	$	—	$	—	$	—
^	Foreign cash, cost:	$	82,815	$	22,349	$	173	$	—	$	—	$	—	$	1,806	$	—

66   2010 Semiannual Report § College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund § 2010 Semiannual Report   67

STATEMENTS OF OPERATIONS (UNAUDITED)

COLLEGE RETIREMENT EQUITIES FUND § FOR THE PERIOD ENDED JUNE 30, 2010

(amounts in thousands)		Stock Account			Global Equities Account			Growth Account			Equity Index Account			Bond Market Account		Inflation- Linked Bond Account		Social Choice Account			Money Market Account
INVESTMENT INCOME
Interest		$	255		$	51		$	103		$	13		$	213,510	$	131,210	$	69,381		$	15,358
Dividends:
Unaffiliated issuers*			1,061,584			161,540			83,641			89,126			—		—		60,044			—
Affiliated issuers†			653			—			—			—			199		—		—			—
Income from securities lending			36,352			5,644			—			—			—		—		463			—
Other			—			—			—			—			171		—		12			—
Total income			1,098,844			167,235			83,744			89,139			213,880		131,210		129,900			15,358
EXPENSES
Administrative			123,876			16,726			15,131			12,221			13,902		9,942		11,244			16,298
Distribution			38,337			5,182			4,678			3,772			4,284		3,076		3,476			5,065
Investment advisory			56,841			9,795			6,799			3,170			4,919		3,545		3,833			3,663
Mortality and expense risk charges			2,442			330			299			241			274		196		222			322
Total expenses			221,496			32,033			26,907			19,404			23,379		16,759		18,775			25,348
Less: Expenses withheld by TIAA			—			—			—			—			—		—		—			10,208
Net expenses			221,496			32,033			26,907			19,404			23,379		16,759		18,775			15,140
Net investment income (loss)			877,348			135,202			56,837			69,735			190,501		114,451		111,125			218
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments:
Unaffiliated issuers			1,303,006			(96,885	)		224,948			59,764			128,486		9,723		68,207			—
Affiliated issuers			(18,102	)		—			—			—			—		—		—			—
Futures transactions			—			—			(1,196	)		(1,150	)		—		—		—			—
Foreign currency transactions			(13,988	)		(2,115	)		(25	)		—			—		—		(77	)		—
Net realized gain (loss) on total investments			1,270,916			(99,000	)		223,727			58,614			128,486		9,723		68,130			—
Change in unrealized appreciation (depreciation) on:
Portfolio investments:
Unaffiliated issuers‡			(9,536,345	)		(1,387,515	)		(1,269,967	)		(733,276	)		239,970		204,571		(356,186	)		—
Affiliated issuers			11,917			—			—			—			4		—		—			—
Futures transactions			—			—			(1,324	)		(264	)		—		—		—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies			(114	)		(211	)		89			—			—		—		(122	)		—
Net change in unrealized appreciation (depreciation) on total investments			(9,524,542	)		(1,387,726	)		(1,271,202	)		(733,540	)		239,974		204,571		(356,308	)		—
Net realized and unrealized gain (loss) on total investments			(8,253,626	)		(1,486,726	)		(1,047,475	)		(674,926	)		368,460		214,294		(288,178	)		—
Net increase (decrease) in net assets resulting from operations		$	(7,376,278	)	$	(1,351,524	)	$	(990,638	)	$	(605,191	)	$	558,961	$	328,745	$	(177,053	)	$	218
*	Net of foreign withholding taxes of unaffiliated issuers:	$	(48,586	)	$	(10,808	)	$	(785	)	$	—		$	—	$	—	$	(2,066	)	$	—
†	Net of foreign withholding taxes of affiliated issuers:	$	(6	)	$	—		$	—		$	—		$	—	$	—	$	—		$	—
‡	Includes net change in unrealized foreign capital gains taxes of:	$	(1,794	)	$	(851	)	$	—		$	—		$	—	$	—	$	—		$	—

68   2010 Semiannual Report § College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund § 2010 Semiannual Report   69

STATEMENTS OF CHANGES IN NET ASSETS

COLLEGE RETIREMENT EQUITIES FUND § FOR THE PERIOD OR YEAR ENDED

	Stock Account						Global Equities Account						Growth Account
(amounts in thousands except accumulation units)	June 30, 2010			December 31, 2009			June 30, 2010			December 31, 2009			June 30, 2010			December 31, 2009
	(unaudited)						(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)	$	877,348		$	1,624,366		$	135,202		$	228,323		$	56,837		$	110,493
Net realized gain (loss) on total investments		1,270,916			(13,564,620	)		(99,000	)		(1,734,358	)		223,727			(1,127,051	)
Net change in unrealized appreciation (depreciation) on total investments		(9,524,542	)		35,861,370			(1,387,726	)		4,735,406			(1,271,202	)		4,163,855
Net increase (decrease) from operations		(7,376,278	)		23,921,116			(1,351,524	)		3,229,371			(990,638	)		3,147,297
FROM PARTICIPANT TRANSACTIONS
Premiums		3,257,866			5,088,775			661,328			1,235,760			587,624			1,148,971
Net transfers between CREF Accounts		(531,241	)		(698,998	)		(208,335	)		182,259			(160,939	)		169,020
Annuity payments		(635,067	)		(1,204,187	)		(22,287	)		(31,856	)		(12,432	)		(18,118	)
Withdrawals and death benefits		(4,008,470	)		(5,102,471	)		(626,755	)		(777,305	)		(545,243	)		(656,604	)
Net increase (decrease) from participant transactions		(1,916,912	)		(1,916,881	)		(196,049	)		608,858			(130,990	)		643,269
Net increase (decrease) in net assets		(9,293,190	)		22,004,235			(1,547,573	)		3,838,229			(1,121,628	)		3,790,566
NET ASSETS
Beginning of period		98,509,264			76,505,029			13,490,209			9,651,980			12,012,918			8,222,352
End of period	$	89,216,074		$	98,509,264		$	11,942,636		$	13,490,209		$	10,891,290		$	12,012,918
ACCUMULATION UNITS:
Units purchased		15,571,897			30,287,257			7,880,309			19,589,442			9,410,987			22,787,063
Units sold/transferred		(22,800,483	)		(36,208,604	)		(10,203,114	)		(11,699,295	)		(11,496,739	)		(10,174,085	)
Outstanding:
Beginning of period		418,438,767			424,360,114			154,711,659			146,821,512			190,383,385			177,770,407
End of period		411,210,181			418,438,767			152,388,854			154,711,659			188,297,633			190,383,385

70   2010 Semiannual Report § College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund § 2010 Semiannual Report    71

STATEMENTS OF CHANGES IN NET ASSETS	continued
COLLEGE RETIREMENT EQUITIES FUND § FOR THE PERIOD OR YEAR ENDED

	Equity Index Account						Bond Market Account						Inflation-Linked Bond Account
(amounts in thousands except accumulation units)	June 30, 2010			December 31, 2009			June 30, 2010			December 31, 2009			June 30, 2010			December 31, 2009
	(unaudited)						(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)	$	69,735		$	138,750		$	190,501		$	371,236		$	114,451		$	93,300
Net realized gain (loss) on total investments		58,614			(177,347	)		128,486			17,811			9,723			(9,707	)
Net change in unrealized appreciation (depreciation) on total investments		(733,540	)		2,089,065			239,974			258,450			204,571			528,299
Net increase (decrease) from operations		(605,191	)		2,050,468			558,961			647,497			328,745			611,892
FROM PARTICIPANT TRANSACTIONS
Premiums		543,032			941,500			732,175			1,255,544			589,838			1,098,827
Net transfers between CREF Accounts		98,177			(89,548	)		605,294			788,667			207,521			677,665
Annuity payments		(14,526	)		(21,174	)		(26,901	)		(39,098	)		(23,783	)		(33,076	)
Withdrawals and death benefits		(471,027	)		(628,539	)		(644,291	)		(851,997	)		(583,088	)		(750,631	)
Net increase (decrease) from participant transactions		155,656			202,239			666,277			1,153,116			190,488			992,785
Net increase (decrease) in net assets		(449,535	)		2,252,707			1,225,238			1,800,613			519,233			1,604,677
NET ASSETS
Beginning of period		9,426,320			7,173,613			10,511,843			8,711,230			7,665,000			6,060,323
End of period	$	8,976,785		$	9,426,320		$	11,737,081		$	10,511,843		$	8,184,233		$	7,665,000
ACCUMULATION UNITS:
Units purchased		6,801,392			14,370,656			7,792,481			14,138,124			10,695,747			20,305,060
Units sold/transferred		(4,986,581	)		(11,042,114	)		(741,125	)		(1,217,090	)		(7,311,818	)		(1,948,960	)
Outstanding:
Beginning of period		116,156,164			112,827,622			112,768,626			99,847,592			134,285,421			115,929,321
End of period		117,970,975			116,156,164			119,819,982			112,768,626			137,669,350			134,285,421

72   2010 Semiannual Report § College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund § 2010 Semiannual Report    73

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

	Social Choice Account						Money Market Account
(amounts in thousands except accumulation units)	June 30, 2010			December 31, 2009			June 30, 2010			December 31, 2009
	(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)	$	111,125		$	209,210		$	218		$	34,229
Net realized gain (loss) on total investments		68,130			(189,815	)		—			5
Net change in unrealized appreciation (depreciation) on total investments		(356,308	)		1,537,010			—			(17,004	)
Net increase (decrease) from operations		(177,053	)		1,556,405			218			17,230
FROM PARTICIPANT TRANSACTIONS
Premiums		451,988			693,959			1,682,779			3,721,036
Net transfers between CREF Accounts		128,841			4,650			(139,318	)		(1,033,715	)
Annuity payments		(16,944	)		(26,213	)		(33,006	)		(146,389	)
Withdrawals and death benefits		(312,023	)		(446,056	)		(2,097,209	)		(4,363,720	)
Net increase (decrease) from participant transactions		251,862			226,340			(586,754	)		(1,822,788	)
Net increase (decrease) in net assets		74,809			1,782,745			(586,536	)		(1,805,558	)
NET ASSETS
Beginning of period		8,673,302			6,890,557			13,327,449			15,133,007
End of period	$	8,748,111		$	8,673,302		$	12,740,913		$	13,327,449
ACCUMULATION UNITS:
Units purchased		3,673,171			6,596,009			65,898,896			145,553,247
Units sold/transferred		(1,660,552	)		(4,580,586	)		(88,415,554	)		(215,785,416	)
Outstanding:
Beginning of period		68,384,656			66,369,233			511,879,966			582,112,135
End of period		70,397,275			68,384,656			489,363,308			511,879,966

74   2010 Semiannual Report § College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund § 2010 Semiannual Report   75

FINANCIAL HIGHLIGHTS

COLLEGE RETIREMENT EQUITIES FUND § FOR THE PERIOD OR YEAR ENDED

	Stock Account
	6/30/10			12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
	(unaudited)
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	2.344		$	4.251		$	5.339		$	4.754		$	4.329		$	3.819
Expenses (a)		0.473			0.849			1.113			0.992			1.095			0.901
Net investment income (loss) (a)		1.871			3.402			4.226			3.762			3.234			2.918
Net realized and unrealized gain (loss) on total investments		(17.772	)		47.129			(107.993	)		15.589			32.372			11.478
Net change in accumulation unit value		(15.901	)		50.531			(103.767	)		19.351			35.606			14.396
Accumulation unit value:
Beginning of period		208.254			157.723			261.490			242.139			206.533			192.137
End of period	$	192.353		$	208.254		$	157.723		$	261.490		$	242.139		$	206.533
TOTAL RETURN*		(7.64	)%(b)		32.04	%		(39.68	)%		7.99	%		17.24	%		7.49	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.45	%(c)		0.49	%		0.64	%		0.52	%		0.49	%		0.46	%
Net investment income (loss)		1.80	%(c)		1.97	%		1.95	%		1.44	%		1.44	%		1.49	%
SUPPLEMENTAL DATA
Portfolio turnover rate		34	%(b)		58	%		53	%		49	%		51	%		58	%
Accumulation units outstanding at the end of period†		411			418			424			448			469			484
Accumulation fund net assets†	$	79,098		$	87,141		$	66,931		$	117,078		$	113,675		$	99,968
Net assets at the end of period†	$	89,216		$	98,509		$	76,505		$	134,560		$	131,097		$	115,864

*	Based on per accumulation unit data.
(a)	Based on average units outstanding.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods of less than one year.
†	Millions

76   2010 Semiannual Report § College Retirement Equities Fund See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
COLLEGE RETIREMENT EQUITIES FUND § FOR THE PERIOD OR YEAR ENDED

	Global Equities Account
	6/30/10			12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
	(unaudited)
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	1.062		$	1.862		$	2.587		$	2.069		$	1.716		$	1.641
Expenses (a)		0.203			0.374			0.462			0.409			0.481			0.397
Net investment income (loss) (a)		0.859			1.488			2.125			1.660			1.235			1.244
Net realized and unrealized gain (loss) on total investments		(9.482	)		19.648			(49.181	)		8.522			14.969			6.205
Net change in accumulation unit value		(8.623	)		21.136			(47.056	)		10.182			16.204			7.449
Accumulation unit value:
Beginning of period		85.353			64.217			111.273			101.091			84.887			77.438
End of period	$	76.730		$	85.353		$	64.217		$	111.273		$	101.091		$	84.887
TOTAL RETURN*		(10.10	)%(b)		32.91	%		(42.29	)%		10.07	%		19.09	%		9.62	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.49	%(c)		0.53	%		0.68	%		0.56	%		0.52	%		0.50	%
Net investment income (loss)		2.05	%(c)		2.11	%		2.34	%		1.53	%		1.35	%		1.57	%
SUPPLEMENTAL DATA
Portfolio turnover rate		35	%(b)		59	%		76	%		108	%		137	%		137	%
Accumulation units outstanding at the end of period†		152			155			147			153			151			139
Accumulation fund net assets†	$	11,693		$	13,205		$	9,429		$	17,039		$	15,293		$	11,803
Net assets at the end of period†	$	11,943		$	13,490		$	9,652		$	17,461		$	15,674		$	12,101

*	Based on per accumulation unit data.
(a)	Based on average units outstanding.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods of less than one year.
†	Millions

See notes to financial statements College Retirement Equities Fund § 2010 Semiannual Report   77

FINANCIAL HIGHLIGHTS	continued
COLLEGE RETIREMENT EQUITIES FUND § FOR THE PERIOD OR YEAR ENDED

	Growth Account
	6/30/10			12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
	(unaudited)
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	0.435		$	0.836		$	0.740		$	0.694		$	0.625		$	0.520
Expenses (a)		0.140			0.249			0.316			0.272			0.321			0.291
Net investment income (loss) (a)		0.295			0.587			0.424			0.422			0.304			0.229
Net realized and unrealized gain (loss) on total investments		(5.469	)		16.058			(30.509	)		10.416			3.066			2.935
Net change in accumulation unit value		(5.174	)		16.645			(30.085	)		10.838			3.370			3.164
Accumulation unit value:
Beginning of period		62.198			45.553			75.638			64.800			61.430			58.266
End of period	$	57.024		$	62.198		$	45.553		$	75.638		$	64.800		$	61.430
TOTAL RETURN*		(8.32	)%(b)		36.54	%		(39.78	)%		16.73	%		5.49	%		5.43	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.45	%(c)		0.48	%		0.69	%		0.55	%		0.52	%		0.50	%
Net investment income (loss)		0.95	%(c)		1.14	%		0.68	%		0.60	%		0.49	%		0.39	%
SUPPLEMENTAL DATA
Portfolio turnover rate		42	%(b)		81	%		82	%		127	%		109	%		87	%
Accumulation units outstanding at the end of period†		188			190			178			181			182			194
Accumulation fund net assets†	$	10,738		$	11,842		$	8,098		$	13,666		$	11,780		$	11,918
Net assets at the end of period†	$	10,891		$	12,013		$	8,222		$	13,883		$	11,985		$	12,128

*	Based on per accumulation unit data.
(a)	Based on average units outstanding.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods of less than one year.
†	Millions

78   2010 Semiannual Report § College Retirement Equities Fund See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
COLLEGE RETIREMENT EQUITIES FUND § FOR THE PERIOD OR YEAR ENDED

	Equity Index Account
	6/30/10			12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
	(unaudited)
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	0.747		$	1.470		$	1.823		$	1.806		$	1.636		$	1.441
Expenses (a)		0.163			0.288			0.429			0.383			0.385			0.325
Net investment income (loss) (a)		0.584			1.182			1.394			1.423			1.251			1.116
Net realized and unrealized gain (loss) on total investments		(5.526	)		16.176			(38.771	)		3.050			11.332			3.320
Net change in accumulation unit value		(4.942	)		17.358			(37.377	)		4.473			12.583			4.436
Accumulation unit value:
Beginning of period		79.664			62.306			99.683			95.210			82.627			78.191
End of period	$	74.722		$	79.664		$	62.306		$	99.683		$	95.210		$	82.627
TOTAL RETURN*		(6.20	)%(b)		27.86	%		(37.50	)%		4.70	%		15.23	%		5.67	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.40	%(c)		0.43	%		0.59	%		0.47	%		0.43	%		0.41	%
Net investment income (loss)		1.45	%(c)		1.77	%		1.67	%		1.39	%		1.39	%		1.40	%
SUPPLEMENTAL DATA
Portfolio turnover rate		6	%(b)		5	%		7	%		9	%		10	%		7	%
Accumulation units outstanding at the end of period†		118			116			113			113			116			117
Accumulation fund net assets†	$	8,815		$	9,253		$	7,030		$	11,225		$	11,033		$	9,658
Net assets at the end of period†	$	8,977		$	9,426		$	7,174		$	11,474		$	11,283		$	9,877

*	Based on per accumulation unit data.
(a)	Based on average units outstanding.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods of less than one year.
†	Millions

See notes to financial statements College Retirement Equities Fund § 2010 Semiannual Report   79

FINANCIAL HIGHLIGHTS	continued
COLLEGE RETIREMENT EQUITIES FUND § FOR THE PERIOD OR YEAR ENDED

	Bond Market Account
	6/30/10			12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
	(unaudited)
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	1.807		$	3.818		$	4.241		$	4.260		$	3.990		$	3.437
Expenses (a)		0.198			0.399			0.416			0.315			0.373			0.342
Net investment income (loss) (a)		1.609			3.419			3.825			3.945			3.617			3.095
Net realized and unrealized gain (loss) on total investments		3.105			2.556			(2.777	)		0.806			(0.467	)		(1.414	)
Net change in accumulation unit value		4.714			5.975			1.048			4.751			3.150			1.681
Accumulation unit value:
Beginning of period		91.306			85.331			84.283			79.532			76.382			74.701
End of period	$	96.020		$	91.306		$	85.331		$	84.283		$	79.532		$	76.382
TOTAL RETURN*		5.16	%(b)		7.00	%		1.24	%		5.97	%		4.12	%		2.25	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.43	%(c)		0.45	%		0.61	%		0.51	%		0.48	%		0.45	%
Net investment income (loss)		3.47	%(c)		3.88	%		4.53	%		4.86	%		4.69	%		4.09	%
SUPPLEMENTAL DATA
Portfolio turnover rate		109	%(b)(d)		185	%(d)		125	%		174	%		219	%		275	%
Accumulation units outstanding at the end of period†		120			113			100			89			78			74
Accumulation fund net assets†	$	11,505		$	10,296		$	8,520		$	7,494		$	6,219		$	5,627
Net assets at the end of period†	$	11,737		$	10,512		$	8,711		$	7,680		$	6,395		$	5,797

*	Based on per accumulation unit data.
(a)	Based on average units outstanding.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods of less than one year.
(d)	The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ending June 30, 2010 and December 31, 2009 were 35% and 96%, respectively.
†	Millions

80   2010 Semiannual Report § College Retirement Equities Fund See notes to financial statements

FINANCIAL HIGHLIGHTS	continued
COLLEGE RETIREMENT EQUITIES FUND § FOR THE PERIOD OR YEAR ENDED

	Inflation-Linked Bond Account
	6/30/10			12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
	(unaudited)
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	0.934		$	0.974		$	2.700		$	2.618		$	1.560		$	2.657
Expenses (a)		0.119			0.241			0.249			0.186			0.228			0.194
Net investment income (loss) (a)		0.815			0.733			2.451			2.432			1.332			2.463
Net realized and unrealized gain (loss) on total investments		1.544			4.119			(3.367	)		2.695			(1.339	)		(1.316	)
Net change in accumulation unit value		2.359			4.852			(0.916	)		5.127			(0.007	)		1.147
Accumulation unit value:
Beginning of period		55.499			50.647			51.563			46.436			46.443			45.296
End of period	$	57.858		$	55.499		$	50.647		$	51.563		$	46.436		$	46.443
TOTAL RETURN*		4.25	%(b)		9.58	%		(1.78	)%		11.04	%		(0.01	)%		(2.53	)%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.43	%(c)		0.45	%		0.58	%		0.50	%		0.49	%		0.43	%
Net investment income (loss)		2.91	%(c)		1.38	%		4.69	%		5.00	%		2.83	%		5.47	%
SUPPLEMENTAL DATA
Portfolio turnover rate		10	%(b)		11	%		19	%		13	%		23	%		24	%
Accumulation units outstanding at the end of period†		138			134			116			91			77			83
Accumulation fund net assets†	$	7,965		$	7,453		$	5,871		$	4,668		$	3,597		$	3,844
Net assets at the end of period†	$	8,184		$	7,665		$	6,060		$	4,830		$	3,744		$	4,000

*	Based on per accumulation unit data.
(a)	Based on average units outstanding.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods of less than one year.
†	Millions

See notes to financial statements College Retirement Equities Fund § 2010 Semiannual Report   81

FINANCIAL HIGHLIGHTS	continued
COLLEGE RETIREMENT EQUITIES FUND § FOR THE PERIOD OR YEAR ENDED

	Social Choice Account
	6/30/10			12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
	(unaudited)
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	1.822		$	3.517		$	4.191		$	4.165		$	3.687		$	2.987
Expenses (a)		0.264			0.488			0.600			0.492			0.535			0.465
Net investment income (loss) (a)		1.558			3.029			3.591			3.673			3.152			2.522
Net realized and unrealized gain (loss) on total investments		(3.930	)		19.530			(34.439	)		2.371			8.412			2.877
Net change in accumulation unit value		(2.372	)		22.559			(30.848	)		6.044			11.564			5.399
Accumulation unit value:
Beginning of period		123.277			100.718			131.566			125.522			113.958			108.559
End of period	$	120.905		$	123.277		$	100.718		$	131.566		$	125.522		$	113.958
TOTAL RETURN*		(1.93	)%(b)		22.41	%		(23.45	)%		4.81	%		10.15	%		4.97	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.42	%(c)		0.45	%		0.61	%		0.48	%		0.45	%		0.42	%
Net investment income (loss)		2.51	%(c)		2.81	%		3.02	%		2.81	%		2.65	%		2.29	%
SUPPLEMENTAL DATA
Portfolio turnover rate		47	%(b)(d)		85	%(d)		77	%		60	%		84	%		97	%
Accumulation units outstanding at the end of period†		70			68			66			68			67			66
Accumulation fund net assets†	$	8,511		$	8,430		$	6,685		$	8,917		$	8,458		$	7,539
Net assets at the end of period†	$	8,748		$	8,673		$	6,891		$	9,197		$	8,733		$	7,794

*	Based on per accumulation unit data.
(a)	Based on average units outstanding.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods of less than one year.
(d)	The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ending June 30, 2010 and December 31, 2009 were 19% and 49%, respectively.
†	Millions

82   2010 Semiannual Report § College Retirement Equities Fund See notes to financial statements

FINANCIAL HIGHLIGHTS	concluded
COLLEGE RETIREMENT EQUITIES FUND § FOR THE PERIOD OR YEAR ENDED

	Money Market Account
		6/30/10			12/31/09			12/31/08			12/31/07			12/31/06			12/31/05
	(unaudited)
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	0.030		$	0.164		$	0.700		$	1.258		$	1.169		$	0.726
Expenses (a)		0.030			0.104			0.124			0.092			0.098			0.090
Net investment income (loss) (a)		0.000			0.060			0.576			1.166			1.071			0.636
Net realized and unrealized gain (loss) on total investments		0.000			(0.031	)		0.032			(0.004	)		—			0.003
Net change in accumulation unit value		0.000			0.029			0.608			1.162			1.071			0.639
Accumulation unit value:
Beginning of period		25.533			25.504			24.896			23.734			22.663			22.024
End of period	$	25.533		$	25.533		$	25.504		$	24.896		$	23.734		$	22.663
TOTAL RETURN*		0.00	%(b)		0.11	%		2.44	%		4.90	%		4.73	%		2.90	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.39	%(c)		0.43	%		0.56	%		0.45	%		0.43	%		0.41	%
Net of TIAA withholding		0.24	%(c)		0.41	%		0.56	%		0.45	%		0.43	%		0.41	%
Net investment income (loss)		0.00	%(c)		0.21	%		2.25	%		4.79	%		4.64	%		2.86	%
SUPPLEMENTAL DATA
Accumulation units outstanding at the end of period†		489			512			582			469			393			317
Accumulation fund net assets†	$	12,495		$	13,070		$	14,846		$	11,670		$	9,327		$	7,176
Net assets at the end of period†	$	12,741		$	13,327		$	15,133		$	11,922		$	9,571		$	7,406

*	Based on per accumulation unit data.
(a)	Based on average units outstanding.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods of less than one year.
†	Millions

See notes to financial statements College Retirement Equities Fund § 2010 Semiannual Report   83

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

COLLEGE RETIREMENT EQUITIES FUND

Note 1—organization and significant accounting policies

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

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Accounts.

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

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

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

Accounting for investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded as earned and includes accretion of discounts and amortization of premiums using the effective yield method. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, as soon thereafter as the Accounts are informed of the ex-dividend date. Realized gains and losses on securities

842010 Semiannual Report § College Retirement Equities Fund

transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Accounts estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.

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

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

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

Repurchase agreements: The Accounts may enter into repurchase agreements with brokers. Repurchase agreements involve the purchase of securities from an institution, subject to the seller’s agreement to repurchase and the Accounts’ agreement to resell such securities at a mutually agreed-upon price. Pursuant to the terms of the repurchase agreement, securities purchased subject to repurchase agreements must have an aggregate market value greater than or equal to the agreed-upon repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the Accounts will require the seller to deposit additional collateral by the next business day. If a request for additional collateral is not met, or if the seller defaults on its repurchase obligation, the Accounts maintain the right to sell the underlying securities at market value and pursue a claim for any remaining loss against the seller.

Securities lending: The Accounts (excluding the Money Market Account) may lend portfolio securities to qualified financial institutions and brokers. By lending such securities, the Accounts attempt to increase their net investment income through

College Retirement Equities Fund §  2010 Semiannual Report    85

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

Lending Accounts’ securities exposes the Accounts to risks such as the following: (i) the borrower may fail to return the loaned securities; (ii) the borrower may not be able to provide additional collateral; (iii) the Accounts may experience delays in recovery of the loaned securities or delays in access to collateral; or (iv) the Accounts may experience losses relating to the reinvestment of cash collateral. To minimize certain of these risks, loan counterparties pledge cash collateral equal to at least 102% of the market value of the securities loaned for U.S. securities and 105% of the market value of the securities loaned for foreign securities. However, the securities on loan are subject to daily market fluctuations which may cause the loans to be under collateralized for a period of time. The cash collateral for the Stock and Global Equities Accounts is invested in individual securities selected by the lending agent, pursuant to investment restrictions defined by the investment adviser, TIAA-CREF Investment Management, LLC (“TCIM”). The cash collateral for the Social Choice Account is invested in short-term instruments by TCIM. The cash collateral for the Growth, Equity Index, Bond Market, and Inflation-Linked Bond Accounts is invested in the State Street Navigator Securities Lending Portfolio. As of June 30, 2010, there were no securities out on loan for the Growth, Equity Index, Bond Market, and Inflation-Linked Bond Accounts.

At June 30, 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 (amounts are in thousands):

Account	Market Value of Collateral		Amounts Owed to Lending Counterparties
Stock	$	5,506,335	$	5,519,777
Global Equities		736,308		738,651
Social Choice		172,647		172,647

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

86   2010 Semiannual Report § College Retirement Equities Fund

continued

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 the Account enters into such transactions, it is required to have segregated assets with a current value at least equal to the amount of its when-issued or delayed-delivery purchase commitments.

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

Restricted securities: Restricted securities held by the Accounts, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.

Income taxes: CREF is taxed as a life insurance company under Subchapter L of the Internal Revenue Code. CREF should incur no material federal income tax liability. Under the rules of taxation applicable to life insurance companies, CREF’s Accumulation and Annuity Funds for participants will generally be treated as life insurance reserves; therefore, any increase in such reserves will be deductible. Management has analyzed the Accounts’ tax positions taken for all open federal income tax years (2005-2009) and has concluded that no provision for federal income tax is required in the Accounts’ financial statements.

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

College Retirement Equities Fund § 2010 Semiannual Report   87

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Trustee compensation: The Board of Trustees (“Trustees”) of the Accounts, all of whom are independent, receive certain remuneration for their services, plus travel and other expenses incurred in attending Board meetings. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, Trustees participate in a long-term compensation plan. Amounts deferred are retained by the Accounts. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statements of Assets and Liabilities.

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:

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,

88   2010 Semiannual Report § College Retirement Equities Fund

continued

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 June 30, 2010, there were no significant transfers between levels by the Accounts.

As of June 30, 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 June 30, 2010 (amounts are in thousands):

College Retirement Equities Fund § 2010 Semiannual Report    89

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Account	Level 1		Level 2		Level 3		Total
Stock
Domestic Government Bonds	$	—	$	335	$	—	$	335
Domestic Corporate Bonds		—		62,247		—		62,247
Foreign Corporate Bonds—Holding and Other Investment Offices		—		864		—		864
Domestic Common Stocks**		62,523,599		—		11,204		62,534,803
Foreign Common Stocks
Agricultural Production-Crops		—		114		—		114
Agricultural Services		—		3,017		—		3,017
Amusement and Recreation Services		—		197,617		—		197,617
Apparel and Accessory Stores		—		175,291		—		175,291
Apparel and Other Textile Products		—		33,058		—		33,058
Auto Repair, Services and Parking		—		6,424		—		6,424
Automotive Dealers and Service Stations		—		22,700		—		22,700
Building Materials and Garden Supplies		—		26,193		—		26,193
Business Services		—		965,544		—		965,544
Chemicals and Allied Products		—		2,255,853		—		2,255,853
Coal Mining		—		197,806		—		197,806
Commercial Services and Supplies		—		1,051		—		1,051
Communications		—		1,385,294		—		1,385,294
Depository Institutions		—		3,578,173		—		3,578,173
Eating and Drinking Places		—		159,423		—		159,423
Educational Services		—		19,128		—		19,128
Electric, Gas, and Sanitary Services		—		1,133,728		—		1,133,728
Electronic and Other Electric Equipment		—		1,337,296		—		1,337,296
Engineering and Management Services		—		193,693		—		193,693
Environmental Quality and Housing		—		963		—		963
Fabricated Metal Products		—		73,624		—		73,624
Fisheries		—		4,568		—		4,568
Food and Kindred Products		—		1,126,460		—		1,126,460
Food Stores		—		277,035		—		277,035
Forestry		—		389		—		389
Furniture and Fixtures		—		6,299		—		6,299
Furniture and Home Furnishings Stores		—		46,605		—		46,605
General Building Contractors		—		223,004		—		223,004
General Merchandise Stores		—		206,686		—		206,686
Health Services		—		61,180		—		61,180
Heavy Construction, Except Building		—		197,486		—		197,486
Holding and Other Investment Offices		—		514,583		—		514,583
Hotels and Other Lodging Places		—		107,043		—		107,043
Industrial Machinery and Equipment		—		788,137		—		788,137
Instruments and Related Products		—		282,613		—		282,613
Insurance Agents, Brokers and Service		—		94,669		—		94,669
Insurance Carriers		—		837,668		—		837,668

90   2010 Semiannual Report § College Retirement Equities Fund

								continued
Account	Level 1		Level 2		Level 3		Total
Leather and Leather Products	$	—	$	81,728	$	—	$	81,728
Local and Interurban Passenger Transit		—		14,707		—		14,707
Lumber and Wood Products		—		12,569		—		12,569
Metal Mining		—		1,469,821		—		1,469,821
Miscellaneous Manufacturing Industries		—		81,279		—		81,279
Miscellaneous Repair Services		—		273		—		273
Miscellaneous Retail		—		165,462		—		165,462
Motion Pictures		—		17,271		—		17,271
Nondepository Institutions		—		403,026		—		403,026
Nonmetallic Minerals, Except Fuels		—		40,313		—		40,313
Oil and Gas Extraction		—		1,185,335		—		1,185,335
Paper and Allied Products		—		152,620		—		152,620
Personal Services		—		21,098		—		21,098
Petroleum and Coal Products		—		842,429		—		842,429
Pipelines, Except Natural Gas		—		44,616		—		44,616
Primary Metal Industries		—		420,001		—		420,001
Printing and Publishing		—		169,750		—		169,750
Railroad Transportation		—		182,084		—		182,084
Real Estate		—		476,421		—		476,421
Rubber and Miscellaneous Plastic Products		—		246,938		—		246,938
Security and Commodity Brokers		—		522,604		—		522,604
Social Services		—		2,735		—		2,735
Special Trade Contractors		—		23,150		—		23,150
Stone, Clay, and Glass Products		—		219,611		—		219,611
Textile Mill Products		—		53,995		—		53,995
Tobacco Products		—		202,384		—		202,384
Transportation By Air		—		153,399		—		153,399
Transportation Equipment		—		987,733		—		987,733
Transportation Services		—		65,591		—		65,591
Trucking and Warehousing		—		120,645		—		120,645
Water Transportation		—		93,990		—		93,990
Wholesale Trade-Durable Goods		—		672,147		—		672,147
Wholesale Trade-Nondurable Goods		—		510,168		—		510,168
Domestic Preferred Stocks		4,828		—		—		4,828
Foreign Preferred Stocks
Food and Kindred Products		—		26,463		—		26,463
Holding and Other Investment Offices		—		5,311		—		5,311
Security and Commodity Brokers		—		2,645		—		2,645
Rights / Warrants		3		1,501		—		1,504
Short-term Investments		—		5,629,603		—		5,629,603
Total	$	62,528,430	$	31,925,277	$	11,204	$	94,464,911
Global Equities
Foreign Common Stocks	$	—	$	5,727,958	$	—	$	5,727,958
Domestic Corporate Bonds—Transportation Equipment		—		45,588		—		45,588
Domestic Common Stocks**
Amusement and Recreation Services		30,049		—		—		30,049

College Retirement Equities Fund § 2010 Semiannual Report   91

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Account	Level 1		Level 2		Level 3		Total
Apparel and Accessory Stores	$	73,535	$	—	$	—	$	73,535
Apparel and Other Textile Products		15,533		—		—		15,533
Auto Repair, Services and Parking		1,700		—		—		1,700
Automotive Dealers and Service Stations		5,609		—		—		5,609
Building Materials and Garden Supplies		26,826		—		—		26,826
Business Services		442,741		—		—		442,741
Chemicals and Allied Products		672,491		—		—		672,491
Coal Mining		6,064		—		—		6,064
Communications		228,335		—		—		228,335
Depository Institutions		439,525		—		—		439,525
Eating and Drinking Places		65,257		—		—		65,257
Educational Services		4,416		—		—		4,416
Electric, Gas, and Sanitary Services		227,187		—		—		227,187
Electronic and Other Electric Equipment		559,907		—		—		559,907
Engineering and Management Services		36,806		—		—		36,806
Fabricated Metal Products		25,066		—		—		25,066
Food and Kindred Products		282,956		—		—		282,956
Food Stores		16,608		—		—		16,608
Forestry		2,420		—		—		2,420
Furniture and Fixtures		10,195		—		—		10,195
Furniture and Home Furnishings Stores		6,559		—		—		6,559
General Building Contractors		7,704		—		—		7,704
General Merchandise Stores		104,878		—		—		104,878
Health Services		74,447		—		—		74,447
Heavy Construction, Except Building		787		—		—		787
Holding and Other Investment Offices		368,856		—		—		368,856
Hotels and Other Lodging Places		20,930		—		—		20,930
Industrial Machinery and Equipment		338,498		—		—		338,498
Instruments and Related Products		168,583		—		—		168,583
Insurance Agents, Brokers and Service		12,611		—		—		12,611
Insurance Carriers		264,414		—		—		264,414
Leather and Leather Products		14,293		—		—		14,293
Legal Services		13		—		—		13
Metal Mining		48,148		—		—		48,148
Miscellaneous Manufacturing Industries		27,882		—		—		27,882
Miscellaneous Retail		78,248		—		—		78,248
Motion Pictures		53,845		—		—		53,845
Nondepository Institutions		52,438		—		—		52,438
Nonmetallic Minerals, Except Fuels		776		—		—		776
Oil and Gas Extraction		292,616		—		—		292,616
Paper and Allied Products		16,924		—		—		16,924
Personal Services		1,229		—		—		1,229
Petroleum and Coal Products		266,376		—		—		266,376
Pipelines, Except Natural Gas		4,929		—		—		4,929

92   2010 Semiannual Report § College Retirement Equities Fund

continued

Account		Level 1			Level 2		Level 3		Total
Primary Metal Industries	$	28,730		$	—	$	—	$	28,730
Printing and Publishing		6,644			—		—		6,644
Railroad Transportation		49,810			—		—		49,810
Real Estate		173			—		—		173
Rubber and Miscellaneous Plastic Products		14,314			—		—		14,314
Security and Commodity Brokers		154,404			—		—		154,404
Special Trade Contractors		608			—		—		608
Stone, Clay, and Glass Products		19,722			—		—		19,722
Textile Mill Products		366			—		—		366
Tobacco Products		75,155			—		—		75,155
Transportation By Air		10,811			—		—		10,811
Transportation Equipment		165,686			—		—		165,686
Transportation Services		15,973			—		—		15,973
Trucking and Warehousing		35,103			—		—		35,103
Water Transportation		6,091			—		—		6,091
Wholesale Trade-Durable Goods		8,632			—		—		8,632
Wholesale Trade-Nondurable Goods		34,232			—		—		34,232
Domestic Preferred Stocks Transportation Equipment		3,545			—		—		3,545
Rights		—			289		—		289
Warrants		—			175		—		175
Short-term Investments		—			840,080		—		840,080
Total	$	6,029,209		$	6,614,090	$	—	$	12,643,299
Growth
Domestic Common Stocks**	$	10,671,525		$	—	$	—	$	10,671,525
Foreign Common Stocks
Business Services		—			5,189		—		5,189
Chemicals and Allied Products		—			18,037		—		18,037
Food and Kindred Products		—			14,357		—		14,357
Hotels and Other Lodging Places		—			843		—		843
Metal Mining		—			9,321		—		9,321
Miscellaneous Retail		—			3,790		—		3,790
Oil and Gas Extraction		—			36,838		—		36,838
Primary Metal Industries		—			7,327		—		7,327
Short-term Investments		—			35,397		—	$	35,397
Futures*		(575	)		—		—		(575	)
Total	$	10,670,950		$	131,099	$	—	$	10,802,049
Equity Index
Domestic Common Stocks	$	8,882,879		$	—	$	—	$	8,882,879
Short-term Investments		—			10,899		—		10,899
Total	$	8,882,879		$	10,899	$	—	$	8,893,778

College Retirement Equities Fund § 2010 Semiannual Report   93

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Account		Level 1		Level 2		Level 3		Total
Bond Market
Bank Loan Obligations	$	—	$	17,188	$	—	$	17,188
Corporate Bonds		—		3,596,679		—		3,596,679
Government Bonds		—		7,188,097		—		7,188,097
Municipal Bonds		—		60,751		—		60,751
Structured Assets		—		713,301		—		713,301
Preferred Stocks		679		—		—		679
Investments in Registered Investment Companies		5,117		—		—		5,117
Short-term Investments		—		1,987,577		—		1,987,577
Total	$	5,796	$	13,563,593	$	—	$	13,569,389
Social Choice
Domestic Common Stocks**	$	3,985,324	$	—	$	—	$	3,985,324
Foreign Common Stocks
Apparel and Accessory Stores		—		10,460		—		10,460
Automotive Dealers and Service Stations		—		1,542		—		1,542
Building Materials and Garden Supplies		—		1,191		—		1,191
Business Services		—		23,746		—		23,746
Chemicals and Allied Products		—		138,261		—		138,261
Communications		—		59,995		—		59,995
Depository Institutions		—		154,667		—		154,667
Eating and Drinking Places		—		3,659		—		3,659
Educational Services		—		1,398		—		1,398
Electric, Gas, and Sanitary Services		—		67,172		—		67,172
Electronic and Other Electric Equipment		—		39,635		—		39,635
Engineering and Management Services		—		6,512		—		6,512
Fabricated Metal Products		—		4,782		—		4,782
Food and Kindred Products		—		26,438		—		26,438
Food Stores		—		25,143		—		25,143
General Building Contractors		—		13,624		—		13,624
General Merchandise Stores		—		11,098		—		11,098
Heavy Construction, Except Building		—		5,445		—		5,445
Holding and Other Investment Offices		—		1,907		—		1,907
Hotels and Other Lodging Places		—		6,590		—		6,590
Industrial Machinery and Equipment		—		34,128		—		34,128
Instruments and Related Products		—		11,256		—		11,256
Insurance Agents, Brokers and Service		—		3,926		—		3,926
Insurance Carriers		—		42,256		—		42,256
Local and Interurban Passenger Transit		—		1,464		—		1,464
Metal Mining		—		33,048		—		33,048
Miscellaneous Manufacturing Industries		—		1,260		—		1,260

94   2010 Semiannual Report § College Retirement Equities Fund

continued

Account		Level 1		Level 2		Level 3		Total
Miscellaneous Retail	$	—	$	8,089	$	—	$	8,089
Nonmetallic Minerals, Except Fuels		—		3,571		—		3,571
Oil and Gas Extraction		—		26,494		—		26,494
Paper and Allied Products		—		6,707		—		6,707
Petroleum and Coal Products		—		65,290		—		65,290
Pipelines, Except Natural Gas		—		5,743		—		5,743
Primary Metal Industries		—		22,026		—		22,026
Printing and Publishing		—		21,182		—		21,182
Railroad Transportation		—		11,362		—		11,362
Real Estate		—		24,450		—		24,450
Rubber and Miscellaneous Plastic Products		—		5,434		—		5,434
Security and Commodity Brokers		—		15,627		—		15,627
Stone, Clay, and Glass Products		—		15,613		—		15,613
Textile Mill Products		—		220		—		220
Transportation By Air		—		3,164		—		3,164
Transportation Equipment		—		48,979		—		48,979
Transportation Services		—		4,384		—		4,384
Trucking and Warehousing		—		10,528		—		10,528
Water Transportation		—		1,992		—		1,992
Wholesale Trade-Durable Goods		—		31,459		—		31,459
Wholesale Trade-Nondurable Goods		—		16,148		—		16,148
Corporate Bonds		—		1,087,743		—		1,087,743
Government Bonds		—		2,127,754		—		2,127,754
Municipal Bonds		—		149,245		—		149,245
Structured Assets		—		255,698		—		255,698
Preferred Stocks		331		—		—		331
Rights / Warrants		—		295		—		295
Short-term Investments		—		737,924		—		737,924
Total	$	3,985,655	$	5,437,724	$	—	$	9,423,379

*	Futures contracts are derivative instruments not reflected in the Portfolio of Investments. They are valued at the unrealized appreciation (depreciation) on the instrument.
**	Includes American Depositary Receipts.

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

College Retirement Equities Fund § 2010 Semiannual Report   95

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

	Stock Account
Balance as of December 31, 2009	$	11,806
Realized Gain/Loss		(1,832	)
Change in Unrealized Appreciation/Depreciation		1,676	*
Gross Purchases		15
Gross Sales		(461	)
Balance as of June 30, 2010	$	11,204

* Includes $(164) related to Level 3 securities still held at period end.

Note 3—investment adviser and affiliates

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

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

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

96   2010 Semiannual Report § College Retirement Equities Fund

continued

For the period ended June 30, 2010, TIAA withheld a portion of the distribution (Rule 12b-1) and administrative expenses for the Money Market Account, totaling $10,208,000. The withholding of expenses is voluntary in nature and can be discontinued at any time.

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

Amounts owed to Account affiliates for payment of Account expenses are disclosed as due to affiliates on the Statements of Assets and Liabilities. Such expense is reflected on the Statements of Operations.

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

College Retirement Equities Fund § 2010 Semiannual Report   97

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) continued

Companies in which an Account holds 5% or more of the outstanding voting shares are considered “affiliated companies” of the Account pursuant to the Investment Company Act of 1940, as amended. Additionally, investments in other investment companies advised by TCIM are considered affiliated entities. Information regarding transactions with affiliated companies is as follows (amounts are in thousands):

Issue	Value at December 31, 2009		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Withholding Expense		Shares at June 30, 2010†		Value at June 30, 2010
Stock Account
Biovitrum AB		*	$	69,483	$	6,428	$	1,695		$	—	$	—		13,195,216	$	62,506
Digital Garage, Inc	$	18,114		150		16,346		(4,609	)		—				**		—
EnteroMedics, Inc		*		72		49		(553	)		—		—		597,279		215
Ferro Corp		39,227		19,895		14,091		4,768			—		—		5,429,779		40,017
First NIS Regional Fund SICAV		16		—		—		(1,856	)		—		—		**		—
Information Development Co		2,542		—		—		2			89		6		431,900		2,606
Intelligent Wave, Inc		2,415		—		4,568		(18,464	)		—		—		**		—
Jarden Corp		*		97,927		3,257		1,482			564		—		4,957,619		133,211
MPM Bioventures II		8,801		—		—		—			—		—		22,167,242		7,997
Skyline Venture Fund II Ltd		1,019		—		—		—			—		—		4,254,176		800
Vanda Pharmaceuticals, Inc		16,184		6,131		2,136		(567	)		—		—		1,777,144		11,747
	$	88,318	$	193,658	$	46,875	$	(18,102	)	$	653	$	6			$	259,099
Bond Market Account
TIAA-CREF High-Yield Fund	$	4,914	$	199	$	—	$	—		$	199	$	—		553,840	$	5,117
	$	4,914	$	199	$	—	$	—		$	199	$	—			$	5,117

*	Not an Affiliate as of December 31, 2009
**	Not an Affiliate as of June 30, 2010
†	Shares are not in thousands.

Note 4—investments

At June 30, 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 (amounts are in thousands):

Account	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Stock	$	5,678,899	$	(8,007,084	)	$	(2,328,185	)
Global Equities		730,761		(1,312,325	)		(581,564	)
Growth		760,363		(702,147	)		58,216
Equity Index		1,709,790		(1,659,286	)		50,504
Bond Market		531,895		(110,261	)		421,634
Inflation-Linked Bond		518,059		—			518,059
Social Choice		886,216		(673,431	)		212,785

At June 30, 2010, the Accounts held the following open futures contracts (amounts are in thousands):

Account	Futures	Number of Contracts‡	Market Value		Expiration Date	Unrealized (Depreciation)
Growth	E-mini S&P 500 Index	467	$	23,971	Sept. 2010	$	(575	)

‡ Number of Contracts are not in thousands.

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

During the period ended June 30, 2010, the following Accounts’ had exposure to equity futures contracts, based on underlying notional values, generally between 0% and 1% of net assets: Growth Account and Equity Index Account.

98   2010 Semiannual Report § College Retirement Equities Fund College Retirement Equities Fund § 2010 Semiannual Report   99

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Purchases and sales of securities (other than short-term money market instruments) for the Accounts for the period ended June 30, 2010, were as follows (amounts are in thousands):

	Stock Account		Global Equities Account		Growth Account
Purchases:
Non-U.S. Government	$	33,274,323	$	4,504,960	$	4,959,972
U.S. Government		—		—		—
Total Purchases	$	33,274,323	$	4,504,960	$	4,959,972
Sales:
Non-U.S. Government	$	34,293,125	$	4,536,561	$	4,915,611
U.S. Government		—		—		—
Total Sales	$	34,293,125	$	4,536,561	$	4,915,611
			Equity Index Account		Bond Market Account
Purchases:
Non-U.S. Government			$	71,237	$	1,779,266
U.S. Government				—		11,438,430
Total Purchases			$	71,237	$	13,217,696
Sales:
Non-U.S. Government			$	589,224	$	1,167,569
U.S. Government				—		10,698,043
Total Sales			$	589,224	$	11,865,612
			Inflation-Linked Bond Account		Social Choice Account
Purchases:
Non-U.S. Government			$	—	$	1,094,715
U.S. Government				1,046,228		3,636,863
Total Purchases			$	1,046,228	$	4,731,578
Sales:
Non-U.S. Government			$	—	$	683,129
U.S. Government				799,238		3,446,473
Total Sales			$	799,238	$	4,129,602

100  2010 Semiannual Report § College Retirement Equities Fund

concluded

Note 5—line of credit

Each of the Accounts, except the Money Market Account, participates in a $1 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of participant withdrawals. Certain affiliated accounts and mutual funds, each of which is managed by TCIM, or an affiliate of TCIM, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts at a specified rate of interest. The Accounts are not liable for borrowings under the facility by affiliated accounts or mutual funds. Prior to June 29, 2010, the unsecured revolving credit facility was $750 million. For the period ended June 30, 2010, there were no borrowings under this credit facility by the Accounts.

Note 6—accounting pronouncement

In January 2010, the Financial Accounting Standards Board issued authoritative guidance that improves disclosures about fair value measurements through increased transparency. 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.

Note 7—subsequent event

TIAA has voluntarily withheld (“waived”) a portion of the distribution (Rule 12b-1) and administrative expenses for the Money Market Account. Effective October 1, 2010 any expenses waived will be subject to possible recovery by TIAA from the Account for three years after the waiver. TIAA may recover from the Account a portion of the amounts waived at such time as the Account’s daily yield would be positive absent the effect of the waiver, and in such event the amount of recovery on any day will be approximately 25% of the Account’s yield (net of all expenses) on that day.

College Retirement Equities Fund § 2010 Semiannual Report   101

BOARD APPROVAL OF INVESTMENT
MANAGEMENT AGREEMENT (UNAUDITED)

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

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

OVERVIEW OF THE RENEWAL PROCESS

The Board held a meeting on March 31, 2010, at which it considered the annual renewal of the Agreement with respect to each Account using its previously-established process. As part of this process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee works with management and legal counsel to the Trustees to develop guidelines and specific requests relating to the types of information to be provided to the Committee and to all Trustees in connection with the proposed contract renewal, and then to help evaluate the information provided in response to those guidelines. During a series of meetings held prior to the March 31, 2010 Board meeting, the Operations Committee reviewed such guidelines and requests in consultation with management representatives and input from other Trustees, legal counsel to the Trustees and legal counsel to management and CREF, and then evaluated the information produced in accordance with those guidelines and requests.

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

Among other matters, the Operations Committee, following its consultations with others as noted above, confirmed or established various guidelines regarding the preparation of reports to be provided to all Trustees with respect to each Account by the Global Fiduciary Review unit of Lipper, Inc. (“Lipper”). Lipper is an

102   2010 Semiannual Report § College Retirement Equities Fund

independent provider of investment company data that is widely recognized as a leading source of independent data used by independent directors and trustees of investment companies during their advisory contract review processes.

Based on guidelines provided by the Operations Committee on behalf of the Board, Lipper produced, among other information, extensive performance and expense comparison data regarding each Account, including data relating to each Account’s management expenses, total expense ratios, short-term and long-term investment performance and, as applicable, brokerage commission costs and portfolio turnover rates. Lipper also compared much of this data for each Account against a universe of investment companies and against a more selective peer group of mutual funds that underlie variable insurance products with similar investment objectives and strategies, each of which was selected by Lipper, and, in the case of the investment performance data, against one or more appropriate broad-based benchmark indices. In each case, Lipper summarized the methodologies employed by it to provide the data contained in its reports. In addition, Lipper represented to the Board that its reports were designed specifically to provide a board with the fee, expense and performance information that would satisfy guidelines established under Section 15(c) of the 1940 Act, as applicable. In considering Lipper’s data, the Board noted that the data on similar funds was based on historical information and had not been adjusted to reflect market volatility that affected the asset levels of many mutual funds during the period covered by that data due to the economic downturn and subsequent recovery.

In advance of the Board meeting held on March 31, 2010, legal counsel for the Trustees requested on behalf of the Board, and TCIM provided, extensive information that was designed to assist the Board in its consideration of whether to renew the Agreement for each CREF Account. In addition to the data provided by Lipper as described above, this information included, but was not limited to, the following: (1) further information relating to each Account’s investment performance, including performance ratings provided by Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service, and a narrative analysis of the performance of each Account that had underperformed its Lipper peer group or (for indexed Accounts only) its benchmark index by a specified amount over a three-year period, together with an explanation of any events that had a material impact on performance during that period; (2) a comparison of each Account’s management expenses under the Agreement as compared to any other comparable account managed by TCIM or its affiliates, if any; (3) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to TCIM or its affiliates due to their relationship with the Accounts; (4) information regarding TCIM’s financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, business continuity plans, insurance coverage, compliance programs, any material pending litigation or compliance issues, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by TCIM in connection with

College Retirement Equities Fund § 2010 Semiannual Report   103

BOARD APPROVAL OF INVESTMENT
MANAGEMENT AGREEMENT (UNAUDITED)

rendering services to the Accounts; (5) a copy of the Agreement and certain related service agreements between CREF and affiliates of TCIM; (6) a copy of TCIM’s SEC Form ADV registration statement (which was presented only to legal counsel for the Trustees); and (7) proposed narrative explanations of reasons why the Board should renew the Agreement.

In considering whether to renew the Agreement with respect to each Account, the Board, with assistance from its Operations Committee, reviewed various factors with respect to the Account, including: (1) the nature, extent and quality of services provided or to be provided by TCIM to the Account; (2) the Account’s investment performance; (3) the cost of the services provided to each Account by TCIM and its affiliates and CREF’s at cost expense structure; (4) comparisons of services and fees with contracts entered into by TCIM or its affiliates with other clients, if any; (5) the extent to which economies of scale have been realized or are anticipated to be realized as the Account’s assets grow and whether the at cost expense structure reflects any such economies of scale; and (6) any other benefits derived or anticipated to be derived by TCIM or its affiliates from their relationship with the Account. As a general matter, the Board viewed these factors in their totality, with no single factor being the principal factor in determining whether to renew the Agreement.

In reaching its decisions regarding the renewal of the Agreement for each Account, the Board took into account the information described above, other information provided to the Board in connection with this process, and relevant information provided to the Board and to its Committees on an ongoing basis in connection with the Board’s general oversight duties with respect to the Accounts. In addition, the Board received and considered information from its legal counsel as to certain relevant guidelines that relate to the renewal process under various legal authorities.

While the Board considered the Agreement with respect to all Accounts, the Board received and considered Account-specific information on an Account-by-Account basis and made its renewal determinations on an Account-by-Account basis. In deciding whether to renew the Agreement for each Account, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Account. At its meeting on March 31, 2010, the Board voted unanimously to renew the Agreement for each Account. Set forth below are the general factors the Board considered for all of the Accounts, followed by a summary of certain specific factors the Board considered for each particular Account.

THE NATURE, EXTENT AND QUALITY OF SERVICES

The Board considered that TCIM is an experienced investment adviser and that TCIM has managed the Accounts since their operations commenced. Investment professionals at TCIM’s affiliate, Teachers Advisors, Inc. (“TAI”), also manage series of the TIAA-CREF Funds, the TIAA-CREF Life Funds and TIAA Separate Account VA-1. Under the Agreement, TCIM is responsible for, among other duties:

104   2010 Semiannual Report § College Retirement Equities Fund

continued

managing the assets of the Accounts, including conducting research, recommending investments and placing orders to buy and sell securities for the Accounts’ investment portfolios; active daily monitoring of the investment portfolios by various personnel with specific responsibility for the particular types of investments in question; reporting on the investment performance of the Accounts to the Board on a regular basis; and providing custody and fund accounting services. The Board considered that TCIM has carried out these responsibilities in a competent and professional manner.

The Board also considered, among other factors, the performance of each of the Accounts, as discussed below. In the course of its review of the quality of TCIM’s services, the Board examined the investment performance of each Account and concluded that it was within an acceptable range when compared with the Account’s benchmark and/or its peer group of mutual funds that underlie variable insurance products, or that, in the case of an Account that had underperformed its benchmark or peer group for an extended period of time, TCIM represented that it had taken or was planning to implement affirmative remedial actions that are reasonably designed to enhance the Account’s investment performance.

In addition, the Board considered the nature and quality of non-portfolio management services provided by TCIM and its affiliates. In this regard, the Board considered its ongoing review of the performance of certain affiliated and unaffiliated service providers, including the quality of services provided by those firms, TCIM’s oversight of those service providers and the outsourcing of certain services to other firms.

INVESTMENT PERFORMANCE

The Board considered the investment performance of each Account, as applicable, over one-, two-, three-, four-, five- and ten-year periods. The Board considered each Account’s performance as compared to its peer group and benchmark index. The Board also reviewed the performance of the Equity Index Account before any reductions for fees or expenses as compared to the Account’s benchmark index. In this regard, the Board considered that most financial markets had experienced nearly unprecedented volatility during recent years that had adversely impacted the performance of many Accounts. Despite these circumstances, the performance of most Accounts generally compared favorably to their benchmarks (after considering the effect of expenses incurred to operate the Accounts) and, with some exceptions, the Accounts ranked in the top three performance quintiles versus their peer groups of mutual funds that underlie variable insurance products during more time periods. (For additional detail regarding each Account’s performance, see the Account-by-Account synopsis below.) The Board considered that, in those cases in which an Account had underperformed its benchmark or peer group of mutual funds for an extended period of time, TCIM had represented that it had taken or was planning to implement affirmative remedial actions that are reasonably designed to enhance the Account’s investment performance. Thus,

College Retirement Equities Fund § 2010 Semiannual Report   105

BOARD APPROVAL OF INVESTMENT
MANAGEMENT AGREEMENT (UNAUDITED)

the Board concluded that, under the totality of circumstances considered, the investment performance of each Account was within an acceptable range or that appropriate remedial actions had or were being implemented.

COST AND PROFITABILITY

The Board considered the amounts charged by TCIM to each Account during 2009, including investment advisory costs paid to TCIM, expressed in dollar terms and as a percentage of assets, as well as a reconciliation and analysis of those expenses. The Board considered that TCIM charges expenses at cost and these charges are adjusted at least quarterly to reflect the actual expenses incurred with respect to each Account during the most recent quarter. The Board considered that generally the investment advisory costs and total costs of the Accounts had declined over the past year, which was attributed by management to an increase in the Accounts’ assets and cost cutting efforts made by TCIM and its affiliates. The Board also considered the rationale for TCIM’s anticipated costs in providing services to CREF and considered whether these anticipated costs are reasonable in relation to the nature and quality of services provided by TCIM. In considering TCIM’s profitability, the Board noted that TCIM provides its services on an at cost basis under the arrangement outlined in the Agreement.

FEES CHARGED BY OTHER ADVISERS

The Board considered information regarding fees paid to other advisers for managing funds with similar investment objectives and strategies that underlie variable insurance products, as analyzed by Lipper. The Board determined that the anticipated management fee rates charged to the Accounts under CREF’s at cost arrangements were lower than the management fee rates charged by many or most comparable mutual funds that underlie variable insurance products. Based on all factors considered, the Board concluded that the anticipated management expenses for each Account under the at cost arrangement were within an acceptable range in relation to those charged by appropriate groups of comparable mutual funds that underlie variable insurance products. In this connection, the Board also considered the inherent limitations of such comparisons in light of potentially material differences between the Accounts and such mutual funds (including CREF’s at cost expense structure and the nature of services provided to CREF).

ECONOMIES OF SCALE

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

106   2010 Semiannual Report § College Retirement Equities Fund

continued

FEE COMPARISON WITH CLIENTS OF TCIM AFFILIATES

The Board considered that CREF is the only client of TCIM and, thus, TCIM has no comparable client accounts. The Board also considered information regarding portfolios managed by TAI, TCIM’s affiliated investment adviser that provides investment advisory services to other affiliated investment companies and to institutional client assets through a small number of unregistered funds and separately managed accounts with similar investment strategies and staff. The Board considered that TAI is a for-profit company and, as a result, it generally renders management services to investment companies and other accounts with similar investment objectives and strategies at higher fee rates than the advisory costs charged by TCIM for CREF. In addition, the Board considered that TCIM and its affiliates render somewhat different services to CREF as compared to services rendered by TAI and its affiliates regarding the portfolios that TAI manages; that some of these other funds and accounts are offered through products that charge additional fees to their investors, may target different types of investors, and/or may be packaged with other products; and that these factors justify different fee rate schedules.

OTHER BENEFITS

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

ACCOUNT-BY-ACCOUNT FACTORS

The Trustees considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Account. If an Account is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Lipper. All time periods referenced below end as of December 31, 2009. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest rating category.

College Retirement Equities Fund § 2010 Semiannual Report   107

BOARD APPROVAL OF INVESTMENT
MANAGEMENT AGREEMENT (UNAUDITED)

CREF STOCK ACCOUNT

• The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.110% of average daily net assets for 2010.

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

• For the one-, three- and four-year periods, the Account was in the 2nd quintile of its universe of comparable funds identified by Lipper for performance comparison purposes (“Performance Universe”). For the two-, five- and ten-year periods, it was in the 3rd, 3rd and 4th quintiles of its Performance Universe, respectively.

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

• In 2009, Tom Franks was added as a Portfolio Manager overseeing global equity portfolio management and Saira Malik took over responsibility for global equity research and analyst portfolios.

CREF GLOBAL EQUITIES ACCOUNT

• The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.135% of average daily net assets for 2010.

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

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

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

CREF GROWTH ACCOUNT

• The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.105% of average daily net assets for 2010.

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

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

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

108   2010 Semiannual Report § College Retirement Equities Fund

continued

CREF EQUITY INDEX ACCOUNT

• The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.060% of average daily net assets for 2010.

• The Account’s pro forma management costs (including investment management and administrative costs) are in the 4th and 2nd quintiles, respectively, of its Expense Group and Expense Universe and its total costs are in the 2nd and 1st quintiles, respectively, of its Expense Group and Expense Universe.

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

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

CREF SOCIAL CHOICE ACCOUNT

• The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.080% of average daily net assets for 2010.

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

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

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

• Steve Sterman was added as a Portfolio Manager for the fixed-income portion of the Account, in an asset allocation and general oversight capacity.

CREF INFLATION-LINKED BOND ACCOUNT

• The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.080% of average daily net assets for 2010.

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

• For the one-, three- and ten-year periods, the Account was in the 2nd, 2nd and 1st quintiles, respectively, of its Performance Universe. For the two-, four- and five-year periods, the Account was in the 4th, 3rd and 3rd quintiles, respectively, of its Performance Universe.

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

College Retirement Equities Fund § 2010 Semiannual Report   109

BOARD APPROVAL OF INVESTMENT
MANAGEMENT AGREEMENT (UNAUDITED)	concluded

CREF BOND MARKET ACCOUNT

• The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.080% of average daily net assets for 2010.

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

• For the one- and ten-year periods, the Account was in the 5th and 3rd quintiles, respectively, of its Performance Universe. For the two-, three-, four- and five-year periods, the Account was in the 4th quintile of its Performance Universe.

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

• Steve Sterman was added as a Portfolio Manager for the Account in an asset allocation and general oversight capacity.

CREF MONEY MARKET ACCOUNT

• The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.050% of average daily net assets for 2010.

• The Account’s pro forma management costs (including investment management and administrative costs) and total costs are in the 1st quintile of its Expense Group and Expense Universe, after taking into account the voluntary waiver of certain expenses in the second half of 2009.

• For the one- and ten-year periods, the Account was in the 3rd and 1st quintiles, respectively, of its Performance Universe. For the two-, three-, four- and five-year periods, the Account was in the 2nd quintile of its Performance Universe. These performance results reflect the voluntary waiver of certain expenses in the second half of 2009.

• Money market accounts are not rated by Morningstar.

Based primarily on the foregoing factors and considerations, the Board renewed the Agreement for each Account.

110    2010 Semiannual Report § College Retirement Equities Fund

[This page intentionally left blank.]

[This page intentionally left blank.]

HOW TO REACH US

TIAA-CREF WEBSITE

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

tiaa-cref.org

24 hours a day, 7 days a week

AUTOMATED TELEPHONE SERVICE

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

800 842-2252

24 hours a day, 7 days a week

TELEPHONE COUNSELING CENTER

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

800 842-2776

8 a.m. to 10 p.m. ET, Monday–Friday

9 a.m. to 6 p.m. ET, Saturday

PLANNING AND SERVICE CENTER

TIAA-CREF mutual funds

800 223-1200

8 a.m. to 10 p.m. ET, Monday–Friday

INSURANCE PLANNING CENTER

After-tax annuities and life insurance

877 825-0411

8 a.m. to 6 p.m. ET, Monday–Friday

FOR THE HEARING- OR SPEECH-IMPAIRED

800 842-2755

8 a.m. to 10 p.m. ET, Monday–Friday

9 a.m. to 6 p.m. ET, Saturday

TIAA-CREF BROKERAGE SERVICES

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

800 927-3059

8 a.m. to 7 p.m. ET, Monday–Friday

TIAA-CREF TRUST COMPANY, FSB

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

888 842-9001

9 a.m. to 6 p.m. ET, Monday–Friday

ADVISOR SERVICES

888 842-0318

8 a.m. to 7:30 p.m. ET, Monday-Friday

You should carefully consider the investment objectives, risks, charges and expenses of any account before investing. For a prospectus that contains this and other important information, please visit tiaa-cref.org, or call 877 518-9161. Please read the prospectus carefully before investing. Investment products are not FDIC insured, may lose value and are not bank guaranteed. TIAA-CREF Brokerage Services is a division of TIAA-CREF Individual & Institutional Services, LLC. TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF), New York, NY. After-tax annuities and life insurance are issued by TIAA-CREF Life Insurance Co., New York, NY. TIAA-CREF Trust Company, FSB provides trust services.

©2010 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), New York, NY 10017-3206

730 Third Avenue
New York, NY 10017-3206

NCI-SFI-COC-163

Printed on recycled paper

eDelivery will save trees, conserve paper and reduce mailbox clutter.

Sign up today at www.tiaa-cref.org/eDelivery

C48182 A10939 (8/10)

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audited Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2010

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
BONDS - 0.1%
CORPORATE BONDS - 0.1%
HOLDING AND OTHER INVESTMENT OFFICES - 0.0%
	$100,000,000	j	Japan Asia Investment Co Ltd	0.000	%	09/26/11	$	848
	22,970		Kiwi Income Property Trust	8.950		12/20/14		16
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES					864
TRANSPORTATION EQUIPMENT - 0.1%
	32,734,487	e,n	General Motors Corp	7.200		01/15/11		9,902
	18,507,434	e,n	General Motors Corp	7.130		07/15/13		5,506
	4,230,271	e,n	General Motors Corp	7.700		04/15/16		1,248
	85,268,000	e,n	General Motors Corp	8.380		07/15/33		27,286
	26,439,191	n	Motors Liquidation Co	8.800		03/01/21		7,733
	18,757,000	n	Motors Liquidation Co	7.400		09/01/25		5,486
	18,493,677	e,n	Motors Liquidation Co	6.750		05/01/28		5,086
			TOTAL TRANSPORTATION EQUIPMENT					62,247
			TOTAL CORPORATE BONDS					63,111
			(Cost $72,904)
GOVERNMENT BONDS 0.0%
U.S. TREASURY SECURITIES - 0.0%
	325,000		United States Treasury Note	5.000		02/15/11		335
			TOTAL U.S. TREASURY SECURITIES					335
			TOTAL GOVERNMENT BONDS					335
			(Cost $324)
			TOTAL BONDS					63,446
			(Cost $73,228)

SHARES			COMPANY
COMMON STOCKS - 99.5%
AGRICULTURAL PRODUCTION-CROPS - 0.0%
	230,489	*,e	Chiquita Brands International, Inc	2,800
	10,379	e	Griffin Land & Nurseries, Inc (Class A)	264
	34,834		Limoneira Co	758

1

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
			Societa per la Bonifica dei Terreni Ferraresi e Imprese
	3,280		Agricole S.p.A.	$	114
			TOTAL AGRICULTURAL PRODUCTION-CROPS		3,936
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.0%
	59,147	e	Cal-Maine Foods, Inc		1,889
	264,867	*	Pilgrim’s Pride Corp		1,740
	1,830		Seaboard Corp		2,763
			TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		6,392
AGRICULTURAL SERVICES - 0.0%
	145,305	*	Black Earth Farming Ltd		389
	64,259	*,e	Cadiz, Inc		776
	55,144	e	Calavo Growers, Inc		990
	118,038	*	Hanfeng Evergreen, Inc		644
	31,600		Hokuto Corp		623
	48,895	*	Kernel Holding S.A.		865
	3,367		KWS Saat AG.		496
	186,518	*	VCA Antech, Inc		4,619
			TOTAL AGRICULTURAL SERVICES		9,402
AMUSEMENT AND RECREATION SERVICES - 0.7%
	208,500		888 Holdings plc		111
	896		Accordia Golf Co Ltd		885
	230,478	e	Aristocrat Leisure Ltd		702
	44,000	e	Aruze Corp		800
	123,351	*,e	Bally Technologies, Inc		3,995
	1,940,200	*	Berjaya Corp BHD		754
	1,360,272		Berjaya Sports Toto BHD		1,790
	98,249		Betsson AB (Series B)		1,121
	302,591		bwin Interactive Entertainment		13,369
	51,559		Churchill Downs, Inc		1,691
	41,903	*	Codere S.A.		325
	29,642		CTS Eventim AG.		1,430
	9,700		Daikoku Denki Co Ltd		130
	1,161,187	*,e	Electronic Arts, Inc		16,721
	31,247	*	Euro Disney SCA		144
	197		Fields Corp		240
	18,430		Fiera Milano S.p.A.		93
	80,000		Fuji Kyuko Co Ltd		435
	21,239,100	*,e	Galaxy Entertainment Group Ltd		11,409
	879,000	*	Gallant Venture Ltd		146
	18,488	e	GL Events		449
	90,015	*	Great Canadian Gaming Corp		570
	48,154	*	Gruppo Coin S.p.A.		307
	58,200	e	Heiwa Corp		627
	688,893		IG Group Holdings plc		4,304
	100,919	e	International Speedway Corp (Class A)		2,600
	162,201		Intralot S.A.-Integrated Lottery Systems & Services		518
	97,559	*	Juventus Football Club S.p.A.		96
	249,300		Kangwon Land, Inc		3,760
	1,273,990	e	Ladbrokes plc		2,407

2

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	179,535	*,e	Life Time Fitness, Inc	$	5,707
	715,798	*,e	Live Nation, Inc		7,480
	76,791	e	Lottomatica S.p.A.		988
	214,142	*,e	Madison Square Garden, Inc		4,212
	14,892		Meetic		378
	1,394,325	*,e	Melco PBL Entertainment Macau Ltd (ADR)		5,215
	158,842	*,e	Multimedia Games, Inc		715
	6,531,055		NagaCorp Ltd		726
	194,491		Nintendo Co Ltd		57,104
	669,784		OPAP S.A.		8,334
	125,793	e	Oriental Land Co Ltd		10,513
	790		Pacific Golf Group International Holdings KK		482
	101,364		Paddy Power plc		3,149
	4,139,522	*	PartyGaming plc		13,301
	1,386,444	*,e	Penn National Gaming, Inc		32,027
	288,632	*,e	Pinnacle Entertainment, Inc		2,730
	308,348	e	Publishing & Broadcasting Ltd		821
	654,624		Rank Group plc		968
	6,250,300		Resorts World BHD		5,244
	20,150,600		Rexcapital Financial Holdings Ltd		1,844
	82,500	e	Round One Corp		454
	1,602,897		Sega Sammy Holdings, Inc		23,025
	3,802,033		SJM Holdings Ltd		3,184
	47,217		SkiStar AB (Series B)		734
	322,295		Sky City Entertainment Group Ltd		628
	121,305	*,e	Snai S.p.A.		420
	54,414	e	Speedway Motorsports, Inc		738
	657,911		Sportingbet plc		534
	1,806,983	e	TABCORP Holdings Ltd		9,577
	406,300		Tanjong plc		2,182
	904,879		Tattersall’s Ltd		1,697
	5,667	*	Tipp24 SE		146
	252,000		Tokyo Dome Corp		652
	46,100		Valor Co Ltd		356
	10,641,643		Walt Disney Co		335,213
	250,692	*,e	Warner Music Group Corp		1,218
	8,074	*	Westwood One, Inc		80
	1,214,474		William Hill plc		3,090
	122,793	*,e	WMS Industries, Inc		4,820
	132,983	e	World Wrestling Entertainment, Inc (Class A)		2,069
	50,000		Yomiuri Land Co Ltd		163
			TOTAL AMUSEMENT AND RECREATION SERVICES		624,847
APPAREL AND ACCESSORY STORES - 1.0%
	451,831	e	Abercrombie & Fitch Co (Class A)		13,867
	391,062	*,e	Aeropostale, Inc		11,200
	172,818	*,e	American Apparel, Inc		316
	669,279	e	American Eagle Outfitters, Inc		7,864
	313,939	*,e	AnnTaylor Stores Corp		5,108
	93,500		Aoyama Trading Co Ltd		1,671
	4,360,000	*	Apac Resources Ltd		299
	136,999	e	Bebe Stores, Inc		877

3

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	7,591,900		Belle International Holdings Ltd	$	10,771
	34,099	e	Bjoern Borg AB		273
	242,739	e	Brown Shoe Co, Inc		3,685
	115,193	e	Buckle, Inc		3,735
	1,282,536		Burberry Group plc		14,484
	412,231	*	Carter’s, Inc		10,821
	209,197	*	Casual Male Retail Group, Inc		715
	135,831	e	Cato Corp (Class A)		2,991
	15,767		Charles Voegele Holding AG.		647
	561,984	*,e	Charming Shoppes, Inc		2,107
	501,703	e	Chico’s FAS, Inc		4,957
	118,980	*,e	Children’s Place Retail Stores, Inc		5,237
	33,400		Chiyoda Co Ltd		399
	159,877		Christopher & Banks Corp		990
	60,840	*,e	Citi Trends, Inc		2,004
	605,182	*,e	Collective Brands, Inc		9,562
	23,541	*,e	Destination Maternity Corp		596
	378,102	*,e	Dress Barn, Inc		9,003
	69,604	*,e	DSW, Inc (Class A)		1,563
	13,580	*,e	Etam Developpement S.A.		601
	322,006	*,e	Express Parent LLC		5,271
	261,985	e	Fast Retailing Co Ltd		39,642
	345,465	e	Finish Line, Inc (Class A)		4,812
	710,416	e	Foot Locker, Inc		8,965
	49,509		Forzani Group Ltd/The		719
	282,733		Foschini Ltd		2,380
	2,515,677	e	Gap, Inc		48,955
	2,766,000	e	Giordano International Ltd		1,181
	852,637		Glorious Sun Enterprises Ltd		316
	901,623	e	Hennes & Mauritz AB (B Shares)		24,779
	33,070	e	Honeys Co Ltd		405
	158,476	e	Hot Topic, Inc		805
	916,308		Inditex S.A.		52,249
	1,045,749	*,e	J Crew Group, Inc		38,494
	79,957	*,e	JOS A Bank Clothiers, Inc		4,317
	76,568		KappAhl Holding AB		469
	3,137,516	*	Kohl’s Corp		149,032
	2,487,917	e	Limited Brands, Inc		54,908
	14,246		Lotte Shopping Co Ltd		4,091
	27,586		Macintosh Retail Group NV		541
	112,721	*,e	New York & Co, Inc		258
	107,500		Nishimatsuya Chain Co Ltd		993
	2,813,174	e	Nordstrom, Inc		90,556
	315,745	*	Pacific Sunwear Of California, Inc		1,010
	9,300	*	Pal Co Ltd		329
	93,137		Reitmans Canada Ltd		1,640
	16,400	e	Right On Co Ltd		108
	156,745	*,e	rnb Retail and Brands AB		133
	999,199	e	Ross Stores, Inc		53,247
	68,106	*,e	Rue21, Inc		2,066
	45,178	*,e	Shoe Carnival, Inc		927
	252,082		Sports Direct International plc		390

4

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	208,456		Stage Stores, Inc	$	2,226
	726,449	*,e	Talbots, Inc		7,490
	2,368,683	e	TJX Companies, Inc		99,366
	609,818		Truworths International Ltd		4,245
	149,631	*,e	Under Armour, Inc (Class A)		4,957
	633,399		United Arrows Ltd		7,417
	1,235,560	*,e	Urban Outfitters, Inc		42,491
	497,468	*,e	Wet Seal, Inc (Class A)		1,816
	1,213,688		Woolworths Holdings Ltd		3,770
	50,638	*	Yoox S.p.A		350
			TOTAL APPAREL AND ACCESSORY STORES		894,459
APPAREL AND OTHER TEXTILE PRODUCTS - 0.3%
	1,465,000	e	Anta Sports Products Ltd		2,637
	79,885	e	Benetton Group S.p.A.		533
	2,083,000	e	C C Land Holdings Ltd		690
	4,451,600	e	China Dongxiang Group Co		2,967
	1,496,000		China Ting Group Holdings Ltd		221
	54,647	e	Columbia Sportswear Co		2,550
	30,200	e	Daidoh Ltd		243
	2,167,800	*	Debenhams plc		1,704
	54,590		Descente Ltd		303
	26,800		F&A Aqua Holdings, Inc		252
	45,000		Gerry Weber International AG.		1,311
	66,733	*,e	G-III Apparel Group Ltd		1,528
	445,730	e	Guess ?, Inc		13,925
	445,000		Gunze Ltd		1,395
	129,857	*,e	Gymboree Corp		5,546
	817,610	*	Hanesbrands, Inc		19,672
	4,674	e	Hermes International		620
	27,187	e	Hugo Boss AG.		1,054
	180,455	*	Joe’s Jeans, Inc		357
	452,974		Jones Apparel Group, Inc		7,180
	950,500		Li Ning Co Ltd		3,115
	491,344	*,e	Liz Claiborne, Inc		2,073
	91,836	*	Maidenform Brands, Inc		1,870
	6,442	*,b	Mariella Burani S.p.A.		20
	62,918	e	New Wave Group AB (B Shares)		261
	1,084,498	e	Nike, Inc (Class B)		73,257
	298,531	e	Onward Kashiyama Co Ltd		2,361
	1,357,662	e	Pacific Brands Ltd		998
	138,408		Phillips-Van Heusen Corp		6,404
	496,741	e	Polo Ralph Lauren Corp (Class A)		36,241
	668,594	*,e	Quiksilver, Inc		2,474
	866,000	*	Rising Development Holdings		220
	162,000	e	Sanyo Shokai Ltd		595
	168,000	e	Shikibo Ltd		209
	54,505		Shimamura Co Ltd		4,928
	347,500		Stella International Holdings Ltd		670
	36,569		Takihyo Co Ltd		169
	42,595		Ten Cate NV		930
	82,000		Tokyo Style Co Ltd		655

5

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,222,000		Trinity Ltd	$	2,145
	104,793	*,e	True Religion Apparel, Inc		2,313
	483,928	e	VF Corp		34,446
	152,627	e	Wacoal Holdings Corp		1,853
	256,910	*,e	Warnaco Group, Inc		9,285
			TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		252,180
AUTO REPAIR, SERVICES AND PARKING - 0.1%
	43,877	*,e	Amerco, Inc		2,415
	603,837	*,e	Avis Europe plc		266
	95,978		Dechra Pharmaceuticals plc		550
	142,408	*,e	Dollar Thrifty Automotive Group, Inc		6,068
	86,980	e	Genus plc		959
	1,087,549	*,e	Hertz Global Holdings, Inc		10,289
	144,692		Localiza Rent A CAR		1,679
	68,925	*	Midas, Inc		529
	84,876	e	Monro Muffler, Inc		3,355
	193,291	*	Northgate plc		498
	170,400		Park24 Co Ltd		1,828
	459,413	e	Ryder System, Inc		18,483
	10,805	e	Sixt AG.		249
	20,568		Sixt AG. (Preference)		395
	93,081	*,e	Standard Parking Corp		1,473
	167,521	*,e	Wright Express Corp		4,975
			TOTAL AUTO REPAIR, SERVICES AND PARKING		54,011
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.1%
	623,672		Advance Auto Parts		31,295
	44,876	*	America’s Car-Mart, Inc		1,016
	130,984	*	Asbury Automotive Group, Inc		1,381
	245,238	*,e	Autonation, Inc		4,782
	70,963	*,e	Autozone, Inc		13,711
	43,342		Bilia AB (A Shares)		497
	168,786		Canadian Tire Corp Ltd		8,427
	485,631	*,e	Carmax, Inc		9,664
	58,888	e	CFAO S.A.		1,584
	224,634	*,e	Copart, Inc		8,044
	48,793		Delek Automotive Systems Ltd		498
	6,230	e	Gulliver International Co Ltd		263
	423,337		Halfords Group plc		3,081
	616,016	*	Inchcape plc		2,251
	78,830	e	Lithia Motors, Inc (Class A)		487
	307,491	*	Lookers plc		221
	135,550	*	MarineMax, Inc		941
	67,413	*	MOL Hungarian Oil and Gas plc		5,553
	299,616	*,e	O’Reilly Automotive, Inc		14,249
	860,666		Pendragon plc		309
	250,930	*,e	Penske Auto Group, Inc		2,851
	4,575	*	Rodriguez Group		17
	160,408	*,e	Rush Enterprises, Inc (Class A)		2,143
	222,371	*,e	Sonic Automotive, Inc (Class A)		1,903
	740	*	TravelCenters of America LLC		2

6

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	54,490	*,e	US Auto Parts Network, Inc	$	327
			TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		115,497
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.4%
	136,927	e	Alesco Corp Ltd		271
	203,758	*,e	Builders FirstSource, Inc		489
	52,337	e	Clas Ohlson AB (B Shares)		717
	116,200	e	DCM Japan Holdings Co Ltd		636
	436,302	e	Fastenal Co		21,898
	5,459,447		Home Depot, Inc		153,247
	73,187	e	Keiyo Co Ltd		358
	5,282,475		Kingfisher plc		16,548
	7,926,420		Lowe’s Cos, Inc		161,858
	96,841	*,e	Lumber Liquidators, Inc		2,259
	94,000		Nice Holdings, Inc		183
	124,266	e	Praktiker Bau- und Heimwerkermaerkte AG.		846
	215,491	*	RONA, Inc		3,178
	15,900		Stella-Jones, Inc		407
	280,284	*	Travis Perkins plc		3,049
			TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		365,944
BUSINESS SERVICES - 6.1%
	78,876	*,e	3D Systems Corp		990
	229,049	e	Aaron Rents, Inc		3,910
	260,280	e	ABM Industries, Inc		5,453
	63,953	*	Absolute Software Corp		252
	185,622	*,e	Acacia Research (Acacia Technologies)		2,641
	343	*,e	Access Co Ltd		474
	164,508	*	ACI Worldwide, Inc		3,203
	2,360,988	e	Activision Blizzard, Inc		24,767
	250,292	*,e	Actuate Corp		1,114
	421,875	*	Acxiom Corp		6,197
	135,598	*	Adani Enterprises Ltd		1,560
	1,082,016	e	Adecco S.A.		51,620
	163,683	e	Administaff, Inc		3,955
	3,071,670	*	Adobe Systems, Inc		81,184
	68,093	*,e	Advent Software, Inc		3,198
	1,236,251		Aegis Group plc		1,960
	27,100	e	Aeon Delight Co Ltd		528
	196,671		Aggreko plc		4,129
	232,995	e	Aircastle Ltd		1,829
	746,271	*,e	Akamai Technologies, Inc		30,276
	1,762,916	*,e	Alliance Data Systems Corp		104,929
	137,547		Alpha Systems, Inc		2,612
	122,277	*,e	Altran Technologies S.A.		454
	801,800	*	Amadeus IT Holding S.A.		12,746
	821,625	*,e	Amdocs Ltd		22,061
	157,504	*	American Reprographics Co		1,375
	115,463	*,e	American Software, Inc (Class A)		533
	305,959	*,e	AMN Healthcare Services, Inc		2,289
	79,935	*,e	Ancestry.com, Inc		1,408
	289,537	*	Ansys, Inc		11,747

7

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	121,427	*,e	APAC Customer Services, Inc	$	692
	117,791	e	Arbitron, Inc		3,019
	149,958	*,e	ArcSight, Inc		3,358
	344,387		Argo Graphics, Inc		3,740
	392,166	*,e	Ariba, Inc		6,247
	859,967	*,e	Art Technology Group, Inc		2,941
	67,605	*	AS. Roma S.p.A		74
	42,800	e	Asatsu-DK, Inc		1,090
	1,177,029	e	Ashtead Group plc		1,570
	270,212	*	Aspen Technology, Inc		2,943
	78,015		Asseco Poland S.A.		1,233
	72,029	*,e	Asset Acceptance Capital Corp		298
	146,914	*,e	athenahealth, Inc		3,839
	630,705	*,e	Atos Origin S.A.		25,325
	1,605,422	*,e	Autodesk, Inc		39,108
	1,246,368	e	Automatic Data Processing, Inc		50,179
	5,418,283	*	Autonomy Corp plc		147,693
	635,827		Aveva Group plc		10,671
	457,260	*,e	Avis Budget Group, Inc		4,490
	63,817		B2W Companhia Global Do Varejo		1,063
	36,315	e	Barrett Business Services, Inc		450
	29,134		Bechtle AG.		745
	374,457	e	BGC Partners, Inc (Class A)		1,913
	270,458	e	Blackbaud, Inc		5,888
	144,596	*,e	Blackboard, Inc		5,398
	186,985	*,e	Blue Coat Systems, Inc		3,820
	1,171,962	*,e	BMC Software, Inc		40,585
	154,931	*	Bottomline Technologies, Inc		2,019
	430,828	*,e	BPZ Energy, Inc		1,788
	246,323		Brady Corp (Class A)		6,138
	309,250	e	Brink’s Co		5,885
	13,466		Brunel International		382
	123,249	*	Bull S.A.		405
	1,659,427		CA, Inc		30,533
	149,215	e	Cabcharge Australia Ltd		643
	164,620	*,e	CACI International, Inc (Class A)		6,993
	573,927	*,e	Cadence Design Systems, Inc		3,323
	41,612	*,e	CAI International, Inc		495
	179,214		Cairo Communication S.p.A.		546
	327,279	*	Cam Finanziaria S.p.A.		108
	131,486	e	Capcom Co Ltd		2,120
	73,873	*,e	Capella Education Co		6,010
	145,283		carsales.com.au Ltd		577
	192,129	*,e	Cavium Networks, Inc		5,032
	232,488	*,e	CBIZ, Inc		1,479
	498,265	*	CDC Corp		1,036
	21,466		Cegid Group		534
	107,380		Century Leasing System, Inc		1,298
	149,639	*,e	Cerner Corp		11,356
	17,343		Cewe Color Holding AG.		542
	513,752	*	CGI Group, Inc		7,644
	5,200	*	Check Point Software Technologies		153

8

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	15,620,000	*	China LotSynergy Holdings Ltd	$	635
	48,000		Chinese Gamer International Corp		390
	45,700	*,e	Chiyoda Integre Co Ltd		563
	395,453	*,e	Ciber, Inc		1,095
	454,931	*,e	Citrix Systems, Inc		19,212
	78,713	*	Clear Channel Outdoor Holdings, Inc (Class A)		683
	55,620	*,e	Clinical Data, Inc		692
	206,815	*,e	Cogent Communications Group, Inc		1,568
	369,839	*,e	Cogent, Inc		3,332
	171,277	e	Cognex Corp		3,011
	1,370,494	*,e	Cognizant Technology Solutions Corp (Class A)		68,607
	245,356	*,e	Commvault Systems, Inc		5,521
	148,216	e	Compass Diversified Trust		1,988
	220,666	*,e	Compellent Technologies, Inc		2,674
	360,429		Computacenter plc		1,523
	41,475	e	Computer Programs & Systems, Inc		1,697
	947,989		Computer Sciences Corp		42,897
	70,488	*,e	Computer Task Group, Inc		455
	365,168		Computershare Ltd		3,229
	849,874	*,e	Compuware Corp		6,782
	178,974	*,e	Concur Technologies, Inc		7,639
	202,296	e	Connaught plc		347
	123,696	*,e	Constant Contact, Inc		2,638
	928,802	*	Convergys Corp		9,112
	16,278	*	Convio, Inc		119
	3,200	*	COOKPAD, Inc		147
	2,826,000		COSCO Pacific Ltd		3,335
	88,127	*,e	CoStar Group, Inc		3,419
	62,622		Cramo Oyj (Series B)		924
	760,000		CSE Global Ltd		473
	255,255		CSG Ltd		392
	230,960	*,e	CSG Systems International, Inc		4,233
	105,300	e	CSK Holdings Corp		438
	20,626	*,e	Ctrip.com International Ltd (ADR)		775
	873	e	CyberAgent, Inc		1,294
	410,435	*	Cybersource Corp		10,478
	49,582	e	Dassault Systemes S.A.		3,004
	170,878	*,e	DealerTrack Holdings, Inc		2,811
	100,385	*,e	Deltek, Inc		837
	227,247	e	Deluxe Corp		4,261
	158,800	e	Dena Co Ltd		4,193
	189,078	e	Dentsu, Inc		4,994
	11,111		Devoteam S.A.		224
	84,802	*	Dice Holdings, Inc		587
	183,902	*,e	Digital River, Inc		4,397
	149,991	*	DivX, Inc		1,149
	31,759	*	DMRC Corp		595
	131,674	*,e	Double-Take Software, Inc		1,381
	338,663	e	DST Systems, Inc		12,239
	29,400		DTS Corp		358
	110,000		Duskin Co Ltd		1,889
	52,602	*	DynaVox, Inc		842

9

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	161,809	*,e	DynCorp International, Inc (Class A)	$	2,835
	2,077	e	eAccess Ltd		1,415
	614,973	e	Earthlink, Inc		4,895
	5,355,405	*	eBay, Inc		105,019
	117,504	*,e	Ebix, Inc		1,842
	153,102	*,e	Echelon Corp		1,122
	309,830	*,e	Eclipsys Corp		5,527
	12,320		Econocom Group		167
	60,000	*,e	EDB Business Partner ASA		154
	72,149		Electro Rent Corp		923
	198,567	*	Electronics for Imaging, Inc		1,936
	828,129	e	Emeco Holdings Ltd		397
	248,495	e	Ementor ASA		1,441
	6,377		Engineering Ingegneria Informatica S.p.A.		157
	179	*,e	en-japan, Inc		220
	232,738	*,e	Epicor Software Corp		1,860
	161,886	*,e	EPIQ Systems, Inc		2,093
	280,342	e	Equifax, Inc		7,866
	58,045	e	Euromoney Institutional Investor plc		518
	17,784		Exact Holding NV		404
	73,049	*,e	ExlService Holdings, Inc		1,254
	753,160	e	Expedia, Inc		14,144
	2,090,141		Experian Group Ltd		18,177
	572,000	e	Ezion Holdings Ltd		254
	400,843	*,e	F5 Networks, Inc		27,486
	159,654	e	Factset Research Systems, Inc		10,695
	225,746	e	Fair Isaac Corp		4,919
	154,345	*,e	FalconStor Software, Inc		407
	804,766		Fidelity National Information Services, Inc		21,584
	46,977		Fidessa Group plc		930
	11,330		Fimalac		434
	39,010	*	FirstService Corp		811
	319,742	*,e	Fiserv, Inc		14,599
	222,880		FlexiGroup Ltd		256
	55,953		Fluidra S.A.		171
	66,306	*,e	Forrester Research, Inc		2,006
	37	e	Freebit Co Ltd		102
	125,728	e	F-Secure Oyj		319
	42,400		FUJI SOFT, Inc		700
	5,875,643		Fujitsu Ltd		36,728
	297		Future Architect, Inc		102
	39,400		Fuyo General Lease Co Ltd		903
	203,327	*,e	Gartner, Inc		4,727
	44,466	*	General de Alquiler de Maquinaria		97
	131,313	*,e	Gerber Scientific, Inc		703
	79,103		Gestevision Telecinco S.A.		703
	82,760	e	GFI Informatique		274
	223,640	*,e	Global Cash Access, Inc		1,612
	104,916	*,e	Global Sources Ltd		823
	72,900		GMO internet, Inc		282
	1,502,886	*	Google, Inc (Class A)		668,708

10

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	170	e	Gourmet Navigator, Inc	$	214
	350,000	*,e	Gravity Co Ltd (ADR)		508
	1,110		Green Hospital Supply, Inc		789
	11,968		Grenkeleasing AG.		442
	19,134,000	*	G-Resources Group Ltd		1,043
	3,217,332		Group 4 Securicor plc		12,756
	4,099		Groupe CRIT		100
	56,812		Groupe Steria SCA		1,390
	174,408	*,e	Gruppo Editoriale L’Espresso S.p.A.		336
	57,950	*	Guidance Software, Inc		302
	137,785	*,e	H&E Equipment Services, Inc		1,032
	136,217	*	Hackett Group, Inc		383
	13,846		Hakuhodo DY Holdings, Inc		694
	685,375		Havas S.A.		3,015
	1,992,640		Hays plc		2,719
	270,657		HCL Technologies Ltd		2,104
	179,930	e	Healthcare Locums plc		471
	185,470	e	Healthcare Services Group		3,515
	168,168	e	Heartland Payment Systems, Inc		2,496
	59,138	*,e	HeartWare International, Inc		4,144
	71,622	e	Heidrick & Struggles International, Inc		1,634
	51,624	*	Hi-Media S.A.		273
	119,410	*,e	HMS Holdings Corp		6,474
	549,970		Hogg Robinson Group plc		237
	160,367	*	Hudson Highland Group, Inc		706
	228,715	*	Hypercom Corp		1,061
	1,336,338	e	IBA Health Group Ltd		189
	37,500		IBJ Leasing Co Ltd		663
	102,957	e	iGate Corp		1,320
	158,910	*,e	IHS, Inc (Class A)		9,284
	31,200		Iida Home Max		246
	195,164		iiNET Ltd		477
	596,953	e	Indra Sistemas S.A.		9,544
	80,228		Industrial & Financial Systems		818
	42,000		Ines Corp		282
	263,399	*,e	infoGROUP, Inc		2,102
	196,295	*	Informatica Corp		4,688
	431,900	a	Information Development Co		2,606
	18,000		Information Services International-Dentsu Ltd		115
	179,378	*,e	Infospace, Inc		1,349
	733,109		Infosys Technologies Ltd		43,740
	46,600		Infosys Technologies Ltd (ADR)		2,792
	108,386	*,e	Innerworkings, Inc		740
	401,949		Intec Telecom Systems plc		315
	102,016	*,e	Integral Systems, Inc		648
	77,337		Interactive Data Corp		2,582
	70,042	*,e	Interactive Intelligence, Inc		1,151
	240,074	*,e	Internap Network Services Corp		1,001
	129,067	*,e	Internet Brands, Inc (Class A)		1,333
	183,535	*,e	Internet Capital Group, Inc		1,395
	10,439	*	Internet Gold-Golden Lines Ltd		220

11

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	235		Internet Initiative Japan, Inc	$	692
	4,550,400	*,e	Interpublic Group of Cos, Inc		32,444
	97,031		Intrum Justitia AB		946
	2,291,332	*,e	Intuit, Inc		79,670
	209,718	*,e	inVentiv Health, Inc		5,369
	225,857	e	Iress Market Technology Ltd		1,638
	595,434	e	Iron Mountain, Inc		13,373
	132,860		IT Holdings Corp		1,577
	317,171	e	ITE Group plc		680
	27,362		Ituran Location and Control Ltd		428
	412,781		Jack Henry & Associates, Inc		9,857
	1,181,017	*,e	JC Decaux S.A.		27,517
	195,834	*	JDA Software Group, Inc		4,304
	613,600		JobStreet Corp Bhd		385
	389,239		JSR Corp		6,538
	2,771,993	*,e	Juniper Networks, Inc		63,257
	307	e	Kakaku.com, Inc		1,268
	6,973		Kardex AG.		210
	125,073	*,e	Kelly Services, Inc (Class A)		1,860
	173,648	*,e	Kenexa Corp		2,084
	59,147	e	Keynote Systems, Inc		534
	131,760	*	Kforce, Inc		1,680
	145,042	*,e	Knot, Inc		1,128
	138,833		Konami Corp		2,141
	71,130		Kontron AG.		637
	201,674	*,e	Korn/Ferry International		2,803
	125,341	*,e	Lamar Advertising Co (Class A)		3,073
	243,917		Lavendon Group plc		211
	751,320	*,e	Lawson Software, Inc		5,485
	163,870	*,e	Limelight Networks, Inc		719
	318,710	*	Lionbridge Technologies		1,457
	71,673	*	Liquidity Services, Inc		929
	230,595	*,e	Liveperson, Inc		1,582
	65,215	*	Local.com Corp		446
	3,154,986		LogicaCMG plc		5,117
	113,895	*,e	LogMeIn, Inc		2,987
	1,797	*	LoJack Corp		7
	39,839	*,e	Longtop Financial Technologies Ltd (ADR)		1,291
	107,020	e	Loomis AB		1,024
	75,025	*	MacDonald Dettwiler & Associates Ltd		3,085
	466	e	Macromill, Inc		695
	226,980	*	Magma Design Automation, Inc		645
	137,926	*,e	Manhattan Associates, Inc		3,800
	248,408		Manpower, Inc		10,726
	132,754	*	Mantech International Corp (Class A)		5,651
	120,179	e	Marchex, Inc (Class B)		463
	23,542	*	Marlin Business Services Corp		285
	453,123	e	Mastercard, Inc (Class A)		90,412
	52,927		Matrix IT Ltd		268
	619,548	*,e	McAfee, Inc		19,033
	154,644	*,e	Medidata Solutions, Inc		2,395
	50,700	*,e	Meitec Corp		914

12

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	487,478	*,e	Mentor Graphics Corp	$	4,314
	551,792		Michael Page International plc		3,055
	407,291	e	Micro Focus International plc		2,559
	44,800,683		Microsoft Corp		1,030,863
	62,091	*	MicroStrategy, Inc (Class A)		4,662
	582,976		Misys plc		2,019
	511,733		Mitsubishi UFJ Lease & Finance Co Ltd		17,262
	90	*,e	Mixi Inc		467
	270,155	*,e	ModusLink Global Solutions, Inc		1,629
	435,958	*,e	MoneyGram International, Inc		1,068
	104,812	*,e	Monotype Imaging Holdings, Inc		944
	347,614	*,e	Monster Worldwide, Inc		4,050
	1,223,259	e	Moody’s Corp		24,367
	53,459		Morgan Sindall plc		408
	30,400	e	Moshi Moshi Hotline, Inc		667
	738,185	*,e	Move, Inc		1,513
	31,962	*,e	NCI, Inc (Class A)		722
	347,386	*	NCR Corp		4,210
	18,027		Ncsoft		2,970
	12,600		NEC Capital Solutions Ltd		149
	1,097,399		NEC Corp		2,849
	44,200		NEC Fielding Ltd		539
	39,500		NEC Networks & System Integration Corp		491
	15,572		Nemetschek AG.		429
	30,519	*	Neowiz Games Corp		1,013
	33,617		Net Entertainment NE AB		292
	86,694	*,e	NetFlix, Inc		9,419
	221,796	*,e	Netscout Systems, Inc		3,154
	75,870	*,e	NetSuite, Inc		959
	144,448	*,e	Network Equipment Technologies, Inc		504
	69,382	*	NHN Corp		10,319
	248,818	e	NIC, Inc		1,595
	77,800		Nihon Unisys Ltd		564
	9,000		Nippon Kanzai Co Ltd		148
	47,200	e	Nippon System Development Co Ltd		535
	335,401		Nippon Systemware Co Ltd		1,370
	30,400		Nishio Rent All Co Ltd		196
	179,081		Nomura Research Institute Ltd		3,802
	482,000	*,e	Norse Energy Corp ASA		175
	1,081,569	*,e	Novell, Inc		6,143
	37,900		NS Solutions Corp		742
	3,333		NTT Data Corp		12,303
	2,020,410	*,e	Nuance Communications, Inc		30,205
	8,700		OBIC Business Consultants Ltd		470
	15,236		Obic Co Ltd		2,941
	3,589,823	e	Omnicom Group, Inc		123,130
	212,354	*	On Assignment, Inc		1,068
	127,683	*,e	Online Resources Corp		530
	71,757	*	Open Text Corp		2,696
	67,774	*,e	OpenTable, Inc		2,811
	201,398	e	Opera Software ASA		693
	59,423	e	Opnet Technologies, Inc		873

13

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	72		OPT, Inc	$	103
	19,370,583		Oracle Corp		415,692
	31,621	e	Oracle Corp Japan		1,554
	35,150		ORC Software AB		580
	62,957	*	Ordina NV		217
	10,941	e	Otsuka Corp		697
	518,258	*,e	Parametric Technology Corp		8,121
	482	*,e	Pasona Group, Inc		311
	4,161		Patni Computer Systems Ltd		46
	275,000		PCA Corp		2,484
	109,345	*,e	PC-Tel, Inc		551
	111,446	*	PDF Solutions, Inc		535
	35,492	*	PDI, Inc		294
	68,912	e	Pegasystems, Inc		2,213
	105,944	*,e	Perficient, Inc		944
	278,856	*	Phase Forward, Inc		4,651
	2,486	*	Phoenix Technologies Ltd		7
	1,076,000		Pico Far East Holdings Ltd		196
	3,144,703	e	Playtech Ltd		21,380
	75,754	*,e	Portfolio Recovery Associates, Inc		5,059
	322,008	*	Premiere Global Services, Inc		2,042
	79,293		Proffice AB		209
	236,916	*	Progress Software Corp		7,115
	154,674	*,e	Promotora de Informaciones S.A.		377
	94,575	*,e	PROS Holdings, Inc		615
	58,719		Prosegur Cia de Seguridad S.A.		2,492
	105,216	e	Publicis Groupe S.A.		4,197
	2,731		PubliGroupe AG.		282
	70,273	e	QAD, Inc		290
	83,833	e	Quality Systems, Inc		4,861
	371,865	*,e	Quest Software, Inc		6,708
	42,503	*,e	QuinStreet, Inc		489
	421,456	*,e	Rackspace Hosting, Inc		7,730
	122,960	*,e	Radiant Systems, Inc		1,778
	127,999	*,e	Radisys Corp		1,219
	15,681	e	Rakuten, Inc		11,330
	95,068		Ramirent Oyj		798
	21,993	*	Randstad Holdings NV		864
	21,808	*	ReachLocal, Inc		283
	360,626	*,e	RealNetworks, Inc		1,190
	503,799	*,e	Red Hat, Inc		14,580
	88,193		Redflex Holdings Ltd		171
	65,350	e	Renaissance Learning, Inc		960
	339,205	*	Rent-A-Center, Inc		6,872
	25,799	*	Retalix Ltd		286
	4,254	e	Rewards Network, Inc		58
	44,800		Ricoh Leasing Co Ltd		1,024
	140,452		Rightmove plc		1,318
	148,457	*,e	RightNow Technologies, Inc		2,329
	111,952		Ritchie Bros Auctioneers, Inc		2,038
	325,940	e	Robert Half International, Inc		7,676

14

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	185,188	e	Rollins, Inc	$	3,832
	44,780	*,e	Rosetta Stone, Inc		1,028
	230,650	*,e	RSC Holdings, Inc		1,423
	294,996	*,e	S1 Corp		1,773
	21,400		S1 Corp (Korea)		911
	121,055	*,e	Saba Software, Inc		623
	2,566,224		Sage Group plc		8,829
	356,934	*	Salesforce.com, Inc		30,632
	158,413	*	Sandvine Corp		304
	1,292,255	e	SAP AG.		57,463
	448,670	e	Sapient Corp		4,550
	950,741	*	Satyam Computer Services Ltd		1,851
	111,999	*	SDL plc		777
	153,097		Secom Co Ltd		6,798
	138,859	e	Securitas AB (B Shares)		1,259
	688,715		Seek Ltd		4,010
	18,199		SeLoger.com		654
	484		SGS S.A.		653
	6,202		SimCorp AS		988
	528	*,e	Simplex Technology, Inc		383
	29,499	*,e	Sina Corp		1,040
	4,143,423		Singapore Post Ltd		3,342
	182,232	*	SK Broadband Co Ltd		889
	19,284		SK C&C Co Ltd		1,311
	180,727		Skilled Group Ltd		164
	131,506	*,e	Smith Micro Software, Inc		1,251
	172,336		SMS Management & Technology Ltd		854
	964,993	e	Softbank Corp		25,595
	35,245		Software AG.		3,623
	171,800		Sohgo Security Services Co Ltd		1,740
	33,826	*	Sohu.com, Inc		1,390
	151,406	*,e	SolarWinds, Inc		2,429
	194		So-net Entertainment Corp		464
	153	e	So-net M3, Inc		615
	319,710	*	SonicWALL, Inc		3,757
	897,736	*,e	Sonus Networks, Inc		2,433
	7,598	e	Sopra Group S.A.		492
	466,468	e	Sotheby’s (Class A)		10,668
	180,771	*,e	Sourcefire, Inc		3,435
	753,938		Speedy Hire plc		271
	264,393	*	Spherion Corp		1,444
	545,647	e	Spotless Group Ltd		973
	91,195		Square Enix Co Ltd		1,680
	226,711	*	SRA International, Inc (Class A)		4,459
	51,931	*	SS&C Technologies Holdings, Inc		832
	159		Start Today Co Ltd		436
	790	*,e	StarTek, Inc		3
	141,985		Sthree plc		534
	93,101	*,e	Stratasys, Inc		2,287
	10,011	*	Stream Global Services, Inc		56
	643,044		STW Communications Group Ltd		490
	274,498	*,e	SuccessFactors, Inc		5,707

15

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	207,693	*,e	SupportSoft, Inc	$	864
	10,834	e	Sword Group		329
	51,981	*	SXC Health Solutions Corp (Toronto)		3,821
	90,942	*	SXC Health Solutions Corp		6,662
	184,605	*	Sybase, Inc		11,937
	179,513	*	SYKES Enterprises, Inc		2,554
	8,131,115	*,e	Symantec Corp		112,859
	90,429	*,e	Synchronoss Technologies, Inc		1,715
	122,862	*	SYNNEX Corp		3,148
	315,169	*,e	Synopsys, Inc		6,578
	53,649	e	Syntel, Inc		1,821
	11,000,530		Taiwan-Sogo Shinkong Security Corp		8,001
	314,062	e	Take-Two Interactive Software, Inc		2,827
	72,249	e	TAL International Group, Inc		1,623
	176,620	*,e	Taleo Corp (Class A)		4,290
	707,164		Tata Consultancy Services Ltd		11,348
	59,644	*,e	TechTarget, Inc		321
	45,800		Tecmo Koei Holdings Co Ltd		300
	245,441	*	Telecity Group plc		1,462
	75,013		Teleperformance		1,874
	255,286	*,e	TeleTech Holdings, Inc		3,291
	694,980	*,e	Temenos Group AG.		16,731
	1,682,700	e	Tencent Holdings Ltd		27,878
	44,426	e	Textainer Group Holdings Ltd		1,072
	329,978	*,e	THQ, Inc		1,426
	878,836	*	TIBCO Software, Inc		10,599
	74,519	*,e	Tier Technologies, Inc		453
	101,381		Tietoenator Oyj		1,671
	47,200		TKC		830
	111,976	*,e	TNS, Inc		1,953
	1,858,000	*	Tom Group Ltd		147
	218,700		Tomra Systems ASA		913
	1,231,292	e	Total System Services, Inc		16,746
	69,707	*,e	TradeDoubler AB		267
	191,835	*,e	TradeStation Group, Inc		1,295
	49,100	*	Trans Cosmos, Inc/Japan		405
	52,010	*	Transcom WorldWide S.A. (ADR)		159
	26,986	*,e	Travelzoo, Inc		334
	80,103	e	Trend Micro, Inc		2,165
	208,680	*	TrueBlue, Inc		2,335
	60	*	Ubiquitous Corp		132
	102,896	*,e	UBISOFT Entertainment		770
	107,648	*,e	Ultimate Software Group, Inc		3,537
	66,599	*,e	Unica Corp		638
	325,729	*,e	Unisys Corp		6,023
	36,977		Unit 4 Agresso NV		771
	648,564	e	United Internet AG.		7,102
	486,585		United Online, Inc		2,803
	311,988	*,e	United Rentals, Inc		2,908
	93,743	*	USG People NV		1,318
	14,530		USS Co Ltd		1,038
	531,048	*,e	Valueclick, Inc		5,677

16

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	125,488	*,e	Vasco Data Security International	$	774
	395,795		Venture Corp Ltd		2,512
	283		VeriSign Japan KK		105
	680,830	*	VeriSign, Inc		18,076
	120,194	e	Viad Corp		2,121
	140,660		VirnetX Holding Corp		833
	62,720	*,e	Virtusa Corp		585
	2,249,663	e	Visa, Inc (Class A)		159,163
	758,665	*,e	VMware, Inc (Class A)		47,485
	76,979	*,e	Vocus, Inc		1,176
	67,774	*,e	Volt Information Sciences, Inc		569
	345,953	*	Wave Systems Corp		1,121
	113,890	*	WebMD Health Corp (Class A)		5,288
	279,254	*,e	Websense, Inc		5,278
	782,293		Wipro Ltd		6,425
	162,608	e	Wirecard AG.		1,385
	475		Works Applications Co Ltd		213
	196,776		Wotif.com Holdings Ltd		881
	8,059,510		WPP plc		75,924
	36,797	e	Yahoo! Japan Corp		14,666
	5,659,717	*	Yahoo!, Inc		78,274
			TOTAL BUSINESS SERVICES		5,483,394
CHEMICALS AND ALLIED PRODUCTS - 10.6%
	4,319	*,e	3SBio, Inc (ADR)		50
	59,300	*	5N Plus, Inc		291
	5,801,673		Abbott Laboratories		271,402
	73,781	*,b,m	Able Laboratories, Inc		0	^
	27,840	*	Ablynx NV		253
	58,954	*,e	Abraxis Bioscience, Inc		4,374
	233,881	*,e	Acorda Therapeutics, Inc		7,276
	193,705	*	Acrux Ltd		294
	59,183	*	Actelion Ltd		2,216
	20,634	*,e	Acura Pharmaceuticals, Inc		52
	167,100		ADEKA Corp		1,570
	49,755	*	Adolor Corp		54
	315,976		Agrium, Inc (Toronto)		15,434
	114,067	e	Air Liquide		11,519
	457,709	e	Air Products & Chemicals, Inc		29,664
	185,000		Air Water, Inc		2,020
	2,294,044	m	Alapis Holding Industrial and Commercial S.A.		723
	127,287	*	Albany Molecular Research, Inc		658
	294,912	e	Albemarle Corp		11,711
	607,013	e	Alberto-Culver Co		16,444
	190,161	*,e	Alexion Pharmaceuticals, Inc		9,734
	191,894	*	Alexza Pharmaceuticals, Inc		522
	14,473	*	Alimera Sciences, Inc		108
	9,148	e	ALK-Abello AS		507
	449,855	*,e	Alkermes, Inc		5,601
	347,559	*,e	Allos Therapeutics, Inc		2,131
	151,624	*,e	Alnylam Pharmaceuticals, Inc		2,277
	91,630	*,e	AMAG Pharmaceuticals, Inc		3,147

17

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	103,132	e	American Vanguard Corp	$	818
	7,264,804	*	Amgen, Inc		382,129
	4,196		Amorepacific Corp		3,570
	129	*	AnGes MG, Inc		174
	840,201	*,e	Anthera Pharmaceuticals, Inc		4,503
	115,515		Arch Chemicals, Inc		3,551
	71,838	*,e	Ardea Biosciences, Inc		1,477
	457,823	*,e	Arena Pharmaceuticals, Inc		1,406
	117,500	e	Arisawa Manufacturing Co Ltd		755
	667,358	e	Arkema		23,227
	258,741	*,e	Arqule, Inc		1,113
	251,618	*,e	Array Biopharma, Inc		767
	2,170,113		Asahi Kasei Corp		11,337
	1,128,033		Ashland, Inc		52,363
	31,000		ASKA Pharmaceutical Co Ltd		217
	365,020	*,e	Aspen Pharmacare Holdings Ltd		3,605
	96,836	*	AspenBio Pharma, Inc		95
	456,084		Astellas Pharma, Inc		15,281
	1,840,221		AstraZeneca plc		86,759
	751,403	e	AstraZeneca plc (ADR)		35,414
	43,344	*	Atrium Innovations Inc		623
	19,679	e	Auriga Industries (Class B)		269
	182,221	*,e	Auxilium Pharmaceuticals, Inc		4,282
	1,298,175	*,e	AVANIR Pharmaceuticals, Inc		3,336
	25,006	*	AVEO Pharmaceuticals, Inc		177
	441,747	e	Avery Dennison Corp		14,193
	443,201	*,e	AVI BioPharma, Inc		714
	4,301,134	e	Avon Products, Inc		113,980
	61,499	*	Axis-Shield plc		226
	6,936		Bachem Holding AG.		415
	142,801	e	Balchem Corp		3,570
	1,890,251	e	BASF AG.		103,284
	11,872	*	Basilea Pharmaceutica		659
	18,968	e	Beiersdorf AG.		1,048
	106,387	*,e	BioCryst Pharmaceuticals, Inc		629
	53,219	*,e	Biodel, Inc		201
	772,781	*	Biogen Idec, Inc		36,668
	222,063	*,e	BioMarin Pharmaceuticals, Inc		4,210
	65,777	*,e	BioMimetic Therapeutics, Inc		731
	262,830	*	Biosante Pharmaceuticals, Inc		463
	18,434	*,e	Biospecifics Technologies Corp		366
	247,808	e	Biota Holdings Ltd		210
	6,924		Biotest AG.		296
	23,129		Biotest AG. (Preference)		960
	91,099	*	Biotime, Inc		561
	225,964	*,e	Biovail Corp		4,354
	462,934	e	Biovail Corp (Toronto)		8,906
	13,195,216	*,a	Biovitrum AB		62,506
	17,606		Boiron S.A.		624
	200,728	*	Braskem S.A.		1,393

18

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	9,590,097	e	Bristol-Myers Squibb Co	$	239,177
	468,901	e	Cabot Corp		11,305
	117,642	*,e	Cadence Pharmaceuticals, Inc		825
	241,582	*,e	Calgon Carbon Corp		3,199
	197,430	*,e	Cambrex Corp		622
	44,200	*	Cangene Corp		152
	70,834	*,e	Caraco Pharmaceutical Laboratories Ltd		334
	151,761	*	Cardiome Pharma Corp		1,252
	342,352		Celanese Corp (Series A)		8,528
	3,929,722	*,e	Celgene Corp		199,708
	230,388	*,e	Celldex Therapeutics, Inc		1,051
	74,517	*	Celltrion, Inc		1,251
	480,271	*,e	Cephalon, Inc		27,255
	998,626	e	CF Industries Holdings, Inc		63,363
	139,564	*	Charles River Laboratories International, Inc		4,774
	125,254	*,e	Chelsea Therapeutics International, Inc		367
	50,175		Chemring Group PLC		2,219
	101,874	*	China Aoxing Pharmaceutical Co, Inc		332
	673,000	e	China Shineway Pharmaceutical Group Ltd		2,047
	715,000		China XLX Fertiliser Ltd		263
	126,105		Christian Dior S.A.		12,104
	220,300	e	Chugai Pharmaceutical Co Ltd		3,921
	131,000		Chugoku Marine Paints Ltd		901
	231,841		Church & Dwight Co, Inc		14,539
	637,942		Cipla Ltd		4,624
	360,279	*	Clariant AG.		4,562
	489,254	e	Clorox Co		30,412
	1,750		CMIC Co Ltd		466
	16,384	*	Codexis, Inc		144
	2,122,923		Colgate-Palmolive Co		167,201
	327,487	*	Combinatorx, Inc		475
	38,971	*,e	Compound partnering business		396
	108,840	*	Corcept Therapeutics, Inc		340
	58,913	*,e	Cornerstone Therapeutics, Inc		347
	304,778		Croda International		4,567
	968,688	e	CSL Ltd		26,449
	363,838	*	Cubist Pharmaceuticals, Inc		7,495
	48,820	*,e	Cumberland Pharmaceuticals, Inc		313
	356,272	*,e	Curis, Inc		495
	181,931	*,e	Cypress Bioscience, Inc		418
	1,774,842		Cytec Industries, Inc		70,976
	299,577	*,e	Cytokinetics, Inc		710
	148,672	*,e	Cytori Therapeutics, Inc		517
	449,697	*	Cytrx		346
	144,000	*	Dai Nippon Toryo Co Ltd		147
	1,362,550		Daicel Chemical Industries Ltd		9,193
	563,835		Daiichi Sankyo Co Ltd		10,073
	85,857		Dainichiseika Color & Chemicals Manufacturing Co Ltd		314
	1,004,675	e	Dainippon Ink and Chemicals, Inc		1,548

19

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	164,300		Dainippon Sumitomo Pharma Co Ltd	$	1,258
	90,000		Daiso Co Ltd		225
	467,173	*,e	Dendreon Corp		15,104
	20,049	*	Devgen		207
	23,779	*	Diamyd Medical AB (B Shares)		366
	31,226		DiaSorin S.p.A.		1,144
	6,857,625	e	Dow Chemical Co		162,663
	217,919		Dr Reddy’s Laboratories Ltd		6,809
	581,791		DSM NV		23,127
	4,839,716		Du Pont (E.I.) de Nemours & Co		167,406
	375,438	*,e	Durect Corp		912
	355,507	*	Dynavax Technologies Corp		661
	27,000	e	Earth Chemical Co Ltd		817
	181,221		Eastman Chemical Co		9,670
	1,958,131		Ecolab, Inc		87,940
	683,001	e	Eisai Co Ltd		22,663
	457,594	*	Elan Corp plc		2,077
	41,460	*,e	Elan Corp plc (ADR)		187
	653,216		Elementis plc		607
	2,737,638		Eli Lilly & Co		91,711
	121,240	*	Elizabeth Arden, Inc		1,760
	165,261	*,e	Emergent Biosolutions, Inc		2,700
	11,619		EMS-Chemie Holding AG.		1,507
	236,185	*,e	Enzon Pharmaceuticals, Inc		2,515
	172	e	EPS Co Ltd		435
	20,745	e	Eramet		5,127
	627,144		Estee Lauder Cos (Class A)		34,951
	1,785,586		Eternal Chemical Co Ltd		1,705
	74,840	*	Eurand NV		725
	286,249	e	FAES FARMA S.A.		982
	74,700	e	Fancl Corp		1,056
	78,386	e	Female Health Co		407
	5,429,779	*,a,e	Ferro Corp		40,017
	131,172		Fertilizantes Fosfatados S.A.		981
	435,234		Filtrona plc		1,401
	238,651		FMC Corp		13,706
	5,650		FMS Enterprises Migun Ltd		177
	2,248,859	*,e	Forest Laboratories, Inc		61,686
	4,409,733		Formosa Chemicals & Fibre Corp		10,089
	5,909,091		Formosa Plastics Corp		12,421
	9,031		Fuchs Petrolub AG.		771
	21,925	e	Fuchs Petrolub AG. (Preference)		1,941
	90,000		Fuso Pharmaceutical Industries Ltd		290
	614,565	*,e	Galapagos NV		7,696
	55,641	*,e	Genmab AS		395
	566,583	*,e	Genzyme Corp		28,765
	601,404	*,e	Georgia Gulf Corp		8,023
	417,018	*,e	Geron Corp		2,093
	9,489,504	*,e	Gilead Sciences, Inc		325,300
	48,867		Givaudan S.A.		41,504
	5,346,675		GlaxoSmithKline plc		90,791
	50,063	e	Grifols S.A.		512

20

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	72,000		Gun-Ei Chemical Industry Co Ltd	$	171
	19,660		H&R WASAG AG.		434
	249,151	e	H.B. Fuller Co		4,731
	383,140	*,e	Halozyme Therapeutics, Inc		2,697
	223,545		Hanwha Chemical Corp		3,209
	12,945	m	Haw Par Corp Ltd		53
	45,175	e	Hawkins, Inc		1,088
	41,194		Henkel KGaA		1,686
	1,445,080	e	Henkel KGaA (Preference)		70,564
	254,396		Hikma Pharmaceuticals plc		2,701
	1,181,065		Hindustan Lever Ltd		6,790
	52,400	e	Hisamitsu Pharmaceutical Co, Inc		2,078
	61,871	*,e	Hi-Tech Pharmacal Co, Inc		1,417
	39,703		Honam Petrochemical Corp		4,699
	1,087,322	*,e	Hospira, Inc		62,467
	797,590	*,e	Human Genome Sciences, Inc		18,073
	4,658,269	e	Huntsman Corp		40,387
	421,478	*,e	Idenix Pharmaceuticals, Inc		2,107
	124,508	*,e	Idexx Laboratories, Inc		7,583
	415,761	*,e	Immucor, Inc		7,920
	291,643	*,e	Immunogen, Inc		2,704
	379,352	*,e	Impax Laboratories, Inc		7,230
	1,637,049	e	Incitec Pivot Ltd		3,702
	208,666	*	Inhibitex, Inc		532
	99,690		Innophos Holdings, Inc		2,600
	288,651	*,e	Inspire Pharmaceuticals, Inc		1,440
	6,502		Inter Parfums S.A.		193
	85,630		Inter Parfums, Inc		1,219
	110,097	*,e	Intercell AG.		2,049
	184,196	*,e	InterMune, Inc		1,722
	274,963		International Flavors & Fragrances, Inc		11,664
	182,058	*,e	Inverness Medical Innovations, Inc		4,854
	8,148		Ipsen		248
	441,000	*	Ishihara Sangyo Kaisha Ltd		330
	663,788		Israel Chemicals Ltd		6,915
	64,090	*	Jazz Pharmaceuticals, Inc		502
	10,860,673		Johnson & Johnson		641,431
	77,313	e	Kaiser Aluminum Corp		2,680
	171,681		Kaken Pharmaceutical Co Ltd		1,706
	279,411		Kansai Paint Co Ltd		2,398
	59,000	e	Kanto Denka Kogyo Co Ltd		370
	480,410		Kao Corp		11,303
	30,800		Katakura Industries Co Ltd		304
	151,226	e	Kemira Oyj		1,618
	169,296	*	Keryx Biopharmaceuticals, Inc		620
	2,195,998	*,e	King Pharmaceuticals, Inc		16,668
	1,446,276		Kingboard Chemical Holdings Ltd		6,209
	66,000		Kissei Pharmaceutical Co Ltd		1,389
	27,653		KMG Chemicals, Inc		397
	48,000		Koatsu Gas Kogyo Co Ltd		269
	128,258	e	Koppers Holdings, Inc		2,883

21

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	44,200	e	Kose Corp	$	1,039
	63,000		Kumiai Chemical Industry Co Ltd		164
	301,965		Kuraray Co Ltd		3,543
	172,000		KUREHA CORP		829
	115,000		Kyorin Co Ltd		1,661
	289,067	e	Kyowa Hakko Kogyo Co Ltd		2,741
	3,756,250	*	L’ Occitane International SA		8,191
	387,725	*,e	La Seda de Barcelona S.A. (Class B)		161
	116,857	*,e	Landec Corp		688
	48,065	*,e	Lannett Co, Inc		220
	2,189,164	e	Lanxess AG.		92,145
	18,120		LG Household & Health Care Ltd		5,146
	534,112	*,e	Ligand Pharmaceuticals, Inc (Class B)		780
	21,170	e	Linde AG.		2,226
	128,500		Lintec Corp		2,321
	297,000	e	Lion Corp		1,532
	758,099		Lonza Group AG.		50,474
	62,273	e	L’Oreal S.A.		6,097
	673,083		Lubrizol Corp		54,055
	35,293		Lupin Ltd		1,486
	164,536	e	Maire Tecnimont S.p.A.		523
	296,378		Makhteshim-Agan Industries Ltd		989
	33,679		Mandom Corp		915
	261,949	*,e	MannKind Corp		1,674
	62,500	*,e	MAP Pharmaceuticals, Inc		820
	181,769	e	Martek Biosciences Corp		4,310
	320,543		Mcbride plc		623
	451,264	e	Meda AB (A Shares)		3,271
	119,314		Mediceo Paltac Holdings Co Ltd		1,417
	403,439	*	Medicines Co		3,070
	332,046		Medicis Pharmaceutical Corp (Class A)		7,265
	108,283	*,e	Medifast, Inc		2,806
	285,352	*,e	Medivation, Inc		2,523
	16,828,951	e	Merck & Co, Inc		588,508
	19,730	e	Merck KGaA		1,447
	175,427	e	Meridian Bioscience, Inc		2,982
	139,100		Methanex Corp		2,737
	350,510	*,e	Micromet, Inc		2,187
	12,800	e	Milbon Co Ltd		306
	96,327		Minerals Technologies, Inc		4,579
	103,900	e	Miraca Holdings, Inc		3,110
	1,030,643	e	Mitsubishi Chemical Holdings Corp		4,704
	243,337		Mitsubishi Gas Chemical Co, Inc		1,180
	157,000		Mochida Pharmaceutical Co Ltd		1,497
	176,855	*,e	Momenta Pharmaceuticals, Inc		2,168
	1,780,120		Monsanto Co		82,277
	29,508	*	Morphosys AG.		521
	423,426		Mosaic Co		16,505
	3,431,981	*,e	Mylan Laboratories, Inc		58,481
	300,536	*,e	Nabi Biopharmaceuticals		1,635
	535,385		Nalco Holding Co		10,954

22

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	8,233,057		Nan Ya Plastics Corp	$	13,135
	75,727	*,e	Nanosphere, Inc		330
	191,666	*	Natraceutical S.A.		86
	272,838		Natura Cosmeticos S.A.		6,046
	830,000		Natural Beauty Bio-Technology Ltd		148
	27,322	*	Nature’s Sunshine Products, Inc		229
	612,435	*,e	NBTY, Inc		20,829
	177,946	*	Neuralstem, Inc		445
	302,301	*,e	Neurocrine Biosciences, Inc		1,693
	66,616	*,e	NeurogesX, Inc		442
	44,852		NewMarket Corp		3,916
	55,600		Nichi-iko Pharmaceutical Co Ltd		2,070
	94,657	*,e	NicOx S.A.		301
	61,000	e	Nihon Nohyaku Co Ltd		269
	65,874		Nihon Parkerizing Co Ltd		860
	425,550	e	Nippon Chemiphar Co Ltd		1,426
	298,000		Nippon Kayaku Co Ltd		2,548
	331,523	e	Nippon Paint Co Ltd		2,007
	72,000		Nippon Shinyaku Co Ltd		819
	187,000		Nippon Shokubai Co Ltd		1,774
	279,000		Nippon Soda Co Ltd		917
	103,810		Nippon Synthetic Chemical Industry Co Ltd		598
	116,000		Nippon Valqua Industries Ltd		259
	222,922		Nissan Chemical Industries Ltd		2,491
	45,222	e	NL Industries, Inc		276
	54,300	e	Noevir Co Ltd		614
	10,932	*	Novacea, Inc		91
	7,254,467		Novartis AG.		351,574
	996,228		Novartis AG. (ADR)		48,138
	345,500	*,e	Novavax, Inc		750
	56,392		Novo Nordisk A.S. (ADR)		4,569
	1,120,747		Novo Nordisk AS (Class B)		90,548
	28,393	e	Novozymes AS (B Shares)		3,030
	341,787	*,e	NPS Pharmaceuticals, Inc		2,201
	332,076	e	Nufarm Ltd		1,496
	552,491		Nuplex Industries Ltd		1,059
	56,782	*,e	Nutraceutical International Corp		866
	75,554	*	Nymox Pharmaceutical Corp		236
	83,280	*,e	Obagi Medical Products, Inc		984
	360,085	e	Olin Corp		6,514
	160,002	*,e	OM Group, Inc		3,818
	30,849		Omega Pharma S.A.		1,348
	326,456	*,e	Omeros Corp		2,422
	366,117	*,e	Omnova Solutions, Inc		2,859
	9,274	*,e	OncoGenex Pharmaceutical, Inc		125
	162	*	OncoTherapy Science, Inc		303
	94,380		Ono Pharmaceutical Co Ltd		3,826
	299,804	*,e	Onyx Pharmaceuticals, Inc		6,473
	128,872		OPG Groep NV		2,354
	326,782	*,e	Opko Health, Inc		739
	145,640	*,e	Optimer Pharmaceuticals, Inc		1,350
	205,524	*,e	OraSure Technologies, Inc		952

23

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	133,564	*,e	Orexigen Therapeutics, Inc	$	561
	65,771	e	Oriflame Cosmetics S.A.		3,416
	168,167	e	Oriola-KD Oyj (B Shares)		783
	42,809	e	Orion Oyj (Class B)		801
	117,177	*,e	Osiris Therapeutics, Inc		681
	639,130	*,e	Pactiv Corp		17,800
	164,585	*,e	Pain Therapeutics, Inc		915
	190,163	*	Par Pharmaceutical Cos, Inc		4,937
	324,630	*,e	Parexel International Corp		7,038
	64,968	*,e	Patheon, Inc		159
	510,174	e	PDL BioPharma, Inc		2,867
	231,984	*	Peregrine Pharmaceuticals, Inc		499
	467,258	e	Perrigo Co		27,601
	104,471	e	PetMed Express, Inc		1,860
	45,925,659		Pfizer, Inc		654,901
	629,891	*,e	Pharmacyclics, Inc		4,195
	127,332	*,e	Pharmasset, Inc		3,481
	287,381	*,e	Pharmaxis Ltd		494
	157,557	*,e	PharMerica Corp		2,310
	133,978		Piramal Healthcare Ltd		1,377
	640,532	*	PolyOne Corp		5,393
	427,405		Potash Corp of Saskatchewan		36,813
	125,159	*,e	Pozen, Inc		877
	565,736		PPG Industries, Inc		34,176
	695,272	e	Praxair, Inc		52,834
	228,422	*	Prestige Brands Holdings, Inc		1,617
	16,193,214		Procter & Gamble Co		971,270
	134,574	*,e	Progenics Pharmaceuticals, Inc		737
	605,100		PTT Chemical PCL		1,934
	281,225		PZ Cussons plc		1,432
	417,468	*,e,m	Questcor Pharmaceuticals, Inc		4,262
	100,365	*,e	Quidel Corp		1,274
	155,194	*	Ranbaxy Laboratories Ltd		1,531
	2,599,590		Reckitt Benckiser Group plc		120,918
	259,099		Recordati S.p.A.		1,819
	47,021	*,e	Revlon, Inc (Class A)		525
	227,173	e	Rhodia S.A.		3,764
	20,372		Richter Gedeon Nyrt		3,602
	691,491		Roche Holding AG.		95,178
	266,245	*	Rockwood Holdings, Inc		6,041
	120,000		Rohto Pharmaceutical Co Ltd		1,468
	450,039		RPM International, Inc		8,029
	163,000		Sakai Chemical Industry Co Ltd		615
	256,494	*	Salix Pharmaceuticals Ltd		10,011
	1,523,490	e	Sanofi-Aventis		91,756
	422,023	*,e	Santarus, Inc		1,047
	70,004		Santen Pharmaceutical Co Ltd		2,522
	131,000		Sanyo Chemical Industries Ltd		843
	8,700		Sartorius Stedim Biotech		362
	33,800	e	Sawai Pharmaceutical Co Ltd		3,234

24

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	177,535	*,e	Sciclone Pharmaceuticals, Inc	$	472
	226,725		Scotts Miracle-Gro Co (Class A)		10,069
	448,168	*,e	Seattle Genetics, Inc		5,374
	157,000		Seikagaku Corp		1,602
	223,020	e	Sensient Technologies Corp		5,783
	480,366	e	Sherwin-Williams Co		33,237
	47,000		Shikoku Chemicals Corp		245
	627,793		Shin-Etsu Chemical Co Ltd		29,189
	84,800		Shin-Etsu Polymer Co Ltd		501
	207,509		Shionogi & Co Ltd		4,302
	4,227,004		Shire Ltd		86,714
	1,184,860	e	Shire plc (ADR)		72,727
	710,822	e	Shiseido Co Ltd		15,667
	1,684,821		Showa Denko KK		3,043
	134,751	*,e	SIGA Technologies, Inc		1,038
	447,412	e	Sigma-Aldrich Corp		22,295
	3,504,000	e	Sinochem Hong Kong Holding Ltd		1,378
	5,550,600	e	Sinopec Shanghai Petrochemical Co Ltd		2,102
	1,546,000	e	Sinopharm Group Co		5,633
	15,322	*	Sintex Industries Ltd		105
	79,584	*	Sociedad Nacional de Industrias Apicaciones Celulosa Espanola S.A.		117
	131,026		Sociedad Quimica y Minera de Chile S.A. (Class B)		4,289
	605,606	*,e	Solutia, Inc		7,933
	44,666		Solvay S.A.		3,814
	125,120	*	Somaxon Pharmaceuticals, Inc		450
	355,615	*,e	Spectrum Pharmaceuticals, Inc		1,394
	17,200		ST Corp		196
	115,861	e	Stada Arzneimittel AG.		3,851
	9,376		Stallergenes		593
	12,600	e	Stella Chemifa Corp		409
	715,564	*,e	StemCells, Inc		673
	36,179		Stepan Co		2,476
	52,873	*,e	Sucampo Pharmaceuticals, Inc (Class A)		187
	1,368,673		Sumitomo Chemical Co Ltd		5,297
	61,000		Sumitomo Seika Chemicals Co Ltd		222
	132,698		Sun Pharmaceuticals Industries Ltd		5,082
	362,163	*,e	SuperGen, Inc		732
	75,651	*,e	SurModics, Inc		1,241
	70,803		Syngenta AG.		16,357
	98,082	*,e	Synta Pharmaceuticals Corp		265
	6,200	e	Taiko Pharmaceutical Co Ltd		100
	109,815		Taisho Pharmaceutical Co Ltd		2,166
	1,458,000		Taiwan Fertilizer Co Ltd		3,815
	24,000		Taiyo Ink Manufacturing Co Ltd		628
	191,050		Taiyo Nippon Sanso Corp		1,517
	1,351,878		Takeda Pharmaceutical Co Ltd		58,067
	185,907		Tanabe Seiyaku Co Ltd		2,832
	12,000	e	Tanaka Chemical Corp		139
	124,544	*	Targacept, Inc		2,407
	23,900	e	Tenma Corp		260
	30,390		Tessenderlo Chemie NV		777

25

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	634,002		Teva Pharmaceutical Industries Ltd	$	33,125
	2,710,528		Teva Pharmaceutical Industries Ltd (ADR)		140,920
	40,380	*	Texas Petrochemicals, Inc		670
	88,001	*	Theratechnologies, Inc		423
	496,515	*,e	Theravance, Inc		6,241
	331,000		Toagosei Co Ltd		1,466
	42,000		Toda Kogyo Corp		304
	637,900	e	Tokai Carbon Co Ltd		2,986
	184,929		Tokuyama Corp		814
	57,700	e	Tokyo Ohka Kogyo Co Ltd		972
	268,758		Toray Industries, Inc		1,288
	31,400		Torii Pharmaceutical Co Ltd		492
	2,024,300		Tosoh Corp		5,240
	26,500	e	Towa Pharmaceutical Co Ltd		1,724
	354,000		Toyo Ink Manufacturing Co Ltd		1,357
	1,353,676	e	Toyobo Co Ltd		2,259
	22,411	*,e	Transgene S.A.		380
	1,274,500		TSRC Corp		1,754
	127,700	e	Tsumura & Co		3,910
	2,003,388		UBE Industries Ltd		4,737
	191,411	e	UCB S.A.		6,011
	207,142	*,e	Ulta Salon Cosmetics & Fragrance, Inc		4,901
	255,213	*,e	Unifi, Inc		975
	888,000	e	United Laboratories Ltd		1,208
	316,123		United Phosphorus Ltd		1,245
	237,083	*,e	United Therapeutics Corp		11,572
	251,240	e,f	Uralkali (GDR)		4,472
	37,578	*,e	USANA Health Sciences, Inc		1,373
	558,402	*,e	USEC, Inc		2,658
	290,904	*,e	Valeant Pharmaceuticals International		15,211
	370,601		Valspar Corp		11,163
	1,777,144	*,a,e	Vanda Pharmaceuticals, Inc		11,747
	445,681	*	Vectura Group plc		300
	697,304	*	Vertex Pharmaceuticals, Inc		22,941
	253,068	*,e	Vical, Inc		785
	112,323		Victrex plc		1,827
	11,583		Virbac S.A.		1,233
	453,935	*	Viropharma, Inc		5,089
	60,106	*,e	Vitacost.com, Inc		540
	73,100		VITAL KSK Holdings, Inc		411
	2,658	e	Wacker Chemie AG.		385
	3,189,767		Wah Lee Industrial Corp		4,248
	356,843	*,e	Warner Chilcott plc		8,154
	3,358,617	*,e	Watson Pharmaceuticals, Inc		136,259
	93,524	e	Westlake Chemical Corp		1,737
	1,090,642	*	WR Grace & Co		22,947
	128,971	*,e	Xenoport, Inc		1,265
	745,953	e	Yara International ASA		20,968
	13,912		Yuhan Corp		1,738
	155,058	*	Yule Catto & Co plc		413
	226,731	e	Zeltia S.A.		879
	533,512		Zeon Corp		3,126

26

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	27,000	e	ZERIA Pharmaceutical Co Ltd	$	285
	239,412	*	ZIOPHARM Oncology, Inc		761
	372,870	*,e	Zymogenetics, Inc		1,574
			TOTAL CHEMICALS AND ALLIED PRODUCTS		9,425,872
COAL MINING - 0.3%
	27,992,000		Adaro Energy Tbk		6,080
	340,609	*,e	Alpha Natural Resources, Inc		11,536
	182,616		Anglo Pacific Group plc		721
	180,066	*,e	Aquila Resources Ltd		1,169
	425,820	e	Arch Coal, Inc		8,435
	508,896	*	Carbon Energy Ltd		147
	974,614		Centennial Coal Co Ltd		3,601
	8,312,783		China Coal Energy Co		10,385
	5,855,799		China Shenhua Energy Co Ltd		21,126
	154,834	*,e	Cloud Peak Energy, Inc		2,053
	570,176	e	Consol Energy, Inc		19,249
	116,148	*	Felix Resources Ltd		63
	151,566	e,m	Gloucester Coal Ltd		1,576
	227,500	*	Grande Cache Coal Corp		1,175
	646,574	*,e	International Coal Group, Inc		2,489
	112,438	*,e	James River Coal Co		1,790
	222,150		Kumba Resources Ltd		3,181
	70,695	*	L&L Energy, Inc		608
	7,005,045		MacArthur Coal Ltd		70,005
	343,956		Massey Energy Co		9,407
	286,500	e	Mitsui Mining Co Ltd		395
	2,336,137	e	New World Resources NV		24,034
	929,511	e	Peabody Energy Corp		36,373
	264,041	*,e	Pike River Coal Ltd		159
	23,629,000		PT Bumi Resources Tbk		4,824
	1,627,134		PT Tambang Batubara Bukit Asam Tbk		3,069
	855,000		Sany Heavy Equipment International		946
	884,864		Sasol Ltd		31,435
	327,198	*,e	UK Coal plc		197
	425,900	*	Western Canadian Coal Corp		1,664
	217,281	*,e	White Energy Co Ltd		565
	799,858		Whitehaven Coal Ltd		3,160
	4,228,000	e	Yanzhou Coal Mining Co Ltd		8,130
			TOTAL COAL MINING		289,747
COMMERCIAL SERVICES AND SUPPLIES - 0.0%
	19,416	e	Bureau Veritas S.A.		1,052
			TOTAL COMMERCIAL SERVICES AND SUPPLIES		1,052
COMMUNICATIONS - 4.5%
	11,311	*	012 Smile.Communications Ltd		263
	94,359	*	AboveNet, Inc		4,452
	1,824	*	Acotel Group S.p.A		118
	320,877	e	Adtran, Inc		8,750
	8,484	*	Advanced Digital Broadcast Holdings S.A.		291
	1,167,300		Advanced Info Service PCL		3,112

27

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	925,000		Advanced Info Service PCL (ADR)	$	2,466
	157,515	f	AFK Sistema (GDR)		3,669
	191,694	e	Alaska Communications Systems Group, Inc		1,627
	101,785	*	Alvarion Ltd		200
	31,383,172	e	America Movil S.A. de C.V. (Series L)		74,715
	1,318,475	*,e	American Tower Corp (Class A)		58,672
	34,351		Amper S.A.		170
	228,402	*	Anixter International, Inc		9,730
	107,708	e	Antena 3 de Television S.A.		610
	1,166,887	*,e	AOL, Inc		24,260
	316,853	*,e	Aruba Networks, Inc		4,512
	29,213,136		AT&T, Inc		706,666
	39,998	e	Atlantic Tele-Network, Inc		1,652
	125,840	*	Audiovox Corp (Class A)		925
	3,366,052	*,e	Austar United Communications Ltd		2,664
	342,089		Austereo Group Ltd		480
	272,221	*,e	Avanzit S.A.		155
	406,427	e	BCE, Inc		11,858
	11,074	*	Beasley Broadcasting Group, Inc		54
	751,700		BEC World PCL (Foreign)		634
	95,708	e	Belgacom S.A.		3,009
	2,350,462		Bezeq Israeli Telecommunication Corp Ltd		5,138
	540,200		Bharti Airtel Ltd		3,041
	475,962		Brasil Telecom S.A. (Preference)		3,201
	508,053	*	Brightpoint, Inc		3,556
	1,142,097		British Sky Broadcasting plc		11,926
	28,961,025		BT Group plc		55,903
	3,953,439		Cable & Wireless plc		3,411
	2,144,444		Cable & Wireless Worldwide		2,775
	1,087,140		Cablevision Systems Corp (Class A)		26,102
	82,787	e	Canal Plus		516
	97,300	*,e	Carso Global Telecom SAB de CV		459
	111,437	*,e	Cbeyond Communications, Inc		1,393
	3,764,314	e	CBS Corp (Class B)		48,673
	61,282		Cellcom Israel Ltd		1,526
	90,834	*,e	Central European Media Enterprises Ltd (Class A)		1,808
	44,000	*	Central European Media Enterprises Ltd (Class A)		887
	1,481,379		CenturyTel, Inc		49,345
	3,340,232		China Communications Services Corp Ltd		1,614
	10,106,410		China Mobile Hong Kong Ltd		100,436
	25,595,859		China Telecom Corp Ltd		12,296
	8,821,215	e	China Unicom Ltd		11,799
	7,052,000		Chunghwa Telecom Co Ltd		13,963
	997,884	*,e	Cincinnati Bell, Inc		3,004
	1,441,000		Citic 1616 Holdings Ltd		380
	436,000		City Telecom (HK) Ltd		251
	475,565	*,e	Clearwire Corp (Class A)		3,462
	25,899		Cogeco Cable, Inc		835
	968,992	*	Colt Telecom Group S.A.		1,897
	14,647,586		Comcast Corp (Class A)		254,429
	270,740	f	Comstar United Telesystems (GDR)		1,638
	135,284	e	Consolidated Communications Holdings, Inc		2,301

28

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	109,111	*	Corus Entertainment, Inc	$	1,925
	958,257	*,e	Crown Castle International Corp		35,705
	93,361	*,e	Crown Media Holdings, Inc (Class A)		164
	107,471	*	Cumulus Media, Inc (Class A)		287
	54,645		Cyfrowy Polsat S.A.		227
	6,770,361		Deutsche Telekom AG.		79,928
	108,641	*,e	DG FastChannel, Inc		3,540
	483,400		Digi.Com BHD		3,426
	9,063	*,e	Digital Multimedia Technologies S.p.A.		151
	113,908	*,e	DigitalGlobe, Inc		2,996
	5,489,161	*,e	DIRECTV		186,192
	2,232,509		DISH Network Corp (Class A)		40,520
	85,132		Drillisch AG.		468
	159	e	Dwango Co Ltd		259
	41,230		Egyptian Co for Mobile Services		1,211
	60,463		Elisa Oyj (Series A)		1,046
	152,467		Empresa Nacional de Telecomunicaciones S.A.		2,052
	102,728	*	Entercom Communications Corp (Class A)		906
	247,282	*	Entravision Communications Corp (Class A)		522
	154,269	*,e	Equinix, Inc		12,530
	27,950	e	Eutelsat Communications		936
	233,500	*	Excelcomindo Pratama PT		104
	3,132,245		Far EasTone Telecommunications Co Ltd		3,862
	23,179	*	Fastweb		353
	190,404	*	FiberTower Corp		899
	35,959	e	Fisher Communications, Inc		606
	124,612	*	Forthnet S.A.		101
	345,884	e	France Telecom S.A.		5,999
	278,853	*	Freenet AG.		2,839
	1,036,257	e	Frontier Communications Corp		7,368
	3,332		Fuji Television Network, Inc		4,784
	219,689	*	General Communication, Inc (Class A)		1,667
	92,166	*	GeoEye, Inc		2,870
	217,033	*,e	Global Crossing Ltd		2,294
	429,262	e	Global Payments, Inc		15,685
	309,217	*	Globalstar, Inc		476
	45,520		Globe Telecom, Inc		868
	227,228	*	Gray Television, Inc		548
	3,890,466	e	Grupo Televisa S.A.		13,594
	2,290,734		Hellenic Telecommunications Organization S.A.		17,221
	33,094	e	Hikari Tsushin, Inc		592
	27,171	*	Hot Telecommunication System Ltd		236
	40,202	*,e	Hughes Communications, Inc		978
	7,582,751		Hutchison Telecommunications Hong Kong Holdings Ltd		1,601
	646,526	*	IAC/InterActiveCorp		14,204
	430,974	*	ICO Global Communications Holdings Ltd (Class A)		694
	107,737	*	IDT Corp (Class B)		1,374
	7,411	e	Iliad S.A.		575
	339,163		Inmarsat plc		3,596
	11,666,991	*	ITV plc		8,719
	199,593	*,e	j2 Global Communications, Inc		4,359

29

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	279,401	*,e	Jazztel plc	$	876
	3,524		Jupiter Telecommunications Co		3,374
	867,233		Kcom Group plc		583
	3,147		KDDI Corp		15,001
	139,093	*,e	Knology, Inc		1,520
	87,129	*	Kratos Defense & Security Solutions, Inc		915
	265,442		KT Corp		9,802
	201,554	*,e	Leap Wireless International, Inc		2,616
	5,487,958	*,e	Level 3 Communications, Inc		5,982
	331,240		LG Telecom Ltd		2,066
	985,544	*,e	Liberty Global, Inc (Class A)		25,614
	274,254	*	Liberty Media Corp - Capital (Series A)		11,494
	318,399	*	Liberty Media Corp - Starz		16,506
	2,340,389	*	Liberty Media Holding Corp (Interactive A)		24,574
	133,097	*,e	Lin TV Corp (Class A)		720
	146,602	*,e	Lodgenet Entertainment Corp		544
	23,829		LS Cable Ltd		1,708
	314,831		M6-Metropole Television		6,366
	608,159		Magyar Telekom		1,662
	31,100	e	Manitoba Telecom Services, Inc		786
	271,046		Maroc Telecom		4,455
	281,861	*,e	Mastec, Inc		2,649
	2,601,900		Maxis Bhd		4,239
	197,172	*,e	Mediacom Communications Corp (Class A)		1,325
	428,542		Mediaset S.p.A.		2,437
	4,440,142	*,e	MetroPCS Communications, Inc		36,365
	871,102	e	Mobile TeleSystems (ADR)		16,690
	718,809		MobileOne Ltd		1,094
	44,325		Mobilezone Holding AG.		376
	12,062		Mobistar S.A.		641
	33,137	e	Modern Times Group AB (B Shares)		1,814
	2,764,712		MTN Group Ltd		36,232
	633,446		Naspers Ltd (N Shares)		21,332
	21,400		NEC Mobiling Ltd		568
	274,382	*	NET Servicos de Comunicacao S.A.		2,584
	428,034	*,e	NeuStar, Inc (Class A)		8,826
	152,234	*	Neutral Tandem, Inc		1,713
	23,786	*	Nexstar Broadcasting Group, Inc (Class A)		104
	901,741	*	NII Holdings, Inc (Class B)		29,325
	1,852,562		Nippon Telegraph & Telephone Corp		75,466
	100		Nippon Television Network Corp		14
	230,629	*,e	Novatel Wireless, Inc		1,324
	23,585		NRJ Group		172
	142,683	e	NTELOS Holdings Corp		2,454
	21,929		NTT DoCoMo, Inc		33,207
	57,753	*	Occam Networks, Inc		321
	3,766,437		Orascom Telecom Holding SAE		3,240
	723,881	*,e	PAETEC Holding Corp		2,468
	105,958		Partner Communications		1,626
	10,318,024	e	PCCW Ltd		3,010
	73,997		Philippine Long Distance Telephone Co		3,784
	22,636		Philippine Long Distance Telephone Co (ADR)		1,154

30

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,662,000		Phoenix Satellite Television Holdings Ltd	$	388
	462,134	e	Portugal Telecom SGPS S.A.		4,619
	16,867	e	Preformed Line Products Co		471
	432,257	*,e	Premiere AG.		710
	136,744	e	ProSiebenSat.1 Media AG.		2,002
	1,580,358		PT Indosat Tbk		857
	225,280	e	PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		872
	14,327,679		PT Telekomunikasi Indonesia Tbk (Series B)		12,144
	186,222	*	QSC AG.		305
	15,504,837	e	Qwest Communications International, Inc		81,400
	170,032	*	Radio One, Inc		218
	250,397	*,e	RCN Corp		3,708
	5,378		Reply S.p.A.		104
	782,912	e	Rogers Communications, Inc (Class B)		25,579
	600	e	Rostelecom (ADR)		13
	2,194,074		Royal KPN NV		27,967
	270,299		Salmat Ltd		913
	170,361	*,e	SAVVIS, Inc		2,513
	496,794	*,e	SBA Communications Corp (Class A)		16,896
	137,741	e	SES Global S.A.		2,865
	696,342	*,e	Shaw Communications, Inc (B Shares)		12,539
	112,623	e	Shenandoah Telecom Co		1,998
	209,487	*,e	Sinclair Broadcast Group, Inc (Class A)		1,221
	8,042,309		Singapore Telecommunications Ltd		17,387
	59,333		SK Telecom Co Ltd		7,776
	36,120		SK Telecom Co Ltd (ADR)		532
	364,724		Sky Network Television Ltd		1,171
	3,281	e	Sky Perfect Jsat Corp		1,173
	436,500		SmarTone Telecommunications Holding Ltd		453
	107,880	e	Societe Television Francaise 1		1,406
	106,770	*,e	SONAECOM - SGPS S.A.		179
	23,518,206	*,e	Sprint Nextel Corp		99,717
	349,000		StarHub Ltd		561
	64,682		Swisscom AG.		21,928
	295,677	*,e	Syniverse Holdings, Inc		6,047
	3,539,103		Taiwan Mobile Co Ltd		7,211
	67,913		Tele Norte Leste Participacoes S.A.		1,418
	349,960		Tele Norte Leste Participacoes S.A. (Preference)		5,235
	353,223	e	Tele2 AB (B Shares)		5,277
	1,631,690		Telecom Corp of New Zealand Ltd		2,101
	504,919		Telecom Egypt		1,383
	709,670	*,e	Telecom Italia Media S.p.A.		160
	53,081,393	e	Telecom Italia RSP		48,488
	8,700,722		Telecom Italia S.p.A.		9,609
	64,686		Telecom Plus plc		325
	255,402	*,e	TeleCommunication Systems, Inc (Class A)		1,057
	158,692	e	Telefonica O2 Czech Republic A.S.		3,076
	4,999,053		Telefonica S.A.		92,606
	8,942,219	e	Telefonos de Mexico S.A. de C.V. (Series L)		6,333
	7,342		Telegate AG.		64
	29,210		Telekom Austria AG.		325

31

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,384,700		Telekom Malaysia BHD	$	1,428
	917,711		Telekomunikacja Polska S.A.		3,850
	32,096		Telemar Norte Leste S.A.		871
	33,589	*	TeleNav, Inc		282
	80,243		Telenet Group Holding NV		2,105
	1,857,812		Telenor ASA		23,403
	564,384		Telephone & Data Systems, Inc		17,152
	295,718		Telesp Celular Participacoes S.A.		7,602
	401,514		Television Broadcasts Ltd		1,862
	1,326,848		TeliaSonera AB		8,526
	392,310		Telkom S.A. Ltd		1,924
	7,658,498	e	Telstra Corp Ltd		20,875
	66,977		TELUS Corp		2,527
	390,918	e	TELUS Corp, non-voting shares		14,145
	1,335,195	e	Ten Network Holdings Ltd		1,786
	266,758	*,e	Terremark Worldwide, Inc		2,083
	24,359	e	Thrane & Thrane AS		689
	810,260		Tim Participacoes S.A.		2,177
	1,793,589		Time Warner Cable, Inc		93,410
	3,891,041	*,e	Tiscali S.p.A.		542
	496,190	*,e	TiVo, Inc		3,662
	500		Total Access Communication PCL		1
	96,000		Total Access Communication PCL (Foreign)		108
	632,355		TPG Telecom Ltd		1,008
	1,000,746		Turk Telekomunikasyon AS		3,195
	1,122,345		Turkcell Iletisim Hizmet AS		5,821
	311,900		Turkcell Iletisim Hizmet AS (ADR)		4,048
	815		TV Asahi Corp		1,178
	5,700		TV Tokyo Corp		110
	160,794		TVN S.A.		750
	216,430	*,e	US Cellular Corp		8,906
	178,526		USA Mobility, Inc		2,307
	143,246	*,e	Usen Corp		88
	16,709,753	e	Verizon Communications, Inc		468,207
	9,200	*,e	Vimpel-Communications (ADR)		149
	3,090,254		Vivendi Universal S.A.		62,800
	589,516	e	Vodacom Group Pty Ltd		4,483
	72,020,369		Vodafone Group plc		148,397
	1,130,595	e	Vodafone Group plc (ADR)		23,369
	483,191	*	Vonage Holdings Corp		1,111
	1,947,604	e	Windstream Corp		20,567
	312,972		ZEE Telefilms Ltd		2,040
			TOTAL COMMUNICATIONS		3,994,298
DEPOSITORY INSTITUTIONS - 9.1%
	91,158	e	1st Source Corp		1,542
	85,078	*	1st United Bancorp, Inc		626
	606,851		77 Bank Ltd		3,260
	107,954	e	Abington Bancorp, Inc		941
	461,559		ABSA Group Ltd		7,270
	1,040,402		African Bank Investments Ltd		4,083
	329,957	*	Agricultural Bank of Greece		412

32

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	11,200		Aichi Bank Ltd	$	762
	2,169,191		Akbank TAS		10,390
	342,000		Akita Bank Ltd		1,185
	21,697	e	Alliance Financial Corp		603
	1,177,800		Alliance Financial Group BHD		1,068
	1,252,927	*	Allied Irish Banks plc		1,322
	74,548	*	Alpha Bank S.A.		364
	31,527	*	Amagerbanken AS		98
	28,878	e	American National Bankshares, Inc		618
	107,311	e	Ameris Bancorp		1,037
	37,650	e	Ames National Corp		736
	4,684,167		AMMB Holdings Berhad		7,179
	541,290	*,m	Anglo Irish Bank Corp plc		144
	486,000		Aomori Bank Ltd		1,180
	5,194,000		Aozora Bank Ltd		6,726
	49,395	e	Arrow Financial Corp		1,141
	366,877	e	Associated Banc-Corp		4,498
	451,833	e	Astoria Financial Corp		6,217
	614,409		Asya Katilim Bankasi AS		1,403
	32,166		Attijariwafa Bank		1,092
	3,606,517		Australia & New Zealand Banking Group Ltd		64,778
	284,721	e	Awa Bank Ltd		1,757
	297,352	e	Banca Carige S.p.A.		581
	56,790	e	Banca Generali S.p.A		542
	17,050		Banca IFIS S.p.A.		108
	6,080,246		Banca Intesa S.p.A.		16,014
	5,059,751		Banca Intesa S.p.A. RSP		10,078
	670,701	e	Banca Monte dei Paschi di Siena S.p.A.		759
	171,068		Banca Popolare dell’Etruria e del Lazio		682
	167,354	e	Banca Popolare di Milano		689
	319,925	*	Banca Profilo S.p.A.		182
	32,059	e	Bancfirst Corp		1,170
	146,674	e	Banche Popolari Unite Scpa		1,263
	6,544,465		Banco Bilbao Vizcaya Argentaria S.A.		67,427
	484,491	e	Banco BPI S.A.		902
	2,904,125		Banco Bradesco S.A.		45,227
	310,120	e	Banco Comercial Portugues S.A.		233
	34,321		Banco de Credito e Inversiones		1,405
	5,624,400		Banco de Oro Universal Bank		5,678
	480,479	e	Banco de Sabadell S.A.		2,176
	25,254	e	Banco de Valencia S.A.		112
	142,628	e	Banco di Desio e della Brianza S.p.A.		640
	9,367		Banco di Sardegna S.p.A		111
	981,572		Banco do Brasil S.A.		13,405
	558,281		Banco do Estado do Rio Grande do Sul		4,061
	134,300	e	Banco Espirito Santo S.A.		530
	3,261,201		Banco Itau Holding Financeira S.A.		58,720
	126,531		Banco Latinoamericano de Exportaciones S.A. (Class E)		1,580
	198,685	e	Banco Pastor S.A.		956
	72,483	e	Banco Popolare Scarl		397
	238,656	e	Banco Popular Espanol S.A.		1,210

33

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	816,180		Banco Santander Brasil S.A.	$	8,379
	1,356,019	e	Banco Santander Brasil S.A. (ADR)		14,008
	20,480,391		Banco Santander Central Hispano S.A.		214,761
	84,571,449		Banco Santander Chile S.A.		5,484
	307,202		BanColombia S.A.		3,842
	58,800	e	BanColombia S.A. (ADR)		2,948
	118,142		BanColombia S.A. (Preference)		1,500
	13,088		Bancorp Rhode Island, Inc		343
	175,208	e	Bancorpsouth, Inc		3,133
	108,500		Bangkok Bank PCL		415
	311,300		Bangkok Bank PCL (ADR)		1,190
	1,813,800		Bangkok Bank PCL (Foreign Reg)		7,092
	178,564		Banif SGPS S.A.		178
	33,183	*	Bank Handlowy w Warszawie S.A.		720
	1,240,536	*	Bank Hapoalim Ltd		4,468
	1,476,368	*	Bank Leumi Le-Israel		5,261
	515,596	*	Bank Millennium S.A.		644
	222,253	e	Bank Mutual Corp		1,262
	13,900,000		Bank Negara Indonesia PT		3,573
	48,594,867		Bank of America Corp		698,309
	127,101	*	Bank of Attica		153
	2,285,600		Bank of Ayudhya PCL		1,394
	97,557,200		Bank of China Ltd		49,218
	11,625,022	e	Bank of Communications Co Ltd		12,235
	877,353		Bank of East Asia Ltd		3,165
	196,031		Bank of Hawaii Corp		9,478
	280,000	*	Bank of Ireland		226
	20,900		Bank of Iwate Ltd		1,177
	504,519		Bank of Kyoto Ltd		4,153
	26,368	e	Bank of Marin Bancorp		842
	1,169,623	e	Bank of Montreal		63,439
	224,000		Bank of Nagoya Ltd		796
	3,575,978	e	Bank of New York Mellon Corp		88,291
	2,098,017	e	Bank of NOVA Scotia		96,668
	75,200		Bank of Okinawa Ltd		2,646
	650,954	e	Bank of Queensland Ltd		5,660
	184,541		Bank of Saga Ltd		567
	68,820	e	Bank of the Ozarks, Inc		2,441
	1,780,280		Bank of the Philippine Islands		1,729
	76,600		Bank of the Ryukyus Ltd		892
	3,000,781		Bank of Yokohama Ltd		13,727
	7,860,500		Bank Rakyat Indonesia		7,980
	112,082		Bank Sarasin & Compagnie AG.		4,492
	56,262		Bank Zachodni WBK S.A.		3,185
	105,167	e	BankFinancial Corp		874
	31,802	e	Bankinter S.A.		194
	6,283		Banque Cantonale Vaudoise		2,586
	26,352,773		Barclays plc		105,187
	9,458		Basler Kantonalbank		1,262
	1,831,872	e	BB&T Corp		48,197
	352,000	e	Bendigo Bank Ltd		2,399

34

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	185,922	*,e	Beneficial Mutual Bancorp, Inc	$	1,837
	65,798	e	Berkshire Hills Bancorp, Inc		1,282
	101,202		BinckBank NV		1,259
	2,493,661	e	BNP Paribas		134,161
	5,513,575		BOC Hong Kong Holdings Ltd		12,557
	10,310	*	BofI Holding, Inc		146
	49,414	e	BOK Financial Corp		2,346
	383,511	e	Boston Private Financial Holdings, Inc		2,466
	17,025	*	BRE Bank S.A.		1,128
	29,752	e	Bridge Bancorp, Inc		722
	289,162		Brookline Bancorp, Inc		2,568
	38,881		Bryn Mawr Bank Corp		652
	5,928,996		Bumiputra-Commerce Holdings BHD		12,766
	219,479	e	Caja de Ahorros del Mediterraneo		1,734
	43,654	e	Camden National Corp		1,199
	557,989	e	Canadian Imperial Bank of Commerce/Canada		34,668
	102,176	e	Canadian Western Bank		2,269
	68,217	e	Capital City Bank Group, Inc		845
	45,159	e	Capitol Federal Financial		1,497
	205,883	e	Cardinal Financial Corp		1,902
	39,698	e	Cass Information Systems, Inc		1,360
	9,518,116	*	Cathay Financial Holding Co Ltd		14,081
	423,968	e	Cathay General Bancorp		4,380
	149,024	*	Center Financial		767
	89,934	e	Centerstate Banks of Florida, Inc		907
	19,768	e	Century Bancorp, Inc		436
	6,358,000		Chang Hwa Commercial Bank		2,895
	124,705	e	Chemical Financial Corp		2,716
	2,188,938		Chiba Bank Ltd		13,215
	51,800	*	Chiba Kogyo Bank Ltd		368
	13,844,955		China Citic Bank		8,755
	77,711,291	e	China Construction Bank		62,559
	12,867,374		China Development Financial Holding Corp		3,443
	6,085,187	e	China Merchants Bank Co Ltd		14,558
	7,026,500	e	China Minsheng Banking Corp Ltd		6,109
	13,323,189		Chinatrust Financial Holding Co		7,280
	226,000		Chong Hing Bank Ltd		430
	98,000	e	Chugoku Bank Ltd		1,155
	195,000		Chukyo Bank Ltd		596
	136,531,220	*	Citigroup, Inc		513,358
	53,667	e	Citizens & Northern Corp		574
	1,875,845	*,e	Citizens Republic Bancorp, Inc		1,594
	85,742	e	City Holding Co		2,390
	159,557	e	City National Corp		8,174
	45,018	e	Clifton Savings Bancorp, Inc		389
	41,612	e	CNB Financial Corp		457
	143,146	e	CoBiz, Inc		943
	187,664	e	Columbia Banking System, Inc		3,427
	51,463		Comdirect Bank AG.		474

35

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,433,367	e	Comerica, Inc	$	52,791
	223,780	e	Commerce Bancshares, Inc		8,054
	590,398		Commercial International Bank		6,912
	80,936	*,e	Commerzbank AG.		565
	2,312,094		Commonwealth Bank of Australia		93,472
	165,653	e	Community Bank System, Inc		3,649
	83,664	e	Community Trust Bancorp, Inc		2,100
	96,300		Credicorp Ltd (NY)		8,753
	1,668,782	e	Credit Agricole S.A.		17,314
	133,432	e	Credito Emiliano S.p.A.		749
	177,845		Cullen/Frost Bankers, Inc		9,141
	444,860	e	CVB Financial Corp		4,226
	178,080		Daegu Bank		2,023
	486,000	*	Dah Sing Banking Group Ltd		619
	170,800	*,e	Dah Sing Financial Holdings Ltd		971
	616,000		Daishi Bank Ltd		2,021
	51,270	*	Danske Bank AS		987
	3,374,257		DBS Group Holdings Ltd		32,747
	504,228	e	Deutsche Bank AG.		28,322
	10,073	*,e	Deutsche Postbank AG.		292
	219,413	*,e	Dexia		766
	430,522	*	Dhanalakshmi Bank Ltd		1,739
	154,746		Dime Community Bancshares		1,908
	350,897		DNB NOR Holding ASA		3,375
	112,351	*,e	Dollar Financial Corp		2,223
	5,654,020		E.Sun Financial Holding Co Ltd		2,291
	61,482	*,e	Eagle Bancorp, Inc		724
	548,082		East West Bancorp, Inc		8,358
	48,080	*	EFG Eurobank Ergasias S.A.		214
	96,239		EFG International		1,149
	201,904		Ehime Bank Ltd		583
	344,000		Eighteenth Bank Ltd		955
	31,418	*	Encore Bancshares, Inc		311
	70,981	e	Enterprise Financial Services Corp		684
	60,770	e	Erste Bank der Oesterreichischen Sparkassen AG.		1,928
	43,068	e	ESB Financial Corp		562
	70,464	e	ESSA Bancorp, Inc		867
	246,234	*	Euronet Worldwide, Inc		3,149
	11,718	*	FIBI Holdings Ltd		213
	275,800		FIDEA Holdings Co Ltd		520
	2,469,883	e	Fifth Third Bancorp		30,355
	59,435	e	Financial Institutions, Inc		1,056
	4,960	*,e,m	Fionia Bank AS		0	^
	104,916	e	First Bancorp (NC)		1,520
	426,848	e	First Bancorp (Puerto Rico)		226
	49,881	e	First Bancorp, Inc		655
	287,088	e	First Busey Corp		1,301
	15,180		First Citizens Bancshares, Inc (Class A)		2,920
	409,118	e	First Commonwealth Financial Corp		2,148
	63,128	e	First Community Bancshares, Inc		927
	313,729	e	First Financial Bancorp		4,690
	114,668	e	First Financial Bankshares, Inc		5,514

36

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	63,779	e	First Financial Corp	$	1,646
	112,413	e	First Financial Holdings, Inc		1,287
	889,337	*,e	First Horizon National Corp		10,183
	58,178		First Interstate Bancsystem, Inc		915
	139,409	e	First Merchants Corp		1,182
	369,629	e	First Midwest Bancorp, Inc		4,495
	550,805	e	First Niagara Financial Group, Inc		6,902
	26,571	e	First of Long Island Corp		683
	44,550	e	First South Bancorp, Inc		473
	531,598		FirstMerit Corp		9,106
	5,479,921		FirstRand Ltd		12,827
	290,528	*,e	Flagstar Bancorp, Inc		912
	161,663	e	Flushing Financial Corp		1,977
	586,629	e	FNB Corp		4,711
	3,688,915	e	Fortis		8,209
	27,118	*,e	Fox Chase Bancorp, Inc		260
	2,128,000		Fubon Bank Hong Kong Ltd		920
	10,509,264	*	Fubon Financial Holding Co Ltd		11,674
	10,904,387		Fuhwa Financial Holdings Co Ltd		5,821
	696,000	e	Fukui Bank Ltd		2,327
	1,382,905		Fukuoka Financial Group, Inc		5,757
	468,849	e	Fulton Financial Corp		4,524
	232,853	*	Geniki Bank		96
	62,657	e	German American Bancorp, Inc		959
	359,084	e	Glacier Bancorp, Inc		5,268
	67,129	e	Great Southern Bancorp, Inc		1,363
	222,063	*	Greek Postal Savings Bank		650
	59,620	*	Greene County Bancshares, Inc		761
	2,058,798	e	Grupo Financiero Banorte S.A. de C.V.		7,982
	1,176,066	e	Grupo Financiero Inbursa S.A.		3,796
	363,974		Gunma Bank Ltd		1,930
	233,500		Hachijuni Bank Ltd		1,311
	149,089	e	Hancock Holding Co		4,974
	681,475		Hang Seng Bank Ltd		9,112
	225,332	*,e	Hanmi Financial Corp		284
	441,623		HDFC Bank Ltd		18,137
	71,565	e	Heartland Financial USA, Inc		1,237
	37,382	*,e	Heritage Financial Corp		560
	3,509	e	Heritage Financial Group		38
	282,000		Higashi-Nippon Bank Ltd		543
	382,000		Higo Bank Ltd		2,112
	84,132		Hiroshima Bank Ltd		336
	428,000		Hokkoku Bank Ltd		1,590
	430,000	e	Hokuetsu Bank Ltd		719
	497,539		Hokuhoku Financial Group, Inc		914
	38,138	*,e	Home Bancorp, Inc		492
	99,960	e	Home Bancshares, Inc		2,280
	62,869		Home Capital Group, Inc		2,490
	79,287	e	Home Federal Bancorp, Inc		1,001
	639,600		Hong Leong Bank BHD		1,689
	234,612		Hong Leong Credit BHD		608

37

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	24,424	e	HQ AB	$	173
	27,283,873		HSBC Holdings plc		249,257
	5,207,339		Hua Nan Financial Holdings Co Ltd		2,982
	1,674,606	e	Hudson City Bancorp, Inc		20,497
	43,694		Hudson Valley Holding Corp		1,010
	14,470,672	e	Huntington Bancshares, Inc		80,168
	333,692		Hyakugo Bank Ltd		1,435
	339,000		Hyakujushi Bank Ltd		1,251
	131,001	e	IBERIABANK Corp		6,744
	1,109,236		ICICI Bank Ltd		20,287
	32,752		ICICI Bank Ltd (ADR)		1,184
	104,834	e	Independent Bank Corp		2,587
	87,903,100	e	Industrial & Commercial Bank of China		63,893
	403,020		Industrial Bank Of Korea		4,717
	200	*,b	IndyMac Bancorp, Inc		0	^
	5,282		ING Bank Slaski S.A.		1,169
	13,144,177	*	ING Groep NV		97,274
	273,192		ING Vysya Bank Ltd		2,107
	1,854	f	Intergroup Financial Services Corp		38
	265,234	e	International Bancshares Corp		4,427
	316,325		Investec Ltd		2,206
	1,662,315	e	Investec plc		11,186
	308,797	*	Investors Bancorp, Inc		4,051
	669,138		Israel Discount Bank Ltd		1,131
	1,875	*,f,g	Itau Unibanco Banco Multiplo S.A. (ADR)		34
	34,683		Iyo Bank Ltd		323
	858,778		Joyo Bank Ltd		3,405
	20,140,516		JPMorgan Chase & Co		737,345
	1,045,631		Julius Baer Group Ltd		29,814
	670,617		Julius Baer Holding AG.		7,247
	775,555		Juroku Bank Ltd		2,749
	94,571	*	Jyske Bank		2,750
	209,000		Kagoshima Bank Ltd		1,346
	430,000	e	Kansai Urban Banking Corp		680
	78,400	*,e	Kanto Tsukuba Bank Ltd		213
	17,163		KAS Bank NV		251
	1,088,200		Kasikornbank PCL		3,022
	6,300		Kasikornbank PCL		18
	2,328,000		Kasikornbank PCL (Foreign)		6,768
	87,519	e	Kearny Financial Corp		802
	437,000		Keiyo Bank Ltd		2,280
	2,741,597	e	Keycorp		21,083
	7,643	e	K-Fed Bancorp		69
	921,000		Kiyo Holdings, Inc		1,252
	21,523		Komercni Banka A.S.		3,446
	929,880		Korea Exchange Bank		9,477
	189,457		Kotak Mahindra Bank Ltd		3,109
	3,598,300		Krung Thai Bank PCL		1,385
	106,298	e	Lakeland Bancorp, Inc		906
	89,459	e	Lakeland Financial Corp		1,787
	40,052	e	Laurentian Bank of Canada		1,585
	25,942		Liechtenstein Landesbank		1,637

38

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	22,741,043	*	Lloyds TSB Group plc	$	17,953
	175,702	e	M&T Bank Corp		14,926
	138,211	e	MainSource Financial Group, Inc		991
	4,869,150		Malayan Banking BHD		11,320
	931,418		Marfin Popular Bank Public Co Ltd		1,589
	6,368,035	e	Marshall & Ilsley Corp		45,722
	261,352	e	MB Financial, Inc		4,806
	611,515	e	Mediobanca S.p.A.		4,555
	12,778,360		Mega Financial Holding Co Ltd		6,823
	23,146	e	Merchants Bancshares, Inc		514
	51,021	*,e	Meridian Interstate Bancorp, Inc		556
	3,290,000		Metropolitan Bank & Trust		4,356
	254,000		Michinoku Bank Ltd		553
	28,069	e	Midsouth Bancorp, Inc		358
	19,678		MidWestOne Financial Group, Inc		305
	217,000		Mie Bank Ltd		618
	568,000		Minato Bank Ltd		779
	29,373,746		Mitsubishi UFJ Financial Group, Inc		133,377
	5,389,245	e	Mitsui Trust Holdings, Inc		19,005
	485,000		Miyazaki Bank Ltd		1,371
	152,014	*	Mizrahi Tefahot Bank Ltd		1,106
	9,296,200	e	Mizuho Financial Group, Inc		15,253
	560,655	*,e	Mizuho Trust & Banking Co Ltd		482
	47,568		Musashino Bank Ltd		1,366
	319,928	e	Nanto Bank Ltd		1,646
	206,705	*,e	Nara Bancorp, Inc		1,743
	19,112	e	NASB Financial, Inc		290
	4,875,447		National Australia Bank Ltd		94,263
	225,208	e	National Bank of Canada		11,519
	1,364,391	*	National Bank of Greece S.A.		14,691
	39,689	e	National Bankshares, Inc		962
	646,991	e	National Penn Bancshares, Inc		3,888
	115,909	*	Natixis		503
	182,386		NBT Bancorp, Inc		3,724
	363,930		Nedbank Group Ltd		5,667
	38,627	*,e	Net 1 UEPS Technologies, Inc		518
	937,130	e	New York Community Bancorp, Inc		14,310
	542,095	e	NewAlliance Bancshares, Inc		6,077
	847,854		Nishi-Nippon City Bank Ltd		2,428
	2,170,506	e	Nordea Bank AB		17,898
	521,080	e	Northern Trust Corp		24,334
	84,144	e	Northfield Bancorp, Inc		1,092
	511,328	e	Northwest Bancshares, Inc		5,865
	60,977	e	OceanFirst Financial Corp		736
	450,000		Ogaki Kyoritsu Bank Ltd		1,380
	385,000		Oita Bank Ltd		1,304
	334,863	e	OKO Bank (Class A)		3,400
	450,081	e	Old National Bancorp		4,663
	55,085	*,e	OmniAmerican Bancorp, Inc		622
	135,549	e	Oriental Financial Group, Inc		1,716
	166,863	*,e	Oritani Financial Corp		1,669
	33,401	e	Orrstown Financial Services, Inc		739

39

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	416,298	*,e	OTP Bank Rt	$	8,394
	5,432,957		Oversea-Chinese Banking Corp		34,212
	71,400	e	Pacific Continental Corp		676
	161,039	e	PacWest Bancorp		2,949
	63,735	e	Park National Corp		4,145
	47,124	e	Peapack Gladstone Financial Corp		551
	18,234	e	Penns Woods Bancorp, Inc		555
	56,591	*,e	Pennsylvania Commerce Bancorp, Inc		698
	63,256	e	Peoples Bancorp, Inc		917
	1,038,253	e	People’s United Financial, Inc		14,016
	295,492	e	Piccolo Credito Valtellinese Scarl		1,349
	182,515	*	Pinnacle Financial Partners, Inc		2,345
	33,820	*	Piraeus Bank S.A.		143
	2,620,670		PNC Financial Services Group, Inc		148,068
	1,310,056	*,e	Popular, Inc		3,511
	8,876	e	Porter Bancorp, Inc		112
	899,385		Powszechna Kasa Oszczednosci Bank Polski S.A.		9,593
	266,946	e	PrivateBancorp, Inc		2,958
	234,070		Prosperity Bancshares, Inc		8,134
	299,516	e	Provident Financial Services, Inc		3,501
	190,746	e	Provident New York Bancorp		1,688
	17,472,000		PT Bank Central Asia Tbk		11,368
	5,502,493		PT Bank Danamon Indonesia Tbk		3,250
	11,516,500		PT Bank Mandiri Persero Tbk		7,546
	78,973		Public Bank BHD		290
	1,388,311		Public Bank BHD (Foreign)		5,113
	201,567		Pusan Bank		1,816
	50,900	e	Raiffeisen International Bank Holding AG.		1,933
	3,538,381	e	Regions Financial Corp		23,283
	142,354	e	Renasant Corp		2,043
	69,718	e	Republic Bancorp, Inc (Class A)		1,562
	262,800	e	Resona Holdings, Inc		3,207
	1,565,100		RHB Capital BHD		2,831
	39,906	e	Rockville Financial, Inc		475
	40,673	e	Roma Financial Corp		442
	5,200	*,m	Roskilde Bank		0	^
	135,601		Royal Bank of Canada		6,480
	2,180,028	e	Royal Bank of Canada (Toronto)		103,825
	9,705,409	*	Royal Bank of Scotland Group plc		5,911
	128,070	e	S&T Bancorp, Inc		2,531
	56,669	e	S.Y. Bancorp, Inc		1,302
	100,064	e	Sandy Spring Bancorp, Inc		1,402
	219,000		San-In Godo Bank Ltd		1,684
	46,960	*,e	Santander BanCorp		594
	36,800		Sapporo Hokuyo Holdings, Inc		162
	140,353	f	Sberbank (GDR)		35,003
	73,644	e	SCBT Financial Corp		2,594
	406,600	e	Senshu Ikeda Holdings, Inc		592
	350	e	SEVEN BANK Ltd		635
	320,000		Shiga Bank Ltd		1,859

40

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	343,000		Shikoku Bank Ltd	$	1,109
	11,200		Shimizu Bank Ltd		453
	7,418,270		Shin Kong Financial Holding Co Ltd		2,531
	1,401,126	e	Shinsei Bank Ltd		1,184
	1,504,234		Shizuoka Bank Ltd		13,109
	2,498,100		Siam Commercial Bank PCL		6,213
	56,800	e	Sierra Bancorp		653
	179,093	*,e	Signature Bank		6,807
	91,401	e	Simmons First National Corp (Class A)		2,400
	7,870,947		SinoPac Financial Holdings Co Ltd		2,482
	421,520	e	Skandinaviska Enskilda Banken AB (Class A)		2,233
	2,190,402		Societe Generale		90,133
	20,241	e	South Financial Group, Inc		6
	88,555	e	Southside Bancshares, Inc		1,739
	122,884	e	Southwest Bancorp, Inc		1,633
	205,864	e	Sparebanken Midt-Norge		1,341
	3,560		St Galler Kantonalbank		1,569
	1,779,379		Standard Bank Group Ltd		23,596
	1,877,618		Standard Chartered plc		45,721
	104,631		Standard Chartered plc (Hong Kong)		2,585
	87,074	e	State Bancorp, Inc		827
	46,574		State Bank of India Ltd		2,289
	33,637	f	State Bank of India Ltd (GDR)		3,341
	1,837,040	e	State Street Corp		62,129
	113,029	e	StellarOne Corp		1,443
	177,645	e	Sterling Bancorp		1,599
	434,203	e	Sterling Bancshares, Inc		2,045
	42,016	e	Suffolk Bancorp		1,300
	2,796,810		Sumitomo Mitsui Financial Group, Inc		79,156
	1,757,475		Sumitomo Trust & Banking Co Ltd		8,948
	1,670,718		Suncorp-Metway Ltd		11,177
	1,215,500	e	SunTrust Banks, Inc		28,321
	783,124		Suruga Bank Ltd		7,108
	661,349	e	Susquehanna Bancshares, Inc		5,509
	209,840	*,e	SVB Financial Group		8,652
	956,782	e	Svenska Handelsbanken (A Shares)		23,407
	230,011	e	Swedbank AB (A Shares)		2,111
	120,957	*	Sydbank AS		2,466
	15,180,015	e	Synovus Financial Corp		38,557
	6,426,262	*	Taishin Financial Holdings Co Ltd		2,464
	2,796,700	*	Taiwan Business Bank		734
	40,758	*	Taylor Capital Group, Inc		527
	2,892,206	e	TCF Financial Corp		48,040
	68,558	e	Territorial Bancorp, Inc		1,299
	162,013	*,e	Texas Capital Bancshares, Inc		2,657
	165,576		TFS Financial Corp		2,055
	89,906	*,e	The Bancorp, Inc		704
	176,000		Tochigi Bank Ltd		762
	515,000		Toho Bank Ltd		1,682

41

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	42,600		Tokyo Tomin Bank Ltd	$	484
	271,000	*	Tomony Holdings, Inc		846
	50,788	e	Tompkins Trustco, Inc		1,917
	1,728,865	e	Toronto-Dominion Bank		112,026
	390,000	*	Towa Bank Ltd		319
	21,352	e	Tower Bancorp, Inc		467
	102,233	e	TowneBank		1,484
	72,683	e	Trico Bancshares		1,231
	414,321	e	Trustco Bank Corp NY		2,320
	357,945		Trustmark Corp		7,452
	3,559,194		Turkiye Garanti Bankasi AS		14,812
	667,361		Turkiye Halk Bankasi AS		4,927
	2,524,148		Turkiye Is Bankasi (Series C)		7,812
	1,085,069		Turkiye Vakiflar Bankasi Tao		2,467
	10,846,327	*	UBS A.G. (Switzerland)		143,690
	168,520		UMB Financial Corp		5,993
	577,911	e	Umpqua Holdings Corp		6,634
	17,152,667		UniCredito Italiano S.p.A.		37,942
	38,755	*	Union Bank of Israel		148
	81,489	e	Union Bankshares Corp		999
	198,473	e	United Bankshares, Inc		4,751
	514,779	*,e	United Community Banks, Inc		2,033
	83,313	e	United Financial Bancorp, Inc		1,137
	2,078,149		United Overseas Bank Ltd		28,911
	72,628	e	Univest Corp of Pennsylvania		1,258
	15,596,792		US Bancorp		348,589
	354,522		UTI Bank Ltd		9,398
	397,987	e	Valley National Bancorp		5,421
	8,492		Verwalt & Privat-Bank AG.		1,000
	48,185	e	ViewPoint Financial Group		667
	79,748	*	Virginia Commerce Bancorp		498
	83,737		Vontobel Holding AG.		2,220
	1,142,066	f	VTB Bank OJSC (GDR)		5,486
	57,623		Washington Banking Co		737
	251,288	e	Washington Federal, Inc		4,066
	62,558	e	Washington Trust Bancorp, Inc		1,066
	227,955		Waterland Financial Holdings		68
	51,035	*,e	Waterstone Financial, Inc		174
	313,306		Webster Financial Corp		5,621
	32,970,853		Wells Fargo & Co		844,055
	120,705	e	WesBanco, Inc		2,034
	88,023	e	West Bancorporation, Inc		599
	458,826	*	West Coast Bancorp		1,170
	142,030	e	Westamerica Bancorporation		7,459
	278,641	*,e	Western Alliance Bancorp		1,998
	4,728,462	e	Western Union Co		70,501
	142,555	e	Westfield Financial, Inc		1,187
	3,523,039		Westpac Banking Corp		62,099
	485,086	e	Whitney Holding Corp		4,487
	192,851	e	Wilmington Trust Corp		2,139
	96,858	e	Wilshire Bancorp, Inc		848

42

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	121,627		Wing Hang Bank Ltd	$	1,187
	152,250	e	Wintrust Financial Corp		5,076
	485,050		Woori Finance Holdings Co Ltd		5,706
	25,591	e	WSFS Financial Corp		919
	41,400		Yachiyo Bank Ltd		839
	195,000	e	Yamagata Bank Ltd		920
	321,691		Yamaguchi Financial Group, Inc		3,074
	208,000		Yamanashi Chuo Bank Ltd		849
	1,227,435	*	Yapi ve Kredi Bankasi		3,321
	580,994	e	Zions Bancorporation		12,532
			TOTAL DEPOSITORY INSTITUTIONS		8,095,401
EATING AND DRINKING PLACES - 0.9%
	114,892	*,e	AFC Enterprises		1,046
	1,267,733		Ajisen China Holdings Ltd		1,415
	8,823	*,e	Autogrill S.p.A.		105
	95,856	*,e	BJ’s Restaurants, Inc		2,262
	158,508		Bob Evans Farms, Inc		3,902
	415,172	e	Brinker International, Inc		6,003
	78,205	*,e	Buffalo Wild Wings, Inc		2,861
	194,980		Burger King Holdings, Inc		3,283
	436,000		Cafe de Coral Holdings Ltd		1,117
	164,695	*	California Pizza Kitchen, Inc		2,495
	53,056	*,e	Carrols Restaurant Group, Inc		242
	147,124	e	CBRL Group, Inc		6,850
	100,190	*,e	CEC Entertainment, Inc		3,533
	648,222	*,e	Cheesecake Factory		14,429
	5,870,000	*	China Energy Development Holdings Ltd		343
	102,901	*,e	Chipotle Mexican Grill, Inc (Class A)		14,078
	29	*	Cia de Bebidas das Americas		3
	231,443		CKE Restaurants, Inc		2,900
	87,000	e	Colowide Co Ltd		438
	14,446,727		Compass Group plc		109,903
	9,000		Daisyo Corp		106
	1,453,229	e	Darden Restaurants, Inc		56,458
	594,076	*,e	Denny’s Corp		1,545
	78,742	*,e	DineEquity, Inc		2,198
	282,066	*,e	Domino’s Pizza, Inc		3,187
	11,663	*	Einstein Noah Restaurant Group, Inc		126
	5,640,233	*	Enterprise Inns plc		7,322
	29,700		Formosa International Hotels Corp		363
	410,175		Greene King plc		2,392
	9,300		Ichibanya Co Ltd		232
	250,277	*	Jack in the Box, Inc		4,868
	458,100		Jollibee Foods Corp		688
	15,300		Kappa Create Co Ltd		311
	119,100		KFC Holdings Malaysia Bhd		372
	24,600	e	Kisoji Co Ltd		519
	411,496	*,e	Krispy Kreme Doughnuts, Inc		1,387
	30,800	*	Kura Corp		502
	33,878	*,e	Landry’s Restaurants, Inc		829
	1,285,121	e	Marston’s plc		1,773

43

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	18,800		Matsuya Foods Co Ltd	$	268
	72,050	*,e	McCormick & Schmick’s Seafood Restaurants, Inc		537
	4,794,715		McDonald’s Corp		315,829
	44,000	e	McDonald’s Holdings Co Japan Ltd		985
	380,828	*	Mitchells & Butlers plc		1,548
	44,300		MOS Food Services, Inc		741
	104,473	*,e	O’Charleys, Inc		554
	20,800	*	Ohsho Food Service Corp		533
	129,228		Onex Corp		3,106
	153,070	*,e	Papa John’s International, Inc		3,539
	151,194	e	PF Chang’s China Bistro, Inc		5,995
	29,100		Plenus Co Ltd		446
	3,036,993	*	Punch Taverns plc		2,602
	85,176	*,e	Red Robin Gourmet Burgers, Inc		1,462
	645,226		Restaurant Group plc		2,010
	19,200	e	Ringer Hut Co Ltd		209
	35,700	e	Royal Holdings Co Ltd		365
	329,110	*	Ruby Tuesday, Inc		2,797
	105,495	*,e	Ruth’s Chris Steak House, Inc		441
	77,600		Saizeriya Co Ltd		1,542
	8,268	e	Sodexho Alliance S.A.		459
	280,793	*,e	Sonic Corp		2,176
	10,800		St Marc Holdings Co Ltd		433
	822		Starbucks Coffee Japan Ltd		381
	3,601,868		Starbucks Corp		87,525
	6,666	*,e	Steak N Shake Co		1,912
	253,889	*,e	Texas Roadhouse, Inc (Class A)		3,204
	357,154		Tim Hortons, Inc		11,433
	167,394	e	Tim Hortons, Inc (Toronto)		5,357
	114	e	Toridoll.corp		205
	30,400	e	WATAMI Co Ltd		569
	949,765	e	Wendy’s/Arby’s Group, Inc (Class A)		3,799
	162,115		Wetherspoon (J.D.) plc		940
	46,437		Whitbread plc		970
	676	e	Yoshinoya D&C Co Ltd		750
	2,131,709	e	Yum! Brands, Inc		83,222
	107,800	e	Zensho Co Ltd		1,025
			TOTAL EATING AND DRINKING PLACES		812,255
EDUCATIONAL SERVICES - 0.1%
	1,299,039	*,e,m	ABC Learning Centres Ltd		590
	19,480	*	Academedia AB		522
	88,096	*,e	American Public Education, Inc		3,850
	540,842	*,e	Apollo Group, Inc (Class A)		22,971
	48,595	*,e	Archipelago Learning, Inc		555
	110,417		Benesse Corp		5,027
	84,462	*,e	Bridgepoint Education, Inc		1,335
	1,148,212	e	CAE, Inc		9,955
	386,387	*,e	Career Education Corp		8,895
	379,521	*,e	Corinthian Colleges, Inc		3,738
	544,121		DeVry, Inc		28,562
	90,828	*,e	Education Management Corp		1,385

44

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	133,909	*,e	Grand Canyon Education, Inc	$	3,137
	226,860	*,e	ITT Educational Services, Inc		18,834
	105,014	*,e	K12, Inc		2,329
	32,004	*,e	Learning Tree International, Inc		347
	125,764	*,e	Lincoln Educational Services Corp		2,589
	32,007		National American University Holdings, Inc		279
	81,435	*,e	Princeton Review, Inc		189
	2,128,000	*,e	Raffles Education Corp Ltd		430
	44,984	e	Strayer Education, Inc		9,352
	93,564	*,e	Universal Technical Institute, Inc		2,212
	82,735	m	UP, Inc		477
	335,000		YBM Sisa.com, Inc		2,126
			TOTAL EDUCATIONAL SERVICES		129,686
ELECTRIC, GAS, AND SANITARY SERVICES - 4.2%
	83,893		A2A S.p.A.		115
	1,864,158	e	ACEA S.p.A.		18,490
	51,867		Actelios S.p.A.		185
	3,581,769	*	AES Corp		33,096
	3,846,776		AES Gener S.A.		1,684
	149,844		AES Tiete S.A.		1,723
	225,377	e	AGL Energy Ltd		2,772
	179,720		AGL Resources, Inc		6,438
	202,025	e	Algonquin Power & Utilities Corp		780
	518,779	e	Allegheny Energy, Inc		10,728
	134,413		Allete, Inc		4,602
	342,880		Alliant Energy Corp		10,883
	528,110		Ameren Corp		12,553
	133,797	e	American Ecology Corp		1,949
	2,513,882	e	American Electric Power Co, Inc		81,198
	78,703	e	American States Water Co		2,608
	690,695	e	American Water Works Co, Inc		14,228
	301,935	e	Aqua America, Inc		5,338
	30,851	e	Artesian Resources Corp		570
	129,867		Ascopiave S.p.A.		248
	91,245		Atco Ltd		4,083
	85,734	e	Atlantic Power Corp		997
	309,072		Atmos Energy Corp		8,357
	302,247	e	Avista Corp		5,903
	579	*,e	Beacon Power Corp		0	^
	34,593,900	*	Beijing Enterprises Water Group Ltd		10,757
	160,361	e	BFI Canada Ltd		3,198
	195,768		Black Hills Corp		5,574
	32,402		Boralex Power, Income Fund		140
	45,895	*	Boralex, Inc		342
	107,202		California Water Service Group		3,827
	1,300,379	*,e	Calpine Corp		16,541
	205,764	e	Canadian Utilities Ltd		8,768
	31,700	e	Capital Power Corp		659
	114,800	*	Casella Waste Systems, Inc (Class A)		439
	9,420,990		Centerpoint Energy, Inc		123,980
	328,810		Centrais Eletricas Brasileiras S.A.		4,346

45

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	296,524		Centrais Eletricas Brasileiras S.A. (Preference)	$	4,633
	93,450		Central Vermont Public Service Corp		1,845
	22,862,898		Centrica plc		100,894
	112,897	*,e	Ceres Power Holdings plc		127
	307,154	e	CEZ		12,502
	68,072	e	CH Energy Group, Inc		2,671
	64,141		Chesapeake Utilities Corp		2,014
	2,900,000	*,e	China Longyuan Power Group Corp		2,662
	8,745,700	e	China Resources Gas Group Ltd		12,328
	3,210,599		China Resources Power Holdings Co		7,277
	2,117,848		China Water Affairs Group Ltd		670
	862,841		Chubu Electric Power Co, Inc		21,413
	285,983	e	Chugoku Electric Power Co, Inc		5,890
	51,024		Cia de Transmissao de Energia Electrica Paulista		1,314
	576,643	*,e	CIR-Compagnie Industriali Riunite S.p.A.		969
	175,749	*,e	Clean Energy Fuels Corp		2,626
	97,254	*	Clean Harbors, Inc		6,459
	301,591		Cleco Corp		7,965
	1,314,820		CLP Holdings Ltd		9,517
	2,345,806	e	CMS Energy Corp		34,366
	459,368	*	Cofide S.p.A.		352
	10,510,232		Colbun S.A.		2,724
	176,473		Companhia de Saneamento Basico do Estado de Sao Paulo		3,666
	568,137		Companhia Energetica de Minas Gerais		8,234
	234,471		Companhia Energetica de Sao Paulo (Class B)		3,196
	159,119		Companhia Paranaense de Energia		3,279
	36,204	e	Connecticut Water Service, Inc		761
	614,721	e	Consolidated Edison, Inc		26,494
	72,199	e	Consolidated Water Co, Inc		822
	2,058,136		Constellation Energy Group, Inc		66,375
	2,089,710		Contact Energy Ltd		8,129
	426,517	*,e	Covanta Holding Corp		7,076
	189,373		CPFL Energia S.A.		4,135
	182,765	*,e	Crosstex Energy, Inc		1,172
	5,036,000	e	Datang International Power Generation Co Ltd		2,031
	1,071,405		Dogan Sirketler Grubu Holdings		681
	1,548,711	e	Dominion Resources, Inc		59,997
	338,182	e	DPL, Inc		8,083
	673,160		Drax Group plc		3,767
	701,808	e	DTE Energy Co		32,009
	2,613,253	e	DUET Group		3,531
	3,242,056		Duke Energy Corp		51,873
	488,553	*,e	Dynegy, Inc (Class A)		1,881
	1,361,047	e	E.ON AG.		36,596
	1,386,222		Edison International		43,971
	85,651		EDP - Energias do Brasil S.A.		1,699
	183,808	*,e	EDP Renovaveis S.A.		1,083
	2,389,540		El Paso Corp		26,548
	224,366	*,e	El Paso Electric Co		4,341
	69,306		Electric Power Development Co		2,198
	750,146		Electricite de France		28,541

46

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	160,452		Eletropaulo Metropolitana de Sao Paulo S.A.	$	3,197
	44,951		ElSwedy Cables Holding Co		523
	170,485		Empire District Electric Co		3,200
	6,866,795		Empresa Nacional de Electricidad S.A.		10,538
	15,486	e	Enagas		233
	976,070	e	Enbridge, Inc		45,459
	4,814,790	e	Enel S.p.A.		20,387
	425,811		Energen Corp		18,876
	2,006,716		Energias de Portugal S.A.		5,972
	101,825		Energy Savings Income Fund		1,211
	1,024,060	*,e	Energy World Corp Ltd		318
	514,467	e	EnergySolutions, Inc		2,619
	83,945	*,e	EnerNOC, Inc		2,639
	27,250,648		Enersis S.A.		10,805
	126,568		Enia S.p.A.		795
	378,120		Enka Insaat ve Sanayi AS		1,292
	816,831		Entergy Corp		58,501
	108,004		Enterprise Products Partners LP		3,820
	1,921,370		Envestra Ltd		789
	921,000	*,e	Epure International Ltd		505
	2,743,944		Exelon Corp		104,188
	99,359		Fersa Energias Renovables S.A.		161
	975,958	e	FirstEnergy Corp		34,383
	234,918	e	Fortis, Inc		5,998
	5,121,939	e	Fortum Oyj		112,430
	3,577,680	e	FPL Group, Inc		174,448
	568,233	e	Gas Natural SDG S.A.		8,212
	1,584,674	e	Gaz de France		45,085
	275,252	*	Geodynamics Ltd		76
	1,511,100		Glow Energy PCL		1,727
	72,829		Great Lakes Hydro Income Fund		1,372
	293,927	e	Great Plains Energy, Inc		5,003
	63,156	*	Greentech Energy Systems		130
	7,050,000		Guangdong Investments Ltd		3,319
	327,495	e	Hastie Group Ltd		375
	1,010,370		Hastings Diversified Utilities Fund		1,075
	197,105	e	Hawaiian Electric Industries, Inc		4,490
	757,827		Hera S.p.A.		1,243
	163,567		Hokkaido Electric Power Co, Inc		3,524
	162,888	e	Hokuriku Electric Power Co		3,572
	2,961,859		Hong Kong & China Gas Ltd		7,324
	1,918,670		Hong Kong Electric Holdings Ltd		11,428
	4,846,000	e	Huaneng Power International, Inc		2,866
	144,547		Hunting PLC		960
	6,306,404		Iberdrola Renovables		19,791
	3,653,909		Iberdrola S.A.		20,537
	242,354		Idacorp, Inc		8,063
	71,823		Innergex Renewable Energy, Inc		565
	420,161		Integrys Energy Group, Inc		18,378
	492,487		Interconexion Electrica S.A.		3,318
	11,508,870	e	International Power plc		51,410

47

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	430,038	e	Iride S.p.A.	$	642
	108,921	e	ITC Holdings Corp		5,763
	399,000		Iwatani International Corp		1,100
	161	e	Japan Wind Development Co Ltd		119
	1,931,486		Kansai Electric Power Co, Inc		47,106
	89,248		Keyera Facilities Income Fund		2,248
	870,332		KOC Holding AS		2,944
	344,500	*	Korea Electric Power Corp		8,890
	51,719		Korea Gas Corp		1,768
	439,127		Kyushu Electric Power Co, Inc		9,849
	136,251	e	Laclede Group, Inc		4,514
	54,406		Lassila & Tikanoja Oyj		874
	34,000		Macquarie Power & Infrastructure Income Fund		222
	199,300	*,e	Magma Energy Corp		249
	577,680		Manila Electric Co		2,275
	884,895		MDU Resources Group, Inc		15,955
	117,358		MGE Energy, Inc		4,230
	59,375	e	Middlesex Water Co		941
	430,233	*	Mirant Corp		4,543
	2,725,374		MMC Corp BHD		1,994
	176,371		National Fuel Gas Co		8,092
	1,838,848		National Grid plc		13,425
	245,460	e	New Jersey Resources Corp		8,640
	84,556		Newalta, Inc		690
	248,498	e	Nicor, Inc		10,064
	720,651		NiSource, Inc		10,449
	2,749,348		Northeast Utilities		70,053
	50,959		Northland Power Income Fund		658
	993,626		Northumbrian Water Group plc		4,519
	138,327		Northwest Natural Gas Co		6,027
	170,694		NorthWestern Corp		4,472
	2,769,536	*,e	NRG Energy, Inc		58,742
	226,342	e	NSTAR		7,922
	1,289,947		NTPC Ltd		5,520
	2,456,111		NV Energy, Inc		29,007
	9,614	e	Oest Elektrizitatswirts AG. (Class A)		294
	404,335		OGE Energy Corp		14,782
	22,100		Okinawa Electric Power Co, Inc		1,120
	354,992	e	Oneok, Inc		15,353
	73,609		Ormat Industries		545
	42,719	e	Ormat Technologies, Inc		1,209
	4,770,648		Osaka Gas Co Ltd		17,208
	154,570	e	Otter Tail Corp		2,988
	448,000	*	Pan-Electric Industries		0	^
	565,061		Pennon Group plc		4,654
	567,630	e	Pepco Holdings, Inc		8,900
	777,700		Petronas Gas BHD		2,371
	2,919,560		PG&E Corp		119,994
	102,297	*	Pico Holdings, Inc		3,066
	393,662		Piedmont Natural Gas Co, Inc		9,960
	73,332	*,e	Pike Electric Corp		691
	485,723	e	Pinnacle West Capital Corp		17,661

48

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	405,101	e	PNM Resources, Inc	$	4,529
	26,465,350		PNOC Energy Development Corp		2,515
	3,493,320		Polish Oil & Gas Co		3,371
	490,017	*	Polska Grupa Energetyczna S.A.		3,017
	343,095	e	Portland General Electric Co		6,289
	13,578	*	Poweo		184
	2,434,389		PPL Corp		60,738
	618,131	e	Progress Energy, Inc		24,243
	15,823,500		PT Perusahaan Gas Negara		6,708
	428,285	*	Public Power Corp		6,141
	5,640,512	e	Public Service Enterprise Group, Inc		176,716
	892,076		Questar Corp		40,581
	12,837		Red Electrica de Espana		460
	135,778		Reliance Energy Ltd		3,477
	946,802	*	Reliance Natural Resources Ltd		1,327
	5,861,514	*,e	Reliant Energy, Inc		22,215
	2,531,005		Republic Services, Inc		75,247
	494,237	*	RusHydro (ADR)		2,385
	1,124,909	*	RusHydro-SP ADR		5,501
	71,864	e	RWE A.G.		4,702
	4,414		RWE A.G. (Preference)		266
	533,000		Saibu Gas Co Ltd		1,499
	375,619		SCANA Corp		13,432
	81,331		Scottish & Southern Energy plc		1,354
	5,035	e	Seche Environnement S.A.		324
	24,875	e	Sechilienne-Sidec		631
	2,241,005	e	Sempra Energy		104,857
	611,893	e	Severn Trent plc		11,230
	578,281		Shanks Group plc		859
	111,440	e	Shikoku Electric Power Co, Inc		3,187
	84,000		Shizuoka Gas Co Ltd		571
	59,094	e	SJW Corp		1,385
	393,213		Snam Rete Gas S.p.A.		1,569
	58,976	*	Solaria Energia y Medio Ambiente S.A.		118
	129,361	e	South Jersey Industries, Inc		5,557
	1,879,224	e	Southern Co		62,541
	273,698		Southern Union Co		5,983
	255,839	e	Southwest Gas Corp		7,547
	123,410	e	Southwest Water Co		1,293
	825,100		SP AusNet		530
	632,336	*,e	Stericycle, Inc		41,469
	734,116	e	Suez Environnement S.A.		12,115
	867,121	*	Suzlon Energy Ltd		1,068
	361,756		Tata Power Co Ltd		10,133
	671,332		TECO Energy, Inc		10,117
	3,993,575		Tenaga Nasional BHD		10,345
	4,027,456	e	Terna Rete Elettrica Nazionale S.p.A.		14,496
	53,528		Thessaloniki Water Supply & Sewage Co S.A.		256
	1,262,626	e	Toho Gas Co Ltd		6,735
	389,629		Tohoku Electric Power Co, Inc		8,365
	1,858,521		Tokyo Electric Power Co, Inc		50,558
	6,309,177		Tokyo Gas Co Ltd		28,802

49

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	268,832		Tractebel Energia S.A.	$	3,156
	253,775	e	TransAlta Corp		4,701
	209,479		Transfield Services Infrastructure Fund		109
	611,341		UGI Corp		15,553
	166,073	e	UIL Holdings Corp		4,157
	115,900		Ultrapar Participacoes S.A.		5,547
	201,268		Unisource Energy Corp		6,074
	1,970,953		United Utilities Group plc		15,423
	61,964	e	Unitil Corp		1,296
	605,434		Vector Ltd		895
	181,200	e	Vectren Corp		4,287
	249,615		Veolia Environnement		5,864
	897,410	*	Waste Connections, Inc		31,311
	1,925,590	e	Waste Management, Inc		60,252
	120,769	*,e,m	Waste Services, Inc		1,408
	254,143		Westar Energy, Inc		5,492
	274,417	e	WGL Holdings, Inc		9,338
	2,745,304		Williams Cos, Inc		50,184
	297,182	e	Wisconsin Energy Corp		15,079
	3,642,156	e	Xcel Energy, Inc		75,065
	1,200,000		Xinao Gas Holdings Ltd		2,656
	949,900	*	Yingde Gases		942
	55,878	e	York Water Co		793
	2,690,490		YTL Power International		1,833
	9,475	e	Zhongde Waste Technology AG.		172
			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		3,705,043
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 7.8%
	346,674	*,e	A123 Systems, Inc		3,269
	1,270,000		AAC Acoustic Technologies Holdings, Inc		1,815
	31,247		Aastra Technologies Ltd		675
	535,233		ABB Ltd		9,319
	71,426		ABB Ltd India		1,320
	260,107	*	Acme Packet, Inc		6,992
	107,338	*	Actel Corp		1,376
	193,148	e	Acuity Brands, Inc		7,027
	395,068	*	Adaptec, Inc		1,142
	200,000	*	A-DATA Technology Co Ltd		389
	456,257	*,e	ADC Telecommunications, Inc		3,381
	65,920	*	ADVA AG. Optical Networking		336
	203,946	*,e	Advanced Analogic Technologies, Inc		651
	241,868	*,e	Advanced Battery Technologies, Inc		793
	228,939	*,e	Advanced Energy Industries, Inc		2,814
	1,612,553	*,e	Advanced Micro Devices, Inc		11,804
	9,056,273		Advanced Semiconductor Engineering, Inc		7,131
	21,100		Aiphone Co Ltd		360
	4,353,851	*	Alcatel S.A.		11,088
	43,332	*	Alpha & Omega Semiconductor Lt		598
	83,000	*	Alpine Electronics, Inc		1,013
	333,700	*,e	Alps Electric Co Ltd		2,857
	651,309	e	Altera Corp		16,159
	196,672	*,e	American Superconductor Corp		5,249

50

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	231,231		Ametek, Inc	$	9,284
	456,062	*,e	Amkor Technology, Inc		2,513
	647,873		Amphenol Corp (Class A)		25,448
	282,628	*,e	Anadigics, Inc		1,232
	3,209,585	e	Analog Devices, Inc		89,419
	113,849		Ansaldo STS S.p.A.		1,828
	5,613,551	*,e	Apple Computer, Inc		1,411,975
	287,238	*,e	Applied Micro Circuits Corp		3,010
	64,672	e	Applied Signal Technology, Inc		1,271
	246,519		Arcelik AS		1,037
	1,133,317	e	ARM Holdings plc		4,691
	804,520	*,e	Arris Group, Inc		8,198
	39,357	*	Ascom Holding AG.		351
	1,247,232		Asustek Computer, Inc		9,187
	264,760	*	Atheros Communications, Inc		7,291
	1,488,543	*,e	Atmel Corp		7,145
	158,099	*,e	ATMI, Inc		2,315
	9,567,853		AU Optronics Corp		8,472
	56,440	*	Audiocodes Ltd		138
	20,218	*	Austria Technologie & Systemtechnik AG.		257
	15,261		Austriamicrosystems AG.		526
	366,833	*	Avago Technologies Ltd		7,726
	3,715,741		Avermedia Technologies		4,827
	45,859		Avex Group Holdings, Inc		573
	1,064,453	*	Avnet, Inc		25,664
	196,981		AVX Corp		2,525
	9,200	e	Axell Corp		306
	136,491	*	AXT, Inc		616
	95,202	e	AZZ, Inc		3,501
	207,342	e	Baldor Electric Co		7,481
	168,918	*,e	Ballard Power Systems, Inc		260
	50,191	e	Bang & Olufsen AS (B Shares)		441
	15,285	*	Barco NV		683
	57,080		Bel Fuse, Inc (Class B)		942
	338,674	*,e	Benchmark Electronics, Inc		5,368
	192,846	*,e	BigBand Networks, Inc		582
	218,247	*	Bookham, Inc		2,420
	4,161,220	e	Broadcom Corp (Class A)		137,194
	693,900	e	Byd Co Ltd		5,104
	25,843	*	Calix Networks, Inc		265
	76,300		Canon Electronics, Inc		1,725
	1,049,798	*	Capstone Turbine Corp		1,029
	22,836		Carbone Lorraine		783
	349,057	*	Celestica, Inc		2,820
	13,881	*,e	Centrotherm Photovoltaics AG.		466
	117,635	*	Ceradyne, Inc		2,514
	50,594	*	Ceragon Networks Ltd		369
	93,646	*,e	Ceva, Inc		1,180
	194,101	*	Checkpoint Systems, Inc		3,370
	413,981		Cheng Uei Precision Industry Co Ltd		664

51

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	11,538	*,e,m	China Energy Savings Technology, Inc	$	1
	372,180		Chloride Group plc		2,146
	12,644,000		Chunghwa Picture Tubes Ltd		822
	482,293	*,e	Ciena Corp		6,115
	32,966,711	*	Cisco Systems, Inc		702,520
	165,000	*,e	Clarion Co Ltd		316
	53,700	*,e	CMK Corp		249
	105,400	*,e	COM DEV International Ltd		188
	664,432	*	CommScope, Inc		15,794
	330,475		Compal Communications, Inc		272
	143,333	*,e	Comtech Telecommunications Corp		4,290
	174,087	*,e	Conergy AG.		151
	406,151	*	Conexant Systems, Inc		910
	843,528	e	Cooper Industries plc		37,115
	2,417,200		Coretronic Corp		3,547
	22,000		Corona Corp		203
	27,685		Cosel Co Ltd		423
	51,502	*,e	CPI International, Inc		803
	672,477	*,e	Cree, Inc		40,369
	291,267	*,e	CSR plc		1,631
	230,582	e	CTS Corp		2,131
	119,221	e	Cubic Corp		4,337
	436,473	*,e	Cypress Semiconductor Corp		4,382
	149,641		Daihen Corp		608
	7,800	e	DAI-ICHI SEIKO Co Ltd		323
	442,078		Daiichikosho Co Ltd		6,429
	366,000	*,e	Dainippon Screen Manufacturing Co Ltd		1,665
	82,000	e	Daiwa Industries Ltd		390
	65,114		DDi Corp		490
	6,669,911	*,e	Dell, Inc		80,439
	82,140	e	De’Longhi S.p.A.		349
	85,260	*	Dialog Semiconductor plc		1,012
	150,433	*,e	Diodes, Inc		2,387
	247,213	*,e	Dolby Laboratories, Inc (Class A)		15,498
	168,328	*	DSP Group, Inc		1,076
	72,549	*,e	DTS, Inc		2,385
	126,133	*	EchoStar Corp (Class A)		2,407
	20,971		Eizo Nanao Corp		456
	131,719	*,e	Electro Scientific Industries, Inc		1,760
	347,521	*,e	Elpida Memory, Inc		5,339
	625,997	*	Eltek ASA		251
	85,492	*	EMS Technologies, Inc		1,284
	394,019	*,e	Energizer Holdings, Inc		19,811
	186,258	*,e	Energy Conversion Devices, Inc		764
	227,964	*,e	EnerSys		4,872
	255,071	*,e	Entropic Communications, Inc		1,617
	857,578		Epistar Corp		2,214
	4,802,367	e	Ericsson (LM) (B Shares)		53,269
	823,373	*,e	Evergreen Solar, Inc		562
	334,970		Everlight Electronics Co Ltd		855
	14,896	e	EVS Broadcast Equipment S.A.		599

52

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	180,376	*	Exar Corp	$	1,250
	340,040		Exide Industries Ltd		956
	331,804	*,e	Exide Technologies		1,725
	1,513,270	*	Fairchild Semiconductor International, Inc		12,727
	184,000	*,e	FDK Corp		275
	328,578	*	Finisar Corp		4,896
	243,849	*,e	First Solar, Inc		27,757
	844,546	*,e	Fisher & Paykel Appliances Holdings Ltd		311
	31,991		Foster Electric Co Ltd		828
	2,022,779	*,e	Foxconn International Holdings Ltd		1,310
	737,964		Foxconn Technology Co Ltd		2,443
	103,588	e	Franklin Electric Co, Inc		2,985
	161,999	*	FSI International, Inc		679
	324,018	*,e	FuelCell Energy, Inc		382
	427,042	*,e	Fuji Electric Holdings Co Ltd		1,230
	139,000		Fujitsu General Ltd		582
	32,900		Funai Electric Co Ltd		1,181
	17,000	e	Furukawa Battery Co Ltd		112
	46,800		Futaba Corp/Chiba		781
	15,891	e	Gamesa Corp Tecnologica S.A.		136
	469,705	e	Gemalto NV		17,677
	96,848	*,e	Generac Holdings, Inc		1,357
	856		Geo Corp		1,039
	812,500		Geodesic Information Systems Ltd		1,520
	50,403	*	Gilat Satellite Networks Ltd		236
	114,156	*,e	Globecomm Systems, Inc		942
	311,536	*	GN Store Nord		2,166
	69,638	*,e	GP Strategies Corp		506
	691,090	*,e	GrafTech International Ltd		10,104
	149,561	*,e	Greatbatch, Inc		3,337
	82,975		Gruppo Beghelli S.p.A.		62
	390,000	e	GS Yuasa Corp		2,552
	86,472	*,e	GSI Technology, Inc		495
	264,725	*,e	GT Solar International, Inc		1,482
	705,916	*	GVK Power & Infrastructure Ltd		666
	534,299	e	Halma plc		2,176
	120,500	e	Hamamatsu Photonics KK		3,347
	960,000		Hannstar Board International Holdings Ltd		196
	5,668,441		HannStar Display Corp		1,074
	318,781	*,e	Harman International Industries, Inc		9,528
	454,422	*,e	Harmonic, Inc		2,472
	768,197	e	Harris Corp		31,995
	322,290	*,e	Harris Stratex Networks, Inc (Class A)		1,170
	149,582	*,e	Helen of Troy Ltd		3,300
	16,172,683	e	Hewlett-Packard Co		699,953
	427,204	*,e	Hexcel Corp		6,626
	1,096,540		High Tech Computer Corp		14,562
	323,000		Hi-P International Ltd		148
	20,698		Hirose Electric Co Ltd		1,896
	293,738	e	Hitachi Chemical Co Ltd		5,457
	74,090		Hitachi High-Technologies Corp		1,361
	16,927,251	*	Hitachi Ltd		61,485

53

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	149,654	*,e	Hittite Microwave Corp	$	6,696
	38,193	*	Hoku Scientific, Inc		128
	15,408,455		Hon Hai Precision Industry Co, Ltd		54,009
	106,000	e	Hosiden Corp		1,121
	505,815	*	Hoya Corp		10,763
	113,985	*,e	Hutchinson Technology, Inc		494
	668,040	*	Hynix Semiconductor, Inc		13,503
	214,173	*	Ibiden Co Ltd		5,770
	13,000		Icom, Inc		296
	39,000		Idec Corp		327
	44,673	*	Ikanos Communications, Inc		72
	250,000	*	Imagination Technologies Group PLC		1,039
	180,323	*	Imation Corp		1,657
	124,762		Imtech NV		3,211
	91,886	e	Indesit Co S.p.A.		1,031
	3,280	*,e	Index Corp		258
	2,156,158	*,e	Infineon Technologies AG.		12,500
	359,544	*,e	Infinera Corp		2,312
	6,053,243		InnoLux Display Corp		6,213
	2,387,912	*	Inotera Memories, Inc		1,323
	1,089,446	*,e	Integrated Device Technology, Inc		5,393
	128,011	*	Integrated Silicon Solution, Inc		965
	31,069,148		Intel Corp		604,294
	212,554	*,e	InterDigital, Inc		5,248
	153,176	*	International Rectifier Corp		2,851
	258,132		Intersil Corp (Class A)		3,126
	57,008		Ion Beam Applications		471
	115,460	*,e	IPG Photonics Corp		1,758
	141,373	*	Iridium Communications, Inc		1,419
	91,917	*,e	iRobot Corp		1,727
	123,344	*,e	IXYS Corp		1,090
	136,000		Japan Aviation Electronics Industry Ltd		855
	213,000	*	Japan Radio Co Ltd		480
	4,374,965	*,e	JDS Uniphase Corp		43,050
	2,319,586	*,e	Johnson Electric Holdings Ltd		1,054
	1,032,800	*,e	JVC KENWOOD Holdings, Inc		393
	1,567,369		Kinsus Interconnect Technology Corp		3,011
	85,352	*	KIT Digital, Inc		753
	67,500		Koa Corp		602
	3,569,475		Koninklijke Philips Electronics NV		106,592
	507,076		Koninklijke Philips Electronics NV (ADR)		15,131
	21,186		Koor Industries Ltd		373
	47,458		Kudelski S.A.		1,283
	260,503		Kyocera Corp		21,089
	85,000		Kyosan Electric Manufacturing Co Ltd		378
	782,265	e	L-3 Communications Holdings, Inc		55,416
	511,372	e	Laird Group plc		798
	854,083	*,e	Lattice Semiconductor Corp		3,707
	396,399	e	Legrand S.A.		11,750
	144,610		LG Electronics, Inc		10,997
	25,551		LG Electronics, Inc (Preference)		801
	19,380		LG Innotek Co Ltd		2,543

54

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	140,474		Lincoln Electric Holdings, Inc	$	7,163
	486,633	e	Linear Technology Corp		13,533
	97,900	*,e	Littelfuse, Inc		3,095
	9,481		Loewe AG.		89
	58,024	*,e	Loral Space & Communications, Inc		2,479
	20,516		LS Industrial Systems Co Ltd		1,297
	110,139	e	LSI Industries, Inc		537
	1,419,446	*,e	LSI Logic Corp		6,529
	29,123	e	Mabuchi Motor Co Ltd		1,330
	7,578,959		Macronix International		4,980
	1,700	*,e	Magnetek, Inc		2
	3,265	*	Manz Automation AG.		181
	3,530,029	*,e	Marvell Technology Group Ltd		55,633
	2,276,501		Matsushita Electric Industrial Co Ltd		28,426
	211,657		Matsushita Electric Works Ltd		2,080
	254,093	*	Mattson Technology, Inc		963
	871,554	e	Maxim Integrated Products, Inc		14,581
	37,216	*	MaxLinear, Inc		520
	113,929	*,e	Maxwell Technologies, Inc		1,299
	859,000	m	Meadville Holdings Ltd		140
	1,586,242		MediaTek, Inc		22,140
	23,100	*,e	Megachips Corp		343
	270,000	e	Meidensha Corp		922
	15,100		Meiko Electronics Co		320
	31,517		Melexis NV		320
	49,804	*	Mellanox Technologies Ltd		1,078
	3,580,604	*,e	MEMC Electronic Materials, Inc		35,376
	129,634	*,e	Mercury Computer Systems, Inc		1,521
	181,203	e	Methode Electronics, Inc		1,765
	55,255	*	Meyer Burger Technology AG.		1,361
	257,034	e	Micrel, Inc		2,617
	400,099	e	Microchip Technology, Inc		11,099
	10,387,578	*,e	Micron Technology, Inc		88,191
	43,259	*	Micronas Semiconductor Holdings, Inc		199
	493,471	*,e	Microsemi Corp		7,219
	294,573	*,e	Microtune, Inc		627
	384,630	*,e	Microvision, Inc		1,139
	39,729	e	Millicom International Cellular S.A.		3,224
	58,600	e	Mimasu Semiconductor Industry Co Ltd		683
	160,185	*	Mindspeed Technologies, Inc		1,200
	1,031,704		Minebea Co Ltd		5,715
	275,449	*,e	MIPS Technologies, Inc		1,408
	2,861,560		Mitsubishi Electric Corp		22,334
	34,000	*	Mitsui High-Tec, Inc		230
	50,652		Mitsumi Electric Co Ltd		859
	294,707	e	Molex, Inc		5,375
	140,734	*,e	Monolithic Power Systems, Inc		2,514
	231,744	*	Moog, Inc (Class A)		7,469
	114,207	*	MoSys, Inc		505
	345,431		Motech Industries, Inc		1,043
	13,718,422	*,e	Motorola, Inc		89,444

55

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	95,783	*,e	Multi-Fineline Electronix, Inc	$	2,391
	462,633		Murata Manufacturing Co Ltd		22,062
	278,078		Nan Ya Printed Circuit Board Corp		1,127
	1,440,402	*	Nanya Technology Corp		1,113
	20,596		National Presto Industries, Inc		1,913
	516,902	e	National Semiconductor Corp		6,958
	454,351		Neo-Neon Holdings Ltd		245
	460,480	*,e	Net Insight AB		257
	2,596,124	*,e	NetApp, Inc		96,861
	272,880	*,e	Netlogic Microsystems, Inc		7,422
	34,532	e	Nexans S.A.		2,012
	148,502		NGK Spark Plug Co Ltd		1,844
	79,177	*	Nice Systems Ltd		2,009
	77,497	*,e	Nichicon Corp		941
	24,200		Nidec Copal Electronics Corp		191
	253,520		Nidec Corp		21,224
	26,700	e	Nihon Dempa Kogyo Co Ltd		475
	227,000	e	Nippon Carbon Co Ltd		635
	294,000	*	Nippon Chemi-Con Corp		1,279
	16,100	e	Nissha Printing Co Ltd		430
	63,000		Nissin Electric Co Ltd		291
	447,254		Nitto Denko Corp		14,671
	38,500	e	Nitto Kogyo Corp		357
	33,664	e	NKT Holding AS		1,502
	44,000		Nohmi Bosai Ltd		251
	3,159,062		Nokia Oyj		25,749
	208,541	*,e	Novellus Systems, Inc		5,289
	24,856	*,e	NVE Corp		1,082
	2,708,540	*,e	Nvidia Corp		27,654
	28,800	*	Obara Corp		330
	268		Okinawa Cellular Telephone Co		529
	276,242	*,e	Omnivision Technologies, Inc		5,923
	226,008		Omron Corp		4,927
	931,013	*,e	ON Semiconductor Corp		5,940
	397,901	*,e	Openwave Systems, Inc		808
	150,606	*	Oplink Communications, Inc		2,158
	155,671	*,e	OpNext, Inc		257
	114,053	*,e	OSI Systems, Inc		3,167
	528,105		Pace plc		1,269
	381,050	e	Panasonic Corp (ADR)		4,775
	89,907	e	Park Electrochemical Corp		2,195
	16,438	*	Parrot S.A.		262
	119,923	*,e	Pericom Semiconductor Corp		1,151
	143,113		Phison Electronics Corp		817
	265,537	*,e	Photronics, Inc		1,200
	476,200	*	Pioneer Corp		1,583
	254,166	e	Plantronics, Inc		7,269
	181,660	*,e	Plexus Corp		4,858
	153,919	*,e	PLX Technology, Inc		645
	1,984,640	*,e	PMC - Sierra, Inc		14,924

56

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	347,766	*	Polycom, Inc	$	10,360
	105,654	*,e	Polypore International, Inc		2,403
	77,939	*	Powell Industries, Inc		2,131
	104,718	e	Power Integrations, Inc		3,371
	9,734,035	*	Powerchip Semiconductor Corp		1,295
	299,247	*,e	Power-One, Inc		2,020
	2,760,236		Powertech Technology, Inc		7,664
	711,075	*,e	Powerwave Technologies, Inc		1,095
	6,327,000	*	Prime View International Co Ltd		7,676
	810,894		PV Crystalox Solar plc		648
	97,273	*,e	Q-Cells AG.		620
	236,827	*,e	QLogic Corp		3,936
	7,546,638		Qualcomm, Inc		247,831
	3,607,250		Quanta Computer, Inc		6,520
	262,441	*,e	Rambus, Inc		4,598
	73,634	e	Raven Industries, Inc		2,482
	211,000	*	RCG Holdings Ltd		126
	173,460		Redes Energeticas Nacionais S.A.		562
	170,783		Regal-Beloit Corp		9,526
	753,899		Reliance Communication Ventures Ltd		3,187
	272,811	*,e	Renewable Energy Corp AS		645
	1,117,419	*	Research In Motion Ltd (Canada)		54,929
	418,803		Reunert Ltd		3,132
	1,427,208	*,e	RF Micro Devices, Inc		5,580
	93,524	*,e	RHJ International		693
	97,575		Richardson Electronics Ltd		878
	161,725		Richtek Technology Corp		1,354
	1,438,133		Ricoh Co Ltd		18,338
	29,000	e	Rinnai Corp		1,489
	70,234	*,e	Rogers Corp		1,950
	211,658		Rohm Co Ltd		12,710
	62,178	*,e	Rubicon Technology, Inc		1,852
	35,542	e	Saft Groupe S.A.		1,078
	85,806		Samsung Electro-Mechanics Co Ltd		10,730
	194,085		Samsung Electronics Co Ltd		121,732
	26,261		Samsung Electronics Co Ltd (Preference)		11,195
	44,143		Samsung SDI Co Ltd		6,178
	1,442,467	*	SanDisk Corp		60,685
	232,000	*,e	Sanken Electric Co Ltd		897
	346,403	*	Sanmina-SCI Corp		4,715
	52,000		Sanyo Denki Co Ltd		253
	1,235,280	*,e	Sanyo Electric Co Ltd		1,589
	287,092	*,e	SatCon Technology Corp		821
	1,127		Schweiter Technologies AG.		570
	134,453	*,e	Seachange International, Inc		1,107
	63,753		SEB S.A.		4,122
	32,000		SEC Carbon Ltd		156
	22,761,000	*,e	Semiconductor Manufacturing International		1,810
	266,868	*,e	Semtech Corp		4,369
	43,807		Seoul Semiconductor Co Ltd		1,549
	182,503	*,e	SGL Carbon AG.		5,238
	1,729,360	*	Sharp Corp		18,242

57

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	90,000		Shindengen Electric Manufacturing Co Ltd	$	303
	20,500	e	Shinkawa Ltd		289
	155,246		Shinko Electric Industries		2,017
	26,000	e	Shin-Kobe Electric Machinery Co Ltd		201
	199,268	*	ShoreTel, Inc		925
	116,191		Siemens India Ltd		1,828
	305,660	*,e	Silicon Image, Inc		1,073
	96,541	*,e	Silicon Laboratories, Inc		3,916
	3,919,031		Siliconware Precision Industries Co		4,223
	482,000		Silitech Technology Corp		1,233
	254,100		Simplo Technology Co Ltd		1,377
	6,160,000	*	Sino-Tech International Holdings Ltd		317
	10,012,613	*,e	Sirius XM Radio, Inc		9,507
	438,275	*	Skyworks Solutions, Inc		7,359
	260,729	*,e	Smart Modular Technologies WWH, Inc		1,525
	3,717,932		Smiths Group plc		59,193
	86,000	e	SMK Corp		376
	112,810	*,e	SOITEC		991
	15,488	*,e	Solar Millennium AG.		329
	42,136,511		Solomon Systech International Ltd		3,160
	1,348,289	*	Sony Corp		35,963
	67,662	*	Spansion, Inc		1,104
	80,295	*	Spectrum Brands, Inc		2,036
	67,143	*,e	Spectrum Control, Inc		939
	107,035	*	Standard Microsystems Corp		2,492
	95,810		Stanley Electric Co Ltd		1,587
	173,294		STMicroelectronics NV		1,376
	68,793	*,e	Stoneridge, Inc		522
	292,974	*,e	Sumco Corp		4,856
	308,974	*,e	Sunpower Corp (Class A)		3,739
	27	*,e	Sunpower Corp (Class B)		0	^
	13,850	*	Suny Electronic, Inc Ltd		102
	45,654	*,e	Supertex, Inc		1,126
	92,123	e	Sycamore Networks, Inc		1,531
	269,372	*	Symmetricom, Inc		1,371
	152,156	*,e	Synaptics, Inc		4,184
	41,323,604		Taiwan Semiconductor Manufacturing Co Ltd		77,236
	194,803	e	Taiyo Yuden Co Ltd		2,616
	101,000	e	Takaoka Electric Manufacturing Co Ltd		328
	583,847	*,e	TalkTalk Telecom Group plc		1,090
	4,800,000	*	Tatung Co Ltd		842
	181,781	e	TDK Corp		9,947
	170,198	e	Technitrol, Inc		538
	2,324,833		Teco Electric and Machinery Co Ltd		954
	332,470	*	Tekelec		4,402
	42,596	*	Telecomunicaciones y Energia		141
	86,373		Teleflex, Inc		4,688
	869,030	e	Tellabs, Inc		5,553
	27,242		Tessco Technologies, Inc		455
	298,951	*,e	Tessera Technologies, Inc		4,798
	3,923,828		Texas Instruments, Inc		91,347
	112,042	*,e	Theolia SA		198

58

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	81	e	Thine Electronics Inc	$	127
	258,412	*	Thomas & Betts Corp		8,967
	1,091,729	*,e	Thomson		604
	107,000	*,e	Toko, Inc		170
	155,105	*	Tokyo Denpa Co Ltd		940
	1,249	*	Tollgrade Communications, Inc		8
	242,000		Toshiba TEC Corp		782
	344,720	*	Tower Semiconductor Ltd		495
	38,000		Toyo Corp/Chuo-ku		383
	15,100	e	Toyo Tanso Co Ltd		666
	60,426	*,e	Toyota Boshoku Corp		882
	260,508		Transcend Information, Inc		687
	497,674	*,e	Trident Microsystems, Inc		707
	778,847		Tripod Technology Corp		2,880
	714,294	*	Triquint Semiconductor, Inc		4,364
	214,582	*	TT electronics plc		307
	401,160	*,e	TTM Technologies, Inc		3,811
	107,142	*	Ultra Clean Holdings		913
	111,000	*	Uniden Corp		334
	2,000,756		Unimicron Technology Corp		2,912
	3,831	*,e	United Capital Corp		94
	20,290,022		United Microelectronics Corp		8,930
	127,403	*,e	Universal Display Corp		2,291
	71,682	*	Universal Electronics, Inc		1,192
	155,511	*	UQM Technologies, Inc		527
	250,675	e	Ushio, Inc		3,862
	569,308	*,e	Utstarcom, Inc		1,048
	48	e	V Technology Co Ltd		271
	14,984		Vacon plc		627
	836,743		Vanguard International Semiconductor Corp		337
	169,482	*	Varian Semiconductor Equipment Associates, Inc		4,857
	150,506	*,e	Viasat, Inc		4,900
	15,257	*	Viasystems Group, Inc		225
	86,308	*,e	Vicor Corp		1,078
	91,788	*	Virage Logic Corp		1,091
	1,913,818	*	Vishay Intertechnology, Inc		14,813
	155,154	*,e	Volterra Semiconductor Corp		3,578
	275,000	e	Vtech Holdings Ltd		2,941
	468,538	e	Whirlpool Corp		41,147
	3,323,000	*	Winbond Electronics Corp		829
	1,891,000	*	Wintek Corp		1,511
	159,582	*,e	Wolfson Microelectronics plc		417
	66,970		Woongjin Coway Co Ltd		2,244
	2,022,594		Xilinx, Inc		51,091
	15,750	*,b,m	Ya Hsin Industrial Co Ltd		3
	5,629,100		Yageo Corp		2,272
	143,972	e	Yaskawa Electric Corp		1,068
	117,600		Young Fast Optoelectronics Co Ltd		888
	97	e	Zappallas, Inc		138

59

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	296,913	*,e	Zix Corp	$	671
	136,112	*,e	Zoltek Cos, Inc		1,153
	359,562	*	Zoran Corp		3,430
	763,098	e	ZTE Corp		2,317
	40,132	*,e	Zumtobel AG.		676
			TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		6,954,539
ENGINEERING AND MANAGEMENT SERVICES - 0.8%
	81,794		Aangpanneforeningen AB (B Shares)		1,096
	119,856	*,e	Accelrys, Inc		773
	2,281,460	e	Accenture plc		88,179
	49,736	*	Accretive Health, Inc		658
	50,098	*,e	Active Biotech AB		679
	100,956	*,e	Advisory Board Co		4,337
	323,553	*	Aecom Technology Corp		7,461
	125,300	e	Aeon Mall Co Ltd		2,482
	94,693	m	Aero Inventory plc		374
	125,106	*,e	Affymax, Inc		748
	34,467		Alten		837
	304,585	*,e	Amylin Pharmaceuticals, Inc		5,726
	104,078		Arcadis NV		1,862
	648,619	*,e	Ariad Pharmaceuticals, Inc		1,829
	15,644		Assystem		249
	269,531		Atkins WS plc		2,730
	106,640	e	Ausenco Ltd		158
	488,469	e	Babcock International Group		4,340
	14,525	*,e	Bavarian Nordic AS		524
	5,914		Bertrandt AG.		208
	81,993	e	Bilfinger Berger AG.		4,544
	66,793	*	BioInvent International AB		258
	330,000	*	Boustead Singapore Ltd		200
	110,672		Bure Equity AB		369
	79,205		Cap Gemini S.A.		3,481
	167,148	e	Capita Group plc		1,842
	98,759		Cardno Ltd		329
	62,774	e	CDI Corp		975
	540,104	*,e	Celera Corp		3,538
	6,416,000	*,e	China Railway Group Ltd		4,107
	29,000		Commuture Corp		175
	99,503	*,e	comScore, Inc		1,639
	68,428	e	Core Laboratories NV		10,101
	53,393	*	Cornell Cos, Inc		1,435
	145,323		Corporate Executive Board Co		3,818
	50,395	*,e	CRA International, Inc		949
	153,475		Daewoo Engineering & Construction Co Ltd		1,289
	155,044	e	Diamond Management & Technology Consultants, Inc		1,599
	3,104	e	Digital Garage, Inc		4,397
	17,638		Dinamia		204
	701,556	e	Downer EDI Ltd		2,102
	131,586	*	DTZ Holdings plc		127
	387,067	*,e	Dyax Corp		879
	309,821	*,e	eResearch Technology, Inc		2,441

60

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	11,383	e	Eurofins Scientific	$	405
	151,534	*	Exact Sciences Corp		667
	770,813	*,e	Exelixis, Inc		2,675
	88,515	*,e	Exponent, Inc		2,896
	590,802		Fluor Corp		25,109
	59,894	*,e	Franklin Covey Co		389
	53,123	e	Fugro NV		2,454
	177,178	*,e	Furmanite Corp		703
	117		GCA Savvian Group Corp		117
	138,100	*,e	Genpact Ltd		2,145
	102,825	*	Gen-Probe, Inc		4,670
	23,525		GFK AG.		802
	303,476		Groupe Aeroplan, Inc		2,526
	364,096	e	Hargreaves Lansdown plc		1,834
	571,835	*	Hewitt Associates, Inc (Class A)		19,705
	143,232	*,e	Hill International, Inc		582
	67,702		HIQ International AB		277
	103,712	*,e	Huron Consulting Group, Inc		2,013
	78,946		Hyundai Development Co		1,759
	76,846	*,e	ICF International, Inc		1,839
	626,602	*,e	Incyte Corp		6,936
	82,065	*,e	Infinity Pharmaceuticals, Inc		485
	334,963	*	Inovio Biomedical Corp		342
	301,385		Intertek Group plc		6,461
	32,004	e	IPSOS		1,075
	409,331	*,e	Isis Pharmaceuticals, Inc		3,917
	1,238,002	*,e	Jacobs Engineering Group, Inc		45,114
	388,140		JGC Corp		5,890
	998,650		John Wood Group plc		4,638
	6,224		Kapsch TrafficCom AG.		223
	3,193,060	e	KBR, Inc		64,948
	88,957	e	Keller Group plc		700
	121,463	*	Kendle International, Inc		1,399
	38,848	e	Landauer, Inc		2,365
	98,196	*	LECG Corp		255
	847,010	*,e	Lexicon Pharmaceuticals, Inc		1,084
	151,738	*	Luminex Corp		2,461
	109,854		MAXIMUS, Inc		6,357
	126,339	*,e	Maxygen, Inc		699
	842,720	*	McDermott International, Inc		18,253
	27,490		Medion AG.		329
	28,835	*	Medivir AB		357
	48,673	e	MedQuist, Inc		385
	48,363	*,e	Michael Baker Corp		1,688
	65,735	*,e	Mistras Group, Inc		705
	501,192		Mitie Group		1,582
	165,673	e	Monadelphous Group Ltd		1,754
	163,798		Mouchel Group plc		332
	208,128	*	Myriad Genetics, Inc		3,112
	3,974	e	National Research Corp		96
	339,114	*	Navigant Consulting, Inc		3,520
	32,095	*,e	NeuroSearch AS		471

61

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	85,400		Nichii Gakkan Co	$	767
	52,000		Nippon Densetsu Kogyo Co Ltd		498
	22,887	*	Novabase SGPS S.A.		96
	16,600	e	NPC, Inc		264
	425,742		NRW Holdings Ltd		345
	172,242	*,e	Omnicell, Inc		2,014
	22,768		Oyo Corp		187
	692,774	e	Paychex, Inc		17,991
	1,516,570	e	Petrofac Ltd		26,681
	50,229		Poyry Oyj		618
	158,380		Programmed Maintenance Services Ltd		330
	937,436		QinetiQ plc		1,636
	214,915	*	Regeneron Pharmaceuticals, Inc		4,797
	9,858,000		Regent Pacific Group Ltd		270
	942,233	*	Rentech, Inc		933
	199,974	*	Resources Connection, Inc		2,720
	238,001	*,e	Rigel Pharmaceuticals, Inc		1,714
	94,951		Robert Walters plc		269
	331,000		Rotary Engineering Ltd		222
	313,441	e	RPS Group plc		872
	281,096	*,e	RTI Biologics, Inc		824
	344,389		SAI Global Ltd		1,161
	863,510	*,e	SAIC, Inc		14,455
	43,066		Samsung Engineering Co Ltd		3,988
	209,680	*,e	Sangamo Biosciences, Inc		778
	303,188	*,e	Savient Pharmaceuticals, Inc		3,820
	410,330		Savills plc		1,686
	131,560		Sedgman Ltd		147
	3,545,112		SembCorp Industries Ltd		10,252
	191,877	*	Senomyx, Inc		727
	262,291	*,e	Sequenom, Inc		1,550
	315,444	e	Serco Group plc		2,755
	988,300	e	Shandong Weigao Group Medical Polymer Co Ltd		4,305
	1,169,970	*	Shaw Group, Inc		40,036
	110,000		Shenzhen Expressway Co Ltd		48
	54,000		Shinko Plantech Co Ltd		478
	450,000		Shui On Construction and Materials Ltd		499
	117,108	*	Silex Systems Ltd		449
	172,939		SNC-Lavalin Group, Inc		6,922
	10,365	*	SPS Commerce, Inc		120
	104,892	*	Stanley, Inc		3,921
	69,562	*,e	Stantec, Inc		1,541
	50,893	e	Strabag SE		1,096
	433,000	*,e	Swiber Holdings Ltd		301
	177,929	*,m	Symyx Technologies, Inc		891
	123	*,e	Takara Bio, Inc		265
	324,528		Tecan Group AG.		20,662
	55,008	*,e	Tejon Ranch Co		1,270
	371,045	*,e	Tetra Tech, Inc		7,276
	31,582	*	ThromboGenics NV		593
	88,974	e	Towers Watson & Co		3,457
	684,957		Toyo Engineering Corp		1,979

62

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	35,999	*,e	Transcend Services, Inc	$	486
	623,857	e	Transfield Services Ltd		1,611
	41,981	e	Trevi Finanziaria S.p.A.		602
	514,053	e	United Group Ltd		5,812
	402,575	*	URS Corp		15,841
	466,000		Value Partners Group Ltd		288
	27,757	e	VSE Corp		883
	270,666	e,m	VT Group plc		3,114
	117		Wellnet Corp		96
	839,045	e	WorleyParsons Ltd		15,437
	92,681		WSP Group plc		469
	64,223	*,e	WuXi PharmaTech Cayman, Inc (ADR)		1,025
	286,066		Xchanging plc		836
	4,227	*	XING AG.		145
	906,600		Zelan BHD		148
			TOTAL ENGINEERING AND MANAGEMENT SERVICES		685,817
ENVIRONMENTAL QUALITY AND HOUSING - 0.0%
	1,158,958	*,e	Transpacific Industries Group Ltd		963
			TOTAL ENVIRONMENTAL QUALITY AND HOUSING		963
FABRICATED METAL PRODUCTS - 0.5%
	31,019		AFG Arbonia-Forster Hldg		628
	124,699		Aica Kogyo Co Ltd		1,320
	138,898	*	Alliant Techsystems, Inc		8,620
	1,350,148		Amcor Ltd		7,196
	45,214	e	Ameron International Corp		2,728
	221,323		Aptargroup, Inc		8,370
	94,000	e	Asahi Organic Chemicals Industry Co Ltd		215
	379,026		Ball Corp		20,024
	206,655		Bharat Heavy Electricals		10,888
	68,000		Bunka Shutter Co Ltd		196
	32,969		Cardo AB		848
	49,381		CCL Industries		1,322
	152,639	*,e	Chart Industries, Inc		2,378
	2,874,614		China International Marine Containers Co Ltd (Class B)		3,607
	26,200		Chofu Seisakusho Co Ltd		560
	80,269		CIRCOR International, Inc		2,053
	544,925	e	Commercial Metals Co		7,204
	109,461	*	Commercial Vehicle Group, Inc		1,118
	2,721		Compx International, Inc		27
	180,058	e	Crane Co		5,440
	1,255,176	*,e	Crown Holdings, Inc		31,430
	127,270	e	Dynamic Materials Corp		2,041
	3,800	e	Furuya Metal Co Ltd		236
	7,220	e	Geberit AG.		1,123
	37,882		Gerresheimer AG.		1,213
	339,000	e	Goodpack Ltd		405
	228,067	*,e	Griffon Corp		2,522
	75,555		Gulf Island Fabrication, Inc		1,173
	60,817	*	Gunnebo AB		218
	26,576	*,e	Hawk Corp		676

63

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	29,000		Hisaka Works Ltd	$	293
	245,000		Hitachi Cable Ltd		647
	58,683	e	Hitachi Metals Ltd		594
	2,078,316		Illinois Tool Works, Inc		85,792
	90,957	e	Insteel Industries, Inc		1,057
	571,370		Jindal Steel & Power Ltd		7,630
	169,447		JS Group Corp		3,234
	144,000		Kitz Corp		682
	73,213	*,e	Ladish Co, Inc		1,663
	73,795	e	Landi Renzo S.p.A.		269
	40,267	*	Lifetime Brands, Inc		589
	4,579		LISI		237
	110,082	*	Martinrea International, Inc		783
	38,500		Miura Co Ltd		874
	163,864	*,e	Mobile Mini, Inc		2,668
	839,635	e	Mueller Water Products, Inc (Class A)		3,115
	160,947	*,e	NCI Building Systems, Inc		1,347
	118,876		Nibe Industrier AB (Series B)		1,056
	46,100	*	North American Galvanizing & Coating, Inc		354
	776,992	e	Parker Hannifin Corp		43,091
	39,834	*	Park-Ohio Holdings Corp		573
	325,208		Pentair, Inc		10,472
	28,877	*	Pgt, Inc		74
	1,951		Phoenix Mecano AG.		976
	273,372		Quanex Building Products Corp		4,727
	2,122,104		Rexam plc		9,546
	141,705		Rotork PLC		2,708
	7,566		Sabaf S.p.A.		155
	3,913		Salzgitter AG.		233
	331,000		Sankyo-Tateyama Holdings, Inc		377
	320,000		Sanwa Shutter Corp		965
	12,785	*	Shiloh Industries, Inc		108
	560,161		Shin Zu Shing Co Ltd		1,688
	324,390	e	Silgan Holdings, Inc		9,206
	174,032	e	Simpson Manufacturing Co, Inc		4,272
	2,106,000	*	Singamas Container Holdings Ltd		410
	281,795	*,e	Smith & Wesson Holding Corp		1,153
	246,240	e	Snap-On, Inc		10,074
	15,933	e	Ssab Svenskt Stal AB (Series A)		214
	20,233	e	Ssab Svenskt Stal AB (Series B)		243
	826,578	e	Stanley Works		41,759
	86,070	e	Sturm Ruger & Co, Inc		1,233
	57,744	e	Sun Hydraulics Corp		1,355
	245,017	*,e	Taser International, Inc		956
	19,600		Tocalo Co Ltd		354
	291,000		Toyo Kanetsu K K		441
	555,276		Toyo Seikan Kaisha Ltd		8,103
	72,613	*	Trimas Corp		821
	58,000		Tsukishima Kikai Co Ltd		406
	180,594		Valmont Industries, Inc		13,122
	130,847		Viohalco S.A.		532
	151,761	e	Watts Water Technologies, Inc (Class A)		4,349
			TOTAL FABRICATED METAL PRODUCTS		413,359

64

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
FISHERIES - 0.0%
	33,213	e	Copeinca ASA	$	198
	47,547		Grieg Seafood ASA		116
	314,766		Nippon Suisan Kaisha Ltd		1,013
	4,627,801	e	PAN Fish ASA		3,055
	157,149		Tassal Group Ltd		186
			TOTAL FISHERIES		4,568
FOOD AND KINDRED PRODUCTS - 3.9%
	1,098,667		Ajinomoto Co, Inc		9,940
	31,640	e	Aker ASA (A Shares)		533
	23,716		Alliance Grain Traders, Inc		673
	100,257	*,e	American Italian Pasta Co		5,301
	284,353		Anadolu Efes Biracilik Ve Malt Sanayii AS		3,319
	2,974	*	Anheuser-Busch InBev NV		0	^
	1,388,275	e	Archer Daniels Midland Co		35,845
	26,300		Ariake Japan Co Ltd		413
	7,123		Aryzta AG.		274
	1,045,696		Asahi Breweries Ltd		17,715
	258,900		Asiatic Development BHD		531
	1,134,379		Associated British Foods plc		16,428
	18,063	e	Atria Group plc		240
	187,900	e	Austevoll Seafood ASA		948
	908,096	e	B&G Foods, Inc (Class A)		9,789
	11,167,500		Bakrie Sumatera Plantations Tbk PT		450
	2,568		Barry Callebaut AG.		1,596
	1,140,900		Beijing Enterprises Holdings Ltd		7,406
	489,344		Bidvest Group Ltd		7,744
	4,664		Bonduelle S.C.A.		422
	53,242	*,e	Boston Beer Co, Inc (Class A)		3,591
	555,674		Britvic plc		3,938
	460,674	e	Bunge Ltd		22,661
	511,329		C&C Group plc		2,020
	958,963	e	Campbell Soup Co		34,360
	22,351		Campofrio Alimentacion S.A.		186
	152,749	e	Carlsberg AS (Class B)		11,641
	324,189	*,e	Central Garden and Pet Co (Class A)		2,908
	8,617,800		Charoen Pokphand Foods PCL		5,364
	2,470,700		China Agri-Industries Holdings Ltd		2,854
	1,892,000	e	China Yurun Food Group Ltd		5,950
	19,601		CJ CheilJedang Corp		3,577
	25,120		Coca Cola Hellenic Bottling Co S.A.		538
	1,027,665	e	Coca-Cola Amatil Ltd		10,290
	27,980	e	Coca-Cola Bottling Co Consolidated		1,341
	29,500		Coca-Cola Central Japan Co Ltd		378
	11,889,167	e	Coca-Cola Co		595,886
	1,235,006		Coca-Cola Enterprises, Inc		31,937
	528,375	e	Coca-Cola Femsa S.A. de C.V.		3,306

65

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	77,423		Coca-Cola Icecek AS	$	687
	39,883		Coca-Cola West Japan Co Ltd		659
	1,437,966	e	ConAgra Foods, Inc		33,533
	795,745	*,e	Constellation Brands, Inc (Class A)		12,430
	809,231		Corn Products International, Inc		24,520
	168,943	*	Cosan SA Industria e Comercio		2,113
	186,700	*	Cott Corp		1,084
	85,771		Cranswick plc		1,096
	133,832		CSM		3,975
	1,115,007	e	CSR Ltd		1,562
	509,908	*	Darling International, Inc		3,829
	412,175	e	Davide Campari-Milano S.p.A.		2,023
	4,827,842	*,e	Dean Foods Co		48,616
	1,376,945		Del Monte Foods Co		19,814
	287,184		Devro plc		850
	6,947,291		Diageo plc		109,127
	98,345	e	Diamond Foods, Inc		4,042
	63,700		Doutor Nichires Holdings Co Ltd		856
	3,612,726	e	Dr Pepper Snapple Group, Inc		135,080
	21,600	e	Dydo Drinco, Inc		786
	191,490		Ebro Puleva S.A.		3,236
	162,803		Ezaki Glico Co Ltd		1,973
	34,469	e	Farmer Bros Co		520
	275,611	e	Flowers Foods, Inc		6,733
	3,135,186	e	Fomento Economico Mexicano S.A. de C.V.		13,578
	61,952		Frutarom Industries Ltd		455
	136,400		Fuji Oil Co Ltd		2,005
	24,832		Fujicco Co Ltd		291
	6,114,920		General Mills, Inc		217,202
	192,559		Glanbia plc		706
	18,951,856		Golden Agri-Resources Ltd		7,105
	226,290		Greencore Group plc		356
	228,804		Greggs plc		1,566
	957,356	e	Groupe Danone		51,324
	599,382	e	Grupo Bimbo S.A. de C.V. (Series A)		4,261
	1,258,401	e	Grupo Modelo S.A. (Series C)		6,216
	1,855,708	e	H.J. Heinz Co		80,204
	623,075	*,e	Hansen Natural Corp		24,368
	41,006	*,e	Harbinger Group, Inc		258
	402,795		Heineken NV		17,073
	1,073,061		Hershey Co		51,432
	6,979		Hite Brewery Co Ltd		831
	54,731		HKScan Oyj		505
	171,030	e	Hormel Foods Corp		6,923
	88,900		House Foods Corp		1,304
	58,320	e	Imperial Sugar Co		589
	3,769,410		InBev NV		181,238
	476,978	*,e	Indofood Agri Resources Ltd		714
	30,000	*,m	International Hydron		1
	5,235,428		IOI Corp BHD		8,069
	36,344	e	Ito En Ltd		556
	198,000		Itoham Foods, Inc		746

66

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	93,026	e	J&J Snack Foods Corp	$	3,916
	249,546		J.M. Smucker Co		15,028
	37,851	*	John B. Sanfilippo & Son, Inc		548
	122,000		J-Oil Mills, Inc		361
	98,973	e	Kagome Co Ltd		1,796
	906,268		Kaneka Corp		5,257
	625,178		Kellogg Co		31,446
	169,368		Kerry Group plc (Class A)		4,701
	22,900		KEY Coffee, Inc		401
	1,510,566		Kirin Brewery Co Ltd		19,017
	94,664	*	Koninklijke Wessanen NV		334
	8,004,420	e	Kraft Foods, Inc (Class A)		224,124
	1,604,527		Kulim Malaysia BHD		3,678
	84,062	e	Lancaster Colony Corp		4,486
	112,547	e	Lance, Inc		1,856
	3,900		Laurent-Perrier		325
	76,354	e	Leroy Seafood Group ASA		1,414
	22,994	*,e	Lifeway Foods, Inc		224
	125		Lindt & Spruengli AG.		271
	102		Lindt & Spruengli AG. (Reg)		2,500
	920		Lotte Confectionery Co Ltd		960
	58,215	*,e	M&F Worldwide Corp		1,578
	364,177	*,f	Magnit OAO (ADR)		6,243
	75,169		Maple Leaf Foods, Inc		633
	290,944		Marfrig Alimentos S.A.		2,721
	375,000		Marudai Food Co Ltd		1,104
	26,432	*,e	Matrixx Initiatives, Inc		122
	46,900	e	Matsumotokiyoshi Holdings Co Ltd		1,003
	441,388	e	McCormick & Co, Inc		16,755
	1,197,907		Mead Johnson Nutrition Co		60,039
	193,582	e	MEIJI Holdings Co Ltd		7,920
	97,000	e	Mercian Corp		163
	35,356	*	Mgp Ingredients, Inc		234
	38,000		Mikuni Coca-Cola Bottling Co Ltd		303
	157,000		Mitsui Sugar Co Ltd		538
	279,697		Molson Coors Brewing Co (Class B)		11,848
	354,000		Morinaga & Co Ltd		805
	344,000		Morinaga Milk Industry Co Ltd		1,331
	25,000		Nagatanien Co Ltd		243
	52,022	e	National Beverage Corp		639
	5,359,114		Nestle S.A.		258,410
	618,000		Nichirei Corp		2,597
	152,000		Nippon Beet Sugar Manufacturing Co Ltd		352
	281,000		Nippon Flour Mills Co Ltd		1,401
	118,853		Nippon Meat Packers, Inc		1,467
	309,000		Nisshin Oillio Group Ltd		1,511
	616,830	e	Nisshin Seifun Group, Inc		6,965
	57,285	e	Nissin Food Products Co Ltd		2,103
	229,000		NOF Corp		907
	683,152		Northern Foods plc		443
	57,301		Nutreco Holding NV		3,077
	1,312,000	*,e	Oceanus Group Ltd		288

67

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	742,458	e	Olam International Ltd	$	1,363
	58,386		Osem Investments Ltd		742
	4,065,404	e	Parmalat S.p.A.		9,449
	51,052	*,e	Peet’s Coffee & Tea, Inc		2,005
	1,030	*,e	Penford Corp		7
	6,881,618		PepsiCo, Inc		419,435
	942,816		Perdigao S.A.		12,379
	17,443	e	Pernod-Ricard S.A.		1,353
	2,034,600		Petra Foods Ltd		1,774
	3,145,991	*	Premier Foods plc		897
	367,000		Prima Meat Packers Ltd		403
	523,524		PT Astra Agro Lestari Tbk		1,107
	10,170,700		PT Indofood Sukses Makmur Tbk		4,607
	216,400	e	Q.P. Corp		2,491
	396,040		Raisio plc (V Shares)		1,310
	227,112	*,e	Ralcorp Holdings, Inc		12,446
	640,091		Remgro Ltd		7,875
	30,939	e	Remy Cointreau S.A.		1,646
	572,382		Reynolds American, Inc		29,833
	52,216		Robert Wiseman Dairies plc		388
	16,979	*	Royal UNIBREW AS		542
	206,653		SABMiller plc		5,795
	138,923		Sanderson Farms, Inc		7,049
	170,346	e	Sapporo Holdings Ltd		732
	349,024		Saputo, Inc		9,967
	3,517,816	e	Sara Lee Corp		49,601
	38,714		Schouw & Co		785
	45,940	*,e	Seneca Foods Corp		1,482
	270,000		Showa Sangyo Co Ltd		814
	13,510		Sipef S.A		777
	279,106	*,e	Smart Balance, Inc		1,142
	803,648	*,e	Smithfield Foods, Inc		11,974
	50,088	*,e	SOS Cuetara S.A.		100
	55,970		Strauss Group Ltd		747
	190,733	e	Suedzucker AG.		3,446
	2,053,600		Swire Pacific Ltd (Class A)		23,311
	31,100	e	T Hasegawa Co Ltd		477
	247,000	e	Takara Holdings, Inc		1,245
	103,000		Takasago International Corp		445
	714,439	e	Tate & Lyle plc		4,773
	2,522,000	e	Tingyi Cayman Islands Holding Corp		6,183
	108,156	e	Tootsie Roll Industries, Inc		2,558
	1,264,233		Total Produce plc		526
	249,624		Toyo Suisan Kaisha Ltd		5,958
	168,898	*,e	TreeHouse Foods, Inc		7,712
	2,149,089		Tyson Foods, Inc (Class A)		35,224
	3,850,205		Unilever plc		102,924
	385,621	e	Unilever plc (ADR)		10,308
	212,815		United Breweries Co, Inc		1,871
	114,223		United Spirits Ltd		3,196
	2,020,200		Universal Robina		1,323

68

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,496,000		Vitasoy International Holdings Ltd	$	1,139
	3,002		Vranken - Pommery Monopole		110
	699,000	e	Wilmar International Ltd		2,860
	63,078	e	Yakult Honsha Co Ltd		1,716
	99,306	e	Yamazaki Baking Co Ltd		1,339
	423,051		Yantai Changyu Pioneer Wine Co		3,971
	52,000		Yonekyu Corp		457
			TOTAL FOOD AND KINDRED PRODUCTS		3,503,788
FOOD STORES - 0.5%
	219,678		Alimentation Couche Tard, Inc		3,694
	184,847		Almacenes Exito S.A.		1,752
	35,579		Arcs Co Ltd		479
	6,563	e	Arden Group, Inc (Class A)		577
	15,453		Blue Square-Israel Ltd		163
	32,521	*,e	Caribou Coffee Co, Inc		308
	404,609		Carrefour S.A.		16,050
	33,200		Cawachi Ltd		622
	1,287,945		Centros Comerciales Sudamericanos S.A.		5,826
	2,242,000		China Resources Enterprise		8,254
	187,800		Circle K Sunkus Co Ltd		2,408
	4,903		Colruyt S.A.		1,153
	123,868		Companhia Brasileira de Distribuicao Grupo Pao de Acucar		4,322
	3,840,300		CP Seven Eleven PCL		3,379
	11,300	e	CREATE SD HOLDINGS Co Ltd		219
	7,300		Daikokutenbussaan Co Ltd		222
	231,392		Delhaize Group		16,791
	48,097		Discount Investment Corp		761
	205,655	*,e	Dole Food Co, Inc		2,145
	102,776	e	Empire Co Ltd		5,084
	43,878	e	FamilyMart Co Ltd		1,449
	25,700	e	Fuji Co Ltd		465
	88,363	e	George Weston Ltd		6,044
	2,297,563	e	Goodman Fielder Ltd		2,590
	164,196	*,e	Great Atlantic & Pacific Tea Co, Inc		640
	72,266		Hakon Invest AB		975
	42,700		Heiwado Co Ltd		519
	63,725		Ingles Markets, Inc (Class A)		959
	80,800	e	Izumi Co Ltd		1,084
	84,741		Izumiya Co Ltd		366
	665,546		J Sainsbury plc		3,175
	2,706,323	e	Jeronimo Martins SGPS S.A.		24,796
	93,300		Kasumi Co Ltd		475
	49,541		Kesko Oyj (B Shares)		1,602
	1,251,252		Koninklijke Ahold NV		15,478
	3,462,861		Kroger Co		68,183
	99,458	e	Lawson, Inc		4,350
	199,896		Loblaw Cos Ltd		7,250
	91,000		Maruetsu, Inc		336
	671,000	e	Maruha Nichiro Holdings, Inc		1,026
	84,400		Ministop Co Ltd		1,166

69

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	187,630	*,e	Panera Bread Co (Class A)	$	14,127
	130,871	*	Pantry, Inc		1,847
	322,119	e	Pick’n Pay Stores Ltd		1,814
	1,370,320		President Chain Store Corp		4,044
	9,175		Rami Levi Chain Stores Hashikma Marketing 2006 Ltd		219
	211,478	e	Ruddick Corp		6,554
	2,393,147	e	Safeway, Inc		47,049
	755,363	e	Shoprite Holdings Ltd		8,121
	152,444		Shufersal Ltd		800
	1,166,133	e	Sonae SPGS S.A.		1,076
	1,198,462	e	Supervalu, Inc		12,991
	35,758	*	Susser Holdings Corp		422
	2,331,998	*	Taiwan TEA Corp		1,235
	7,015,756		Tesco plc		39,579
	7,445		Valora Holding AG.		1,780
	33,390	e	Village Super Market (Class A)		876
	10,668,100	e	Want Want China Holdings Ltd		8,955
	62,798	e	Weis Markets, Inc		2,067
	1,368,656	*,e	Whole Foods Market, Inc		49,299
	275,201	*	Winn-Dixie Stores, Inc		2,653
	11,049,489		WM Morrison Supermarkets plc		43,663
	864,558		Woolworths Ltd		19,569
	811,000		Wumart Stores		1,446
	3,664	*,f	X 5 Retail Group NV (GDR)		123
	10,200	e	Yaoko Co Ltd		286
			TOTAL FOOD STORES		487,732
FORESTRY - 0.1%
	197,748	*,b,e	Great Southern Ltd		20
	1,749	*	Gunns Ltd		100
	699,560		Rayonier, Inc		30,795
	4,088		Societe Internationale de Plantations d’Heveas S.A.		269
	717,513		Weyerhaeuser Co		25,256
			TOTAL FORESTRY		56,440
FURNITURE AND FIXTURES - 0.1%
	44,602	*,e	Astronics Corp		730
	38,405		Beter BED Holding NV		817
	28,500		Cleanup Corp		157
	56,891		Dorel Industries, Inc (Class B)		1,779
	109,951	e	Ethan Allen Interiors, Inc		1,538
	40,219	*	Faurecia		637
	175,000		France Bed Holdings Co Ltd		257
	218,536	*,e	Furniture Brands International, Inc		1,141
	244,979	e	Herman Miller, Inc		4,623
	345,380	e	Hill-Rom Holdings, Inc		10,510
	196,946	e	HNI Corp		5,434
	47,186	e	Hooker Furniture Corp		503
	10,330		Hunter Douglas Nv		379
	160,810	e	Kimball International, Inc (Class B)		889
	549,938	*,e	Kinetic Concepts, Inc		20,078
	261,825	*,e	La-Z-Boy, Inc		1,945

70

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	757,704	e	Leggett & Platt, Inc	$	15,200
	2,964,338	e	Masco Corp		31,895
	449		Mecalux S.A.		8
	82,000		Okamura Corp		473
	27,900		Paramount Bed Co Ltd		637
	102,294		Recticel S.A.		944
	200,211	*,e	Sealy Corp		535
	253,796	*	Select Comfort Corp		2,221
	317,787	e	Steelcase, Inc (Class A)		2,463
	248,533	*,e	Tempur-Pedic International, Inc		7,642
	67,000		Uchida Yoko Co Ltd		211
			TOTAL FURNITURE AND FIXTURES		113,646
FURNITURE AND HOME FURNISHINGS STORES - 0.2%
	1,128,717	*,e	Bed Bath & Beyond, Inc		41,853
	152,338	*	Bell Microproducts, Inc		1,063
	119,000		Best Denki Co Ltd		324
	52,472		Carpetright plc		500
	5,123,661	*,e	DSG International plc		1,880
	180,576	e	Dunelm Group plc		883
	108,483	e	EDION Corp		825
	706,229	*,e	GameStop Corp (Class A)		13,270
	104,105	e	Grupo Elektra S.A. de CV		4,174
	135,631	e	GUD Holdings Ltd		982
	1,579,028	e	Harvey Norman Holdings Ltd		4,362
	79,106	e	Haverty Furniture Cos, Inc		972
	56,693	*,e	hhgregg, Inc		1,322
	227,795	e	JB Hi-Fi Ltd		3,624
	733,322		Kesa Electricals plc		1,328
	253,046	e	Knoll, Inc		3,363
	33,900	e	Kohnan Shoji Co Ltd		346
	45,400	e	Kojima Co Ltd		275
	53,200	e	Komeri Co Ltd		1,192
	78,403		K’s Holdings Corp		1,603
	76,379		Nitori Co Ltd		6,584
	532,826	*,e	Pier 1 Imports, Inc		3,415
	71,428	*	Poltrona Frau S.p.A.		65
	466,506	e	RadioShack Corp		9,102
	30,755	*,e	Rex Stores Corp		492
	63,700		Shimachu Co Ltd		1,159
	1,659,876	e	Steinhoff International Holdings Ltd		3,832
	137,905	*,e	Tuesday Morning Corp		550
	828,346		Williams-Sonoma, Inc		20,560
	193,868	e	Yamada Denki Co Ltd		12,667
			TOTAL FURNITURE AND HOME FURNISHINGS STORES		142,567
GENERAL BUILDING CONTRACTORS - 0.4%
	35,015	e	Ackermans & Van Haaren		2,164
	81,273	e	ACS Actividades Cons y Servicios S.A.		2,987
	38,552	*	Airport City Ltd		138
	29,392		AMEC plc		360
	34,000	*	Amrep Corp		0	^

71

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	65,700		Arnest One Corp	$	666
	321,016		Asunaro Aoki Construction Co Ltd		1,375
	36,045	*,e	Avatar Holdings, Inc		691
	617,091		Aveng Ltd		2,756
	18,088	*	Azorim-Investment Development & Construction Co Ltd		65
	4,177,730		Balfour Beatty plc		14,859
	1,369,946	*	Barratt Developments plc		1,923
	1,070		Bayside Land Corp		227
	347,746	*,e	Beazer Homes USA, Inc		1,262
	298,995		Bellway plc		2,734
	181,838	*	Berkeley Group Holdings plc		2,063
	38,846		Bird Construction, Income Fund		1,127
	794,070	*	Bovis Homes Group plc		4,078
	53,975	*,e	Brookfield Homes Corp		364
	8,035	*	Brookfield Multiplex Group		515
	86,000	*	BWG Homes ASA		194
	894,372		Carillion plc		4,107
	28,783	*,e	Cavco Industries, Inc		1,013
	4,652,400		Century City International		336
	426,539		Cheung Kong Infrastructure Holdings Ltd		1,580
	7,131,080	e	China Overseas Land & Investment Ltd		13,287
	18,500	*	Corp GEO S.A. de C.V. (Series B)		50
	415,000	*	Daikyo, Inc		679
	301,629		Daito Trust Construction Co Ltd		17,081
	757,118		Daiwa House Industry Co Ltd		6,811
	1,165,534		DLF Ltd		7,174
	1,318,652	e	DR Horton, Inc		12,962
	36,633	e	Eiffage S.A.		1,590
	892,700		Farglory Land Development Co Ltd		1,765
	942,215		Fletcher Building Ltd		5,042
	211,000		Fujitec Co Ltd		1,082
	119,312		Galliford Try PLC		556
	3,068,000	*,e	Haseko Corp		2,428
	326,834		Hellenic Technodomiki Tev S.A.		1,094
	70,088	e	Hochtief AG.		4,185
	234,184	*,e	Hovnanian Enterprises, Inc (Class A)		862
	1,471,770		IJM Corp BHD		2,228
	410,658	e	Impregilo S.p.A.		937
	182,747		Interserve plc		541
	62,882		J&P-Avax SA		97
	118,376	e	JM AB		1,583
	3,368,568	e	Kajima Corp		7,637
	256,426	e	KB Home		2,821
	48,832		Kier Group plc		703
	269,024	e	Koninklijke BAM Groep NV		1,240
	15,336		Lemminkainen Oyj		444
	322,244	e	Lend Lease Corp Ltd		1,962
	564,309	e	Lennar Corp (Class A)		7,850
	435,011	e	Leopalace21 Corp		1,354
	85,602	*,e	M/I Homes, Inc		825
	175,000		Maeda Corp		455

72

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,551	e	Maisons France Confort	$	161
	106,061	e	McGrath RentCorp		2,416
	286,966	e	MDC Holdings, Inc		7,734
	117,307		Mears Group plc		426
	157,111	*,e	Meritage Homes Corp		2,558
	5,861	*	Michaniki S.A. (Preference)		3
	65,000		Mitsui Home Co Ltd		311
	104,403	e	Mota Engil SGPS S.A.		271
	472,816		MRV Engenharia e Participacoes S.A.		3,329
	200,663		NCC AB (B Shares)		2,983
	40,509	*,e	NVR, Inc		26,535
	474,723		Obayashi Corp		1,882
	1,228,000		Pacific Century Premium Developments Ltd		223
	506,436		Paliburg Holdings Ltd		183
	111,000	e	PanaHome Corp		655
	16,233		PBG S.A.		995
	222,892		Peab AB (Series B)		1,087
	450,000		Penta-Ocean Construction Co Ltd		557
	138,692	*,e	Perini Corp		2,286
	438,758	*	Persimmon plc		2,277
	2,077	*	Property & Building Corp		146
	1,567,237	*,e	Pulte Homes, Inc		12,977
	697,815	f	Puravankara Projects Ltd		1,570
	328,515	*,e	Redrow plc		551
	524,000	*	Ruentex Development Co Ltd		827
	223,836	e	Ryland Group, Inc		3,541
	151,497	e	Sacyr Vallehermoso S.A.		752
	1,670,699		Sekisui Chemical Co Ltd		10,422
	845,209		Sekisui House Ltd		7,229
	400,168		Shimizu Corp		1,368
	56,507		Skanska AB (B Shares)		818
	140,139		Sobha Developers Ltd		862
	21,440		SRV Group plc		162
	527,348	*,e	Standard-Pacific Corp		1,756
	199,454	e	Sumitomo Forestry Co Ltd		1,592
	190,727	e	Sunland Group Ltd		108
	3,075,976		Taisei Corp		6,152
	127,793		Takamatsu Corp		1,437
	1,358,118	*	Talaat Moustafa Group		1,730
	4,537,834	*	Taylor Woodrow plc		1,773
	97,007	*,e	Team, Inc		1,266
	47,811		Terna Energy S.A.		187
	382,000	e	Toda Corp		1,229
	18,200	e	Token Corp		497
	108,370		Tokyu Construction Co Ltd		283
	697,525	*,e	Toll Brothers, Inc		11,412
	322,000		United Engineers Ltd		504
	664,215	*,e	Urbi Desarrollos Urbanos S.A. de C.V		1,229
	133,500		Veidekke ASA		800
	756,054	e	Vinci S.A.		31,392
	39,000		Yahagi Construction Co Ltd		235
	182,743		YIT Oyj		3,272

73

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,873,493		YTL Corp BHD	$	4,273
			TOTAL GENERAL BUILDING CONTRACTORS		324,133
GENERAL MERCHANDISE STORES - 1.4%
	191,046	*,e	99 Cents Only Stores		2,827
	2,001,952	e	Aeon Co Ltd		21,183
	48,200		Arc Land Sakamoto Co Ltd		701
	533,455	*,e	Big Lots, Inc		17,119
	164,871	*,e	BJ’s Wholesale Club, Inc		6,102
	50,528	*	Bon-Ton Stores, Inc/the		493
	296,168	e	Casey’s General Stores, Inc		10,336
	46,048	*,e	Conn’s, Inc		271
	1,675,669	e	Costco Wholesale Corp		91,877
	106,000	*,e	Daiei, Inc		436
	1,045,469	e	David Jones Ltd		3,754
	321,711	e	Dillard’s, Inc (Class A)		6,917
	408,171	*,e	Dollar General Corp		11,245
	161,200	e	Don Quijote Co Ltd		4,322
	24,887	*	Dufry Group		1,861
	910,696	e	Family Dollar Stores, Inc		34,324
	1,317,671		Far Eastern Department Stores Co Ltd		1,071
	196,398	e	Fred’s, Inc (Class A)		2,172
	1,073,000	e	Golden Eagle Retail Group Ltd		2,240
	146,716	e	Hankyu Department Stores, Inc		950
	31,860		Hyundai Department Store Co Ltd		3,044
	882,000	e	Intime Department Store Group Co Ltd		881
	411,965	e	Isetan Mitsukoshi Holdings Ltd		4,016
	1,345,360		J Front Retailing Co Ltd		6,475
	53,955	e	Japan Airport Terminal Co Ltd		795
	2,853,068	e	JC Penney Co, Inc		61,284
	92,000	e	Joshin Denki Co Ltd		928
	343,302		Keio Corp		2,217
	1,028,358	e	Kintetsu Corp		3,138
	45,000		Lifestyle International Holdings Ltd		87
	436,287		Lojas Americanas S.A.		3,162
	171,049		Lojas Renner S.A.		4,643
	2,056,927		Macy’s, Inc		36,819
	722,433		Marks & Spencer Group plc		3,559
	632,301		Marui Co Ltd		4,259
	37,800	*	Matsuya Co Ltd		321
	506,000		Metro Holdings Ltd		273
	106,305		Mothercare plc		902
	2,731,384	e	Myer Holdings Ltd		7,207
	456,100		New World Department Store China Ltd		412
	986,720		Next plc		29,419
	40,939		North West Co Fund		735
	394,921	e	Odakyu Electric Railway Co Ltd		3,390
	481,502		Pantaloon Retail India Ltd		4,272
	2,626,800	*	PCD Stores Ltd		815
	64,254		PPR		7,982
	51,010		Rallye S.A.		1,546
	32,182		Reject Shop Ltd		424

74

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	111,101	*,e	Retail Ventures, Inc	$	869
	64,300	e	Ryohin Keikaku Co Ltd		2,556
	559,711		SACI Falabella		3,644
	652,017	*,e	Saks, Inc		4,949
	96,425	*,e	Sears Holdings Corp		6,234
	45,314		Shinsegae Co Ltd		19,579
	730,921		SM Investments Corp		6,531
	227,209	*,e	Stein Mart, Inc		1,416
	43,077	e	Stockmann Oyj Abp (B Share)		1,326
	1,367,196	e	Takashimaya Co Ltd		10,898
	4,194,191	e	Target Corp		206,228
	509,407	e	Tobu Railway Co Ltd		2,744
	1,077,101		Tokyu Corp		4,384
	123,067		UNY Co Ltd		935
	10,010,058	e	Wal-Mart de Mexico S.A. de C.V. (Series V)		22,167
	11,316,781	e	Wal-Mart Stores, Inc		543,999
	215,787		Warehouse Group Ltd		499
			TOTAL GENERAL MERCHANDISE STORES		1,252,164
HEALTH SERVICES - 0.9%
	10,300		Ain Pharmaciez Inc		418
	52,810	*	Algeta ASA		566
	108,690	*,e	Alliance Imaging, Inc		439
	236,996	*,e	Allied Healthcare International, Inc		550
	35,122	*	Almost Family, Inc		1,227
	127,105	*,e	Amedisys, Inc		5,589
	58,765		America Service Group, Inc		1,011
	80,757	*,e	American Dental Partners, Inc		978
	1,417,750	e	AmerisourceBergen Corp		45,014
	179,024	*	Amsurg Corp		3,190
	46,650	*,e	Assisted Living Concepts, Inc (A Shares)		1,380
	1,317,600		Bangkok Dusit Medical Service PCL		1,186
	18,219		Biogaia AB (B Shares)		192
	3,032	e	BioMerieux		311
	101,165	*,e	Bio-Reference Labs, Inc		2,243
	17,900		BML, Inc		405
	183,002	*,e	Brookdale Senior Living, Inc		2,745
	10,912		Clinica Baviera S.A.		105
	63,917		CML Healthcare Income Fund		596
	206,131	*	Community Health Systems, Inc		6,969
	157,813	*,e	Continucare Corp		529
	36,344	*,e	Corvel Corp		1,228
	138,274	*,e	Covance, Inc		7,096
	1,079,290	*,e	Coventry Health Care, Inc		19,082
	195,899	*,e	Cross Country Healthcare, Inc		1,761
	88,280	*	Crucell NV		1,614
	152,909	*,e	CryoLife, Inc		824
	386,350	*	DaVita, Inc		24,124
	171,970		Diagnostic & Therapeutic Center of Athens Hygeia S.A.		217
	103,629	*,e	eHealth, Inc		1,178
	91,224	*,e	Emeritus Corp		1,488

75

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	57,539	e	Ensign Group, Inc	$	951
	154,819	*,e	Enzo Biochem, Inc		630
	134,852	*	Evotec AG.		332
	43,001	*,e	ExonHit Therapeutics SA		127
	4,104,424	*	Express Scripts, Inc		192,991
	97,844	*	Five Star Quality Care, Inc		295
	4,907	*	Fleury S.A.		54
	4,186,760		Fraser and Neave Ltd		15,310
	139,778	e	Fresenius Medical Care AG.		7,542
	60,131	*,e	Genomic Health, Inc		777
	75,439	*	Genoptix, Inc		1,298
	155,901	*	Gentiva Health Services, Inc		4,211
	135,295	*,e	Health Grades, Inc		812
	743,792	*,e	Health Management Associates, Inc (Class A)		5,779
	423,714	e	Healthscope Ltd		1,848
	1,365,618	*,e	Healthsouth Corp		25,551
	169,983	*,e	Healthways, Inc		2,026
	295,013	*,e	Immunomedics, Inc		912
	75,836	*,e	IPC The Hospitalist Co, Inc		1,903
	950		Japan Longlife Co Ltd		294
	200,894	*	Kindred Healthcare, Inc		2,579
	886,431		Laboratorios Almirall S.A.		6,924
	286,023	*,e	Laboratory Corp of America Holdings		21,552
	82,332	*,e	LCA-Vision, Inc		456
	61,178	*,e	LHC Group, Inc		1,698
	119,617	*,e	LifePoint Hospitals, Inc		3,756
	388,923	*,e	Lincare Holdings, Inc		12,644
	6,612		LVL Medical Groupe S.A.		126
	176,100	*,e	Magellan Health Services, Inc		6,396
	2,130,498		McKesson Corp		143,084
	95,375	*	MDS, Inc		805
	87,994	*,e	Medcath Corp		692
	2,240,022	*	Medco Health Solutions, Inc		123,380
	190		Message Co Ltd		413
	30,556	e	Mindray Medical International Ltd (ADR) (Class A)		960
	38,007	e	National Healthcare Corp		1,310
	551,396	*,e	Nektar Therapeutics		6,672
	1,866,954	e	Network Healthcare Holdings Ltd		3,129
	213,730	*	Odyssey HealthCare, Inc		5,711
	264,512	e	Omnicare, Inc		6,269
	28,304		Orpea		1,068
	1,709	*,e	Osteotech, Inc		5
	1,042,000		Parkway Holdings Ltd		2,637
	102,844	*,e	Pediatrix Medical Group, Inc		5,719
	226,173		Pharmaceutical Product Development, Inc		5,747
	4,246	*,f	Pharmstandard (GDR)		92
	16,437		Prim S.A.		133
	822,365	e	Primary Health Care Ltd		2,448
	30,314	*	Prospect Medical Holdings, Inc		183
	275,918	*,e	Psychiatric Solutions, Inc		9,028
	320,153		Quest Diagnostics, Inc		15,934
	672,000		Raffles Medical Group Ltd		818

76

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	212,959		Ramsay Health Care Ltd	$	2,505
	110,078	*,e	RehabCare Group, Inc		2,397
	197,188	e	Rhoen Klinikum AG.		4,388
	221,037	*,e	Select Medical Holdings Corp		1,499
	98,383	*,e	Skilled Healthcare Group, Inc (Class A)		668
	313,926	e	Sonic Healthcare Ltd		2,732
	231,111	*,e	Sun Healthcare Group, Inc		1,867
	248,695	*,e	Sunrise Senior Living, Inc		691
	189,674		Synergy Healthcare plc		1,846
	59,937	*,e	Team Health Holdings, Inc		774
	1,050,317	*	Tenet Healthcare Corp		4,558
	821,909	e	Universal Health Services, Inc (Class B)		31,356
	68,934	*	US Physical Therapy, Inc		1,164
	38,772	*,e	Virtual Radiologic Corp		665
			TOTAL HEALTH SERVICES		847,376
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.2%
	59,344	e	Abengoa S.A.		1,150
	292,731		Abertis Infraestructuras S.A.		4,208
	22,581	e	Acciona S.A.		1,719
	102,355	e	Aecon Group, Inc		994
	179,527		Astaldi S.p.A.		908
	46,573		Athens Water Supply & Sewage Co S.A.		283
	144,013		Boskalis Westminster		5,594
	416,101		Bouygues S.A.		16,061
	399,862	*,e	Broadwind Energy, Inc		1,120
	302,000	e	Chiyoda Corp		2,193
	25,290		Compagnie d’Entreprises CFE		1,118
	103,797	*,e	Comverge, Inc		930
	7,003,402		ConnectEast Group		2,225
	85,220		Costain Group plc		255
	48,844		Daelim Industrial Co		2,516
	21,600	*,e	Empresas ICA Sociedad Controladora S.A. de C.V.		51
	21,086	e	Fomento de Construcciones y Contratas S.A.		451
	38	*,e	Foster Wheeler AG.		1
	2,993,800		Gamuda BHD		2,930
	87,634		GEK Group of Cos S.A.		416
	292,221		Giken Seisakusho Co, Inc		1,368
	166,200	e	Granite Construction, Inc		3,919
	366,477	e	Great Lakes Dredge & Dock Corp		2,199
	66,780		GS Engineering & Construction Corp		4,046
	528,000	e	Guangzhou Investment Co Ltd		114
	453,000	e	Hyflux Ltd		1,044
	93,363		Hyundai Engineering & Construction Co Ltd		4,293
	3,310,000	e	Jiangsu Express		2,994
	55,671	*,e	LB Foster Co (Class A)		1,443
	117,000		Maeda Road Construction Co Ltd		954
	186,004	*	Matrix Service Co		1,732
	450,180		Murray & Roberts Holdings Ltd		2,266
	77,378	*,e	MYR Group, Inc		1,291
	161,000		Nippo Corp		1,198
	385,000		Nishimatsu Construction Co Ltd		454

77

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	79,199		Obrascon Huarte Lain S.A.	$	1,760
	278,000		Okumura Corp		1,017
	134,223		Orascom Construction Industries		5,284
	118,608	*,e	Orion Marine Group, Inc		1,684
	3,746,617		Saipem S.p.A.		114,114
	322,289		Shikun & Binui Ltd		563
	54,800	e	SHO-BOND Holdings Co Ltd		1,100
	127,347	*,e	Sterling Construction Co, Inc		1,648
	40,000		Taihei Dengyo Kaisha Ltd		288
	90,000	*	Takuma Co Ltd		212
	44,001		Tecnicas Reunidas S.A.		2,001
	306,108	*,e	Teixeira Duarte - Engenharia Construcoes S.A.		363
	36,790	*	TK Development		130
	332,000		Toa Corp/Tokyo		322
	149,558	e	Tognum AG.		2,789
	35,000		Tokyo Energy & Systems, Inc		230
	57,000	e	Toshiba Plant Systems & Services Corp		712
	693,000		Toyo Construction Co Ltd		317
	133,426	e	Transurban Group		474
	82,000		Yokogawa Bridge Holdings Corp		486
	3,820,000		Zhejiang Expressway Co Ltd		3,520
			TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		213,452
HOLDING AND OTHER INVESTMENT OFFICES - 2.9%
	962,148		3i Group plc		3,795
	941,394		Aberdeen Asset Management plc		1,802
	185,880	e	Acadia Realty Trust		3,127
	6,858	*,e	Advance Residence Investment Corp		8,920
	126,971	*,e	Affiliated Managers Group, Inc		7,716
	373,213	*	Afirma Grupo Inmobiliario S.A.		91
	33,103	e	Agree Realty Corp		772
	8,254	e	Alexander’s, Inc		2,500
	165,809	e	Alexandria Real Estate Equities, Inc		10,507
	31,284,400	e	Allco Commercial Real Estate Investment Trust		3,113
	27,817		Allied Properties Real Estate Investment Trust		512
	102,857	*	Altamir Amboise		696
	363,820	e	AMB Property Corp		8,626
	298,502	e	American Campus Communities, Inc		8,146
	147,081	e	American Capital Agency Corp		3,886
	2,718,472	e	Annaly Mortgage Management, Inc		46,622
	698,471	e	Anworth Mortgage Asset Corp		4,973
	493,587	e	Apartment Investment & Management Co (Class A)		9,561
	40,543	e	Apollo Commercial Real Estate Finance, Inc		667
	488,812		ARC Energy Trust		9,059
	30,051		Artis Real Estate Investment Trust		306
	693,115		Ascendas Real Estate Investment Trust		895
	603,000		Ascott Residence Trust		483
	204,976	*,e	Ashford Hospitality Trust, Inc		1,502
	477,568	e	Ashmore Group plc		1,723
	169,273	e	Associated Estates Realty Corp		2,192
	400,403	e	Atrium European Real Estate Ltd		1,723
	840,751	e	Australian Infrastructure Fund		1,189

78

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	406,578	e	AvalonBay Communities, Inc	$	37,962
	2,215	*	Ayala Corp		0	^
	244,636		Ayala Corp (Preference)		1,701
	740,827	e	Babcock & Brown Japan Property Trust		201
	1,052,761	e	Babcock & Brown Wind Partners		630
	4,146		Bajaj Finserv Ltd		39
	63,921		Bajaj Holdings and Investment Ltd		3,402
	23,803		Befimmo SCA Sicafi		1,627
	5,166,305	*	Berkshire Hathaway, Inc (Class B)		411,704
	562,537	e	BioMed Realty Trust, Inc		9,051
	66,959		Boardwalk Real Estate Investment Trust		2,520
	753,679	e	Boston Properties, Inc		53,768
	50,900		Boustead Holdings Berhad		62
	831,510	e	Brandywine Realty Trust		8,939
	137,981	e	BRE Properties, Inc (Class A)		5,096
	338,514		Brewin Dolphin Holdings plc		651
	4,816,000		Brightoil Petroleum Holdings Ltd		2,230
	802,438	e	Brookfield Asset Management, Inc		18,144
	375,427	*,e	BTG plc		1,111
	485,545	e	Bunnings Warehouse Property Trust		766
	78,375		Calloway Real Estate Investment Trust		1,540
	987,000		Cambridge Industrial Trust		347
	247,308	e	Camden Property Trust		10,103
	48,691		Canadian Apartment Properties REIT		685
	79,356		Canadian Real Estate Investment Trust		2,071
	4,798,400	e	CapitaCommercial Trust		4,156
	388,568	e	Capital Lease Funding, Inc		1,791
	14,975	e	Capital Southwest Corp		1,316
	835,000		CapitaMalls Asia Ltd		1,248
	530,000		CapitaRetail China Trust		467
	298,718	e	Capstead Mortgage Corp		3,304
	731,692	e	CBL & Associates Properties, Inc		9,102
	961,000	e	CDL Hospitality Trusts		1,191
	320,588	e	Cedar Shopping Centers, Inc		1,930
	1,195,172	e	CFS Gandel Retail Trust		1,889
	778,990		Challenger Diversified Property Group		339
	1,535,115	e	Charter Hall Group		767
	37,707	*	Chatham Lodging Trust		674
	41,878	e	Cherokee, Inc		716
	2,450,299		China Merchants Holdings International Co Ltd		8,089
	228,995	e	CI Financial Corp		3,829
	41,460	*	Clal Biotechnology Industries Ltd		206
	55,815	*	Climate Exchange plc		623
	19,131		Cofinimmo		2,156
	249,765	e	Cogdell Spencer, Inc		1,688
	376,030	e	Colonial Properties Trust		5,464
	76,242	e	Colony Financial, Inc		1,288
	38,998		Cominar Real Estate Investment Trust		680
	4,183,260	e	Commonwealth Property Office Fund		3,250
	4,900		Compagnie Financiere Tradition S.A.		477
	210,387		Companhia de Concessoes Rodoviarias		4,357
	33,961		Corp Financiera Alba		1,251

79

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	213,475	e	Corporate Office Properties Trust	$	8,061
	521,010	e	Cousins Properties, Inc		3,512
	58,322	e	CreXus Investment Corp		725
	1,535	*,e	DA Office Investment Corp		3,407
	2,006,000		Dah Chong Hong Holdings Ltd		1,241
	100,681		Danvers Bancorp, Inc		1,455
	2,383,455	e	DB RREEF Trust		1,529
	1,138,382	e	DCT Industrial Trust, Inc		5,145
	18,939		Deutsche Beteiligungs AG.		431
	808,236	e	Developers Diversified Realty Corp		8,002
	794,312	e	DiamondRock Hospitality Co		6,529
	290,193	e	Digital Realty Trust, Inc		16,738
	159,762	e	Domino’s Pizza UK & IRL plc		903
	274,350	e	Douglas Emmett, Inc		3,901
	1,107,468		Duke Realty Corp		12,570
	57,685	e	Dynex Capital, Inc		532
	41,398	*	East Capital Explorer AB		377
	135,533	e	EastGroup Properties, Inc		4,822
	39,766	*	Eco Business-Immobilien AG.		312
	261,242	e	Education Realty Trust, Inc		1,575
	26,029	*	Elron Electronic Industries		151
	1,698,000		Emperor International Holdings		366
	291,020		Entertainment Properties Trust		11,079
	118,745	*	EOS Russia AB		701
	132,497	e	Equity Lifestyle Properties, Inc		6,390
	160,647	e	Equity One, Inc		2,506
	1,059,807	e	Equity Residential		44,130
	113,837	e	Essex Property Trust, Inc		11,104
	59,612		Eurazeo		3,420
	75,301	*	Excel Trust, Inc		904
	447,999	e	Extra Space Storage, Inc		6,227
	258,015	e	Federal Realty Investment Trust		18,131
	378,568	*,e	FelCor Lodging Trust, Inc		1,889
	64,799	*	Financial Engines, Inc		881
	391,591	*,e	First Industrial Realty Trust, Inc		1,887
	176,658	e	First Potomac Realty Trust		2,539
	24,076	e	Fonciere Des Regions		1,985
	1,887,000	e	Fortune Real Estate Investment Trust		856
	2,734,800	e	Fosun International		1,910
	312,525	e	Franklin Street Properties Corp		3,691
	5,613,200	e	Franshion Properties China Ltd		1,543
	668,000		Frasers Centrepoint Trust		617
	252	*,e	Frontier Real Estate Investment Corp		1,730
	147	*	Fukuoka REIT Corp		849
	746,765	b	General Growth Properties, Inc		9,902
	3,542,840		Genting BHD		7,750
	509,215	*	Getin Holding S.A.		1,413
	136,697	e	Getty Realty Corp		3,063
	25,337	e	Gimv NV		1,145
	133,741	e	Gladstone Capital Corp		1,446
	40,927	e	Gladstone Commercial Corp		669
	1,087,444	e	Glimcher Realty Trust		6,503

80

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	183	*,e	Global One Real Estate Investment Corp	$	1,262
	1,804,000	*	GMG Global Ltd		281
	26,162,988	*,e	GOME Electrical Appliances Holdings Ltd		7,895
	870,363		Goodman Property Trust		543
	1,444,198		GPT Group		3,372
	49,200	*,e	Gramercy Capital Corp		62
	75,687		Groupe Bruxelles Lambert S.A.		5,248
	883	*	Groupe Bruxelles Lambert S.A. - STR VVPR		0	^
	372,897	e	Groupe Eurotunnel S.A.		2,520
	138,304		GS Holdings Corp		4,308
	9,562,413	e	Guinness Peat Group plc		4,307
	18,000	*	H&R Real Estate Investment Trust		287
	185		Hankyu Reit, Inc		715
	138,691	*,e	Harris & Harris Group, Inc		567
	172,774	e	Hatteras Financial Corp		4,807
	1,221,226	e	HCP, Inc		39,385
	463,823		Health Care REIT, Inc		19,536
	304,788	e	Healthcare Realty Trust, Inc		6,696
	180,126		Heineken Holding NV		6,580
	541,826		Hersha Hospitality Trust		2,449
	89,947	*	HFF, Inc (Class A)		636
	358,887	e	Highwoods Properties, Inc		9,963
	169,902	*	Hilltop Holdings, Inc		1,701
	787,200		HKR International Ltd		294
	192,879	e	Home Properties, Inc		8,693
	650,805	e	Hospitality Properties Trust		13,732
	3,566,951	e	Host Marriott Corp		48,082
	1,030,812		HRPT Properties Trust		6,401
	249		Industrial & Infrastructure Fund Investment Corp		894
	1,032,365		Infratil Ltd		1,137
	3,990,765	e	ING Industrial Fund		1,246
	388,925	e	Inland Real Estate Corp		3,080
	10,136		Intervest Offices		264
	140,496	e	Invesco Mortgage Capital, Inc		2,811
	23,617	*	Investimentos Itau S.A		143
	3,699,480		Investimentos Itau S.A. PR		21,951
	393,284	e	Investors Real Estate Trust		3,473
	77,629	*,e	Ironwood Pharmaceuticals, Inc		925
	1,500,000	e	iShares MSCI Canada Index Fund		37,230
	1,220,171	e	iShares MSCI EAFE Index Fund		56,751
	267,741	*	iShares MSCI EMERGING MKT		9,992
	473,307	e	iShares Russell 2000 Index Fund		28,910
	463,570	*,e	iStar Financial, Inc		2,068
	136,918	*,e	Jafco Co Ltd		3,029
	302,033	*	Jamba, Inc		643
	4,893,000	*,e	Japan Asia Investment Co Ltd		2,937
	389	e	Japan Excellent, Inc		1,838
	256		Japan Logistics Fund Inc		1,991
	4,484		Japan Prime Realty Investment Corp		9,445
	1,117		Japan Real Estate Investment Corp		9,099
	4,166	*	Japan Retail Fund Investment Corp		5,074
	1,200		Joint Reit Investment Corp		3,380

81

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	45,655	*	KBC Ancora	$	802
	1,370	*	Kenedix Realty Investment Corp		3,815
	273,179	e	Kilroy Realty Corp		8,122
	2,804,697	e	Kimco Realty Corp		37,695
	222,537	e	Kite Realty Group Trust		930
	1,155,226	e	Kiwi Income Property Trust		709
	813,000		K-REIT Asia		660
	59,700		KrisAssets Holdings Berhad		59
	4,117,500	e	KWG Property Holding Ltd		2,532
	354,894	e	LaSalle Hotel Properties		7,300
	657,412	e	Lexington Corporate Properties Trust		3,951
	195,869		LG Corp		10,480
	264,815	e	Liberty Property Trust		7,640
	1,095,000		Lippo-Mapletree Indonesia Retail Trust		370
	104,113	e	LTC Properties, Inc		2,527
	29,777		Lundbergs AB (B Shares)		1,327
	759,230	e	Macerich Co		28,334
	332,805	e	Mack-Cali Realty Corp		9,894
	2,362,972	e	Macquarie CountryWide Trust		1,085
	1,095,369	e	Macquarie Infrastructure Group		954
	420,949		Macquarie Leisure Trust Group		348
	2,536,000	e	Macquarie MEAG Prime REIT		1,001
	8,703,956	e	Macquarie Office Trust		1,818
	177,985	*	Maguire Properties, Inc		521
	50,274	e	Main Street Capital Corp		751
	3,433,893		Mapletree Logistics Trust		2,038
	1,028,106		Marfin Investment Group S.A		1,259
	36,442	e	Martifer SGPS S.A.		80
	490,301	e	Medical Properties Trust, Inc		4,628
	2,717,213	*,e	Melco International Development		1,068
	11,617	*	METabolic EXplorer S.A.		70
	1,325,044		MFA Mortgage Investments, Inc		9,805
	228	e	MID Reit, Inc		440
	181,997	e	Mid-America Apartment Communities, Inc		9,367
	300,747	e	Mission West Properties, Inc		2,051
	10,590		Mobimo Holding AG.		1,847
	127,654	e	Monmouth Real Estate Investment Corp (Class A)		943
	41,121		Morguard Real Estate Investment Trust		510
	640		Mori Hills REIT Investment Corp		1,306
	342	e	Mori Trust Sogo Reit, Inc		2,548
	13,225	*	MPC Muenchmeyer Petersen Capital AG.		55
	115,001		MVC Capital, Inc		1,486
	112,475	e	National Health Investors, Inc		4,337
	404,169		National Retail Properties, Inc		8,665
	27,424		Nationale A Portefeuille		1,167
	642,615	e	Nationwide Health Properties, Inc		22,986
	16,014		NetVision Ltd		167
	309,317	*	Newcastle Investment Corp		829
	45,890	e	Nieuwe Steen Investments NV		753
	269		Nippon Accommodations Fund, Inc		1,412
	357	e	Nippon Building Fund, Inc		2,833
	3,503	*,e	Nippon Commercial Investment Corp		3,358

82

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	740		Nomura Real Estate Office Fund, Inc	$	3,684
	204	*	Nomura Real Estate Residential Fund, Inc		756
	19,469		Northern Property Real Estate Investment Trust		424
	297,589	e	NorthStar Realty Finance Corp		795
	1,094,759		NWS Holdings Ltd		1,979
	492,055	e	Omega Healthcare Investors, Inc		9,807
	49,754		One Liberty Properties, Inc		742
	15,231		Orascom Development Holding AG.		848
	57,767		Oresund Investment AB		809
	512	*	Orix JREIT, Inc		2,126
	8,046		OZ Holding AG.		203
	514,000		Parkway Life Real Estate Investment Trust		498
	126,693	e	Parkway Properties, Inc		1,846
	21,236		Partners Group		2,562
	101,506	*,e	Pebblebrook Hotel Trust		1,913
	309,147	e	Pennsylvania Real Estate Investment Trust		3,778
	79,074	*,e	Pennymac Mortgage Investment Trust		1,257
	100,484	e	Piedmont Office Realty Trust, Inc		1,882
	197,124	*	Pinetree Capital Ltd		215
	818,369	e	Plum Creek Timber Co, Inc		28,258
	2,099,000	e	Poly Hong Kong Investment Ltd		2,057
	6,376,160		Polytec Asset Holdings Ltd		998
	142,065		Porto Seguro S.A.		1,468
	251,663	e	Post Properties, Inc		5,720
	177,027	e	Potlatch Corp		6,325
	767		Premier Investment Co		2,919
	90,078		Premier Investments Ltd		459
	50,116		Primaris Retail Real Estate Investment Trust		822
	1,935,183	e	Prologis		19,603
	343,308	e	Prospect Capital Corp		3,313
	2,518,000		Prosperity REIT		451
	132,654		PS Business Parks, Inc		7,399
	559,432	e	Public Storage, Inc		49,180
	426,216	*,e	RAIT Investment Trust		797
	201,233	e	Ramco-Gershenson Properties		2,032
	63,104	e	Rathbone Brothers		751
	85,895		Ratos AB (B Shares)		2,152
	361,676	e	Realty Income Corp		10,970
	2,875,697		Redefine Income Fund Ltd		2,695
	448,374	e	Redwood Trust, Inc		6,564
	38,805,000		Regal Real Estate Investment Trust		9,082
	387,274	e	Regency Centers Corp		13,322
	7,014,237	e	Resolution Ltd		6,634
	190,183	e	Resource Capital Corp		1,080
	188,921		RioCan Real Estate Investment Trust		3,379
	23,573	e	Saul Centers, Inc		958
	12,735	*	SBI Holdings, Inc		1,582
	600,684		Senior Housing Properties Trust		12,080
	850,600		Shanghai Industrial Holdings Ltd		3,367
	3,157,000	e	Shimao Property Holdings Ltd		4,898
	1,064,854		Shinhan Financial Group Co Ltd		39,196
	1,489,998	e	Simon Property Group, Inc		120,318

83

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,424,000	e	Skyworth Digital Holdings Ltd	$	1,597
	626,596	e	SL Green Realty Corp		34,488
	9,168		Societe Fonciere Financiere et de Participations FFP		415
	18,995	e	Societe Immobiliere de Location pour l’Industrie et le Commerce		1,875
	138,301	*	Sonae Capital SGPS S.A.		81
	505,161		Southern Cross Media Group		692
	126,830	e	Sovran Self Storage, Inc		4,367
	1,585,887		SPDR Trust Series 1		163,696
	53,725	*,e	SRS Labs, Inc		492
	562,290	e	Starwood Property Trust, Inc		9,531
	692,688	*,e	Strategic Hotels & Resorts, Inc		3,041
	88,877	e	Sun Communities, Inc		2,307
	2,159,000		Sunlight Real Estate Investment Trust		547
	517,312	*,e	Sunstone Hotel Investors, Inc		5,137
	2,556,000		Suntec Real Estate Investment Trust		2,392
	242,121	e	Tanger Factory Outlet Centers, Inc		10,019
	280,196	e	Taubman Centers, Inc		10,544
	54,651	*,e	Terreno Realty Corp		968
	7,028,000	*	TM International BHD		8,453
	16,100		Tokyu Community Corp		428
	338		Tokyu REIT, Inc		1,756
	885		Top REIT Inc		3,889
	107,064		Two Harbors Investment Corp		883
	708,930	e	UDR, Inc		13,562
	42,329	e	UMH Properties, Inc		426
	387	e	United Urban Investment Corp		2,310
	45,989		Universal Health Realty Income Trust		1,478
	124,937	*	Uranium Participation Corp		663
	103,446	e	Urstadt Biddle Properties, Inc (Class A)		1,669
	498,008		U-Store-It Trust		3,715
	502,144	*,e	Vantage Drilling Co		678
	27,685		Vastned Offices/Industrial		338
	812,563	e	Ventas, Inc		38,150
	1,556,599	e	Virgin Media, Inc		25,980
	29,114	*,e	Virtus Investment Partners, Inc		545
	683,624	e	Vornado Realty Trust		49,870
	471,648	*,e	WABCO Holdings, Inc		14,847
	105,844	e	Walter Investment Management Corp		1,731
	277,671		Washington Real Estate Investment Trust		7,661
	256,911	e	Weingarten Realty Investors		4,894
	67,424	e	Wendel		3,395
	7,955,497		Westfield Group		80,843
	250,000		Westway Group, Inc		1,033
	4,405,009		Wharf Holdings Ltd		21,340
	78,545	e	Winthrop Realty Trust		1,006
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES		2,599,797
HOTELS AND OTHER LODGING PLACES - 0.4%
	876,160	e	Accor S.A.		40,562
	116,947	e	Ameristar Casinos, Inc		1,761
	2,341,611	*,e	Banyan Tree Holdings Ltd		1,379

84

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	71,209	*,e	Bluegreen Corp	$	214
	280,335	*,e	Boyd Gaming Corp		2,380
	55,843	*,e	Chesapeake Lodging Trust		883
	59,074	e	Choice Hotels International, Inc		1,785
	30,919	*,e	Club Mediterranee S.A.		459
	279,356	e	Crown Ltd		1,811
	54,365	*	Empire Resorts, Inc		89
	69,000	e	Fujita Kanko, Inc		266
	181,090	*,e	Gaylord Entertainment Co		4,000
	9,546,000	*	Golden Resorts Group Ltd		469
	701,399		Great Eagle Holdings Ltd		1,783
	102,873		Holidaybreak plc		453
	21,176	*,e	Home Inns & Hotels Management, Inc (ADR)		827
	941,938	e	Hongkong & Shanghai Hotels		1,555
	1,727,000		Hotel Properties Ltd		3,063
	142,143	*,e	Hyatt Hotels Corp		5,272
	300,000		Indian Hotels Co Ltd		671
	81,984	e	Intercontinental Hotels Group plc		1,292
	89,936	*,e	Isle of Capri Casinos, Inc		833
	13,200		Kyoritsu Maintenance Co Ltd		178
	5,068,000	*	Lai Sun Development		90
	1,313,584	*,e	Las Vegas Sands Corp		29,083
	120,667	e	Marcus Corp		1,142
	1,141,983	e	Marriott International, Inc (Class A)		34,191
	889,068	*,e	MGM Mirage		8,571
	225,721		Millennium & Copthorne Hotels plc		1,362
	6,005,296		Minor International PCL		1,855
	51,545	*,e	Monarch Casino & Resort, Inc		522
	84,409	*,e	Morgans Hotel Group Co		520
	105,012	*,e	NH Hoteles S.A.		318
	478,714	e	Nishi-Nippon Railroad Co Ltd		1,933
	3,557,224	*,e	Orient-Express Hotels Ltd (Class A)		26,323
	80,152	*	Outdoor Channel Holdings, Inc		374
	6,428	e	Pierre & Vacances		429
	60,224	*	Red Lion Hotels Corp		360
	737,000		Regal Hotels International Holdings Ltd		288
	93,200	e	Resorttrust, Inc		1,313
	117,096	*,e	Rezidor Hotel Group AB		491
	17,490,000	*,e	Sands China Ltd		25,850
	2,028,613		Shangri-La Asia Ltd		3,744
	80,803		Sol Melia S.A.		510
	674,000		Stamford Land Corp Ltd		244
	1,378,428	e	Starwood Hotels & Resorts Worldwide, Inc		57,108
	122,871		Thomas Cook Group plc		325
	107,169		TUI Travel plc		333
	840,097		United Overseas Land Ltd		2,263
	163,674	*,e	Vail Resorts, Inc		5,714
	838,049	e	Wyndham Worldwide Corp		16,878
	7,208,000	*,e	Wynn Macau Ltd		11,754
	215,655	e	Wynn Resorts Ltd		16,448
			TOTAL HOTELS AND OTHER LODGING PLACES		322,321

85

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.6%
	3,191,612	e	3M Co	$	252,106
	467,017	*,e	3PAR, Inc		4,348
	54,521	e	Aaon, Inc		1,271
	4,051,404		Acer, Inc		9,402
	300,970	e	Actuant Corp (Class A)		5,667
	280,978		Advantech Co Ltd		574
	21,700		AG Growth International Inc		715
	417,613	*,e	AGCO Corp		11,263
	40,500	*,e	Aichi Corp		163
	75,000	*	Aida Engineering Ltd		309
	664,465	e	Aixtron AG.		15,709
	58,473	e	Alamo Group, Inc		1,269
	1,496,258	e	Alfa Laval AB		19,431
	157,783	*,e	Allis-Chalmers Energy, Inc		325
	199,149	e	Alstom RGPT		9,017
	152,009	*,e	Altra Holdings, Inc		1,979
	1,167,088		Amada Co Ltd		7,672
	116,500	e	Amano Corp		935
	56,180	e	Ampco-Pittsburgh Corp		1,170
	76,210		Andritz AG.		4,251
	5,330,644	e	Applied Materials, Inc		64,074
	35,354	*,e	Argan, Inc		369
	74,000	e	Asahi Diamond Industrial Co Ltd		1,140
	112,496	*	ASM International NV		2,202
	691,748	e	ASM Pacific Technology		5,374
	952,074		ASML Holding NV		26,201
	91,347	*,e	Astec Industries, Inc		2,533
	13,469	*,e	A-TEC Industries AG.		138
	1,054,524		Atlas Copco AB (A Shares)		15,418
	84,204	e	Atlas Copco AB (B Shares)		1,112
	149,143	*	ATS Automation Tooling Systems, Inc		797
	452,503	*	Axcelis Technologies, Inc		701
	1,709,120		Benq Corp		842
	17,968	*	Biesse S.p.A.		109
	103,082	e	Black Box Corp		2,875
	280,941	*	Blount International, Inc		2,885
	243,237	e	Bradken Ltd		1,458
	1,248,244		Brambles Ltd		5,685
	240,505	e	Briggs & Stratton Corp		4,093
	961,127	*	Brocade Communications Systems, Inc		4,959
	301,992	*,e	Brooks Automation, Inc		2,334
	428,011		Brother Industries Ltd		4,443
	9,241		Bucher Industries AG.		983
	333,279	e	Bucyrus International, Inc (Class A)		15,814
	60,903		Burckhardt Compression Holding AG.		10,727
	12,997		BWT AG.		293
	1,745,135	e	Canon, Inc		65,040
	50,537		Cargotec Corp (B Shares)		1,319
	627,734		Carlisle Cos, Inc		22,680
	41,836	e	Cascade Corp		1,490
	141,177	e	Casio Computer Co Ltd		848

86

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,718,506	e	Caterpillar, Inc	$	163,302
	364,085		Charter International plc		3,406
	510,881		Chicony Electronics Co Ltd		1,132
	3,418,000		China Railway Construction Corp		4,294
	3,586,400	e	China Zhongwang Holdings Ltd		2,272
	388,686	*,e	Cirrus Logic, Inc		6,145
	378,819		Citizen Watch Co Ltd		2,314
	73,900		CKD Corp		551
	589,212		Clevo Co		1,227
	57,239	*	CNH Global NV		1,296
	89,132	*,e	Colfax Corp		928
	92,173	*,e	Columbus McKinnon Corp		1,288
	7,373,110		Compal Electronics, Inc		8,781
	280,680	*,e	Cray, Inc		1,566
	1,084,803	e	Cummins, Inc		70,653
	232,468	e	Curtiss-Wright Corp		6,751
	126,976		Customers Ltd		298
	145,305	*	Cymer, Inc		4,365
	124,500		Daifuku Co Ltd		764
	82,203		Daikin Industries Ltd		2,506
	26,254	e	Danieli & Co S.p.A.		476
	139,403		Danieli & Co S.p.A. (RSP)		1,425
	1,783,007	e	Deere & Co		99,278
	3,135,964		Delta Electronics, Inc		10,010
	88,088	*,e	Deutz AG.		440
	143,402	e	Diebold, Inc		3,908
	127,472	e	Disco Corp		8,064
	332,947	e	Donaldson Co, Inc		14,200
	548,800	e	Dongfang Electric Co Ltd		1,688
	112,080		Doosan Infracore Co Ltd		1,734
	47,248	*	Douglas Dynamics, Inc		543
	1,243,439	e	Dover Corp		51,963
	198,688	*	Dresser-Rand Group, Inc		6,269
	450,809	*,e	Dril-Quip, Inc		19,845
	11,348		Duerr AG.		238
	33,000	*	Eagle Industry Co Ltd		226
	781,105	e	Eaton Corp		51,116
	703,992	*,e	Ebara Corp		2,992
	2,202	*	Electra Israel Ltd		203
	1,075,971		Electrolux AB (Series B)		24,598
	8,570,288	*	EMC Corp		156,837
	4,217,985		Emerson Electric Co		184,285
	393,693	*,e	Emulex Corp		3,614
	245,349	*,e	Ener1, Inc		829
	90,403	*,e	EnPro Industries, Inc		2,545
	643,618	*,e	Entegris, Inc		2,555
	6,224		Envitec Biogas AG.		88
	436,721	*,e	Extreme Networks, Inc		1,179
	271,511	*	Fanuc Ltd		30,660
	254,760	e	Fenner plc		752
	29,000	e	Ferrotec		267
	1,274,629		Firich Enterprises Co Ltd		2,388

87

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	198,627	*,e	Flow International Corp	$	469
	204,765	e	Flowserve Corp		17,364
	710,110	*,e	FMC Technologies, Inc		37,394
	202,274	*,e	Fortinet, Inc		3,325
	89,775	*,e	Fuel Tech, Inc		567
	66,996		Fuji Machine Manufacturing Co Ltd		1,215
	983,875		FUJIFILM Holdings Corp		28,433
	24,600	e	Fujimi, Inc		352
	516,000	*	Furukawa Co Ltd		529
	268,035		Gardner Denver, Inc		11,952
	159,629	e	GEA Group AG.		3,177
	55,789,622		General Electric Co		804,487
	4,407		Gesco AG.		219
	63,122	e	Gildemeister AG.		702
	97,856		Glory Ltd		2,135
	1,373,772	*	GMR Infrastructure Ltd		1,739
	53,563	e	Gorman-Rupp Co		1,342
	347,423	e	Graco, Inc		9,794
	76,230	e	Graham Corp		1,143
	727	*	Grupo Empresarial San Jose		6
	744		Gurit Holding AG.		374
	40,224		Hanjin Heavy Industries & Construction Co Ltd		847
	618,220	*	Hansen Transmissions International NV		684
	2,608,300		Harbin Power Equipment		1,860
	44	e	Harmonic Drive Systems, Inc		215
	91,010	*,e	Heidelberger Druckmaschinen		821
	19,609	e	Hitachi Construction Machinery Co Ltd		361
	71,800	e	Hitachi Koki Co Ltd		611
	77,000	e	Hitachi Kokusai Electric, Inc		614
	1,195,899	e	Hitachi Zosen Corp		1,607
	12,578	e	Homag Group AG.		182
	50,100	e	Hoshizaki Electric Co Ltd		871
	61,000	*	Hosokawa Micron Corp		220
	318,391	e	Husqvarna AB (B Shares)		1,915
	349,937		IDEX Corp		9,998
	758,082		IMI plc		7,724
	136,882	*,e	Immersion Corp		693
	979,654	e	Industrea Ltd		287
	9,680		Industria Macchine Automatiche S.p.A.		154
	52,604		Ingenico		1,126
	954,900	e	Ingersoll-Rand plc		32,935
	221,456	*,e	Intermec, Inc		2,270
	6,223,932		International Business Machines Corp		768,532
	2,493,957	e	International Game Technology		39,155
	89,272	*	Interpump Group S.p.A.		443
	101,964	*,e	Intevac, Inc		1,088
	2,292,625		Inventec Co Ltd		1,218
	251,000	*,e	Iseki & Co Ltd		612
	5,087,008		Ishikawajima-Harima Heavy Industries Co Ltd		8,095
	159,709	*,e	Isilon Systems, Inc		2,051
	137,187		Itochu Techno-Science Corp		5,013
	1,064,871	e	ITT Industries, Inc		47,834

88

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,398,121	e	Jabil Circuit, Inc	$	18,595
	521,303	e	Japan Steel Works Ltd		4,582
	120,980		John Bean Technologies Corp		1,845
	3,870,481	e	Johnson Controls, Inc		104,000
	963,039		Joy Global, Inc		48,239
	119,905		JSW Steel Ltd		2,708
	179,000	*,e	Juki Corp		348
	38,707	e	Jungheinrich AG.		891
	60,037	*,e	Kadant, Inc		1,046
	900,000	e	Kato Works Co Ltd		1,743
	323,896	*	Kayaba Industry Co Ltd		1,162
	143,754		Kaydon Corp		4,724
	80,971	e	KCI Konecranes Oyj		2,112
	239,700	*,e	Keihin Corp		4,139
	265,227		Kennametal, Inc		6,745
	13,969	e	Kerself S.p.A.		72
	1,564,658		Komatsu Ltd		28,173
	4,444		Komax Holding AG		345
	82,390		Komori Corp		792
	109,881		Kone Oyj (Class B)		4,375
	2,084,821		Konica Minolta Holdings, Inc		20,057
	25,571		Krones AG.		1,276
	172,000		KS Energy Services Ltd		133
	252		Ksb AG		154
	139,384		Kubota Corp		1,069
	29,856	*,e	KUKA AG.		373
	302,856	*,e	Kulicke & Soffa Industries, Inc		2,126
	411,833		Kumba Iron Ore Ltd		17,023
	145,875		Kurita Water Industries Ltd		3,986
	864,042	*,e	Lam Research Corp		32,885
	311,878		Larsen & Toubro Ltd		12,063
	215,394		Lennox International, Inc		8,954
	19,429,200	e	Lenovo Group Ltd		10,425
	973,119	*,e	Lexmark International, Inc (Class A)		32,142
	53,380	e	Lindsay Manufacturing Co		1,692
	6,184,280		Lite-On Technology Corp		6,777
	25,572	*,e	Logitech International S.A.		346
	131,073		Lufkin Industries, Inc		5,111
	213,000	*	Makino Milling Machine Co Ltd		1,350
	90,230	*	Makita Corp		2,415
	16,429	*	Manitou BF S.A.		244
	518,512	e	Manitowoc Co, Inc		4,739
	16,100	e	Mars Engineering Corp		271
	52,000		Max Co Ltd		584
	33,200		Melco Holdings, Inc		1,050
	1,156,243		Melrose plc		3,606
	23,491	*	Meru Networks, Inc		279
	65,287	e	Met-Pro Corp		702
	75,403		Micron Machinery Co Ltd		888
	394,380	*	Micros Systems, Inc		12,569
	1,127,554		Micro-Star International Co Ltd		592
	69,524	*,e	Middleby Corp		3,698

89

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	130	*	MidgardXXI, Inc	$	0	^
	1,195,622		Mitac International		449
	3,355,031		Mitsubishi Heavy Industries Ltd		11,574
	81,000		Mitsubishi Kakoki Kaisha Ltd		166
	226,732	*,e	Modine Manufacturing Co		1,741
	153,100	e	Mori Seiki Co Ltd		1,540
	29,766	e	Nacco Industries, Inc (Class A)		2,642
	254,000	e	Nachi-Fujikoshi Corp		708
	88,335	*,e	Natural Gas Services Group, Inc		1,337
	385,898	*,e	Netezza Corp		5,279
	161,331	*	Netgear, Inc		2,878
	179,619	*	Network Engines, Inc		487
	54,000	e	Nidec Sankyo Corp		406
	96,000	*	Nippon Thompson Co Ltd		650
	15,473		Nitto Kohki Co Ltd		339
	43,848	*,e	Nordex AG.		397
	176,572	e	Nordson Corp		9,902
	76,100	e	Noritz Corp		1,249
	1,759,202		Northrop Grumman Corp		95,771
	3,485,638	*	NTN Corp		14,269
	159,037	*	OC Oerlikon Corp AG.		666
	467,018	*,e	Oil States International, Inc		18,485
	72,100		Oiles Corp		1,065
	1,343,000	*	Oki Electric Industry Co Ltd		1,155
	267,641	*,e	Okuma Holdings, Inc		1,631
	6,291	e	Omega Flex, Inc		92
	5,852		ONA S.A.		1,029
	46,000		Organo Corp		283
	134,200	e	OSG Corp		1,435
	61,729	e	Outotec Oyj		1,920
	18,229		Palfinger AG.		399
	343,909		Pall Corp		11,820
	1,029,687	*,e,m	Palm, Inc		5,859
	95,056		Pason Systems, Inc		1,010
	12,422		Pfeiffer Vacuum Technology AG.		919
	15,495		Pinguely-Haulotte		147
	689,279	e	Pitney Bowes, Inc		15,137
	72,507	*,e	PMFG, Inc		1,098
	13,910		Ponsse Oy		139
	94,302	e	Primoris Services Corp		594
	6,700	*	Proto Corp		255
	2,305,398		PTT Aromatics & Refining PCL		1,777
	144,299	*	Pure Bioscience		345
	1,035,608	*,e	Quantum Corp		1,947
	3,656		R Stahl AG.		90
	151,782	*,e	Rackable Systems, Inc		1,075
	4,972		Rational AG.		767
	2,657,343	e	Raytheon Co		128,589
	89,823	*,e	RBC Bearings, Inc		2,604
	772,395		Realtek Semiconductor Corp		1,694
	517,635	e	Rheinmetall AG.		29,566

90

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	52,386	*	Rimage Corp	$	829
	39,100		Riso Kagaku Corp		398
	358,923	*,e	Riverbed Technology, Inc		9,913
	156,160	e	Robbins & Myers, Inc		3,395
	14,300		Roland DG Corp		196
	101,836	*,e	Safeguard Scientifics, Inc		1,075
	346,175	e	Sandvik AB		4,223
	17,435		Sartorius AG.		414
	106,439	*,e	Sauer-Danfoss, Inc		1,301
	133,642	*,e	Scansource, Inc		3,332
	49,205		Schindler Holding AG.		4,147
	29,549		Schindler Holding AG. (Reg)		2,466
	16,326	e	Schoeller-Bleckmann Oilfield Equipment AG.		740
	9,048		Schulthess Group		289
	296,772	*,e	Scientific Games Corp (Class A)		2,730
	3,382,154	*	Seagate Technology, Inc		44,103
	20,704		Seiko Epson Corp		268
	767,210	*,e	Sevan Marine ASA		555
	7,002,000	e	Shanghai Electric Group Co Ltd		3,106
	110,753		ShawCor Ltd		2,793
	42,000	*,e	Shibaura Mechatronics Corp		192
	37,300	e	Shima Seiki Manufacturing Ltd		928
	141,000	e	Shinko Electric Co Ltd		285
	522,590		Shinmaywa Industries Ltd		1,909
	155,395	*,e	Sigma Designs, Inc		1,556
	51,729	*,e	Singulus Technologies		308
	61,800		Sintokogio Ltd		467
	1,637,153	e	SKF AB (B Shares)		29,382
	73,169		SMC Corp		9,788
	118,927	e	Solarworld AG.		1,318
	319,496	e	SPX Corp		16,873
	64,157	e	Standex International Corp		1,626
	67,200	e	Star Micronics Co Ltd		695
	175,330	*,e	STEC, Inc		2,202
	62,190		Sulzer AG.		5,801
	2,137,561		Sumitomo Heavy Industries Ltd		12,542
	98,180	*,e	Super Micro Computer, Inc		1,325
	651,451		Swisslog Holding AG.		505
	1,348,867		Synnex Technology International Corp		2,919
	2,315,653		T RAD Co Ltd		6,604
	68,851	*,e	T-3 Energy Services, Inc		1,921
	518,186	e	Tadano Ltd		2,538
	15,500	*	Takeuchi Manufacturing Co Ltd		179
	2,652,315	e	Tat Hong Holdings Ltd		1,718
	5,238,172	e	Techtronic Industries Co		4,081
	116,351	*,e	Tecumseh Products Co (Class A)		1,294
	28,500	e	Teikoku Piston Ring Co Ltd		230
	132,550	e	Tennant Co		4,483
	1,329,670	*,e	Teradata Corp		40,528
	353,237	*,e	Terex Corp		6,620
	4,067,388	e	Textron, Inc		69,024
	46,669	*	Thermadyne Holdings Corp		504

91

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	904,272	e	Timken Co	$	23,502
	255,982		Tokyo Electron Ltd		13,789
	63,700	*,e	Tokyo Seimitsu Co Ltd		874
	49,800		Topre Corp		357
	30,800	e	Torishima Pump Manufacturing Co Ltd		476
	258,263	e	Toro Co		12,686
	4,205,288	*	Toshiba Corp		20,831
	153,964	e	Toshiba Machine Co Ltd		621
	171,375		Toyota Tsusho Corp		2,443
	246,000		Tsubakimoto Chain Co		990
	72,000	e	Tsugami Corp		496
	4,300,227	m	Tutt Bryant Group Ltd		2,338
	49,272	e	Twin Disc, Inc		560
	3,917,128		Tyco International Ltd		138,000
	107,539	*	Ultratech, Inc		1,750
	16,800	e	Union Tool Co		426
	460,388	*,e	Varian Medical Systems, Inc		24,069
	496,799	*,e	VeriFone Holdings, Inc		9,404
	648,103	*,e	Verigy Ltd		5,632
	18,007	*	Vestas Wind Systems AS		749
	35,785		Wacker Construction Equipment AG.		425
	509	e	Wacom Co Ltd		751
	1,003		Walter Meier AG.		121
	168,174	e	Wartsila Oyj (B Shares)		7,647
	123,161	e	Watsco, Inc		7,133
	411,398		Weir Group plc		6,320
	1,817,522	*,e	Western Digital Corp		54,816
	59,061		Wincor Nixdorf AG.		3,301
	2,509,588		Wistron Corp		3,677
	268,463		Woodward Governor Co		6,854
	12,172,742	e	Xerox Corp		97,869
	151,335	*	Xyratex Ltd		2,141
	105,093		Yamatake Corp		2,444
	137,688	*,e	Yokogawa Electric Corp		852
	14,300		Yushin Precision Equipment Co Ltd		256
	12,906	e	Zardoya Otis S.A.		166
	125,788	*	Zebra Technologies Corp (Class A)		3,191
	1,020		Zehnder Group AG.		1,518
			TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		5,040,004
INSTRUMENTS AND RELATED PRODUCTS - 2.7%
	98,084	*,e	Abaxis, Inc		2,102
	147,769	*,e	Abiomed, Inc		1,430
	209,967	*,e	Accuray, Inc		1,392
	125,996	e	Advantest Corp		2,633
	362,347	*,e	Affymetrix, Inc		2,138
	52,191	*,e	AGA Medical Holdings, Inc		662
	240,872	*	AGFA-Gevaert NV		1,378
	1,175,636	*,e	Agilent Technologies, Inc		33,423
	145,859		Alcon, Inc		21,615
	361,580	*,e	Align Technology, Inc		5,377
	2,009,178		Allergan, Inc		117,055

92

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	22,700		Aloka Co Ltd	$	174
	218,273	*,e	Alphatec Holdings, Inc		1,013
	445,296	*,e	American Medical Systems Holdings, Inc		9,850
	63,409		American Science & Engineering, Inc		4,832
	101,232		Amplifon S.p.A.		466
	58,570	e	Analogic Corp		2,666
	84,403	*,e	Anaren, Inc		1,261
	132,179	*,e	Angiodynamics, Inc		1,950
	140,000	*,e	Anritsu Corp		620
	329,736	*	Antares Pharma, Inc		580
	347,235	*	Applied Energetics, Inc		358
	65,030	*,e	Argon ST, Inc		2,230
	275,513	*,e	Arthrocare Corp		8,444
	7,261	e	Atrion Corp		981
	230,919	*,e	ATS Medical, Inc		917
	6,887		Audika		208
	65,128	e	Badger Meter, Inc		2,520
	492,803		Bard (C.R.), Inc		38,207
	1,849,040		Baxter International, Inc		75,145
	17,199,208	*	BB Bioventures L.P.		1,932
	231,294	e	Beckman Coulter, Inc		13,945
	951,951		Becton Dickinson & Co		64,371
	129,631	*,e	Bio-Rad Laboratories, Inc (Class A)		11,212
	1,007,000	*,e	Biosensors International Group Ltd		550
	7,096,587	*,e	Boston Scientific Corp		41,160
	654,876	*,e	Bruker BioSciences Corp		7,963
	215,423	*	Caliper Life Sciences, Inc		920
	110,917		Cantel Medical Corp		1,852
	89,529	*,e	CardioNet, Inc		491
	391,807	*	CareFusion Corp		8,894
	259,321	*,e	Cepheid, Inc		4,154
	165,709	*	Cerus Corp		524
	200,555	*,e	Clarient, Inc		618
	95,718	e	Cochlear Ltd		5,962
	114,858	*,e	Coherent, Inc		3,940
	112,127	e	Cohu, Inc		1,360
	54,455		Coloplast AS (Class B)		5,405
	26,591	e	Compagnie Generale d’Optique Essilor International S.A.		1,580
	133,510	*,e	Conmed Corp		2,487
	179,127	e	Cooper Cos, Inc		7,127
	1,963,053	e	Covidien plc		78,875
	63,243	*,e	Cutera, Inc		582
	126,456	*,e	Cyberonics, Inc		2,994
	46,006	*,e	Cynosure, Inc (Class A)		495
	3,228,232	e	Danaher Corp		119,832
	167,063	*,e	Delcath Systems, Inc		1,059
	317,737	e	Dentsply International, Inc		9,504
	422,326	*,e	Depomed, Inc		1,183
	242,716	*,e	DexCom, Inc		2,806
	107,186	*,e	Dionex Corp		7,981
	21,357		Draegerwerk AG.		1,203

93

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	6,405	*	Draegerwerk AG. & Co KGaA	$	325
	36,824	*,e	DXP Enterprises, Inc		576
	1,191,389	*,e	Eastman Kodak Co		5,171
	1,087,673	*,e	Edwards Lifesciences Corp		60,931
	95,163	*,e	Electro-Optical Sciences, Inc		708
	183,013	e	Elekta AB (B Shares)		4,631
	3,730,000		Emperor Watch & Jewellery Ltd		242
	221,838	*,e	Endologix, Inc		1,005
	597,279	*,a,e	EnteroMedics, Inc		215
	137,657	e	ESCO Technologies, Inc		3,545
	148,347	*	Esterline Technologies Corp		7,039
	380,256	*	ev3, Inc		8,522
	38,108	*,e	Exactech, Inc		651
	32,563	*	Exfo Electro Optical Engineering, Inc		168
	78,026	*	FARO Technologies, Inc		1,460
	187,248	*	FEI Co		3,691
	17,861		Fielmann AG.		1,354
	228,674		Finmeccanica S.p.A.		2,371
	333,153	*,e	Flir Systems, Inc		9,691
	219,596	*,e	Formfactor, Inc		2,372
	201,686	*	Fossil, Inc		6,999
	218,794	e	Fresenius AG. (Preference)		14,452
	106,937		Fresenius SE		7,089
	28,700		Furuno Electric Co Ltd		140
	966,101	e	Garmin Ltd		28,191
	101,351	e	Getinge AB (B Shares)		1,961
	28,844	*	Given Imaging Ltd		442
	12,884,212	*,e	Golden Meditech Co Ltd		2,487
	123,455	*,e	Haemonetics Corp		6,607
	109,040		Hamworthy plc		482
	170,490	*,e	Hanger Orthopedic Group, Inc		3,062
	237,248	*	HealthTronics, Inc		1,146
	5,148,000	e	Hengdeli Holdings Ltd		2,219
	61,393	*,e	Herley Industries, Inc		875
	271,723	e	Hexagon AB (B Shares)		3,531
	240,313	e	Hillenbrand, Inc		5,140
	10,200		Hioki EE Corp		193
	200,000		Hitachi Medical Corp		1,565
	18,800		Hogy Medical Co Ltd		913
	2,120,445	*	Hologic, Inc		29,538
	48,295		Horiba Ltd		1,292
	49,758	*	ICU Medical, Inc		1,601
	71,346	*,e	ICx Technologies, Inc		521
	106,779	*,e	II-VI, Inc		3,164
	714,866	*,e	Illumina, Inc		31,118
	3,223	e	Inficon Holding AG.		415
	156,895	*,e	Insulet Corp		2,361
	123,195	*,e	Integra LifeSciences Holdings Corp		4,558
	313,988	*,e	Intuitive Surgical, Inc		99,101
	178,764		Invacare Corp		3,708
	1,824,066		Invensys plc		6,530
	685,776	*,e	ION Geophysical Corp		2,387

94

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	114,659	*,e	IRIS International, Inc	$	1,163
	220,846	*	Itron, Inc		13,653
	140,270	*,e	Ixia		1,205
	53,096	*	Jenoptik AG.		255
	93,000	e	Jeol Ltd		321
	51,863		Kaba Holding AG.		13,864
	54,362	e	Keithley Instruments, Inc		480
	36,595	*,e	Kensey Nash Corp		868
	35,533		Keyence Corp		8,217
	1,202,580	e	Kla-Tencor Corp		33,528
	388,745	*,e	Kopin Corp		1,318
	69,451	*,e	KVH Industries, Inc		863
	365,383	*,e	L-1 Identity Solutions, Inc		2,992
	60,298	*	LaBarge, Inc		688
	134,734		Largan Precision Co Ltd		2,143
	478,162		LG.Philips LCD Co Ltd		15,727
	2,447,546	*,e	Life Technologies Corp		115,647
	14,007	*	LifeWatch AG.		165
	738,845	*	LTX-Credence Corp		2,091
	93,937	e	Luxottica Group S.p.A.		2,274
	77,594	*	Lydall, Inc		593
	108,969	*,e	MAKO Surgical Corp		1,357
	8,600	e	Mani, Inc		288
	229,537	e	Masimo Corp		5,465
	65,952	*,e	Measurement Specialties, Inc		904
	113,291	*	Medical Action Industries, Inc		1,358
	4,752,692		Medtronic, Inc		172,379
	131,122	*,e	Merit Medical Systems, Inc		2,107
	86,729	*,e	Mettler-Toledo International, Inc		9,682
	21,900	e	Micronics Japan Co Ltd		281
	284,392	*,e	Micrus Endovascular Corp		5,913
	120,193	*	Millipore Corp		12,819
	131,608	e	Mine Safety Appliances Co		3,261
	222,128	*,e	MKS Instruments, Inc		4,158
	59,192	*,e	Movado Group, Inc		632
	22,167,242	*,a	MPM Bioventures II		7,997
	74,808		MTS Systems Corp		2,169
	6,500		Nakanishi, Inc		558
	87,758	*	Nanometrics, Inc		885
	130,174		National Instruments Corp		4,137
	125,862	*,e	Natus Medical, Inc		2,050
	97,222	*,e	Neogen Corp		2,533
	188,468	*,e	Newport Corp		1,708
	22,300		Nidec Copal Corp		318
	69,200		Nihon Kohden Corp		1,285
	128,767		Nikkiso Co Ltd		1,024
	465,318		Nikon Corp		8,019
	798,111		Nippon Electric Glass Co Ltd		9,142
	81,100		Nippon Signal Co Ltd		560
	72,966		Nipro Corp		1,391
	15,578		Nobel Biocare Holding AG.		268
	23,700	*,e	Noritsu Koki Co Ltd		179

95

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	172,040	*,e	NuVasive, Inc	$	6,101
	107,124	*,e	NxStage Medical, Inc		1,590
	11,100		Ohara, Inc		176
	50,962	e	Olympus Corp		1,207
	167,614		Opto Circuits India Ltd		859
	115,243	*,e	Orthofix International NV		3,694
	304,335	*,e	Orthovita, Inc		618
	37,000	e	Osaki Electric Co Ltd		297
	20,693	*,e	OYO Geospace Corp		1,003
	89,265	*,e	Palomar Medical Technologies, Inc		999
	402,000	*,e,m	Peace Mark Holdings Ltd		77
	919,336	e	PerkinElmer, Inc		19,003
	483,071		Phonak Holding AG.		59,281
	149,127	*,e	Qiagen NV		2,901
	123,863		Q-Med AB		1,028
	53,052	e	Renishaw plc		575
	218,626	*,e	Resmed, Inc		13,295
	164,866	*,e	ResMed, Inc (ADR)		1,006
	48,181	*,e	Rochester Medical Corp		455
	508,922	e	Rockwell Automation, Inc		24,983
	547,241	e	Rockwell Collins, Inc		29,075
	144,662	*	Rofin-Sinar Technologies, Inc		3,012
	280,876		Roper Industries, Inc		15,718
	19,915	*	Roth & Rau AG.		539
	154,745	*,e	Rudolph Technologies, Inc		1,168
	12,253	*	Safilo Group S.p.A.		113
	1,227,456		Safran S.A.		34,240
	48,145		Samsung Techwin Co Ltd		4,130
	198,000	*,e	Seiko Holdings Corp		701
	77,149	*,m	SenoRx, Inc		847
	518,424	*,e	Sensata Technologies Holding BV		8,290
	176,000	e	Shimadzu Corp		1,327
	195,721	*,e	Sirona Dental Systems, Inc		6,819
	4,254,176	*,a	Skyline Venture Fund II Ltd		800
	976,029	*	Skyline Venture Fund III Ltd		475
	102,138		Smith & Nephew plc		965
	256,306	*	Solta Medical, Inc		487
	56,800	*,e	Somanetics Corp		1,417
	113,529	*,e	Sonic Solutions, Inc		948
	107,341	*,e	SonoSite, Inc		2,910
	342,858	*	Sorin S.p.A.		603
	145,054	*,e	Spectranetics Corp		751
	163,959		Spectris plc		1,888
	10,145	e	Sperian Protection		1,424
	108,498		Spirax-Sarco Engineering plc		2,211
	963,488		Spirent Communications plc		1,570
	1,835,856	*	St. Jude Medical, Inc		66,256
	172,746	*	Staar Surgical Co		988
	396,768	*,e	Star Scientific, Inc		651
	145,510	*,e	Stereotaxis, Inc		482
	334,148		STERIS Corp		10,385

96

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	10,007	e	Stratec Biomedical Systems	$	332
	1,336		Straumann Holding AG.		289
	1,882,789	e	Stryker Corp		94,252
	25,873		Swatch Group AG.		7,297
	4,930	e	Swatch Group AG. Reg		252
	259,281	*	Symmetry Medical, Inc		2,733
	149,214	*	Syneron Medical Ltd		1,534
	54,455	*,e	Synovis Life Technologies, Inc		832
	8,317	e	Synthes, Inc		956
	67,500	e	Sysmex Corp		3,834
	22,000		Tamron Co Ltd		313
	107,598		Techne Corp		6,182
	176,804	*,e	Teledyne Technologies, Inc		6,821
	1,852,487	*,e	Teradyne, Inc		18,062
	159,791		Terumo Corp		7,652
	2,796,694	*	Thermo Electron Corp		137,177
	605,615	*,e	Thoratec Corp		25,878
	292,611	*,e	TomTom NV		1,586
	81,100	e	Topcon Corp		387
	263,271	*	Trimble Navigation Ltd		7,372
	97,074		Ultra Electronics Holdings		2,217
	208,063	*	Unilife Corp		1,211
	79,259	*	Vascular Solutions, Inc		991
	271,410	*,e	Veeco Instruments, Inc		9,304
	64,126	*,e	Vital Images, Inc		818
	361,604	*,e	Vivus, Inc		3,471
	243,001	*	Volcano Corp		5,302
	330,716	*	Waters Corp		21,397
	15,251	*,e	William Demant Holding		1,115
	175,787	*,e	Wright Medical Group, Inc		2,920
	133,905	*,e	X-Rite, Inc		494
	30,246	e	Young Innovations, Inc		851
	739,278	*	Zimmer Holdings, Inc		39,958
	102,193	*,e	Zoll Medical Corp		2,769
	80,022	*,e	Zygo Corp		649
			TOTAL INSTRUMENTS AND RELATED PRODUCTS		2,383,472
INSURANCE AGENTS, BROKERS AND SERVICE - 0.2%
	738,817	e	AON Corp		27,425
	42,196		April Group		1,028
	219,839		Arthur J. Gallagher & Co		5,360
	235,574	e	Brown & Brown, Inc		4,509
	152,184	*,e	Crawford & Co (Class B)		481
	83,401		Grupo Catalana Occidente S.A.		1,234
	1,413,619	e	Hartford Financial Services Group, Inc		31,283
	213,244		Jardine Lloyd Thompson Group plc		1,667
	34,130	e	Life Partners Holdings, Inc		698
	1,306,249	e	Marsh & McLennan Cos, Inc		29,456

97

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,807,257		Millea Holdings, Inc	$	47,511
	70,760		MLP AG.		629
	24,660		Morneau Sobeco Income Fund		217
	235,413	*,e	National Financial Partners Corp		2,300
	2,594,460		QBE Insurance Group Ltd		39,369
	68,600		Sul America SA		1,672
	945,209	e	Unipol Gruppo Finanziario S.p.A.		632
	1,627,741	e	Unipol S.p.A.		710
	325,848	*	Verisk Analytics, Inc		9,743
	16,159		White Mountains Insurance Group Ltd		5,239
			TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		211,163
INSURANCE CARRIERS - 3.8%
	4,427,334	e	ACE Ltd		227,919
	62,540		Aditya Birla Nuvo Ltd		1,016
	1,900,241		Admiral Group plc		39,795
	1,303,519	*	Aegon NV		6,924
	1,701,983		Aetna, Inc		44,898
	3,687,423	e	Aflac, Inc		157,342
	13,365	*	Alleghany Corp		3,920
	804,741	e	Allianz AG.		79,648
	320,902		Allied World Assurance Holdings Ltd		14,563
	1,609,234	e	Allstate Corp		46,233
	8,852	*	Alm Brand AS		91
	1,344,910	*,e	Ambac Financial Group, Inc		901
	302,095	e	American Equity Investment Life Holding Co		3,118
	732,927	e	American Financial Group, Inc		20,024
	263,313	*,e	American International Group, Inc		9,068
	19,050		American National Insurance Co		1,542
	36,325	e	American Physicians Capital, Inc		1,121
	32,569	e	American Physicians Service Group, Inc		796
	78,210	*,e	American Safety Insurance Holdings Ltd		1,229
	259,119	*,e	AMERIGROUP Corp		8,416
	80,545	*,e	Amerisafe, Inc		1,414
	830,304	e	Amlin plc		4,779
	2,870,558	e	AMP Ltd		12,458
	110,166	e	Amtrust Financial Services, Inc		1,326
	481,730	*,e	Arch Capital Group Ltd		35,889
	164,270		Argo Group International Holdings Ltd		5,025
	432,848	e	Aspen Insurance Holdings Ltd		10,709
	1,046,470	e	Assicurazioni Generali S.p.A.		18,248
	409,894		Assurant, Inc		14,223
	399,965	e	Assured Guaranty Ltd		5,308
	4,118,147		Aviva plc		19,138
	756,038		AXA Asia Pacific Holdings Ltd		3,459
	1,764,967	e	AXA S.A.		26,964
	2,676,370	e	Axis Capital Holdings Ltd		79,542
	35,293	e	Baldwin & Lyons, Inc (Class B)		742
	40,342		Baloise Holding AG.		2,808
	1,442,835		Beazley plc		2,428
	148,926		Brit Insurance Holdings NV		2,006
	216,663	*,e	Catalyst Health Solutions, Inc		7,475
	790,275	e	Catlin Group Ltd		4,137

98

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	293,386	*,e	Centene Corp	$	6,308
	739,021		Chaucer Holdings plc		457
	147,946		Chesnara plc		508
	1,209,708	*,e	China Insurance International Holdings Co Ltd		3,924
	1,658,000	*	China Life Insurance Co Ltd		1,331
	13,047,119		China Life Insurance Co Ltd-H		57,058
	1,756,400	e	China Pacific Insurance Group Co Ltd		6,949
	1,107,652	e	Chubb Corp		55,394
	2,180,627		Cigna Corp		67,730
	313,600	e	Cincinnati Financial Corp		8,113
	173,276	*,e	Citizens, Inc (Class A)		1,154
	34,330	*	Clal Insurance		620
	57,349	*,e	CNA Financial Corp		1,466
	110,085	*	CNA Surety Corp		1,769
	138,233		CNP Assurances		9,404
	1,132,998	*	Conseco, Inc		5,608
	1,081,687	e	Corp Mapfre S.A.		2,941
	11,632		Dai-ichi Mutual Life Insurance Co		16,129
	248,118	e	Delphi Financial Group, Inc (Class A)		6,057
	60,361		Delta Lloyd NV		1,017
	373,054	e	Discovery Holdings Ltd		1,700
	53,840	e	Donegal Group, Inc (Class A)		662
	59,557		Dongbu Insurance Co Ltd		1,709
	36,227	e	EMC Insurance Group, Inc		794
	194,501	e	Employers Holdings, Inc		2,865
	232,640	e	Endurance Specialty Holdings Ltd		8,731
	32,032	*,e	Enstar Group Ltd		2,128
	68,957		Erie Indemnity Co (Class A)		3,138
	21,455		Euler Hermes S.A.		1,356
	205,505	e	Everest Re Group Ltd		14,533
	50,761		Fairfax Financial Holdings Ltd		18,591
	31,521		FBD Holdings plc		256
	72,480	e	FBL Financial Group, Inc (Class A)		1,522
	500,068	e	Fidelity National Title Group, Inc (Class A)		6,496
	222,093		First American Corp		3,922
	524,012	e	First American Financial Corp		6,644
	132,721	e	First Mercury Financial Corp		1,404
	322,355	e	Flagstone Reinsurance Holdings Ltd		3,488
	75,997		Fondiaria-Sai S.p.A		442
	100,280	e	Fondiaria-Sai S.p.A.		939
	42,944	*,e	Fpic Insurance Group, Inc		1,102
	238,000	*	Fuji Fire & Marine Insurance Co Ltd		300
	1,459,805	*,e	Genworth Financial, Inc (Class A)		19,080
	709,468	e	Great-West Lifeco, Inc		16,041
	140,236	*	Greenlight Capital Re Ltd (Class A)		3,533
	65,506	*,e	Hallmark Financial Services		652
	339,989	e	Hannover Rueckversicherung AG.		14,570
	96,487		Hanover Insurance Group, Inc		4,197
	14,471		Harel Insurance Investments & Finances Ltd		681
	53,069	e	Harleysville Group, Inc		1,647
	500,625		HCC Insurance Holdings, Inc		12,395
	617,599	*	Health Net, Inc		15,051

99

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	292,159	*,e	Healthspring, Inc	$	4,531
	12,747		Helvetia Holding AG.		3,346
	530,184		Hiscox Ltd		2,702
	234,748	e	Horace Mann Educators Corp		3,592
	93,500		Hulic Co Ltd		702
	1,289,989	*,e	Humana, Inc		58,914
	226,609		Industrial Alliance Insurance and Financial Services, Inc		7,429
	71,402	e	Infinity Property & Casualty Corp		3,297
	153,593		ING Canada, Inc		6,478
	2,083,515		Insurance Australia Group Ltd		5,927
	392,868	*	Irish Life & Permanent Group Holdings plc		726
	18,190	e	Kansas City Life Insurance Co		538
	54,895	*	KBC Groep NV		2,104
	250,180		Korea Life Insurance Co Ltd		1,757
	620,640	*,e	Leucadia National Corp		12,109
	136,471	e	Liberty Holdings Ltd		1,302
	3,076,740	e	Lincoln National Corp		74,734
	683,432	e	Loews Corp		22,765
	217,158	e	Maiden Holdings Ltd		1,427
	2,601,325	e	Manulife Financial Corp		37,753
	36,466	*,e,m	Mapfre S.A.		99
	21,311	*	Markel Corp		7,246
	995,006	e	Max Capital Group Ltd		18,686
	329,062	*,e	MBIA, Inc		1,846
	325,788	e	Meadowbrook Insurance Group, Inc		2,812
	452,748	e	Mediolanum S.p.A.		1,769
	39,541	*	Menorah Mivtachim Holdings Ltd		463
	58,464		Mercury General Corp		2,423
	3,552,618		Metlife, Inc		134,147
	189,617	*,e	Metropolitan Health Networks, Inc		707
	1,230,459	*,e	MGIC Investment Corp		8,478
	325,021	e	Milano Assicurazioni S.p.A.		548
	82,574		Milano Assicurazioni S.p.A. (RSP)		154
	716,957		Mitsui Sumitomo Insurance Group Holdings, Inc		15,345
	53,634	*,e	Molina Healthcare, Inc		1,545
	380,630		Montpelier Re Holdings Ltd		5,683
	409,433	e	Muenchener Rueckver AG.		51,410
	30,825	e	National Interstate Corp		611
	10,407	e	National Western Life Insurance Co (Class A)		1,590
	61,227	*	Navigators Group, Inc		2,518
	64,966	*	Neostem, Inc		119
	2,051,129	*	NKSJ Holdings, Inc		12,272
	115,245		Novae Group plc		533
	30,046	e	NYMAGIC, Inc		580
	8,249,454		Old Mutual plc		12,630
	578,627	e	Old Republic International Corp		7,019
	49,508	e	OneBeacon Insurance Group Ltd (Class A)		709
	1,071,000		Pacific Century Regional Developments Ltd		133
	905,613		PartnerRe Ltd		63,520
	466,123	*,e	Phoenix Cos, Inc		984
	99,600	*	Phoenix Holdings Ltd		219
	6,317,000	*,e	PICC Property & Casualty Co Ltd		6,001

100

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,901,500	e	Ping An Insurance Group Co of China Ltd	$	23,978
	664,851		Platinum Underwriters Holdings Ltd		24,127
	147,561	*	PMA Capital Corp (Class A)		967
	693,694	*,e	PMI Group, Inc		2,005
	496,172	e	Power Corp Of Canada		11,890
	643,386	e	Power Financial Corp		16,487
	63,799	*	Powszechny Zaklad Ubezpieczen S.A.		6,582
	269,160	*,e	Premafin Finanziaria S.p.A.		290
	100,345	e	Presidential Life Corp		913
	141,562	*,e	Primerica, Inc		3,035
	87,444	*,e	Primus Guaranty Ltd		323
	1,184,436	e	Principal Financial Group		27,763
	152,353	*	ProAssurance Corp		8,648
	1,894,909	e	Progressive Corp		35,473
	310,110	e	Protective Life Corp		6,633
	4,824,656		Prudential Financial, Inc		258,890
	4,595,743		Prudential plc		34,664
	637,997		Radian Group, Inc		4,619
	268,366		Reinsurance Group of America, Inc (Class A)		12,267
	1,355,217	e	RenaissanceRe Holdings Ltd		76,258
	81,885	e	RLI Corp		4,300
	3,687,857		Royal & Sun Alliance Insurance Group plc		6,542
	56,173	e	Safety Insurance Group, Inc		2,080
	338,516		Sampo Oyj (A Shares)		7,137
	51,642		Samsung Fire & Marine Insurance Co Ltd		8,197
	73,563		Samsung Life Insurance Co Ltd		6,231
	3,399,821		Sanlam Ltd		10,081
	20,887		Schweizerische National-Versicherungs-Gesellschaft		530
	505,445		SCOR		9,654
	134,319	e	SeaBright Insurance Holdings, Inc		1,273
	294,863		Selective Insurance Group, Inc		4,382
	295,458	*	SNS Reaal		1,274
	91,799		Societa Cattolica di Assicurazioni SCRL		2,288
	4,156		Sony Financial Holdings, Inc		13,863
	280,853		St. James’s Place plc		886
	248,897		Stancorp Financial Group, Inc		10,090
	1,803,455		Standard Life plc		4,660
	85,083	e	State Auto Financial Corp		1,320
	68,994	e	Stewart Information Services Corp		622
	576,831	*	Storebrand ASA		2,966
	1,032,619	e	Sun Life Financial, Inc		27,121
	24,593		Swiss Life Holding		2,350
	458,681	e	Swiss Reinsurance Co		18,846
	72,603		Symetra Financial Corp		871
	229,089		T&D Holdings, Inc		4,898
	20,547	*,e	Topdanmark AS		2,250
	337,170	e	Torchmark Corp		16,693
	200,925	e	Tower Group, Inc		4,326
	241,494		Tower Ltd		300
	334,598	e	Transatlantic Holdings, Inc		16,047
	2,133,863	e	Travelers Cos, Inc		105,093
	111,351	*,e	Triple-S Management Corp (Class B)		2,066

101

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	20,556	e	TrygVesta A.S.	$	1,083
	121,323	*	United America Indemnity Ltd (Class A)		893
	111,053	e	United Fire & Casualty Co		2,201
	8,787,525		UnitedHealth Group, Inc		249,565
	108,431	e	Unitrin, Inc		2,776
	173,281	*,e	Universal American Financial Corp		2,495
	111,897	e	Universal Insurance Holdings, Inc		468
	1,342,245	e	UnumProvident Corp		29,127
	493,388		Validus Holdings Ltd		12,049
	29,471		Vittoria Assicurazioni S.p.A.		131
	275,335		W.R. Berkley Corp		7,285
	403,248	*,e	WellCare Health Plans, Inc		9,573
	3,559,977	*	WellPoint, Inc		174,190
	4,387	e	Wesco Financial Corp		1,418
	43,172	e	Wiener Staedtische Allgemeine Versicherung AG.		1,792
	2,366,681		XL Capital Ltd		37,891
	263,456	e	Zurich Financial Services AG.		58,069
			TOTAL INSURANCE CARRIERS		3,412,135
JUSTICE, PUBLIC ORDER AND SAFETY - 0.0%
	469,353	*,e	Corrections Corp of America		8,956
	213,853	*,e	Geo Group, Inc		4,437
			TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		13,393
LEATHER AND LEATHER PRODUCTS - 0.2%
	170,431		Adidas-Salomon AG.		8,251
	2,304,143	e	Coach, Inc		84,216
	442,626	*,e	CROCS, Inc		4,683
	137,512	*	Genesco, Inc		3,618
	113,353	e	Geox S.p.A.		506
	347,178	*,e	Iconix Brand Group, Inc		4,989
	366,000		Lee & Man Holding Ltd		275
	483,759	e	LVMH Moet Hennessy Louis Vuitton S.A.		52,654
	4,740,814		Pou Chen Corp		3,679
	29,347		RG Barry Corp		324
	162,879	*,e	Steven Madden Ltd		5,134
	284,713	*,e	Timberland Co (Class A)		4,598
	13,386		Tod’s S.p.A.		844
	33,572	e	Weyco Group, Inc		765
	301,086		Wolverine World Wide, Inc		7,593
	5,000,078	e	Yue Yuen Industrial Holdings		15,520
			TOTAL LEATHER AND LEATHER PRODUCTS		197,649
LEGAL SERVICES - 0.0%
	99,963	*,e	FTI Consulting, Inc		4,357
	32,177	*,e	Pre-Paid Legal Services, Inc		1,464
			TOTAL LEGAL SERVICES		5,821
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.0%
	357,158		Arriva plc		4,074

102

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	54,027	e	Brisa-Auto Estradas de Portugal S.A.	$	327
	1,308,923		ComfortDelgro Corp Ltd		1,357
	112,719	*	Emergency Medical Services Corp (Class A)		5,526
	80,519		Go-Ahead Group plc		1,285
	278,964	e	Keihin Electric Express Railway Co Ltd		2,465
	165,625		Keisei Electric Railway Co Ltd		926
	615,350		National Express Group plc		2,008
	92,691	*	Rural		755
	1,432,000		SMRT Corp Ltd		2,265
			TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		20,988
LUMBER AND WOOD PRODUCTS - 0.0%
	40,285	e	American Woodmark Corp		689
	12,939		Asian Bamboo AG.		508
	105,000		Daiken Corp		248
	46,490	e	Deltic Timber Corp		1,943
	570,329	*,e	Louisiana-Pacific Corp		3,816
	2,011,756	*	MFI Furniture plc		1,689
	211,483	e	Nobia AB		1,079
	55,580	*,e	Pfleiderer AG.		279
	432,319	*	Sino-Forest Corp		6,145
	33,445	e	Skyline Corp		602
	71,427	*,e	Sonae Industria SGPS S.A.		183
	125,929	e	Takara Standard Co Ltd		786
	90,008	e	Universal Forest Products, Inc		2,728
	52,962		West Fraser Timber Co Ltd		1,653
			TOTAL LUMBER AND WOOD PRODUCTS		22,348
METAL MINING - 2.2%
	966,798	*,e	Aditya Birla Minerals Ltd		513
	140,158		African Rainbow Minerals Ltd		2,933
	197,911	e	Agnico-Eagle Mines Ltd		12,006
	276,370		Alamos Gold, Inc		4,239
	276,355	*,e	Allied Nevada Gold Corp		5,439
	1,926,515		Alumina Ltd		2,438
	156,800	*	Anatolia Minerals Development Ltd		825
	477,171	*	Andean Resources Ltd		1,336
	4,442,807	*,e	Anglo American plc		154,810
	183,163	*,e	Anglo Platinum Ltd		17,280
	484,571		AngloGold Ashanti Ltd		20,914
	777,584		Antofagasta plc		9,047
	210,730	*	Anvil Mining Ltd		554
	737,572	e	Aquarius Platinum Ltd		3,581
	509,662	*,e	Atlas Iron Ltd		882
	195,294	*	Aura Minerals, Inc		739
	302,497	*	Aurizon Mines Ltd		1,489
	321,036		Ausdrill Ltd		441
	540,303	*	Avoca Resources Ltd		1,228
	240,637	*	Avocet Mining plc		432
	1,612,450		Barrick Gold Corp		73,221
	1,758,060		Barrick Gold Corp (Canada)		79,798
	5,035,756		BHP Billiton Ltd		156,660

103

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,649,321		BHP Billiton plc	$	68,693
	1,525,771	e	Boliden AB		16,864
	118,620	*	Brockman Resources Ltd		292
	505,837	e	Cameco Corp		10,758
	93,710		CAP S.A.		2,900
	224,219	*	Capital Gold Corp		897
	286,400	*	Capstone Mining Corp		581
	426,602	*	Centerra Gold, Inc		4,697
	1,245,884	*	Citadel Resource Group Ltd		276
	623,014	e	Cleveland-Cliffs, Inc		29,381
	425,188	*,e	Coeur d’Alene Mines Corp		6,709
	139,700	*	Colossus Minerals, Inc		959
	2,503,294		Companhia Vale do Rio Doce		60,537
	1,659,057	e	Companhia Vale do Rio Doce (ADR)		40,398
	2,865,676		Companhia Vale do Rio Doce (Preference)		60,187
	49,602		Compania de Minas Buenaventura S.A.		1,923
	245,900	e	Compania de Minas Buenaventura S.A. (ADR) (Series B)		9,452
	261,407	*	Consolidated Thompson Iron Mines Ltd		1,783
	20,800	*	Corriente Resources, Inc		167
	140,972	*,e	Cudeco Ltd		545
	668,838	*	Deep Yellow Ltd		72
	433,808	*	Denison Mines Corp		518
	93,532	*	Detour Gold Corp		2,078
	90,757	e	Dominion Mining Ltd		206
	1,451,385	*	Eastern Platinum Ltd		1,322
	423,015	*	ECU Silver Mining, Inc		246
	1,280,181		Eldorado Gold Corp		22,945
	1,218,215	e	Energy Resources of Australia Ltd		13,453
	924,253	*	Equinox Minerals Limited		3,238
	998,932		Eurasian Natural Resources Corp		12,711
	167,698	*	European Goldfields Ltd		1,073
	103,318	*,e	Extract Resources Ltd		559
	250,635		Ferrexpo plc		921
	149,218	e	First Quantum Minerals Ltd		7,506
	109,352	*	Forsys Metals Corp		244
	233,499		Franco-Nevada Corp		7,107
	2,535,472	e	Freeport-McMoRan Copper & Gold, Inc (Class B)		149,922
	658,309	e	Fresnillo plc		9,557
	184,817	*	Fronteer Development Group, Inc		1,109
	291,188	*	Gabriel Resources Ltd		1,321
	199,872	*	Gammon Gold, Inc		1,093
	566,977	*,e	Gindalbie Metals Ltd		482
	177,109	*	Giralia Resources NL		270
	1,180,635	e	Gold Fields Ltd		15,833
	40,000	e	Gold Fields Ltd (ADR)		535
	1,322,493		Goldcorp, Inc		57,904
	1,296,416	*	Golden Star Resources Ltd		5,679
	417,738	*	Golden Star Resources Ltd (Toronto)		1,844
	326,968	*	Grange Resources Ltd		134
	486,455	*,e	Great Basin Gold Ltd		827
	125,321	*	Greystar Resources Ltd		569

104

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	104,942	*,e	Guyana Goldfields, Inc	$	683
	514,442	e	Harmony Gold Mining Co Ltd		5,481
	1,284,933	*,e	Hecla Mining Co		6,707
	1,731,000	*	Hidili Industry International Development Ltd		1,275
	346,952	*	Highland Gold Mining Ltd		692
	221,766	e	Hochschild Mining plc		1,012
	334,992	*	HudBay Minerals, Inc		3,515
	446,335		IAMGOLD Corp		7,870
	594,278	*,e	Iluka Resources Ltd		2,295
	660,696		Impala Platinum Holdings Ltd		15,377
	37,900	*	Imperial Metals Corp		569
	267,889	e	Independence Group NL		1,050
	353,408	*,m	Indophil Resources NL		326
	67,940		Inmet Mining Corp		2,690
	91,905	*	International Tower Hill Mines Ltd		619
	91,399	*,e	Ivanhoe Australia Ltd		214
	427,063	*	Ivanhoe Mines Ltd		5,532
	115,800	*,e	Jaguar Mining, Inc		1,028
	365,187	*	Jaguar Mining, Inc		3,225
	177,500	*	Jinshan Gold Mines, Inc		600
	587,955	*,e	Kagara Zinc Ltd		234
	176,513	*	Kalahari Minerals plc		398
	171,228		Kazakhmys plc		2,513
	264,997	e	Kingsgate Consolidated Ltd		2,087
	1,010,134		Kinross Gold Corp		17,270
	77,338	*	Kirkland Lake Gold, Inc		616
	18,342		Korea Zinc Co Ltd		3,239
	71,200		Labrador Iron Ore Royalty Income Fund		2,863
	347,500	*,e	Lake Shore Gold Corp		1,045
	20,010	*	Lonmin plc		418
	763,170	*	Lundin Mining Corp		2,158
	2,292,159	*,e	Lynas Corp Ltd		1,036
	1,104,133		Macmahon Holdings Ltd		495
	53,869	*,e	MAG. Silver Corp		332
	125,961	*	Mantra Resources Ltd		438
	297,658	*,e	Medusa Mining Ltd		963
	260,200	*,e	Mercator Minerals Ltd		367
	1,533,513	*	Minara Resources Ltd		832
	1,037,981		Mincor Resources NL		1,554
	95,897	*,e	Minefinders Corp		855
	110,126		Mineral Resources Ltd		741
	443,807	*,e	Mirabela Nickel Ltd		747
	967,377	e	MMC Norilsk Nickel (ADR)		13,865
	208,052	e	MMC Norilsk Nickel (ADR) (London)		3,006
	220,318	*	MMX Mineracao e Metalicos S.A.		1,284
	1,186,810	*,e	Mount Gibson Iron Ltd		1,504
	432,570	*,e	Murchison Metals Ltd		711
	317,800	*	Neo Material Technologies Inc		1,069
	204,000	*	Nevsun Resources Ltd		709
	591,002	*	New Gold, Inc		3,670
	917,953	e	Newcrest Mining Ltd		26,783
	1,730,260	e	Newmont Mining Corp		106,826

105

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	296,876	*	Nkwe Platinum Ltd	$	139
	135,622	*	North American Palladium Ltd		427
	147,385	e	Northam Platinum Ltd		868
	81,363	*	Northern Dynasty Minerals		528
	170,379	*	Northern Iron Ltd		196
	521,658	*	Northgate Minerals Corp		1,578
	236,754	*	Novagold Resources, Inc		1,650
	130,712	f	Novolipetsk Steel (GDR)		3,348
	131,191	e	Nyrstar		1,346
	393,500	*,e	OceanaGold Corp		1,138
	350,588		OM Holdings Ltd		428
	1,087,146		Orica Ltd		22,869
	504,474	*	Osisko Mining Corp		5,440
	2,951,984	*	Oxiana Ltd		2,338
	60,468	*,e	Paladin Resources Ltd		180
	120,035	e	Pan American Silver Corp		3,018
	129,631		PAN American Silver Corp		3,277
	6,731,718	*	Pan Australian Resources Ltd		2,730
	392,543	*,e	Patriot Coal Corp		4,612
	373,349	*	Perilya Ltd		116
	560,970	*	Perseus Mining Ltd		1,068
	282,111		Peter Hambro Mining plc		4,978
	412,977	*,e	Platinum Australia Ltd		230
	142,084	*,f	Polymetal (ADR)		1,783
	34,362		Polyus Gold Co (ADR)		937
	84,102	e	Polyus Gold Co (ADR) (London)		2,317
	3,985,500		PT Aneka Tambang Tbk		841
	17,134,700		PT International Nickel Indonesia Tbk		6,995
	338,903	*	Quadra Mining Ltd		3,117
	78,900	*	Queenston Mining, Inc		284
	198,719	*	Quest Capital Corp		280
	96,835		Randgold Resources Ltd		9,206
	532,928	*	Red Back Mining, Inc		13,472
	431,917	*	Regis Resources Ltd		322
	685,290	*	Resolute Mining Ltd		593
	1,344,576	e	Rio Tinto Ltd		73,944
	3,924,022		Rio Tinto plc		172,322
	73,200		Rio Tinto plc (ADR)		3,192
	245,822	*,e	Rosetta Resources, Inc		4,870
	146,435	e	Royal Gold, Inc		7,029
	842,604		Sally Malay Mining Ltd		1,518
	114,801	*	Sandfire Resources NL		309
	533,500	*	SEMAFO, Inc		4,034
	737,195		Sesa Goa Ltd		5,519
	601,579	e	Sherritt International Corp		3,232
	111,742	*	Silver Standard Resources, Inc		1,993
	493,936	*	Silver Wheaton Corp		9,897
	382,419	e	Silvercorp Metals, Inc		2,515
	805,781	e	Southern Copper Corp (NY)		21,385
	109,222	*	Sprott Resource Corp		412

106

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,591,574	*,e	St Barbara Ltd	$	1,037
	220,166	*,e	Stillwater Mining Co		2,558
	2,340,800	e	Straits Asia Resources Ltd		3,308
	26,812	e	Sumitomo Titanium Corp		1,032
	3,011,979	*,m	Sundance Resources Ltd		330
	232,302	*,e	Talvivaara Mining Co Plc		1,259
	124,754	*,e	Tanzanian Royalty Exploration Corp		620
	293,259	*	Taseko Mines Ltd		1,245
	1,381,605		Teck Cominco Ltd		40,856
	682,880	*	Thompson Creek Metals Co, Inc		5,928
	198,081	*,e	Thompson Creek Metals Co, Inc (Toronto)		1,719
	1,236,098		Tricorona AB		1,250
	666,954	*,e	Uranium One, Inc		1,623
	116,440	*	US Energy Corp Wyoming		553
	440,107	*,e	US Gold Corp		2,205
	76,608	e	Vedanta Resources plc		2,407
	104,200	*	Ventana Gold Corp		778
	182,757	e	Western Areas NL		569
	1,207,089		Xstrata plc		15,806
	1,319,424		Yamana Gold, Inc		13,534
	5,692,000		Zijin Mining Group Co Ltd		4,238
			TOTAL METAL MINING		1,969,145
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.4%
	145,927		Aalberts Industries NV		1,885
	28,500	*,e	Aderans Co Ltd		344
	40,700		Alpen Co Ltd		641
	191,203		Amer Sports Oyj (A Shares)		1,805
	66,266	*,e	Armstrong World Industries, Inc		2,000
	405,135	*,e	B2Gold Corp		628
	27,132		Blyth, Inc		924
	213,831	e	Bulgari S.p.A.		1,528
	312,908	e	Callaway Golf Co		1,890
	348,000		Chen Hsong Holdings		133
	394,000		Chow Sang Sang Holding		666
	1,688,786	e	Citic Pacific Ltd		3,128
	1,269,780		Compagnie Financiere Richemont S.A.		44,332
	209,000		Daiwa Seiko, Inc		225
	166,015	e	Daktronics, Inc		1,245
	136,000		Denki Kogyo Co Ltd		584
	25,720		Folli-Follie S.A.		547
	2,789		Forbo Holding AG.		1,183
	653,881	*,e	Futuris Corp Ltd		210
	1,662,803	e	Hasbro, Inc		68,342
	345,666	e	Hills Industries Ltd		619
	2,476,000		Hutchison Harbour Ring Ltd		221
	26,238	e	Indutrade AB		563
	89,087	*,e	Intrepid Potash, Inc		1,743
	170,252	*,e	Jakks Pacific, Inc		2,448
	18,900	e	Japan Cash Machine Co Ltd		167
	4,957,619	a,e	Jarden Corp		133,212

107

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	8,536	*	Johnson Outdoors, Inc	$	96
	159,803		JUMBO S.A.		973
	230,817	*,e	Leapfrog Enterprises, Inc		928
	358,000		Luk Fook Holdings International Ltd		444
	48,639	*,e	Marine Products Corp		275
	3,384,613		Mattel, Inc		71,619
	5,935,397	*	Ming Fung Jewellery Group Ltd		504
	42,372		Mitsubishi Pencil Co Ltd		579
	126,000	e	Mizuno Corp		559
	112,056		Namco Bandai Holdings, Inc		985
	1,388	*,e	Nautilus, Inc		2
	21,396	e	Oil-Dri Corp of America		491
	10,424,857		Playmates Holdings Ltd		3,285
	118,765	*,e	RC2 Corp		1,913
	38,316	*	RHI AG.		900
	29,800		Roland Corp		355
	77,408	*	Russ Berrie & Co, Inc		544
	292,000	*	Ryobi Ltd		984
	99,205		Sankyo Co Ltd		4,484
	38,252		Sato Corp		459
	234,511	*,e	Shuffle Master, Inc		1,878
	72,809		Societe BIC S.A.		5,172
	169		SRI Sports Ltd		170
	34,304	*	Steinway Musical Instruments, Inc		610
	44,780	*	Summer Infant, Inc		293
	100,468	e	Tomy Co Ltd		764
	1,188,000		Win Hanverky Holdings Ltd		158
	107,340		Yamaha Corp		1,096
			TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		371,733
MISCELLANEOUS REPAIR SERVICES - 0.0%
	9,300		Nichiden Corp		273
			TOTAL MISCELLANEOUS REPAIR SERVICES		273
MISCELLANEOUS RETAIL - 1.2%
	141,515	*,e	1-800-FLOWERS.COM, Inc (Class A)		292
	2,196,500	e	Alibaba.com Ltd		4,334
	1,988,934	*,e	Amazon.com, Inc		217,311
	17,200	e	Asahi Co Ltd		237
	72,711		Axis Communications AB		832
	327,210	e	Barnes & Noble, Inc		4,221
	38,404	e	BayWa AG.		1,300
	62,100		Belluna Co Ltd		293
	194,020	*,m	Berjaya Corp BHD		78
	1,231,415	e	Best Buy Co, Inc		41,696
	161,975	e	Big 5 Sporting Goods Corp		2,128
	118,160		BIM Birlesik Magazalar AS		3,275
	58,841	*,e	Blue Nile, Inc		2,770
	24,267	e	Books-A-Million, Inc		146
	159,560	*,e	Borders Group, Inc		212
	65,050	*,e	Build-A-Bear Workshop, Inc		441
	306,606	*,e	Buongiorno S.p.A.		344

108

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,460,000		C&O Pharmaceutical Technology Holdings Ltd	$	470
	221,967	*,e	Cabela’s, Inc		3,139
	157,780	e	Cash America International, Inc		5,407
	377,000	m	Chemoil Energy Ltd		121
	4,980,000	*	China WindPower Group Ltd		486
	3,440,000	*	CK Life Sciences International Holdings, Inc		210
	286,850	*,e	CKX, Inc		1,431
	15,960		Cocokara Fine Holdings, Inc		287
	228,905	*,e	Coldwater Creek, Inc		769
	16,200		Cosmos Pharmaceutical Corp		349
	9,488,475		CVS Corp		278,203
	152,969		DCC plc		3,463
	1,287,848	*,e	Dick’s Sporting Goods, Inc		32,055
	779,449	*,e	Dollar Tree, Inc		32,448
	78,404	*	Dollarama, Inc		1,823
	59,815	e	Douglas Holding AG.		2,508
	386	e	Dr Ci:Labo Co Ltd		1,200
	420,340	*,e	Drugstore.Com		1,295
	206,995	*	Ezcorp, Inc (Class A)		3,840
	80,425	e	Gaiam, Inc (Class A)		488
	12,055,275		Game Group PLC		11,451
	15,200		Growell Holdings Co Ltd		307
	156,617	*	Grupa Lotos S.A.		1,319
	36,000	*	Grupo Comercial Chedraui S.a. DE C.v.		95
	408,678	*,e	GSI Commerce, Inc		11,770
	19,196		Hellenic Duty Free Shops S.A.		110
	123,152	*,e	Hibbett Sports, Inc		2,951
	175,478		Home Retail Group		557
	175,062	*,e	HSN, Inc		4,201
	5,378,481		Hutchison Whampoa Ltd		33,100
	514,869	*	Hypermarcas S.A.		6,612
	92,953		Itochu Enex Co Ltd		478
	160,283		Jean Coutu Group PJC, Inc/The		1,238
	901,256	*	JJB Sports plc		175
	120,866	*,e	Jo-Ann Stores, Inc		4,534
	85,819	*,e	KAR Auction Services, Inc		1,062
	136,149	*,e	Kirkland’s, Inc		2,298
	26,600		Liquor Stores Income Fund		379
	89,593		Majestic Wine plc		397
	26,500	e	Megane TOP Co Ltd		175
	539,213	e	Metro AG.		27,511
	56,500		Mitsuuroko Co Ltd		365
	201,220	e	MSC Industrial Direct Co (Class A)		10,194
	175		MTI Ltd		227
	272,009		N Brown Group plc		1,012
	45,900	e	Nippon Gas Co Ltd		713
	40,500		Nissen Holdings Co Ltd		137
	134,389	e	Nutri/System, Inc		3,083
	591,668	*,e	Office Depot, Inc		2,390
	487,620	*,e	OfficeMax, Inc		6,368
	48,000		Okuwa Co Ltd		487
	616,142		Origin Energy Ltd		7,687

109

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	850,000		OSIM International Ltd	$	543
	12,100		Otsuka Kagu Ltd		116
	79,014	*,e	Overstock.com, Inc		1,428
	36,800		Paris Miki, Inc		278
	1,765,500	e	Parkson Retail Group Ltd		2,976
	52,217	*	PC Connection, Inc		316
	507,376		Petsmart, Inc		15,308
	172,302	*,e	Priceline.com, Inc		30,418
	68,377	e	Pricesmart, Inc		1,588
	2,417,533	*,e	Rite Aid Corp		2,369
	1,723,600		SA SA International Holdings Ltd		1,306
	48,600		Senshukai Co Ltd		265
	1,031,246		Seven & I Holdings Co Ltd		23,627
	297,800	e	Shoppers Drug Mart Corp		9,209
	116,330	*,e	Shutterfly, Inc		2,787
	489,290	e	Signet Jewelers Ltd		13,455
	85,000		Sinanen Co Ltd		351
	55,550	*	Stamps.com, Inc		569
	4,120,993	e	Staples, Inc		78,505
	46,200	e	Sugi Pharmacy Co Ltd		939
	56,600	e	Sundrug Co Ltd		1,373
	45,742	e	Systemax, Inc		689
	28,691		Takkt AG.		294
	261		Telepark Corp		423
	587,821	e	Tiffany & Co		22,284
	20,188		Tsuruha Holdings, Inc		716
	187,303		Tsutsumi Jewelry Co Ltd		3,984
	76,178	*,e	Vitamin Shoppe, Inc		1,954
	2,572,239		Walgreen Co		68,679
	345,981		WH Smith plc		2,109
	7,908		Winmark Corp		265
	371,179	e	World Fuel Services Corp		9,628
	43,200		Xebio Co Ltd		811
	1,746	*,e	Zale Corp		3
	87,602	*,e	Zumiez, Inc		1,411
			TOTAL MISCELLANEOUS RETAIL		1,094,261
MOTION PICTURES - 0.7%
	63,457	*,e	Ascent Media Corp (Series A)		1,603
	76,265		Astral Media, Inc		2,575
	129,749	*,e	Avid Technology, Inc		1,652
	11,220,000	*	Big Media Group Ltd		243
	60,281	*,e	Carmike Cinemas, Inc		365
	347,690	e	Cinemark Holdings, Inc		4,572
	99,100		Cineplex Galaxy Income Fund		1,815
	140,800	e	Culture Convenience Club Co Ltd		658
	1,860,227	*,e	Discovery Communications, Inc (Class A)		66,429
	761,202	*	Discovery Communications, Inc (Class C)		23,544
	202,144	*	DreamWorks Animation SKG, Inc (Class A)		5,771
	80,662	*	EM.Sport Media AG.		151
	1,115,000	*	eSun Holdings Ltd		146
	852,753	e	HMV Group plc		803

110

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	12,782		Kinepolis	$	672
	292,509	*	Lions Gate Entertainment Corp		2,042
	2,850,000		Major Cineplex Group Pcl		822
	15,000,000	*	Media Nusantara Citra Tbk PT		590
	229,134		National CineMedia, Inc		3,817
	167,900	e	News Corp (ADR)		2,358
	8,615,345	e	News Corp (Class A)		103,041
	553,920	e	Regal Entertainment Group (Class A)		7,223
	45,056	*,e	Rentrak Corp		1,096
	330,468	*	Rovi Corp		12,528
	465,555	e	Scripps Networks Interactive (Class A)		18,780
	104,000	e	Shochiku Co Ltd		752
	5,274,798		Time Warner, Inc		152,495
	188,000	e	Toei Animation Co Ltd		2,953
	342,885		Toei Co Ltd		1,500
	63,445		Toho Co Ltd		1,052
	33,500		Tohokushinsha Film Corp		179
	497,853	*,e	tw telecom inc (Class A)		8,304
	4,952,086		Viacom, Inc (Class B)		155,348
			TOTAL MOTION PICTURES		585,879
NONDEPOSITORY INSTITUTIONS - 1.1%
	40,510	*	Aareal Bank AG.		677
	20,918	e	Acom Co Ltd		270
	391,480		Advance America Cash Advance Centers, Inc		1,617
	363,419		Aeon Credit Service Co Ltd		3,237
	778,303		Aeon Thana Sinsap Thailand PCL		727
	315,650	e	Aiful Corp		377
	1,681,570	*	American Capital Ltd		8,105
	7,108,932	e	American Express Co		282,225
	237,038	*	AmeriCredit Corp		4,319
	987,419		Apollo Investment Corp		9,213
	907,200	f,g	ARA Asset Management Ltd		698
	406,271		Ares Capital Corp		5,091
	41,991		Asta Funding, Inc		414
	274,882		Bank of Cyprus Public Co Ltd		1,101
	167,417		Bank Pekao S.A.		7,635
	337,649	e	BlackRock Kelso Capital Corp		3,333
	125,208		BlueBay Asset Management plc		536
	3,218,925		BM&FBOVESPA S.A.		20,687
	333,513	*	Boise, Inc		1,831
	266,825	*,m	Bradford & Bingley plc		0	^
	3,489	e	California First National Bancorp		43
	1,765,548	e	Capital One Financial Corp		71,152
	2,058,906	e	CapitalSource, Inc		9,800
	628,465	*,e,m	Cattles plc		65
	10,533	*,e	CBOE Holdings, Inc		343
	1,339,399	e	Challenger Financial Services Group Ltd		3,905
	244,853		Challenger Infrastructure Fund		284
	8,074,574	e	Chimera Investment Corp		29,149
	562,783	*,e	CIT Group, Inc		19,056
	702,072		Collins Stewart plc		795

111

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,110,743		Companhia Brasileira de Meios de Pagamento	$	9,354
	86,132	*	Compania Vale Do Ro Doce		0	^
	81,893	e	CompuCredit Corp		324
	27,976	*,e	Credit Acceptance Corp		1,364
	231,963		Credit Saison Co Ltd		2,428
	1,759,510		Criteria Caixacorp S.A.		7,195
	60,421	e	Cypress Sharpridge Investments, Inc		765
	3,091,795		Discover Financial Services		43,223
	131,242	*,e	Doral Financial Corp		320
	66,391	*	Encore Capital Group, Inc		1,368
	17,189	*,e	ePlus, Inc		301
	41,794		Federal Agricultural Mortgage Corp (Class C)		586
	198,864	*	First Cash Financial Services, Inc		4,335
	6,804,689		First Financial Holding Co Ltd		3,748
	290,684	*,e	First Marblehead Corp		683
	4,488,000		First Shanghai Investments Ltd		721
	119,506	e	Gladstone Investment Corp		697
	497,594	*,e	GLG Partners, Inc		2,179
	28,290		Golub Capital BDC, Inc		408
	397,501	*,e	Heckmann Corp		1,844
	1,112,024		Henderson Group plc		2,022
	212,788		Hercules Technology Growth Capital, Inc		1,960
	219,856	*,e	Higher One Holdings, Inc		3,188
	88,900		Hitachi Capital Corp		1,182
	317,162		Housing Development Finance Corp		19,987
	18,736		Indiabulls Securities Ltd		11
	1,089,085		Infrastructure Development Finance Co Ltd		4,181
	1,373,740		Intermediate Capital Group plc		5,095
	713,154		International Personal Finance plc		2,017
	460,885	e	Investor AB (B Shares)		7,455
	179,000		Jaccs Co Ltd		295
	1,341,000	e	Japan Securities Finance Co Ltd		7,534
	40,400		Jardine Matheson Holdings Ltd		1,414
	821,224		KB Financial Group, Inc		31,478
	553,256	*	K-Green Trust		415
	335,986		Lancashire Holdings Ltd		2,491
	470,143		Lender Processing Services, Inc		14,720
	348,551	e	MCG Capital Corp		1,684
	76,592		Medallion Financial Corp		506
	16,713	*,e	Mercadolibre, Inc		878
	369,915		Moneysupermarket.com Group plc		396
	141,806	e	Nelnet, Inc (Class A)		2,734
	103,557	*,e	NewStar Financial, Inc		659
	137,042	e	NGP Capital Resources Co		983
	181,235		NRDC Acquisition Corp		1,749
	360,786	*,e	Ocwen Financial Corp		3,676
	213,200	*,e	OMC Card, Inc		331
	366,000	*,e	Orient Corp		283
	530,525	e	ORIX Corp		38,434
	980		Osaka Securities Exchange Co Ltd		4,162
	935,417		Paragon Group of Cos plc		1,672

112

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	134,199	e	PennantPark Investment Corp	$	1,282
	298,134	*,e	PHH Corp		5,676
	146,118	e	Promise Co Ltd		984
	362,618		Provident Financial plc		4,524
	480,000		Public Financial Holdings Ltd		249
	430,142		Redecard S.A.		6,077
	90,389	*	Rodman & Renshaw Capital Group, Inc		259
	330,854	*	Rural Electrification Corp Ltd		2,152
	101,095		Samsung Card Co		4,083
	5	b,m	SFCG Co Ltd		0	^
	2,025,715		Siemens AG.		181,179
	1,817,575	*,e	SLM Corp		18,885
	48,071	e	Solar Capital Ltd		926
	23,845	e	Student Loan Corp		574
	4,418,650		Taiwan Cooperative Bank		2,662
	207,400	e	Takefuji Corp		607
	33,963	*	THL Credit, Inc		391
	284	*,b	Thornburg Mortgage, Inc		0	^
	123,897	e	TICC Capital Corp		1,041
	124,800		Tisco Financial Group PCL		110
	1,557,143	e	Tower Australia Group Ltd		2,632
	296	*	Tree.com, Inc		2
	45,516	e	Triangle Capital Corp		647
	526,481		Tullett Prebon plc		2,470
	403,040	*,e	Utilities Select Sector SPDR F		11,390
	83,406	*,e	World Acceptance Corp		3,195
			TOTAL NONDEPOSITORY INSTITUTIONS		984,117
NONMETALLIC MINERALS, EXCEPT FUELS - 0.1%
	1,485,431		Adelaide Brighton Ltd		3,313
	112,985	e	AMCOL International Corp		2,655
	1,495,994	*,e	Centamin Egypt Ltd		3,648
	106,230		Compass Minerals International, Inc		7,466
	108,000	*	Exeter Resource Corp		680
	171,319	*	Gem Diamonds Ltd		534
	224,949	*,e	General Moly, Inc		693
	5,276,682	e	Grupo Mexico S.A. de C.V. (Series B)		12,444
	1,011,411		Haci Omer Sabanci Holding AS		4,059
	116,872	*	Harry Winston Diamond Corp		1,437
	193,426		Imerys S.A.		9,842
	33,885		K+S AG.		1,557
	60,700	*	Migao Corp		339
	776,818	*	Mineral Deposits Ltd		608
	23,000	e	Nippon Ceramic Co Ltd		322
	129,000	*	Nittetsu Mining Co Ltd		438
	274,367	*	Petra Diamonds Ltd		294
	231,900	*	Rubicon Minerals Corp		797
	10,223	*,e	United States Lime & Minerals, Inc		394
	418,449	e	Vulcan Materials Co		18,342
			TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		69,862

113

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
OIL AND GAS EXTRACTION - 4.8%
	303,103	*	Abraxas Petroleum Corp	$	849
	379,255	e	Acergy S.A.		5,615
	254,207	*	Advantage Oil & Gas Ltd		1,481
	1,845,831	*	Afren plc		2,331
	14,406	e	Aker Kvaerner ASA		165
	55,619		AltaGas Income Trust		965
	2,297,896	e	Anadarko Petroleum Corp		82,931
	91,700	*	Angle Energy, Inc		615
	3,414,164	e	Apache Corp		287,439
	43,524	e	APCO Argentina, Inc		1,023
	57,920	*	Approach Resources, Inc		398
	236,611	*,e	Arena Resources, Inc		7,548
	348,837	*,e	Arrow Energy NL		1,412
	623,665	*	Athabasca Oil Sands Corp		6,450
	255,701	e	Atlas America, Inc		6,922
	187,438	*,e	ATP Oil & Gas Corp		1,985
	175,779	*,e	Atwood Oceanics, Inc		4,486
	767,813	e	Australian Worldwide Exploration Ltd		1,130
	1,589,005	e	Baker Hughes, Inc		66,055
	301,426	*	Bankers Petroleum Ltd		1,988
	115,417	*,e	Basic Energy Services, Inc		889
	252,084		Baytex Energy Trust		7,530
	2,752,429		Beach Petroleum Ltd		1,579
	256,352	e	Berry Petroleum Co (Class A)		6,593
	4,294,653		BG Group plc		63,874
	237,413	*,e	Bill Barrett Corp		7,305
	132,013	*,e	Birchcliff Energy Ltd		1,203
	574,400	*,e	BlackPearl Resources, Inc		1,522
	793,438	*,e	Boart Longyear Group		1,865
	74,691		Bonavista Energy Trust		1,600
	51,525		Bonterra Oil & Gas Ltd		1,682
	352,607	*,e	Boots & Coots, Inc		1,040
	517,045	*	Borders & Southern Petroleum plc		531
	338,142	*	Bow Energy Ltd		314
	281,288	*	BowLeven plc		539
	543,245	*,e	Brigham Exploration Co		8,355
	464,842	e	Cabot Oil & Gas Corp		14,559
	3,617,818	*,e	Cairn Energy plc		22,226
	709,053	*	Cairn India Ltd		4,591
	704,673	*,e	Cal Dive International, Inc		4,122
	43,797		Calfrac Well Services Ltd		804
	114,835	*	Callon Petroleum Co		723
	114,620	*	Calvalley Petroleums, Inc		367
	1,209,679	*,e	Cameron International Corp		39,339
	3,032,540	e	Canadian Natural Resources Ltd (Canada)		100,643
	591,368		Canadian Oil Sands Trust		14,993
	898,797	*	Carnarvon Petroleum Ltd		256
	135,350	*,e	Carrizo Oil & Gas, Inc		2,102
	21,363		CAT Oil AG.		180
	95,111	*	Celtic Exploration Ltd		980
	1,128,186		Cenovus Energy, Inc		29,038

114

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	272,246	*,e	Cheniere Energy, Inc	$	768
	1,697,510	e	Chesapeake Energy Corp		35,563
	4,141,400	e	China Oilfield Services Ltd		4,819
	72,817	*	Chinook Energy Inc		224
	448,187		Cimarex Energy Co		32,081
	26,577	*,e	Clayton Williams Energy, Inc		1,119
	346,736		Clough Ltd		222
	40,972,400	e	CNOOC Ltd		69,640
	3,273,063	*,e	Cobalt International Energy, Inc		24,384
	12,717	*,e	Compagnie Generale de Geophysique S.A.		226
	393,133	*,e	Complete Production Services, Inc		5,622
	1,256,617	*	Compton Petroleum Corp		708
	138,221	*,e	Comstock Resources, Inc		3,831
	3,637,660	*,e	Concho Resources, Inc		201,272
	896,157	*	Connacher Oil and Gas Ltd		1,086
	98,644	*	Contango Oil & Gas Co		4,414
	84,104	*,e	Continental Resources, Inc		3,753
	121,588	*	Corridor Resources, Inc		594
	217,347	*,m	Crescent Point Energy Corp		7,587
	4,095,696	e	Crescent Point Energy Corp		142,967
	105,828	*	Crew Energy, Inc		1,499
	351,102	*	Crude Carriers Corp		5,797
	188,395	*	Dana Petroleum plc		3,171
	42,132	*,e	Dawson Geophysical Co		896
	296,564		Daylight Resources Trust		2,488
	288,621	*	Delek Drilling-LP		694
	2,234	*	Delek Energy Systems Ltd		569
	4,970		Delek Israeli Fuel Corp Ltd		138
	653,306	*,e	Delta Petroleum Corp		562
	15,526,088	*,e	Denbury Resources, Inc		227,302
	370,044	*	Desire Petroleum plc		497
	1,091,662	*,e	DNO International ASA		1,194
	74,095	*,e	Det Norske Oljeselskap ASA		231
	1,313,614		Devon Energy Corp		80,025
	165,289	e	Diamond Offshore Drilling, Inc		10,279
	723,429	*	Eastern Star Gas Ltd		493
	1,361,916	e	EnCana Corp		41,246
	747,975	*,e	Endeavour International Corp		793
	157,638	*	Energy Partners Ltd		1,925
	159,358	*,e	Energy Recovery, Inc		637
	253,560	*	Energy XXI Bermuda Ltd		4,001
	203,504		Enerplus Resources Fund		4,376
	825,026	*,e	EnQuest plc		1,225
	634,648	e	Ensco International plc (ADR)		24,929
	148,306		Ensign Energy Services, Inc		1,744
	2,735		Entrepose Contracting		243
	809,983	e	EOG Resources, Inc		79,678
	351,662		Equitable Resources, Inc		12,709
	111,864	e	Etablissements Maurel et Prom		1,245
	63,039	*	Evolution Petroleum Corp		316
	330,825	e	EXCO Resources, Inc		4,833
	318,136	*,e	Exterran Holdings, Inc		8,211

115

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	168,196	*	Fairborne Energy Ltd	$	727
	134,810	*	Falkland Oil & Gas Ltd		491
	190,854	*	Faroe Petroleum plc		336
	58,190	*	Flint Energy Services Ltd		653
	288,209	*,e	Forest Oil Corp		7,885
	2,617,580		Formosa Petrochemical Corp		6,314
	47,331	e	Fred Olsen Energy ASA		1,216
	208,498	*,e	FX Energy, Inc		755
	669,190		GAIL India Ltd		6,691
	124,007	*	Galleon Energy, Inc		502
	223,940	*	Gastar Exploration Ltd		808
	43,644		Gazpromneft OAO (ADR)		811
	27,122	*	Geokinetics, Inc		104
	55,453	*,e	Georesources, Inc		772
	24,963	*	Global Geophysical Services, Inc		174
	542,178	*,e	Global Industries Ltd		2,434
	120,401	*,e	GMX Resources, Inc		781
	108,906	*,e	Goodrich Petroleum Corp		1,307
	64,581		Granite Hacarmel Investments Ltd		121
	640,553	*	Gulf Keystone Petroleum Ltd		646
	233,306	*,e	Gulfport Energy Corp		2,767
	188,374	*	Gulfsands Petroleum plc		717
	8,508	*	Hallador Petroleum Co		76
	3,841,107		Halliburton Co		94,299
	74,919	*	Hardy Oil & Gas plc		195
	144,649	*,e	Harvest Natural Resources, Inc		1,066
	545,822	*,e	Helix Energy Solutions Group, Inc		5,879
	232,784	e	Helmerich & Payne, Inc		8,501
	674,894	*,e	Hercules Offshore, Inc		1,640
	286,007	*,e	Heritage Oil Ltd		1,675
	1,394,691	*	Horizon Oil Ltd		351
	79,251		Houston American Energy Corp		781
	456,767	e	Husky Energy, Inc		10,830
	14,790		Idemitsu Kosan Co Ltd		1,114
	958	e	Inpex Holdings, Inc		5,314
	5,237	*,e	Isramco, Inc		247
	326,173	*	Ivanhoe Energy, Inc		625
	6,400	*	Japan Drilling Co Ltd		179
	4,400		Japan Petroleum Exploration Co		180
	13,730	*	Jerusalem Oil Exploration		219
	372,360	e	JKX Oil & Gas plc		1,349
	846,000		K1 Ventures Ltd		84
	40,000	e	Kanto Natural Gas Development Ltd		203
	193,633	*,e	Karoon Gas Australia Ltd		961
	45,201	e	Kayne Anderson Energy Development Co		686
	157,730	f	KazMunaiGas Exploration Production (GDR)		2,906
	637,538	*,e	Key Energy Services, Inc		5,853
	457,144	*	Kodiak Oil & Gas Corp		1,458
	315,858	*,e	Lundin Petroleum AB		1,392
	208,260	*	Magnum Hunter Resources Corp		908
	34,580		Major Drilling Group International		705
	461,741	*,e	Mariner Energy, Inc		9,918

116

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	495,480	*,e	McMoRan Exploration Co	$	5,505
	106,207		Melrose Resources plc		444
	79,131	*	Miller Petroleum, Inc		456
	1,665,366	*,e	Nabors Industries Ltd		29,344
	98,000		NAL Oil & Gas Trust		976
	39,870	*	Naphtha Israel Petroleum Corp Ltd		149
	2,217,666	e	National Oilwell Varco, Inc		73,338
	48,199	*	New Brazil Holding ASA		42
	598,985		New Zealand Oil & Gas Ltd		519
	689,925	*	Newfield Exploration Co		33,710
	445,740	*,e	Newpark Resources, Inc		2,697
	720,676		Nexen, Inc		14,176
	2,051,860	*,e	Nexus Energy Ltd		432
	56,201		Niko Resources Ltd		5,227
	566,184	e	Noble Energy, Inc		34,158
	205,556	*,e	Northern Offshore Ltd		382
	261,487	*,e	Northern Oil And Gas, Inc		3,357
	282,500	*,e	Norwegian Energy Co AS.		513
	146,545	f	NovaTek OAO (GDR)		10,445
	115,879		NuVista Energy Ltd		1,106
	8,620,432		Occidental Petroleum Corp		665,067
	438,475	*	Oceaneering International, Inc		19,688
	1,948,403		OGX Petroleo e Gas Participacoes S.A.		18,048
	1,496,985		Oil Refineries Ltd		623
	831,823	e	Oil Search Ltd		3,827
	487,636	*	OPTI Canada, Inc		820
	699,779	*,e	PA Resources AB		470
	1,460,350	*,e,m	PA Resources AB (Foreign)		1,020
	241,619	*	Pacific Asia Petroleum, Inc		901
	4,614	*	Pacific Rubiales Energy Corp		106
	383,176	*	Pacific Rubiales Energy Corp (Toronto)		8,588
	35,052	e	Panhandle Oil and Gas, Inc (Class A)		926
	110,261		Paramount Energy Trust		528
	52,589	*	Paramount Resources Ltd (Class A)		918
	492,430	*,e	Parker Drilling Co		1,945
	408,006		Patterson-UTI Energy, Inc		5,251
	237,182	e	Penn Virginia Corp		4,770
	602,309		Penn West Energy Trust		11,485
	85,156	e	PetroBakken Energy Ltd		1,694
	191,443	*	Petrobank Energy & Resources Ltd		6,735
	2,855,145	*	Petroceltic International plc		427
	712,960	*	PetroHawk Energy Corp		12,099
	4,327,205		Petroleo Brasileiro S.A.		74,318
	1,057,603		Petroleo Brasileiro S.A. (ADR)		36,297
	5,064,143		Petroleo Brasileiro S.A. (Preference)		75,359
	98,174	*,e	Petroleum Development Corp		2,515
	284,840	*,e	Petroleum Geo-Services ASA		2,374
	42,626	e	Petrominerales Ltd		995
	233,487	e	Petroplus Holdings AG.		3,433
	295,979	*,e	Petroquest Energy, Inc		2,001
	167,267		Peyto Energy Trust		2,289
	342,604	*,e	Pioneer Drilling Co		1,943

117

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	389,114	e	Pioneer Natural Resources Co	$	23,133
	328,613	*,e	Plains Exploration & Production Co		6,773
	168,081	*	Polarcus Ltd		116
	87,960	*,e	PowerSecure International, Inc		800
	578,900		PPB Group BHD		2,845
	405,600	*	Precision Drilling Trust		2,690
	206,451	*	Premier Oil plc		3,812
	813,990	*,e	Pride International, Inc		18,185
	203,967	e	ProEx Energy Ltd		2,370
	431,640	e	ProSafe ASA		1,719
	241,400	*,e	Prosafe Production Public Ltd		487
	356,208		Provident Energy Trust		2,439
	1,771,469		PTT Exploration & Production PCL		7,763
	226,767	*	Questerre Energy Corp		607
	281,286	*,e	Quicksilver Resources, Inc		3,094
	277,121	*	RAM Energy Resources, Inc		574
	450,141	e	Range Resources Corp		18,073
	414,099	*	Regal Petroleum plc		165
	166,100	*	Resolute Energy Corp		2,033
	134,989	*,e	Rex Energy Corp		1,363
	139,598	*	Riversdale Mining Ltd		1,219
	1,822,890	*,e	Roc Oil Co Ltd		473
	358,106	*,e	Rowan Cos, Inc		7,857
	120,746	e	RPC, Inc		1,648
	300,885	*,e	Salamander Energy plc		1,046
	432,220		Santos Ltd		4,517
	156,738		Savanna Energy Services Corp		891
	14,624		SBM Offshore NV		209
	6,278,927	e	Schlumberger Ltd		347,477
	76,500	*,e	Scorpion Offshore Ltd		473
	93,921	*,e	SEACOR Holdings, Inc		6,636
	1,117,883	e	SeaDrill Ltd		20,164
	84,373	*,e	Seahawk Drilling, Inc		820
	50	*	Serval Integrated Energy Services		0	^
	9,513	*,m	Sibir Energy plc		25
	93,980		SK Energy Co Ltd		8,359
	1,304,864		Smith International, Inc		49,128
	281,452	*,e	Soco International plc		1,663
	260,335	*	Songa Offshore SE		635
	897,599	*	Southwestern Energy Co		34,683
	443,830	e	St. Mary Land & Exploration Co		17,824
	206,508	*	Sterling Energy plc		448
	269,363	*,e	Stone Energy Corp		3,006
	48,542	*	Storm Exploration, Inc		612
	220,772	*,e	Subsea 7, Inc		3,310
	188,198	*,e	Superior Energy Services		3,514
	145,668	e	Superior Plus Corp		1,751
	107,884	*,e	Superior Well Services, Inc		1,804
	1,572,503		Surgutneftegaz (ADR)		13,720
	358,500	e	Surgutneftegaz (ADR) (London)		3,137
	193,493	*	Swift Energy Co		5,207
	360,221	*,e	Syntroleum Corp		591

118

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,277,075		Talisman Energy, Inc	$	19,314
	345,609		Tatneft (GDR)		9,646
	548,883		Technip S.A.		31,482
	152,398	*	Tesco Corp		1,871
	479,167	*,e	Tetra Technologies, Inc		4,351
	222,114	e	TGS Nopec Geophysical Co ASA		2,562
	156,912		Tidewater, Inc		6,076
	21,080	e	Toreador Resources Corp		116
	640,382	*	TransAtlantic Petroleum Ltd		2,030
	240,100		Trican Well Service Ltd		3,074
	91,980		Trilogy Energy Corp		802
	176,166		Trinidad Drilling Ltd		836
	10,312,986		Tullow Oil plc		153,409
	323,045	*	Ultra Petroleum Corp		14,295
	89,598	*,e	Union Drilling, Inc		494
	137,496	*	Unit Corp		5,581
	938,384	*	UTS Energy Corp		1,816
	251,419		Vaalco Energy, Inc		1,408
	47,319	*	Valiant Petroleum plc		488
	84,243	*,e	Venoco, Inc		1,387
	149,265		Vermilion Energy Trust		4,721
	229,578	e	W&T Offshore, Inc		2,172
	310,374	*,e	Warren Resources, Inc		900
	3,675,941	*,e	Weatherford International Ltd		48,302
	131,841	*,e	West Siberian Resources Ltd (GDR)		1,463
	192,171	*	Whiting Petroleum Corp		15,070
	173,406	*,e	Willbros Group, Inc		1,283
	211,291	e	Woodside Petroleum Ltd		7,344
	16,400		Zargon Energy Trust		280
			TOTAL OIL AND GAS EXTRACTION		4,253,461
PAPER AND ALLIED PRODUCTS - 0.5%
	87,345	*,e	Altri SGPS S.A.		431
	625,799	e	Bemis Co		16,897
	142,933		Billerud AB		862
	205,262	*	Buckeye Technologies, Inc		2,042
	219,668	*	Canfor Corp		1,754
	136,572		Cascades, Inc		824
	18,416	*,e	Cellu Tissue Holdings, Inc		143
	217,342	*	Cenveo, Inc		1,191
	111,000		Chuetsu Pulp & Paper Co Ltd		210
	110,252	e	Corporate Express Australia Ltd		525
	109,872	e	Daio Paper Corp		842
	140,342		Domtar Corporation		6,898
	516,048		DS Smith plc		928
	160,140		Empresas CMPC S.A.		7,009
	219,237		Exor S.p.A.		3,686
	233,459	*	Fibria Celulose S.A.		3,446
	25,000		FP Corp		1,301
	265,263	e	Glatfelter		2,878
	556,531	*	Graphic Packaging Holding Co		1,753

119

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	113,593	e	Greif, Inc (Class A)	$	6,309
	164,905	*	Grupo Empresarial Ence S.A.		514
	3,614	*	Hadera Paper Ltd		254
	1,104,000		Hengan International Group Co Ltd		8,940
	173,500	e	Hokuetsu Paper Mills Ltd		867
	45,905		Holmen AB (B Shares)		1,090
	165,780		Huhtamaki Oyj		1,532
	469,500	*	Indah Kiat Pulp and Paper Corp Tbk PT		95
	2,692,825		International Paper Co		60,938
	193,107	*,e	Kapstone Paper and Packaging Corp		2,151
	1,747,955	e	Kimberly-Clark Corp		105,978
	1,094,184	e	Kimberly-Clark de Mexico S.A. de C.V. (Class A)		6,322
	230,048	e	Kinnevik Investment AB (Series B)		3,683
	1,067,665		Klabin S.A.		2,958
	161,700		Kokuyo Co Ltd		1,332
	2,532,000		Lee & Man Paper Manufacturing Ltd		1,862
	20,086		Mayr-Melnhof Karton AG.		1,787
	696,544		MeadWestvaco Corp		15,463
	75,908		Metso Oyj		2,433
	13,294		Miquel y Costas & Miquel S.A.		250
	400,000		Mitsubishi Paper Mills Ltd		462
	807,667		Mondi plc		4,596
	276,506	*	M-real Oyj (B Shares)		969
	70,620	e	Neenah Paper, Inc		1,292
	2,470,000		Nine Dragons Paper Holdings Ltd		3,328
	467,790		Nippon Paper Group, Inc		12,948
	221,100	*,e	Norske Skogindustrier ASA		250
	1,553,893	e	OJI Paper Co Ltd		7,619
	16,900		Pack Corp		296
	610,612	e	Packaging Corp of America		13,446
	39,692	e	Papeles y Cartones de Europa S.A.		151
	1,435,366	*	PaperlinX Ltd		743
	205		Pilot Corp		329
	190,633	e	Portucel Empresa Produtora de Pasta e Papel S.A.		491
	534,000		Rengo Co Ltd		3,370
	216,019	e	Rock-Tenn Co (Class A)		10,730
	57,800	e	Sanrio Co Ltd		653
	1,038,375	e	Sappi Ltd		4,025
	80,713	e	Schweitzer-Mauduit International, Inc		4,072
	136,623	e	Semapa-Sociedade de Investimento e Gestao		1,219
	28,889		Sequana		349
	17,700	e	Shimojima Co Ltd		247
	248,815	*	Smurfit Kappa Group plc		2,018
	1,279,287	e	Sonoco Products Co		38,993
	494,670	e	Stora Enso Oyj (R Shares)		3,574
	1,049,318	e	Svenska Cellulosa AB (B Shares)		12,341
	440,653		Temple-Inland, Inc		9,108
	308,651		Tokushu Tokai Holdings Co Ltd		791
	92,647		Uni-Charm Corp		10,447
	1,903,493		UPM-Kymmene Oyj		25,201
	27,462	*	Verso Paper Corp		63
	228,152	*	Wausau Paper Corp		1,545

120

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,300,000	*	Yuen Foong Yu Paper Manufacturing Co Ltd	$	467
			TOTAL PAPER AND ALLIED PRODUCTS		454,511
PERSONAL SERVICES - 0.1%
	4,294,837	e	Chaoda Modern Agriculture		4,188
	463,396	e	Cintas Corp		11,108
	142,818	*,e	Coinstar, Inc		6,137
	18,342		CPI Corp		411
	443,332		Davis Service Group plc		2,416
	92,910		Dignity plc		897
	110,443	e	G & K Services, Inc (Class A)		2,281
	1,085,283	e	H&R Block, Inc		17,028
	242,569	e	Invocare Ltd		1,231
	1,468,873		Kuala Lumpur Kepong BHD		7,421
	70,969	e	Mac-Gray Corp		791
	307,276		Regis Corp		4,784
	3,085,672	*	Rentokil Initial plc		4,945
	413,551	*,e	Sally Beauty Holdings, Inc		3,391
	849,639		Service Corp International		6,287
	74,329	*,e	Steiner Leisure Ltd		2,857
	87,793		Unifirst Corp		3,865
	199,977		Weight Watchers International, Inc		5,137
			TOTAL PERSONAL SERVICES		85,175
PETROLEUM AND COAL PRODUCTS - 3.8%
	75,002	e	Alon USA Energy, Inc		477
	217,388	*	American Oil & Gas, Inc		1,365
	87,600		AOC Holdings, Inc		441
	229,952		Bharat Petroleum Corp Ltd		3,269
	26,955,744		BP plc		129,042
	359,927		BP plc (ADR)		10,395
	935,329	e	Caltex Australia Ltd		7,339
	9,241,191	e	Chevron Corp		627,107
	5,509,009		ConocoPhillips		270,437
	354,000	e	Cosmo Oil Co Ltd		845
	143,683	*,e	CVR Energy, Inc		1,080
	46,000	e	Daiseki Co Ltd		957
	64,714	e	Delek US Holdings, Inc		472
	8,426,378		Ecopetrol S.A.		12,220
	877,168		ENI S.p.A.		16,101
	115,698	e	ERG S.p.A.		1,349
	7,325		Esso SA Francaise		910
	19,504,503		Exxon Mobil Corp		1,113,123
	452,975	e	Frontier Oil Corp		6,093
	155,014	e	Galp Energia SGPS S.A.		2,315
	89,033	*,e	Green Plains Renewable Energy, Inc		910
	263,971	*,e	Headwaters, Inc		750
	130,139		Hellenic Petroleum S.A.		925
	1,370,080		Hess Corp		68,970
	110,093	e	Holly Corp		2,926
	607,390	e	Imperial Oil Ltd		22,126

121

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,052,730	*	JX Holdings, Inc	$	10,146
	373,336	*,e	Linc Energy Ltd		315
	757,073		LUKOIL (ADR)		38,803
	3,564,098	e	Marathon Oil Corp		110,808
	76,143		Motor Oil Hellas Corinth Refineries S.A.		668
	991,548	e	Murphy Oil Corp		49,131
	9,841	e	Neste Oil Oyj		143
	365,936		OMV AG.		10,989
	53,915		Parkland Income Fund		547
	22,000	*,m	Peab Industri AB (B Shares)		93
	876,612		PGG Wrightson Ltd		306
	521,181		Polski Koncern Naftowy Orlen S.A.		5,398
	1,230,950		PTT PCL		9,255
	54,683	e	Quaker Chemical Corp		1,481
	2,008,489		Reliance Industries Ltd		46,745
	1,377,281	e	Repsol YPF S.A.		27,794
	3,714,733	f	Rosneft Oil Co (GDR)		22,653
	6,455,574		Royal Dutch Shell plc (A Shares)		162,913
	3,892,722		Royal Dutch Shell plc (B Shares)		94,090
	392,468	*,e	SandRidge Energy, Inc		2,288
	404,937	e	Saras S.p.A.		841
	20,462	e	Showa Shell Sekiyu KK		141
	51,791		SK Corp		3,679
	81,622		S-Oil Corp		3,580
	421,393	e	Statoil ASA		8,118
	3,039,740		Suncor Energy, Inc		89,460
	3,367,404		Suncor Energy, Inc (NY)		99,136
	329,915		Sunoco, Inc		11,471
	338,306	e	Tesoro Corp		3,948
	1,769,700		Thai Oil PCL		2,389
	86,770	e	TonenGeneral Sekiyu KK		751
	2,235,090		Total S.A.		99,772
	275,630		Tupras Turkiye Petrol Rafine		5,000
	1,589,831	e	Valero Energy Corp		28,585
	2,143,841	e	Walter Industries, Inc		130,453
	77,394		WD-40 Co		2,585
	531,320	*,e	Western Refining, Inc		2,673
			TOTAL PETROLEUM AND COAL PRODUCTS		3,389,092
PIPELINES, EXCEPT NATURAL GAS - 0.1%
	1,134,090	e	APA Group		3,422
	14,400		Enbridge Income Fund		186
	111,599		Pembina Pipeline Income Fund		1,872
	1,897,255		Spectra Energy Corp		38,077
	1,088,402	e	TransCanada Corp		36,408
	141,615		Wellstream Holdings plc		1,057
	102,800		Westshore Terminals Income Fund		1,672
			TOTAL PIPELINES, EXCEPT NATURAL GAS		82,694
PRIMARY METAL INDUSTRIES - 0.9%
	7,745		Acerinox S.A.		120
	27,346	*,e	Advanced Metallurgical Group NV		233

122

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	284,000	*	Aichi Steel Corp	$	1,109
	250,183	e	AK Steel Holding Corp		2,982
	2,408,086	e	Alcoa, Inc		24,225
	334,154	e	Allegheny Technologies, Inc		14,766
	5,922,000	*,e	Aluminum Corp of China Ltd		4,454
	1,662,720	e	Angang New Steel Co Ltd		1,973
	2,310	*	Anglo American plc		80
	116,059	*,e	ArcelorMittal		3,113
	22,247	*	Armtec Infrastructure Income Fund		390
	51,274		Asahi Holdings, Inc		1,116
	54,662		BE Group AB		308
	26,643		Bekaert S.A.		4,442
	207,186	e	Belden CDT, Inc		4,558
	229,474	e	BlueScope Steel Ltd		399
	273,702	e	Bodycote plc		807
	94,092	*,e	Brush Engineered Materials, Inc		1,880
	2,506,000	*	Burwill Holdings Ltd		158
	127,645	e	Carpenter Technology Corp		4,191
	612,853		Catcher Technology Co Ltd		1,322
	302,716	*,e	Century Aluminum Co		2,673
	13,253,743		China Steel Corp		12,210
	94,989		Chugai Ro Co Ltd		244
	17,455	*	Coleman Cable, Inc		98
	1,269,004		Companhia Siderurgica Nacional S.A.		18,490
	450	*	Corinth Pipeworks S.A.		0	^
	68,158		Daewoo International Corp		1,718
	23,531	*	Daido Steel Co Ltd		101
	44,600		Dongkuk Steel Mill Co Ltd		795
	100,413	e	Dowa Holdings Co Ltd		481
	38,046	*	Draka Holding		527
	139,727	e	Duro Felguera S.A.		1,364
	240,066		El Ezz Steel Co		733
	51,490	*	Elval Aluminium Process Co		69
	77,120	e	Encore Wire Corp		1,403
	466,108	*	Eregli Demir ve Celik Fabrikalari TAS		1,180
	578,050		Feng Hsin Iron & Steel Co		758
	528,577		Fujikura Ltd		2,303
	2,540,027		Furukawa Electric Co Ltd		11,082
	685,000		Furukawa-Sky Aluminum Corp		1,771
	612,400	*,e	General Cable Corp		16,320
	298,491	*	Gerdau Ameristeel Corp		3,254
	201,145	*	Gerdau Ameristeel Corp (Toronto)		2,188
	2,763		Gerdau S.A.		27
	860,602		Gerdau S.A. Preference		11,247
	165,463	*	Gibraltar Industries, Inc		1,671
	309,114	*	Globe Specialty Metals, Inc		3,193
	175,000		Godo Steel Ltd		422
	68,799		Haynes International, Inc		2,121
	1,723,897		Hindalco Industries Ltd		5,299
	62,420		Hoganas AB (Class B)		1,618
	204,520	*	Horsehead Holding Corp		1,546

123

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	251,675		Hubbell, Inc (Class B)	$	9,989
	153,407		Hyundai Steel Co		11,214
	219,540		JFE Holdings, Inc		6,792
	151,000		JFE Shoji Holdings, Inc		589
	2,163,000	e	Jiangxi Copper Co Ltd		4,019
	514,054		Johnson Matthey plc		11,421
	378,256		KGHM Polska Miedz S.A.		9,771
	815,013		KME Group S.p.A.		288
	1,546,597		Kobe Steel Ltd		2,946
	22,900		Kyoei Steel Ltd		373
	36,799		Leoni AG.		772
	2,660,000	e	Maanshan Iron & Steel		1,160
	20,700		Maruichi Steel Tube Ltd		396
	18,462	e	Matsuda Sangyo Co Ltd		298
	125,636	e	Matthews International Corp (Class A)		3,679
	386,733	e	Mechel (ADR)		2,680
	631,044	e	Mechel Steel Group OAO (ADR)		11,447
	156,649	*,e	Metalico, Inc		623
	959,000	*,e	Midas Holdings Ltd		620
	2,556,562	*,e	Mitsubishi Materials Corp		6,795
	194,000	*	Mitsubishi Steel Manufacturing Co Ltd		380
	2,673,299	e	Mitsui Mining & Smelting Co Ltd		7,055
	228,740		Mittal Steel South Africa Ltd		2,253
	191,163		Mueller Industries, Inc		4,703
	243,000	*	Nakayama Steel Works Ltd		402
	42,400		Neturen Co Ltd		318
	121,000	e	Nippon Denko Co Ltd		732
	102,000	*	Nippon Koshuha Steel Co Ltd		115
	1,309,000	*	Nippon Light Metal Co Ltd		1,696
	181,000	e	Nippon Metal Industry Co Ltd		237
	1,891,828		Nippon Steel Corp		6,253
	149,500	e	Nippon Yakin Kogyo Co Ltd		478
	67,763	*	Noranda Aluminium Holding Corp		436
	54,489	e	Norddeutsche Affinerie AG.		2,367
	836,300	e	Norsk Hydro ASA		3,777
	65,387	*	Northwest Pipe Co		1,242
	685,130	e	Nucor Corp		26,228
	49,171	e	Olympic Steel, Inc		1,129
	641,164		OneSteel Ltd		1,586
	21,600		Osaka Steel Co Ltd		297
	11,163	e	Outokumpu Oyj		168
	254,507	e	Pacific Metals Co Ltd		1,706
	985,225		Parkson Holdings BHD		1,652
	23,811		Pkc Group Oyj		315
	100,674		POSCO		38,147
	982,942		Precision Castparts Corp		101,165
	22,700	*,e	Recylex S.A.		178
	566,115	e	Reliance Steel & Aluminum Co		20,465
	138,464	*	RTI International Metals, Inc		3,338
	146,000	*,e	Sanyo Special Steel Co Ltd		658
	25,077		Schmolz + Bickenbach AG.		667
	648,966		Schnitzer Steel Industries, Inc (Class A)		25,439

124

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	369,377	*,f	Severstal (GDR)	$	3,559
	49,044	*	Sidenor Steel Products Manufacturing Co S.A.		126
	1,346,261		Steel Authority Of India		5,530
	637,084	e	Steel Dynamics, Inc		8,403
	2,004,048		Sterlite Industries India Ltd		7,233
	583,390	e	Straits Resources Ltd		631
	2,189,500		Sumitomo Electric Industries Ltd		25,516
	418,000	*	Sumitomo Light Metal Industries Ltd		429
	9,064,836		Sumitomo Metal Industries Ltd		20,496
	728,305		Sumitomo Metal Mining Co Ltd		9,086
	329,000	*	SWCC Showa Holdings Co Ltd		297
	517,871		Tata Steel Ltd		5,361
	128,566	e	Tenaris S.A.		2,217
	93,399	e	Texas Industries, Inc		2,759
	944,784	*,e	Titanium Metals Corp		16,619
	42,022		TKH Group NV		761
	44,300	e	Toho Titanium Co Ltd		1,057
	316,000	e	Toho Zinc Co Ltd		1,106
	178,000	e	Tokyo Rope Manufacturing Co Ltd		405
	29,910		Tokyo Steel Manufacturing Co Ltd		346
	66,000	e	Toyo Kohan Co Ltd		313
	132,379		Tredegar Corp		2,160
	122,685	e	Tubacex S.A.		368
	127,313		Tubos Reunidos S.A.		285
	856,676		Tung Ho Steel Enterprise Corp		671
	382,576		Umicore		11,038
	543,422	e	United States Steel Corp		20,949
	38,909	*	Universal Stainless & Alloy		622
	240,768	*,e	Uranium Energy Corp		568
	108,850		Usinas Siderurgicas de Minas Gerais S.A.		2,858
	299,831		Usinas Siderurgicas de Minas Gerais S.A. (Preference)		7,992
	445,966	e	Vallourec		76,891
	128,926	e	Voestalpine AG.		3,511
	91,793	e	Von Roll Holding AG.		461
	13,412,150		Walsin Lihwa Corp		4,929
	465,179	e	Worthington Industries, Inc		5,982
	91,100		Yamato Kogyo Co Ltd		2,271
	175,000		Yodogawa Steel Works Ltd		716
			TOTAL PRIMARY METAL INDUSTRIES		775,508
PRINTING AND PUBLISHING - 0.4%
	250,091	*,e	ACCO Brands Corp		1,248
	93,900	*	AH Belo Corp (Class A)		623
	88,610	e	Alma Media		693
	205,109	e	American Greetings Corp (Class A)		3,848
	202,000		AMVIG Holdings Ltd		106
	735,622	e	APN News & Media Ltd		1,209
	170,172	*,e	Arnoldo Mondadori Editore S.p.A.		496
	461,634	*,e	Belo (A.H.) Corp (Class A)		2,627
	171,207	e	Bowne & Co, Inc		1,921
	54,666		Caltagirone Editore S.p.A.		124
	78,640	*	Cambium Learning Group, Inc		283

125

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	74,100	e	Cermaq ASA	$	596
	54,021	*,e	Consolidated Graphics, Inc		2,336
	50,366		Courier Corp		615
	36,123	e	CSS Industries, Inc		596
	749,440	e	Dai Nippon Printing Co Ltd		8,650
	638,441	e	Daily Mail & General Trust		4,156
	38,016		Davis & Henderson Income Fund		592
	150,846	e	De La Rue plc		2,130
	257,187	*	Dex One Corp		4,887
	142,981	*,e	Dolan Media Co		1,590
	268,596		Dun & Bradstreet Corp		18,028
	236,542	*,e	Eniro AB		232
	136,237		Ennis, Inc		2,045
	150,228	*,e	EW Scripps Co (Class A)		1,116
	46,552		Fuji Seal International, Inc		1,016
	18,463,000	*	Fung Choi Media Group Ltd		1,966
	77,000	*,e	Gakken Co Ltd		158
	721,748	e	Gannett Co, Inc		9,715
	172,265	e	Harte-Hanks, Inc		1,800
	71,537	*,e	Impresa SGPS		136
	461,167	*	Independent News & Media plc		407
	1,084,418		Informa plc		5,729
	2,436,688	e	John Fairfax Holdings Ltd		2,662
	103,145	e	John Wiley & Sons, Inc (Class A)		3,989
	839,274	*	Johnston Press plc		184
	227,707	*,e	Journal Communications, Inc (Class A)		904
	94,908	e	Kadokawa Holdings, Inc		2,016
	188,000		Kyodo Printing Co Ltd		455
	13,007	e	Lagardere S.C.A.		406
	197,769	*	Lee Enterprises, Inc		508
	110,584	*,e	Martha Stewart Living Omnimedia, Inc (Class A)		544
	209,178	*	McClatchy Co (Class A)		761
	1,179,947	e	McGraw-Hill Cos, Inc		33,204
	152,381	*	Mecom Group plc		384
	100,974	*,e	Media General, Inc (Class A)		986
	72,843	e	Meredith Corp		2,268
	343,712	*,e	MSCI, Inc (Class A)		9,418
	54,165		Multi-Color Corp		555
	283,901	*,e	New York Times Co (Class A)		2,456
	798,000	*	Next Media Ltd		114
	830,000		Oriental Press Group		106
	68,295	e	Orkla ASA		437
	10,939	e	PagesJaunes Groupe S.A.		113
	3,763,371		Pearson plc		49,494
	107,287	*,e	Playboy Enterprises, Inc (Class B)		451
	439,953	*	PMP Ltd		209
	120,514	*	Presstek, Inc		425
	79,527	e	Primedia, Inc		233
	87,300		PRONEXUS, Inc		456
	78,536		Quebecor, Inc		2,400

126

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,335,714		R.R. Donnelley & Sons Co	$	21,866
	213,601	*	RCS MediaGroup S.p.A.		243
	2,272,959		Reed Elsevier NV		25,162
	852,883		Reed Elsevier plc		6,324
	5,449	*	Roularta Media Group NV		113
	7,008		Sanoma-WSOY Oyj		121
	61,402		Schawk, Inc (Class A)		918
	106,146		Schibsted ASA		2,036
	152,088	e	Scholastic Corp		3,668
	1,404,474	*,e	Seat Pagine Gialle S.p.A.		231
	1,175,736	e	Singapore Press Holdings Ltd		3,165
	3,061	*	Spir Communication		66
	76,139	e	Standard Register Co		239
	55,180	*	SuperMedia, Inc		1,009
	522,406	*,e	Thomson Corp (Toronto)		18,697
	818,825		Thomson Corp		29,337
	91,000		Toppan Forms Co Ltd		872
	1,363,548		Toppan Printing Co Ltd		10,782
	148,979	e	Torstar Corp		1,489
	94,430		Transcontinental, Inc		1,167
	1,045,863	*	Trinity Mirror plc		1,003
	376,217		United Business Media Ltd		2,779
	280,725	*	Valassis Communications, Inc		8,905
	107,875	*	VistaPrint Ltd		5,123
	15,985	e	Washington Post Co (Class B)		6,562
	300,749	e	West Australian Newspapers Holdings Ltd		1,635
	25,985		Wolters Kluwer NV		498
	4,400,249	*,e	Yell Group plc		1,595
	703,533		Yellow Pages Income Fund		3,939
			TOTAL PRINTING AND PUBLISHING		357,356
RAILROAD TRANSPORTATION - 0.7%
	10,749,620	*	Asciano Group		14,436
	900,690	e	Canadian National Railway Co		51,619
	234,910	e	Canadian Pacific Railway Ltd		12,591
	3,131		Central Japan Railway Co		25,852
	2,053,671	e	CSX Corp		101,924
	684,276	e	East Japan Railway Co		45,563
	82,879		Firstgroup plc		450
	165,593	*,e	Genesee & Wyoming, Inc (Class A)		6,178
	6,808,800	e	Guangshen Railway Co Ltd		2,357
	712,352	e	Hankyu Hanshin Holdings, Inc		3,144
	535,878	*	Kansas City Southern Industries, Inc		19,479
	1,522,522		MTR Corp		5,192
	1,872,168		Norfolk Southern Corp		99,319
	88,415	*,e	RailAmerica, Inc		877
	1,330,305	e	Stagecoach Group plc		3,518
	2,938,786		Union Pacific Corp		204,274
	4,748		West Japan Railway Co		17,363
			TOTAL RAILROAD TRANSPORTATION		614,136

127

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
REAL ESTATE - 0.6%
	3,006,848	e	Abacus Property Group	$	1,028
	59,009		Acanthe Developpement S.A.		107
	637,788	*	Aedes S.p.A.		150
	20,948		Affine S.A.		435
	35,019	*	Africa Israel Investments Ltd		166
	17,488	*	Africa Israel Properties Ltd		194
	2,734,000	e	Agile Property Holdings Ltd		2,796
	54,400		Airport Facilities Co Ltd		190
	224,535	e	Alerion Industries S.p.A.		155
	26,684		Aliansce Shopping Centers S.A.		168
	4,378,000		Allgreen Properties Ltd		3,193
	16,485	e	Allreal Holding AG.		1,811
	105,257		Alony Hetz Properties & Investments Ltd		428
	7,171	*	AL-ROV Israel Ltd		165
	43,819		Alstria Office REIT-AG.		418
	412,400		Amata Corp PCL		106
	91,845		Amot Investments Ltd		219
	1,160,720	e	AMP NZ Office Trust		563
	718,615	e	Aspen Group		270
	4,039		Atenor Group		163
	378,356	e	Australand Property Group		765
	10,705,043		Ayala Land, Inc		3,018
	9,247,920	m	Ayala Land, Inc (Preference)		20
	994,000	*	Belle Corp		39
	1,048,132	*,e	Beni Stabili S.P.A.		795
	142,254		Beni Stabili S.P.A. (Paris)		108
	256,158		BR Malls Participacoes SA		3,335
	1,533,755	*	Brioschi Sviluppo Immobiliare		335
	72,772		British Israel Investments Ltd		177
	3,022,054	e	British Land Co plc		19,521
	282,000		Brookfield Incorporacoes SA		1,215
	40,000		Brookfield Properties Co		562
	632,742	e	Brookfield Properties Corp		8,886
	151,673	*,e	CA Immobilien Anlagen AG.		1,579
	755,933	*,e	Capital & Counties PRO		1,225
	383,316	*	Capital & Regional plc		168
	2,288,811		CapitaLand Ltd		5,836
	4,684,754		CapitaMall Trust		6,108
	310,994		Castellum AB		2,818
	132,000	*	Cathay Real Estate Development Co Ltd		46
	1,191,220	*,e	CB Richard Ellis Group, Inc (Class A)		16,213
	98,000		Central Pattana PCL		60
	2,575	*	Centro Properties Group		0	^
	1,581,031	*	Centro Retail Group		209
	5,336,682	e	Champion Real Estate Investment Trust		2,472
	5,528,428		Cheuk Nang Holdings Ltd		1,656
	1,203,448		Cheung Kong Holdings Ltd		13,889
	25,000		China Aoyuan Property Group Ltd		4
	3,797,200	e	China Resources Land Ltd		7,140
	2,699,080		China Vanke Co Ltd		2,830
	291,000	e	Chinese Estates Holdings Ltd		514

128

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	207,464		City Developments Ltd	$	1,633
	193,338		Citycon Oyj		569
	45,641	*	CLS Holdings plc		312
	31,114	*	Colonia Real Estate AG.		154
	8,772		ComBOTS AG.		83
	24,391	e	Consolidated-Tomoka Land Co		695
	216,093	e	Conwert Immobilien Invest AG.		2,258
	54,744		Corio NV		2,658
	6,543,000	e	Country Garden Holdings Co Ltd		1,735
	684,616		Cyrela Brazil Realty S.A.		7,400
	75,100		Daibiru Corp		566
	1,245,900		Daiman Development BHD		614
	234,525	*	Delek Real Estate Ltd		92
	149,105		Derwent London plc		2,772
	317,640	*	Desarrolladora Homex S.A. de C.V.		1,345
	62,848		Deutsche Euroshop AG.		1,708
	107,089	*	Deutsche Wohnen AG.		838
	119,901		Development Securities plc		450
	56,747	e	DIC Asset AG.		429
	544,803	*	Dolphin Capital Investors Ltd		295
	109,378		Douja Promotion Groupe Addoha S.A.		1,459
	36,894		Dundee Real Estate Investment Trust		847
	196,362	e	DuPont Fabros Technology, Inc		4,823
	25,006	*	Elbit Imaging Ltd		363
	13,941		Elco Holdings Ltd		148
	18,140	*	Electra Real Estate Ltd		128
	11,594,800		Erawan Group PCL		713
	38,341		Eurobank Properties Real Estate Investment Co		260
	58,127		Eurocommercial Properties NV		1,853
	226,577	e	Fabege AB		1,342
	1,625,833		Far East Consortium		452
	146,680	e	First Capital Realty, Inc		1,875
	936,658	e	FKP Property Group		528
	596,902	*,e	Forest City Enterprises, Inc (Class A)		6,757
	189,003	*	Forestar Real Estate Group, Inc		3,394
	521,198		Gafisa S.A.		3,119
	1,915	e	Gafisa S.A. (ADR)		23
	97,686		Gazit Globe Ltd		822
	8,953		Gazit, Inc		151
	42,418		Gecina S.A.		3,832
	3,389,227	*	Genting International plc		2,803
	140,479	*	Globe Trade Centre S.A.		956
	1,513,000		Glorious Property Holdings Ltd		431
	34,850		Goldcrest Co Ltd		602
	88,151	e	Government Properties Income Trust		2,250
	515,198		Grainger plc		899
	539,755		Great Portland Estates plc		2,331
	947,500		Greentown China Holdings Ltd		1,004
	2,689,118		Growthpoint Properties Ltd		5,437
	1,796,336	e	Guangzhou R&F Properties Co Ltd		2,271
	588,000		Guocoland Ltd		896
	12,500	*,e	HAJIME CONSTRUCTION Co Ltd		338

129

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	696,938		Hammerson plc	$	3,553
	166,965		Hang Lung Group Ltd		900
	1,447,672		Hang Lung Properties Ltd		5,537
	201,500		Heiwa Real Estate Co Ltd		455
	124,877		Helical Bar plc		513
	7,762,000		Henderson Investment Ltd		622
	613,571		Henderson Land Development Co Ltd		3,594
	737,000	e	Ho Bee Investment Ltd		796
	481,000	*	Hong Fok Corp Ltd		188
	290,000	e	Hongkong Land Holdings Ltd		1,433
	525,801		Hopewell Holdings		1,485
	1,145,295	e	Hopson Development Holdings Ltd		1,408
	191,598	*	Housing Development & Infrastruture Ltd		1,018
	180,683		Hufvudstaden AB (Series A)		1,377
	524,272	e	Hysan Development Co Ltd		1,482
	68,628	e	ICADE		5,792
	2,603,300		IGB Corp BHD		1,401
	180,316		Immobiliare Grande Distribuzione		242
	1,104,163	e	IMMOFINANZ Immobilien Anlagen AG.		2,835
	4,436,837	e	ING Office Fund		2,142
	520,645	*,e	Inmobiliaria Colonial S.A.		79
	1,145,419	*	Inmobiliaria Colonial S.A. (Foreign)		174
	1,934		Intershop Holdings		526
	119,383	*,e	IVG Immobilien AG.		710
	85,506		IVR Prime Urban Developers Ltd		227
	450,500		Jasa Marga PT		100
	27,675	*	Jerusalem Economy Ltd		147
	54,200	b,e,m	Joint Corp		1
	176,097	e	Jones Lang LaSalle, Inc		11,559
	1,578,000		K Wah International Holdings Ltd		488
	79,360	*	Kardan NV		314
	1,767	*,e	Kenedix, Inc		291
	91,078	*	Kennedy-Wilson Holdings, Inc		920
	80,000	e	Keppel Land Ltd		221
	6,402,178		KLCC Property Holdings BHD		6,057
	113,960	e	Klepierre		3,149
	330,732		Klovern AB		1,022
	341,785		Kungsleden AB		2,069
	90,029,000		Lai Fung Holdings Ltd		2,823
	28,883	*	Lamda Development S.A.		130
	3,778,500		Land and Houses PCL		611
	743,031		Land Securities Group plc		6,149
	3,288		Leasinvest Real Estate SCA		235
	285,042	e	Leighton Holdings Ltd		6,856
	419,172		Liberty International plc		1,937
	6,973,301	e	Link Real Estate Investment Trust		17,303
	328,000		Liu Chong Hing Investment		338
	1,626,000	e	Longfor Properties Co Ltd		1,628
	89,147	*,e	LoopNet, Inc		1,099
	135,356		MAC Services Group		271
	3,129,707	e	Macquarie Goodman Group		1,655
	35,779	e,m	Mapeley Ltd		107

130

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,286,000	f	Megaworld Corp	$	38
	12,148		Melisron Ltd		258
	40,218		Mercialys S.A		1,141
	2,598,929	e	Midland Holdings Ltd		2,128
	171,565	*	Minerva plc		277
	1,362,476	e	Mirvac Group		1,488
	1,950,335		Mitsubishi Estate Co Ltd		27,153
	1,284,419		Mitsui Fudosan Co Ltd		17,877
	1,149,000	*	Mongolia Energy Co ltd		400
	84,324		Multiplan Empreendimentos Imobiliarios S.A.		1,542
	96,000	*	Musashino Kogyo Co Ltd		202
	4,856,666	e	New World China Land Ltd		1,500
	5,859,155		New World Development Ltd		9,512
	55,850		Nexity		1,592
	48,098	*	Nitsba Holdings 1995 Ltd		363
	57,847	e	Nomura Real Estate Holdings, Inc		724
	594,400	*	Norwegian Property ASA		776
	3,839		NTT Urban Development Corp		3,050
	64,382		Parco Co Ltd		485
	37,994	*,e	Patrizia Immobilien AG.		137
	716,063		PDG Realty SA		6,046
	1,284,847	*	Pirelli & C Real Estate S.p.A.		515
	893,600		Preuksa Real Estate PCL		492
	83,153		Primary Health Properties plc		363
	58,178		PSP Swiss Property AG.		3,480
	758,306	*	Quintain Estates & Development plc		484
	672,614		Raven Russia Ltd		404
	1,768,244		Regus plc		1,837
	12,414,500		Renhe Commercial Holdings Co Ltd		2,569
	4,343	e	Risa Partners, Inc		1,814
	2,637,200		Robinsons Land Corp		811
	235,720		Rossi Residencial SA		1,699
	38,790		Sankei Building Co Ltd		199
	262,000	e	SC Global Developments Ltd		297
	681,043		Segro plc		2,568
	518,242		Shaftesbury plc		2,772
	160,000		Shanghai Forte Land Co		42
	1,309,000		Shanghai Lujiazui Finance & Trade Zone Development Co Ltd		1,716
	15,180,000	e	Shanghai Real Estate Ltd		1,486
	264,000	e	Shenzhen Investment Ltd		76
	42,200		Shoei Co Ltd		283
	3,893,400	e	Shui On Land Ltd		1,676
	224,000		Singapore Land Ltd		1,016
	6,047,670	e	Sino Land Co		10,808
	4,176,000	e	Sino-Ocean Land Holdings Ltd		3,000
	9,810,652		SM Prime Holdings		2,273
	744		Societa Partecipazioni Finanziarie S.p.A.		0	^
	7,128		Societe de la Tour Eiffel		428
	5,478,500	e	Soho China Ltd		3,170
	351,178	*	Songbird Estates plc		804
	1,503,250		SP Setia BHD		1,936

131

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	67,678	*,e	Sparkassen Immobilien AG.	$	400
	2,622,929		SPG Land Holdings Ltd		1,079
	262,998	e	Sponda Oyj		790
	175,238	*	ST Modwen Properties plc		482
	251,803	*,e	St. Joe Co		5,832
	373,901	e	Stewart Enterprises, Inc (Class A)		2,023
	2,783,699		Stockland Trust Group		8,640
	24,510	e	Sumitomo Real Estate Sales Co Ltd		1,109
	535,789		Sumitomo Realty & Development Co Ltd		9,104
	1,076,000		Summarecon Agung Tbk PT		100
	1,899,246		Sun Hung Kai Properties Ltd		25,975
	79,936		Swiss Prime Site AG.		4,850
	42,725	*	TAG Tegernsee Immobilien und Beteiligungs AG.		242
	856,000		TAI Cheung Holdings		510
	212,375		Technopolis plc		814
	895,334	e	Thomas Properties Group, Inc		2,964
	106,800		TOC Co Ltd		425
	1,320,988	e	Tokyo Tatemono Co Ltd		4,071
	210,000		Tokyotokeiba Co Ltd		293
	321,900	e	Tokyu Land Corp		1,125
	28,000	e	Tokyu Livable, Inc		279
	17,700	e	Touei Housing Corp		150
	88,564		Unibail		14,434
	232,652	*	Unite Group plc		601
	9,149,583	*	Unitech Corporate Parks plc		3,524
	1,750,981		Unitech Ltd		2,769
	29,874		Vastned Retail NV		1,505
	42,692		Wallenstam Byggnads AB (B Shares)		717
	12,789		Warehouses De Pauw SCA		503
	5,631		Wereldhave Belgium NV		412
	34,434		Wereldhave NV		2,555
	1,679,835		Wheelock & Co Ltd		4,736
	436,000	e	Wheelock Properties S Ltd		574
	78,987	e	Wihlborgs Fastigheter AB		1,496
	937,267		Wing Tai Holdings Ltd		1,048
	2,227,536		Workspace Group plc		714
	965,000		Yanlord Land Group Ltd		1,182
	1,407,988		YNH Property BHD		693
	3,826,800		Zhong An Real Estate Ltd		966
	56,590	*	Zueblin Immobilien Holding AG.		190
			TOTAL REAL ESTATE		535,533
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.4%
	154,679	e	A. Schulman, Inc		2,933
	270,000		Achilles Corp		371
	26,425	*,e	AEP Industries, Inc		631
	293,883	e	Ansell Ltd		3,224
	87,572		Asics Corp		802
	49,966	*	Balda AG.		157
	110,000		Bando Chemical Industries Ltd		348
	1,098,496	e	Bayer AG.		61,386
	606,838	e	Bridgestone Corp		9,595

132

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	22,672	*	CENTROTEC Sustainable AG.	$	357
	1,661,909		Cheng Shin Rubber Industry Co Ltd		3,364
	492,230	e	Cooper Tire & Rubber Co		9,598
	94,237	*	Deceuninck NV		195
	74,622	*,e	Deckers Outdoor Corp		10,661
	681,454		Denki Kagaku Kogyo KK		3,172
	1,453,755	*,e	Goodyear Tire & Rubber Co		14,450
	71,726	*,e	Graham Packaging Co, Inc		859
	154,400		Hankook Tire Co Ltd		3,503
	28,000	*	JSP Corp		264
	17,603		Lacrosse Footwear, Inc		296
	111,407	*,e	Metabolix, Inc		1,594
	300,393		Michelin (C.G.D.E.) (Class B)		20,929
	87,000		Mitsuboshi Belting Co Ltd		379
	588,017	e	Mitsui Chemicals, Inc		1,643
	3,820,891	e	Newell Rubbermaid, Inc		55,938
	173,000		Nichias Corp		692
	119,851		Nifco, Inc		2,471
	30,900		Nitta Corp		495
	75,900	*	NOK Corp		1,205
	169,120	e	Nokian Renkaat Oyj		4,139
	48,501	e	Nolato AB (B Shares)		440
	150,000	e	Okamoto Industries, Inc		615
	6,569,507		Pirelli & C S.p.A.		3,618
	5,770		Plasson		100
	3,669	e	Puma AG. Rudolf Dassler Sport		975
	751,575		Sealed Air Corp		14,821
	61,000		Sekisui Jushi Corp		548
	774,000		Sekisui Plastics Co Ltd		3,611
	29,129	e	Semperit AG. Holding		996
	175,291	*,e	Skechers U.S.A., Inc (Class A)		6,402
	163,176	*	Spartech Corp		1,673
	7,961,306		SSL International plc		95,876
	130,795	*,e	STR Holdings, Inc		2,459
	882,221		Sumitomo Bakelite Co Ltd		4,318
	1,088,584	e	Sumitomo Rubber Industries, Inc		9,601
	90,000		Takiron Co Ltd		265
	163,855	e	Titan International, Inc		1,634
	64,400		Tokai Rubber Industries, Inc		762
	260,000		Toyo Tire & Rubber Co Ltd		550
	63,760	*,e	Trex Co, Inc		1,281
	475,289		Tupperware Corp		18,940
	80,034		Uponor Oyj		1,131
	84,059		Viscofan S.A.		2,266
	10,298,000	*,m	Wai Chun Mining Industry Group Co Ltd		268
	147,332	e	West Pharmaceutical Services, Inc		5,376
	512,000		Yokohama Rubber Co Ltd		2,307
			TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		396,484
SECURITY AND COMMODITY BROKERS - 2.1%
	33,714		ABC Arbitrage		278
	346,278		ABG Sundal Collier ASA		328

133

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	127,643		AGF Management Ltd	$	1,716
	681,817	e	Ameriprise Financial, Inc		24,634
	200,009		Artio Global Investors, Inc		3,148
	347,881	e	Australian Stock Exchange Ltd		8,486
	33,124		Avanza AB		915
	164,724		Azimut Holding S.p.A.		1,360
	150,556		Banca Finnat Euramerica S.p.A.		99
	106,161		BlackRock, Inc		15,223
	112,708	e	Bolsas y Mercados Espanoles		2,453
	31,677	*	Boursorama		315
	592,574	*,e	Broadpoint Securities Group, Inc		1,511
	347,351	e	Broadridge Financial Solutions, Inc		6,617
	84,081	e	BT Investment Management Ltd		172
	374,200		Bursa Malaysia BHD		811
	176,898		Calamos Asset Management, Inc (Class A)		1,642
	72,605		Canaccord Capital, Inc		640
	1,297,900		Capital Securities Corp		548
	6,699,863	e	Charles Schwab Corp		95,004
	1,298,000	e	China Everbright Ltd		2,954
	277,981		Close Brothers Group plc		2,862
	230,496		CME Group, Inc		64,896
	80,996	e	Cohen & Steers, Inc		1,680
	221,732	e	Count Financial Ltd		214
	151,040	*,e	Cowen Group, Inc		619
	4,445,484		Credit Suisse Group		167,138
	922,397		Cromwell Group		538
	29,100	*,e,m	D Carnegie AB		66
	27,398		DAB Bank AG.		140
	176,990		Daewoo Securities Co Ltd		2,889
	3,120		Daishin Securities Co Ltd		36
	1,447,579		Daiwa Securities Group, Inc		6,112
	130,557	*	DeA Capital S.p.A.		189
	897,054	e	Deutsche Boerse AG.		54,499
	12,883	e	Diamond Hill Investment Group, Inc		730
	188,288	e	Duff & Phelps Corp		2,378
	145,020	*	Dundee Corp		1,658
	104,270		DundeeWealth, Inc		1,324
	5,849,012	*,e	E*Trade Financial Corp		69,135
	251,185		Eaton Vance Corp		6,935
	363,593		Egyptian Financial Group-Hermes Holding		1,834
	57,605	e	Epoch Holding Corp		707
	70,572	e	Evercore Partners, Inc (Class A)		1,648
	321,315		Evolution Group plc		419
	639,466	e	F&C Asset Management plc		495
	248,552	*,e	FBR Capital Markets Corp		828
	182,862	e	Federated Investors, Inc (Class B)		3,787
	192,651	e	Fifth Street Finance Corp		2,125
	320,668	e	Franklin Resources, Inc		27,638
	46,267		Friedman Billings Ramsey Group, Inc (Class A)		871
	143,618	e	GAGFAH S.A.		1,036
	37,492	e	GAMCO Investors, Inc (Class A)		1,395
	283,501	*	Gartmore Group Ltd		462

134

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	389,588	e	GFI Group, Inc	$	2,174
	22,548		Gluskin Sheff + Associates, Inc		360
	103,601		GMP Capital, Inc		906
	3,067,424		Goldman Sachs Group, Inc		402,662
	17,598		Gottex Fund Management Holdings Ltd		107
	62,532	e	Greenhill & Co, Inc		3,823
	346,730		Hana Financial Group, Inc		9,194
	153,846		Hellenic Exchanges S.A.		813
	1,344,733	e	Hong Kong Exchanges and Clearing Ltd		20,973
	173,167		Hyundai Securities Co		1,639
	11,181,666		ICAP plc		67,020
	216,800		Ichiyoshi Securities Co Ltd		1,443
	298,808	e	IGM Financial, Inc		10,419
	18,736		Indiabulls Financial Services Ltd		57
	433,543		Indiabulls Real Estate Ltd		1,452
	69,683	*,e	Interactive Brokers Group, Inc (Class A)		1,157
	258,967	*	IntercontinentalExchange, Inc		29,271
	88,190	*	International Assets Holding Corp		1,411
	4,213,183	e	Invesco Ltd		70,908
	340,882	*,e	Investment Technology Group, Inc		5,475
	848,875	e	IOOF Holdings Ltd		4,230
	3,608,100	e	iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker		5,319
	23,700		Iwai Securities Co Ltd		178
	385,260	e	Janus Capital Group, Inc		3,421
	247,239	e	Jefferies Group, Inc		5,212
	780,000	*	Jia Sheng Holdings Ltd		154
	99,881	e	JMP Group, Inc		618
	113,800	e	kabu.com Securities Co Ltd		534
	159,998	*,e	KBW, Inc		3,430
	4,009,000		KGI Securities Co Ltd		1,553
	7,246,490		Kim Eng Holdings Ltd		8,221
	517,051	*,e	Knight Capital Group, Inc (Class A)		7,130
	51,790		Korea Investment Holdings Co Ltd		1,317
	2,832,130		Kowloon Development Co Ltd		2,780
	208,071	*,e	LaBranche & Co, Inc		891
	401,544	*	Ladenburg Thalmann Financial Services, Inc		502
	449,239		Lazard Ltd (Class A)		11,999
	20,043,095	e	Legal & General Group plc		23,361
	918,883	e	Legg Mason, Inc		25,756
	126,036		London Stock Exchange Group plc		1,052
	625,973	*,e	Macquarie Group Ltd		19,240
	1,477,928		Man Group plc		4,899
	121,208		MarketAxess Holdings, Inc		1,671
	93,300		Marusan Securities Co Ltd		534
	249,700	e	Matsui Securities Co Ltd		1,525
	3,727,806	*,e	MF Global Holdings Ltd		21,286
	31,109		Mirae Asset Securities Co Ltd		1,359
	68,000		Mito Securities Co Ltd		144
	786,000	*,e	Mizuho Investors Securities Co Ltd		744
	1,486		Monex Beans Holdings, Inc		609
	12,204,889		Morgan Stanley		283,275

135

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	68,869	*,e	Morningstar, Inc	$	2,928
	655,981	*	Nasdaq Stock Market, Inc		11,663
	3,747,460	*	Nomura Holdings, Inc		20,474
	141,838		Nordnet AB (Series B)		502
	761,509		NYSE Euronext		21,040
	322,000		Okasan Holdings, Inc		1,251
	53,405	e	Oppenheimer Holdings, Inc		1,279
	190,156	*,e	optionsXpress Holdings, Inc		2,993
	64		Otzar Hityashvuth Hayehudim		128
	135,470	*,e	Penson Worldwide, Inc		764
	517,000	*,m	Peregrine Investment Holdings		0	^
	140,499	e	Perpetual Trustees Australia Ltd		3,304
	80,662	*,e	Piper Jaffray Cos		2,599
	8,418,585		Polaris Securities Co Ltd		3,664
	36,545	e	Pzena Investment Management, Inc (Class A)		233
	400,118	e	Raymond James Financial, Inc		9,879
	141,689		Reliance Capital Ltd		2,302
	1,232,594		RMB Holdings Ltd		4,988
	72,960		Samsung Securities Co Ltd		3,220
	122,143	e	Sanders Morris Harris Group, Inc		678
	114,987		Schroders plc		2,070
	567,705	e	SEI Investments Co		11,558
	385,000		Shenyin Wanguo HK Ltd		150
	2,437,625		Shinko Securities Co Ltd		5,435
	755,676	e	Singapore Exchange Ltd		3,963
	1,391,405	e,f,g	Spark Infrastructure Group		1,334
	1,362	*,e	Sparx Group Co Ltd		121
	63,868		Sprott, Inc		215
	138,427	*,e	Stifel Financial Corp		6,006
	298,073		Suramericana de Inversiones S.A.		4,701
	12,751	e	Swissquote Group Holding S.A.		505
	119,349	e	SWS Group, Inc		1,134
	1,949,223	e	T Rowe Price Group, Inc		86,526
	333,123		Tai Fook Securities Group Ltd		236
	170,000		Takagi Securities Co Ltd		246
	483,382	*,e	TD Ameritrade Holding Corp		7,396
	118,323	*,e,m	Thomas Weisel Partners Group, Inc		697
	111,501	e	TMX Group, Inc		2,911
	565,680		Tokai Tokyo Securities Co Ltd		2,223
	99,131		Tong Yang Investment Bank		708
	93,000		Toyo Securities Co Ltd		153
	5,916		Union Financiere de France BQE S.A.		169
	557,565		UOB-Kay Hian Holdings Ltd		590
	8,133	e	Value Line, Inc		148
	103,050	*	Vostok Nafta Investment Ltd		320
	349,139		Waddell & Reed Financial, Inc (Class A)		7,639
	26,242	e	Westwood Holdings Group, Inc		922
	124,900		Woori Investment & Securities Co Ltd		1,601
			TOTAL SECURITY AND COMMODITY BROKERS		1,913,911
SOCIAL SERVICES - 0.0%
	120,377	*,e	Capital Senior Living Corp		598

136

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,175,966	e	Gunns Ltd	$	592
	38,493	*	Medica		699
	94,136	*,e	Providence Service Corp		1,318
	144,423	*,e	Res-Care, Inc		1,395
	735,879	e	Ryman Healthcare Ltd		1,002
	274,186	*	Southern Cross Healthcare Ltd		142
	33,800	e	Temp Holdings Co Ltd		300
			TOTAL SOCIAL SERVICES		6,046
SPECIAL TRADE CONTRACTORS - 0.1%
	20,579	e	Alico, Inc		473
	80,926	*	American DG Energy, Inc		252
	36,446	*,e	AsiaInfo Holdings, Inc		797
	13,734	e	Bauer AG.		469
	169,115	*	Cape plc		502
	137,089	e	Chemed Corp		7,491
	317,106	*	Chicago Bridge & Iron Co NV (ADR)		5,965
	38,000		Chudenko Corp		441
	216,297	e	Comfort Systems USA, Inc		2,089
	182,500	e	COMSYS Holdings Corp		1,633
	68,700		Daimei Telecom Engineering Corp		543
	211,952	*,e	Dycom Industries, Inc		1,812
	476,701		eaga plc		812
	364,305	*	EMCOR Group, Inc		8,441
	4,100,000	*	First Gen Corp		898
	65,200		Hibiya Engineering Ltd		553
	74,281		Homeserve plc		2,213
	173,312	*	Insituform Technologies, Inc (Class A)		3,549
	186,000		Kandenko Co Ltd		1,101
	146,309		Kinden Corp		1,246
	111,600		Kyowa Exeo Corp		984
	74,000		Kyudenko Corp		409
	95,976	*,e	Layne Christensen Co		2,329
	412,500		Metalurgica Gerdau S.A.		6,675
	691,623	*,e	Quanta Services, Inc		14,282
	112,000		Sanki Engineering Co Ltd		831
	5,500		Secom Techno Service Co Ltd		160
	152,344		Severfield-Rowen plc		480
	568,646	e	Spice plc		456
	163,000		Taihei Kogyo Co Ltd		524
	59,300	e	Taikisha Ltd		931
	90,500	e	Takasago Thermal Engineering Co Ltd		764
	590,146	*,b,e	Timbercorp Ltd		22
	49,000		Toenec Corp		277
	53,000		Yurtec Corp		226
			TOTAL SPECIAL TRADE CONTRACTORS		70,630
STONE, CLAY, AND GLASS PRODUCTS - 0.5%
	915,898		Ambuja Cements Ltd		2,247
	1,320,870	e	Anhui Conch Cement Co Ltd		3,840
	195,367	e	Apogee Enterprises, Inc		2,116
	2,307,704	e	Asahi Glass Co Ltd		21,669

137

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,613,272		Asia Cement Corp	$	2,295
	81,797		Associated Cement Co Ltd		1,538
	2,671,500		BBMG Corp		2,759
	638,506	e,m	Boral Ltd		2,558
	480,493		Bradespar S.A.		8,729
	108,462	e	Buzzi Unicem S.p.A.		1,088
	118,591		Buzzi Unicem S.p.A. RSP		715
	126,810	*,e	Cabot Microelectronics Corp		4,386
	85,147	e	CARBO Ceramics, Inc		6,147
	81,180		Cementir S.p.A.		214
	338,630		Cementos Argos S.A.		2,032
	19,529		Cementos Portland Valderrivas S.A.		309
	13,380,775	*,e	Cemex S.A. de C.V.		13,047
	251,000		Central Glass Co Ltd		989
	290,658	e	Cimpor Cimentos de Portugal S.A.		1,633
	110,794		Clal Industries and Investments		719
	484,079	*,e	Coal of Africa Ltd		728
	414,795	*	Cookson Group plc		2,384
	6,900,158	e	Corning, Inc		111,437
	296,526		CRH plc		6,151
	2,641	*	Daldrup & Soehne AG.		71
	144,243	e	Eagle Materials, Inc		3,740
	953,220		Egypt Kuwait Holding Co		1,442
	105,708	e	FLSmidth & Co AS		6,822
	457,858		Gentex Corp		8,232
	6,540,000		Goldsun Development & Construction Co Ltd		2,815
	818,937	e	Grupo Carso S.A. de C.V. (Series A1)		2,604
	47,484	e	HeidelbergCement AG.		2,244
	78,442	e	Holcim Ltd		5,251
	1,300,000		Indo Tambangraya Megah Pt		5,286
	237,830	e	Industrias Penoles S.A. de C.V.		4,637
	498,511		Inversiones Argos S.A.		5,091
	100,557	e	Italcementi S.p.A.		764
	188,269		Italcementi S.p.A. RNC		822
	9,445	e	Italmobiliare S.p.A.		255
	60,401		Italmobiliare S.p.A. RSP		1,158
	1,372,529		Jaiprakash Associates Ltd		3,754
	330,242	*,e	James Hardie Industries NV		1,710
	117,000	e	Krosaki Harima Corp		445
	508,220		Lafarge Malayan Cement BHD		1,063
	57,414	e	Lafarge S.A.		3,131
	79,696	*	Libbey, Inc		1,034
	240,000		Luks Group Vietnam Holdings Ltd		97
	279,237		Marshalls plc		337
	149,003	e	Martin Marietta Materials, Inc		12,637
	393,876		Morgan Crucible Co plc		1,079
	166,419		NGK Insulators Ltd		2,592
	40,300		Nichiha Corp		363
	306,000		Nihon Yamamura Glass Co Ltd		819
	370,576		Nippon Sheet Glass Co Ltd		907
	134,919		Noritake Co Ltd		454
	839,845	*,e	Owens Corning, Inc		25,120

138

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	704,495	*,e	Owens-Illinois, Inc	$	18,634
	52,159		Pargesa Holding S.A.		3,420
	26,300	e	Pigeon Corp		970
	732,878	e	Pretoria Portland Cement Co Ltd		3,028
	3,415,700		PT Indocement Tunggal Prakarsa Tbk		5,904
	4,196,000		PT Semen Gresik Persero Tbk		4,023
	22,305		Sa des Ciments Vicat		1,498
	44,396	*	Samruddhi Cement Ltd		466
	523,700		Siam Cement PCL reg		4,493
	3,388		Sika AG.		6,006
	10,780		STO AG.		1,037
	882,193		Sumitomo Osaka Cement Co Ltd		1,677
	3,423,090	*	Taiheiyo Cement Corp		4,322
	4,302,065		Taiwan Cement Corp		3,627
	1,334,222		Taiwan Glass Industrial Corp		1,220
	1,000,000		TCC International Holdings Ltd		275
	76,510		Titan Cement Co S.A.		1,443
	309,951	e	Toto Ltd		2,059
	211,039	*,e	USG Corp		2,549
	535		Vetropack Holding AG.		893
	3,333,165	*,e	Wienerberger AG.		40,514
	2,328,000	e	Xinyi Glass Holdings Co Ltd		875
	40,813		Zignago Vetro S.p.A.		205
			TOTAL STONE, CLAY, AND GLASS PRODUCTS		415,644
TEXTILE MILL PRODUCTS - 0.1%
	127,248	e	Albany International Corp (Class A)		2,060
	804,709	e	Alfa S.A. de C.V. (Class A)		6,022
	243,000		Atsugi Co Ltd		289
	65,585		Cheil Industries, Inc		5,026
	44,749	*	Culp, Inc		490
	283,000	e	Daiwabo Co Ltd		564
	32,727	*	Delta Apparel, Inc		478
	6,005,758		Far Eastern Textile Co Ltd		6,176
	727,220		Formosa Taffeta Co Ltd		509
	32,960		Hyosung Corp		2,087
	226,232	e	Interface, Inc (Class A)		2,430
	113,000	e	Japan Wool Textile Co Ltd		764
	881,000		Kurabo Industries Ltd		1,352
	562,000	e	Li Heng Chemical Fibre Technologies Ltd		85
	258,832	*,e	Mohawk Industries, Inc		11,844
	9,231		Nisshinbo Industries, Inc		88
	375,000	*	Nitto Boseki Co Ltd		825
	75,743	e	Oxford Industries, Inc		1,585
	1,472,000		Pacific Textile Holdings Ltd		733
	583,000	*	Ruentex Industries Ltd		1,611
	1,461,230		Seiren Co Ltd		7,687
	6,223,678		Teijin Ltd		18,479
	678,000		Texwinca Holdings Ltd		658
	2,040,000	*	Theme International Holdings Ltd		303
	624,000	*	Unitika Ltd		524
	971,000		Victory City International Hldgs Ltd		214

139

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	32,372	*,b	Xerium Technologies, Inc	$	457
			TOTAL TEXTILE MILL PRODUCTS		73,340
TOBACCO PRODUCTS - 1.1%
	10,894,278		Altria Group, Inc		218,321
	211,861	e	Australian Agricultural Co Ltd		266
	148,500		British American Tobacco Malaysia BHD		2,008
	2,166,237		British American Tobacco plc		68,747
	492,411	e	Fortune Brands, Inc		19,293
	3,619,112		Huabao International Holdings Ltd		4,626
	3,217,219		Imperial Tobacco Group plc		89,891
	2,119,653		ITC Ltd		13,829
	4,462		Japan Tobacco, Inc		13,882
	1,836,299		Lorillard, Inc		132,177
	8,397,486		Philip Morris International, Inc		384,941
	736,000		PT Gudang Garam Tbk		2,762
	142,631		Souza Cruz S.A.		5,373
	45,700	e	Swedish Match AB		999
	127,394	e	Universal Corp		5,055
	166,488	e	Vector Group Ltd		2,800
			TOTAL TOBACCO PRODUCTS		964,970
TRANSPORTATION BY AIR - 0.4%
	44,361	*	ACE Aviation Holdings, Inc (Class A)		344
	47,129		Aegean Airlines S.A.		133
	272,473	*	AER Lingus		267
	150,331	e	Aeroports de Paris		9,644
	62,116	*,e	Air Berlin plc		251
	90,100	*	Air Canada (Class A)		141
	4,586,300	*	Air China Ltd		4,498
	98,819	*,e	Air France-KLM		1,175
	49,990	*,e	Air Methods Corp		1,487
	378,683	e	Air New Zealand Ltd		277
	276,986	*,e	Air Transport Services Group, Inc		1,318
	1,440,500	*	AirAsia BHD		553
	741,702	*,e	Airtran Holdings, Inc		3,597
	188,949	*	Alaska Air Group, Inc		8,493
	140,075	*,e,m	Alitalia S.p.A.		76
	1,395,296	*	All Nippon Airways Co Ltd		4,423
	63,005	e	Allegiant Travel Co		2,690
	1,361,886	*,e	AMR Corp		9,234
	135,120	*,e	Atlas Air Worldwide Holdings, Inc		6,418
	482,212		Auckland International Airport Ltd		616
	637,356		BBA Aviation plc		1,735
	3,988,400	e	Beijing Capital International Airport Co Ltd		2,337
	179,145	*,e	Bristow Group, Inc		5,267
	22,635,939	*,e	British Airways plc		65,764
	4,866,923		Cathay Pacific Airways Ltd		9,625
	2,571,127	*	China Airlines		1,309
	140,153	*	Continental AG.		7,275
	1,604,763	*,e	Continental Airlines, Inc (Class B)		35,305
	178,778		Copa Holdings S.A. (Class A)		7,906

140

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,578,933	*,e	Delta Air Lines, Inc	$	65,552
	248,208	*	easyJet plc		1,465
	2,022,520	*	Eva Airways Corp		1,186
	21,335	e	Flughafen Wien AG.		1,120
	5,873		Flughafen Zuerich AG.		1,744
	191,464	*,b,m	FLYi, Inc		1
	5,381	e	Fraport AG. Frankfurt Airport Services Worldwide		229
	1,978,685	*	Gemina S.p.A.		1,198
	215,862		Gol Linhas Aereas Inteligentes S.A.		2,557
	672,591	e	Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		1,953
	410,355	*,e	Hawaiian Holdings, Inc		2,122
	94,400		Hong Kong Aircraft Engineerg		1,268
	428,549	*	Iberia Lineas Aereas de Espana		1,210
	520,535	*,b,m	Japan Airlines Corp		6
	89,500		Jazz Air Income Fund		345
	2,554,459	*,e	JetBlue Airways Corp		14,024
	67,405	*	Korean Air Lines Co Ltd		4,478
	235,900		Lan Airlines S.A.		4,407
	649,875		Macquarie Airports		1,456
	923,466		Malaysian Airline System BHD		587
	32,647	*,e	Norwegian Air Shuttle AS		522
	83,930	*,e	PHI, Inc		1,183
	90,807	*	Pinnacle Airlines		494
	291,481		Qantas Airways Ltd		534
	155,881	*,e	Republic Airways Holdings, Inc		952
	110,760	*	Ryanair Holdings plc		486
	3,689	*	Ryanair Holdings plc (ADR)		100
	96	*,m	SAir Group		0	^
	206,056	*,e	SAS AB		652
	23,564		SAVE S.p.A.		182
	149,190		Singapore Airlines Ltd		1,547
	1,333,968		Singapore Airport Terminal Services Ltd		2,543
	255,043	e	Skywest, Inc		3,117
	3,130,397	e	Southwest Airlines Co		34,779
	97,670		Tam S.A.		1,353
	336,000	*	Tiger Airways Holdings Ltd		434
	709,526		Turk Hava Yollari		1,747
	597,156	*,e	UAL Corp		12,278
	773,202	*,e	US Airways Group, Inc		6,657
	30,922,713	*,e	Virgin Blue Holdings Ltd		7,530
	21,222	*	Vueling Airlines S.A.		215
			TOTAL TRANSPORTATION BY AIR		376,371
TRANSPORTATION EQUIPMENT - 3.1%
	137,514	e	A.O. Smith Corp		6,627
	203,289	*,e	AAR Corp		3,403
	17,734		Accell Group		744
	68,952	*,e	Aerovironment, Inc		1,498
	80,000	*	Aichi Machine Industry Co Ltd		215
	36,400	*	Aisan Industry Co Ltd		264
	340,545	*	Aisin Seiki Co Ltd		9,168

141

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	109,000	e	Akebono Brake Industry Co Ltd	$	497
	2,933,178	*,e	American Axle & Manufacturing Holdings, Inc		21,500
	68,062	e	American Railcar Industries, Inc		822
	104,978	*,e	Amerigon, Inc (Class A)		775
	69,169	*	Arctic Cat, Inc		630
	459,084	*,e	ArvinMeritor, Inc		6,014
	161,281	*	ATC Technology Corp		2,600
	2,120,135	e	Austal Ltd		3,894
	987,564	*,e	Autoliv, Inc		47,255
	452,573		BAE Systems plc		2,106
	529,126	e	Bayerische Motoren Werke AG.		25,703
	5,430		Bayerische Motoren Werke AG. (Preference)		190
	316,183	*,e	BE Aerospace, Inc		8,041
	49,476		Beneteau S.A.		641
	4,365,913		Boeing Co		273,961
	3,244,779		Bombardier, Inc		14,752
	136,172		Brembo S.p.A.		833
	443,915	e	Brunswick Corp		5,518
	233,000	*,e	BW Offshore Ltd		270
	978,058	*,e	Calsonic Kansei Corp		2,870
	26,137	*	Carraro S.p.A.		72
	18,053,700		China South Locomotive and Rolling Stock Corp		12,342
	219,609		Clarcor, Inc		7,801
	143,575		Cobham plc		455
	21,234		Compagnie Plastic-Omnium S.A.		930
	3,968		Construcciones y Auxiliar de Ferrocarriles S.A.		1,615
	762,851	e	Cosco Corp Singapore Ltd		802
	135,981		Daewoo Shipbuilding & Marine Engineering Co Ltd		2,063
	60,712	*	Daihatsu Motor Co Ltd		565
	2,323,074		DaimlerChrysler AG. (EUR)		117,514
	705,174	*	Dana Holding Corp		7,052
	1,207,126		Denso Corp		33,364
	15,376,000	e	Denway Motors Ltd		7,240
	60,332		Doosan Heavy Industries and Construction Co Ltd		3,692
	49,900	*	Dorman Products, Inc		1,014
	63,708		Ducommun, Inc		1,089
	28,756		Elbit Systems Ltd		1,460
	46,179	e	ElringKlinger AG.		983
	894,993		Empresa Brasileira de Aeronautica S.A.		4,601
	326,039	e	European Aeronautic Defence and Space Co		6,654
	82,482		Exedy Corp		2,115
	9,449		Faiveley S.A.		624
	58,100	e	FCC Co Ltd		1,086
	239,221	*	Federal Mogul Corp (Class A)		3,115
	302,469	e	Federal Signal Corp		1,827
	281,617	e	Fiat S.p.A.		2,893
	147,308	e	Fleetwood Corp Ltd		1,128
	366,983	*,e	Force Protection, Inc		1,505
	17,532,293	*,e	Ford Motor Co		176,726
	64,010	e	Freightcar America, Inc		1,448
	69,821	*,e	Fuel Systems Solutions, Inc		1,812
	2,125,600	*,e	Fuji Heavy Industries Ltd		11,387

142

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	167,997	*,e	Futaba Industrial Co Ltd	$	1,262
	5,720,000	e	Geely Automobile Holdings Ltd		1,733
	603,085	*,e	GenCorp, Inc		2,642
	2,123,463	e	General Dynamics Corp		124,350
	527,220	e	Genuine Parts Co		20,799
	5,530		Georg Fischer AG.		1,802
	337,000		Giant Manufacturing Co Ltd		1,020
	2,583,800	*	GKN plc		4,446
	1,577,304	e	Goodrich Corp		104,496
	101,149	*,e	Greenbrier Cos, Inc		1,133
	123,305	*,e	Group 1 Automotive, Inc		2,901
	56,482	*	Haldex AB		482
	385,013	e	Hampson Industries plc		300
	937,313	e	Harley-Davidson, Inc		20,836
	926,995		Harsco Corp		21,784
	128,741	e	Heico Corp		4,624
	118,142		Hero Honda Motors Ltd		5,183
	482,136	*	Hino Motors Ltd		2,377
	3,442,438		Honda Motor Co Ltd		101,114
	6,886,274	e	Honeywell International, Inc		268,771
	504,000		Hong Leong Asia Ltd		1,208
	61,483		Hyundai Heavy Industries		11,699
	16,076		Hyundai Mipo Dockyard		1,684
	102,530		Hyundai Mobis		17,197
	265,586		Hyundai Motor Co		31,076
	76,343		Hyundai Motor Co Ltd (2nd Preference)		3,220
	32,970		Hyundai Motor Co Ltd (Preference)		1,348
	760,982		IMMSI S.p.A.		683
	26,470	e	Indus Holding AG.		524
	3,410,585	*	Isuzu Motors Ltd		10,249
	63,000		Japan Vilene Co Ltd		266
	381,590		Jardine Cycle & Carriage Ltd		8,120
	506,000		Jaya Holdings Ltd		241
	1,088,535		JTEKT Corp		10,067
	168,342	e	Kaman Corp		3,724
	45,800	*	Kanto Auto Works Ltd		337
	890,363	e	Kawasaki Heavy Industries Ltd		2,159
	2,335,280		Keppel Corp Ltd		14,099
	50,000	e	Kinki Sharyo Co Ltd		209
	59,000	*	Koito Manufacturing Co Ltd		869
	577,351	*	Kongsberg Automotive ASA		263
	600	*,b,m	Lear Corp		0	^
	189,984	*,e	Lear Corp (New)		12,577
	89,098		Linamar Corp		1,507
	42,342	*,e	LMI Aerospace, Inc		668
	1,787,887	e	Lockheed Martin Corp		133,198
	260,772		Magna International, Inc - Class A (NY)		17,201
	242,560		Magna International, Inc (Class A)		15,979
	459,277		Mahindra & Mahindra Ltd		6,145
	9,424	e	MAN AG.		777
	133,974		Maruti Udyog Ltd		4,069
	223,663		Mazda Motor Corp		523

143

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,412,491		Meggitt plc	$	11,242
	39,328		Mekonomen AB		870
	97,433		Metka S.A.		972
	54,471	e	Miller Industries, Inc		734
	50,000	*	Mitsuba Corp		257
	2,460,694	*,e	Mitsubishi Motors Corp		3,113
	3,648,460	e	Mitsui Engineering & Shipbuilding Co Ltd		7,369
	80,300	e	Modec, Inc		1,104
	97,619	e	MTU Aero Engines Holding AG.		5,419
	35,800		Musashi Seimitsu Industry Co Ltd		752
	192,000	e	Nabtesco Corp		2,960
	101,700		Namura Shipbuilding Co Ltd		574
	494,355	*	Navistar International Corp		24,322
	390,258	*,e	NHK Spring Co Ltd		3,570
	65,000	e	Nippon Seiki Co Ltd		713
	93,730	e	Nippon Sharyo Ltd		379
	103,000		Nissan Shatai Co Ltd		675
	72,100		Nissin Kogyo Co Ltd		1,054
	848,000	*,m	Norstar Founders Group Ltd		1
	914,826		Novatek Microelectronics Corp Ltd		2,455
	348,594		NSK Ltd		2,421
	323,456	*,e	Orbital Sciences Corp		5,101
	607,940	*	Oshkosh Truck Corp		18,943
	1,576,721		Paccar, Inc		62,864
	1,641,884	*,e	Peugeot S.A.		41,733
	350,988	e	Piaggio & C S.p.A.		831
	135,816		Pixart Imaging, Inc		756
	138,192	e	Polaris Industries, Inc		7,548
	18,803		Porsche AG.		804
	29,527		Portec Rail Products, Inc		336
	191,000	*,e	Press Kogyo Co Ltd		596
	502,904	*	Renault S.A.		18,641
	4,311	*	Rieter Holding AG.		1,095
	116,000		Riken Corp		400
	3,137,785		Rolls-Royce Group plc		26,190
	4,956		Rosenbauer International AG.		178
	149,270		Saab AB (Class B)		1,696
	232,940		Samsung Heavy Industries Co Ltd		4,362
	254,000		Sanden Corp		688
	290,000		Sasebo Heavy Industries Co Ltd		539
	28,099		Scania AB (B Shares)		429
	3,541,833	e	SembCorp Marine Ltd		9,679
	1,242,988		Senior plc		2,284
	58,782	e	Shimano, Inc		2,522
	90,600	*	Showa Corp		506
	1,669,134		Singapore Technologies Engineering Ltd		3,902
	2,195,000		Sinotruk Hong Kong Ltd		1,741
	119,668	*	Sogefi S.p.A.		297
	193,090		Spartan Motors, Inc		811
	509,498	*	Spirit Aerosystems Holdings, Inc (Class A)		9,711
	190,169	e	Standard Motor Products, Inc		1,535
	450,575	e	Sumitomo Precision Products Co Ltd		1,443

144

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	133,605		Super Cheap Auto Group Ltd	$	601
	102,900	e	Superior Industries International, Inc		1,383
	135,980	*	Suzuki Motor Corp		2,669
	39,000		Tachi-S Co Ltd		381
	55,200	*	Takata Corp		1,118
	399,642		Tata Motors Ltd		6,618
	300,673	*	Tenneco, Inc		6,332
	75,686	*	Tesla Motors, Inc		1,804
	612,053		Thales S.A.		19,760
	169,305		Thor Industries, Inc		4,021
	94,363	*	Tokai Rika Co Ltd		1,632
	524,614		Tomkins PLC		1,762
	246,000		Topy Industries Ltd		505
	51,000	e	Toyo Electric Manufacturing Co Ltd		220
	128,737	*	Toyoda Gosei Co Ltd		3,193
	84,473	*	Toyota Industries Corp		2,144
	5,121,987	*	Toyota Motor Corp		175,985
	398,451	e	TransDigm Group, Inc		20,333
	450,237	e	Trelleborg AB (B Shares)		2,684
	15,436		Trigano S.A.		293
	266,435	e	Trinity Industries, Inc		4,721
	87,332	e	Triumph Group, Inc		5,819
	740,109	*	TRW Automotive Holdings Corp		20,405
	62,700	e	TS Tech Co Ltd		979
	70,895		Umeco plc		425
	47,700	e	Unipres Corp		746
	3,192,194	e	United Technologies Corp		207,205
	1,433,429	*,e	Valeo S.A.		38,984
	43,165	e	Volkswagen AG.		3,662
	13,979		Volkswagen AG. (Preference)		1,227
	96,253	e	Volvo AB (B Shares)		1,064
	255,464	*	Wabash National Corp		1,816
	536,500		Weichai Power Co Ltd		3,457
	157,921	e	Westinghouse Air Brake Technologies Corp		6,299
	117,101	*,e	Winnebago Industries, Inc		1,164
	155,691	*	Yamaha Motor Co Ltd		2,058
	3,321,000	e	Yangzijiang Shipbuilding		3,168
	19,100	*	Yorozu Corp		278
	959,258		Yulon Motor Co Ltd		938
	82,603	e	Zodiac S.A.		4,000
			TOTAL TRANSPORTATION EQUIPMENT		2,722,676
TRANSPORTATION SERVICES - 0.3%
	564,850		All America Latina Logistica S.A.		4,444
	90,783	e	Ambassadors Group, Inc		1,025
	110,361		Autostrada Torino-Milano S.p.A.		1,343
	1,067,876		Autostrade S.p.A.		18,926
	442,127	e	CH Robinson Worldwide, Inc		24,608
	5,186,000		China Travel International Inv HK		1,101
	39,292	e	Cintra Concesiones de Infraestructuras de Transporte S.A.		254
	15,220		Clarkson plc		202

145

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	293,000		CWT Ltd	$	180
	32,506		D/S Norden		1,120
	1,105,925	e	Deutsche Lufthansa AG.		15,289
	946	*	Dfds A.S.		59
	2,839	*	Dfds AS		177
	74,259	*	Dynamex, Inc		906
	42,972	*,e	Echo Global Logistics, Inc		525
	452,091	e	Expeditors International Washington, Inc		15,602
	1,263,224	e	FedEx Corp		88,564
	80,458	e	Flight Centre Ltd		1,113
	206,789		Freightways Ltd		394
	28,684	*	Gategroup Holding AG.		903
	151,867	e	GATX Corp		4,052
	1,808,000	*	Genting Hong Kong Ltd		340
	15,617		GLOVIS Co Ltd		1,699
	30,000		HIS Co Ltd		601
	7,585	e	Hopewell Highway Infrastructure Ltd		5
	224,485	*,e	Hub Group, Inc (Class A)		6,737
	177,198	*	Interval Leisure Group, Inc		2,206
	20,400		Kintetsu World Express, Inc		511
	3,747		Kuoni Reisen Holding		1,050
	1,175,696	*,e	Macquarie Atlas Roads Group		939
	107,654	e	Mainfreight Ltd		453
	49,235	e	Oesterreichische Post AG.		1,208
	110,172	*	Orbitz Worldwide, Inc		420
	195,354	*,e	Pacer International, Inc		1,366
	19,516		Panalpina Welttransport Holding AG.		1,537
	3,690,700		PLUS Expressways BHD		3,873
	51,883	*	Roadrunner Transportation Services Holdings, Inc		737
	122,000	e	Senko Co Ltd		374
	139,856	e	Societa Iniziative Autostradali e Servizi S.p.A.		1,173
	28,400		Toho Real Estate Co Ltd		153
	1,110,237	e	Toll Holdings Ltd		5,056
	12,023	*,e	TUI AG.		106
	1,267,209	e	UTI Worldwide, Inc		15,688
	176,940		Wincanton plc		627
	24,600	e	Yusen Air & Sea Service Co Ltd		381
			TOTAL TRANSPORTATION SERVICES		228,027
TRUCKING AND WAREHOUSING - 0.6%
	134,594	e	Arkansas Best Corp		2,793
	27,800	e	ASKUL Corp		471
	142,782		Big Yellow Group plc		627
	148,703	*	Celadon Group, Inc		2,103
	644,570	e	Con-way, Inc		19,350
	1,620,278		Deutsche Post AG.		23,624
	273,426		DSV AS		3,937
	124,867	e	Forward Air Corp		3,403
	348,000	e	Fukuyama Transporting Co Ltd		1,609
	294,001	e	Heartland Express, Inc		4,269
	85,900	e	Hitachi Transport System Ltd		1,253
	300,219		J.B. Hunt Transport Services, Inc		9,808

146

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	161,000		Keppel Telecommunications & Transportation Ltd	$	144
	1,440,416		Kerry Properties Ltd		6,224
	395,376		Landstar System, Inc		15,416
	383,305	*	LLX Logistica S.A.		1,563
	79,452	*,e	Marten Transport Ltd		1,651
	115,000		Maruzen Showa Unyu Co Ltd		364
	66,643	e	Mitsubishi Logistics Corp		743
	123,610		Mitsui-Soko Co Ltd		448
	125,606		Mullen Group Ltd		1,696
	75,562	e	Neopost S.A.		5,472
	2,314,834		Nippon Express Co Ltd		10,431
	87,000		Nippon Konpo Unyu Soko Co Ltd		1,010
	127,069	*	Old Dominion Freight Line		4,465
	14,505	*	PAM Transportation Services, Inc		218
	8,351	*,e	Patriot Transportation Holding, Inc		676
	10,933		Piraeus Port Authority		196
	19,653	*	Quality Distribution, Inc		102
	89,036	*,e	Saia, Inc		1,336
	472,000		Sankyu, Inc		1,884
	344,000		Seino Holdings Corp		2,367
	67,000	e	Shibusawa Warehouse Co Ltd		231
	284,767		Sumitomo Warehouse Co Ltd		1,324
	3,520,000	*	Titan Petrochemicals Group Ltd		277
	1,952,808		TNT NV		49,185
	111,056		TransForce, Inc		967
	5,825,186	e	United Parcel Service, Inc (Class B)		331,394
	46,078	e	Universal Truckload Services, Inc		642
	36,321	*,e	USA Truck, Inc		585
	131		Vantec Corp		168
	212,254	e	Werner Enterprises, Inc		4,646
	334,646		Yamato Transport Co Ltd		4,429
	3,050	*	YRC Worldwide, Inc		0	^
			TOTAL TRUCKING AND WAREHOUSING		523,501
WATER TRANSPORTATION - 0.2%
	135,228	e	Alexander & Baldwin, Inc		4,027
	63,319	*,e	American Commercial Lines, Inc		1,425
	125		AP Moller - Maersk AS (Class A)		951
	1,022		AP Moller - Maersk AS (Class B)		8,050
	354,384		Babcock & Brown Infrastructure Group		970
	65,850	*	Baltic Trading Ltd		749
	70,352	e	Bourbon S.A.		2,828
	1,293,066	e	Carnival Corp		39,103
	128,206	e	Carnival plc		4,153
	411,000		CH Offshore Ltd		155
	5,791,600	*	China Shipping Container Lines Co Ltd		2,048
	2,240,700	e	China Shipping Development Co Ltd		2,818
	20,408		Compagnie Maritime Belge S.A.		540
	3,961,975	e	COSCO Holdings		4,027
	42,447	e	D/S Torm AS		317
	72,581		d’aAmico International Shipping SA		100
	173,000	*,e	Daiichi Chuo Kisen Kaisha		458

147

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	113,500	*	Deep Sea Supply plc	$	185
	261,504	e	DHT Maritime, Inc		1,007
	18,050	*,e	Dockwise Ltd		428
	59,800	*,e	DOF ASA		386
	249,383	*,e	Eagle Bulk Shipping, Inc		1,052
	1,000	*	Eitzen Chemical ASA		0	^
	32,386		Euronav NV		584
	608,500	*	Evergreen International Storage & Transport Corp		421
	1,409,722	*	Evergreen Marine Corp Tawain Ltd		891
	229,931	*	Excel Maritime Carriers Ltd		1,177
	1,514,200	e	Ezra Holdings Ltd		1,948
	66,537		Forth Ports plc		1,167
	169,668	e	Frontline Ltd		4,842
	98,095	e	Frontline Ltd (Norway)		2,828
	112,958	*,e	Genco Shipping & Trading Ltd		1,693
	231,110	e	General Maritime Corp		1,396
	1,000	*,e	Golar LNG Energy Ltd		1
	162,279	e	Golar LNG Ltd		1,602
	433,000	e	Golden Ocean Group Ltd		520
	118,919	*	Gulfmark Offshore, Inc		3,116
	166,700	e	Hamburger Hafen und Logistik AG.		5,335
	274		Hanjin Shipping Holdings Co Ltd		4
	164,305	e	Horizon Lines, Inc (Class A)		695
	97,552	*,e	Hornbeck Offshore Services, Inc		1,424
	328,063	*	Hurtigruten Group ASA		177
	110,357	e	Iino Kaiun Kaisha Ltd		554
	2,571,500		International Container Term Services, Inc		1,684
	32,681	e	International Shipholding Corp		723
	32,200		Inui Steamship Co Ltd		200
	3,274		Israel Corp Ltd		2,030
	88,013		James Fisher & Sons plc		556
	309,310		Kamigumi Co Ltd		2,373
	1,660,833	*,e	Kawasaki Kisen Kaisha Ltd		6,753
	247,018	*,e	Kirby Corp		9,449
	74,819	e	Knightsbridge Tankers Ltd		1,316
	47,557	e	Kuehne & Nagel International AG.		4,895
	205,596		Mermaid Marine Australia Ltd		433
	2,296	*	Minoan Lines S.A.		10
	1,500,000		MISC Bhd		3,967
	1,097,360		Mitsui OSK Lines Ltd		7,255
	628,599	e	Neptune Orient Lines Ltd		888
	2,097,976		Nippon Yusen Kabushiki Kaisha		7,646
	96,000		Nissin Corp		217
	215,779	e	Nordic American Tanker Shipping		6,061
	307,906	e	Orient Overseas International Ltd		2,201
	152,370	e	Overseas Shipholding Group, Inc		5,644
	3,286,911		Pacific Basin Shipping Ltd		2,034
	824,495	*,e	Royal Caribbean Cruises Ltd		18,775
	57,543	*	Scorpio Tankers, Inc		659
	118,000	e	Shinwa Kaiun Kaisha Ltd		306
	214,350	e	Ship Finance International Ltd		3,833
	1,440,000		Shun TAK Holdings Ltd		744

148

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	42,100	e	Stolt-Nielsen S.A.	$	490
	136,240		STX Pan Ocean Co Ltd		1,244
	139,130	e	Teekay Corp		3,641
	123,240	e	Teekay Tankers Ltd (Class A)		1,372
	96,645	*,e	Ultrapetrol Bahamas Ltd		420
	1,620,700		U-Ming Marine Transport Corp		3,089
	24,943		VTG AG.		353
	1,165,670	*	Wan Hai Lines Ltd		716
	21,450		Wilh Wilhelmsen ASA		366
	1,369,212		Yang Ming Marine Transport		694
			TOTAL WATER TRANSPORTATION		209,189
WHOLESALE TRADE-DURABLE GOODS - 1.0%
	168,000		Advan Co Ltd		1,101
	149,624		Agilysys, Inc		1,001
	204,659		Applied Industrial Technologies, Inc		5,182
	789,005	*,e	Arrow Electronics, Inc		17,634
	49,530		Arseus NV		561
	18,100	e	As One Corp		310
	1,697,576	e	Assa Abloy AB (Class B)		33,930
	54,770		Autobacs Seven Co Ltd		1,986
	36,879	*	B&B Tools AB		454
	68,203	*	Ballantyne Strong, Inc		494
	323,450		Banpu PCL		6,030
	218,064	e	Barnes Group, Inc		3,574
	194,396	*,e	Beacon Roofing Supply, Inc		3,503
	776		BIC CAMERA, Inc		298
	20,565	*,e	Bluelinx Holdings, Inc		54
	12,639	*	Bobst Group AG.		434
	482,558	*,e	BorgWarner, Inc		18,019
	181,237	e	BSS Group plc		1,130
	1,151,598		Bunzl plc		11,532
	96,656		Campbell Brothers Ltd		2,434
	35,524	*,e	Canon Marketing Japan, Inc		500
	128,804	*,e	Cardtronics, Inc		1,669
	47,409		Carl Zeiss Meditec AG.		650
	84,710	*,e	Castle (A.M.) & Co		1,177
	8,761,000	e	China Communications Construction Co Ltd		7,993
	1,447,300	e	China High Speed Transmission Equipment Group Co Ltd		3,040
	1,779,861	e	China National Building Material Co Ltd		2,826
	71,899	*,e	Chindex International, Inc		901
	2,932,000	*	CMC Magnetics Corp		728
	5,228		Coltene Holding AG.		256
	69,453	e	Compagnie de Saint-Gobain		2,588
	140,824	*,e	Conceptus, Inc		2,194
	68,492		Consumers’ Waterheater Income Fund		299
	113,676	e	Crane Group Ltd		765
	63,850		Creative Technology Ltd		191
	14,196		Daetwyler Holding AG.		881
	52,000	e	Daiichi Jitsugyo Co Ltd		161
	9,513		Delticom AG.		443

149

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	30,864		Demag Cranes AG.	$	937
	112,113	*,e	DemandTec, Inc		757
	124,190	e	Derichebourg		439
	3,140		D’ieteren S.A.		1,332
	131,429	*	Digi International, Inc		1,087
	2,372,706		Dimension Data Holdings plc		3,328
	441,252		Diploma plc		1,503
	8,187,315	e	Dongfeng Motor Group Co Ltd		9,497
	13,591		Doosan Corp		1,224
	24,700		Doshisha Co Ltd		573
	145,698	*,e	Drew Industries, Inc		2,943
	617,965		Electrocomponents plc		1,990
	94,319	*,e	Emdeon, Inc		1,182
	745,462		Energy Support Corp		1,472
	14,800		Enplas Corp		306
	60,211		Esprinet S.p.A.		485
	218,899		Finning International, Inc		3,625
	727,136		Fisher & Paykel Healthcare Corp		1,551
	1,451,851	*,e	Fortescue Metals Group Ltd		4,924
	81,385		Fourlis Holdings S.A.		717
	35,160		Frigoglass S.A.		393
	4,862,200	e	Fushan International Energy Group Ltd		2,732
	90,239	*,e	GameLoft		403
	17,616	*,e	Global Defense Technology & Systems, Inc		225
	339,217		Grafton Group plc		1,203
	495,195	e	GWA International Ltd		1,244
	56,400		Hakuto Co Ltd		502
	3,669		Hamon & CIE S.A.		128
	130,822	*,e	Hansen Medical, Inc		279
	476,000		Hanwa Co Ltd		1,890
	43,163		Hargreaves Services plc		361
	31,291		Hexpol AB (Series B)		350
	86,617	e	Houston Wire & Cable Co		940
	348,156		Imperial Holdings Ltd		3,872
	15,792	*	IMS-Intl Metal Service		191
	41,000		Inaba Denki Sangyo Co Ltd		959
	78,000		Inabata & Co Ltd		352
	371,535	*,e	Ingram Micro, Inc (Class A)		5,644
	1,130,174		Inner Mongolia Yitai Coal Co		5,405
	241,340	*,e	Insight Enterprises, Inc		3,176
	162,367	*,e	Interline Brands, Inc		2,807
	3,586		Interseroh AG.		193
	2,438,553		Itochu Corp		19,063
	56,000		Japan Digital Laboratory Co Ltd		619
	390,400		JCY International Bhd		177
	29,300		Kaga Electronics Co Ltd		293
	554,000	*,e	Kanematsu Corp		439
	6,489		KCC Corp		1,563
	392,470		Kia Motors Corp		10,399
	180,419	*	Kingspan Group plc		1,328
	106,215	*,e	Kloeckner & Co AG.		1,864
	258,272	e	Knight Transportation, Inc		5,227

150

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	61,470		Kuroda Electric Co Ltd	$	799
	29,338	e	Lawson Products, Inc		498
	5,299,362		Li & Fung Ltd		23,709
	80,310		Lindab International AB		844
	713,427	*	LKQ Corp		13,755
	27,900		Macnica, Inc		530
	145,000		Marubun Corp		790
	182,865	*,e	MedAssets, Inc		4,221
	152,098	*,e	Merge Healthcare, Inc		446
	5,216,000	*,e	Metallurgical Corp of China Ltd		2,237
	82,888	*	Metals USA Holdings Corp		1,239
	117,400	e	MISUMI Group, Inc		2,168
	3,114,222		Mitsubishi Corp		64,427
	2,064,398		Mitsui & Co Ltd		24,083
	227,600	*	Molopo Energy Ltd		186
	76,528	e	Munters AB		467
	59,694	*,e	MWI Veterinary Supply, Inc		3,000
	110,841		Mytilineos Holdings S.A.		518
	18,600		Nafco Co Ltd		325
	13,568		Nagaileben Co Ltd		328
	1,785		NET One Systems Co Ltd		2,304
	262,000		Nippon Road Co Ltd		552
	65,000		Nippon Steel Trading Co Ltd		198
	8,518,921	*	Nissan Motor Co Ltd		59,363
	60,425		Nisshin Steel Co Ltd		96
	30,885	*	Norbord, Inc		330
	16,200		Onoken Co Ltd		142
	322,968	e	Owens & Minor, Inc		9,166
	5,731,000		Pan-United Corp Ltd		1,832
	220,826	e	Patterson Cos, Inc		6,300
	2,503,734	*	Pegatron Technology Corp		2,342
	283,896	e	PEP Boys - Manny Moe & Jack		2,515
	14,054		Phoenix Solar AG.		526
	3,712,428	*	Playmates Toys Ltd		177
	3,104,000	*	Poly Development Holdings Ltd		185
	223,199	e	Pool Corp		4,893
	927,617		Premier Farnell plc		3,035
	1,284,557		Prysmian S.p.A.		18,436
	250,250	*,e	PSS World Medical, Inc		5,293
	2,898,631		PT Astra International Tbk		15,315
	2,661,044		PT United Tractors Tbk		5,454
	517,600		Ralink Technology Corp		2,069
	12,306	e	Rautaruukki Oyj		179
	11,679		Rockwool International AS (B Shares)		924
	87,733	e	Russel Metals, Inc		1,495
	42,700		Ryosan Co Ltd		1,038
	32,700		Ryoyo Electro Corp		335
	455,000	e	Sagami Railway Co Ltd		2,020
	180,133		Samsung Corp		7,606
	54,076		Sangetsu Co Ltd		1,125
	35,300		Sanshin Electronics Co Ltd		297
	347,584		Satipel Industrial S.A.		3,158

151

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	504,715	e	Schneider Electric S.A.	$	50,975
	444,427	e	Securitas Systems AB (B Shares)		609
	93,000		Seika Corp		193
	52,900		Shinko Shoji Co Ltd		451
	161,000		Shinsho Corp		316
	45,253	*	Sierra Wireless, Inc		301
	838,584	*	SIG plc		1,264
	3,496,471		Sime Darby BHD		8,601
	257,991	e	Sims Group Ltd		3,666
	115,380		SK Networks Co Ltd		970
	10,688		Solar Holdings AS (B Shares)		658
	171,379	e	Solera Holdings, Inc		6,204
	73,102	e	Sport Supply Group, Inc		984
	132,000		Sumikin Bussan Corp		283
	26,971		Sumisho Computer Systems Corp		374
	2,240,493		Sumitomo Corp		22,376
	234,367	*,e	Talecris Biotherapeutics Holdings Corp		4,945
	82,000	e	Tamura Corp		234
	338,134	*,e	Tech Data Corp		12,044
	16,759,605		Test-Rite International Co		9,529
	79,225		THK Co Ltd		1,639
	679,857	e	ThyssenKrupp AG.		16,754
	55,568	*,e	Titan Machinery, Inc		730
	267,396	f	TMK OAO (GDR)		3,952
	233,661	*,e	TomoTherapy, Inc		743
	219,475	*	Topps Tiles plc		162
	130,842		Toromont Industries Ltd		2,821
	26,500	e	Trusco Nakayama Corp		410
	136,795	*	Tyler Technologies, Inc		2,123
	72,500	e	Ulvac, Inc		1,405
	1,203,641		UMW Holdings BHD		2,349
	14,009		Vossloh AG.		1,134
	898,000		VST Holdings Ltd		286
	135,375		W.W. Grainger, Inc		13,463
	13,538		Wajax Income Fund		294
	66,622		Wavin NV		767
	371,890	*,e	WESCO International, Inc		12,522
	2,077,170	e	Wesfarmers Ltd		49,646
	95,648		Wesfarmers Ltd PPS		2,294
	93,551	*,e	West Marine, Inc		1,018
	54,805	*,e	Westport Innovations, Inc		862
	2,957,506	*,e	Wolseley plc		58,705
	1,431,700		WPG Holdings Co Ltd		2,639
	4,500,000		Xiamen International Port Co Ltd		795
	82,100	e	Yamazen Corp		368
	485,000	e	Yuasa Trading Co Ltd		449
	29,800	e	Zenrin Co Ltd		323
			TOTAL WHOLESALE TRADE-DURABLE GOODS		857,916
WHOLESALE TRADE-NONDURABLE GOODS - 1.0%
	38,750		AarhusKarlshamn AB		716
	15,790	e	ABC-Mart, Inc		619

152

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	117,035		Aceto Corp	$	671
	623,249		Airgas, Inc		38,766
	275,088	*,e	Akorn, Inc		817
	1,908,439		Akzo Nobel NV		99,191
	56,999		Alfresa Holdings Corp		2,755
	37,009,000	*	Alliance Global Group, Inc		4,247
	547,676	*,e	Alliance One International, Inc		1,950
	230,272	e	Allscripts Healthcare Solutions, Inc		3,707
	102,661	e	Andersons, Inc		3,346
	49,800		AOKI Holdings, Inc		770
	93,638	*,e	ASOS plc		1,197
	1,191,358	*,e	AWB Ltd		910
	36,352	e	Axfood AB		953
	4,239	*	Baron de Ley		192
	185,964	e	Billabong International Ltd		1,350
	174,029	*,e	BioScrip, Inc		912
	149,703	*,e	BMP Sunstone Corp		771
	1,122,000		Bonjour Holdings Ltd		317
	2,401,157		Booker Group plc		1,462
	3,842		Bridgford Foods Corp		54
	256,407	e	Brown-Forman Corp (Class B)		14,674
	9,900		C Uyemura & Co Ltd		402
	1,515,817		Cardinal Health, Inc		50,947
	88,685	e	Casino Guichard Perrachon S.A.		6,730
	46,398		Celesio AG.		1,012
	244,005	*,e	Central European Distribution Corp		5,217
	799,000		China Aviation Oil Singapore Corp Ltd		770
	3,272,000	e	China BlueChemical Ltd		1,813
	1,568,000	e	China Mengniu Dairy Co Ltd		5,082
	78,646	*	Clearwater Paper Corp		4,307
	71,591	*,e	Core-Mark Holding Co, Inc		1,962
	194,254		Dairy Crest Group plc		1,069
	3,843,100	e	Dalian Port PDA Co Ltd		1,664
	77,281		Danisco AS		5,200
	21,283		DC Chemical Co Ltd		4,290
	5,322		Delek Group Ltd		1,103
	441,000		Dickson Concepts International Ltd		310
	18,992		East Asiatic Co Ltd A.S.		407
	654,738		Empresas COPEC S.A.		10,308
	852,183	*	Endo Pharmaceuticals Holdings, Inc		18,595
	146,673	*	Ercros S.A.		138
	818,510		Esprit Holdings Ltd		4,397
	677,786	e	Findel plc		176
	3,013,501		First Pacific Co		2,039
	620,000		First Resources Ltd		461
	2,447,667		Foster’s Group Ltd		11,593
	213,664	*,e	Fresh Del Monte Produce, Inc		4,325
	150,000	*,e	Fujiya Co Ltd		312
	452,996		Fyffes plc		183
	8,682	e	Galenica AG.		3,364
	4,019,881		Gazprom (ADR)		75,687
	227,220	*,e	Gildan Activewear, Inc		6,527

153

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	383,846	e	GrainCorp Ltd	$	1,700
	355,651	*,e	Green Mountain Coffee Roasters, Inc		9,140
	190,353	*,e	Hain Celestial Group, Inc		3,839
	70,582		Hanwha Corp		2,130
	350,455	*,e	Henry Schein, Inc		19,240
	901,090		Herbalife Ltd		41,495
	12,024		IC Companys AS		346
	16,910,300		IRPC PCL		2,142
	6,600		Itochu-Shokuhin Co Ltd		221
	168,604		Japan Pulp & Paper Co Ltd		578
	763,821		JBS S.A.		3,233
	19,000	*	JCR Pharmaceuticals Co Ltd		259
	66,363		John Menzies PLC		381
	53,100		Kato Sangyo Co Ltd		826
	42,678	*,e	Kenneth Cole Productions, Inc (Class A)		470
	105,015		Kikkoman Corp		1,096
	36,200	e	Kobayashi Pharmaceutical Co Ltd		1,539
	103,129		Koninklijke Vopak NV		3,779
	43,269	*,e	KRATON Polymers LLC		813
	120,279	*,e	K-Swiss, Inc (Class A)		1,351
	165,190		KT&G Corp		8,121
	42,891	e	Laboratorios Farmaceuticos Rovi S.A		242
	77,386		LG Chem Ltd		19,408
	84,155	*,e	LSB Industries, Inc		1,120
	53,616		MARR S.p.A.		403
	2,457,294	e	Marubeni Corp		12,597
	283,263		Massmart Holdings Ltd		4,341
	71,100	e	Megmilk Snow Brand Co Ltd		1,277
	13,900	e	Meito Sangyo Co Ltd		190
	267,766	e	Men’s Wearhouse, Inc		4,916
	2,018,747	e	Metcash Ltd		7,095
	318,853	e	Metro, Inc		12,523
	1,892,432		Mexichem SAB de C.V.		4,909
	184,073		Myers Industries, Inc		1,489
	279,000		Nagase & Co Ltd		2,901
	66,734	e	Nash Finch Co		2,280
	4,253,226	e	Noble Group Ltd		5,141
	860,583		Nu Skin Enterprises, Inc (Class A)		21,454
	1,599,501		Pacific Andes International Holdings Ltd		256
	17,600	*	Paladin Labs, Inc		389
	5,300		Paz Oil Co Ltd		682
	56,782	*,e	Perry Ellis International, Inc		1,147
	9,921		Pescanova S.A.		245
	1,155,500		Petronas Dagangan BHD		3,340
	46,050		Point, Inc		2,526
	197,500	*,e	Pronova BioPharma AS		391
	2,444,500		PT Unilever Indonesia Tbk		4,558
	17,239		Rubis		1,400
	21,679	e	Ryoshoku Ltd		519
	31,000		S Foods, Inc		253
	43,355	e	Sakata Seed Corp		562
	53,000		San-A Co Ltd		2,024

154

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	72,000		San-Ai Oil Co Ltd	$	271
	30,748		Sarantis S.A.		164
	61,528	e	Schiff Nutrition International, Inc		438
	93,287	*,e	School Specialty, Inc		1,686
	6,070		Schweizerhall Holding AG.		581
	1,613,071	e	Sigma Pharmaceuticals Ltd		565
	48,135		Sligro Food Group NV		1,388
	2,945,409	*	Sojitz Holdings Corp		4,603
	138,770	e	Spartan Stores, Inc		1,904
	542,189		Suzano Papel e Celulose S.A.		4,569
	212,558	e	Suzuken Co Ltd		7,115
	192,072	e	Symrise AG.		3,966
	77,795	*,e	Synutra International, Inc		1,258
	1,610,498		Sysco Corp		46,012
	324,039		Tiger Brands Ltd		7,165
	37,806	*,e	Tikkurila Oy		712
	86,300		Toho Pharmaceutical Co Ltd		1,368
	50,000		Tokai Corp		226
	77,709	e	Tractor Supply Co		4,738
	476,000		Tsingtao Brewery Co Ltd		2,224
	3,236,130		Unilever NV		88,376
	337,076		Unilever NV ADR		9,209
	4,824,166		Uni-President Enterprises Corp		5,301
	462,295		United Drug plc		1,293
	325,020	*	United Natural Foods, Inc		9,712
	127,207	*,e	United Stationers, Inc		6,929
	8,553		Vilmorin & Cie		710
	631,676		Vina Concha Y Toro S.A.		1,313
	459,447	*	Viterra, Inc		3,060
	81,969	*,e	Volcom, Inc		1,522
	88,614		Wimm-Bill-Dann Foods OJSC (ADR)		1,577
	135,000		Yokohama Reito Co Ltd		957
	97,104	e	Zep, Inc		1,693
			TOTAL WHOLESALE TRADE-NONDURABLE GOODS		856,619
			TOTAL COMMON STOCKS		88,731,111
			(Cost $91,046,037)
PREFERRED STOCKS - 0.0%
FOOD AND KINDRED PRODUCTS - 0.0%
	265,497	*	Ambev Cia De Bebidas Das		26,463
			TOTAL FOOD AND KINDRED PRODUCTS		26,463
HOLDING AND OTHER INVESTMENT OFFICES - 0.0%
	92,180	*	Goodman PLUS Trust		5,311
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES		5,311
SECURITY AND COMMODITY BROKERS - 0.0%
	370,000		Daishin Securities Co Ltd		2,645
			TOTAL SECURITY AND COMMODITY BROKERS		2,645

155

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
TRANSPORTATION BY AIR - 0.0%
	1,366	*	Malaysian Airline System BHD	$	0	^
			TOTAL TRANSPORTATION BY AIR		0	^
TRANSPORTATION EQUIPMENT - 0.0%
	722,689	*,b	Motors Liquidation Co		4,828
			TOTAL TRANSPORTATION EQUIPMENT		4,828
			TOTAL PREFERRED STOCKS		39,247
			(Cost $38,646)
RIGHTS / WARRANTS - 0.0%
DEPOSITORY INSTITUTIONS - 0.0%
	1,624,203	e	Bank of Communications Co Ltd		651
	1		Dexia SA - Rts		0	^
	3,080	m	Hanmi Financial Corp		0	^
	157,448	e	Mediobanca S.p.A.		6
	61,978	e	Unione di Banche Italiane SCPA		1
			TOTAL DEPOSITORY INSTITUTIONS		658
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%
	1,572,211	e,m	Iberdrola S.A.		367
	112,042		Theolia S.A.		20
			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		387
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.0%
	6	m	GreenHunter Energy, Inc		0	^
	140,027		Kingboard Chemical Holdings Ltd		55
			TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		55
GENERAL BUILDING CONTRACTORS - 0.0%
	132,237		IJM Corp BHD		45
			TOTAL GENERAL BUILDING CONTRACTORS		45
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.0%
	249,662		Gamuda Bhd		81
			TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		81
HOLDING AND OTHER INVESTMENT OFFICES - 0.0%
	2,800		Fonciere Des Regions		2
	4,761,352	m	GPT Group		0	^
	66,140		IJM Land BHD		18
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES		20
HOTELS AND OTHER LODGING PLACES - 0.0%
	633,600		Minor International PCL		47
			TOTAL HOTELS AND OTHER LODGING PLACES		47

156

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES COMPANY MATURITY
DATE VALUE
(000)

INDUSTRIAL MACHINERY AND EQUIPMENT - 0.0%
	114,119	m	Suzlon Energy Ltd	$	1
	10,758	e	Zardoya Otis S.A.		7
			TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		8
INSURANCE CARRIERS - 0.0%
	116,643		Tower Australia Group - Right		34
			TOTAL INSURANCE CARRIERS		34
METAL MINING - - 0.0%
	934,413	m	Citadel Resource Group Ltd		0	^
			TOTAL METAL MINING		0	^
OIL AND GAS EXTRACTION - 0.0%
	123,722	e	Etablissements Maurel et Prom		25
	31,048	m	Zion Oil & Gas, Inc		1
			TOTAL OIL AND GAS EXTRACTION		26
PRIMARY METAL INDUSTRIES - 0.0%
	22,532	e	Norsk Hydro ASA		12
			TOTAL PRIMARY METAL INDUSTRIES		12
REAL ESTATE - - 0.0%
	361,335		Cheuk Nang Holdings Ltd		31
	106,314		Henderson Land Development Co Ltd		18
	506,175		SP Setia BHD		63
			TOTAL REAL ESTATE		112
WHOLESALE TRADE-DURABLE GOODS - 0.0%
	1,856,214	m	Playmates Toys Ltd		17
			TOTAL WHOLESALE TRADE-DURABLE GOODS		17
			TOTAL RIGHTS / WARRANTS		1,504
			(Cost $613)

PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 6.3%
U.S. TREASURY BILLS - 0.1%
	$  24,000,000		United States Treasury Bill	11/04/10	23,986
	100,000,000		United States Treasury Bill	11/12/10	99,933
			TOTAL U.S. TREASURY BILLS		123,919
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 6.2%
REPURCHASE AGREEMENTS - 4.0%
	218,345,000	r	Bank of America		218,345
	130,000,000	s	Barclay Capital		130,000
	580,000,000	t	Barclays		580,000
	180,000,000	u	BNP		180,000

157

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	$     150,000,000	v	Deutsche Bank	$	150,000
	800,000,000	w	HSBC		800,000
	100,000,000	x	Merrill Lynch		100,000
	1,440,000,000	y	Nomura Securities		1,440,000
			TOTAL REPURCHASE AGREEMENTS		3,598,345
CORPORATE VARIABLE RATE SECURITY - 2.2%
	82,000,000		American Express Credit Account Master		81,975
	58,000,000		American Express Credit Account Master		57,975
	85,000,000		American Express Credit Account Master		85,170
	85,000,000		BA Credit Card Trust		84,976
	64,000,000		BA Credit Card Trust		63,937
	25,000,000		Bank One Issuance Trust		24,973
	2,029,948		Brunel Residential Mortgage Securitization plc		2,027
	43,525,000		Capital One Multi-Asset Execution Trust		43,273
	170,000,000		Capital One Multi-Asset Execution Trust		169,987
	32,000,000		Chase Issuance Trust 2006		31,978
	17,000,000		Chase Issuance Trust 2007		16,986
	51,000,000		Chase Issuance Trust 2007		50,767
	110,000,000		Citibank Credit Card Issuance Trust		109,993
	68,000,000		Discover Card Master Trust 2003		67,988
	102,000,000		Discover Card Master Trust 2005		101,913
	39,000,000		GE Equipment Midticket LLC		38,925
	20,600,000		General Electric Cap Corp		20,594
	110,000,000		General Electric Cap Corp		109,669
	17,000,000		General Electric Cap Corp		16,856
	26,499,497		Granite Master Issuer plc 2006		24,313
	20,953,087		Granite Master Issuer plc 2007		19,224
	128,000,000		JP Morgan Chase & Co		128,020
	10,370,476		Medallion Trust Series 2005		10,063
	73,000,000		Nelnet Student Loan Trust 2006		72,773
	36,615,738		Nelnet Student Loan Trust 2007		36,485
	135,000,000		Permanent Master Issuer plc		131,630
	25,036,050		Puma Global Mortgage Backed Trust		23,900
	35,201,910		SLM Student Loan Trust 2006		35,165
	170,000,000		SLM Student Loan Trust 2007		162,195
	43,000,000		SLM Student Loan Trust 2008		43,149
	40,528,641		Wachovia Student Loan Trust 2005		40,460
			TOTAL CORPORATE VARIABLE RATE SECURITY		1,907,339
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED		5,505,684
			TOTAL SHORT-TERM INVESTMENTS		5,629,603
			(Cost $5,634,572)
			TOTAL INVESTMENTS - 105.9%		94,464,911
			(Cost $96,793,096)
			OTHER ASSETS & LIABILITIES, NET - (5.9)%		(5,248,839)
			NET ASSETS - 100.0%	$	89,216,074

158

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

	Abbreviation(s):
ADR	American Depositary Receipt
REIT	Real Estate Investment Trust
SPDR	Standard & Poor’s Depository Receipts
*	Non-income producing.
^	Amount represents less than $1,000.
a	Affiliated holding.
b	In bankruptcy
e	All or a portion of these securities are out on loan.
f	Restricted security
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At June 30, 2010 the value of these securities amounted to $2,065,380 or 0.00% of net assets.
j	Zero coupon
m	Indicates a security that has been deemed illiquid.
n	In default
r	Agreement with Bank of America, 0.22% dated 06/30/10 to be repurchased at $218,346,000 on 07/01/10, collateralized by U.S. Government Agencies security valued at $222,711,900.
s	Agreement with Barclay Capital, 0.02% dated 06/30/10 to be repurchased at $130,000,000 on 07/01/10, collateralized by U.S. Government Agencies security valued at $132,600,408.
t	Agreement with Barclays, 0.02% dated 06/30/10 to be repurchased at $580,000,000 on 07/01/10, collateralized by U.S. Government Agencies security valued at $591,600,000.
u	Agreement with BNP, 0.03% dated 06/30/10 to be repurchased at $180,000,000 on 07/01/10, collateralized by U.S. Government Agencies security valued at $183,600,000.
v	Agreement with Deutsche Bank, 0.04% dated 06/30/10 to be repurchased at $150,000,000 on 07/01/10, collateralized by U.S. Government Agencies security valued at $153,000,000.
w	Agreement with HSBC, 0.00% dated 06/30/10 to be repurchased at $800,002,000 on 07/01/10, collateralized by U.S. Government Agencies security valued at $816,002,392.
x	Agreement with Merrill Lynch, 0.01% dated 06/30/10 to be repurchased at $100,002,000 on 07/01/10, collateralized by U.S. Government Agencies security valued at $102,002,378.
y	Agreement with Nomura Securities, 0.03%-0.15% dated 06/30/10 to be repurchased at $1,440,004,000 on 07/01/10, collateralized by U.S. Government Agencies security valued at $1,468,800,941.
	Cost amounts are in thousands.

159

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
SUMMARY OF MARKET VALUES BY COUNTRY (unaudited)
June 30, 2010

COUNTRY	VALUE (000)		% OF TOTAL PORTFOLIO
DOMESTIC
UNITED STATES	$	66,729,013		70.6	%
TOTAL DOMESTIC		66,729,013		70.6
FOREIGN
ARGENTINA		4,119		0.0
AUSTRALIA		1,415,836		1.5
AUSTRIA		100,777		0.1
BELGIUM		281,386		0.3
BERMUDA		47,125		0.1
BRAZIL		848,963		0.9
CAMBODIA		726		0.0
CANADA		2,492,538		2.6
CAYMAN ISLANDS		1,764		0.0
CHILE		76,260		0.1
CHINA		982,794		1.0
COLOMBIA		46,099		0.1
CYPRUS		2,690		0.0
CZECH REPUBLIC		45,753		0.1
DENMARK		165,287		0.2
EGYPT		24,292		0.0
FINLAND		231,715		0.3
FRANCE		1,534,971		1.6
GERMANY		1,393,466		1.5
GIBRALTAR		13,301		0.0
GREECE		64,104		0.1
GUERNSEY, C.I.		22,572		0.0
HONG KONG		500,814		0.5
HUNGARY		17,548		0.0
INDIA		416,428		0.4
INDONESIA		122,611		0.1
IRELAND		281,338		0.3
ISRAEL		233,163		0.2
ITALY		460,637		0.5
JAPAN		4,256,482		4.5
JERSEY, C.I.		10,881		0.0
KAZAKHSTAN		15,617		0.0
KOREA, REPUBLIC OF		707,748		0.8
LIECHTENSTEIN		2,637		0.0
LUXEMBOURG		17,392		0.0
MACAU		37,604		0.0
MALAYSIA		170,442		0.2
MEXICO		246,229		0.3
MONACO		659		0.0
MOROCCO		8,035		0.0
NETHERLANDS		981,852		1.0
NEW ZEALAND		28,381		0.0
NORWAY		124,257		0.1
PANAMA		9,486		0.0
PERU		20,167		0.0
PHILIPPINES		45,628		0.1
POLAND		67,004		0.1
PORTUGAL		48,628		0.1
PUERTO RICO		6,490		0.0
RUSSIA		307,005		0.3
SINGAPORE		298,881		0.3
SOUTH AFRICA		360,961		0.4
SPAIN		593,687		0.6
SWEDEN		504,304		0.5
SWITZERLAND		2,055,725		2.2
TAIWAN		597,953		0.7
THAILAND		86,801		0.1
TURKEY		83,418		0.1
UKRAINE		865		0.0
UNITED ARAB EMIRATES		116		0.0
UNITED KINGDOM		4,221,486		4.5
TOTAL FOREIGN		27,735,898		29.4
TOTAL PORTFOLIO	$	94,464,911		100.0	%

160

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2010

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
BONDS - 0.4%
CORPORATE BONDS - 0.4%
TRANSPORTATION EQUIPMENT - 0.4%
	$23,995,445	n	General Motors Corp	7.200	%	01/15/11	$	7,259
	13,592,224	n	General Motors Corp	7.130		07/15/13		4,044
	3,106,794	n	General Motors Corp	7.700		04/15/16		917
	61,921,000	e,n	General Motors Corp	8.380		07/15/33		19,814
	19,417,463	n	Motors Liquidation Co	8.800		03/01/21		5,680
	14,159,000	n	Motors Liquidation Co	7.400		09/01/25		4,142
	13,569,985	n	Motors Liquidation Co	6.750		05/01/28		3,732
			TOTAL TRANSPORTATION EQUIPMENT					45,588
			TOTAL CORPORATE BONDS					45,588
			(Cost $52,884)
			TOTAL BONDS					45,588
			(Cost $52,884)

SHARES			COMPANY
COMMON STOCKS - 98.4%
AMUSEMENT AND RECREATION SERVICES - 0.7%
	31,264	e	Aristocrat Leisure Ltd	95
	180,100		bwin Interactive Entertainment	7,957
	46,018	*	Electronic Arts, Inc	663
	9,261,900	*,e	Galaxy Entertainment Group Ltd	4,975
	42,281	e	Ladbrokes plc	80
	2,148	e	Lottomatica S.p.A.	28
	350	*	Madison Square Garden, Inc	7
	291,625	*,e	Melco PBL Entertainment Macau Ltd (ADR)	1,091
	9,066,696		NagaCorp Ltd	1,008
	55,158		Nintendo Co Ltd	16,195
	45,776		OPAP S.A.	570
	4,301	e	Oriental Land Co Ltd	359
	1,890,898	*	PartyGaming plc	6,076
	16,680,000		Rexcapital Financial Holdings Ltd	1,527
	780,844		Sega Sammy Holdings, Inc	11,217
	1,142,700		SJM Holdings Ltd	957
	45,289	e	Sky City Entertainment Group Ltd	88
	325,165		TABCORP Holdings Ltd	1,723
	103,166		Tattersall’s Ltd	193

161

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	898,067		Walt Disney Co	$	28,288
			TOTAL AMUSEMENT AND RECREATION SERVICES		83,097
APPAREL AND ACCESSORY STORES - 1.1%
	40,984		Abercrombie & Fitch Co (Class A)		1,258
	64,500	*	Aeropostale, Inc		1,847
	75,068		American Eagle Outfitters, Inc		882
	938,900		Belle International Holdings Ltd		1,332
	88,502		Burberry Group plc		1,000
	35,000	*,e	DSW, Inc (Class A)		786
	154,194	e	Fast Retailing Co Ltd		23,332
	661,015		Gap, Inc		12,863
	315,441		Hennes & Mauritz AB (B Shares)		8,669
	221,231		Inditex S.A.		12,615
	75,000	*	J Crew Group, Inc		2,761
	217,206	*	Kohl’s Corp		10,317
	502,218		Limited Brands, Inc		11,084
	7,300		Lotte Shopping Co Ltd		2,096
	320,068		Nordstrom, Inc		10,303
	133,216		Ross Stores, Inc		7,099
	289,966		TJX Companies, Inc		12,164
	594,500	e	United Arrows Ltd		6,961
	63,099	*	Urban Outfitters, Inc		2,170
			TOTAL APPAREL AND ACCESSORY STORES		129,539
APPAREL AND OTHER TEXTILE PRODUCTS - 0.1%
	65,000		Guess ?, Inc		2,031
	8,626	e	Hermes International		1,144
	250,000	*,e	Liz Claiborne, Inc		1,055
	68,799		Nike, Inc (Class B)		4,647
	21,020		Polo Ralph Lauren Corp (Class A)		1,534
	826		Shimamura Co Ltd		75
	88,037		VF Corp		6,265
			TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		16,751
AUTO REPAIR, SERVICES AND PARKING - 0.0%
	42,250		Ryder System, Inc		1,700
			TOTAL AUTO REPAIR, SERVICES AND PARKING		1,700
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.1%
	45,021		Advance Auto Parts		2,259
	9,811	*,e	Autonation, Inc		191
	8,282	*	Autozone, Inc		1,600
	32,960		Canadian Tire Corp Ltd		1,646
	31,583	*	Carmax, Inc		629
	40,000	e	Gulliver International Co Ltd		1,692
	19,557	*	O’Reilly Automotive, Inc		930
			TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		8,947
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.3%
	23,957	e	Fastenal Co		1,202

162

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	635,577		Home Depot, Inc	$	17,840
	1,745,149		Kingfisher plc		5,467
	381,129		Lowe’s Cos, Inc		7,783
			TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		32,292
BUSINESS SERVICES - 6.2%
	80,356		Activision Blizzard, Inc		843
	42,594		Adecco S.A.		2,032
	311,892	*	Adobe Systems, Inc		8,243
	146,953		Aggreko plc		3,085
	38,162	*	Akamai Technologies, Inc		1,548
	516,265	*,e	Alliance Data Systems Corp		30,728
	83,800	*	Amdocs Ltd		2,250
	460,136	*,e	Atos Origin S.A.		18,476
	32,364	*	Autodesk, Inc		788
	186,155		Automatic Data Processing, Inc		7,495
	3,266,515	*	Autonomy Corp plc		89,039
	358,700		Aveva Group plc		6,020
	45,233	*	BMC Software, Inc		1,566
	99,553		CA, Inc		1,832
	9,780	*,e	Cerner Corp		742
	417,122	*	CGI Group, Inc		6,207
	44,953	*	Citrix Systems, Inc		1,898
	92,649	*	Cognizant Technology Solutions Corp (Class A)		4,638
	313,716		Computer Sciences Corp		14,196
	35,622		Computershare Ltd		315
	31,487	*	Ctrip.com International Ltd (ADR)		1,183
	11,892	e	Dassault Systemes S.A.		720
	6,700	e	Dena Co Ltd		177
	13,655	e	Dentsu, Inc		361
	328,924	*	eBay, Inc		6,450
	32,752		Equifax, Inc		919
	29,684		Expedia, Inc		557
	171,820		Experian Group Ltd		1,494
	26,487	*	F5 Networks, Inc		1,816
	55,433		Fidelity National Information Services, Inc		1,487
	29,882	*	Fiserv, Inc		1,364
	1,577,406		Fujitsu Ltd		9,860
	18,334	e	Gestevision Telecinco S.A.		163
	176,570	*	Google, Inc (Class A)		78,565
	291,521		Group 4 Securicor plc		1,156
	2,105		Hakuhodo DY Holdings, Inc		105
	5,724	*	IHS, Inc (Class A)		334
	21,298	e	Indra Sistemas S.A.		341
	69,719		Infosys Technologies Ltd		4,160
	48,000		Infosys Technologies Ltd (ADR)		2,876
	413,987	*	Interpublic Group of Cos, Inc		2,952
	113,310	*	Intuit, Inc		3,940
	35,194		Iron Mountain, Inc		790
	514,783	*	JC Decaux S.A.		11,994
	152,559		JSR Corp		2,563
	99,699	*	Juniper Networks, Inc		2,275

163

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	8,073		Konami Corp	$	125
	1,000,000		LogicaCMG plc		1,622
	52,305	*,e	Longtop Financial Technologies Ltd (ADR)		1,695
	42,839		Manpower, Inc		1,850
	33,397		Mastercard, Inc (Class A)		6,664
	163,527	*	McAfee, Inc		5,024
	4,931,064		Microsoft Corp		113,463
	297,820	e	Mitsubishi UFJ Lease & Finance Co Ltd		10,046
	95,674		Moody’s Corp		1,906
	947,328		NEC Corp		2,459
	42,705	*	Neowiz Games Corp		1,417
	5,990	*,e	NetFlix, Inc		651
	11,286	*	NHN Corp		1,679
	107,010		Nomura Research Institute Ltd		2,272
	215,000	*	Novell, Inc		1,221
	111		NTT Data Corp		410
	286,788	*	Nuance Communications, Inc		4,287
	587		Obic Co Ltd		113
	946,083		Omnicom Group, Inc		32,451
	24,249	*	Open Text Corp		911
	1,940,019		Oracle Corp		41,633
	3,303	e	Oracle Corp Japan		162
	1,287		Otsuka Corp		82
	2,808,069		Playtech Ltd		19,091
	20,194	e	Publicis Groupe S.A.		806
	10,069	e	Rakuten, Inc		7,275
	22,386	*	Randstad Holdings NV		880
	26,578	*	Red Hat, Inc		769
	41,230	e	Ritchie Bros Auctioneers, Inc		751
	27,458		Robert Half International, Inc		647
	273,499		Sage Group plc		941
	15,829	*	Salesforce.com, Inc		1,358
	586,275		SAP AG.		26,070
	18,313		Secom Co Ltd		813
	68,133		Securitas AB (B Shares)		618
	87,077		Seek Ltd		507
	2,131		SGS S.A.		2,876
	40,257	*,e	Sina Corp		1,419
	1,065	e	Societe Des Autoroutes Paris-Rhin-Rhone		70
	442,993	e	Softbank Corp		11,750
	95,000		Sotheby’s (Class A)		2,173
	5,599		Square Enix Co Ltd		103
	1,266,407	*	Symantec Corp		17,578
	20,024	*	Synopsys, Inc		418
	550,776	*,e	Temenos Group AG.		13,259
	69,500	e	Tencent Holdings Ltd		1,151
	23,263		Total System Services, Inc		316
	8,951		Trend Micro, Inc		242
	17,255	e	United Internet AG.		189
	1,162		USS Co Ltd		83
	25,923	*	VeriSign, Inc		688
	149,142		Visa, Inc (Class A)		10,552

164

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	109,415	*	VMware, Inc (Class A)	$	6,848
	2,614,863		WPP plc		24,633
	16,039	e	Yahoo! Japan Corp		6,393
	495,517	*	Yahoo!, Inc		6,853
			TOTAL BUSINESS SERVICES		740,806
CHEMICALS AND ALLIED PRODUCTS - 10.3%
	604,003		Abbott Laboratories		28,255
	20,517	*	Actelion Ltd		768
	67,123		Agrium, Inc (Toronto)		3,279
	45,314		Air Liquide		4,576
	29,921		Air Products & Chemicals, Inc		1,939
	114,000	e	Air Water, Inc		1,245
	150,000		Alberto-Culver Co		4,064
	741,212	*	Amgen, Inc		38,988
	108,859		Asahi Kasei Corp		569
	115,059		Ashland, Inc		5,341
	37,041		Astellas Pharma, Inc		1,241
	585,782		AstraZeneca plc		27,617
	101,505	e	AstraZeneca plc (ADR)		4,784
	13,900		Avery Dennison Corp		447
	261,611		Avon Products, Inc		6,933
	638,378		BASF AG.		34,881
	21,363	e	Beiersdorf AG.		1,180
	95,665	*	Biogen Idec, Inc		4,539
	61,500	*,e	Biovail Corp		1,185
	4,344,500	*	Biovitrum AB		20,580
	531,781		Bristol-Myers Squibb Co		13,263
	23,501		Celanese Corp (Series A)		585
	402,534	*	Celgene Corp		20,457
	52,333	*	Cephalon, Inc		2,970
	133,970		CF Industries Holdings, Inc		8,500
	12,281	*	Charles River Laboratories International, Inc		420
	10,209		Christian Dior S.A.		980
	19,658	e	Chugai Pharmaceutical Co Ltd		350
	31,128		Church & Dwight Co, Inc		1,952
	157,117		Cipla Ltd		1,139
	67,697		Clorox Co		4,208
	160,572		Colgate-Palmolive Co		12,647
	43	*,e	Compound partnering business		0	^
	278,980	e	CSL Ltd		7,617
	285,000		Cytec Industries, Inc		11,397
	23,630		Daicel Chemical Industries Ltd		159
	58,879		Daiichi Sankyo Co Ltd		1,052
	27,000		Dainippon Ink and Chemicals, Inc		42
	13,163		Dainippon Sumitomo Pharma Co Ltd		101
	34,026	*,e	Dendreon Corp		1,100
	501,701		Dow Chemical Co		11,900
	59,887		Dr Reddy’s Laboratories Ltd		1,871
	25,356		DSM NV		1,008
	337,445		Du Pont (E.I.) de Nemours & Co		11,672
	17,381		Eastman Chemical Co		927

165

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	194,315		Ecolab, Inc	$	8,727
	20,617	e	Eisai Co Ltd		684
	73,147	*	Elan Corp plc		332
	27,332	*,e	Elan Corp plc (ADR)		123
	210,612		Eli Lilly & Co		7,056
	1,151	e	Eramet		284
	52,741		Estee Lauder Cos (Class A)		2,939
	1,537,208	*	Ferro Corp		11,329
	23,433		FMC Corp		1,346
	352,993	*	Forest Laboratories, Inc		9,683
	800,000	*	Genomma Lab Internacional S.A. de C.V.		2,657
	41,388	*	Genzyme Corp		2,101
	2,086,895	*	Gilead Sciences, Inc		71,540
	1,565		Givaudan S.A.		1,329
	1,267,380		GlaxoSmithKline plc		21,521
	27,476	e	Grifols S.A.		281
	2,780	e	H Lundbeck A/s		38
	1		H.B. Fuller Co		0	^
	140,000		Hanwha Chemical Corp		2,010
	27,469		Henkel KGaA		1,124
	37,222	e	Henkel KGaA (Preference)		1,818
	5,600	e	Hisamitsu Pharmaceutical Co, Inc		222
	77,168	*	Hospira, Inc		4,433
	58,926	*	Human Genome Sciences, Inc		1,335
	192,500		Huntsman Corp		1,669
	166,729		Incitec Pivot Ltd		377
	10,736		International Flavors & Fragrances, Inc		455
	4,660	e	Ipsen		142
	72,058		Israel Chemicals Ltd		751
	1,221,972		Johnson & Johnson		72,171
	16,480	e	Kansai Paint Co Ltd		141
	18,853		Kao Corp		444
	160,900	*	King Pharmaceuticals, Inc		1,221
	395,100		Kingboard Chemical Holdings Ltd		1,696
	195,087		Kuraray Co Ltd		2,289
	23,486	e	Kyowa Hakko Kogyo Co Ltd		223
	3,990,350	*	L’ Occitane International SA		8,701
	421,000	e	Lanxess AG.		17,720
	8,578		LG Household & Health Care Ltd		2,436
	34,766	e	Linde AG.		3,656
	162,518		Lonza Group AG.		10,820
	41,926	e	L’Oreal S.A.		4,105
	75,886		Lubrizol Corp		6,094
	64,088		Lupin Ltd		2,698
	38,734		Makhteshim-Agan Industries Ltd		129
	12,712		Mediceo Paltac Holdings Co Ltd		151
	1,381,494		Merck & Co, Inc		48,311
	10,878	e	Merck KGaA		798
	104,850		Mitsubishi Chemical Holdings Corp		479
	32,269	e	Mitsubishi Gas Chemical Co, Inc		156
	95,753		Monsanto Co		4,426
	47,991		Mosaic Co		1,871

166

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	446,092	*,e	Mylan Laboratories, Inc	$	7,601
	36,300	e	Nichi-iko Pharmaceutical Co Ltd		1,352
	151,455		Nissan Chemical Industries Ltd		1,693
	2,196,048		Novartis AG.		106,428
	75,000		Novartis AG. (ADR)		3,624
	361,548		Novo Nordisk AS (Class B)		29,210
	9,934	e	Novozymes AS (B Shares)		1,060
	145,893	e	Nufarm Ltd		657
	7,466	e	Ono Pharmaceutical Co Ltd		303
	13,666		Orion Oyj (Class B)		256
	38,711	*	Pactiv Corp		1,078
	100,176		Perrigo Co		5,917
	3,502,546		Pfizer, Inc		49,946
	124,791		Potash Corp of Saskatchewan		10,748
	75,273		PPG Industries, Inc		4,547
	52,420		Praxair, Inc		3,983
	1,190,333		Procter & Gamble Co		71,397
	596,868		PTT Chemical PCL		1,908
	556,763		Reckitt Benckiser Group plc		25,897
	293,016		Roche Holding AG.		40,331
	55,000	*	Rockwood Holdings, Inc		1,248
	469,327		Sanofi-Aventis		28,266
	6,356		Santen Pharmaceutical Co Ltd		229
	18,100	e	Sawai Pharmaceutical Co Ltd		1,732
	29,556		Sherwin-Williams Co		2,045
	187,200		Shin-Etsu Chemical Co Ltd		8,704
	26,173		Shionogi & Co Ltd		543
	1,813,969		Shire Ltd		37,212
	85,600		Shire plc (ADR)		5,254
	12,085	e	Shiseido Co Ltd		266
	1,247,654		Showa Denko KK		2,253
	17,136		Sigma-Aldrich Corp		854
	360,500	e	Sinopharm Group Co		1,314
	12,687		Solvay S.A.		1,083
	135,748		Sumitomo Chemical Co Ltd		525
	114,149		Sun Pharmaceuticals Industries Ltd		4,371
	40,628		Syngenta AG.		9,386
	9,411		Taisho Pharmaceutical Co Ltd		186
	567,000		Taiwan Fertilizer Co Ltd		1,483
	89,897		Taiyo Nippon Sanso Corp		714
	169,348		Takeda Pharmaceutical Co Ltd		7,274
	18,721		Tanabe Seiyaku Co Ltd		285
	145,713		Teva Pharmaceutical Industries Ltd		7,613
	760,273		Teva Pharmaceutical Industries Ltd (ADR)		39,527
	155,000	*,e	Theravance, Inc		1,948
	436,500	e	Tokai Carbon Co Ltd		2,043
	26,693		Tokuyama Corp		117
	114,283	e	Toray Industries, Inc		548
	44,647		Tosoh Corp		116
	19,400	e	Towa Pharmaceutical Co Ltd		1,262
	450,000		TSRC Corp		619
	105,274	e	Tsumura & Co		3,223

167

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	86,012		UBE Industries Ltd	$	203
	20,501	e	UCB S.A.		644
	300,000	*	Vanda Pharmaceuticals, Inc		1,983
	28,033	*	Vertex Pharmaceuticals, Inc		922
	3,406	e	Wacker Chemie AG.		493
	48,339	*,e	Warner Chilcott plc		1,105
	345,764	*	Watson Pharmaceuticals, Inc		14,028
	65,000	*	WR Grace & Co		1,368
	296,105		Yara International ASA		8,323
			TOTAL CHEMICALS AND ALLIED PRODUCTS		1,225,018
COAL MINING - 0.4%
	5,644,300		Adaro Energy Tbk		1,226
	34,027	*	Alpha Natural Resources, Inc		1,152
	22,032		Arch Coal, Inc		436
	297,877		Centennial Coal Co Ltd		1,101
	5,587,147		China Coal Energy Co		6,980
	43,867		Consol Energy, Inc		1,481
	262,821	e,m	Gloucester Coal Ltd		2,734
	2,485,240		MacArthur Coal Ltd		24,836
	80,000		New World Resources NV		823
	76,519		Peabody Energy Corp		2,994
	1,154,300		Sany Heavy Equipment International		1,277
	564,673		Whitehaven Coal Ltd		2,231
			TOTAL COAL MINING		47,271
COMMERCIAL SERVICES AND SUPPLIES - 0.0%
	10,215		Bureau Veritas S.A.		553
			TOTAL COMMERCIAL SERVICES AND SUPPLIES		553
COMMUNICATIONS - 4.0%
	78,352	e	America Movil S.A. de C.V. (ADR) (Series L)		3,722
	115,209	*	American Tower Corp (Class A)		5,127
	23,944	*	AOL, Inc		498
	2,440,857		AT&T, Inc		59,043
	208,153	e	BCE, Inc		6,073
	31,483		Belgacom S.A.		990
	263,602		Bezeq Israeli Telecommunication Corp Ltd		576
	179,863		British Sky Broadcasting plc		1,878
	12,746,284		BT Group plc		24,603
	133,456		Cable & Wireless plc		115
	542,935		Cable & Wireless Worldwide		702
	179,865		Cablevision Systems Corp (Class A)		4,319
	425,843		CBS Corp (Class B)		5,506
	6,854		Cellcom Israel Ltd		171
	146,926		CenturyTel, Inc		4,894
	1,210,148		Comcast Corp (Class A)		21,020
	114,405		Comcast Corp (Special Class A)		1,880
	79,219	*	Crown Castle International Corp		2,952
	1,412,370		Deutsche Telekom AG.		16,674
	539,300	*	DIRECTV		18,293
	434,433		DISH Network Corp (Class A)		7,885

168

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	26,932		Elisa Oyj (Series A)	$	466
	41,179		Eutelsat Communications		1,379
	939,000		Far EasTone Telecommunications Co Ltd		1,158
	318,624	e	France Telecom S.A.		5,527
	1,889		Fuji Television Network, Inc		2,712
	551,326		Hellenic Telecommunications Organization S.A.		4,145
	8,018,600		Hutchison Telecommunications Hong Kong Holdings Ltd		1,693
	118,313	*	IAC/InterActiveCorp		2,599
	2,826	e	Iliad S.A.		219
	65,902		Inmarsat plc		699
	545,497	*	ITV plc		408
	164		Jupiter Telecommunications Co		157
	256		KDDI Corp		1,220
	221,327	*	Level 3 Communications, Inc		241
	46,070	*	Liberty Global, Inc (Class A)		1,197
	12,686	*,e	Liberty Global, Inc (Series C)		330
	284	*	Liberty Media Corp - Starz		15
	76,746	*	Liberty Media Holding Corp (Interactive A)		806
	8,784		M6-Metropole Television		178
	1,000	e	Manitoba Telecom Services, Inc		25
	142,899		Mediaset S.p.A.		813
	135,251	*	MetroPCS Communications, Inc		1,108
	5,530		Mobistar S.A.		294
	7,314		Modern Times Group AB (B Shares)		400
	64,552	*	NII Holdings, Inc (Class B)		2,099
	527,830		Nippon Telegraph & Telephone Corp		21,501
	4,945		NTT DoCoMo, Inc		7,488
	11,378		Partner Communications		175
	121,749	e	PCCW Ltd		36
	34,211		Philippine Long Distance Telephone Co (ADR)		1,744
	118,923	e	Portugal Telecom SGPS S.A.		1,189
	66,600	e	ProSiebenSat.1 Media AG.		975
	2,088,295		Qwest Communications International, Inc		10,964
	196,944	e	Rogers Communications, Inc (Class B)		6,434
	792,001		Royal KPN NV		10,095
	32,960	*	SBA Communications Corp (Class A)		1,121
	61,918		SES Global S.A.		1,288
	148,421	*,e	Shaw Communications, Inc (B Shares)		2,673
	3,345,708		Singapore Telecommunications Ltd		7,233
	16,905	e	Societe Television Francaise 1		220
	2,446,406	*	Sprint Nextel Corp		10,373
	21,274		StarHub Ltd		34
	4,837		Swisscom AG.		1,640
	1,592,923		Taiwan Mobile Co Ltd		3,246
	63,946		Tele2 AB (B Shares)		955
	147,018		Telecom Corp of New Zealand Ltd		189
	12,312,019		Telecom Italia RSP		11,247
	1,789,307		Telecom Italia S.p.A.		1,976
	80,000	e	Telefonica O2 Czech Republic A.S.		1,551
	1,171,887		Telefonica S.A.		21,708
	70,323		Telekom Austria AG.		782
	48,800		Telenet Group Holding NV		1,280

169

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	171,158		Telenor ASA	$	2,156
	42,117		Telephone & Data Systems, Inc		1,280
	9,177		Television Broadcasts Ltd		43
	472,211	e	TeliaSonera AB		3,034
	1,692,943		Telstra Corp Ltd		4,615
	24,246		TELUS Corp		915
	61,357	e	TELUS Corp, non-voting shares		2,220
	179,204		Time Warner Cable, Inc		9,333
	1,700		Tokyo Broadcasting System, Inc		23
	1,514,412		Verizon Communications, Inc		42,433
	358,948		Vivendi Universal S.A.		7,295
	25,399,193		Vodafone Group plc		52,334
	330,346	e	Vodafone Group plc (ADR)		6,828
	68,643		Windstream Corp		725
			TOTAL COMMUNICATIONS		478,160
DEPOSITORY INSTITUTIONS - 10.6%
	11,083		77 Bank Ltd		60
	101,695	*	Alpha Bank S.A.		497
	1,600,000		AMMB Holdings Berhad		2,452
	147,992	*,m	Anglo Irish Bank Corp plc		39
	2,698,848	e	Aozora Bank Ltd		3,495
	1,212,052		Australia & New Zealand Banking Group Ltd		21,770
	133,634	e	Banca Carige S.p.A.		261
	1,615,447		Banca Intesa S.p.A.		4,255
	186,387		Banca Intesa S.p.A. RSP		371
	475,674	e	Banca Monte dei Paschi di Siena S.p.A.		538
	77,851		Banca Popolare di Milano		320
	125,649		Banche Popolari Unite Scpa		1,082
	1,446,182		Banco Bilbao Vizcaya Argentaria S.A.		14,900
	229,229	e	Banco Bradesco S.A. (ADR)		3,636
	583,001	e	Banco Comercial Portugues S.A.		438
	2,659,200		Banco de Oro Universal Bank		2,685
	202,458	e	Banco de Sabadell S.A.		917
	52,657	e	Banco de Valencia S.A.		234
	224,954		Banco do Brasil S.A.		3,072
	118,448	e	Banco Espirito Santo S.A.		467
	130,000		Banco Itau Holding Financeira S.A.		2,341
	135,205		Banco Popolare Scarl		741
	181,813	e	Banco Popular Espanol S.A.		922
	132,200		Banco Santander Brasil S.A.		1,357
	262,841		Banco Santander Brasil S.A. (ADR)		2,715
	5,235,486		Banco Santander Central Hispano S.A.		54,899
	469,400		Bangkok Bank PCL (ADR)		1,794
	155,166	*	Bank Hapoalim Ltd		559
	186,822	*	Bank Leumi Le-Israel		666
	4,596,204		Bank of America Corp		66,046
	3,610,500		Bank of China Ltd		1,822
	49,252		Bank of East Asia Ltd		178
	475,177		Bank of India		3,544
	530,000	*	Bank of Ireland		427
	12,653		Bank of Kyoto Ltd		104

170

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	244,027	e	Bank of Montreal	$	13,236
	238,919		Bank of New York Mellon Corp		5,899
	477,086		Bank of NOVA Scotia		21,982
	47,309		Bank of Okinawa Ltd		1,664
	532,805		Bank of Yokohama Ltd		2,437
	65,108		Bank Sarasin & Compagnie AG.		2,610
	64,156	e	Bankinter S.A.		391
	6,186,787		Barclays plc		24,695
	130,941		BB&T Corp		3,445
	25,925	e	Bendigo Bank Ltd		177
	549,088		BNP Paribas		29,541
	246,448		BOC Hong Kong Holdings Ltd		561
	170,825	e	Canadian Imperial Bank of Commerce/Canada		10,613
	26,323		Chiba Bank Ltd		159
	2,451,600	e	China Citic Bank		1,550
	2,756,700		China Construction Bank		2,219
	1,883,459		Chinatrust Financial Holding Co		1,029
	6,100		Chugoku Bank Ltd		72
	13,677,424	*	Citigroup, Inc		51,427
	34,412		Comerica, Inc		1,267
	150,925	*,e	Commerzbank AG.		1,054
	717,761	e	Commonwealth Bank of Australia		29,017
	30,714		Credicorp Ltd (NY)		2,792
	193,292	e	Credit Agricole S.A.		2,005
	94,141	*	Danske Bank AS		1,812
	1,787,828		DBS Group Holdings Ltd		17,351
	128,310	e	Deutsche Bank AG.		7,207
	17,841	*	Deutsche Postbank AG.		517
	116,248	*,e	Dexia		406
	127,373	*	Dhanalakshmi Bank Ltd		515
	191,991		DNB NOR Holding ASA		1,847
	67,622	*	EFG Eurobank Ergasias S.A.		300
	39,528		Erste Bank der Oesterreichischen Sparkassen AG.		1,254
	211,545		Fifth Third Bancorp		2,600
	78,226	*	First Horizon National Corp		896
	900,000		FirstRand Ltd		2,107
	1,432,658	e	Fortis		3,188
	881,000	*	Fubon Financial Holding Co Ltd		979
	2,706,365		Fuhwa Financial Holdings Co Ltd		1,445
	32,167		Fukuoka Financial Group, Inc		134
	15,774		Gunma Bank Ltd		84
	14,842		Hachijuni Bank Ltd		83
	50,593		Hang Seng Bank Ltd		676
	5,416		HDFC Bank Ltd		222
	19,744		Hiroshima Bank Ltd		79
	51,481		Hokuhoku Financial Group, Inc		95
	50,000		Home Capital Group, Inc		1,981
	9,325,279		HSBC Holdings plc		85,192
	392,874		Hudson City Bancorp, Inc		4,809
	1,558,449		Huntington Bancshares, Inc		8,634
	1,619		ICICI Bank Ltd		30
	140,524	e	ICICI Bank Ltd (ADR)		5,079

171

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,932,400	e	Industrial & Commercial Bank of China	$	1,405
	7,462,760	*	ING Groep NV		55,227
	65,181		ING Vysya Bank Ltd		503
	85,839		Investec plc		578
	74,988		Israel Discount Bank Ltd		127
	9,912		Iyo Bank Ltd		92
	22,624		Joyo Bank Ltd		90
	2,060,167		JPMorgan Chase & Co		75,422
	453,238		Julius Baer Group Ltd		12,923
	155,807		Julius Baer Holding AG.		1,684
	800,000		Kasikornbank PCL		2,222
	857,331		Kasikornbank PCL (Foreign)		2,493
	214,787		Keycorp		1,652
	300,000		Korea Exchange Bank		3,057
	11,107,071	*	Lloyds TSB Group plc		8,769
	11,707	e	M&T Bank Corp		995
	317,487		Marshall & Ilsley Corp		2,280
	101,350		Mediobanca S.p.A.		755
	4,265,800		Metropolitan Bank & Trust		5,647
	7,643,354		Mitsubishi UFJ Financial Group, Inc		34,706
	1,688,750	e	Mitsui Trust Holdings, Inc		5,955
	16,735	*	Mizrahi Tefahot Bank Ltd		122
	4,276,698	e	Mizuho Financial Group, Inc		7,017
	68,872	*,e	Mizuho Trust & Banking Co Ltd		59
	1,532,622		National Australia Bank Ltd		29,632
	69,013	e	National Bank of Canada		3,530
	127,264	*	National Bank of Greece S.A.		1,370
	174,215	*,e	Natixis		757
	71,836	e	New York Community Bancorp, Inc		1,097
	26,721		Nishi-Nippon City Bank Ltd		77
	679,365		Nordea Bank AB		5,602
	35,721		Northern Trust Corp		1,668
	28,147		OKO Bank (Class A)		286
	1,279,914		Oversea-Chinese Banking Corp		8,060
	105,653		People’s United Financial, Inc		1,426
	71,567	*	Piraeus Bank S.A.		302
	213,237		PNC Financial Services Group, Inc		12,048
	2,025,100		PT Bank Danamon Indonesia Tbk		1,196
	800,000		Public Bank BHD		2,934
	10,742	e	Raiffeisen International Bank Holding AG.		408
	220,520		Regions Financial Corp		1,451
	23,400	e	Resona Holdings, Inc		286
	685,535	e	Royal Bank of Canada (Toronto)		32,649
	3,455,727	*	Royal Bank of Scotland Group plc		2,105
	12,000		Sapporo Hokuyo Holdings, Inc		53
	16,200	e	Senshu Ikeda Holdings, Inc		24
	25	e	SEVEN BANK Ltd		45
	1,345,320	e	Shinsei Bank Ltd		1,137
	24,727		Shizuoka Bank Ltd		215
	766,600		Siam Commercial Bank PCL		1,907
	302,490	e	Skandinaviska Enskilda Banken AB (Class A)		1,603
	582,110		Societe Generale		23,953

172

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	453,359		Standard Chartered plc	$	11,039
	151,763	e	Standard Chartered plc (Hong Kong)		3,749
	88,417		State Street Corp		2,990
	734,679		Sumitomo Mitsui Financial Group, Inc		20,793
	1,134,488		Sumitomo Trust & Banking Co Ltd		5,776
	167,218		Suncorp-Metway Ltd		1,119
	150,150		SunTrust Banks, Inc		3,498
	16,738	e	Suruga Bank Ltd		152
	102,493		Svenska Handelsbanken (A Shares)		2,507
	138,083		Swedbank AB (A Shares)		1,267
	3,249,229		Synovus Financial Corp		8,253
	414,071		TCF Financial Corp		6,878
	13,065		TFS Financial Corp		162
	388,397	e	Toronto-Dominion Bank		25,167
	3,130,914	*	UBS A.G. (Switzerland)		41,478
	4,939,828		UniCredito Italiano S.p.A.		10,927
	745,041		United Overseas Bank Ltd		10,365
	1,868,594		US Bancorp		41,763
	4,361,224		Wells Fargo & Co		111,646
	472,824		Western Union Co		7,050
	1,370,287		Westpac Banking Corp		24,153
	7,126		Wing Hang Bank Ltd		70
	9,666		Yamaguchi Financial Group, Inc		92
			TOTAL DEPOSITORY INSTITUTIONS		1,259,463
EATING AND DRINKING PLACES - 1.2%
	1,846,707		Ajisen China Holdings Ltd		2,061
	21,048	*,e	Autogrill S.p.A.		252
	120,238	e	Brinker International, Inc		1,739
	8,273,069		Compass Group plc		62,937
	247,252		Darden Restaurants, Inc		9,606
	1,925,000	*	Enterprise Inns plc		2,499
	616,972		McDonald’s Corp		40,640
	5,700	e	McDonald’s Holdings Co Japan Ltd		128
	40,569		Onex Corp		975
	15,085	e	Sodexho Alliance S.A.		837
	218,974		Starbucks Corp		5,321
	27,048		Tim Hortons, Inc		866
	67,092		Tim Hortons, Inc (Toronto)		2,147
	35,154		Whitbread plc		734
	181,512		Yum! Brands, Inc		7,086
			TOTAL EATING AND DRINKING PLACES		137,828
EDUCATIONAL SERVICES - 0.1%
	25,243	*	Apollo Group, Inc (Class A)		1,072
	72,082		Benesse Corp		3,281
	108,028	e	CAE, Inc		937
	38,800	*,e	Career Education Corp		893
	32,811		DeVry, Inc		1,722
	8,775	*	ITT Educational Services, Inc		729
			TOTAL EDUCATIONAL SERVICES		8,634

173

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
ELECTRIC, GAS, AND SANITARY SERVICES - 3.5%
	180,742		A2A S.p.A.	$	247
	228,506	e	ACEA S.p.A.		2,267
	301,341	*	AES Corp		2,784
	44,315		AGL Energy Ltd		545
	173,164		Allegheny Energy, Inc		3,581
	20,832		Alliant Energy Corp		661
	43,490		Ameren Corp		1,034
	136,418		American Electric Power Co, Inc		4,406
	201,904	e	American Water Works Co, Inc		4,159
	770	e	Aqua America, Inc		14
	22,753,800	*	Beijing Enterprises Water Group Ltd		7,076
	622		Bkw Fmb Energie AG		39
	166,514	*	Calpine Corp		2,118
	35,766		Canadian Utilities Ltd		1,524
	1,057,049		Centerpoint Energy, Inc		13,911
	8,189,124		Centrica plc		36,140
	3,185,100	e	China Resources Gas Group Ltd		4,490
	64,066		Chubu Electric Power Co, Inc		1,590
	24,892		Chugoku Electric Power Co, Inc		513
	129,521		CLP Holdings Ltd		937
	90,000		CMS Energy Corp		1,319
			Companhia de Saneamento Basico do Estado de Sao
	87,053	e	Paulo (ADR)		3,599
	126,338		Companhia Paranaense de Energia		2,604
	41,026		Consolidated Edison, Inc		1,768
	345,764		Constellation Energy Group, Inc		11,151
	140,935	e	Contact Energy Ltd		548
	173,754		Dominion Resources, Inc		6,731
	19,689		Drax Group plc		110
	61,716		DTE Energy Co		2,815
	1,354,200	e	DUET Group		1,830
	267,089		Duke Energy Corp		4,273
	4,940	*	Dynegy, Inc (Class A)		19
	533,625		E.ON AG.		14,348
	59,122		Edison International		1,875
	37,439	*,e	EDP Renovaveis S.A.		220
	119,190		El Paso Corp		1,324
	11,239		Electric Power Development Co		356
	119,306		Electricite de France		4,539
	83,660		Eletropaulo Metropolitana de Sao Paulo S.A.		1,667
	28,158	e	Enagas		424
	157,827	e	Enbridge, Inc		7,351
	1,188,957	e	Enel S.p.A.		5,034
	40,866		Energen Corp		1,812
	277,119		Energias de Portugal S.A.		825
	96,210		Entergy Corp		6,891
	285,533		Exelon Corp		10,842
	42,933		FirstEnergy Corp		1,513
	72,994	e	Fortis, Inc		1,864
	1,057,625		Fortum Oyj		23,216
	335,853		FPL Group, Inc		16,376

174

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	37,126	e	Gas Natural SDG S.A.	$	537
	236,600		Gaz de France		6,731
	1,010,100		Glow Energy PCL		1,154
	15,882		Hokkaido Electric Power Co, Inc		342
	16,175	e	Hokuriku Electric Power Co		355
	279,166		Hong Kong & China Gas Ltd		690
	149,364		Hong Kong Electric Holdings Ltd		890
	138,067		Iberdrola Renovables		433
	808,653		Iberdrola S.A.		4,545
	51,441		Integrys Energy Group, Inc		2,250
	3,469,249		International Power plc		15,497
	78,553		Kansai Electric Power Co, Inc		1,916
	33,247		Kyushu Electric Power Co, Inc		746
	35,089		MDU Resources Group, Inc		633
	11,674	*	Mirant Corp		123
	846,520		National Grid plc		6,180
	86,531		NiSource, Inc		1,255
	156,024		Northeast Utilities		3,975
	400,253	*	NRG Energy, Inc		8,489
	14,593		NSTAR		511
	15,755	e	Oest Elektrizitatswirts AG. (Class A)		482
	40,748		Oneok, Inc		1,762
	10,585		Ormat Industries		78
	170,846		Osaka Gas Co Ltd		616
	62,766		Pepco Holdings, Inc		984
	350,558		PG&E Corp		14,408
	35,435		Pinnacle West Capital Corp		1,288
	12,292,300		PNOC Energy Development Corp		1,168
	217,813		PPL Corp		5,434
	40,043		Progress Energy, Inc		1,570
	19,712	*	Public Power Corp		283
	510,465		Public Service Enterprise Group, Inc		15,993
	133,100		Questar Corp		6,055
	16,803	e	Red Electrica de Espana		602
	17,700	*	Reliant Energy, Inc		67
	499,754		Republic Services, Inc		14,858
	81,553	e	RWE A.G.		5,336
	4,182		RWE A.G. (Preference)		252
	21,760		SCANA Corp		778
	193,909		Scottish & Southern Energy plc		3,229
	180,392		Sempra Energy		8,441
	48,992		Severn Trent plc		899
	15,600	e	Shikoku Electric Power Co, Inc		446
	226,282		Snam Rete Gas S.p.A.		903
	165,075		Southern Co		5,494
	104,886		SP AusNet		67
	19,613	*	Stericycle, Inc		1,286
	41,232		Suez Environnement S.A.		680
	66,365		Tata Power Co Ltd		1,859
	205,941		Terna Rete Elettrica Nazionale S.p.A.		741
	35,000		Toho Gas Co Ltd		187
	37,641		Tohoku Electric Power Co, Inc		808

175

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	265,960		Tokyo Electric Power Co, Inc	$	7,235
	198,624		Tokyo Gas Co Ltd		907
	91,902		TransAlta Corp		1,702
	142,662		United Utilities Group plc		1,116
	56,212		Veolia Environnement		1,321
	194,550	*	Waste Connections, Inc		6,788
	169,803		Waste Management, Inc		5,313
	432,352		Williams Cos, Inc		7,903
	34,092		Wisconsin Energy Corp		1,730
	234,015		Xcel Energy, Inc		4,823
	1,431,800	*	Yingde Gases		1,420
			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		419,844
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 7.0%
	413,324		ABB Ltd		7,196
	300,000	*	A-DATA Technology Co Ltd		583
	78,926	*,e	Advanced Micro Devices, Inc		578
	2,622,000		Advanced Semiconductor Engineering, Inc		2,064
	485,166	*	Alcatel S.A.		1,236
	41,912		Altera Corp		1,040
	14,847		Ametek, Inc		596
	69,240		Amphenol Corp (Class A)		2,720
	120,766		Analog Devices, Inc		3,365
	716,772	*	Apple Computer, Inc		180,291
	195,805	e	ARM Holdings plc		810
	720,000		Asustek Computer, Inc		5,304
	109,288	*	Avnet, Inc		2,635
	250,851		Broadcom Corp (Class A)		8,271
	177,200	e	Canon Electronics, Inc		4,005
	348,213	*,e	Celestica, Inc		2,807
	150,000	*,e	Ciena Corp		1,902
	3,701,425	*	Cisco Systems, Inc		78,877
	210,210		Cooper Industries plc		9,249
	66,548	*	Cree, Inc		3,995
	391,952	*	Dell, Inc		4,727
	44,195	*	Dolby Laboratories, Inc (Class A)		2,771
	14,408	*,e	Elpida Memory, Inc		221
	115,558	*	Energizer Holdings, Inc		5,810
	32,442	*	EnerSys		693
	612,425		Ericsson (LM) (B Shares)		6,793
	466,193		Exide Industries Ltd		1,311
	7,756	*,e	First Solar, Inc		883
	237,526	*,e	Flextronics International Ltd		1,330
	68,728	*,e	Foxconn International Holdings Ltd		44
	50,822	*,e	Fuji Electric Holdings Co Ltd		146
	43,530	e	Gamesa Corp Tecnologica S.A.		374
	349,232		Gemalto NV		13,143
	1,221,502		Geodesic Information Systems Ltd		2,285
	33,000	e	GS Yuasa Corp		216
	93,609		Harris Corp		3,899
	1,937,589		Hewlett-Packard Co		83,859

176

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	2,651		Hirose Electric Co Ltd	$	243
	98,552		Hitachi Chemical Co Ltd		1,831
	74,500		Hitachi High-Technologies Corp		1,369
	5,852,548	*	Hitachi Ltd		21,258
	2,069,544		Hon Hai Precision Industry Co, Ltd		7,254
	257,617	*	Hoya Corp		5,481
	132,172	*	Ibiden Co Ltd		3,561
	1,044,195	*	Imagination Technologies Group PLC		4,340
	214,947	*	Infineon Technologies AG.		1,246
	3,224,585		Intel Corp		62,718
	40,120	*	JDS Uniphase Corp		395
	774,000		Kinsus Interconnect Technology Corp		1,487
	1,497,783		Koninklijke Philips Electronics NV		44,727
	32,112		Kyocera Corp		2,600
	34,278		L-3 Communications Holdings, Inc		2,428
	24,341		Legrand S.A.		721
	8,558		LG Innotek Co Ltd		1,123
	31,484		Linear Technology Corp		876
	92,566	*	LSI Logic Corp		426
	2,216	e	Mabuchi Motor Co Ltd		101
	160,091	*	Marvell Technology Group Ltd		2,523
	783,655		Matsushita Electric Industrial Co Ltd		9,785
	31,956		Matsushita Electric Works Ltd		314
	188,777		Maxim Integrated Products, Inc		3,158
	100,000		MediaTek, Inc		1,396
	514,059	*	MEMC Electronic Materials, Inc		5,079
	25,970	e	Microchip Technology, Inc		720
	762,323	*	Micron Technology, Inc		6,472
	15,530	e	Millicom International Cellular S.A.		1,260
	434,716		Minebea Co Ltd		2,408
	1,532,785		Mitsubishi Electric Corp		11,963
	7,122		Mitsumi Electric Co Ltd		121
	925,234	*	Motorola, Inc		6,033
	140,329		Murata Manufacturing Co Ltd		6,692
	33,508		National Semiconductor Corp		451
	342,115	*	NetApp, Inc		12,764
	11,988		NGK Spark Plug Co Ltd		149
	9,386	*	Nice Systems Ltd		238
	69,906		Nidec Corp		5,852
	900	e	Nissha Printing Co Ltd		24
	115,377		Nitto Denko Corp		3,785
	685,678		Nokia Oyj		5,589
	267,908	*	Nvidia Corp		2,735
	163,102		Omron Corp		3,556
	90,000	*	Polycom, Inc		2,681
	1,705,450		Powertech Technology, Inc		4,735
	614,303		Qualcomm, Inc		20,174
	108,838	*,e	Renewable Energy Corp AS		257
	20,000	*	Research In Motion Ltd		985
	211,846	*	Research In Motion Ltd (Canada)		10,414
	759,581		Ricoh Co Ltd		9,686
	3,099	e	Rinnai Corp		159

177

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	8,624		Rohm Co Ltd	$	518
	11,774		Samsung Electro-Mechanics Co Ltd		1,472
	15,204		Samsung Electronics Co Ltd		9,536
	68,205	*	SanDisk Corp		2,869
	63,975	*,e	Sanyo Electric Co Ltd		82
	52,232	*,e	SGL Carbon AG.		1,499
	35,106	*	Sharp Corp		370
	169,474	e	Shinko Electric Industries		2,202
	758,487		Smiths Group plc		12,076
	28,673,611		Solomon Systech International Ltd		2,150
	489,702	*	Sony Corp		13,062
	12,535		Stanley Electric Co Ltd		208
	134,774		STMicroelectronics NV		1,070
	9,576	*,e	Sumco Corp		159
	2,483	*,e	Sunpower Corp (Class A)		30
	2,435,204		Taiwan Semiconductor Manufacturing Co Ltd		4,552
	195,000		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		1,903
	19,361	*	TalkTalk Telecom Group plc		36
	76,966	e	TDK Corp		4,212
	361,798		Texas Instruments, Inc		8,423
	5,900	*,e	Toyota Boshoku Corp		86
	273,868		Tyco Electronics Ltd		6,951
	8,884		Ushio, Inc		137
	133,000	*	Vishay Intertechnology, Inc		1,029
	69,721		Whirlpool Corp		6,123
	792,000	*	Wintek Corp		633
	65,944		Xilinx, Inc		1,666
	7,780,000		Yageo Corp		3,140
	19,384	e	Yaskawa Electric Corp		144
			TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		838,710
ENGINEERING AND MANAGEMENT SERVICES - 0.6%
	171,757		Accenture plc		6,638
	101,000	e	Aeon Mall Co Ltd		2,001
	30,303		Cap Gemini S.A.		1,332
	120,688		Capita Group plc		1,330
	25,189		Fluor Corp		1,071
	13,772		Fugro NV		636
	9,400		Groupe Aeroplan, Inc		78
	204,549	*	Jacobs Engineering Group, Inc		7,454
	329,142		JGC Corp		4,994
	598,878		KBR, Inc		12,180
	103,827	*	McDermott International, Inc		2,249
	553	*	Myriad Genetics, Inc		8
	52,846		Paychex, Inc		1,372
	48,987		Petrofac Ltd		862
	54,701	*	SAIC, Inc		916
	10,719		Samsung Engineering Co Ltd		993
	1,988,011		SembCorp Industries Ltd		5,749
	320,740		Serco Group plc		2,801
	620,500		Shandong Weigao Group Medical Polymer Co Ltd		2,703
	74,802	*,e	Shaw Group, Inc		2,560

178

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	64,508		SNC-Lavalin Group, Inc	$	2,582
	20,203	*	URS Corp		795
	251,086	e	WorleyParsons Ltd		4,620
	97,918	*,e	WuXi PharmaTech Cayman, Inc (ADR)		1,563
			TOTAL ENGINEERING AND MANAGEMENT SERVICES		67,487
FABRICATED METAL PRODUCTS - 0.3%
	776,817		Amcor Ltd		4,140
	16,719		Ball Corp		883
	391,700	*	Crown Holdings, Inc		9,808
	8,099	e	Geberit AG.		1,260
	14,000		Hitachi Metals Ltd		142
	214,619		Illinois Tool Works, Inc		8,859
	22,008		JS Group Corp		420
	39,095		Parker Hannifin Corp		2,168
	41,496		Pentair, Inc		1,336
	1,086,476		Rexam plc		4,888
	8,806		Salzgitter AG.		525
	36,936	e	Ssab Svenskt Stal AB (Series A)		496
	17,999	e	Ssab Svenskt Stal AB (Series B)		216
	39,801		Stanley Works		2,011
	13,155		Toyo Seikan Kaisha Ltd		192
			TOTAL FABRICATED METAL PRODUCTS		37,344
FOOD AND KINDRED PRODUCTS - 4.8%
	27,214		Ajinomoto Co, Inc		246
	40,157	*	Anheuser-Busch InBev NV		0	^
	78,199		Archer Daniels Midland Co		2,019
	16,624		Aryzta AG.		640
	329,697		Asahi Breweries Ltd		5,585
	545,997		Associated British Foods plc		7,907
	396,400	e	Beijing Enterprises Holdings Ltd		2,573
	19,229		Bunge Ltd		946
	49,734		Campbell Soup Co		1,782
	22,143		Carlsberg AS (Class B)		1,687
	1,500,000		China Agri-Industries Holdings Ltd		1,732
	100,000	*	Christian Hansen Holding		1,666
	6,021		CJ CheilJedang Corp		1,099
	36,995		Coca Cola Hellenic Bottling Co S.A.		793
	234,989	e	Coca-Cola Amatil Ltd		2,353
	1,149,260		Coca-Cola Co		57,602
	121,443		Coca-Cola Enterprises, Inc		3,141
	4,771		Coca-Cola West Japan Co Ltd		79
	310,830		ConAgra Foods, Inc		7,249
	71,029	*	Constellation Brands, Inc (Class A)		1,109
	185,280		Corn Products International, Inc		5,614
	122,109	e	CSR Ltd		171
	399,004	*	Dean Foods Co		4,018
	610,000		Del Monte Foods Co		8,778
	2,292,662		Diageo plc		36,013
	450,013		Dr Pepper Snapple Group, Inc		16,826
	745,862		General Mills, Inc		26,493

179

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	182,497		Golden Agri-Resources Ltd	$	68
	237,442	e	Groupe Danone		12,729
	422,745		H.J. Heinz Co		18,271
	48,455	*	Hansen Natural Corp		1,895
	364,546		Heineken NV		15,452
	120,087		Hershey Co		5,756
	10,112		Hormel Foods Corp		409
	1,062,052		InBev NV		51,066
	5,137	e	Ito En Ltd		79
	16,780		J.M. Smucker Co		1,010
	26,448		Kaneka Corp		153
	156,058		Kellogg Co		7,850
	28,421		Kerry Group plc (Class A)		789
	1,020,533		Kirin Brewery Co Ltd		12,848
	1,330,479		Kraft Foods, Inc (Class A)		37,253
	195		Lindt & Spruengli AG.		423
	22		Lindt & Spruengli AG. (Reg)		539
	41,797		McCormick & Co, Inc		1,587
	179,956		Mead Johnson Nutrition Co		9,019
	2,349		MEIJI Holdings Co Ltd		96
	22,704		Molson Coors Brewing Co (Class B)		962
	1,774,916		Nestle S.A.		85,585
	5,944		Nippon Meat Packers, Inc		73
	15,118		Nisshin Seifun Group, Inc		171
	5,635	e	Nissin Food Products Co Ltd		207
	40,298	e	Olam International Ltd		74
	376,947		Parmalat S.p.A.		876
	668,205		PepsiCo, Inc		40,727
	39,133	e	Pernod-Ricard S.A.		3,035
	3,107,884		Petra Foods Ltd		2,710
	3,374,400		PT Indofood Sukses Makmur Tbk		1,529
	88,224	*	Ralcorp Holdings, Inc		4,835
	105,070		Reynolds American, Inc		5,476
	249,009		SABMiller plc		6,982
	21,795	e	Sapporo Holdings Ltd		94
	61,815		Saputo, Inc		1,765
	429,098		Sara Lee Corp		6,050
	75,000	*,e	Smithfield Foods, Inc		1,118
	113,204	e	Suedzucker AG.		2,045
	450,704		Swire Pacific Ltd (Class A)		5,116
	105,099		Toyo Suisan Kaisha Ltd		2,508
	314,958		Tyson Foods, Inc (Class A)		5,162
	699,360		Unilever plc		18,695
	2,959,000		Universal Robina		1,937
	40,000	e	Wilmar International Ltd		164
	7,877	e	Yakult Honsha Co Ltd		214
	9,553	e	Yamazaki Baking Co Ltd		129
			TOTAL FOOD AND KINDRED PRODUCTS		573,652
FOOD STORES - 0.7%
	162,097		Alimentation Couche Tard, Inc		2,726
	123,513		Carrefour S.A.		4,899

180

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	383,600		China Resources Enterprise	$	1,412
	3,150		Colruyt S.A.		741
	20,091		Delhaize Group		1,458
	2,445		Discount Investment Corp		39
	12,367		Empire Co Ltd		612
	5,044	e	FamilyMart Co Ltd		167
	21,742	e	George Weston Ltd		1,487
	102,966		Goodman Fielder Ltd		116
	246,643		J Sainsbury plc		1,177
	1,959,340	e	Jeronimo Martins SGPS S.A.		17,951
	13,352		Kesko Oyj (B Shares)		432
	242,238		Koninklijke Ahold NV		2,996
	380,271		Kroger Co		7,488
	5,490		Lawson, Inc		240
	46,504		Loblaw Cos Ltd		1,687
	309,307		Safeway, Inc		6,081
	50,377		Supervalu, Inc		546
	3,466,513	*	Taiwan TEA Corp		1,836
	1,551,595		Tesco plc		8,752
	3,730,800	e	Want Want China Holdings Ltd		3,132
	69,226	*	Whole Foods Market, Inc		2,494
	3,003,302		WM Morrison Supermarkets plc		11,867
	120,905	e	Woolworths Ltd		2,737
			TOTAL FOOD STORES		83,073
FORESTRY - 0.0%
	31,557		Rayonier, Inc		1,389
	29,280		Weyerhaeuser Co		1,031
			TOTAL FORESTRY		2,420
FURNITURE AND FIXTURES - 0.1%
	23,800	*	Kinetic Concepts, Inc		869
	58,782		Leggett & Platt, Inc		1,179
	757,123		Masco Corp		8,147
			TOTAL FURNITURE AND FIXTURES		10,195
FURNITURE AND HOME FURNISHINGS STORES - 0.1%
	50,417	*	Bed Bath & Beyond, Inc		1,869
	65,749	*,e	GameStop Corp (Class A)		1,235
	42,090		Harvey Norman Holdings Ltd		116
	52,503	e	JB Hi-Fi Ltd		835
	45,923		Nitori Co Ltd		3,960
	91,800		RadioShack Corp		1,791
	67,000		Williams-Sonoma, Inc		1,663
	60,059		Yamada Denki Co Ltd		3,924
			TOTAL FURNITURE AND HOME FURNISHINGS STORES		15,393
GENERAL BUILDING CONTRACTORS - 0.2%
	80,527	e	ACS Actividades Cons y Servicios S.A.		2,959
	226,954		AMEC plc		2,780
	142,054		Balfour Beatty plc		505
	5,831	*	Berkeley Group Holdings plc		66

181

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	12,661		Cheung Kong Infrastructure Holdings Ltd	$	47
	6,811		Daito Trust Construction Co Ltd		386
	469,856		Daiwa House Industry Co Ltd		4,228
	103,422		DLF Ltd		637
	115,820		DR Horton, Inc		1,139
	9,748	e	Eiffage S.A.		423
	48,326	e	Fletcher Building Ltd		259
	7,206	e	Hochtief AG.		430
	551,104	e	Kajima Corp		1,249
	42,600	e	Lend Lease Corp Ltd		259
	6,500	e	Leopalace21 Corp		20
	33,300		MDC Holdings, Inc		897
	6,130	*	NVR, Inc		4,016
	56,957		Obayashi Corp		226
	77,871	*	Pulte Homes, Inc		645
	49,474	f	Puravankara Projects Ltd		111
	4,294	e	Sacyr Vallehermoso S.A.		21
	37,271		Sekisui Chemical Co Ltd		232
	46,826		Sekisui House Ltd		400
	51,452		Shimizu Corp		176
	83,172		Skanska AB (B Shares)		1,203
	25,381		Sobha Developers Ltd		156
	92,136	e	Taisei Corp		184
	61,611	*	Toll Brothers, Inc		1,008
	88,183		Vinci S.A.		3,663
			TOTAL GENERAL BUILDING CONTRACTORS		28,325
GENERAL MERCHANDISE STORES - 1.3%
	536,891	e	Aeon Co Ltd		5,681
	60,756	*	Big Lots, Inc		1,950
	208,780		Costco Wholesale Corp		11,447
	184,474	e	David Jones Ltd		662
	11,164	*,e	Dollar General Corp		308
	152,600	e	Don Quijote Co Ltd		4,091
	117,151		Family Dollar Stores, Inc		4,415
	22,000		Hyundai Department Store Co Ltd		2,102
	680,100	e	Intime Department Store Group Co Ltd		679
	256,338	e	Isetan Mitsukoshi Holdings Ltd		2,499
	41,392		J Front Retailing Co Ltd		199
	103,773		JC Penney Co, Inc		2,229
	50,305		Keio Corp		325
	141,914	e	Kintetsu Corp		433
	16,000	e	Lifestyle International Holdings Ltd		31
	559,967		Macy’s, Inc		10,023
	745,934		Marks & Spencer Group plc		3,675
	19,409		Marui Co Ltd		131
	428,850		Myer Holdings Ltd		1,132
	696,200		New World Department Store China Ltd		629
	149,363		Next plc		4,453
	50,398	e	Odakyu Electric Railway Co Ltd		433
	2,024,600	*	PCD Stores Ltd		628
	14,395		PPR		1,788

182

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	47,800	e	Ryohin Keikaku Co Ltd	$	1,900
	6,078	*,e	Sears Holdings Corp		393
	17,500		Shinsegae Co Ltd		7,561
	159,080		SM Investments Corp		1,422
	1,110,162	e	Takashimaya Co Ltd		8,849
	423,714		Target Corp		20,835
	71,521	e	Tobu Railway Co Ltd		385
	99,146		Tokyu Corp		404
	15,520		UNY Co Ltd		118
	1,400,000		Wal-Mart de Mexico S.A. de C.V. (Series V)		3,100
	1,108,343		Wal-Mart Stores, Inc		53,279
			TOTAL GENERAL MERCHANDISE STORES		158,189
HEALTH SERVICES - 0.7%
	102,819		AmerisourceBergen Corp		3,265
	2,226,500		Bangkok Dusit Medical Service PCL		2,003
	2,271	e	BioMerieux		233
	11,880	*	Covance, Inc		610
	120,091	*	Coventry Health Care, Inc		2,123
	137,712	*	DaVita, Inc		8,599
	203,000	*	Express Scripts, Inc		9,545
	279,300	*	Fleury S.A.		3,093
	32,354		Fraser and Neave Ltd		118
	40,959	e	Fresenius Medical Care AG.		2,210
	590,000	*	Healthsouth Corp		11,039
	320,000		Laboratorios Almirall S.A.		2,500
	38,431	*	Laboratory Corp of America Holdings		2,896
	135,803	*,e	Lincare Holdings, Inc		4,415
	259,720		McKesson Corp		17,442
	204,342	*	Medco Health Solutions, Inc		11,254
	43,844	e	Mindray Medical International Ltd (ADR) (Class A)		1,378
	16,999		Omnicare, Inc		403
	15,969		Pharmaceutical Product Development, Inc		406
	21,533		Quest Diagnostics, Inc		1,072
	29,219	e	Sonic Healthcare Ltd		254
			TOTAL HEALTH SERVICES		84,858
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.3%
	63,554		Abertis Infraestructuras S.A.		914
	5,284	e	Acciona S.A.		402
	86,404		Boskalis Westminster		3,357
	37,462		Bouygues S.A.		1,446
	181,000	e	Chiyoda Corp		1,314
	8,213	e	Fomento de Construcciones y Contratas S.A.		176
	37,375	*,e	Foster Wheeler AG.		787
	1,244,300		Gamuda BHD		1,218
	1,005,636		Saipem S.p.A.		30,630
	170,375	e	Transurban Group		605
			TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		40,849
HOLDING AND OTHER INVESTMENT OFFICES - 3.7%
	204,396		3i Group plc		806

183

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	28,089		AMB Property Corp	$	666
	353,460		Annaly Mortgage Management, Inc		6,062
	6,255		Apartment Investment & Management Co (Class A)		121
	52,128		ARC Energy Trust		966
	110,473		Ascendas Real Estate Investment Trust		143
	23,735		AvalonBay Communities, Inc		2,216
	147,817	*,e	Berkshire Hathaway, Inc (Class B)		11,780
	101,318		Boston Properties, Inc		7,228
	218,629	e	Brookfield Asset Management, Inc		4,943
	2,700		Camden Property Trust		110
	2,083,000		CapitaCommercial Trust		1,804
	35,000		CapitaMalls Asia Ltd		52
	139,491	e	CFS Gandel Retail Trust		220
	949,600		China Merchants Holdings International Co Ltd		3,135
	181,866	e	CI Financial Corp		3,041
	383,973	e	DB RREEF Trust		246
	6,737		Developers Diversified Realty Corp		67
	61,623		Duke Realty Corp		699
	89,836		Equity Residential		3,741
	5,829		Eurazeo		334
	36,536		Federal Realty Investment Trust		2,567
	5,034	e	Fonciere Des Regions		415
	4,676,440	*	GOME Electrical Appliances Holdings Ltd		1,411
	153,506		GPT Group		358
	16,973		Groupe Bruxelles Lambert S.A.		1,177
	477	*	Groupe Bruxelles Lambert S.A. - STR VVPR		0	^
	75,659	e	Groupe Eurotunnel S.A.		511
	80,860		HCP, Inc		2,608
	29,987		Health Care REIT, Inc		1,263
	22,862		Heineken Holding NV		835
	364,010		Host Marriott Corp		4,907
	641,581		Investimentos Itau S.A.		3,807
	2,241,359	e	iShares MSCI Canada Index Fund		55,631
	2,263,393	e	iShares MSCI EAFE Index Fund		105,271
	1,244,637	e	iShares MSCI Japan Index Fund		11,451
	21,000	e	iShares MSCI Pacific ex-Japan Index Fund		751
	1,066	*,e	Jafco Co Ltd		24
	2,091	e	Japan Prime Realty Investment Corp		4,405
	40		Japan Real Estate Investment Corp		326
	120	*,e	Japan Retail Fund Investment Corp		146
	109,300		Kimco Realty Corp		1,469
	283,500	e	KWG Property Holding Ltd		174
	39,642		LG Corp		2,121
	20,264	e	Liberty Property Trust		585
	48,099		Macerich Co		1,795
	181,766	e	Macquarie Infrastructure Group		158
	33,635		Marfin Investment Group S.A		41
	6,317		Nationale A Portefeuille		269
	44	e	Nippon Building Fund, Inc		349
	24		Nomura Real Estate Office Fund, Inc		119
	32,000		NWS Holdings Ltd		58
	62,333	e	Plum Creek Timber Co, Inc		2,152

184

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	79,301		Prologis	$	803
	39,129		Public Storage, Inc		3,440
	15,245		Ratos AB (B Shares)		382
	15,275		Regency Centers Corp		525
	590,934	e	Resolution Ltd		559
	49,817		RioCan Real Estate Investment Trust		891
	686	*,e	SBI Holdings, Inc		85
	92,360		Shinhan Financial Group Co Ltd		3,400
	185,259		Simon Property Group, Inc		14,960
	2,900		SL Green Realty Corp		160
	1,075,589		SPDR Trust Series 1		111,023
	60,000		Starwood Property Trust, Inc		1,017
	44,023		Taubman Centers, Inc		1,657
	1,486,600	*	TM International BHD		1,788
	37,798		Ventas, Inc		1,775
	109,939		Virgin Media, Inc		1,835
	72,142		Vornado Realty Trust		5,263
	80,000	*	WABCO Holdings, Inc		2,518
	2,758,468		Westfield Group		28,031
	180,000		Westway Group, Inc		743
	675,375		Wharf Holdings Ltd		3,272
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES		439,661
HOTELS AND OTHER LODGING PLACES - 0.6%
	301,358	e	Accor S.A.		13,951
	2,919,000	*	Banyan Tree Holdings Ltd		1,719
	203,503	e	Crown Ltd		1,319
	28,453	*	Home Inns & Hotels Management, Inc (ADR)		1,111
	330,000		Hotel Properties Ltd		585
	97,639		Intercontinental Hotels Group plc		1,539
	58,603	*,e	Las Vegas Sands Corp		1,297
	82,694	e	Marriott International, Inc (Class A)		2,476
	37,369	*,e	MGM Mirage		360
	8,823,356		Minor International PCL		2,726
	1,658,457	*	Orient-Express Hotels Ltd (Class A)		12,273
	11,820,200	*	Sands China Ltd		17,471
	1,881,377	e	Shangri-La Asia Ltd		3,472
	42,310		Starwood Hotels & Resorts Worldwide, Inc		1,753
	150,506		Thomas Cook Group plc		398
	119,080		TUI Travel plc		370
	36,965		United Overseas Land Ltd		100
	1,838,400	*,e	Wynn Macau Ltd		2,998
	21,766		Wynn Resorts Ltd		1,660
			TOTAL HOTELS AND OTHER LODGING PLACES		67,578
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.3%
	188,203		3M Co		14,866
	966,000		Acer, Inc		2,242
	146,784	*	AGCO Corp		3,959
	532,010	e	Aixtron AG.		12,577
	70,229	e	Alfa Laval AB		912
	42,448	e	Alstom RGPT		1,922

185

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,041,498		Amada Co Ltd	$	6,846
	342,638		Applied Materials, Inc		4,119
	6,258	e	ASM Pacific Technology		49
	90,411		ASML Holding NV		2,488
	140,599		Atlas Copco AB (A Shares)		2,056
	81,634		Atlas Copco AB (B Shares)		1,078
	130,145		Brambles Ltd		593
	20,500		Brother Industries Ltd		213
	10,506		Bucyrus International, Inc (Class A)		499
	615,097		Canon, Inc		22,924
	20,633	e	Casio Computer Co Ltd		124
	146,903		Caterpillar, Inc		8,824
	22,242		Citizen Watch Co Ltd		136
	91,590		Cummins, Inc		5,965
	19,146		Daikin Industries Ltd		584
	66,864		Deere & Co		3,723
	28,900	e	Disco Corp		1,828
	70,190		Dover Corp		2,933
	14,400	*	Dril-Quip, Inc		634
	38,043		Eaton Corp		2,490
	49,160		Electrolux AB (Series B)		1,124
	592,919	*	EMC Corp		10,850
	244,055		Emerson Electric Co		10,663
	94,643	*	Fanuc Ltd		10,687
	750,000		Firich Enterprises Co Ltd		1,405
	16,731		Flowserve Corp		1,419
	121,215	*	FMC Technologies, Inc		6,383
	301,245		FUJIFILM Holdings Corp		8,706
	112,891	e	GEA Group AG.		2,247
	5,272,722		General Electric Co		76,033
	3,846,100		Harbin Power Equipment		2,743
	3,422	e	Hitachi Construction Machinery Co Ltd		63
	88,380		Husqvarna AB (B Shares)		531
	86,613	e	Ingersoll-Rand plc		2,987
	781,716		International Business Machines Corp		96,527
	57,897		International Game Technology		909
	53,716		Ishikawajima-Harima Heavy Industries Co Ltd		85
	2,562		Itochu Techno-Science Corp		94
	198,901		ITT Industries, Inc		8,935
	344,428	e	Japan Steel Works Ltd		3,027
	7,348		John Bean Technologies Corp		112
	165,942		Johnson Controls, Inc		4,459
	102,768		Joy Global, Inc		5,148
	71,700	*,e	Keihin Corp		1,238
	834,656		Komatsu Ltd		15,029
	37,108		Kone Oyj (Class B)		1,477
	923,842		Konica Minolta Holdings, Inc		8,888
	40,158		Kubota Corp		308
	80,000		Kumba Iron Ore Ltd		3,307
	4,597	e	Kurita Water Industries Ltd		126
	48,014	*	Lam Research Corp		1,827
	7,166,800	e	Lenovo Group Ltd		3,845

186

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	129,300	*	Lexmark International, Inc (Class A)	$	4,271
	2,248,000		Lite-On Technology Corp		2,463
	40,191	*,e	Logitech International S.A.		544
	4,568	*	Makita Corp		122
	571,150		Mitsubishi Heavy Industries Ltd		1,970
	127,353		Northrop Grumman Corp		6,933
	1,558,948	*	NTN Corp		6,382
	22,174		Pall Corp		762
	39,963		Pitney Bowes, Inc		878
	162,212		Raytheon Co		7,849
	60,000		Rheinmetall AG.		3,427
	223,516		Sandvik AB		2,726
	7,611		Schindler Holding AG.		642
	3,431		Schindler Holding AG. (Reg)		286
	479,361	*	Seagate Technology, Inc		6,251
	5,373		Seiko Epson Corp		69
	234,791		SKF AB (B Shares)		4,214
	40,188		SMC Corp		5,376
	484	e	Solarworld AG.		5
	32,559		SPX Corp		1,719
	49,821		Sumitomo Heavy Industries Ltd		292
	7,184,800	e	Techtronic Industries Co		5,598
	73,643	*	Teradata Corp		2,245
	234,213		Textron, Inc		3,975
	194,581		Tokyo Electron Ltd		10,482
	1,900,242	*	Toshiba Corp		9,413
	18,562		Toyota Tsusho Corp		265
	338,883	e	Tyco International Ltd		11,939
	30,005	*	Varian Medical Systems, Inc		1,569
	43,029	*	Vestas Wind Systems AS		1,791
	16,784	e	Wartsila Oyj (B Shares)		763
	182,112	*	Western Digital Corp		5,492
	1,287,689		Xerox Corp		10,353
	18,410	*	Yokogawa Electric Corp		114
	30,207	e	Zardoya Otis S.A.		388
			TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		517,334
INSTRUMENTS AND RELATED PRODUCTS - 1.9%
	13,742	e	Advantest Corp		287
	83,937	*	Agilent Technologies, Inc		2,386
	169,189		Allergan, Inc		9,857
	34,559		Bard (C.R.), Inc		2,679
	200,540		Baxter International, Inc		8,150
	25,203		Beckman Coulter, Inc		1,519
	79,953		Becton Dickinson & Co		5,406
	290,753	*	Boston Scientific Corp		1,686
	42,532	*	CareFusion Corp		965
	34,750	e	Cochlear Ltd		2,165
	22,991		Coloplast AS (Class B)		2,282
	42,216	e	Compagnie Generale d’Optique Essilor International S.A.		2,509
	159,312		Covidien plc		6,401
	164,158		Danaher Corp		6,094

187

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	26,386		Dentsply International, Inc	$	789
	216,665	*	Edwards Lifesciences Corp		12,138
	87,266		Finmeccanica S.p.A.		905
	21,467	*	Flir Systems, Inc		624
	70,000	*	Fossil, Inc		2,429
	16,852	e	Fresenius AG. (Preference)		1,113
	5,443		Fresenius SE		361
	62,482	e	Garmin Ltd		1,823
	105,779	e	Getinge AB (B Shares)		2,047
	493,333	*	Hologic, Inc		6,872
	16,911	*	Illumina, Inc		736
	20,568	*	Intuitive Surgical, Inc		6,492
	130,246		Invensys plc		466
	60,000	*	Itron, Inc		3,709
	3,524		Keyence Corp		815
	54,185		Kla-Tencor Corp		1,511
	127,120		LG.Philips LCD Co Ltd		4,181
	317,885	*	Life Technologies Corp		15,020
	23,862	e	Luxottica Group S.p.A.		578
	432,437		Medtronic, Inc		15,685
	7,848	*	Millipore Corp		837
	310,720		Nikon Corp		5,355
	209,175		Nippon Electric Glass Co Ltd		2,396
	26,468		Nobel Biocare Holding AG.		456
	18,812	e	Olympus Corp		446
	237,501		Opto Circuits India Ltd		1,217
	230,000		PerkinElmer, Inc		4,754
	117,609		Phonak Holding AG.		14,433
	47,812	*,e	Qiagen NV		930
	248,457	*	ResMed, Inc (ADR)		1,516
	20,168		Rockwell Automation, Inc		990
	155,396		Rockwell Collins, Inc		8,256
	22,119		Roper Industries, Inc		1,238
	34,499		Safran S.A.		962
	104,924	*	Sensata Technologies Holding BV		1,678
	21,982	e	Shimadzu Corp		166
	184,299		Smith & Nephew plc		1,741
	143,505	*	St. Jude Medical, Inc		5,179
	1,633		Straumann Holding AG.		353
	175,187		Stryker Corp		8,770
	7,379		Swatch Group AG.		2,081
	4,124	e	Swatch Group AG. Reg		211
	12,576		Synthes, Inc		1,446
	63,400	e	Sysmex Corp		3,601
	72,876		Terumo Corp		3,490
	319,607	*	Thermo Electron Corp		15,677
	32,000	*	Thoratec Corp		1,367
	76,200	*,e	Veeco Instruments, Inc		2,612
	32,086	*	Waters Corp		2,076
	4,506	*,e	William Demant Holding		330
	40,267	*	Zimmer Holdings, Inc		2,176
			TOTAL INSTRUMENTS AND RELATED PRODUCTS		227,420

188

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
INSURANCE AGENTS, BROKERS AND SERVICE - 0.3%
	113,700		AON Corp	$	4,221
	101,180		Hartford Financial Services Group, Inc		2,239
	186,370		Marsh & McLennan Cos, Inc		4,203
	384,772		Millea Holdings, Inc		10,115
	490,619	e	QBE Insurance Group Ltd		7,444
	34,384	e	Unipol Gruppo Finanziario S.p.A.		23
	13,272	*	Verisk Analytics, Inc		397
	1,373		White Mountains Insurance Group Ltd		445
	36,827		Willis Group Holdings plc		1,107
			TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		30,194
INSURANCE CARRIERS - 3.7%
	538,424		ACE Ltd		27,718
	1,647,394		Admiral Group plc		34,501
	324,962	*	Aegon NV		1,726
	227,599		Aetna, Inc		6,004
	220,506		Aflac, Inc		9,409
	132,182	e	Allianz AG.		13,082
	88,189		Allstate Corp		2,534
	96,000		American Financial Group, Inc		2,623
	10,838	*,e	American International Group, Inc		373
	1,245,216	e	AMP Ltd		5,404
	80,818	*	Arch Capital Group Ltd		6,021
	244,795		Assicurazioni Generali S.p.A.		4,269
	22,791		Assurant, Inc		791
	577,052		Aviva plc		2,682
	121,195	e	AXA Asia Pacific Holdings Ltd		554
	351,586	e	AXA S.A.		5,371
	502,773		Axis Capital Holdings Ltd		14,942
	10,386		Baloise Holding AG.		723
	1,470,000		China Life Insurance Co Ltd		6,429
	267,000		China Pacific Insurance Group Co Ltd		1,056
	46,975		Chubb Corp		2,349
	100,886		Cigna Corp		3,134
	25,205		Cincinnati Financial Corp		652
	7,477		CNP Assurances		509
	156,385	e	Corp Mapfre S.A.		425
	2,338		Dai-ichi Mutual Life Insurance Co		3,242
	12,929		Delta Lloyd NV		218
	55,470	e	Everest Re Group Ltd		3,923
	8,277		Fairfax Financial Holdings Ltd		3,031
	40,947		Fidelity National Title Group, Inc (Class A)		532
	4,325		First American Corp		76
	4,325	e	First American Financial Corp		55
	2,895	e	Fondiaria-Sai S.p.A.		27
	119,661	*	Genworth Financial, Inc (Class A)		1,564
	121,116	e	Great-West Lifeco, Inc		2,738
	13,024	e	Hannover Rueckversicherung AG.		558
	77,400	*	Health Net, Inc		1,886
	119,045	*	Humana, Inc		5,437

189

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	33,903		Industrial Alliance Insurance and Financial Services, Inc	$	1,111
	49,300		ING Canada, Inc		2,079
	298,064	e	Insurance Australia Group Ltd		848
	33,387	*	KBC Groep NV		1,280
	27,438	*	Leucadia National Corp		535
	371,991		Lincoln National Corp		9,036
	57,880		Loews Corp		1,928
	742,862	e	Manulife Financial Corp		10,781
	4,630	*,e,m	Mapfre S.A.		13
	45,022	e	Mediolanum S.p.A.		176
	254,779		Metlife, Inc		9,620
	45,220		Mitsui Sumitomo Insurance Group Holdings, Inc		968
	135,625	e	Muenchener Rueckver AG.		17,029
	1,237,000	*	NKSJ Holdings, Inc		7,401
	1,116,371		Old Mutual plc		1,709
	64,263		Old Republic International Corp		780
	218,409		PartnerRe Ltd		15,319
	148,071	e	Power Corp Of Canada		3,548
	105,317	e	Power Financial Corp		2,699
	386,133		Principal Financial Group		9,051
	89,939		Progressive Corp		1,684
	553,158		Prudential Financial, Inc		29,683
	2,793,655		Prudential plc		21,071
	449		Reinsurance Group of America, Inc (Class A)		21
	254,834		RenaissanceRe Holdings Ltd		14,340
	712,498		Royal & Sun Alliance Insurance Group plc		1,264
	86,602		Sampo Oyj (A Shares)		1,826
	33,217		SCOR		634
	824		Sony Financial Holdings, Inc		2,749
	462,240		Standard Life plc		1,195
	240,813		Sun Life Financial, Inc		6,325
	6,271		Swiss Life Holding		599
	72,808	e	Swiss Reinsurance Co		2,992
	21,448		T&D Holdings, Inc		459
	672	*,e	Topdanmark AS		74
	21,089		Torchmark Corp		1,044
	24,877		Transatlantic Holdings, Inc		1,193
	298,079		Travelers Cos, Inc		14,680
	6,170		TrygVesta A.S.		325
	942,378		UnitedHealth Group, Inc		26,764
	82,135		UnumProvident Corp		1,782
	62,301		Validus Holdings Ltd		1,521
	19,571		W.R. Berkley Corp		518
	51,400	*	WellCare Health Plans, Inc		1,220
	498,362	*	WellPoint, Inc		24,385
	8,544	e	Wiener Staedtische Allgemeine Versicherung AG.		355
	580,152		XL Capital Ltd		9,288
	30,743		Zurich Financial Services AG.		6,776
			TOTAL INSURANCE CARRIERS		447,246
LEATHER AND LEATHER PRODUCTS - 0.3%
	51,224	e	Adidas-Salomon AG.		2,480

190

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	391,043		Coach, Inc	$	14,293
	112,484	e	LVMH Moet Hennessy Louis Vuitton S.A.		12,243
	521,589		Yue Yuen Industrial Holdings		1,619
			TOTAL LEATHER AND LEATHER PRODUCTS		30,635
LEGAL SERVICES - 0.0%
	292	*	FTI Consulting, Inc		13
			TOTAL LEGAL SERVICES		13
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.0%
	38,742	e	Brisa-Auto Estradas de Portugal S.A.		234
	52,028		ComfortDelgro Corp Ltd		54
	38,262	e	Keihin Electric Express Railway Co Ltd		338
	21,426		Keisei Electric Railway Co Ltd		120
			TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		746
LUMBER AND WOOD PRODUCTS - 0.0%
	102,186	*	Sino-Forest Corp		1,452
			TOTAL LUMBER AND WOOD PRODUCTS		1,452
METAL MINING - 3.0%
	66,837		Agnico-Eagle Mines Ltd		4,055
	80,070	e	Alumina Ltd		101
	1,441,329	*	Anglo American plc		50,224
	153,575		Antofagasta plc		1,787
	430,347		Barrick Gold Corp		19,542
	605,724		Barrick Gold Corp (Canada)		27,495
	1,623,674		BHP Billiton Ltd		50,513
	603,535		BHP Billiton plc		15,649
	41,460		Boliden AB		458
	165,409	e	Cameco Corp		3,518
	53,676		Cleveland-Cliffs, Inc		2,531
	245,270	e	Companhia Vale do Rio Doce (ADR)		5,972
	219,210		Eldorado Gold Corp		3,929
	1,844	e	Energy Resources of Australia Ltd		20
	40,189		Eurasian Natural Resources Corp		511
	34,195		First Quantum Minerals Ltd		1,720
	48,410		Franco-Nevada Corp		1,473
	201,275		Freeport-McMoRan Copper & Gold, Inc (Class B)		11,901
	27,488		Fresnillo plc		399
	308,990		Goldcorp, Inc		13,529
	147,320		IAMGOLD Corp		2,598
	21,351		Inmet Mining Corp		845
	107,165	*	Ivanhoe Mines Ltd		1,388
	34,095		Kazakhmys plc		500
	137,790	e	Kingsgate Consolidated Ltd		1,085
	295,466		Kinross Gold Corp		5,051
	26,258	*	Lonmin plc		548
	1		MMC Norilsk Nickel (ADR)		0	^
	412,400	*	MMX Mineracao e Metalicos S.A.		2,404
	350,683	e	Newcrest Mining Ltd		10,232
	81,625		Newmont Mining Corp		5,040

191

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	199,200		Orica Ltd	$	4,190
	2,146,644	*,e	Oxiana Ltd		1,700
	54,522	*,e	Paladin Resources Ltd		162
	41,872	e	Pan American Silver Corp		1,053
	5,490,617	*,e	Pan Australian Resources Ltd		2,227
	3,325,100		PT International Nickel Indonesia Tbk		1,357
	18,232		Randgold Resources Ltd		1,733
	91,196	*	Red Back Mining, Inc		2,305
	413,786	e	Rio Tinto Ltd		22,756
	1,085,525		Rio Tinto plc		47,671
	72,500		Rio Tinto plc (ADR)		3,161
	125,334	e	Sherritt International Corp		673
	138,317	*	Silver Wheaton Corp		2,771
	1,761,000	e	Straits Asia Resources Ltd		2,488
	991	e	Sumitomo Titanium Corp		38
	207,571		Teck Cominco Ltd		6,138
	19,282	e	Vedanta Resources plc		606
	331,450		Xstrata plc		4,340
	309,192		Yamana Gold, Inc		3,172
			TOTAL METAL MINING		353,559
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.4%
	690,724		Compagnie Financiere Richemont S.A.		24,114
	326,169		Hasbro, Inc		13,406
	378,293		Jarden Corp		10,165
	203,748		Mattel, Inc		4,311
	17,273		Namco Bandai Holdings, Inc		152
	4,690		Sankyo Co Ltd		212
	5,605		Societe BIC S.A.		398
	13,688		Yamaha Corp		140
			TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		52,898
MISCELLANEOUS RETAIL - 1.0%
	623,500		Alibaba.com Ltd		1,230
	164,436	*	Amazon.com, Inc		17,966
	102,777		Best Buy Co, Inc		3,480
	963,793		CVS Corp		28,259
	121,658	*	Dollar Tree, Inc		5,065
	1,000,000		Game Group PLC		950
	614,000	*	Grupo Comercial Chedraui S.a. DE C.v.		1,627
	104,040	*,e	GSI Commerce, Inc		2,996
	754,019		Home Retail Group		2,394
	2,238,110		Hutchison Whampoa Ltd		13,773
	330,200	*	Hypermarcas S.A.		4,240
	31,000	*	Jo-Ann Stores, Inc		1,163
	25,966	e	Metro AG.		1,325
	10,400	*	Office Depot, Inc		42
	422,074		Origin Energy Ltd		5,266
	60,697		Petsmart, Inc		1,831
	11,599	*	Priceline.com, Inc		2,048
	1,556,000		SA SA International Holdings Ltd		1,179
	390,781		Seven & I Holdings Co Ltd		8,953

192

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	92,171	e	Shoppers Drug Mart Corp	$	2,850
	420,502		Staples, Inc		8,011
	42,911		Tiffany & Co		1,627
	32,818	*,e	Vitamin Shoppe, Inc		842
	184,236		Walgreen Co		4,919
			TOTAL MISCELLANEOUS RETAIL		122,036
MOTION PICTURES - 0.5%
	2,283		Astral Media, Inc		77
	186,082	*,e	Discovery Communications, Inc (Class A)		6,645
	19,382	*	Discovery Communications, Inc (Class C)		599
	253,126	e	News Corp (ADR)		3,555
	246,313		News Corp (Class A)		2,946
	59,402		News Corp (Class B)		823
	94,021		Scripps Networks Interactive (Class A)		3,793
	497,500		Time Warner, Inc		14,383
	8,975	e	Toho Co Ltd		149
	785,977		Viacom, Inc (Class B)		24,656
			TOTAL MOTION PICTURES		57,626
NONDEPOSITORY INSTITUTIONS - 1.2%
	2,392	e	Acom Co Ltd		31
	193,303		Aeon Credit Service Co Ltd		1,722
	647,577		American Express Co		25,708
	115,886		Bank of Cyprus Public Co Ltd		464
	198,411		Capital One Financial Corp		7,996
	7,460	*,e,m	Cattles plc		1
	15,800	*,e	CBOE Holdings, Inc		514
	1,870,160	e	Challenger Financial Services Group Ltd		5,453
	2,754,378		Chimera Investment Corp		9,943
	45,612	*,e	CIT Group, Inc		1,544
	6,083		Credit Saison Co Ltd		64
	168,634	e	Criteria Caixacorp S.A.		690
	329,335		Discover Financial Services		4,604
	32,700	*	Federal Home Loan Mortgage Corp		14
	205,500	*,e	Federal National Mortgage Association		70
	96,036	e	Investor AB (B Shares)		1,554
	196,000	e	Japan Securities Finance Co Ltd		1,101
	61,200		Jardine Matheson Holdings Ltd		2,142
	36,616		KB Financial Group, Inc		1,404
	144,614	*	K-Green Trust		109
	26,689		Lender Processing Services, Inc		836
	231,769	e	ORIX Corp		16,790
	920		Osaka Securities Exchange Co Ltd		3,907
	23,050		Samsung Card Co		931
	656,554		Siemens AG.		58,721
	116,256	*	SLM Corp		1,208
			TOTAL NONDEPOSITORY INSTITUTIONS		147,521
NONMETALLIC MINERALS, EXCEPT FUELS - 0.0%
	784,161	e	Adelaide Brighton Ltd		1,749
	7,453		Imerys S.A.		379

193

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	32,069		K+S AG.	$	1,474
	17,698		Vulcan Materials Co		776
			TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		4,378
OIL AND GAS EXTRACTION - 4.0%
	24,028		Aker Kvaerner ASA		275
	298,418		Anadarko Petroleum Corp		10,770
	266,502		Apache Corp		22,437
	43,263	*,e	Arrow Energy NL		175
	72,405	*	Athabasca Oil Sands Corp		749
	302,276		Baker Hughes, Inc		12,566
	2,221,830		BG Group plc		33,045
	23,040		Bonavista Energy Trust		494
	73,086		Cabot Oil & Gas Corp		2,289
	1,582,612	*	Cairn Energy plc		9,723
	194,141	*	Cameron International Corp		6,313
	549,111		Canadian Natural Resources Ltd (Canada)		18,224
	101,211		Canadian Oil Sands Trust		2,566
	412,608		Cenovus Energy, Inc		10,620
	91,367		Chesapeake Energy Corp		1,914
	961,900	e	China Oilfield Services Ltd		1,119
	34,171		Cimarex Energy Co		2,446
	2,061,100		CNOOC Ltd		3,503
	376,212	*	Cobalt International Energy, Inc		2,803
	29,560	*,e	Compagnie Generale de Geophysique S.A.		526
	1	*	Compagnie Generale de Geophysique-Veritas (ADR)		0	^
	133,783	*	Concho Resources, Inc		7,402
	337,275	e	Crescent Point Energy Corp		11,773
	62,335	*,g,m	Crescent Point Energy Corp		2,176
	253,639	*	Crude Carriers Corp		4,188
	597,363	*	Denbury Resources, Inc		8,745
	95,222		Devon Energy Corp		5,801
	13,217	e	Diamond Offshore Drilling, Inc		822
	316,232		EnCana Corp		9,577
	75,307		Enerplus Resources Fund		1,619
	15,243	*,e	Enquest PLC		23
	9,706	*,e	EnQuest plc		14
	136,204		Ensco International plc (ADR)		5,350
	56,330		Ensign Energy Services, Inc		662
	109,195		EOG Resources, Inc		10,742
	25,313		Equitable Resources, Inc		915
	3,000	*,e	Exterran Holdings, Inc		77
	413,031		Halliburton Co		10,140
	19,785		Helmerich & Payne, Inc		723
	108,770		Husky Energy, Inc		2,579
	1,747		Idemitsu Kosan Co Ltd		132
	68	e	Inpex Holdings, Inc		377
	2,400	e	Japan Petroleum Exploration Co		98
	9,947	*,e	Lundin Petroleum AB		44
	82,640	*	Nabors Industries Ltd		1,456
	218,799		National Oilwell Varco, Inc		7,236
	91,722	*	Newfield Exploration Co		4,482

194

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	325,750		Nexen, Inc	$	6,408
	19,276		Niko Resources Ltd		1,793
	99,130		Noble Corp		3,064
	133,471		Noble Energy, Inc		8,052
	846,731		Occidental Petroleum Corp		65,324
	146,600		OGX Petroleo e Gas Participacoes S.A.		1,358
	238,945		Oil Search Ltd		1,099
	93,229	*	Pacific Rubiales Energy Corp		2,090
	8,561		Patterson-UTI Energy, Inc		110
	179,828		Penn West Energy Trust		3,429
	31,373	e	PetroBakken Energy Ltd		624
	36,031	*	Petrobank Energy & Resources Ltd		1,268
	51,306	*	PetroHawk Energy Corp		871
	388,968		Petroleo Brasileiro S.A. (ADR)		13,349
	37,179		Pioneer Natural Resources Co		2,210
	18,897	*	Plains Exploration & Production Co		389
	225,761	*	Pride International, Inc		5,044
	75,299	e	ProEx Energy Ltd		875
	111,213		Provident Energy Trust		762
	29,135		Range Resources Corp		1,170
	85,973	*	Rowan Cos, Inc		1,886
	395,755		Santos Ltd		4,136
	36,022		SBM Offshore NV		515
	636,570		Schlumberger Ltd		35,227
	57,820	e	SeaDrill Ltd		1,043
	611	*,e	Seahawk Drilling, Inc		6
	234,911		Smith International, Inc		8,844
	88,777	*	Southwestern Energy Co		3,430
	434,979		Talisman Energy, Inc		6,579
	65,331		Technip S.A.		3,747
	40,567		Tidewater, Inc		1,571
	89,177	*	Transocean Ltd		4,132
	6,116		Trican Well Service Ltd		78
	2,653,160		Tullow Oil plc		39,466
	28,284	*,e	Ultra Petroleum Corp		1,252
	16,681		Vermilion Energy Trust		528
	537,804	*	Weatherford International Ltd		7,067
	63,554		Woodside Petroleum Ltd		2,209
			TOTAL OIL AND GAS EXTRACTION		480,715
PAPER AND ALLIED PRODUCTS - 0.3%
	14		Domtar Corporation		1
	12,561		Exor S.p.A.		211
	12,010		Holmen AB (B Shares)		285
	159,359		International Paper Co		3,606
	186,700		Kimberly-Clark Corp		11,320
	32,703		Kinnevik Investment AB (Series B)		524
	40,562		MeadWestvaco Corp		900
	26,031		Metso Oyj		834
	8,300		Nippon Paper Group, Inc		230
	531,797		OJI Paper Co Ltd		2,607
	197,000		Rengo Co Ltd		1,243

195

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	202,700	*	Smurfit Kappa Group plc	$	1,644
	36,000		Sonoco Products Co		1,097
	121,266	e	Stora Enso Oyj (R Shares)		876
	121,731		Svenska Cellulosa AB (B Shares)		1,432
	53,541		Uni-Charm Corp		6,038
	107,786		UPM-Kymmene Oyj		1,427
			TOTAL PAPER AND ALLIED PRODUCTS		34,275
PERSONAL SERVICES - 0.0%
	18,787		Cintas Corp		450
	49,637		H&R Block, Inc		779
	420,938		Kuala Lumpur Kepong BHD		2,127
			TOTAL PERSONAL SERVICES		3,356
PETROLEUM AND COAL PRODUCTS - 3.9%
	7,520,187		BP plc		36,000
	189,653		BP plc (ADR)		5,477
	10,750	e	Caltex Australia Ltd		84
	1,075,707		Chevron Corp		72,997
	421,569		ConocoPhillips		20,695
	52,343	e	Cosmo Oil Co Ltd		125
	766,429		ENI S.p.A.		14,069
	2,052,559		Exxon Mobil Corp		117,140
	43,800		Frontier Oil Corp		589
	85,117	e	Galp Energia SGPS S.A.		1,271
	4,318		Hellenic Petroleum S.A.		31
	196,132		Hess Corp		9,873
	126,683		Imperial Oil Ltd		4,615
	183,000	*	JX Holdings, Inc		904
	187,066		Marathon Oil Corp		5,816
	80,887		Murphy Oil Corp		4,008
	27,768	e	Neste Oil Oyj		403
	30,924		OMV AG.		929
	152,405	e	Repsol YPF S.A.		3,076
	1,763,115		Royal Dutch Shell plc (A Shares)		44,494
	885,963		Royal Dutch Shell plc (B Shares)		21,414
	13,407	e	Saras S.p.A.		28
	15,473	e	Showa Shell Sekiyu KK		107
	378,328	e	Statoil ASA		7,288
	824,126		Suncor Energy, Inc		24,254
	80,737		Suncor Energy, Inc (NY)		2,377
	27,589		Sunoco, Inc		959
	22,626	e	TonenGeneral Sekiyu KK		196
	772,127		Total S.A.		34,467
	133,799		Valero Energy Corp		2,406
	395,050		Walter Industries, Inc		24,039
			TOTAL PETROLEUM AND COAL PRODUCTS		460,131
PIPELINES, EXCEPT NATURAL GAS - 0.1%
	11,051	*	Kinder Morgan Management LLC		625
	214,436		Spectra Energy Corp		4,304
	299,758	e	TransCanada Corp		10,027
			TOTAL PIPELINES, EXCEPT NATURAL GAS		14,956

196

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
PRIMARY METAL INDUSTRIES - 0.9%
	21,325		Acerinox S.A.	$	331
	5,600	e	AK Steel Holding Corp		67
	138,068		Alcoa, Inc		1,389
	16,955		Allegheny Technologies, Inc		749
	174,525	*,e	ArcelorMittal		4,681
	49,894	e	BlueScope Steel Ltd		87
	22,698	*	Daido Steel Co Ltd		97
	130,318	e	Dowa Holdings Co Ltd		624
	1,210,458	e	Furukawa Electric Co Ltd		5,281
	64,452	*	Gerdau Ameristeel Corp		701
	23,044		Hyundai Steel Co		1,684
	219,704		JFE Holdings, Inc		6,797
	35,162		Johnson Matthey plc		781
	216,723		Kobe Steel Ltd		413
	2,496		Maruichi Steel Tube Ltd		48
	93,186	*	Mitsubishi Materials Corp		248
	49,239		Mitsui Mining & Smelting Co Ltd		130
	249,884		Nippon Steel Corp		826
	140,256	e	Norsk Hydro ASA		633
	42,593		Nucor Corp		1,630
	36,337		OneSteel Ltd		90
	24,453	e	Outokumpu Oyj		367
	164,434		Precision Castparts Corp		16,925
	33,800		Reliance Steel & Aluminum Co		1,222
	128,380		Schnitzer Steel Industries, Inc (Class A)		5,032
	66,456		Sumitomo Electric Industries Ltd		774
	2,817,314		Sumitomo Metal Industries Ltd		6,370
	42,464		Sumitomo Metal Mining Co Ltd		530
	265,641		Tenaris S.A.		4,582
	43,980	*	Titanium Metals Corp		774
	87,040	e	Tokyo Steel Manufacturing Co Ltd		1,006
	22,781		Umicore		657
	24,451	e	United States Steel Corp		943
	59,687		Usinas Siderurgicas de Minas Gerais S.A. (Preference)		1,591
	197,894		Vallourec		34,120
	22,738	e	Voestalpine AG.		619
	3,700		Yamato Kogyo Co Ltd		92
			TOTAL PRIMARY METAL INDUSTRIES		102,891
PRINTING AND PUBLISHING - 0.4%
	48,138	e	Dai Nippon Printing Co Ltd		556
	7,291		Dun & Bradstreet Corp		489
	125,000		Gannett Co, Inc		1,683
	168,321	e	John Fairfax Holdings Ltd		184
	18,875		Lagardere S.C.A.		589
	111,317		McGraw-Hill Cos, Inc		3,132
	161,208	e	Orkla ASA		1,031
	21,181	e	PagesJaunes Groupe S.A.		218
	1,587,008		Pearson plc		20,872

197

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	59,809		R.R. Donnelley & Sons Co	$	979
	147,767		Reed Elsevier NV		1,636
	192,984		Reed Elsevier plc		1,431
	17,102		Sanoma-WSOY Oyj		295
	89,344	e	Singapore Press Holdings Ltd		240
	157,381	*,e	Thomson Corp		5,633
	48,540		Toppan Printing Co Ltd		384
	879		Washington Post Co (Class B)		361
	61,747		Wolters Kluwer NV		1,184
	108,969		Yellow Pages Income Fund		610
			TOTAL PRINTING AND PUBLISHING		41,507
RAILROAD TRANSPORTATION - 0.6%
	3,354,426	*,e	Asciano Group		4,505
	206,642		Canadian National Railway Co		11,843
	71,003		Canadian Pacific Railway Ltd		3,806
	124		Central Japan Railway Co		1,024
	299,341		CSX Corp		14,857
	11,852		East Japan Railway Co		789
	364,461		Firstgroup plc		1,978
	2,863,700	e	Guangshen Railway Co Ltd		991
	92,720	e	Hankyu Hanshin Holdings, Inc		409
	66,228	*	Kansas City Southern Industries, Inc		2,407
	76,313		MTR Corp		260
	129,828		Norfolk Southern Corp		6,887
	369,147		Union Pacific Corp		25,660
	148		West Japan Railway Co		541
			TOTAL RAILROAD TRANSPORTATION		75,957
REAL ESTATE - 0.7%
	980,000		Allgreen Properties Ltd		715
	7,489,901		Ayala Land, Inc		2,112
	10,195,901	m	Ayala Land, Inc (Preference)		22
	26,868		Beni Stabili S.P.A.		20
	882,935		British Land Co plc		5,703
	123,957		Brookfield Properties Corp		1,741
	25,809	*	Capital & Counties PRO		42
	1,862,394		CapitaLand Ltd		4,749
	335,516		CapitaMall Trust		437
	10,200	*	CB Richard Ellis Group, Inc (Class A)		139
	106,696		Cheung Kong Holdings Ltd		1,231
	428,000		China Aoyuan Property Group Ltd		62
	850,100	e	China Resources Land Ltd		1,598
	5,804	e	Chinese Estates Holdings Ltd		10
	78,495		City Developments Ltd		618
	11,999		Corio NV		583
	17,248,000		Erawan Group PCL		1,061
	3,000	*	Forest City Enterprises, Inc (Class A)		34
	3,645		Gecina S.A.		329
	168,384	*	Genting International plc		139
	79,000		Glorious Property Holdings Ltd		22
	144,974		Hammerson plc		739

198

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	26,000		Hang Lung Group Ltd	$	140
	997,493		Hang Lung Properties Ltd		3,815
	68,273		Henderson Land Development Co Ltd		400
	22,217		Hopewell Holdings		63
	20,452		Hysan Development Co Ltd		58
	4,547		ICADE		384
	3,603,700		IGB Corp BHD		1,939
	141,110	e	IMMOFINANZ Immobilien Anlagen AG.		362
	1,877,400		KLCC Property Holdings BHD		1,776
	19,176		Klepierre		530
	9,802,900		Land and Houses PCL		1,586
	157,806		Land Securities Group plc		1,306
	11,508	e	Leighton Holdings Ltd		277
	102,943		Liberty International plc		476
	903,403		Link Real Estate Investment Trust		2,242
	448,439	e	Macquarie Goodman Group		237
	217,124		Mirvac Group		237
	533,705		Mitsubishi Estate Co Ltd		7,431
	401,863		Mitsui Fudosan Co Ltd		5,593
	87,000	*	Mongolia Energy Co ltd		30
	112,100		Multiplan Empreendimentos Imobiliarios S.A.		2,050
	1,761,779		New World Development Ltd		2,860
	8,274	e	Nomura Real Estate Holdings, Inc		104
	2,734		NTT Urban Development Corp		2,172
	180,000		PDG Realty SA		1,520
	1,054,500		Preuksa Real Estate PCL		581
	3,763,500		Robinsons Land Corp		1,157
	149,305		Segro plc		563
	924,000		Shanghai Real Estate Ltd		90
	56,801	e	Sino Land Co		102
	7,176,600		SM Prime Holdings		1,663
	1,430,900		SP Setia BHD		1,843
	1,350,813	e	Stockland Trust Group		4,192
	32,256		Sumitomo Realty & Development Co Ltd		548
	711,248		Sun Hung Kai Properties Ltd		9,728
	24,572	e	Tokyo Tatemono Co Ltd		76
	41,862		Tokyu Land Corp		146
	18,639		Unibail		3,038
	3,450,782	*	Unitech Corporate Parks plc		1,329
	30,000		Wheelock & Co Ltd		85
	12,916		YNH Property BHD		6
			TOTAL REAL ESTATE		84,841
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.5%
	7,000		Asics Corp		64
	261,948		Bayer AG.		14,638
	323,504	e	Bridgestone Corp		5,115
	573,000		Cheng Shin Rubber Industry Co Ltd		1,160
	131,000		Cooper Tire & Rubber Co		2,555
	38,676		Denki Kagaku Kogyo KK		180
	96,320	*	Goodyear Tire & Rubber Co		957

199

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	48,010		Hankook Tire Co Ltd	$	1,089
	34,418		Michelin (C.G.D.E.) (Class B)		2,398
	59,282		Mitsui Chemicals, Inc		166
	586,063		Newell Rubbermaid, Inc		8,580
	8,951	*	NOK Corp		142
	24,635	e	Nokian Renkaat Oyj		603
	645,951		Pirelli & C S.p.A.		356
	857	e	Puma AG. Rudolf Dassler Sport		228
	21,762		Sealed Air Corp		429
	2,028,417		SSL International plc		24,428
	13,963	e	Sumitomo Rubber Industries, Inc		123
	45,000		Tupperware Corp		1,793
			TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		65,004
SECURITY AND COMMODITY BROKERS - 2.0%
	69,628		Ameriprise Financial, Inc		2,516
	103,251	e	Australian Stock Exchange Ltd		2,519
	18,436		BlackRock, Inc		2,644
	833,544		Charles Schwab Corp		11,820
	23,857		CME Group, Inc		6,717
	1,012,456		Credit Suisse Group		38,065
	64,355		Daiwa Securities Group, Inc		272
	65,894	e	Deutsche Boerse AG.		4,003
	3,083,690	*	E*Trade Financial Corp		36,449
	16,803		Eaton Vance Corp		464
	1,214		F&C Asset Management plc		1
	46,389		Franklin Resources, Inc		3,998
	276,217		Goldman Sachs Group, Inc		36,259
	449,898	e	Hong Kong Exchanges and Clearing Ltd		7,017
	352,755		ICAP plc		2,114
	50,403	e	IGM Financial, Inc		1,758
	8,837	*	IntercontinentalExchange, Inc		999
	224,981		Invesco Ltd		3,786
	5,270,700	e	iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker		7,770
	15,926	e	Jefferies Group, Inc		336
	426,000		Kim Eng Holdings Ltd		483
	1,203,807		Legal & General Group plc		1,403
	22,625		Legg Mason, Inc		634
	33,829		London Stock Exchange Group plc		282
	206,352	*,e	Macquarie Group Ltd		6,343
	359,970		Man Group plc		1,193
	4,200	e	Matsui Securities Co Ltd		26
	2,382,000	*	MF Global Holdings Ltd		13,601
	1,043,439		Morgan Stanley		24,218
	19,327	*	Nasdaq Stock Market, Inc		344
	1,783,163	*	Nomura Holdings, Inc		9,742
	68,339		NYSE Euronext		1,888
	1,946	e	Perpetual Trustees Australia Ltd		46
	24,843		Schroders plc		447
	18,062		SEI Investments Co		368

200

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	22,751		Shinko Securities Co Ltd	$	51
	368,811	e	Singapore Exchange Ltd		1,934
	154,418		T Rowe Price Group, Inc		6,855
	33,282	*	TD Ameritrade Holding Corp		509
	31,714	e	TMX Group, Inc		828
			TOTAL SECURITY AND COMMODITY BROKERS		240,702
SPECIAL TRADE CONTRACTORS - 0.0%
	11,131		Kinden Corp		95
	29,425	*	Quanta Services, Inc		607
			TOTAL SPECIAL TRADE CONTRACTORS		702
STONE, CLAY, AND GLASS PRODUCTS - 0.5%
	887,298		Asahi Glass Co Ltd		8,332
	47,295	e,m	Boral Ltd		189
	41,258	e	Cimpor Cimentos de Portugal S.A.		232
	1,006,126		Corning, Inc		16,250
	138,159		CRH plc		2,866
	7,402	e	CRH plc (IRELAND)		153
	28,442	e	HeidelbergCement AG.		1,344
	109,922	e	Holcim Ltd		7,358
	3,331	e	Italcementi S.p.A.		25
	32,136	*	James Hardie Industries NV		166
	42,149	e	Lafarge S.A.		2,298
	6,380	e	Martin Marietta Materials, Inc		541
	22,673		NGK Insulators Ltd		353
	58,041		Nippon Sheet Glass Co Ltd		142
	110,844	*	Owens-Illinois, Inc		2,932
	5,603		Pargesa Holding S.A.		367
	1,378,300		PT Indocement Tunggal Prakarsa Tbk		2,383
	304		Sika AG.		539
	657,376	*	Taiheiyo Cement Corp		830
	2,719		Titan Cement Co S.A.		51
	22,681	e	Toto Ltd		151
	915,200	*	Wienerberger AG.		11,124
			TOTAL STONE, CLAY, AND GLASS PRODUCTS		58,626
TEXTILE MILL PRODUCTS - 0.1%
	2,225,246		Far Eastern Textile Co Ltd		2,288
	7,994	*	Mohawk Industries, Inc		366
	11,054		Nisshinbo Industries, Inc		106
	2,002,807		Teijin Ltd		5,946
			TOTAL TEXTILE MILL PRODUCTS		8,706
TOBACCO PRODUCTS - 1.0%
	817,305		Altria Group, Inc		16,379
	507,936		British American Tobacco plc		16,120
	20,534		Fortune Brands, Inc		805
	1,939,628		Huabao International Holdings Ltd		2,479
	704,209		Imperial Tobacco Group plc		19,676
	1,960		Japan Tobacco, Inc		6,098
	174,223		Lorillard, Inc		12,541

201

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	991,079		Philip Morris International, Inc	$	45,430
	50,707	e	Swedish Match AB		1,108
			TOTAL TOBACCO PRODUCTS		120,636
TRANSPORTATION BY AIR - 0.5%
	6,695	e	Aeroports de Paris		430
	3,677,900	*	Air China Ltd		3,607
	27,660	*	Air France-KLM		329
	1,213,862	*	All Nippon Airways Co Ltd		3,848
	150,000	*	AMR Corp		1,017
	64,106		Auckland International Airport Ltd		82
	11,536,229	*,e	British Airways plc		33,515
	1,893,237		Cathay Pacific Airways Ltd		3,744
	8,654	*	Continental AG.		449
	270,800	*	Continental Airlines, Inc (Class B)		5,958
	207,173	*	Delta Air Lines, Inc		2,434
	7,405	e	Fraport AG. Frankfurt Airport Services Worldwide		315
	112,072	*	Iberia Lineas Aereas de Espana		316
	24,926	*	Korean Air Lines Co Ltd		1,656
	57,475		Macquarie Airports		129
	82,123		Qantas Airways Ltd		151
	57,504	*	Ryanair Holdings plc		252
	2,741	*	Ryanair Holdings plc (ADR)		74
	27,774		Singapore Airlines Ltd		288
	638,352		Singapore Airport Terminal Services Ltd		1,217
	119,550		Southwest Airlines Co		1,328
	12,459,122	*,e	Virgin Blue Holdings Ltd		3,034
			TOTAL TRANSPORTATION BY AIR		64,173
TRANSPORTATION EQUIPMENT - 3.5%
	15,642	*	Aisin Seiki Co Ltd		421
	240,000	*	American Axle & Manufacturing Holdings, Inc		1,759
	1,015,604	e	Austal Ltd		1,866
	229,318	*	Autoliv, Inc		10,973
	745,789		BAE Systems plc		3,471
	58,898	e	Bayerische Motoren Werke AG.		2,861
	1,460		Bayerische Motoren Werke AG. (Preference)		51
	436,615		Boeing Co		27,399
	614,332		Bombardier, Inc		2,793
	11,446,300	e	China South Locomotive and Rolling Stock Corp		7,825
	182,771		Cobham plc		579
	34,584	e	Cosco Corp Singapore Ltd		36
	15,290	*	Daihatsu Motor Co Ltd		142
	916,375		DaimlerChrysler AG. (EUR)		46,356
	271,145		Denso Corp		7,494
	3,555		Elbit Systems Ltd		180
	83,100	e	European Aeronautic Defence and Space Co		1,696
	127,000	*	Federal Mogul Corp (Class A)		1,654
	161,599	e	Fiat S.p.A.		1,660
	1,978,644	*	Ford Motor Co		19,945
	742,342	*,e	Fuji Heavy Industries Ltd		3,977
	248,287		General Dynamics Corp		14,540

202

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	38,148		Genuine Parts Co	$	1,505
	238,470		Goodrich Corp		15,799
	32,982		Harley-Davidson, Inc		733
	46,813		Harsco Corp		1,100
	8,182	*	Hino Motors Ltd		40
	1,144,068	e	Honda Motor Co Ltd		33,606
	672,910		Honeywell International, Inc		26,264
	3,735		Hyundai Mobis		626
	39,579		Hyundai Motor Co		4,631
	1,498,169	*	Isuzu Motors Ltd		4,502
	123,945		Jardine Cycle & Carriage Ltd		2,638
	1,023,095	e	JTEKT Corp		9,462
	57,044	e	Kawasaki Heavy Industries Ltd		138
	1,223,072		Keppel Corp Ltd		7,384
	3,000	*	Koito Manufacturing Co Ltd		44
	50,000	*,e	Lear Corp		3,310
	209,938		Lockheed Martin Corp		15,640
	129,341		Magna International, Inc (Class A)		8,521
	17,254	e	MAN AG.		1,422
	119,150		Mazda Motor Corp		278
	303,130	*,e	Mitsubishi Motors Corp		383
	24,875		Mitsui Engineering & Shipbuilding Co Ltd		50
	88,300	e	Modec, Inc		1,214
	172,138	*,e	NHK Spring Co Ltd		1,575
	458,206		NSK Ltd		3,182
	87,317		Paccar, Inc		3,481
	183,758	*	Peugeot S.A.		4,671
	19,532		Porsche AG.		835
	115,546	*	Renault S.A.		4,283
	573,507		Rolls-Royce Group plc		4,787
	66,577		Scania AB (B Shares)		1,016
	23,372	e	SembCorp Marine Ltd		64
	5,761	e	Shimano, Inc		247
	184,074		Singapore Technologies Engineering Ltd		430
	115,000	*	Spirit Aerosystems Holdings, Inc (Class A)		2,192
	67,522	*	Suzuki Motor Corp		1,325
	20,084		Thales S.A.		648
	829,015		Tomkins PLC		2,784
	5,696	*	Toyoda Gosei Co Ltd		141
	14,661	*	Toyota Industries Corp		372
	1,568,948	*	Toyota Motor Corp		53,908
	26,981		TransDigm Group, Inc		1,377
	90,000	*	TRW Automotive Holdings Corp		2,481
	239,347		United Technologies Corp		15,536
	232,400	*	Valeo S.A.		6,320
	2,063	e	Volkswagen AG.		175
	17,546		Volkswagen AG. (Preference)		1,540
	23,147		Volvo AB (A Shares)		244
	222,295	e	Volvo AB (B Shares)		2,458
	18,283	*	Yamaha Motor Co Ltd		242
	39,000		Yangzijiang Shipbuilding		37
			TOTAL TRANSPORTATION EQUIPMENT		413,319

203

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
TRANSPORTATION SERVICES - 0.2%
	52,734		Autostrade S.p.A.	$	935
	23,481		CH Robinson Worldwide, Inc		1,307
	87,982	e	Cintra Concesiones de Infraestructuras de Transporte S.A.		569
	46,684		Deutsche Lufthansa AG.		645
	50,887		Expeditors International Washington, Inc		1,756
	184,141		FedEx Corp		12,910
	24,024	*	Macquarie Atlas Roads Group		19
	53,115	e	Toll Holdings Ltd		242
	28,895	*,e	TUI AG.		254
			TOTAL TRANSPORTATION SERVICES		18,637
TRUCKING AND WAREHOUSING - 0.6%
	274,084		Deutsche Post AG.		3,996
	110,486		DSV AS		1,591
	17,730		J.B. Hunt Transport Services, Inc		579
	616,427		Kerry Properties Ltd		2,664
	9,262		Mitsubishi Logistics Corp		103
	7,011	e	Neopost S.A.		508
	74,252		Nippon Express Co Ltd		335
	1,233,156		TNT NV		31,059
	606,847		United Parcel Service, Inc (Class B)		34,523
	34,378		Yamato Transport Co Ltd		455
			TOTAL TRUCKING AND WAREHOUSING		75,813
WATER TRANSPORTATION - 0.2%
	120		AP Moller - Maersk AS (Class A)		913
	263		AP Moller - Maersk AS (Class B)		2,071
	78,898		Carnival Corp		2,386
	25,575		Carnival plc		828
	4,161,139		DP World Ltd		1,824
	1,423,500	e	Ezra Holdings Ltd		1,832
	1,147	e	Hamburger Hafen und Logistik AG.		37
	4,180,000		International Container Term Services, Inc		2,737
	347		Israel Corp Ltd		215
	21,126	e	Kamigumi Co Ltd		162
	758,186	*,e	Kawasaki Kisen Kaisha Ltd		3,083
	22,906	e	Kuehne & Nagel International AG.		2,358
	956,906		Mitsui OSK Lines Ltd		6,327
	30,465	e	Neptune Orient Lines Ltd		43
	110,636		Nippon Yusen Kabushiki Kaisha		403
	6,864		Orient Overseas International Ltd		49
	162,731	*,e	Royal Caribbean Cruises Ltd		3,705
			TOTAL WATER TRANSPORTATION		28,973
WHOLESALE TRADE-DURABLE GOODS - 1.3%
	104,471	*	Arrow Electronics, Inc		2,335
	90,505		Assa Abloy AB (Class B)		1,809
	281,887		Banpu PCL		5,256
	35,779	*	BorgWarner, Inc		1,336

204

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	53,577		Bunzl plc	$	537
	5,364	*,e	Canon Marketing Japan, Inc		75
	60,239	e	Compagnie de Saint-Gobain		2,245
	997,500	e	Dongfeng Motor Group Co Ltd		1,157
	72,617		Finning International, Inc		1,203
	40,888	*	Fortescue Metals Group Ltd		139
	84,500	*	Ingram Micro, Inc (Class A)		1,284
	579,928		Itochu Corp		4,534
	320,300		JCY International Bhd		145
	70,000		Kia Motors Corp		1,855
	3,073,302		Li & Fung Ltd		13,750
	1,048,641		Mitsubishi Corp		21,694
	662,804		Mitsui & Co Ltd		7,732
	1,482		NET One Systems Co Ltd		1,913
	9,680	*	New Carphone Warehouse plc		27
	2,008,223	*	Nissan Motor Co Ltd		13,994
	60,321		Nisshin Steel Co Ltd		96
	18,693		Patterson Cos, Inc		533
	726,709	*	Pegatron Technology Corp		680
	1,181,473		Prysmian S.p.A.		16,956
	1,341,063		PT Astra International Tbk		7,085
	500,000		Rajesh Exports Ltd		882
	504,000		Ralink Technology Corp		2,014
	19,981	e	Rautaruukki Oyj		291
	47,886		Schneider Electric S.A.		4,836
	86,360	e	Sims Group Ltd		1,227
	92,263		Sumitomo Corp		921
	108,531	*	Talecris Biotherapeutics Holdings Corp		2,290
	10,669		THK Co Ltd		221
	105,536		ThyssenKrupp AG.		2,601
	8,587		W.W. Grainger, Inc		854
	487,699		Wesfarmers Ltd		11,657
	12,241		Wesfarmers Ltd PPS		294
	779,499	*	Wolseley plc		15,473
			TOTAL WHOLESALE TRADE-DURABLE GOODS		151,931
WHOLESALE TRADE-NONDURABLE GOODS - 1.5%
	2,200		ABC-Mart, Inc		86
	88,050		Airgas, Inc		5,477
	956,584		Akzo Nobel NV		49,717
	3,157		Alfresa Holdings Corp		153
	43,337,200	*	Alliance Global Group, Inc		4,973
	134,508	e	Billabong International Ltd		977
	19,508		Brown-Forman Corp (Class B)		1,116
	121,907		Cardinal Health, Inc		4,097
	10,978	e	Casino Guichard Perrachon S.A.		833
	18,464	e	Celesio AG.		403
	5,686,700	e	Dalian Port PDA Co Ltd		2,462
	528		Delek Group Ltd		109
	59,886	*	Endo Pharmaceuticals Holdings, Inc		1,307
	134,176		Esprit Holdings Ltd		721

205

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,491,925		Foster’s Group Ltd	$	7,067
	48,498	*	Gildan Activewear, Inc		1,393
	79,240		Hanwha Corp		2,392
	17,251	*	Henry Schein, Inc		947
	94,622		Herbalife Ltd		4,357
	5,795		Kikkoman Corp		61
	9,764		Koninklijke Vopak NV		358
	11,000		LG Chem Ltd		2,759
	1,295,072		Marubeni Corp		6,639
	61,180	e	Metcash Ltd		215
	95,958		Metro, Inc		3,769
	4,198,267	e	Noble Group Ltd		5,074
	182,902		Nu Skin Enterprises, Inc (Class A)		4,560
	38,040		Point, Inc		2,086
	58,400		San-A Co Ltd		2,230
	108,846	*	Sojitz Holdings Corp		170
	5,871	e	Suzuken Co Ltd		197
	203,497		Sysco Corp		5,814
	1,719,841		Unilever NV		46,967
	240,000		Unilever NV ADR		6,557
	155,106	*	Viterra, Inc		1,033
			TOTAL WHOLESALE TRADE-NONDURABLE GOODS		177,076
			TOTAL COMMON STOCKS		11,753,622
			(Cost $12,325,946)
PREFERRED STOCKS - 0.0%
TRANSPORTATION EQUIPMENT - 0.0%
	530,757	*,b	Motors Liquidation Co		3,545
			TOTAL TRANSPORTATION EQUIPMENT		3,545
			TOTAL PREFERRED STOCKS		3,545
			(Cost $4,777)
RIGHTS / WARRANTS - 0.0%
DEPOSITORY INSTITUTIONS - 0.0%
	4		Dexia SA - Rts		0	^
	105,153		Mediobanca S.p.A.		4
	135,487	e	Unione di Banche Italiane SCPA		3
			TOTAL DEPOSITORY INSTITUTIONS		7
ELECTRIC, GAS, AND SANITARY SERVICES - 0.0%
	1,058,653	m	Iberdrola S.A.		247
			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		247
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.0%
	42,400		Kingboard Chemical Holdings Ltd		17
			TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		17
FOOD AND KINDRED PRODUCTS - 0.0%
	34,086	e	Golden Agri-Resources Ltd		2
			TOTAL FOOD AND KINDRED PRODUCTS		2

206

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
HOLDING AND OTHER INVESTMENT OFFICES - 0.0%
	1,228		Fonciere Des Regions	$	1
	681,005	m	GPT Group		0	^
	22,780		IJM Land BHD		6
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES		7
HOTELS AND OTHER LODGING PLACES - 0.0%
	1,036,696		Minor International PCL		77
			TOTAL HOTELS AND OTHER LODGING PLACES		77
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.0%
	30,207	e	Zardoya Otis S.A.		19
			TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		19
PRIMARY METAL INDUSTRIES - 0.0%
	42,686	e	Norsk Hydro ASA		22
			TOTAL PRIMARY METAL INDUSTRIES		22
REAL ESTATE - 0.0%
	9,054		Henderson Land Development Co Ltd		2
	516,300		SP Setia BHD		64
			TOTAL REAL ESTATE		66
			TOTAL RIGHTS / WARRANTS		464
			(Cost $335)

PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 7.1%
U.S. TREASURY BILLS - 0.9%
	$ 4,700,000		United States Treasury Bill	07/22/10	4,700
	99,200,000		United States Treasury Bill	08/05/10	99,191
			TOTAL U.S. TREASURY BILLS		103,891
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 6.2%
REPURCHASE AGREEMENTS - 3.3%
	26,473,000	u	Bank of America		26,473
	110,000,000	v	Barclay Capital		110,000
	20,755,000	w	Barclay Capital		20,755
	50,000,000	x	Deutsche Bank		50,000
	190,000,000	y	Nomura Securities		190,000
			TOTAL REPURCHASE AGREEMENTS		397,228
CORPORATE VARIABLE RATE SECURITY - 2.9%
	14,000,000		American Express Credit Account Master		13,996
	11,000,000		American Express Credit Account Master		10,995
	15,000,000		American Express Credit Account Master		15,029
	15,000,000		BA Credit Card Trust		14,995
	11,000,000		BA Credit Card Trust		10,989

207

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
$	5,000,000		Bank One Issuance Trust	$	4,995
	358,226		Brunel Residential Mortgage Securitization plc		358
	8,000,000		Capital One Multi-Asset Execution Trust		7,953
	30,000,000		Capital One Multi-Asset Execution Trust		29,997
	5,000,000		Chase Issuance Trust 2006		4,997
	3,875,000		Chase Issuance Trust 2007		3,872
	9,000,000		Chase Issuance Trust 2007		8,959
	20,000,000		Citibank Credit Card Issuance Trust		19,999
	12,000,000		Discover Card Master Trust 2003		11,998
	18,000,000		Discover Card Master Trust 2005		17,985
	8,000,000		GE Equipment Midticket LLC		7,985
	4,000,000		General Electric Cap Corp		3,998
	20,000,000		General Electric Cap Corp		19,939
	3,000,000		General Electric Cap Corp		2,975
	4,313,872		Granite Master Issuer plc 2006		3,958
	3,697,604		Granite Master Issuer plc 2007		3,393
	22,000,000		JP Morgan Chase & Co		22,003
	1,975,329		Medallion Trust Series 2005		1,917
	13,000,000		Nelnet Student Loan Trust 2006		12,960
	4,068,415		Nelnet Student Loan Trust 2007		4,054
	25,000,000		Permanent Master Issuer plc		24,376
	4,236,870		Puma Global Mortgage Backed Trust		4,045
	6,641,870		SLM Student Loan Trust 2006		6,635
	30,000,000		SLM Student Loan Trust 2007		28,622
	8,000,000		SLM Student Loan Trust 2008		8,028
	6,967,675		Wachovia Student Loan Trust 2005		6,956
			TOTAL CORPORATE VARIABLE RATE SECURITY		338,961
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED		736,189
			TOTAL SHORT-TERM INVESTMENTS		840,080
			(Cost $840,921)
			TOTAL INVESTMENTS - 105.9%		12,643,299
			(Cost $13,224,863)
			OTHER ASSETS & LIABILITIES, NET - (5.9)%		(700,663)
			NET ASSETS - 100.0%	$	11,942,636
			Abbreviation(s):
		ADR	American Depositary Receipt
		SPDR	Standard & Poor’s Depository Receipts
		*	Non-income producing.
		^	Amount represents less than $1,000.
		b	In bankruptcy
		e	All or a portion of these securities are out on loan.
		f	Restricted security
		g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At June 30, 2010 the value of these securities amounted to $2,175,913 or 0.00% of net assets.
		m	Indicates a security that has been deemed illiquid.
		n	In default
		u	Agreement with Bank of America, 0.22% dated 06/30/10 to be repurchased at $26,473,000 on 07/01/10, collateralized by U.S. Government Agencies security valued at $27,002,460.
		v	Agreement with Barclay Capital, 0.01% dated 06/30/10 to be repurchased at $110,000,000 on 07/01/10, collateralized by U.S. Government Agencies security valued at $112,200,081.
		w	Agreement with Barclay Capital, 0.02% dated 06/30/10 to be repurchased at $20,775,000 on 07/01/10, collateralized by U.S. Government Agencies security valued at $21,171,747.
		x	Agreement with Deutsche Bank, 0.04% dated 06/30/10 to be repurchased at $50,000,000 on 07/01/10, collateralized by U.S. Government Agencies security valued at $51,000,000.
		y	Agreement with Nomura Securities, 0.15% dated 06/30/10 to be repurchased at $190,001,000 on 07/01/10, collateralized by U.S. Government Agencies security valued at $193,800,000.
			Cost amounts are in thousands.

208

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
SUMMARY OF MARKET VALUES BY COUNTRY (unaudited)
June 30, 2010

COUNTRY	VALUE (000)		% OF TOTAL PORTFOLIO
DOMESTIC
UNITED STATES	$	6,696,537		53.0	%
TOTAL DOMESTIC		6,696,537		53.0
FOREIGN
ARGENTINA		4,582		0.0
AUSTRALIA		381,617		3.0
AUSTRIA		24,272		0.2
BELGIUM		64,531		0.5
BERMUDA		1,521		0.0
BRAZIL		61,732		0.5
CAMBODIA		1,008		0.0
CANADA		508,644		4.0
CAYMAN ISLANDS		1,420		0.0
CHINA		92,920		0.7
COLOMBIA		2,090		0.0
CYPRUS		464		0.0
CZECH REPUBLIC		2,374		0.0
DENMARK		44,849		0.4
FINLAND		39,407		0.3
FRANCE		349,833		2.8
GERMANY		338,801		2.7
GIBRALTAR		6,076		0.1
GREECE		8,382		0.1
GUERNSEY, C.I.		2,250		0.0
HONG KONG		115,122		0.9
INDIA		35,567		0.3
INDONESIA		15,907		0.1
IRELAND		55,804		0.5
ISRAEL		51,275		0.4
ITALY		114,507		0.9
JAPAN		973,946		7.7
JERSEY, C.I.		1,733		0.0
KAZAKHSTAN		511		0.0
KOREA, REPUBLIC OF		65,310		0.5
LUXEMBOURG		15,930		0.1
MACAU		20,468		0.2
MALAYSIA		16,438		0.1
MEXICO		11,505		0.1
NETHERLANDS		348,722		2.8
NEW ZEALAND		1,166		0.0
NORWAY		22,876		0.2
PERU		2,792		0.0
PHILIPPINES		27,266		0.2
PORTUGAL		22,829		0.2
SINGAPORE		80,970		0.6
SOUTH AFRICA		5,413		0.1
SPAIN		127,332		1.0
SWEDEN		90,919		0.7
SWITZERLAND		497,715		3.9
TAIWAN		57,142		0.5
THAILAND		24,767		0.2
UNITED ARAB EMIRATES		1,824		0.0
UNITED KINGDOM		1,204,233		9.5
TOTAL FOREIGN		5,946,762		47.0
TOTAL PORTFOLIO	$	12,643,299		100.0	%

209

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2010

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 98.9%
AGRICULTURAL SERVICES - 0.0%
	93,257	*	VCA Antech, Inc	$	2,309
			TOTAL AGRICULTURAL SERVICES		2,309
AMUSEMENT AND RECREATION SERVICES - 0.6%
	59,258	*	Bally Technologies, Inc		1,919
	336,741	*	Electronic Arts, Inc		4,849
	11,178		International Speedway Corp (Class A)		288
	20,944	*	Madison Square Garden, Inc		412
	1,702,785		Walt Disney Co		53,638
	58,906	*	WMS Industries, Inc		2,312
			TOTAL AMUSEMENT AND RECREATION SERVICES		63,418
APPAREL AND ACCESSORY STORES - 1.3%
	72,468		Abercrombie & Fitch Co (Class A)		2,224
	295,699	*	Aeropostale, Inc		8,469
	55,345		American Eagle Outfitters, Inc		650
	186,541		Chico’s FAS, Inc		1,843
	957,529		Gap, Inc		18,634
	57,369	*	J Crew Group, Inc		2,112
	602,034	*	Kohl’s Corp		28,597
	575,028		Limited Brands, Inc		12,691
	483,501		Nordstrom, Inc		15,564
	252,552		Ross Stores, Inc		13,458
	814,228		TJX Companies, Inc		34,157
	130,982	*	Urban Outfitters, Inc		4,504
			TOTAL APPAREL AND ACCESSORY STORES		142,903
APPAREL AND OTHER TEXTILE PRODUCTS - 0.6%
	295,785		Guess ?, Inc		9,240
	107,239	*	Hanesbrands, Inc		2,580
	386,681		Nike, Inc (Class B)		26,120
	60,655		Phillips-Van Heusen Corp		2,807
	346,842		Polo Ralph Lauren Corp (Class A)		25,306
			TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		66,053
AUTO REPAIR, SERVICES AND PARKING - 0.1%
	177,850	*	Hertz Global Holdings, Inc		1,682
	117,560		Ryder System, Inc		4,729
			TOTAL AUTO REPAIR, SERVICES AND PARKING		6,411
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.2%
	97,148		Advance Auto Parts		4,875

210

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	23,860	*	Autonation, Inc	$	465
	29,890	*	Autozone, Inc		5,775
	239,226	*	Carmax, Inc		4,761
	74,220	*	Copart, Inc		2,658
	150,506	*	O’Reilly Automotive, Inc		7,158
			TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		25,692
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.0%
	142,334		Fastenal Co		7,144
	1,817,073		Home Depot, Inc		51,005
	2,601,112		Lowe’s Cos, Inc		53,115
			TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		111,264
BUSINESS SERVICES - 12.9%
	43,886		Aaron Rents, Inc		749
	150,899		Activision Blizzard, Inc		1,583
	1,881,118	*	Adobe Systems, Inc		49,718
	395,557	*	Akamai Technologies, Inc		16,048
	214,755	*	Alliance Data Systems Corp		12,782
	326,418	*	Amadeus IT Holding S.A.		5,189
	418,884	*	Amdocs Ltd		11,247
	95,303	*	Ansys, Inc		3,866
	1,380,323	*	Autodesk, Inc		33,625
	540,577		Automatic Data Processing, Inc		21,764
	485,193	*	BMC Software, Inc		16,802
	337,821		CA, Inc		6,216
	282,255	*	Cadence Design Systems, Inc		1,634
	74,723	*	Cerner Corp		5,671
	200,659	*	Citrix Systems, Inc		8,474
	323,138	*	Cognizant Technology Solutions Corp (Class A)		16,176
	136,920	*	Compuware Corp		1,093
	103,699		DST Systems, Inc		3,748
	1,747,021	*	eBay, Inc		34,259
	326,662		Expedia, Inc		6,135
	86,772	*	F5 Networks, Inc		5,950
	50,101		Factset Research Systems, Inc		3,356
	183,963		Fidelity National Information Services, Inc		4,934
	109,435	*	Fiserv, Inc		4,997
	78,446	*	Gartner, Inc		1,824
	620,187	*	Google, Inc (Class A)		275,952
	51,885	*	IHS, Inc (Class A)		3,031
	98,695	*	Informatica Corp		2,357
	36,907		Interactive Data Corp		1,232
	525,926	*	Interpublic Group of Cos, Inc		3,750
	2,641,870	*	Intuit, Inc		91,858
	200,804		Iron Mountain, Inc		4,510
	1,863,542	*	Juniper Networks, Inc		42,526
	12,926	*	Lamar Advertising Co (Class A)		317
	48,283		Manpower, Inc		2,085
	145,358		Mastercard, Inc (Class A)		29,002
	172,298	*	McAfee, Inc		5,293
	12,854,068		Microsoft Corp		295,772

211

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	70,356	*	Monster Worldwide, Inc	$	820
	219,472		Moody’s Corp		4,372
	174,336	*	NCR Corp		2,113
	44,178	*	NetFlix, Inc		4,800
	864,606	*	Nuance Communications, Inc		12,926
	1,580,551		Omnicom Group, Inc		54,212
	5,471,234		Oracle Corp		117,413
	203,886	*	Red Hat, Inc		5,900
	162,755		Robert Half International, Inc		3,833
	347,122	*	Salesforce.com, Inc		29,790
	32,431	*	SXC Health Solutions Corp		2,376
	92,760	*	Sybase, Inc		5,998
	1,130,383	*	Symantec Corp		15,690
	15,348	*	Synopsys, Inc		320
	196,072	*	VeriSign, Inc		5,206
	717,725		Visa, Inc (Class A)		50,779
	186,804	*	VMware, Inc (Class A)		11,692
	58,100	*	WebMD Health Corp (Class A)		2,698
	2,955,532	*	Yahoo!, Inc		40,875
			TOTAL BUSINESS SERVICES		1,407,338
CHEMICALS AND ALLIED PRODUCTS - 9.0%
	1,495,969		Abbott Laboratories		69,981
	2,995	*	Abraxis Bioscience, Inc		222
	226,788		Air Products & Chemicals, Inc		14,697
	98,233		Albemarle Corp		3,901
	23,279		Alberto-Culver Co		631
	95,902	*	Alexion Pharmaceuticals, Inc		4,909
	544,274	*	Amgen, Inc		28,629
	175,085		Ashland, Inc		8,127
	188,655		Avery Dennison Corp		6,061
	1,691,055		Avon Products, Inc		44,813
	111,294	*	BioMarin Pharmaceuticals, Inc		2,110
	169,083		Celanese Corp (Series A)		4,212
	2,256,051	*	Celgene Corp		114,652
	228,060		CF Industries Holdings, Inc		14,470
	16,998	*	Charles River Laboratories International, Inc		582
	76,876		Church & Dwight Co, Inc		4,821
	137,726		Clorox Co		8,561
	608,376		Colgate-Palmolive Co		47,916
	332,050	*	Dendreon Corp		10,735
	1,042,225		Dow Chemical Co		24,722
	476,391		Du Pont (E.I.) de Nemours & Co		16,478
	16,054		Eastman Chemical Co		857
	365,851		Ecolab, Inc		16,430
	251,425		Eli Lilly & Co		8,423
	118,504		Estee Lauder Cos (Class A)		6,604
	54,038		FMC Corp		3,103
	285,782	*	Forest Laboratories, Inc		7,839
	218,235	*	Genzyme Corp		11,080
	1,519,462	*	Gilead Sciences, Inc		52,086
	178,012	*	Hospira, Inc		10,227

212

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	572,529	*	Human Genome Sciences, Inc	$	12,974
	62,116	*	Idexx Laboratories, Inc		3,783
	85,508		International Flavors & Fragrances, Inc		3,627
	26,409	*	Inverness Medical Innovations, Inc		704
	661,773		Johnson & Johnson		39,084
	199,362		Lubrizol Corp		16,011
	586,186		Monsanto Co		27,094
	169,848		Mosaic Co		6,621
	1,019,827	*	Mylan Laboratories, Inc		17,378
	140,231		Nalco Holding Co		2,869
	157,892		Novartis AG.		7,652
	560,840		Novartis AG. (ADR)		27,100
	346,157		Novo Nordisk A.S. (ADR)		28,046
	128,108	*	Pactiv Corp		3,568
	199,147		Perrigo Co		11,764
	27,613		PPG Industries, Inc		1,668
	328,736		Praxair, Inc		24,981
	687,572		Procter & Gamble Co		41,241
	73,422		RPM International, Inc		1,310
	49,318		Scotts Miracle-Gro Co (Class A)		2,190
	61,534		Sherwin-Williams Co		4,258
	506,253		Shire Ltd		10,385
	614,405		Shire plc (ADR)		37,712
	121,783		Sigma-Aldrich Corp		6,068
	706,146		Teva Pharmaceutical Industries Ltd (ADR)		36,713
	51,186	*	United Therapeutics Corp		2,498
	168,157	*	Valeant Pharmaceuticals International		8,793
	10,738		Valspar Corp		323
	214,300	*	Vertex Pharmaceuticals, Inc		7,050
	95,926	*	Warner Chilcott plc		2,192
	890,419	*	Watson Pharmaceuticals, Inc		36,124
			TOTAL CHEMICALS AND ALLIED PRODUCTS		979,660
COAL MINING - 0.1%
	17,259	*	Alpha Natural Resources, Inc		585
	123,536		Arch Coal, Inc		2,447
	111,433		Consol Energy, Inc		3,762
	155,689		Peabody Energy Corp		6,092
			TOTAL COAL MINING		12,886
COMMUNICATIONS - 1.1%
	433,549	*	American Tower Corp (Class A)		19,293
	86,948		CBS Corp (Class B)		1,124
	141,195		CenturyTel, Inc		4,703
	121,210	*	Clearwire Corp (Class A)		882
	705,885		Comcast Corp (Class A)		12,261
	310,428	*	Crown Castle International Corp		11,567
	953,105	*	DIRECTV		32,330
	47,975	*	Equinix, Inc		3,897
	129,510		Frontier Communications Corp		921
	89,560		Global Payments, Inc		3,273
	282,716	*	IAC/InterActiveCorp		6,211

213

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	663,187	*	Level 3 Communications, Inc	$	723
	129,391	*	MetroPCS Communications, Inc		1,060
	78,954	*	NeuStar, Inc (Class A)		1,628
	141,749	*	NII Holdings, Inc (Class B)		4,610
	129,526	*	SBA Communications Corp (Class A)		4,405
	2,764,337	*	Sprint Nextel Corp		11,720
	225,601		Windstream Corp		2,382
			TOTAL COMMUNICATIONS		122,990
DEPOSITORY INSTITUTIONS - 0.6%
	16,501		Bank of Hawaii Corp		798
	1,419		Capitol Federal Financial		47
	42,487		Hudson City Bancorp, Inc		520
	103,683		Northern Trust Corp		4,842
	366,300		US Bancorp		8,187
	1,429,655		Wells Fargo & Co		36,598
	722,172		Western Union Co		10,768
			TOTAL DEPOSITORY INSTITUTIONS		61,760
EATING AND DRINKING PLACES - 1.8%
	417,177		Brinker International, Inc		6,032
	98,678		Burger King Holdings, Inc		1,662
	33,808	*	Chipotle Mexican Grill, Inc (Class A)		4,625
	794,491		Darden Restaurants, Inc		30,866
	1,155,923		McDonald’s Corp		76,141
	800,655		Starbucks Corp		19,456
	152,948		Wendy’s/Arby’s Group, Inc (Class A)		612
	1,309,973		Yum! Brands, Inc		51,141
			TOTAL EATING AND DRINKING PLACES		190,535
EDUCATIONAL SERVICES - 0.2%
	138,469	*	Apollo Group, Inc (Class A)		5,880
	72,162	*	Career Education Corp		1,661
	69,496		DeVry, Inc		3,648
	16,100	*	Education Management Corp		246
	37,126	*	ITT Educational Services, Inc		3,082
	15,479		Strayer Education, Inc		3,218
			TOTAL EDUCATIONAL SERVICES		17,735
ELECTRIC, GAS, AND SANITARY SERVICES - 0.7%
	343,777	*	AES Corp		3,176
	174,421	*	Calpine Corp		2,219
	148,256		El Paso Corp		1,647
	132,700		FPL Group, Inc		6,470
	47,308		ITC Holdings Corp		2,503
	246,298	*	NRG Energy, Inc		5,224
	10,707		Ormat Technologies, Inc		303
	316,589		Public Service Enterprise Group, Inc		9,920
	546,907		Republic Services, Inc		16,259
	93,056	*	Stericycle, Inc		6,103
	424,996	*	Waste Connections, Inc		14,828
	258,769		Williams Cos, Inc		4,730
			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		73,382

214

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 15.5%
	923,480	*	Advanced Micro Devices, Inc	$	6,760
	326,779		Altera Corp		8,107
	115,284		Ametek, Inc		4,629
	186,561		Amphenol Corp (Class A)		7,328
	1,390,358		Analog Devices, Inc		38,735
	2,056,994	*	Apple Computer, Inc		517,397
	75,078	*	Atheros Communications, Inc		2,068
	442,557	*	Atmel Corp		2,124
	114,157	*	Avago Technologies Ltd		2,404
	197,745	*	Avnet, Inc		4,768
	201,796		AVX Corp		2,587
	833,486		Broadcom Corp (Class A)		27,480
	99,536	*	Ciena Corp		1,262
	14,254,224	*	Cisco Systems, Inc		303,759
	495,629		Cooper Industries plc		21,807
	296,468	*	Cree, Inc		17,797
	176,115	*	Cypress Semiconductor Corp		1,768
	2,131,371	*	Dell, Inc		25,704
	57,169	*	Dolby Laboratories, Inc (Class A)		3,584
	289,493	*	First Solar, Inc		32,953
	35,558	*	Harman International Industries, Inc		1,063
	392,135		Harris Corp		16,332
	3,610,311		Hewlett-Packard Co		156,255
	9,201,859		Intel Corp		178,977
	51,154		Intersil Corp (Class A)		619
	808,761	*	JDS Uniphase Corp		7,958
	61,800		L-3 Communications Holdings, Inc		4,379
	45,745		Lincoln Electric Holdings, Inc		2,333
	244,056		Linear Technology Corp		6,787
	581,580	*	Marvell Technology Group Ltd		9,166
	320,704		Maxim Integrated Products, Inc		5,365
	101,850	*	MEMC Electronic Materials, Inc		1,006
	190,628		Microchip Technology, Inc		5,288
	1,325,200	*	Micron Technology, Inc		11,251
	232,409		National Semiconductor Corp		3,128
	1,333,542	*	NetApp, Inc		49,755
	91,619	*	Novellus Systems, Inc		2,323
	931,280	*	Nvidia Corp		9,508
	467,944	*	ON Semiconductor Corp		2,985
	91,571	*	Polycom, Inc		2,728
	123,301	*	QLogic Corp		2,049
	2,348,245		Qualcomm, Inc		77,117
	115,533	*	Rambus, Inc		2,024
	34,627		Regal-Beloit Corp		1,931
	506,551	*	SanDisk Corp		21,311
	49,308	*	Silicon Laboratories, Inc		2,000
	4,174,395	*	Sirius XM Radio, Inc		3,964
	189,840	*	Skyworks Solutions, Inc		3,187
	40,943	*	Sunpower Corp (Class A)		495

215

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	6,692		Teleflex, Inc	$	363
	868,906		Texas Instruments, Inc		20,228
	11,816	*	Thomas & Betts Corp		410
	80,741	*	Varian Semiconductor Equipment Associates, Inc		2,314
	34,247		Whirlpool Corp		3,007
	1,326,533		Xilinx, Inc		33,508
			TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		1,684,135
ENGINEERING AND MANAGEMENT SERVICES - 1.1%
	987,014		Accenture plc		38,148
	33,616	*	Aecom Technology Corp		775
	158,749	*	Amylin Pharmaceuticals, Inc		2,985
	23,989		Core Laboratories NV		3,541
	11,562		Fluor Corp		491
	69,004	*	Genpact Ltd		1,072
	54,320	*	Gen-Probe, Inc		2,467
	99,572	*	Hewitt Associates, Inc (Class A)		3,431
	749,275	*	Jacobs Engineering Group, Inc		27,304
	489,218		KBR, Inc		9,951
	196,833	*	McDermott International, Inc		4,263
	106,393	*	Myriad Genetics, Inc		1,591
	347,286		Paychex, Inc		9,019
	69,710	*	Regeneron Pharmaceuticals, Inc		1,556
	324,477	*	SAIC, Inc		5,432
	348,010	*	Shaw Group, Inc		11,909
	6,493		Towers Watson & Co		252
			TOTAL ENGINEERING AND MANAGEMENT SERVICES		124,187
FABRICATED METAL PRODUCTS - 0.6%
	34,986	*	Alliant Techsystems, Inc		2,171
	127,546		Ball Corp		6,738
	173,113	*	Crown Holdings, Inc		4,335
	1,186,409		Illinois Tool Works, Inc		48,975
	47,744		Parker Hannifin Corp		2,648
	55,054		Pentair, Inc		1,773
	23,525		Valmont Industries, Inc		1,709
			TOTAL FABRICATED METAL PRODUCTS		68,349
FOOD AND KINDRED PRODUCTS - 3.5%
	118,478		Campbell Soup Co		4,245
	2,123,884		Coca-Cola Co		106,448
	212,631		Coca-Cola Enterprises, Inc		5,499
	43,408		ConAgra Foods, Inc		1,012
	1,812,083		Dr Pepper Snapple Group, Inc		67,754
	30,667		Flowers Foods, Inc		749
	868,766		General Mills, Inc		30,859
	139,373		H.J. Heinz Co		6,024
	61,337	*	Hansen Natural Corp		2,399
	99,565		Hershey Co		4,772
	298,605		InBev NV		14,357
	248,384		Kellogg Co		12,494
	70,966		McCormick & Co, Inc		2,694

216

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	628,436		Mead Johnson Nutrition Co	$	31,497
	1,442,826		PepsiCo, Inc		87,940
	500,374		Sara Lee Corp		7,055
			TOTAL FOOD AND KINDRED PRODUCTS		385,798
FOOD STORES - 0.1%
	39,482		Kroger Co		777
	32,495	*	Panera Bread Co (Class A)		2,447
	149,684	*	Whole Foods Market, Inc		5,392
			TOTAL FOOD STORES		8,616
FORESTRY - 0.0%
	26,969		Rayonier, Inc		1,187
			TOTAL FORESTRY		1,187
FURNITURE AND FIXTURES - 0.2%
	57,244		Hill-Rom Holdings, Inc		1,742
	83,407	*	Kinetic Concepts, Inc		3,045
	386,113		Leggett & Platt, Inc		7,745
	118,054		Masco Corp		1,270
	77,770	*	Tempur-Pedic International, Inc		2,391
			TOTAL FURNITURE AND FIXTURES		16,193
FURNITURE AND HOME FURNISHINGS STORES - 0.4%
	860,515	*	Bed Bath & Beyond, Inc		31,908
	261,000		RadioShack Corp		5,092
	102,896		Williams-Sonoma, Inc		2,554
			TOTAL FURNITURE AND HOME FURNISHINGS STORES		39,554
GENERAL BUILDING CONTRACTORS - 0.0%
	6,623	*	NVR, Inc		4,338
			TOTAL GENERAL BUILDING CONTRACTORS		4,338
GENERAL MERCHANDISE STORES - 2.2%
	157,328	*	Big Lots, Inc		5,049
	4,731	*	BJ’s Wholesale Club, Inc		175
	473,363		Costco Wholesale Corp		25,954
	1,442,740	*	Dollar General Corp		39,747
	145,208		Family Dollar Stores, Inc		5,473
	82,239		JC Penney Co, Inc		1,766
	601,629		Macy’s, Inc		10,769
	1,394,905		Target Corp		68,588
	1,816,178		Wal-Mart Stores, Inc		87,305
			TOTAL GENERAL MERCHANDISE STORES		244,826
HEALTH SERVICES - 2.0%
	512,572		AmerisourceBergen Corp		16,275
	12,567	*	Brookdale Senior Living, Inc		189
	67,295	*	Community Health Systems, Inc		2,275
	70,407	*	Covance, Inc		3,613
	113,615	*	DaVita, Inc		7,094

217

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	1,926,860	*	Express Scripts, Inc	$	90,601
	716,030	*	Health Management Associates, Inc (Class A)		5,564
	112,156	*	Laboratory Corp of America Holdings		8,451
	480,640	*	Lincare Holdings, Inc		15,626
	399,669		McKesson Corp		26,842
	576,652	*	Medco Health Solutions, Inc		31,762
	12,700		Omnicare, Inc		301
	45,738	*	Pediatrix Medical Group, Inc		2,543
	114,862		Pharmaceutical Product Development, Inc		2,919
	138,686		Quest Diagnostics, Inc		6,902
	365,705	*	Tenet Healthcare Corp		1,587
	7,338		Universal Health Services, Inc (Class B)		280
			TOTAL HEALTH SERVICES		222,824
HOLDING AND OTHER INVESTMENT OFFICES - 1.6%
	46,099	*	Affiliated Managers Group, Inc		2,801
	15,856		AMB Property Corp		376
	61,870		Apartment Investment & Management Co (Class A)		1,198
	79,517		Digital Realty Trust, Inc		4,587
	13		Duke Realty Corp		0	^
	19,084		Equity Residential		795
	12,532		Essex Property Trust, Inc		1,222
	39,436		Federal Realty Investment Trust		2,771
	217,447	b	General Growth Properties, Inc		2,883
	2,420,750		iShares Russell 1000 Growth Index Fund		110,968
	72,067		Plum Creek Timber Co, Inc		2,488
	31,478		Prologis		319
	137,060		Public Storage, Inc		12,049
	288,630		Simon Property Group, Inc		23,307
	11,482		UDR, Inc		220
	44,365		Ventas, Inc		2,083
	15,483		Vornado Realty Trust		1,129
	69,208	*	WABCO Holdings, Inc		2,179
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES		171,375
HOTELS AND OTHER LODGING PLACES - 0.8%
	4,633		Choice Hotels International, Inc		140
	763,441	*	Las Vegas Sands Corp		16,903
	291,611		Marriott International, Inc (Class A)		8,731
	48,684	*	MGM Mirage		469
	826,931	*	Orient-Express Hotels Ltd (Class A)		6,119
	1,053,796		Starwood Hotels & Resorts Worldwide, Inc		43,658
	328,700		Wyndham Worldwide Corp		6,620
	516,800	*	Wynn Macau Ltd		843
	81,051		Wynn Resorts Ltd		6,182
			TOTAL HOTELS AND OTHER LODGING PLACES		89,665
INDUSTRIAL MACHINERY AND EQUIPMENT - 8.1%
	834,628		3M Co		65,927
	1,443,359		Applied Materials, Inc		17,349
	80,787		Bucyrus International, Inc (Class A)		3,833
	5,375		Carlisle Cos, Inc		194

218

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	674,960		Caterpillar, Inc	$	40,545
	308,769		Cummins, Inc		20,110
	967,070		Deere & Co		53,846
	15,278		Diebold, Inc		416
	85,672		Donaldson Co, Inc		3,654
	259,025		Dover Corp		10,825
	82,149	*	Dresser-Rand Group, Inc		2,592
	46,206		Eaton Corp		3,024
	2,208,745	*	EMC Corp		40,421
	2,397,942		Emerson Electric Co		104,765
	51,215		Flowserve Corp		4,343
	132,070	*	FMC Technologies, Inc		6,955
	53,251		Gardner Denver, Inc		2,374
	2,661,322		General Electric Co		38,376
	65,117		Graco, Inc		1,836
	72,036		IDEX Corp		2,058
	2,043,905		International Business Machines Corp		252,382
	732,000		International Game Technology		11,492
	178,603		ITT Industries, Inc		8,023
	136,797		Jabil Circuit, Inc		1,819
	2,575,650		Johnson Controls, Inc		69,208
	375,491		Joy Global, Inc		18,808
	65,651		Kennametal, Inc		1,670
	295,761	*	Lam Research Corp		11,257
	50,458		Lennox International, Inc		2,098
	141,085		Manitowoc Co, Inc		1,290
	88,024	*	Micros Systems, Inc		2,805
	157,250		Northrop Grumman Corp		8,561
	125,680		Pall Corp		4,320
	155,200		Pitney Bowes, Inc		3,408
	239,214		Raytheon Co		11,576
	726,913	*	Seagate Technology, Inc		9,479
	10,449		SPX Corp		552
	178,553	*	Teradata Corp		5,442
	151,289		Textron, Inc		2,567
	68,427		Timken Co		1,778
	91,196		Toro Co		4,480
	78,933		Tyco International Ltd		2,781
	132,696	*	Varian Medical Systems, Inc		6,937
	194,764	*	Western Digital Corp		5,874
	1,090,039		Xerox Corp		8,764
	38,631	*	Zebra Technologies Corp (Class A)		980
			TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		881,794
INSTRUMENTS AND RELATED PRODUCTS - 6.4%
	1,203,909	*	Agilent Technologies, Inc		34,227
	74,245		Alcon, Inc		11,002
	910,328		Allergan, Inc		53,036
	102,196		Bard (C.R.), Inc		7,923
	756,163		Baxter International, Inc		30,730
	250,734		Becton Dickinson & Co		16,955
	41,260	*	CareFusion Corp		937

219

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	9,060		Cooper Cos, Inc	$	360
	538,388		Covidien plc		21,632
	2,197,910		Danaher Corp		81,586
	157,539		Dentsply International, Inc		4,712
	587,158	*	Edwards Lifesciences Corp		32,893
	166,669	*	Flir Systems, Inc		4,848
	56,530	*	Fossil, Inc		1,962
	7,368		Garmin Ltd		215
	62,083		Hillenbrand, Inc		1,328
	499,138	*	Illumina, Inc		21,727
	162,170	*	Intuitive Surgical, Inc		51,184
	40,525	*	Itron, Inc		2,505
	8,572		Kla-Tencor Corp		239
	1,335,484	*	Life Technologies Corp		63,102
	1,416,791		Medtronic, Inc		51,387
	36,513	*	Mettler-Toledo International, Inc		4,076
	61,234	*	Millipore Corp		6,531
	62,036		National Instruments Corp		1,972
	56,467		PerkinElmer, Inc		1,167
	83,944	*	Resmed, Inc		5,105
	153,182		Rockwell Automation, Inc		7,520
	445,347		Rockwell Collins, Inc		23,661
	585,442		Roper Industries, Inc		32,761
	808,906	*	Sensata Technologies Holding BV		12,934
	351,194	*	St. Jude Medical, Inc		12,675
	338,411		Stryker Corp		16,941
	39,780		Techne Corp		2,285
	680,129	*	Teradyne, Inc		6,631
	1,026,522	*	Thermo Electron Corp		50,352
	61,627	*	Thoratec Corp		2,633
	131,714	*	Trimble Navigation Ltd		3,688
	66,900	*	Veeco Instruments, Inc		2,293
	99,849	*	Waters Corp		6,460
			TOTAL INSTRUMENTS AND RELATED PRODUCTS		694,175
INSURANCE AGENTS, BROKERS AND SERVICE - 0.2%
	28,640		Arthur J. Gallagher & Co		698
	68,928		Brown & Brown, Inc		1,319
	39,855		Hartford Financial Services Group, Inc		882
	531,658		Marsh & McLennan Cos, Inc		11,989
	111,033	*	Verisk Analytics, Inc		3,320
			TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		18,208
INSURANCE CARRIERS - 1.5%
	264,502		ACE Ltd		13,617
	182,900		Aetna, Inc		4,825
	1,439,891		Aflac, Inc		61,439
	3,298	*	Arch Capital Group Ltd		246
	390,288		Axis Capital Holdings Ltd		11,599
	317,349		Cigna Corp		9,857
	5,361		Endurance Specialty Holdings Ltd		201
	23,031		Erie Indemnity Co (Class A)		1,048

220

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	98,291	*	Genworth Financial, Inc (Class A)	$	1,285
	87,700	*	Humana, Inc		4,005
	198,073		Metlife, Inc		7,479
	90,413		PartnerRe Ltd		6,342
	192,441		Principal Financial Group		4,511
	199,199		Prudential Financial, Inc		10,689
	60,139		Travelers Cos, Inc		2,962
	398,773		UnitedHealth Group, Inc		11,325
	9,581		Validus Holdings Ltd		234
	225,008	*	WellPoint, Inc		11,010
			TOTAL INSURANCE CARRIERS		162,674
JUSTICE, PUBLIC ORDER AND SAFETY - 0.0%
	14,997	*	Corrections Corp of America		286
			TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		286
LEATHER AND LEATHER PRODUCTS - 0.5%
	1,358,852		Coach, Inc		49,666
			TOTAL LEATHER AND LEATHER PRODUCTS		49,666
LEGAL SERVICES - 0.0%
	40,750	*	FTI Consulting, Inc		1,776
			TOTAL LEGAL SERVICES		1,776
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.0%
	31,463	*	Emergency Medical Services Corp (Class A)		1,543
			TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		1,543
METAL MINING - 1.0%
	267,509	*	Anglo American plc		9,322
	165,212		Barrick Gold Corp		7,502
	145,470		Cleveland-Cliffs, Inc		6,860
	281,875		Companhia Vale do Rio Doce (ADR)		6,864
	660,991		Freeport-McMoRan Copper & Gold, Inc (Class B)		39,085
	511,109		Newmont Mining Corp		31,556
	10,633		Royal Gold, Inc		510
	181,779		Southern Copper Corp (NY)		4,824
			TOTAL METAL MINING		106,523
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.6%
	2,269	*	Armstrong World Industries, Inc		68
	977,735		Hasbro, Inc		40,185
	374,338		Jarden Corp		10,059
	528,487		Mattel, Inc		11,183
			TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		61,495
MISCELLANEOUS RETAIL - 1.8%
	899,062	*	Amazon.com, Inc		98,231
	372,117		Best Buy Co, Inc		12,600
	162,240		CVS Corp		4,757
	95,230	*	Dick’s Sporting Goods, Inc		2,370

221

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	263,108	*	Dollar Tree, Inc	$	10,953
	295,100	*	Hypermarcas S.A.		3,790
	4,208	*	KAR Auction Services, Inc		52
	46,405		MSC Industrial Direct Co (Class A)		2,351
	32,342	*	Office Depot, Inc		131
	127,224		Petsmart, Inc		3,838
	50,984	*	Priceline.com, Inc		9,000
	784,385		Staples, Inc		14,943
	134,600		Tiffany & Co		5,103
	957,781		Walgreen Co		25,572
			TOTAL MISCELLANEOUS RETAIL		193,691
MOTION PICTURES - 0.8%
	1,177,863	*	Discovery Communications, Inc (Class A)		42,062
	79,700	*	DreamWorks Animation SKG, Inc (Class A)		2,276
	513,212		News Corp (Class A)		6,138
	20,191		Regal Entertainment Group (Class A)		263
	109,406	*	Rovi Corp		4,147
	96,209		Scripps Networks Interactive (Class A)		3,881
	543,826		Time Warner, Inc		15,722
	164,062	*	tw telecom inc (Class A)		2,737
	128,534		Viacom, Inc (Class B)		4,032
			TOTAL MOTION PICTURES		81,258
NONDEPOSITORY INSTITUTIONS - 0.7%
	1,401,325		American Express Co		55,632
	362,073		Capital One Financial Corp		14,592
	139,687	*	GLG Partners, Inc		612
	105,264		Lender Processing Services, Inc		3,296
			TOTAL NONDEPOSITORY INSTITUTIONS		74,132
NONMETALLIC MINERALS, EXCEPT FUELS - 0.0%
	34,727		Compass Minerals International, Inc		2,441
			TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		2,441
OIL AND GAS EXTRACTION - 4.4%
	259,967		Apache Corp		21,887
	61,535		Atlas America, Inc		1,666
	12,230	*	Atwood Oceanics, Inc		312
	126,304		Baker Hughes, Inc		5,250
	151,479	*	Cameron International Corp		4,926
	90,131		Cimarex Energy Co		6,452
	1,008,831	*	Concho Resources, Inc		55,819
	29,942	*	Continental Resources, Inc		1,336
	871,019		Crescent Point Energy Corp		30,404
	1,062,209	*	Denbury Resources, Inc		15,551
	24,038		Diamond Offshore Drilling, Inc		1,495
	272,000		EOG Resources, Inc		26,757
	148,913		Equitable Resources, Inc		5,382
	157,805		EXCO Resources, Inc		2,306
	9,516	*	Exterran Holdings, Inc		246
	77,791	*	Forest Oil Corp		2,128

222

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	972,626		Halliburton Co	$	23,878
	8,393	*	Mariner Energy, Inc		180
	122,266	*	Nabors Industries Ltd		2,154
	1,061,484		National Oilwell Varco, Inc		35,103
	1,176,564		Occidental Petroleum Corp		90,773
	232,009	*	PetroHawk Energy Corp		3,937
	621,749		Petroleo Brasileiro S.A. (ADR)		21,338
	75,079	*	Pride International, Inc		1,677
	7,745	*	Quicksilver Resources, Inc		85
	298,763		Range Resources Corp		11,995
	15,777	*	Rowan Cos, Inc		346
	1,281,681		Schlumberger Ltd		70,928
	371,973	*	Southwestern Energy Co		14,373
	45,920		St. Mary Land & Exploration Co		1,844
	432,500		Tullow Oil plc		6,434
	163,536	*	Ultra Petroleum Corp		7,236
	320,595	*	Weatherford International Ltd		4,213
	3,859	*	Whiting Petroleum Corp		303
			TOTAL OIL AND GAS EXTRACTION		478,714
PAPER AND ALLIED PRODUCTS - 0.3%
	362,353		International Paper Co		8,200
	352,266		Kimberly-Clark Corp		21,358
	21,144		Temple-Inland, Inc		437
			TOTAL PAPER AND ALLIED PRODUCTS		29,995
PERSONAL SERVICES - 0.0%
	146,254		H&R Block, Inc		2,295
	32,653		Weight Watchers International, Inc		839
			TOTAL PERSONAL SERVICES		3,134
PETROLEUM AND COAL PRODUCTS - 3.6%
	114,357		Chevron Corp		7,760
	612,462		ConocoPhillips		30,066
	5,591,024		Exxon Mobil Corp		319,079
	32,429		Holly Corp		862
	203,629		Marathon Oil Corp		6,331
	23,894		Murphy Oil Corp		1,184
	486,504		Suncor Energy, Inc (NY)		14,323
	271,490		Walter Industries, Inc		16,520
			TOTAL PETROLEUM AND COAL PRODUCTS		396,125
PRIMARY METAL INDUSTRIES - 0.6%
	17,407		AK Steel Holding Corp		207
	159,902		Alcoa, Inc		1,609
	105,869		Allegheny Technologies, Inc		4,678
	47,292		Carpenter Technology Corp		1,553
	19,203	*	General Cable Corp		512
	18,124	*	Gerdau Ameristeel Corp		198
	25,908		Hubbell, Inc (Class B)		1,028
	145,315		Nucor Corp		5,563
	405,929		Precision Castparts Corp		41,778

223

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	8,600		Reliance Steel & Aluminum Co	$	311
	5,112		Schnitzer Steel Industries, Inc (Class A)		200
	91,705	*	Titanium Metals Corp		1,613
	28,940		United States Steel Corp		1,116
	42,496		Vallourec		7,327
			TOTAL PRIMARY METAL INDUSTRIES		67,693
PRINTING AND PUBLISHING - 0.2%
	55,829		Dun & Bradstreet Corp		3,747
	45,056		John Wiley & Sons, Inc (Class A)		1,742
	238,347		McGraw-Hill Cos, Inc		6,708
	16,481		Meredith Corp		513
	118,269	*	MSCI, Inc (Class A)		3,241
	142,627		R.R. Donnelley & Sons Co		2,335
	129,903		Thomson Corp		4,654
	47,001	*	VistaPrint Ltd		2,232
			TOTAL PRINTING AND PUBLISHING		25,172
RAILROAD TRANSPORTATION - 0.5%
	330,518		CSX Corp		16,404
	63,559	*	Kansas City Southern Industries, Inc		2,310
	282,781		Norfolk Southern Corp		15,002
	352,981		Union Pacific Corp		24,535
			TOTAL RAILROAD TRANSPORTATION		58,251
REAL ESTATE - 0.1%
	305,788	*	CB Richard Ellis Group, Inc (Class A)		4,162
	44,894		Jones Lang LaSalle, Inc		2,947
	91,635	*	St. Joe Co		2,122
			TOTAL REAL ESTATE		9,231
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.1%
	270,627	*	Goodyear Tire & Rubber Co		2,690
	635,779		Newell Rubbermaid, Inc		9,308
	66,737		Tupperware Corp		2,659
			TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		14,657
SECURITY AND COMMODITY BROKERS - 1.5%
	55,265		Ameriprise Financial, Inc		1,997
	62,020		BlackRock, Inc		8,894
	129,927		Broadridge Financial Solutions, Inc		2,475
	1,057,824		Charles Schwab Corp		15,000
	97,174		CME Group, Inc		27,358
	128,425		Eaton Vance Corp		3,546
	68,560		Federated Investors, Inc (Class B)		1,420
	159,725		Franklin Resources, Inc		13,767
	35,871		Goldman Sachs Group, Inc		4,709
	31,669		Greenhill & Co, Inc		1,936
	11,302	*	Interactive Brokers Group, Inc (Class A)		188
	79,462	*	IntercontinentalExchange, Inc		8,982
	609,227		Invesco Ltd		10,253

224

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	19,751		Janus Capital Group, Inc	$	175
	98,827		Lazard Ltd (Class A)		2,640
	1,386,029		Morgan Stanley		32,169
	21,551	*	Morningstar, Inc		916
	16,065	*	Nasdaq Stock Market, Inc		286
	60,484		NYSE Euronext		1,671
	160,749		SEI Investments Co		3,273
	281,423		T Rowe Price Group, Inc		12,492
	259,459	*	TD Ameritrade Holding Corp		3,970
	94,241		Waddell & Reed Financial, Inc (Class A)		2,062
			TOTAL SECURITY AND COMMODITY BROKERS		160,179
SPECIAL TRADE CONTRACTORS - 0.0%
	43,833	*	Chicago Bridge & Iron Co NV (ADR)		824
			TOTAL SPECIAL TRADE CONTRACTORS		824
STONE, CLAY, AND GLASS PRODUCTS - 0.4%
	1,378,060		Corning, Inc		22,256
	47,103		Eagle Materials, Inc		1,221
	153,280		Gentex Corp		2,756
	48,847		Martin Marietta Materials, Inc		4,143
	225,152	*	Owens Corning, Inc		6,734
	394,618	*	Owens-Illinois, Inc		10,438
	29,791	*	USG Corp		360
			TOTAL STONE, CLAY, AND GLASS PRODUCTS		47,908
TEXTILE MILL PRODUCTS - 0.0%
	7,191	*	Mohawk Industries, Inc		329
			TOTAL TEXTILE MILL PRODUCTS		329
TOBACCO PRODUCTS - 1.6%
	2,793,353		Altria Group, Inc		55,979
	19,043		Fortune Brands, Inc		746
	131,268		Lorillard, Inc		9,449
	2,442,254		Philip Morris International, Inc		111,952
			TOTAL TOBACCO PRODUCTS		178,126
TRANSPORTATION BY AIR - 0.2%
	115,841	*	AMR Corp		785
	153,840	*	Continental Airlines, Inc (Class B)		3,384
	21,025		Copa Holdings S.A. (Class A)		930
	857,774	*	Delta Air Lines, Inc		10,079
	106,277		Southwest Airlines Co		1,181
	131,554	*	UAL Corp		2,705
			TOTAL TRANSPORTATION BY AIR		19,064
TRANSPORTATION EQUIPMENT - 3.4%
	30,320	*	Autoliv, Inc		1,451
	1,735,431		Boeing Co		108,899
	8,600	*	Federal Mogul Corp (Class A)		112
	4,423,633	*	Ford Motor Co		44,590

225

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	109,836		General Dynamics Corp	$	6,432
	175,257		Goodrich Corp		11,611
	252,903		Harley-Davidson, Inc		5,622
	7,215		Harsco Corp		170
	1,333,477		Honeywell International, Inc		52,045
	14,410	*	Lear Corp		954
	439,045		Lockheed Martin Corp		32,709
	75,828	*	Navistar International Corp		3,731
	94,461	*	Oshkosh Truck Corp		2,943
	392,014		Paccar, Inc		15,630
	17,196	*	Spirit Aerosystems Holdings, Inc (Class A)		328
	35,974		Thor Industries, Inc		854
	51,050		TransDigm Group, Inc		2,605
	304,573	*	TRW Automotive Holdings Corp		8,397
	1,033,218		United Technologies Corp		67,065
	8,357		Westinghouse Air Brake Technologies Corp		334
			TOTAL TRANSPORTATION EQUIPMENT		366,482
TRANSPORTATION SERVICES - 0.3%
	178,861		CH Robinson Worldwide, Inc		9,955
	230,486		Expeditors International Washington, Inc		7,954
	217,358		FedEx Corp		15,240
	15,559		GATX Corp		415
	98,729		UTI Worldwide, Inc		1,222
			TOTAL TRANSPORTATION SERVICES		34,786
TRUCKING AND WAREHOUSING - 1.0%
	4,550		Con-way, Inc		137
	95,257		J.B. Hunt Transport Services, Inc		3,112
	54,882		Landstar System, Inc		2,140
	1,744,405		United Parcel Service, Inc (Class B)		99,239
			TOTAL TRUCKING AND WAREHOUSING		104,628
WATER TRANSPORTATION - 0.1%
	176,321		Carnival Corp		5,332
	44,446		Frontline Ltd		1,268
	4,225	*	Kirby Corp		162
	226,370	*	Royal Caribbean Cruises Ltd		5,154
			TOTAL WATER TRANSPORTATION		11,916
WHOLESALE TRADE-DURABLE GOODS - 0.2%
	16,004	*	Arrow Electronics, Inc		358
	120,062	*	BorgWarner, Inc		4,483
	21,500	*	Emdeon, Inc		269
	10,457	*	Ingram Micro, Inc (Class A)		159
	150,516	*	LKQ Corp		2,902
	111,917		Patterson Cos, Inc		3,193
	72,734		Solera Holdings, Inc		2,633
	55,600	*	Talecris Biotherapeutics Holdings Corp		1,173
	67,819		W.W. Grainger, Inc		6,745
	15,597	*	WESCO International, Inc		525
			TOTAL WHOLESALE TRADE-DURABLE GOODS		22,440

226

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
WHOLESALE TRADE-NONDURABLE GOODS - 0.6%
	89,649		Airgas, Inc	$	5,576
	69,257		Allscripts Healthcare Solutions, Inc		1,115
	83,228		Brown-Forman Corp (Class B)		4,763
	130,219		Cardinal Health, Inc		4,377
	200,628	*	Endo Pharmaceuticals Holdings, Inc		4,378
	117,573	*	Green Mountain Coffee Roasters, Inc		3,022
	99,640	*	Henry Schein, Inc		5,470
	288,636		Herbalife Ltd		13,292
	635,674		Sysco Corp		18,161
	38,941		Tractor Supply Co		2,374
			TOTAL WHOLESALE TRADE-NONDURABLE GOODS		62,528
			TOTAL COMMON STOCKS		10,767,227
			(Cost $10,709,011)

PRINCIPAL		ISSUER	MATURITY DATE
SHORT-TERM INVESTMENTS - 0.3%
U.S. TREASURY BILLS - 0.3%
	$35,400,000	United States Treasury Bill	08/05/10		35,397
		TOTAL U.S. TREASURY BILLS			35,397
		TOTAL SHORT-TERM INVESTMENTS			35,397
		(Cost $35,397)
		TOTAL INVESTMENTS - 99.2%			10,802,624
		(Cost $10,744,408)
		OTHER ASSETS & LIABILITIES, NET - 0.8%			88,666
		NET ASSETS - 100.0%		$	10,891,290

	Abbreviation(s):
ADR	American Depositary Receipt
*	Non-income producing.
^	Amount represents less than $1,000.
b	In bankruptcy
	Cost amounts are in thousands.

227

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
SUMMARY OF MARKET VALUES BY COUNTRY (unaudited)
June 30, 2010

COUNTRY	VALUE (000)		% OF TOTAL PORTFOLIO
DOMESTIC
UNITED STATES		$10,330,678		95.6	%
TOTAL DOMESTIC		10,330,678		95.6
FOREIGN
BELGIUM		14,357		0.1
BERMUDA		3,734		0.0
BRAZIL		31,992		0.3
CANADA		56,884		0.5
DENMARK		28,046		0.3
FRANCE		7,327		0.1
GUERNSEY, C.I.		11,247		0.1
IRELAND		86,246		0.8
ISRAEL		36,712		0.3
MACAU		843		0.0
MEXICO		4,824		0.0
NETHERLANDS		17,300		0.2
PANAMA		930		0.0
SINGAPORE		2,404		0.0
SPAIN		5,189		0.1
SWEDEN		1,451		0.0
SWITZERLAND		146,705		1.4
UNITED KINGDOM		15,755		0.2
TOTAL FOREIGN		471,946		4.4
TOTAL PORTFOLIO		$10,802,624		100.0	%

228

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

COLLEGE RETIREMENT EQUITIES FUND
EQUITY INDEX ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2010

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 99.0%
AGRICULTURAL PRODUCTION-CROPS - 0.0%
	31,603	*	Chiquita Brands International, Inc	$	384
	2,482		Griffin Land & Nurseries, Inc (Class A)		63
	6,464		Limoneira Co		141
			TOTAL AGRICULTURAL PRODUCTION-CROPS		588
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.0%
	10,929		Cal-Maine Foods, Inc		349
	37,600	*	Pilgrim’s Pride Corp		247
	269		Seaboard Corp		406
			TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		1,002
AGRICULTURAL SERVICES - 0.0%
	8,402	*	Cadiz, Inc		101
	7,129		Calavo Growers, Inc		128
	66,310	*	VCA Antech, Inc		1,642
			TOTAL AGRICULTURAL SERVICES		1,871
AMUSEMENT AND RECREATION SERVICES - 0.6%
	42,474	*	Bally Technologies, Inc		1,376
	7,929		Churchill Downs, Inc		260
	254,341	*	Electronic Arts, Inc		3,663
	24,089		International Speedway Corp (Class A)		621
	31,445	*	Life Time Fitness, Inc		1,000
	108,249	*	Live Nation, Inc		1,131
	45,616	*	Madison Square Garden, Inc		897
	20,438	*	Multimedia Games, Inc		92
	51,327	*	Penn National Gaming, Inc		1,186
	48,180	*	Pinnacle Entertainment, Inc		456
	9,984		Speedway Motorsports, Inc		135
	1,500,015		Walt Disney Co		47,251
	39,735	*	Warner Music Group Corp		193
	3,997	*	Westwood One, Inc		39
	43,711	*	WMS Industries, Inc		1,715
	18,692		World Wrestling Entertainment, Inc (Class A)		291
			TOTAL AMUSEMENT AND RECREATION SERVICES		60,306
APPAREL AND ACCESSORY STORES - 0.8%
	68,065		Abercrombie & Fitch Co (Class A)		2,089
	69,257	*	Aeropostale, Inc		1,984
	42,094	*	American Apparel, Inc		77
	157,722		American Eagle Outfitters, Inc		1,853
	42,913	*	AnnTaylor Stores Corp		698
	23,033		Bebe Stores, Inc		147

229

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	32,106		Brown Shoe Co, Inc	$	487
	19,480		Buckle, Inc		632
	43,671	*	Carter’s, Inc		1,146
	32,976	*	Casual Male Retail Group, Inc		113
	21,208		Cato Corp (Class A)		467
	84,814	*	Charming Shoppes, Inc		318
	136,751		Chico’s FAS, Inc		1,351
	20,820	*	Children’s Place Retail Stores, Inc		916
	27,159		Christopher & Banks Corp		168
	12,866	*	Citi Trends, Inc		424
	48,995	*	Collective Brands, Inc		774
	3,762	*	Destination Maternity Corp		95
	45,763	*	Dress Barn, Inc		1,090
	12,248	*	DSW, Inc (Class A)		275
	12,097	*	Express Parent LLC		198
	39,004		Finish Line, Inc (Class A)		543
	119,112		Foot Locker, Inc		1,503
	350,261		Gap, Inc		6,816
	36,184		Hot Topic, Inc		184
	41,094	*	J Crew Group, Inc		1,513
	13,243	*	JOS A Bank Clothiers, Inc		715
	235,033	*	Kohl’s Corp		11,165
	206,045		Limited Brands, Inc		4,547
	15,006	*	New York & Co, Inc		34
	129,477		Nordstrom, Inc		4,168
	60,325	*	Pacific Sunwear Of California, Inc		193
	94,342		Ross Stores, Inc		5,027
	11,225	*	Rue21, Inc		341
	5,056	*	Shoe Carnival, Inc		104
	30,798		Stage Stores, Inc		329
	54,244	*	Talbots, Inc		559
	312,597		TJX Companies, Inc		13,114
	25,584	*	Under Armour, Inc (Class A)		848
	93,986	*	Urban Outfitters, Inc		3,232
	73,584	*	Wet Seal, Inc (Class A)		269
			TOTAL APPAREL AND ACCESSORY STORES		70,506
APPAREL AND OTHER TEXTILE PRODUCTS - 0.4%
	9,339		Columbia Sportswear Co		436
	13,268	*	G-III Apparel Group Ltd		304
	47,951		Guess ?, Inc		1,498
	22,405	*	Gymboree Corp		957
	73,677	*	Hanesbrands, Inc		1,773
	31,304	*	Joe’s Jeans, Inc		62
	66,643		Jones Apparel Group, Inc		1,056
	61,314	*	Liz Claiborne, Inc		259
	17,427	*	Maidenform Brands, Inc		355
	275,639		Nike, Inc (Class B)		18,619
	43,642		Phillips-Van Heusen Corp		2,019
	43,171		Polo Ralph Lauren Corp (Class A)		3,150
	87,127	*	Quiksilver, Inc		322
	19,300	*	True Religion Apparel, Inc		426

230

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	67,904		VF Corp	$	4,833
	32,732	*	Warnaco Group, Inc		1,183
			TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		37,252
AUTO REPAIR, SERVICES AND PARKING - 0.0%
	6,973	*	Amerco, Inc		384
	22,195	*	Dollar Thrifty Automotive Group, Inc		946
	147,470	*	Hertz Global Holdings, Inc		1,395
	10,010	*	Midas, Inc		77
	15,054		Monro Muffler, Inc		595
	40,976		Ryder System, Inc		1,648
	12,140	*	Standard Parking Corp		192
	31,100	*	Wright Express Corp		924
			TOTAL AUTO REPAIR, SERVICES AND PARKING		6,161
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.2%
	66,226		Advance Auto Parts		3,323
	6,968	*	America’s Car-Mart, Inc		158
	26,314	*	Asbury Automotive Group, Inc		277
	55,689	*	Autonation, Inc		1,086
	21,483	*	Autozone, Inc		4,151
	173,107	*	Carmax, Inc		3,445
	55,676	*	Copart, Inc		1,994
	20,412		Lithia Motors, Inc (Class A)		126
	16,477	*	MarineMax, Inc		114
	106,456	*	O’Reilly Automotive, Inc		5,063
	30,900	*	Penske Auto Group, Inc		351
	21,664	*	Rush Enterprises, Inc (Class A)		289
	27,187	*	Sonic Automotive, Inc (Class A)		233
	9,604	*	US Auto Parts Network, Inc		58
			TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		20,668
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.8%
	22,099	*	Builders FirstSource, Inc		53
	102,129		Fastenal Co		5,126
	1,296,791		Home Depot, Inc		36,401
	1,105,080		Lowe’s Cos, Inc		22,566
	16,815	*	Lumber Liquidators, Inc		392
			TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		64,538
BUSINESS SERVICES - 7.2%
	10,702	*	3D Systems Corp		134
	56,057		Aaron Rents, Inc		957
	37,566		ABM Industries, Inc		787
	24,912	*	Acacia Research (Acacia Technologies)		354
	27,282	*	ACI Worldwide, Inc		531
	400,384		Activision Blizzard, Inc		4,200
	40,528	*	Actuate Corp		180
	52,067	*	Acxiom Corp		765
	16,355		Administaff, Inc		395
	402,989	*	Adobe Systems, Inc		10,651
	12,368	*	Advent Software, Inc		581

231

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	39,824		Aircastle Ltd	$	313
	130,749	*	Akamai Technologies, Inc		5,304
	41,169	*	Alliance Data Systems Corp		2,450
	156,380	*	Amdocs Ltd		4,199
	26,021	*	American Reprographics Co		227
	15,720	*	American Software, Inc (Class A)		73
	23,326	*	AMN Healthcare Services, Inc		174
	14,356	*	Ancestry.com, Inc		253
	70,574	*	Ansys, Inc		2,863
	20,202	*	APAC Customer Services, Inc		115
	20,466		Arbitron, Inc		525
	19,064	*	ArcSight, Inc		427
	68,046	*	Ariba, Inc		1,084
	123,012	*	Art Technology Group, Inc		421
	47,691	*	Aspen Technology, Inc		519
	11,658	*	Asset Acceptance Capital Corp		48
	25,682	*	athenahealth, Inc		671
	177,236	*	Autodesk, Inc		4,317
	385,271		Automatic Data Processing, Inc		15,512
	79,295	*	Avis Budget Group, Inc		779
	6,166		Barrett Business Services, Inc		76
	36,447		BGC Partners, Inc (Class A)		186
	35,258		Blackbaud, Inc		768
	27,255	*	Blackboard, Inc		1,017
	32,159	*	Blue Coat Systems, Inc		657
	137,695	*	BMC Software, Inc		4,768
	19,249	*	Bottomline Technologies, Inc		251
	80,973	*	BPZ Energy, Inc		336
	37,869		Brady Corp (Class A)		944
	34,810		Brink’s Co		662
	295,845		CA, Inc		5,444
	23,036	*	CACI International, Inc (Class A)		979
	201,713	*	Cadence Design Systems, Inc		1,168
	9,868	*	CAI International, Inc		117
	12,593	*	Capella Education Co		1,024
	34,263	*	Cavium Networks, Inc		897
	41,673	*	CBIZ, Inc		265
	77,860	*	CDC Corp		162
	52,598	*	Cerner Corp		3,992
	52,926	*	Ciber, Inc		147
	141,433	*	Citrix Systems, Inc		5,973
	28,047	*	Clear Channel Outdoor Holdings, Inc (Class A)		243
	7,443	*	Clinical Data, Inc		93
	35,274	*	Cogent Communications Group, Inc		267
	36,167	*	Cogent, Inc		326
	32,766		Cognex Corp		576
	230,950	*	Cognizant Technology Solutions Corp (Class A)		11,561
	33,451	*	Commvault Systems, Inc		753
	25,550		Compass Diversified Trust		343
	15,742	*	Compellent Technologies, Inc		191
	9,637		Computer Programs & Systems, Inc		394
	117,163		Computer Sciences Corp		5,302

232

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	11,045	*	Computer Task Group, Inc	$	71
	176,651	*	Compuware Corp		1,410
	31,023	*	Concur Technologies, Inc		1,324
	21,930	*	Constant Contact, Inc		468
	76,174	*	Convergys Corp		747
	14,866	*	CoStar Group, Inc		577
	28,626	*	CSG Systems International, Inc		525
	55,466	*	Cybersource Corp		1,416
	30,663	*	DealerTrack Holdings, Inc		504
	13,498	*	Deltek, Inc		113
	37,676		Deluxe Corp		706
	11,372	*	Dice Holdings, Inc		79
	29,296	*	Digital River, Inc		700
	24,156	*	DivX, Inc		185
	5,437	*	DMRC Corp		102
	12,741	*	Double-Take Software, Inc		134
	27,367		DST Systems, Inc		989
	7,198	*	DynaVox, Inc		115
	12,001	*	DynCorp International, Inc (Class A)		210
	82,942		Earthlink, Inc		660
	880,832	*	eBay, Inc		17,273
	19,973	*	Ebix, Inc		313
	24,998	*	Echelon Corp		183
	42,934	*	Eclipsys Corp		766
	11,677		Electro Rent Corp		149
	39,428	*	Electronics for Imaging, Inc		384
	42,487	*	Epicor Software Corp		339
	25,591	*	EPIQ Systems, Inc		331
	97,566		Equifax, Inc		2,738
	13,663	*	ExlService Holdings, Inc		235
	158,241		Expedia, Inc		2,972
	62,165	*	F5 Networks, Inc		4,263
	35,065		Factset Research Systems, Inc		2,349
	36,812		Fair Isaac Corp		802
	22,225	*	FalconStor Software, Inc		59
	255,874		Fidelity National Information Services, Inc		6,863
	115,963	*	Fiserv, Inc		5,295
	11,266	*	Forrester Research, Inc		341
	56,282	*	Gartner, Inc		1,309
	19,206	*	Gerber Scientific, Inc		103
	38,913	*	Global Cash Access, Inc		281
	12,411	*	Global Sources Ltd		97
	186,639	*	Google, Inc (Class A)		83,044
	9,927	*	Guidance Software, Inc		52
	21,180	*	H&E Equipment Services, Inc		159
	30,102	*	Hackett Group, Inc		85
	33,142		Healthcare Services Group		628
	28,656		Heartland Payment Systems, Inc		425
	7,155	*	HeartWare International, Inc		501
	14,300		Heidrick & Struggles International, Inc		326
	20,307	*	HMS Holdings Corp		1,101
	24,166	*	Hudson Highland Group, Inc		106

233

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	34,885	*	Hypercom Corp	$	162
	17,914		iGate Corp		230
	37,578	*	IHS, Inc (Class A)		2,195
	30,002	*	infoGROUP, Inc		239
	70,763	*	Informatica Corp		1,690
	23,086	*	Infospace, Inc		174
	22,974	*	Innerworkings, Inc		157
	11,404	*	Integral Systems, Inc		72
	27,175		Interactive Data Corp		907
	9,285	*	Interactive Intelligence, Inc		153
	34,783	*	Internap Network Services Corp		145
	21,159	*	Internet Brands, Inc (Class A)		219
	32,107	*	Internet Capital Group, Inc		244
	376,254	*	Interpublic Group of Cos, Inc		2,683
	214,304	*	Intuit, Inc		7,451
	26,076	*	inVentiv Health, Inc		668
	141,030		Iron Mountain, Inc		3,168
	64,463		Jack Henry & Associates, Inc		1,539
	32,026	*	JDA Software Group, Inc		704
	402,421	*	Juniper Networks, Inc		9,183
	20,372	*	Kelly Services, Inc (Class A)		303
	17,839	*	Kenexa Corp		214
	10,875		Keynote Systems, Inc		98
	21,985	*	Kforce, Inc		280
	19,259	*	Knot, Inc		150
	34,304	*	Korn/Ferry International		477
	43,505	*	Lamar Advertising Co (Class A)		1,067
	107,171	*	Lawson Software, Inc		782
	21,868	*	Limelight Networks, Inc		96
	44,720	*	Lionbridge Technologies		204
	10,323	*	Liquidity Services, Inc		134
	31,275	*	Liveperson, Inc		215
	12,916	*	Local.com Corp		88
	11,477	*	LogMeIn, Inc		301
	40,409	*	Magma Design Automation, Inc		115
	19,563	*	Manhattan Associates, Inc		539
	63,464		Manpower, Inc		2,740
	15,618	*	Mantech International Corp (Class A)		665
	16,386		Marchex, Inc (Class B)		63
	6,533	*	Marlin Business Services Corp		79
	74,550		Mastercard, Inc (Class A)		14,875
	117,643	*	McAfee, Inc		3,614
	14,224	*	Medidata Solutions, Inc		220
	83,677	*	Mentor Graphics Corp		741
	5,866,226		Microsoft Corp		134,981
	6,831	*	MicroStrategy, Inc (Class A)		513
	33,165	*	ModusLink Global Solutions, Inc		200
	62,930	*	MoneyGram International, Inc		154
	17,209	*	Monotype Imaging Holdings, Inc		155
	95,930	*	Monster Worldwide, Inc		1,118
	157,620		Moody’s Corp		3,140
	117,341	*	Move, Inc		241

234

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	7,188	*	NCI, Inc (Class A)	$	162
	122,276	*	NCR Corp		1,482
	30,779	*	NetFlix, Inc		3,344
	21,523	*	Netscout Systems, Inc		306
	12,764	*	NetSuite, Inc		161
	22,651	*	Network Equipment Technologies, Inc		79
	38,877		NIC, Inc		249
	263,166	*	Novell, Inc		1,495
	177,541	*	Nuance Communications, Inc		2,654
	234,585		Omnicom Group, Inc		8,046
	25,372	*	On Assignment, Inc		128
	14,464	*	Online Resources Corp		60
	12,172	*	OpenTable, Inc		505
	9,552		Opnet Technologies, Inc		140
	2,917,596		Oracle Corp		62,612
	90,859	*	Parametric Technology Corp		1,424
	14,951	*	PC-Tel, Inc		75
	17,237	*	PDF Solutions, Inc		83
	7,345	*	PDI, Inc		61
	12,459		Pegasystems, Inc		400
	20,679	*	Perficient, Inc		184
	32,370	*	Phase Forward, Inc		540
	13,016	*	Portfolio Recovery Associates, Inc		869
	46,371	*	Premiere Global Services, Inc		294
	31,258	*	Progress Software Corp		939
	14,689	*	PROS Holdings, Inc		95
	8,302		QAD, Inc		34
	15,188		Quality Systems, Inc		881
	47,293	*	Quest Software, Inc		853
	7,500	*	QuinStreet, Inc		86
	74,873	*	Rackspace Hosting, Inc		1,373
	21,037	*	Radiant Systems, Inc		304
	15,185	*	Radisys Corp		145
	3,854	*	ReachLocal, Inc		50
	72,153	*	RealNetworks, Inc		238
	145,618	*	Red Hat, Inc		4,214
	10,418		Renaissance Learning, Inc		153
	50,902	*	Rent-A-Center, Inc		1,031
	20,163	*	RightNow Technologies, Inc		316
	115,720		Robert Half International, Inc		2,725
	33,789		Rollins, Inc		699
	8,173	*	Rosetta Stone, Inc		188
	34,156	*	RSC Holdings, Inc		211
	41,988	*	S1 Corp		252
	18,173	*	Saba Software, Inc		94
	88,139	*	Salesforce.com, Inc		7,564
	79,532		Sapient Corp		806
	20,806	*	Smith Micro Software, Inc		198
	26,713	*	SolarWinds, Inc		428
	45,445	*	SonicWALL, Inc		534
	165,491	*	Sonus Networks, Inc		448
	51,448		Sotheby’s (Class A)		1,177

235

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	20,938	*	Sourcefire, Inc	$	398
	42,038	*	Spherion Corp		230
	31,079	*	SRA International, Inc (Class A)		611
	9,888	*	SS&C Technologies Holdings, Inc		159
	18,249	*	Stratasys, Inc		448
	48,719	*	SuccessFactors, Inc		1,013
	32,388	*	SupportSoft, Inc		135
	23,594	*	SXC Health Solutions Corp		1,728
	67,068	*	Sybase, Inc		4,337
	31,978	*	SYKES Enterprises, Inc		455
	610,306	*	Symantec Corp		8,471
	17,694	*	Synchronoss Technologies, Inc		336
	16,588	*	SYNNEX Corp		425
	112,101	*	Synopsys, Inc		2,340
	9,061		Syntel, Inc		308
	54,620		Take-Two Interactive Software, Inc		492
	11,400		TAL International Group, Inc		256
	30,543	*	Taleo Corp (Class A)		742
	5,765	*	TechTarget, Inc		31
	26,717	*	TeleTech Holdings, Inc		344
	7,088		Textainer Group Holdings Ltd		171
	48,928	*	THQ, Inc		211
	128,754	*	TIBCO Software, Inc		1,553
	13,125	*	Tier Technologies, Inc		80
	19,243	*	TNS, Inc		336
	127,282		Total System Services, Inc		1,731
	25,593	*	TradeStation Group, Inc		173
	4,369	*	Travelzoo, Inc		54
	37,265	*	TrueBlue, Inc		417
	18,282	*	Ultimate Software Group, Inc		601
	12,799	*	Unica Corp		123
	32,818	*	Unisys Corp		607
	61,183		United Online, Inc		352
	49,976	*	United Rentals, Inc		466
	63,761	*	Valueclick, Inc		682
	19,828	*	Vasco Data Security International		122
	140,900	*	VeriSign, Inc		3,741
	15,178		Viad Corp		268
	24,719		VirnetX Holding Corp		146
	5,940	*	Virtusa Corp		55
	357,555		Visa, Inc (Class A)		25,297
	56,475	*	VMware, Inc (Class A)		3,535
	11,624	*	Vocus, Inc		178
	12,149	*	Volt Information Sciences, Inc		102
	60,808	*	Wave Systems Corp		197
	42,004	*	WebMD Health Corp (Class A)		1,950
	33,540	*	Websense, Inc		634
	1,059,859	*	Yahoo!, Inc		14,658
			TOTAL BUSINESS SERVICES		648,231
CHEMICALS AND ALLIED PRODUCTS - 11.0%
	1,182,149		Abbott Laboratories		55,302

236

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	5,487	*	Abraxis Bioscience, Inc	$	407
	29,951	*	Acorda Therapeutics, Inc		932
	6,188	*	Acura Pharmaceuticals, Inc		16
	162,470		Air Products & Chemicals, Inc		10,531
	17,349	*	Albany Molecular Research, Inc		90
	71,187		Albemarle Corp		2,827
	63,175		Alberto-Culver Co		1,711
	69,087	*	Alexion Pharmaceuticals, Inc		3,537
	29,730	*	Alexza Pharmaceuticals, Inc		81
	4,887	*	Alimera Sciences, Inc		36
	70,988	*	Alkermes, Inc		884
	63,430	*	Allos Therapeutics, Inc		389
	27,380	*	Alnylam Pharmaceuticals, Inc		411
	16,995	*	AMAG Pharmaceuticals, Inc		584
	18,079		American Vanguard Corp		143
	733,715	*	Amgen, Inc		38,593
	17,411		Arch Chemicals, Inc		535
	12,961	*	Ardea Biosciences, Inc		266
	86,496	*	Arena Pharmaceuticals, Inc		266
	31,352	*	Arqule, Inc		135
	33,623	*	Array Biopharma, Inc		103
	60,252		Ashland, Inc		2,797
	33,391	*	Auxilium Pharmaceuticals, Inc		785
	68,911	*	AVANIR Pharmaceuticals, Inc		177
	6,772	*	AVEO Pharmaceuticals, Inc		48
	85,225		Avery Dennison Corp		2,738
	59,505	*	AVI BioPharma, Inc		96
	327,548		Avon Products, Inc		8,680
	21,090		Balchem Corp		527
	22,254	*	BioCryst Pharmaceuticals, Inc		132
	7,894	*	Biodel, Inc		30
	204,216	*	Biogen Idec, Inc		9,690
	76,417	*	BioMarin Pharmaceuticals, Inc		1,449
	8,360	*	BioMimetic Therapeutics, Inc		93
	50,971	*	Biosante Pharmaceuticals, Inc		90
	2,885	*	Biospecifics Technologies Corp		57
	16,168	*	Biotime, Inc		100
	1,317,007		Bristol-Myers Squibb Co		32,846
	50,868		Cabot Corp		1,226
	17,732	*	Cadence Pharmaceuticals, Inc		124
	45,612	*	Calgon Carbon Corp		604
	20,927	*	Cambrex Corp		66
	5,883	*	Caraco Pharmaceutical Laboratories Ltd		28
	120,746		Celanese Corp (Series A)		3,008
	353,042	*	Celgene Corp		17,942
	24,391	*	Celldex Therapeutics, Inc		111
	56,502	*	Cephalon, Inc		3,206
	53,560		CF Industries Holdings, Inc		3,398
	50,891	*	Charles River Laboratories International, Inc		1,741
	14,400	*	Chelsea Therapeutics International, Inc		42
	17,449	*	China Aoxing Pharmaceutical Co, Inc		57
	53,334		Church & Dwight Co, Inc		3,345

237

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	107,310		Clorox Co	$	6,670
	4,625	*	Codexis, Inc		41
	375,632		Colgate-Palmolive Co		29,585
	51,595	*	Combinatorx, Inc		75
	7,338	*	Compound partnering business		75
	19,348	*	Corcept Therapeutics, Inc		60
	5,072	*	Cornerstone Therapeutics, Inc		30
	45,663	*	Cubist Pharmaceuticals, Inc		941
	9,817	*	Cumberland Pharmaceuticals, Inc		63
	47,886	*	Curis, Inc		67
	35,559	*	Cypress Bioscience, Inc		82
	38,318		Cytec Industries, Inc		1,532
	33,643	*	Cytokinetics, Inc		80
	30,280	*	Cytori Therapeutics, Inc		105
	80,922	*	Cytrx		62
	104,511	*	Dendreon Corp		3,379
	884,472		Dow Chemical Co		20,980
	693,953		Du Pont (E.I.) de Nemours & Co		24,004
	50,131	*	Durect Corp		122
	55,178	*	Dynavax Technologies Corp		103
	55,878		Eastman Chemical Co		2,982
	178,172		Ecolab, Inc		8,002
	778,987		Eli Lilly & Co		26,096
	17,426	*	Elizabeth Arden, Inc		253
	12,093	*	Emergent Biosolutions, Inc		198
	43,349	*	Enzon Pharmaceuticals, Inc		462
	85,023		Estee Lauder Cos (Class A)		4,738
	13,986	*	Eurand NV		136
	11,623		Female Health Co		60
	66,070	*	Ferro Corp		487
	56,112		FMC Corp		3,223
	230,182	*	Forest Laboratories, Inc		6,314
	204,244	*	Genzyme Corp		10,369
	25,535	*	Georgia Gulf Corp		341
	88,925	*	Geron Corp		446
	681,522	*	Gilead Sciences, Inc		23,363
	36,079		H.B. Fuller Co		685
	59,871	*	Halozyme Therapeutics, Inc		421
	6,809		Hawkins, Inc		164
	6,140	*	Hi-Tech Pharmacal Co, Inc		141
	126,558	*	Hospira, Inc		7,271
	144,582	*	Human Genome Sciences, Inc		3,276
	141,592		Huntsman Corp		1,228
	27,652	*	Idenix Pharmaceuticals, Inc		138
	43,803	*	Idexx Laboratories, Inc		2,668
	55,460	*	Immucor, Inc		1,057
	54,113	*	Immunogen, Inc		502
	46,831	*	Impax Laboratories, Inc		893
	36,185	*	Inhibitex, Inc		92
	16,427		Innophos Holdings, Inc		428
	47,438	*	Inspire Pharmaceuticals, Inc		237
	9,091		Inter Parfums, Inc		129

238

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	30,010	*	InterMune, Inc	$	281
	61,427		International Flavors & Fragrances, Inc		2,606
	63,072	*	Inverness Medical Innovations, Inc		1,681
	12,001	*	Jazz Pharmaceuticals, Inc		94
	2,112,354		Johnson & Johnson		124,755
	11,905		Kaiser Aluminum Corp		413
	39,709	*	Keryx Biopharmaceuticals, Inc		145
	190,295	*	King Pharmaceuticals, Inc		1,444
	4,800		KMG Chemicals, Inc		69
	16,539		Koppers Holdings, Inc		372
	14,893	*	Landec Corp		88
	7,363	*	Lannett Co, Inc		34
	87,765	*	Ligand Pharmaceuticals, Inc (Class B)		128
	52,604		Lubrizol Corp		4,225
	40,693	*	MannKind Corp		260
	10,443	*	MAP Pharmaceuticals, Inc		137
	25,699		Martek Biosciences Corp		609
	40,166	*	Medicines Co		306
	45,638		Medicis Pharmaceutical Corp (Class A)		999
	9,661	*	Medifast, Inc		250
	28,163	*	Medivation, Inc		249
	2,388,154		Merck & Co, Inc		83,515
	31,965		Meridian Bioscience, Inc		543
	60,776	*	Micromet, Inc		379
	14,800		Minerals Technologies, Inc		704
	34,069	*	Momenta Pharmaceuticals, Inc		418
	417,769		Monsanto Co		19,309
	121,899		Mosaic Co		4,752
	239,923	*	Mylan Laboratories, Inc		4,088
	40,164	*	Nabi Biopharmaceuticals		218
	100,113		Nalco Holding Co		2,048
	8,950	*	Nanosphere, Inc		39
	5,868	*	Nature’s Sunshine Products, Inc		49
	42,490	*	NBTY, Inc		1,445
	33,107	*	Neuralstem, Inc		83
	37,513	*	Neurocrine Biosciences, Inc		210
	7,464	*	NeurogesX, Inc		49
	7,956		NewMarket Corp		695
	4,943		NL Industries, Inc		30
	69,550	*	Novavax, Inc		151
	45,495	*	NPS Pharmaceuticals, Inc		293
	8,067	*	Nutraceutical International Corp		123
	15,169	*	Nymox Pharmaceutical Corp		47
	12,855	*	Obagi Medical Products, Inc		152
	63,038		Olin Corp		1,140
	23,303	*	OM Group, Inc		556
	13,807	*	Omeros Corp		102
	32,453	*	Omnova Solutions, Inc		253
	48,332	*	Onyx Pharmaceuticals, Inc		1,043
	69,903	*	Opko Health, Inc		158
	22,266	*	Optimer Pharmaceuticals, Inc		206
	30,922	*	OraSure Technologies, Inc		143

239

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	23,670	*	Orexigen Therapeutics, Inc	$	99
	12,630	*	Osiris Therapeutics, Inc		73
	102,451	*	Pactiv Corp		2,853
	24,948	*	Pain Therapeutics, Inc		139
	26,028	*	Par Pharmaceutical Cos, Inc		676
	46,868	*	Parexel International Corp		1,016
	84,067		PDL BioPharma, Inc		472
	39,629	*	Peregrine Pharmaceuticals, Inc		85
	61,547		Perrigo Co		3,636
	17,550		PetMed Express, Inc		312
	6,177,168		Pfizer, Inc		88,086
	28,599	*	Pharmacyclics, Inc		190
	22,523	*	Pharmasset, Inc		616
	23,814	*	PharMerica Corp		349
	67,684	*	PolyOne Corp		570
	15,548	*	Pozen, Inc		109
	126,907		PPG Industries, Inc		7,666
	234,384		Praxair, Inc		17,811
	32,300	*	Prestige Brands Holdings, Inc		229
	2,205,639		Procter & Gamble Co		132,295
	15,641	*	Progenics Pharmaceuticals, Inc		86
	45,923	*,m	Questcor Pharmaceuticals, Inc		469
	21,781	*	Quidel Corp		276
	9,587	*	Revlon, Inc (Class A)		107
	40,015	*	Rockwood Holdings, Inc		908
	98,223		RPM International, Inc		1,752
	43,161	*	Salix Pharmaceuticals Ltd		1,685
	40,020	*	Santarus, Inc		99
	28,586	*	Sciclone Pharmaceuticals, Inc		76
	34,625		Scotts Miracle-Gro Co (Class A)		1,538
	64,120	*	Seattle Genetics, Inc		769
	38,347		Sensient Technologies Corp		994
	69,942		Sherwin-Williams Co		4,839
	19,701	*	SIGA Technologies, Inc		152
	93,644		Sigma-Aldrich Corp		4,666
	93,627	*	Solutia, Inc		1,227
	22,720	*	Somaxon Pharmaceuticals, Inc		82
	47,540	*	Spectrum Pharmaceuticals, Inc		186
	77,753	*	StemCells, Inc		73
	5,500		Stepan Co		376
	6,322	*	Sucampo Pharmaceuticals, Inc (Class A)		22
	44,629	*	SuperGen, Inc		90
	13,627	*	SurModics, Inc		224
	11,524	*	Synta Pharmaceuticals Corp		31
	18,344	*	Targacept, Inc		355
	6,142	*	Texas Petrochemicals, Inc		102
	50,548	*	Theravance, Inc		635
	24,222	*	Ulta Salon Cosmetics & Fragrance, Inc		573
	32,716	*	Unifi, Inc		125
	38,302	*	United Therapeutics Corp		1,870
	6,878	*	USANA Health Sciences, Inc		251
	93,574	*	USEC, Inc		445

240

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	43,983	*	Valeant Pharmaceuticals International	$	2,300
	76,637		Valspar Corp		2,308
	26,661	*	Vanda Pharmaceuticals, Inc		176
	156,537	*	Vertex Pharmaceuticals, Inc		5,150
	44,579	*	Vical, Inc		138
	60,661	*	Viropharma, Inc		680
	10,000	*	Vitacost.com, Inc		90
	69,342	*	Warner Chilcott plc		1,584
	85,803	*	Watson Pharmaceuticals, Inc		3,481
	15,532		Westlake Chemical Corp		288
	57,989	*	WR Grace & Co		1,220
	22,676	*	Xenoport, Inc		222
	38,472	*	ZIOPHARM Oncology, Inc		122
	39,965	*	Zymogenetics, Inc		169
			TOTAL CHEMICALS AND ALLIED PRODUCTS		970,247
COAL MINING - 0.2%
	93,494	*	Alpha Natural Resources, Inc		3,167
	125,528		Arch Coal, Inc		2,486
	23,500	*	Cloud Peak Energy, Inc		312
	174,065		Consol Energy, Inc		5,876
	100,658	*	International Coal Group, Inc		388
	21,317	*	James River Coal Co		339
	12,300	*	L&L Energy, Inc		106
	79,487		Massey Energy Co		2,174
	205,178		Peabody Energy Corp		8,029
			TOTAL COAL MINING		22,877
COMMUNICATIONS - 4.2%
	16,682	*	AboveNet, Inc		787
	45,706		Adtran, Inc		1,246
	39,332		Alaska Communications Systems Group, Inc		334
	309,304	*	American Tower Corp (Class A)		13,764
	21,570	*	Anixter International, Inc		919
	80,472	*	AOL, Inc		1,673
	55,893	*	Aruba Networks, Inc		796
	4,525,439		AT&T, Inc		109,469
	7,918		Atlantic Tele-Network, Inc		327
	10,900	*	Audiovox Corp (Class A)		80
	53,964	*	Brightpoint, Inc		378
	179,035		Cablevision Systems Corp (Class A)		4,299
	20,132	*	Cbeyond Communications, Inc		252
	521,879		CBS Corp (Class B)		6,748
	27,491	*	Central European Media Enterprises Ltd (Class A)		547
	229,408		CenturyTel, Inc		7,642
	168,115	*	Cincinnati Bell, Inc		506
	115,773	*	Clearwire Corp (Class A)		843
	2,154,526		Comcast Corp (Class A)		37,423
	20,626		Consolidated Communications Holdings, Inc		351
	221,881	*	Crown Castle International Corp		8,267
	13,062	*	Crown Media Holdings, Inc (Class A)		23
	17,373	*	Cumulus Media, Inc (Class A)		46

241

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	20,194	*	DG FastChannel, Inc	$	658
	18,325	*	DigitalGlobe, Inc		482
	679,372	*	DIRECTV		23,043
	150,884		DISH Network Corp (Class A)		2,739
	18,269	*	Entercom Communications Corp (Class A)		161
	38,482	*	Entravision Communications Corp (Class A)		81
	34,607	*	Equinix, Inc		2,811
	36,464	*	FiberTower Corp		172
	5,404		Fisher Communications, Inc		91
	241,637		Frontier Communications Corp		1,718
	38,028	*	General Communication, Inc (Class A)		289
	16,043	*	GeoEye, Inc		500
	23,031	*	Global Crossing Ltd		243
	60,916		Global Payments, Inc		2,226
	55,768	*	Globalstar, Inc		86
	37,922	*	Gray Television, Inc		91
	6,874	*	Hughes Communications, Inc		167
	70,257	*	IAC/InterActiveCorp		1,544
	73,874	*	ICO Global Communications Holdings Ltd (Class A)		119
	10,513	*	IDT Corp (Class B)		134
	34,679	*	j2 Global Communications, Inc		757
	23,300	*	Knology, Inc		255
	12,312	*	Kratos Defense & Security Solutions, Inc		129
	46,753	*	Leap Wireless International, Inc		607
	1,248,110	*	Level 3 Communications, Inc		1,360
	196,324	*	Liberty Global, Inc (Class A)		5,102
	60,143	*	Liberty Media Corp - Capital (Series A)		2,521
	38,682	*	Liberty Media Corp - Starz		2,005
	460,658	*	Liberty Media Holding Corp (Interactive A)		4,837
	29,608	*	Lin TV Corp (Class A)		160
	14,920	*	Lodgenet Entertainment Corp		55
	39,968	*	Mastec, Inc		376
	36,987	*	Mediacom Communications Corp (Class A)		249
	193,503	*	MetroPCS Communications, Inc		1,585
	55,861	*	NeuStar, Inc (Class A)		1,152
	25,073	*	Neutral Tandem, Inc		282
	7,914	*	Nexstar Broadcasting Group, Inc (Class A)		35
	128,973	*	NII Holdings, Inc (Class B)		4,194
	26,247	*	Novatel Wireless, Inc		151
	23,518		NTELOS Holdings Corp		405
	10,070	*	Occam Networks, Inc		56
	89,041	*	PAETEC Holding Corp		304
	1,801		Preformed Line Products Co		50
	1,312,941		Qwest Communications International, Inc		6,893
	24,625	*	Radio One, Inc		32
	27,120	*	RCN Corp		402
	26,729	*	SAVVIS, Inc		394
	89,246	*	SBA Communications Corp (Class A)		3,035
	18,151		Shenandoah Telecom Co		322
	34,573	*	Sinclair Broadcast Group, Inc (Class A)		202
	2,252,681	*	Sprint Nextel Corp		9,551
	53,811	*	Syniverse Holdings, Inc		1,100

242

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	29,873	*	TeleCommunication Systems, Inc (Class A)	$	124
	6,471	*	TeleNav, Inc		54
	65,013		Telephone & Data Systems, Inc		1,976
	40,863	*	Terremark Worldwide, Inc		319
	271,497		Time Warner Cable, Inc		14,139
	92,801	*	TiVo, Inc		685
	10,229	*	US Cellular Corp		421
	18,421		USA Mobility, Inc		238
	2,164,865		Verizon Communications, Inc		60,659
	79,353	*	Vonage Holdings Corp		183
	372,689		Windstream Corp		3,936
			TOTAL COMMUNICATIONS		365,367
DEPOSITORY INSTITUTIONS - 7.3%
	11,459		1st Source Corp		194
	17,104	*	1st United Bancorp, Inc		126
	17,560		Abington Bancorp, Inc		153
	3,251		Alliance Financial Corp		90
	4,510		American National Bankshares, Inc		96
	18,171		Ameris Bancorp		176
	4,648		Ames National Corp		91
	6,527		Arrow Financial Corp		151
	134,685		Associated Banc-Corp		1,651
	66,701		Astoria Financial Corp		918
	5,016		Bancfirst Corp		183
	21,466		Banco Latinoamericano de Exportaciones S.A. (Class E)		268
	2,914		Bancorp Rhode Island, Inc		76
	64,583		Bancorpsouth, Inc		1,155
	41,404		Bank Mutual Corp		235
	7,682,597		Bank of America Corp		110,398
	35,426		Bank of Hawaii Corp		1,713
	3,864		Bank of Marin Bancorp		123
	928,975		Bank of New York Mellon Corp		22,936
	11,413		Bank of the Ozarks, Inc		405
	17,629		BankFinancial Corp		146
	530,029		BB&T Corp		13,945
	23,421	*	Beneficial Mutual Bancorp, Inc		231
	10,481		Berkshire Hills Bancorp, Inc		204
	5,599	*	BofI Holding, Inc		79
	19,305		BOK Financial Corp		916
	59,217		Boston Private Financial Holdings, Inc		381
	4,741		Bridge Bancorp, Inc		115
	48,082		Brookline Bancorp, Inc		427
	4,771		Bryn Mawr Bank Corp		80
	5,527		Camden National Corp		152
	9,158		Capital City Bank Group, Inc		113
	16,284		Capitol Federal Financial		540
	18,053		Cardinal Financial Corp		167
	6,400		Cass Information Systems, Inc		219
	61,647		Cathay General Bancorp		637
	27,645	*	Center Financial		142
	16,756		Centerstate Banks of Florida, Inc		169

243

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	2,883		Century Bancorp, Inc	$	64
	18,856		Chemical Financial Corp		411
	16,195,249	*	Citigroup, Inc		60,894
	6,398		Citizens & Northern Corp		68
	306,766	*	Citizens Republic Bancorp, Inc		261
	12,921		City Holding Co		360
	35,113		City National Corp		1,799
	10,007		Clifton Savings Bancorp, Inc		87
	6,672		CNB Financial Corp		73
	21,290		CoBiz, Inc		140
	31,348		Columbia Banking System, Inc		572
	136,108		Comerica, Inc		5,013
	54,830		Commerce Bancshares, Inc		1,973
	24,981		Community Bank System, Inc		550
	11,562		Community Trust Bancorp, Inc		290
	38,833		Cullen/Frost Bankers, Inc		1,996
	67,239		CVB Financial Corp		639
	19,824		Dime Community Bancshares		244
	17,386	*	Dollar Financial Corp		344
	12,747	*	Eagle Bancorp, Inc		150
	116,790		East West Bancorp, Inc		1,781
	6,100	*	Encore Bancshares, Inc		60
	11,656		Enterprise Financial Services Corp		112
	6,988		ESB Financial Corp		91
	12,436		ESSA Bancorp, Inc		153
	36,402	*	Euronet Worldwide, Inc		466
	607,123		Fifth Third Bancorp		7,462
	7,979		Financial Institutions, Inc		142
	9,860		First Bancorp (NC)		143
	78,912		First Bancorp (Puerto Rico)		42
	6,485		First Bancorp, Inc		85
	40,118		First Busey Corp		182
	4,158		First Citizens Bancshares, Inc (Class A)		800
	69,775		First Commonwealth Financial Corp		366
	12,139		First Community Bancshares, Inc		178
	44,691		First Financial Bancorp		668
	15,680		First Financial Bankshares, Inc		754
	8,954		First Financial Corp		231
	12,966		First Financial Holdings, Inc		148
	176,328	*	First Horizon National Corp		2,019
	9,546		First Interstate Bancsystem, Inc		150
	19,481		First Merchants Corp		165
	57,533		First Midwest Bancorp, Inc		700
	161,278		First Niagara Financial Group, Inc		2,021
	4,191		First of Long Island Corp		108
	5,157		First South Bancorp, Inc		55
	83,246		FirstMerit Corp		1,426
	35,463	*	Flagstar Bancorp, Inc		111
	19,779		Flushing Financial Corp		242
	87,796		FNB Corp		705
	4,603	*	Fox Chase Bancorp, Inc		44
	152,821		Fulton Financial Corp		1,475

244

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	8,476		German American Bancorp, Inc	$	130
	56,600		Glacier Bancorp, Inc		830
	7,809		Great Southern Bancorp, Inc		159
	9,301	*	Greene County Bancshares, Inc		119
	22,696		Hancock Holding Co		757
	36,699	*	Hanmi Financial Corp		46
	10,342		Heartland Financial USA, Inc		179
	4,346	*	Heritage Financial Corp		65
	6,749	*	Home Bancorp, Inc		87
	14,896		Home Bancshares, Inc		340
	12,641		Home Federal Bancorp, Inc		160
	357,734		Hudson City Bancorp, Inc		4,379
	9,104		Hudson Valley Holding Corp		210
	553,330		Huntington Bancshares, Inc		3,065
	20,591		IBERIABANK Corp		1,060
	17,904		Independent Bank Corp		442
	40,567		International Bancshares Corp		677
	37,852	*	Investors Bancorp, Inc		497
	3,046,896		JPMorgan Chase & Co		111,546
	14,732		Kearny Financial Corp		135
	667,379		Keycorp		5,132
	13,792		Lakeland Bancorp, Inc		118
	12,420		Lakeland Financial Corp		248
	55,756		M&T Bank Corp		4,736
	11,504		MainSource Financial Group, Inc		82
	406,126		Marshall & Ilsley Corp		2,916
	38,744		MB Financial, Inc		713
	3,784		Merchants Bancshares, Inc		84
	7,250	*	Meridian Interstate Bancorp, Inc		79
	3,556		Midsouth Bancorp, Inc		45
	5,267		MidWestOne Financial Group, Inc		82
	25,640	*	Nara Bancorp, Inc		216
	1,893		NASB Financial, Inc		29
	5,351		National Bankshares, Inc		130
	101,297		National Penn Bancshares, Inc		609
	27,027		NBT Bancorp, Inc		552
	331,783		New York Community Bancorp, Inc		5,066
	78,585		NewAlliance Bancshares, Inc		881
	184,946		Northern Trust Corp		8,637
	14,313		Northfield Bancorp, Inc		186
	82,283		Northwest Bancshares, Inc		944
	10,808		OceanFirst Financial Corp		130
	67,288		Old National Bancorp		697
	9,164	*	OmniAmerican Bancorp, Inc		103
	25,903		Oriental Financial Group, Inc		328
	12,354	*	Oritani Financial Corp		124
	3,841		Orrstown Financial Services, Inc		85
	14,467		Pacific Continental Corp		137
	22,250		PacWest Bancorp		407
	9,591		Park National Corp		624
	6,295		Peapack Gladstone Financial Corp		74
	2,964		Penns Woods Bancorp, Inc		90

245

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	10,509	*	Pennsylvania Commerce Bancorp, Inc	$	130
	6,808		Peoples Bancorp, Inc		99
	280,419		People’s United Financial, Inc		3,786
	25,469	*	Pinnacle Financial Partners, Inc		327
	402,873		PNC Financial Services Group, Inc		22,762
	494,637	*	Popular, Inc		1,326
	39,968		PrivateBancorp, Inc		443
	35,938		Prosperity Bancshares, Inc		1,249
	45,191		Provident Financial Services, Inc		528
	30,181		Provident New York Bancorp		267
	914,218		Regions Financial Corp		6,016
	15,054		Renasant Corp		216
	6,104		Republic Bancorp, Inc (Class A)		137
	6,115		Rockville Financial, Inc		73
	7,271		Roma Financial Corp		79
	20,998		S&T Bancorp, Inc		415
	8,198		S.Y. Bancorp, Inc		188
	18,232		Sandy Spring Bancorp, Inc		255
	4,873	*	Santander BanCorp		62
	9,604		SCBT Financial Corp		338
	3,786		Sierra Bancorp		44
	32,119	*	Signature Bank		1,221
	13,207		Simmons First National Corp (Class A)		347
	11,054		Southside Bancshares, Inc		217
	14,769		Southwest Bancorp, Inc		196
	10,282		State Bancorp, Inc		98
	384,555		State Street Corp		13,006
	16,183		StellarOne Corp		207
	27,752		Sterling Bancorp		250
	75,734		Sterling Bancshares, Inc		357
	7,140		Suffolk Bancorp		221
	382,258		SunTrust Banks, Inc		8,907
	102,135		Susquehanna Bancshares, Inc		851
	31,722	*	SVB Financial Group		1,308
	597,443		Synovus Financial Corp		1,518
	7,584	*	Taylor Capital Group, Inc		98
	110,460		TCF Financial Corp		1,835
	9,400		Territorial Bancorp, Inc		178
	31,378	*	Texas Capital Bancshares, Inc		515
	61,401		TFS Financial Corp		762
	16,995	*	The Bancorp, Inc		133
	7,054		Tompkins Trustco, Inc		266
	2,692		Tower Bancorp, Inc		59
	17,850		TowneBank		259
	9,919		Trico Bancshares		168
	62,026		Trustco Bank Corp NY		347
	49,168		Trustmark Corp		1,024
	24,801		UMB Financial Corp		882
	91,424		Umpqua Holdings Corp		1,050
	14,087		Union Bankshares Corp		173
	30,662		United Bankshares, Inc		734
	79,410	*	United Community Banks, Inc		314

246

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	15,445		United Financial Bancorp, Inc	$	211
	12,704		Univest Corp of Pennsylvania		220
	1,468,043		US Bancorp		32,811
	124,246		Valley National Bancorp		1,692
	7,559		ViewPoint Financial Group		105
	14,744	*	Virginia Commerce Bancorp		92
	12,184		Washington Banking Co		156
	86,794		Washington Federal, Inc		1,404
	10,818		Washington Trust Bancorp, Inc		184
	7,507	*	Waterstone Financial, Inc		26
	52,669		Webster Financial Corp		945
	3,726,650		Wells Fargo & Co		95,402
	19,012		WesBanco, Inc		320
	11,970		West Bancorporation, Inc		82
	72,421	*	West Coast Bancorp		185
	21,801		Westamerica Bancorporation		1,145
	49,360	*	Western Alliance Bancorp		354
	514,222		Western Union Co		7,667
	23,121		Westfield Financial, Inc		193
	75,084		Whitney Holding Corp		695
	71,613		Wilmington Trust Corp		794
	15,017		Wilshire Bancorp, Inc		131
	23,649		Wintrust Financial Corp		788
	4,467		WSFS Financial Corp		160
	123,572		Zions Bancorporation		2,665
			TOTAL DEPOSITORY INSTITUTIONS		642,649
EATING AND DRINKING PLACES - 1.3%
	18,260	*	AFC Enterprises		166
	17,427	*	BJ’s Restaurants, Inc		411
	24,666		Bob Evans Farms, Inc		607
	78,146		Brinker International, Inc		1,130
	13,602	*	Buffalo Wild Wings, Inc		498
	70,838		Burger King Holdings, Inc		1,193
	20,093	*	California Pizza Kitchen, Inc		304
	8,099	*	Carrols Restaurant Group, Inc		37
	17,289		CBRL Group, Inc		805
	17,642	*	CEC Entertainment, Inc		622
	46,024	*	Cheesecake Factory		1,024
	24,297	*	Chipotle Mexican Grill, Inc (Class A)		3,324
	39,583		CKE Restaurants, Inc		496
	107,900		Darden Restaurants, Inc		4,192
	75,312	*	Denny’s Corp		196
	13,678	*	DineEquity, Inc		382
	30,059	*	Domino’s Pizza, Inc		340
	4,221	*	Einstein Noah Restaurant Group, Inc		46
	44,170	*	Jack in the Box, Inc		859
	39,822	*	Krispy Kreme Doughnuts, Inc		134
	6,960	*	Landry’s Restaurants, Inc		170
	11,950	*	McCormick & Schmick’s Seafood Restaurants, Inc		89
	823,924		McDonald’s Corp		54,273
	14,289	*	O’Charleys, Inc		76

247

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	18,183	*	Papa John’s International, Inc	$	420
	18,084		PF Chang’s China Bistro, Inc		717
	11,853	*	Red Robin Gourmet Burgers, Inc		203
	50,005	*	Ruby Tuesday, Inc		425
	26,831	*	Ruth’s Chris Steak House, Inc		112
	45,772	*	Sonic Corp		355
	570,721		Starbucks Corp		13,869
	958	*	Steak N Shake Co		275
	42,904	*	Texas Roadhouse, Inc (Class A)		541
	253,576		Wendy’s/Arby’s Group, Inc (Class A)		1,014
	357,972		Yum! Brands, Inc		13,975
			TOTAL EATING AND DRINKING PLACES		103,280
EDUCATIONAL SERVICES - 0.2%
	13,862	*	American Public Education, Inc		606
	99,795	*	Apollo Group, Inc (Class A)		4,238
	5,600	*	Archipelago Learning, Inc		64
	14,051	*	Bridgepoint Education, Inc		222
	50,534	*	Career Education Corp		1,163
	64,709	*	Corinthian Colleges, Inc		637
	48,586		DeVry, Inc		2,551
	29,912	*	Education Management Corp		456
	24,016	*	Grand Canyon Education, Inc		563
	26,666	*	ITT Educational Services, Inc		2,214
	18,366	*	K12, Inc		407
	6,272	*	Learning Tree International, Inc		68
	12,699	*	Lincoln Educational Services Corp		261
	5,638		National American University Holdings, Inc		49
	9,555	*	Princeton Review, Inc		22
	10,323		Strayer Education, Inc		2,146
	15,190	*	Universal Technical Institute, Inc		359
			TOTAL EDUCATIONAL SERVICES		16,026
ELECTRIC, GAS, AND SANITARY SERVICES - 4.2%
	516,443	*	AES Corp		4,772
	60,020		AGL Resources, Inc		2,150
	129,395		Allegheny Energy, Inc		2,676
	23,857		Allete, Inc		817
	85,307		Alliant Energy Corp		2,708
	183,916		Ameren Corp		4,372
	14,202		American Ecology Corp		207
	366,757		American Electric Power Co, Inc		11,846
	16,487		American States Water Co		546
	126,851		American Water Works Co, Inc		2,613
	104,679		Aqua America, Inc		1,851
	4,909		Artesian Resources Corp		91
	71,863		Atmos Energy Corp		1,943
	43,026		Avista Corp		840
	29,085		Black Hills Corp		828
	17,825		California Water Service Group		636
	267,409	*	Calpine Corp		3,401
	19,056	*	Casella Waste Systems, Inc (Class A)		73

248

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	301,288		Centerpoint Energy, Inc	$	3,965
	10,819		Central Vermont Public Service Corp		214
	13,300		CH Energy Group, Inc		522
	8,826		Chesapeake Utilities Corp		277
	30,062	*	Clean Energy Fuels Corp		449
	17,301	*	Clean Harbors, Inc		1,149
	44,984		Cleco Corp		1,188
	171,136		CMS Energy Corp		2,507
	6,221		Connecticut Water Service, Inc		131
	215,583		Consolidated Edison, Inc		9,292
	10,306		Consolidated Water Co, Inc		117
	142,412		Constellation Energy Group, Inc		4,593
	99,005	*	Covanta Holding Corp		1,642
	37,807	*	Crosstex Energy, Inc		242
	456,574		Dominion Resources, Inc		17,689
	88,457		DPL, Inc		2,114
	129,557		DTE Energy Co		5,909
	1,005,717		Duke Energy Corp		16,092
	75,150	*	Dynegy, Inc (Class A)		289
	251,206		Edison International		7,968
	535,983		El Paso Corp		5,955
	31,019	*	El Paso Electric Co		600
	30,976		Empire District Electric Co		581
	55,520		Energen Corp		2,461
	67,718		EnergySolutions, Inc		345
	15,147	*	EnerNOC, Inc		476
	144,801		Entergy Corp		10,371
	505,945		Exelon Corp		19,212
	232,826		FirstEnergy Corp		8,202
	317,582		FPL Group, Inc		15,486
	104,313		Great Plains Energy, Inc		1,775
	73,366		Hawaiian Electric Industries, Inc		1,671
	37,849		Idacorp, Inc		1,259
	57,780		Integrys Energy Group, Inc		2,527
	39,181		ITC Holdings Corp		2,073
	18,300		Laclede Group, Inc		606
	140,890		MDU Resources Group, Inc		2,540
	18,500		MGE Energy, Inc		667
	9,765		Middlesex Water Co		155
	110,337	*	Mirant Corp		1,165
	54,213		National Fuel Gas Co		2,487
	31,814		New Jersey Resources Corp		1,120
	35,013		Nicor, Inc		1,418
	208,593		NiSource, Inc		3,025
	134,366		Northeast Utilities		3,424
	21,251		Northwest Natural Gas Co		926
	27,832		NorthWestern Corp		729
	196,806	*	NRG Energy, Inc		4,174
	80,186		NSTAR		2,807
	176,210		NV Energy, Inc		2,081
	76,050		OGE Energy Corp		2,780
	81,923		Oneok, Inc		3,543

249

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	15,003		Ormat Technologies, Inc	$	424
	29,407		Otter Tail Corp		568
	168,153		Pepco Holdings, Inc		2,637
	285,242		PG&E Corp		11,723
	17,372	*	Pico Holdings, Inc		521
	55,269		Piedmont Natural Gas Co, Inc		1,398
	12,323	*	Pike Electric Corp		116
	83,675		Pinnacle West Capital Corp		3,042
	64,221		PNM Resources, Inc		718
	58,258		Portland General Electric Co		1,068
	288,960		PPL Corp		7,210
	219,368		Progress Energy, Inc		8,604
	387,637		Public Service Enterprise Group, Inc		12,145
	135,152		Questar Corp		6,148
	269,219	*	Reliant Energy, Inc		1,020
	250,646		Republic Services, Inc		7,452
	84,777		SCANA Corp		3,032
	189,219		Sempra Energy		8,854
	10,436		SJW Corp		245
	23,097		South Jersey Industries, Inc		992
	631,494		Southern Co		21,017
	93,776		Southern Union Co		2,050
	34,400		Southwest Gas Corp		1,015
	20,946		Southwest Water Co		220
	64,256	*	Stericycle, Inc		4,214
	163,004		TECO Energy, Inc		2,456
	85,402		UGI Corp		2,173
	22,976		UIL Holdings Corp		575
	27,775		Unisource Energy Corp		838
	11,594		Unitil Corp		242
	62,527		Vectren Corp		1,479
	57,600	*	Waste Connections, Inc		2,010
	369,850		Waste Management, Inc		11,572
	19,253	*,m	Waste Services, Inc		224
	83,296		Westar Energy, Inc		1,800
	38,942		WGL Holdings, Inc		1,325
	446,475		Williams Cos, Inc		8,162
	88,628		Wisconsin Energy Corp		4,497
	350,598		Xcel Energy, Inc		7,226
	9,006		York Water Co		128
			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		376,500
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 8.5%
	56,277	*	A123 Systems, Inc		531
	33,935	*	Acme Packet, Inc		911
	21,535	*	Actel Corp		276
	33,751		Acuity Brands, Inc		1,228
	82,321	*	Adaptec, Inc		238
	76,254	*	ADC Telecommunications, Inc		565
	25,828	*	Advanced Analogic Technologies, Inc		82
	49,842	*	Advanced Battery Technologies, Inc		163
	29,482	*	Advanced Energy Industries, Inc		362

250

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	460,514	*	Advanced Micro Devices, Inc	$	3,371
	3,864	*	Alpha & Omega Semiconductor Lt		53
	229,987		Altera Corp		5,706
	33,594	*	American Superconductor Corp		897
	82,104		Ametek, Inc		3,296
	86,945	*	Amkor Technology, Inc		479
	133,851		Amphenol Corp (Class A)		5,257
	47,982	*	Anadigics, Inc		209
	226,902		Analog Devices, Inc		6,321
	696,875	*	Apple Computer, Inc		175,286
	51,846	*	Applied Micro Circuits Corp		543
	12,026		Applied Signal Technology, Inc		236
	94,272	*	Arris Group, Inc		961
	52,890	*	Atheros Communications, Inc		1,457
	360,260	*	Atmel Corp		1,729
	24,963	*	ATMI, Inc		365
	81,773	*	Avago Technologies Ltd		1,722
	115,335	*	Avnet, Inc		2,781
	34,410		AVX Corp		441
	23,951	*	AXT, Inc		108
	10,559		AZZ, Inc		388
	35,945		Baldor Electric Co		1,297
	7,316		Bel Fuse, Inc (Class B)		121
	49,204	*	Benchmark Electronics, Inc		780
	24,403	*	BigBand Networks, Inc		74
	38,012	*	Bookham, Inc		422
	380,138		Broadcom Corp (Class A)		12,533
	6,077	*	Calix Networks, Inc		62
	185,893	*	Capstone Turbine Corp		182
	19,382	*	Ceradyne, Inc		414
	14,775	*	Ceva, Inc		186
	30,668	*	Checkpoint Systems, Inc		532
	70,799	*	Ciena Corp		898
	4,373,931	*	Cisco Systems, Inc		93,209
	72,244	*	CommScope, Inc		1,717
	22,382	*	Comtech Telecommunications Corp		670
	61,297	*	Conexant Systems, Inc		137
	129,157		Cooper Industries plc		5,682
	5,037	*	CPI International, Inc		79
	81,881	*	Cree, Inc		4,915
	23,637		CTS Corp		218
	12,848		Cubic Corp		467
	126,575	*	Cypress Semiconductor Corp		1,271
	10,171		DDi Corp		77
	1,303,112	*	Dell, Inc		15,716
	24,448	*	Diodes, Inc		388
	41,327	*	Dolby Laboratories, Inc (Class A)		2,591
	21,955	*	DSP Group, Inc		140
	15,044	*	DTS, Inc		494
	28,785	*	EchoStar Corp (Class A)		549
	23,062	*	Electro Scientific Industries, Inc		308
	10,542	*	EMS Technologies, Inc		158

251

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	54,076	*	Energizer Holdings, Inc	$	2,719
	35,344	*	Energy Conversion Devices, Inc		145
	37,162	*	EnerSys		794
	36,843	*	Entropic Communications, Inc		234
	143,685	*	Evergreen Solar, Inc		98
	25,111	*	Exar Corp		174
	58,919	*	Exide Technologies		306
	95,996	*	Fairchild Semiconductor International, Inc		807
	58,332	*	Finisar Corp		869
	42,765	*	First Solar, Inc		4,868
	19,315		Franklin Electric Co, Inc		557
	24,625	*	FSI International, Inc		103
	46,577	*	FuelCell Energy, Inc		55
	14,500	*	Generac Holdings, Inc		203
	14,375	*	Globecomm Systems, Inc		119
	12,104	*	GP Strategies Corp		88
	92,133	*	GrafTech International Ltd		1,347
	19,254	*	Greatbatch, Inc		430
	13,134	*	GSI Technology, Inc		75
	34,455	*	GT Solar International, Inc		193
	53,605	*	Harman International Industries, Inc		1,602
	68,074	*	Harmonic, Inc		370
	100,176		Harris Corp		4,172
	42,057	*	Harris Stratex Networks, Inc (Class A)		153
	23,782	*	Helen of Troy Ltd		525
	1,795,946		Hewlett-Packard Co		77,730
	74,803	*	Hexcel Corp		1,160
	19,374	*	Hittite Microwave Corp		867
	18,310	*	Hutchinson Technology, Inc		79
	21,588	*	Imation Corp		198
	67,383	*	Infinera Corp		433
	124,419	*	Integrated Device Technology, Inc		616
	19,660	*	Integrated Silicon Solution, Inc		148
	4,261,151		Intel Corp		82,880
	34,659	*	InterDigital, Inc		856
	54,670	*	International Rectifier Corp		1,017
	94,162		Intersil Corp (Class A)		1,140
	17,746	*	IPG Photonics Corp		270
	26,067	*	Iridium Communications, Inc		262
	16,171	*	iRobot Corp		304
	16,725	*	IXYS Corp		148
	166,385	*	JDS Uniphase Corp		1,637
	15,369	*	KIT Digital, Inc		136
	88,071		L-3 Communications Holdings, Inc		6,239
	81,127	*	Lattice Semiconductor Corp		352
	32,522		Lincoln Electric Holdings, Inc		1,658
	172,947		Linear Technology Corp		4,810
	17,104	*	Littelfuse, Inc		541
	8,072	*	Loral Space & Communications, Inc		345
	12,960		LSI Industries, Inc		63
	504,520	*	LSI Logic Corp		2,321
	417,516	*	Marvell Technology Group Ltd		6,580

252

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	39,119	*	Mattson Technology, Inc	$	148
	233,408		Maxim Integrated Products, Inc		3,905
	5,588	*	MaxLinear, Inc		78
	17,242	*	Maxwell Technologies, Inc		197
	172,909	*	MEMC Electronic Materials, Inc		1,708
	18,409	*	Mercury Computer Systems, Inc		216
	28,385		Methode Electronics, Inc		276
	40,439		Micrel, Inc		412
	142,077		Microchip Technology, Inc		3,941
	659,730	*	Micron Technology, Inc		5,601
	62,654	*	Microsemi Corp		917
	45,471	*	Microtune, Inc		97
	60,310	*	Microvision, Inc		179
	24,281	*	Mindspeed Technologies, Inc		182
	33,720	*	MIPS Technologies, Inc		172
	102,620		Molex, Inc		1,872
	21,910	*	Monolithic Power Systems, Inc		391
	36,229	*	Moog, Inc (Class A)		1,168
	20,301	*	MoSys, Inc		90
	1,780,286	*	Motorola, Inc		11,607
	9,079	*	Multi-Fineline Electronix, Inc		227
	3,938		National Presto Industries, Inc		366
	183,833		National Semiconductor Corp		2,474
	263,399	*	NetApp, Inc		9,827
	47,835	*	Netlogic Microsystems, Inc		1,301
	70,808	*	Novellus Systems, Inc		1,796
	3,184	*	NVE Corp		139
	436,646	*	Nvidia Corp		4,458
	39,050	*	Omnivision Technologies, Inc		837
	334,921	*	ON Semiconductor Corp		2,137
	63,876	*	Openwave Systems, Inc		130
	15,398	*	Oplink Communications, Inc		221
	13,224	*	OpNext, Inc		22
	10,891	*	OSI Systems, Inc		302
	18,452		Park Electrochemical Corp		450
	19,298	*	Pericom Semiconductor Corp		185
	39,345	*	Photronics, Inc		178
	37,039		Plantronics, Inc		1,059
	31,345	*	Plexus Corp		838
	26,715	*	PLX Technology, Inc		112
	173,538	*	PMC - Sierra, Inc		1,305
	64,770	*	Polycom, Inc		1,929
	16,989	*	Polypore International, Inc		386
	5,761	*	Powell Industries, Inc		158
	20,115		Power Integrations, Inc		648
	48,253	*	Power-One, Inc		326
	96,435	*	Powerwave Technologies, Inc		149
	86,041	*	QLogic Corp		1,430
	1,256,328		Qualcomm, Inc		41,259
	80,610	*	Rambus, Inc		1,412
	11,399		Raven Industries, Inc		384
	29,680		Regal-Beloit Corp		1,656

253

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	213,104	*	RF Micro Devices, Inc	$	833
	11,626		Richardson Electronics Ltd		105
	12,342	*	Rogers Corp		343
	11,027	*	Rubicon Technology, Inc		328
	175,508	*	SanDisk Corp		7,384
	61,546	*	Sanmina-SCI Corp		838
	38,773	*	SatCon Technology Corp		111
	21,571	*	Seachange International, Inc		178
	47,571	*	Semtech Corp		779
	31,292	*	ShoreTel, Inc		145
	56,384	*	Silicon Image, Inc		198
	33,588	*	Silicon Laboratories, Inc		1,362
	2,994,789	*	Sirius XM Radio, Inc		2,843
	136,529	*	Skyworks Solutions, Inc		2,292
	35,494	*	Smart Modular Technologies WWH, Inc		208
	9,980	*	Spansion, Inc		163
	11,963	*	Spectrum Brands, Inc		303
	9,719	*	Spectrum Control, Inc		136
	18,903	*	Standard Microsystems Corp		440
	10,374	*	Stoneridge, Inc		79
	74,916	*	Sunpower Corp (Class A)		906
	8,595	*	Supertex, Inc		212
	14,861		Sycamore Networks, Inc		247
	35,188	*	Symmetricom, Inc		179
	26,694	*	Synaptics, Inc		734
	38,313		Technitrol, Inc		121
	50,795	*	Tekelec		673
	30,710		Teleflex, Inc		1,667
	291,644		Tellabs, Inc		1,864
	3,901		Tessco Technologies, Inc		65
	36,930	*	Tessera Technologies, Inc		593
	935,992		Texas Instruments, Inc		21,790
	39,026	*	Thomas & Betts Corp		1,354
	40,125	*	Trident Microsystems, Inc		57
	121,131	*	Triquint Semiconductor, Inc		740
	61,385	*	TTM Technologies, Inc		583
	17,159	*	Ultra Clean Holdings		146
	22,074	*	Universal Display Corp		397
	8,900	*	Universal Electronics, Inc		148
	28,442	*	UQM Technologies, Inc		96
	87,200	*	Utstarcom, Inc		160
	56,829	*	Varian Semiconductor Equipment Associates, Inc		1,629
	24,217	*	Viasat, Inc		789
	3,408	*	Viasystems Group, Inc		50
	12,845	*	Vicor Corp		160
	17,571	*	Virage Logic Corp		209
	133,120	*	Vishay Intertechnology, Inc		1,030
	18,190	*	Volterra Semiconductor Corp		419
	57,906		Whirlpool Corp		5,086
	213,513		Xilinx, Inc		5,393
	47,197	*	Zix Corp		107
	19,213	*	Zoltek Cos, Inc		163

254

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	42,064	*	Zoran Corp	$	401
			TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		754,539
ENGINEERING AND MANAGEMENT SERVICES - 0.8%
	19,818	*	Accelrys, Inc		128
	468,148		Accenture plc		18,094
	9,173	*	Accretive Health, Inc		121
	13,465	*	Advisory Board Co		578
	75,836	*	Aecom Technology Corp		1,749
	14,564	*	Affymax, Inc		87
	110,387	*	Amylin Pharmaceuticals, Inc		2,076
	95,008	*	Ariad Pharmaceuticals, Inc		268
	7,981		CDI Corp		124
	62,836	*	Celera Corp		412
	16,785	*	comScore, Inc		276
	16,869		Core Laboratories NV		2,490
	8,356	*	Cornell Cos, Inc		225
	27,057		Corporate Executive Board Co		711
	8,400	*	CRA International, Inc		158
	19,233		Diamond Management & Technology Consultants, Inc		198
	69,074	*	Dyax Corp		157
	35,238	*	eResearch Technology, Inc		278
	27,087	*	Exact Sciences Corp		119
	87,374	*	Exelixis, Inc		303
	11,236	*	Exponent, Inc		368
	136,071		Fluor Corp		5,782
	9,375	*	Franklin Covey Co		61
	25,764	*	Furmanite Corp		102
	50,971	*	Genpact Ltd		792
	37,427	*	Gen-Probe, Inc		1,699
	69,461	*	Hewitt Associates, Inc (Class A)		2,394
	17,074	*	Hill International, Inc		69
	16,505	*	Huron Consulting Group, Inc		320
	13,014	*	ICF International, Inc		311
	67,377	*	Incyte Corp		746
	14,237	*	Infinity Pharmaceuticals, Inc		84
	60,884	*	Inovio Biomedical Corp		62
	74,058	*	Isis Pharmaceuticals, Inc		709
	96,369	*	Jacobs Engineering Group, Inc		3,512
	124,049		KBR, Inc		2,523
	10,294	*	Kendle International, Inc		119
	8,629		Landauer, Inc		525
	19,634	*	LECG Corp		51
	154,334	*	Lexicon Pharmaceuticals, Inc		198
	31,134	*	Luminex Corp		505
	12,761		MAXIMUS, Inc		738
	16,427	*	Maxygen, Inc		91
	176,324	*	McDermott International, Inc		3,819
	8,997		MedQuist, Inc		71
	7,039	*	Michael Baker Corp		245
	7,800	*	Mistras Group, Inc		84
	72,298	*	Myriad Genetics, Inc		1,081

255

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	40,393	*	Navigant Consulting, Inc	$	419
	24,067	*	Omnicell, Inc		281
	246,991		Paychex, Inc		6,414
	50,216	*	Regeneron Pharmaceuticals, Inc		1,121
	167,304	*	Rentech, Inc		166
	32,857	*	Resources Connection, Inc		447
	38,564	*	Rigel Pharmaceuticals, Inc		278
	38,631	*	RTI Biologics, Inc		113
	233,841	*	SAIC, Inc		3,914
	32,625	*	Sangamo Biosciences, Inc		121
	50,281	*	Savient Pharmaceuticals, Inc		634
	30,735	*	Senomyx, Inc		116
	47,243	*	Sequenom, Inc		279
	65,055	*	Shaw Group, Inc		2,226
	13,499	*	Stanley, Inc		505
	24,068	*,m	Symyx Technologies, Inc		121
	11,747	*	Tejon Ranch Co		271
	47,935	*	Tetra Tech, Inc		940
	33,194		Towers Watson & Co		1,290
	4,824	*	Transcend Services, Inc		65
	63,954	*	URS Corp		2,517
	2,793		VSE Corp		89
			TOTAL ENGINEERING AND MANAGEMENT SERVICES		77,940
FABRICATED METAL PRODUCTS - 0.6%
	24,185	*	Alliant Techsystems, Inc		1,501
	7,062		Ameron International Corp		426
	52,265		Aptargroup, Inc		1,977
	69,573		Ball Corp		3,675
	23,060	*	Chart Industries, Inc		359
	12,832		CIRCOR International, Inc		328
	86,134		Commercial Metals Co		1,139
	18,507	*	Commercial Vehicle Group, Inc		189
	38,179		Crane Co		1,153
	121,785	*	Crown Holdings, Inc		3,049
	12,440		Dynamic Materials Corp		200
	37,869	*	Griffon Corp		419
	9,089		Gulf Island Fabrication, Inc		141
	4,401	*	Hawk Corp		112
	337,653		Illinois Tool Works, Inc		13,939
	10,094		Insteel Industries, Inc		117
	12,010	*	Ladish Co, Inc		273
	7,210	*	Lifetime Brands, Inc		105
	28,189	*	Mobile Mini, Inc		459
	119,077		Mueller Water Products, Inc (Class A)		442
	9,154	*	NCI Building Systems, Inc		77
	10,126	*	North American Galvanizing & Coating, Inc		78
	124,237		Parker Hannifin Corp		6,890
	6,136	*	Park-Ohio Holdings Corp		88
	76,198		Pentair, Inc		2,454
	28,579		Quanex Building Products Corp		494
	43,080		Silgan Holdings, Inc		1,223

256

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	29,264		Simpson Manufacturing Co, Inc	$	718
	52,271	*	Smith & Wesson Holding Corp		214
	44,614		Snap-On, Inc		1,825
	122,840		Stanley Works		6,205
	14,503		Sturm Ruger & Co, Inc		208
	7,928		Sun Hydraulics Corp		186
	44,785	*	Taser International, Inc		175
	9,351	*	Trimas Corp		106
	16,747		Valmont Industries, Inc		1,217
	20,344		Watts Water Technologies, Inc (Class A)		583
			TOTAL FABRICATED METAL PRODUCTS		52,744
FOOD AND KINDRED PRODUCTS - 3.9%
	16,175	*	American Italian Pasta Co		855
	492,805		Archer Daniels Midland Co		12,724
	37,577		B&G Foods, Inc (Class A)		405
	6,724	*	Boston Beer Co, Inc (Class A)		454
	110,812		Bunge Ltd		5,451
	139,533		Campbell Soup Co		4,999
	46,305	*	Central Garden and Pet Co (Class A)		415
	4,202		Coca-Cola Bottling Co Consolidated		201
	1,613,168		Coca-Cola Co		80,853
	244,253		Coca-Cola Enterprises, Inc		6,316
	340,265		ConAgra Foods, Inc		7,935
	141,361	*	Constellation Brands, Inc (Class A)		2,208
	57,268		Corn Products International, Inc		1,735
	60,640	*	Darling International, Inc		455
	140,023	*	Dean Foods Co		1,410
	151,457		Del Monte Foods Co		2,179
	17,903		Diamond Foods, Inc		736
	189,510		Dr Pepper Snapple Group, Inc		7,086
	5,320		Farmer Bros Co		80
	58,745		Flowers Foods, Inc		1,435
	508,164		General Mills, Inc		18,050
	241,987		H.J. Heinz Co		10,459
	51,477	*	Hansen Natural Corp		2,013
	7,067	*	Harbinger Group, Inc		44
	116,903		Hershey Co		5,603
	51,490		Hormel Foods Corp		2,084
	8,158		Imperial Sugar Co		82
	11,326		J&J Snack Foods Corp		477
	90,461		J.M. Smucker Co		5,448
	5,934	*	John B. Sanfilippo & Son, Inc		86
	197,123		Kellogg Co		9,915
	1,228,479		Kraft Foods, Inc (Class A)		34,398
	15,418		Lancaster Colony Corp		823
	22,384		Lance, Inc		369
	3,603	*	Lifeway Foods, Inc		35
	8,556	*	M&F Worldwide Corp		232
	100,017		McCormick & Co, Inc		3,797
	157,741		Mead Johnson Nutrition Co		7,906
	9,066	*	Mgp Ingredients, Inc		60

257

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	99,912		Molson Coors Brewing Co (Class B)	$	4,232
	5,604		National Beverage Corp		69
	8,992	*	Peet’s Coffee & Tea, Inc		353
	1,235,103		PepsiCo, Inc		75,281
	42,412	*	Ralcorp Holdings, Inc		2,324
	127,928		Reynolds American, Inc		6,668
	17,484		Sanderson Farms, Inc		887
	504,203		Sara Lee Corp		7,109
	7,792	*	Seneca Foods Corp		251
	53,670	*	Smart Balance, Inc		220
	108,127	*	Smithfield Foods, Inc		1,611
	20,485		Tootsie Roll Industries, Inc		484
	26,938	*	TreeHouse Foods, Inc		1,230
	230,318		Tyson Foods, Inc (Class A)		3,775
			TOTAL FOOD AND KINDRED PRODUCTS		344,307
FOOD STORES - 0.3%
	837		Arden Group, Inc (Class A)		74
	5,895	*	Caribou Coffee Co, Inc		56
	27,600	*	Dole Food Co, Inc		288
	34,215	*	Great Atlantic & Pacific Tea Co, Inc		133
	8,163		Ingles Markets, Inc (Class A)		123
	493,417		Kroger Co		9,715
	22,689	*	Panera Bread Co (Class A)		1,708
	16,292	*	Pantry, Inc		230
	33,448		Ruddick Corp		1,037
	295,728		Safeway, Inc		5,814
	165,275		Supervalu, Inc		1,792
	5,570	*	Susser Holdings Corp		66
	4,652		Village Super Market (Class A)		122
	8,834		Weis Markets, Inc		291
	106,647	*	Whole Foods Market, Inc		3,841
	41,829	*	Winn-Dixie Stores, Inc		403
			TOTAL FOOD STORES		25,693
FORESTRY - 0.1%
	61,487		Rayonier, Inc		2,707
	163,157		Weyerhaeuser Co		5,743
			TOTAL FORESTRY		8,450
FURNITURE AND FIXTURES - 0.0%
	7,057	*	Astronics Corp		115
	18,783		Ethan Allen Interiors, Inc		263
	34,198	*	Furniture Brands International, Inc		179
	39,682		Herman Miller, Inc		749
	49,054		Hill-Rom Holdings, Inc		1,493
	33,809		HNI Corp		933
	7,413		Hooker Furniture Corp		79
	18,600		Kimball International, Inc (Class B)		103
	47,219	*	Kinetic Concepts, Inc		1,724
	39,237	*	La-Z-Boy, Inc		292
	114,301		Leggett & Platt, Inc		2,293

258

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	276,648		Masco Corp	$	2,976
	47,340	*	Sealy Corp		126
	33,381	*	Select Comfort Corp		292
	54,705		Steelcase, Inc (Class A)		424
	55,849	*	Tempur-Pedic International, Inc		1,716
			TOTAL FURNITURE AND FIXTURES		13,757
FURNITURE AND HOME FURNISHINGS STORES - 0.2%
	203,071	*	Bed Bath & Beyond, Inc		7,530
	24,483	*	Bell Microproducts, Inc		171
	117,815	*	GameStop Corp (Class A)		2,214
	16,062		Haverty Furniture Cos, Inc		197
	9,008	*	hhgregg, Inc		210
	35,963		Knoll, Inc		478
	81,262	*	Pier 1 Imports, Inc		521
	95,926		RadioShack Corp		1,872
	6,400	*	Rex Stores Corp		102
	21,617	*	Tuesday Morning Corp		86
	72,475		Williams-Sonoma, Inc		1,799
			TOTAL FURNITURE AND HOME FURNISHINGS STORES		15,180
GENERAL BUILDING CONTRACTORS - 0.2%
	7,072	*	Avatar Holdings, Inc		135
	48,119	*	Beazer Homes USA, Inc		175
	7,978	*	Brookfield Homes Corp		54
	4,557	*	Cavco Industries, Inc		160
	215,214		DR Horton, Inc		2,116
	26,081	*	Hovnanian Enterprises, Inc (Class A)		96
	58,687		KB Home		646
	122,890		Lennar Corp (Class A)		1,709
	16,303	*	M/I Homes, Inc		157
	17,708		McGrath RentCorp		403
	29,150		MDC Holdings, Inc		786
	24,046	*	Meritage Homes Corp		391
	4,755	*	NVR, Inc		3,116
	20,289	*	Perini Corp		334
	256,906	*	Pulte Homes, Inc		2,127
	35,106		Ryland Group, Inc		555
	95,329	*	Standard-Pacific Corp		317
	13,336	*	Team, Inc		174
	109,135	*	Toll Brothers, Inc		1,785
			TOTAL GENERAL BUILDING CONTRACTORS		15,236
GENERAL MERCHANDISE STORES - 1.7%
	34,292	*	99 Cents Only Stores		508
	62,483	*	Big Lots, Inc		2,005
	39,270	*	BJ’s Wholesale Club, Inc		1,453
	9,116	*	Bon-Ton Stores, Inc/the		89
	39,235		Casey’s General Stores, Inc		1,369
	8,648	*	Conn’s, Inc		51
	337,425		Costco Wholesale Corp		18,501
	35,338		Dillard’s, Inc (Class A)		760

259

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	52,512	*	Dollar General Corp	$	1,447
	102,098		Family Dollar Stores, Inc		3,848
	29,664		Fred’s, Inc (Class A)		328
	179,300		JC Penney Co, Inc		3,851
	325,628		Macy’s, Inc		5,829
	17,729	*	Retail Ventures, Inc		139
	102,354	*	Saks, Inc		777
	35,032	*	Sears Holdings Corp		2,265
	17,973	*	Stein Mart, Inc		112
	564,044		Target Corp		27,734
	1,562,780		Wal-Mart Stores, Inc		75,122
			TOTAL GENERAL MERCHANDISE STORES		146,188
HEALTH SERVICES - 1.2%
	18,580	*	Alliance Imaging, Inc		75
	34,529	*	Allied Healthcare International, Inc		80
	7,268	*	Almost Family, Inc		254
	21,596	*	Amedisys, Inc		950
	6,404		America Service Group, Inc		110
	9,851	*	American Dental Partners, Inc		119
	215,429		AmerisourceBergen Corp		6,840
	20,148	*	Amsurg Corp		359
	8,583	*	Assisted Living Concepts, Inc (A Shares)		254
	18,346	*	Bio-Reference Labs, Inc		407
	65,604	*	Brookdale Senior Living, Inc		984
	72,212	*	Community Health Systems, Inc		2,441
	23,514	*	Continucare Corp		79
	6,016	*	Corvel Corp		203
	50,029	*	Covance, Inc		2,567
	114,216	*	Coventry Health Care, Inc		2,019
	22,090	*	Cross Country Healthcare, Inc		199
	27,223	*	CryoLife, Inc		147
	80,184	*	DaVita, Inc		5,007
	17,698	*	eHealth, Inc		201
	14,234	*	Emeritus Corp		232
	10,891		Ensign Group, Inc		180
	18,855	*	Enzo Biochem, Inc		77
	419,847	*	Express Scripts, Inc		19,741
	24,001	*	Five Star Quality Care, Inc		72
	11,423	*	Genomic Health, Inc		148
	10,733	*	Genoptix, Inc		185
	22,160	*	Gentiva Health Services, Inc		599
	18,744	*	Health Grades, Inc		112
	197,006	*	Health Management Associates, Inc (Class A)		1,531
	71,500	*	Healthsouth Corp		1,338
	28,116	*	Healthways, Inc		335
	54,649	*	Immunomedics, Inc		169
	11,925	*	IPC The Hospitalist Co, Inc		299
	29,869	*	Kindred Healthcare, Inc		384
	80,456	*	Laboratory Corp of America Holdings		6,062
	11,885	*	LCA-Vision, Inc		66
	11,927	*	LHC Group, Inc		331

260

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	42,511	*	LifePoint Hospitals, Inc	$	1,335
	74,282	*	Lincare Holdings, Inc		2,415
	25,596	*	Magellan Health Services, Inc		930
	207,978		McKesson Corp		13,968
	11,469	*	Medcath Corp		90
	349,936	*	Medco Health Solutions, Inc		19,274
	6,756		National Healthcare Corp		233
	76,148	*	Nektar Therapeutics		921
	25,907	*	Odyssey HealthCare, Inc		692
	90,050		Omnicare, Inc		2,134
	35,963	*	Pediatrix Medical Group, Inc		2,000
	81,377		Pharmaceutical Product Development, Inc		2,068
	7,846	*	Prospect Medical Holdings, Inc		47
	43,029	*	Psychiatric Solutions, Inc		1,408
	115,098		Quest Diagnostics, Inc		5,728
	18,890	*	RehabCare Group, Inc		411
	34,220	*	Select Medical Holdings Corp		232
	15,881	*	Skilled Healthcare Group, Inc (Class A)		108
	33,187	*	Sun Healthcare Group, Inc		268
	54,889	*	Sunrise Senior Living, Inc		153
	11,500	*	Team Health Holdings, Inc		149
	367,275	*	Tenet Healthcare Corp		1,594
	69,358		Universal Health Services, Inc (Class B)		2,646
	8,422	*	US Physical Therapy, Inc		142
	5,340	*	Virtual Radiologic Corp		92
			TOTAL HEALTH SERVICES		114,194
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.0%
	71,104	*	Broadwind Energy, Inc		199
	15,782	*	Comverge, Inc		141
	26,732		Granite Construction, Inc		630
	44,924		Great Lakes Dredge & Dock Corp		270
	7,262	*	LB Foster Co (Class A)		188
	23,922	*	Matrix Service Co		223
	13,261	*	MYR Group, Inc		221
	19,593	*	Orion Marine Group, Inc		278
	12,518	*	Sterling Construction Co, Inc		162
			TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		2,312
HOLDING AND OTHER INVESTMENT OFFICES - 3.8%
	30,272		Acadia Realty Trust		509
	34,537	*	Affiliated Managers Group, Inc		2,099
	5,860		Agree Realty Corp		137
	1,423		Alexander’s, Inc		431
	34,274		Alexandria Real Estate Equities, Inc		2,172
	129,655		AMB Property Corp		3,074
	39,686		American Campus Communities, Inc		1,083
	23,512		American Capital Agency Corp		621
	426,383		Annaly Mortgage Management, Inc		7,312
	87,436		Anworth Mortgage Asset Corp		623
	90,448		Apartment Investment & Management Co (Class A)		1,752
	7,800		Apollo Commercial Real Estate Finance, Inc		128

261

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	34,038	*	Ashford Hospitality Trust, Inc	$	249
	24,383		Associated Estates Realty Corp		316
	63,799		AvalonBay Communities, Inc		5,957
	1,324,607	*	Berkshire Hathaway, Inc (Class B)		105,559
	90,086		BioMed Realty Trust, Inc		1,449
	106,071		Boston Properties, Inc		7,567
	101,192		Brandywine Realty Trust		1,088
	49,261		BRE Properties, Inc (Class A)		1,819
	50,873		Camden Property Trust		2,078
	54,804		Capital Lease Funding, Inc		253
	2,167		Capital Southwest Corp		191
	53,838		Capstead Mortgage Corp		595
	106,965		CBL & Associates Properties, Inc		1,331
	41,738		Cedar Shopping Centers, Inc		251
	6,764	*	Chatham Lodging Trust		121
	5,581		Cherokee, Inc		95
	39,627		Cogdell Spencer, Inc		268
	53,928		Colonial Properties Trust		784
	11,100		Colony Financial, Inc		188
	44,977		Corporate Office Properties Trust		1,698
	66,284		Cousins Properties, Inc		447
	10,600		CreXus Investment Corp		132
	17,535		Danvers Bancorp, Inc		253
	158,800		DCT Industrial Trust, Inc		718
	153,986		Developers Diversified Realty Corp		1,524
	116,611		DiamondRock Hospitality Co		959
	59,971		Digital Realty Trust, Inc		3,459
	94,119		Douglas Emmett, Inc		1,338
	173,154		Duke Realty Corp		1,965
	9,022		Dynex Capital, Inc		83
	20,779		EastGroup Properties, Inc		739
	43,827		Education Realty Trust, Inc		264
	35,904		Entertainment Properties Trust		1,367
	19,332		Equity Lifestyle Properties, Inc		932
	26,061		Equity One, Inc		407
	216,420		Equity Residential		9,012
	23,054		Essex Property Trust, Inc		2,249
	11,724	*	Excel Trust, Inc		141
	64,214		Extra Space Storage, Inc		893
	46,343		Federal Realty Investment Trust		3,257
	42,527	*	FelCor Lodging Trust, Inc		212
	9,807	*	Financial Engines, Inc		133
	51,100	*	First Industrial Realty Trust, Inc		246
	32,992		First Potomac Realty Trust		474
	56,329		Franklin Street Properties Corp		665
	190,410	b	General Growth Properties, Inc		2,525
	14,898		Getty Realty Corp		334
	15,081		Gladstone Capital Corp		163
	6,667		Gladstone Commercial Corp		109
	57,426		Glimcher Realty Trust		343
	16,757	*	Harris & Harris Group, Inc		69
	28,036		Hatteras Financial Corp		780

262

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	226,882		HCP, Inc	$	7,317
	95,729		Health Care REIT, Inc		4,032
	48,074		Healthcare Realty Trust, Inc		1,056
	89,483		Hersha Hospitality Trust		404
	14,456	*	HFF, Inc (Class A)		102
	54,288		Highwoods Properties, Inc		1,507
	33,859	*	Hilltop Holdings, Inc		339
	30,266		Home Properties, Inc		1,364
	94,278		Hospitality Properties Trust		1,989
	502,942		Host Marriott Corp		6,780
	197,977		HRPT Properties Trust		1,229
	53,550		Inland Real Estate Corp		424
	20,600		Invesco Mortgage Capital, Inc		412
	61,579		Investors Real Estate Trust		544
	14,813	*	Ironwood Pharmaceuticals, Inc		177
	323,925		iShares Russell 3000 Index Fund		19,785
	55,338	*	iStar Financial, Inc		247
	47,403	*	Jamba, Inc		101
	41,516		Kilroy Realty Corp		1,234
	312,567		Kimco Realty Corp		4,201
	35,097		Kite Realty Group Trust		147
	52,068		LaSalle Hotel Properties		1,071
	76,013		Lexington Corporate Properties Trust		457
	85,677		Liberty Property Trust		2,472
	22,955		LTC Properties, Inc		557
	100,140		Macerich Co		3,737
	59,666		Mack-Cali Realty Corp		1,774
	37,179	*	Maguire Properties, Inc		109
	9,437		Main Street Capital Corp		141
	86,187		Medical Properties Trust, Inc		814
	204,955		MFA Mortgage Investments, Inc		1,517
	23,305		Mid-America Apartment Communities, Inc		1,200
	14,218		Mission West Properties, Inc		97
	20,723		Monmouth Real Estate Investment Corp (Class A)		153
	17,411		MVC Capital, Inc		225
	20,485		National Health Investors, Inc		790
	65,781		National Retail Properties, Inc		1,410
	92,291		Nationwide Health Properties, Inc		3,301
	30,518	*	Newcastle Investment Corp		82
	63,283		NorthStar Realty Finance Corp		169
	70,665		Omega Healthcare Investors, Inc		1,408
	6,398		One Liberty Properties, Inc		95
	16,523		Parkway Properties, Inc		241
	13,500	*	Pebblebrook Hotel Trust		254
	39,626		Pennsylvania Real Estate Investment Trust		484
	11,300	*	Pennymac Mortgage Investment Trust		180
	40,500		Piedmont Office Realty Trust, Inc		759
	123,433		Plum Creek Timber Co, Inc		4,262
	36,066		Post Properties, Inc		820
	30,874		Potlatch Corp		1,103
	367,787		Prologis		3,726
	49,146		Prospect Capital Corp		474

263

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	13,782		PS Business Parks, Inc	$	769
	107,668		Public Storage, Inc		9,465
	36,970	*	RAIT Investment Trust		69
	29,459		Ramco-Gershenson Properties		298
	80,437		Realty Income Corp		2,440
	59,452		Redwood Trust, Inc		870
	61,243		Regency Centers Corp		2,107
	32,667		Resource Capital Corp		186
	4,382		Saul Centers, Inc		178
	98,382		Senior Housing Properties Trust		1,978
	224,637		Simon Property Group, Inc		18,139
	60,155		SL Green Realty Corp		3,311
	21,282		Sovran Self Storage, Inc		733
	8,406	*	SRS Labs, Inc		77
	36,500		Starwood Property Trust, Inc		619
	95,188	*	Strategic Hotels & Resorts, Inc		418
	14,717		Sun Communities, Inc		382
	79,458	*	Sunstone Hotel Investors, Inc		789
	31,091		Tanger Factory Outlet Centers, Inc		1,287
	42,522		Taubman Centers, Inc		1,600
	6,500	*	Terreno Realty Corp		115
	19,797		Two Harbors Investment Corp		163
	125,869		UDR, Inc		2,408
	6,794		UMH Properties, Inc		68
	10,285		Universal Health Realty Income Trust		330
	19,529		Urstadt Biddle Properties, Inc (Class A)		315
	72,463		U-Store-It Trust		541
	94,150	*	Vantage Drilling Co		127
	120,079		Ventas, Inc		5,638
	256,036		Virgin Media, Inc		4,273
	4,394	*	Virtus Investment Partners, Inc		82
	123,063		Vornado Realty Trust		8,977
	50,291	*	WABCO Holdings, Inc		1,584
	17,446		Walter Investment Management Corp		285
	45,489		Washington Real Estate Investment Trust		1,255
	88,505		Weingarten Realty Investors		1,686
	11,543		Winthrop Realty Trust		148
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES		348,973
HOTELS AND OTHER LODGING PLACES - 0.4%
	21,121		Ameristar Casinos, Inc		318
	15,345	*	Bluegreen Corp		46
	43,845	*	Boyd Gaming Corp		372
	5,500	*	Chesapeake Lodging Trust		87
	21,525		Choice Hotels International, Inc		650
	27,229	*	Gaylord Entertainment Co		601
	33,800	*	Hyatt Hotels Corp		1,254
	14,965	*	Isle of Capri Casinos, Inc		139
	243,389	*	Las Vegas Sands Corp		5,389
	14,891		Marcus Corp		141
	209,309		Marriott International, Inc (Class A)		6,268
	202,310	*	MGM Mirage		1,950

264

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	8,692	*	Monarch Casino & Resort, Inc	$	88
	10,756	*	Morgans Hotel Group Co		66
	67,477	*	Orient-Express Hotels Ltd (Class A)		499
	11,051	*	Outdoor Channel Holdings, Inc		52
	9,873	*	Red Lion Hotels Corp		59
	144,154		Starwood Hotels & Resorts Worldwide, Inc		5,973
	27,599	*	Vail Resorts, Inc		963
	138,638		Wyndham Worldwide Corp		2,792
	58,046		Wynn Resorts Ltd		4,427
			TOTAL HOTELS AND OTHER LODGING PLACES		32,134
INDUSTRIAL MACHINERY AND EQUIPMENT - 6.9%
	546,121		3M Co		43,139
	29,685	*	3PAR, Inc		276
	8,853		Aaon, Inc		206
	52,376		Actuant Corp (Class A)		986
	69,519	*	AGCO Corp		1,875
	4,490		Alamo Group, Inc		97
	30,378	*	Allis-Chalmers Energy, Inc		63
	18,705	*	Altra Holdings, Inc		244
	8,632		Ampco-Pittsburgh Corp		180
	1,029,091		Applied Materials, Inc		12,370
	5,631	*	Argan, Inc		59
	15,638	*	Astec Industries, Inc		434
	78,190	*	Axcelis Technologies, Inc		121
	13,787		Black Box Corp		385
	35,059	*	Blount International, Inc		360
	39,839		Briggs & Stratton Corp		678
	346,401	*	Brocade Communications Systems, Inc		1,787
	52,087	*	Brooks Automation, Inc		403
	57,920		Bucyrus International, Inc (Class A)		2,748
	46,691		Carlisle Cos, Inc		1,687
	8,145		Cascade Corp		290
	481,116		Caterpillar, Inc		28,901
	50,384	*	Cirrus Logic, Inc		797
	19,959	*	CNH Global NV		452
	23,883	*	Colfax Corp		249
	12,813	*	Columbus McKinnon Corp		179
	22,453	*	Cray, Inc		125
	153,361		Cummins, Inc		9,988
	35,284		Curtiss-Wright Corp		1,025
	21,225	*	Cymer, Inc		638
	325,429		Deere & Co		18,120
	50,953		Diebold, Inc		1,388
	58,727		Donaldson Co, Inc		2,505
	9,037	*	Douglas Dynamics, Inc		104
	144,051		Dover Corp		6,020
	63,584	*	Dresser-Rand Group, Inc		2,006
	24,885	*	Dril-Quip, Inc		1,095
	129,268		Eaton Corp		8,459
	1,574,165	*	EMC Corp		28,807
	576,813		Emerson Electric Co		25,201

265

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	65,177	*	Emulex Corp	$	598
	37,016	*	Ener1, Inc		125
	15,889	*	EnPro Industries, Inc		447
	105,554	*	Entegris, Inc		419
	89,895	*	Extreme Networks, Inc		243
	26,655	*	Flow International Corp		63
	43,235		Flowserve Corp		3,666
	93,725	*	FMC Technologies, Inc		4,937
	30,708	*	Fortinet, Inc		505
	12,288	*	Fuel Tech, Inc		78
	39,732		Gardner Denver, Inc		1,772
	8,176,386		General Electric Co		117,904
	10,363		Gorman-Rupp Co		260
	46,150		Graco, Inc		1,301
	12,308		Graham Corp		184
	62,789		IDEX Corp		1,794
	18,659	*	Immersion Corp		94
	245,948		Ingersoll-Rand plc		8,483
	38,292	*	Intermec, Inc		392
	982,115		International Business Machines Corp		121,273
	230,043		International Game Technology		3,612
	14,156	*	Intevac, Inc		151
	19,132	*	Isilon Systems, Inc		246
	141,510		ITT Industries, Inc		6,357
	138,825		Jabil Circuit, Inc		1,846
	20,027		John Bean Technologies Corp		305
	515,188		Johnson Controls, Inc		13,842
	77,648		Joy Global, Inc		3,889
	9,545	*	Kadant, Inc		166
	25,319		Kaydon Corp		832
	62,712		Kennametal, Inc		1,595
	53,200	*	Kulicke & Soffa Industries, Inc		373
	95,532	*	Lam Research Corp		3,636
	36,321		Lennox International, Inc		1,510
	60,595	*	Lexmark International, Inc (Class A)		2,001
	10,010		Lindsay Manufacturing Co		317
	21,068		Lufkin Industries, Inc		821
	100,971		Manitowoc Co, Inc		923
	4,201	*	Meru Networks, Inc		50
	10,825		Met-Pro Corp		116
	62,689	*	Micros Systems, Inc		1,998
	11,402	*	Middleby Corp		606
	36,302	*	Modine Manufacturing Co		279
	4,424		Nacco Industries, Inc (Class A)		393
	11,326	*	Natural Gas Services Group, Inc		171
	36,296	*	Netezza Corp		497
	28,803	*	Netgear, Inc		514
	29,221	*	Network Engines, Inc		79
	26,902		Nordson Corp		1,509
	232,254		Northrop Grumman Corp		12,644
	37,449	*	Oil States International, Inc		1,482
	90,130		Pall Corp		3,098

266

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	120,777	*,m	Palm, Inc	$	687
	160,235		Pitney Bowes, Inc		3,519
	9,152	*	PMFG, Inc		139
	15,193		Primoris Services Corp		96
	26,244	*	Pure Bioscience		63
	175,155	*	Quantum Corp		329
	25,143	*	Rackable Systems, Inc		178
	291,873		Raytheon Co		14,124
	16,219	*	RBC Bearings, Inc		470
	7,282	*	Rimage Corp		115
	47,871	*	Riverbed Technology, Inc		1,322
	19,984		Robbins & Myers, Inc		434
	21,125	*	Safeguard Scientifics, Inc		223
	14,467	*	Sauer-Danfoss, Inc		177
	22,159	*	Scansource, Inc		552
	49,874	*	Scientific Games Corp (Class A)		459
	375,941	*	Seagate Technology, Inc		4,902
	27,850	*	Sigma Designs, Inc		279
	37,552		SPX Corp		1,983
	11,927		Standex International Corp		302
	31,304	*	STEC, Inc		393
	16,272	*	Super Micro Computer, Inc		220
	8,956	*	T-3 Energy Services, Inc		250
	10,545	*	Tecumseh Products Co (Class A)		117
	14,645		Tennant Co		495
	128,752	*	Teradata Corp		3,924
	83,705	*	Terex Corp		1,569
	208,523		Textron, Inc		3,539
	6,876	*	Thermadyne Holdings Corp		74
	66,676		Timken Co		1,733
	24,372		Toro Co		1,197
	6,504		Twin Disc, Inc		74
	390,711		Tyco International Ltd		13,764
	18,851	*	Ultratech, Inc		307
	95,304	*	Varian Medical Systems, Inc		4,982
	64,752	*	VeriFone Holdings, Inc		1,226
	20,486		Watsco, Inc		1,187
	175,363	*	Western Digital Corp		5,289
	46,042		Woodward Governor Co		1,175
	1,054,812		Xerox Corp		8,481
	23,047	*	Xyratex Ltd		326
	44,665	*	Zebra Technologies Corp (Class A)		1,133
			TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		616,651
INSTRUMENTS AND RELATED PRODUCTS - 3.6%
	15,924	*	Abaxis, Inc		341
	27,756	*	Abiomed, Inc		269
	38,943	*	Accuray, Inc		258
	56,476	*	Affymetrix, Inc		333
	10,700	*	AGA Medical Holdings, Inc		136
	265,746	*	Agilent Technologies, Inc		7,555
	52,912		Alcon, Inc		7,841

267

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	47,580	*	Align Technology, Inc	$	708
	232,986		Allergan, Inc		13,574
	39,818	*	Alphatec Holdings, Inc		185
	59,514	*	American Medical Systems Holdings, Inc		1,316
	6,336		American Science & Engineering, Inc		483
	10,953		Analogic Corp		498
	14,600	*	Anaren, Inc		218
	18,523	*	Angiodynamics, Inc		273
	54,175	*	Antares Pharma, Inc		95
	63,204	*	Applied Energetics, Inc		65
	10,519	*	Argon ST, Inc		361
	20,843	*	Arthrocare Corp		639
	1,039		Atrion Corp		140
	35,190	*	ATS Medical, Inc		140
	9,764		Badger Meter, Inc		378
	72,280		Bard (C.R.), Inc		5,604
	456,846		Baxter International, Inc		18,567
	52,670		Beckman Coulter, Inc		3,175
	178,792		Becton Dickinson & Co		12,090
	15,217	*	Bio-Rad Laboratories, Inc (Class A)		1,316
	1,156,207	*	Boston Scientific Corp		6,706
	55,811	*	Bruker BioSciences Corp		679
	34,601	*	Caliper Life Sciences, Inc		148
	12,419		Cantel Medical Corp		207
	18,454	*	CardioNet, Inc		101
	139,222	*	CareFusion Corp		3,160
	45,716	*	Cepheid, Inc		732
	28,816	*	Cerus Corp		91
	42,270	*	Clarient, Inc		130
	19,403	*	Coherent, Inc		666
	15,857		Cohu, Inc		192
	22,053	*	Conmed Corp		411
	34,815		Cooper Cos, Inc		1,385
	383,890		Covidien plc		15,425
	10,023	*	Cutera, Inc		92
	19,734	*	Cyberonics, Inc		467
	5,493	*	Cynosure, Inc (Class A)		59
	407,266		Danaher Corp		15,118
	30,959	*	Delcath Systems, Inc		196
	110,654		Dentsply International, Inc		3,310
	56,725	*	Depomed, Inc		159
	45,477	*	DexCom, Inc		526
	12,962	*	Dionex Corp		965
	5,160	*	DXP Enterprises, Inc		81
	207,506	*	Eastman Kodak Co		901
	87,350	*	Edwards Lifesciences Corp		4,893
	13,235	*	Electro-Optical Sciences, Inc		98
	34,017	*	Endologix, Inc		154
	20,938		ESCO Technologies, Inc		539
	22,100	*	Esterline Technologies Corp		1,049
	64,081	*	ev3, Inc		1,436
	4,898	*	Exactech, Inc		84

268

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	12,851	*	FARO Technologies, Inc	$	240
	29,895	*	FEI Co		589
	118,407	*	Flir Systems, Inc		3,444
	38,173	*	Formfactor, Inc		412
	40,042	*	Fossil, Inc		1,389
	86,645		Garmin Ltd		2,527
	18,549	*	Haemonetics Corp		993
	22,869	*	Hanger Orthopedic Group, Inc		411
	35,478	*	HealthTronics, Inc		171
	9,696	*	Herley Industries, Inc		138
	47,975		Hillenbrand, Inc		1,026
	200,085	*	Hologic, Inc		2,787
	9,095	*	ICU Medical, Inc		293
	10,189	*	ICx Technologies, Inc		74
	18,167	*	II-VI, Inc		538
	93,920	*	Illumina, Inc		4,088
	27,569	*	Insulet Corp		415
	16,250	*	Integra LifeSciences Holdings Corp		601
	29,949	*	Intuitive Surgical, Inc		9,453
	23,110		Invacare Corp		479
	100,154	*	ION Geophysical Corp		349
	12,955	*	IRIS International, Inc		131
	31,091	*	Itron, Inc		1,922
	30,992	*	Ixia		266
	8,891		Keithley Instruments, Inc		79
	8,260	*	Kensey Nash Corp		196
	131,212		Kla-Tencor Corp		3,658
	50,517	*	Kopin Corp		171
	10,929	*	KVH Industries, Inc		136
	63,078	*	L-1 Identity Solutions, Inc		517
	8,713	*	LaBarge, Inc		99
	140,430	*	Life Technologies Corp		6,635
	112,581	*	LTX-Credence Corp		319
	12,907	*	Lydall, Inc		99
	17,643	*	MAKO Surgical Corp		220
	38,810		Masimo Corp		924
	9,778	*	Measurement Specialties, Inc		134
	9,627	*	Medical Action Industries, Inc		115
	843,614		Medtronic, Inc		30,598
	23,230	*	Merit Medical Systems, Inc		373
	25,984	*	Mettler-Toledo International, Inc		2,901
	10,806	*	Micrus Endovascular Corp		225
	42,613	*	Millipore Corp		4,545
	21,996		Mine Safety Appliances Co		545
	38,788	*	MKS Instruments, Inc		726
	12,667	*	Movado Group, Inc		135
	13,932		MTS Systems Corp		404
	13,765	*	Nanometrics, Inc		139
	43,965		National Instruments Corp		1,397
	19,956	*	Natus Medical, Inc		325
	15,786	*	Neogen Corp		411
	27,910	*	Newport Corp		253

269

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	30,456	*	NuVasive, Inc	$	1,080
	18,905	*	NxStage Medical, Inc		281
	14,876	*	Orthofix International NV		477
	57,344	*	Orthovita, Inc		116
	2,713	*	OYO Geospace Corp		132
	12,302	*	Palomar Medical Technologies, Inc		138
	89,639		PerkinElmer, Inc		1,853
	58,429	*	Resmed, Inc		3,553
	7,581	*	Rochester Medical Corp		72
	110,040		Rockwell Automation, Inc		5,402
	121,376		Rockwell Collins, Inc		6,449
	26,164	*	Rofin-Sinar Technologies, Inc		545
	72,248		Roper Industries, Inc		4,043
	20,900	*	Rudolph Technologies, Inc		158
	13,011	*,m	SenoRx, Inc		143
	25,744	*	Sirona Dental Systems, Inc		897
	44,003	*	Solta Medical, Inc		84
	8,984	*	Somanetics Corp		224
	19,655	*	Sonic Solutions, Inc		164
	12,040	*	SonoSite, Inc		326
	21,581	*	Spectranetics Corp		112
	249,893	*	St. Jude Medical, Inc		9,019
	26,141	*	Staar Surgical Co		150
	63,050	*	Star Scientific, Inc		103
	16,786	*	Stereotaxis, Inc		56
	45,845		STERIS Corp		1,425
	241,276		Stryker Corp		12,078
	32,497	*	Symmetry Medical, Inc		343
	27,911	*	Syneron Medical Ltd		287
	9,221	*	Synovis Life Technologies, Inc		141
	28,421		Techne Corp		1,633
	25,868	*	Teledyne Technologies, Inc		998
	135,531	*	Teradyne, Inc		1,321
	314,361	*	Thermo Electron Corp		15,420
	43,318	*	Thoratec Corp		1,851
	94,808	*	Trimble Navigation Ltd		2,655
	37,485	*	Unilife Corp		218
	12,709	*	Vascular Solutions, Inc		159
	31,233	*	Veeco Instruments, Inc		1,071
	11,927	*	Vital Images, Inc		152
	62,291	*	Vivus, Inc		598
	37,127	*	Volcano Corp		810
	71,748	*	Waters Corp		4,642
	28,863	*	Wright Medical Group, Inc		479
	25,096	*	X-Rite, Inc		93
	4,290		Young Innovations, Inc		121
	155,004	*	Zimmer Holdings, Inc		8,378
	14,948	*	Zoll Medical Corp		405
	12,959	*	Zygo Corp		105
			TOTAL INSTRUMENTS AND RELATED PRODUCTS		316,693

270

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
INSURANCE AGENTS, BROKERS AND SERVICE - 0.3%
	205,596		AON Corp	$	7,632
	79,596		Arthur J. Gallagher & Co		1,941
	86,725		Brown & Brown, Inc		1,660
	14,025	*	Crawford & Co (Class B)		44
	338,761		Hartford Financial Services Group, Inc		7,497
	5,396		Life Partners Holdings, Inc		110
	414,879		Marsh & McLennan Cos, Inc		9,355
	36,167	*	National Financial Partners Corp		353
	79,778	*	Verisk Analytics, Inc		2,385
	5,996		White Mountains Insurance Group Ltd		1,944
			TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		32,921
INSURANCE CARRIERS - 3.5%
	259,014		ACE Ltd		13,334
	324,598		Aetna, Inc		8,563
	359,602		Aflac, Inc		15,344
	4,869	*	Alleghany Corp		1,428
	39,022		Allied World Assurance Holdings Ltd		1,771
	412,110		Allstate Corp		11,840
	223,278	*	Ambac Financial Group, Inc		150
	46,461		American Equity Investment Life Holding Co		479
	65,151		American Financial Group, Inc		1,780
	93,396	*	American International Group, Inc		3,217
	5,964		American National Insurance Co		483
	10,022		American Physicians Capital, Inc		309
	4,784		American Physicians Service Group, Inc		117
	7,468	*	American Safety Insurance Holdings Ltd		117
	37,665	*	AMERIGROUP Corp		1,223
	13,065	*	Amerisafe, Inc		229
	17,807		Amtrust Financial Services, Inc		214
	39,079	*	Arch Capital Group Ltd		2,911
	23,723		Argo Group International Holdings Ltd		726
	59,781		Aspen Insurance Holdings Ltd		1,479
	86,328		Assurant, Inc		2,996
	141,003		Assured Guaranty Ltd		1,871
	97,818		Axis Capital Holdings Ltd		2,907
	4,897		Baldwin & Lyons, Inc (Class B)		103
	27,814	*	Catalyst Health Solutions, Inc		960
	39,667	*	Centene Corp		853
	250,427		Chubb Corp		12,524
	210,788		Cigna Corp		6,547
	112,569		Cincinnati Financial Corp		2,912
	32,879	*	Citizens, Inc (Class A)		219
	19,762	*	CNA Financial Corp		505
	16,018	*	CNA Surety Corp		257
	177,105	*	Conseco, Inc		877
	36,264		Delphi Financial Group, Inc (Class A)		885
	9,364		Donegal Group, Inc (Class A)		115
	4,503		EMC Insurance Group, Inc		99
	34,055		Employers Holdings, Inc		502
	35,363		Endurance Specialty Holdings Ltd		1,327
	4,920	*	Enstar Group Ltd		327

271

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	22,958		Erie Indemnity Co (Class A)	$	1,045
	44,269		Everest Re Group Ltd		3,131
	9,829		FBL Financial Group, Inc (Class A)		206
	178,542		Fidelity National Title Group, Inc (Class A)		2,319
	77,697		First American Corp		1,373
	77,697		First American Financial Corp		985
	8,814		First Mercury Financial Corp		93
	40,236		Flagstone Reinsurance Holdings Ltd		435
	10,330	*	Fpic Insurance Group, Inc		265
	377,148	*	Genworth Financial, Inc (Class A)		4,929
	20,683	*	Greenlight Capital Re Ltd (Class A)		521
	7,438	*	Hallmark Financial Services		74
	32,699		Hanover Insurance Group, Inc		1,422
	10,427		Harleysville Group, Inc		324
	87,439		HCC Insurance Holdings, Inc		2,165
	76,650	*	Health Net, Inc		1,868
	44,595	*	Healthspring, Inc		692
	29,235		Horace Mann Educators Corp		447
	131,212	*	Humana, Inc		5,992
	10,619		Infinity Property & Casualty Corp		490
	2,078		Kansas City Life Insurance Co		61
	148,551	*	Leucadia National Corp		2,898
	233,468		Lincoln National Corp		5,671
	242,630		Loews Corp		8,082
	34,934		Maiden Holdings Ltd		230
	7,378	*	Markel Corp		2,509
	74,338		Max Capital Group Ltd		1,396
	110,630	*	MBIA, Inc		621
	42,189		Meadowbrook Insurance Group, Inc		364
	20,644		Mercury General Corp		855
	450,959		Metlife, Inc		17,029
	30,372	*	Metropolitan Health Networks, Inc		113
	155,567	*	MGIC Investment Corp		1,072
	8,123	*	Molina Healthcare, Inc		234
	54,871		Montpelier Re Holdings Ltd		819
	9,917		National Interstate Corp		197
	1,551		National Western Life Insurance Co (Class A)		237
	8,494	*	Navigators Group, Inc		349
	19,348	*	Neostem, Inc		35
	4,145		NYMAGIC, Inc		80
	183,477		Old Republic International Corp		2,226
	20,220		OneBeacon Insurance Group Ltd (Class A)		290
	59,200		PartnerRe Ltd		4,152
	98,653	*	Phoenix Cos, Inc		208
	32,655		Platinum Underwriters Holdings Ltd		1,185
	22,267	*	PMA Capital Corp (Class A)		146
	93,447	*	PMI Group, Inc		270
	13,808		Presidential Life Corp		126
	18,348	*	Primerica, Inc		393
	32,274	*	Primus Guaranty Ltd		119
	244,384		Principal Financial Group		5,728
	23,604	*	ProAssurance Corp		1,340

272

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	512,997		Progressive Corp	$	9,603
	65,519		Protective Life Corp		1,401
	355,512		Prudential Financial, Inc		19,078
	102,881		Radian Group, Inc		745
	56,415		Reinsurance Group of America, Inc (Class A)		2,579
	44,593		RenaissanceRe Holdings Ltd		2,509
	14,489		RLI Corp		761
	11,015		Safety Insurance Group, Inc		408
	14,868		SeaBright Insurance Holdings, Inc		141
	40,400		Selective Insurance Group, Inc		600
	35,995		Stancorp Financial Group, Inc		1,459
	9,480		State Auto Financial Corp		147
	12,744		Stewart Information Services Corp		115
	25,000		Symetra Financial Corp		300
	62,213		Torchmark Corp		3,080
	31,231		Tower Group, Inc		672
	47,478		Transatlantic Holdings, Inc		2,277
	379,421		Travelers Cos, Inc		18,687
	14,800	*	Triple-S Management Corp (Class B)		275
	25,828	*	United America Indemnity Ltd (Class A)		190
	17,338		United Fire & Casualty Co		344
	870,489		UnitedHealth Group, Inc		24,722
	39,343		Unitrin, Inc		1,007
	23,233	*	Universal American Financial Corp		335
	10,064		Universal Insurance Holdings, Inc		42
	256,834		UnumProvident Corp		5,573
	62,895		Validus Holdings Ltd		1,536
	97,634		W.R. Berkley Corp		2,583
	32,075	*	WellCare Health Plans, Inc		761
	327,190	*	WellPoint, Inc		16,009
	1,029		Wesco Financial Corp		333
	263,830		XL Capital Ltd		4,224
			TOTAL INSURANCE CARRIERS		312,807
JUSTICE, PUBLIC ORDER AND SAFETY - 0.0%
	88,315	*	Corrections Corp of America		1,685
	39,357	*	Geo Group, Inc		817
			TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		2,502
LEATHER AND LEATHER PRODUCTS - 0.1%
	235,442		Coach, Inc		8,605
	62,394	*	CROCS, Inc		660
	18,687	*	Genesco, Inc		492
	54,965	*	Iconix Brand Group, Inc		790
	6,477		RG Barry Corp		71
	17,467	*	Steven Madden Ltd		551
	32,067	*	Timberland Co (Class A)		518
	5,214		Weyco Group, Inc		119
	38,905		Wolverine World Wide, Inc		981
			TOTAL LEATHER AND LEATHER PRODUCTS		12,787

273

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
LEGAL SERVICES - 0.0%
	36,298	*	FTI Consulting, Inc	$	1,583
	7,085	*	Pre-Paid Legal Services, Inc		322
			TOTAL LEGAL SERVICES		1,905
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.0%
	22,414	*	Emergency Medical Services Corp (Class A)		1,099
	14,756	*	Rural Metro Corp		120
			TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		1,219
LUMBER AND WOOD PRODUCTS - 0.0%
	8,518		American Woodmark Corp		146
	9,014		Deltic Timber Corp		377
	91,007	*	Louisiana-Pacific Corp		608
	7,407		Skyline Corp		133
	14,766		Universal Forest Products, Inc		448
			TOTAL LUMBER AND WOOD PRODUCTS		1,712
METAL MINING - 0.6%
	48,487	*	Allied Nevada Gold Corp		954
	38,598	*	Capital Gold Corp		154
	103,149		Cleveland-Cliffs, Inc		4,865
	68,483	*	Coeur d’Alene Mines Corp		1,081
	331,261		Freeport-McMoRan Copper & Gold, Inc (Class B)		19,587
	196,126	*	Golden Star Resources Ltd		859
	180,218	*	Hecla Mining Co		941
	65,101	*	Jaguar Mining, Inc		575
	364,289		Newmont Mining Corp		22,491
	53,526	*	Patriot Coal Corp		629
	40,850	*	Rosetta Resources, Inc		809
	36,144		Royal Gold, Inc		1,735
	130,495		Southern Copper Corp (NY)		3,463
	34,216	*	Stillwater Mining Co		398
	107,058	*	Thompson Creek Metals Co, Inc		929
	21,458	*	US Energy Corp Wyoming		102
	68,813	*	US Gold Corp		345
			TOTAL METAL MINING		59,917
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.1%
	16,319	*	Armstrong World Industries, Inc		493
	4,923		Blyth, Inc		168
	51,179		Callaway Golf Co		309
	22,322		Daktronics, Inc		167
	98,113		Hasbro, Inc		4,033
	33,342	*	Intrepid Potash, Inc		653
	24,481	*	Jakks Pacific, Inc		352
	68,707		Jarden Corp		1,845
	34,167	*	Leapfrog Enterprises, Inc		137
	8,407	*	Marine Products Corp		48
	281,447		Mattel, Inc		5,956
	3,981		Oil-Dri Corp of America		91
	14,785	*	RC2 Corp		238
	9,824	*	Russ Berrie & Co, Inc		69

274

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	44,601	*	Shuffle Master, Inc	$	357
	4,356	*	Steinway Musical Instruments, Inc		77
	8,138	*	Summer Infant, Inc		53
			TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		15,046
MISCELLANEOUS RETAIL - 1.4%
	14,742	*	1-800-FLOWERS.COM, Inc (Class A)		30
	267,927	*	Amazon.com, Inc		29,273
	28,636		Barnes & Noble, Inc		369
	263,552		Best Buy Co, Inc		8,924
	15,894		Big 5 Sporting Goods Corp		209
	8,566	*	Blue Nile, Inc		403
	5,600		Books-A-Million, Inc		34
	41,091	*	Borders Group, Inc		55
	10,668	*	Build-A-Bear Workshop, Inc		72
	30,566	*	Cabela’s, Inc		432
	22,738		Cash America International, Inc		779
	44,420	*	CKX, Inc		222
	46,768	*	Coldwater Creek, Inc		157
	1,042,204		CVS Corp		30,557
	67,126	*	Dick’s Sporting Goods, Inc		1,671
	98,091	*	Dollar Tree, Inc		4,084
	61,220	*	Drugstore.Com		189
	36,390	*	Ezcorp, Inc (Class A)		675
	11,202		Gaiam, Inc (Class A)		68
	47,777	*	GSI Commerce, Inc		1,376
	20,590	*	Hibbett Sports, Inc		493
	30,139	*	HSN, Inc		723
	20,233	*	Jo-Ann Stores, Inc		759
	21,500	*	KAR Auction Services, Inc		266
	13,001	*	Kirkland’s, Inc		219
	32,978		MSC Industrial Direct Co (Class A)		1,670
	24,699		Nutri/System, Inc		567
	212,310	*	Office Depot, Inc		858
	64,982	*	OfficeMax, Inc		849
	11,517	*	Overstock.com, Inc		208
	6,868	*	PC Connection, Inc		42
	91,350		Petsmart, Inc		2,756
	36,077	*	Priceline.com, Inc		6,369
	12,039		Pricesmart, Inc		280
	445,462	*	Rite Aid Corp		437
	19,739	*	Shutterfly, Inc		473
	65,800		Signet Jewelers Ltd		1,810
	12,380	*	Stamps.com, Inc		127
	558,736		Staples, Inc		10,644
	9,938		Systemax, Inc		150
	97,585		Tiffany & Co		3,699
	12,284	*	Vitamin Shoppe, Inc		315
	749,340		Walgreen Co		20,007
	1,945		Winmark Corp		65
	45,976		World Fuel Services Corp		1,193
	18,944	*	Zumiez, Inc		305
			TOTAL MISCELLANEOUS RETAIL		134,863

275

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
MOTION PICTURES - 0.9%
	10,098	*	Ascent Media Corp (Series A)	$	255
	24,879	*	Avid Technology, Inc		317
	8,632	*	Carmike Cinemas, Inc		52
	39,403		Cinemark Holdings, Inc		518
	218,873	*	Discovery Communications, Inc (Class A)		7,816
	55,399	*	DreamWorks Animation SKG, Inc (Class A)		1,581
	52,820	*	Lions Gate Entertainment Corp		369
	30,800		National CineMedia, Inc		513
	1,750,236		News Corp (Class A)		20,933
	60,087		Regal Entertainment Group (Class A)		784
	7,217	*	Rentrak Corp		176
	78,700	*	Rovi Corp		2,983
	69,106		Scripps Networks Interactive (Class A)		2,788
	872,842		Time Warner, Inc		25,233
	114,426	*	tw telecom inc (Class A)		1,909
	465,174		Viacom, Inc (Class B)		14,593
			TOTAL MOTION PICTURES		80,820
NONDEPOSITORY INSTITUTIONS - 0.8%
	36,918		Advance America Cash Advance Centers, Inc		152
	261,649	*	American Capital Ltd		1,261
	803,112		American Express Co		31,883
	49,343	*	AmeriCredit Corp		899
	149,594		Apollo Investment Corp		1,396
	147,601		Ares Capital Corp		1,849
	8,522		Asta Funding, Inc		84
	43,567		BlackRock Kelso Capital Corp		430
	49,983	*	Boise, Inc		274
	349,772		Capital One Financial Corp		14,095
	246,176		CapitalSource, Inc		1,172
	599,120		Chimera Investment Corp		2,163
	153,256	*	CIT Group, Inc		5,188
	11,828		CompuCredit Corp		47
	5,640	*	Credit Acceptance Corp		275
	16,956		Cypress Sharpridge Investments, Inc		215
	419,226		Discover Financial Services		5,860
	24,100	*	Doral Financial Corp		59
	11,162	*	Encore Capital Group, Inc		230
	2,603	*	ePlus, Inc		46
	7,387		Federal Agricultural Mortgage Corp (Class C)		104
	23,334	*	First Cash Financial Services, Inc		509
	58,259	*	First Marblehead Corp		137
	15,921		Gladstone Investment Corp		93
	110,083	*	GLG Partners, Inc		482
	5,889		Golub Capital BDC, Inc		85
	60,592	*	Heckmann Corp		281
	24,455		Hercules Technology Growth Capital, Inc		225
	71,376		Lender Processing Services, Inc		2,235
	50,285		MCG Capital Corp		243

276

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	9,981		Medallion Financial Corp	$	66
	20,204		Nelnet, Inc (Class A)		390
	21,889	*	NewStar Financial, Inc		139
	12,077		NGP Capital Resources Co		87
	32,022		NRDC Acquisition Corp		309
	57,265	*	Ocwen Financial Corp		584
	24,585		PennantPark Investment Corp		235
	41,814	*	PHH Corp		797
	372,586	*	SLM Corp		3,871
	4,400		Solar Capital Ltd		85
	2,846		Student Loan Corp		69
	6,653	*	THL Credit, Inc		77
	20,926		TICC Capital Corp		176
	8,996		Triangle Capital Corp		128
	12,929	*	World Acceptance Corp		495
			TOTAL NONDEPOSITORY INSTITUTIONS		79,480
NONMETALLIC MINERALS, EXCEPT FUELS - 0.1%
	18,209		AMCOL International Corp		428
	25,270		Compass Minerals International, Inc		1,776
	29,702	*	General Moly, Inc		91
	1,357	*	United States Lime & Minerals, Inc		52
	98,368		Vulcan Materials Co		4,312
			TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		6,659
OIL AND GAS EXTRACTION - 4.3%
	51,525	*	Abraxas Petroleum Corp		144
	378,923		Anadarko Petroleum Corp		13,675
	258,349		Apache Corp		21,751
	6,580		APCO Argentina, Inc		155
	6,556	*	Approach Resources, Inc		45
	30,327	*	Arena Resources, Inc		967
	59,928		Atlas America, Inc		1,622
	33,846	*	ATP Oil & Gas Corp		358
	41,374	*	Atwood Oceanics, Inc		1,056
	328,863		Baker Hughes, Inc		13,671
	22,381	*	Basic Energy Services, Inc		172
	39,652		Berry Petroleum Co (Class A)		1,020
	33,673	*	Bill Barrett Corp		1,036
	62,158	*	Boots & Coots, Inc		183
	89,897	*	Brigham Exploration Co		1,383
	78,161		Cabot Oil & Gas Corp		2,448
	67,178	*	Cal Dive International, Inc		393
	22,753	*	Callon Petroleum Co		143
	186,418	*	Cameron International Corp		6,062
	25,047	*	Carrizo Oil & Gas, Inc		389
	35,021	*	Cheniere Energy, Inc		99
	496,466		Chesapeake Energy Corp		10,401
	64,690		Cimarex Energy Co		4,631
	4,602	*	Clayton Williams Energy, Inc		194
	55,500	*	Cobalt International Energy, Inc		413
	58,166	*	Complete Production Services, Inc		832

277

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	36,545	*	Comstock Resources, Inc	$	1,013
	68,611	*	Concho Resources, Inc		3,796
	9,021	*	Contango Oil & Gas Co		404
	24,174	*	Continental Resources, Inc		1,079
	7,528	*	Dawson Geophysical Co		160
	82,546	*	Delta Petroleum Corp		71
	304,051	*	Denbury Resources, Inc		4,451
	342,270		Devon Energy Corp		20,852
	53,248		Diamond Offshore Drilling, Inc		3,311
	81,717	*	Endeavour International Corp		87
	21,960	*	Energy Partners Ltd		268
	25,675	*	Energy Recovery, Inc		103
	38,947	*	Energy XXI Bermuda Ltd		615
	193,911		EOG Resources, Inc		19,075
	113,016		Equitable Resources, Inc		4,084
	11,704	*	Evolution Petroleum Corp		59
	111,561		EXCO Resources, Inc		1,630
	48,293	*	Exterran Holdings, Inc		1,246
	85,352	*	Forest Oil Corp		2,335
	24,931	*	FX Energy, Inc		90
	33,304	*	Gastar Exploration Ltd		120
	9,814	*	Georesources, Inc		137
	5,362	*	Global Geophysical Services, Inc		37
	79,950	*	Global Industries Ltd		359
	27,174	*	GMX Resources, Inc		176
	20,317	*	Goodrich Petroleum Corp		244
	21,620	*	Gulfport Energy Corp		256
	693,183		Halliburton Co		17,018
	29,621	*	Harvest Natural Resources, Inc		218
	81,706	*	Helix Energy Solutions Group, Inc		880
	72,674		Helmerich & Payne, Inc		2,654
	99,193	*	Hercules Offshore, Inc		241
	14,150		Houston American Energy Corp		140
	823	*	Isramco, Inc		39
	12,909		Kayne Anderson Energy Development Co		196
	95,985	*	Key Energy Services, Inc		881
	68,947	*	Kodiak Oil & Gas Corp		220
	36,629	*	Magnum Hunter Resources Corp		160
	79,735	*	Mariner Energy, Inc		1,713
	66,367	*	McMoRan Exploration Co		737
	14,504	*	Miller Petroleum, Inc		84
	220,756	*	Nabors Industries Ltd		3,890
	320,833		National Oilwell Varco, Inc		10,610
	102,938	*	Newfield Exploration Co		5,030
	69,901	*	Newpark Resources, Inc		423
	133,306		Noble Energy, Inc		8,042
	34,375	*	Northern Oil And Gas, Inc		441
	622,046		Occidental Petroleum Corp		47,992
	42,236	*	Oceaneering International, Inc		1,896
	37,088	*	Pacific Asia Petroleum, Inc		138
	5,367		Panhandle Oil and Gas, Inc (Class A)		142
	96,030	*	Parker Drilling Co		379

278

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	119,282		Patterson-UTI Energy, Inc	$	1,535
	35,015		Penn Virginia Corp		704
	233,214	*	PetroHawk Energy Corp		3,958
	16,488	*	Petroleum Development Corp		422
	43,261	*	Petroquest Energy, Inc		292
	42,944	*	Pioneer Drilling Co		243
	88,660		Pioneer Natural Resources Co		5,271
	108,164	*	Plains Exploration & Production Co		2,229
	12,071	*	PowerSecure International, Inc		110
	133,316	*	Pride International, Inc		2,978
	94,219	*	Quicksilver Resources, Inc		1,036
	43,093	*	RAM Energy Resources, Inc		89
	122,881		Range Resources Corp		4,934
	29,534	*	Resolute Energy Corp		361
	26,939	*	Rex Energy Corp		272
	88,128	*	Rowan Cos, Inc		1,934
	23,456		RPC, Inc		320
	913,465		Schlumberger Ltd		50,552
	17,443	*	SEACOR Holdings, Inc		1,233
	8,815	*	Seahawk Drilling, Inc		86
	191,669		Smith International, Inc		7,216
	265,005	*	Southwestern Energy Co		10,239
	47,539		St. Mary Land & Exploration Co		1,909
	36,323	*	Stone Energy Corp		405
	59,956	*	Superior Energy Services		1,119
	17,630	*	Superior Well Services, Inc		295
	28,748	*	Swift Energy Co		774
	49,984	*	Syntroleum Corp		82
	23,351	*	Tesco Corp		287
	52,437	*	Tetra Technologies, Inc		476
	40,104		Tidewater, Inc		1,553
	113,201	*	TransAtlantic Petroleum Ltd		359
	116,837	*	Ultra Petroleum Corp		5,170
	10,127	*	Union Drilling, Inc		56
	29,837	*	Unit Corp		1,211
	48,465		Vaalco Energy, Inc		271
	15,433	*	Venoco, Inc		254
	26,733		W&T Offshore, Inc		253
	67,894	*	Warren Resources, Inc		197
	566,588	*	Weatherford International Ltd		7,445
	39,295	*	Whiting Petroleum Corp		3,082
	30,921	*	Willbros Group, Inc		229
			TOTAL OIL AND GAS EXTRACTION		374,906
PAPER AND ALLIED PRODUCTS - 0.4%
	84,337		Bemis Co		2,277
	26,323	*	Buckeye Technologies, Inc		262
	6,132	*	Cellu Tissue Holdings, Inc		48
	38,005	*	Cenveo, Inc		208
	32,513		Domtar Corporation		1,598
	35,119		Glatfelter		381
	86,187	*	Graphic Packaging Holding Co		271

279

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	26,849		Greif, Inc (Class A)	$	1,491
	336,783		International Paper Co		7,622
	25,561	*	Kapstone Paper and Packaging Corp		285
	317,062		Kimberly-Clark Corp		19,223
	131,629		MeadWestvaco Corp		2,922
	11,726		Neenah Paper, Inc		215
	79,420		Packaging Corp of America		1,749
	28,937		Rock-Tenn Co (Class A)		1,437
	14,072		Schweitzer-Mauduit International, Inc		710
	77,510		Sonoco Products Co		2,363
	83,185		Temple-Inland, Inc		1,719
	37,679	*	Wausau Paper Corp		255
			TOTAL PAPER AND ALLIED PRODUCTS		45,036
PERSONAL SERVICES - 0.1%
	101,777		Cintas Corp		2,439
	23,500	*	Coinstar, Inc		1,010
	3,696		CPI Corp		83
	15,088		G & K Services, Inc (Class A)		312
	248,832		H&R Block, Inc		3,904
	8,861		Mac-Gray Corp		99
	44,951		Regis Corp		700
	76,850	*	Sally Beauty Holdings, Inc		630
	188,345		Service Corp International		1,394
	11,970	*	Steiner Leisure Ltd		460
	11,503		Unifirst Corp		506
	26,680		Weight Watchers International, Inc		685
			TOTAL PERSONAL SERVICES		12,222
PETROLEUM AND COAL PRODUCTS - 4.9%
	9,171		Alon USA Energy, Inc		58
	38,262	*	American Oil & Gas, Inc		240
	1,538,300		Chevron Corp		104,389
	1,139,776		ConocoPhillips		55,952
	21,762	*	CVR Energy, Inc		164
	7,530		Delek US Holdings, Inc		55
	3,903,218		Exxon Mobil Corp		222,756
	80,549		Frontier Oil Corp		1,083
	12,062	*	Green Plains Renewable Energy, Inc		123
	54,162	*	Headwaters, Inc		154
	223,283		Hess Corp		11,240
	34,558		Holly Corp		919
	543,386		Marathon Oil Corp		16,894
	146,026		Murphy Oil Corp		7,236
	7,327		Quaker Chemical Corp		198
	131,483	*	SandRidge Energy, Inc		767
	93,049		Sunoco, Inc		3,235
	108,582		Tesoro Corp		1,267
	436,212		Valero Energy Corp		7,843
	40,449		Walter Industries, Inc		2,462
	11,564		WD-40 Co		386
	34,300	*	Western Refining, Inc		173
			TOTAL PETROLEUM AND COAL PRODUCTS		437,594

280

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
PIPELINES, EXCEPT NATURAL GAS - 0.1%
	496,323		Spectra Energy Corp	$	9,961
			TOTAL PIPELINES, EXCEPT NATURAL GAS		9,961
PRIMARY METAL INDUSTRIES - 0.6%
	84,758		AK Steel Holding Corp		1,010
	783,333		Alcoa, Inc		7,880
	75,995		Allegheny Technologies, Inc		3,358
	36,981		Belden CDT, Inc		814
	14,781	*	Brush Engineered Materials, Inc		295
	34,840		Carpenter Technology Corp		1,144
	51,400	*	Century Aluminum Co		454
	15,305		Encore Wire Corp		278
	40,126	*	General Cable Corp		1,069
	107,866	*	Gerdau Ameristeel Corp		1,176
	20,138	*	Gibraltar Industries, Inc		203
	47,286	*	Globe Specialty Metals, Inc		488
	9,402		Haynes International, Inc		290
	33,599	*	Horsehead Holding Corp		254
	46,993		Hubbell, Inc (Class B)		1,865
	23,085		Matthews International Corp (Class A)		676
	39,317	*	Metalico, Inc		156
	27,916		Mueller Industries, Inc		687
	8,552	*	Noranda Aluminium Holding Corp		55
	8,845	*	Northwest Pipe Co		168
	240,914		Nucor Corp		9,223
	9,331		Olympic Steel, Inc		214
	109,723		Precision Castparts Corp		11,294
	55,860		Reliance Steel & Aluminum Co		2,019
	23,200	*	RTI International Metals, Inc		559
	16,575		Schnitzer Steel Industries, Inc (Class A)		650
	165,292		Steel Dynamics, Inc		2,180
	14,719		Texas Industries, Inc		435
	65,998	*	Titanium Metals Corp		1,161
	19,671		Tredegar Corp		321
	108,604		United States Steel Corp		4,187
	4,623	*	Universal Stainless & Alloy		74
	60,823	*	Uranium Energy Corp		144
	46,555		Worthington Industries, Inc		599
			TOTAL PRIMARY METAL INDUSTRIES		55,380
PRINTING AND PUBLISHING - 0.4%
	34,106	*	ACCO Brands Corp		170
	13,486	*	AH Belo Corp (Class A)		90
	30,538		American Greetings Corp (Class A)		573
	72,008	*	Belo (A.H.) Corp (Class A)		410
	31,292		Bowne & Co, Inc		351
	12,339	*	Cambium Learning Group, Inc		44
	8,210	*	Consolidated Graphics, Inc		355
	6,267		Courier Corp		77

281

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	5,480		CSS Industries, Inc	$	90
	38,457	*	Dex One Corp		731
	23,101	*	Dolan Media Co		257
	37,642		Dun & Bradstreet Corp		2,526
	17,307		Ennis, Inc		260
	21,197	*	EW Scripps Co (Class A)		157
	184,081		Gannett Co, Inc		2,478
	33,505		Harte-Hanks, Inc		350
	33,375		John Wiley & Sons, Inc (Class A)		1,291
	42,642	*	Journal Communications, Inc (Class A)		169
	35,471	*	Lee Enterprises, Inc		91
	29,313	*	Martha Stewart Living Omnimedia, Inc (Class A)		144
	25,776	*	McClatchy Co (Class A)		94
	243,394		McGraw-Hill Cos, Inc		6,849
	16,772	*	Media General, Inc (Class A)		164
	26,535		Meredith Corp		826
	84,839	*	MSCI, Inc (Class A)		2,325
	5,947		Multi-Color Corp		61
	104,815	*	New York Times Co (Class A)		907
	12,663	*	Playboy Enterprises, Inc (Class B)		53
	22,048	*	Presstek, Inc		78
	31,380		Primedia, Inc		92
	158,991		R.R. Donnelley & Sons Co		2,602
	10,767		Schawk, Inc (Class A)		161
	22,736		Scholastic Corp		548
	10,680		Standard Register Co		34
	10,001	*	SuperMedia, Inc		183
	286,206		Thomson Corp		10,254
	38,340	*	Valassis Communications, Inc		1,216
	33,510	*	VistaPrint Ltd		1,592
	4,650		Washington Post Co (Class B)		1,909
			TOTAL PRINTING AND PUBLISHING		40,562
RAILROAD TRANSPORTATION - 0.8%
	298,100		CSX Corp		14,795
	29,836	*	Genesee & Wyoming, Inc (Class A)		1,113
	76,927	*	Kansas City Southern Industries, Inc		2,796
	283,490		Norfolk Southern Corp		15,039
	17,000	*	RailAmerica, Inc		169
	387,668		Union Pacific Corp		26,947
			TOTAL RAILROAD TRANSPORTATION		60,859
REAL ESTATE - 0.1%
	216,135	*	CB Richard Ellis Group, Inc (Class A)		2,941
	4,977		Consolidated-Tomoka Land Co		142
	31,857		DuPont Fabros Technology, Inc		782
	97,002	*	Forest City Enterprises, Inc (Class A)		1,098
	29,389	*	Forestar Real Estate Group, Inc		528
	14,181		Government Properties Income Trust		362
	32,173		Jones Lang LaSalle, Inc		2,112
	16,390	*	Kennedy-Wilson Holdings, Inc		166
	19,220	*	LoopNet, Inc		237

282

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	69,749	*	St. Joe Co	$	1,615
	68,986		Stewart Enterprises, Inc (Class A)		373
	26,189		Thomas Properties Group, Inc		87
			TOTAL REAL ESTATE		10,443
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.1%
	24,943		A. Schulman, Inc		473
	5,113	*	AEP Industries, Inc		122
	45,804		Cooper Tire & Rubber Co		893
	9,928	*	Deckers Outdoor Corp		1,418
	187,726	*	Goodyear Tire & Rubber Co		1,867
	13,000	*	Graham Packaging Co, Inc		156
	3,811		Lacrosse Footwear, Inc		64
	17,882	*	Metabolix, Inc		256
	214,307		Newell Rubbermaid, Inc		3,138
	123,206		Sealed Air Corp		2,429
	27,339	*	Skechers U.S.A., Inc (Class A)		998
	25,932	*	Spartech Corp		266
	21,697	*	STR Holdings, Inc		408
	26,971		Titan International, Inc		269
	13,203	*	Trex Co, Inc		265
	48,715		Tupperware Corp		1,941
	26,348		West Pharmaceutical Services, Inc		961
			TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		15,924
SECURITY AND COMMODITY BROKERS - 2.1%
	198,531		Ameriprise Financial, Inc		7,173
	21,300		Artio Global Investors, Inc		335
	26,045		BlackRock, Inc		3,735
	77,753	*	Broadpoint Securities Group, Inc		198
	105,070		Broadridge Financial Solutions, Inc		2,002
	16,951		Calamos Asset Management, Inc (Class A)		157
	755,390		Charles Schwab Corp		10,711
	50,311		CME Group, Inc		14,165
	12,285		Cohen & Steers, Inc		255
	28,011	*	Cowen Group, Inc		115
	1,420		Diamond Hill Investment Group, Inc		80
	21,313		Duff & Phelps Corp		269
	169,616	*	E*Trade Financial Corp		2,005
	92,458		Eaton Vance Corp		2,553
	6,384		Epoch Holding Corp		78
	11,307		Evercore Partners, Inc (Class A)		264
	39,284	*	FBR Capital Markets Corp		131
	65,791		Federated Investors, Inc (Class B)		1,363
	35,957		Fifth Street Finance Corp		397
	113,921		Franklin Resources, Inc		9,819
	5,142		Friedman Billings Ramsey Group, Inc (Class A)		97
	6,584		GAMCO Investors, Inc (Class A)		245
	54,396		GFI Group, Inc		304
	394,245		Goldman Sachs Group, Inc		51,752
	22,433		Greenhill & Co, Inc		1,371
	30,361	*	Interactive Brokers Group, Inc (Class A)		504

283

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	57,057	*	IntercontinentalExchange, Inc	$	6,449
	13,392	*	International Assets Holding Corp		214
	336,471		Invesco Ltd		5,663
	34,884	*	Investment Technology Group, Inc		560
	137,373		Janus Capital Group, Inc		1,220
	89,727		Jefferies Group, Inc		1,891
	11,011		JMP Group, Inc		68
	26,819	*	KBW, Inc		575
	73,616	*	Knight Capital Group, Inc (Class A)		1,015
	33,500	*	LaBranche & Co, Inc		143
	73,441	*	Ladenburg Thalmann Financial Services, Inc		92
	70,810		Lazard Ltd (Class A)		1,891
	124,819		Legg Mason, Inc		3,499
	21,429		MarketAxess Holdings, Inc		296
	70,834	*	MF Global Holdings Ltd		404
	1,070,427		Morgan Stanley		24,845
	16,901	*	Morningstar, Inc		719
	104,606	*	Nasdaq Stock Market, Inc		1,860
	198,529		NYSE Euronext		5,485
	7,363		Oppenheimer Holdings, Inc		176
	30,987	*	optionsXpress Holdings, Inc		488
	15,186	*	Penson Worldwide, Inc		86
	13,978	*	Piper Jaffray Cos		450
	9,591		Pzena Investment Management, Inc (Class A)		61
	75,031		Raymond James Financial, Inc		1,853
	8,937		Sanders Morris Harris Group, Inc		50
	115,255		SEI Investments Co		2,347
	23,214	*	Stifel Financial Corp		1,007
	19,558		SWS Group, Inc		186
	198,395		T Rowe Price Group, Inc		8,807
	178,714	*	TD Ameritrade Holding Corp		2,734
	15,283	*,m	Thomas Weisel Partners Group, Inc		90
	64,858		Waddell & Reed Financial, Inc (Class A)		1,419
	3,869		Westwood Holdings Group, Inc		136
			TOTAL SECURITY AND COMMODITY BROKERS		186,857
SOCIAL SERVICES - 0.0%
	15,384	*	Capital Senior Living Corp		76
	8,598	*	Providence Service Corp		120
	19,452	*	Res-Care, Inc		188
			TOTAL SOCIAL SERVICES		384
SPECIAL TRADE CONTRACTORS - 0.0%
	2,319		Alico, Inc		53
	15,457	*	American DG Energy, Inc		48
	16,152		Chemed Corp		883
	76,040	*	Chicago Bridge & Iron Co NV (ADR)		1,430
	33,040		Comfort Systems USA, Inc		319
	32,076	*	Dycom Industries, Inc		274
	50,074	*	EMCOR Group, Inc		1,160
	28,439	*	Insituform Technologies, Inc (Class A)		582
	13,874	*	Layne Christensen Co		337

284

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	162,009	*	Quanta Services, Inc	$	3,346
			TOTAL SPECIAL TRADE CONTRACTORS		8,432
STONE, CLAY, AND GLASS PRODUCTS - 0.3%
	25,458		Apogee Enterprises, Inc		276
	17,424	*	Cabot Microelectronics Corp		603
	13,570		CARBO Ceramics, Inc		980
	1,195,263		Corning, Inc		19,303
	33,735		Eagle Materials, Inc		875
	105,796		Gentex Corp		1,902
	12,366	*	Libbey, Inc		161
	35,019		Martin Marietta Materials, Inc		2,970
	86,991	*	Owens Corning, Inc		2,602
	127,123	*	Owens-Illinois, Inc		3,362
	51,472	*	USG Corp		622
			TOTAL STONE, CLAY, AND GLASS PRODUCTS		33,656
TEXTILE MILL PRODUCTS - 0.0%
	23,047		Albany International Corp (Class A)		373
	7,017	*	Culp, Inc		77
	4,329	*	Delta Apparel, Inc		63
	38,561		Interface, Inc (Class A)		414
	43,299	*	Mohawk Industries, Inc		1,981
	10,106		Oxford Industries, Inc		212
	5,984	*,b	Xerium Technologies, Inc		84
			TOTAL TEXTILE MILL PRODUCTS		3,204
TOBACCO PRODUCTS - 1.2%
	1,594,900		Altria Group, Inc		31,962
	117,473		Fortune Brands, Inc		4,603
	116,684		Lorillard, Inc		8,399
	1,418,309		Philip Morris International, Inc		65,015
	18,707		Universal Corp		742
	30,746		Vector Group Ltd		517
			TOTAL TOBACCO PRODUCTS		111,238
TRANSPORTATION BY AIR - 0.3%
	7,464	*	Air Methods Corp		222
	28,455	*	Air Transport Services Group, Inc		135
	97,497	*	Airtran Holdings, Inc		473
	27,508	*	Alaska Air Group, Inc		1,236
	9,924		Allegiant Travel Co		424
	258,366	*	AMR Corp		1,752
	19,165	*	Atlas Air Worldwide Holdings, Inc		911
	27,721	*	Bristow Group, Inc		815
	106,996	*	Continental Airlines, Inc (Class B)		2,354
	23,678		Copa Holdings S.A. (Class A)		1,047
	608,450	*	Delta Air Lines, Inc		7,149
	40,654	*	Hawaiian Holdings, Inc		210
	181,414	*	JetBlue Airways Corp		996
	9,723	*	PHI, Inc		137
	6,619	*	Pinnacle Airlines		36

285

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	27,002	*	Republic Airways Holdings, Inc	$	165
	45,222		Skywest, Inc		553
	574,264		Southwest Airlines Co		6,380
	125,620	*	UAL Corp		2,583
	116,071	*	US Airways Group, Inc		999
			TOTAL TRANSPORTATION BY AIR		28,577
TRANSPORTATION EQUIPMENT - 2.8%
	18,257		A.O. Smith Corp		880
	29,552	*	AAR Corp		495
	10,035	*	Aerovironment, Inc		218
	37,781	*	American Axle & Manufacturing Holdings, Inc		277
	7,032		American Railcar Industries, Inc		85
	15,097	*	Amerigon, Inc (Class A)		111
	9,523	*	Arctic Cat, Inc		87
	72,992	*	ArvinMeritor, Inc		956
	14,702	*	ATC Technology Corp		237
	65,947	*	Autoliv, Inc		3,156
	74,030	*	BE Aerospace, Inc		1,883
	581,297		Boeing Co		36,476
	69,036		Brunswick Corp		858
	38,968		Clarcor, Inc		1,384
	108,088	*	Dana Holding Corp		1,081
	7,682	*	Dorman Products, Inc		156
	7,637		Ducommun, Inc		131
	13,635	*	Federal Mogul Corp (Class A)		178
	50,117		Federal Signal Corp		303
	56,935	*	Force Protection, Inc		233
	2,553,380	*	Ford Motor Co		25,739
	12,439		Freightcar America, Inc		281
	10,861	*	Fuel Systems Solutions, Inc		282
	42,477	*	GenCorp, Inc		186
	264,727		General Dynamics Corp		15,502
	122,555		Genuine Parts Co		4,835
	96,547		Goodrich Corp		6,396
	15,267	*	Greenbrier Cos, Inc		171
	17,217	*	Group 1 Automotive, Inc		405
	181,591		Harley-Davidson, Inc		4,037
	61,544		Harsco Corp		1,446
	22,583		Heico Corp		811
	586,774		Honeywell International, Inc		22,903
	21,747		Kaman Corp		481
	35,702	*	Lear Corp		2,363
	6,398	*	LMI Aerospace, Inc		101
	236,779		Lockheed Martin Corp		17,640
	7,280		Miller Industries, Inc		98
	54,093	*	Navistar International Corp		2,661
	44,747	*	Orbital Sciences Corp		706
	69,175	*	Oshkosh Truck Corp		2,155
	279,419		Paccar, Inc		11,140
	24,262		Polaris Industries, Inc		1,325
	5,233		Portec Rail Products, Inc		60

286

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	30,024		Spartan Motors, Inc	$	126
	82,916	*	Spirit Aerosystems Holdings, Inc (Class A)		1,580
	11,969		Standard Motor Products, Inc		97
	17,715		Superior Industries International, Inc		238
	46,120	*	Tenneco, Inc		971
	25,787		Thor Industries, Inc		612
	35,310		TransDigm Group, Inc		1,802
	61,064		Trinity Industries, Inc		1,082
	12,884		Triumph Group, Inc		858
	60,301	*	TRW Automotive Holdings Corp		1,662
	714,624		United Technologies Corp		46,387
	35,145	*	Wabash National Corp		250
	34,990		Westinghouse Air Brake Technologies Corp		1,396
	24,826	*	Winnebago Industries, Inc		247
			TOTAL TRANSPORTATION EQUIPMENT		228,217
TRANSPORTATION SERVICES - 0.4%
	14,656		Ambassadors Group, Inc		165
	127,911		CH Robinson Worldwide, Inc		7,120
	8,003	*	Dynamex, Inc		98
	7,871	*	Echo Global Logistics, Inc		96
	164,248		Expeditors International Washington, Inc		5,668
	239,917		FedEx Corp		16,820
	35,871		GATX Corp		957
	28,305	*	Hub Group, Inc (Class A)		849
	34,104	*	Interval Leisure Group, Inc		425
	23,547	*	Orbitz Worldwide, Inc		90
	31,042	*	Pacer International, Inc		217
	8,012	*	Roadrunner Transportation Services Holdings, Inc		114
	81,226		UTI Worldwide, Inc		1,006
			TOTAL TRANSPORTATION SERVICES		33,625
TRUCKING AND WAREHOUSING - 0.4%
	19,331		Arkansas Best Corp		400
	16,346	*	Celadon Group, Inc		231
	40,201		Con-way, Inc		1,207
	22,919		Forward Air Corp		625
	33,265		Heartland Express, Inc		483
	70,799		J.B. Hunt Transport Services, Inc		2,312
	38,624		Landstar System, Inc		1,506
	10,239	*	Marten Transport Ltd		213
	21,283	*	Old Dominion Freight Line		748
	3,632	*	PAM Transportation Services, Inc		55
	1,137	*	Patriot Transportation Holding, Inc		92
	9,635	*	Saia, Inc		145
	546,982		United Parcel Service, Inc (Class B)		31,117
	3,884		Universal Truckload Services, Inc		54
	5,744	*	USA Truck, Inc		93
	33,067		Werner Enterprises, Inc		724
			TOTAL TRUCKING AND WAREHOUSING		40,005

287

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
WATER TRANSPORTATION - 0.2%
	30,756		Alexander & Baldwin, Inc	$	916
	8,786	*	American Commercial Lines, Inc		198
	12,726	*	Baltic Trading Ltd		145
	334,715		Carnival Corp		10,122
	38,961		DHT Maritime, Inc		150
	51,764	*	Eagle Bulk Shipping, Inc		218
	26,769	*	Excel Maritime Carriers Ltd		137
	39,564		Frontline Ltd		1,129
	20,776	*	Genco Shipping & Trading Ltd		311
	39,620		General Maritime Corp		239
	24,752		Golar LNG Ltd		244
	16,361	*	Gulfmark Offshore, Inc		429
	23,837		Horizon Lines, Inc (Class A)		101
	18,746	*	Hornbeck Offshore Services, Inc		274
	4,290		International Shipholding Corp		95
	41,752	*	Kirby Corp		1,597
	11,975		Knightsbridge Tankers Ltd		211
	37,402		Nordic American Tanker Shipping		1,051
	19,618		Overseas Shipholding Group, Inc		727
	101,674	*	Royal Caribbean Cruises Ltd		2,315
	9,989	*	Scorpio Tankers, Inc		114
	34,031		Ship Finance International Ltd		608
	32,878		Teekay Corp		860
	20,361		Teekay Tankers Ltd (Class A)		227
	18,066	*	Ultrapetrol Bahamas Ltd		79
			TOTAL WATER TRANSPORTATION		22,497
WHOLESALE TRADE-DURABLE GOODS - 0.4%
	18,766		Agilysys, Inc		126
	32,556		Applied Industrial Technologies, Inc		824
	92,479	*	Arrow Electronics, Inc		2,067
	10,405	*	Ballantyne Strong, Inc		75
	36,508		Barnes Group, Inc		598
	35,044	*	Beacon Roofing Supply, Inc		631
	89,459	*	BorgWarner, Inc		3,341
	20,896	*	Cardtronics, Inc		271
	11,808	*	Castle (A.M.) & Co		164
	8,056	*	Chindex International, Inc		101
	25,681	*	Conceptus, Inc		400
	14,464	*	DemandTec, Inc		98
	18,652	*	Digi International, Inc		154
	16,941	*	Drew Industries, Inc		342
	21,300	*	Emdeon, Inc		267
	3,945	*	Global Defense Technology & Systems, Inc		50
	32,412	*	Hansen Medical, Inc		69
	12,024		Houston Wire & Cable Co		130
	124,656	*	Ingram Micro, Inc (Class A)		1,894
	34,716	*	Insight Enterprises, Inc		457
	27,412	*	Interline Brands, Inc		474
	43,324		Knight Transportation, Inc		877
	3,000		Lawson Products, Inc		51
	110,420	*	LKQ Corp		2,129

288

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	33,286	*	MedAssets, Inc	$	768
	38,200	*	Merge Healthcare, Inc		112
	8,652	*	Metals USA Holdings Corp		129
	9,533	*	MWI Veterinary Supply, Inc		479
	48,567		Owens & Minor, Inc		1,378
	79,206		Patterson Cos, Inc		2,260
	37,199		PEP Boys - Manny Moe & Jack		330
	38,375		Pool Corp		841
	41,924	*	PSS World Medical, Inc		887
	53,861		Solera Holdings, Inc		1,949
	6,849		Sport Supply Group, Inc		92
	38,600	*	Talecris Biotherapeutics Holdings Corp		814
	38,960	*	Tech Data Corp		1,388
	10,213	*	Titan Machinery, Inc		134
	29,444	*	TomoTherapy, Inc		94
	27,050	*	Tyler Technologies, Inc		420
	46,924		W.W. Grainger, Inc		4,667
	32,103	*	WESCO International, Inc		1,081
	11,292	*	West Marine, Inc		123
			TOTAL WHOLESALE TRADE-DURABLE GOODS		33,536
WHOLESALE TRADE-NONDURABLE GOODS - 0.7%
	17,815		Aceto Corp		102
	63,364		Airgas, Inc		3,941
	31,521	*	Akorn, Inc		94
	68,179	*	Alliance One International, Inc		243
	48,859		Allscripts Healthcare Solutions, Inc		787
	13,080		Andersons, Inc		426
	31,488	*	BioScrip, Inc		165
	19,314	*	BMP Sunstone Corp		99
	80,902		Brown-Forman Corp (Class B)		4,630
	277,015		Cardinal Health, Inc		9,311
	53,541	*	Central European Distribution Corp		1,145
	8,801	*	Clearwater Paper Corp		482
	8,334	*	Core-Mark Holding Co, Inc		228
	89,664	*	Endo Pharmaceuticals Holdings, Inc		1,956
	31,042	*	Fresh Del Monte Produce, Inc		628
	85,098	*	Green Mountain Coffee Roasters, Inc		2,187
	29,988	*	Hain Celestial Group, Inc		605
	69,402	*	Henry Schein, Inc		3,810
	46,184		Herbalife Ltd		2,127
	6,203	*	Kenneth Cole Productions, Inc (Class A)		68
	8,500	*	KRATON Polymers LLC		160
	19,366	*	K-Swiss, Inc (Class A)		217
	16,187	*	LSB Industries, Inc		215
	40,609		Men’s Wearhouse, Inc		746
	23,791		Myers Industries, Inc		192
	10,977		Nash Finch Co		375
	38,826		Nu Skin Enterprises, Inc (Class A)		969
	8,860	*	Perry Ellis International, Inc		179
	9,325		Schiff Nutrition International, Inc		66
	14,249	*	School Specialty, Inc		257

289

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	18,527		Spartan Stores, Inc	$	254
	14,223	*	Synutra International, Inc		230
	453,353		Sysco Corp		12,952
	28,003		Tractor Supply Co		1,708
	33,743	*	United Natural Foods, Inc		1,008
	18,197	*	United Stationers, Inc		992
	13,192	*	Volcom, Inc		245
	15,316		Zep, Inc		267
			TOTAL WHOLESALE TRADE-NONDURABLE GOODS		54,066
			TOTAL COMMON STOCKS		8,882,879
			(Cost $8,832,375)
RIGHTS / WARRANTS - 0.0%
EATING AND DRINKING PLACES - 0.0%
	2,604		Krispy Kreme Doughnuts, Inc		0	^
			TOTAL EATING AND DRINKING PLACES		0	^
OIL AND GAS EXTRACTION - 0.0%
	5,604	m	Zion Oil & Gas, Inc		0	^
			TOTAL OIL AND GAS EXTRACTION		0	^
			TOTAL RIGHTS / WARRANTS		0	^
			(Cost $0)

PRINCIPAL		ISSUER	MATURITY DATE
SHORT-TERM INVESTMENTS - 0.1%
U.S. TREASURY BILLS - 0.1%
$	10,900,000	United States Treasury Bill		08/05/10		10,899
		TOTAL U.S. TREASURY BILLS				10,899
		TOTAL SHORT-TERM INVESTMENTS				10,899
		(Cost $10,899)
		TOTAL INVESTMENTS - 99.1%				8,893,778
		(Cost $8,843,274)
		OTHER ASSETS & LIABILITIES, NET - 0.9%				83,007
		NET ASSETS - 100.0%			$	8,976,785

	Abbreviation(s):
ADR	American Depositary Receipt
*	Non-income producing.
^	Amount represents less than $1,000.
b	In bankruptcy
m	Indicates a security that has been deemed illiquid.
	Cost amounts are in thousands.

290

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

COLLEGE RETIREMENT EQUITIES FUND
BOND MARKET ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2010

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE
BANK LOAN OBLIGATIONS - 0.1%
CHEMICALS AND ALLIED PRODUCTS - 0.1%
	$  4,975,000	i	JohnsonDiversey, Inc	5.500	%	11/24/15	$	4,962
	2,339,309	i	Mylan, Inc	3.750		10/02/14		2,319
	4,987,437	i	Nalco Co	6.500		05/13/16		4,969
			TOTAL CHEMICALS AND ALLIED PRODUCTS					12,250
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.0%
	4,968,750	i	Reynolds Consumer Products Term Loan	6.250		11/16/15		4,938
			TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES					4,938
			TOTAL BANK LOAN OBLIGATIONS					17,188
			(Cost $17,300)
BONDS - 98.6%
CORPORATE BONDS - 30.7%
AGENCY SECURITIES - 6.2%
	23,709,568		AMAL Ltd	3.470		08/21/21		24,367
	28,000,000		Bank of America Corp	2.380		06/22/12		28,854
	4,000,000		CitiBank NA	1.380		08/10/11		4,038
	34,000,000		Citigroup Funding, Inc	2.000		03/30/12		34,707
	40,000,000		Citigroup Funding, Inc	1.880		10/22/12		40,841
	12,000,000		Citigroup Funding, Inc	2.250		12/10/12		12,353
	45,500,000		Citigroup, Inc	2.130		04/30/12		46,615
	25,000,000		General Electric Capital Corp	3.000		12/09/11		25,825
	61,500,000		General Electric Capital Corp	2.250		03/12/12		63,097
	37,400,000		General Electric Capital Corp	2.200		06/08/12		38,387
	15,000,000		General Electric Capital Corp	2.130		12/21/12		15,421
	7,000,000		General Electric Capital Corp	2.630		12/28/12		7,274
	54,875,000		GMAC, Inc	1.750		10/30/12		55,827
	61,800,000		GMAC, Inc	2.200		12/19/12		63,501
	50,000,000		JPMorgan Chase & Co	3.130		12/01/11		51,726
	10,000,000		KeyBank NA	3.200		06/15/12		10,462
	10,000,000		New York Community Bank	3.000		12/16/11		10,343
	24,574,185		Premier Aircraft Leasing	3.580		02/06/22		25,313
	20,000,000		Private Export Funding Corp	4.300		12/15/21		20,869
	10,000,000		Regions Bank	3.250		12/09/11		10,364
	4,545,372		Rowan Cos, Inc	3.530		05/01/20		4,601
	9,583,290		Rowan Cos, Inc	3.160		07/15/21		9,730
	9,493,921		San Clemente Leasing LLC	3.590		08/27/21		9,972
	4,000,000		Sovereign Bancorp, Inc	2.500		06/15/12		4,110
	6,500,000		Sovereign Bank	2.750		01/17/12		6,717
	39,000,000		State Street Corp	2.150		04/30/12		39,938
	15,000,000		US Bancorp	2.250		03/13/12		15,390

291

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE
	$  9,500,000		US Central Federal Credit Union	1.900	%	10/19/12	$	9,696
	18,400,000		Wells Fargo & Co	2.130		06/15/12		18,894
	5,000,000		Western Corporate Federal Credit Union	1.750		11/02/12		5,083
			TOTAL AGENCY SECURITIES					714,315
AMUSEMENT AND RECREATION SERVICES - 0.1%
	1,000,000		Penn National Gaming, Inc	8.750		08/15/19		1,028
	2,000,000		Speedway Motorsports, Inc	6.750		06/01/13		1,995
	7,825,000		Walt Disney Co	4.500		12/15/13		8,618
			TOTAL AMUSEMENT AND RECREATION SERVICES					11,641
AUTO REPAIR, SERVICES AND PARKING - 0.0%
	3,890,000	g	ERAC USA Finance LLC	5.250		10/01/20		3,931
			TOTAL AUTO REPAIR, SERVICES AND PARKING					3,931
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.1%
	7,750,000		Advance Auto Parts, Inc	5.750		05/01/20		7,924
			TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS					7,924
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.1%
	2,150,000		Home Depot, Inc	5.250		12/16/13		2,364
	3,900,000		Home Depot, Inc	5.880		12/16/36		3,998
			TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES					6,362
BUSINESS SERVICES - 0.3%
	3,825,000		Adobe Systems, Inc	3.250		02/01/15		3,928
	3,250,000		Daimler Finance North America LLC	5.880		03/15/11		3,349
	7,400,000		Daimler Finance North America LLC	5.750		09/08/11		7,706
	4,500,000		Hanarotelecom, Inc	7.000		02/01/12		4,679
	1,970,000		Interpublic Group of Cos, Inc	6.250		11/15/14		1,980
	1,000,000		Iron Mountain, Inc	7.750		01/15/15		1,007
	840,000		Iron Mountain, Inc	8.380		08/15/21		857
	375,000		Lamar Media Corp	6.630		08/15/15		355
	2,160,000	g	Lamar Media Corp	7.880		04/15/18		2,155
	2,000,000		Nielsen Finance LLC	10.000		08/01/14		2,045
	1,425,000		Nielsen Finance LLC	12.500		08/01/16		1,357
	3,925,000		Oracle Corp	3.750		07/08/14		4,202
	3,100,000		Oracle Corp	5.750		04/15/18		3,589
	2,000,000		Sungard Data Systems, Inc	9.130		08/15/13		2,033
	2,310,000		Sungard Data Systems, Inc	10.250		08/15/15		2,385
			TOTAL BUSINESS SERVICES					41,627
CHEMICALS AND ALLIED PRODUCTS - 1.3%
	1,550,000		Abbott Laboratories	5.600		05/15/11		1,614
	8,100,000		Abbott Laboratories	4.130		05/27/20		8,485
	3,975,000		Abbott Laboratories	5.300		05/27/40		4,171
	4,600,000		Air Products & Chemicals, Inc	4.150		02/01/13		4,834
	6,630,000		Air Products & Chemicals, Inc	4.380		08/21/19		6,921
	1,125,000		Airgas, Inc	4.500		09/15/14		1,170
	1,000,000	g	Airgas, Inc	7.130		10/01/18		1,073
	4,500,000	g	Braskem SA	7.000		05/07/20		4,545
	1,570,000		Clorox Co	5.450		10/15/12		1,708

292

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE
	$  1,000,000		Clorox Co	3.550	%	11/01/15	$	1,055
	1,000,000		Eastman Chemical Co	5.500		11/15/19		1,076
	6,450,000		EI Du Pont de Nemours & Co	3.250		01/15/15		6,729
	6,000,000		EI Du Pont de Nemours & Co	4.630		01/15/20		6,452
	6,170,000		Eli Lilly & Co	3.550		03/06/12		6,434
	3,750,000		GlaxoSmithKline Capital, Inc	5.650		05/15/18		4,291
	1,610,000	g	Hyundai Motor Manufacturer	4.500		04/15/15		1,597
	4,000,000		Johnson & Johnson	5.850		07/15/38		4,705
	2,435,000		Life Technologies Corp	3.380		03/01/13		2,489
	1,550,000		Life Technologies Corp	4.400		03/01/15		1,603
	3,750,000		Novartis Capital Corp	4.130		02/10/14		4,046
	15,775,000		Novartis Capital Corp	2.900		04/24/15		16,229
	2,715,000		Novartis Capital Corp	4.400		04/24/20		2,927
	10,000,000		Pfizer, Inc	4.450		03/15/12		10,551
	3,230,000		Pfizer, Inc	5.350		03/15/15		3,659
	7,150,000		Pfizer, Inc	6.200		03/15/19		8,497
	7,100,000		Potash Corp of Saskatchewan, Inc	4.880		03/30/20		7,553
	5,050,000		Praxair, Inc	5.250		11/15/14		5,667
	4,975,000		Procter & Gamble Co	5.550		03/05/37		5,622
	3,225,000		Schering-Plough Corp	6.550		09/15/37		4,012
	3,140,000	g	Sociedad Quimica y Minera de Chile S.A.	5.500		04/21/20		3,177
	3,000,000		Solutia, Inc	7.880		03/15/20		2,993
	5,315,000		Teva Pharmaceutical Finance LLC	3.000		06/15/15		5,419
			TOTAL CHEMICALS AND ALLIED PRODUCTS					151,304
COAL MINING - 0.1%
	1,000,000	g	Arch Coal, Inc	8.750		08/01/16		1,043
	4,500,000	g	Drummond Co, Inc	7.380		02/15/16		4,229
	1,500,000		Peabody Energy Corp	7.380		11/01/16		1,562
			TOTAL COAL MINING					6,834
COMMUNICATIONS - 2.6%
	2,400,000	g	America Movil SAB de C.V.	5.000		03/30/20		2,480
	4,000,000	g	America Movil SAB de C.V.	6.130		03/30/40		4,177
	4,300,000		American Tower Corp	4.630		04/01/15		4,473
	2,000,000		AT&T, Inc	6.150		09/15/34		2,100
	3,625,000		AT&T, Inc	6.500		09/01/37		4,021
	11,500,000		AT&T, Inc	6.300		01/15/38		12,480
	1,745,000		BellSouth Capital Funding Corp	7.880		02/15/30		2,139
	13,125,000		BellSouth Corp	5.200		09/15/14		14,584
	14,950,000		Cellco Partnership	3.750		05/20/11		15,312
	3,025,000		Cellco Partnership	5.550		02/01/14		3,391
	15,600,000		Cellco Partnership	8.500		11/15/18		20,281
	1,011,000		Comcast Cable Communications Holdings, Inc	8.380		03/15/13		1,171
	5,790,000		Comcast Corp	5.150		03/01/20		6,062
	2,125,000		Comcast Corp	5.650		06/15/35		2,093
	7,850,000		Comcast Corp	6.400		03/01/40		8,449
	1,455,000	g	CSC Holdings LLC	8.500		04/15/14		1,517
	4,000,000		Deutsche Telekom International Finance BV	8.750		06/15/30		5,167
	3,875,000		DIRECTV Holdings LLC	4.750		10/01/14		4,104
	15,550,000		DIRECTV Holdings LLC	3.550		03/15/15		15,653
	4,740,000		DIRECTV Holdings LLC	7.630		05/15/16		5,149
	15,750,000		DIRECTV Holdings LLC	5.200		03/15/20		16,415

293

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE
	$  2,000,000		DISH DBS Corp	7.880	%	09/01/19	$	2,080
	5,000,000		Grupo Televisa S.A.	6.000		05/15/18		5,371
	1,150,000		GTE Corp	6.840		04/15/18		1,300
	4,187,500	o	Intelsat Bermuda Ltd	11.500		02/04/17		4,177
	3,500,000	g	MTS International Funding Ltd	8.630		06/22/20		3,621
	8,700,000	g	NBC Universal, Inc	5.150		04/30/20		9,074
	4,000,000	g	NBC Universal, Inc	6.400		04/30/40		4,273
	4,000,000		New Cingular Wireless Services, Inc	7.880		03/01/11		4,183
	3,155,000		New Cingular Wireless Services, Inc	8.750		03/01/31		4,331
	3,000,000	g	Qwest Communications International, Inc	7.130		04/01/18		2,993
	3,000,000		Qwest Corp	8.880		03/15/12		3,218
	2,000,000	g	SBA Telecommunications, Inc	8.000		08/15/16		2,070
	4,500,000		Sprint Capital Corp	8.750		03/15/32		4,298
	1,225,000		Sprint Nextel Corp	6.000		12/01/16		1,099
	3,075,000		Telecom Italia Capital S.A.	6.180		06/18/14		3,215
	2,825,000		Telecom Italia Capital S.A.	7.000		06/04/18		3,009
	16,275,000		Telecom Italia Capital S.A.	7.180		06/18/19		17,521
	16,965,000		Telefonica Emisiones SAU	5.130		04/27/20		17,004
	4,500,000	g	Telefonos de Mexico SAB de C.V.	5.500		11/15/19		4,710
	4,500,000	g	Telemar Norte Leste S.A.	9.500		04/23/19		5,389
	5,495,000		Time Warner Cable, Inc	6.200		07/01/13		6,146
	3,075,000		Time Warner Cable, Inc	6.750		07/01/18		3,530
	2,100,000		Time Warner Cable, Inc	8.750		02/14/19		2,650
	9,675,000		Time Warner Cable, Inc	8.250		04/01/19		11,898
	5,550,000		Verizon Communications, Inc	4.350		02/15/13		5,933
	2,905,000		Verizon Communications, Inc	8.750		11/01/18		3,776
	3,875,000		Verizon Communications, Inc	6.250		04/01/37		4,163
	2,900,000		Verizon Communications, Inc	6.400		02/15/38		3,196
	3,100,000		Verizon Communications, Inc	8.950		03/01/39		4,391
	6,500,000		Verizon Virginia, Inc	4.630		03/15/13		6,859
	3,875,000		Viacom, Inc	4.380		09/15/14		4,119
	1,500,000		Virgin Media Finance plc	9.500		08/15/16		1,584
			TOTAL COMMUNICATIONS					312,399
DEPOSITORY INSTITUTIONS - 4.0%
	4,450,000	g	Banco do Brasil S.A.	6.000		01/22/20		4,598
	4,500,000	g	Banco Santander Brasil	4.500		04/06/15		4,433
	4,400,000	g,i	Banco Santander Chile	1.560		04/20/12		4,397
	3,050,000		Bank of America Corp	4.900		05/01/13		3,195
	4,850,000		Bank of America Corp	7.380		05/15/14		5,436
	11,300,000		Bank of America Corp	4.500		04/01/15		11,421
	18,550,000		Bank of America Corp	5.300		03/15/17		18,677
	8,525,000		Bank of America Corp	6.000		09/01/17		8,971
	5,725,000		Bank of America Corp	5.750		12/01/17		5,937
	2,500,000	g	Bank of China Hong Kong Ltd	5.550		02/11/20		2,486
	16,500,000	g	Bank of Montreal	2.850		06/09/15		16,770
	5,700,000		Bank of New York Mellon Corp	4.300		05/15/14		6,122
	4,125,000		Bank of New York Mellon Corp	5.450		05/15/19		4,605
	4,250,000		Bank One Corp	5.250		01/30/13		4,523
	3,750,000		Barclays Bank plc	5.200		07/10/14		3,958
	3,900,000	g	Barclays Bank plc	6.050		12/04/17		3,936
	1,250,000	i	BB&T Capital Trust IV	6.820		06/12/57		1,138
	6,000,000		BB&T Corp	3.850		07/27/27		6,255

294

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE
	$  4,760,000	g	BBVA Bancomer S.A.	7.250	%	04/22/20	$	4,696
	2,500,000	g	Canadian Imperial Bank of Commerce	2.000		02/04/13		2,528
	6,000,000	g	Canadian Imperial Bank of Commerce	2.600		07/02/15		6,020
	3,750,000		Capital One Bank USA NA	8.800		07/15/19		4,682
	5,000,000		Capital One Capital V	8.880		05/15/40		5,207
	5,150,000		Capital One Financial Corp	5.700		09/15/11		5,357
	3,250,000		Citigroup, Inc	5.100		09/29/11		3,342
	7,375,000		Citigroup, Inc	5.300		10/17/12		7,643
	6,655,000		Citigroup, Inc	5.000		09/15/14		6,656
	5,800,000		Citigroup, Inc	5.500		10/15/14		5,963
	4,525,000		Citigroup, Inc	6.130		05/15/18		4,723
	10,375,000		Citigroup, Inc	8.500		05/22/19		12,368
	7,575,000		Citigroup, Inc	6.880		03/05/38		7,947
	3,825,000		Citigroup, Inc	8.130		07/15/39		4,563
	8,550,000		Credit Suisse	5.000		05/15/13		9,135
	8,250,000		Credit Suisse	5.500		05/01/14		9,020
	8,000,000		Credit Suisse	5.300		08/13/19		8,480
	45,000,000	g	Depfa ACS Bank	5.130		03/16/37		32,886
	3,500,000		Deutsche Bank AG.	3.880		08/18/14		3,615
	5,980,000		Discover Bank	7.000		04/15/20		6,038
	3,500,000		Golden West Financial Corp	4.750		10/01/12		3,652
	4,500,000	g	Hana Bank	4.500		10/30/15		4,490
	7,000,000		HSBC Bank USA NA	4.630		04/01/14		7,373
	3,000,000	g,i	HSBC Capital Funding LP	4.610		12/30/49		2,586
	2,100,000		HSBC Holdings plc	6.500		09/15/37		2,174
	4,350,000	g	ICICI Bank Ltd	5.500		03/25/15		4,496
	4,400,000	g	Itau Unibanco Banco Multiplo S.A.	6.200		04/15/20		4,510
	4,000,000		JP Morgan Chase Capital XXV	6.800		10/01/37		3,953
	4,500,000		JPMorgan Chase & Co	4.500		01/15/12		4,694
	7,000,000		JPMorgan Chase & Co	3.700		01/20/15		7,160
	9,770,000		JPMorgan Chase & Co	6.000		01/15/18		10,788
	11,800,000		JPMorgan Chase & Co	6.300		04/23/19		13,328
	7,700,000		JPMorgan Chase & Co	4.950		03/25/20		8,002
	3,025,000		JPMorgan Chase & Co	6.400		05/15/38		3,501
	3,875,000	g	Lloyds TSB Bank plc	5.800		01/13/20		3,658
	4,250,000	i	Manufacturers & Traders Trust Co	5.630		12/01/21		4,017
	12,750,000		Northern Trust Corp	4.630		05/01/14		13,937
	8,000,000		PNC Funding Corp	5.130		02/08/20		8,319
	4,900,000	g,i	Rabobank Nederland NV	11.000		12/30/49		6,052
	3,050,000		Regions Financial Corp	4.880		04/26/13		3,066
	3,050,000		Regions Financial Corp	5.750		06/15/15		3,031
	9,000,000	g	Royal Bank of Canada	3.130		04/14/15		9,336
	4,500,000	g	Shinhan Bank	4.380		09/15/15		4,461
	6,350,000		State Street Corp	4.300		05/30/14		6,762
	2,000,000		Union Bank of California NA	5.950		05/11/16		2,145
	5,000,000		US Bank NA	4.950		10/30/14		5,449
	1,925,000		USB Capital XIII Trust	6.630		12/15/39		2,030
	5,125,000		Wachovia Bank NA	5.300		10/15/11		5,364
	8,275,000		Wachovia Bank NA	4.800		11/01/14		8,666
	2,050,000		Wachovia Bank NA	5.850		02/01/37		2,036
	2,975,000		Wachovia Corp	5.500		05/01/13		3,229
	3,500,000		Wells Fargo & Co	5.250		10/23/12		3,746
	5,500,000		Wells Fargo & Co	4.950		10/16/13		5,850

295

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE
	$10,650,000		Wells Fargo & Co	4.750	%	02/09/15	$	11,146
	6,525,000		Wells Fargo & Co	3.630		04/15/15		6,667
	3,000,000		Zions Bancorporation	7.750		09/23/14		3,057
			TOTAL DEPOSITORY INSTITUTIONS					470,458
ELECTRIC, GAS, AND SANITARY SERVICES - 2.2%
	259,000	g	AES Corp	8.750		05/15/13		263
	2,250,000		AGL Capital Corp	5.250		08/15/19		2,380
	2,000,000		AGL Capital Corp	6.000		10/01/34		2,100
	8,435,000		Alliant Energy Corp	1.000		10/15/14		8,703
	5,500,000		Atmos Energy Corp	8.500		03/15/19		6,913
	4,500,000		Carolina Power & Light Co	5.130		09/15/13		4,956
	4,750,000		Carolina Power & Light Co	5.300		01/15/19		5,311
	2,750,000		Carolina Power & Light Co	5.700		04/01/35		2,975
	2,100,000		CenterPoint Energy Houston Electric LLC	7.000		03/01/14		2,436
	4,250,000		CenterPoint Energy Resources Corp	7.880		04/01/13		4,870
	3,550,000		CenterPoint Energy Resources Corp	6.250		02/01/37		3,758
	4,375,000	g	Colbun S.A.	6.000		01/21/20		4,568
	4,200,000		Commonweatlh Edison Co	5.900		03/15/36		4,574
	2,750,000		Connecticut Light & Power Co	5.500		02/01/19		3,057
	1,500,000		Consolidated Edison Co of New York, Inc	4.450		06/15/20		1,590
	3,500,000		Consolidated Edison Co of New York, Inc	5.700		06/15/40		3,773
	3,500,000		Consolidated Natural Gas Co	6.250		11/01/11		3,711
	4,250,000		Consolidated Natural Gas Co	5.000		12/01/14		4,599
	4,500,000	g	Dubai Electricity & Water Authority	8.500		04/22/15		4,585
	7,150,000		Duke Energy Carolinas LLC	5.750		11/15/13		8,093
	1,400,000		Duke Energy Carolinas LLC	4.300		06/15/20		1,479
	1,335,000	g	Enel Finance International S.A.	3.880		10/07/14		1,346
	4,000,000		FirstEnergy Solutions Corp	4.800		02/15/15		4,186
	4,000,000		FirstEnergy Solutions Corp	6.050		08/15/21		4,080
	2,000,000		Florida Power Corp	6.400		06/15/38		2,390
	5,000,000		Georgia Power Co	5.400		06/01/40		5,140
	5,000,000		Indiana Michigan Power Co	7.000		03/15/19		5,850
	1,000,000	g	Kansas Gas & Electric	6.700		06/15/19		1,172
	2,460,000	g	Kazatomprom	6.250		05/20/15		2,491
	2,815,000		Kinder Morgan Energy Partners LP	5.850		09/15/12		3,018
	2,825,000		Kinder Morgan Energy Partners LP	9.000		02/01/19		3,516
	3,850,000		Kinder Morgan Energy Partners LP	6.500		09/01/39		3,967
	2,092,000		Mirant North America LLC	7.380		12/31/13		2,139
	4,000,000		National Fuel Gas Co	5.250		03/01/13		4,228
	2,800,000		Nevada Power Co	6.500		08/01/18		3,205
	3,500,000		Nevada Power Co	6.650		04/01/36		3,980
	3,250,000		NiSource Finance Corp	10.750		03/15/16		4,165
	1,500,000		NRG Energy, Inc	7.250		02/01/14		1,521
	4,075,000		ONEOK Partners LP	5.900		04/01/12		4,347
	5,250,000		Pacific Gas & Electric Co	8.250		10/15/18		6,717
	2,750,000		PacifiCorp	6.000		01/15/39		3,159
	6,750,000		PG&E Corp	5.750		04/01/14		7,477
	750,000		Potomac Electric Power Co	7.900		12/15/38		1,019
	3,825,000		Progress Energy, Inc	7.050		03/15/19		4,519
	2,000,000		Public Service Co of Colorado	7.880		10/01/12		2,281
	2,825,000		Public Service Co of Colorado	4.880		03/01/13		3,073
	2,500,000		Public Service Co of Colorado	5.500		04/01/14		2,780

296

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE
	$  8,800,000		Public Service Co of Oklahoma	5.150	%	12/01/19	$	9,266
	2,640,000		Public Service Electric & Gas Co	5.300		05/01/18		2,896
	4,415,000	g	Republic Services, Inc	5.000		03/01/20		4,578
	4,135,000	g	Republic Services, Inc	5.250		11/15/21		4,351
	5,810,000	g	Republic Services, Inc	6.200		03/01/40		6,232
	2,000,000		Sabine Pass LNG LP	7.250		11/30/13		1,800
	3,100,000		San Diego Gas & Electric Co	5.350		05/15/40		3,346
	4,000,000		Sempra Energy	6.000		10/15/39		4,244
	2,000,000		Spectra Energy Capital LLC	6.250		02/15/13		2,173
	2,600,000		Veolia Environnement	5.250		06/03/13		2,806
	4,500,000		Virginia Electric and Power Co	4.750		03/01/13		4,874
	9,040,000		Waste Management, Inc	6.130		11/30/39		9,774
	3,000,000	g	Williams Partners LP	3.800		02/15/15		3,019
	5,350,000	g	Williams Partners LP	5.250		03/15/20		5,471
	6,200,000	g	Williams Partners LP	6.300		04/15/40		6,229
	3,000,000		Wisconsin Electric Power Co	5.630		05/15/33		3,248
			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					250,767
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.5%
	4,000,000		Amphenol Corp	4.750		11/15/14		4,239
	3,838,000		Analog Devices, Inc	5.000		07/01/14		4,148
	10,685,000		Cisco Systems, Inc	4.450		01/15/20		11,279
	3,300,000		General Electric Co	5.250		12/06/17		3,588
	2,550,000		Hewlett-Packard Co	2.950		08/15/12		2,643
	4,450,000		L-3 Communications Corp	6.380		10/15/15		4,450
	2,255,000		L-3 Communications Corp	5.200		10/15/19		2,352
	2,150,000		National Semiconductor Corp	3.950		04/15/15		2,179
	4,500,000	g	Power Sector Assets & Liabilities Management Corp	7.390		12/02/24		4,905
	3,050,000		Tyco International Finance S.A.	6.000		11/15/13		3,414
	2,190,000		Tyco International Finance S.A.	4.130		10/15/14		2,325
	5,600,000		Whirlpool Corp	8.000		05/01/12		6,126
			TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					51,648
EXECUTIVE, LEGISLATIVE AND GENERAL - 0.0%
	4,500,000	g	National Agricultural Cooperative Federation	5.000		09/30/14		4,683
			TOTAL EXECUTIVE, LEGISLATIVE AND GENERAL					4,683
FABRICATED METAL PRODUCTS - 0.2%
	1,015,000		Ball Corp	7.130		09/01/16		1,062
	355,000		Ball Corp	7.380		09/01/19		369
	1,875,000		CRH America, Inc	6.950		03/15/12		2,031
	5,000,000		Crown Americas LLC	7.750		11/15/15		5,188
	2,000,000		Silgan Holdings, Inc	7.250		08/15/16		2,050
	9,400,000		Valmont Industries, Inc	6.630		04/20/20		9,632
			TOTAL FABRICATED METAL PRODUCTS					20,332
FOOD AND KINDRED PRODUCTS - 1.0%
	4,300,000	g	BFF International Ltd	7.250		01/28/20		4,408
	6,400,000		Bottling Group LLC	6.950		03/15/14		7,553
	2,750,000		Bunge Ltd	8.500		06/15/19		3,284
	4,000,000		Coca-Cola Enterprises, Inc	4.250		03/01/15		4,326
	1,200,000		Coca-Cola Enterprises, Inc	4.500		08/15/19		1,298
	4,580,000	g	Corp Pesquera Inca Sac	9.000		02/10/17		4,477

297

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE
	$  7,250,000		Dr Pepper Snapple Group, Inc	2.350	%	12/21/12	$	7,334
	3,775,000		Dr Pepper Snapple Group, Inc	6.120		05/01/13		4,200
	3,698,000		Dr Pepper Snapple Group, Inc	6.820		05/01/18		4,410
	3,875,000		Dr Pepper Snapple Group, Inc	7.450		05/01/38		4,971
	3,850,000		General Mills, Inc	5.250		08/15/13		4,247
	6,000,000		General Mills, Inc	5.650		02/15/19		6,818
	7,000,000	g	Grupo Bimbo SAB de C.V.	4.880		06/30/20		7,056
	2,530,000		Kraft Foods, Inc	6.130		02/01/18		2,871
	8,750,000		Kraft Foods, Inc	5.380		02/10/20		9,376
	4,000,000		Kraft Foods, Inc	6.500		11/01/31		4,392
	4,250,000		Kraft Foods, Inc	6.500		02/09/40		4,753
	4,500,000	g	Marfrig Overseas Ltd	9.500		05/04/20		4,410
	7,300,000	g	Mead Johnson Nutrition Co	4.900		11/01/19		7,719
	2,750,000	g	Mead Johnson Nutrition Co	5.900		11/01/39		2,938
	2,025,000		PepsiAmericas, Inc	5.750		07/31/12		2,218
	625,000		PepsiAmericas, Inc	4.380		02/15/14		682
	3,175,000		PepsiCo, Inc	7.900		11/01/18		4,105
	5,000,000		Reynolds American, Inc	6.500		07/15/10		5,005
	1,000,000	g	Smithfield Foods, Inc	10.000		07/15/14		1,108
			TOTAL FOOD AND KINDRED PRODUCTS					113,959
FOOD STORES - 0.2%
	3,800,000		Delhaize Group S.A.	5.880		02/01/14		4,241
	3,800,000		Delhaize Group S.A.	6.500		06/15/17		4,380
	1,500,000		Ingles Markets, Inc	8.880		05/15/17		1,526
	1,500,000		Kroger Co	6.200		06/15/12		1,632
	1,205,000		Kroger Co	5.000		04/15/13		1,290
	1,600,000		Kroger Co	6.400		08/15/17		1,862
	775,000		Kroger Co	6.800		12/15/18		913
	1,600,000		Safeway, Inc	5.000		08/15/19		1,717
	1,750,000		Stater Brothers Holdings	8.130		06/15/12		1,750
	880,000		Stater Brothers Holdings	7.750		04/15/15		878
			TOTAL FOOD STORES					20,189
FURNITURE AND HOME FURNISHINGS STORES - 0.0%
	1,500,000		GSC Holdings Corp	8.000		10/01/12		1,541
			TOTAL FURNITURE AND HOME FURNISHINGS STORES					1,541
GENERAL BUILDING CONTRACTORS - 0.0%
	1,340,000	g	Corp GEO SAB de C.V.	9.250		06/30/20		1,338
			TOTAL GENERAL BUILDING CONTRACTORS					1,338
GENERAL MERCHANDISE STORES - 0.3%
	4,700,000		JC Penney Corp, Inc	5.750		02/15/18		4,712
	5,985,000		JC Penney Corp, Inc	5.650		06/01/20		5,849
	5,650,000		Macy’s Retail Holdings, Inc	5.900		12/01/16		5,664
	1,925,000		TJX Cos, Inc	6.950		04/15/19		2,390
	875,000		Wal-Mart Stores, Inc	3.000		02/03/14		912

298

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE
	$  3,750,000		Wal-Mart Stores, Inc	5.250	%	09/01/35	$	3,950
	4,000,000		Wal-Mart Stores, Inc	5.630		04/01/40		4,365
			TOTAL GENERAL MERCHANDISE STORES					27,842
HEALTH SERVICES - 0.2%
	2,750,000	g	Apria Healthcare Group, Inc	11.250		11/01/14		2,929
	1,500,000		CHS	8.880		07/15/15		1,547
	1,056,000		DaVita, Inc	6.630		03/15/13		1,057
	2,250,000		Express Scripts, Inc	7.250		06/15/19		2,720
	5,259,000	o	HCA, Inc	9.630		11/15/16		5,627
	3,500,000		Quest Diagnostics, Inc	6.400		07/01/17		3,998
			TOTAL HEALTH SERVICES					17,878
HOLDING AND OTHER INVESTMENT OFFICES - 0.5%
	2,310,000		AMB Property LP	6.630		12/01/19		2,489
	1,915,000	g	BioMed Realty LP	6.130		04/15/20		1,994
	1,610,000		Boston Properties LP	5.880		10/15/19		1,722
	1,875,000		Boston Properties LP	2.880		02/15/37		1,849
	1,525,000		Brandywine Operating Partnership LP	7.500		05/15/15		1,663
	1,525,000		Brandywine Operating Partnership LP	5.700		05/01/17		1,490
	5,000,000		Brookfield Asset Management, Inc	7.130		06/15/12		5,341
	1,835,000		Developers Diversified Realty Corp	9.630		03/15/16		1,991
	2,325,000		Developers Diversified Realty Corp	7.500		04/01/17		2,282
	2,700,000	g	Digital Realty Trust LP	4.500		07/15/15		2,692
	255,000		Federal Realty Investment Trust	5.650		06/01/16		272
	700,000		Federal Realty Investment Trust	5.900		04/01/20		740
	2,675,000		Health Care REIT, Inc	6.130		04/15/20		2,767
	1,600,000		Highwoods Properties, Inc	5.850		03/15/17		1,596
	4,600,000	g	HSBC Bank plc	3.500		06/28/15		4,644
	840,000		Kimco Realty Corp	5.700		05/01/17		878
	1,480,000		Mack-Cali Realty Corp	7.750		08/15/19		1,739
	915,000		National Retail Properties, Inc	6.880		10/15/17		1,001
	900,000		Nationwide Health Properties, Inc	6.250		02/01/13		967
	4,500,000	g	Odebrecht Finance Ltd	7.000		04/21/20		4,573
	725,000	g	PPF Funding, Inc	5.350		04/15/12		736
	1,485,000		ProLogis	7.630		08/15/14		1,576
	385,000		ProLogis	5.750		04/01/16		366
	1,540,000		ProLogis	5.630		11/15/16		1,448
	1,505,000		ProLogis	7.380		10/30/19		1,474
	2,325,000		Realty Income Corp	5.950		09/15/16		2,529
	3,875,000		Realty Income Corp	5.750		01/15/21		3,953
	2,325,000		Regency Centers LP	5.250		08/01/15		2,425
	225,000		Regency Centers LP	5.880		06/15/17		237
	1,090,000		Simon Property Group LP	6.750		05/15/14		1,225
	800,000		Simon Property Group LP	5.250		12/01/16		852
	3,040,000		Simon Property Group LP	10.350		04/01/19		4,047
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES					63,558
HOTELS AND OTHER LODGING PLACES - 0.0%
	2,000,000		Ameristar Casinos, Inc	9.250		06/01/14		2,095
			TOTAL HOTELS AND OTHER LODGING PLACES					2,095

299

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.3%
	$  1,500,000		Black & Decker Corp	8.950	%	04/15/14	$	1,826
	1,000,000	g	Brocade Communications Systems, Inc	6.880		01/15/20		993
	7,525,000		Hewlett-Packard Co	4.250		02/24/12		7,929
	5,250,000		Hewlett-Packard Co	4.750		06/02/14		5,817
	3,150,000		International Game Technology	7.500		06/15/19		3,658
	2,125,000		ITT Corp	4.900		05/01/14		2,315
	2,945,000		John Deere Capital Corp	2.950		03/09/15		3,024
	1,500,000		Kennametal, Inc	7.200		06/15/12		1,595
	3,600,000		Xerox Corp	8.250		05/15/14		4,220
	5,000,000		Xerox Corp	4.250		02/15/15		5,176
	2,075,000		Xerox Corp	5.630		12/15/19		2,208
			TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					38,761
INSTRUMENTS AND RELATED PRODUCTS - 0.4%
	1,700,000		Agilent Technologies, Inc	4.450		09/14/12		1,774
	3,750,000		Boston Scientific Corp	4.500		01/15/15		3,684
	4,000,000		Emerson Electric Co	4.500		05/01/13		4,326
	5,000,000		Medtronic, Inc	4.750		09/15/15		5,570
	4,450,000		Medtronic, Inc	4.450		03/15/20		4,742
	6,200,000		Stryker Corp	3.000		01/15/15		6,401
	4,000,000		Stryker Corp	4.380		01/15/20		4,255
	6,225,000		Thermo Fisher Scientific, Inc	2.150		12/28/12		6,298
	1,695,000		Thermo Fisher Scientific, Inc	3.200		05/01/15		1,749
	1,750,000		Thermo Fisher Scientific, Inc	5.000		06/01/15		1,921
	2,560,000		Thermo Fisher Scientific, Inc	4.700		05/01/20		2,757
			TOTAL INSTRUMENTS AND RELATED PRODUCTS					43,477
INSURANCE AGENTS, BROKERS AND SERVICE - 0.2%
	7,600,000		Hartford Financial Services Group, Inc	4.000		03/30/15		7,462
	7,600,000		Hartford Financial Services Group, Inc	5.500		03/30/20		7,376
	3,725,000		Hartford Financial Services Group, Inc	6.630		03/30/40		3,459
			TOTAL INSURANCE AGENTS, BROKERS AND SERVICE					18,297
INSURANCE CARRIERS - 1.1%
	3,825,000		ACE INA Holdings, Inc	5.880		06/15/14		4,231
	2,155,000		Aetna, Inc	6.500		09/15/18		2,494
	1,925,000		Aetna, Inc	6.630		06/15/36		2,142
	11,525,000		Aflac, Inc	8.500		05/15/19		13,868
	4,000,000		Aflac, Inc	6.900		12/17/39		4,158
	5,000,000	g	AIG SunAmerica Global Financing VI	6.300		05/10/11		5,050
	5,375,000		Allstate Corp	7.450		05/16/19		6,335
	4,375,000		American Financial Group, Inc	9.880		06/15/19		5,233
	3,750,000		Chubb Corp	6.000		05/11/37		4,055
	1,390,000		CIGNA Corp	5.130		06/15/20		1,447
	4,000,000	g	John Hancock Global Funding II	7.900		07/02/10		4,000
	7,500,000		Lincoln National Corp	7.000		06/15/40		7,899
	3,000,000		Metlife, Inc	5.380		12/15/12		3,217
	5,620,000		Metlife, Inc	5.000		06/15/15		6,007
	7,675,000		Metlife, Inc	6.750		06/01/16		8,683
	2,500,000		Metlife, Inc	5.700		06/15/35		2,445
	5,500,000	g	Principal Life Global Funding I	5.130		10/15/13		5,779
	3,000,000		Prudential Financial, Inc	5.800		06/15/12		3,175
	8,050,000		Prudential Financial, Inc	7.380		06/15/19		9,322

300

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE
	$   5,000,000		Prudential Financial, Inc	6.630	%	06/21/40	$	5,088
	3,000,000	g	Prudential Funding LLC	6.750		09/15/23		3,208
	4,250,000		Travelers Cos, Inc	5.800		05/15/18		4,662
	1,150,000		Travelers Cos, Inc	5.900		06/02/19		1,277
	4,750,000		Unum Group	7.130		09/30/16		5,219
	4,902,000		WellPoint, Inc	6.380		01/15/12		5,242
	1,800,000		WellPoint, Inc	5.880		06/15/17		2,005
	2,250,000		WellPoint, Inc	5.850		01/15/36		2,262
			TOTAL INSURANCE CARRIERS					128,503
JUSTICE, PUBLIC ORDER AND SAFETY - 0.0%
	1,500,000		Corrections Corp of America	7.750		06/01/17		1,556
			TOTAL JUSTICE, PUBLIC ORDER AND SAFETY					1,556
LEGAL SERVICES - 0.0%
	1,006,000		FTI Consulting, Inc	7.630		06/15/13		1,006
			TOTAL LEGAL SERVICES					1,006
METAL MINING - 0.3%
	5,575,000		Freeport-McMoRan Copper & Gold, Inc	8.380		04/01/17		6,133
	1,940,000		Newmont Mining Corp	6.250		10/01/39		2,117
	3,850,000		Rio Tinto Finance USA Ltd	5.880		07/15/13		4,218
	4,000,000		Rio Tinto Finance USA Ltd	6.500		07/15/18		4,559
	2,500,000		Rio Tinto Finance USA Ltd	9.000		05/01/19		3,281
	4,000,000		Teck Resources Ltd	10.750		05/15/19		4,901
			TOTAL METAL MINING					25,209
MISCELLANEOUS RETAIL - 0.2%
	5,690,000		CVS Caremark Corp	3.250		05/18/15		5,780
	10,500,000		CVS Caremark Corp	5.750		06/01/17		11,681
	795,000		CVS Caremark Corp	6.600		03/15/19		925
	4,000,000		CVS Caremark Corp	4.750		05/18/20		4,095
	3,875,000		Staples, Inc	9.750		01/15/14		4,753
			TOTAL MISCELLANEOUS RETAIL					27,234
MOTION PICTURES - 0.2%
	3,000,000		AMC Entertainment, Inc	8.750		06/01/19		3,015
	16,250,000		Time Warner, Inc	6.880		05/01/12		17,703
	3,825,000		Time Warner, Inc	6.500		11/15/36		4,160
			TOTAL MOTION PICTURES					24,878
NONDEPOSITORY INSTITUTIONS - 1.9%
	2,550,000		American Express Co	7.000		03/19/18		2,941
	8,875,000		American Express Co	8.130		05/20/19		11,019
	7,500,000		American General Finance Corp	6.900		12/15/17		5,972
	3,500,000	g	American Honda Finance Corp	5.130		12/15/10		3,563
	3,875,000		Barrick Australian Finance Pty Ltd	5.950		10/15/39		4,129
	4,500,000	g	CCL Finance Ltd	9.500		08/15/14		5,141
	9,500,000	g	CDP Financial, Inc	3.000		11/25/14		9,588
	3,700,000		Countrywide Financial Corp	6.250		05/15/16		3,857
	4,500,000		Countrywide Home Loans, Inc	4.000		03/22/11		4,582
	2,000,000		Ford Motor Credit Co LLC	7.500		08/01/12		2,045

301

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE
	$   2,100,000		General Electric Capital Corp	5.880	%	02/15/12	$	2,232
	3,000,000		General Electric Capital Corp	5.900		05/13/14		3,311
	21,200,000		General Electric Capital Corp	5.500		06/04/14		23,165
	4,450,000		General Electric Capital Corp	3.500		06/29/15		4,446
	16,500,000		General Electric Capital Corp	5.500		01/08/20		17,436
	5,375,000		General Electric Capital Corp	6.880		01/10/39		5,935
	10,000,000		HSBC Finance Corp	5.250		01/14/11		10,168
	5,750,000		HSBC Finance Corp	6.380		11/27/12		6,210
	4,000,000		HSBC Finance Corp	4.750		07/15/13		4,190
	5,000,000		HSBC Finance Corp	5.500		01/19/16		5,353
	5,575,000		International Lease Finance Corp	5.750		06/15/11		5,470
	2,325,000	g	International Lease Finance Corp	8.630		09/15/15		2,203
	15,350,000		Kreditanstalt fuer Wiederaufbau	4.500		07/16/18		16,683
	12,000,000		Kreditanstalt fuer Wiederaufbau	4.000		01/27/20		12,481
	4,150,000		Landwirtschaftliche Rentenbank	5.250		07/02/12		4,480
	5,000,000		Landwirtschaftliche Rentenbank	5.130		02/01/17		5,664
	4,092,000	g	Majapahit Holding BV	8.000		08/07/19		4,501
	4,000,000		MBNA Corp	6.130		03/01/13		4,294
	3,415,000		National Rural Utilities Cooperative Finance Corp	2.610		09/16/12		3,503
	5,990,000		National Rural Utilities Cooperative Finance Corp	5.500		07/01/13		6,623
	3,800,000		National Rural Utilities Cooperative Finance Corp	10.380		11/01/18		5,269
	4,500,000	g	PONTIS Ltd	6.250		07/20/10		4,410
	7,680,000		Svensk Exportkredit AB	5.130		03/01/17		8,568
	4,500,000	g	TNK-BP Finance S.A.	6.250		02/02/15		4,511
	3,948,438		Totem Ocean Trailer Express, Inc	4.510		12/18/19		4,286
			TOTAL NONDEPOSITORY INSTITUTIONS					228,229
OIL AND GAS EXTRACTION - 1.6%
	5,450,000		Anadarko Petroleum Corp	5.950		09/15/16		4,691
	2,310,000		Anadarko Petroleum Corp	8.700		03/15/19		2,181
	3,825,000		Anadarko Petroleum Corp	7.950		06/15/39		3,266
	3,700,000		Anadarko Petroleum Corp	6.200		03/15/40		2,927
	4,000,000		Atlas Energy Operating Co LLC	10.750		02/01/18		4,265
	5,900,000		Baker Hughes, Inc	6.500		11/15/13		6,740
	3,000,000		Baker Hughes, Inc	6.880		01/15/29		3,530
	3,500,000		BJ Services Co	5.750		06/01/11		3,645
	2,000,000		Burlington Resources Finance Co	6.400		08/15/11		2,097
	7,750,000		Burlington Resources Finance Co	7.200		08/15/31		9,294
	3,000,000		Cenovus Energy, Inc	4.500		09/15/14		3,205
	3,250,000		Chesapeake Energy Corp	6.500		08/15/17		3,205
	2,000,000		Denbury Resources, Inc	7.500		04/01/13		2,023
	4,500,000	g	Empresa Nacional del Petroleo	6.250		07/08/19		4,776
	1,525,000		EnCana Corp	6.500		05/15/19		1,753
	1,525,000		EnCana Corp	6.630		08/15/37		1,704
	4,250,000		Encore Acquisition Co	9.500		05/01/16		4,505
	5,950,000		Enterprise Products Operating LLC	4.600		08/01/12		6,223
	4,000,000		Enterprise Products Operating LLC	5.600		10/15/14		4,341
	1,150,000		Enterprise Products Operating LLC	5.000		03/01/15		1,210
	2,800,000		Enterprise Products Operating LLC	6.300		09/15/17		3,132
	1,600,000		Enterprise Products Operating LLC	6.500		01/31/19		1,794
	7,000,000		Enterprise Products Operating LLC	5.200		09/01/20		7,189
	7,650,000		Enterprise Products Operating LLC	6.130		10/15/39		7,634
	2,325,000		EOG Resources, Inc	4.400		06/01/20		2,404
	4,000,000		Gaz Capital S.A.	6.210		11/22/16		4,030

302

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE
	$  4,500,000		Gaz Capital S.A.	6.510	%	03/07/22	$	4,348
	3,250,000		Husky Energy, Inc	6.250		06/15/12		3,505
	2,975,000		Husky Energy, Inc	6.800		09/15/37		3,391
	5,192,000		Nexen, Inc	6.400		05/15/37		5,414
	5,200,000		Nexen, Inc	7.500		07/30/39		6,094
	2,800,000		Pemex Project Funding Master Trust	5.750		03/01/18		2,933
	1,890,000		Pemex Project Funding Master Trust	6.630		06/15/38		1,928
	4,500,000		Petrobras International Finance Co	7.880		03/15/19		5,149
	4,450,000		Petrobras International Finance Co	6.880		01/20/40		4,486
	4,500,000	g	Petroleos Mexicanos	4.880		03/15/15		4,658
	2,900,000		Petroleos Mexicanos	8.000		05/03/19		3,451
	2,500,000	g	Petroleos Mexicanos	6.000		03/05/20		2,625
	3,960,000	g	Petroleum Co of Trinidad & Tobago Ltd	9.750		08/14/19		4,514
	4,500,000	g	Petronas Capital Ltd	5.250		08/12/19		4,731
	3,000,000		Plains All American Pipeline LP	5.630		12/15/13		3,262
	8,200,000		Plains All American Pipeline LP	5.750		01/15/20		8,472
	2,000,000		Range Resources Corp	7.500		05/15/16		2,018
	700,000		Range Resources Corp	7.250		05/01/18		698
	3,920,000		Ras Laffan Liquefied Natural Gas Co Ltd	5.300		09/30/20		4,057
	3,750,000		SEACOR Holdings, Inc	7.380		10/01/19		3,960
	1,464,000		Southwestern Energy Co	7.500		02/01/18		1,556
	5,000,000		XTO Energy, Inc	6.250		04/15/13		5,644
	4,400,000		XTO Energy, Inc	4.630		06/15/13		4,744
	3,225,000		XTO Energy, Inc	5.500		06/15/18		3,688
	2,500,000		XTO Energy, Inc	6.380		06/15/38		3,093
			TOTAL OIL AND GAS EXTRACTION					200,183
PAPER AND ALLIED PRODUCTS - 0.0%
	4,500,000	g	Fibria Overseas Finance Ltd	7.500		05/04/20		4,568
	750,000	g	Georgia-Pacific LLC	7.000		01/15/15		758
	1,400,000		Greif, Inc	7.750		08/01/19		1,442
	4,250,000		International Paper Co	7.300		11/15/39		4,686
			TOTAL PAPER AND ALLIED PRODUCTS					11,454
PETROLEUM AND COAL PRODUCTS - 0.8%
	4,725,000		BP Capital Markets plc	3.130		03/10/12		4,368
	2,725,000		BP Capital Markets plc	3.630		05/08/14		2,332
	11,675,000		BP Capital Markets plc	3.880		03/10/15		9,949
	7,000,000		Chevron Corp	3.450		03/03/12		7,296
	9,725,000		ConocoPhillips	4.600		01/15/15		10,623
	7,600,000		ConocoPhillips	6.500		02/01/39		9,178
	3,600,000		Hess Corp	8.130		02/15/19		4,488
	6,000,000		Hess Corp	6.000		01/15/40		6,203
	2,225,000		Marathon Oil Corp	6.500		02/15/14		2,505
	1,628,000		Marathon Oil Corp	7.500		02/15/19		1,952
	4,000,000		Marathon Oil Corp	6.600		10/01/37		4,371
	6,250,000		Shell International Finance BV	3.100		06/28/15		6,347
	7,620,000		Shell International Finance BV	4.380		03/25/20		7,877
	1,925,000		Shell International Finance BV	6.380		12/15/38		2,300
	2,800,000		Statoil ASA	2.900		10/15/14		2,863
	3,375,000		Valero Energy Corp	4.500		02/01/15		3,468
	8,000,000		Valero Energy Corp	6.130		02/01/20		8,221
			TOTAL PETROLEUM AND COAL PRODUCTS					94,341

303

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE
PIPELINES, EXCEPT NATURAL GAS - 0.2%
	$   3,250,000		Enbridge Energy Partners LP	5.200	%	03/15/20	$	3,349
	2,000,000		Kaneb Pipe Line Operating Partnership LP	5.880		06/01/13		2,139
	4,025,000	g	Rockies Express Pipeline LLC	6.250		07/15/13		4,283
	2,175,000		TransCanada Pipelines Ltd	4.000		06/15/13		2,312
	3,400,000		TransCanada Pipelines Ltd	5.850		03/15/36		3,485
	2,750,000	i	TransCanada Pipelines Ltd	6.350		05/15/67		2,451
			TOTAL PIPELINES, EXCEPT NATURAL GAS					18,019
PRIMARY METAL INDUSTRIES - 0.1%
	3,040,000		ArcelorMittal	5.380		06/01/13		3,197
	2,085,000		ArcelorMittal	9.850		06/01/19		2,606
	3,900,000		ArcelorMittal	7.000		10/15/39		4,119
	4,350,000	g	CSN Islands XI Corp	6.880		09/21/19		4,437
			TOTAL PRIMARY METAL INDUSTRIES					14,359
PRINTING AND PUBLISHING - 0.2%
	2,500,000		Dun & Bradstreet Corp	5.500		03/15/11		2,576
	1,274,000		News America, Inc	7.250		05/18/18		1,532
	4,250,000		News America, Inc	7.630		11/30/28		4,905
	3,800,000		News America, Inc	6.200		12/15/34		4,002
	3,575,000		News America, Inc	6.650		11/15/37		4,012
	3,800,000		News America, Inc	6.900		08/15/39		4,361
			TOTAL PRINTING AND PUBLISHING					21,388
RAILROAD TRANSPORTATION - 0.5%
	3,750,000		Burlington Northern Santa Fe Corp	6.750		07/15/11		3,950
	7,650,000		Burlington Northern Santa Fe Corp	4.700		10/01/19		8,103
	2,400,000		Burlington Northern Santa Fe Corp	6.150		05/01/37		2,701
	7,000,000		Burlington Northern Santa Fe Corp	5.750		05/01/40		7,404
	2,640,000	g	Kansas City Southern de Mexico S.A. de C.V.	8.000		02/01/18		2,732
	2,500,000		Norfolk Southern Corp	5.750		01/15/16		2,836
	2,800,000		Norfolk Southern Corp	5.750		04/01/18		3,165
	2,056,000		Norfolk Southern Corp	5.590		05/17/25		2,203
	1,500,000		Union Pacific Corp	6.500		04/15/12		1,630
	6,375,000		Union Pacific Corp	5.130		02/15/14		6,974
			TOTAL RAILROAD TRANSPORTATION					41,698
REAL ESTATE - 0.0%
	4,500,000	g	Desarrolladora Homex SAB de C.V.	9.500		12/11/19		4,613
	3,280,000	g	Sable International Finance Ltd	7.750		02/15/17		3,296
	1,750,000	g, i	USB Realty Corp	6.090		12/30/49		1,216
			TOTAL REAL ESTATE					9,125
SECURITY AND COMMODITY BROKERS - 1.9%
	3,550,000		Ameriprise Financial, Inc	5.300		03/15/20		3,709
	7,250,000		BlackRock, Inc	3.500		12/10/14		7,519
	7,500,000		BlackRock, Inc	5.000		12/10/19		7,972
	3,000,000		Credit Suisse USA, Inc	4.880		01/15/15		3,216
	1,250,000		Eaton Vance Corp	6.500		10/02/17		1,422
	5,760,000		Franklin Resources, Inc	3.130		05/20/15		5,900

304

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE
	$   4,900,000	i	Goldman Sachs Capital II	5.790	%	12/30/49	$	3,700
	3,825,000		Goldman Sachs Group, Inc	3.630		08/01/12		3,897
	3,250,000		Goldman Sachs Group, Inc	5.700		09/01/12		3,432
	7,300,000		Goldman Sachs Group, Inc	4.750		07/15/13		7,622
	1,130,000		Goldman Sachs Group, Inc	6.000		05/01/14		1,214
	14,037,000		Goldman Sachs Group, Inc	5.350		01/15/16		14,523
	4,975,000		Goldman Sachs Group, Inc	7.500		02/15/19		5,561
	13,725,000		Goldman Sachs Group, Inc	5.380		03/15/20		13,562
	1,150,000		Goldman Sachs Group, Inc	6.450		05/01/36		1,099
	3,100,000		Goldman Sachs Group, Inc	6.750		10/01/37		3,039
	3,150,000	n	Lehman Brothers Holdings Capital Trust V	5.860		12/30/49		0	^
	15,125,000		Merrill Lynch & Co, Inc	6.050		08/15/12		16,081
	4,825,000		Merrill Lynch & Co, Inc	5.450		02/05/13		5,062
	4,675,000		Merrill Lynch & Co, Inc	6.400		08/28/17		4,875
	13,650,000		Merrill Lynch & Co, Inc	6.880		04/25/18		14,561
	30,000,000		Morgan Stanley	2.250		03/13/12		30,779
	14,775,000		Morgan Stanley	6.000		05/13/14		15,654
	3,925,000		Morgan Stanley	6.000		04/28/15		4,102
	9,350,000		Morgan Stanley	5.380		10/15/15		9,470
	5,000,000		Morgan Stanley	5.750		10/18/16		5,037
	4,125,000		Morgan Stanley	5.450		01/09/17		4,089
	4,775,000		Morgan Stanley	5.950		12/28/17		4,835
	3,850,000		Morgan Stanley	6.630		04/01/18		4,035
	4,975,000		Morgan Stanley	7.300		05/13/19		5,350
	3,250,000		Morgan Stanley	5.500		01/26/20		3,144
	708,000		NASDAQ OMX Group, Inc	2.500		08/15/13		672
	3,500,000		NASDAQ OMX Group, Inc	4.000		01/15/15		3,559
	2,625,000		NASDAQ OMX Group, Inc	5.550		01/15/20		2,679
	1,500,000		Nomura Holdings, Inc	5.000		03/04/15		1,585
			TOTAL SECURITY AND COMMODITY BROKERS					222,956
SOCIAL SERVICES - 0.0%
	2,000,000	g	Knowledge Learning Corp, Inc	7.750		02/01/15		1,840
			TOTAL SOCIAL SERVICES					1,840
STONE, CLAY, AND GLASS PRODUCTS - 0.1%
	3,385,000		3M Co	4.380		08/15/13		3,694
	4,150,000		3M Co	5.700		03/15/37		4,744
	4,500,000	g	Cemex SAB de C.V.	9.500		12/14/16		4,343
			TOTAL STONE, CLAY, AND GLASS PRODUCTS					12,781
TOBACCO PRODUCTS - 0.1%
	2,900,000		Philip Morris International, Inc	4.880		05/16/13		3,136
	7,425,000		Philip Morris International, Inc	6.880		03/17/14		8,590
	1,600,000		Philip Morris International, Inc	6.380		05/16/38		1,878
			TOTAL TOBACCO PRODUCTS					13,604
TRANSPORTATION BY AIR - 0.0%
	2,840,000		Bristow Group, Inc	7.500		09/15/17		2,712
			TOTAL TRANSPORTATION BY AIR					2,712

305

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE
TRANSPORTATION EQUIPMENT - 0.3%
	$   2,000,000	g	Bombardier, Inc	7.500	%	03/15/18	$	2,060
	2,325,000		Embraer Overseas Ltd	6.380		01/15/20		2,386
	3,515,000		Goodrich Corp	6.130		03/01/19		4,065
	1,500,000		Goodrich Corp	4.880		03/01/20		1,610
	1,700,000		Hyundai Motor Manufacturing Czech	4.500		04/15/15		1,686
	2,500,000		Lockheed Martin Corp	4.120		03/14/13		2,677
	3,875,000	g	Meccanica Holdings USA	6.250		01/15/40		3,599
	6,825,000		United Technologies Corp	4.500		04/15/20		7,384
	4,970,000		United Technologies Corp	5.400		05/01/35		5,354
	1,075,000		United Technologies Corp	6.050		06/01/36		1,226
			TOTAL TRANSPORTATION EQUIPMENT					32,047
WATER TRANSPORTATION - 0.0%
	4,500,000	g	DP World Ltd	6.850		07/02/37		3,580
	111,000		Hornbeck Offshore Services, Inc	8.000		09/01/17		99
			TOTAL WATER TRANSPORTATION					3,679
WHOLESALE TRADE-DURABLE GOODS - 0.1%
	5,250,000	g	Ace Hardware Corp	9.130		06/01/16		5,499
	4,500,000	g	Adaro Indonesia PT	7.630		10/22/19		4,545
	3,000,000		Martin Marietta Materials, Inc	6.600		04/15/18		3,255
	2,250,000	g	Rearden G Holdings Eins	7.880		03/30/20		2,273
	2,000,000		Vale Overseas Ltd	6.250		01/23/17		2,178
	2,760,000		Vale Overseas Ltd	6.880		11/21/36		2,877
	6,150,000		Vale Overseas Ltd	6.880		11/10/39		6,426
			TOTAL WHOLESALE TRADE-DURABLE GOODS					27,053
WHOLESALE TRADE-NONDURABLE GOODS - 0.3%
	2,000,000		AmeriGas Partners LP	7.130		05/20/16		1,990
	4,425,000		Anheuser-Busch InBev Worldwide, Inc	5.380		01/15/20		4,768
	7,175,000	g	Anheuser-Busch InBev Worldwide, Inc	5.000		04/15/20		7,501
	2,500,000		Anheuser-Busch InBev Worldwide, Inc	6.380		01/15/40		2,858
	2,000,000		Inergy LP	6.880		12/15/14		1,970
	4,250,000		McKesson Corp	6.500		02/15/14		4,856
	5,000,000		New Albertsons, Inc	7.500		02/15/11		5,088
	640,000		SuperValu, Inc	8.000		05/01/16		634
			TOTAL WHOLESALE TRADE-NONDURABLE GOODS					29,665
			TOTAL CORPORATE BONDS					3,596,679
			(Cost $3,417,364)
GOVERNMENT BONDS - 61.8%
AGENCY SECURITIES - 5.2%
			Federal Farm Credit Bank (FFCB)
	31,850,000		FFCB	2.630		04/21/11		32,413
	7,250,000		FFCB	5.380		07/18/11		7,621
	9,750,000		FFCB	1.380		06/25/13		9,805
			Federal Home Loan Bank (FHLB)
	3,000,000		FHLB	3.630		09/16/11		3,115
	15,000,000		FHLB	1.880		06/21/13		15,296
			Federal Home Loan Mortgage Corp (FHLMC)

306

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE
	$   22,500,000		FHLMC	5.250	%	07/18/11	$	23,631
	5,000,000		FHLMC	1.750		06/15/12		5,098
	15,000,000		FHLMC	5.500		08/20/12		16,488
	8,600,000		FHLMC	2.130		09/21/12		8,842
	5,000,000		FHLMC	4.130		12/21/12		5,397
	6,000,000		FHLMC	3.500		05/29/13		6,411
	27,600,000		FHLMC	2.500		04/23/14		28,576
	20,000,000		FHLMC	3.000		07/28/14		21,057
	1,316,007		FHLMC	5.750		12/15/18		1,389
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	4,701,250		FGLMC	5.000		04/01/23		5,019
			Federal National Mortgage Association (FNMA)
	8,250,000		FNMA	3.250		08/12/10		8,278
	19,400,000		FNMA	1.380		04/28/11		19,554
	8,000,000		FNMA	5.000		10/15/11		8,457
	20,000,000		FNMA	2.000		01/09/12		20,405
	2,000,000		FNMA	1.130		07/30/12		2,013
	10,000,000		FNMA	3.630		02/12/13		10,677
	4,400,000		FNMA	1.750		05/07/13		4,480
	25,000,000		FNMA	3.880		07/12/13		27,087
	24,500,000		FNMA	2.750		02/05/14		25,521
	76,000,000		FNMA	2.750		03/13/14		79,254
	25,500,000		FNMA	2.500		05/15/14		26,325
	23,500,000		FNMA	3.000		09/16/14		24,661
	35,000,000		FNMA	2.630		11/20/14		36,173
	7,718,001		FNMA	4.500		03/25/33		8,334
	5,205,035		Cal Dive I- Title XI, Inc	4.930		02/01/27		5,572
	26,000,000	g,j	FDIC Structured Sale Guarantee	0.000		10/25/12		25,073
	1,993,360		Overseas Private Investment Corp	3.420		01/15/15		2,087
	13,000,000		Private Export Funding Corp	4.900		12/15/11		13,811
	25,000,000		Private Export Funding Corp	3.550		04/15/13		26,616
	10,000,000		Private Export Funding Corp	3.050		10/15/14		10,455
	7,000,000		Private Export Funding Corp	4.550		05/15/15		7,763
	17,000,000		Private Export Funding Corp	5.450		09/15/17		19,791
	10,000,000		Private Export Funding Corp	4.380		03/15/19		10,828
	3,000,000		US Department of Housing and Urban Development	5.380		08/01/18		3,461
			TOTAL AGENCY SECURITIES					616,834
FOREIGN GOVERNMENT BONDS - 4.2%
	2,270,000	g	Arab Republic of Egypt	5.750		04/29/20		2,290
	3,200,000	g	Bahrain Government International Bond	5.500		03/31/20		3,218
	5,300,000	g	Banco Nacional de Desenvolvimento Economico e Social	6.500		06/10/19		5,678
	4,500,000	g	Banco Nacional de Desenvolvimento Economico e Social	5.500		07/12/20		4,511
	1,675,000		Banque Centrale de Tunisie	8.250		09/19/27		2,010
	9,235,000	g	Belgium Government International Bond	2.880		09/15/14		9,325
	11,250,000		Belgium Kingdom	2.750		03/05/15		11,216
	5,460,000		Brazilian Government International Bond	5.880		01/15/19		5,992
	4,500,000		Brazilian Government International Bond	4.880		01/22/21		4,507
	825,000		Brazilian Government International Bond	7.130		01/20/37		974
	12,200,000		Canada Government International Bond	2.380		09/10/14		12,522
	3,500,000		China Development Bank	5.000		10/15/15		3,804
	4,500,000		Colombia Government International Bond	6.130		01/18/41		4,556
	4,500,000	g	Commonwealth of the Bahamas	6.950		11/20/29		4,678

307

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE
	$   15,000,000		Council Of Europe Development Bank	2.750	%	02/10/15	$	15,434
	2,350,000	g	Democratic Socialist Republic of Sri Lanka	7.400		01/22/15		2,421
	3,750,000	g	Dominican Republic International Bond	7.500		05/06/21		3,863
	4,660,000		Eksportfinans A/S	5.000		02/14/12		4,943
	3,500,000		European Investment Bank	4.880		02/15/36		3,691
	15,350,000		Export Development Canada	2.250		05/28/15		15,524
	3,196,000		Export-Import Bank of Korea	5.880		01/14/15		3,463
	7,450,000		Export-Import Bank of Korea	4.130		09/09/15		7,565
	5,000,000		Export-Import Bank of Korea	5.130		06/29/20		5,020
	12,395,000		Federative Republic of Brazil	6.000		01/17/17		13,635
	7,111,111		Federative Republic of Brazil	8.000		01/15/18		8,249
	5,000,000		International Finance Corp	5.130		05/02/11		5,179
	4,400,000		Italy Government International Bond	5.380		06/12/17		4,605
	4,000,000		Italy Government International Bond	6.880		09/27/23		4,551
	3,890,000	g	Korea Expressway Corp	4.500		03/23/15		3,982
	1,000,000		Mexico Government International Bond	6.380		01/16/13		1,097
	1,150,000		Mexico Government International Bond	5.880		01/15/14		1,302
	2,900,000		Mexico Government International Bond	6.750		09/27/34		3,342
	3,592,000		Mexico Government International Bond	6.050		01/11/40		3,790
	4,500,000		Panama Government International Bond	6.700		01/26/36		4,961
	2,435,000		Peruvian Government International Bond	7.130		03/30/19		2,879
	1,200,000		Peruvian Government International Bond	7.350		07/21/25		1,437
	2,500,000		Peruvian Government International Bond	6.550		03/14/37		2,763
	10,785,000		Poland Government International Bond	6.380		07/15/19		11,931
	7,000,000	g	Portugal Government International Bond	3.500		03/25/15		6,679
	13,825,000		Province of British Columbia Canada	2.850		06/15/15		14,280
	7,400,000		Province of Manitoba Canada	5.000		02/15/12		7,881
	3,000,000		Province of Manitoba Canada	2.130		04/22/13		3,067
	17,120,000		Province of Ontario Canada	3.130		09/08/10		17,203
	20,000,000		Province of Ontario Canada	2.630		01/20/12		20,473
	27,400,000		Province of Ontario Canada	4.100		06/16/14		29,465
	24,250,000		Province of Ontario Canada	2.950		02/05/15		24,861
	35,525,000		Province of Ontario Canada	2.700		06/16/15		35,827
	10,000,000		Province of Ontario Canada	4.000		10/07/19		10,326
	13,000,000		Province of Ontario Canada	4.400		04/14/20		13,813
	2,250,000		Province of Quebec Canada	5.130		11/14/16		2,542
	8,835,000		Province of Quebec Canada	4.630		05/14/18		9,650
	6,000,000		Province of Quebec Canada	7.500		09/15/29		8,236
	230,000	g	Qatar Govt International Bond	4.000		01/20/15		236
	4,500,000	g	Republic of El Salvador	7.380		12/01/19		4,905
	4,500,000		Republic of Hungary	6.250		01/29/20		4,429
	4,500,000	g	Republic of Indonesia	5.880		03/13/20		4,748
	4,500,000		Republic of Korea	5.750		04/16/14		4,906
	4,500,000	g	Republic of Lithuania	6.750		01/15/15		4,716
	3,866,667		Republic of Serbia	6.750		11/01/24		3,770
	4,500,000		Republic of Turkey	7.500		07/14/17		5,141
	7,000,000	g	Russian Foreign Bond-Eurobond	3.630		04/29/15		6,773
	7,000,000	g	Russian Foreign Bond-Eurobond	5.000		04/29/20		6,755
	4,502,000		South Africa Government International Bond	6.880		05/27/19		5,149
	7,000,000		South Africa Government International Bond	5.500		03/09/20		7,236
	1,040,000		Ukraine Government International Bond	6.580		11/21/16		963
	960,000	g	Ukraine Government International Bond	6.580		11/21/16		886
	1,030,000		United Mexican States	5.880		02/17/14		1,130

308

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE
	$    3,500,000		United Mexican States	5.950	%	03/19/19	$	3,885
	4,500,000		United Mexican States	5.130		01/15/20		4,680
	4,500,000		Uruguay Government International Bond	6.880		09/28/25		5,018
			TOTAL FOREIGN GOVERNMENT BONDS					490,537
MORTGAGE BACKED - 33.1%
			Federal Home Loan Mortgage Corp (FHLMC)
	33,000,000		FHLMC	5.000		07/15/25		35,176
	6,501,081	i	FHLMC	2.640		02/01/36		6,736
	6,942,237	i	FHLMC	5.820		07/01/36		7,333
	5,105,346	i	FHLMC	3.280		09/01/36		5,293
	4,463,738	i	FHLMC	5.890		09/01/36		4,746
	6,337,709	i	FHLMC	5.920		09/01/36		6,734
	4,674,281	i	FHLMC	6.050		09/01/36		4,953
	13,416,272	i	FHLMC	5.740		02/01/37		14,422
	12,333,506	i	FHLMC	5.540		03/01/37		13,071
	10,841,837	i	FHLMC	5.880		04/01/37		11,657
	777,151	i	FHLMC	5.720		05/01/37		836
	10,602,186	i	FHLMC	5.650		06/01/37		11,282
	6,656,139	i	FHLMC	5.710		08/01/37		7,113
	7,052,830	i	FHLMC	5.720		09/01/37		7,529
	50,000,000		FHLMC	5.000		07/15/40		52,883
	49,000,000		FHLMC	5.500		07/15/40		52,575
	9,000,000		FHLMC	6.000		07/15/40		9,768
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	3,058		FGLMC	7.000		09/01/10		3
	24,026		FGLMC	6.000		04/01/11		26
	201,041		FGLMC	7.000		07/01/13		214
	1,046,885		FGLMC	6.500		12/01/16		1,132
	8,687,541		FGLMC	5.000		09/01/18		9,336
	3,657,887		FGLMC	4.500		10/01/18		3,903
	2,168,408		FGLMC	4.500		11/01/18		2,314
	2,102,472		FGLMC	5.500		01/01/19		2,284
	1,041,659		FGLMC	4.000		06/01/19		1,100
	4,980,960		FGLMC	4.500		01/01/20		5,308
	3,194,427		FGLMC	4.500		07/01/20		3,400
	2,324,649		FGLMC	4.500		08/01/20		2,477
	335,019		FGLMC	7.000		10/01/20		373
	34,453,262		FGLMC	4.500		06/01/21		36,676
	11,172,424		FGLMC	4.500		06/01/21		11,893
	51,220		FGLMC	7.000		05/01/23		58
	777,137		FGLMC	6.000		10/01/23		859
	645,908		FGLMC	6.000		11/01/23		714
	15,068,433		FGLMC	4.000		07/01/24		15,669
	5,379,523		FGLMC	4.500		09/01/24		5,679
	137,156		FGLMC	8.000		01/01/31		158
	73,271		FGLMC	7.000		11/01/31		83
	173,329		FGLMC	7.000		12/01/31		197
	87,103		FGLMC	7.000		12/01/31		99
	272,302		FGLMC	7.000		12/01/31		310
	21,545		FGLMC	7.000		01/01/32		25
	394,059		FGLMC	8.000		02/01/32		454
	7,091,550		FGLMC	4.500		07/01/33		7,436

309

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE		VALUE
	$   3,191,971	FGLMC	5.500	%	11/01/33	$	3,486
	16,709,498	FGLMC	5.500		12/01/33		18,039
	4,067,226	FGLMC	5.500		12/01/33		4,391
	34,003,248	FGLMC	7.000		12/01/33		38,665
	52,464,567	FGLMC	5.000		01/01/34		55,771
	10,581,622	FGLMC	5.000		05/01/34		11,232
	6,484,307	FGLMC	6.000		09/01/34		7,117
	21,226,816	FGLMC	4.500		10/01/34		22,259
	1,764,605	FGLMC	5.500		12/01/34		1,903
	8,830,785	FGLMC	4.500		04/01/35		9,238
	3,286,829	FGLMC	6.000		05/01/35		3,608
	1,794,905	FGLMC	6.000		05/01/35		1,958
	3,168,225	FGLMC	6.000		05/01/35		3,457
	6,104,390	FGLMC	6.000		05/01/35		6,660
	3,686,779	FGLMC	6.000		05/01/35		4,022
	2,618,732	FGLMC	6.000		05/01/35		2,857
	8,800,152	FGLMC	7.000		05/01/35		10,006
	1,638,505	FGLMC	5.500		06/01/35		1,764
	1,643,616	FGLMC	5.500		06/01/35		1,770
	5,207,208	FGLMC	5.500		06/01/35		5,607
	19,088,864	FGLMC	5.500		06/01/35		20,555
	3,332,057	FGLMC	6.000		06/01/35		3,635
	15,695,095	FGLMC	4.500		08/01/35		16,399
	1,905,867	FGLMC	5.000		10/01/35		2,021
	547,616	FGLMC	6.500		11/01/35		603
	2,346,234	FGLMC	6.000		01/01/36		2,552
	4,524,108	FGLMC	5.000		02/01/36		4,798
	1,917,185	FGLMC	5.500		04/01/36		2,061
	1,737,145	FGLMC	6.500		05/01/36		1,910
	10,621,489	FGLMC	6.500		10/01/36		11,676
	19,162,810	FGLMC	5.500		04/01/37		20,588
	30,928,484	FGLMC	5.500		05/01/37		33,230
	9,749,039	FGLMC	6.000		08/01/37		10,600
	4,477,324	FGLMC	6.000		09/01/37		4,868
	7,624,527	FGLMC	6.500		11/01/37		8,372
	21,110,342	FGLMC	5.000		04/01/38		22,363
	17,990,422	FGLMC	6.000		11/01/38		19,551
	15,163,216	FGLMC	4.500		05/01/39		15,730
	18,497,941	FGLMC	4.000		06/01/39		18,747
	11,775,376	FGLMC	5.000		07/01/39		12,473
		Federal National Mortgage Association (FNMA)
	1,590	FNMA	8.000		06/01/11		2
	1,209	FNMA	8.000		07/01/11		1
	145,527	FNMA	5.000		06/01/13		150
	2,674,710	FNMA	4.440		07/01/13		2,840
	3,564,112	FNMA	4.760		10/01/13		3,754
	1,374,146	FNMA	4.780		02/01/14		1,465
	5,310,327	FNMA	4.440		04/01/14		5,673
	1,541,120	FNMA	4.570		01/01/15		1,649
	366,328	FNMA	7.500		02/01/15		400
	746,647	FNMA	7.500		04/01/15		815
	614,256	FNMA	7.500		04/01/15		655
	65,790	FNMA	6.500		03/01/16		71

310

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$      23,950	FNMA	6.500	%	04/01/16	$	26
	572,619	FNMA	6.500		10/01/16		623
	410,179	FNMA	6.500		11/01/16		446
	4,924,221	FNMA	5.000		12/01/17		5,296
	1,097,334	FNMA	6.500		02/01/18		1,198
	3,397,657	FNMA	5.500		03/01/18		3,690
	7,743,620	FNMA	5.500		04/01/18		8,410
	652,526	FNMA	5.500		04/01/18		709
	785,606	FNMA	6.500		04/01/18		857
	223,179	FNMA	5.500		05/01/18		242
	11,987,205	FNMA	4.500		12/01/18		12,803
	439,941	FNMA	6.000		01/01/19		481
	86,613	FNMA	6.000		02/01/19		95
	7,234,296	FNMA	5.000		04/01/19		7,781
	3,980,032	FNMA	4.500		06/01/19		4,245
	5,470,521	FNMA	5.000		03/01/20		5,884
	2,702,368	FNMA	5.500		07/01/20		2,936
	1,894,114	FNMA	4.500		11/01/20		2,020
	5,675,514	FNMA	5.000		12/01/20		6,095
	8,116,062	FNMA	5.000		03/01/21		8,729
	5,173,447	FNMA	5.500		08/01/21		5,599
	8,454,183	FNMA	4.500		03/01/23		8,944
	110,121	FNMA	8.000		03/01/23		127
	17,883,468	FNMA	4.500		06/01/23		18,919
	12,194,953	FNMA	5.000		07/01/23		13,029
	15,191,813	FNMA	5.000		07/01/23		16,230
	53,000,000	FNMA	5.000		07/25/23		56,544
	4,372,018	FNMA	5.000		12/01/23		4,668
	1,214,451	FNMA	5.500		02/01/24		1,315
	15,390,541	FNMA	4.000		05/01/24		16,030
	2,374,559	FNMA	5.500		07/01/24		2,567
	343,138	FNMA	8.000		07/01/24		396
	4,818,203	FNMA	4.500		08/01/24		5,093
	3,312,824	FNMA	5.500		08/01/24		3,582
	18,782,039	FNMA	4.000		09/01/24		19,562
	31,000,000	FNMA	4.000		07/25/25		32,201
	22,000,000	FNMA	4.500		07/25/25		23,207
	11,697,307	FNMA	5.000		10/01/25		12,465
	82,175	FNMA	9.000		11/01/25		96
	5,863,794	FNMA	6.500		07/01/32		6,547
	250,740	FNMA	7.000		07/01/32		284
	630,492	FNMA	7.000		07/01/32		713
	8,345,948	FNMA	5.500		01/01/33		9,006
	10,286,052	FNMA	6.000		01/01/33		11,242
	1,247,257	FNMA	5.000		02/01/33		1,326
	4,966,505	FNMA	4.500		08/01/33		5,209
	4,659,343	FNMA	5.000		08/01/33		4,955
	8,091,741	FNMA	4.500		10/01/33		8,486
	4,459,654	FNMA	5.000		10/01/33		4,743
	2,632,869	FNMA	5.000		10/01/33		2,800
	1,280,650	FNMA	5.000		10/01/33		1,362
	38,466,717	FNMA	5.000		11/01/33		40,910
	699,895	FNMA	5.000		11/01/33		744

311

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$   7,683,949		FNMA	5.000	%	11/01/33	$	8,172
	6,872,968		FNMA	5.000		11/01/33		7,309
	6,479,550		FNMA	5.500		12/01/33		7,021
	869,397		FNMA	5.500		12/01/33		938
	2,052,018		FNMA	5.500		12/01/33		2,213
	1,757,070		FNMA	5.000		03/01/34		1,869
	13,455,332		FNMA	5.000		03/01/34		14,309
	2,014,444		FNMA	5.000		03/01/34		2,142
	5,041,446		FNMA	5.000		03/01/34		5,361
	1,603,086		FNMA	5.000		03/01/34		1,705
	5,643,257		FNMA	5.500		03/01/34		6,077
	13,057,128		FNMA	5.000		04/01/34		13,876
	50,367,467		FNMA	5.000		08/01/34		53,599
	7,429,978		FNMA	6.000		08/01/34		8,184
	3,777,130		FNMA	5.500		09/01/34		4,068
	2,638,379		FNMA	5.500		09/01/34		2,841
	2,228,798		FNMA	5.500		10/01/34		2,400
	2,340,919		FNMA	5.500		10/01/34		2,521
	2,281,162		FNMA	6.000		12/01/34		2,503
	5,094,778		FNMA	5.500		01/01/35		5,487
	52,988,558		FNMA	5.500		02/01/35		57,149
	3,382,887		FNMA	5.500		04/01/35		3,640
	4,846,126		FNMA	6.000		04/01/35		5,317
	13,403,957		FNMA	4.500		05/01/35		14,058
	16,497,473		FNMA	5.500		05/01/35		17,751
	5,183,372		FNMA	6.000		05/01/35		5,651
	2,639,953		FNMA	5.500		06/01/35		2,841
	1,780,089		FNMA	5.500		06/01/35		1,915
	3,619,996		FNMA	5.500		06/01/35		3,895
	1,364,782		FNMA	5.500		06/01/35		1,469
	920,042		FNMA	5.500		06/01/35		990
	114,773		FNMA	7.500		06/01/35		130
	1,431,601		FNMA	5.500		07/01/35		1,540
	2,390,281		FNMA	6.000		07/01/35		2,606
	7,921,085		FNMA	4.500		08/01/35		8,283
	10,488,567		FNMA	5.000		08/01/35		11,133
	9,637,757		FNMA	5.500		09/01/35		10,370
	10,546,163		FNMA	5.000		10/01/35		11,194
	6,122,363		FNMA	5.500		11/01/35		6,588
	11,631,772		FNMA	5.000		02/01/36		12,347
	6,345,492	i	FNMA	5.660		02/01/36		6,697
	21,995,152		FNMA	6.000		03/01/36		23,938
	4,543,953		FNMA	5.000		04/01/36		4,816
	3,163,415	i	FNMA	5.830		07/01/36		3,368
	4,580,944		FNMA	6.500		09/01/36		5,031
	8,856,130		FNMA	6.000		12/01/36		9,639
	7,723,791		FNMA	6.500		03/01/37		8,483
	280,234		FNMA	6.500		03/01/37		307
	5,088,064		FNMA	7.000		04/01/37		5,659
	9,686,044		FNMA	6.500		08/01/37		10,623
	2,780,341		FNMA	6.500		08/01/37		3,049
	5,545,015		FNMA	6.000		09/01/37		6,100
	5,936,127		FNMA	6.000		09/01/37		6,531

312

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$    3,496,276		FNMA	6.000	%	09/01/37	$	3,831
	4,498,393		FNMA	6.000		09/01/37		4,946
	9,818,076		FNMA	6.500		09/01/37		10,768
	7,669,164		FNMA	6.500		09/01/37		8,411
	4,658,113		FNMA	6.500		09/01/37		5,109
	8,414,635		FNMA	6.500		09/01/37		9,229
	1,168,709		FNMA	6.500		09/01/37		1,282
	15,090,115	i	FNMA	5.870		10/01/37		16,232
	3,656,062		FNMA	7.000		11/01/37		4,066
	951,229		FNMA	6.500		01/01/38		1,043
	334,548		FNMA	6.500		02/01/38		367
	5,682,448		FNMA	6.500		03/01/38		6,231
	571,017		FNMA	6.500		03/01/38		626
	1,399,756		FNMA	6.500		03/01/38		1,535
	5,394,650		FNMA	5.000		04/01/38		5,717
	9,129,251		FNMA	5.000		05/01/38		9,674
	25,000,000		FNMA	6.500		07/25/38		27,379
	8,439,277	i	FNMA	4.940		10/01/38		8,944
	14,509,894		FNMA	4.500		01/01/39		15,070
	10,001,173		FNMA	5.500		01/01/39		10,750
	10,060,565		FNMA	6.000		01/01/39		10,924
	8,346,710		FNMA	6.000		01/01/39		9,063
	25,756,333		FNMA	4.500		02/01/39		26,752
	13,801,545		FNMA	4.500		02/01/39		14,335
	9,310,370		FNMA	5.500		02/01/39		10,007
	10,550,406		FNMA	4.000		04/01/39		10,699
	18,837,304		FNMA	4.500		05/01/39		19,559
	15,020,246		FNMA	4.500		08/01/39		15,596
	167,000,000		FNMA	4.000		07/25/40		169,114
	279,000,000		FNMA	5.500		07/25/40		299,488
	205,000,000		FNMA	6.000		07/25/40		222,328
	327,000,000		FNMA	4.500		08/25/40		337,678
	61,000,000		FNMA	6.000		08/25/40		65,985
	191,000,000		FNMA	5.000		09/25/40		200,640
			Government National Mortgage Association (GNMA)
	22,878		GNMA	9.000		06/15/16		25
	4,811		GNMA	9.000		09/15/16		5
	9,369		GNMA	9.000		09/15/16		10
	13,532		GNMA	9.000		11/15/16		15
	6,901		GNMA	9.000		12/15/16		8
	9,563		GNMA	9.000		12/15/16		11
	102,568		GNMA	9.500		12/15/16		115
	46,928		GNMA	8.000		06/15/24		54
	75,996		GNMA	8.500		11/20/30		89
	77,379		GNMA	8.500		12/20/30		90
	3,442,007		GNMA	5.500		07/15/33		3,747
	1,737,349		GNMA	5.500		11/20/33		1,893
	6,564,084		GNMA	5.500		03/20/35		7,135
	3,998,533		GNMA	5.500		12/20/35		4,347
	2,825,905		GNMA	6.000		10/20/36		3,095
	2,963,878		GNMA	6.000		01/20/37		3,241
	8,199,055		GNMA	6.000		02/20/37		8,965
	8,117,906		GNMA	6.000		12/15/37		8,864

313

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE
	$     11,635,222	GNMA	5.000	%	04/15/38	$	12,426
	152,000,000	GNMA	5.000		07/15/38		161,904
	48,000,000	GNMA	5.500		07/15/38		51,855
	14,527,786	GNMA	5.500		07/15/38		15,723
	12,411,577	GNMA	5.500		07/20/38		13,410
	3,887,802	GNMA	6.000		08/15/38		4,244
	4,240,411	GNMA	6.000		08/20/38		4,631
	5,623,266	GNMA	6.500		11/20/38		6,186
	14,408,905	GNMA	4.500		03/15/39		15,042
	16,001,203	GNMA	4.500		05/15/39		16,705
	7,167,783	GNMA	5.000		06/15/39		7,655
	6,719,427	GNMA	5.000		06/15/39		7,176
	16,526,274	GNMA	4.500		07/20/39		17,214
	5,882,678	GNMA	5.000		07/20/39		6,270
	5,985,320	GNMA	4.000		08/15/39		6,096
	140,000,000	GNMA	4.500		07/15/40		145,819
	40,000,000	GNMA	6.000		07/15/40		43,588
	50,000,000	GNMA	5.000		07/20/40		53,141
	10,270,506	GNMA	6.230		09/15/43		11,045
	7,981,374	GNMA	6.500		01/15/44		8,853
		TOTAL MORTGAGE BACKED					3,879,544
MUNICIPAL BONDS - 0.5%
	2,000,000	Charlotte-Mecklenburg Hospital Authority	5.000		08/01/15		2,119
	13,000,000	Grant County Public Utility District No 2	5.630		01/01/27		13,719
	13,000,000	Long Island Power Authority	5.850		05/01/41		13,023
	16,100,000	State of California	7.630		03/01/40		17,396
	15,250,000	State of Illinois	6.730		04/01/35		14,494
		TOTAL MUNICIPAL BONDS					60,751
U.S. TREASURY SECURITIES - 18.8%
	338,372,000	United States Treasury Bond	8.000		11/15/21		492,121
	22,000,000	United States Treasury Bond	6.380		08/15/27		29,638
	99,175,000	United States Treasury Bond	5.250		02/15/29		119,351
	28,861,000	United States Treasury Bond	5.380		02/15/31		35,508
	677,000	United States Treasury Bond	4.500		02/15/36		748
	21,495,000	United States Treasury Bond	3.500		02/15/39		19,967
	394,000	United States Treasury Bond	4.380		11/15/39		425
	28,455,000	United States Treasury Bond	4.630		02/15/40		31,985
	1,000,000	United States Treasury Note	2.380		08/31/10		1,004
	38,899,500	United States Treasury Note	1.000		08/31/11		39,152
	78,983,000	United States Treasury Note	1.000		09/30/11		79,526
	16,600,000	United States Treasury Note	1.000		12/31/11		16,721
	12,000,000	United States Treasury Note	1.000		04/30/12		12,090
	26,650,000	United States Treasury Note	1.880		06/15/12		27,308
	6,477,000	United States Treasury Note	1.380		10/15/12		6,573
	102,500,000	United States Treasury Note	1.380		11/15/12		103,965
	53,547,000	United States Treasury Note	1.130		06/15/13		53,760
	25,195,000	United States Treasury Note	3.130		08/31/13		26,817
	131,829,000	United States Treasury Note	3.130		09/30/13		140,357
	62,337,000	United States Treasury Note	2.750		10/31/13		65,605
	189,533,000	United States Treasury Note	2.000		11/30/13		194,567
	10,967,000	United States Treasury Note	2.250		05/31/14		11,316

314

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$   22,985,000		United States Treasury Note	2.380	%	08/31/14	$	23,763
	20,945,000		United States Treasury Note	2.380		10/31/14		21,609
	22,415,000		United States Treasury Note	2.130		11/30/14		22,891
	76,420,000		United States Treasury Note	2.250		01/31/15		78,325
	62,411,000		United States Treasury Note	2.500		04/30/15		64,630
	197,421,000		United States Treasury Note	2.130		05/31/15		200,814
	93,560,000		United States Treasury Note	1.880		06/30/15		93,918
	300,000		United States Treasury Note	2.630		02/29/16		309
	9,800,000		United States Treasury Note	2.380		03/31/16		9,945
	18,075,000		United States Treasury Note	2.630		04/30/16		18,572
	19,130,000		United States Treasury Note	3.250		07/31/16		20,279
	30,000,000		United States Treasury Note	3.130		01/31/17		31,376
	1,075,000		United States Treasury Note	3.000		02/28/17		1,116
	20,400,000		United States Treasury Note	2.750		05/31/17		20,830
	27,629,900		United States Treasury Note	3.500		05/15/20		28,916
	39,400,000		United States Treasury Note	4.380		05/15/40		42,613
	25,000,000	j	United States Treasury Strip Principal	0.000		08/15/27		12,772
			TOTAL U.S. TREASURY SECURITIES					2,201,182
			TOTAL GOVERNMENT BONDS					7,248,848
			(Cost $6,960,723)
STRUCTURED ASSETS - 6.1%
ASSET BACKED - 2.0%
	2,000,000	g	Ally Master Owner Trust	2.880		04/15/13		2,028
			Series - 2010 3 (Class A)
	2,466,013		AmeriCredit Automobile Receivables Trust	5.640		09/06/13		2,515
			Series - 2006 AF (Class A4)
	5,000,000		AmeriCredit Automobile Receivables Trust	5.190		08/17/15		5,220
			Series - 2010 1 (Class C)
	74,236	g	Asset Backed Funding Corp NIM Trust	5.900		07/26/35		0^
			Series - 2006 WMC1 (Class N1)
	12,000,000	g	Avis Budget Rental Car Funding AESOP LLC	5.680		02/20/14		12,794
			Series - 2009 2A (Class A)
	2,200,000		CarMax Auto Owner Trust	3.750		12/15/15		2,247
			Series - 2010 1 (Class B)
	2,360,274	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		1,696
			Series - 2004 2 (Class 1M1)
	1,180,137	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		669
			Series - 2004 2 (Class 1M2)
	927,250	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		351
			Series - 2004 2 (Class 1B)
	3,547,297		CIT Group Home Equity Loan Trust	6.200		02/25/30		3,098
			Series - 2002 1 (Class AF6)
	682,305		CIT Group Home Equity Loan Trust	6.390		12/25/30		134
			Series - 2002 2 (Class MF2)
	16,123		CIT Group Home Equity Loan Trust	6.830		06/25/33		1
			Series - 2002 2 (Class BF)
	20,626,062		Citicorp Mortgage Securities, Inc	5.710		07/25/36		20,704
			Series - 2006 1 (Class A3)
	7,832,614		Citicorp Mortgage Securities, Inc	5.560		09/25/36		7,856
			Series - 2006 2 (Class A3)

315

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$    876,000		CNH Equipment Trust	5.090	%	06/16/14	$	886
			Series - 2007 A (Class B)
	6,570,000	i	Countrywide Asset-Backed Certificates	5.680		10/25/46		6,239
			Series - 2006 15 (Class A2)
	678,318	i	Countrywide Home Equity Loan Trust	0.570		02/15/29		360
			Series - 2004 B (Class 1A)
	4,867,657	g	Credit-Based Asset Servicing and Securitization LLC	6.160		12/25/36		4,724
			Series - 2007 MX1 (Class A1)
	25,000,000	g	Flagstar Home Equity Loan Trust	5.780		01/25/35		20,007
			Series - 2007 1A (Class AF3)
	3,718,782		GMAC Commercial Mortgage Securities, Inc	5.590		10/25/29		3,554
			Series - 2006 HLTV (Class A3)
	2,600,000		GMAC Commercial Mortgage Securities, Inc	5.810		10/25/29		1,827
			Series - 2006 HLTV (Class A4)
	5,000,000	g	Hertz Vehicle Financing LLC	4.260		03/25/14		5,210
			Series - 2009 2A (Class A1)
	5,500,000	g	Hertz Vehicle Financing LLC	5.290		03/25/16		5,951
			Series - 2009 2A (Class A2)
	4,000,000		HFC Home Equity Loan Asset Backed Certificates	5.730		03/20/36		4,284
			Series - 2007 1 (Class A3F)
	1,965,228		HFC Home Equity Loan Asset Backed Certificates	5.910		03/20/36		1,971
			Series - 2007 1 (Class A1F)
	2,390,294	g	JPMorgan Auto Receivables Trust	5.220		07/15/15		2,439
			Series - 2008 A (Class C)
	2,902,053	i	Morgan Stanley ABS Capital I	0.270		01/25/37		2,821
			Series - 2007 HE2 (Class A2A)
	8,025,000		Renaissance Home Equity Loan Trust	5.590		11/25/36		4,373
			Series - 2006 3 (Class AF3)
	10,990,709	i	Residential Asset Mortgage Products, Inc	0.970		11/25/34		9,483
			Series - 2004 RS11 (Class M1)
	621,554	i	Residential Asset Securities Corp	6.490		10/25/30		517
			Series - 2001 KS2 (Class AI6)
	6,094,034		Residential Funding Mortgage Securities II, Inc	5.520		04/25/21		5,916
			Series - 2006 HI5 (Class A2)
	13,500,000		Residential Funding Mortgage Securities II, Inc	5.500		08/25/25		10,848
			Series - 2006 HI5 (Class A3)
	4,767,305		Residential Funding Mortgage Securities II, Inc	5.450		08/25/34		3,531
			Series - 2005 HI1 (Class A5)
	2,553,778		Residential Funding Mortgage Securities II, Inc	5.750		02/25/36		2,533
			Series - 2006 HI2 (Class A2)
	944,233		Residential Funding Mortgage Securities II, Inc	5.950		02/25/36		937
			Series - 2006 HI3 (Class A2)
	6,000,000		Residential Funding Mortgage Securities II, Inc	5.960		02/25/36		5,252
			Series - 2006 HI3 (Class A3)
	2,500,000		Residential Funding Mortgage Securities II, Inc	6.010		02/25/36		1,336
			Series - 2006 HI1 (Class M1)
	350,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		112
			Series - 2006 HI1 (Class M2)
	30,000,000		Residential Funding Mortgage Securities II, Inc	5.440		09/25/36		24,551
			Series - 2006 HI4 (Class A3)
	5,254,758		Residential Funding Mortgage Securities II, Inc	5.450		09/25/36		5,185
			Series - 2006 HI4 (Class A2)
	4,874,639	i	Securitized Asset Backed Receivables LLC Trust	0.500		03/25/36		4,553
			Series - 2006 NC2 (Class A2)

316

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$     11,520,834	i	Sequoia Mortgage Trust	3.750	%	02/25/40	$	11,513
			Series - 2010 H1 (Class A1)
	1,635,054	g,m	Wachovia Amortization Controlled Heloc NIM	5.680		08/12/47		1,324
			Series - 2006 N1 (Class N1)
	2,100,000		Wachovia Auto Owner Trust	5.800		01/20/15		2,168
			Series - 2007 A (Class B)
	3,436,971	g, i	Wachovia Loan Trust	0.710		05/25/35		2,058
			Series - 2005 SD1 (Class A)
	4,089,632	i	Wells Fargo Home Equity Trust	0.490		07/25/36		3,717
			Series - 2006 2 (Class A3)
	10,000,000		World Financial Network Credit Card Master Trust	3.790		05/15/16		10,242
			Series - 2009 B (Class A)
			TOTAL ASSET BACKED					229,735
OTHER MORTGAGE BACKED - 4.1%
	6,410,000		Banc of America Commercial Mortgage, Inc	5.360		10/10/45		6,417
			Series - 2006 6 (Class A4)
	15,848,000	i	Banc of America Commercial Mortgage, Inc	5.870		04/10/49		15,827
			Series - 2007 2 (Class A4)
	401,347		Bank of America Alternative Loan Trust	5.500		09/25/19		410
			Series - 2004 8 (Class 3A1)
	3,570,153		Bear Stearns Commercial Mortgage Securities	5.200		12/11/38		3,652
			Series - 2006 PW14 (Class A4)
	4,000,000	i	Bear Stearns Commercial Mortgage Securities	5.620		03/11/39		4,250
			Series - 2006 PW11 (Class A4)
	7,525,000		Bear Stearns Commercial Mortgage Securities	4.670		06/11/41		7,791
			Series - 2005 PWR8 (Class A4)
	9,420,000	i	Bear Stearns Commercial Mortgage Securities	5.470		06/11/41		10,076
			Series - 2004 PWR4 (Class A3)
	6,800,000	i	Bear Stearns Commercial Mortgage Securities	5.580		09/11/41		5,855
			Series - 2006 PW13 (Class AM)
	8,000,000		Bear Stearns Commercial Mortgage Securities	5.540		10/12/41		8,395
			Series - 2006 T24 (Class A4)
	725,000	i	Bear Stearns Commercial Mortgage Securities	4.980		07/11/42		764
			Series - 2004 PWR5 (Class A5)
	10,445,000	i	Bear Stearns Commercial Mortgage Securities	4.750		02/13/46		10,715
			Series - 2004 T16 (Class A6)
	8,540,000	i	Bear Stearns Commercial Mortgage Securities	5.690		06/11/50		8,645
			Series - 2007 PW17 (Class A4)
	9,150,000		Bear Stearns Commercial Mortgage Securities	5.700		06/11/50		9,254
			Series - 2007 PW18 (Class A4)
	6,792,500		Citigroup, Inc	5.320		12/11/49		6,597
			Series - 2007 CD4 (Class A4)
	17,274,000	i	Commercial Mortgage Pass Through Certificates	6.010		12/10/49		17,854
			Series - 2007 C9 (Class A4)
	7,448,353		Countrywide Alternative Loan Trust	5.500		08/25/16		6,438
			Series - 2004 30CB (Class 1A15)
	4,959,482		Countrywide Home Loan Mortgage Pass Through Trust	5.250		09/25/35		4,939
			Series - 2005 17 (Class 1A10)
	3,830,312		Countrywide Home Loan Mortgage Pass Through Trust	5.500		09/25/35		3,705
			Series - 2005 J3 (Class 1A1)
	14,743,389	g,i	Credit Suisse Mortgage Capital Certificates	0.530		04/15/22		12,758
			Series - 2007 TF2A (Class A1)

317

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
			Credit Suisse/Morgan Stanley Commercial Mortgage
	$  4,052,258	g,i	Certificate	0.540	%	05/15/23	$	3,956
			Series - 2006 HC1A (Class A1)
	4,415,000		CS First Boston Mortgage Securities Corp	3.940		05/15/38		4,554
			Series - 2003 C3 (Class A5)
	3,700,000		CS First Boston Mortgage Securities Corp	4.050		05/15/38		3,694
			Series - 2003 C3 (Class B)
	9,863,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		10,395
			Series - 2005 C5 (Class A4)
	2,710,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		2,282
			Series - 2005 C5 (Class AJ)
	1,315,244		First Horizon Asset Securities, Inc	5.500		11/25/33		1,321
			Series - 2003 9 (Class 1A4)
	6,000,000		GMAC Commercial Mortgage Securities, Inc	5.020		04/10/40		6,371
			Series - 2003 C3 (Class A4)
	8,243,569	i	GMAC Mortgage Corp Loan Trust	4.580		10/19/33		8,361
			Series - 2003 AR1 (Class A5)
	8,240,000	i	Greenwich Capital Commercial Funding Corp	5.890		07/10/38		7,091
			Series - 2006 GG7 (Class AM)
	5,537,800	i	Greenwich Capital Commercial Funding Corp	6.090		07/10/38		5,789
			Series - 2006 GG7 (Class A4)
	15,180,000		Greenwich Capital Commercial Funding Corp	5.440		03/10/39		15,208
			Series - 2007 GG9 (Class A4)
	4,425,000		Greenwich Capital Commercial Funding Corp	5.480		03/10/39		3,514
			Series - 2007 GG9 (Class AM)
	20,785,000		Greenwich Capital Commercial Funding Corp	5.740		12/10/49		20,445
			Series - 2007 GG11 (Class A4)
	6,410,000	i	GS Mortgage Securities Corp II	5.550		04/10/38		6,595
			Series - 2006 GG6 (Class A4)
	9,300,000	i	GS Mortgage Securities Corp II	5.620		04/10/38		7,906
			Series - 2006 GG6 (Class AM)
	16,615,000		GS Mortgage Securities Corp II	5.560		11/10/39		16,859
			Series - 2006 GG8 (Class A4)
	4,085,397	i	GSR Mortgage Loan Trust	5.030		01/25/36		3,984
			Series - 2006 AR1 (Class 2A2)
	4,700,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	0.530		02/15/20		3,859
			Series - 2006 FL1A (Class A2)
	4,650,000	g	JP Morgan Chase Commercial Mortgage Securities Corp	5.630		12/05/27		5,087
			Series - 2009 IWST (Class A2)
	11,000,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.380		07/12/37		11,519
			Series - 2002 C1 (Class A3)
	15,970,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.340		05/15/47		15,784
			Series - 2006 LDP9 (Class A3)
	5,880,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.940		02/12/49		4,743
			Series - 2007 CB19 (Class AM)
	10,400,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.820		06/15/49		10,175
			Series - 2007 LD11 (Class A4)
	7,799,000		LB-UBS Commercial Mortgage Trust	4.740		02/15/30		8,153
			Series - 2005 C1 (Class A4)
	7,500,000	i	LB-UBS Commercial Mortgage Trust	5.150		04/15/30		7,909
			Series - 2005 C2 (Class A5)
	3,160,000		LB-UBS Commercial Mortgage Trust	4.390		03/15/32		3,301
			Series - 2003 C1 (Class A4)

318

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE
	$   17,500,000		LB-UBS Commercial Mortgage Trust	5.420	%	02/15/40	$	17,422
			Series - 2007 C1 (Class A4)
	12,325,000		LB-UBS Commercial Mortgage Trust	5.430		02/15/40		12,362
			Series - 2007 C2 (Class A3)
	2,594,000	i	LB-UBS Commercial Mortgage Trust	5.860		07/15/40		2,573
			Series - 2007 C6 (Class A4)
	18,745,000	i	Merrill Lynch & Co, Inc	5.170		12/12/49		18,508
			Series - 2006 4 (Class A3)
	3,729,128	i	Merrill Lynch Mortgage Trust	5.110		07/12/38		3,414
			Series - 2005 CIP1 (Class AM)
	2,500,000	i	Merrill Lynch Mortgage Trust	5.840		05/12/39		2,671
			Series - 2006 C1 (Class A4)
	3,365,000	g,i	Merrill Lynch Mortgage Trust	6.460		02/12/51		1,142
			Series - 2008 C1 (Class C)
	4,700,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.590		02/12/39		4,997
			Series - 2006 1 (Class A4)
	5,670,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	6.150		08/12/49		4,610
			Series - 2007 8 (Class AM)
	1,732,576		Morgan Stanley Capital I	4.690		06/13/41		1,741
			Series - 2004 T15 (Class A2)
	9,930,000	i	Morgan Stanley Capital I	5.270		06/13/41		10,444
			Series - 2004 T15 (Class A4)
	8,712,000		Morgan Stanley Capital I	5.170		01/14/42		9,226
			Series - 2005 HQ5 (Class A4)
	13,200,000	i	Morgan Stanley Capital I	5.450		02/12/44		13,118
			Series - 2007 HQ11 (Class A4)
	6,710,000		Morgan Stanley Capital I	5.360		03/15/44		6,605
			Series - 2007 IQ13 (Class A4)
	4,587,000	i	Morgan Stanley Capital I	5.730		07/12/44		4,915
			Series - 2006 HQ9 (Class A4)
	3,075,000	i	Morgan Stanley Capital I	5.540		11/12/49		2,679
			Series - 2007 T25 (Class AM)
	3,075,000		Morgan Stanley Capital I	4.770		07/15/56		2,585
			Series - 0 IQ9 (Class AJ)
	7,500,000	i	Morgan Stanley Capital I	5.940		10/15/42		8,032
			Series - 2006 IQ11 (Class A4)
	3,083,182	i	Structured Adjustable Rate Mortgage Loan Trust	0.730		03/25/35		2,962
			Series - 2005 6XS (Class A3)
	4,364,963	i	Structured Adjustable Rate Mortgage Loan Trust	6.050		07/25/36		4,347
			Series - 2006 6 (Class 2A1)
	6,125,000	i	Wachovia Bank Commercial Mortgage Trust	6.100		02/15/51		6,016
			Series - 2007 C33 (Class A4)
			TOTAL OTHER MORTGAGE BACKED					483,566
			TOTAL STRUCTURED ASSETS					713,301
			(Cost $709,728)
			TOTAL BONDS					11,558,828
			(Cost $11,087,815)

319

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

SHARES			COMPANY	RATE		MATURITY DATE	VALUE
PREFERRED STOCKS - 0.0%
AGENCY SECURITIES - 0.0%
	470,597	*	Federal Home Loan Mortgage Corp (FHLMC)	8.380	%	12/30/49	$	160
	1,527,061	*	Federal National Mortgage Association (FNMA)	8.250		12/30/49		519
			TOTAL AGENCY SECURITIES					679
			TOTAL PREFERRED STOCKS					679
			(Cost $49,941)
TIAA-CREF MUTUAL FUND- 0.0%
	553,840	a	TIAA-CREF High-Yield Fund					5,117
			TOTAL TIAA-CREF MUTUAL FUND					5,117
			(Cost $5,122)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 16.9%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 16.9%
			Federal Home Loan Bank (FHLB)
	$  61,033,000		FHLB			07/02/10		61,033
	32,844,000		FHLB			07/06/10		32,843
	100,000,000		FHLB			07/09/10		99,999
	41,603,000		FHLB			07/12/10		41,602
	18,417,000		FHLB			07/13/10		18,416
	683,888,000		FHLB			07/14/10		683,872
	25,000,000		FHLB			07/15/10		24,999
	138,296,000		FHLB			07/16/10		138,290
	129,632,000		FHLB			07/19/10		129,627
	47,027,000		FHLB			07/20/10		47,025
	25,393,000		FHLB			07/22/10		25,392
	98,207,000		FHLB			07/26/10		98,202
	39,818,000		FHLB			07/29/10		39,816
	12,388,000		FHLB			08/02/10		12,387
	17,107,000		FHLB			08/18/10		17,104
	30,000,000		FHLB			08/25/10		29,994
	30,000,000		FHLB			08/27/10		29,994
	25,000,000		FHLB			08/30/10		24,999
	25,000,000		FHLB			08/31/10		24,997
			Federal Home Loan Mortgage Corp (FHLMC)
	10,676,000		FHLMC			07/12/10		10,676
	94,019,000		FHLMC			07/14/10		94,014
	16,800,000		FHLMC			07/21/10		16,799
	26,215,000		FHLMC			07/23/10		26,214
	15,778,000		FHLMC			08/04/10		15,776
	47,509,000		FHLMC			08/05/10		47,504
	30,000,000		FHLMC			08/09/10		29,997
	6,780,000		FHLMC			08/16/10		6,779
			Federal National Mortgage Association (FNMA)
	35,530,000		FNMA			07/07/10		35,529
	15,000,000		FNMA			07/12/10		14,999
	20,000,000		FNMA			07/21/10		19,998
	42,962,000		FNMA			07/28/10		42,959
	20,275,000		FNMA			08/02/10		20,273
	13,700,000		FNMA			08/11/10		13,698
	11,773,000		FNMA			08/16/10		11,771

320

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL		ISSUER	RATE	MATURITY DATE	VALUE
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES			$	1,987,577
		TOTAL SHORT-TERM INVESTMENTS				1,987,577
		(Cost $1,987,577)
		TOTAL INVESTMENTS - 115.6%				13,569,389
		(Cost $13,147,755)
		OTHER ASSETS & LIABILITIES, NET - (15.6)%				(1,832,308	)
		NET ASSETS - 100.0%			$	11,737,081
	*	Non-income producing.
	^	Amount represents less than $1,000.
	a	Affiliated holding.
	g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers.
		At June 30, 2010 the value of these securities amounted to $608,769,827 or 5.19% of net assets.
	i	Floating or variable rate security. Coupon rate reflects the rate at period end.
	j	Zero coupon
	m	Indicates a security that has been deemed illiquid.
	n	In default
	o	Payment in Kind Bond
		Cost amounts are in thousands.

321

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

COLLEGE RETIREMENT EQUITIES FUND
INFLATION-LINKED BOND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2010

PRINCIPAL		ISSUER	VALUE
GOVERNMENT BONDS - 98.9%
U.S. TREASURY SECURITIES - 98.9%
	k	United States Treasury Inflation Indexed Bonds
$   101,217,727		3.380%, 01/15/12	$	106,706
228,528,340		2.000%, 04/15/12		236,741
376,311,065		3.000%, 07/15/12		400,330
216,432,995		0.630%, 04/15/13		220,880
355,966,242		1.880%, 07/15/13		376,518
364,965,231		2.000%, 01/15/14		388,802
233,104,841		1.250%, 04/15/14		243,358
329,804,888		2.000%, 07/15/14		353,870
333,282,015		1.630%, 01/15/15		351,821
168,996,240		0.500%, 04/15/15		171,227
287,024,075		1.880%, 07/15/15		307,542
278,374,273		2.000%, 01/15/16		300,318
276,959,884		2.500%, 07/15/16		308,204
247,339,917		2.380%, 01/15/17		273,059
219,830,380		2.630%, 07/15/17		247,979
222,734,009		1.630%, 01/15/18		234,775
209,869,068		1.380%, 07/15/18		217,510
217,792,575		2.130%, 01/15/19		237,666
225,634,370		1.880%, 07/15/19		241,887
300,612,438		1.380%, 01/15/20		307,822
420,110,190		2.380%, 01/15/25		466,027
285,925,361		2.000%, 01/15/26		302,344
231,007,563		2.380%, 01/15/27		255,913
218,623,757		1.750%, 01/15/28		221,766
285,771,536		3.630%, 04/15/28		369,829
214,644,990		2.500%, 01/15/29		242,599
335,349,842		3.880%, 04/15/29		450,024
93,658,719		3.380%, 04/15/32		121,939
122,947,121		2.130%, 02/15/40		134,714
		TOTAL U.S. TREASURY SECURITIES		8,092,170
		TOTAL GOVERNMENT BONDS
		(Cost $7,574,111)		8,092,170
SHORT-TERM INVESTMENTS - 0.1%
U.S. TREASURY BILLS - 0.1%
		United States Treasury Bill
12,000,000		08/05/10		11,999
				11,999
		TOTAL SHORT-TERM INVESTMENTS		11,999
		(Cost $11,999)

322

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

PRINCIPAL		ISSUER	VALUE
		TOTAL INVESTMENTS - 99.0%	$	8,104,169
		(Cost $7,586,110)
		OTHER ASSETS AND LIABILITIES, NET - 1.0%		80,064
		NET ASSETS - 100.0%	$	8,184,233
	k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
		Cost amounts are in thousands.

323

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

COLLEGE RETIREMENT EQUITIES FUND
SOCIAL CHOICE ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2010

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
BONDS - 41.3%
CORPORATE BONDS - 12.4%
AGENCY SECURITIES - 1.6%
	$ 23,709,568		AMAL Ltd	3.470	%	08/21/21	$	24,367
	9,695,637		COP I LLC	3.610		12/05/21		10,067
	7,215,467		COP I LLC	3.650		12/05/21		7,517
	9,594,706		Gate Capital Cayman Two	3.550		06/11/21		9,868
	4,500,000		KeyBank NA	3.200		06/15/12		4,708
	4,500,000		New York Community Bank	3.000		12/16/11		4,654
	9,338,190		Premier Aircraft Leasing	3.580		02/06/22		9,619
	7,500,000		Private Export Funding Corp	4.300		12/15/21		7,826
	4,000,000		Regions Bank	3.250		12/09/11		4,146
	2,272,686		Rowan Cos, Inc	3.530		05/01/20		2,300
	6,094,014		Rowan Cos, Inc	3.160		07/15/21		6,187
	9,493,921		San Clemente Leasing LLC	3.590		08/27/21		9,972
	8,050,000	e	State Street Corp	2.150		04/30/12		8,244
	4,915,753		Tayarra Ltd	3.630		02/15/22		4,921
	4,840,016		Tricahue Leasing LLC	3.500		11/19/21		4,935
	10,000,000		US Central Federal Credit Union	1.900		10/19/12		10,206
	5,000,000	e	Wells Fargo & Co	2.130		06/15/12		5,134
	5,000,000		Western Corporate Federal Credit Union	1.750		11/02/12		5,083
			TOTAL AGENCY SECURITIES					139,754
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.1%
	4,900,000		Advance Auto Parts, Inc	5.750		05/01/20		5,010
	5,000,000		AutoZone, Inc	5.750		01/15/15		5,546
			TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS					10,556
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.1%
	1,850,000		Home Depot, Inc	5.250		12/16/13		2,034
	5,000,000		Home Depot, Inc	5.880		12/16/36		5,125
			TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES					7,159
BUSINESS SERVICES - 0.1%
	5,000,000		Adobe Systems, Inc	3.250		02/01/15		5,135
			TOTAL BUSINESS SERVICES					5,135
CHEMICALS AND ALLIED PRODUCTS - 0.5%
	1,000,000		Abbott Laboratories	3.750		03/15/11		1,021
	3,100,000		Abbott Laboratories	2.700		05/27/15		3,170
	3,335,000		Air Products & Chemicals, Inc	4.380		08/21/19		3,482
	2,800,000		Airgas, Inc	4.500		09/15/14		2,911
	805,000		Amgen, Inc	4.500		03/15/20		864
	4,900,000		Amgen, Inc	5.750		03/15/40		5,360

324

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$      965,000		Clorox Co	5.450	%	10/15/12	$	1,050
	2,300,000		Eastman Chemical Co	5.500		11/15/19		2,476
	6,250,000		Life Technologies Corp	3.380		03/01/13		6,389
	4,000,000		Life Technologies Corp	4.400		03/01/15		4,138
	5,000,000		Praxair, Inc	4.380		03/31/14		5,414
	2,500,000		Praxair, Inc	5.250		11/15/14		2,805
	5,000,000		Praxair, Inc	4.500		08/15/19		5,307
			TOTAL CHEMICALS AND ALLIED PRODUCTS					44,387
COMMUNICATIONS - 0.7%
	5,000,000		Cellco Partnership	3.750		05/20/11		5,121
	2,750,000		DIRECTV Holdings LLC	4.750		10/01/14		2,912
	4,900,000		DIRECTV Holdings LLC	3.550		03/15/15		4,933
	4,900,000		DIRECTV Holdings LLC	5.200		03/15/20		5,107
	3,225,000		DIRECTV Holdings LLC	6.350		03/15/40		3,453
	1,265,000		Sprint Capital Corp	8.380		03/15/12		1,327
	3,235,000		Sprint Nextel Corp	6.000		12/01/16		2,903
	3,500,000	e	Time Warner Cable, Inc	3.500		02/01/15		3,578
	3,200,000		Time Warner Cable, Inc	8.750		02/14/19		4,038
	3,900,000		Time Warner Cable, Inc	8.250		04/01/19		4,796
	5,000,000		Time Warner Cable, Inc	5.000		02/01/20		5,113
	3,500,000		Time Warner Cable, Inc	6.550		05/01/37		3,772
	5,234,000		Time Warner Entertainment Co LP	10.150		05/01/12		5,964
	2,500,000		Verizon Communications, Inc	4.350		02/15/13		2,672
	1,500,000		Verizon Communications, Inc	6.250		04/01/37		1,611
	1,400,000		Verizon Communications, Inc	6.400		02/15/38		1,543
	1,500,000		Verizon Communications, Inc	8.950		03/01/39		2,125
	1,000,000		Verizon New Jersey, Inc	5.880		01/17/12		1,060
	2,500,000		Viacom, Inc	4.380		09/15/14		2,657
			TOTAL COMMUNICATIONS					64,685
DEPOSITORY INSTITUTIONS - 2.0%
	3,400,000		Bank of New York Mellon Corp	4.300		05/15/14		3,652
	5,000,000		Bank of New York Mellon Corp	3.100		01/15/15		5,139
	5,000,000		Bank of New York Mellon Corp	2.950		06/18/15		5,058
	2,675,000		Bank of New York Mellon Corp	5.450		05/15/19		2,986
	5,000,000		BB&T Corp	3.380		09/25/13		5,157
	5,000,000		BB&T Corp	3.850		07/27/27		5,212
	1,250,000	g	Canadian Imperial Bank of Commerce	2.000		02/04/13		1,264
	5,000,000		Capital One Bank USA NA	8.800		07/15/19		6,242
	3,500,000		Capital One Capital V	8.880		05/15/40		3,645
	4,000,000		Capital One Financial Corp	5.700		09/15/11		4,161
	5,000,000		City National Capital Trust I	9.630		02/01/40		5,262
	3,000,000	g	Corestates Capital Trust I	8.000		12/15/26		3,116
	8,800,000	g	Depfa ACS Bank	5.130		03/16/37		6,431
	2,375,000		Discover Bank	7.000		04/15/20		2,398
	5,000,000		First Niagara Financial Group, Inc	6.750		03/19/20		5,249
	5,000,000	i	First Tennessee Bank NA	0.570		02/14/11		4,984
	3,000,000		First Union National Bank of Florida	6.180		02/15/36		3,231
	1,500,000		M&I Marshall & Ilsley Bank	5.300		09/08/11		1,506
	400,000		Manufacturers & Traders Trust Co	6.630		12/04/17		443
	3,612,000	i	Manufacturers & Traders Trust Co	5.590		12/28/20		3,429

325

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$ 6,076,000	i	Manufacturers & Traders Trust Co	5.630	%	12/01/21	$	5,743
	5,000,000		Mellon Funding Corp	6.400		05/14/11		5,213
	5,000,000		Mercantile Bankshares Corp	4.630		04/15/13		5,232
	1,250,000		Mercantile-Safe Deposit & Trust Co	5.700		11/15/11		1,279
	6,100,000		Northern Trust Corp	4.630		05/01/14		6,668
	5,000,000		PNC Funding Corp	3.630		02/08/15		5,147
	5,000,000		PNC Funding Corp	5.130		02/08/20		5,199
	4,875,000	e	Regions Financial Corp	4.880		04/26/13		4,900
	5,000,000		Regions Financial Corp	7.750		11/10/14		5,275
	3,875,000		Regions Financial Corp	5.750		06/15/15		3,850
	5,000,000		Silicon Valley Bank	5.700		06/01/12		5,213
	3,000,000		State Street Corp	4.300		05/30/14		3,195
	4,900,000		US Bancorp	2.000		06/14/13		4,947
	5,000,000		US Bancorp	2.880		11/20/14		5,088
	3,000,000		US Bank NA	4.950		10/30/14		3,269
	2,500,000		USB Capital XIII Trust	6.630		12/15/39		2,636
	5,000,000		Webster Bank	5.880		01/15/13		4,693
	5,000,000		Wells Fargo & Co	3.750		10/01/14		5,119
	5,000,000		Wells Fargo & Co	4.750		02/09/15		5,233
	2,475,000		Wells Fargo & Co	3.630		04/15/15		2,529
	3,100,000		Wells Fargo & Co	5.630		12/11/17		3,389
	4,000,000		Zions Bancorporation	7.750		09/23/14		4,076
			TOTAL DEPOSITORY INSTITUTIONS					176,458
EATING AND DRINKING PLACES - 0.0%
	1,250,000		McDonald’s Corp	5.000		02/01/19		1,393
			TOTAL EATING AND DRINKING PLACES					1,393
ELECTRIC, GAS, AND SANITARY SERVICES - 1.4%
	1,875,000		AGL Capital Corp	5.250		08/15/19		1,983
	2,000,000		Atmos Energy Corp	8.500		03/15/19		2,514
	5,000,000		Avista Corp	5.950		06/01/18		5,547
	1,000,000		Avista Corp	5.130		04/01/22		1,066
	5,000,000		CenterPoint Energy Houston Electric LLC	7.000		03/01/14		5,801
	2,000,000		Connecticut Light & Power	5.750		03/01/37		2,153
	1,200,000		Connecticut Light & Power Co	5.500		02/01/19		1,334
	3,784,988	g	Great River Energy	5.830		07/01/17		4,246
	5,000,000		Hawaiian Electric Industries, Inc	6.140		08/15/11		5,191
	5,000,000		Idaho Power Co	5.500		04/01/33		5,192
	2,500,000		Idaho Power Co	6.250		10/15/37		2,876
	7,500,000	g	International Transmission Co	4.450		07/15/13		7,960
	1,550,000		Laclede Gas Co	6.500		11/15/10		1,576
	2,000,000		Laclede Gas Co	6.150		06/01/36		2,204
	5,000,000		National Fuel Gas Co	6.500		04/15/18		5,361
	6,000,000		Nevada Power Co	6.650		04/01/36		6,822
	2,000,000		Nicor, Inc	6.580		02/15/28		2,283
	1,750,000		NiSource Finance Corp	10.750		03/15/16		2,243
	1,500,000		Northwest Natural Gas Co	5.620		11/21/23		1,651
	1,600,000		NSTAR Electric Co	5.500		03/15/40		1,732
	5,000,000		Pacific Gas & Electric Co	8.250		10/15/18		6,397
	4,750,000		Pacific Gas & Electric Co	5.800		03/01/37		5,163
	3,750,000	e	Pacific Gas & Electric Co	5.400		01/15/40		3,883

326

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$     500,000		Piedmont Natural Gas Co, Inc	7.800	%	09/29/10	$	508
	3,850,000		Portland General Electric Co	6.100		04/15/19		4,479
	2,500,000		PPL Electric Utilities Corp	6.250		05/15/39		2,926
	1,000,000		Public Service Electric & Gas Co	5.380		11/01/39		1,071
	2,000,000		Questar Pipeline Co	6.570		09/26/11		2,116
	620,000		San Diego Gas & Electric Co	6.000		06/01/39		724
	1,380,000	e	San Diego Gas & Electric Co	5.350		05/15/40		1,490
	2,800,000		Southern California Edison Co	6.050		03/15/39		3,286
	5,000,000		Spectra Energy Capital LLC	5.650		03/01/20		5,254
	2,500,000		Tennessee Gas Pipeline Co	8.000		02/01/16		2,906
	3,000,000		Transcontinental Gas Pipe Line Co LLC	6.050		06/15/18		3,317
	5,000,000		Washington Gas Light Co	5.440		08/11/25		5,604
	2,250,000	g	Williams Partners LP	3.800		02/15/15		2,265
	3,900,000	g	Williams Partners LP	6.300		04/15/40		3,918
	1,000,000		Wisconsin Power & Light Co	5.000		07/15/19		1,103
			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					126,145
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.2%
	666,000		Cisco Systems, Inc	2.900		11/17/14		689
	1,500,000		Dell, Inc	3.380		06/15/12		1,557
	2,500,000		Dell, Inc	5.880		06/15/19		2,809
	3,750,000		Discovery Communications LLC	5.050		06/01/20		3,898
	3,000,000		Hewlett-Packard Co	2.950		08/15/12		3,109
	1,750,000	e	National Semiconductor Corp	3.950		04/15/15		1,773
	2,500,000		Whirlpool Corp	8.000		05/01/12		2,735
	1,100,000		Whirlpool Corp	8.600		05/01/14		1,297
			TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					17,867
FABRICATED METAL PRODUCTS - 0.1%
	1,000,000		Ball Corp	6.750		09/15/20		1,010
	4,900,000		Valmont Industries, Inc	6.630		04/20/20		5,021
			TOTAL FABRICATED METAL PRODUCTS					6,031
FOOD AND KINDRED PRODUCTS - 0.4%
	5,000,000		Coca-Cola Enterprises, Inc	5.000		08/15/13		5,508
	1,500,000		Coca-Cola Enterprises, Inc	4.500		08/15/19		1,622
	5,000,000		General Mills, Inc	5.650		02/15/19		5,681
	1,600,000	g	HJ Heinz Finance Co	7.130		08/01/39		1,956
	2,500,000		Kellogg Co	4.150		11/15/19		2,616
	5,000,000		Kraft Foods, Inc	2.630		05/08/13		5,095
	5,000,000		Kraft Foods, Inc	6.500		02/09/40		5,592
	2,000,000		PepsiCo, Inc	7.900		11/01/18		2,586
	2,500,000		PepsiCo, Inc	5.500		01/15/40		2,739
			TOTAL FOOD AND KINDRED PRODUCTS					33,395
FOOD STORES - 0.0%
	1,000,000		Safeway, Inc	5.000		08/15/19		1,073
			TOTAL FOOD STORES					1,073

327

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE	MATURITY DATE	VALUE (000)
FURNITURE AND FIXTURES - 0.1%
	$    3,250,000		Johnson Controls, Inc	5.000	03/30/20	$	3,416
	4,000,000		Leggett & Platt, Inc	4.700	04/01/13		4,260
	4,900,000		Masco Corp	7.130	03/15/20		4,758
			TOTAL FURNITURE AND FIXTURES				12,434
GENERAL MERCHANDISE STORES - 0.1%
	3,150,000		JC Penney Corp, Inc	5.650	06/01/20		3,079
	2,500,000		TJX Cos, Inc	6.950	04/15/19		3,104
			TOTAL GENERAL MERCHANDISE STORES				6,183
HEALTH SERVICES - 0.2%
	5,000,000		Howard Hughes Medical Institute	3.450	09/01/14		5,296
	5,000,000		Providence Health & Services	5.050	10/01/14		5,287
	1,500,000		Quest Diagnostics, Inc	6.400	07/01/17		1,713
	3,750,000		Quest Diagnostics, Inc	4.750	01/30/20		3,773
			TOTAL HEALTH SERVICES				16,069
HOLDING AND OTHER INVESTMENT OFFICES - 0.6%
	5,000,000		ANDREW W MELLON FOUNDATION	3.950	08/01/14		5,349
	2,400,000	g	BioMed Realty LP	6.130	04/15/20		2,499
	5,000,000		Boston Properties LP	5.880	10/15/19		5,349
	5,000,000		Brandywine Operating Partnership LP	7.500	05/15/15		5,452
	3,500,000	g	Digital Realty Trust LP	4.500	07/15/15		3,489
	1,400,000		Federal Realty Investment Trust	5.900	04/01/20		1,479
	3,400,000		Health Care REIT, Inc	6.130	04/15/20		3,517
	3,000,000		Highwoods Properties, Inc	5.850	03/15/17		2,993
	5,000,000		Kimco Realty Corp	5.300	02/22/11		5,097
	1,160,000		Liberty Property LP	7.250	03/15/11		1,197
	1,000,000		ProLogis	7.630	08/15/14		1,061
	1,000,000		ProLogis	7.380	10/30/19		979
	2,550,000		Regency Centers LP	7.950	01/15/11		2,622
	3,000,000		Washington Real Estate Investment Trust	5.130	03/15/13		3,099
	4,900,000		Weingarten Realty Investors	5.650	01/15/13		5,110
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES				49,292
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.3%
	1,800,000		Deere & Co	5.380	10/16/29		1,967
	4,340,000		Deere & Co	8.100	05/15/30		5,980
	2,380,000		John Deere Capital Corp	2.950	03/09/15		2,444
	2,625,000		Pall Corp	5.000	06/15/20		2,723
	5,000,000		Timken Co	6.000	09/15/14		5,475
	5,000,000		Xerox Corp	8.250	05/15/14		5,861
	2,500,000		Xerox Corp	4.250	02/15/15		2,588
	2,500,000		Xerox Corp	5.630	12/15/19		2,660
			TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT				29,698
INSTRUMENTS AND RELATED PRODUCTS - 0.6%
	2,500,000		Agilent Technologies, Inc	4.450	09/14/12		2,609

328

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$ 5,000,000		Baxter International, Inc	4.500	%	08/15/19	$	5,347
	4,000,000		Becton Dickinson and Co	5.000		05/15/19		4,418
	2,000,000		Becton Dickinson and Co	6.000		05/15/39		2,338
	4,900,000		Medtronic, Inc	3.000		03/15/15		5,076
	3,500,000		Medtronic, Inc	4.750		09/15/15		3,899
	2,650,000		Medtronic, Inc	4.450		03/15/20		2,824
	2,500,000		Medtronic, Inc	6.500		03/15/39		3,104
	5,000,000		St. Jude Medical, Inc	4.880		07/15/19		5,411
	2,165,000		Thermo Fisher Scientific, Inc	2.150		12/28/12		2,190
	2,000,000		Thermo Fisher Scientific, Inc	3.200		05/01/15		2,064
	1,750,000		Thermo Fisher Scientific, Inc	5.000		06/01/15		1,921
	700,000	e	Thermo Fisher Scientific, Inc	4.700		05/01/20		754
	7,697,000		Zimmer Holdings, Inc	5.750		11/30/39		8,198
			TOTAL INSTRUMENTS AND RELATED PRODUCTS					50,153
INSURANCE AGENTS, BROKERS AND SERVICE - 0.1%
	5,000,000		Hartford Financial Services Group, Inc	4.000		03/30/15		4,909
	4,970,000		Hartford Financial Services Group, Inc	5.500		03/30/20		4,824
	2,000,000		Hartford Financial Services Group, Inc	6.630		03/30/40		1,857
			TOTAL INSURANCE AGENTS, BROKERS AND SERVICE					11,590
INSURANCE CARRIERS - 0.7%
	5,000,000		Aflac, Inc	8.500		05/15/19		6,016
	5,000,000		Aflac, Inc	6.900		12/17/39		5,197
	820,000		CIGNA Corp	5.130		06/15/20		853
	3,500,000		Cincinnati Financial Corp	6.130		11/01/34		3,351
	2,500,000	i	Hartford Life Global Funding Trusts	0.640		03/15/11		2,489
	5,000,000	g	Health Care Service Corp	7.750		06/15/11		5,102
	4,150,000		Lincoln National Corp	4.300		06/15/15		4,221
	2,000,000		Markel Corp	6.800		02/15/13		2,143
	2,500,000		Markel Corp	7.130		09/30/19		2,743
	5,300,000		Markel Corp	7.350		08/15/34		5,601
	2,500,000	g	Principal Life Global Funding I	5.130		10/15/13		2,627
	3,000,000		Progressive Corp	6.380		01/15/12		3,207
	5,000,000		Protective Life Corp	7.380		10/15/19		5,429
	2,000,000		Travelers Cos, Inc	5.900		06/02/19		2,221
	5,000,000		Unum Group	7.130		09/30/16		5,494
			TOTAL INSURANCE CARRIERS					56,694
MEMBERSHIP ORGANIZATIONS - 0.1%
	5,000,000		Nature Conservancy	6.300		07/01/19		5,484
			TOTAL MEMBERSHIP ORGANIZATIONS					5,484
MISCELLANEOUS RETAIL - 0.1%
	3,000,000		CVS Caremark Corp	5.750		06/01/17		3,337
	4,900,000		CVS Caremark Corp	4.750		05/18/20		5,016
	1,070,896	g	CVS Caremark Corp	5.300		01/11/27		1,077
	2,150,000		Staples, Inc	7.750		04/01/11		2,247
	500,000		Staples, Inc	9.750		01/15/14		613
			TOTAL MISCELLANEOUS RETAIL					12,290

329

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
NONDEPOSITORY INSTITUTIONS - 0.3%
	$ 1,675,000		American Express Co	7.000	%	03/19/18	$	1,932
	3,325,000		American Express Co	8.130		05/20/19		4,128
	4,700,000	g	CDP Financial, Inc	3.000		11/25/14		4,743
	5,900,000		Ford Motor Credit Co LLC	7.000		04/15/15		5,836
	4,500,000	e	Kreditanstalt fuer Wiederaufbau	4.000		01/27/20		4,680
			TOTAL NONDEPOSITORY INSTITUTIONS					21,319
NONMETALLIC MINERALS, EXCEPT FUELS - 0.0%
	2,500,000		Vulcan Materials Co	6.300		06/15/13		2,782
			TOTAL NONMETALLIC MINERALS, EXCEPT FUELS					2,782
OIL AND GAS EXTRACTION - 0.5%
	5,000,000		Apache Corp	5.250		04/15/13		5,461
	3,000,000		Apache Corp	6.000		01/15/37		3,316
	1,750,000		Chesapeake Energy Corp	6.500		08/15/17		1,726
	2,500,000	e	Devon Energy Corp	6.300		01/15/19		2,896
	5,000,000		Diamond Offshore Drilling, Inc	4.880		07/01/15		5,191
	5,000,000		EOG Resources, Inc	2.950		06/01/15		5,047
	3,000,000	e	EOG Resources, Inc	4.400		06/01/20		3,101
	5,000,000		EQT Corp	8.130		06/01/19		5,882
	2,500,000		Noble Energy, Inc	8.250		03/01/19		3,026
	3,000,000		Questar Market Resources, Inc	6.050		09/01/16		3,225
	5,000,000		SEACOR Holdings, Inc	7.380		10/01/19		5,280
			TOTAL OIL AND GAS EXTRACTION					44,151
PAPER AND ALLIED PRODUCTS - 0.2%
	1,000,000		Bemis Co, Inc	5.650		08/01/14		1,101
	4,000,000		Bemis Co, Inc	6.800		08/01/19		4,621
	2,650,000		International Paper Co	7.300		11/15/39		2,922
	5,000,000		MeadWestvaco Corp	7.380		09/01/19		5,433
			TOTAL PAPER AND ALLIED PRODUCTS					14,077
PETROLEUM AND COAL PRODUCTS - 0.1%
	2,500,000		Hess Corp	8.130		02/15/19		3,116
	4,000,000	e	Hess Corp	6.000		01/15/40		4,135
	1,430,000		Marathon Oil Corp	6.500		02/15/14		1,610
	1,678,000		Marathon Oil Corp	5.900		03/15/18		1,852
			TOTAL PETROLEUM AND COAL PRODUCTS					10,713
PRIMARY METAL INDUSTRIES - 0.1%
	2,000,000		Reliance Steel & Aluminum Co	6.850		11/15/36		1,938
	2,400,000		United States Steel Corp	7.380		04/01/20		2,373
			TOTAL PRIMARY METAL INDUSTRIES					4,311
PRINTING AND PUBLISHING - 0.0%
	2,500,000		Dun & Bradstreet Corp	5.500		03/15/11		2,576
			TOTAL PRINTING AND PUBLISHING					2,576
RAILROAD TRANSPORTATION - 0.2%
	1,440,000	e	CSX Corp	6.150		05/01/37		1,575
	1,900,000		CSX Transportation, Inc	7.820		04/01/11		1,977

330

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$ 2,500,000		Norfolk Southern Corp	5.750	%	01/15/16	$	2,836
	5,000,000		Norfolk Southern Corp	5.900		06/15/19		5,749
	2,500,000		Norfolk Southern Corp	5.590		05/17/25		2,678
	4,815,000		Norfolk Southern Corp	5.640		05/17/29		5,073
	60,602	g	Sea-Land Service, Inc	6.600		01/02/11		61
	60,602	g	Sea-Land Service, Inc	6.600		01/02/11		61
	60,602	g	Sea-Land Service, Inc	6.600		01/02/11		61
			TOTAL RAILROAD TRANSPORTATION					20,071
SECURITY AND COMMODITY BROKERS - 0.1%
	2,200,000		Ameriprise Financial, Inc	5.300		03/15/20		2,298
	1,940,000		Franklin Resources, Inc	3.130		05/20/15		1,987
	7,000,000	e	NASDAQ OMX Group, Inc	2.500		08/15/13		6,641
			TOTAL SECURITY AND COMMODITY BROKERS					10,926
SOCIAL SERVICES - 0.1%
	2,000,000		American National Red Cross	5.390		11/15/12		2,053
	4,000,000		American National Red Cross	5.570		11/15/17		4,017
	5,145,000		Salvation Army	5.640		09/01/26		5,143
			TOTAL SOCIAL SERVICES					11,213
STONE, CLAY, AND GLASS PRODUCTS - 0.0%
	2,500,000	e	3M Co	6.380		02/15/28		3,010
			TOTAL STONE, CLAY, AND GLASS PRODUCTS					3,010
TRANSPORTATION BY AIR - 0.5%
	14,550,000		Delta Air Lines, Inc	7.570		11/18/10		14,732
	10,312,000		Delta Air Lines, Inc	7.110		09/18/11		10,647
	5,000,000		Delta Air Lines, Inc	6.420		07/02/12		5,000
	5,000,000	i	JetBlue Airways Corp	0.890		11/15/16		3,738
	5,000,000	g	Southwest Airlines Co	10.500		12/15/11		5,578
			TOTAL TRANSPORTATION BY AIR					39,695
TRANSPORTATION EQUIPMENT - 0.1%
	5,000,000	g	Harley-Davidson Funding Corp	6.800		06/15/18		5,265
	2,592,770	g	Southern Capital Corp	5.700		06/30/22		1,729
			TOTAL TRANSPORTATION EQUIPMENT					6,994
TRANSPORTATION SERVICES - 0.1%
	2,500,000		FedEx Corp	7.380		01/15/14		2,920
			United Parcel Service of America, Inc (Step Bond 8.375%
	1,360,000		until 04/01/20, 7.620% until 04/01/30)	8.380		04/01/30		1,847
	3,750,000		United Parcel Service, Inc	3.880		04/01/14		4,034
			TOTAL TRANSPORTATION SERVICES					8,801
WHOLESALE TRADE-NONDURABLE GOODS - 0.0%
	2,500,000		SYSCO Corp	6.630		03/17/39		3,179
			TOTAL WHOLESALE TRADE-NONDURABLE GOODS					3,179
			TOTAL CORPORATE BONDS					1,087,743
			(Cost $1,026,186)

331

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE	MATURITY DATE	VALUE (000)
GOVERNMENT BONDS 26.0%
AGENCY SECURITIES - 2.5%
			Federal Home Loan Bank (FHLB)
	$ 5,500,000		FHLB	5.000	11/17/17	$	6,276
			Federal Home Loan Mortgage Corp (FHLMC)
	7,780,000		FHLMC	2.500	04/23/14		8,055
	3,000,000		FHLMC	3.500	05/29/13		3,205
	2,000,000		FHLMC	4.130	12/21/12		2,159
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	1,510,442		FGLMC	5.000	04/01/23		1,612
			Federal National Mortgage Association (FNMA)
	10,000,000		FNMA	2.630	11/20/14		10,335
	13,500,000		FNMA	3.000	09/16/14		14,167
	3,859,001		FNMA	4.500	03/25/33		4,167
	600,000		FNMA	4.000	02/25/19		629
	2,000,000		FNMA	1.130	07/30/12		2,013
	3,700,000		FNMA	3.250	08/12/10		3,713
	12,000,000		FNMA	2.500	05/15/14		12,388
	6,000,000		FNMA	1.750	05/07/13		6,110
	7,565,519		Cal Dive I- Title XI, Inc	4.930	02/01/27		8,099
	11,000,000	g,j	FDIC Structured Sale Guarantee	0.000	10/25/12		10,608
	4,000,000	j	Government Trust Certificate	0.000	04/01/21		2,509
	12,750,000	i	India Government AID Bond	0.440	02/01/27		11,773
	5,000,000	g,j	Overseas Private Investment Corp	0.000	12/10/10		6,034
	4,200,000		Overseas Private Investment Corp	1.900	12/10/11		4,278
	991,304		Overseas Private Investment Corp	5.410	12/15/11		1,020
	4,700,000	j	Overseas Private Investment Corp	0.000	07/12/14		4,867
	3,000,000	j	Overseas Private Investment Corp	0.000	12/14/14		3,216
	7,751,954		Overseas Private Investment Corp	3.420	01/15/15		8,115
	676,839		Overseas Private Investment Corp	3.740	04/15/15		708
	4,421,893		Overseas Private Investment Corp	5.140	12/15/23		4,901
	9,855,674		Overseas Private Investment Corp	4.440	02/27/27		10,341
	6,900,000		Private Export Funding Corp	3.550	04/15/13		7,346
	6,085,000		Private Export Funding Corp	4.970	08/15/13		6,745
	1,050,000		Private Export Funding Corp	4.550	05/15/15		1,164
	10,000,000		Private Export Funding Corp	4.380	03/15/19		10,828
	5,000,000		US Department of Housing and Urban Development	4.560	08/01/17		5,574
	5,007,000		US Department of Housing and Urban Development	5.380	08/01/18		5,777
	5,717,000		US Department of Housing and Urban Development	4.960	08/01/20		6,380
	9,500,000		US Department of Housing and Urban Development	5.050	08/01/21		10,570
	8,059,515	g	US Trade Funding Corp	4.260	11/15/14		8,470
			TOTAL AGENCY SECURITIES				214,152
FOREIGN GOVERNMENT BONDS - 1.2%
	3,900,000		Canada Government International Bond	2.380	09/10/14		4,003
	10,000,000		Council Of Europe Development Bank	2.750	02/10/15		10,290
	2,750,000		Eksportfinans A/S	5.000	02/14/12		2,917
	2,000,000		European Investment Bank	4.880	02/15/36		2,109

332

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$ 6,082,000		Hydro Quebec	8.400	%	01/15/22	$	8,477
	5,000,000	g	International Finance Facility for Immunisation	5.000		11/14/11		5,247
	2,850,000	e	Italy Government International Bond	5.380		06/12/17		2,983
	4,000,000		Province of British Columbia Canada	2.850		06/15/15		4,132
	5,000,000		Province of Manitoba Canada	5.000		02/15/12		5,325
	2,000,000		Province of Manitoba Canada	2.130		04/22/13		2,045
	2,500,000		Province of Ontario Canada	3.130		09/08/10		2,512
	10,000,000		Province of Ontario Canada	2.630		01/20/12		10,237
	8,700,000		Province of Ontario Canada	4.100		06/16/14		9,356
	8,100,000	e	Province of Ontario Canada	2.950		02/05/15		8,304
	11,200,000		Province of Ontario Canada	2.700		06/16/15		11,296
	6,000,000		Province of Ontario Canada	4.000		10/07/19		6,195
	5,000,000		Province of Ontario Canada	4.400		04/14/20		5,313
	5,000,000		Province of Quebec Canada	7.500		09/15/29		6,863
			TOTAL FOREIGN GOVERNMENT BONDS					107,604
MORTGAGE BACKED - 14.1%
			Federal Home Loan Mortgage Corp (FHLMC)
	6,610,623	i	FHLMC	5.720		09/01/37		7,057
	3,314,769	i	FHLMC	5.710		08/01/37		3,542
	5,923,022	i	FHLMC	5.880		04/01/37		6,369
	16,000,000		FHLMC	6.000		07/15/40		17,365
	32,000,000		FHLMC	5.500		07/15/40		34,335
	31,000,000		FHLMC	5.000		07/15/40		32,787
	6,724,826	i	FHLMC	5.540		03/01/37		7,127
	4,308,975	i	FHLMC	5.820		07/01/36		4,552
	3,342,547	i	FHLMC	2.640		02/01/36		3,463
	5,000,000		FHLMC	5.000		07/15/25		5,330
	6,416,478	i	FHLMC	5.740		02/01/37		6,897
	7,011,421	i	FHLMC	6.050		09/01/36		7,429
	1,698,744	i	FHLMC	3.280		09/01/36		1,761
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	5,306,201		FGLMC	4.500		09/01/35		5,544
	1,893,861		FGLMC	4.500		09/01/35		1,979
	1,849,179		FGLMC	6.000		08/01/35		2,017
	4,968,721		FGLMC	4.500		09/01/35		5,192
	805,557		FGLMC	4.500		12/01/35		842
	1,667,633		FGLMC	5.000		10/01/35		1,769
	9,375,514		FGLMC	5.000		09/01/35		9,943
	572,150		FGLMC	6.000		05/01/35		624
	1,883,397		FGLMC	6.000		05/01/35		2,055
	1,064,317		FGLMC	6.000		05/01/35		1,161
	571,979		FGLMC	6.000		05/01/35		624
	2,207,040		FGLMC	5.500		06/01/35		2,376
	3,865,162		FGLMC	7.000		05/01/35		4,395
	1,607,822		FGLMC	6.000		05/01/35		1,754
	1,944,911		FGLMC	6.000		11/01/38		2,114
	7,761,155		FGLMC	5.000		04/01/38		8,222
	1,895,402		FGLMC	4.500		05/01/39		1,966
	3,676,968		FGLMC	5.000		07/01/39		3,895
	11,195,732		FGLMC	4.500		06/01/39		11,614

333

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$   5,841,455		FGLMC	4.000	%	06/01/39	$	5,920
	347,429		FGLMC	6.500		05/01/36		382
	18,520,164		FGLMC	5.500		04/01/36		19,942
	1,319,532		FGLMC	5.000		02/01/36		1,399
	1,779,035		FGLMC	6.500		10/01/36		1,956
	4,693,502		FGLMC	6.000		02/01/38		5,101
	2,381,058		FGLMC	6.500		11/01/37		2,614
	2,398,566		FGLMC	6.000		09/01/37		2,608
	1,019,370		FGLMC	6.000		05/01/35		1,112
	1,555,500		FGLMC	4.500		01/01/20		1,658
	1,867,055		FGLMC	5.000		02/01/19		2,006
	2,053,423		FGLMC	5.500		01/01/19		2,230
	344,570		FGLMC	4.500		07/01/20		367
	3,047,025		FGLMC	4.500		06/01/21		3,244
	11,005,903		FGLMC	4.500		06/01/21		11,716
	279,183		FGLMC	7.000		10/01/20		311
	495,241		FGLMC	6.000		12/01/17		539
	272,645		FGLMC	6.500		12/01/16		295
	13,023		FGLMC	6.000		03/01/11		13
	3,222,312		FGLMC	4.500		10/01/18		3,438
	5,484,823		FGLMC	4.500		01/01/19		5,845
	4,785,216		FGLMC	4.500		11/01/18		5,106
	4,072,038		FGLMC	4.500		11/01/18		4,345
	14,936,308		FGLMC	7.000		12/01/33		16,983
	8,549,046		FGLMC	5.500		12/01/33		9,229
	3,784,152		FGLMC	5.500		09/01/33		4,085
	10,492,914		FGLMC	5.000		01/01/34		11,154
	1,346,197		FGLMC	5.500		12/01/34		1,452
	2,072,675		FGLMC	6.000		09/01/34		2,275
	3,219,528		FGLMC	5.000		05/01/34		3,417
	4,690,021		FGLMC	4.000		07/01/24		4,877
	20,500		FGLMC	7.000		05/01/23		23
	3,498,745		FGLMC	4.500		03/01/23		3,699
	1,728,361		FGLMC	4.500		09/01/24		1,825
	4,297,746		FGLMC	5.500		09/01/33		4,640
	3,112,341		FGLMC	4.500		07/01/33		3,264
	81,526		FGLMC	8.000		01/01/31		94
			Federal National Mortgage Association (FNMA)
	4,626,728		FNMA	5.000		08/01/35		4,911
	2,533,235		FNMA	4.500		08/01/35		2,649
	9,531,373		FNMA	4.000		10/01/35		9,720
	6,048,874		FNMA	5.000		09/01/35		6,429
	671,341		FNMA	6.000		07/01/35		732
	2,379,230		FNMA	5.500		06/01/35		2,560
	2,895,824		FNMA	5.500		06/01/35		3,116
	58,240		FNMA	7.500		06/01/35		66
	1,913,695		FNMA	5.500		06/01/35		2,059
	4,331,003		FNMA	5.000		10/01/35		4,597
	1,868,369	i	FNMA	5.830		07/01/36		1,989
	4,018,671		FNMA	6.000		03/01/36		4,374
	2,584,916		FNMA	6.000		12/01/36		2,813
	2,290,472		FNMA	6.500		09/01/36		2,516

334

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$   1,145,814		FNMA	6.500	%	02/01/36	$	1,258
	3,494,109		FNMA	5.000		02/01/36		3,709
	9,458,677		FNMA	5.500		10/01/35		10,178
	682,083		FNMA	6.500		02/01/36		751
	1,621,626	i	FNMA	5.660		02/01/36		1,712
	591,412		FNMA	6.000		12/01/34		649
	47,954		FNMA	4.500		09/01/34		50
	2,992,857		FNMA	5.500		01/01/35		3,223
	8,757,523		FNMA	5.500		01/01/35		9,431
	1,465,927		FNMA	4.500		08/01/34		1,535
	162,736		FNMA	4.500		07/01/34		170
	174,777		FNMA	4.500		07/01/34		183
	90,226		FNMA	4.500		08/01/34		94
	54,717		FNMA	4.500		07/01/34		57
	631,062		FNMA	5.500		03/01/35		679
	727,308		FNMA	5.500		05/01/35		783
	879,380		FNMA	5.500		05/01/35		946
	3,696,093		FNMA	6.000		05/01/35		4,030
	277,815		FNMA	5.500		05/01/35		299
	3,185,405		FNMA	5.500		05/01/35		3,427
	1,904,141		FNMA	5.500		04/01/35		2,049
	1,837,966		FNMA	5.500		04/01/35		1,978
	10,723,698		FNMA	4.500		05/01/35		11,247
	1,941,671		FNMA	5.500		04/01/35		2,089
	15,609,049	i	FNMA	5.830		01/01/37		16,782
	13,798,035		FNMA	4.500		02/01/39		14,331
	2,679,453		FNMA	6.000		01/01/39		2,909
	3,836,511		FNMA	4.000		04/01/39		3,891
	4,430,560		FNMA	4.500		02/01/39		4,602
	3,061,359		FNMA	6.000		01/01/39		3,324
	3,241,781	i	FNMA	4.940		10/01/38		3,436
	373,176		FNMA	6.500		03/01/38		409
	3,001,865		FNMA	5.500		01/01/39		3,227
	4,661,186		FNMA	4.500		01/01/39		4,841
	7,576,440		FNMA	4.500		04/01/39		7,867
	95,000,000		FNMA	4.500		08/25/40		98,102
	53,000,000		FNMA	6.000		07/25/40		57,480
	51,000,000		FNMA	5.000		09/25/40		53,574
	3,000,000		FNMA	6.000		08/25/40		3,245
	50,000,000		FNMA	5.500		07/25/40		53,672
	4,860,060		FNMA	4.500		08/01/39		5,046
	23,844,688		FNMA	4.500		05/01/39		24,758
	26,000,000		FNMA	4.000		07/25/40		26,329
	11,520,425		FNMA	6.000		09/01/39		12,509
	3,180,067		FNMA	6.000		09/01/37		3,499
	2,970,544		FNMA	6.000		09/01/37		3,268
	2,409,854		FNMA	6.000		09/01/37		2,650
	1,873,005		FNMA	6.000		09/01/37		2,052
	1,225,865		FNMA	6.500		08/01/37		1,345
	3,861,895		FNMA	6.500		03/01/37		4,242
	1,060,949		FNMA	7.000		02/01/37		1,180
	896,856		FNMA	6.500		08/01/37		984

335

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$   1,017,613		FNMA	7.000	%	04/01/37	$	1,132
	1,840,889		FNMA	6.500		09/01/37		2,019
	89,120		FNMA	6.500		02/01/38		98
	253,825		FNMA	6.500		01/01/38		278
	152,395		FNMA	6.500		03/01/38		167
	1,515,302		FNMA	6.500		03/01/38		1,662
	1,869,186		FNMA	7.000		11/01/37		2,079
	873,396		FNMA	6.500		09/01/37		958
	710,110		FNMA	6.500		09/01/37		779
	1,404,219	i	FNMA	5.870		10/01/37		1,510
	501,690		FNMA	6.500		09/01/37		550
	371,101		FNMA	6.000		02/01/19		406
	337,325		FNMA	6.000		01/01/19		369
	523,590		FNMA	4.500		05/01/19		558
	127,814		FNMA	4.500		03/01/19		136
	2,783,630		FNMA	5.000		01/01/19		3,012
	46,829		FNMA	5.500		05/01/18		51
	326,263		FNMA	5.500		04/01/18		354
	3,210,842		FNMA	5.000		12/01/18		3,453
	5,207,813		FNMA	5.500		11/01/18		5,656
	1,242,921		FNMA	4.500		06/01/19		1,326
	30,202		FNMA	8.000		03/01/23		35
	3,711,592		FNMA	4.500		03/01/23		3,927
	4,000,000		FNMA	5.000		07/25/23		4,268
	6,743,785		FNMA	5.000		07/01/23		7,205
	4,434,384		FNMA	5.500		08/01/21		4,799
	591,510		FNMA	4.500		11/01/20		631
	1,330,667		FNMA	5.000		03/01/20		1,431
	1,974,177		FNMA	5.000		03/01/21		2,123
	1,658,377		FNMA	5.000		12/01/20		1,781
	1,062		FNMA	7.500		10/01/11		1
	5,510		FNMA	7.500		10/01/11		6
	53,899		FNMA	5.000		06/01/13		55
	48,708		FNMA	7.000		04/01/12		51
	181		FNMA	7.500		10/01/11		0^
	2,417		FNMA	8.000		07/01/11		3
	5,772		FNMA	7.500		06/01/11		6
	1,649		FNMA	7.500		09/01/11		2
	1,924		FNMA	7.500		08/01/11		2
	2,674,710		FNMA	4.440		07/01/13		2,840
	804,912		FNMA	6.500		04/01/17		878
	195,646		FNMA	6.500		10/01/16		213
	331,070		FNMA	6.500		02/01/18		361
	2,177,521		FNMA	5.000		12/01/17		2,342
	6,628		FNMA	8.500		11/01/14		7
	1,690,016		FNMA	4.590		05/01/14		1,814
	3,680,527		FNMA	4.020		08/01/13		3,878
	2,984,920		FNMA	4.530		10/01/14		3,204
	4,118,832		FNMA	4.270		06/01/14		4,382
	203,447		FNMA	5.000		01/01/24		217
	456,956		FNMA	5.000		03/01/34		486
	94,257		FNMA	7.000		01/01/34		105

336

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
	$      523,755	FNMA	5.000	%	03/01/34	$	557
	20,603,477	FNMA	5.000		03/01/34		21,911
	748,385	FNMA	5.500		12/01/33		807
	2,547,619	FNMA	5.500		11/01/33		2,748
	2,116,694	FNMA	5.500		11/01/33		2,283
	393,609	FNMA	5.500		12/01/33		425
	2,000,402	FNMA	5.500		11/01/33		2,157
	1,174,455	FNMA	5.000		03/01/34		1,249
	65,758	FNMA	4.500		06/01/34		69
	52,015	FNMA	4.500		06/01/34		54
	232,242	FNMA	4.500		06/01/34		243
	51,056	FNMA	4.500		06/01/34		53
	53,864	FNMA	4.500		05/01/34		56
	3,483,251	FNMA	5.000		04/01/34		3,702
	400,771	FNMA	5.000		03/01/34		426
	59,251	FNMA	4.500		05/01/34		62
	945,011	FNMA	4.500		05/01/34		989
	8,000,000	FNMA	4.500		07/25/25		8,439
	10,000,000	FNMA	4.000		07/25/25		10,388
	1,823,140	FNMA	6.500		07/01/32		2,035
	17,058,573	FNMA	5.000		10/01/25		18,179
	9,391,020	FNMA	4.000		09/01/24		9,781
	5,431,956	FNMA	4.000		05/01/24		5,658
	607,225	FNMA	5.500		02/01/24		657
	2,899,166	FNMA	4.500		08/01/24		3,064
	94,935	FNMA	8.000		07/01/24		110
	333,416	FNMA	5.000		02/01/33		355
	1,686,163	FNMA	5.000		11/01/33		1,793
	1,104,255	FNMA	5.000		10/01/33		1,174
	1,800,358	FNMA	5.500		11/01/33		1,942
	1,484,637	FNMA	5.500		11/01/33		1,601
	1,284,956	FNMA	5.000		10/01/33		1,367
	2,117,595	FNMA	4.500		08/01/33		2,221
	1,088,907	FNMA	5.500		07/01/33		1,174
	288,855	FNMA	4.500		09/01/33		301
	1,164,836	FNMA	5.000		08/01/33		1,239
		Government National Mortgage Association (GNMA)
	2,811,633	GNMA	6.500		11/20/38		3,093
	4,502,783	GNMA	4.500		03/15/39		4,701
	941,247	GNMA	4.500		05/15/39		983
	22,000,000	GNMA	5.500		07/15/38		23,767
	1,627,374	GNMA	6.000		08/15/38		1,777
	1,774,381	GNMA	6.000		08/20/38		1,938
	4,845,148	GNMA	4.500		07/20/39		5,047
	10,000,000	GNMA	6.000		07/15/40		10,897
	20,000,000	GNMA	5.000		07/20/40		21,256
	4,930,395	GNMA	6.230		09/15/43		5,302
	1,837,098	GNMA	5.000		07/20/39		1,958
	1,922,994	GNMA	4.000		08/15/39		1,958
	38,000,000	GNMA	4.500		07/15/40		39,579
	20,000,000	GNMA	5.000		07/15/38		21,303
	42,741	GNMA	6.500		08/15/23		47

337

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$         12,295		GNMA	6.500	%	08/15/23	$	14
	6,167,993		GNMA	4.390		08/16/30		6,270
	2,827,830		GNMA	5.220		04/15/15		2,854
	81,080		GNMA	9.000		12/15/17		90
	64,364		GNMA	8.000		06/15/22		74
	250,064		GNMA	6.500		05/20/31		280
	3,741,933		GNMA	5.500		02/15/37		4,052
	4,104,724		GNMA	6.000		02/20/37		4,488
	3,540,516		GNMA	5.000		04/15/38		3,781
	974,289		GNMA	5.500		07/15/33		1,061
	756,784		GNMA	6.000		10/20/36		829
	793,715		GNMA	6.000		01/20/37		868
			TOTAL MORTGAGE BACKED					1,235,018
MUNICIPAL BONDS - 1.7%
	1,860,000		Allegheny County Redevelopment Authority	5.000		09/01/11		1,929
	1,110,000		Atlanta Urban Residential Finance Authority	5.070		12/01/11		1,150
	4,500,000	g	Basin Electric Power Coop	6.130		06/01/41		4,269
	2,390,000		Charlotte-Mecklenburg Hospital Authority	5.000		08/01/15		2,533
			Chicago Metropolitan Water Reclamation District-Greater
	5,000,000		Chicago	5.720		12/01/38		5,425
	1,250,000		City & County of Honolulu HI	6.110		07/01/29		1,285
	4,000,000		City of Dallas TX	5.080		02/15/22		4,115
	1,500,000		City of Dallas TX	5.200		02/15/35		1,453
	950,000		City of Eugene OR	6.320		08/01/22		1,008
	5,000,000		City of New York NY	4.500		06/01/15		5,322
	1,055,000	j	City of Oakland CA	0.000		12/15/11		1,008
	4,750,000		Clean Water Services	5.700		10/01/30		4,961
	5,000,000		Commonwealth of Massachusetts	5.460		12/01/39		5,240
	325,000		County of Harnett NC	5.150		05/01/12		327
	2,335,000		County of Mercer NJ	5.380		02/01/17		2,390
	4,000,000		Dallas County Hospital District	5.620		08/15/44		4,273
			Douglas County Public Utility District No 1 Wells
	1,680,000		Hydroelectric	5.110		09/01/18		1,716
	1,400,000		Elkhart Redevelopment District	5.500		06/15/18		1,515
	8,340,000		Fiscal Year 2005 Securitization Corp	4.760		08/15/19		8,677
	3,500,000		Grant County Public Utility District No 2	5.630		01/01/27		3,694
	2,000,000		Guadalupe Valley Electric Coop, Inc	5.670		10/01/32		1,713
	1,000,000		Kansas Development Finance Authority	4.590		05/01/14		1,051
	1,350,000		Kansas Development Finance Authority	4.720		05/01/15		1,438
	2,750,000	g	LL & P Wind Energy, Inc	5.220		12/01/12		2,780
	4,900,000		Massachusetts St. Water Pollution Abatement	5.190		08/01/40		4,891
	3,000,000		Metropolitan Washington Airports Authority	5.690		10/01/30		3,017
	5,000,000		Metropolitan Water District of Southern California	6.250		07/01/39		5,308
	5,000,000		Mississippi Development Bank Special Obligation	5.320		07/01/14		5,213
	560,000		New York City Housing Development Corp	4.660		11/01/10		565
	2,160,000		New York State Environmental Facilities Corp	4.900		12/15/11		2,225
	3,000,000		New York State Urban Development Corp	6.500		12/15/18		3,421
	2,500,000		Newport News Economic Development Authority	5.640		01/15/29		2,505
	2,500,000		Oklahoma Capital Improvement Authority	5.180		07/01/14		2,689
	3,750,000		State of California	7.630		03/01/40		4,052
	2,050,000		State of Hawaii	4.670		05/01/14		2,196

338

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
	$   5,000,000	State of Illinois	4.070	%	01/01/14	$	4,927
	5,570,000	State of Illinois	4.350		06/01/18		5,244
	5,750,000	State of Michigan	4.600		11/01/11		6,005
	2,500,000	State of Ohio	5.410		09/01/28		2,666
	3,050,000	State of Oregon	5.030		08/01/14		3,331
	3,265,000	State of Texas	4.900		08/01/20		3,348
	5,000,000	State of Texas	6.070		10/01/29		5,349
	4,735,000	State of Washington	5.050		01/01/18		4,795
	1,033,000	State of Wisconsin	5.700		05/01/26		1,050
	5,000,000	Tuolumne Wind Project Authority	6.920		01/01/34		5,301
	2,025,000	University Central Fl University Revenues	5.130		10/01/20		1,875
		TOTAL MUNICIPAL BONDS					149,245
U.S. TREASURY SECURITIES - 6.5%
	69,400,000	United States Treasury Bond	8.000		11/15/21		100,934
	5,000,000	United States Treasury Bond	6.380		08/15/27		6,736
	20,000,000	United States Treasury Bond	5.250		02/15/29		24,069
	13,176,000	United States Treasury Bond	5.380		02/15/31		16,211
	12,640,000	United States Treasury Bond	4.380		11/15/39		13,645
	2,400,000	United States Treasury Bond	4.630		02/15/40		2,698
	5,130,000	United States Treasury Note	1.000		08/31/11		5,163
	11,875,000	United States Treasury Note	1.000		09/30/11		11,957
	1,400,000	United States Treasury Note	0.750		11/30/11		1,405
	67,254,000	United States Treasury Note	1.000		12/31/11		67,745
	12,750,000	United States Treasury Note	0.880		02/29/12		12,818
	36,625,000	United States Treasury Note	1.380		11/15/12		37,149
	14,280,000	United States Treasury Note	1.130		12/15/12		14,397
	34,267,000	United States Treasury Note	1.380		01/15/13		34,727
	28,905,000	United States Treasury Note	1.130		06/15/13		29,020
	2,670,000	United States Treasury Note	3.130		09/30/13		2,843
	34,030,000	United States Treasury Note	2.250		05/31/14		35,112
	33,395,000	United States Treasury Note	2.380		08/31/14		34,525
	8,190,000	United States Treasury Note	2.380		10/31/14		8,450
	17,585,000	United States Treasury Note	2.130		11/30/14		17,959
	8,650,000	United States Treasury Note	2.250		01/31/15		8,866
	14,631,000	United States Treasury Note	2.500		04/30/15		15,151
	29,554,000	United States Treasury Note	2.130		05/31/15		30,062
	13,150,000	United States Treasury Note	1.880		06/30/15		13,200
	5,000,000	United States Treasury Note	2.630		04/30/16		5,138
	5,000,000	United States Treasury Note	2.750		05/31/17		5,105
	15,188,000	United States Treasury Note	3.500		05/15/20		15,895
		TOTAL U.S. TREASURY SECURITIES					570,980
		TOTAL GOVERNMENT BONDS					2,276,999
		(Cost $2,187,557)
STRUCTURED ASSETS - 2.9%
ASSET BACKED - 1.0%
	5,000,000	AmeriCredit Automobile Receivables Trust	5.190		08/17/15		5,220
		Series - 2010 1 (Class C)

339

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$     1,500,000		AmeriCredit Prime Automobile Receivable	4.990	%	07/17/17	$	1,562
			Series - 2009 1 (Class C)
	3,501,139	i	Chase Funding Loan Acquisition Trust	0.920		06/25/34		2,964
			Series - 2004 OPT1 (Class M1)
	674,364	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		255
			Series - 2004 2 (Class 1B)
	1,500,000		CNH Equipment Trust	4.980		04/15/16		1,540
			Series - 2009 C (Class B)
	2,150,000	i	Countrywide Asset-Backed Certificates	5.680		10/25/46		2,042
			Series - 2006 15 (Class A2)
	616,652	i	Countrywide Home Equity Loan Trust	0.570		02/15/29		327
			Series - 2004 B (Class 1A)
	2,743,589	g	Credit-Based Asset Servicing and Securitization LLC	6.160		12/25/36		2,663
			Series - 2007 MX1 (Class A1)
	12,000,000	g	Flagstar Home Equity Loan Trust	5.780		01/25/35		9,604
			Series - 2007 1A (Class AF3)
	1,991,087		GMAC Commercial Mortgage Securities, Inc	5.590		10/25/29		1,903
			Series - 2006 HLTV (Class A3)
	2,282,000		GMAC Commercial Mortgage Securities, Inc	5.810		10/25/29		1,604
			Series - 2006 HLTV (Class A4)
	3,370,000	g	Hertz Vehicle Financing LLC	5.290		03/25/16		3,647
			Series - 2009 2A (Class A2)
	4,000,000		HFC Home Equity Loan Asset Backed Certificates	5.730		03/20/36		4,284
			Series - 2007 1 (Class A3F)
	974,493		HFC Home Equity Loan Asset Backed Certificates	5.910		03/20/36		977
			Series - 2007 1 (Class A1F)
	955,166	i	Morgan Stanley ABS Capital I	0.270		01/25/37		929
			Series - 2007 HE2 (Class A2A)
	1,603,326		MP Environmental Funding LLC	4.980		07/15/14		1,740
			Series - 2007 A1 (Class)
	4,010,000		Renaissance Home Equity Loan Trust	5.590		11/25/36		2,185
			Series - 2006 3 (Class AF3)
	2,045,593		Residential Asset Mortgage Products, Inc	4.970		09/25/33		2,040
			Series - 2003 RZ5 (Class A7)
	4,355,493		Residential Funding Mortgage Securities II, Inc	5.520		04/25/21		4,228
			Series - 2006 HI5 (Class A2)
	9,000,000		Residential Funding Mortgage Securities II, Inc	5.500		08/25/25		7,232
			Series - 2006 HI5 (Class A3)
	1,276,889		Residential Funding Mortgage Securities II, Inc	5.750		02/25/36		1,266
			Series - 2006 HI2 (Class A2)
	5,700,000		Residential Funding Mortgage Securities II, Inc	5.960		02/25/36		4,990
			Series - 2006 HI3 (Class A3)
	2,000,000		Residential Funding Mortgage Securities II, Inc	6.010		02/25/36		1,069
			Series - 2006 HI1 (Class M1)
	200,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		64
			Series - 2006 HI1 (Class M2)
	18,000,000		Residential Funding Mortgage Securities II, Inc	5.440		09/25/36		14,730
			Series - 2006 HI4 (Class A3)
	3,820,452		Residential Funding Mortgage Securities II, Inc	5.450		09/25/36		3,769
			Series - 2006 HI4 (Class A2)
	1,596,364	i	Securitized Asset Backed Receivables LLC Trust	0.500		03/25/36		1,491
			Series - 2006 NC2 (Class A2)

340

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	3,940,614	i	Sequoia Mortgage Trust	3.750	%	02/25/40	$	3,938
			Series - 2010 H1 (Class A1)
	1,196,381	g,m	Wachovia Amortization Controlled Heloc NIM	5.680		08/12/47		969
			Series - 2006 N1 (Class N1)
	1,782,133	g,i	Wachovia Loan Trust	0.710		05/25/35		1,067
			Series - 2005 SD1 (Class A)
	1,339,040	i	Wells Fargo Home Equity Trust	0.490		07/25/36		1,217
			Series - 2006 2 (Class A3)
			TOTAL ASSET BACKED					91,516
OTHER MORTGAGE BACKED - 1.9%
	1,875,000		Banc of America Commercial Mortgage, Inc	5.360		10/10/45		1,877
			Series - 2006 6 (Class A4)
	5,765,000	i	Banc of America Commercial Mortgage, Inc	5.870		04/10/49		5,757
			Series - 2007 2 (Class A4)
	1,371,268		Bank of America Alternative Loan Trust	5.500		09/25/19		1,401
			Series - 2004 8 (Class 3A1)
	505,000		Bear Stearns Commercial Mortgage Securities	5.200		12/11/38		517
			Series - 2006 PW14 (Class A4)
	1,100,000	i	Bear Stearns Commercial Mortgage Securities	5.620		03/11/39		1,169
			Series - 2006 PW11 (Class A4)
	1,430,000		Bear Stearns Commercial Mortgage Securities	4.670		06/11/41		1,480
			Series - 2005 PWR8 (Class A4)
	1,400,000	i	Bear Stearns Commercial Mortgage Securities	5.470		06/11/41		1,497
			Series - 2004 PWR4 (Class A3)
	2,200,000	i	Bear Stearns Commercial Mortgage Securities	5.580		09/11/41		1,894
			Series - 2006 PW13 (Class AM)
	2,655,000	i	Bear Stearns Commercial Mortgage Securities	4.750		02/13/46		2,724
			Series - 2004 T16 (Class A6)
	3,665,000	i	Bear Stearns Commercial Mortgage Securities	5.690		06/11/50		3,710
			Series - 2007 PW17 (Class A4)
	3,020,000		Bear Stearns Commercial Mortgage Securities	5.700		06/11/50		3,054
			Series - 2007 PW18 (Class A4)
	2,565,000		Citigroup, Inc	5.320		12/11/49		2,491
			Series - 2007 CD4 (Class A4)
	3,530,000	i	Commercial Mortgage Pass Through Certificates	6.010		12/10/49		3,649
			Series - 2007 C9 (Class A4)
	3,649,845		Countrywide Alternative Loan Trust	5.500		08/25/16		3,155
			Series - 2004 30CB (Class 1A15)
	4,166,736		Countrywide Home Loan Mortgage Pass Through Trust	4.750		09/25/18		4,304
			Series - 2003 35 (Class 1A1)
	1,653,161		Countrywide Home Loan Mortgage Pass Through Trust	5.250		09/25/35		1,646
			Series - 2005 17 (Class 1A10)
	1,296,464		Countrywide Home Loan Mortgage Pass Through Trust	5.500		09/25/35		1,254
			Series - 2005 J3 (Class 1A1)
	5,018,728	g,i	Credit Suisse Mortgage Capital Certificates	0.530		04/15/22		4,343
			Series - 2007 TF2A (Class A1)
			Credit Suisse/Morgan Stanley Commercial Mortgage
	2,228,742	g,i	Certificate	0.540		05/15/23		2,176
			Series - 2006 HC1A (Class A1)
	1,345,000		CS First Boston Mortgage Securities Corp	3.940		05/15/38		1,387
			Series - 2003 C3 (Class A5)

341

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	1,210,000		CS First Boston Mortgage Securities Corp	4.050	%	05/15/38	$	1,208
			Series - 2003 C3 (Class B)
	3,367,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		3,549
			Series - 2005 C5 (Class A4)
	900,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		758
			Series - 2005 C5 (Class AJ)
	710,000		GMAC Commercial Mortgage Securities, Inc	5.020		04/10/40		754
			Series - 2003 C3 (Class A4)
	2,560,114	i	GMAC Mortgage Corp Loan Trust	4.580		10/19/33		2,597
			Series - 2003 AR1 (Class A5)
	8,330,000	i	Greenwich Capital Commercial Funding Corp	5.890		07/10/38		7,169
			Series - 2006 GG7 (Class AM)
	2,075,000	i	Greenwich Capital Commercial Funding Corp	6.090		07/10/38		2,169
			Series - 2006 GG7 (Class A4)
	7,495,000		Greenwich Capital Commercial Funding Corp	5.440		03/10/39		7,509
			Series - 2007 GG9 (Class A4)
	1,750,000		Greenwich Capital Commercial Funding Corp	5.480		03/10/39		1,390
			Series - 2007 GG9 (Class AM)
	6,380,000		Greenwich Capital Commercial Funding Corp	5.740		12/10/49		6,275
			Series - 2007 GG11 (Class A4)
	1,875,000	i	GS Mortgage Securities Corp II	5.550		04/10/38		1,929
			Series - 2006 GG6 (Class A4)
	3,000,000	i	GS Mortgage Securities Corp II	5.620		04/10/38		2,550
			Series - 2006 GG6 (Class AM)
	3,880,000		GS Mortgage Securities Corp II	5.560		11/10/39		3,937
			Series - 2006 GG8 (Class A4)
	1,337,580	i	GSR Mortgage Loan Trust	5.030		01/25/36		1,304
			Series - 2006 AR1 (Class 2A2)
	3,525,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	0.530		02/15/20		2,894
			Series - 2006 FL1A (Class A2)
	1,500,000	g	JP Morgan Chase Commercial Mortgage Securities Corp	5.630		12/05/27		1,641
			Series - 2009 IWST (Class A2)
	4,760,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.340		05/15/47		4,705
			Series - 2006 LDP9 (Class A3)
	2,615,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.940		02/12/49		2,109
			Series - 2007 CB19 (Class AM)
	4,120,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.820		06/15/49		4,031
			Series - 2007 LD11 (Class A4)
	2,330,000		LB-UBS Commercial Mortgage Trust	4.740		02/15/30		2,436
			Series - 2005 C1 (Class A4)
	900,000	i	LB-UBS Commercial Mortgage Trust	5.150		04/15/30		949
			Series - 2005 C2 (Class A5)
	1,015,000		LB-UBS Commercial Mortgage Trust	4.390		03/15/32		1,060
			Series - 2003 C1 (Class A4)
	6,120,000		LB-UBS Commercial Mortgage Trust	5.420		02/15/40		6,093
			Series - 2007 C1 (Class A4)
	3,975,000		LB-UBS Commercial Mortgage Trust	5.430		02/15/40		3,987
			Series - 2007 C2 (Class A3)
	2,450,000	i	LB-UBS Commercial Mortgage Trust	5.860		07/15/40		2,431
			Series - 2007 C6 (Class A4)
	6,030,000	i	Merrill Lynch & Co, Inc	5.170		12/12/49		5,954
			Series - 2006 4 (Class A3)

342

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	5,800,000	i	Merrill Lynch Mortgage Trust	5.400	%	11/12/37	$	6,208
			Series - 2005 CKI1 (Class A6)
	1,645,209	i	Merrill Lynch Mortgage Trust	5.110		07/12/38		1,506
			Series - 2005 CIP1 (Class AM)
	1,300,000	i	Merrill Lynch Mortgage Trust	5.840		05/12/39		1,389
			Series - 2006 C1 (Class A4)
	1,485,000	g,i	Merrill Lynch Mortgage Trust	6.460		02/12/51		504
			Series - 2008 C1 (Class C)
	2,515,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	6.150		08/12/49		2,045
			Series - 2007 8 (Class AM)
	2,225,000	i	Morgan Stanley Capital I	5.270		06/13/41		2,340
			Series - 2004 T15 (Class A4)
	2,650,000		Morgan Stanley Capital I	5.170		01/14/42		2,806
			Series - 2005 HQ5 (Class A4)
	6,300,000	i	Morgan Stanley Capital I	5.450		02/12/44		6,261
			Series - 2007 HQ11 (Class A4)
	1,211,000	i	Morgan Stanley Capital I	5.730		07/12/44		1,298
			Series - 2006 HQ9 (Class A4)
	850,000	i	Morgan Stanley Capital I	5.540		11/12/49		741
			Series - 2007 T25 (Class AM)
	1,010,000		Morgan Stanley Capital I	4.770		07/15/56		849
			Series - 0 IQ9 (Class AJ)
	2,750,000	g,h,m	OBP DEPOSITOR LLC TRUST	4.650		07/15/45		2,750
			Series - 2010 OBP (Class A)
	1,045,605	i	Structured Adjustable Rate Mortgage Loan Trust	0.730		03/25/35		1,004
			Series - 2005 6XS (Class A3)
	1,478,383	i	Structured Adjustable Rate Mortgage Loan Trust	6.050		07/25/36		1,472
			Series - 2006 6 (Class 2A1)
	2,175,000	i	Wachovia Bank Commercial Mortgage Trust	6.100		02/15/51		2,136
			Series - 2007 C33 (Class A4)
			TOTAL OTHER MORTGAGE BACKED					164,182
			TOTAL STRUCTURED ASSETS					255,698
			(Cost $261,019)
			TOTAL BONDS					3,620,440
			(Cost $3,474,762)

SHARES			COMPANY
COMMON STOCKS - 58.0%
AGRICULTURAL SERVICES - 0.0%
	44,070	*	VCA Antech, Inc	1,091
			TOTAL AGRICULTURAL SERVICES	1,091
AMUSEMENT AND RECREATION SERVICES - 0.5%
	23,720	*	Electronic Arts, Inc	342
	1,210	*	Life Time Fitness, Inc	38
	1,298,228		Walt Disney Co	40,894
			TOTAL AMUSEMENT AND RECREATION SERVICES	41,274

343

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
APPAREL AND ACCESSORY STORES - 0.6%
	83,950		American Eagle Outfitters, Inc	$	986
	10,610	*	AnnTaylor Stores Corp		173
	1,200	e	Buckle, Inc		39
	45,900		Burberry Group plc		518
	2,700	*,e	Cache, Inc		15
	1,540	*	Carter’s, Inc		40
	3,931	*,e	Casual Male Retail Group, Inc		13
	10,800		Cato Corp (Class A)		238
	12,190	*	Charming Shoppes, Inc		46
	46,310		Chico’s FAS, Inc		458
	3,400		Christopher & Banks Corp		21
	3,973	*	Dress Barn, Inc		95
	1,710	*	DSW, Inc (Class A)		38
	12,500		Fast Retailing Co Ltd		1,891
	2,586		Finish Line, Inc (Class A)		36
	51,032		Foot Locker, Inc		644
	460,726		Gap, Inc		8,966
	175,240		Hennes & Mauritz AB (B Shares)		4,816
	9,960		Hot Topic, Inc		51
	56,720		Inditex S.A.		3,234
	750	*	JOS A Bank Clothiers, Inc		40
	176,687	*	Kohl’s Corp		8,393
	242,300		Limited Brands, Inc		5,348
	94,376		Nordstrom, Inc		3,038
	1,800	*	Shoe Carnival, Inc		37
	14,007		Stage Stores, Inc		150
	291,354		TJX Companies, Inc		12,222
	1,150	*	Under Armour, Inc (Class A)		38
			TOTAL APPAREL AND ACCESSORY STORES		51,584
APPAREL AND OTHER TEXTILE PRODUCTS - 0.4%
	1,000	e	Columbia Sportswear Co		47
	1,550	*	Gymboree Corp		66
	45,954	*,e	Liz Claiborne, Inc		194
	1,990	*	Maidenform Brands, Inc		41
	416,304		Nike, Inc (Class B)		28,121
	29,020		Phillips-Van Heusen Corp		1,343
	12,628		Polo Ralph Lauren Corp (Class A)		921
	354,685	*	Quiksilver, Inc		1,312
	1,780	*	True Religion Apparel, Inc		39
	40,428		VF Corp		2,878
	970	*	Warnaco Group, Inc		35
			TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		34,997
AUTO REPAIR, SERVICES AND PARKING - 0.0%
	20,510	*	Dollar Thrifty Automotive Group, Inc		873
	63,185	*,e	Hertz Global Holdings, Inc		598
	1,090		Monro Muffler, Inc		43
	9,835		Ryder System, Inc		396

344

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES		COMPANY	VALUE (000)
20,400	*	Wright Express Corp	$	606
		TOTAL AUTO REPAIR, SERVICES AND PARKING		2,516
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.1%
2,050		Advance Auto Parts		103
28,654	*	Autozone, Inc		5,536
1,600		Canadian Tire Corp Ltd		80
50,476	*,e	Carmax, Inc		1,004
11,532	*	Copart, Inc		413
399,986	*	Inchcape plc		1,462
800	*	O’Reilly Automotive, Inc		38
3,300	*,e	Rush Enterprises, Inc (Class A)		44
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		8,680
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.6%
23,239	*,e	Builders FirstSource, Inc		56
16,210	e	Fastenal Co		814
1,282,068		Home Depot, Inc		35,987
380,300		Kingfisher plc		1,191
806,691		Lowe’s Cos, Inc		16,473
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		54,521
BUSINESS SERVICES - 3.3%
39,141	*,e	3D Systems Corp		491
2,050		Aaron Rents, Inc		35
600	*	Acacia Research (Acacia Technologies)		9
41,858		Adecco S.A.		1,997
4,500		Administaff, Inc		109
290,594	*	Adobe Systems, Inc		7,680
830	*	Advent Software, Inc		39
10,400		Aggreko plc		218
18,390		Aircastle Ltd		144
60,961	*	Akamai Technologies, Inc		2,473
36,641	*,e	Alliance Data Systems Corp		2,181
1,100	*	Ansys, Inc		45
1,380		Arbitron, Inc		35
1,790	*	ArcSight, Inc		40
2,440	*	Ariba, Inc		39
225,855	*	Art Technology Group, Inc		772
1,610	*,e	athenahealth, Inc		42
97,818	*	Autodesk, Inc		2,383
676,663		Automatic Data Processing, Inc		27,243
9,500	*,e	Blackboard, Inc		355
22,202	*,e	Blue Coat Systems, Inc		454
83,200	*,e	BPZ Energy, Inc		345
1,300		Brady Corp (Class A)		32
2,370	e	Brink’s Co		45
440	*	Capella Education Co		36
29,200	*	Ciber, Inc		81
70,418	*	Cogent, Inc		634
4,800		Cognex Corp		84
89,838	*	Compuware Corp		717

345

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES		COMPANY	VALUE (000)
940	*	Concur Technologies, Inc	$	40
1,910	*,e	Constant Contact, Inc		41
3,620	*	Convergys Corp		36
800	*,e	CoStar Group, Inc		31
12,200	*	CSG Systems International, Inc		224
82,383		Dassault Systemes S.A.		4,991
2,530	*	DealerTrack Holdings, Inc		42
18,020		Deluxe Corp		338
43,241	*	DivX, Inc		331
66,656		DST Systems, Inc		2,409
97,800		Earthlink, Inc		778
608,876	*	eBay, Inc		11,940
27,660	*,e	Ebix, Inc		434
2,100	*	EPIQ Systems, Inc		27
124,253		Expedia, Inc		2,333
291,317		Experian Group Ltd		2,533
570		Factset Research Systems, Inc		38
24,000		Fair Isaac Corp		523
54,216	*	FalconStor Software, Inc		143
59,695		Fidelity National Information Services, Inc		1,601
700	*	Fiserv, Inc		32
592,000		Fujitsu Ltd		3,700
2,253	*	Gartner, Inc		52
116,736	*	Google, Inc (Class A)		51,943
62,958		Hays plc		86
2,640		Heartland Payment Systems, Inc		39
2,000		Heidrick & Struggles International, Inc		46
760	*	HMS Holdings Corp		41
2,800	*,e	Hudson Highland Group, Inc		12
2,600		iGate Corp		33
700	*	IHS, Inc (Class A)		41
73,887	*	Informatica Corp		1,764
208,450		Innovative Solutions & Support, Inc		917
12,000		Interactive Data Corp		401
42,117	*	Internap Network Services Corp		176
3,500	*	inVentiv Health, Inc		90
55,934	e	Ipass, Inc		60
55,772		Iron Mountain, Inc		1,253
55,970		Jack Henry & Associates, Inc		1,337
1,810	*	JDA Software Group, Inc		40
48,900		JSR Corp		821
3,011	*	Kforce, Inc		38
3,300	*	Korn/Ferry International		46
39,506	*,e	Lamar Advertising Co (Class A)		969
91,500	*	Lawson Software, Inc		668
69,660	*	Lionbridge Technologies		318
24,926	*	Liquidity Services, Inc		323
34,790		Manpower, Inc		1,502
40,415		Marchex, Inc (Class B)		156
49,167	*	Mentor Graphics Corp		435
3,503,614		Microsoft Corp		80,619
600	*	MicroStrategy, Inc (Class A)		45

346

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES		COMPANY	VALUE (000)
40,747	*	ModusLink Global Solutions, Inc	$	246
446,916	*	MoneyGram International, Inc		1,095
74,112	*	Monster Worldwide, Inc		863
81,219	*	Network Equipment Technologies, Inc		283
165,999		NIC, Inc		1,064
286,573	*	Novell, Inc		1,628
351,904		Omnicom Group, Inc		12,070
3,300	*	Online Resources Corp		14
5,480	*	PC-Tel, Inc		28
16,200	e	Pegasystems, Inc		520
2,430	*	Phase Forward, Inc		41
1,500	*	Progress Software Corp		45
112,997	*	Radisys Corp		1,076
15,200	*	Randstad Holdings NV		597
75,439	*	RealNetworks, Inc		249
87,768	*	Red Hat, Inc		2,540
103,936		Robert Half International, Inc		2,448
5,140	*,e	RSC Holdings, Inc		32
54,977	*	S1 Corp		330
27,325	*	Salesforce.com, Inc		2,345
84,070		Sapient Corp		852
53,100		Secom Co Ltd		2,358
51,141	*	Smith Micro Software, Inc		486
28,120	*	SonicWALL, Inc		330
2,000	*	Sourcefire, Inc		38
19,240	*	Sybase, Inc		1,244
550,490	*	Symantec Corp		7,641
1,700	*	Synopsys, Inc		35
1,700		Syntel, Inc		58
1,680		TAL International Group, Inc		38
1,610	*	Taleo Corp (Class A)		39
137,670	*	TIBCO Software, Inc		1,660
61,369	*	TNS, Inc		1,070
197,422		Total System Services, Inc		2,685
29,020	*	TradeStation Group, Inc		196
15,133	*	Ultimate Software Group, Inc		497
31,867		United Online, Inc		184
32,414	*,e	Vasco Data Security International		200
2,100		Viad Corp		37
1,500	*	Vocus, Inc		23
2,100	*	Volt Information Sciences, Inc		18
683,960		WPP plc		6,443
555,710	*	Yahoo!, Inc		7,685
		TOTAL BUSINESS SERVICES		286,925
CHEMICALS AND ALLIED PRODUCTS - 7.2%
312,370		Abbott Laboratories		14,613
1,400	*,e	Acadia Pharmaceuticals, Inc		2
20,600		Agrium, Inc (Toronto)		1,006
87,628		Air Liquide		8,849
305,861		Air Products & Chemicals, Inc		19,823
21,000		Air Water, Inc		229

347

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES		COMPANY	VALUE (000)
5,870		Alberto-Culver Co	$	159
22,700	*	Alexion Pharmaceuticals, Inc		1,162
91,661	*,e	Alexza Pharmaceuticals, Inc		249
13,974	*	Alkermes, Inc		174
1,400	*	Alnylam Pharmaceuticals, Inc		21
500	*,e	AMAG Pharmaceuticals, Inc		17
714,893	*	Amgen, Inc		37,603
1,400		Arch Chemicals, Inc		43
16,702	*,e	Arena Pharmaceuticals, Inc		51
4,001	*	Array Biopharma, Inc		12
203,000		Asahi Kasei Corp		1,061
9		Ashland, Inc		0	^
167,180		Astellas Pharma, Inc		5,601
292,236		AstraZeneca plc		13,778
13,508	*,e	Auxilium Pharmaceuticals, Inc		317
153,033		Avery Dennison Corp		4,917
174,856		Avon Products, Inc		4,634
1,800		Balchem Corp		45
9,680		Beiersdorf AG.		535
41,592	*,e	Biodel, Inc		157
231,125	*	Biogen Idec, Inc		10,967
45,787	*,e	BioMarin Pharmaceuticals, Inc		868
55,710	*,e	BioMimetic Therapeutics, Inc		619
1,400,339		Bristol-Myers Squibb Co		34,924
27,330	*	Calgon Carbon Corp		362
25,710	*,e	Cambrex Corp		81
12,960	*,e	Caraco Pharmaceutical Laboratories Ltd		61
171,400		Chugai Pharmaceutical Co Ltd		3,051
7,875		Church & Dwight Co, Inc		494
43,231		Clorox Co		2,687
227,091		Colgate-Palmolive Co		17,886
1,940	*	Cubist Pharmaceuticals, Inc		40
17,881	*	Cypress Bioscience, Inc		41
221,300		Daiichi Sankyo Co Ltd		3,954
68,874	*,e	Dendreon Corp		2,227
181,610	*,e	Discovery Laboratories, Inc		35
5,800		DSM NV		231
251,617	*	Durect Corp		611
37,350	*,e	Dynavax Technologies Corp		69
900		Eastman Chemical Co		48
313,172		Ecolab, Inc		14,065
114,800		Eisai Co Ltd		3,809
4,012		Estee Lauder Cos (Class A)		224
5,690	*	Ferro Corp		42
190,365	*	Genzyme Corp		9,665
29,826	*,e	Geron Corp		150
689,472	*	Gilead Sciences, Inc		23,635
1,052		Givaudan S.A.		893
78,017		H.B. Fuller Co		1,482
156,880		Henkel KGaA (Preference)		7,661
800	*	Hospira, Inc		46
68,016	*	Human Genome Sciences, Inc		1,541

348

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES		COMPANY	VALUE (000)
37,813	*,e	Idexx Laboratories, Inc	$	2,303
4,270	*	Immunogen, Inc		40
22,086		Innophos Holdings, Inc		576
1,000		International Flavors & Fragrances, Inc		42
45,433	*,e	Inverness Medical Innovations, Inc		1,211
1,302,840		Johnson & Johnson		76,946
181,200		Kao Corp		4,263
58,000		Kuraray Co Ltd		680
46,374		Linde AG.		4,876
63,795		L’Oreal S.A.		6,246
50,513		Lubrizol Corp		4,057
5,120	*,e	MAP Pharmaceuticals, Inc		67
1,500	e	Martek Biosciences Corp		36
4,390	*	Medivation, Inc		39
1,528,112		Merck & Co, Inc		53,438
2,350		Meridian Bioscience, Inc		40
22,276		Minerals Technologies, Inc		1,059
297,500		Mitsubishi Chemical Holdings Corp		1,358
48,000		Mitsubishi Gas Chemical Co, Inc		233
3,230	*,e	Molecular Insight Pharmaceuticals, Inc		5
47,300	e	Nalco Holding Co		968
71,281	*	Neurocrine Biosciences, Inc		399
353,003		Novartis AG.		17,108
122,745		Novo Nordisk AS (Class B)		9,917
6,330		Novozymes AS (B Shares)		675
1,370	*	OM Group, Inc		33
42,720	*	Omnova Solutions, Inc		334
1,100	*	Onyx Pharmaceuticals, Inc		24
1,500	*	OraSure Technologies, Inc		7
28,980	*,e	Orexigen Therapeutics, Inc		122
–	*,e	OSI Pharmaceuticals, Inc		0^
1,390	*	Pactiv Corp		39
23,481		PDL BioPharma, Inc		132
72,669		Perrigo Co		4,293
2,400	e	PetMed Express, Inc		43
21,168	*	Pharmasset, Inc		579
24,754	*	PharMerica Corp		363
11,630	*,e	Poniard Pharmaceuticals, Inc		7
25,100		Potash Corp of Saskatchewan		2,162
73,809	*,e	Pozen, Inc		517
365,114		Praxair, Inc		27,745
1,338,489		Procter & Gamble Co		80,282
27,366	*,e	Progenics Pharmaceuticals, Inc		150
152,666		Reckitt Benckiser Group plc		7,101
116,335		Roche Holding AG.		16,013
62,494		RPM International, Inc		1,115
58,884	*	Salix Pharmaceuticals Ltd		2,298
9,610	*	Santarus, Inc		24
3,300	*	Seattle Genetics, Inc		40
34,028	e	Sensient Technologies Corp		882
92,200		Shin-Etsu Chemical Co Ltd		4,287
150,000		Shionogi & Co Ltd		3,110

349

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES		COMPANY	VALUE (000)
190,000		Shiseido Co Ltd	$	4,188
24,140	*,e	SIGA Technologies, Inc		186
185,578		Sigma-Aldrich Corp		9,247
10,200		Solvay S.A.		871
600		Stepan Co		41
360,000		Sumitomo Chemical Co Ltd		1,393
58,476	*	SuperGen, Inc		118
11,290	*,e	Synta Pharmaceuticals Corp		30
42,000		Taiyo Nippon Sanso Corp		334
3,140	*	Theravance, Inc		39
305,000		Toray Industries, Inc		1,462
41,000		Tosoh Corp		106
268,000		UBE Industries Ltd		634
10,450	*	United Therapeutics Corp		510
18,375	*	USANA Health Sciences, Inc		671
43,030		Valspar Corp		1,296
27,071	*	Vertex Pharmaceuticals, Inc		891
193,980	*,e	XOMA Ltd		80
20,900		Yara International ASA		587
		TOTAL CHEMICALS AND ALLIED PRODUCTS		618,495
COMMUNICATIONS - 2.6%
1,400		Adtran, Inc		38
148,096	e	Alaska Communications Systems Group, Inc		1,257
2,460	*	Anixter International, Inc		105
106,900		BCE, Inc		3,119
66,782		Belgacom S.A.		2,100
1,820	*,e	Central European Media Enterprises Ltd (Class A)		36
227,816		CenturyTel, Inc		7,589
2,120	*	DG FastChannel, Inc		69
880,396	*	DIRECTV		29,863
33,529	*,e	Entercom Communications Corp (Class A)		296
345,020	*,e	Entravision Communications Corp (Class A)		728
13,391	*,e	Equinix, Inc		1,088
76,841	*,e	FiberTower Corp		363
22,077		Fisher Communications, Inc		372
869,010	e	Frontier Communications Corp		6,179
900		Global Payments, Inc		33
381,268	*,e	Gray Television, Inc		919
449,926	*,e	ICO Global Communications Holdings Ltd (Class A)		724
1,334,817	*	ITV plc		998
1,740	*	j2 Global Communications, Inc		38
894		KDDI Corp		4,261
265,213	*,e	Leap Wireless International, Inc		3,442
252,365	*	Liberty Global, Inc (Class A)		6,559
268,633	*	Liberty Media Corp - Capital (Series A)		11,258
52,167	*	Liberty Media Corp - Starz		2,704
408,896	*	Liberty Media Holding Corp (Interactive A)		4,293
250,634	*	Lin TV Corp (Class A)		1,356
3,400	*,e	Lodgenet Entertainment Corp		13
81,220	*	Mediacom Communications Corp (Class A)		546
131,422	*	MetroPCS Communications, Inc		1,076

350

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES		COMPANY	VALUE (000)
14,350	*	NeuStar, Inc (Class A)	$	296
2,950	*	Neutral Tandem, Inc		33
91,232	*	NII Holdings, Inc (Class B)		2,967
8,800		NTELOS Holdings Corp		151
4,926		NTT DoCoMo, Inc		7,459
219,990		Portugal Telecom SGPS S.A.		2,199
1,423,850		Qwest Communications International, Inc		7,475
54,500		Rogers Communications, Inc (Class B)		1,781
48,700	*	Shaw Communications, Inc (B Shares)		877
2,148,606	*	Sprint Nextel Corp		9,110
82,185	*,e	SureWest Communications		521
22,821		Swisscom AG.		7,737
56,434	*	Syniverse Holdings, Inc		1,154
1,167,300		Telecom Corp of New Zealand Ltd		1,503
2,403,268		Telecom Italia RSP		2,195
2,598,797		Telecom Italia S.p.A.		2,870
35,000		Telekom Austria AG.		389
97,700		Telenor ASA		1,231
412,363		TeliaSonera AB		2,650
18,100		TELUS Corp, non-voting shares		655
49,300	*,e	Terremark Worldwide, Inc		385
344,469		Time Warner Cable, Inc		17,940
78,654	*	TiVo, Inc		580
990	*	US Cellular Corp		41
1,509,304		Verizon Communications, Inc		42,290
8,722,040		Vodafone Group plc		17,972
580,768		Windstream Corp		6,133
		TOTAL COMMUNICATIONS		230,016
DEPOSITORY INSTITUTIONS - 4.3%
7,264	e	Associated Banc-Corp		89
416,316		Australia & New Zealand Banking Group Ltd		7,478
720,577		Banco Bilbao Vizcaya Argentaria S.A.		7,424
209,409		Banco Comercial Portugues S.A.		157
349,583		Banco Espirito Santo S.A.		1,379
958,585		Banco Santander Central Hispano S.A.		10,052
2,020	e	Bancorpsouth, Inc		36
15,196		Bank of Hawaii Corp		735
76,200		Bank of Montreal		4,133
835,833		Bank of New York Mellon Corp		20,637
194,500		Bank of NOVA Scotia		8,962
188,873	*,e	BankAtlantic Bancorp Inc (Class A)		264
16,660	e	Banner Corp		33
453,344		BB&T Corp		11,927
700	e	BOK Financial Corp		33
53,800		Canadian Imperial Bank of Commerce/Canada		3,343
3,360		Cathay General Bancorp		35
36,920	*,e	Central Pacific Financial Corp		55
559,724	*	Citizens Republic Bancorp, Inc		476
30,971		City National Corp		1,587
2,120		Columbia Banking System, Inc		39
113,484		Comerica, Inc		4,180

351

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES		COMPANY	VALUE (000)
1,049		Commerce Bancshares, Inc	$	38
301,281		Commonwealth Bank of Australia		12,180
2,000	e	Community Bank System, Inc		44
700		Cullen/Frost Bankers, Inc		36
178,709	*	Dexia		624
172,388		DNB NOR Holding ASA		1,658
2,420		East West Bancorp, Inc		37
3,080	*	Euronet Worldwide, Inc		39
663,560		Fifth Third Bancorp		8,155
2,370		First Financial Bancorp		35
159,948	*,h	First Horizon National Corp		1,831
6,872		First Midwest Bancorp, Inc		84
2,900		First Niagara Financial Group, Inc		36
22,979		Fulton Financial Corp		222
2,590		Glacier Bancorp, Inc		38
1,000		Hancock Holding Co		33
191,500		Hang Seng Bank Ltd		2,560
2,408,118		HSBC Holdings plc		22,000
190,535		Hudson City Bancorp, Inc		2,332
660,469	*	ING Groep NV		4,888
1,147		International Bancshares Corp		19
251,000		Joyo Bank Ltd		995
370,983		Keycorp		2,853
6,898,369	*	Lloyds TSB Group plc		5,446
101,285	e	M&T Bank Corp		8,604
200,023		Marshall & Ilsley Corp		1,436
1,800		MB Financial, Inc		33
1,843,100		Mizuho Financial Group, Inc		3,024
324,219		National Australia Bank Ltd		6,269
6,490		National Penn Bancshares, Inc		39
1,500		NBT Bancorp, Inc		31
112,320	e	New York Community Bancorp, Inc		1,715
20,699		NewAlliance Bancshares, Inc		232
159,220		Northern Trust Corp		7,436
19,938		Old National Bancorp		207
600	e	Park National Corp		39
26,450		People’s United Financial, Inc		357
2,500	*	Pinnacle Financial Partners, Inc		32
295,495		PNC Financial Services Group, Inc		16,695
1,821,662	*	Popular, Inc		4,882
1,100		Prosperity Bancshares, Inc		38
48,979		Provident Financial Services, Inc		573
567,886		Regions Financial Corp		3,737
186,100		Resona Holdings, Inc		2,271
244,110		Royal Bank of Canada (Toronto)		11,626
2,952,713	*	Royal Bank of Scotland Group plc		1,798
1,000	e	S&T Bancorp, Inc		20
685,000		Shinsei Bank Ltd		579
410,200		Shizuoka Bank Ltd		3,575
1,200	*	Signature Bank		46
97,082	e	South Financial Group, Inc		26
371,875		State Street Corp		12,577

352

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES		COMPANY	VALUE (000)
6,990		Sterling Bancshares, Inc	$	33
408,900		Sumitomo Trust & Banking Co Ltd		2,082
172,043		Suncorp-Metway Ltd		1,151
312,961		SunTrust Banks, Inc		7,292
5,030		Susquehanna Bancshares, Inc		42
23,595	*	SVB Financial Group		973
244,510		Svenska Handelsbanken (A Shares)		5,982
1,756,384		Synovus Financial Corp		4,461
2,400		TCF Financial Corp		40
3,000		TFS Financial Corp		37
122,211		Toronto-Dominion Bank		7,919
1,700		Trustmark Corp		35
3,150		Umpqua Holdings Corp		36
2,122,460		UniCredito Italiano S.p.A.		4,695
1,201,561		US Bancorp		26,855
6,478	e	Washington Federal, Inc		105
2,724		Webster Financial Corp		49
2,391,088		Wells Fargo & Co		61,211
5,690	*,e	Western Alliance Bancorp		41
591,023		Westpac Banking Corp		10,418
1,700	e	Whitney Holding Corp		16
1,110		Wintrust Financial Corp		37
8,306		Zions Bancorporation		179
		TOTAL DEPOSITORY INSTITUTIONS		370,823
EATING AND DRINKING PLACES - 0.8%
35,220	*	AFC Enterprises		321
1,710	*	BJ’s Restaurants, Inc		40
7,343		Bob Evans Farms, Inc		181
2,820		Brinker International, Inc		41
1,020	*	CEC Entertainment, Inc		36
280	*	Chipotle Mexican Grill, Inc (Class A)		38
480,983		Compass Group plc		3,659
104,121		Darden Restaurants, Inc		4,045
1,346	*,e	DineEquity, Inc		38
3,400	*	Domino’s Pizza, Inc		38
1,810	*	Jack in the Box, Inc		35
678,521		McDonald’s Corp		44,695
12,376	*	O’Charleys, Inc		66
1,300	*	Papa John’s International, Inc		30
930	e	PF Chang’s China Bistro, Inc		37
29,578	*	Sonic Corp		229
505,351		Starbucks Corp		12,280
155	*	Steak N Shake Co		44
2,840	*	Texas Roadhouse, Inc (Class A)		36
84,460		Yum! Brands, Inc		3,297
		TOTAL EATING AND DRINKING PLACES		69,186
EDUCATIONAL SERVICES - 0.0%
800	*	American Public Education, Inc		35
30,700		Benesse Corp		1,397
900		DeVry, Inc		47

353

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES		COMPANY	VALUE (000)
5,427	*	ITT Educational Services, Inc	$	451
1,680	*	Lincoln Educational Services Corp		35
190		Strayer Education, Inc		39
2,200	*	Universal Technical Institute, Inc		52
		TOTAL EDUCATIONAL SERVICES		2,056
ELECTRIC, GAS, AND SANITARY SERVICES - 3.7%
504,161	*	AES Corp		4,658
160,296		AGL Resources, Inc		5,742
143,839		Alliant Energy Corp		4,565
1,000		American States Water Co		33
134,154	e	Aqua America, Inc		2,372
152,279		Atmos Energy Corp		4,118
318,492		Avista Corp		6,220
2,700		California Water Service Group		96
130,506	*	Calpine Corp		1,660
2,400		Canadian Utilities Ltd		102
205,937		Centerpoint Energy, Inc		2,710
22,932		Central Vermont Public Service Corp		453
1,584,125		Centrica plc		6,991
22,260		CH Energy Group, Inc		873
258,739	*,e	Clean Energy Fuels Corp		3,866
373,379		Cleco Corp		9,861
577,500		CLP Holdings Ltd		4,180
404,545		Consolidated Edison, Inc		17,437
83,034		Contact Energy Ltd		323
184,621	*	Crosstex Energy, Inc		1,183
197,144		Edison International		6,253
657,708		El Paso Corp		7,307
2,220		Empire District Electric Co		42
85,437		Enbridge, Inc		3,979
1,447,708		Enel S.p.A.		6,130
50,424		Energen Corp		2,235
1,310	*	EnerNOC, Inc		41
343,585		FPL Group, Inc		16,754
156,216		Gas Natural SDG S.A.		2,257
364,414	e	Hawaiian Electric Industries, Inc		8,301
1,012,250		Hong Kong & China Gas Ltd		2,503
149,500		Hong Kong Electric Holdings Ltd		890
924,776	h	Iberdrola S.A.		5,198
318,147		Idacorp, Inc		10,585
749,969		International Power plc		3,350
12,040		ITC Holdings Corp		637
30,844		Laclede Group, Inc		1,022
1,800		MDU Resources Group, Inc		32
67,199		MGE Energy, Inc		2,422
278,097		National Fuel Gas Co		12,759
1,085,522		National Grid plc		7,925
3,340		New Jersey Resources Corp		118
98,553	e	Nicor, Inc		3,991
648,826		NiSource, Inc		9,408
162,118		Northeast Utilities		4,131

354

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES		COMPANY	VALUE (000)
8,080		Northwest Natural Gas Co	$	352
164,752	*	NRG Energy, Inc		3,494
58,768		NSTAR		2,057
427,734		NV Energy, Inc		5,052
54,813		Oest Elektrizitatswirts AG. (Class A)		1,677
522,412		OGE Energy Corp		19,100
1,420	e	Ormat Technologies, Inc		40
897,000		Osaka Gas Co Ltd		3,235
731,135		Pepco Holdings, Inc		11,464
134,830		PG&E Corp		5,542
172,629		Piedmont Natural Gas Co, Inc		4,368
1,700		Portland General Electric Co		31
289,486		PPL Corp		7,223
186,965	*	Public Power Corp		2,681
267,750		Public Service Enterprise Group, Inc		8,389
278,877		Questar Corp		12,686
147,035	e	Resource America, Inc (Class A)		566
387,665		Scottish & Southern Energy plc		6,456
161,930		Sempra Energy		7,577
30,331		SJW Corp		711
317,700		Snam Rete Gas S.p.A.		1,268
55,125		South Jersey Industries, Inc		2,368
24,429		Southwest Gas Corp		721
3,300	e	Southwest Water Co		35
600	*	Stericycle, Inc		39
179,100		Terna Rete Elettrica Nazionale S.p.A.		645
184,500		Tohoku Electric Power Co, Inc		3,961
722,790		Tokyo Gas Co Ltd		3,300
6,500		TransAlta Corp		120
61,864		UGI Corp		1,574
27,622		UIL Holdings Corp		691
34,807		WGL Holdings, Inc		1,184
541,560		Williams Cos, Inc		9,900
800		Wisconsin Energy Corp		41
1,800		Xcel Energy, Inc		37
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		324,298
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 3.8%
1,540	*	Acme Packet, Inc		41
1,200	e	Acuity Brands, Inc		44
223,172	*	Adaptec, Inc		645
5,550	*	ADC Telecommunications, Inc		41
41,575	*	Advanced Energy Industries, Inc		511
224,751	*,e	Advanced Micro Devices, Inc		1,645
2,655	*,e	American Superconductor Corp		71
260,882		Ametek, Inc		10,474
22,178	*	Anadigics, Inc		97
12,820	*,e	Ascent Solar Technologies, Inc		35
43,720	*	Avnet, Inc		1,054
1,090		AZZ, Inc		40
21,754		Baldor Electric Co		785
20,420	*	Benchmark Electronics, Inc		324

355

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	3,310	*,e	Bookham, Inc	$	37
	3,110	*	Ciena Corp		39
	2,898,505	*	Cisco Systems, Inc		61,768
	65,729	*,e	Conexant Systems, Inc		147
	880		Cooper Industries plc		39
	45,210	*	Cree, Inc		2,714
	7,400		CTS Corp		68
	1,283,031	*	Dell, Inc		15,474
	2,380	*	Diodes, Inc		38
	18,460	*	Dolby Laboratories, Inc (Class A)		1,157
	3,605	*	DTS, Inc		118
	118,030	*,e	EMCORE Corp		105
	141,124	*,e	Energy Conversion Devices, Inc		579
	361,908		Ericsson (LM) (B Shares)		4,014
	46	*,e	Evergreen Solar, Inc		0	^
	4,220	*	Fairchild Semiconductor International, Inc		35
	76,433	*,e	Finisar Corp		1,139
	38,960	*,e	First Solar, Inc		4,435
	54,069		Gamesa Corp Tecnologica S.A.		464
	51,754	*	GrafTech International Ltd		757
	12,050	*	Greatbatch, Inc		269
	7,010	*	GT Solar International, Inc		39
	14,175	*	Harman International Industries, Inc		424
	69,668	*	Harmonic, Inc		379
	1,252,602		Hewlett-Packard Co		54,214
	1,200	*	Hittite Microwave Corp		54
	54,455	*,e	Hutchinson Technology, Inc		236
	28,700	*	Ibiden Co Ltd		773
	6,100	*	Infinera Corp		39
	7,300	*,e	Integrated Device Technology, Inc		36
	4,900	*,e	Integrated Silicon Solution, Inc		37
	2,940,326		Intel Corp		57,190
	22,232	*	InterDigital, Inc		549
	347,730		Koninklijke Philips Electronics NV		10,384
	27,000		Kyocera Corp		2,186
	12,110		Lincoln Electric Holdings, Inc		617
	1,068	*	Littelfuse, Inc		34
	63,953	*	Loral Space & Communications, Inc		2,732
	320,083	*	LSI Logic Corp		1,472
	266,800		Matsushita Electric Industrial Co Ltd		3,331
	66,000		Matsushita Electric Works Ltd		649
	14,183	*,e	Mattson Technology, Inc		54
	3,840	e	Micrel, Inc		39
	339,972	*	Micron Technology, Inc		2,886
	2,200	e	Molex, Inc		40
	1,532,089	*	Motorola, Inc		9,989
	34,600		Murata Manufacturing Co Ltd		1,650
	2,940		National Semiconductor Corp		40
	155,116	*	NetApp, Inc		5,787
	28,000		Nidec Corp		2,344
	31,500		Nitto Denko Corp		1,033
	503,415		Nokia Oyj		4,103

356

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	30,400		Omron Corp	$	663
	223,551	*	ON Semiconductor Corp		1,426
	69,596	*	Oplink Communications, Inc		997
	26,310	*,e	Photronics, Inc		119
	40,673		Plantronics, Inc		1,163
	1,420	*	Plexus Corp		38
	55,790	*	Polycom, Inc		1,662
	2,110	*	Polypore International, Inc		48
	1,300		Power Integrations, Inc		42
	24,130	*,e	Power-One, Inc		163
	227,544	*,e	Powerwave Technologies, Inc		350
	25,546	*	Q-Cells AG.		163
	66,106	*	QLogic Corp		1,099
	74,722	*,e	Quantum Fuel Systems Technologies Worldwide, Inc		40
	21,351	*	RF Micro Devices, Inc		83
	112,000		Ricoh Co Ltd		1,428
	11,700		Rohm Co Ltd		703
	646,000	*	Sanyo Electric Co Ltd		831
	86,000	*	Sharp Corp		907
	1,928,483	*,e	Sirius XM Radio, Inc		1,831
	67,959	*	Skyworks Solutions, Inc		1,141
	107,800	*	Sony Corp		2,875
	221,394	*,e	Sunpower Corp (Class A)		2,679
	53,521	*,e	Sunpower Corp (Class B)		578
	8,445		Sycamore Networks, Inc		140
	145,266	*	Symmetricom, Inc		739
	17,463	*,e	Synaptics, Inc		480
	20,700		TDK Corp		1,133
	40,403	*	Tekelec		535
	40,659		Teleflex, Inc		2,207
	197,426		Tellabs, Inc		1,262
	1,099,337		Texas Instruments, Inc		25,594
	58,059	*	Thomas & Betts Corp		2,015
	11,800	*	TTM Technologies, Inc		112
	2,300	*	Universal Display Corp		41
	24,750	*,e	US Geothermal, Inc		20
	74,252	*,e	Valence Technology, Inc		53
	2,600	*,e	Vicor Corp		32
	2,676		Whirlpool Corp		235
	109,658		Xilinx, Inc		2,770
	18,030	*,e	Zix Corp		41
	6,400	*,e	Zoltek Cos, Inc		54
			TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		331,035
ENGINEERING AND MANAGEMENT SERVICES - 0.5%
	542,930		Accenture plc		20,983
	62	*,e	Amylin Pharmaceuticals, Inc		1
	61,621	*,e	Ariad Pharmaceuticals, Inc		174
	120,569		Capita Group plc		1,328
	2,000		CDI Corp		31
	28,175	*,e	Celera Corp		185
	5,300		Corporate Executive Board Co		139

357

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	18,735		Diamond Management & Technology Consultants, Inc	$	193
	18,820	*	Dyax Corp		43
	12,700		Fugro NV		587
	2,590	*	Genpact Ltd		40
	3,100	*	Gen-Probe, Inc		141
	44,343	*	Hewitt Associates, Inc (Class A)		1,528
	1,850	*	Huron Consulting Group, Inc		36
	104,026	*,e	Incyte Corp		1,152
	54,690	*	Isis Pharmaceuticals, Inc		523
	61,000		JGC Corp		926
	1,400		Landauer, Inc		85
	2,220	*	Myriad Genetics, Inc		33
	19,200	*	Navigant Consulting, Inc		199
	3,000	*,e	Omnicell, Inc		35
	252,391		Paychex, Inc		6,555
	25,743	*	Regeneron Pharmaceuticals, Inc		575
	769,765	*,e	Rentech, Inc		762
	1,900	*	Resources Connection, Inc		26
	3,472	*,e	Savient Pharmaceuticals, Inc		44
	1,269,500		SembCorp Industries Ltd		3,671
	43,330	*	Tetra Tech, Inc		850
	900		Towers Watson & Co		35
			TOTAL ENGINEERING AND MANAGEMENT SERVICES		40,880
FABRICATED METAL PRODUCTS - 0.5%
	21,600		Aptargroup, Inc		817
	700		Ball Corp		37
	106,649		Commercial Metals Co		1,410
	41,047		Dynamic Materials Corp		658
	8,591		Geberit AG.		1,337
	22,906	e	Gulf Island Fabrication, Inc		356
	30,000		Hitachi Metals Ltd		304
	628,679		Illinois Tool Works, Inc		25,951
	2,300		Insteel Industries, Inc		27
	27,700		JS Group Corp		529
	2,100	*,e	Mobile Mini, Inc		34
	114,717	*	NCI Building Systems, Inc		960
	35,915		Pentair, Inc		1,156
	34,002		Quanex Building Products Corp		588
	1,310	e	Simpson Manufacturing Co, Inc		32
	18,836		Snap-On, Inc		771
	67,100		Ssab Svenskt Stal AB (Series A)		901
	157,556		Stanley Works		7,959
	117,300		Toyo Seikan Kaisha Ltd		1,712
	8,570		Valmont Industries, Inc		623
			TOTAL FABRICATED METAL PRODUCTS		46,162
FOOD AND KINDRED PRODUCTS - 2.1%
	97,000		Ajinomoto Co, Inc		878
	1,020	*	American Italian Pasta Co		54
	262,535		Campbell Soup Co		9,407
	189,544		Coca Cola Hellenic Bottling Co S.A.		4,062

358

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	2,700		Coca-Cola Enterprises, Inc	$	70
	653,002		CSR Ltd		915
	5,450	*	Darling International, Inc		41
	8,757	*	Dean Foods Co		88
	2,800		Del Monte Foods Co		40
	1,010	e	Diamond Foods, Inc		42
	1,400		Flowers Foods, Inc		34
	712,300		General Mills, Inc		25,301
	169,225		Groupe Danone		9,072
	264,426		H.J. Heinz Co		11,428
	12,910	*	Hansen Natural Corp		505
	1,010		Hormel Foods Corp		41
	17,440		J.M. Smucker Co		1,050
	38,000		Kaneka Corp		220
	396,045		Kellogg Co		19,921
	4,600		Kerry Group plc (Class A)		128
	1,069,888		Kraft Foods, Inc (Class A)		29,956
	1,867		Lancaster Colony Corp		100
	1,600		Lance, Inc		26
	19,087		McCormick & Co, Inc		725
	28,500		Nisshin Seifun Group, Inc		322
	10,900		Nissin Food Products Co Ltd		400
	1,110	*,e	Peet’s Coffee & Tea, Inc		44
	891,339		PepsiCo, Inc		54,326
	1,876	*	Ralcorp Holdings, Inc		103
	9,100		Saputo, Inc		260
	381,782		Sara Lee Corp		5,383
	10,773	e	Tootsie Roll Industries, Inc		255
	890	*	TreeHouse Foods, Inc		41
	339,269		Unilever plc		9,069
	40,900		Yakult Honsha Co Ltd		1,113
			TOTAL FOOD AND KINDRED PRODUCTS		185,420
FOOD STORES - 0.4%
	179,256		Carrefour S.A.		7,111
	10,250		Delhaize Group		744
	4,400		George Weston Ltd		301
	2,301	*,e	Great Atlantic & Pacific Tea Co, Inc		9
	54,500		Jeronimo Martins SGPS S.A.		499
	6,988		Kesko Oyj (B Shares)		226
	216,057		Koninklijke Ahold NV		2,673
	181,880		Kroger Co		3,581
	9,800		Lawson, Inc		429
	6,800		Loblaw Cos Ltd		247
	530	*	Panera Bread Co (Class A)		40
	1,400		Ruddick Corp		43
	265,063		Safeway, Inc		5,211
	1,655,276		Tesco plc		9,337
	39,081	*,e	Whole Foods Market, Inc		1,408
	2,600	*	Winn-Dixie Stores, Inc		25
	157,977		Woolworths Ltd		3,576
			TOTAL FOOD STORES		35,460

359

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
FORESTRY - 0.1%
	156,903		Weyerhaeuser Co	$	5,523
			TOTAL FORESTRY		5,523
FURNITURE AND FIXTURES - 0.1%
	2,380	e	Ethan Allen Interiors, Inc		33
	8,629		Herman Miller, Inc		163
	69,737		Hill-Rom Holdings, Inc		2,122
	23,219	e	HNI Corp		641
	29,553	*	Kinetic Concepts, Inc		1,079
	102,734		Leggett & Platt, Inc		2,061
	322,259		Masco Corp		3,467
	4,200	*,e	Select Comfort Corp		37
	5,810		Steelcase, Inc (Class A)		45
	9,700	*,e	Tempur-Pedic International, Inc		298
			TOTAL FURNITURE AND FIXTURES		9,946
FURNITURE AND HOME FURNISHINGS STORES - 0.1%
	150,135	*	Bed Bath & Beyond, Inc		5,567
	28,350	*	GameStop Corp (Class A)		533
	2,200	e	Haverty Furniture Cos, Inc		27
	1,630	*	hhgregg, Inc		38
	2,980		Knoll, Inc		40
	9,430	*,e	Pier 1 Imports, Inc		60
	29,641		RadioShack Corp		578
	8,090		Williams-Sonoma, Inc		201
			TOTAL FURNITURE AND HOME FURNISHINGS STORES		7,044
GENERAL BUILDING CONTRACTORS - 0.2%
	31,650		ACS Actividades Cons y Servicios S.A.		1,163
	301	*	Avatar Holdings, Inc		6
	81,414		Balfour Beatty plc		290
	3,524	*,e	Brookfield Homes Corp		24
	38,400		Daito Trust Construction Co Ltd		2,175
	102,000		Daiwa House Industry Co Ltd		918
	6,710	e	KB Home		74
	44,382		Lennar Corp (Class A)		617
	30,753	*	M/I Homes, Inc		296
	79,000		Obayashi Corp		313
	2,350	*	Perini Corp		39
	4	*	Persimmon plc		0^
	54,505	*	Pulte Homes, Inc		451
	44,000		Sekisui Chemical Co Ltd		274
	81,000		Sekisui House Ltd		693
	98,000		Shimizu Corp		335
	41,300		Skanska AB (B Shares)		598
	1,037,416	*,e	Standard-Pacific Corp		3,454
	165,360		Vinci S.A.		6,865
			TOTAL GENERAL BUILDING CONTRACTORS		18,585

360

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
GENERAL MERCHANDISE STORES - 0.8%
	114,200		Aeon Co Ltd	$	1,208
	1,300		Casey’s General Stores, Inc		45
	451,014		Costco Wholesale Corp		24,729
	1,100		Family Dollar Stores, Inc		41
	129,084		JC Penney Co, Inc		2,773
	46,000		Keio Corp		297
	516,000		Kintetsu Corp		1,575
	93,736		Macy’s, Inc		1,678
	28,500		Next plc		850
	95,900		Odakyu Electric Railway Co Ltd		823
	41,387		PPR		5,141
	10,500	*	Retail Ventures, Inc		82
	3,300	*	Stein Mart, Inc		21
	612,203		Target Corp		30,102
	61,000		Tobu Railway Co Ltd		329
	215,000		Tokyu Corp		875
			TOTAL GENERAL MERCHANDISE STORES		70,569
HEALTH SERVICES - 0.2%
	10,800	*	Amsurg Corp		192
	4,670	*	Corvel Corp		158
	1,930	*	Coventry Health Care, Inc		34
	110,544	*	Five Star Quality Care, Inc		334
	5,210	*	Health Management Associates, Inc (Class A)		40
	20,090	*	Healthways, Inc		239
	106,738	*	Laboratory Corp of America Holdings		8,043
	60,942	*,e	LCA-Vision, Inc		338
	47,290	*	LifePoint Hospitals, Inc		1,485
	235,303	*	Nektar Therapeutics		2,847
	46,947	*,e	Nighthawk Radiology Holdings, Inc		122
	147,932		Quest Diagnostics, Inc		7,363
			TOTAL HEALTH SERVICES		21,195
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.1%
	173,946		Abertis Infraestructuras S.A.		2,500
	5,000		Acciona S.A.		381
	5,600		Boskalis Westminster		218
	52,900		Bouygues S.A.		2,042
	1,240	e	Granite Construction, Inc		29
	36,587	*	LB Foster Co (Class A)		948
	2,730	*	Orion Marine Group, Inc		39
	85,900		Transurban Group		305
			TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		6,462
HOLDING AND OTHER INVESTMENT OFFICES - 1.0%
	2,571		Acadia Realty Trust		43
	620		Alexandria Real Estate Equities, Inc		39
	1,500		American Campus Communities, Inc		41
	287,168		Annaly Mortgage Management, Inc		4,925
	101,530		Anworth Mortgage Asset Corp		723
	394,785	*,e	Ashford Hospitality Trust, Inc		2,894
	1,500		BioMed Realty Trust, Inc		24

361

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	55,972		Boston Properties, Inc	$	3,993
	600		Brandywine Realty Trust		6
	1,010		BRE Properties, Inc (Class A)		37
	81,500		Brookfield Asset Management, Inc		1,843
	3,200		Capital Lease Funding, Inc		15
	1,200	*	Capital Trust, Inc (Class A)		2
	55,720		Capstead Mortgage Corp		616
	25,300		CBL & Associates Properties, Inc		315
	21,544		Cedar Shopping Centers, Inc		130
	3,360	e	Cherokee, Inc		57
	1,080		Corporate Office Properties Trust		41
	5,790		Cousins Properties, Inc		39
	4,630		DiamondRock Hospitality Co		38
	710		Digital Realty Trust, Inc		41
	2,780		Douglas Emmett, Inc		40
	164,637		Duke Realty Corp		1,869
	1,000		EastGroup Properties, Inc		36
	6,440		Education Realty Trust, Inc		39
	2,600		Equity One, Inc		41
	271,228		Equity Residential		11,294
	2,900		Extra Space Storage, Inc		40
	570		Federal Realty Investment Trust		40
	155,667	*	FelCor Lodging Trust, Inc		777
	276,111	*,e	First Industrial Realty Trust, Inc		1,331
	2,300		First Potomac Realty Trust		33
	2,600		Franklin Street Properties Corp		31
	1,650		Gladstone Commercial Corp		27
	52,310		Glimcher Realty Trust		313
	1,200	e	Hatteras Financial Corp		33
	48,070		HCP, Inc		1,550
	31,474		Health Care REIT, Inc		1,326
	2,000		Healthcare Realty Trust, Inc		44
	82,790		Hersha Hospitality Trust		374
	7,346		Highwoods Properties, Inc		204
	3,500	*	Hilltop Holdings, Inc		35
	1,000		Home Properties, Inc		45
	350,321		Host Marriott Corp		4,722
	57,178		HRPT Properties Trust		355
	5,040		Inland Real Estate Corp		40
	816		Investors Real Estate Trust		7
	518,356	*,e	iStar Financial, Inc		2,312
	1,340	e	Kilroy Realty Corp		40
	153,636		Kimco Realty Corp		2,065
	1,880		LaSalle Hotel Properties		39
	16,326	e	Lexington Corporate Properties Trust		98
	44,728	e	Liberty Property Trust		1,290
	6,565		LTC Properties, Inc		159
	4,854		Macerich Co		181
	74,200		Macquarie Infrastructure Group		65
	4,400		Medical Properties Trust, Inc		42
	32,830		MFA Mortgage Investments, Inc		243
	14,820	e	Mid-America Apartment Communities, Inc		763

362

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	1,926		National Retail Properties, Inc	$	41
	343,486	e	NorthStar Realty Finance Corp		917
	1,200		Parkway Properties, Inc		17
	5,168		Post Properties, Inc		117
	320,797		Prologis		3,250
	700		PS Business Parks, Inc		39
	184,698		Public Storage, Inc		16,237
	613,167	*,e	RAIT Investment Trust		1,147
	3,860		Ramco-Gershenson Properties		39
	11,900		Regency Centers Corp		409
	25,960		Resource Capital Corp		147
	2,016		Senior Housing Properties Trust		41
	1,530	e	Sun Communities, Inc		40
	1,020		Tanger Factory Outlet Centers, Inc		42
	1,060		Taubman Centers, Inc		40
	26,606		UDR, Inc		509
	1,100		Universal Health Realty Income Trust		35
	5,660		Urstadt Biddle Properties, Inc (Class A)		91
	5,300		U-Store-It Trust		40
	870		Ventas, Inc		41
	267,082	e	Virgin Media, Inc		4,458
	86,791		Vornado Realty Trust		6,331
	38,416	*	WABCO Holdings, Inc		1,209
	1,500		Washington Real Estate Investment Trust		41
	97,559	e	Weingarten Realty Investors		1,858
			TOTAL HOLDING AND OTHER INVESTMENT OFFICES		84,941
HOTELS AND OTHER LODGING PLACES - 0.2%
	111,542		Accor S.A.		5,164
	6,530	*	Bluegreen Corp		20
	93,016	e	Choice Hotels International, Inc		2,810
	66,381	*,e	Gaylord Entertainment Co		1,466
	125,552	*,e	Great Wolf Resorts, Inc		261
	24,200		Intercontinental Hotels Group plc		381
	43,668		Marcus Corp		413
	201,888	e	Marriott International, Inc (Class A)		6,044
	56,336		Starwood Hotels & Resorts Worldwide, Inc		2,334
	335,803		TUI Travel plc		1,045
	960	*,e	Vail Resorts, Inc		34
			TOTAL HOTELS AND OTHER LODGING PLACES		19,972
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.5%
	510,291		3M Co		40,308
	4,420	*,e	3PAR, Inc		41
	2,100		Actuant Corp (Class A)		40
	52,511	*	AGCO Corp		1,416
	66,830		Alfa Laval AB		868
	256,504	*,e	Allis-Chalmers Energy, Inc		528
	4,300		Ampco-Pittsburgh Corp		90
	1,020,709		Applied Materials, Inc		12,269
	42,200		ASML Holding NV		1,161
	10,969	*,e	Astec Industries, Inc		304

363

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	74,230	*,e	Axcelis Technologies, Inc	$	115
	5,420	*	Bolt Technology Corp		47
	127,102		Brambles Ltd		579
	21,440		Briggs & Stratton Corp		365
	223,500		Canon, Inc		8,330
	3,900		Cascade Corp		139
	334,871		Caterpillar, Inc		20,116
	7,900	*	Columbus McKinnon Corp		110
	129,390	*	Cray, Inc		722
	162,377		Cummins, Inc		10,576
	1,100	*	Cymer, Inc		33
	378,832		Deere & Co		21,093
	10,400	e	Donaldson Co, Inc		444
	1,000		Dover Corp		42
	1,400	*	Dresser-Rand Group, Inc		44
	14,074	*	Dril-Quip, Inc		620
	64,959		Eaton Corp		4,251
	24,700		Electrolux AB (Series B)		565
	719,456		Emerson Electric Co		31,433
	38,963	*,e	ENGlobal Corp		80
	1,280	*	EnPro Industries, Inc		36
	27,519	*	Entegris, Inc		109
	59,100	*	Fanuc Ltd		6,674
	121,430	*,e	Flotek Industries, Inc		147
	78,912	*	FMC Technologies, Inc		4,156
	74,500		FUJIFILM Holdings Corp		2,153
	2,330		Gardner Denver, Inc		104
	1,200		Gorman-Rupp Co		30
	63,837		Graco, Inc		1,800
	32,600		Hitachi Construction Machinery Co Ltd		600
	1,300		IDEX Corp		37
	89,698	*,e	Immersion Corp		454
	9,686	*	Intermec, Inc		99
	604,371		International Business Machines Corp		74,627
	22,664	*,e	Intevac, Inc		242
	17,936		John Bean Technologies Corp		274
	451,029		Johnson Controls, Inc		12,119
	24,102		Kone Oyj (Class B)		960
	118,500		Konica Minolta Holdings, Inc		1,140
	288,000		Kubota Corp		2,209
	2,300	*	Kulicke & Soffa Industries, Inc		16
	47,200		Kurita Water Industries Ltd		1,290
	55,737	*	Lam Research Corp		2,121
	43,645	*	Lexmark International, Inc (Class A)		1,442
	600	e	Lindsay Manufacturing Co		19
	12,938		Lufkin Industries, Inc		504
	11,900	*	Makita Corp		318
	57,958	e	Manitowoc Co, Inc		530
	1,210	*	Micros Systems, Inc		39
	750	*	Middleby Corp		40
	38,400	*	Modine Manufacturing Co		295
	1,910	*	Netgear, Inc		34

364

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	64,200		Nordson Corp	$	3,600
	14,886	*	Oil States International, Inc		589
	44,754		Pall Corp		1,538
	737,097	*	Quantum Corp		1,386
	2,000		Robbins & Myers, Inc		43
	15,778	*	Safeguard Scientifics, Inc		167
	175,680		Sandvik AB		2,143
	2,100	*	Sauer-Danfoss, Inc		26
	1,300	*	Scansource, Inc		32
	325,831	*	Seagate Technology, Inc		4,249
	16,682	*,e	Sigma Designs, Inc		167
	8,100		SMC Corp		1,084
	83,051		Solarworld AG.		920
	700		SPX Corp		37
	48,705	*,e	STEC, Inc		612
	14,706	*	Tecumseh Products Co (Class A)		164
	97,860		Tennant Co		3,310
	1,310	*	Teradata Corp		40
	1,480		Timken Co		38
	25,800		Tokyo Electron Ltd		1,390
	10,500	*	Ultratech, Inc		171
	66,898	*	Varian Medical Systems, Inc		3,497
	37,780	*	Vestas Wind Systems AS		1,572
	730		Watsco, Inc		42
	604,716		Xerox Corp		4,862
	13,500	h	Zardoya Otis S.A.		173
	1,300	*	Zebra Technologies Corp (Class A)		33
			TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		303,232
INSTRUMENTS AND RELATED PRODUCTS - 2.2%
	14,800		Advantest Corp		309
	17,804	*	Affymetrix, Inc		105
	212,953	*	Agilent Technologies, Inc		6,054
	201,405		Allergan, Inc		11,734
	1,880	*	American Medical Systems Holdings, Inc		42
	600		American Science & Engineering, Inc		46
	3,704		Analogic Corp		169
	1,030		Badger Meter, Inc		40
	548,242		Baxter International, Inc		22,281
	61,898	e	Beckman Coulter, Inc		3,732
	268,469		Becton Dickinson & Co		18,154
	400	*	Bio-Rad Laboratories, Inc (Class A)		35
	25,700	*	Bruker BioSciences Corp		313
	3,600	*,e	CardioNet, Inc		20
	50,897	*	Cepheid, Inc		815
	7,800		Cochlear Ltd		486
	713,810		Danaher Corp		26,497
	109,286		Dentsply International, Inc		3,269
	19,200	*,e	Depomed, Inc		54
	500	*	Dionex Corp		37
	66,394	*	Edwards Lifesciences Corp		3,719
	1,450		ESCO Technologies, Inc		37

365

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	57,299	*	Flir Systems, Inc	$	1,667
	1,150	*	Fossil, Inc		40
	65,072	e	Garmin Ltd		1,899
	730	*	Haemonetics Corp		39
	68,367		Hillenbrand, Inc		1,462
	95,296	*	Hologic, Inc		1,327
	900	*	ICU Medical, Inc		29
	17,806	*	Illumina, Inc		775
	1,200	*	Integra LifeSciences Holdings Corp		44
	12,868	*	Intuitive Surgical, Inc		4,061
	4,500		Invacare Corp		93
	336,346		Invensys plc		1,204
	49,728	*	ION Geophysical Corp		173
	1,920	*	Itron, Inc		119
	628	*	L-1 Identity Solutions, Inc		5
	28,688	*	Life Technologies Corp		1,356
	32,218	*,e	LTX-Credence Corp		91
	1,760		Masimo Corp		42
	874,700		Medtronic, Inc		31,724
	1,166	*	Merit Medical Systems, Inc		19
	33,712	*	Millipore Corp		3,595
	23,800	*,e	Movado Group, Inc		254
	1,400		National Instruments Corp		44
	197,000		Nikon Corp		3,395
	69,800		Olympus Corp		1,653
	2,970	*	OYO Geospace Corp		144
	1,888	*	Palomar Medical Technologies, Inc		21
	1,900		PerkinElmer, Inc		39
	1,770	*	Resmed, Inc		108
	41,002		Rockwell Automation, Inc		2,013
	2,500	*	Rofin-Sinar Technologies, Inc		52
	26,200		Roper Industries, Inc		1,466
	2,223	*	Rudolph Technologies, Inc		17
	1,120	*	Sirona Dental Systems, Inc		39
	235,454	*	St. Jude Medical, Inc		8,498
	40,359		STERIS Corp		1,254
	820		Techne Corp		47
	87,880		Terumo Corp		4,209
	201,988	*	Thermo Electron Corp		9,908
	37,275	*	Trimble Navigation Ltd		1,044
	77,319	*,e	Vivus, Inc		742
	1,840	*	Volcano Corp		40
	44,461	*	Waters Corp		2,877
	2,100	*	Wright Medical Group, Inc		35
	179,455	*	Zimmer Holdings, Inc		9,700
	5,140	*	Zoll Medical Corp		139
			TOTAL INSTRUMENTS AND RELATED PRODUCTS		195,450
INSURANCE AGENTS, BROKERS AND SERVICE - 0.2%
	253,047		AON Corp		9,394
	1,500		Arthur J. Gallagher & Co		37
	135,277	*	Crawford & Co (Class B)		427

366

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	250,437		Hartford Financial Services Group, Inc	$	5,542
	28,670	*	National Financial Partners Corp		280
	258,748		QBE Insurance Group Ltd		3,926
	130		White Mountains Insurance Group Ltd		42
			TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		19,648
INSURANCE CARRIERS - 2.6%
	217,000	*	Aegon NV		1,153
	364,241		Aetna, Inc		9,609
	488,480		Aflac, Inc		20,843
	762	*	Alleghany Corp		223
	97,893		Allianz AG.		9,689
	4,400		American Equity Investment Life Holding Co		45
	7,900		American Physicians Capital, Inc		244
	328,911		AMP Ltd		1,427
	17,433	*	Arch Capital Group Ltd		1,299
	121,639		Aspen Insurance Holdings Ltd		3,009
	93,451		Assurant, Inc		3,243
	1,084,807		Aviva plc		5,041
	1,200		Axis Capital Holdings Ltd		36
	22,716	*	Catalyst Health Solutions, Inc		784
	36,030	*	Centene Corp		775
	457,268		Chubb Corp		22,868
	1,190		Cigna Corp		37
	379,405		Cincinnati Financial Corp		9,815
	1,400		Donegal Group, Inc (Class A)		17
	2,400		Employers Holdings, Inc		35
	46,877		Endurance Specialty Holdings Ltd		1,759
	27,664		Erie Indemnity Co (Class A)		1,259
	540		Everest Re Group Ltd		38
	2,200		First Mercury Financial Corp		23
	1,876	*	Fpic Insurance Group, Inc		48
	359,385	*	Genworth Financial, Inc (Class A)		4,697
	22,550		Hanover Insurance Group, Inc		981
	1,200		Harleysville Group, Inc		37
	2,500	*	Healthspring, Inc		39
	99,236	*	Humana, Inc		4,532
	90,119	*	KBC Groep NV		3,454
	290,519		Lincoln National Corp		7,057
	229,800		Manulife Financial Corp		3,335
	4,754	*	Markel Corp		1,616
	23,950	*	Molina Healthcare, Inc		690
	113,345		Montpelier Re Holdings Ltd		1,692
	65,128		Muenchener Rueckver AG.		8,178
	700	*	Navigators Group, Inc		29
	327,177	*	Phoenix Cos, Inc		690
	51,011		Platinum Underwriters Holdings Ltd		1,851
	29,650	*,e	PMI Group, Inc		86
	262,129		Principal Financial Group		6,144
	700	*	ProAssurance Corp		40
	733,304		Progressive Corp		13,727
	36,310		Protective Life Corp		777

367

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	39,760	e	Radian Group, Inc	$	288
	700		RLI Corp		37
	900		Safety Insurance Group, Inc		33
	2,400		Selective Insurance Group, Inc		36
	5,540		Stancorp Financial Group, Inc		225
	87,400		Sun Life Financial, Inc		2,296
	140,685		Swiss Reinsurance Co		5,780
	88,990		T&D Holdings, Inc		1,903
	591,357		Travelers Cos, Inc		29,125
	3,100	*	Universal American Financial Corp		45
	198,908		UnumProvident Corp		4,316
	112,815		W.R. Berkley Corp		2,985
	482,062	*	WellPoint, Inc		23,588
	100		Wesco Financial Corp		32
	48,371		XL Capital Ltd		774
			TOTAL INSURANCE CARRIERS		224,434
LEATHER AND LEATHER PRODUCTS - 0.1%
	152,137		Coach, Inc		5,561
	2,770	*	Iconix Brand Group, Inc		40
	1,270	*	Steven Madden Ltd		40
	400	*	Timberland Co (Class A)		6
	14,200	e	Weyco Group, Inc		323
			TOTAL LEATHER AND LEATHER PRODUCTS		5,970
LEGAL SERVICES - 0.0%
	13,958	*	FTI Consulting, Inc		608
	700	*,e	Pre-Paid Legal Services, Inc		32
			TOTAL LEGAL SERVICES		640
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.0%
	97,628		Brisa-Auto Estradas de Portugal S.A.		591
	493,000		ComfortDelgro Corp Ltd		511
	41,000		Keihin Electric Express Railway Co Ltd		362
			TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		1,464
LUMBER AND WOOD PRODUCTS - 0.0%
	900		Deltic Timber Corp		38
	133,586	*	Louisiana-Pacific Corp		893
	4,415		Skyline Corp		80
	1,070		Universal Forest Products, Inc		32
			TOTAL LUMBER AND WOOD PRODUCTS		1,043
METAL MINING - 0.5%
	57,558		Agnico-Eagle Mines Ltd		3,492
	1,087,717		Alumina Ltd		1,377
	24,300		Inmet Mining Corp		962
	208,700		Kinross Gold Corp		3,568
	227,840		Newcrest Mining Ltd		6,647
	43,142		Orica Ltd		908
	13,890	*	Rosetta Resources, Inc		275

368

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	137,476	e	Royal Gold, Inc	$	6,599
	44,488	*,e	Stillwater Mining Co		517
	143,400		Teck Cominco Ltd		4,241
	705,694		Xstrata plc		9,240
	254,700		Yamana Gold, Inc		2,613
			TOTAL METAL MINING		40,439
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.2%
	45,634	*,e	Armstrong World Industries, Inc		1,377
	1,024		Blyth, Inc		35
	32,738		Callaway Golf Co		198
	12,100	e	Daktronics, Inc		91
	1,300		Hasbro, Inc		53
	1,630	*,e	Intrepid Potash, Inc		32
	2,600	*,e	Jakks Pacific, Inc		37
	491,990		Mattel, Inc		10,411
	123,400		Yamaha Corp		1,260
			TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		13,494
MISCELLANEOUS RETAIL - 1.1%
	166,155	*	Amazon.com, Inc		18,154
	900	e	Barnes & Noble, Inc		12
	136,806		Best Buy Co, Inc		4,632
	810	*,e	Blue Nile, Inc		38
	350,721	*,e	Borders Group, Inc		466
	868,743		CVS Corp		25,472
	1,590	*	Dick’s Sporting Goods, Inc		40
	10,235	*	Dollar Tree, Inc		426
	38,120	*,e	GSI Commerce, Inc		1,098
	117,958	*	Hibbett Sports, Inc		2,826
	109,700		Home Retail Group		348
	36,700	*	HSN, Inc		881
	58,366		Metro AG.		2,978
	900		MSC Industrial Direct Co (Class A)		46
	78,565	*	Office Depot, Inc		317
	368,600		Origin Energy Ltd		4,599
	10,103	*,e	Overstock.com, Inc		183
	30,830		Petsmart, Inc		930
	7,925	*	Priceline.com, Inc		1,399
	5,300		Shoppers Drug Mart Corp		164
	431,721		Staples, Inc		8,224
	37,575		Tiffany & Co		1,424
	731,768		Walgreen Co		19,538
			TOTAL MISCELLANEOUS RETAIL		94,195
MOTION PICTURES - 0.4%
	11,531	*,e	Avid Technology, Inc		147
	2,840		Cinemark Holdings, Inc		37
	80,001	*,e	Discovery Communications, Inc (Class A)		2,857
	55,452	*	Discovery Communications, Inc (Class C)		1,715
	46,417	*	DreamWorks Animation SKG, Inc (Class A)		1,325
	28,111	e	Regal Entertainment Group (Class A)		367

369

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	122,204		Scripps Networks Interactive (Class A)	$	4,930
	51,432	*	tw telecom inc (Class A)		858
	586,821		Viacom, Inc (Class B)		18,408
			TOTAL MOTION PICTURES		30,644
NONDEPOSITORY INSTITUTIONS - 0.6%
	802,229		American Express Co		31,847
	105,992	*	AmeriCredit Corp		1,931
	7,230	*	Boise, Inc		40
	296,253		Capital One Financial Corp		11,939
	145,535		CapitalSource, Inc		693
	10,750		Chimera Investment Corp		39
	272,096		Discover Financial Services		3,804
	141,615	e	Federal Agricultural Mortgage Corp (Class C)		1,987
	204,108	e	Medallion Financial Corp		1,347
	130,606	*	NewStar Financial, Inc		831
	7,510	*	PHH Corp		143
	13,833	*,e	World Acceptance Corp		530
			TOTAL NONDEPOSITORY INSTITUTIONS		55,131
NONMETALLIC MINERALS, EXCEPT FUELS - 0.1%
	121,102		AMCOL International Corp		2,846
	9,530		Compass Minerals International, Inc		670
	74,210	*,e	General Moly, Inc		229
	77,699		K+S AG.		3,571
	113,901		Vulcan Materials Co		4,991
			TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		12,307
OIL AND GAS EXTRACTION - 3.0%
	19,350		Acergy S.A.		286
	330,196		Apache Corp		27,800
	3,740	*	Approach Resources, Inc		26
	1,250	*,e	Arena Resources, Inc		40
	49,684		Atlas America, Inc		1,345
	223,351	*,e	ATP Oil & Gas Corp		2,365
	4,366	*	Atwood Oceanics, Inc		111
	37,958		Berry Petroleum Co (Class A)		976
	103,950	*	Boots & Coots, Inc		307
	2,730	*	Brigham Exploration Co		42
	9,766	*	Bronco Drilling Co, Inc		33
	103,359		Cabot Oil & Gas Corp		3,237
	7,080	*	Cal Dive International, Inc		41
	207,937	*,e	Callon Petroleum Co		1,310
	108,191	*	Cameron International Corp		3,518
	5,590	*,e	Carrizo Oil & Gas, Inc		87
	149,800		Cenovus Energy, Inc		3,856
	543,756		Chesapeake Energy Corp		11,392
	80,149		Cimarex Energy Co		5,737
	48,215	*	Complete Production Services, Inc		689
	43,560	*	Contango Oil & Gas Co		1,949
	1,700	*,e	Continental Resources, Inc		76
	6,000	*,e	Dawson Geophysical Co		128

370

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	411,632	*	Denbury Resources, Inc	$	6,026
	481,660		Devon Energy Corp		29,344
	159,020	e	Diamond Offshore Drilling, Inc		9,889
	174,500		EnCana Corp		5,285
	233,757		EOG Resources, Inc		22,996
	322,771		Equitable Resources, Inc		11,665
	26,900		EXCO Resources, Inc		393
	8,401	*,e	Exterran Holdings, Inc		217
	64,130	*	Gasco Energy, Inc		23
	57,034	*	Geokinetics, Inc		218
	22,400	*,e	Geomet, Inc		26
	164,944	*	Global Industries Ltd		741
	16,840	*,e	GMX Resources, Inc		109
	47,478	*,e	Goodrich Petroleum Corp		570
	12,100	*	Gulfport Energy Corp		144
	142,669		Helmerich & Payne, Inc		5,210
	244,688	*	Hercules Offshore, Inc		595
	4,180	*	Key Energy Services, Inc		38
	1,900	*,e	Mariner Energy, Inc		41
	130,428	*	Nabors Industries Ltd		2,298
	405,906		National Oilwell Varco, Inc		13,423
	104,808	*	Newfield Exploration Co		5,121
	121,577		Nexen, Inc		2,391
	265,546		Noble Energy, Inc		16,021
	11,050	*,e	Northern Oil And Gas, Inc		142
	10,868	*	Oceaneering International, Inc		488
	116,560	*	Parker Drilling Co		460
	243,226	*	PetroHawk Energy Corp		4,128
	32,190	*	Petroleum Development Corp		825
	67,500	*	Petroquest Energy, Inc		456
	86,690	*	Pioneer Drilling Co		492
	143,586		Pioneer Natural Resources Co		8,536
	164,320	*	Pride International, Inc		3,671
	116,576	*	Quicksilver Resources, Inc		1,282
	85,018		Range Resources Corp		3,413
	36,777	*	Rex Energy Corp		371
	9,820		RPC, Inc		134
	439,137		Santos Ltd		4,589
	400	*	SEACOR Holdings, Inc		28
	125,852		Smith International, Inc		4,738
	127,816	*	Southwestern Energy Co		4,939
	75,970		St. Mary Land & Exploration Co		3,051
	28,068	*,e	Stone Energy Corp		313
	281,994	*,e	Sulphco, Inc		77
	2,660	*,e	Superior Well Services, Inc		44
	59,046	*	Swift Energy Co		1,589
	213,800		Talisman Energy, Inc		3,233
	800		Tidewater, Inc		31
	92,640	*,e	Ultra Petroleum Corp		4,099
	40,605	*	Unit Corp		1,648
	70,198	*,e	Venoco, Inc		1,156
	68,320	e	W&T Offshore, Inc		646

371

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	43,705	*	Whiting Petroleum Corp	$	3,427
	197,116		Woodside Petroleum Ltd		6,852
			TOTAL OIL AND GAS EXTRACTION		262,993
PAPER AND ALLIED PRODUCTS - 0.5%
	82,319		Bemis Co		2,223
	52,800	*	Buckeye Technologies, Inc		525
	11,585		Domtar Corporation		569
	22,564	e	Glatfelter		245
	2,400		Holmen AB (B Shares)		57
	151,259		International Paper Co		3,423
	337,584		Kimberly-Clark Corp		20,469
	218,125		MeadWestvaco Corp		4,842
	12,396		Metso Oyj		397
	2,220		Neenah Paper, Inc		41
	16,900		Rock-Tenn Co (Class A)		839
	104,354		Sonoco Products Co		3,181
	153,116		Stora Enso Oyj (R Shares)		1,106
	121,590		Svenska Cellulosa AB (B Shares)		1,430
	48,344		Temple-Inland, Inc		999
	17,300		Uni-Charm Corp		1,951
	133,335		UPM-Kymmene Oyj		1,765
	10,800	*	Wausau Paper Corp		73
			TOTAL PAPER AND ALLIED PRODUCTS		44,135
PERSONAL SERVICES - 0.0%
	1,200	*	Coinstar, Inc		52
	1,880		CPI Corp		42
	35,896		Regis Corp		559
	5,240	*	Sally Beauty Holdings, Inc		43
	7,956		Unifirst Corp		350
	6,510		Weight Watchers International, Inc		167
			TOTAL PERSONAL SERVICES		1,213
PETROLEUM AND COAL PRODUCTS - 1.2%
	4,002	*,e	American Oil & Gas, Inc		25
	501,352		ENI S.p.A.		9,203
	1		Exxon Mobil Corp		0	^
	70,800		Galp Energia SGPS S.A.		1,058
	6,351		Hellenic Petroleum S.A.		45
	391,617		Hess Corp		19,715
	743,800		Marathon Oil Corp		23,126
	101,331		Neste Oil Oyj		1,470
	87,789		OMV AG.		2,636
	1,380		Quaker Chemical Corp		37
	293,175		Repsol YPF S.A.		5,916
	621,540		Royal Dutch Shell plc (A Shares)		15,685
	539,420		Royal Dutch Shell plc (B Shares)		13,038
	5,400	*,e	SandRidge Energy, Inc		31
	338,760		Statoil ASA		6,526
	330,004		Suncor Energy, Inc		9,712
			TOTAL PETROLEUM AND COAL PRODUCTS		108,223

372

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
PIPELINES, EXCEPT NATURAL GAS - 0.3%
	1,211,141		Spectra Energy Corp	$	24,308
	171,700		TransCanada Corp		5,743
			TOTAL PIPELINES, EXCEPT NATURAL GAS		30,051
PRIMARY METAL INDUSTRIES - 0.7%
	37,300		Acerinox S.A.		580
	612,200		Alcoa, Inc		6,159
	28,444		Allegheny Technologies, Inc		1,257
	223,171	*	ArcelorMittal		5,986
	287,216		BlueScope Steel Ltd		499
	1,160		Carpenter Technology Corp		38
	2,800	e	Encore Wire Corp		51
	1,350	*	General Cable Corp		36
	48,876	*	Gibraltar Industries, Inc		494
	39,200	*	Horsehead Holding Corp		296
	45,503		Hubbell, Inc (Class B)		1,806
	116,980	*	Metalico, Inc		466
	231,000	*	Mitsubishi Materials Corp		614
	1,471,000		Nippon Steel Corp		4,862
	442,400		Norsk Hydro ASA		1,998
	314,937		Nucor Corp		12,057
	29,346		Olympic Steel, Inc		674
	120,238	e	Reliance Steel & Aluminum Co		4,347
	850		Schnitzer Steel Industries, Inc (Class A)		33
	176,906		Steel Dynamics, Inc		2,333
	893,000		Sumitomo Metal Industries Ltd		2,019
	331,000		Sumitomo Metal Mining Co Ltd		4,129
	69,914		Tredegar Corp		1,141
	15,649		Umicore		451
	112,655	e	United States Steel Corp		4,343
	2,750	*	Universal Stainless & Alloy		44
	25,792		Voestalpine AG.		702
	257,142		Worthington Industries, Inc		3,307
	7,400		Yamato Kogyo Co Ltd		184
			TOTAL PRIMARY METAL INDUSTRIES		60,906
PRINTING AND PUBLISHING - 0.5%
	38,320	*	ACCO Brands Corp		191
	2,700		American Greetings Corp (Class A)		51
	5,289		Bowne & Co, Inc		59
	800		CSS Industries, Inc		13
	188,000		Dai Nippon Printing Co Ltd		2,170
	3,270	*	Dolan Media Co		36
	66,465		Dun & Bradstreet Corp		4,461
	2,100		Ennis, Inc		32
	78,791	*	EW Scripps Co (Class A)		585
	40,459		Harte-Hanks, Inc		423
	375,606		John Fairfax Holdings Ltd		410
	11,122		John Wiley & Sons, Inc (Class A)		430
	215,606	*	Journal Communications, Inc (Class A)		856

373

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	24,900	*,e	Lee Enterprises, Inc	$	64
	212,923	*,e	McClatchy Co (Class A)		775
	35,360	e	Meredith Corp		1,101
	1,430	*	MSCI, Inc (Class A)		39
	195,819	*	New York Times Co (Class A)		1,694
	66,800		Orkla ASA		427
	581,401		Pearson plc		7,647
	60,490		R.R. Donnelley & Sons Co		990
	66,988		Reed Elsevier NV		742
	660,387		Reed Elsevier plc		4,897
	1,550		Scholastic Corp		37
	90,275		Standard Register Co		283
	83,461	*	Thomson Corp		2,987
	179,000		Toppan Printing Co Ltd		1,415
	1,200	*	Valassis Communications, Inc		38
	1,200	*,e	VistaPrint Ltd		57
	18,086		Washington Post Co (Class B)		7,425
	25,400		Wolters Kluwer NV		487
			TOTAL PRINTING AND PUBLISHING		40,822
RAILROAD TRANSPORTATION - 0.6%
	117,600	*	Asciano Group		158
	69,600		Canadian National Railway Co		3,989
	14,500		Canadian Pacific Railway Ltd		777
	350,710		CSX Corp		17,406
	4,700	*	Genesee & Wyoming, Inc (Class A)		175
	526,000		Hankyu Hanshin Holdings, Inc		2,321
	59,594	*	Kansas City Southern Industries, Inc		2,166
	1,001,163		MTR Corp		3,414
	432,945		Norfolk Southern Corp		22,969
	265,553		Stagecoach Group plc		702
			TOTAL RAILROAD TRANSPORTATION		54,077
REAL ESTATE - 0.3%
	54,068	*	CB Richard Ellis Group, Inc (Class A)		736
	378,200		City Developments Ltd		2,977
	12,398	*	Forest City Enterprises, Inc (Class A)		140
	26,565	*	Forestar Real Estate Group, Inc		477
	1,087,950		Hang Lung Properties Ltd		4,161
	2,160		Jones Lang LaSalle, Inc		142
	43,237		Leighton Holdings Ltd		1,040
	339,200		Mitsubishi Estate Co Ltd		4,722
	305,810		Mitsui Fudosan Co Ltd		4,256
	238,000		New World Development Ltd		386
	33,399	e	Stewart Enterprises, Inc (Class A)		181
	505,000		Sun Hung Kai Properties Ltd		6,907
			TOTAL REAL ESTATE		26,125
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.1%
	2,100		A. Schulman, Inc		40
	911	*	Deckers Outdoor Corp		130
	64,635		Michelin (C.G.D.E.) (Class B)		4,503

374

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	120,960		Mitsui Chemicals, Inc	$	338
	1,075,974		Pirelli & C S.p.A.		593
	52,543		Sealed Air Corp		1,036
	11,100	*	Spartech Corp		114
	1,800	*,e	Trex Co, Inc		36
	6,995		Tupperware Corp		279
	1,000		West Pharmaceutical Services, Inc		36
			TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		7,105
SECURITY AND COMMODITY BROKERS - 1.3%
	94,759		Ameriprise Financial, Inc		3,424
	70,661		BlackRock, Inc		10,133
	93,531		Broadridge Financial Solutions, Inc		1,782
	991,212		Charles Schwab Corp		14,054
	42,872		CME Group, Inc		12,071
	1,920		Cohen & Steers, Inc		40
	240,866		Credit Suisse Group		9,056
	844,100		Daiwa Securities Group, Inc		3,564
	1,040		Diamond Hill Investment Group, Inc		59
	48,717		Duff & Phelps Corp		615
	29,700		Eaton Vance Corp		820
	48,510	e	Evercore Partners, Inc (Class A)		1,133
	43,789	e	Federated Investors, Inc (Class B)		907
	225,134		Franklin Resources, Inc		19,403
	570	e	Greenhill & Co, Inc		35
	58,986	*	IntercontinentalExchange, Inc		6,667
	1,750	*	International Assets Holding Corp		28
	322,789		Invesco Ltd		5,433
	3,030	*,e	Investment Technology Group, Inc		49
	3,510		Janus Capital Group, Inc		31
	1,570	*,e	KBW, Inc		34
	81,463		Legg Mason, Inc		2,283
	454,885	*	MF Global Holdings Ltd		2,597
	78,459	*	Nasdaq Stock Market, Inc		1,395
	550,500	*	Nomura Holdings, Inc		3,008
	198,970		NYSE Euronext		5,498
	18,240	e	Pzena Investment Management, Inc (Class A)		116
	92,049		SEI Investments Co		1,874
	760	*,e	Stifel Financial Corp		33
	211,813		T Rowe Price Group, Inc		9,402
	56,898	*,e	US Global Investors, Inc (Class A)		316
			TOTAL SECURITY AND COMMODITY BROKERS		115,860
SOCIAL SERVICES - 0.0%
	44,409	*	Capital Senior Living Corp		221
			TOTAL SOCIAL SERVICES		221
SPECIAL TRADE CONTRACTORS - 0.0%
	400	e	Alico, Inc		9
	9,990		Chemed Corp		546
	2,050		Comfort Systems USA, Inc		20
	1,740	*	EMCOR Group, Inc		40

375

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	1,900	*	Insituform Technologies, Inc (Class A)	$	39
	6,983	*	Layne Christensen Co		169
	73,842	*	Quanta Services, Inc		1,525
			TOTAL SPECIAL TRADE CONTRACTORS		2,348
STONE, CLAY, AND GLASS PRODUCTS - 0.4%
	5,965		Apogee Enterprises, Inc		65
	153,000		Asahi Glass Co Ltd		1,437
	7,922	*	Cabot Microelectronics Corp		274
	21,895		CARBO Ceramics, Inc		1,581
	727,316		Corning, Inc		11,745
	270,968		CRH plc		5,620
	63,051		Gentex Corp		1,134
	38,952		Holcim Ltd		2,608
	83,183		Lafarge S.A.		4,535
	83,000		NGK Insulators Ltd		1,293
	49,000		Nippon Sheet Glass Co Ltd		120
	33,970	*	Owens Corning, Inc		1,016
			TOTAL STONE, CLAY, AND GLASS PRODUCTS		31,428
TEXTILE MILL PRODUCTS - 0.0%
	1,300		Albany International Corp (Class A)		21
	22,800		Oxford Industries, Inc		477
	74,000		Teijin Ltd		220
			TOTAL TEXTILE MILL PRODUCTS		718
TRANSPORTATION BY AIR - 0.2%
	425,165	*,e	Airtran Holdings, Inc		2,062
	3,000	*	All Nippon Airways Co Ltd		10
	800	e	Allegiant Travel Co		34
	623,369		Auckland International Airport Ltd		797
	66,237	*	British Airways plc		192
	68,937	*	Continental Airlines, Inc (Class B)		1,517
	238,048	*,e	Delta Air Lines, Inc		2,797
	62,034	*	ExpressJet Holdings, Inc		161
	415,813	*	JetBlue Airways Corp		2,283
	208,840		Singapore Airlines Ltd		2,165
	36,025		Skywest, Inc		440
	599,765		Southwest Airlines Co		6,664
			TOTAL TRANSPORTATION BY AIR		19,122
TRANSPORTATION EQUIPMENT - 1.2%
	3,800		A.O. Smith Corp		183
	24,300	*	Aisin Seiki Co Ltd		654
	103,120	*	American Axle & Manufacturing Holdings, Inc		756
	65,817	*	ArvinMeritor, Inc		862
	7,885	*	ATC Technology Corp		127
	127,203		Bayerische Motoren Werke AG.		6,179
	211,538	*,e	BE Aerospace, Inc		5,379
	333,800		Bombardier, Inc		1,518
	1,100		Clarcor, Inc		39
	130,600		Denso Corp		3,610

376

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	14,800		Federal Signal Corp	$	89
	1,745,900	*	Ford Motor Co		17,600
	8,129	*,e	Fuel Systems Solutions, Inc		211
	263,496		Genuine Parts Co		10,395
	189,806		Harley-Davidson, Inc		4,219
	110,292		Harsco Corp		2,592
	305,980		Honda Motor Co Ltd		8,988
	86,000		NSK Ltd		597
	214,293		Paccar, Inc		8,544
	54,787	*	Peugeot S.A.		1,393
	83,765	*	Renault S.A.		3,105
	157,500		Scania AB (B Shares)		2,404
	756,000		SembCorp Marine Ltd		2,066
	7,500		Shimano, Inc		322
	182,710	*	Spirit Aerosystems Holdings, Inc (Class A)		3,482
	48,870	e	Superior Industries International, Inc		657
	113,174	*	Tenneco, Inc		2,383
	817,210		Tomkins PLC		2,745
	25,000	*	Toyota Industries Corp		634
	16,126		Volkswagen AG.		1,368
	77,972		Volkswagen AG. (Preference)		6,842
	134,600		Volvo AB (A Shares)		1,418
	341,990		Volvo AB (B Shares)		3,782
	44,700		Westinghouse Air Brake Technologies Corp		1,783
	102,500	*	Yamaha Motor Co Ltd		1,355
			TOTAL TRANSPORTATION EQUIPMENT		108,281
TRANSPORTATION SERVICES - 0.3%
	85,122		Autostrade S.p.A.		1,509
	25,213		CH Robinson Worldwide, Inc		1,403
	118,516		Cintra Concesiones de Infraestructuras de Transporte S.A.		767
	134,669		Deutsche Lufthansa AG.		1,862
	24,449		Expeditors International Washington, Inc		844
	281,314		FedEx Corp		19,722
	2,064	*	Hub Group, Inc (Class A)		62
	36,000	*	Interval Leisure Group, Inc		448
	85,068	*	Orbitz Worldwide, Inc		324
	54,257		Toll Holdings Ltd		247
	2,600		UTI Worldwide, Inc		32
			TOTAL TRANSPORTATION SERVICES		27,220
TRUCKING AND WAREHOUSING - 0.5%
	1,490		Arkansas Best Corp		31
	493,298		Deutsche Post AG.		7,192
	1,500		Forward Air Corp		41
	2,200		Heartland Express, Inc		32
	1,100		J.B. Hunt Transport Services, Inc		36
	900		Landstar System, Inc		35
	157,000		Nippon Express Co Ltd		707
	1,110	*	Old Dominion Freight Line		39
	49,137		TNT NV		1,238
	592,394		United Parcel Service, Inc (Class B)		33,702

377

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	1,600		Werner Enterprises, Inc	$	35
	105,100		Yamato Transport Co Ltd		1,391
			TOTAL TRUCKING AND WAREHOUSING		44,479
WATER TRANSPORTATION - 0.1%
	13,811		Alexander & Baldwin, Inc		411
	57,460	*	Gulfmark Offshore, Inc		1,505
	151,299	*	Hornbeck Offshore Services, Inc		2,210
	153,000	*	Kawasaki Kisen Kaisha Ltd		622
	1,100	*	Kirby Corp		42
	376,000		Nippon Yusen Kabushiki Kaisha		1,370
	1,130	e	Overseas Shipholding Group, Inc		42
	1,630		Teekay Corp		43
			TOTAL WATER TRANSPORTATION		6,245
WHOLESALE TRADE-DURABLE GOODS - 0.6%
	121,197		Agilysys, Inc		811
	1,440		Applied Industrial Technologies, Inc		36
	1,500	*	Arrow Electronics, Inc		34
	35,700		Assa Abloy AB (Class B)		714
	109,330	e	Barnes Group, Inc		1,792
	2,120	*	Beacon Roofing Supply, Inc		38
	51,856	*	BorgWarner, Inc		1,936
	295,728		Bunzl plc		2,961
	50,895	*	Castle (A.M.) & Co		707
	52,882	*	Chindex International, Inc		663
	49,528		Compagnie de Saint-Gobain		1,846
	2,310	*	Conceptus, Inc		36
	1,930	*	Drew Industries, Inc		39
	3,800		Finning International, Inc		63
	466,696	*	Fortescue Metals Group Ltd		1,583
	1,900	*	Ingram Micro, Inc (Class A)		29
	2,000	e	Knight Transportation, Inc		40
	747,810		Li & Fung Ltd		3,346
	2,500	*	LKQ Corp		48
	1,730	*	MedAssets, Inc		40
	8,672	*	MWI Veterinary Supply, Inc		436
	599,000	*	Nissan Motor Co Ltd		4,173
	212,000		Nisshin Steel Co Ltd		337
	8,337		Owens & Minor, Inc		237
	78,813		Patterson Cos, Inc		2,249
	4,580		PEP Boys - Manny Moe & Jack		41
	2,000	e	Pool Corp		44
	2,500	*	PSS World Medical, Inc		53
	30,024		Rautaruukki Oyj		438
	105,065		Schneider Electric S.A.		10,611
	1,140		Solera Holdings, Inc		41
	3,600	*	Tech Data Corp		128
	23,000	*	Tyler Technologies, Inc		357
	105,209		W.W. Grainger, Inc		10,462
	17,580	*	WESCO International, Inc		592
	115,996		Wesfarmers Ltd		2,772

378

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	131,715	*	Wolseley plc	$	2,615
			TOTAL WHOLESALE TRADE-DURABLE GOODS		52,348
WHOLESALE TRADE-NONDURABLE GOODS - 0.5%
	6,480		Airgas, Inc		403
	63,861	*,e	Akorn, Inc		190
	19,300		Akzo Nobel NV		1,003
	59,912	e	Allscripts Healthcare Solutions, Inc		965
	5,400		Billabong International Ltd		39
	1,186	*	Clearwater Paper Corp		65
	77,670	*	Endo Pharmaceuticals Holdings, Inc		1,695
	7,100	*	Gildan Activewear, Inc		204
	2,100	*	Hain Celestial Group, Inc		42
	16,830	*	Henry Schein, Inc		924
	31,000		Kikkoman Corp		324
	3,280		Men’s Wearhouse, Inc		60
	8,100		Metro, Inc		318
	2,100		Myers Industries, Inc		17
	13,956		Nash Finch Co		477
	3,567,017	h	Noble Group Ltd		4,311
	1,610		Nu Skin Enterprises, Inc (Class A)		40
	514,300	*	Sojitz Holdings Corp		804
	18,582		Spartan Stores, Inc		255
	745,301		Sysco Corp		21,293
	610		Tractor Supply Co		37
	334,862		Unilever NV		9,145
	1,270	*	United Natural Foods, Inc		38
	700	*	United Stationers, Inc		38
	1,900	*,e	Volcom, Inc		35
			TOTAL WHOLESALE TRADE-NONDURABLE GOODS		42,722
			TOTAL COMMON STOCKS		5,064,389
			(Cost $4,973,459)
PREFERRED STOCKS - 0.0%
AGENCY SECURITIES - 0.0%
	233,115	*	Federal Home Loan Mortgage Corp (FHLMC)		79
	740,991	*	Federal National Mortgage Association (FNMA)		252
			TOTAL AGENCY SECURITIES		331
			TOTAL PREFERRED STOCKS		331
			(Cost $24,353)
RIGHTS / WARRANTS - 0.0%
DEPOSITORY INSTITUTIONS - 0.0%
	61,761	e,m	BankAtlantic Bancorp, Inc		0	^
	3		Dexia SA - Rts		0	^
			TOTAL DEPOSITORY INSTITUTIONS		0	^
ELECTRIC, GAS, AND SANITARY SERVICES - 0.0%
	924,776	m	Iberdrola S.A.		216
			TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		216

379

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES		COMPANY	VALUE (000)
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.0%
	13,500	Zardoya Otis S.A.	$	9
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		9
PRIMARY METAL INDUSTRIES - 0.0%
	134,643	Norsk Hydro ASA		70
		TOTAL PRIMARY METAL INDUSTRIES		70
		TOTAL RIGHTS / WARRANTS		295
		(Cost $223)

PRINCIPAL		ISSUER	MATURITY DATE
SHORT-TERM INVESTMENTS - 8.4%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 4.3%
		Federal Home Loan Bank (FHLB)
	$  4,900,000	FHLB	07/02/10	4,900
	56,800,000	FHLB	07/09/10	56,798
	16,300,000	FHLB	07/14/10	16,299
	19,000,000	FHLB	07/16/10	18,999
	14,000,000	FHLB	07/23/10	13,999
	25,000,000	FHLB	08/03/10	24,996
	27,300,000	FHLB	08/11/10	27,295
	23,000,000	FHLB	08/18/10	22,997
	25,950,000	FHLB	08/24/10	25,945
	5,986,000	FHLB	09/03/10	5,985
	22,831,000	FHLB	09/08/10	22,828
	10,700,000	FHLB	09/10/10	10,698
		Federal Home Loan Mortgage Corp (FHLMC)
	3,000,000	FHLMC	07/12/10	3,000
	3,250,000	FHLMC	08/11/10	3,249
	7,400,000	FHLMC	08/30/10	7,399
	2,375,000	FHLMC	10/18/10	2,374
		Federal National Mortgage Association (FNMA)
	24,000,000	FNMA	07/16/10	23,998
	16,000,000	FNMA	08/18/10	15,997
	15,000,000	FNMA	08/25/10	14,997
	28,567,000	FNMA	09/01/10	28,562
	5,000,000	FNMA	09/08/10	4,999
	16,410,000	FNMA	09/15/10	16,406
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		372,720
U.S. TREASURY BILLS - 2.2%
	31,500,000	United States Cash Management Bill	07/15/10	31,498
	33,800,000	United States Treasury Bill	07/29/10	33,796
	38,000,000	United States Treasury Bill	08/05/10	37,994
	17,500,000	United States Treasury Bill	08/19/10	17,497
	13,302,000	United States Treasury Bill	08/26/10	13,296
	13,600,000	United States Treasury Bill	09/16/10	13,595

380

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES		COMPANY	MATURITY DATE	VALUE (000)
	$40,000,000	United States Treasury Bill	09/23/10	$	39,985
	4,900,000	United States Treasury Bill	11/18/10		4,896
		TOTAL U.S. TREASURY BILLS			192,560
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 1.9%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.7%
		Federal Home Loan Bank (FHLB)
	$22,614,000	FHLB	09/03/10		22,610
		Federal Home Loan Mortgage Corp (FHLMC)
	25,000,000	FHLMC	07/29/10		24,996
		Federal National Mortgage Association (FNMA)
	19,290,000	FNMA	09/15/10		19,285
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES			66,891
U.S. TREASURY BILLS - 1.2%
	1,000,000	United States Cash Management Bill	07/15/10		1,000
	12,000,000	United States Treasury Bill	08/05/10		11,998
	26,698,000	United States Treasury Bill	08/26/10		26,691
	46,000,000	United States Treasury Bill	10/21/10		45,978
	20,100,000	United States Treasury Bill	11/18/10		20,086
		TOTAL U.S. TREASURY BILLS			105,753
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED			172,644
		TOTAL SHORT-TERM INVESTMENTS			737,924
		(Cost $737,894)
		TOTAL INVESTMENTS - 107.7%			9,423,379
		(Cost $9,210,594)
		OTHER ASSETS & LIABILITIES, NET - (7.7)%			(675,268	)
		NET ASSETS - 100.0%		$	8,748,111

	Abbreviation(s):
ADR	American Depositary Receipt
*	Non-income producing.
^	Amount represents less than $1,000.
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 June 30, 2010 the value of these securities amounted to $133,113,897 or 1.52% 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.

381

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

COLLEGE RETIREMENT EQUITIES FUND
MONEY MARKET ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2010

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
SHORT-TERM INVESTMENTS - 100.0%
BANKERS’ ACCEPTANCES - 0.2%
	$10,000,000	JPMorgan Chase Bank NA			08/30/10	$	9,993
	4,632,000	JPMorgan Chase Bank NA			10/21/10		4,625
	6,350,000	JPMorgan Chase Bank NA			11/22/10		6,337
	10,000,000	Wachovia Bank NA			09/03/10		9,996
		TOTAL BANKER’S ACCEPTANCES					30,951
CERTIFICATE OF DEPOSIT - 8.7%
	25,000,000	Bank of Montreal	0.310	%	07/06/10		25,000
	30,000,000	Bank of Montreal	0.270		07/07/10		30,000
	42,500,000	Bank of Montreal	0.280		07/20/10		42,500
	25,000,000	Bank of Montreal	0.290		07/20/10		25,000
	25,000,000	Bank of Montreal	0.330		07/22/10		25,000
	30,000,000	Bank of Montreal	0.260		07/23/10		30,000
	35,000,000	Bank of Nova Scotia	0.290		07/22/10		35,000
	35,000,000	Bank of Nova Scotia	0.300		07/27/10		35,000
	25,000,000	Bank of Nova Scotia	0.410		08/17/10		25,000
	44,170,000	Bank of Nova Scotia	0.440		08/24/10		44,170
	25,000,000	Bank of Nova Scotia	0.470		09/01/10		25,000
	25,000,000	Bank of Nova Scotia	0.420		09/17/10		25,000
	25,000,000	Bank of Nova Scotia	0.570		10/01/10		25,000
	25,000,000	Barclays Bank plc	0.620		07/01/10		25,000
	30,000,000	Barclays Bank plc	0.300		07/19/10		30,000
	25,000,000	Barclays Bank plc	0.350		08/10/10		25,000
	21,000,000	Barclays Bank plc	0.580		08/18/10		21,000
	25,000,000	BNP Paribas	0.360		07/13/10		25,000
	18,000,000	BNP Paribas	0.290		08/19/10		18,000
	50,000,000	Canadian Imperial Bank of Commerce	0.260		07/16/10		50,000
	40,000,000	Canadian Imperial Bank of Commerce	0.340		08/09/10		40,000
	25,000,000	National Australia Bank Ltd	0.460		09/02/10		25,000
	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
	25,000,000	Rabobank Nederland NV	0.360		09/02/10		25,000
	30,000,000	Royal Bank of Canada	0.360		08/12/10		30,000
	30,000,000	Royal Bank of Canada	0.330		09/03/10		30,000
	24,000,000	Royal Bank of Scotland plc	0.320		07/12/10		24,000
	50,000,000	Toronto-Dominion Bank	0.250		07/08/10		50,000
	35,000,000	Toronto-Dominion Bank	0.250		07/09/10		35,000
	25,000,000	Toronto-Dominion Bank	0.250		07/13/10		25,000
	42,770,000	Toronto-Dominion Bank	0.250		07/16/10		42,770
	50,000,000	Toronto-Dominion Bank	0.320		08/06/10		50,000
	33,000,000	Toronto-Dominion Bank	0.450		09/10/10		33,000
	25,200,000	Westpac Banking Corp NY	0.300		08/03/10		25,200
		TOTAL CERTIFICATE OF DEPOSIT					1,111,480

382

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE	MATURITY DATE	VALUE (000)
COMMERCIAL PAPER - 31.2%
	$ 19,657,000	American Honda Finance Corp		07/19/10	$	19,654
	12,230,000	American Honda Finance Corp		08/04/10		12,226
	9,235,000	American Honda Finance Corp		08/05/10		9,232
	16,750,000	American Honda Finance Corp		08/12/10		16,744
	29,550,000	American Honda Finance Corp		08/17/10		29,536
	19,530,000	American Honda Finance Corp		08/24/10		19,521
	8,000,000	American Honda Finance Corp		09/02/10		7,995
	11,220,000	American Honda Finance Corp		09/14/10		11,212
	9,000,000	American Honda Finance Corp		09/22/10		8,992
	50,000,000	Australia & New Zealand Banking Group Ltd		09/07/10		49,956
	28,100,000	Bank of Nova Scotia		07/08/10		28,099
	20,000,000	Bank of Nova Scotia		07/20/10		19,998
	35,000,000	Bank of Nova Scotia		08/18/10		34,980
	30,430,000	BNP Paribas Finance, Inc		07/12/10		30,427
	25,000,000	BNP Paribas Finance, Inc		07/14/10		24,998
	25,000,000	BNP Paribas Finance, Inc		07/22/10		24,995
	20,000,000	Coca-Cola Co		07/07/10		19,999
	7,300,000	Coca-Cola Co		07/08/10		7,300
	20,000,000	Coca-Cola Co		07/09/10		19,999
	20,000,000	Coca-Cola Co		08/06/10		19,995
	17,255,000	Coca-Cola Co		08/09/10		17,250
	20,000,000	Coca-Cola Co		08/17/10		19,993
	20,000,000	Coca-Cola Co		08/19/10		19,993
	20,000,000	Coca-Cola Co		08/23/10		19,992
	31,860,000	Coca-Cola Co		08/31/10		31,844
	25,000,000	Coca-Cola Co		09/01/10		24,987
	4,500,000	Coca-Cola Co		09/02/10		4,498
	20,000,000	Coca-Cola Co		09/13/10		19,988
	2,635,000	Commonwealth Bank of Australia		07/06/10		2,635
	42,000,000	Commonwealth Bank of Australia		09/09/10		41,962
	40,000,000	Commonwealth Bank of Australia		09/10/10		39,963
	3,750,000	Commonwealth Bank of Australia		09/17/10		3,746
	30,000,000	Commonwealth Bank of Australia		09/21/10		29,969
	19,500,000	Commonwealth Bank of Australia		09/27/10		19,476
	19,700,000	Commonwealth Bank of Australia		09/29/10		19,680
	25,000,000	Deutsche Bank Financial, Inc		07/09/10		24,998
	18,929,000	Fairway Finance LLC		07/12/10		18,927
	26,000,000	Fairway Finance LLC		07/13/10		25,997
	13,329,000	Fairway Finance LLC		07/20/10		13,327
	25,342,000	Fairway Finance LLC		08/02/10		25,335
	7,230,000	General Electric Capital Corp		07/19/10		7,229
	24,000,000	General Electric Capital Corp		07/22/10		23,996
	25,000,000	General Electric Capital Corp		07/26/10		24,994
	20,000,000	General Electric Capital Corp		07/27/10		19,995
	44,800,000	General Electric Capital Corp		08/24/10		44,781
	20,000,000	General Electric Capital Corp		08/27/10		19,991
	50,000,000	General Electric Co		08/31/10		49,979
	50,000,000	General Electric Co		09/21/10		49,960
	30,000,000	General Electric Co		09/23/10		29,977
	30,000,000	International Business Machines Corp		07/02/10		30,000

383

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE	MATURITY DATE	VALUE (000)
	$ 43,500,000	Johnson & Johnson		08/02/10	$	43,491
	6,790,000	Johnson & Johnson		08/03/10		6,788
	25,000,000	Johnson & Johnson		09/30/10		24,987
	25,000,000	Lloyds TSB Bank plc		07/30/10		24,994
	26,690,000	Lloyds TSB Bank plc		08/16/10		26,676
	33,000,000	Merck & Co, Inc		07/26/10		32,994
	25,000,000	National Australia Funding(Delaware)		08/17/10		24,987
	50,000,000	National Australia Funding(Delaware)		08/20/10		49,972
	48,040,000	National Australia Funding(Delaware)		08/23/10		48,007
	40,000,000	National Australia Funding(Delaware)		09/16/10		39,965
	25,905,000	Nestle Capital Corp		07/12/10		25,903
	44,600,000	Nestle Capital Corp		07/13/10		44,596
	23,690,000	Nestle Capital Corp		07/19/10		23,687
	2,825,000	Nestle Capital Corp		07/20/10		2,825
	6,790,000	Nestle Capital Corp		08/02/10		6,788
	30,000,000	Nestle Capital Corp		08/05/10		29,991
	45,185,000	Nestle Capital Corp		09/03/10		45,154
	20,000,000	Nestle Capital Corp		09/08/10		19,988
	42,620,000	Nestle Capital Corp		09/14/10		42,592
	18,450,000	Nestle Capital Corp		09/21/10		18,437
	10,000,000	Nestle Capital Corp		11/16/10		9,984
	25,000,000	Nestle Capital Corp		11/22/10		24,963
	25,000,000	Nestle Capital Corp		11/29/10		24,960
	52,185,000	Old Line Funding LLC		07/09/10		52,182
	43,011,000	Old Line Funding LLC		07/12/10		43,007
	22,000,000	Old Line Funding LLC		07/13/10		21,998
	8,200,000	Old Line Funding LLC		07/16/10		8,199
	20,000,000	Old Line Funding LLC		08/02/10		19,994
	30,000,000	Old Line Funding LLC		08/05/10		29,989
	14,000,000	Old Line Funding LLC		08/12/10		13,994
	20,000,000	Old Line Funding LLC		08/20/10		19,989
	39,000,000	Old Line Funding LLC		09/07/10		38,965
	30,000,000	Old Line Funding LLC		09/09/10		29,972
	42,930,000	Private Export Funding Corp		07/06/10		42,929
	25,000,000	Private Export Funding Corp		07/07/10		24,999
	19,235,000	Private Export Funding Corp		07/12/10		19,234
	20,000,000	Private Export Funding Corp		07/15/10		19,998
	21,175,000	Private Export Funding Corp		07/26/10		21,172
	49,345,000	Private Export Funding Corp		08/05/10		49,332
	20,000,000	Private Export Funding Corp		08/09/10		19,994
	10,000,000	Private Export Funding Corp		08/19/10		9,997
	20,000,000	Private Export Funding Corp		09/01/10		19,990
	31,060,000	Private Export Funding Corp		09/10/10		31,042
	10,000,000	Private Export Funding Corp		09/13/10		9,994
	17,380,000	Private Export Funding Corp		09/14/10		17,369
	30,000,000	Procter & Gamble International Funding S.C.A		07/02/10		30,000
	25,000,000	Procter & Gamble International Funding S.C.A		07/06/10		24,999
	24,000,000	Procter & Gamble International Funding S.C.A		07/07/10		23,999
	16,000,000	Procter & Gamble International Funding S.C.A		07/09/10		15,999
	13,500,000	Procter & Gamble International Funding S.C.A		07/12/10		13,499
	64,535,000	Procter & Gamble International Funding S.C.A		07/15/10		64,531
	26,600,000	Procter & Gamble International Funding S.C.A		07/21/10		26,597
	24,335,000	Procter & Gamble International Funding S.C.A		07/22/10		24,333

384

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE	MATURITY DATE	VALUE (000)
	$ 50,000,000	Province of Ontario Canada		07/08/10	$	49,998
	25,000,000	Province of Ontario Canada		07/13/10		24,998
	25,000,000	Province of Ontario Canada		08/17/10		24,993
	45,000,000	Province of Ontario Canada		08/31/10		44,982
	22,000,000	Province of Ontario Canada		09/20/10		21,987
	30,000,000	Rabobank USA Financial Corp		07/01/10		30,000
	67,690,000	Rabobank USA Financial Corp		07/06/10		67,689
	28,000,000	Rabobank USA Financial Corp		07/08/10		27,999
	10,000,000	Rabobank USA Financial Corp		07/29/10		9,998
	27,100,000	Royal Bank of Canada		07/01/10		27,100
	27,000,000	Royal Bank of Canada		07/13/10		26,998
	18,240,000	Royal Bank of Canada		08/24/10		18,229
	25,000,000	Royal Bank of Canada		09/21/10		24,982
	20,000,000	Royal Bank of Canada		10/19/10		19,979
	25,000,000	Santander Central Hispano Finance Delaware, Inc		10/01/10		24,967
	25,000,000	Santander Central Hispano Finance Delaware, Inc		10/08/10		24,964
	25,000,000	Santander Central Hispano Finance Delaware, Inc		10/14/10		24,961
	18,000,000	Sheffield Receivables Corp		07/14/10		17,998
	25,000,000	Sheffield Receivables Corp		07/19/10		24,996
	20,000,000	Sheffield Receivables Corp		07/22/10		19,997
	20,000,000	Sheffield Receivables Corp		07/26/10		19,996
	3,728,000	Sheffield Receivables Corp		07/29/10		3,727
	20,000,000	Sheffield Receivables Corp		08/09/10		19,991
	30,000,000	Sheffield Receivables Corp		08/12/10		29,985
	15,000,000	Sheffield Receivables Corp		08/17/10		14,992
	5,000,000	Sheffield Receivables Corp		09/09/10		4,995
	10,000,000	Sheffield Receivables Corp		09/10/10		9,990
	13,500,000	Sheffield Receivables Corp		09/14/10		13,487
	25,000,000	Straight-A Funding LLC		07/01/10		25,000
	20,305,000	Straight-A Funding LLC		07/12/10		20,303
	40,036,000	Straight-A Funding LLC		07/15/10		40,032
	17,000,000	Straight-A Funding LLC		07/20/10		16,997
	20,008,000	Straight-A Funding LLC		07/20/10		20,005
	15,000,000	Straight-A Funding LLC		07/27/10		14,997
	20,000,000	Straight-A Funding LLC		08/10/10		19,992
	40,000,000	Straight-A Funding LLC		08/12/10		39,985
	7,000,000	Straight-A Funding LLC		08/16/10		6,997
	15,000,000	Straight-A Funding LLC		08/17/10		14,993
	15,000,000	Straight-A Funding LLC		08/27/10		14,990
	20,000,000	Straight-A Funding LLC		09/01/10		19,985
	38,300,000	Straight-A Funding LLC		09/09/10		38,271
	19,500,000	Straight-A Funding LLC		09/14/10		19,484
	17,000,000	Straight-A Funding LLC		09/14/10		16,986
	10,011,000	Straight-A Funding LLC		09/20/10		10,002
	29,000,000	Straight-A Funding LLC		09/20/10		28,975
	9,327,000	Straight-A Funding LLC		09/21/10		9,319
	9,000,000	Toronto-Dominion Holdings USA, Inc		07/12/10		8,999
	25,000,000	Toronto-Dominion Holdings USA, Inc		08/09/10		24,993
	7,000,000	Toronto-Dominion Holdings USA, Inc		08/11/10		6,998
	10,000,000	Toronto-Dominion Holdings USA, Inc		09/13/10		9,994
	20,000,000	Toronto-Dominion Holdings USA, Inc		11/23/10		19,956
	50,000,000	Toyota Motor Credit Corp		08/25/10		49,966
	40,000,000	US Bank NA		07/01/10		40,000

385

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
	$  30,000,000	US Bank NA			07/15/10	$	29,997
	30,000,000	US Bank NA			07/27/10		29,995
	43,665,000	US Bank NA			08/10/10		43,649
	8,000,000	Wal-Mart Stores, Inc			07/13/10		8,000
	10,000,000	Wal-Mart Stores, Inc			07/14/10		9,999
	25,000,000	Westpac Banking Corp			08/20/10		24,986
	25,000,000	Westpac Banking Corp			08/25/10		24,985
	20,000,000	Westpac Banking Corp			08/30/10		19,989
		TOTAL COMMERCIAL PAPER					3,977,142
INTEREST BEARING SHORT TERM - 0.2%
	23,200,000	Svensk Exportkredit AB	4.500	%	09/27/10		23,415
		TOTAL INTEREST BEARING SHORT TERM					23,415
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 41.8%
	5,000,000	Federal Farm Credit Bank (FFCB)			07/15/10		5,000
		Federal Home Loan Bank (FHLB)
	9,650,000	FHLB			07/01/10		9,650
	98,170,000	FHLB			07/02/10		98,169
	30,000,000	FHLB			07/07/10		29,999
	38,785,000	FHLB			07/09/10		38,784
	72,500,000	FHLB			07/14/10		72,495
	140,000,000	FHLB			07/16/10		139,989
	143,414,000	FHLB			07/21/10		143,399
	92,739,000	FHLB			07/23/10		92,728
	105,405,000	FHLB			07/28/10		105,390
	80,000,000	FHLB			07/30/10		79,988
	144,553,000	FHLB			08/04/10		144,529
	16,000,000	FHLB			08/05/10		15,997
	25,000,000	FHLB			08/06/10		24,995
	53,825,000	FHLB			08/13/10		53,814
	25,000,000	FHLB			08/18/10		24,993
	35,390,000	FHLB			08/20/10		35,381
	25,300,000	FHLB			08/25/10		25,294
	71,460,000	FHLB			08/27/10		71,439
	30,000,000	FHLB			09/03/10		29,991
	60,000,000	FHLB			09/08/10		59,982
	89,306,000	FHLB			09/10/10		89,280
	119,955,000	FHLB			09/15/10		119,903
	38,373,000	FHLB			09/16/10		38,340
	78,788,000	FHLB			09/17/10		78,755
	10,000,000	FHLB			09/20/10		9,996
	85,000,000	FHLB			09/24/10		84,966
	300,000	FHLB			11/17/10		300
	3,510,000	FHLB			12/20/10		3,505
		Federal Home Loan Mortgage Corp (FHLMC)
	61,020,000	FHLMC			07/06/10		61,018
	13,740,000	FHLMC			07/07/10		13,740
	45,500,000	FHLMC			07/09/10		45,498
	25,000,000	FHLMC			07/12/10		24,999
	35,005,000	FHLMC			07/13/10		35,003
	2,000,000	FHLMC			07/14/10		2,000

386

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE	MATURITY DATE	VALUE (000)
	$   61,400,000	FHLMC		07/19/10	$	61,394
	51,130,000	FHLMC		07/23/10		51,123
	51,348,000	FHLMC		07/26/10		51,341
	3,300,000	FHLMC		07/27/10		3,300
	27,000,000	FHLMC		07/29/10		26,996
	6,200,000	FHLMC		08/02/10		6,199
	98,894,000	FHLMC		08/03/10		98,876
	5,000,000	FHLMC		08/05/10		4,999
	15,700,000	FHLMC		08/09/10		15,697
	22,365,000	FHLMC		08/10/10		22,360
	55,600,000	FHLMC		08/11/10		55,588
	20,000,000	FHLMC		08/12/10		19,996
	44,000,000	FHLMC		08/13/10		43,989
	95,667,000	FHLMC		08/16/10		95,643
	20,000,000	FHLMC		08/17/10		19,995
	20,600,000	FHLMC		08/18/10		20,595
	35,004,000	FHLMC		08/23/10		34,993
	40,695,000	FHLMC		08/24/10		40,682
	35,960,000	FHLMC		08/25/10		35,949
	3,000,000	FHLMC		08/27/10		2,999
	100,000,000	FHLMC		08/30/10		99,963
	77,380,000	FHLMC		09/01/10		77,352
	4,004,000	FHLMC		09/02/10		4,003
	25,000,000	FHLMC		09/03/10		25,052
	121,774,000	FHLMC		09/07/10		121,730
	153,510,000	FHLMC		09/08/10		153,446
	101,497,000	FHLMC		09/13/10		101,457
	25,285,000	FHLMC		09/14/10		25,272
	4,682,000	FHLMC		09/15/10		4,679
	89,410,000	FHLMC		09/20/10		89,377
	60,000,000	FHLMC		09/27/10		59,968
	86,076,000	FHLMC		09/28/10		86,036
	34,125,000	FHLMC		10/01/10		34,111
	50,000,000	FHLMC		10/05/10		49,969
	14,890,000	FHLMC		10/12/10		14,878
	6,000,000	FHLMC		10/25/10		5,994
	93,268,000	FHLMC		10/26/10		93,189
	20,000,000	FHLMC		10/27/10		19,982
	4,900,000	FHLMC		10/28/10		4,896
	33,090,000	FHLMC		11/08/10		33,063
	20,000,000	FHLMC		11/09/10		19,984
	20,000,000	FHLMC		11/10/10		19,978
	47,095,000	FHLMC		11/16/10		47,039
	1,990,000	FHLMC		11/22/10		1,988
	8,558,000	FHLMC		12/09/10		8,546
	1,575,000	FHLMC		12/16/10		1,573
	10,000,000	FHLMC		01/11/11		9,982
	4,590,000	FHLMC		03/07/11		4,575
	20,000,000	FHLMC		05/02/11		19,927
		Federal National Mortgage Association (FNMA)
	3,600,000	FNMA		07/06/10		3,600
	101,750,000	FNMA		07/07/10		101,747
	10,000,000	FNMA		07/08/10		10,000

387

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$ 111,200,000		FNMA			07/14/10	$	111,193
	17,385,000		FNMA			07/15/10		17,384
	18,650,000		FNMA			07/19/10		18,648
	61,000,000		FNMA			07/21/10		60,993
	6,100,000		FNMA			07/26/10		6,099
	24,132,000		FNMA			07/27/10		24,129
	47,075,000		FNMA			07/28/10		47,068
	18,710,000		FNMA			08/02/10		18,707
	19,031,000		FNMA			08/04/10		19,027
	5,000,000		FNMA			08/09/10		4,999
	66,285,000		FNMA			08/11/10		66,269
	84,500,000		FNMA			08/16/10		84,476
	99,319,000		FNMA			08/18/10		99,293
	49,610,000		FNMA			08/23/10		49,595
	20,000,000		FNMA			08/25/10		19,994
	30,000,000		FNMA			08/30/10		29,990
	3,700,000		FNMA			08/31/10		3,699
	27,968,000		FNMA			09/01/10		27,957
	10,000,000		FNMA			09/13/10		9,997
	25,200,000		FNMA			09/15/10		25,190
	30,000,000		FNMA			09/20/10		29,983
	30,000,000		FNMA			09/21/10		29,983
	132,171,000		FNMA			09/22/10		132,103
	3,925,000		FNMA			09/23/10		3,923
	17,560,000		FNMA			09/27/10		17,549
	80,935,000		FNMA			09/29/10		80,880
	7,800,000		FNMA			09/30/10		7,797
	11,165,000		FNMA			10/04/10		11,156
	46,475,000		FNMA			10/20/10		46,435
	16,315,000		FNMA			10/25/10		16,300
	2,065,000		FNMA			11/01/10		2,063
	30,000,000		FNMA			11/17/10		29,968
	83,585,000		FNMA			12/01/10		83,436
	4,030,000		FNMA			12/20/10		4,024
	20,000,000		FNMA			12/22/10		19,975
	1,320,000		FNMA			01/18/11		1,317
	5,800,000		FNMA			01/21/11		5,788
	7,980,000		FNMA			02/16/11		7,957
	46,000,000		FNMA			03/01/11		45,862
	1,420,000		FNMA			03/29/11		1,415
	12,575,000		FNMA			04/11/11		12,530
	3,304,000		FNMA			04/26/11		3,291
	8,510,000		FNMA			05/02/11		8,475
			TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES					5,322,296
U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES - 3.8%
			Federal Farm Credit Bank (FFCB)
	40,000,000	i	FFCB	0.250	%	05/16/11		39,995
	45,000,000	i	FFCB	0.400		06/01/11		44,979
	45,000,000	i	FFCB	0.260		07/15/11		44,997
			Federal Home Loan Bank (FHLB)
	3,445,000		FHLB	1.060		07/13/10		3,446

388

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL				ISSUER	RATE		MATURITY DATE	VALUE (000)
	$   50,000,000	i		FHLB	0.200	%	05/26/11	$	49,941
	90,000,000	i		FHLB	0.300		05/26/11		90,000
	90,000,000	i		FHLB	0.350		06/01/11		90,017
	120,000,000	i		FHLB	0.250		07/11/11		119,974
				TOTAL U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES					483,349
U.S. TREASURY SECURITIES - 13.3%
	64,215,000			United States Cash Management Bill			07/15/10		64,211
	50,000,000			United States Treasury Bill			07/01/10		50,000
	100,000,000			United States Treasury Bill			07/08/10		99,997
	72,700,000			United States Treasury Bill			07/29/10		72,691
	10,000,000			United States Treasury Bill			08/05/10		9,998
	57,775,000			United States Treasury Bill			08/12/10		57,768
	125,780,000			United States Treasury Bill			08/19/10		125,754
	109,815,000			United States Treasury Bill			08/26/10		109,782
	144,430,000			United States Treasury Bill			09/02/10		144,384
	70,000,000			United States Treasury Bill			09/09/10		69,971
	108,695,000			United States Treasury Bill			09/16/10		108,657
	74,030,000			United States Treasury Bill			09/23/10		74,005
	69,135,000			United States Treasury Bill			09/30/10		69,103
	45,000,000			United States Treasury Bill			10/14/10		44,975
	47,700,000			United States Treasury Bill			10/21/10		47,666
	57,900,000			United States Treasury Bill			11/04/10		57,869
	49,500,000			United States Treasury Bill			11/12/10		49,473
	109,505,000			United States Treasury Bill			11/18/10		109,414
	60,790,000			United States Treasury Bill			11/26/10		60,742
	44,500,000			United States Treasury Note	2.750		07/31/10		44,585
	117,475,000			United States Treasury Note	1.250		11/30/10		117,935
	47,750,000			United States Treasury Note	0.880		01/31/11		47,895
	58,855,000			United States Treasury Note	0.880		02/28/11		59,069
				TOTAL U.S. TREASURY SECURITIES					1,695,944
VARIABLE NOTES - 0.8%
	45,000,000	i		Barclays Bank plc	0.510		01/11/11		45,000
	50,000,000	i		Westpac Banking Corp NY	0.380		10/07/10		50,000
				TOTAL VARIABLE NOTES					95,000
				TOTAL SHORT-TERM INVESTMENTS					12,739,577
				(Cost $12,739,577)
				TOTAL INVESTMENTS - 100.0%					12,739,577
				(Cost $12,739,577)
				OTHER ASSETS & LIABILITIES, NET - 0.0%					1,336
				NET ASSETS - 100.0%				$	12,740,913
			i	Floating or variable rate security. Coupon rate reflects the rate at period end.
				Cost amounts are in thousands.

389

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

12(a)(2)(i) Section 302 certification of the principal executive officer

12(a)(2)(ii) Section 302 certification of the principal financial officer

12(b) Section 906 certification of principal executive officer and principal financial officer

SIGNATURES

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

		COLLEGE RETIREMENT EQUITIES FUND
Date:	August 24, 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:	August 24, 2010	By:	/s/ Roger W. Ferguson, Jr.
			Roger W. Ferguson, Jr.
			President and Chief Executive Officer
			(principal executive officer)

Date:	August 24, 2010	By:	/s/ Virginia M. Wilson
			Virginia M. Wilson
			Executive Vice President, Chief Financial Officer and Principal Accounting Officer
			(principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

12(a)(2)(i) Section 302 certification of the principal executive officer

12(a)(2)(ii) Section 302 certification of the principal financial officer

12(b) Section 906 certification of principal executive officer and principal financial officer

EX-99.906CERT

Exhibit 12(b)

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

          Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of the College Retirement Equities Fund does hereby certify, to such officer’s knowledge, that:

The report on Form N-CSR of the College Retirement Equities Fund (the “Fund”) dated ended June 30, 2010 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Dated:	August 24, 2010	By:	/s/ Roger W. Ferguson, Jr.
			Roger W. Ferguson, Jr.
			President and Chief Executive Officer
			(principal executive officer)

Date:	August 24, 2010	By:	/s/ Virginia M. Wilson
			Virginia M. Wilson
			Executive Vice President, Chief Financial Officer and Principal Accounting Officer
			(principal financial officer)