N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number File No. 811-4415

COLLEGE RETIREMENT EQUITIES FUND

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

Stewart P. Greene, Esq.

c/o TIAA-CREF

730 Third Avenue

New York, New York 10017-3206

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2010

Item 1. Reports to Stockholders.

2010 ANNUAL REPORT

COLLEGE RETIREMENT
EQUITIES FUND

DECEMBER 31, 2010

Audited financial statements

CONTENTS

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

Summary portfolios of investments		30
Financial statements
Statements of assets and liabilities		62
Statements of operations		64
Statements of changes in net assets		66
Financial highlights		72
Notes to financial statements		80
Report of independent registered public accounting firm		94
2010 annual meeting		95
Trustees and officers		96
How to reach us	Inside back cover

UNDERSTANDING YOUR CREF REPORT

This annual report contains information about the eight CREF accounts and describes the accounts’ results for the twelve months ended on December 31, 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 December 31, 2010. They also list the account’s largest individual holdings as of 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 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 800 842-2252 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 Annual Report § College Retirement Equities Fund

PROXY VOTING

CREF’s ownership of stock gives it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found on our website at tiaa-cref.org or on the SEC’s website at www.sec.gov. You can also call us at 800 842-2252 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 800 842-2252.

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 23 developed countries outside the United States; the MSCI Emerging Markets Index, which measures stocks in 21 emerging-market nations; and the MSCI EAFE+Canada Small Cap Index, which measures small-cap stocks in 23 developed countries outside the United States.

CREF GLOBAL EQUITIES ACCOUNT

The account’s benchmark is the MSCI World Index, an aggregate of 24 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 Annual 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 corporate 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 that 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 23 developed nations outside 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 Annual Report § College Retirement Equities Fund

IMPORTANT INFORMATION ABOUT EXPENSES

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

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

          The examples assume $1,000 was invested on July 1, 2010, and held for six months until December 31, 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 the 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 Annual Report   5

CREF STOCK ACCOUNT

PERFORMANCE FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2010

The CREF Stock Account returned 15.72% for the year, compared with the 15.52% 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.

U.S. stocks post double-digit gains

World stock prices retreated during the first half of 2010, as investors worried about the strength of the U.S. economy and sovereign debt in Europe. The Russell 3000 Index, a broad measure of the U.S. stock market, was down 6.05% at the end of June. However, strong growth overseas and rising corporate profits ignited a rally in September that continued through the rest of the year. The Federal Reserve’s efforts to keep long-term interest rates low by buying U.S. Treasury securities also encouraged investors.

          The Russell 3000 gained 16.93% for the year. The MSCI EAFE+Canada Index, which measures stock performance in 23 developed foreign countries, returned 5.73% for the year in local currencies and 8.95% in dollars. The MSCI Emerging Markets Index, which tracks stocks in 21 emerging markets, climbed 14.10% in local currencies and 18.88% in dollar terms.

Stock choices boost returns

The account trailed the broad U.S. stock market partly because of the account’s 31% allocation to foreign stocks. It outperformed its composite benchmark because of numerous favorable stock choices. These included overweight positions in oil and gas exploration company Concho Resources and German chemical producer Lanxess. Underweights in BP and Berkshire Hathaway also aided relative results.

          These effects were partially offset by holdings that detracted from relative returns, such as overweight positions in Hewlett-Packard, biotechnology firm Gilead Sciences and Spain’s Banco Santander.

          The account’s return may sometimes diverge from the return of its benchmark index more than would be expected. This may be the result of a fair-value pricing adjustment. Many foreign exchanges close before the account’s accumulation unit value (AUV) is calculated (generally 4 p.m. ET). In the intervening hours, the value of foreign securities can change, and these changes are not reflected immediately in the account’s benchmark index. They may, however, be taken into account in that day’s AUV to reflect the value of the account’s holdings at the time the AUV is calculated.

6   2010 Annual Report § College Retirement Equities Fund

CREF STOCK ACCOUNT

PERFORMANCE AS OF DECEMBER 31, 2010

	Total return		Average annual total return
	1 year		5 years			10 years
CREF Stock Account	15.72	%		3.13	%		2.48	%
Broad-based market index
Russell 3000 Index	16.93			2.74			2.16
CREF Stock Composite Benchmark*	15.52			3.11			2.72

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 December 31, 2010, the CREF Stock Composite Benchmark consisted of: 69.4% Russell 3000 Index; 21.9% MSCI EAFE+Canada Index; 5.9% MSCI Emerging Markets Index; and 2.8% 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.

$10,000 OVER 10 YEARS

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

College Retirement Equities Fund § 2010 Annual Report   7

CREF STOCK ACCOUNT

EXPENSE EXAMPLE

Six months ended December 31, 2010

CREF Stock Account	Starting account value (7/1/10)		Ending account value (12/31/10)		Expenses paid* (7/1/10– 12/31/10)
Actual return		$1,000.00		$1,252.90		$2.78
5% annual hypothetical return		1,000.00		1,022.74		2.50

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

ACTUAL EXPENSES
Net expense ratio for one-year period ended 12/31/2010	0.47%

PORTFOLIO COMPOSITION
Sector	% of net assets as of 12/31/2010
Financials		18.5
Information technology		15.0
Industrials		11.9
Consumer discretionary		11.8
Energy		10.6
Health care		9.8
Consumer staples		8.4
Materials		7.1
Utilities		3.3
Telecommunication services		3.3
Short-term investments		4.9
Other assets & liabilities, net		–4.6
Total		100.0

HOLDINGS BY COMPANY SIZE
Market capitalization	% of equity investments as of 12/31/2010
Over $15 billion		60.3
$4 billion–$15 billion		23.5
Under $4 billion		16.2
Total		100.0

HOLDINGS BY COUNTRY
	% of portfolio investments as of 12/31/2010
United States		64.6
Japan		4.5
United Kingdom		4.1
Canada		2.8
Switzerland		2.3
France		1.9
Germany		1.9
Australia		1.7
54 other nations		11.5
Short-term investments		4.7
Total		100.0

8   2010 Annual Report § College Retirement Equities Fund

CREF GLOBAL EQUITIES ACCOUNT

PERFORMANCE FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2010

The CREF Global Equities Account returned 12.24% for the year, compared with the 11.76% return of its benchmark, the MSCI World Index.

Stocks rally after a rocky start

For the first half of 2010, the MSCI World Index declined 9.84%, as investors worried about the pace of economic recovery in the United States and a spreading debt crisis in Europe. In the second half, the U.S. and European central banks took decisive steps to try to address these issues. Investor fears subsided, and the index surged 23.96%.

          A stronger yen, relative to the dollar, elevated global stock returns for U.S. investors. The World index returned 10.01% in local currencies versus 11.76% in dollars.

          Representing more than half of the benchmark’s market capitalization at year-end, North American stocks advanced 15.3% for the year, driving the benchmark’s gain. The European segment returned just 3.9%, its results muted by losses of 44.9% in Greece and 22.0% in Spain. By contrast, Sweden was the index’s top performing country, up 33.8%. The benchmark’s Pacific region climbed 15.9%, with Japanese stocks rising 15.4%.

Stock choices boost returns

The account outperformed its benchmark because of many successful stock selections. The largest positive contributors to relative performance were an underweight position in BP and an out-of-benchmark holding in Taiwanese technology company Asustek Computer. Overweights in German chemical producer Lanxess and in two British firms—health care products manufacturer SSL International (now part of Reckitt Benckiser) and food service provider Compass Group—also aided returns. These results were partially offset by other, less favorable positions, including overweights in biotechnology firm Gilead Sciences, agricultural giant Monsanto, Japanese clothing manufacturer Fast Retailing and the Netherlands’ Koninklijke Philips Electronics.

          The account’s return may sometimes diverge from the return of its benchmark index more than would be expected. This may be the result of a fair-value pricing adjustment. Many foreign exchanges close before the account’s accumulation unit value (AUV) is calculated (generally 4 p.m. ET). In the intervening hours, the value of foreign securities can change, and these changes are not reflected immediately in the account’s benchmark index. They may, however, be taken into account in that day’s AUV to reflect the value of the account’s holdings at the time the AUV is calculated.

College Retirement Equities Fund § 2010 Annual Report   9

CREF GLOBAL EQUITIES ACCOUNT

PERFORMANCE AS OF DECEMBER 31, 2010
	Total return			Average annual total return
	1 year			5 years			10 years
CREF Global Equities Account		12.24	%		2.45	%		1.68	%
MSCI World Index		11.76			2.43			2.29

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.

$10,000 OVER 10 YEARS

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

10   2010 Annual Report § College Retirement Equities Fund

CREF GLOBAL EQUITIES ACCOUNT

EXPENSE EXAMPLE

Six months ended December 31, 2010
CREF Global Equities Account	Starting account value (7/1/10)		Ending account value (12/31/10)		Expenses paid* (7/1/10– 12/31/10)
Actual return		$1,000.00		$1,248.47		$2.95
5% annual hypothetical return		1,000.00		1,022.58		2.65

* “Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2010. The account’s annualized six-month expense ratio for that period was 0.52%.

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

ACTUAL EXPENSES
Net expense ratio for one-year period ended 12/31/2010	0.50%

PORTFOLIO COMPOSITION
Sector	% of net assets as of 12/31/2010
Financials		19.5
Consumer discretionary		13.5
Information technology		13.3
Industrials		11.9
Energy		9.3
Health care		9.3
Materials		8.3
Consumer staples		8.1
Telecommunication services		3.0
Utilities		2.7
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 12/31/2010
Over $15 billion		62.3
$4 billion–$15 billion		27.3
Under $4 billion		10.4
Total		100.0

HOLDINGS BY COUNTRY
	% of portfolio investments as of 12/31/2010
United States		45.1
United Kingdom		9.1
Japan		8.5
Canada		4.1
Switzerland		4.0
France		3.4
Germany		3.2
Australia		2.9
42 other nations		13.1
Short-term investments		6.6
Total		100.0

College Retirement Equities Fund § 2010 Annual Report   11

CREF GROWTH ACCOUNT

PERFORMANCE FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2010

The CREF Growth Account returned 14.98% for the year, compared with the 16.71% return of its benchmark, the Russell 1000^® Growth Index.

Large-cap growth stocks surpass their value counterparts

In 2010, large-cap growth stocks posted a double-digit gain for the second consecutive year and outperformed the 15.51% return of large-cap value issues, as measured by the Russell 1000 Value Index. Large-cap growth stocks have outpaced large-cap value issues in three of the last four calendar years.

          Its recent outperformance notwithstanding, large-cap growth stocks have lagged large-cap value issues over the ten years ended December 31, 2010. During this time, the Russell 1000 Growth Index posted an average annual return of 0.02%—more than three percentage points behind the 3.26% average return of its value counterpart.

The rally is broad-based

Fueled by solid gains in the second half of the year, every sector of the Russell 1000 Growth Index ended the year in positive territory, with six posting double-digit advances. Two of the benchmark’s largest sectors, consumer discretionary and producer durables, scored the greatest gains, climbing 26.7% and 27.7%, respectively. Anticipation of a recovery in consumer and business spending drove those sectors higher. Technology, the largest sector in the index, returned 11.9%.

          Defensive sectors, which typically outperform in down markets, also helped lift the index’s return. The consumer staples and energy sectors were up 16.8% and 12.7%, respectively. Investors favored companies that might benefit from an improved economic environment.

The account trails its benchmark

The account lagged its benchmark primarily because of unfavorable stock choices. Chief among these were overweights in information technology firms MasterCard, Cisco Systems, Google and Adobe Systems. An overweight position in agricultural giant Monsanto also disappointed amid loss of market share in its herbicide business.

          Other, favorable stock selections partially offset these detractors. These included overweight holdings in oil and gas exploration company Concho Resources, software company Intuit, and oil and gas drilling equipment provider National Oilwell Varco, which benefited from increased demand from rising rig activity in the United States. An underweight in Hewlett-Packard also helped.

122010 Annual Report § College Retirement Equities Fund

CREF GROWTH ACCOUNT

PERFORMANCE AS OF DECEMBER 31, 2010
	Total return			Average annual total return
	1 year			5 years			10 years
CREF Growth Account		14.98	%		3.09	%		–1.07	%
Russell 1000 Growth Index		16.71			3.75			0.02

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.

$10,000 OVER 10 YEARS

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

College Retirement Equities Fund § 2010 Annual Report   13

CREF GROWTH ACCOUNT

EXPENSE EXAMPLE

Six months ended December 31, 2010
CREF Growth Account	Starting account value (7/1/10)		Ending account value (12/31/10)		Expenses paid* (7/1/10– 12/31/10)
Actual return		$1,000.00		$1,254.17		$2.67
5% annual hypothetical return		1,000.00		1,022.84		2.40

* “Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2010. The account’s annualized six-month expense ratio for that period was 0.47%.

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

ACTUAL EXPENSES
Net expense ratio for one-year period ended 12/31/2010	0.46	%

PORTFOLIO COMPOSITION
Sector	% of net assets as of 12/31/2010
Information technology		30.8
Consumer discretionary		16.6
Industrials		12.9
Health care		10.5
Energy		9.6
Consumer staples		7.3
Financials		5.5
Materials		4.9
Telecommunication services		0.5
Utilities		0.1
Short-term investments		1.2
Other assets & liabilities, net		0.1
Total		100.0

HOLDINGS BY COMPANY SIZE
Market capitalization	% of equity investments as of 12/31/2010
Over $15 billion	69.4
$4 billion–$15 billion	25.6
Under $4 billion	5.0
Total	100.0

142010 Annual Report § College Retirement Equities Fund

CREF EQUITY INDEX ACCOUNT

PERFORMANCE FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2010

The CREF Equity Index Account returned 16.45% for the year, compared with the 16.93% return of its benchmark, the Russell 3000^® Index.

          For the period, the account’s return trailed that of its benchmark, primarily 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 gain despite early losses

The year began with encouraging U.S. economic data that drove positive stock market returns for the first four months. However, worries about the economic recovery at home and sovereign debt problems in Europe resurfaced in May, causing a sell-off that left the benchmark with a 6.05% loss for the first half of the year.

          Stocks rallied during the third quarter on the strength of strong corporate earnings and the Federal Reserve’s decision to buy U.S. Treasury securities in an effort to lower long-term interest rates. Strong overseas demand for U.S. products and congressional agreement on a package of tax cuts in December helped sustain the rally.

          During the twelve-month period, growth stocks outperformed value issues, 17.64% to 16.23%. Small-cap stocks led the market, with a return of 26.85%. Mid caps performed nearly as well, gaining 25.47%, while large caps returned 16.10%. (Returns by investment style and market capitalization are based on the Russell indexes.)

Consumer discretionary leads

Eight of the benchmark’s nine industry sectors posted double-digit gains for the year. The index’s return was driven by a 27.6% jump in the consumer discretionary sector, followed by a 27.0% advance in producer durables. These results were tempered by less robust returns in technology (up 13.7%) and financial services (up 12.6%), the benchmark’s two largest sectors. The health care sector, with a return of 5.8%, lagged the rest of the market.

Four of the index’s five largest stocks rise

Four of the five largest stocks in the Russell 3000 registered double-digit gains for the year. Apple posted a 53.1% advance on the strength of strong sales and expectations that Verizon would begin offering the iPhone. Results for the other four stocks, in descending order of market capitalization at period-end, were: Exxon Mobil, 10.1%; Microsoft, –6.5%; General Electric, 24.3%; and IBM, 14.3%.

College Retirement Equities Fund § 2010 Annual Report   15

CREF EQUITY INDEX ACCOUNT

PERFORMANCE AS OF DECEMBER 31, 2010
	Total return			Average annual total return
	1 year			5 years			10 years
CREF Equity Index Account		16.45	%		2.34	%		1.77	%
Russell 3000® Index		16.93			2.74			2.16

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.

$10,000 OVER 10 YEARS

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

162010 Annual Report § College Retirement Equities Fund

CREF EQUITY INDEX ACCOUNT

EXPENSE EXAMPLE

Six months ended December 31, 2010
CREF Equity Index Account	Starting account value (7/1/10	)	Ending account value (12/31/10	)	Expenses paid* (7/1/10– 12/31/10	)
Actual return	$1,000.00		$1,241.48		$2.43
5% annual hypothetical return	1,000.00		1,023.04		2.19

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

ACTUAL EXPENSES
Net expense ratio for one-year period ended 12/31/2010	0.42	%

PORTFOLIO COMPOSITION
Sector	% of net assets as of 12/31/2010
Information technology		18.2
Financials		16.4
Industrials		11.5
Consumer discretionary		11.3
Health care		11.1
Energy		11.1
Consumer staples		9.0
Materials		4.3
Utilities		3.4
Telecommunication services		2.8
Short-term investments		0.8
Other assets & liabilities, net		0.1
Total		100.0

HOLDINGS BY COMPANY SIZE
Market capitalization	% of equity investments as of 12/31/2010
Over $15 billion	64.4
$4 billion–$15 billion	20.6
Under $4 billion	15.0
Total	100.0

College Retirement Equities Fund § 2010 Annual Report   17

CREF BOND MARKET ACCOUNT

PERFORMANCE FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2010

The CREF Bond Market Account returned 6.73% for the year, compared with the 6.54% return of its benchmark, the Barclays Capital U.S. Aggregate Bond Index.

Bonds gain despite year-end losses

During 2010 the U.S. economy continued to recover. Gross domestic product grew 2.9% for the year. But with consumer spending constrained by widespread unemployment, lower housing prices and high household debt, businesses were still reluctant to make capital investments.

          To bolster the economy, the Federal Reserve kept the target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) within a range of 0% to 0.25% and began buying U.S. Treasury securities in an effort to lower long-term interest rates.

          The Barclays Capital U.S. Aggregate Bond Index, which measures the broad domestic investment-grade, fixed-rate bond market, gained 7.94% through September 30, on the strength of robust demand for U.S. Treasuries and high-quality corporate bonds. When the global economy showed signs of improvement in the fourth quarter, some investors sought higher returns in stocks, and the index lost 1.30%.

Corporate bonds outshine Treasuries

The small commercial mortgage-backed sector was the benchmark’s top performer in 2010, gaining 20.4%. Corporate bonds posted a solid 9.0% return, while U.S. Treasuries, agency securities and asset-backed securities underperformed the index, returning 5.9%, 4.6% and 5.9%, respectively. The yield on 2-year Treasury notes fell from 1.14% at year-end 2009 to 0.61% on December 31, 2010. The 10-year yield declined from 3.85% to 3.30%.

The account tops its benchmark

The account outperformed the Barclays Capital aggregate index primarily because of its positions in corporate bonds, including overweights in investment-grade corporates and out-of-benchmark holdings in high-yield bonds and emerging market securities. Overweights in U.S. agencies, asset-backed securities and commercial mortgage-backed securities also helped. Together, these numerous positive contributions more than offset the negative effects of underweighting U.S. Treasury securities during the second and third quarters, when Treasuries outperformed most other sectors.

18   2010 Annual Report § College Retirement Equities Fund

CREF BOND MARKET ACCOUNT

PERFORMANCE AS OF DECEMBER 31, 2010

	Total return		Average annual total return
	1 year		5 years			10 years
CREF Bond Market Account	6.73	%		4.99	%		5.35	%
Barclays Capital U.S. Aggregate Bond Index	6.54			5.80			5.84

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.

$10,000 OVER 10 YEARS

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

College Retirement Equities Fund § 2010 Annual Report   19

CREF BOND MARKET ACCOUNT

EXPENSE EXAMPLE

Six months ended December 31, 2010

CREF Bond Market Account	Starting account value (7/1/10)		Ending account value (12/31/10)		Expenses paid* (7/1/10– 12/31/10)
Actual return		$1,000.00		$1,014.89		$2.29
5% annual hypothetical return		1,000.00		1,022.94		2.29

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

ACTUAL EXPENSES
Net expense ratio for one-year period ended 12/31/2010	0.44	%

PORTFOLIO COMPOSITION
	% of net assets as of 12/31/2010
Mortgage-backed securities†		31.1
Corporate bonds		24.6
U.S. Treasury securities		20.0
Foreign government & corporate bonds denominated in U.S. dollars		11.0
U.S. agency securities		5.1
Commercial mortgage-backed securities		4.6
Asset-backed securities		1.5
Municipal bonds		0.6
Short-term investments		16.7
Other assets & liabilities, net		–15.2
Total		100.0

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

HOLDINGS BY MATURITY
	% of fixed-income investments as of 12/31/2010
Less than 1 year		16.4
1–3 years		12.6
3–5 years		14.4
5–10 years		12.8
Over 10 years		43.8
Total		100.0
HOLDINGS BY CREDIT QUALITY*
	% of fixed-income investments as of 12/31/2010
Aaa/AAA		71.9
Aa/AA		5.6
A/A		9.3
Baa/BBB		9.0
Ba/BB		2.5
B/B		1.5
Below B/B		0.2
Total		100.0

* These figures are an average based on credit quality ratings from Moody’s, Standard & Poor’s and Fitch. These ratings are subject to change without notice.

20   2010 Annual Report § College Retirement Equities Fund

CREF INFLATION-LINKED BOND ACCOUNT

PERFORMANCE FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2010

The CREF Inflation-Linked Bond Account returned 5.89% for the year, compared with the 6.31% return of its benchmark, the Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L).

Amid slow growth, inflation is tame

During 2010 the U.S. economy continued to recover. Gross domestic product grew 2.9% for the year. But with consumer spending constrained by widespread unemployment, lower housing prices and high household debt, businesses were still reluctant to make capital investments.

          To bolster the economy, the Federal Reserve kept the target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) within a range of 0% to 0.25% and began buying U.S. Treasury securities in an effort to lower long-term interest rates.

          During the period, overall inflation remained in check. On December 31, 2010, the Consumer Price Index was 1.5% higher than it had been one year earlier. Much of the increase was fueled by rising oil prices, which rose from $79 a barrel at the beginning of 2010 to $90 at year-end.

TIPS lag the broad bond market

For the year, TIPS slightly trailed the 6.54% return of the domestic investment-grade, fixed-rate bond market, as measured by the Barclays Capital U.S. Aggregate Bond Index. TIPS gained 7.00% through September 30, on the strength of robust demand for U.S. Treasuries, including TIPS. When the economy showed signs of improvement in the fourth quarter, some investors sought higher returns in stocks, and the TIPS index lost 0.65%.

          For the ten years ended December 31, 2010, the 7.02% average annual return of the TIPS index outpaced the 5.84% average return of the Barclays Capital aggregate index.

The account trails its benchmark

The account lagged the TIPS index primarily because the account’s return includes a deduction for expenses, while the benchmark’s does not. Because the account holds substantially the same portfolio as its benchmark, the above discussion of the performance of the TIPS index is applicable to the performance of the account.

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

College Retirement Equities Fund § 2010 Annual Report   21

CREF INFLATION-LINKED BOND ACCOUNT

PERFORMANCE AS OF DECEMBER 31, 2010

	Total return		Average annual total return
	1 year		5 years			10 years
CREF Inflation-Linked Bond Account	5.89	%		4.82	%		6.57	%
Barclays Capital U.S. Treasury Inflation Protected Securities Index (Series-L)	6.31			5.33			7.02

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.

$10,000 OVER 10 YEARS

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

22   2010 Annual Report § College Retirement Equities Fund

CREF INFLATION-LINKED BOND ACCOUNT

EXPENSE EXAMPLE

Six months ended December 31, 2010

CREF Inflation-Linked Bond Account	Starting account value (7/1/10)		Ending account value (12/31/10)		Expenses paid* (7/1/10– 12/31/10)
Actual return		$1,000.00		$1,015.76		$2.29
5% annual hypothetical return		1,000.00		1,022.94		2.29

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

ACTUAL EXPENSES
Net expense ratio for one-year period ended 12/31/2010	0.44	%

HOLDINGS BY MATURITY
	% of portfolio investments as of 12/31/2010
Less than 1 year		0.1
1–3 years		15.5
3–5 years		21.9
5–10 years		31.8
Over 10 years		30.7
Total		100.0

College Retirement Equities Fund § 2010 Annual Report   23

CREF SOCIAL CHOICE ACCOUNT

PERFORMANCE FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2010

The CREF Social Choice Account returned 11.95% for the year, compared with the 12.26% return of its composite benchmark, a weighted average of the Russell 3000^® Index, the MSCI EAFE+Canada Index and the Barclays Capital U.S. Aggregate Bond Index. The account screens investments according to social criteria, while the benchmark does not.

Stock exclusions trim 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 lower the account’s return relative to its benchmark’s.

          The account’s underperformance was largely the result of its exclusion of Apple, which rose 53.1% for the year on investor enthusiasm for the company’s products and better-than-expected earnings. The absence of Swiss food giant Nestlé, German electronics manufacturer Siemens, British mining company Rio Tinto and Citigroup also trimmed results.

          In contrast, relative performance was enhanced by avoiding three large-cap U.S. financial companies: Bank of America, Berkshire Hathaway and JPMorgan Chase. The absence of three energy behemoths, Exxon Mobil, Britain’s BP and France’s Total, also lifted returns.

Strategies help manage 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 period, the account’s relative performance was enhanced by overweight holdings in Volkswagen, entertainment conglomerate Liberty Media and global drug manufacturers Novo Nordisk and AstraZeneca. However, overweight positions in Hewlett-Packard, Cisco, Luxembourg steel producer ArcelorMittal and Spain’s Banco Bilbao Vizcaya Argentaria detracted from results.

Bonds boost relative returns

For the year, the account’s fixed-income segment generated a solid positive return, outpacing the Barclays Capital aggregate index. This segment outperformed its benchmark because of favorable overweight positions and successful security selections in asset-backed, corporate and U.S. agency securities. Together, these positive contributions more than offset the negative effects of underweighting U.S. Treasury securities during the second and third quarters, when Treasuries outperformed most other fixed-income sectors.

24   2010 Annual Report § College Retirement Equities Fund

CREF SOCIAL CHOICE ACCOUNT

PERFORMANCE AS OF DECEMBER 31, 2010

	Total return		Average annual total return
	1 year		5 years			10 years
CREF Social Choice Account	11.95	%		3.91	%		3.67	%
Broad-based market index
Russell 3000 Index	16.93			2.74			2.16
CREF Social Choice Composite Benchmark*	12.26			4.03			3.74

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 December 31, 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.

$10,000 OVER 10 YEARS

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

College Retirement Equities Fund § 2010 Annual Report   25

CREF SOCIAL CHOICE ACCOUNT

EXPENSE EXAMPLE

Six months ended December 31, 2010

CREF Social Choice Account	Starting account value (7/1/10)		Ending account value (12/31/10)		Expenses paid* (7/1/10– 12/31/10)
Actual return		$1,000.00		$1,141.54		$2.43
5% annual hypothetical return		1,000.00		1,022.94		2.29

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

ACTUAL EXPENSES
Net expense ratio for one-year period ended 12/31/2010	0.44	%

PORTFOLIO COMPOSITION
	% of net assets as of 12/31/2010
Equities	60.6
Bonds	37.6
Short-term investments	8.0
Other assets & liabilities, net	–6.2
Total	100.0
HOLDINGS BY COMPANY SIZE
Market capitalization (Equity segment)	% of equity investments as of 12/31/2010
Over $15 billion	65.3
$4 billion–$15 billion	25.0
Under $4 billion	9.7
Total	100.0
HOLDINGS BY MATURITY
(Fixed-income segment)	% of fixed-income investments as of 12/31/2010
Less than 1 year	19.5
1–3 years	8.4
3–5 years	17.1
5–10 years	11.8
Over 10 years	43.2
Total	100.0

26   2010 Annual Report § College Retirement Equities Fund

CREF MONEY MARKET ACCOUNT

PERFORMANCE FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2010

The CREF Money Market Account returned 0.00% for the year, compared with the 0.04% return of the iMoneyNet Money Fund Report Averages™—All Taxable, a simple average of over 1,000 taxable money market funds. The iMoneyNet average is not an index, and its return reflects the deduction of expenses charged by the funds included in the average.

The Fed stimulates the economy

In the first quarter of 2010, gross domestic product (GDP) grew at an annual rate of 3.7%, and unemployment fell below 10%. As a result, the Federal Reserve allowed its stimulus programs to lapse.

          In the second quarter, GDP fell to 1.7%, and monthly job losses followed. In an effort to jump-start the economy, the Fed began buying U.S. Treasuries to try to lower long-term interest rates. The Fed also kept its target for the federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) within a range of 0% to 0.25%.

LIBOR spikes in the second quarter

Early in the year, LIBOR yields declined, as expectations waned for a near-term Fed rate hike. (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.) By mid-year, concern about the U.S. economy and a European debt crisis rattled the credit markets. LIBOR yields soared, and businesses paid a premium to borrow. Subsequent actions by the Fed and the European Central Bank allayed investor fears, and LIBOR fell. For the year, the three-month LIBOR rose from 0.25% to 0.30%; the twelve-month LIBOR dropped from 0.98% to 0.78%, despite the second quarter’s rise.

The account seeks yield and safety

In pursuit of relative value and to comply with new SEC regulations for all money market accounts, the account increased its holdings in U.S. Treasury and agency securities. As a result of new regulations, the account also lowered its weighted average maturity; it was 48 days on December 28, 2010, versus 45 days for the average iMoneyNet fund. In a rate environment that continued to be challenging, part or all of the account’s 12b-1 distribution fees and/or administrative fees were voluntarily withheld by TIAA (waived). The account continued to selectively purchase high-quality corporate securities.

          On December 31, 2010, foreign securities made up 16.40% of the account’s total portfolio investments. The account’s investment in foreign securities may involve special risks, including political and economic instability.

College Retirement Equities Fund § 2010 Annual Report   27

CREF MONEY MARKET ACCOUNT

NET ANNUALIZED YIELD FOR THE 7 DAYS ENDED DECEMBER 28, 2010*

	Current yield			Effective yield
CREF Money Market Account†		0.00	%		0.00	%
iMoneyNet Money Fund Report Averages™—All Taxable‡		0.03			0.03

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

PERFORMANCE AS OF DECEMBER 31, 2010

	Total return		Average annual total return
	1 year		5 years			10 years
CREF Money Market Account†	0.00	%		2.41	%		2.22	%
iMoneyNet Money Fund Report Averages—All Taxable‡	0.04			2.27			2.03

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.

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.

28   2010 Annual Report § College Retirement Equities Fund

CREF MONEY MARKET ACCOUNT

EXPENSE EXAMPLE

Six months ended December 31, 2010

CREF Money Market Account	Starting account value (7/1/10)		Ending account value (12/31/10)		Expenses paid* (7/1/10– 12/31/10)
Actual return		$1,000.00		$1,000.01		$1.26
5% annual hypothetical return		1,000.00		1,023.95		1.28

* “Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2010. The account’s annualized six-month expense ratio for that period was 0.25%. 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.

ACTUAL EXPENSES
Net expense ratio for one-year period ended 12/31/2010	0.24	%

PORTFOLIO COMPOSITION
	% of net assets as of 12/31/2010
Commercial paper	36.6
U.S. government agency securities	29.8
U.S. Treasury securities	16.5
Certificates of deposit	9.6
Floating-rate securities, government	7.5
Total	100.0

College Retirement Equities Fund § 2010 Annual Report   29

SUMMARY PORTFOLIO OF INVESTMENTS

CREF STOCK ACCOUNT § DECEMBER 31, 2010

Principal		Issuer		Value (000)			% of net assets
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS				$	85,825			0.0	%
DIVERSIFIED FINANCIALS					0	^		0.0
FOOD & STAPLES RETAILING					49			0.0
REAL ESTATE					19			0.0
		TOTAL CORPORATE BONDS	(Cost $86,399)		85,893			0.0
GOVERNMENT BONDS
FOREIGN GOVERNMENT BONDS					47			0.0
U.S. TREASURY SECURITIES					327			0.0
		TOTAL GOVERNMENT BONDS	(Cost $447)		374			0.0
		TOTAL BONDS	(Cost $86,846)		86,267			0.0
Shares		Company
COMMON STOCKS
AUTOMOBILES & COMPONENTS					2,138,606			2.1
BANKS
13,622,774	e	US Bancorp			367,407			0.4
30,812,426		Wells Fargo & Co			954,878			1.0
		Other			5,225,229			4.7
					6,547,514			6.1
CAPITAL GOODS
50,324,574		General Electric Co			920,435			0.9
6,911,488		Honeywell International, Inc			367,414			0.4
		Other			8,105,100			7.5
					9,392,949			8.8
COMMERCIAL & PROFESSIONAL SERVICES					1,094,586			1.1
CONSUMER DURABLES & APPAREL
4,850,304	a,e	Jarden Corp			149,730			0.1
		Other			1,888,997			1.8
					2,038,727			1.9
CONSUMER SERVICES
4,844,715	e	McDonald’s Corp			371,880			0.4
5,943,900	*,a,e	Orient-Express Hotels Ltd (Class A)			77,211			0.1
		Other			1,507,511			1.3
					1,956,602			1.8

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

SUMMARY PORTFOLIO OF INVESTMENTS	continued
CREF STOCK ACCOUNT § DECEMBER 31, 2010

Shares		Company		Value (000)	% of net assets
DIVERSIFIED FINANCIALS
48,535,460	e	Bank of America Corp	$	647,462	0.6	%
129,864,771	*	Citigroup, Inc		614,260	0.6
3,553,011		Goldman Sachs Group, Inc		597,475	0.5
8,823,000	*,a,e	Japan Asia Investment Co Ltd		6,194	0.0
22,200,627	e	JPMorgan Chase & Co		941,750	0.9
		Other		3,744,038	3.4
				6,551,179	6.0
ENERGY
2,810,209		Apache Corp		335,060	0.3
7,996,172		Chevron Corp		729,650	0.7
3,531,665	*,e	Concho Resources, Inc		309,620	0.3
5,708,173		ConocoPhillips		388,726	0.4
15,808,210	*,e	Denbury Resources, Inc		301,779	0.3
19,112,677	e	Exxon Mobil Corp		1,397,518	1.3
8,320,559	e	Occidental Petroleum Corp		816,246	0.9
7,518,391	e	Schlumberger Ltd		627,787	0.6
		Other		6,580,675	5.8
				11,487,061	10.6
FOOD & STAPLES RETAILING
9,499,944	e	CVS Corp		330,314	0.3
9,164,144		Wal-Mart Stores, Inc		494,223	0.5
		Other		1,170,532	1.0
				1,995,069	1.8
FOOD, BEVERAGE & TOBACCO
10,808,568	e	Coca-Cola Co		710,881	0.7
9,834,877		PepsiCo, Inc		642,513	0.6
9,750,550		Philip Morris International, Inc		570,701	0.5
		Other		3,283,567	3.0
				5,207,662	4.8
HEALTH CARE EQUIPMENT & SERVICES
1,849,546	*,a,e	EnteroMedics, Inc		5,697	0.0
9,454,820	e	UnitedHealth Group, Inc		341,415	0.4
		Other		3,179,600	2.8
				3,526,712	3.2
HOUSEHOLD & PERSONAL PRODUCTS
15,428,570	e	Procter & Gamble Co		992,521	1.0
		Other		869,035	0.7
				1,861,556	1.7
INSURANCE
6,301,989	*,e	Berkshire Hathaway, Inc (Class B)		504,853	0.6
		Other		3,532,554	3.1
				4,037,407	3.7

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

SUMMARY PORTFOLIO OF INVESTMENTS	continued
CREF STOCK ACCOUNT § DECEMBER 31, 2010

	Shares		Company	Value (000)		% of net assets
MATERIALS
	2,989,453		Freeport-McMoRan Copper & Gold, Inc (Class B)	$	359,004		0.4	%
			Other		7,393,907		6.7
					7,752,911		7.1
MEDIA
	14,183,775	e	Comcast Corp (Class A)		311,617		0.4
	11,483,019	e	Walt Disney Co		430,727		0.5
			Other		2,336,723		1.9
					3,079,067		2.8
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	12,076,891	*,a,e	Biovitrum AB		72,724		0.1
	11,657,526	e	Johnson & Johnson		721,017		0.7
	12,248,751	e	Merck & Co, Inc		441,445		0.4
	22,167,242	*,a	MPM Bioventures II		5,409		0.0
	6,431,978		Novartis AG.		378,008		0.3
	46,949,865		Pfizer, Inc		822,091		0.8
	4,254,176	*,a	Skyline Venture Fund II Ltd		466		0.0
	1,610,533	*,a,e	Vanda Pharmaceuticals, Inc		15,236		0.0
			Other		4,642,431		4.2
					7,098,827		6.5
REAL ESTATE					2,924,104		2.8
RETAILING
	5,428,993	e	Target Corp		326,446		0.4
			Other		3,237,345		2.8
					3,563,791		3.2
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	28,682,158		Intel Corp		603,187		0.7
			Other		2,112,302		1.8
					2,715,489		2.5
SOFTWARE & SERVICES
	1,477,075	*	Google, Inc (Class A)		877,339		0.8
	431,900	a	Information Development Co		3,027		0.0
	5,322,351		International Business Machines Corp		781,107		0.7
	43,842,779		Microsoft Corp		1,224,089		1.1
	20,056,066		Oracle Corp		627,754		0.6
			Other		3,549,802		3.3
					7,063,118		6.5
TECHNOLOGY HARDWARE & EQUIPMENT
	5,549,398	*	Apple, Inc		1,790,015		1.7
	24,151,213	*	Cisco Systems, Inc		488,578		0.5
	15,963,123	e	Hewlett-Packard Co		672,048		0.7
	9,436,663	e	Qualcomm, Inc		467,019		0.5
			Other		3,118,107		2.6
					6,535,767		6.0

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

SUMMARY PORTFOLIO OF INVESTMENTS	continued
CREF STOCK ACCOUNT § DECEMBER 31, 2010

	Shares		Company		Value (000)		% of net assets
TELECOMMUNICATION SERVICES
	28,503,669	e	AT&T, Inc		$	837,439		0.9	%
	16,872,752		Verizon Communications, Inc			603,707		0.6
			Other			2,165,535		1.8
						3,606,681		3.3
TRANSPORTATION
	6,096,164	e	United Parcel Service, Inc (Class B)			442,461		0.5
			Other			1,982,400		1.6
						2,424,861		2.1
UTILITIES						3,643,956		3.3
			TOTAL COMMON STOCKS	(Cost $91,853,646)		108,244,202		99.7
PREFERRED STOCKS
AUTOMOBILES & COMPONENTS						5,868		0.0
DIVERSIFIED FINANCIALS						2,954		0.0
FOOD, BEVERAGE & TOBACCO						37,449		0.0
REAL ESTATE						6,469		0.0
TRANSPORTATION						0^		0.0
			TOTAL PREFERRED STOCKS	(Cost $37,252)		52,740		0.0
RIGHTS/WARRANTS
BANKS						328		0.0
CAPITAL GOODS						256		0.0
COMMERCIAL & PROFESSIONAL SERVICES						120		0.0
CONSUMER SERVICES						87		0.0
ENERGY						29		0.0
HEALTH CARE EQUIPMENT & SERVICES						14		0.0
MATERIALS						1,015		0.0
REAL ESTATE						122		0.0
TECHNOLOGY HARDWARE & EQUIPMENT						118		0.0
			TOTAL RIGHTS/WARRANTS	(Cost $226)		2,089		0.0
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
$	10,000,000	d	Federal National Mortgage Association	03/23/11		9,998		0.0
			Other			49,989		0.0
						59,987		0.0
TREASURY DEBT
	52,500,000	d	United States Treasury Bill	10/20/11		52,403		0.0
			Other			122,963		0.2
						175,366		0.2

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

SUMMARY PORTFOLIO OF INVESTMENTS concluded

CREF STOCK ACCOUNT § DECEMBER 31, 2010

	Principal		Issuer		Value (000)		% of net assets
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
REPURCHASE AGREEMENTS
$	879,000,000	p	Calyon		$	879,000		0.8	%
	327,000,000	q	CSFB			327,000		0.3
	980,000,000	r	Nomura Securities			980,000		0.9
	475,000,000	s	Royal Bank of Scotland			475,000		0.4
	346,000,000	t	UBS Warburg			346,000		0.3
			Other			818,674		0.8
						3,825,674		3.5
VARIABLE RATE SECURITY						1,253,492		1.2
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						5,079,166		4.7
TOTAL SHORT-TERM INVESTMENTS				(Cost $5,324,464)		5,314,519		4.9
			TOTAL PORTFOLIO	(Cost $97,302,434)		113,699,817		104.6
			OTHER ASSETS & LIABILITIES, NET			(4,999,926)		(4.6)
			NET ASSETS		$	108,699,891		100.0	%

*	Non-income producing.
^	Amount represents less than $1,000.
a	Affiliated holding.
d	All or a portion of these securities have been segregated by the custodian to cover requirements on swap agreements.
e	All or a portion of these securities are out on loan.
p	Agreement with Calyon, 0.18% dated 12/31/10 to be repurchased at $879,000,000 on 01/03/11, collateralized by U.S. Government Agencies securities valued at $896,580,000.
q	Agreement with CSFB, 0.15% dated 12/31/10 to be repurchased at $327,004,000 on 01/03/11, collateralized by U.S. Government Agencies securities valued at $333,543,000.
r	Agreement with Nomura Securities, 0.25% dated 12/31/10 to be repurchased at $980,020,000 on 01/03/11, collateralized by U.S. Government Agencies securities valued at $999,600,000.
s	Agreement with Royal Bank of Scotland, 0.20% dated 12/31/10 to be repurchased at $475,008,000 on 01/03/11, collateralized by U.S. Government Agencies securities valued at $484,505,000.
t	Agreement with UBS Warburg, 0.23% dated 12/31/10 to be repurchased at $346,007,000 on 01/03/11, collateralized by U.S. Government Agencies securities valued at $352,920,000.

Cost amounts are in thousands.

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

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

SUMMARY OF MARKET VALUES BY COUNTRY

CREF STOCK ACCOUNT § DECEMBER 31, 2010

Country	Value (000)		% of total portfolio
DOMESTIC
UNITED STATES	$	78,809,248		69.3	%
TOTAL DOMESTIC		78,809,248		69.3
FOREIGN
ARGENTINA		4,698		0.0
AUSTRALIA		1,963,341		1.7
AUSTRIA		154,134		0.1
BELGIUM		264,983		0.2
BERMUDA		60,363		0.1
BRAZIL		1,185,679		1.0
CAMBODIA		123		0.0
CANADA		3,220,331		2.8
CAYMAN ISLANDS		819		0.0
CHILE		106,079		0.1
CHINA		1,199,918		1.1
COLOMBIA		60,912		0.1
CYPRUS		2,846		0.0
CZECH REPUBLIC		49,054		0.1
DENMARK		258,500		0.2
EGYPT		31,873		0.0
FINLAND		315,584		0.3
FRANCE		2,209,417		1.9
GERMANY		2,118,364		1.9
GIBRALTAR		9,674		0.0
GREECE		48,094		0.0
GUERNSEY, C.I.		24,793		0.0
HONG KONG		703,570		0.6
HUNGARY		19,056		0.0
INDIA		583,558		0.5
INDONESIA		149,011		0.1
IRELAND		203,995		0.2
ISRAEL		167,040		0.2
ITALY		520,215		0.5
JAPAN		5,169,195		4.5
JERSEY, C.I.		10,030		0.0
KAZAKHSTAN		20,226		0.0
KOREA, REPUBLIC OF		951,634		0.9
LIECHTENSTEIN		1,952		0.0
LUXEMBOURG		21,291		0.0
MACAU		66,925		0.1
MALAYSIA		224,818		0.2
MEXICO		336,626		0.3

Country	Value (000)		% of total portfolio
MONACO	$	438		0.0	%
MOROCCO		9,790		0.0
NETHERLANDS		1,089,749		1.0
NEW ZEALAND		37,692		0.0
NORWAY		157,410		0.1
PANAMA		8,145		0.0
PERU		29,883		0.0
PHILIPPINES		36,197		0.0
POLAND		114,221		0.1
PORTUGAL		58,843		0.1
PUERTO RICO		8,803		0.0
RUSSIA		412,105		0.4
SINGAPORE		360,441		0.3
SOUTH AFRICA		530,547		0.5
SPAIN		581,883		0.5
SWEDEN		722,767		0.6
SWITZERLAND		2,595,292		2.3
TAIWAN		834,876		0.8
THAILAND		114,524		0.1
TURKEY		103,923		0.1
UKRAINE		2,254		0.0
UNITED ARAB EMIRATES		379		0.0
UNITED KINGDOM		4,641,686		4.1
TOTAL FOREIGN		34,890,569		30.7
TOTAL PORTFOLIO	$	113,699,817		100.0	%

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

SUMMARY PORTFOLIO OF INVESTMENTS

CREF GLOBAL EQUITIES ACCOUNT § DECEMBER 31, 2010

	Principal		Issuer			Value (000)	% of net assets
BONDS
CORPORATE BONDS
UNITED STATES					$	90,136	0.6	%
			TOTAL CORPORATE BONDS	(Cost $91,402)		90,136	0.6
			TOTAL BONDS	(Cost $91,402)		90,136	0.6
	Shares		Company
COMMON STOCKS
ARGENTINA						1,309	0.0
AUSTRALIA
	1,323,142		BHP Billiton Ltd			61,237	0.4
			Other			397,486	2.7
						458,723	3.1
AUSTRIA						26,300	0.2
BELGIUM
	989,838		InBev NV			56,612	0.4
			Other			17,530	0.1
						74,142	0.5
BERMUDA						2,604	0.0
BRAZIL						120,093	0.8
CANADA						632,083	4.3
CHINA						126,706	0.9
COLOMBIA						6,062	0.0
CYPRUS						349	0.0
CZECH REPUBLIC						4,638	0.0
DENMARK						92,448	0.6
FINLAND						58,948	0.4
FRANCE
	2,776,729	*	Accor Services			65,733	0.4
			Other			488,721	3.3
						554,454	3.7
GERMANY
	1,168,593		DaimlerChrysler AG. (EUR)			79,220	0.5
	502,500		Siemens AG.			62,247	0.4
			Other			376,387	2.5
						517,854	3.4
GIBRALTAR						2,428	0.0
GREECE						6,202	0.0
GUERNSEY, C.I.						3,315	0.0
HONG KONG						153,259	1.0

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

SUMMARY PORTFOLIO OF INVESTMENTS	continued
CREF GLOBAL EQUITIES ACCOUNT § DECEMBER 31, 2010

	Shares		Company		Value (000)	% of net assets
INDIA				$	87,303	0.6	%
INDONESIA					23,203	0.2
IRELAND					56,214	0.4
ISRAEL					29,307	0.2
ITALY
	1,264,747		Saipem S.p.A.		62,262	0.4
			Other		59,130	0.4
					121,392	0.8
JAPAN					1,329,247	9.0
JERSEY, C.I.					838	0.0
KAZAKHSTAN					287	0.0
KOREA, REPUBLIC OF					82,960	0.6
LUXEMBOURG					12,690	0.1
MACAU					29,539	0.2
MALAYSIA					10,686	0.1
MEXICO					17,611	0.1
NETHERLANDS
	10,067,884	*	ING Groep NV		97,942	0.7
			Other		198,704	1.3
					296,646	2.0
NEW ZEALAND					1,530	0.0
NORWAY					25,898	0.2
PERU					5,259	0.0
PHILIPPINES					10,069	0.1
POLAND					9,398	0.1
PORTUGAL					39,630	0.3
RUSSIA					9,988	0.1
SINGAPORE					95,703	0.6
SOUTH AFRICA					27,946	0.2
SPAIN					127,833	0.9
SWEDEN					121,630	0.8
SWITZERLAND
	1,605,216		Nestle S.A.		93,995	0.6
	2,215,529		Novartis AG.		130,208	0.9
	1,145,227		Philip Morris International, Inc		67,029	0.4
			Other		334,844	2.3
					626,076	4.2
TAIWAN					62,854	0.4
THAILAND					29,235	0.2

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

SUMMARY PORTFOLIO OF INVESTMENTS	continued
CREF GLOBAL EQUITIES ACCOUNT § DECEMBER 31, 2010

	Shares		Company			Value (000)		% of net assets
TURKEY					$	22,752		0.2	%
UNITED KINGDOM
	1,705,369		Anglo American plc (London)			88,686		0.6
	5,616,370	*	Autonomy Corp plc			131,785		0.9
	9,026,397		HSBC Holdings plc			91,629		0.6
	1,331,782		Rio Tinto plc			93,156		0.6
	2,911,032		Tullow Oil plc			57,232		0.4
	23,738,738		Vodafone Group plc			61,364		0.4
			Other			902,392		6.1
						1,426,244		9.6
UNITED STATES
	846,097	*	Apple, Inc			272,918		1.8
	1,933,071		AT&T, Inc			56,795		0.4
	856,943		Chevron Corp			78,195		0.5
	2,725,395	*	Cisco Systems, Inc			55,134		0.4
	15,560,812	*	Citigroup, Inc			73,603		0.5
	1,177,593		Coca-Cola Co			77,451		0.5
	5,238,893	*	E*Trade Financial Corp			83,821		0.6
	1,806,150		Exxon Mobil Corp			132,065		0.9
	3,985,759		General Electric Co			72,901		0.5
	2,692,126	*	Gilead Sciences, Inc			97,562		0.6
	402,828		Goldman Sachs Group, Inc			67,740		0.4
	191,561	*	Google, Inc (Class A)			113,781		0.8
	1,649,131		Hewlett-Packard Co			69,429		0.5
	576,872		International Business Machines Corp			84,661		0.6
	1,355,852	e	iShares MSCI EAFE Index Fund			78,950		0.5
	1,116,090		Johnson & Johnson			69,031		0.5
	1,811,745		JPMorgan Chase & Co			76,854		0.5
	4,876,552		Microsoft Corp			136,153		0.9
	970,218		Occidental Petroleum Corp			95,177		0.6
	1,085,227		PepsiCo, Inc			70,898		0.5
	3,261,779		Pfizer, Inc			57,115		0.4
	931,592		Procter & Gamble Co			59,930		0.4
	813,329		Schlumberger Ltd			67,912		0.5
	609,916		SPDR Trust Series 1			76,715		0.5
	814,581		United Parcel Service, Inc (Class B)			59,122		0.4
	2,072,656		US Bancorp			55,899		0.4
	1,781,959		Verizon Communications, Inc			63,759		0.4
	3,380,365		Wells Fargo & Co			104,757		0.7
			Other			4,587,359		31.0
						6,995,687		47.2
			TOTAL COMMON STOCKS	(Cost $12,538,887)		14,577,572		98.3
PREFERRED STOCKS
UNITED STATES						4,310		0.0
			TOTAL PREFERRED STOCKS	(Cost $4,777)		4,310		0.0
RIGHTS/WARRANTS
AUSTRALIA						0	^	0.0
CANADA						101		0.0
HONG KONG						0	^	0.0
ITALY						0	^	0.0

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

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
CREF GLOBAL EQUITIES ACCOUNT § DECEMBER 31, 2010

	Shares		Company			Value (000)		% of net assets
MALAYSIA					$	27		0.0	%
PHILIPPINES						137		0.0
			TOTAL RIGHTS/WARRANTS	(Cost $22)		265		0.0
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT						42,489		0.3
TREASURY DEBT
$	89,000,000		United States Treasury Bill	03/31/11		88,973		0.6
			Other			9,998		0.1
						98,971		0.7
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
REPURCHASE AGREEMENTS
	58,000,000	r	CSFB			58,000		0.4
	100,000,000	s	Deutsche Bank			100,000		0.7
	60,000,000	t	Morgan Stanley			60,000		0.4
	195,000,000	u	Nomura Securities			195,000		1.2
	145,000,000	v	UBS Warburg			145,000		1.0
			Other			112,592		0.8
						670,592		4.5
VARIABLE RATE SECURITY						224,646		1.5
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						895,238		6.0
TOTAL SHORT-TERM INVESTMENTS				(Cost $1,038,426)		1,036,698		7.0
TOTAL PORTFOLIO				(Cost $13,673,514)		15,708,981		105.9
			OTHER ASSETS & LIABILITIES, NET			(875,853	)	(5.9	)
			NET ASSETS		$	14,833,128		100.0%

Abbreviation(s):
SPDR	Standard & Poor’s Depository Receipts
*	Non-income producing.
^	Amount represents less than $1,000.
e	All or a portion of these securities are out on loan.
r	Agreement with CSFB, 0.15% dated 12/31/10 to be repurchased at $58,001,000 on 01/03/11, collateralized by U.S. Government Agencies securities valued at $59,162,000.
s	Agreement with Deutsche Bank, 0.18% dated 12/31/10 to be repurchased at $100,002,000 on 01/03/11, collateralized by U.S. Government Agencies securities valued at $102,000,000.
t	Agreement with Morgan Stanley, 0.15% dated 12/31/10 to be repurchased at $60,001,000 on 01/03/11, collateralized by U.S. Government Agencies securities valued at $61,200,000.
u	Agreement with Nomura Securities, 0.25% dated 12/31/10 to be repurchased at $195,004,000 on 01/03/11, collateralized by U.S. Government Agencies securities valued at $198,900,000.
v	Agreement with UBS Warburg, 0.23% dated 12/31/10 to be repurchased at $145,003,000 on 01/03/11, collateralized by U.S. Government Agencies securities valued at $147,900,000.
Cost amounts are in thousands.

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

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

SUMMARY OF MARKET VALUES BY SECTOR

CREF GLOBAL EQUITIES ACCOUNT § DECEMBER 31, 2010

Sector	Value (000)			% of net assets
FINANCIALS	$	2,891,618		19.5	%
CONSUMER DISCRETIONARY		1,997,926		13.5
INFORMATION TECHNOLOGY		1,969,431		13.3
INDUSTRIALS		1,772,537		11.9
ENERGY		1,384,689		9.3
HEALTH CARE		1,376,555		9.3
MATERIALS		1,224,799		8.3
CONSUMER STAPLES		1,206,890		8.1
TELECOMMUNICATION SERVICES		441,214		3.0
UTILITIES		406,624		2.7
SHORT-TERM INVESTMENTS		1,036,698		7.0
OTHER ASSETS & LIABILITIES, NET		(875,853	)	(5.9	)
NET ASSETS	$	14,833,128		100.0	%

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

SUMMARY PORTFOLIO OF INVESTMENTS

CREF GROWTH ACCOUNT § DECEMBER 31, 2010

	Shares		Company	Value (000)		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	6,019,533	*	Ford Motor Co	$	101,067		0.7	%
	2,899,374		Johnson Controls, Inc		110,756		0.9
			Other		93,094		0.7
					304,917		2.3
BANKS					7,164		0.0
CAPITAL GOODS
	1,249,529		Boeing Co		81,544		0.6
	1,189,360		Caterpillar, Inc		111,394		0.8
	777,046		Cummins, Inc		85,483		0.6
	1,415,439		Danaher Corp		66,766		0.5
	2,147,642		Emerson Electric Co		122,780		0.9
	1,420,977		Honeywell International, Inc		75,539		0.6
	593,425		Precision Castparts Corp		82,611		0.6
	1,298,937		United Technologies Corp		102,253		0.8
			Other		630,117		4.7
					1,358,487		10.1
COMMERCIAL & PROFESSIONAL SERVICES					78,311		0.5
CONSUMER DURABLES & APPAREL					272,001		2.0
CONSUMER SERVICES
	1,147,123		McDonald’s Corp		88,052		0.8
	2,177,557		Starbucks Corp		69,964		0.5
			Other		301,538		2.1
					459,554		3.4
DIVERSIFIED FINANCIALS
	2,470,750		iShares Russell 1000 Growth Index Fund		141,476		1.1
			Other		370,434		2.8
					511,910		3.9
ENERGY
	1,010,591	*	Concho Resources, Inc		88,599		0.7
	5,554,724	d	Exxon Mobil Corp		406,161		3.1
	1,166,504		National Oilwell Varco, Inc		78,447		0.6
	849,573		Occidental Petroleum Corp		83,343		0.6
	2,119,674		Schlumberger Ltd		176,993		1.3
			Other		466,373		3.3
					1,299,916		9.6
FOOD & STAPLES RETAILING
	1,118,501		Costco Wholesale Corp		80,766		0.6
	1,251,783		Wal-Mart Stores, Inc		67,509		0.5
			Other		68,697		0.5
					216,972		1.6

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

SUMMARY PORTFOLIO OF INVESTMENTS	continued
CREF GROWTH ACCOUNT § DECEMBER 31, 2010

	Shares		Company		Value (000)	% of net assets
FOOD, BEVERAGE & TOBACCO
	2,252,784		Coca-Cola Co	$	148,165	1.2	%
	1,217,826		PepsiCo, Inc		79,561	0.6
	2,149,254		Philip Morris International, Inc		125,795	0.9
			Other		239,287	1.7
					592,808	4.4
HEALTH CARE EQUIPMENT & SERVICES
	2,137,062	*	Express Scripts, Inc		115,507	0.8
	340,062	*	Intuitive Surgical, Inc		87,652	0.7
			Other		480,767	3.5
					683,926	5.0
HOUSEHOLD & PERSONAL PRODUCTS					177,094	1.3
INSURANCE					150,907	1.1
MATERIALS
	1,066,687		Freeport-McMoRan Copper & Gold, Inc (Class B)		128,099	1.0
			Other		531,312	3.9
					659,411	4.9
MEDIA
	2,078,870		Walt Disney Co		77,977	0.6
			Other		302,884	2.2
					380,861	2.8
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,889,769		Abbott Laboratories		90,539	0.7
	2,439,279	*	Celgene Corp		144,259	1.1
	1,602,911	*	Watson Pharmaceuticals, Inc		82,790	0.6
			Other		421,357	3.1
					738,945	5.5
REAL ESTATE					85,286	0.6
RETAILING
	1,012,994	*	Amazon.com, Inc		182,340	1.3
	194,983	*	Priceline.com, Inc		77,905	0.6
	1,388,705		Target Corp		83,504	0.6
			Other		480,911	3.6
					824,660	6.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	1,620,245		Broadcom Corp (Class A)		70,562	0.6
	5,330,179		Intel Corp		112,094	0.9
			Other		356,644	2.5
					539,300	4.0
SOFTWARE & SERVICES
	649,325	*	Google, Inc (Class A)		385,679	2.8
	1,885,605		International Business Machines Corp		276,731	2.0
	2,456,494	*	Intuit, Inc		121,105	0.9
	8,911,197		Microsoft Corp		248,801	1.8
	6,816,959		Oracle Corp		213,371	1.6

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

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
CREF GROWTH ACCOUNT § DECEMBER 31, 2010

	Shares		Company			Value (000)	% of net assets
SOFTWARE & SERVICES—continued
	1,616,100	*	Red Hat, Inc		$	73,775	0.5	%
			Other			656,605	4.9
						1,976,067	14.5
TECHNOLOGY HARDWARE & EQUIPMENT
	1,926,351	*	Apple, Inc			621,364	4.5
	8,347,764	*	Cisco Systems, Inc			168,875	1.2
	3,015,145	*	EMC Corp			69,047	0.5
	3,484,211		Hewlett-Packard Co			146,685	1.1
	3,033,007	*	Juniper Networks, Inc			111,979	0.8
	1,323,693	*	NetApp, Inc			72,750	0.5
	4,287,618		Qualcomm, Inc			212,194	1.7
			Other			256,582	1.9
						1,659,476	12.2
TELECOMMUNICATION SERVICES						68,310	0.5
TRANSPORTATION
	1,497,014		United Parcel Service, Inc (Class B)			108,653	0.8
			Other			198,158	1.5
						306,811	2.3
UTILITIES						15,786	0.1
			TOTAL COMMON STOCKS	(Cost $10,953,337)		13,368,880	98.7
RIGHTS/WARRANTS
COMMERCIAL & PROFESSIONAL SERVICES						15	0.0
			TOTAL RIGHTS/WARRANTS	(Cost $16)		15	0.0
	Principal		Issuer
SHORT-TERM INVESTMENTS
TREASURY DEBT
$	163,000,000		United States Treasury Bill	03/31/11		162,951	1.2
						162,951	1.2
			TOTAL SHORT-TERM INVESTMENTS	(Cost $162,951)		162,951	1.2
			TOTAL PORTFOLIO	(Cost $11,116,304)		13,531,846	99.9
			OTHER ASSETS & LIABILITIES, NET			7,849	0.1
			NET ASSETS		$	13,539,695	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 classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Account uses more specific categories in following its investment limitations on investment concentrations.

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

SUMMARY OF MARKET VALUES BY COUNTRY

CREF GROWTH ACCOUNT § DECEMBER 31, 2010

Country		Value (000)	% of total portfolio
DOMESTIC
UNITED STATES	$	12,794,103	94.5	%
TOTAL DOMESTIC		12,794,103	94.5
FOREIGN
BELGIUM		65,905	0.5
BERMUDA		3,576	0.0
BRAZIL		48,997	0.4
CANADA		101,161	0.7
CHINA		72,436	0.5
DENMARK		31,694	0.2
FRANCE		61,328	0.5
GERMANY		6,555	0.1
GUERNSEY, C.I.		11,507	0.1
HONG KONG		12,064	0.1
INDIA		139	0.0
IRELAND		39,573	0.3
ISRAEL		10,664	0.1
KOREA, REPUBLIC OF		2,933	0.0
MACAU		43,475	0.3
MEXICO		8,860	0.1
NETHERLANDS		23,371	0.2
PANAMA		1,237	0.0
SINGAPORE		8,904	0.1
SPAIN		1,195	0.0
SWEDEN		18,150	0.1
SWITZERLAND		125,796	0.9
TAIWAN		366	0.0
UNITED KINGDOM		37,857	0.3
TOTAL FOREIGN		737,743	5.5
TOTAL PORTFOLIO	$	13,531,846	100.0	%

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

SUMMARY PORTFOLIO OF INVESTMENTS

CREF EQUITY INDEX ACCOUNT § DECEMBER 31, 2010

Principal			Issuer		Value (000)			% of net assets
CORPORATE BONDS
DIVERSIFIED FINANCIALS					$	0	^		0.0	%
			TOTAL CORPORATE BONDS	(Cost $21)		0	^		0.0
Shares			Company
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	2,545,780	*	Ford Motor Co			42,743			0.4
			Other			60,259			0.6
						103,002			1.0
BANKS
	1,463,843		US Bancorp			39,479			0.4
	3,714,650		Wells Fargo & Co			115,116			1.0
			Other			211,630			1.9
						366,225			3.3
CAPITAL GOODS
	544,621		3M Co			47,001			0.4
	579,697		Boeing Co			37,832			0.3
	479,716		Caterpillar, Inc			44,929			0.4
	8,149,886		General Electric Co			149,060			1.4
	712,624		United Technologies Corp			56,099			0.5
			Other			598,560			5.5
						933,481			8.5
COMMERCIAL & PROFESSIONAL SERVICES						108,386			1.0
CONSUMER DURABLES & APPAREL						153,793			1.6
CONSUMER SERVICES
	821,624		McDonald’s Corp			63,068			0.7
			Other			175,665			1.4
						238,733			2.1
DIVERSIFIED FINANCIALS
	7,657,597		Bank of America Corp			102,152			0.9
	16,145,649	*	Citigroup, Inc			76,369			0.7
	392,945		Goldman Sachs Group, Inc			66,079			0.6
	3,036,996		JPMorgan Chase & Co			128,829			1.2
			Other			338,831			3.1
						712,260			6.5

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

SUMMARY PORTFOLIO OF INVESTMENTS	continued
CREF EQUITY INDEX ACCOUNT § DECEMBER 31, 2010

Shares			Company	Value (000)		% of net assets
ENERGY
	1,533,300		Chevron Corp	$	139,915		1.3	%
	1,136,576		ConocoPhillips		77,402		0.7
	3,894,717	d	Exxon Mobil Corp		284,783		2.6
	621,246		Occidental Petroleum Corp		60,944		0.5
	1,042,918		Schlumberger Ltd		87,084		0.8
			Other		571,081		5.2
					1,221,209		11.1
FOOD & STAPLES RETAILING
	1,039,304		CVS Corp		36,137		0.4
	1,483,480		Wal-Mart Stores, Inc		80,003		0.8
			Other		99,259		0.8
					215,399		2.0
FOOD, BEVERAGE & TOBACCO
	1,589,700		Altria Group, Inc		39,139		0.4
	1,607,968		Coca-Cola Co		105,755		0.9
	1,224,979		Kraft Foods, Inc (Class A)		38,600		0.5
	1,231,103		PepsiCo, Inc		80,428		0.7
	1,413,709		Philip Morris International, Inc		82,745		0.7
			Other		194,277		1.7
					540,944		4.9
HEALTH CARE EQUIPMENT & SERVICES					487,418		4.5
HOUSEHOLD & PERSONAL PRODUCTS
	2,198,439		Procter & Gamble Co		141,425		1.3
			Other		90,909		0.8
					232,334		2.1
INSURANCE
	1,320,307	*	Berkshire Hathaway, Inc (Class B)		105,769		1.1
			Other		316,015		2.8
					421,784		3.9
MATERIALS
	359,361		Freeport-McMoRan Copper & Gold, Inc (Class B)		43,157		0.5
			Other		425,485		3.8
					468,642		4.3
MEDIA
	2,148,426		Comcast Corp (Class A)		47,202		0.5
	1,495,715		Walt Disney Co		56,105		0.6
			Other		231,504		1.9
					334,811		3.0

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

SUMMARY PORTFOLIO OF INVESTMENTS	continued
CREF EQUITY INDEX ACCOUNT § DECEMBER 31, 2010

Shares			Company		Value (000)		% of net assets
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,178,349		Abbott Laboratories		$	56,455		0.5	%
	731,615	*	Amgen, Inc			40,165		0.3
	2,105,454		Johnson & Johnson			130,223		1.2
	2,380,354		Merck & Co, Inc			85,789		0.8
	6,157,268		Pfizer, Inc			107,815		1.0
			Other			313,899		2.8
						734,346		6.6
REAL ESTATE						291,756		2.6
RETAILING
	267,127	*	Amazon.com, Inc			48,082		0.5
	1,293,091		Home Depot, Inc			45,337		0.5
			Other			319,559		2.7
						412,978		3.7
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	4,247,251		Intel Corp			89,319		0.9
			Other			220,987		1.9
						310,306		2.8
SOFTWARE & SERVICES
	186,139	*	Google, Inc (Class A)			110,562		1.0
	978,915		International Business Machines Corp			143,665		1.3
	5,847,026		Microsoft Corp			163,250		1.5
	2,909,296		Oracle Corp			91,061		0.9
			Other			440,370		4.0
						948,908		8.7
TECHNOLOGY HARDWARE & EQUIPMENT
	694,575	*	Apple, Inc			224,042		2.0
	4,359,631	*	Cisco Systems, Inc			88,196		0.8
	1,790,146		Hewlett-Packard Co			75,365		0.7
	1,252,728		Qualcomm, Inc			61,999		0.6
			Other			284,128		2.6
						733,730		6.7
TELECOMMUNICATION SERVICES
	4,510,739		AT&T, Inc			132,525		1.3
	2,157,765		Verizon Communications, Inc			77,204		0.7
			Other			96,175		0.8
						305,904		2.8
TRANSPORTATION
	545,182		United Parcel Service, Inc (Class B)			39,569		0.4
			Other			177,522		1.6
						217,091		2.0
UTILITIES						368,446		3.4
			TOTAL COMMON STOCKS	(Cost $8,793,038)		10,861,886		99.1

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

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
CREF EQUITY INDEX ACCOUNT § DECEMBER 31, 2010

Shares		Company		Value (000)		% of net assets
RIGHTS/WARRANTS
COMMERCIAL & PROFESSIONAL SERVICES				$	27		0.0	%
CONSUMER SERVICES					1		0.0
		TOTAL RIGHTS/WARRANTS	(Cost $29)		28		0.0
Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					29,993		0.3
TREASURY DEBT
$	43,000,000	United States Treasury Bill	03/31/11		42,987		0.4
		Other			9,998		0.1
					52,985		0.5
		TOTAL SHORT-TERM INVESTMENTS	(Cost $82,975)		82,978		0.8
		TOTAL PORTFOLIO	(Cost $8,876,063)		10,944,892		99.9
		OTHER ASSETS & LIABILITIES, NET			16,760		0.1
		NET ASSETS		$	10,961,652		100.0	%

*	Non-income producing.
^	Amount represents less than $1,000.
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 classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Account uses more specific categories in following its investment limitations on investment concentrations.

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

SUMMARY PORTFOLIO OF INVESTMENTS

CREF BOND MARKET ACCOUNT § DECEMBER 31, 2010

	Principal	Issuer		Value (000)		% of net assets
BANK LOAN OBLIGATIONS
CAPITAL GOODS				$	5,045		0.1	%
COMMERCIAL & PROFESSIONAL SERVICES					4,312		0.0
HOUSEHOLD & PERSONAL PRODUCTS					4,946		0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					808		0.0
TOTAL BANK LOAN OBLIGATIONS			(Cost $15,009)		15,111		0.1
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS					9,438		0.1
BANKS
$	50,000,000	JPMorgan Chase & Co	3.130%, 12/01/11		51,246		0.4
		Other			634,253		5.2
					685,499		5.6
CAPITAL GOODS					85,636		0.7
COMMERCIAL & PROFESSIONAL SERVICES					69,738		0.6
CONSUMER DURABLES & APPAREL					14,514		0.1
CONSUMER SERVICES					20,413		0.2
DIVERSIFIED FINANCIALS
	61,500,000	General Electric Capital Corp	2.250%, 03/12/12		62,802		0.5
	147,725,000	General Electric Capital Corp 1.880%–6.880%,	12/09/11–01/10/39		151,806		1.3
	54,875,000	GMAC, Inc	1.750%, 10/30/12		55,847		0.5
	61,800,000	GMAC, Inc	2.200%, 12/19/12		63,564		0.5
		Other			600,579		4.9
					934,598		7.7
ENERGY					371,330		3.1
FOOD & STAPLES RETAILING					41,595		0.3
FOOD, BEVERAGE & TOBACCO					140,621		1.2
HEALTH CARE EQUIPMENT & SERVICES					53,992		0.4
HOUSEHOLD & PERSONAL PRODUCTS					7,102		0.1
INSURANCE					131,159		1.1
MATERIALS					175,040		1.4
MEDIA					106,993		0.9
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					97,625		0.8
REAL ESTATE					59,747		0.5

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

SUMMARY PORTFOLIO OF INVESTMENTS continued

CREF BOND MARKET ACCOUNT § DECEMBER 31, 2010

	Principal		Issuer			Value (000)		% of net assets
RETAILING						$	76,741		0.6	%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT							13,769		0.1
SOFTWARE & SERVICES							55,688		0.5
TECHNOLOGY HARDWARE & EQUIPMENT							66,254		0.5
TELECOMMUNICATION SERVICES							205,341		1.7
TRANSPORTATION							80,604		0.7
UTILITIES							271,007		2.2
			TOTAL CORPORATE BONDS		(Cost $3,628,951)		3,774,444		31.1
GOVERNMENT BONDS
AGENCY SECURITIES
$	76,000,000		Federal National Mortgage Association (FNMA)		2.750%, 03/13/14		79,437		0.7
	188,400,000		FNMA	1.130%–5.000%, 04/28/11–11/20/14			194,481		1.6
	112,000,000		Private Export Funding Corp	2.250%–5.450%, 12/15/11–12/15/21			118,431		1.1
			Other				260,363		2.0
							652,712		5.4
FOREIGN GOVERNMENT BONDS
	130,175,000		Province of Ontario Canada	2.630%–4.400%, 01/20/12–04/14/20			135,067		1.1
			Other				369,042		3.0
							504,109		4.1
MORTGAGE BACKED
	50,000,000		Federal Home Loan Mortgage Corp Gold (FGLMC)		4.500%, 01/15/41		51,234		0.4
	100,000,000	h	FGLMC		5.000%, 01/15/41		104,875		0.9
	49,000,000	h	FGLMC		5.500%, 01/15/41		52,216		0.4
	473,927,594	h	FGLMC	4.000%–8.000%, 04/01/11–01/15/40			504,323		4.2
	53,000,000		Federal National Mortgage Association (FNMA)		5.000%, 01/25/26		56,230		0.5
	180,000,000	h	FNMA		4.000%, 01/25/40		179,044		1.5
	49,000,000		FNMA		4.500%, 01/25/40		50,294		0.4
	201,000,000	h	FNMA		5.000%, 01/25/40		211,301		1.7
	248,000,000	h	FNMA		5.500%, 01/25/40		265,321		2.2
	297,000,000	h	FNMA		6.000%, 01/25/40		322,803		2.7
	83,456,517		FNMA		4.500%, 09/01/40		85,745		0.7
	56,800,526		FNMA		4.500%, 09/01/40		58,358		0.5
	984,727,724	h,i	FNMA	3.500%–9.000%, 06/01/11–01/25/41			1,045,521		8.6
	172,000,000	h	Government National Mortgage Association (GNMA)		4.500%, 01/15/40		178,558		1.5
	152,000,000	h	GNMA		5.000%, 01/15/40		161,595		1.3
	48,000,000	h	GNMA		5.500%, 01/15/40		51,870		0.4
	50,000,000	h	GNMA		5.000%, 01/20/41		53,149		0.4
	237,703,377	h	GNMA	4.000%–9.500%, 06/15/16–01/15/44			253,122		2.1
			Other				89,302		0.7
							3,774,861		31.1

502010 Annual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS continued

CREF BOND MARKET ACCOUNT § DECEMBER 31, 2010

	Principal		Issuer				Value (000)	% of net assets
MUNICIPAL BONDS						$	70,716	0.6	%
U.S. TREASURY SECURITIES
$	358,872,000		United States Treasury Bond		8.000%, 11/15/21		507,580	4.2
	49,175,000		United States Treasury Bond		5.250%, 02/15/29		56,398	0.5
	111,861,000		United States Treasury Bond		5.380%, 02/15/31		130,580	1.1
	90,332,000		United States Treasury Bond		4.380%, 05/15/40		90,769	0.7
	62,385,000		United States Treasury Bond		3.880%, 08/15/40		57,462	0.5
	102,500,000		United States Treasury Note		1.380%, 11/15/12		104,030	0.9
	81,829,000		United States Treasury Note		3.130%, 09/30/13		86,809	0.7
	62,337,000		United States Treasury Note		2.750%, 10/31/13		65,527	0.5
	189,533,000		United States Treasury Note		2.000%, 11/30/13		195,130	1.6
	76,420,000		United States Treasury Note		2.250%, 01/31/15		78,450	0.6
	62,411,000		United States Treasury Note		2.500%, 04/30/15		64,522	0.5
	197,421,000		United States Treasury Note		2.130%, 05/31/15		200,567	1.7
	70,952,000		United States Treasury Note		1.750%, 07/31/15		70,725	0.6
	200,332,500		United States Treasury Note		1.250%, 09/30/15		194,369	1.6
	50,000,000		United States Treasury Note		3.130%, 10/31/16		52,156	0.4
	426,312,500		United States Treasury Note	0.380%–3.130%, 04/30/12–11/15/20			426,868	3.5
			Other				52,781	0.4
							2,434,723	20.0
			TOTAL GOVERNMENT BONDS		(Cost $7,268,132)		7,437,121	61.2
STRUCTURED ASSETS
ASSET BACKED							181,427	1.5
OTHER MORTGAGE BACKED							557,554	4.6
			TOTAL STRUCTURED ASSETS		(Cost $712,567)		738,981	6.1
			TOTAL BONDS		(Cost $11,609,650)		11,950,546	98.4
Shares			Company
PREFERRED STOCKS
BANKS							1,151	0.0
			TOTAL PREFERRED STOCKS		(Cost $49,941)		1,151	0.0
TIAA-CREF MUTUAL FUND
	574,127	a	TIAA-CREF High-Yield Fund				5,632	0.0
			TOTAL TIAA-CREF MUTUAL FUND		(Cost $5,319)		5,632	0.0
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
$	162,145,000		Federal National Mortgage Association (FNMA)		01/05/11–02/17/11		162,125	1.3
	60,970,000		Federal Home Loan Mortgage Corp (FHLMC)		01/18/11		60,967	0.5
	50,000,000		FHLMC		01/24/11		49,996	0.4
	50,000,000		FHLMC		01/31/11		49,994	0.4

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

SUMMARY PORTFOLIO OF INVESTMENTS concluded

CREF BOND MARKET ACCOUNT § DECEMBER 31, 2010

Principal		Issuer		Value (000)			% of net assets
GOVERNMENT AGENCY DEBT—continued
$	50,000,000	Federal Home Loan Bank (FHLB)	01/03/11	$	50,000			0.4	%
	50,000,000	FHLB	01/07/11		49,999			0.4
	50,000,000	FHLB	01/10/11		49,999			0.4
	149,204,000	FHLB	01/13/11		149,202			1.3
	115,922,000	FHLB	01/14/11		115,918			1.0
	88,000,000	FHLB	01/26/11		87,991			0.7
	50,000,000	FHLB	01/28/11		49,995			0.4
	100,000,000	FHLB	02/11/11		99,984			0.8
	166,290,000	FHLB	01/04/11–03/16/11		166,277			1.4
		Other			15,998			0.1
					1,158,445			9.5
TREASURY DEBT
	387,502,000	United States Treasury Bill	01/13/11		387,493			3.2
	221,346,000	United States Treasury Bill	01/20/11		221,337			1.8
	50,000,000	United States Treasury Bill	02/03/11		49,995			0.4
	75,000,000	United States Treasury Bill	03/31/11		74,976			0.6
	133,343,000	United States Treasury Bill	01/06/11–12/15/11		133,294			1.2
					867,095			7.2
		TOTAL SHORT-TERM INVESTMENTS	(Cost $2,025,536)		2,025,540			16.7
		TOTAL PORTFOLIO	(Cost $13,705,455)		13,997,980			115.2
		OTHER ASSETS & LIABILITIES, NET			(1,849,510	)		(15.2	)
		NET ASSETS		$	12,148,470			100.0	%

a	Affiliated holding.
h	All or a portion of these securities were purchased on a delayed delivery basis.
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 classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Account uses more specific categories in following its investment limitations on investment concentrations.

522010 Annual Report § College Retirement Equities Fund See notes to financial statements

PORTFOLIO OF INVESTMENTS

CREF INFLATION-LINKED BOND ACCOUNT § DECEMBER 31, 2010

Principal			Issuer		Value (000)		% of net assets
GOVERNMENT BONDS
U.S. TREASURY SECURITIES
$	79,375,618	k	United States Treasury Inflation Indexed Bonds	3.380%, 01/15/12	$	82,979		1.0	%
	227,975,299	k	United States Treasury Inflation Indexed Bonds	2.000%, 04/15/12		236,257		2.9
	359,890,515	k	United States Treasury Inflation Indexed Bonds	3.000%, 07/15/12		382,271		4.7
	184,023,174	k	United States Treasury Inflation Indexed Bonds	0.630%, 04/15/13		189,587		2.3
	344,257,561	k	United States Treasury Inflation Indexed Bonds	1.880%, 07/15/13		367,091		4.5
	359,045,209	k	United States Treasury Inflation Indexed Bonds	2.000%, 01/15/14		385,469		4.7
	228,691,420	k	United States Treasury Inflation Indexed Bonds	1.250%, 04/15/14		240,501		2.9
	305,346,162	k	United States Treasury Inflation Indexed Bonds	2.000%, 07/15/14		330,036		4.0
	319,472,327	k	United States Treasury Inflation Indexed Bonds	1.630%, 01/15/15		340,662		4.2
	169,542,240	k	United States Treasury Inflation Indexed Bonds	0.500%, 04/15/15		173,304		2.1
	285,142,768	k	United States Treasury Inflation Indexed Bonds	1.880%, 07/15/15		308,890		3.8
	278,174,655	k	United States Treasury Inflation Indexed Bonds	2.000%, 01/15/16		302,906		3.7
	264,860,051	k	United States Treasury Inflation Indexed Bonds	2.500%, 07/15/16		297,264		3.6
	240,549,317	k	United States Treasury Inflation Indexed Bonds	2.380%, 01/15/17		268,062		3.3
	217,377,380	k	United States Treasury Inflation Indexed Bonds	2.630%, 07/15/17		247,386		3.0
	223,455,357	k	United States Treasury Inflation Indexed Bonds	1.630%, 01/15/18		239,115		2.9
	210,547,920	k	United States Treasury Inflation Indexed Bonds	1.380%, 07/15/18		221,881		2.7
	218,498,280	k	United States Treasury Inflation Indexed Bonds	2.130%, 01/15/19		241,782		3.0
	226,365,880	k	United States Treasury Inflation Indexed Bonds	1.880%, 07/15/19		246,120		3.0
	257,087,712	k	United States Treasury Inflation Indexed Bonds	1.380%, 01/15/20		267,170		3.3
	245,322,303	k	United States Treasury Inflation Indexed Bonds	1.250%, 07/15/20		251,187		3.1
	388,401,942	k	United States Treasury Inflation Indexed Bonds	2.380%, 01/15/25		432,218		5.4
	260,957,468	k	United States Treasury Inflation Indexed Bonds	2.000%, 01/15/26		277,084		3.4
	213,319,183	k	United States Treasury Inflation Indexed Bonds	2.380%, 01/15/27		237,068		2.9
	214,112,094	k	United States Treasury Inflation Indexed Bonds	1.750%, 01/15/28		217,959		2.7
	274,526,345	k	United States Treasury Inflation Indexed Bonds	3.630%, 04/15/28		354,375		4.3
	201,079,536	k	United States Treasury Inflation Indexed Bonds	2.500%, 01/15/29		228,163		2.8
	300,515,020	k	United States Treasury Inflation Indexed Bonds	3.880%, 04/15/29		403,042		4.9
	85,337,324	k	United States Treasury Inflation Indexed Bonds	3.380%, 04/15/32		110,292		1.3
	218,713,539	k	United States Treasury Inflation Indexed Bonds	2.130%, 02/15/40		231,495		2.8
						8,111,616		99.2
			TOTAL GOVERNMENT BONDS	(Cost $7,558,652)		8,111,616		99.2
SHORT-TERM INVESTMENTS
TREASURY DEBT
	6,000,000		United States Treasury Bill	03/10/11		5,999		0.1
						5,999		0.1
			TOTAL SHORT-TERM INVESTMENTS	(Cost $5,999)		5,999		0.1
			TOTAL PORTFOLIO	(Cost $7,564,651)		8,117,615		99.3
			OTHER ASSETS & LIABILITIES, NET			59,207		0.7
			NET ASSETS		$	8,176,822		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 Annual Report   53

SUMMARY PORTFOLIO OF INVESTMENTS

CREF SOCIAL CHOICE ACCOUNT § DECEMBER 31, 2010

Principal			Issuer				Value (000)	% of net assets
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS						$	11,039	0.1	%
BANKS							181,314	1.8
CAPITAL GOODS							24,344	0.2
COMMERCIAL & PROFESSIONAL SERVICES							5,278	0.0
CONSUMER DURABLES & APPAREL							8,190	0.1
CONSUMER SERVICES							26,879	0.3
DIVERSIFIED FINANCIALS							73,114	0.7
ENERGY							68,022	0.7
FOOD & STAPLES RETAILING							11,250	0.1
FOOD, BEVERAGE & TOBACCO							41,714	0.4
HEALTH CARE EQUIPMENT & SERVICES							48,564	0.5
HOUSEHOLD & PERSONAL PRODUCTS							1,035	0.0
INSURANCE							53,909	0.5
MATERIALS							52,193	0.5
MEDIA							31,975	0.3
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							28,450	0.3
REAL ESTATE							33,169	0.3
RETAILING							21,869	0.2
SOFTWARE & SERVICES							13,540	0.1
TECHNOLOGY HARDWARE & EQUIPMENT							16,902	0.2
TELECOMMUNICATION SERVICES							8,170	0.1
TRANSPORTATION							58,156	0.6
UTILITIES							121,213	1.2
			TOTAL CORPORATE BONDS		(Cost $898,082)		940,289	9.2
GOVERNMENT BONDS
AGENCY SECURITIES							293,902	2.9
FOREIGN GOVERNMENT BONDS							130,608	1.3
MORTGAGE BACKED
$	266,020,443	h	Federal Home Loan Mortgage Corp Gold (FGLMC)	4.000%–8.000%, 03/01/11–01/15/41			282,359	2.8
	37,000,000	h	Federal National Mortgage Association (FNMA)		4.000%, 01/25/40		36,803	0.4
	56,000,000	h	FNMA		5.000%, 01/25/40		58,870	0.6
	40,000,000	h	FNMA		5.500%, 01/25/40		42,794	0.4
	66,000,000	h	FNMA		6.000%, 01/25/40		71,734	0.7
	431,675,708	h,i	FNMA	3.500%–8.500%, 06/01/11–01/25/41			454,297	4.4

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

SUMMARY PORTFOLIO OF INVESTMENTS	continued
CREF SOCIAL CHOICE ACCOUNT § DECEMBER 31, 2010

	Principal		Issuer				Value (000)	% of net assets
MORTGAGE BACKED—continued
$	47,000,000	h	Government National Mortgage Association (GNMA)		4.500%, 01/15/40	$	48,792	0.5	%
	119,669,322	h	GNMA	4.000%–9.000%, 04/15/15–09/15/43			127,505	1.2
			Other				43,021	0.4
							1,166,175	11.4
MUNICIPAL BONDS							170,103	1.6
U.S. TREASURY SECURITIES
	86,143,000		United States Treasury Bond		8.000%, 11/15/21		121,839	1.2
	42,254,000		United States Treasury Note		1.000%, 12/31/11		42,530	0.4
	36,625,000		United States Treasury Note		1.380%, 11/15/12		37,172	0.4
	34,030,000		United States Treasury Note		2.250%, 05/31/14		35,202	0.3
	33,395,000		United States Treasury Note		2.380%, 08/31/14		34,595	0.3
	134,579,500		United States Treasury Note		1.250%, 09/30/15		130,574	1.3
	106,225,000		United States Treasury Note		1.250%, 10/31/15		102,806	1.0
	39,870,000		United States Treasury Note		1.380%, 11/30/15		38,746	0.4
	78,390,000		United States Treasury Note		2.630%, 11/15/20		73,944	0.7
	179,676,000		United States Treasury Note	0.500%–3.130%, 09/30/11–08/31/17			180,515	1.8
			Other				90,808	0.9
							888,731	8.7
			TOTAL GOVERNMENT BONDS		(Cost $2,606,882)		2,649,519	25.9
STRUCTURED ASSETS
ASSET BACKED							77,510	0.7
OTHER MORTGAGE BACKED							190,658	1.8
			TOTAL STRUCTURED ASSETS		(Cost $262,396)		268,168	2.5
			TOTAL BONDS		(Cost $3,767,360)		3,857,976	37.6
	Shares		Company
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	2,520,066	*	Ford Motor Co				42,313	0.4
			Other				96,906	0.9
							139,219	1.3
BANKS
	1,419,643		US Bancorp				38,287	0.4
	2,381,432		Wells Fargo & Co				73,800	0.7
			Other				321,514	3.1
							433,601	4.2
CAPITAL GOODS
	465,201		3M Co				40,147	0.4
	448,498		Caterpillar, Inc				42,005	0.4
	669,491		Emerson Electric Co				38,275	0.4
			Other				382,438	3.7
							502,865	4.9

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

SUMMARY PORTFOLIO OF INVESTMENTS	continued
CREF SOCIAL CHOICE ACCOUNT § DECEMBER 31, 2010

	Shares		Company		Value (000)	% of net assets
COMMERCIAL & PROFESSIONAL SERVICES				$	45,339	0.4	%
CONSUMER DURABLES & APPAREL					108,496	1.1
CONSUMER SERVICES
	650,379		McDonald’s Corp		49,922	0.5
			Other		65,998	0.6
					115,920	1.1
DIVERSIFIED FINANCIALS					298,775	2.9
ENERGY
	345,706		Apache Corp		41,220	0.4
	478,227	*	Devon Energy Corp		37,546	0.4
			Other		542,074	5.3
					620,840	6.1
FOOD & STAPLES RETAILING					177,429	1.7
FOOD, BEVERAGE & TOBACCO
	851,953		PepsiCo, Inc		55,658	0.5
			Other		173,523	1.7
					229,181	2.2
HEALTH CARE EQUIPMENT & SERVICES					201,476	2.0
HOUSEHOLD & PERSONAL PRODUCTS
	1,245,557		Procter & Gamble Co		80,126	0.8
			Other		99,471	1.0
					179,597	1.8
INSURANCE					232,413	2.3
MATERIALS					437,267	4.3
MEDIA
	1,299,088		Walt Disney Co		48,728	0.5
			Other		127,146	1.2
					175,874	1.7
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	875,251		Abbott Laboratories		41,932	0.4
	718,472	*	Amgen, Inc		39,443	0.4
	1,366,323		Bristol-Myers Squibb Co		36,179	0.4
	1,221,240		Johnson & Johnson		75,533	0.7
	1,615,048		Merck & Co, Inc		58,205	0.6
			Other		201,968	2.0
					453,260	4.5
REAL ESTATE					123,492	1.2
RETAILING
	646,103		Target Corp		38,849	0.4
			Other		190,382	1.9
					229,231	2.3

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

SUMMARY PORTFOLIO OF INVESTMENTS	continued
CREF SOCIAL CHOICE ACCOUNT § DECEMBER 31, 2010

	Shares		Company			Value (000)	% of net assets
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	2,922,828		Intel Corp		$	61,468	0.6	%
	1,097,771		Texas Instruments, Inc			35,678	0.3
			Other			50,093	0.5
						147,239	1.4
SOFTWARE & SERVICES
	116,088	*	Google, Inc (Class A)			68,953	0.7
	585,550		International Business Machines Corp			85,935	0.8
	3,490,550		Microsoft Corp			97,456	1.0
	1,336,717		Oracle Corp			41,839	0.4
			Other			141,082	1.4
						435,265	4.3
TECHNOLOGY HARDWARE & EQUIPMENT
	2,955,017	*	Cisco Systems, Inc			59,780	0.6
	1,247,948		Hewlett-Packard Co			52,540	0.5
			Other			165,733	1.6
						278,053	2.7
TELECOMMUNICATION SERVICES						176,162	1.7
TRANSPORTATION
	497,153		United Parcel Service, Inc (Class B)			36,083	0.3
			Other			148,902	1.5
						184,985	1.8
UTILITIES						273,447	2.7
			TOTAL COMMON STOCKS	(Cost $5,009,601)		6,199,426	60.6
PREFERRED STOCKS
BANKS						562	0.0
			TOTAL PREFERRED STOCKS	(Cost $24,353)		562	0.0
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
$	43,487,000		Federal Home Loan Bank (FHLB)	02/11/11		43,480	0.4
	50,000,000		Federal Home Loan Mortgage Corp (FHLMC)	03/28/11		49,987	0.5
	37,700,000		Federal National Mortgage Association (FNMA)	02/09/11		37,694	0.4
	23,553,000		FNMA	03/01/11		23,542	0.2
			Other			273,161	2.8
						427,864	4.3
TREASURY DEBT
	75,000,000		United States Treasury Bill	03/10/11		74,983	0.7
	50,000,000		United States Treasury Bill	03/31/11		49,984	0.5
			Other			61,339	0.6
						186,306	1.8

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

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
CREF SOCIAL CHOICE ACCOUNT § DECEMBER 31, 2010

	Principal	Issuer			Value (000)		% of net assets
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
GOVERNMENT AGENCY DEBT
$	67,872,000	Federal Home Loan Bank (FHLB)	01/07/11	$	67,872		0.7	%
	44,800,000	FHLB	02/23/11		44,789		0.4
	35,900,000	Federal Home Loan Mortgage Corp (FHLMC)	02/22/11		35,893		0.3
	51,447,000	Federal National Mortgage Association (FNMA)	03/01/11		51,439		0.5
					199,993		1.9
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED					199,993		1.9
		TOTAL SHORT-TERM INVESTMENTS	(Cost $814,139)		814,163		8.0
		TOTAL PORTFOLIO	(Cost $9,615,453)		10,872,127		106.2
		OTHER ASSETS & LIABILITIES, NET			(633,601	)	(6.2	)
		NET ASSETS		$	10,238,526		100.0	%

*	Non-income producing.
h	All or a portion of these securities were purchased on a delayed delivery basis.
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 classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Account uses more specific categories in following its investment limitations on investment concentrations.

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

SUMMARY PORTFOLIO OF INVESTMENTS

CREF MONEY MARKET ACCOUNT § DECEMBER 31, 2010

	Principal	Issuer			Value (000)	% of net assets
SHORT-TERM INVESTMENTS
CERTIFICATE OF DEPOSIT
$	175,000,000	Bank of Montreal	0.230%–0.250%, 01/06/11–02/28/11	$	175,000	1.4	%
	244,600,000	Bank of Nova Scotia	0.240%–0.290%, 01/20/11–03/03/11		244,600	2.0
	135,510,000	Barclays Bank plc	0.400%–0.510%, 01/11/11–06/20/11		135,510	1.1
	139,000,000	BNP Paribas	0.250%–0.630%, 01/10/11–02/15/11		139,007	1.2
	63,550,000	Rabobank Nederland NV	0.330%, 03/11/11		63,555	0.5
	167,400,000	Toronto-Dominion Bank	0.230%–0.300%, 01/13/11–05/09/11		167,400	1.4
		Other			230,000	2.0
					1,155,072	9.6
COMMERCIAL PAPER
	55,365,000	American Honda Finance Corp	02/03/11		55,354	0.5
	172,476,000	American Honda Finance Corp	01/06/11–03/03/11		172,431	1.4
	59,300,000	Australia & New Zealand Banking Group Ltd	01/10/11		59,296	0.5
	191,002,000	Coca-Cola Co	01/04/11–03/25/11		190,958	1.6
	207,655,000	General Electric Capital Corp	02/10/11–05/03/11		207,555	1.7
	72,950,000	Johnson & Johnson	01/14/11		72,945	0.6
	209,258,000	Johnson & Johnson	01/05/11–05/03/11		209,210	1.8
	71,980,000	Nestle Capital Corp	04/05/11		71,934	0.6
	194,915,000	Nestle Capital Corp	01/04/11–04/01/11		194,884	1.6
	75,000,000	Old Line Funding LLC	01/25/11		74,988	0.6
	165,178,000	Old Line Funding LLC	01/04/11–03/18/11		165,158	1.4
	320,315,000	Private Export Funding Corp	01/10/11–07/06/11		320,153	2.6
	221,305,000	Procter & Gamble Co	01/05/11–05/11/11		221,215	1.8
	132,415,000	Rabobank USA Financial Corp	02/07/11–04/08/11		132,370	1.1
	239,665,000	Royal Bank of Canada	01/06/11–04/25/11		239,564	2.0
	199,995,000	Sheffield Receivables Corp	01/13/11–03/24/11		199,924	1.7
	399,663,000	Straight-A Funding LLC	01/06/11–03/09/11		399,560	3.3
	53,700,000	Toronto-Dominion Holdings USA, Inc	01/20/11		53,693	0.5
	76,170,000	US Bank NA	0.250% 01/11/11		76,170	0.6
		Other			1,289,014	10.7
					4,406,376	36.6
GOVERNMENT AGENCY DEBT
	160,246,000	Federal Home Loan Bank (FHLB)	01/28/11		160,225	1.3
	158,835,000	FHLB	01/21/11		158,820	1.3
	62,585,000	FHLB	01/26/11		62,577	0.5
	60,316,000	FHLB	01/19/11		60,311	0.5
	151,524,000	FHLB	02/02/11		151,502	1.3
	83,425,000	FHLB	02/18/11		83,406	0.7
	70,000,000	FHLB	02/04/11		69,990	0.6
	64,370,000	FHLB	02/23/11		64,354	0.5
	597,244,000	FHLB	01/04/11–05/06/11		597,140	5.0

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

SUMMARY PORTFOLIO OF INVESTMENTS	continued
CREF MONEY MARKET ACCOUNT § DECEMBER 31, 2010

	Principal		Issuer			Value (000)	% of net assets
GOVERNMENT AGENCY DEBT—continued
$	94,450,000		Federal Home Loan Mortgage Corp (FHLMC)	02/22/11	$	94,427	0.8	%
	122,338,000		FHLMC	01/24/11		122,324	1.0
	59,940,000		FHLMC	01/19/11		59,935	0.5
	90,015,000		FHLMC	02/07/11		89,998	0.7
	70,000,000		FHLMC	01/03/11		69,999	0.6
	86,480,000		FHLMC	01/18/11		86,473	0.7
	163,140,000		FHLMC	01/31/11		163,117	1.4
	62,415,000		FHLMC	02/25/11		62,400	0.5
	401,469,000		FHLMC	01/05/11–06/20/11		401,315	3.3
	87,358,000		Federal National Mortgage Association (FNMA)	03/01/11		87,310	0.7
	78,055,000		FNMA	02/16/11		78,034	0.6
	70,399,000		FNMA	02/23/11		70,381	0.6
	150,520,000		FNMA	02/14/11		150,490	1.2
	66,072,000		FNMA	01/26/11		66,064	0.6
	69,554,000		FNMA	04/13/11		69,516	0.6
	55,000,000		FNMA	03/16/11		54,982	0.5
	413,442,000		FNMA	01/04/11–05/19/11		413,333	3.4
			Other			47,326	0.4
						3,595,749	29.8
TREASURY DEBT
	100,000,000		United States Treasury Bill	03/17/11		99,961	0.8
	139,070,000		United States Treasury Bill	03/10/11		139,027	1.2
	101,270,000		United States Treasury Bill	04/21/11		101,219	0.8
	101,330,000		United States Treasury Bill	05/19/11		101,255	0.8
	155,800,000		United States Treasury Bill	01/20/11		155,789	1.3
	60,000,000		United States Treasury Bill	05/05/11		59,968	0.5
	100,000,000		United States Treasury Bill	05/12/11		99,937	0.8
	54,810,000		United States Treasury Bill	01/27/11		54,804	0.5
	359,985,000		United States Treasury Bill	01/13/11–06/23/11		359,838	3.0
	143,830,000		United States Treasury Note	0.880%, 02/28/11		143,974	1.2
	145,000,000		United States Treasury Note	0.880%, 03/31/11		145,248	1.2
	112,500,000		United States Treasury Note	0.880%, 05/31/11		112,797	0.9
	192,875,000		United States Treasury Note	0.880%, 04/30/11		193,274	1.6
	100,000,000		United States Treasury Note	1.130%, 06/30/11		100,449	0.8
	125,750,000		United States Treasury Note	0.880%–1.000%, 01/31/11–09/30/11		126,145	1.1
						1,993,685	16.5
VARIABLE RATE NOTES
	150,000,000	i	Federal Farm Credit Bank
			(FFCB)	0.160%–0.400%, 05/16/11–07/15/11		149,991	1.2
	90,000,000	i	Federal Home Loan Bank (FHLB)	0.320%, 05/26/11		90,000	0.8
	120,000,000	i	FHLB	0.160%, 07/11/11		119,986	1.0
	90,000,000	i	FHLB	0.370%, 06/01/11		90,008	0.8
	100,000,000	i	FHLB	0.270%, 08/12/11		100,000	0.8

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

SUMMARY PORTFOLIO OF INVESTMENTS	concluded
CREF MONEY MARKET ACCOUNT § DECEMBER 31, 2010

	Principal		Issuer			Value (000)		% of net assets
VARIABLE RATE NOTES—continued
$	151,500,000	i	Federal Home Loan Mortgage Corp (FHLMC)	0.180%, 11/09/11	$	151,404		1.3	%
	100,000,000	i	FHLMC	0.350%, 01/09/12		100,077		0.8
			Other			102,384		0.8
						903,850		7.5
			TOTAL SHORT-TERM INVESTMENTS	(Cost $12,054,732)		12,054,732		100.0
			TOTAL PORTFOLIO	(Cost $12,054,732)		12,054,732		100.0
			OTHER ASSETS & LIABILITIES, NET			(1,047	)	0.0
			NET ASSETS		$	12,053,685		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 classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Account uses more specific categories in following its investment limitations on investment concentrations.

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

STATEMENTS OF ASSETS AND LIABILITIES

COLLEGE RETIREMENT EQUITIES FUND § DECEMBER 31, 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*†	$	113,364,123	$	15,708,981	$	13,531,846	$	10,944,892	$	13,992,348	$	8,117,615	$	10,872,127	$	12,054,732
Affiliated issuers‡		335,694		—		—		—		5,632		—		—		—
Total portfolio investments, at value	$	113,699,817	$	15,708,981	$	13,531,846	$	10,944,892	$	13,997,980	$	8,117,615	$	10,872,127	$	12,054,732
Cash		—		489		461		205		37,411		24		14,609		44
Cash — foreign^		16,477		5,023		—		—		—		—		689		—
Dividends and interest receivable		136,209		20,312		10,218		12,471		83,187		63,372		35,686		2,549
Receivable from securities transactions		69,430		29,273		18,908		185		3,562		—		1,621		—
Receivable for delayed delivery securities		—		—		—		—		50,247		—		13,113		—
Due from affiliates		13,462		1,992		2,560		4,164		—		—		2,776		—
Unrealized appreciation on swap agreements		1,524		—		—		—		—		—		—		—
Other		1,725		627		1,774		616		660		564		923		651
Total assets		113,938,644		15,766,697		13,565,767		10,962,533		14,173,047		8,181,575		10,941,544		12,057,976
LIABILITIES
Payable for collateral for securities loaned		5,088,493		896,846		—		—		—		—		200,002		—
Payable for securities transactions		140,892		34,995		25,164		21		33		—		—		—
Payable for delayed delivery securities		—		—		—		—		2,022,121		—		502,313		—
Due to affiliates		1,454		212		176		128		152		102		127		31
Overdraft payable		611		—		—		—		—		—		—		—
Accumulation withdrawals payable		—		—		—		—		1,665		4,086		—		3,607
Payable for variation margin on open futures contracts		—		—		120		149		—		—		—		—
Other		7,303		1,516		612		583		606		565		576		653
Total liabilities		5,238,753		933,569		26,072		881		2,024,577		4,753		703,018		4,291
NET ASSETS:
Accumulation Fund	$	96,598,178	$	14,527,036	$	13,350,134	$	10,764,945	$	11,915,360	$	7,955,077	$	9,968,451	$	11,815,876
Annuity Funds		12,101,713		306,092		189,561		196,707		233,110		221,745		270,075		237,809
Total net assets	$	108,699,891	$	14,833,128	$	13,539,695	$	10,961,652	$	12,148,470	$	8,176,822	$	10,238,526	$	12,053,685
Accumulation units outstanding		400,823		151,646		186,668		116,046		122,271		135,360		72,226		462,763
Accumulation unit value	$	241.00	$	95.80	$	71.52	$	92.76	$	97.45	$	58.77	$	138.02	$	25.53
* Includes securities loaned of:	$	4,888,559	$	861,610	$	—	$	—	$	—	$	—	$	194,873	$	—
† Portfolio investments; unaffiliated issuers cost:	$	97,008,613	$	13,673,514	$	11,116,304	$	8,876,063	$	13,700,136	$	7,564,651	$	9,615,453	$	12,054,732
‡ Portfolio investments; affiliated issuers cost:	$	293,821	$	—	$	—	$	—	$	5,319	$	—	$	—	$	—
^ Foreign cash, cost:	$	16,394	$	4,965	$	—	$	—	$	—	$	—	$	665	$	—

62   2010 Annual Report § College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund § 2010 Annual Report   63

STATEMENTS OF OPERATIONS

COLLEGE RETIREMENT EQUITIES FUND § FOR THE YEAR ENDED DECEMBER 31, 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	$	310		$	72		$	143		$	19		$	423,077	$	224,977	$	136,997		$	31,006
Dividends:
Unaffiliated issuers*		2,020,655			284,486			172,840			191,488			—		—		123,232			—
Affiliated issuers†		1,468			—			—			—			396		—		—			—
Income from securities lending		61,699			10,159			—			—			—		—		1,347			—
Other		—			—			—			—			315		—		59			—
Total income		2,084,132			294,717			172,983			191,507			423,788		224,977		261,635			31,006
EXPENSES
Administrative		256,847			34,832			31,438			25,406			30,242		21,006		23,966			32,961
Distribution		80,261			10,887			9,823			7,932			9,423		6,570		7,497			10,307
Investment advisory		123,082			20,960			14,023			6,957			11,323		7,857		8,650			7,852
Mortality and expense risk charges		4,953			671			607			490			584		406		463			635
Total expenses		465,143			67,350			55,891			40,785			51,572		35,839		40,576			51,755
Less: Expenses withheld by TIAA		—			—			—			—			—		—		—			21,105
Net expenses		465,143			67,350			55,891			40,785			51,572		35,839		40,576			30,650
Net investment income (loss)		1,618,989			227,367			117,092			150,722			372,216		189,138		221,059			356
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments:
Unaffiliated issuers		4,037,280			150,598			547,653			89,132			249,814		26,115		164,719			4
Affiliated issuers		8,083			—			—			—			—		—		—			—
Futures transactions		—			—			361			(833	)		—		—		—			—
Foreign currency transactions		(15,207	)		(4,931	)		(724	)		—			—		—		161			—
Net realized gain (loss) on total investments		4,030,156			145,667			547,290			88,299			249,814		26,115		164,880			4
Change in unrealized appreciation (depreciation) on:
Portfolio investments:
Unaffiliated issuers‡		9,126,333			1,229,485			1,088,311			1,285,049			110,543		239,476		687,722			—
Affiliated issuers		71,071			—			—			—			322		—		—			—
Futures transactions		—			—			596			572			—		—		—			—
Swap transactions		1,524			—			—			—			—		—		—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		2,104			556			26			—			—		—		87			—
Net change in unrealized appreciation (depreciation) on total investments		9,201,032			1,230,041			1,088,933			1,285,621			110,865		239,476		687,809			—
Net realized and unrealized gain (loss) on total investments		13,231,188			1,375,708			1,636,223			1,373,920			360,679		265,591		852,689			4
Net increase (decrease) in net assets resulting from operations	$	14,850,177		$	1,603,075		$	1,753,315		$	1,524,642		$	732,895	$	454,729	$	1,073,748		$	360
* Net of foreign withholding taxes of unaffiliated issuers:	$	(76,203	)	$	(15,256	)	$	(1,134	)	$	(29	)	$	—	$	—	$	(3,107	)	$	—
† Net of foreign withholding taxes of affiliated issuers:	$	6		$	—		$	—		$	—		$	—	$	—	$	—		$	—
‡ Includes net change in unrealized foreign capital gains taxes of:	$	(5,626	)	$	(882	)	$	(1	)	$	—		$	—	$	—	$	—		$	—

64   2010 Annual Report § College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund § 2010 Annual Report   65

STATEMENTS OF CHANGES IN NET ASSETS

COLLEGE RETIREMENT EQUITIES FUND § FOR THE YEAR ENDED

(amounts in thousands except accumulation units)	Stock Account						Global Equities Account						Growth Account
	December 31, 2010			December 31, 2009			December 31, 2010			December 31, 2009			December 31, 2010			December 31, 2009
OPERATIONS
Net investment income (loss)	$	1,618,989		$	1,624,366		$	227,367		$	228,323		$	117,092		$	110,493
Net realized gain (loss) on total investments		4,030,156			(13,564,620	)		145,667			(1,734,358	)		547,290			(1,127,051	)
Net change in unrealized appreciation (depreciation) on total investments		9,201,032			35,861,370			1,230,041			4,735,406			1,088,933			4,163,855
Net increase (decrease) from operations		14,850,177			23,921,116			1,603,075			3,229,371			1,753,315			3,147,297
FROM PARTICIPANT TRANSACTIONS
Premiums		6,875,740			5,088,775			1,304,955			1,235,760			1,144,489			1,148,971
Net transfers between CREF Accounts		(1,065,735	)		(698,998	)		(209,289	)		182,259			(234,143	)		169,020
Annuity payments		(1,045,265	)		(1,017,031	)		(22,267	)		(20,496	)		(14,314	)		(12,461	)
Withdrawals and death benefits		(9,424,290	)		(5,289,627	)		(1,333,555	)		(788,665	)		(1,122,570	)		(662,261	)
Net increase (decrease) from participant transactions		(4,659,550	)		(1,916,881	)		(260,156	)		608,858			(226,538	)		643,269
Net increase (decrease) in net assets		10,190,627			22,004,235			1,342,919			3,838,229			1,526,777			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	$	108,699,891		$	98,509,264		$	14,833,128		$	13,490,209		$	13,539,695		$	12,012,918
ACCUMULATION UNITS:
Units purchased		32,235,510			30,287,257			15,291,475			19,589,442			18,118,284			22,787,063
Units sold/transferred		(49,851,601	)		(36,208,604	)		(18,356,953	)		(11,699,295	)		(21,833,848	)		(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		400,822,676			418,438,767			151,646,181			154,711,659			186,667,821			190,383,385

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

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

(amounts in thousands except accumulation units)	Equity Index Account						Bond Market Account						Inflation-Linked Bond Account
	December 31, 2010			December 31, 2009			December 31, 2010			December 31, 2009			December 31, 2010			December 31, 2009
OPERATIONS
Net investment income (loss)	$	150,722		$	138,750		$	372,216		$	371,236		$	189,138		$	93,300
Net realized gain (loss) on total investments		88,299			(177,347	)		249,814			17,811			26,115			(9,707	)
Net change in unrealized appreciation (depreciation) on total investments		1,285,621			2,089,065			110,865			258,450			239,476			528,299
Net increase (decrease) from operations		1,524,642			2,050,468			732,895			647,497			454,729			611,892
FROM PARTICIPANT TRANSACTIONS
Premiums		1,048,901			941,500			1,544,488			1,255,544			1,154,893			1,098,827
Net transfers between CREF Accounts		64,953			(89,548	)		1,032,101			788,667			320,912			677,665
Annuity payments		(14,187	)		(12,715	)		(18,474	)		(16,304	)		(17,642	)		(16,446	)
Withdrawals and death benefits		(1,088,977	)		(636,998	)		(1,654,383	)		(874,791	)		(1,401,070	)		(767,261	)
Net increase (decrease) from participant transactions		10,690			202,239			903,732			1,153,116			57,093			992,785
Net increase (decrease) in net assets		1,535,332			2,252,707			1,636,627			1,800,613			511,822			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	$	10,961,652		$	9,426,320		$	12,148,470		$	10,511,843		$	8,176,822		$	7,665,000
ACCUMULATION UNITS:
Units purchased		12,896,125			14,370,656			16,516,310			14,138,124			19,964,332			20,305,060
Units sold/transferred		(13,006,576	)		(11,042,114	)		(7,013,571	)		(1,217,090	)		(18,889,999	)		(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		116,045,713			116,156,164			122,271,365			112,768,626			135,359,754			134,285,421

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

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

	Social Choice Account						Money Market Account
(amounts in thousands except accumulation units)	December 31, 2010			December 31, 2009			December 31, 2010			December 31, 2009
OPERATIONS
Net investment income (loss)	$	221,059		$	209,210		$	356		$	34,229
Net realized gain (loss) on total investments		164,880			(189,815	)		4			5
Net change in unrealized appreciation (depreciation) on total investments		687,809			1,537,010			—			(17,004	)
Net increase (decrease) from operations		1,073,748			1,556,405			360			17,230
FROM PARTICIPANT TRANSACTIONS
Premiums		927,035			693,959			3,255,717			3,721,036
Net transfers between CREF Accounts		294,562			4,650			(203,360	)		(1,033,715	)
Annuity payments		(20,250	)		(18,034	)		(22,504	)		(25,396	)
Withdrawals and death benefits		(709,871	)		(454,235	)		(4,303,977	)		(4,484,713	)
Net increase (decrease) from participant transactions		491,476			226,340			(1,274,124	)		(1,822,788	)
Net increase (decrease) in net assets		1,565,224			1,782,745			(1,273,764	)		(1,805,558	)
NET ASSETS
Beginning of period		8,673,302			6,890,557			13,327,449			15,133,007
End of period	$	10,238,526		$	8,673,302		$	12,053,685		$	13,327,449
ACCUMULATION UNITS:
Units purchased		7,307,223			6,596,009			127,488,200			145,553,247
Units sold/transferred		(3,465,952	)		(4,580,586	)		(176,604,913	)		(215,785,416	)
Outstanding:
Beginning of period		68,384,656			66,369,233			511,879,966			582,112,135
End of period		72,225,927			68,384,656			462,763,253			511,879,966

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

FINANCIAL HIGHLIGHTS

COLLEGE RETIREMENT EQUITIES FUND § FOR THE YEAR ENDED

	Stock Account
	12/31/10			12/31/09			12/31/08			12/31/07			12/31/06
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	4.506		$	4.251		$	5.339		$	4.754		$	4.329
Expenses (a)		1.006			0.849			1.113			0.992			1.095
Net investment income (loss) (a)		3.500			3.402			4.226			3.762			3.234
Net realized and unrealized gain (loss) on total investments		29.246			47.129			(107.993	)		15.589			32.372
Net change in accumulation unit value		32.746			50.531			(103.767	)		19.351			35.606
Accumulation unit value:
Beginning of period		208.254			157.723			261.490			242.139			206.533
End of period	$	241.000		$	208.254		$	157.723		$	261.490		$	242.139
TOTAL RETURN*		15.72	%		32.04	%		(39.68	) %		7.99	%		17.24	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.47	%		0.49	%		0.64	%		0.52	%		0.49	%
Net investment income (loss)		1.63	%		1.97	%		1.95	%		1.44	%		1.44	%
SUPPLEMENTAL DATA
Portfolio turnover rate		61	%		58	%		53	%		49	%		51	%
Accumulation units outstanding at the end of year†		401			418			424			448			469
Accumulation fund net assets†	$	96,598		$	87,141		$	66,931		$	117,078		$	113,675
Net assets at the end of year†	$	108,700		$	98,509		$	76,505		$	134,560		$	131,097

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

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

FINANCIAL HIGHLIGHTS continued

COLLEGE RETIREMENT EQUITIES FUND § FOR THE YEAR ENDED

	Global Equities Account
	12/31/10			12/31/09			12/31/08			12/31/07			12/31/06
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	1.888		$	1.862		$	2.587		$	2.069		$	1.716
Expenses (a)		0.432			0.374			0.462			0.409			0.481
Net investment income (loss) (a)		1.456			1.488			2.125			1.660			1.235
Net realized and unrealized gain (loss) on total investments		8.987			19.648			(49.181	)		8.522			14.969
Net change in accumulation unit value		10.443			21.136			(47.056	)		10.182			16.204
Accumulation unit value:
Beginning of period		85.353			64.217			111.273			101.091			84.887
End of period	$	95.796		$	85.353		$	64.217		$	111.273		$	101.091
TOTAL RETURN*		12.24	%		32.91	%		(42.29	) %		10.07	%		19.09	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.50	%		0.53	%		0.68	%		0.56	%		0.52	%
Net investment income (loss)		1.69	%		2.11	%		2.34	%		1.53	%		1.35	%
SUPPLEMENTAL DATA
Portfolio turnover rate		81	%		59	%		76	%		108	%		137	%
Accumulation units outstanding at the end of year†		152			155			147			153			151
Accumulation fund net assets†	$	14,527		$	13,205		$	9,429		$	17,039		$	15,293
Net assets at the end of year†	$	14,833		$	13,490		$	9,652		$	17,461		$	15,674

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

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

FINANCIAL HIGHLIGHTS continued

COLLEGE RETIREMENT EQUITIES FUND § FOR THE YEAR ENDED

	Growth Account
	12/31/10			12/31/09			12/31/08			12/31/07			12/31/06
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	0.907		$	0.836		$	0.740		$	0.694		$	0.625
Expenses (a)		0.293			0.249			0.316			0.272			0.321
Net investment income (loss) (a)		0.614			0.587			0.424			0.422			0.304
Net realized and unrealized gain (loss) on total investments		8.706			16.058			(30.509	)		10.416			3.066
Net change in accumulation unit value		9.320			16.645			(30.085	)		10.838			3.370
Accumulation unit value:
Beginning of period		62.198			45.553			75.638			64.800			61.430
End of period	$	71.518		$	62.198		$	45.553		$	75.638		$	64.800
TOTAL RETURN*		14.98	%		36.54	%		(39.78	) %		16.73	%		5.49	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.46	%		0.48	%		0.69	%		0.55	%		0.52	%
Net investment income (loss)		0.96	%		1.14	%		0.68	%		0.60	%		0.49	%
SUPPLEMENTAL DATA
Portfolio turnover rate		77	%		81	%		82	%		127	%		109	%
Accumulation units outstanding at the end of year†		187			190			178			181			182
Accumulation fund net assets†	$	13,350		$	11,842		$	8,098		$	13,666		$	11,780
Net assets at the end of year†	$	13,540		$	12,013		$	8,222		$	13,883		$	11,985

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

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

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

	Equity Index Account
	12/31/10			12/31/09			12/31/08			12/31/07			12/31/06
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	1.613		$	1.470		$	1.823		$	1.806		$	1.636
Expenses (a)		0.343			0.288			0.429			0.383			0.385
Net investment income (loss) (a)		1.270			1.182			1.394			1.423			1.251
Net realized and unrealized gain (loss) on total investments		11.830			16.176			(38.771	)		3.050			11.332
Net change in accumulation unit value		13.100			17.358			(37.377	)		4.473			12.583
Accumulation unit value:
Beginning of period		79.664			62.306			99.683			95.210			82.627
End of period	$	92.764		$	79.664		$	62.306		$	99.683		$	95.210
TOTAL RETURN*		16.45	%		27.86	%		(37.50	) %		4.70	%		15.23	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.42	%		0.43	%		0.59	%		0.47	%		0.43	%
Net investment income (loss)		1.54	%		1.77	%		1.67	%		1.39	%		1.39	%
SUPPLEMENTAL DATA
Portfolio turnover rate		8	%		5	%		7	%		9	%		10	%
Accumulation units outstanding at the end of year†		116			116			113			113			116
Accumulation fund net assets†	$	10,765		$	9,253		$	7,030		$	11,225		$	11,033
Net assets at the end of year†	$	10,962		$	9,426		$	7,174		$	11,474		$	11,283

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

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

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

	Bond Market Account
	12/31/10			12/31/09			12/31/08			12/31/07			12/31/06
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	3.470		$	3.818		$	4.241		$	4.260		$	3.990
Expenses (a)		0.422			0.399			0.416			0.315			0.373
Net investment income (loss) (a)		3.048			3.419			3.825			3.945			3.617
Net realized and unrealized gain (loss) on total investments		3.096			2.556			(2.777	)		0.806			(0.467	)
Net change in accumulation unit value		6.144			5.975			1.048			4.751			3.150
Accumulation unit value:
Beginning of period		91.306			85.331			84.283			79.532			76.382
End of period	$	97.450		$	91.306		$	85.331		$	84.283		$	79.532
TOTAL RETURN*		6.73	%		7.00	%		1.24	%		5.97	%		4.12	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.44	%		0.45	%		0.61	%		0.51	%		0.48	%
Net investment income (loss)		3.19	%		3.88	%		4.53	%		4.86	%		4.69	%
SUPPLEMENTAL DATA
Portfolio turnover rate		230	% (b)		185	% (b)		125	%		174	%		219	%
Accumulation units outstanding at the end of year†		122			113			100			89			78
Accumulation fund net assets†	$	11,915		$	10,296		$	8,520		$	7,494		$	6,219
Net assets at the end of year†	$	12,148		$	10,512		$	8,711		$	7,680		$	6,395

(a)	Based on average units outstanding.
(b)	The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ending December 31, 2010 and December 31, 2009 were 62% and 96%, respectively.
*	Based on per accumulation unit data.
†	Millions

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

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

	Inflation-Linked Bond Account
	12/31/10			12/31/09			12/31/08			12/31/07			12/31/06
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	1.596		$	0.974		$	2.700		$	2.618		$	1.560
Expenses (a)		0.254			0.241			0.249			0.186			0.228
Net investment income (loss) (a)		1.342			0.733			2.451			2.432			1.332
Net realized and unrealized gain (loss) on total investments		1.929			4.119			(3.367	)		2.695			(1.339	)
Net change in accumulation unit value		3.271			4.852			(0.916	)		5.127			(0.007	)
Accumulation unit value:
Beginning of period		55.499			50.647			51.563			46.436			46.443
End of period	$	58.770		$	55.499		$	50.647		$	51.563		$	46.436
TOTAL RETURN*		5.89	%		9.58	%		(1.78	)%		11.04	%		(0.01	)%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.44	%		0.45	%		0.58	%		0.50	%		0.49	%
Net investment income (loss)		2.33	%		1.38	%		4.69	%		5.00	%		2.83	%
SUPPLEMENTAL DATA
Portfolio turnover rate		15	%		11	%		19	%		13	%		23	%
Accumulation units outstanding at the end of year†		135			134			116			91			77
Accumulation fund net assets†	$	7,955		$	7,453		$	5,871		$	4,668		$	3,597
Net assets at the end of year†	$	8,177		$	7,665		$	6,060		$	4,830		$	3,744

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

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

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

	Social Choice Account
	12/31/10			12/31/09			12/31/08			12/31/07			12/31/06
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	3.618		$	3.517		$	4.191		$	4.165		$	3.687
Expenses (a)		0.561			0.488			0.600			0.492			0.535
Net investment income (loss) (a)		3.057			3.029			3.591			3.673			3.152
Net realized and unrealized gain (loss) on total investments		11.683			19.530			(34.439	)		2.371			8.412
Net change in accumulation unit value		14.740			22.559			(30.848	)		6.044			11.564
Accumulation unit value:
Beginning of period		123.277			100.718			131.566			125.522			113.958
End of period	$	138.017		$	123.277		$	100.718		$	131.566		$	125.522
TOTAL RETURN*		11.95	%		22.41	%		(23.45	)%		4.81	%		10.15	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.44	%		0.45	%		0.61	%		0.48	%		0.45	%
Net investment income (loss)		2.39	%		2.81	%		3.02	%		2.81	%		2.65	%
SUPPLEMENTAL DATA
Portfolio turnover rate		98	%(b)		85	%(b)		77	%		60	%		84	%
Accumulation units outstanding at the end of year†		72			68			66			68			67
Accumulation fund net assets†	$	9,968		$	8,430		$	6,685		$	8,917		$	8,458
Net assets at the end of year†	$	10,239		$	8,673		$	6,891		$	9,197		$	8,733

(a)	Based on average units outstanding.
(b)	The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ending December 31, 2010 and December 31, 2009 were 40% and 49%, respectively.
*	Based on per accumulation unit data.
†	Millions

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

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

	Money Market Account
	12/31/10			12/31/09			12/31/08			12/31/07			12/31/06
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	0.062		$	0.164		$	0.700		$	1.258		$	1.169
Expenses (a)		0.062			0.104			0.124			0.092			0.098
Net investment income (loss) (a)		0.000			0.060			0.576			1.166			1.071
Net realized and unrealized gain (loss) on total investments		0.000			(0.031	)		0.032			(0.004	)		—
Net change in accumulation unit value		0.000			0.029			0.608			1.162			1.071
Accumulation unit value:
Beginning of period		25.533			25.504			24.896			23.734			22.663
End of period	$	25.533		$	25.533		$	25.504		$	24.896		$	23.734
TOTAL RETURN*		0.00	%		0.11	%		2.44	%		4.90	%		4.73	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.41	%		0.43	%		0.56	%		0.45	%		0.43	%
Expenses net of TIAA withholding		0.24	%		0.41	%		0.56	%		0.45	%		0.43	%
Net investment income (loss)		0.00	%		0.21	%		2.25	%		4.79	%		4.64	%
SUPPLEMENTAL DATA
Accumulation units outstanding at the end of year†		463			512			582			469			393
Accumulation fund net assets†	$	11,816		$	13,070		$	14,846		$	11,670		$	9,327
Net assets at the end of year†	$	12,054		$	13,327		$	15,133		$	11,922		$	9,571

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

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

NOTES TO FINANCIAL STATEMENTS

COLLEGE RETIREMENT EQUITIES FUND

Note 1—organization and significant accounting policies

The purpose of the College Retirement Equities Fund (“CREF”), as stated in its charter, is to aid and strengthen non-profit educational and research organizations, governmental entities, and other non-profit institutions by providing their employees with variable retirement benefits. CREF is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), 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”).

In the normal course of business, each Account enters into contracts that contain a variety of representations and warranties and that 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 Board of Trustees (“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.

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. Certain prior year amounts have been reclassified to conform to current year presentation. 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. The following is a summary of the significant accounting policies consistently followed by the Accounts.

Security valuation: For all Accounts (other than the Money Market Account), investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the 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.

80   2010 Annual Report § College Retirement Equities Fund

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

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

Securities lending: The Accounts (excluding the Money Market Account) may lend portfolio securities to qualified financial institutions and brokers. By lending such securities, the Accounts attempt to increase their net investment income through 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 and the liability to return the cash collateral received are reflected in the Statements of Assets and Liabilities. The value of securities purchased with cash collateral is detailed within the Summary Portfolios of Investments.

College Retirement Equities Fund § 2010 Annual Report   81

NOTES TO FINANCIAL STATEMENTS

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 undercollateralized for a period of time. The cash collateral for the Stock and Global Equities Accounts is invested in individual securities selected by the lending agent, pursuant to investment restrictions defined by the investment adviser, TIAA-CREF Investment Management, LLC (“TCIM”). The cash collateral for the Social Choice Account is invested in short-term instruments by TCIM. The cash collateral for the Growth, Equity Index, Bond Market and Inflation-Linked Bond Accounts is invested in the State Street Navigator Securities Lending Portfolio. As of December 31, 2010, there were no securities out on loan for the Growth, Equity Index, Bond Market and Inflation-Linked Bond Accounts.

At December 31, 2010, the market value of investments of cash collateral for securities loaned (securities, cash and other assets) and the amounts owed to lending counterparties are as follows (amounts are in thousands):

Account	Market Value of Collateral		Amounts Owed to Lending Counterparties
Stock	$	5,079,641	$	5,088,493
Global Equities		895,324		896,846
Social Choice		200,002		200,002

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

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

Dollar rolls transactions: Some of the Accounts may enter into mortgage dollar rolls in which an Account sells mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously contracts to repurchase substantially

82   2010 Annual Report § College Retirement Equities Fund

continued

similar (same type, coupon and maturity) securities on a specified future date. During the roll period, an 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.

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 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 (2005–2010) and has concluded that no provision for federal income tax is required in the Accounts’ financial statements.

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

Trustee compensation: The Trustees, all of whom are independent, receive certain remuneration for their services, plus travel and other expenses. 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 until paid. The investment of deferred amounts and the offsetting payable to the Trustees are included in Other Assets and Other Liabilities in the accompanying Statements of Assets and Liabilities. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statements of Operations.

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.)

College Retirement Equities Fund § 2010 Annual Report   83

NOTES TO FINANCIAL STATEMENTS

• Level 3 – significant unobservable inputs (including the Accounts’ own assumptions in determining the fair value of investments)

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

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

Exchange-traded equity securities, common and preferred stock: Equity securities listed or traded on a national market or exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of the closing bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Foreign investments are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. If events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Accounts’ net assets are calculated, such securities may be valued at fair value in accordance with procedures adopted by the 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 that 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.

84   2010 Annual Report § College Retirement Equities Fund

continued

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 sale price as of the close of such commodities exchanges and are categorized in Level 1 of the fair value hierarchy.

Total return swap contracts: Total return swaps are marked-to-market daily based upon a price supplied by a pricing service. Total return swaps are generally categorized as Level 2 in the fair value hierarchy.

Any portfolio security for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value 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. For the year ended December 31, 2010, there were no significant transfers between levels by the Accounts.

As of December 31, 2010, 100% of the value of investments in the Inflation-Linked Bond and Money Market Accounts were valued based on Level 2 inputs.

The following is a summary of the inputs used to value the remaining Accounts’ investments as of December 31, 2010 (amounts are in thousands):

Account	Level 1		Level 2		Level 3		Total
Stock
Consumer Discretionary*	$	9,000,759	$	3,781,989	$	—	$	12,782,748
Consumer Staples*		6,502,116		2,599,618		—		9,101,734
Energy*		8,072,404		3,414,686		—		11,487,090
Financials*		12,397,917		7,672,156		—		20,070,073
Health Care*		8,610,493		2,006,408		8,653		10,625,554
Industrials*		8,669,778		4,242,997		—		12,912,775
Information Technology*		13,931,095		2,383,398		—		16,314,493
Materials*		3,441,431		4,312,495		—		7,753,926
Telecommunication Services*		2,182,354		1,424,327		—		3,606,681
Utilities*		2,381,394		1,262,562		—		3,643,956
Domestic Corporate Bonds		—		85,894		—		85,894
Domestic Government Bonds		—		374		—		374
Short-Term Investments		—		5,314,519		—		5,314,519
Swaps **		—		1,524		—		1,524
Total	$	75,189,741	$	38,502,947	$	8,653	$	113,701,341
Global Equities
United States	$	6,995,952	$	4,045	$	—	$	6,999,997
United Kingdom*		10,497		1,415,747		—		1,426,244
Japan		—		1,329,247		—		1,329,247

College Retirement Equities Fund § 2010 Annual Report   85

NOTES TO FINANCIAL STATEMENTS

Account	Level 1		Level 2		Level 3		Total
Global Equities (continued)
Canada	$	45,863	$	586,321	$	—	$	632,184
Switzerland*		77,966		548,110		—		626,076
France		—		554,454		—		554,454
Germany		—		517,854		—		517,854
Australia		—		458,723		—		458,723
Netherlands*		17,727		278,919		—		296,646
Hong Kong		—		153,259		—		153,259
Other*		166,042		1,421,421		—		1,587,463
Domestic Corporate Bonds		—		90,136		—		90,136
Short-Term Investments		—		1,036,698		—		1,036,698
Total	$	7,314,047	$	8,394,934	$	—	$	15,708,981
Growth
Consumer Discretionary	$	2,128,860	$	113,133	$	—	$	2,241,993
Consumer Staples		920,407		66,467		—		986,874
Energy*		1,241,470		58,446		—		1,299,916
Financials		755,267		—		—		755,267
Health Care*		1,422,871		—		—		1,422,871
Industrials		1,707,066		36,558		—		1,743,624
Information Technology*		4,173,648		1,195		—		4,174,843
Materials*		638,945		20,466		—		659,411
Telecommunication Services		68,310		—		—		68,310
Utilities		15,647		139		—		15,786
Short-Term Investments		—		162,951		—		162,951
Futures**		1,547		—		—		1,547
Total	$	13,074,038	$	459,355	$	—	$	13,533,393
Equity Index
Consumer Discretionary	$	1,242,860	$	—	$	—	$	1,242,860
Consumer Staples		988,677		—		—		988,677
Energy		1,221,209		—		—		1,221,209
Financials		1,792,113		—		—		1,792,113
Health Care		1,221,764		—		—		1,221,764
Industrials		1,259,775		—		—		1,259,775
Information Technology		1,992,524		—		—		1,992,524
Materials		468,642		—		—		468,642
Telecommunication Services		305,904		—		—		305,904
Utilities		368,446		—		—		368,446
Short-Term Investments		—		82,978		—		82,978
Futures**		836		—		—		836
Total	$	10,862,750	$	82,978	$	—	$	10,945,728
Bond Market
Bank Loan Obligations	$	—	$	15,111	$	—	$	15,111
Corporate Bonds		—		3,774,444		—		3,774,444
Government Bonds		—		7,437,121		—		7,437,121
Structured Assets		—		738,981		—		738,981
Preferred Stocks		1,151		—		—		1,151
Mutual Funds		5,632		—		—		5,632
Short-Term Investments		—		2,025,540		—		2,025,540
Total	$	6,783	$	13,991,197	$	—	$	13,997,980

86   2010 Annual Report § College Retirement Equities Fund

continued

Account	Level 1		Level 2		Level 3		Total
Social Choice
Consumer Discretionary	$	628,679	$	140,060	$	—	$	768,739
Consumer Staples		466,892		119,316		—		586,208
Energy		501,634		119,206		—		620,840
Financials		772,530		316,312		—		1,088,842
Health Care		563,346		91,390		—		654,736
Industrials		555,381		177,808		—		733,189
Information Technology		802,440		58,118		—		860,558
Materials		249,061		188,206		—		437,267
Telecommunication Services		103,603		72,559		—		176,162
Utilities		210,369		63,078		—		273,447
Corporate Bonds		—		940,289		—		940,289
Government		—		2,649,519		—		2,649,519
Structured Assets		—		268,168		—		268,168
Short-Term Investments		—		814,163		—		814,163
Total	$	4,853,935	$	6,018,192	$	—	$	10,872,127

*	Includes American Depositary Receipts at Level 1.
**	Derivative instruments are not reflected in the portfolio of investments. They are valued at the unrealized appreciation/depreciation on the instrument.

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)		1,115	*
Gross Purchases		123
Gross Sales		(2,559	)
Balance as of December 31, 2010	$	8,653

* Includes $(252) related to Level 3 securities still held at period end.

Note 3—derivative instruments

As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variable. Derivatives require little or no initial investment and permit or require net settlement. The Accounts value derivatives at fair value.

Futures contracts: Certain Accounts are subject to equity price risk in the normal course of pursuing their investment objectives. The Accounts may use futures contracts to manage exposure to the equity 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

College Retirement Equities Fund § 2010 Annual Report   87

NOTES TO FINANCIAL STATEMENTS

are made upon entering into a futures contract and variation margin payments are made or received reflecting changes in the value of the futures contracts. Futures contracts are valued at the last sale price as of the close of the board of trade or exchange on which they are traded. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts, or if the counterparties do not perform in accordance with contractual provisions. Realized gain (loss) and unrealized appreciation (depreciation) on futures transactions are reported separately in the Statements of Operations. 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. During the year ended December 31, 2010, the Growth and Equity Index Accounts had exposure to equity futures contracts, based on underlying notional values, generally between 0% and 1% of net assets:

At December 31, 2010, the Accounts held the following open futures contracts (amounts are in thousands):

Account	Futures	Number of Contracts‡		Market Value		Expiration Date		Unrealized Appreciation
Growth	CME E-mini S&P 500 Index		1,599	$	100,177		March 2011	$	1,547
Equity Index	Russell 2000 Mini Index		89		6,962		March 2011		98
	CME E-mini S&P Mid-Cap 400 Index		79		7,152		March 2011		87
	CME E-mini S&P 500 Index		881		55,195		March 2011		651
				$	69,309			$	836

^‡ Number of contracts is not in thousands.

Total return swap contracts: Total return swaps are agreements that provide an Account with a return based on the performance of an underlying asset, in exchange for fee payments to a counterparty based on a specific rate. To the extent the total return of the reference security or index underlying the total return swap exceeds or falls short of the offsetting interest rate obligation, the Account will receive a payment or make a payment to the counterparty, respectively. Payments received or made at the end of each measurement period are recorded as a realized gain or loss in the Statements of Operations. The swap is valued daily and any change in the value of the swap is reflected separately as a change in unrealized appreciation (depreciation) in the Statements of Operations. The value of the swap contracts is reflected in unrealized appreciation (depreciation) on swap agreements in the Statements of Assets and Liabilities. Total return swaps are exposed to the market risk factor of the specific underlying financial instrument or index. Additional risks to the Account include the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The Account’s maximum loss from counterparty risk is the fair value of the contract. The Stock Account is currently invested in a total return swap contract to gain exposure to certain equity markets. During the period ended

88   2010 Annual Report § College Retirement Equities Fund

continued

December 31, 2010, the Stock Account’s exposure to total return swaps, based on underlying notional amounts, was generally between 0% and 1% of net assets.

At December 31, 2010, the Stock Account held the following open total return swap contracts (amounts are in thousands):

Counterparty		Notional Amount	Termination Date	Payments paid by account per annum	Total return received by or paid by account	Unrealized Appreciation/ Depreciation
JP Morgan	$	50,000	11/03/11	3 month LIBOR + 0.89%	MSCI EM Emerging Markets Small Cap USD	$	1,524

Note 4—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 are provided to the Accounts by TIAA-CREF Individual & Institutional Services, LLC (“Services”), a wholly-owned subsidiary of TIAA, pursuant to a Principal Underwriting and Distribution Services Agreement with CREF and the Rule 12b-1 plan. 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 to CREF at cost and CREF also reimburses TCIM, Services, TPIS and TIAA for third party expenses and trustee fees paid on its behalf. Payments from the CREF Accounts are made 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.

For the period ended December 31, 2010, TIAA withheld (“waived”) a portion of the distribution Rule 12b-1 and administrative expenses for the Money Market Account, totaling $21,105,000. The withholding of expenses is voluntary in nature and can be discontinued at any time. 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.

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

College Retirement Equities Fund § 2010 Annual Report   89

NOTES TO FINANCIAL STATEMENTS continued

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 in 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 1940 Act. These transactions are effected at market rates without incurring broker commissions.

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

Issue	Value at December 31, 2009		Purchase Cost		Sale Proceeds		Realized Gain/(Loss)			Dividend Income		Withholding Expense		Shares at December 31, 2010†		Value at December 31, 2010
Stock Account
Biovitrum AB		*	$	70,568	$	14,468	$	4,097		$	—	$	—		12,076,891	$	72,724
Digital Garage, Inc	$	18,114		150		22,108		(4,082	)		—				**		—
Enteromedics, Inc		*		3,588		49		(553	)		—		—		1,849,546		5,697
Ferro Corp		39,227		20,062		45,751		22,035			—		—		**		—
First NIS Regional Fund SICAV		16		—		—		(1,856	)		—		—		**		—
Information Development Co		2,542		—		—		2			89		6		431,900		3,027
Intelligent Wave, Inc		2,415		—		4,568		(18,464	)		—		—		**		—
Japan Asia Investment Co Ltd		*		4,600		—		—			—		—		8,823,000		6,194
Jarden Corp		*		106,272		15,173		5,926			1,379		—		4,850,304		149,730
MPM Bioventures II		8,801		—		—		—			—		—		22,167,242		5,409
Orient-Express Hotels Ltd		*		55,193		9,430		2,822			—		—		5,943,900		77,211
Skyline Venture Partners II Ltd		1,019		—		—		—			—		—		4,254,176		466
Vanda Pharmaceuticals, Inc		16,184		6,184		3,368		(1,844	)		—		—		1,610,533		15,236
	$	88,318	$	266,617	$	114,915	$	8,083		$	1,468	$	6			$	335,694
Bond Market Account
TIAA-CREF High-Yield Fund	$	4,914	$	396	$	—	$	—		$	396	$	—		574,127	$	5,632
	$	4,914	$	396	$	—	$	—		$	396	$	—			$	5,632

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

90   2010 Annual Report § College Retirement Equities Fund College Retirement Equities Fund § 2010 Annual Report   91

NOTES TO FINANCIAL STATEMENTS

Note 5—investments

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

Account	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Stock	$	18,516,428	$	(2,119,045	)	$	16,397,383
Global Equities		2,247,064		(211,597	)		2,035,467
Growth		2,544,133		(128,591	)		2,415,542
Equity Index		3,192,693		(1,123,864	)		2,068,829
Bond Market		438,486		(145,961	)		292,525
Inflation-Linked Bond		555,058		(2,094	)		552,964
Social Choice		1,558,717		(302,043	)		1,256,674

Purchases and sales of securities (other than short-term money market instruments) for the Accounts for the year ended December 31, 2010 were as follows (amounts are in thousands):

	Stock Account		Global Equities Account		Growth Account
Purchases:
Non-U.S. Government	$	60,087,257	$	10,665,332	$	9,129,275
Government		—		—		—
Total Purchases	$	60,087,257	$	10,665,332	$	9,129,275
Sales:
Non-U.S. Government	$	63,014,766	$	10,690,214	$	9,161,056
Government		—		—		—
Total Sales	$	63,014,766	$	10,690,214	$	9,161,056
				Equity Index Account		Bond Market Account
Purchases:
Non-U.S. Government			$	870,533	$	3,332,051
Government				—		25,067,968
Total Purchases			$	870,533	$	28,400,019
Sales:
Non-U.S. Government			$	755,219	$	2,404,727
Government				—		23,926,854
Total Sales			$	755,219	$	26,331,581

922010 Annual Report § College Retirement Equities Fund

concluded

	Inflation-Linked Bond Account		Social Choice Account
Purchases:
Non-U.S. Government	$	—	$	2,492,714
Government		1,414,825		7,393,108
Total Purchases	$	1,414,825	$	9,885,822
Sales:
Non-U.S. Government	$	—	$	2,071,728
Government		1,213,423		6,864,473
Total Sales	$	1,213,423	$	8,936,201

Note 6—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 other affiliated accounts or mutual funds. Prior to June 29, 2010, the unsecured revolving credit facility was $750 million. For the year ended December 31, 2010, there were no borrowings under this credit facility by the Accounts.

College Retirement Equities Fund § 2010 Annual Report   93

REPORT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM

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

In our opinion, the accompanying statements of assets and liabilities, including the summary portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Stock Account, Global Equities Account, Growth Account, Equity Index Account, Bond Market Account, Inflation-Linked Bond Account, Social Choice Account and Money Market Account (constituting the College Retirement Equities Fund, hereafter referred to as the “Accounts”), at December 31, 2010, the results of each of their operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Accounts’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2010 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP
Boston, Massachusetts
February 18, 2011

94   2010 Annual Report § College Retirement Equities Fund

2010 ANNUAL MEETING (UNAUDITED)

COLLEGE RETIREMENT EQUITIES FUND

Trustees

On July 20, 2010, at an annual meeting of CREF participants, the following persons were elected to serve on the Board of Trustees:

Nominee		Dollars for	Percent		Dollars against	Percent		Dollars abstain	Percent
Forrest Berkley	$	20,894,558,627.54	93.034	$	680,231,839.03	3.029	$	884,150,760.46	3.937
Nancy A. Eckl		20,947,897,863.69	93.272		651,691,924.34	2.902		859,351,439.00	3.826
Eugene Flood, Jr.		20,913,457,021.28	93.119		667,190,258.14	2.971		878,293,947.61	3.911
Michael A. Forrester		20,831,297,717.89	92.753		714,065,803.44	3.179		913,577,705.70	4.068
Howell E. Jackson		20,933,006,754.24	93.206		664,366,490.19	2.958		861,567,982.60	3.836
Nancy L. Jacob		20,908,721,966.80	93.098		707,000,530.18	3.148		843,218,730.05	3.754
Bridget A. Macaskill		20,925,282,937.33	93.171		672,632,388.37	2.995		861,025,901.33	3.834
James M. Poterba		21,024,119,839.69	93.611		598,598,505.61	2.665		836,222,881.73	3.723
Maceo K. Sloan		20,787,482,285.99	92.558		769,284,098.75	3.425		902,174,842.29	4.017
Laura T. Starks		21,050,931,082.09	93.731		580,244,465.21	2.584		827,765,679.73	3.686

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

Independent registered public accounting firm

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

Account		Dollars for	Percent		Dollars against	Percent		Dollars abstain	Percent
Overall
CREF Accounts	$	21,283,177,346.32	94.765	$	455,973,427.18	2.030	$	719,790,453.53	3.205

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

College Retirement Equities Fund § 2010 Annual Report   95

TRUSTEES AND OFFICERS (UNAUDITED)

COLLEGE RETIREMENT EQUITIES FUND §DECEMBER 31, 2010

Trustees

Name, Address and Date of Birth (“DOB”)	Position(s) Held with CREF	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017–3206 DOB: 4/25/54	Trustee	One-year term. Trustee since 2006.	Retired Partner (since 2006), Former Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	68	Director of GMO; Director, the Maine Coast Heritage Trust; Investment Committee member, Maine Community Foundation, the Butler Conservation Fund, Inc. and the Elmina B. Sewell Foundation.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017–3206 DOB: 10/6/62	Trustee	One year term. Trustee since 2007.	Former Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	68	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend and Income Fund, Inc.; Member of the Board of Managers of Lazard Alternative Strategies Fund, LLC.
Eugene Flood, Jr. c/o Corporate Secretary 730 Third Avenue New York, NY 10017–3206 DOB: 10/31/55	Trustee	One-year term. Trustee since 2005.	President and Chief Executive Officer (since 2000) of Smith Breeden Associates, Inc. (investment adviser).	68	Director, Smith Breeden Associates, Inc. (investment adviser).

96   2010 Annual Report § College Retirement Equities Fund

Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017–3206 DOB: 11/05/67	Trustee	One year term. Trustee since 2007.	Chief Operating Officer, Copper Rock Capital Partners, LLC (since 2007); Chief Operating Officer, DDJ Capital Management (2003–2006).	68	Director of Copper Rock Capital Partners, LLC (investment adviser).
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017–3206 DOB: 1/4/54	Trustee	One-year term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	68	Director, D2D Fund.
Nancy L. Jacob c/o Corporate Secretary 730 Third Avenue New York, NY 10017–3206 DOB: 1/15/43	Trustee	One-year term. Trustee since 1979.	President and Founder (since 2006) of NLJ Advisors, Inc. (investment adviser); President and Managing Principal, Windermere Investment Associates (1997–2006).	68	None
Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017–3206 DOB: 8/5/48	Trustee	One-year term. Trustee since 2003.	Chief Executive Officer (since 2010), President and Chief Operating Officer (since 2009), First Eagle Investment Management; Principal, BAM Consulting LLC (2003–2009); Independent Consultant for Merrill Lynch (2003–2009).	68	Director, Prudential plc; Arnhold and S. Bleichroeder Holdings; First Eagle Investment Management; Governors Committee on Scholastic Achievement; William T. Grant Foundation; American Legacy Foundation (Investment Committee); University of Edinburgh (Campaign Board); and North Shore Land Alliance.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017–3206 DOB: 7/13/58	Trustee	One-year term. Trustee since 2006.	President and Chief Executive Officer, National Bureau of Economic Research (since 2008); Mitsui Professor of Economics (since 1996), Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department, Massachusetts Institute of Technology (MIT); Program Director, National Bureau of Economic Research (1990–2008).	68	Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research.

College Retirement Equities Fund § 2010 Annual Report   97

TRUSTEES AND OFFICERS (UNAUDITED) continued

COLLEGE RETIREMENT EQUITIES FUND § DECEMBER 31, 2010

Trustees—concluded

Name, Address and Date of Birth (“DOB”)	Position(s) Held with CREF	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017–3206 DOB: 10/18/49	Chairman of the Board and Trustee	One-year term as Trustee; Chairman for term ending June 30, 2012. Trustee since 1991. Chairman since 2009.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman, Chief Executive Officer and Chief Investment Officer, NCM Capital Management Group, Inc. (since 1991); Chairman and Chief Executive Officer and Chief Investment Officer, NCM Capital Advisers Inc. (since 2003); and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (since 2007).	68	Director, SCANA Corporation (energy holding company) and NCM Capital Investment Trust.
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017–3206 DOB: 2/17/50	Trustee	One-year term. Trustee since 2006.	Chairman, Department of Finance, the Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002), and Director, AIM Investment Center, McCombs School of Business, University of Texas at Austin (since 2000); Professor, University of Texas at Austin (since 1987).	68	Governing Council, Independent Directors Council (mutual fund director organization).

98   2010 Annual Report § College Retirement Equities Fund

Officers

Name, Address and Date of Birth (“DOB”)	Position(s) Held with CREF	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Marvin W. Adams TIAA-CREF 730 Third Avenue New York, NY 10017–3206 DOB: 11/16/57	Executive Vice President	One-year term. Executive Vice President since 2010.	Executive Vice President of Shared Services (since 2010) and Technology and Operations (2010) of Teachers Insurance and Annuity Association of America (“TIAA”), Teachers Advisors, Inc. (“Advisors”) and TIAA-CREF Investment Management, LLC (“TCIM”), and Executive Vice President of the TIAA-CREF Funds, CREF, TIAA-CREF Life Funds and TIAA-CREF Separate Account VA-1 (collectively, the “TIAA-CREF Fund Complex”) (since 2010); President, Fidelity Shared Services, Fidelity Investments (2007–2009); Chief Information Officer and CIO Council Head, Citigroup (2006–2007); Senior Vice President of Corporate Strategy and Chief Information Officer, Ford Motor Company (2000–2006).
Brandon Becker TIAA-CREF 730 Third Avenue New York, NY 10017–3206 DOB: 3/19/54	Executive Vice President and Chief Legal Officer	One year term. Executive Vice President and Chief Legal Officer since 2009.	Executive Vice President and Chief Legal Officer of TIAA and the TIAA-CREF Fund Complex (since 2009); Partner, Wilmer Cutler Pickering Hale & Dorr LLP (1996–2009).
Richard S. Biegen TIAA-CREF 730 Third Avenue New York, NY 10017–3206 DOB: 5/8/62	Chief Compliance Officer	One-year term. Vice President and Chief Compliance Officer since 2008.	Chief Compliance Officer of TIAA Separate Account VA-3 and the TIAA-CREF Fund Complex, Vice President, Senior Compliance Officer of Asset Management Compliance of TIAA and Chief Compliance Officer of TCIM (since 2008), Chief Compliance Officer of Advisors (2008); Managing Director/Director of Global Compliance, AIG Global Investment Group (2000–2008).
Scott C. Evans TIAA-CREF 730 Third Avenue New York, NY 10017–3206 DOB: 5/11/59	Executive Vice President	One-year term. Executive Vice President since 1997.	President and Principal Executive Officer of the TIAA-CREF Funds and the TIAA-CREF Life Funds (since 2007), Executive Vice President (since 1997) of CREF and TIAA Separate Account VA-1, Executive Vice President, Investments, Research, Institute & Strategy (since 2009), Executive Vice President, Head of Asset Management (2006–2009), Executive Vice President and Chief Investment Officer (2005) of TIAA, Director of Advisors (since 2004), President and Chief Executive Officer of TCIM and Advisors and Manager of TCIM (since 2004), Manager of TIAA Realty Capital Management, LLC (2004–2006), Chief Investment Officer of TIAA (2004–2006), Director of TIAA Global Markets, Inc. (2004–2005), Director of TIAA-CREF Life Insurance Company (1997–2006), and Director of Teachers Personal Investors Services, Inc. (“TPIS”) (2006–2008).

College Retirement Equities Fund § 2010 Annual Report   99

TRUSTEES AND OFFICERS (UNAUDITED) concluded

COLLEGE RETIREMENT EQUITIES FUND § DECEMBER 31, 2010

Officers—concluded

Name, Address and Date of Birth (“DOB”)	Position(s) Held with CREF	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Roger W. Ferguson, Jr. TIAA-CREF 730 Third Avenue New York, NY 10017–3206 DOB: 10/28/51	President and Chief Executive Officer	One-year term. President and Chief Executive Officer since 2008.	President and Chief Executive Officer of TIAA (since 2008), and President and Chief Executive Officer of CREF and TIAA Separate Account VA-1 (since 2008); Chairman, Head of Financial Services and Member of the Executive Committee of Swiss Re America Holding Corporation (2006–2008); Vice Chairman and Member of the Board of Governors of the United States Federal Reserve System (1997–2006).
Phillip G. Goff TIAA-CREF 730 Third Avenue New York, NY 10017–3206 DOB: 11/22/63	Treasurer	One-year term. Treasurer since 2008.	Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2007) and TIAA Separate Account VA-1 (since 2009), Treasurer of CREF (since 2008), Director of Advisors (since 2008); Chief Financial Officer, Van Kampen Funds (2005–2006).
Stephen Gruppo TIAA-CREF 730 Third Avenue New York, NY 10017–3206 DOB: 9/25/59	Executive Vice President	One-year term. Executive Vice President since 2009.	Executive Vice President, Head of Risk Management of TIAA, Executive Vice President of the TIAA-CREF Fund Complex (since 2009), Executive Vice President, Risk Management of Advisors and TCIM (since 2009), Senior Managing Director and Acting Head of Risk Management of TIAA and Senior Managing Director of the TIAA-CREF Fund Complex (2008–2009), Senior Managing Director, Chief Credit Risk Officer (2004–2008) of TIAA, Director, TIAA-CREF Life Insurance Company (2006–2008), Director, TPIS, Advisors and TCIM (2008), Head of Risk Management of Advisors and TCIM (2005–2006).
William Mostyn III TIAA-CREF 730 Third Avenue New York, NY 10017–3206 DOB: 1/1/48	Vice President and Corporate Secretary	One-year term. Vice President and Corporate Secretary since 2008.	Senior Vice President (since 2010) and Corporate Secretary of TIAA and Vice President and Corporate Secretary of the TIAA-CREF Fund Complex (since 2008); Deputy General Counsel and Corporate Secretary, Bank of America (2005–2008).

100   2010 Annual Report § College Retirement Equities Fund

Dermot J. O’Brien TIAA-CREF 730 Third Avenue New York, NY 10017–3206 DOB: 3/13/66	Executive Vice President	One-year term. Executive Vice President since 2003.	Executive Vice President, Human Resources (since 2010, 2005–2007) and Executive Vice President of Human Resources and Corporate Services (2007–2010) of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex (since 2003), Director, TIAA-CREF Life Insurance Company (2003–2006).
Edward D. Van Dolsen TIAA-CREF 730 Third Avenue New York, NY 10017–3206 DOB: 4/21/58	Executive Vice President	One-year term. Executive Vice President since 2006.	Executive Vice President and Chief Operating Officer (since 2010), Executive Vice President, Product Development and Management (2009–2010), Executive Vice President, Institutional Client Services (2006–2009), and Executive Vice President, Product Management (2005–2006) of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex (since 2006), Executive Vice President, Institutional Client Services (2006–2008), Director, TCT Holdings, Inc. (since 2007), Executive Vice President, TIAA-CREF Enterprises, Inc., Manager, President and Chief Executive Officer, TIAA-CREF Redwood, LLC (since 2006), Director of Tuition Financing (2006–2009), Senior Vice President, Pension Products (2003–2006).
Constance K. Weaver TIAA-CREF 730 Third Avenue New York, NY 10017–3206 DOB: 9/26/52	Executive Vice President	One-year term. Executive Vice President since 2010.	Executive Vice President, Chief Marketing and Communications Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2010); Senior Vice President, The Hartford Financial Services Group, Inc. (2008–2010); Executive Vice President and Chief Marketing Officer, BearingPoint (2005–2008).
Virginia M. Wilson TIAA-CREF 730 Third Avenue New York, NY 10017–3206 DOB: 7/22/54	Executive Vice President, Chief Financial Officer and Principal Accounting Officer	One-year term. Executive Vice President, Chief Financial Officer and Principal Accounting Officer since 2010.	Executive Vice President, Chief Financial Officer of TIAA and Executive Vice President, Chief Financial Officer and Principal Accounting Officer of CREF (since 2010); Executive Vice President and Chief Financial Officer of Wyndham Worldwide Corporation (2006–2009); Executive Vice President and Chief Accounting Officer, Cendant Corporation (2003–2006).

College Retirement Equities Fund § 2010 Annual Report   101

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HOW TO REACH US

TIAA-CREF WEBSITE

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

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

AUTOMATED TELEPHONE SERVICE

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

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

TELEPHONE COUNSELING CENTER

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

800 842-2252
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

For an existing policy or contract

800 223-1200

To apply for a new policy or contract

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, are not bank deposits or bank guaranteed, and may lose value. TIAA-CREF Brokerage Services is a division of TIAA-CREF Individual & Institutional Services, LLC. TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. Insurance and annuity products are issued by TIAA-CREF Life Insurance Company, New York, NY. TIAA-CREF Trust Company, FSB provides trust services.

©2011 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), New York, NY 10017-3206

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Item 2. Code of Ethics.

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

2(b) No response required.

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

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

2(e) Not applicable.

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

Item 3. Audit Committee Financial Expert.

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

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

Item 4. Principal Accountant Fees and Services.

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

4(a) Audit Fees.

For the fiscal years ended December 31, 2010 and December 31, 2009, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $985,800 and $935,000, respectively.

4(b) Audit Related Fees.

For the fiscal years ended December 31, 2010 and December 31, 2009, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended December 31, 2010 and December 31, 2009, the Audit-Related Fees billed by PwC to Teachers Advisors, Inc. (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.

4(c) Tax Fees.

For the fiscal years ended December 31, 2010 and December 31, 2009, PwC’s aggregate fees for tax services billed to the Registrant were $0 and $0, respectively.

For the fiscal years ended December 31, 2010 and December 31, 2009, PwC’s aggregate fees for tax services billed to the Fund Service Providers were $0 and $0, respectively.

4(d) All Other Fees.

For the fiscal years ended December 31, 2010 and December 31, 2009, PwC’s aggregate fees for all other services billed to the Registrant were $0 and $0, respectively.

For the fiscal years ended December 31, 2010 and December 31, 2009, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

4(e)(1) Preapproval Policy.

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

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

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

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

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2010 and December 31, 2009 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2010 and December 31, 2009 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2010 and December 31, 2009 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2010 and December 31, 2009 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2010 and December 31, 2009 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2010 and December 31, 2009 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

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

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

For the fiscal years ended December 31, 2010 and December 31, 2009, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $245,730 and $238,354, respectively.

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

Item 5. Audited Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

(a) College Retirement Equities Fund - Schedule of Investments

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2010

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE (000)
BONDS - 0.0%
CORPORATE BONDS - 0.0%
AUTOMOBILES & COMPONENTS - 0.0%
$	40,684,487	e,n	General Motors Corp	7.200	%	01/15/11	$	13,731
	18,507,434	e,n	General Motors Corp	7.130		07/15/13		6,200
	4,230,271	e,n	General Motors Corp	7.700		04/15/16		1,396
	6,062,000	n	General Motors Corp	9.400		07/15/21		1,970
	85,268,000	e,n	General Motors Corp	8.380		07/15/33		30,483
	26,439,191	n	Motors Liquidation Co	8.800		03/01/21		8,989
	7,950,000	e,n	Motors Liquidation Co	8.250		07/15/23		2,763
	24,057,000	n	Motors Liquidation Co	7.400		09/01/25		8,059
	35,983,677	n	Motors Liquidation Co	6.750		05/01/28		12,234
			TOTAL AUTOMOBILES & COMPONENTS					85,825
DIVERSIFIED FINANCIALS - 0.0%
	107,800	j	GAMCO Investors, Inc	0.000		12/31/15		0	^
			TOTAL DIVERSIFIED FINANCIALS					0	^
FOOD & STAPLES RETAILING - 0.0%
	8	i	Marfrig Alimentos S.A.	1.000		07/15/15		49
			TOTAL FOOD & STAPLES RETAILING					49
REAL ESTATE - 0.0%
	22,970		Kiwi Income Property Trust	8.950		12/20/14		19
			TOTAL REAL ESTATE					19
			TOTAL CORPORATE BONDS					85,893
			(Cost $86,399)
GOVERNMENT BONDS 0.0%
FOREIGN GOVERNMENT BONDS - 0.0%
	37,000	j	Italy Certificati di Credito del Tesoro	0.000		12/31/12		47
			TOTAL FOREIGN GOVERNMENT BONDS					47
U.S. TREASURY SECURITIES - 0.0%
	325,000		United States Treasury Note	5.000		02/15/11		327
			TOTAL U.S. TREASURY SECURITIES					327
			TOTAL GOVERNMENT BONDS
			(Cost $447)					374
			TOTAL BONDS				$	86,267
			(Cost $86,846)

1

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 99.7%
AUTOMOBILES & COMPONENTS - 2.1%
	135,400		AAPICO Hitech PCL	$	73
	9,000		Actron Technology Corp		42
	64,000	*	Aichi Machine Industry Co Ltd		260
	34,200	*	Aisan Industry Co Ltd		308
	771,489	*	Aisin Seiki Co Ltd		27,300
	171,100	e	Akebono Brake Industry Co Ltd		1,102
	3,319,847	*	American Axle & Manufacturing Holdings, Inc		42,693
	91,978	*	Amerigon, Inc (Class A)		1,001
	27,510		Amtek Auto Ltd		84
	609		Amtek India Ltd		1
	11,259	*	Asahi India Glass Ltd		24
	1,170		AtlasBX Co Ltd		24
	1,177,470	e	Autoliv, Inc		92,949
	131,065		Bajaj Holdings and Investment Ltd		4,517
	490,151		Bayerische Motoren Werke AG.		38,546
	3,460		Bayerische Motoren Werke AG. (Preference)		178
	13,327		Bharat Forge Ltd		113
	639,252	*,e	BorgWarner, Inc		46,256
	136,172	e	Brembo S.p.A.		1,406
	655,991	e	Bridgestone Corp		12,677
	3,304,000	*,e	Brilliance China Automotive Holdings Ltd		2,521
	696,900	e	Byd Co Ltd		3,663
	972,058	*	Calsonic Kansei Corp		3,879
	62,000	*	Chaowei Power Holdings Ltd		18
	1,532,511		Cheng Shin Rubber Industry Co Ltd		3,417
	691,000		China Motor Corp		687
	26,728		Compagnie Plastic-Omnium S.A.		1,893
	86,807	*	Continental AG.		6,860
	360,343	e	Cooper Tire & Rubber Co		8,497
	9,000		Cub Elecparts, Inc		28
	2,940		Dae Won Kang Up Co Ltd		11
	658,087	*	Daihatsu Motor Co Ltd		10,099
	2,271,952		DaimlerChrysler AG. (EUR)		154,017
	697,939	*,e	Dana Holding Corp		12,012
	1,467,409		Denso Corp		50,643
	24,000		Depo Auto Parts Ind Co Ltd		64
	1,300		Dong Ah Tire & Rubber Co Ltd		11
	5,041,215		Dongfeng Motor Group Co Ltd		8,691
	2,780		Dongyang Mechatronics Corp		27
	49,900	*,e	Dorman Products, Inc		1,808
	23,700	*	Double Coin Holdings Ltd		20

2

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	127,000		Drb-Hicom BHD	$	80
	96,563	e	Drew Industries, Inc		2,194
	31,000	*	Eagle Industry Co Ltd		325
	52,624		ElringKlinger AG.		1,864
	64,182		Exedy Corp		2,084
	38,116		Exide Industries Ltd		142
	337,504	*,e	Exide Technologies		3,176
	68,182	*	Faurecia		1,971
	53,400	e	FCC Co Ltd		1,244
	61,000		Federal Corp		46
	236,723	*	Federal Mogul Corp (Class A)		4,888
	1,145,088	e	Fiat S.p.A.		23,611
	150,499	e	Fleetwood Corp Ltd		2,000
	17,659,070	*,e	Ford Motor Co		296,497
	8,757		Ford Otomotiv Sanayi AS		74
	76,721	*,e	Fuel Systems Solutions, Inc		2,254
	1,196,313	*	Fuji Heavy Industries Ltd		9,283
	17,000	e	Furukawa Battery Co Ltd		111
	67,797	*,e	Futaba Industrial Co Ltd		492
	5,095,000	e	Geely Automobile Holdings Ltd		2,229
	1,014,489	*	General Motors Co		37,394
	432,244	e	Gentex Corp		12,777
	2,474,154		GKN plc		8,571
	880		Global & Yuasa Battery Co Ltd		25
	753,547	*	Goodyear Tire & Rubber Co		8,930
	14,528	*	Grammer AG.		355
	71,000	e	Great Wall Motor Co Ltd		219
	3,586,056	e	Guangzhou Automobile Group Co Ltd		4,946
	7,130		Halla Climate Control Corp		126
	2,440		Hanil E-Wha Co Ltd		13
	101,560		Hankook Tire Co Ltd		2,841
	856,506	e	Harley-Davidson, Inc		29,695
	106,211		Hero Honda Motors Ltd		4,722
	3,529,622	e	Honda Motor Co Ltd		139,768
	6,000		Hu Lane Associate, Inc		15
	5,293		Hudaco Industries Ltd		67
	2,220		Hwa Shin Co Ltd		22
	102,437		Hyundai Mobis		25,679
	271,887		Hyundai Motor Co		41,565
	65,543		Hyundai Motor Co Ltd (2nd Preference)		3,667
	41,280		Hyundai Motor Co Ltd (Preference)		2,146
	250,133		IMMSI S.p.A.		273
	2,294,536	*	Isuzu Motors Ltd		10,428
	30,200	*	Jinan Qingqi Motorcycle Co		14
	3,133,690	e	Johnson Controls, Inc		119,706
	43,200	*	Kanto Auto Works Ltd		373
	250,896	*	Kayaba Industry Co Ltd		1,922
	158,900	*	Keihin Corp		3,582
	99,000		Kenda Rubber Industrial Co Ltd		102
	398,010		Kia Motors Corp		17,745
	87,372	*	Koito Manufacturing Co Ltd		1,367
	577,351	*	Kongsberg Automotive ASA		480

3

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,340	*	Kumho Tire Co, Inc	$	16
	62,290	e	Landi Renzo S.p.A.		248
	600	*,b,m	Lear Corp		0	^
	428,430	*,e	Lear Corp (New)		42,290
	38,712		Leoni AG.		1,705
	83,398		Linamar Corp		1,707
	441,520		Magna International, Inc (Class A)		23,051
	490,662		Mahindra & Mahindra Ltd		8,539
	11,335	*	MANDO CORP		1,288
	104,582	*	Martinrea International, Inc		937
	95,532		Maruti Udyog Ltd		3,037
	602,342		Mazda Motor Corp		1,729
	11,525		Michelin (C.G.D.E.) (Class B)		827
	108,000		Minth Group Ltd		177
	47,000	*	Mitsuba Corp		406
	2,606,279	*,e	Mitsubishi Motors Corp		3,788
	213,832	*	Modine Manufacturing Co		3,314
	1,740		Motonic Corp		13
	433	*	MRF Ltd		70
	37,400		Musashi Seimitsu Industry Co Ltd		931
	386,000	*	Nan Kang Rubber Tire Co Ltd		653
	6,270		Nexen Tire Corp		46
	149,282		NGK Spark Plug Co Ltd		2,291
	323,707	*	NHK Spring Co Ltd		3,521
	113,751		Nifco, Inc		3,084
	67,000		Nippon Seiki Co Ltd		803
	6,448,260	*	Nissan Motor Co Ltd		61,393
	108,000		Nissan Shatai Co Ltd		943
	69,600		Nissin Kogyo Co Ltd		1,298
	151,061	*	NOK Corp		3,148
	6,763		Nokian Renkaat Oyj		248
	848,000	*,m	Norstar Founders Group Ltd		1
	3,002		Otokar Otobus Karoseri Sanayi AS.		42
	3,301,318	*	Peugeot S.A.		125,332
	180,127	e	Piaggio & C S.p.A.		566
	46,226	e	Pirelli & C S.p.A.		374
	12,000	*	Plascar Participacoes Industriais S.A.		26
	264,564		Porsche AG.		21,092
	126,000	*	Press Kogyo Co Ltd		605
	42,800		Proton Holdings BHD		62
	2,747,631		PT Astra International Tbk		16,635
	246,500		PT Gajah Tunggal Tbk		63
	1,218		Pyeong Hwa Automotive Co Ltd		16
	136,000		Qingling Motors Co Ltd		41
	738,400	*	Renault S.A.		42,922
	4,163	*	Rieter Holding AG.		1,509
	161,000		Riken Corp		716
	940	*	S&T Daewoo Co Ltd		26
	4,280		S&T Dynamics Co Ltd		86
	250,000		Sanden Corp		998
	28,300	*	Sanoh Industrial Co Ltd		259
	108,000	*	Sanyang Industry Co Ltd		69

4

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,050		Sejong Industrial Co Ltd	$	11
	25,575		Semperit AG. Holding		1,353
	11,457		Shiloh Industries, Inc		137
	90,600	*	Showa Corp		692
	1,200		SL Corp		18
	8,701	e	Societe Fonciere Financiere et de Participations FFP		596
	59,256	*	Sogefi S.p.A.		196
	17,700		Somboon Advance Technology PCL		17
	186,290		Spartan Motors, Inc		1,135
	48,100		Sri Trang Agro-Industry PCL		57
	3,560	*	Ssangyong Motor Co		26
	179,698	e	Standard Motor Products, Inc		2,462
	188,111		Stanley Electric Co Ltd		3,515
	68,791	*,e	Stoneridge, Inc		1,086
	177,506	e	Sumitomo Rubber Industries, Inc		1,854
	3,578		Sungwoo Hitech Co Ltd		43
	101,606		Superior Industries International, Inc		2,156
	739,614	*	Suzuki Motor Corp		18,219
	2,345,653		T RAD Co Ltd		9,650
	4,000		Ta Yih Industrial Co Ltd		9
	41,500		Tachi-S Co Ltd		680
	54,300	*	Takata Corp		1,606
	60,200		TAN Chong Motor Holdings BHD		101
	26,700	e	Teikoku Piston Ring Co Ltd		271
	293,973	*,e	Tenneco, Inc		12,100
	47,500	*,e	Tesla Motors, Inc		1,265
	104,150	e	Thor Industries, Inc		3,537
	62,000		Tianneng Power International Ltd		26
	87,963	*	Tokai Rika Co Ltd		1,663
	73,300		Tokai Rubber Industries, Inc		1,015
	58,000		Tong Yang Industry Co Ltd		86
	49,800		Topre Corp		379
	28,000	*,e	Tower International, Inc		495
	246,000	e	Toyo Tire & Rubber Co Ltd		594
	377,730	*	Toyoda Gosei Co Ltd		8,872
	79,200	*	Toyota Auto Body Co Ltd		1,479
	74,283	*,e	Toyota Boshoku Corp		1,311
	232,799	*	Toyota Industries Corp		7,229
	3,909,561	*	Toyota Motor Corp		155,053
	841,932	*,e	TRW Automotive Holdings Corp		44,370
	60,600	e	TS Tech Co Ltd		1,176
	9,096		Tung Thih Electronic Co Ltd		40
	39,662		TVS Motor Co Ltd		63
	46,000		TYC Brother Industrial Co Ltd		31
	2,147,541		UMW Holdings BHD		4,889
	46,100	e	Unipres Corp		919
	521,301	*	Valeo S.A.		29,582
	155,419	e	Volkswagen AG.		21,994
	156,132		Volkswagen AG. (Preference)		25,329
	121,601	*,e	Winnebago Industries, Inc		1,848
	2,206,000	e	Xinyi Glass Holdings Co Ltd		1,816
	329,455	*	Yamaha Motor Co Ltd		5,369

5

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	465,000		Yokohama Rubber Co Ltd	$	2,405
	19,100	*,e	Yorozu Corp		343
	934,258		Yulon Motor Co Ltd		1,977
			TOTAL AUTOMOBILES & COMPONENTS		2,138,606
BANKS - 6.1%
	91,158	e	1st Source Corp		1,845
	85,078	*,e	1st United Bancorp, Inc		588
	733,712		77 Bank Ltd		3,895
	77,734	*	Aareal Bank AG.		2,368
	107,954	e	Abington Bancorp, Inc		1,288
	460,803		ABSA Group Ltd		9,793
	73,900		Affin Holdings BHD		74
	39,865,000	*,e	Agricultural Bank of China		20,002
	329,957	*	Agricultural Bank of Greece		326
	10,600		Aichi Bank Ltd		659
	1,714,876		Akbank TAS		9,530
	255,000		Akita Bank Ltd		757
	44,641		Albaraka Turk Katilim Bankasi AS		78
	21,697	e	Alliance Financial Corp		702
	1,220,400		Alliance Financial Group BHD		1,203
	1,252,927	*	Allied Irish Banks plc		502
	63,060	*	Alpha Bank S.A.		320
	315,270	*,e	Amagerbanken AS		189
	28,878	e	American National Bankshares, Inc		680
	107,311	e	Ameris Bancorp		1,131
	37,650	e	Ames National Corp		816
	20,063		Andhra Bank		68
	541,290	*,m	Anglo Irish Bank Corp plc		157
	263,000		Aomori Bank Ltd		726
	5,903,304	e	Aozora Bank Ltd		12,215
	50,785	e	Arrow Financial Corp		1,397
	344,977	e	Associated Banc-Corp		5,226
	456,933	e	Astoria Financial Corp		6,356
	614,409		Asya Katilim Bankasi AS		1,130
	78,692		Attijariwafa Bank		3,833
	4,121,809		Australia & New Zealand Banking Group Ltd		98,439
	353,721	e	Awa Bank Ltd		2,130
	41,664	e	Banca Carige S.p.A.		87
	13,745,203		Banca Intesa S.p.A.		37,286
	3,681,273		Banca Intesa S.p.A. RSP		8,771
	457,072	e	Banca Monte dei Paschi di Siena S.p.A.		520
	379,899	e	Banca Popolare dell’Emilia Romagna Scrl		4,747
	104,164		Banca Popolare dell’Etruria e del Lazio		427
	574,539		Banca Popolare di Milano		2,012
	34,940	e	Bancfirst Corp		1,439
	134,008		Banche Popolari Unite Scpa		1,173
	6,282,539	e	Banco Bilbao Vizcaya Argentaria S.A.		63,469
	383,220	e	Banco BPI S.A.		709
	3,074,698		Banco Bradesco S.A.		60,475
	266,061	e	Banco Comercial Portugues S.A.		207
	3,700		Banco Daycoval S.A.		29

6

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	64,655		Banco de Credito e Inversiones	$	4,533
	1,603,340		Banco de Oro Universal Bank		2,141
	132,328	e	Banco de Sabadell S.A.		522
	24,658	e	Banco de Valencia S.A.		108
	85,956	e	Banco di Desio e della Brianza S.p.A.		466
	9,367		Banco di Sardegna S.p.A		119
	1,157,076		Banco do Brasil S.A.		21,901
	545,681		Banco do Estado do Rio Grande do Sul		5,802
	146,236	e	Banco Espirito Santo S.A.		563
	116,500		Banco Industrial e Comercial S.A.		993
	3,592,381		Banco Itau Holding Financeira S.A.		86,109
	137,831		Banco Latinoamericano de Exportaciones S.A. (Class E)		2,544
	7,600		Banco Panamericano S.A.		19
	167,172	e	Banco Pastor S.A.		837
	2,800		Banco Pine S.A.		25
	58,392	e	Banco Popolare Scarl		265
	132,243	e	Banco Popular Espanol S.A.		679
	1,155,880		Banco Santander Brasil S.A.		15,702
	332,180		Banco Santander Brasil S.A. (ADR)		4,518
	18,167,834		Banco Santander Central Hispano S.A.		192,474
	63,218,068		Banco Santander Chile S.A.		5,714
	278,999		BanColombia S.A.		4,287
	56,000	e	BanColombia S.A. (ADR)		3,467
	119,961		BanColombia S.A. (Preference)		1,871
	13,088	e	Bancorp Rhode Island, Inc		381
	166,508	e	Bancorpsouth, Inc		2,656
	108,500		Bangkok Bank PCL		529
	1,787,000		Bangkok Bank PCL (Foreign Reg)		9,040
	204,073	e	Banif SGPS S.A.		237
	55,276		Bank Handlowy w Warszawie S.A.		1,746
	1,173,625	*	Bank Hapoalim Ltd		6,109
	1,506,237		Bank Leumi Le-Israel		7,713
	506,974	*	Bank Millennium S.A.		839
	222,253	e	Bank Mutual Corp		1,062
	162,870	*	Bank of Attica		205
	2,285,600		Bank of Ayudhya PCL		1,933
	114,064,000	e	Bank of China Ltd		60,167
	15,640,225	e	Bank of Communications Co Ltd		15,755
	328,892		Bank of Cyprus Public Co Ltd		1,134
	1,194,014		Bank of East Asia Ltd		5,000
	150,364	e	Bank of Hawaii Corp		7,099
	341,703	*	Bank of Ireland		171
	19,600		Bank of Iwate Ltd		940
	80,000	*	Bank of Kaohsiung		44
	568,783	e	Bank of Kyoto Ltd		5,394
	26,368	e	Bank of Marin Bancorp		923
	898,035	e	Bank of Montreal		51,915
	412,000		Bank of Nagoya Ltd		1,330
	2,120,113	e	Bank of Nova Scotia		121,752
	41,800		Bank of Okinawa Ltd		1,622
	761,637	e	Bank of Queensland Ltd		8,094
	370,541		Bank of Saga Ltd		1,050

7

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	75,620	e	Bank of the Ozarks, Inc	$	3,278
	2,592,169		Bank of the Philippine Islands		3,491
	74,000		Bank of the Ryukyus Ltd		875
	1,319,475		Bank of Yokohama Ltd		6,842
	169,834		Bank Pekao S.A.		10,269
	8,037,500		Bank Rakyat Indonesia		9,367
	60,043		Bank Zachodni WBK S.A.		4,359
	105,167	e	BankFinancial Corp		1,025
	28,011	e	Bankinter S.A.		156
	6,144		Banque Cantonale Vaudoise		3,226
	31,282,648		Barclays plc		127,614
	9,178		Basler Kantonalbank		1,399
	1,550,843		BB&T Corp		40,772
	1,034,242	e	Bendigo Bank Ltd		10,525
	190,022	*,e	Beneficial Mutual Bancorp, Inc		1,678
	65,798	e	Berkshire Hills Bancorp, Inc		1,454
	2,427,192		BNP Paribas		154,421
	3,588,738		BOC Hong Kong Holdings Ltd		12,212
	23,910	*,e	BofI Holding, Inc		371
	49,414	e	BOK Financial Corp		2,639
	364,711	e	Boston Private Financial Holdings, Inc		2,389
	266,825	*,m	Bradford & Bingley plc		0	^
	18,211	*	BRE Bank S.A.		1,870
	29,752	e	Bridge Bancorp, Inc		733
	276,062	e	Brookline Bancorp, Inc		2,995
	38,881	e	Bryn Mawr Bank Corp		678
	6,019,596		Bumiputra-Commerce Holdings BHD		16,594
	172,671		Caja de Ahorros del Mediterraneo		1,613
	43,654	e	Camden National Corp		1,582
	893,682	e	Canadian Imperial Bank of Commerce/Canada		70,403
	141,776	e	Canadian Western Bank		4,044
	172,614		Canara Bank		2,549
	68,217	e	Capital City Bank Group, Inc		860
	1,211,405		CapitalSource, Inc		8,601
	57		Capitec Bank Holdings Ltd		1
	1,038,313	e	Capitol Federal Financial		12,366
	198,483	e	Cardinal Financial Corp		2,308
	373,668	e	Cathay General Bancorp		6,240
	156,924	*,e	Center Financial		1,189
	89,934		Centerstate Banks of Florida, Inc		712
	19,768	e	Century Bancorp, Inc		530
	5,463,000		Chang Hwa Commercial Bank		4,853
	126,605	e	Chemical Financial Corp		2,804
	1,233,370		Chiba Bank Ltd		8,021
	48,800	*	Chiba Kogyo Bank Ltd		293
	11,440,855	e	China Citic Bank		7,418
	85,703,341		China Construction Bank		76,852
	12,978,777		China Development Financial Holding Corp		5,720
	5,780,122	e	China Merchants Bank Co Ltd		14,590
	11,335,000	e	China Minsheng Banking Corp Ltd		9,698
	14,175,153		Chinatrust Financial Holding Co		10,404
	159,000		Chong Hing Bank Ltd		437

8

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,281,000	*	Chongqing Rural Commercial Bank	$	1,535
	124,781		Chugoku Bank Ltd		1,511
	1,195,168	*,e	CIT Group, Inc		56,292
	53,667	e	Citizens & Northern Corp		797
	1,875,845	*	Citizens Republic Bancorp, Inc		1,154
	80,142	e	City Holding Co		2,904
	89,657	e	City National Corp		5,501
	36,641		City Union Bank Ltd		41
	45,018	e	Clifton Savings Bancorp, Inc		487
	41,612	e	CNB Financial Corp		616
	154,346	e	CoBiz, Inc		938
	193,764	e	Columbia Banking System, Inc		4,081
	51,463		Comdirect Bank AG.		495
	535,886	e	Comerica, Inc		22,636
	209,124	e	Commerce Bancshares, Inc		8,309
	849,806		Commercial International Bank		6,939
	216,700	*,e	Commerzbank AG.		1,608
	2,163,252		Commonwealth Bank of Australia		112,332
	161,953	e	Community Bank System, Inc		4,497
	82,564	e	Community Trust Bancorp, Inc		2,391
	1,344,400	*,e	Compartamos SAB de C.V.		2,923
	62,201,838		CorpBanca S.A.		1,156
	117,157		Credicorp Ltd (NY)		13,931
	1,858,388		Credit Agricole S.A.		23,602
	283,774	e	Credito Emiliano S.p.A.		1,755
	166,229	e	Cullen/Frost Bankers, Inc		10,160
	473,760	e	CVB Financial Corp		4,107
	171,780		Daegu Bank		2,361
	534,600		Dah Sing Banking Group Ltd		908
	183,600		Dah Sing Financial Holdings Ltd		1,201
	657,000		Daishi Bank Ltd		2,031
	881,453	*	Danske Bank AS		22,597
	96,981	e	Danvers Bancorp, Inc		1,714
	2,506,575		DBS Group Holdings Ltd		27,969
	25,548	*	Development Credit Bank Ltd		34
	2,118		Dewan Housing Finance Corp Ltd		14
	153,781	*,e	Dexia		534
	2,138,903		Dhanalakshmi Bank Ltd		6,089
	139,412	e	Dime Community Bancshares		2,034
	228,059		DNB NOR Holding ASA		3,201
	157,842	*,e	Doral Financial Corp		218
	5,004,140		E.Sun Financial Holding Co Ltd		3,441
	61,482	*,e	Eagle Bancorp, Inc		887
	764,690	e	East West Bancorp, Inc		14,950
	31,869	*	EFG Eurobank Ergasias S.A.		160
	201,904		Ehime Bank Ltd		537
	246,000		Eighteenth Bank Ltd		688
	27,318	*,e	Encore Bancshares, Inc		280
	70,981		Enterprise Financial Services Corp		742
	49,149		Erste Bank der Oesterreichischen Sparkassen AG.		2,308
	43,068	e	ESB Financial Corp		699
	70,464	e	ESSA Bancorp, Inc		932

9

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	214,000		Far Eastern International Bank	$	108
	54,494	e	Federal Agricultural Mortgage Corp (Class C)		889
	15,292		Federal Bank Ltd		136
	9,316	*	FIBI Holdings Ltd		206
	329,600		FIDEA Holdings Co Ltd		840
	3,332,798	e	Fifth Third Bancorp		48,925
	59,435	e	Financial Institutions, Inc		1,127
	4,960	*,e,m	Fionia Bank AS		0	^
	104,916	e	First Bancorp (NC)		1,606
	781,824	*,e	First Bancorp (Puerto Rico)		360
	49,881	e	First Bancorp, Inc		788
	287,088	e	First Busey Corp		1,349
	14,080		First Citizens Bancshares, Inc (Class A)		2,662
	463,318	e	First Commonwealth Financial Corp		3,280
	65,928	e	First Community Bancshares, Inc		985
	317,429	e	First Financial Bancorp		5,866
	112,368	e	First Financial Bankshares, Inc		5,751
	62,379	e	First Financial Corp		2,192
	7,113,131		First Financial Holding Co Ltd		6,550
	109,813	e	First Financial Holdings, Inc		1,264
	2,325,453	*,e	First Horizon National Corp		27,394
	27,776		First International Bank Of Israel Ltd		420
	60,778	e	First Interstate Bancsystem, Inc		926
	144,209	e	First Merchants Corp		1,278
	347,929	e	First Midwest Bancorp, Inc		4,008
	476,005	e	First Niagara Financial Group, Inc		6,655
	26,571	e	First of Long Island Corp		768
	133,943	*,e	First Republic Bank		3,900
	44,550	e	First South Bancorp, Inc		288
	521,098	e	FirstMerit Corp		10,313
	342,928	*,e	Flagstar Bancorp, Inc		559
	164,963		Flushing Financial Corp		2,309
	576,729	e	FNB Corp		5,663
	27,117	*,e	Fox Chase Bancorp, Inc		321
	2,128,000	e	Fubon Bank Hong Kong Ltd		977
	303,000		Fukui Bank Ltd		937
	586,847		Fukuoka Financial Group, Inc		2,552
	395,749	e	Fulton Financial Corp		4,092
	127,766	*	Geniki Bank		362
	65,300		Genworth MI Canada, Inc		1,812
	62,657	e	German American Bancorp, Inc		1,154
	383,866	*	Getin Holding S.A.		1,491
	362,984	e	Glacier Bancorp, Inc		5,485
	67,129	e	Great Southern Bancorp, Inc		1,584
	244,755	*	Greek Postal Savings Bank		958
	52,920	*,e	Greene County Bancshares, Inc		169
	2,020,198	e	Grupo Financiero Banorte S.A. de C.V.		9,628
	1,158,566	e	Grupo Financiero Inbursa S.A.		5,089
	399,570		Gunma Bank Ltd		2,195
	373,951		Hachijuni Bank Ltd		2,091
	356,760		Hana Financial Group, Inc		13,612
	153,489	e	Hancock Holding Co		5,351

10

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,241,070		Hang Seng Bank Ltd	$	20,406
	320,212	*,e	Hanmi Financial Corp		368
	442,173		HDFC Bank Ltd		23,202
	71,565	e	Heartland Financial USA, Inc		1,250
	37,382	*	Heritage Financial Corp		520
	2,939	*	Heritage Financial Group		37
	188,000		Higashi-Nippon Bank Ltd		412
	474,000		Higo Bank Ltd		2,452
	183,078		Hiroshima Bank Ltd		771
	419,000	e	Hokkoku Bank Ltd		1,455
	280,000		Hokuetsu Bank Ltd		579
	423,322		Hokuhoku Financial Group, Inc		860
	38,138	*,e	Home Bancorp, Inc		527
	101,760		Home Bancshares, Inc		2,242
	42,869		Home Capital Group, Inc		2,233
	79,287	e	Home Federal Bancorp, Inc		973
	929,000		Hong Leong Bank BHD		2,772
	234,612		Hong Leong Credit BHD		676
	1,628,159		Housing Development Finance Corp		26,521
	26,147,464		HSBC Holdings plc		265,432
	5,487,412		Hua Nan Financial Holdings Co Ltd		4,573
	1,337,254		Hudson City Bancorp, Inc		17,037
	48,063	e	Hudson Valley Holding Corp		1,190
	12,412,470		Huntington Bancshares, Inc		85,274
	521,692		Hyakugo Bank Ltd		2,249
	322,000		Hyakujushi Bank Ltd		1,186
	148,201	e	IBERIABANK Corp		8,763
	1,144,818		ICICI Bank Ltd		29,317
	104,734	e	Independent Bank Corp		2,833
	22,265		Indian Overseas Bank		73
	393,602		IndusInd Bank Ltd		2,331
	120,794,000	e	Industrial & Commercial Bank of China		89,980
	324,040		Industrial Bank Of Korea		5,354
	200	*,b	IndyMac Bancorp, Inc		0	^
	3,898		ING Bank Slaski S.A.		1,177
	913,708		ING Vysya Bank Ltd		7,528
	294,934	e	International Bancshares Corp		5,908
	3,114,162		Investimentos Itau S.A. - PR		24,763
	244,883	*,e	Investors Bancorp, Inc		3,213
	871,061	*	Israel Discount Bank Ltd		1,987
	83,036		Iyo Bank Ltd		665
	3,218		Jammu & Kashmir Bank Ltd		56
	7,870		Jeonbuk Bank		49
	1,049,118		Joyo Bank Ltd		4,613
	416,555		Juroku Bank Ltd		1,334
	91,854	*	Jyske Bank		4,265
	204,000		Kagoshima Bank Ltd		1,367
	409,000		Kansai Urban Banking Corp		645
	104,000	*,e	Kanto Tsukuba Bank Ltd		364
	17,554		Karnataka Bank Ltd		65
	2,925		Karur Vysya Bank Ltd		35
	1,088,200		Kasikornbank PCL		4,530

11

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	21,600		Kasikornbank PCL - NVDR	$	90
	1,799,700		Kasikornbank PCL (Foreign)		7,791
	717,635		KB Financial Group, Inc		37,940
	27,371	*	KBC Groep NV		933
	87,519	e	Kearny Financial Corp		753
	732,000		Keiyo Bank Ltd		3,624
	2,628,966		Keycorp		23,266
	5,497	e	K-Fed Bancorp		64
	41,500		Kiatnakin Bank PCL		54
	165,000	*	King’s Town Bank		96
	1,218,000		Kiyo Holdings, Inc		1,695
	38,023		Komercni Banka AS		8,998
	1,151,470		Korea Exchange Bank		11,972
	4,212,900		Krung Thai Bank PCL		2,418
	106,298	e	Lakeland Bancorp, Inc		1,166
	91,459	e	Lakeland Financial Corp		1,963
	5,687		Lakshmi Vilas Bank Ltd		15
	38,952	e	Laurentian Bank of Canada		1,883
	338,105		LIC Housing Finance Ltd		1,477
	16,878		Liechtenstein Landesbank		1,318
	53,345,604	*	Lloyds TSB Group plc		54,643
	149,339	e	M&T Bank Corp		13,000
	138,211	e	MainSource Financial Group, Inc		1,439
	6,661,850		Malayan Banking BHD		18,364
	39,400		Malaysia Building Society		19
	1,114,329		Marfin Popular Bank Public Co Ltd		1,712
	1,663,982		Marshall & Ilsley Corp		11,515
	253,952	e	MB Financial, Inc		4,398
	17,186,360		Mega Financial Holding Co Ltd		13,233
	23,146	e	Merchants Bancshares, Inc		638
	51,021	*,e	Meridian Interstate Bancorp, Inc		602
	1,202,900		Metropolitan Bank & Trust		1,977
	1,192,980	*,e	MGIC Investment Corp		12,156
	28,069	e	Midsouth Bancorp, Inc		431
	19,678	e	MidWestOne Financial Group, Inc		297
	165,000		Mie Bank Ltd		453
	580,000		Minato Bank Ltd		993
	29,390,746		Mitsubishi UFJ Financial Group, Inc		158,918
	5,242,406		Mitsui Trust Holdings, Inc		21,760
	378,000		Miyazaki Bank Ltd		1,006
	143,820		Mizrahi Tefahot Bank Ltd		1,581
	19,730,301		Mizuho Financial Group, Inc		37,181
	509,394	*,e	Mizuho Trust & Banking Co Ltd		527
	46,168		Musashino Bank Ltd		1,399
	311,928	e	Nanto Bank Ltd		1,564
	162,740	*	Nara Bancorp, Inc		1,598
	19,112	e	NASB Financial, Inc		320
	4,458,596		National Australia Bank Ltd		108,078
	210,411	e	National Bank of Canada		14,500
	1,797,288	*	National Bank of Greece S.A.		14,530
	39,689	e	National Bankshares, Inc		1,250
	35,691	*	National Development Bank		36

12

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	616,091	e	National Penn Bancshares, Inc	$	4,947
	87,865		National Societe Generale Bank SAE		757
	111,704	*	Natixis		522
	176,986	e	NBT Bancorp, Inc		4,274
	250,827		Nedbank Group Ltd		4,963
	883,169	e	New York Community Bancorp, Inc		16,648
	518,095	e	NewAlliance Bancshares, Inc		7,761
	268,725		Nishi-Nippon City Bank Ltd		818
	1,725,157		Nordea Bank AB		18,763
	79,944	e	Northfield Bancorp, Inc		1,065
	544,128		Northwest Bancshares, Inc		6,399
	63,377	e	OceanFirst Financial Corp		816
	324,909	*,e	Ocwen Financial Corp		3,100
	779,000		Ogaki Kyoritsu Bank Ltd		2,466
	214,000		Oita Bank Ltd		767
	433,381	e	Old National Bancorp		5,153
	40,410	*,e	OmniAmerican Bancorp, Inc		548
	168,549	e	Oriental Financial Group, Inc		2,105
	309,705		Oritani Financial Corp		3,791
	33,401	e	Orrstown Financial Services, Inc		916
	334,023	*,e	OTP Bank Rt		8,059
	52		Otzar Hityashvuth Hayehudim		139
	1,928,251		Oversea-Chinese Banking Corp		14,845
	71,400	e	Pacific Continental Corp		718
	140,939	e	PacWest Bancorp		3,013
	731,789		Paragon Group of Cos plc		2,055
	2,000		Parana Banco S.A.		16
	62,435	e	Park National Corp		4,537
	47,124		Peapack Gladstone Financial Corp		615
	18,234	e	Penns Woods Bancorp, Inc		726
	51,691	*,e	Pennsylvania Commerce Bancorp, Inc		569
	63,256	e	Peoples Bancorp, Inc		990
	1,202,754	e	People’s United Financial, Inc		16,851
	26,860	*	Philippine National Bank		39
	290,549	e	Piccolo Credito Valtellinese Scarl		1,279
	160,015	*	Pinnacle Financial Partners, Inc		2,173
	847,273	*	Piraeus Bank S.A.		4,133
	610,994	*,e	PMI Group, Inc		2,016
	2,913,626		PNC Financial Services Group, Inc		176,916
	2,090,322	*	Popular, Inc		6,564
	9,320	e	Porter Bancorp, Inc		96
	903,755		Powszechna Kasa Oszczednosci Bank Polski S.A.		13,234
	266,346	e	PrivateBancorp, Inc		3,830
	245,370	e	Prosperity Bancshares, Inc		9,638
	297,116	e	Provident Financial Services, Inc		4,495
	186,846	e	Provident New York Bancorp		1,960
	222,500		PT Bank Bukopin Tbk		16
	17,767,500		PT Bank Central Asia Tbk		12,621
	4,155,093		PT Bank Danamon Indonesia Tbk		2,629
	940,000	*	PT Bank Jabar Banten Tbk		151
	13,741,500		PT Bank Mandiri Persero Tbk		9,913
	7,156,960		PT Bank Negara Indonesia		3,078

13

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	501,000		PT Bank Tabungan Negara Tbk	$	91
	78,973		Public Bank BHD		333
	1,975,111		Public Bank BHD (Foreign)		8,327
	257,037		Pusan Bank		3,250
	615,997		Radian Group, Inc		4,971
	48,773	e	Raiffeisen International Bank Holding AG.		2,672
	3,994,925		Regions Financial Corp		27,964
	142,854	e	Renasant Corp		2,416
	71,618	e	Republic Bancorp, Inc (Class A)		1,701
	304,376	e	Resona Holdings, Inc		1,826
	766,100		RHB Capital BHD		2,166
	69,600		Rizal Commercial Banking Corp		45
	39,906	e	Rockville Financial, Inc		488
	40,673	e	Roma Financial Corp		431
	5,200	*,m	Roskilde Bank		0	^
	135,601		Royal Bank of Canada		7,100
	2,093,211	e	Royal Bank of Canada (Toronto)		110,145
	3,405,875	*	Royal Bank of Scotland Group plc		2,075
	121,670	e	S&T Bancorp, Inc		2,749
	56,669	e	S.Y. Bancorp, Inc		1,391
	99,384	e	Sandy Spring Bancorp, Inc		1,832
	212,000		San-In Godo Bank Ltd		1,528
	100,698		Sapporo Hokuyo Holdings, Inc		471
	134,558	f	Sberbank (GDR) (purchased 09/12/06, cost $30,804)		57,629
	78,744	e	SCBT Financial Corp		2,579
	17,880		Security Bank Corp		35
	36,171		Sekerbank TAS		41
	523,744	e	Senshu Ikeda Holdings, Inc		748
	461	e	SEVEN BANK Ltd		976
	337,000		Shiga Bank Ltd		1,830
	242,000		Shikoku Bank Ltd		751
	22,500		Shimizu Bank Ltd		973
	804,394		Shinhan Financial Group Co Ltd		37,494
	8,205,187	e	Shinsei Bank Ltd		10,713
	885,414		Shizuoka Bank Ltd		8,168
	2,013,100		Siam Commercial Bank PCL		6,912
	56,800	e	Sierra Bancorp		609
	177,693	*,e	Signature Bank		8,885
	93,001	e	Simmons First National Corp (Class A)		2,651
	7,870,947		SinoPac Financial Holdings Co Ltd		3,631
	2,478,651		Skandinaviska Enskilda Banken AB (Class A)		20,675
	1,508,494		Societe Generale		81,075
	167,280		South Indian Bank Ltd		90
	98,855	e	Southside Bancshares, Inc		2,083
	116,784	e	Southwest Bancorp, Inc		1,448
	202,440	e	Sparebanken Midt-Norge		1,873
	3,441		St Galler Kantonalbank		1,730
	1,752,778		Standard Bank Group Ltd		28,617
	1,993,793		Standard Chartered plc		53,638
	11,274	e	Standard Chartered plc (Hong Kong)		307
	87,074		State Bancorp, Inc		805
	853		State Bank of Bikaner & Jaip		12

14

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	45,474		State Bank of India Ltd	$	2,860
	46,482	f	State Bank of India Ltd (GDR) (purchased 06/30/05, cost $2,413)		6,019
	774		State Bank of Travancore		14
	113,029	e	StellarOne Corp		1,643
	168,345	e	Sterling Bancorp		1,763
	442,903	e	Sterling Bancshares, Inc		3,109
	42,016	e	Suffolk Bancorp		1,037
	3,343,948		Sumitomo Mitsui Financial Group, Inc		119,112
	2,440,460		Sumitomo Trust & Banking Co Ltd		15,390
	1,491,636		SunTrust Banks, Inc		44,018
	743,804		Suruga Bank Ltd		6,926
	641,649	e	Susquehanna Bancshares, Inc		6,211
	202,440	*,e	SVB Financial Group		10,739
	467,668		Svenska Handelsbanken (A Shares)		14,943
	145,640		Swedbank AB (A Shares)		2,031
	105,485	*	Sydbank AS		2,861
	26,937		Syndicate Bank		77
	2,393,055	e	Synovus Financial Corp		6,318
	316,800	*	Ta Chong Bank Co Ltd		135
	232,090	*	Taichung Commercial Bank		96
	6,088,747	*	Taishin Financial Holdings Co Ltd		3,602
	3,882,568	*	Taiwan Business Bank		1,758
	4,917,115		Taiwan Cooperative Bank		4,267
	40,758	*,e	Taylor Capital Group, Inc		536
	2,925,821	e	TCF Financial Corp		43,331
	68,558		Territorial Bancorp, Inc		1,365
	159,313	*,e	Texas Capital Bancshares, Inc		3,389
	149,376	e	TFS Financial Corp		1,347
	89,906	*	The Bancorp, Inc		914
	180,900	*	Tisco Bank PCL		245
	11,600		Tisco Financial Group PCL (ADR)		16
	169,000		Tochigi Bank Ltd		801
	440,000		Toho Bank Ltd		1,377
	41,500	e	Tokyo Tomin Bank Ltd		593
	196,000	*	Tomony Holdings, Inc		770
	51,888	e	Tompkins Trustco, Inc		2,032
	80		Toronto Dominion Bank/ny		6
	1,503,570	e	Toronto-Dominion Bank		112,280
	309,000	*	Towa Bank Ltd		293
	21,352		Tower Bancorp, Inc		471
	102,233	e	TowneBank		1,624
	72,683		Trico Bancshares		1,174
	401,021	e	Trustco Bank Corp NY		2,542
	345,745	e	Trustmark Corp		8,588
	3,623,999		Turkiye Garanti Bankasi AS		18,355
	793,768		Turkiye Halk Bankasi AS		6,735
	2,807,284		Turkiye Is Bankasi (Series C)		10,000
	49,943		Turkiye Sinai Kalkinma Bankasi AS.		84
	1,071,818		Turkiye Vakiflar Bankasi Tao		2,714
	29,558		UCO Bank		77
	164,520	e	UMB Financial Corp		6,814
	570,311	e	Umpqua Holdings Corp		6,946

15

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,474,008		UniCredito Italiano S.p.A.	$	9,255
	31,330		Union Bank of Israel		163
	32,000	*	Union Bank Of Taiwan		12
	75,689	e	Union Bankshares Corp		1,119
	189,573	e	United Bankshares, Inc		5,536
	497,379	*,e	United Community Banks, Inc		970
	83,313		United Financial Bancorp, Inc		1,272
	1,799,431		United Overseas Bank Ltd		25,519
	72,628	e	Univest Corp of Pennsylvania		1,392
	13,622,774	e	US Bancorp		367,407
	289,371		UTI Bank Ltd		8,737
	321,087	e	Valley National Bancorp		4,592
	77,958		ViewPoint Financial Group		911
	26,457		Vijaya Bank		60
	79,748	*,e	Virginia Commerce Bancorp		493
	1,401,632	f	VTB Bank OJSC (GDR) (purchased 09/28/07, cost $4,968)		9,237
	57,623		Washington Banking Co		790
	228,688	e	Washington Federal, Inc		3,869
	62,558		Washington Trust Bancorp, Inc		1,369
	51,035	*,e	Waterstone Financial, Inc		166
	307,806	e	Webster Financial Corp		6,064
	30,812,426		Wells Fargo & Co		954,878
	120,705	e	WesBanco, Inc		2,289
	88,023	e	West Bancorporation, Inc		686
	402,926	*,e	West Coast Bancorp		1,136
	141,130	e	Westamerica Bancorporation		7,828
	302,041	*,e	Western Alliance Bancorp		2,223
	142,555	e	Westfield Financial, Inc		1,319
	3,674,557	e	Westpac Banking Corp		83,473
	451,986	e	Whitney Holding Corp		6,396
	169,951	e	Wilmington Trust Corp		738
	96,858	e	Wilshire Bancorp, Inc		738
	158,730		Wing Hang Bank Ltd		2,195
	173,550	e	Wintrust Financial Corp		5,732
	434,890		Woori Finance Holdings Co Ltd		5,940
	26,791	e	WSFS Financial Corp		1,271
	41,200		Yachiyo Bank Ltd		1,078
	195,000	e	Yamagata Bank Ltd		901
	372,077		Yamaguchi Financial Group, Inc		3,767
	210,000		Yamanashi Chuo Bank Ltd		944
	2,494,055	*	Yapi ve Kredi Bankasi		7,850
	549,614	e	Zions Bancorporation		13,317
			TOTAL BANKS		6,547,514
CAPITAL GOODS - 8.8%
	80,776	*,e	3D Systems Corp		2,544
	2,490,064		3M Co		214,892
	331,165	e	A.O. Smith Corp		12,611
	299,952	*,e	A123 Systems, Inc		2,862
	142,373		Aalberts Industries NV		3,001
	54,521	e	Aaon, Inc		1,538
	206,789	*,e	AAR Corp		5,680

16

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	905,049		ABB Ltd	$	20,163
	55,796	e	Abengoa S.A.		1,370
	2,622		ABG Shipyard Ltd		25
	2,000		Ablerex Electronics Co Ltd		17
	32,000		AcBel Polytech, Inc		28
	15,000		ACES Electronic Co Ltd		30
	117,035	e	Aceto Corp		1,053
	62,887	e	ACS Actividades Cons y Servicios S.A.		2,948
	298,570	e	Actuant Corp (Class A)		7,948
	190,612	e	Acuity Brands, Inc		10,993
	410,222		Adani Enterprises Ltd		5,962
	175,886		Aditya Birla Nuvo Ltd		3,310
	168,000		Advan Co Ltd		1,297
	241,868	*,e	Advanced Battery Technologies, Inc		931
	9,000		Advanced Ceramic X Corp		38
	319,463	*,e	Aecom Technology Corp		8,935
	78,555	e	Aecon Group, Inc		808
	94,693	m	Aero Inventory plc		390
	71,152	*,e	Aerovironment, Inc		1,909
	34,600	e	AG Growth International Inc		1,742
	638,446	*	AGCO Corp		32,344
	123,199		Aica Kogyo Co Ltd		1,449
	40,500	*,e	Aichi Corp		175
	75,000	*	Aida Engineering Ltd		343
	262,895	e	Aircastle Ltd		2,747
	62,214		Alamo Group, Inc		1,731
	12,626		Alarko Holding AS		30
	120,348	e	Albany International Corp (Class A)		2,851
	136,927	e	Alesco Corp Ltd		375
	1,515,663	e	Alfa Laval AB		31,933
	804,409	e	Alfa S.A. de C.V. (Class A)		8,103
	164,965	*,e	Alliant Techsystems, Inc		12,278
	2,068	e	Allied Electronics Corp Ltd		8
	24,399		Allied Electronics Corp Ltd (Preference)		99
	3,556		Alstom Projects India Ltd		55
	127,038	e	Alstom RGPT		6,079
	146,709	*	Altra Holdings, Inc		2,914
	1,052,344		Amada Co Ltd		8,568
	80,700	e	Amano Corp		782
	3,104		Amara Raja Batteries Ltd		13
	41,000	*,e	Ameresco, Inc		589
	68,062	*,e	American Railcar Industries, Inc		1,506
	61,344	e	American Science & Engineering, Inc		5,228
	207,572	*,e	American Superconductor Corp		5,934
	40,285	e	American Woodmark Corp		989
	43,014	e	Ameron International Corp		3,285
	569,850		Ametek, Inc		22,367
	47,403	e	Ampco-Pittsburgh Corp		1,330
	34,000	*	Amrep Corp		0	^
	74,617		Andritz AG.		6,859
	3,360,000	*	Apac Resources Ltd		212
	161,067	e	Apogee Enterprises, Inc		2,170

17

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	347,235	*,e	Applied Energetics, Inc	$	295
	259,452		Applied Industrial Technologies, Inc		8,427
	61,172	e	Applied Signal Technology, Inc		2,318
	73,988	e	Arcadis NV		1,722
	11,938		Areva T&D India Ltd		87
	35,354	*	Argan, Inc		328
	61,566	e	Armstrong World Industries, Inc		2,647
	13,347	*	Armtec Infrastructure Income Fund		213
	464,184	*,e	ArvinMeritor, Inc		9,525
	74,000	e	Asahi Diamond Industrial Co Ltd		1,406
	2,004,879		Asahi Glass Co Ltd		23,434
	8,123		Aselsan Elektronik Sanayi Ve Ticaret AS		43
	1,306,121	e	Ashtead Group plc		3,521
	1,774,118		Assa Abloy AB (Class B)		49,987
	94,369		Astaldi S.p.A.		621
	97,747	*,e	Astec Industries, Inc		3,168
	44,602	*,e	Astronics Corp		937
	321,016		Asunaro Aoki Construction Co Ltd		1,352
	649		A-Tech Solution Co Ltd		12
	1,183,682		Atlas Copco AB (A Shares)		29,866
	116,006		Atlas Copco AB (B Shares)		2,623
	108,119	*	ATS Automation Tooling Systems, Inc		732
	106,640	e	Ausenco Ltd		336
	1,333,846	e	Austal Ltd		4,761
	734,773		Aveng Ltd		4,824
	378,000	*	AVIC International Holding HK Ltd		17
	56,217	e	AZZ, Inc		2,249
	35,997		B&B Tools AB		603
	406,296	*	Babcock & Wilcox Co		10,397
	63,728	e	Badger Meter, Inc		2,818
	2,895,424		BAE Systems plc		14,897
	255,845	e	Baldor Electric Co		16,128
	1,748,775		Balfour Beatty plc		8,531
	318,000		Bando Chemical Industries Ltd		1,265
	43,211	*	Barloworld Ltd		439
	215,064	e	Barnes Group, Inc		4,445
	7,652		Basil Read Holdings Ltd		14
	13,060		Bauer AG.		616
	25,412		BayWa AG.		1,190
	297,383	*,e	BE Aerospace, Inc		11,012
	51,554		BE Group AB		347
	579	*	Beacon Power Corp		0	^
	196,796	*	Beacon Roofing Supply, Inc		3,517
	748,900	e	Beijing Enterprises Holdings Ltd		4,644
	45,347		Bekaert S.A.		5,205
	203,886	e	Belden CDT, Inc		7,507
	432		BEML Ltd		10
	1,940,200	*	Berjaya Corp BHD		698
	219,000		BES Engineering Corp		78
	57,676		Besalco S.A.		123
	3,298		Bharat Electronics Ltd		131
	189,769		Bharat Heavy Electricals		9,862

18

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	660		BHI Co Ltd	$	12
	495,902		Bidvest Group Ltd		11,800
	17,968	*	Biesse S.p.A.		130
	80,086		Bilfinger Berger AG.		6,764
	45,246		Bird Construction, Income Fund		1,686
	285,638	*,e	Blount International, Inc		4,502
	20,565	*,e	Bluelinx Holdings, Inc		75
	712,778	e	Boart Longyear Group		3,324
	12,311	*	Bobst Group AG.		566
	262,046	e	Bodycote plc		1,146
	4,483,306	e	Boeing Co		292,580
	2,749,251		Bombardier, Inc		13,853
	244,721		Boskalis Westminster		11,675
	135,300		Boustead Holdings BHD		236
	230,165		Bouygues S.A.		9,921
	252,937		Bradken Ltd		2,331
	243,223	e	Brady Corp (Class A)		7,932
	23,087	*	Brenntag AG.		2,354
	272,305	e	Briggs & Stratton Corp		5,362
	365,262	*,e	Broadwind Energy, Inc		844
	9,420		Bucher Industries AG.		1,760
	280,337		Bucyrus International, Inc (Class A)		25,062
	795		Budimex S.A.		27
	203,719	*,e	Builders FirstSource, Inc		401
	68,000		Bunka Shutter Co Ltd		179
	740,418		Bunzl plc		8,300
	57,559		Burckhardt Compression Holding AG.		15,944
	2,506,000	*	Burwill Holdings Ltd		164
	1,100,091	e	CAE, Inc		12,735
	14,700		Cahya Mata Sarawak BHD		13
	41,612	*,e	CAI International, Inc		816
	880,298	*,e	Capstone Turbine Corp		845
	21,864	e	Carbone Lorraine		1,002
	115,046		Cardno Ltd		654
	32,524		Cardo AB		2,024
	48,914	e	Cargotec Corp (B Shares)		2,551
	885,987		Carillion plc		5,310
	330,911	e	Carlisle Cos, Inc		13,150
	26,137	*	Carraro S.p.A.		136
	16,000	*,e	Carso Infraestructura y Construccion S.A. de C.V.		10
	41,836		Cascade Corp		1,978
	2,944,608		Caterpillar, Inc		275,793
	238,000		Central Glass Co Ltd		1,108
	22,672	*	CENTROTEC Sustainable AG.		485
	115,435	*,e	Ceradyne, Inc		3,640
	112,897	*,e	Ceres Power Holdings plc		127
	9,022	*	Cersanit Krasnystaw S.A.		33
	34,000		Champion Building Materials Co Ltd		28
	14,800	*	Changchai Co Ltd		11
	2,814	*	Changs Ascending Enterprise Co Ltd		13
	4,904,230	*	Changsha Zoomlion Heavy Industry Science and Technology Development Co Ltd		11,079

19

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	129,837	*,e	Chart Industries, Inc	$	4,386
	238,426	e	Charter International plc		3,139
	48,466	e	Chemring Group plc		2,194
	1,300,000		Chen Hsong Holdings		753
	689,607	*	Chicago Bridge & Iron Co NV		22,688
	73,000		Chien Kuo Construction Co Ltd		42
	86,660	*	Chin Hung International, Inc		39
	116,000	e	China Automation Group Ltd		84
	8,685,000	e	China Communications Construction Co Ltd		7,598
	5,804,000	*	China Daye Non-Ferrous Metals Mining Ltd		418
	54,000		China Electric Manufacturing Corp		45
	17,300	*	China Fangda Group Co Ltd		11
	242,000		China Haidian Holdings Ltd		35
	1,291,700	e	China High Speed Transmission Equipment Group Co Ltd		2,001
	1,786,154		China International Marine Containers Co Ltd (Class B)		4,136
	132,000	*	China Liansu Group Holdings Lt		106
	1,558,000	e	China National Materials Co Ltd		1,257
	2,862,500		China Railway Construction Corp		3,447
	5,785,000	e	China Railway Group Ltd		4,175
	44,000		China Singyes Solar Technologies Holdings Ltd		36
	11,360,500		China South Locomotive and Rolling Stock Corp		14,937
	1,056,000	e	China State Construction International Holdings Ltd		997
	334,781	e	Chiyoda Corp		3,332
	16,300	*,e	Chiyoda Integre Co Ltd		233
	88,000		Chongqing Machinery & Electric Co Ltd		33
	233		Chosun Refractories Co Ltd		14
	36,000		Chudenko Corp		430
	94,989		Chugai Ro Co Ltd		350
	78,000		Chung Hsin Electric & Machinery Manufacturing Corp		48
	28,400	*	Churchill Corp		522
	110,281		Cintra Concesiones de Infraestructuras de Transporte S.A.		1,096
	548,239	*,e	CIR-Compagnie Industriali Riunite S.p.A.		1,007
	74,569	e	CIRCOR International, Inc		3,153
	1,737,186		Citic Pacific Ltd		4,515
	412,000	*	Citic Resources Holdings Ltd		93
	4,160		CJ Corp		289
	124,300		CKD Corp		1,064
	110,794		Clal Industries and Investments		894
	220,729	e	Clarcor, Inc		9,467
	346,736		Clough Ltd		264
	216,789	*,e	CNH Global NV		10,350
	35,000	*	CNNC International Ltd		39
	127,958		Cobham plc		406
	459,368	*	Cofide S.p.A.		405
	17,455	*	Coleman Cable, Inc		110
	89,132	*	Colfax Corp		1,641
	94,973	*,e	Columbus McKinnon Corp		1,930
	220,697	e	Comfort Systems USA, Inc		2,907
	112,761	*	Commercial Vehicle Group, Inc		1,832
	1,088,890		Compagnie de Saint-Gobain		56,021

20

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	19,059		Compagnie d’Entreprises CFE	$	1,368
	180,100	e	COMSYS Holdings Corp		1,921
	3,883		Construcciones y Auxiliar de Ferrocarriles S.A.		2,024
	135,000	*	Continental Engineering Corp		64
	402,624	*	Cookson Group plc		4,134
	735,969		Cooper Industries plc		42,900
	909,899	e	Cosco Corp Singapore Ltd		1,517
	120,000	e	Cosco International Holdings Ltd		70
	26,885	e	Cosel Co Ltd		398
	49,951	e	Costain Group plc		165
	56,137		Cramo Oyj (Series B)		1,431
	253,506	e	Crane Co		10,411
	108,540	e	Crane Group Ltd		1,042
	627,097		Crompton Greaves Ltd		4,347
	75,000		CSBC Corp Taiwan		71
	1,513,880	e	CSR Ltd		2,601
	106,000		CTCI Corp		119
	115,820		Cubic Corp		5,461
	1,044,547		Cummins, Inc		114,912
	232,068	e	Curtiss-Wright Corp		7,705
	32,000		DA CIN Construction Co Ltd		21
	3,270	*	Daekyung Machinery & Engr Co		10
	49,800		Daelim Industrial Co		5,156
	153,475		Daewoo Engineering & Construction Co Ltd		1,738
	49,068		Daewoo International Corp		1,563
	157,821		Daewoo Shipbuilding & Marine Engineering Co Ltd		5,055
	11,000	*	Dahan Development Corp		40
	118,500	e	Daifuku Co Ltd		830
	149,641		Daihen Corp		730
	219,000		Daiichi Jitsugyo Co Ltd		882
	130,074		Daikin Industries Ltd		4,614
	82,000	e	Daiwa Industries Ltd		417
	10,000		Dalian Refrigeration Co Ltd		10
	3,460,031	e	Danaher Corp		163,211
	49,472	e	Danieli & Co S.p.A.		1,583
	136,681	e	Danieli & Co S.p.A. (RSP)		2,360
	181,533		DCC plc		5,725
	94,237	*,e	Deceuninck NV		230
	1,619,882	e	Deere & Co		134,532
	10,172		Delek Group Ltd		2,620
	29,031	*	Demag Cranes AG.		1,407
	83,652	*,e	Deutz AG.		699
	247,000		Dialog Group BHD		143
	510,000	*	Dickson Group Holdings Ltd		15
	185,890	*,e	DigitalGlobe, Inc		5,895
	15,946		Discount Investment Corp		343
	128,275		Dogan Sirketler Grubu Holdings		93
	1,370	*	Dohwa Consulting Engineers Co Ltd		18
	250,432	e	Donaldson Co, Inc		14,595
	2,810	*	Dong Yang Gang Chul Co Ltd		12
	600		Dong-Ah Geological Engineering Co Ltd		9
	1,780		Dongbu Corp		13

21

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	926,600		Dongfang Electric Co Ltd	$	4,590
	2,821		DONGKUK STRUCTURES & CONSTRUCTION Co Ltd		19
	14,146		Doosan Corp		1,920
	5,410		Doosan Engineering & Construction Co Ltd		31
	62,505		Doosan Heavy Industries and Construction Co Ltd		4,725
	114,910	*	Doosan Infracore Co Ltd		2,835
	47,148	e	Douglas Dynamics, Inc		714
	1,500,127	e	Dover Corp		87,682
	37,170	*,e	Draka Holding		949
	66,008	e	Ducommun, Inc		1,438
	11,348		Duerr AG.		362
	216,983	e	Duro Felguera S.A.		1,531
	47,366	*	DXP Enterprises, Inc		1,137
	207,152	*,e	Dycom Industries, Inc		3,055
	97,520	e	Dynamic Materials Corp		2,201
	19,000		Dynapack International Technology Corp		62
	1,094,381		Eaton Corp		111,092
	749,992	*	Ebara Corp		3,686
	6,018		Eczacibasi Yatirim Holding		20
	422		Eicher Motors Ltd		12
	35,523	e	Eiffage S.A.		1,567
	27,020		Elbit Systems Ltd		1,441
	1,751		Electra Israel Ltd		212
	18,143		Electrosteel Castings Ltd		16
	105,171		ElSwedy Cables Holding Co		976
	326,316	*	EMCOR Group, Inc		9,457
	786,421		Emeco Holdings Ltd		869
	3,406,992		Emerson Electric Co		194,778
	762,545		Empresa Brasileira de Aeronautica S.A.		5,421
	637,375		Empresas COPEC S.A.		12,393
	63,800	*,e	Empresas ICA SAB de C.V. (ADR)		651
	163,100	*,e	Empresas ICA Sociedad Controladora S.A. de C.V.		418
	79,420	e	Encore Wire Corp		1,992
	245,349	*,e	Ener1, Inc		930
	159,358	*,e	Energy Recovery, Inc		583
	745,462		Energy Support Corp		1,735
	224,364	*,e	EnerSys		7,207
	10,000		ENG Electric Co Ltd		64
	1,100,795		Engineers India Ltd		8,209
	378,120		Enka Insaat ve Sanayi AS		1,411
	91,903	*	EnPro Industries, Inc		3,819
	70,000	*	Enric Energy Equipment Holdings Ltd		31
	7,222		Entrepose Contracting		1,109
	14,249	*	Eqstra Holdings Ltd		14
	133,857		ESCO Technologies, Inc		5,065
	14,427	*	Escorts Ltd		56
	147,247	*,e	Esterline Technologies Corp		10,100
	8,500		Eucatex S.A. Industria e Comercio		37
	593,773	e	European Aeronautic Defence and Space Co		13,838
	668,000		EVA Precision Industrial Holdings Ltd		645
	9,007		Faiveley S.A.		745

22

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	285,275	*	Fanuc Ltd	$	43,815
	5,373,973		Far Eastern Textile Co Ltd		9,105
	415,078	e	Fastenal Co		24,867
	1,672	*	Fawoo Technology Co Ltd		11
	315,669	e	Federal Signal Corp		2,165
	270,618	e	Fenner plc		1,510
	65,855		Ferreyros S.A.		100
	918,015		Finmeccanica S.p.A.		10,433
	229,660		Finning International, Inc		6,257
	10,763		Finolex Cables Ltd		13
	64,000		First Tractor Co		72
	198,627	*,e	Flow International Corp		812
	176,015	e	Flowserve Corp		20,985
	103,420	e	FLSmidth & Co AS		9,864
	561,017	e	Fluor Corp		37,173
	4,568		FMS Enterprises Migun Ltd		128
	119,373	e	Fomento de Construcciones y Contratas S.A.		3,136
	340,951	*,e	Force Protection, Inc		1,879
	42,000		Fortune Electric Co Ltd		34
	38	*,e	Foster Wheeler AG.		1
	157,719		Franklin Electric Co, Inc		6,138
	2,188,701		Fraser and Neave Ltd		10,932
	66,010	e	Freightcar America, Inc		1,910
	76,404		Frigoglass S.A.		1,020
	42,000		FSP Technology, Inc		56
	397,918	*,e	FuelCell Energy, Inc		919
	212,325	*	Fuji Electric Holdings Co Ltd		662
	62,796		Fuji Machine Manufacturing Co Ltd		1,245
	604,577		Fujikura Ltd		3,053
	257,000		Fujitec Co Ltd		1,307
	177,178	*,e	Furmanite Corp		1,224
	413,000	*	Furukawa Co Ltd		488
	985,208		Furukawa Electric Co Ltd		4,429
	71,300		Futaba Corp/Chiba		1,388
	44,000		G Shank Enterprise Co Ltd		37
	668,000	*	Gallant Venture Ltd		255
	113,440		Galliford Try plc		528
	272,100		Gamesa Corp Tecnologica S.A.		2,077
	2,225,700		Gamuda BHD		2,750
	333,768		Gardner Denver, Inc		22,970
	138,917	e	GATX Corp		4,901
	10,421		GEA Group AG.		301
	2,769		Geberit AG.		640
	87,634		GEK Group of Cos S.A.		384
	598,627	*,e	GenCorp, Inc		3,095
	117,775	*,e	Generac Holdings, Inc		1,904
	297,276	*	General Cable Corp		10,431
	2,205,249	e	General Dynamics Corp		156,484
	50,324,574		General Electric Co		920,435
	12,500		Genivar Income Fund		383
	93,466	*,e	GeoEye, Inc		3,962
	7,808		Georg Fischer AG.		4,405

23

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,918		Gesco AG.	$	274
	133,268	*	Gibraltar Industries, Inc		1,808
	292,221		Giken Seisakusho Co, Inc		1,440
	59,942		Gildemeister AG.		1,338
	17,616	*,e	Global Defense Technology & Systems, Inc		297
	41,000		Globe Union Industrial Corp		44
	97,556		Glory Ltd		2,403
	40,000		Good Friend International Holdings, Inc		32
	1,515,756		Goodrich Corp		133,493
	55,163	e	Gorman-Rupp Co		1,783
	192,628	e	Graco, Inc		7,599
	677,950	*	GrafTech International Ltd		13,451
	289,335		Grafton Group plc		1,334
	73,797	e	Graham Corp		1,476
	33,756		Grana y Montero S.A.		80
	162,000	e	Granite Construction, Inc		4,444
	52,211		Granite Hacarmel Investments Ltd		118
	555,768	e	Great Lakes Dredge & Dock Corp		4,096
	14,415		Greaves Cotton Ltd		32
	99,549	*	Greenbrier Cos, Inc		2,090
	231,867	*	Griffon Corp		2,954
	24,176		Group Five Ltd		134
	801,137	e	Grupo Carso S.A. de C.V. (Series A1)		5,083
	727	*	Grupo Empresarial San Jose		5
	82,975		Gruppo Beghelli S.p.A.		73
	63,470		GS Engineering & Construction Corp		6,487
	620		GS Global Corp		9
	369,524	e	GS Yuasa Corp		2,558
	18,000	e	Guangzhou Shipyard International Co Ltd		40
	408,837	e	GWA International Ltd		1,284
	137,785	*,e	H&E Equipment Services, Inc		1,594
	116,000		Haitian International Holdings Ltd		121
	55,224	*	Haldex AB		864
	1,600		Halla Engineering & Construc		28
	3,357		Hamon & CIE S.A.		121
	385,013		Hampson Industries plc		188
	105,857		Hamworthy plc		704
	28,000		Hangzhou Steam Turbine Co		58
	40,777		Hanjin Heavy Industries & Construction Co Ltd		1,358
	1,510		Hanjin Heavy Industries & Construction Holdings Co Ltd		20
	917,705		Hankyu Hanshin Holdings, Inc		4,261
	708,092	*	Hansen Transmissions International NV		646
	264,000	e	Hanwa Co Ltd		1,216
	37,200		HAP Seng Consolidated BHD		86
	112,000		Harbin Power Equipment		177
	44		Harmonic Drive Systems, Inc		261
	1,056,737		Harsco Corp		29,927
	327,495	e	Hastie Group Ltd		320
	8,114		Havells India Ltd		72
	12,945		Haw Par Corp Ltd		62
	126,841	e	Heico Corp		6,473

24

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	259,276	*	Heidelberger Druckmaschinen	$	1,278
	167,708		Hellenic Technodomiki Tev S.A.		751
	805,100		Hemaraj Land and Development PCL		49
	262,000		Henderson Investment Ltd		26
	61,393	*,e	Herley Industries, Inc		1,063
	199,414	e	Hexagon AB (B Shares)		4,275
	619,604	*,e	Hexcel Corp		11,209
	69,769		Hexpol AB (Series B)		1,592
	59,600		Hibiya Engineering Ltd		565
	426,408	e	Hills Industries Ltd		813
	73,420		Hindustan Construction Co		80
	401,787	*	Hino Motors Ltd		2,177
	323,000		Hi-P International Ltd		257
	27,000		Hisaka Works Ltd		356
	233,000		Hitachi Cable Ltd		643
	40,805		Hitachi Construction Machinery Co Ltd		978
	1,242,899	e	Hitachi Zosen Corp		1,883
	25,000		Hiwin Technologies Corp		129
	711,000	*	HKC Holdings Ltd		42
	500		HNK Machine Tool Co Ltd		13
	39,068	e	Hochtief AG.		3,317
	70,176		Hock Seng LEE BHD		39
	38,193	*,e	Hoku Scientific, Inc		101
	20,000	*	Hold-Key Electric Wire & Cable Co Ltd		16
	28,146	e	Homag Group AG.		624
	6,911,488		Honeywell International, Inc		367,414
	208,000	*	Hong Kong Resources Holdings Co Ltd		25
	159,000		Hong Leong Asia Ltd		388
	32,000		Hong TAI Electric Industrial		16
	67,600	e	Hoshizaki Electric Co Ltd		1,253
	38,000	*	Hosokawa Micron Corp		159
	86,617	e	Houston Wire & Cable Co		1,164
	108,000		HUA ENG Wire & Cable		45
	250,875		Hubbell, Inc (Class B)		15,085
	2,719,998		Hutchison Whampoa Ltd		27,995
	9,489	*	Hydrobudowa Polska S.A.		10
	941		Hy-Lok Corp		12
	810	*	Hyundai Corp		18
	77,246		Hyundai Development Co		2,314
	231		Hyundai Elevator Co Ltd		34
	99,800		Hyundai Engineering & Construction Co Ltd		6,358
	69,851		Hyundai Heavy Industries		27,266
	25,276		Hyundai Mipo Dockyard		4,989
	1,747		Hyunjin Materials Co Ltd		27
	36,900		Idec Corp		347
	251,839		IDEX Corp		9,852
	29,578	*	Ihlas Holding		35
	108,179	*,e	II-VI, Inc		5,015
	1,485,870		IJM Corp BHD		3,002
	2,340		Iljin Electric Co Ltd		21
	2,990		Iljin Holdings Co Ltd		11
	1,849,051	e	Illinois Tool Works, Inc		98,740

25

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,530	*	IMARKETKOREA,Inc	$	61
	637,228		IMI plc		9,389
	389,975		Impregilo S.p.A.		1,103
	15,792	*	IMS-Intl Metal Service		274
	142,065		Imtech NV		5,390
	23,900		Inaba Denki Sangyo Co Ltd		677
	73,400		Inabata & Co Ltd		446
	33,582		Indus Holding AG.		987
	331,918		Industrea Ltd		499
	9,680	e	Industria Macchine Automatiche S.p.A.		189
	1,300		Industrias Romi S.A.		11
	24,964		Indutrade AB		861
	996		Ingersoll-Rand India Ltd		11
	992,460		Ingersoll-Rand plc		46,735
	171,912	*,e	Insituform Technologies, Inc (Class A)		4,557
	86,957	e	Insteel Industries, Inc		1,086
	365,000	*	Interchina Holdings Co		60
	223,427	*,e	Interline Brands, Inc		5,087
	89,500	*	International Mining Machinery Holdings Ltd		72
	89,272	*	Interpump Group S.p.A.		679
	182,747	e	Interserve plc		658
	1,764,103		Invensys plc		9,742
	9,600		Iochpe-Maxion S.A.		139
	24,455		IRB Infrastructure Developers Ltd		123
	251,000	*,e	Iseki & Co Ltd		662
	27,000		I-Sheng Electric Wire & Cable Co Ltd		46
	2,186,475		Ishikawajima-Harima Heavy Industries Co Ltd		4,874
	141,100	*	Italian-Thai Development PCL		22
	2,452,721		Itochu Corp		24,832
	591,286	e	ITT Industries, Inc		30,812
	34,574		IVRCL Infrastructures & Projects Ltd		99
	408,000		Iwatani International Corp		1,231
	50,939		J&P-Avax S.A.		83
	1,069,785	*	Jacobs Engineering Group, Inc		49,050
	10,264		Jain Irrigation Systems Ltd		48
	1,263,365		Jaiprakash Associates Ltd		2,991
	168,604		Japan Pulp & Paper Co Ltd		602
	737,004		Japan Steel Works Ltd		7,698
	506,000	*	Jaya Holdings Ltd		288
	20,000	*	Jenn Feng New Energy Co Ltd		25
	151,000		JFE Shoji Holdings, Inc		705
	175,200		JG Summit Holdings (Series B)		78
	195,501		JGC Corp		4,255
	771,670	*	Jiangsu Rongsheng Heavy Industry Group Co Ltd		665
	20,000	*	Jingwei Textile Machinery		11
	1,376	*	Jinsung T.E.C.		12
	123,680	e	John Bean Technologies Corp		2,490
	4,152,086		Johnson Electric Holdings Ltd		2,970
	891,444	e	Joy Global, Inc		77,333
	970		JS Cable Co Ltd		10
	205,664		JS Group Corp		4,527
	970,624		JTEKT Corp		11,453

26

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	179,000	*,e	Juki Corp	$	317
	35,305		Jungheinrich AG.		1,396
	572	*	JVM Co Ltd		13
	10,315		Jyoti Structures Ltd		31
	4,648		Kaba Holding AG.		1,993
	80,184	*	Kadant, Inc		1,890
	1,631,004	e	Kajima Corp		4,339
	161,516	e	Kaman Corp		4,695
	128,000		Kandenko Co Ltd		859
	554,000	*,e	Kanematsu Corp		532
	6,085		Kardex AG.		197
	26,500		Katakura Industries Co Ltd		273
	900,000		Kato Works Co Ltd		1,995
	12,000		Kaulin Manufacturing Co Ltd		11
	1,212,173		Kawasaki Heavy Industries Ltd		4,076
	206,702	e	Kaydon Corp		8,417
	1,672,644		KBR, Inc		50,966
	7,149		KCC Corp		2,485
	419		KCC Engineering & Construction Co Ltd		15
	78,617	e	KCI Konecranes Oyj		3,245
	1,530	*	Keangnam Enterprises Ltd		14
	25,000	*	Keihan Electric Railway Co Ltd		104
	84,855		Keller Group plc		833
	39,000		Kenmec Mechanical Engineering Co Ltd		33
	255,918	e	Kennametal, Inc		10,099
	150,600	*	Kepler Weber S.A.		32
	2,759,436		Keppel Corp Ltd		24,340
	24,100	*,e	KEYW Holding Corp		354
	51,303		Kier Group plc		1,097
	168,914		Kinden Corp		1,560
	11,000		King Slide Works Co Ltd		56
	171,151		Kingspan Group plc		1,713
	16,000		Kinik Co		33
	121,000		Kinki Sharyo Co Ltd		650
	125,000		Kitz Corp		594
	91,371	*	Kloeckner & Co AG.		2,565
	1,171,282		KOC Holding AS		5,705
	2,690		Kolon Engineering & Construction Co Ltd		11
	2,106,155		Komatsu Ltd		63,737
	4,202		Komax Holding AG.		458
	92,790		Komori Corp		1,101
	52,178		Kone Oyj (Class B)		2,901
	307,328		Koninklijke BAM Groep NV		1,888
	2,782,580		Koninklijke Philips Electronics NV		85,225
	16,342		Koor Industries Ltd		398
	11,433	*	Kopex S.A.		73
	920		Korea Electric Terminal Co Ltd		16
	103,229	*,e	Kratos Defense & Security Solutions, Inc		1,360
	19,474		Krones AG.		1,222
	278,000	*	KS Energy Services Ltd		234
	252		Ksb AG		196
	368,694		Kubota Corp		3,492

27

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	33,668	*,e	KUKA AG.	$	747
	440		Kumho Electric Co Ltd		16
	16,001	*	Kumho Industrial Co Ltd		236
	271,094		Kurita Water Industries Ltd		8,541
	60,570		Kuroda Electric Co Ltd		850
	790		Kyeryong Construction Industrial Co Ltd		13
	67,000		Kyosan Electric Manufacturing Co Ltd		309
	111,600		Kyowa Exeo Corp		1,151
	54,000		Kyudenko Corp		346
	846,664		L-3 Communications Holdings, Inc		59,681
	60,298	*,e	LaBarge, Inc		947
	70,213	*	Ladish Co, Inc		3,413
	1,074		Lakshmi Machine Works Ltd		59
	300,889		Larsen & Toubro Ltd		13,318
	237,370		Lavendon Group plc		428
	29,338	e	Lawson Products, Inc		730
	97,776	*,e	Layne Christensen Co		3,365
	57,271	*	LB Foster Co (Class A)		2,345
	338,157		Legrand S.A.		13,771
	282,155	e	Leighton Holdings Ltd		8,883
	14,966		Lemminkainen Oyj		520
	144,862	e	Lennox International, Inc		6,851
	175,863		LG Corp		13,528
	1,086		LG Hausys Ltd		83
	4,970		LG International Corp		169
	149,453	e	Lincoln Electric Holdings, Inc		9,755
	80,310	e	Lindab International AB		1,054
	54,280	e	Lindsay Manufacturing Co		3,226
	4,579		LISI		308
	67,500	*	LK Technology Holdings Ltd		26
	42,342	*,e	LMI Aerospace, Inc		677
	1,287,784		Lockheed Martin Corp		90,029
	17,000		Longwell Co		27
	6,907,000	e	Lonking Holdings Ltd		3,777
	24,704		LS Cable Ltd		2,318
	20,308		LS Industrial Systems Co Ltd		1,618
	110,139		LSI Industries, Inc		932
	34,000	*	Luoyang Glass Co Ltd		10
	2,800	*	Lupatech S.A.		33
	77,594	*,e	Lydall, Inc		625
	28,382		Mabuchi Motor Co Ltd		1,463
	1,014,059		Macmahon Holdings Ltd		545
	175,000		Maeda Corp		550
	112,000		Maeda Road Construction Co Ltd		895
	1,700	*,e	Magnetek, Inc		2
	156,247		Maire Tecnimont S.p.A.		687
	160,000	*	Makino Milling Machine Co Ltd		1,318
	115,924	*	Makita Corp		4,740
	463,400		Malaysian Resources Corp BHD		299
	6,853		MAN AG.		815
	15,414	*	Manitou BF S.A.		356
	412,255	e	Manitowoc Co, Inc		5,405

28

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	49,000		Marcopolo S.A.	$	206
	36,442	e	Martifer SGPS S.A.		73
	2,490,329		Marubeni Corp		17,514
	4,089,287	e	Masco Corp		51,770
	283,561	*	Mastec, Inc		4,137
	49,000		Max Co Ltd		580
	29,193	*	MAX India Ltd		96
	4,378	*	Maytas Infra Ltd		18
	2,800,000	*	Media China Corp Ltd		15
	2,558,169		Meggitt plc		14,757
	325,000	e	Meidensha Corp		1,537
	1,113,980		Melrose plc		5,401
	3,895,000	*,e	Metallurgical Corp of China Ltd		1,719
	54,724		Metka S.A.		689
	63,972	e	Met-Pro Corp		756
	83,406		Metso Oyj		4,659
	53,315	*,e	Meyer Burger Technology AG.		1,662
	37,040	*	Michael Baker Corp		1,152
	5,861		Michaniki S.A. (Preference)		2
	75,403	m	Micron Machinery Co Ltd		957
	70,624	*,e	Middleby Corp		5,962
	54,471		Miller Industries, Inc		775
	161,200		Mills Estruturas e Servicos de		2,000
	755,418		Minebea Co Ltd		4,764
	88,400	*	Miraito Holdings Corp		623
	42,000		Mirle Automation Corp		49
	136,000		MISUMI Group, Inc		3,389
	3,247,565		Mitsubishi Corp		87,920
	3,127,412		Mitsubishi Electric Corp		32,819
	3,634,719		Mitsubishi Heavy Industries Ltd		13,654
	81,000		Mitsubishi Kakoki Kaisha Ltd		178
	149,000		Mitsuboshi Belting Co Ltd		866
	3,793,231		Mitsui & Co Ltd		62,653
	3,235,416	e	Mitsui Engineering & Shipbuilding Co Ltd		8,568
	37,200		Miura Co Ltd		993
	3,225,374		MMC Corp BHD		2,908
	156,361	e	Monadelphous Group Ltd		2,927
	231,144	*	Moog, Inc (Class A)		9,200
	376,927		Morgan Crucible Co plc		1,432
	50,715		Morgan Sindall plc		557
	130,000	e	Mori Seiki Co Ltd		1,542
	244,458	e	Mota Engil SGPS S.A.		569
	151,320	e	MSC Industrial Direct Co (Class A)		9,789
	153,365		MTU Aero Engines Holding AG.		10,372
	12,300		Mudajaya Group BHD		17
	192,263		Mueller Industries, Inc		6,287
	760,027	e	Mueller Water Products, Inc (Class A)		3,169
	26,700		Muhibbah Engineering M BHD		13
	450,180		Murray & Roberts Holdings Ltd		2,745
	83,878	*,e	MYR Group, Inc		1,761
	1,524	*	Mysco		9
	82,900		Nabtesco Corp		1,768

29

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	30,266	e	Nacco Industries, Inc (Class A)	$	3,280
	264,000		Nachi-Fujikoshi Corp		888
	20,288		Nagarjuna Construction Co		64
	274,000		Nagase & Co Ltd		3,547
	2,410	*	Namkwang Engr & Construction		7
	42,300		Namura Shipbuilding Co Ltd		207
	460,257	*	Navistar International Corp		26,653
	185,577		NCC AB (B Shares)		4,078
	74,266	*,e	NCI Building Systems, Inc		1,039
	17,100		NEC Capital Solutions Ltd		254
	30,900		NEC Networks & System Integration Corp		401
	454,351	e	Neo-Neon Holdings Ltd		244
	1,752		NEPES Corp		25
	33,229	e	Nexans S.A.		2,614
	1,589		Nexcon Technology Co Ltd		10
	233,339		NGK Insulators Ltd		3,808
	114,133		Nibe Industrier AB (Series B)		1,744
	196,000		Nichias Corp		1,016
	8,700		Nichiden Corp		260
	27,200		Nichiha Corp		222
	185,013	e	Nidec Corp		18,709
	156,000		Nippo Corp		1,088
	155,000	e	Nippon Carbon Co Ltd		504
	93,000		Nippon Densetsu Kogyo Co Ltd		898
	100,000		Nippon Road Co Ltd		239
	132,730	e	Nippon Sharyo Ltd		647
	1,582,627		Nippon Sheet Glass Co Ltd		4,269
	64,800		Nippon Signal Co Ltd		515
	65,000		Nippon Steel Trading Co Ltd		200
	92,000	*	Nippon Thompson Co Ltd		741
	385,000		Nishimatsu Construction Co Ltd		503
	18,000		Nishio Rent All Co Ltd		121
	113,000		Nissin Electric Co Ltd		685
	29,300		Nitta Corp		577
	358,000	*	Nitto Boseki Co Ltd		904
	43,900	e	Nitto Kogyo Corp		497
	14,973		Nitto Kohki Co Ltd		389
	1,310		NK Co Ltd		14
	32,564	e	NKT Holding AS		1,735
	2,298,282	e	Noble Group Ltd		3,886
	25,637		Noida Toll Bridge Co Ltd		17
	51,800	*,e	Nordex AG.		381
	174,692		Nordson Corp		16,051
	134,919		Noritake Co Ltd		482
	34,400	e	Noritz Corp		608
	1,346,235	e	Northrop Grumman Corp		87,209
	65,887	*,e	Northwest Pipe Co		1,583
	576,776		NRW Holdings Ltd		1,274
	757,944	e	NSK Ltd		6,852
	3,951,722	*	NTN Corp		20,978
	2,009,361	e	NWS Holdings Ltd		3,050
	17,000	e	Obara Corp		180

30

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	564,439		Obayashi Corp	$	2,600
	77,094	e	Obrascon Huarte Lain S.A.		2,336
	138,246	*	OC Oerlikon Corp AG.		724
	82,500		Oiles Corp		1,528
	217,641	*,e	Okuma Holdings, Inc		1,662
	221,000		Okumura Corp		841
	6,291	e	Omega Flex, Inc		104
	59,500		Onoken Co Ltd		546
	145,169		Orascom Construction Industries		7,180
	248,583	*,e	Orbital Sciences Corp		4,258
	46,000		Organo Corp		353
	107,108	*,e	Orion Marine Group, Inc		1,242
	50,611	e	Orkla ASA		492
	83,311		Ormat Industries		716
	101,700	e	OSG Corp		1,231
	435,271	*,e	Oshkosh Truck Corp		15,339
	916,000		Otto Marine Ltd		250
	61,678	e	Outotec Oyj		3,811
	716,036	*,e	Owens Corning, Inc		22,305
	1,655,267	e	Paccar, Inc		95,046
	17,261	e	Palfinger AG.		663
	467,482		Pall Corp		23,178
	5,731,000	m	Pan-United Corp Ltd		2,411
	1,243,117		Parker Hannifin Corp		107,282
	3,531		Patel Engineering Ltd		24
	10,535		PBG S.A.		758
	221,257		Peab AB (Series B)		1,883
	309,858	e	Pentair, Inc		11,313
	450,000		Penta-Ocean Construction Co Ltd		765
	163,192		Perini Corp		3,494
	11,797		Pfeiffer Vacuum Technology AG.		1,387
	55,580	*,e	Pfleiderer AG.		181
	28,877	*,e	Pgt, Inc		71
	27,000		Phihong Technology Co Ltd		49
	8,769		Phoenix Solar AG.		278
	73,332	*,e	Pike Electric Corp		629
	15,495	e	Pinguely-Haulotte		240
	42,578	*	Pipavav Shipyard Ltd		83
	63,616		Pkc Group Oyj		1,309
	10,009		Plasson		246
	72,507	*,e	PMFG, Inc		1,189
	108,878		Polimex Mostostal S.A.		147
	27,300		Polyplex PCL		33
	148,922	*	Polypore International, Inc		6,066
	31,244		Ponsse Oy		451
	59,969	*	Powell Industries, Inc		1,972
	15,000	*	Powercom Co Ltd		30
	87,960	*,e	PowerSecure International, Inc		684
	15,879		Praj Industries Ltd		30
	1,061,310	e	Precision Castparts Corp		147,745
	16,867	e	Preformed Line Products Co		987
	94,302	e	Primoris Services Corp		900

31

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	17,664	e	Prysmian S.p.A.	$	301
	162,000		PT AKR Corporindo Tbk		31
	12,033,500	*	PT Bakrie and Brothers Tbk		87
	59,500		PT Hexindo Adiperkasa Tbk		47
	352,000		PT Pembangunan Perumahan Tbk		31
	2,461,516		PT United Tractors Tbk		6,502
	477,000		PT Wijaya Karya		36
	38,396		Punj Lloyd Ltd		96
	77,305	*,e	Pursuit Dynamics plc		593
	3,088	*	Pyeong San Co Ltd		14
	914,269		QinetiQ plc		1,853
	283,138		Quanex Building Products Corp		5,371
	659,623	*	Quanta Services, Inc		13,140
	3,656		R Stahl AG.		132
	90,278		Ramirent Oyj		1,188
	24,000		Randon Participacoes S.A.		178
	51,700	*	Ranhill BHD		15
	4,668		Rational AG.		1,032
	31,754		Raubex Group Ltd		113
	70,534	e	Raven Industries, Inc		3,364
	2,206,845	e	Raytheon Co		102,265
	91,323	*,e	RBC Bearings, Inc		3,569
	25,000	*	Rechi Precision Co Ltd		16
	172,991		Regal-Beloit Corp		11,549
	214,326		Reunert Ltd		2,180
	515,890		Rheinmetall AG.		41,480
	42,000		Rich Development Co Ltd		28
	133,681	e	Robbins & Myers, Inc		4,783
	503,462	e	Rockwell Automation, Inc		36,103
	705,655	e	Rockwell Collins, Inc		41,111
	11,679		Rockwool International AS (B Shares)		1,455
	1,473,713		Rolls-Royce Group plc		14,314
	294,585	e	Roper Industries, Inc		22,515
	4,612		Rosenbauer International AG.		231
	331,000		Rotary Engineering Ltd		263
	126,126		Rotork plc		3,595
	206,750	*,e	RSC Holdings, Inc		2,014
	6,000		Ruentex Engineering & Construction Co		9
	145,208	*,e	Rush Enterprises, Inc (Class A)		2,968
	81,933		Russel Metals, Inc		1,887
	283,000	*,e	Ryobi Ltd		1,297
	530		S&T Corp		8
	1,080		S&T Holdings Co Ltd		14
	133,303		Saab AB (Class B)		2,438
	148,436	*,e	Sacyr Vallehermoso S.A.		942
	1,038,088		Safran S.A.		36,761
	34,413		Saft Groupe S.A.		1,267
	32,653		Salfacorp S.A.		118
	754		Sambu Construction Co Ltd		11
	185,830		Samsung Corp		12,919
	44,224		Samsung Engineering Co Ltd		7,482
	247,660		Samsung Heavy Industries Co Ltd		8,991

32

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	84,848		Samsung Techwin Co Ltd	$	7,738
	1,250		Samwhan Corp		11
	11,000		San Shing Fastech Corp		12
	1,248,862		Sandvik AB		24,343
	70,000		Sanki Engineering Co Ltd		481
	331,000	*	Sankyo-Tateyama Holdings, Inc		420
	303,000		Sanwa Shutter Corp		959
	1,012,000	e	Sany Heavy Equipment International		1,492
	52,000		Sanyo Denki Co Ltd		316
	165,000	e	Sasebo Heavy Industries Co Ltd		337
	391,192	*,e	SatCon Technology Corp		1,760
	101,951	*	Sauer-Danfoss, Inc		2,880
	218,856		Scania AB (B Shares)		5,034
	17,406		Schindler Holding AG.		2,059
	36,109		Schindler Holding AG. (Reg)		4,321
	544,788	e	Schneider Electric S.A.		81,536
	37,578		Schouw & Co		899
	1,102		Schweiter Technologies AG.		884
	1,808		Seaboard Corp		3,600
	46,300	e	SeaCube Container Leasing Ltd		651
	35,000		SEC Carbon Ltd		194
	272,958		Sedgman Ltd		637
	80,000		Seika Corp		205
	72,000		Sekisui Jushi Corp		735
	3,121,689		SembCorp Industries Ltd		12,503
	3,809,449	e	SembCorp Marine Ltd		15,940
	1,139,601		Senior plc		2,678
	69,881	*,e	Sensata Technologies Holding BV		2,104
	8,653		Seohee Construction Co Ltd		11
	1,074		Seoul Marine Co Ltd		10
	147,967		Seven Network Ltd		1,332
	129,160		Severfield-Rowen plc		620
	3,150		Sewon Cellontech Co Ltd		13
	67,470	*,e	SGL Carbon AG.		2,436
	25,000	*	SGSB Group Co Ltd		18
	9,800	*	Shanghai Automation Instrumentation Co Ltd		9
	50,600		Shanghai Diesel Engine Co Ltd		45
	9,476,000		Shanghai Electric Group Co Ltd		6,254
	45,300	*	Shanghai Erfangji Co Ltd		19
	48,300		Shanghai Highly Group Co Ltd		31
	1,097,600	e	Shanghai Industrial Holdings Ltd		4,745
	24,920		Shanghai Mechanical and Electrical Industry Co Ltd		29
	156,000		Shanghai Prime Machinery Co Ltd		42
	31,500	*	Shanghai Waigaoqiao Free Trade Zone Development Co Ltd		29
	571,229	*	Shaw Group, Inc		19,553
	14,000		Shenji Group Kunming Machine Tool Co Ltd		9
	8,000		ShenMao Technology, Inc		14
	82,000		Shihlin Electric & Engineering Corp		113
	357,132		Shikun & Binui Ltd		981
	35,600		Shima Seiki Manufacturing Ltd		858
	472,141		Shimizu Corp		2,018

33

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	15,000		Shin Zu Shing Co Ltd	$	40
	124,000	e	Shinko Electric Co Ltd		321
	48,000	e	Shin-Kobe Electric Machinery Co Ltd		580
	476,590		Shinmaywa Industries Ltd		2,060
	188,000		Shinsho Corp		468
	51,900	e	SHO-BOND Holdings Co Ltd		1,095
	450,000		Shui On Construction and Materials Ltd		524
	1,607,534		Siemens AG.		199,133
	106,433		Siemens India Ltd		1,953
	817,853	*	SIG plc		1,641
	21,000		Silitech Technology Corp		65
	3,946,471		Sime Darby BHD		11,263
	170,832	e	Simpson Manufacturing Co, Inc		5,280
	1,834,000	*	Singamas Container Holdings Ltd		588
	1,392,196		Singapore Technologies Engineering Ltd		3,710
	51,729	*,e	Singulus Technologies		310
	63,100		Sino Thai Engineering & Construction PCL		28
	2,604,000	e	Sinotruk Hong Kong Ltd		2,683
	54,026		Sintex Industries Ltd		220
	61,800		Sintokogio Ltd		588
	54,339		SK Corp		6,679
	116,760		SK Networks Co Ltd		1,373
	26,642		Skanska AB (B Shares)		528
	2,408,420		SKF AB (B Shares)		68,611
	294,801		SM Investments Corp		3,654
	59,130		SMC Corp		10,131
	4,408,052		Smiths Group plc		85,564
	182,323	e	Snap-On, Inc		10,316
	171,020		SNC-Lavalin Group, Inc		10,280
	1,759,936	*	Sojitz Holdings Corp		3,858
	9,407		Solar Holdings AS (B Shares)		715
	13,805	*,e	Solar Millennium AG.		369
	58,976		Solaria Energia y Medio Ambiente S.A.		114
	138,301	*	Sonae Capital SGPS S.A.		76
	1,107,389	e	Sonae SPGS S.A.		1,154
	753,938		Speedy Hire plc		332
	108,318		Spirax-Sarco Engineering plc		3,266
	494,171	*,e	Spirit Aerosystems Holdings, Inc (Class A)		10,284
	283,410	e	SPX Corp		20,261
	19,891		SRV Group plc		176
	1,985	*	Ssangyong Engineering & Construction Co Ltd		13
	64,157	e	Standex International Corp		1,919
	106,370	*,e	Sterling Construction Co, Inc		1,387
	39,000		Strabag SE		1,068
	4,550	*	STX Corp Co Ltd		114
	3,200		Stx Engine Co Ltd		98
	910		STX Enpaco Co Ltd		10
	7,600		STX Shipbuilding Co Ltd		167
	50,184		Sulzer AG.		7,648
	132,000		Sumikin Bussan Corp		319
	2,438,752	e	Sumitomo Corp		34,514
	2,312,056		Sumitomo Electric Industries Ltd		32,122

34

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	437,093		Sumitomo Heavy Industries Ltd	$	2,810
	420,575		Sumitomo Precision Products Co Ltd		2,057
	59,244	e	Sun Hydraulics Corp		2,239
	1,850	*	Sung Jin Geotec Co Ltd		25
	1,839		Sung Kwang Bend Co Ltd		38
	33,000		Sunonwealth Electric Machine Industry Co Ltd		31
	8,000		Sunspring Metal Corp		10
	61,200		Sunway Holdings BHD		44
	145,668	e	Superior Plus Corp		1,623
	823,531	*	Suzlon Energy Ltd		1,007
	329,000	*,e	SWCC Showa Holdings Co Ltd		381
	366,287		Swisslog Holding AG.		333
	120,000		Ta Ya Electric Wire & Cable		37
	510,186	e	Tadano Ltd		2,746
	1,192		Taewoong Co Ltd		49
	9,560		Taeyoung Engineering & Construction		53
	8,570	*	Taihan Electric Wire Co Ltd		48
	40,000		Taihei Dengyo Kaisha Ltd		328
	69,000		Taihei Kogyo Co Ltd		324
	38,300	e	Taikisha Ltd		679
	3,789,292		Taisei Corp		8,868
	1,196,608		Taiwan Glass Industrial Corp		1,492
	101,000	e	Takaoka Electric Manufacturing Co Ltd		532
	125,929		Takara Standard Co Ltd		853
	77,400	e	Takasago Thermal Engineering Co Ltd		648
	90,000	*	Takuma Co Ltd		251
	75,149	e	TAL International Group, Inc		2,320
	245,017	*,e	Taser International, Inc		1,152
	2,652,315	e	Tat Hong Holdings Ltd		1,984
	504,967		Tata Motors Ltd		14,775
	7,078,833		Teco Electric and Machinery Co Ltd		4,734
	114,151	*	Tecumseh Products Co (Class A)		1,490
	22,491		Tekfen Holding AS		94
	200,526	*,e	Teledyne Technologies, Inc		8,817
	118,369	e	Tennant Co		4,547
	335,937	*,e	Terex Corp		10,427
	9,938		Texmaco Ltd		12
	41,326	e	Textainer Group Holdings Ltd		1,177
	4,349,483	e	Textron, Inc		102,822
	256,049		Thales S.A.		8,959
	463		Thermax Ltd		9
	126,611		THK Co Ltd		2,911
	329,750	*,e	Thomas & Betts Corp		15,927
	118,000	*	Tianjin Development Hldgs		112
	1,144,015		Timken Co		54,604
	164,555	e	Titan International, Inc		3,215
	55,568	*,e	Titan Machinery, Inc		1,072
	1,619	*	TK Corp		38
	370,000		Toa Corp/Tokyo		433
	17,300		Tocalo Co Ltd		334
	317,000		Toda Corp		1,179
	49,000		Toenec Corp		281

35

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	145,738		Tognum AG.	$	3,841
	33,000	e	Tokyo Energy & Systems, Inc		213
	205,740		Tokyu Construction Co Ltd		623
	49,000		Tong-Tai Machine & Tool Co Ltd		70
	14,000		Topco Technologies Corp		35
	24,700	e	Torishima Pump Manufacturing Co Ltd		521
	224,303	e	Toro Co		13,826
	112,742		Toromont Industries Ltd		3,488
	153,964	e	Toshiba Machine Co Ltd		779
	54,000		Toshiba Plant Systems & Services Corp		776
	361,973		Toto Ltd		2,626
	693,000		Toyo Construction Co Ltd		376
	51,000	e	Toyo Electric Manufacturing Co Ltd		296
	643,957		Toyo Engineering Corp		2,498
	14,400	e	Toyo Tanso Co Ltd		853
	231,828		Toyota Tsusho Corp		4,083
	126,500	*	Tradewinds Corp BHD		37
	47,770	*	Trakya Cam Sanayi AS		98
	489,184	e	TransDigm Group, Inc		35,226
	410,107		Travis Perkins plc		6,765
	126,679	e	Tredegar Corp		2,455
	453,606	e	Trelleborg AB (B Shares)		4,795
	39,981	e	Trevi Finanziaria S.p.A.		576
	63,760	*,e	Trex Co, Inc		1,528
	99,613	*	Trimas Corp		2,038
	250,625	e	Trinity Industries, Inc		6,669
	85,332	e	Triumph Group, Inc		7,630
	25,000		Trusco Nakayama Corp		420
	267,000		Tsubakimoto Chain Co		1,424
	70,000	e	Tsugami Corp		497
	45,000		Tsukishima Kikai Co Ltd		334
	2,496		Turk Traktor ve Ziraat Makineleri AS.		38
	43,072		Twin Disc, Inc		1,286
	4,272,041		Tyco International Ltd		177,033
	3,674	*	UI ENERGY Corp		11
	94,204		Ultra Electronics Holdings		2,491
	730		Umeco plc		5
	15,900	e	Union Tool Co		457
	1,224	*	Unison Co Ltd		7
	3,831	*,e	United Capital Corp		125
	322,000		United Engineers Ltd		682
	587,538	e	United Group Ltd		8,671
	21,000		United Integrated Services Co Ltd		30
	293,788	*,e	United Rentals, Inc		6,684
	3,270,647	e	United Technologies Corp		257,465
	83,409	e	Universal Forest Products, Inc		3,245
	75,257	e	Uponor Oyj		1,392
	155,511	*,e	UQM Technologies, Inc		356
	366,979	*	URS Corp		15,270
	1,162,003	*,e	USG Corp		19,557
	396,305		Ushio, Inc		7,556
	14,333		Vacon plc		747

36

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	796,774		Vallourec	$	83,688
	68,225	e	Valmont Industries, Inc		6,054
	120,301		Veidekke ASA		1,082
	13,215	*,e	Vestas Wind Systems AS		417
	89,108	e	Vicor Corp		1,461
	797,371		Vinci S.A.		43,346
	240,000	*	Vitar International Holdings Ltd		55
	24,036		Voltas Ltd		117
	765,729		Volvo AB (B Shares)		13,491
	91,793	e	Von Roll Holding AG.		481
	13,580		Vossloh AG.		1,733
	244,110	e	W.W. Grainger, Inc		33,715
	307,719	*,e	Wabash National Corp		3,646
	386,190	*,e	WABCO Holdings, Inc		23,531
	52,991		Wacker Construction Equipment AG.		921
	23,200		Wafangdian Bearing Co Ltd		25
	32,138		Wajax Income Fund		1,191
	3,812,150	*	Walsin Lihwa Corp		2,419
	1,003		Walter Meier AG.		205
	56,245	e	Wartsila Oyj (B Shares)		4,292
	119,211	e	Watsco, Inc		7,520
	146,461	e	Watts Water Technologies, Inc (Class A)		5,359
	63,631		Wavin NV		969
	12,000	*	Ways Technical Corp Ltd		28
	101,200		WCT BHD		105
	21,000		Wei Mon Industry Co Ltd		16
	677,000	e	Weichai Power Co Ltd		4,168
	193,073		Weir Group plc		5,358
	16,000		Well Shin Technology Co Ltd		29
	66,041		Wendel		6,081
	274,388	*,e	WESCO International, Inc		14,488
	148,821	e	Westinghouse Air Brake Technologies Corp		7,871
	54,805	*	Westport Innovations, Inc		1,011
	4,216,597	*,e	Wienerberger AG.		80,518
	12,141		Wilson Bayly Holmes-Ovcon Ltd		256
	1,040,861	*	Wolseley plc		33,204
	310,266		Woodward Governor Co		11,654
	2,575		Wooree ETI Co Ltd		16
	32,372	*,b,e	Xerium Technologies, Inc		516
	36,000		Yahagi Construction Co Ltd		211
	71,400		Yamazen Corp		383
	3,637,169	e	Yangzijiang Shipbuilding		5,413
	12,190		Yazicilar Holding AS.		106
	1,197,000	*,e	Ying Li International Real Estate Ltd		406
	177,961		YIT Oyj		4,435
	43,000		Yokogawa Bridge Holdings Corp		280
	1,633	*	Yonghyun BM Co Ltd		17
	1,043		Young Poong Precision Corp		11
	236,000	e	Yuasa Trading Co Ltd		235
	76,000		Yungtay Engineering Co Ltd		114
	53,000		Yurtec Corp		211
	13,400		Yushin Precision Equipment Co Ltd		264

37

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	10,087	e	Zardoya Otis S.A.	$	142
	965		Zehnder Group AG.		2,343
	9,475	e	Zhongde Waste Technology AG.		146
	2,546,000		Zhuzhou CSR Times Electric Co Ltd		10,007
	83,577		Zodiac S.A.		6,277
	39,309		Zumtobel AG.		1,098
			TOTAL CAPITAL GOODS		9,392,949
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
	58,152		Aangpanneforeningen AB (B Shares)		1,204
	224,565	e	Aaron’s, Inc		4,579
	268,180	e	ABM Industries, Inc		7,053
	224,796	*	Acacia Research (Acacia Technologies)		5,831
	252,191	*,e	ACCO Brands Corp		2,149
	3,870,853	*	Accor Services		91,634
	2,019,847		Adecco S.A.		132,316
	159,387		Administaff, Inc		4,670
	95,848	*,e	Advisory Board Co		4,565
	28,800		Aeon Delight Co Ltd		567
	691,130	e	Aggreko plc		15,969
	7,900		American Banknote S.A.		96
	129,627	e	American Ecology Corp		2,253
	157,504	*,e	American Reprographics Co		1,195
	121,427	*,e	APAC Customer Services, Inc		737
	50,574		Asahi Holdings, Inc		1,071
	960,000	*	Asia Energy Logistics Group Ltd		13
	15,644	e	Assystem		285
	268,151		Atkins WS plc		2,929
	324,107		Avery Dennison Corp		13,723
	281,145		Babcock International Group		2,503
	36,315		Barrett Business Services, Inc		565
	5,479		Bertrandt AG.		403
	163,961		BFI Canada Ltd		3,989
	3,245,415		Brambles Ltd		23,634
	306,740	e	Brink’s Co		8,245
	13,466		Brunel International		531
	70,448		Bureau Veritas S.A.		5,340
	12,237	e	BWT AG.		360
	161,195		Cabcharge Australia Ltd		963
	102,795	e	Campbell Brothers Ltd		4,162
	161,195		Cape plc		1,042
	168,761		Capita Group plc		1,833
	102,940	*	Casella Waste Systems, Inc (Class A)		730
	197,256	*,e	CBIZ, Inc		1,231
	53,074	e	CDI Corp		987
	217,342	*,e	Cenveo, Inc		1,161
	29,116		Cewe Color Holding AG.		1,298
	367,000	e	China Everbright International Ltd		193
	415,777		Cintas Corp		11,625
	98,310	*,e	Clean Harbors, Inc		8,266
	2,721	e	Compx International, Inc		31
	202,296	e	Connaught plc		53

38

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	71,617	*	Consolidated Graphics, Inc	$	3,468
	7,900		Contax Participacoes S.A.		152
	225,134	*,e	Copart, Inc		8,409
	211,063	e	Corporate Executive Board Co		7,925
	457,253	*,e	Corrections Corp of America		11,459
	87,627	*,e	CoStar Group, Inc		5,044
	50,366		Courier Corp		782
	407,807	e	Covanta Holding Corp		7,010
	50,395	*,e	CRA International, Inc		1,185
	1,186,338		Dai Nippon Printing Co Ltd		16,161
	46,000	e	Daiseki Co Ltd		960
	433,115		Davis Service Group plc		2,948
	144,091		De La Rue plc		1,841
	226,247	e	Deluxe Corp		5,208
	124,190		Derichebourg		865
	143,281	*	Dolan Media Co		1,994
	592,168	e	Downer EDI Ltd		2,780
	244,957	e	Dun & Bradstreet Corp		20,109
	77,300		Duskin Co Ltd		1,461
	1,093,507		eaga plc		1,198
	209,000	*	Eastern Media International Corp		53
	461,339		EnergySolutions, Inc		2,570
	85,345	*,e	EnerNOC, Inc		2,041
	150	e	en-japan, Inc		210
	139,337	e	Ennis, Inc		2,383
	257,620		Equifax, Inc		9,171
	1,029,753		Experian Group Ltd		12,812
	87,258	*	Exponent, Inc		3,275
	18,430		Fiera Milano S.p.A.		108
	1,158,000	*	Fook Woo Group Holdings Ltd		457
	59,894	*,e	Franklin Covey Co		514
	97,403	*,e	FTI Consulting, Inc		3,631
	89,775	*,e	Fuel Tech, Inc		872
	18,463,000	*	Fung Choi Media Group Ltd		2,733
	110,443	e	G & K Services, Inc (Class A)		3,414
	35,304	*	Gategroup Holding AG.		1,931
	273,363	*,e	Geo Group, Inc		6,741
	24,939	e	GL Events		853
	69,638	*	GP Strategies Corp		713
	1,796,156		Group 4 Securicor plc		7,130
	11,459		Groupe CRIT		313
	60,817	*	Gunnebo AB		479
	2,038,884		Hays plc		4,098
	281,805	e	Healthcare Services Group		4,585
	73,522	e	Heidrick & Struggles International, Inc		2,106
	247,279	e	Herman Miller, Inc		6,256
	263,556	*,e	Higher One Holdings, Inc		5,332
	143,232	*,e	Hill International, Inc		927
	187,846	e	HNI Corp		5,861
	365,828		Homeserve plc		2,528
	138,170	*,e	Hudson Highland Group, Inc		806
	106,812	*,e	Huron Consulting Group, Inc		2,825

39

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	80,146	*,e	ICF International, Inc	$	2,061
	151,992	*	IHS, Inc (Class A)		12,219
	108,386	*,e	Innerworkings, Inc		710
	3,059		Insun ENT Co Ltd		11
	221,632		Interface, Inc (Class A)		3,469
	192,380		Intertek Group plc		5,324
	138,246		Intrum Justitia AB		2,127
	10,080,000		iOne Holdings Ltd		281
	5,513	*	Ipek Matbacilik Sanayi Ve Ticaret AS		13
	575,788		Iron Mountain, Inc		14,400
	317,171	e	ITE Group plc		1,247
	613,600		JobStreet Corp BHD		593
	85,119	*,e	KAR Auction Services, Inc		1,175
	109,973	*	Kelly Services, Inc (Class A)		2,067
	135,860	*,e	Kforce, Inc		2,198
	125,200	*	K-Green Trust		104
	160,810	e	Kimball International, Inc (Class B)		1,110
	195,695		Knoll, Inc		3,274
	107,500	e	Kokuyo Co Ltd		929
	205,974	*,e	Korn/Ferry International		4,760
	15,672	*	Koza Anadolu Metal Madencilik Isletmeleri AS		47
	188,000	e	Kyodo Printing Co Ltd		445
	26,000		L&K Engineering Co Ltd		28
	48,585		Lassila & Tikanoja Oyj		956
	98,196	*,e	LECG Corp		136
	107,020		Loomis AB		1,607
	52,415	*	M&F Worldwide Corp		1,211
	167,129		Manpower, Inc		10,489
	18,462		Matsuda Sangyo Co Ltd		332
	106,061	e	McGrath RentCorp		2,781
	183,820		McMillan Shakespeare Ltd		1,591
	117,307	e	Mears Group plc		554
	43,900	*,e	Meitec Corp		939
	167,349	*,e	Metalico, Inc		984
	538,769		Michael Page International plc		4,662
	125,803	e	Mine Safety Appliances Co		3,916
	127,470		Mineral Resources Ltd		1,608
	66,151	*,e	Mistras Group, Inc		892
	485,145	e	Mitie Group		1,771
	44,572		Mitsubishi Pencil Co Ltd		747
	8,000	*,e	Mitsubishi Research Institute, Inc		184
	158,264	*,e	Mobile Mini, Inc		3,116
	24,660		Morneau Sobeco Income Fund		257
	41,600		Moshi Moshi Hotline, Inc		1,091
	163,798	e	Mouchel Group plc		273
	49,465	e	Multi-Color Corp		963
	130,000		Multiplus S.A.		2,643
	18,526	*	Mvelaserve Ltd		37
	350,222	*,e	Navigant Consulting, Inc		3,222
	81,156	e	Newalta, Inc		970
	17,879	*	Nile Cotton Ginning		50
	6,800	e	Nippon Kanzai Co Ltd		113

40

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	50,721	e	Nissha Printing Co Ltd	$	1,346
	82,000		Okamura Corp		518
	212,354	*,e	On Assignment, Inc		1,731
	22,768		Oyo Corp		190
	132,700	e	Park24 Co Ltd		1,420
	224	*	Pasona Group, Inc		167
	246	e	Pilot Corp		436
	649,709		Pitney Bowes, Inc		15,710
	598,537		PMP Ltd		569
	49,138	e	Poyry Oyj		601
	79,293		Proffice AB		421
	158,380		Programmed Maintenance Services Ltd		280
	87,300		PRONEXUS, Inc		475
	55,320		Prosegur Cia de Seguridad S.A.		3,114
	1,042,941		R.R. Donnelley & Sons Co		18,220
	12,048	*	Randstad Holdings NV		636
	1,386,849		Regus plc		1,866
	3,021,988	*	Rentokil Initial plc		4,566
	1,872,446		Republic Services, Inc		55,912
	203,174	e	Resources Connection, Inc		3,777
	118,446	e	Ritchie Bros Auctioneers, Inc		2,730
	310,563	e	Robert Half International, Inc		9,503
	94,951		Robert Walters plc		481
	269,832	e	Rollins, Inc		5,329
	299,815	e	RPS Group plc		1,077
	423,728		RSM Tenon Group plc		383
	25,224		S1 Corp (Korea)		1,245
	433,447		SAI Global Ltd (New)		2,163
	239,873		Salmat Ltd		1,070
	37,452	e	Sato Corp		496
	50,975	e	Schawk, Inc (Class A)		1,049
	85,330	*,e	School Specialty, Inc		1,189
	7,201		Seche Environnement S.A.		567
	186,568		Secom Co Ltd		8,835
	5,500		Secom Techno Service Co Ltd		189
	37,066		Securitas AB (B Shares)		433
	444,427		Securitas Systems AB (B Shares)		912
	451,680	e	Seek Ltd		3,063
	91,376		Serco Group plc		791
	380		SGS S.A.		638
	549,263		Shanks Group plc		1,077
	158,424		Skilled Group Ltd		300
	65,961		Societe BIC S.A.		5,669
	133,700		Sohgo Security Services Co Ltd		1,584
	253,093	*	Spherion Corp		2,470
	545,647	e	Spotless Group Ltd		1,172
	93,081	*,e	Standard Parking Corp		1,758
	76,139	e	Standard Register Co		260
	62,562	*,e	Stantec, Inc		1,745
	331,587		Steelcase, Inc (Class A)		3,505
	559,651	*,e	Stericycle, Inc		45,288
	134,838	e	Sthree plc		771

41

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	182,413	*,e	SYKES Enterprises, Inc	$	3,696
	18,000		Taiwan Secom Co Ltd		34
	10,629,530		Taiwan-Sogo Shinkong Security Corp		8,968
	88,207	*,e	Team, Inc		2,135
	3,727		Telegate AG.		35
	69,969		Teleperformance		2,361
	46,200		Temp Holdings Co Ltd		428
	375,345	*,e	Tetra Tech, Inc		9,406
	50,000		Tianjin Capital Environmental Protection Group Co Ltd		18
	15,600		Tokyu Community Corp		464
	207,664		Tomra Systems ASA		1,381
	87,700		Toppan Forms Co Ltd		900
	475,587		Toppan Printing Co Ltd		4,346
	129,924	e	Towers Watson & Co		6,764
	52,010		Transcom WorldWide S.A. (ADR)		159
	121,430		Transcontinental, Inc		1,954
	636,098	e	Transfield Services Ltd		2,186
	1,130,297	*,e	Transpacific Industries Group Ltd		1,572
	156,763	m	Tricorona AB		186
	217,552	*,e	TrueBlue, Inc		3,914
	136,000		Uchida Yoko Co Ltd		503
	73,512	e	Unifirst Corp		4,047
	119,893	*,e	United Stationers, Inc		7,650
	92,171	*	USG People NV		1,872
	490,842	*,e	Verisk Analytics, Inc		16,728
	131,899	e	Viad Corp		3,359
	67,774	*,e	Volt Information Sciences, Inc		586
	27,757	e	VSE Corp		917
	1,639,701		Waste Connections, Inc		45,142
	1,759,132	e	Waste Management, Inc		64,860
	220,000		WHK Group Ltd		243
	122,711		WSP Group plc		679
	38,000		Yem Chio Co Ltd		38
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		1,094,586
CONSUMER DURABLES & APPAREL - 1.9%
	151,000	e	361 Degrees International Ltd		109
	8,770		Accell Group		443
	350,378		Adidas-Salomon AG.		22,891
	8,484		Advanced Digital Broadcast Holdings S.A.		278
	24,000		Advanced International Multitech Co Ltd		50
	20,168		AFG Arbonia-Forster Hldg		626
	87,626	*,e	AGFA-Gevaert NV		0	^
	12,614		Aksa Akrilik Kimya Sanayii		30
	89,625		Alok Industries Ltd		56
	99,000	*	Alpine Electronics, Inc		1,408
	48,000		Altek Corp		73
	217,709		Amer Sports Oyj (A Shares)		3,034
	196,018	*,e	American Apparel, Inc		325
	201,209	e	American Greetings Corp (Class A)		4,459
	1,268,000		Anta Sports Products Ltd		2,013
	5,676,000	*	Apollo Solar Energy Technology Holdings Ltd		438

42

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	31,948		Arab Cotton Ginning	$	24
	257,463		Arcelik AS		1,301
	69,169	*,e	Arctic Cat, Inc		1,013
	54,600		Arnest One Corp		701
	33,400	e	Aruze Corp		976
	20,901	*	Arvind Ltd		33
	31,000	*	Asia Optical Co, Inc		66
	41,623		Asics Corp		535
	216,000		Atsugi Co Ltd		279
	6,000		AVY Precision Technology, Inc		27
	50,191	*,e	Bang & Olufsen AS (B Shares)		522
	1,336,099	*	Barratt Developments plc		1,847
	850	*	Basic House Co Ltd		14
	21,000		Basso Industry Corp		18
	5,734		Bata India Ltd		46
	326,146	*,e	Beazer Homes USA, Inc		1,758
	338,000	*	Beijing Properties Holdings Ltd		31
	179,986		Bellway plc		1,880
	49,476	*	Beneteau S.A.		1,047
	74,403		Benetton Group S.p.A.		489
	171,337	*	Berkeley Group Holdings plc		2,377
	168,191	e	Billabong International Ltd		1,402
	25,660		Bjoern Borg AB		234
	26,026	e	Blyth, Inc		897
	3,325		Bombay Dyeing & Manufacturing Co Ltd		39
	9,953		Bombay Rayon Fashions Ltd		44
	4,876,000	e	Bosideng International Holdings Ltd		1,945
	185,506	*	Bovis Homes Group plc		1,197
	48,775	*,e	Brookfield Homes Corp		458
	596,200		Brookfield Incorporacoes S.A.		3,107
	388,865	e	Brunswick Corp		7,287
	206,931	e	Bulgari S.p.A.		2,236
	1,533,531		Burberry Group plc		26,874
	86,000	*	BWG Homes ASA		312
	319,808	e	Callaway Golf Co		2,581
	10,600		Camargo Correa Desenvolvimento Imobiliario S.A.		51
	266,720	*	Carter’s, Inc		7,871
	83,037	e	Casio Computer Co Ltd		670
	28,783	*,e	Cavco Industries, Inc		1,344
	41,878	e	Cherokee, Inc		788
	680,000		Chigo Holding Ltd		87
	4,139,400	e	China Dongxiang Group Co		1,789
	8,029		China Great Star International Ltd		15
	79,000	e	China Lilang Ltd		122
	868,000		China Ting Group Holdings Ltd		143
	24,900	e	Chofu Seisakusho Co Ltd		569
	155,125		Christian Dior S.A.		22,160
	165,000	*,e	Clarion Co Ltd		319
	28,500		Cleanup Corp		195
	1,192,217	e	Coach, Inc		65,941
	52,247	e	Columbia Sportswear Co		3,150
	1,263,982		Compagnie Financiere Richemont S.A.		74,351

43

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	224,000		Companhia Hering	$	3,643
	161,800		Consorcio ARA, S.A. de C.V.		100
	22,000		Corona Corp		213
	112,800	*,e	Corp GEO S.A. de C.V. (Series B)		414
	332,000		COSTIN NEW MATERIALS GROUP		319
	428,826	*	CROCS, Inc		7,342
	36,123		CSS Industries, Inc		744
	38,638	*,e	Culp, Inc		400
	394,281		Cyrela Brazil Realty S.A.		5,190
	30,200	e	Daidoh Ltd		269
	8,900		Daikoku Denki Co Ltd		114
	209,000	e	Daiwa Seiko, Inc		252
	316,000		Daiwabo Co Ltd		829
	359,050	*,e	Deckers Outdoor Corp		28,631
	163,755		De’Longhi S.p.A.		1,287
	32,727	*,e	Delta Apparel, Inc		442
	292,440	*	Desarrolladora Homex S.A. de C.V.		1,658
	54,590		Descente Ltd		294
	61,791		Dorel Industries, Inc (Class B)		2,144
	2,009,434	e	DR Horton, Inc		23,973
	45,542		Duni AB		494
	1,159,889	*,e	Eastman Kodak Co		6,217
	22,000		Eclat Textile Co Ltd		29
	11,270		Elco Holdings Ltd		170
	532,274		Electrolux AB (Series B)		15,116
	21,000		Embry Holdings Ltd		20
	113,151	e	Ethan Allen Interiors, Inc		2,264
	28,400		Even Construtora e Incorporadora S.A.		147
	10,900		Ez Tec Empreendimentos e Participacoes S.A.		92
	59,000		Feng TAY Enterprise Co Ltd		66
	279		Fields Corp		438
	751,899	*	Fisher & Paykel Appliances Holdings Ltd		328
	2,004		Forbo Holding AG.		1,265
	727,220		Formosa Taffeta Co Ltd		708
	599,179		Fortune Brands, Inc		36,102
	3,244		Forus S.A.		11
	483,913	*	Fossil, Inc		34,106
	31,391		Foster Electric Co Ltd		930
	175,000		France Bed Holdings Co Ltd		239
	117,000		Fujitsu General Ltd		705
	31,700	e	Funai Electric Co Ltd		1,105
	209,736	*,e	Furniture Brands International, Inc		1,078
	667,798		Gafisa S.A.		4,844
	402,735	e	Garmin Ltd		12,481
	4,000	*	Genius Electronic Optical Co Ltd		53
	113,353	e	Geox S.p.A.		518
	39,356		Gerry Weber International AG.		1,933
	351,236		Giant Manufacturing Co Ltd		1,434
	68,533	*,e	G-III Apparel Group Ltd		2,409
	154,159	*,e	Gildan Activewear, Inc		4,395
	7,187		Gitanjali Gems Ltd		34
	676,637		Glorious Sun Enterprises Ltd		313

44

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	15,700		Grendene S.A.	$	88
	135,924	e	GUD Holdings Ltd		1,387
	922,000		Gunze Ltd		3,895
	133,000	*	Haier Electronics Group Co Ltd		155
	12,500	*,e	HAJIME CONSTRUCTION Co Ltd		430
	2,280		Handsome Co Ltd		37
	295,541	*,e	Hanesbrands, Inc		7,507
	1,670		Hansae Co Ltd		10
	1,960		Hanssem Co Ltd		24
	377,168	*	Harman International Industries, Inc		17,463
	1,494,269		Hasbro, Inc		70,499
	1,873,500	*,e	Haseko Corp		1,661
	10,600	*	Hefei Meiling Co Ltd		12
	79,400		Heiwa Corp		1,151
	7,300		Helbor Empreendimentos S.A.		92
	146,482	*,e	Helen of Troy Ltd		4,356
	7,746	e	Hermes International		1,623
	56,000	*	Hisense Kelon Electrical Holdings Co Ltd		37
	68,300	e	Hitachi Koki Co Ltd		644
	47,186	e	Hooker Furniture Corp		667
	246,484	*,e	Hovnanian Enterprises, Inc (Class A)		1,008
	32,842		Hugo Boss AG.		2,480
	9,771		Hunter Douglas NV		517
	390,000	*	Huscoke Resources Holdings Ltd		22
	323,340	e	Husqvarna AB (B Shares)		2,699
	2,476,000		Hutchison Harbour Ring Ltd		334
	302,080	*	Hyundai Hy Communications & Network Co		932
	11,527		IC Companys AS		579
	347,608	*,e	Iconix Brand Group, Inc		6,712
	89,433		Indesit Co S.p.A.		960
	18,300	*	Inpar S.A.		38
	68,000		International Taifeng Holdings Ltd		30
	40,000		Inventec Appliances Corp		33
	87,617	*,e	iRobot Corp		2,180
	180,952	*,e	Jakks Pacific, Inc		3,297
	63,000		Japan Vilene Co Ltd		325
	109,000		Japan Wool Textile Co Ltd		889
	4,850,304	a,e	Jarden Corp		149,730
	7,540		JBF Industries Ltd		30
	15,900	*	Jinshan Development & Construction Co Ltd		10
	116,507	e	JM AB		2,728
	180,455	*,e	Joe’s Jeans, Inc		282
	20,000		Johnson Health Tech Co Ltd		30
	8,536	*,e	Johnson Outdoors, Inc		107
	425,874		Jones Apparel Group, Inc		6,618
	222,500	*,e	JVC KENWOOD Holdings, Inc		767
	235,726	e	KB Home		3,180
	80,142	*,e	Kenneth Cole Productions, Inc (Class A)		1,001
	9,000	*	Kinko Optical Co Ltd		15
	114,279	*,e	K-Swiss, Inc (Class A)		1,425
	730,000		Kurabo Industries Ltd		1,322
	31,000	*	Kwong Fong Industries		16

45

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	87	*	Kyungbang Ltd	$	9
	15,363	e	Lacrosse Footwear, Inc		252
	20,000	*	LAN FA Textile		12
	21,900		Lao Feng Xiang Co Ltd		60
	252,525	*,e	La-Z-Boy, Inc		2,278
	64,000		Le Saunda Holdings		35
	49,000		Lealea Enterprise Co Ltd		30
	192,978	*,e	Leapfrog Enterprises, Inc		1,071
	1,032,000		Lee & Man Holding Ltd		1,042
	465,355		Leggett & Platt, Inc		10,591
	515,059	e	Lennar Corp (Class A)		9,657
	146,521		LG Electronics, Inc		15,234
	29,471		LG Electronics, Inc (Preference)		1,139
	3,230		LG Fashion Corp		89
	562,000		Li Heng Chemical Fibre Technologies Ltd		101
	944,000	e	Li Ning Co Ltd		2,001
	29,000	*	Li Peng Enterprise Co Ltd		16
	94,596	*,e	Libbey, Inc		1,463
	45,667	*,e	Lifetime Brands, Inc		641
	415,225	*,e	Liz Claiborne, Inc		2,973
	9,481		Loewe AG.		87
	41,300		Luthai Textile Co Ltd		41
	86,711		Luxottica Group S.p.A.		2,642
	388,513		LVMH Moet Hennessy Louis Vuitton S.A.		63,909
	85,602	*,e	M/I Homes, Inc		1,317
	138,754	*,e	Maidenform Brands, Inc		3,298
	4,551	e	Maisons France Confort		189
	29,000		Makalot Industrial Co Ltd		68
	537,600		Man Wah Holdings Ltd		873
	6,442	*,b	Mariella Burani S.p.A.		22
	48,539	*,e	Marine Products Corp		323
	17,300	e	Mars Engineering Corp		306
	1,031,469		Matsushita Electric Industrial Co Ltd		14,648
	1,332,844		Mattel, Inc		33,894
	212,843	e	MDC Holdings, Inc		6,123
	64,000		Meike International Holdings Ltd		14
	19,000		Meiloon Industrial Co		10
	40,000		Merida Industry Co Ltd		72
	189,211	*,e	Meritage Homes Corp		4,200
	18,000		Merry Electronics Co Ltd		32
	8,309,555	*	Ming Fung Jewellery Group Ltd		855
	65,000		Mitsui Home Co Ltd		344
	230,000	e	Mizuno Corp		1,184
	173,234	*,e	Mohawk Industries, Inc		9,833
	59,192	*,e	Movado Group, Inc		955
	499,398		MRV Engenharia e Participacoes S.A.		4,696
	53,289		Namco Bandai Holdings, Inc		572
	20,331		National Presto Industries, Inc		2,643
	1,388	*,e	Nautilus, Inc		2
	62,918		New Wave Group AB (B Shares)		378
	5,812,313		Newell Rubbermaid, Inc		105,669
	54,238		Nexity		2,475

46

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	21,300		Nidec Copal Corp	$	383
	64,000		Nien Hsing Textile Co Ltd		54
	1,614,086	e	Nike, Inc (Class B)		137,874
	276,903		Nikon Corp		5,617
	35,447		Nisshinbo Industries, Inc		389
	206,253	e	Nobia AB		1,848
	21,900	*,e	Noritsu Koki Co Ltd		139
	50,513	*,e	NVR, Inc		34,906
	1,620		Olympic Group Financial Investments		11
	211,531		Onward Kashiyama Co Ltd		1,832
	7,000		O-TA Precision Industry Co Ltd		9
	61,902	e	Oxford Industries, Inc		1,585
	848,165		Pace plc		2,416
	1,472,000		Pacific Textile Holdings Ltd		960
	105,000		PanaHome Corp		663
	69		Panasonic Corp (ADR)		1
	419,143	*	Pandora AS		25,248
	3,223,726		PDG Realty S.A.		19,731
	402,000	*,e,m	Peace Mark Holdings Ltd		78
	151,000	e	Peak Sport Products Co Ltd		99
	2,000		Pegas Nonwovens S.A.		50
	62,761	*,e	Perry Ellis International, Inc		1,724
	578,305		Persimmon plc		3,758
	149,806	e	Phillips-Van Heusen Corp		9,439
	444,500	*	Pioneer Corp		1,840
	10,424,857		Playmates Holdings Ltd		3,635
	512,428	*	Playmates Toys Ltd		18
	196,051	e	Polaris Industries, Inc		15,296
	171,331	e	Polo Ralph Lauren Corp (Class A)		19,004
	71,428	*	Poltrona Frau S.p.A.		92
	212,499	e	Pool Corp		4,790
	66,500	e	Ports Design Ltd		184
	4,832,250		Pou Chen Corp		4,467
	174,000	e	Prime Success International Group Ltd		163
	11,286		Provogue India Ltd		16
	687,500	*	PT Delta Dunia Petroindo Tbk		123
	5,585,800	*	Pulte Homes, Inc		42,006
	318		Puma AG. Rudolf Dassler Sport		105
	640,894	*,e	Quiksilver, Inc		3,249
	19,979		Rajesh Exports Ltd		59
	6,441	*	Raymond Ltd		54
	121,065	*,e	RC2 Corp		2,636
	328,515	*,e	Redrow plc		695
	25,316	e	RG Barry Corp		282
	1,784,000	*	Richfield Group Holdings Ltd		252
	25,357		Rinnai Corp		1,549
	688,000	*	Rising Development Holdings		158
	4,800		Rodobens Negocios Imobiliarios S.A.		48
	4,575	*	Rodriguez Group		30
	32,000		Roland Corp		399
	265,720		Rossi Residencial SA		2,367
	613,000		Ruentex Industries Ltd		1,827

47

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	90,528	*,e	Russ Berrie & Co, Inc	$	774
	221,636	e	Ryland Group, Inc		3,774
	27,685	*	S Kumars Nationwide Ltd		54
	7,001		Sabaf S.p.A.		238
	42,644	*	Safilo Group S.p.A.		758
	679		Sam Kwang Glass Ind Co Ltd		42
	2,030		Samchuly Bicycle Co Ltd		19
	125,000	*	Sampo Corp		38
	36,276		Sangetsu Co Ltd		851
	167,766		Sankyo Co Ltd		9,474
	39,000		Sanyo Electric Taiwan Co Ltd		50
	162,000	e	Sanyo Shokai Ltd		635
	8,757		Schulthess Group		369
	176,611	*,e	Sealy Corp		516
	52,934	e	SEB S.A.		5,498
	2,084,198	e	Sega Sammy Holdings, Inc		39,661
	204,000	*,e	Seiko Holdings Corp		756
	1,461,230		Seiren Co Ltd		10,457
	2,512,306		Sekisui Chemical Co Ltd		18,040
	952,775		Sekisui House Ltd		9,635
	41,000	*	Shanghai Haixin Group Co		21
	2,634,550	*,e	Sharp Corp		27,160
	5,080,000	e	Shenzhou International Group Holdings Ltd		5,889
	168,000	e	Shikibo Ltd		244
	25,818	e	Shimano, Inc		1,313
	23,000		Shinkong Textile Co Ltd		44
	154,845	*,e	Skechers U.S.A., Inc (Class A)		3,097
	33,445	e	Skyline Corp		872
	2,471,881	e	Skyworth Digital Holdings Ltd		1,466
	289,295	*,e	Smith & Wesson Holding Corp		1,082
	112,922		Socovesa S.A.		88
	1,921,385	*	Sony Corp		69,269
	6,849		SRF Ltd		54
	157		SRI Sports Ltd		174
	619,148	*,e	Standard-Pacific Corp		2,848
	835,569	e	Stanley Works		55,875
	19,000	*	Star Comgistic Capital Co Ltd		29
	1,979,817	*,e	Steinhoff International Holdings Ltd		7,363
	34,304	*	Steinway Musical Instruments, Inc		681
	391,500		Stella International Holdings Ltd		781
	152,936	*,e	Steven Madden Ltd		6,380
	88,270	e	Sturm Ruger & Co, Inc		1,350
	218,454		Sumitomo Forestry Co Ltd		1,918
	39,638	*	Summer Infant, Inc		300
	6,718		Swatch Group AG.		2,995
	129,469		Swatch Group AG. Reg		10,441
	21,000		Tainan Enterprises Co Ltd		33
	945,000		Tainan Spinning Co Ltd		705
	45,000		Taiwan Paiho Ltd		51
	20,000		Taiwan Sakura Corp		17
	133,493		Takamatsu Corp		1,805
	29,800		Tamron Co Ltd		621

48

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,800,000	*	Tatung Co Ltd	$	1,297
	4,425,699	*	Taylor Woodrow plc		2,174
	60,000		TCL Multimedia Technology Holdings Ltd		24
	1,769,472	e	Techtronic Industries Co		2,308
	13,000		Tecnisa S.A.		87
	568,250	*,e	Tempur-Pedic International, Inc		22,764
	55,549		Ten Cate NV		2,078
	30,000		Texhong Textile Group Ltd		23
	752,000		Texwinca Holdings Ltd		953
	4,880,000	*	Theme International Holdings Ltd		414
	779		Thinkware Systems Corp		10
	199,076	*,e	Thomson		946
	275,539	*	Timberland Co (Class A)		6,776
	12,588		Tod’s S.p.A.		1,243
	24,590	e	Token Corp		925
	82,000		Tokyo Style Co Ltd		644
	793,645	*,e	Toll Brothers, Inc		15,079
	286,696	*,e	TomTom NV		3,023
	97,468	e	Tomy Co Ltd		825
	16,400		Touei Housing Corp		279
	455,000	*	Tower Bersama Infrastructure		126
	1,329,676		Toyobo Co Ltd		2,375
	13,074	*	Trigano S.A.		411
	6,090,000		Trinity Ltd		6,417
	106,193	*,e	True Religion Apparel, Inc		2,364
	71,300	*	Tsann Kuen China Enterprise Co Ltd		21
	18,000		Tsann Kuen Enterprise Co Ltd		37
	1,232		TTK Prestige Ltd		45
	1,158,282	e	Tupperware Corp		55,216
	47,869	*	Turk Sise ve Cam Fabrikalari AS		84
	201,531	*,e	Under Armour, Inc (Class A)		11,052
	79,812	*,e	Unifi, Inc		1,351
	624,000	*	Unitika Ltd		569
	66,682	*	Universal Electronics, Inc		1,892
	651,215	*,e	Urbi Desarrollos Urbanos S.A. de C.V		1,529
	1,476		Vardhman Textiles Ltd		10
	39,900	*,e	Vera Bradley, Inc		1,317
	19,283		Vestel Beyaz Esya Sanayi ve Ticaret AS.		43
	8,197	*	Vestel Elektronik Sanayi		13
	523,714	e	VF Corp		45,134
	996,299		Victory City International Hldgs Ltd		242
	16,788		Videocon Industries Ltd		81
	2,211		VIP Industries Ltd		33
	85,069	e	Volcom, Inc		1,605
	148,627	e	Wacoal Holdings Corp		2,134
	4,608,000	*	Wai Chun Mining Industry Group Co Ltd		135
	249,354	*,e	Warnaco Group, Inc		13,732
	44,000	e	Weiqiao Textile Co		44
	1,004,000	e	Welling Holding Ltd		55
	33,572	e	Weyco Group, Inc		822
	537,973	e	Whirlpool Corp		47,789
	8,002	*	Whirlpool of India Ltd		51

49

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	672,000		Win Hanverky Holdings Ltd	$	103
	281,693	e	Wolverine World Wide, Inc		8,980
	85,530		Woongjin Coway Co Ltd		3,037
	23,760	*	Wuxi Little Swan Co Ltd		50
	109,000	e	XTEP International Holdings		77
	48,770		Yamaha Corp		605
	5,000		Young Optics, Inc		31
	5,020		Youngone Corp		47
	370		Youngone Holdings Co Ltd		12
	1,748,845	e	Yue Yuen Industrial Holdings		6,289
	3,000		Zeng Hsing Industrial Co Ltd		12
	10,000		Zhonglu Co Ltd		9
	21,000		Zig Sheng Industrial Co Ltd		12
			TOTAL CONSUMER DURABLES & APPAREL		2,038,727
CONSUMER SERVICES - 1.8%
	303,359		888 Holdings plc		259
	836,221		Accor S.A.		37,211
	766	e	Accordia Golf Co Ltd		743
	114,892	*,e	AFC Enterprises		1,597
	159,000		Ajisen China Holdings Ltd		267
	66,200		Alsea SAB de C.V.		69
	50,000		Ambassador Hotel		82
	94,283	e	Ambassadors Group, Inc		1,084
	128,186	*,e	American Public Education, Inc		4,774
	119,747	e	Ameristar Casinos, Inc		1,872
	136,700		Anhanguera Educacional Participacoes S.A.		3,294
	665,737	*	Apollo Group, Inc (Class A)		26,289
	3,698		Aptech Ltd		11
	553,748	e	Aristocrat Leisure Ltd		1,693
	58,300	*	Atom Corp		173
	8,439	*	Autogrill S.p.A.		119
	172,467	*	Bally Technologies, Inc		7,276
	430,611	*	Banyan Tree Holdings Ltd		399
	93,621		Benesse Corp		4,313
	990,272		Berjaya Sports Toto BHD		1,445
	98,249		Betsson AB (Series B)		1,709
	97,456	*,e	BJ’s Restaurants, Inc		3,453
	71,209	*,e	Bluegreen Corp		229
	155,708	e	Bob Evans Farms, Inc		5,132
	282,235	*,e	Boyd Gaming Corp		2,992
	35,500	*,e	Bravo Brio Restaurant Group, Inc		681
	74,662	*,e	Bridgepoint Education, Inc		1,419
	773,684	e	Brinker International, Inc		16,155
	79,305	*,e	Buffalo Wild Wings, Inc		3,478
	156,960	e	bwin Interactive Entertainment		6,185
	436,000	e	Cafe de Coral Holdings Ltd		1,078
	167,625	*,e	California Pizza Kitchen, Inc		2,897
	70,483	*,e	Cambium Learning Group, Inc		242
	85,489	*,e	Capella Education Co		5,692
	402,087	*,e	Career Education Corp		8,335
	32,521	*,e	Caribou Coffee Co, Inc		328

50

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,149,128	e	Carnival Corp	$	52,986
	239,604		Carnival plc		11,140
	53,056	*,e	Carrols Restaurant Group, Inc		394
	148,125	e	CBRL Group, Inc		8,113
	143,852	*	CEC Entertainment, Inc		5,586
	105,500		Central Plaza Hotel PCL		17
	1,514,040		Century City International		111
	311,696	*,e	Cheesecake Factory		9,557
	5,870,000	*	China Energy Development Holdings Ltd		329
	924,000	*	China LotSynergy Holdings Ltd		40
	5,186,000	*,e	China Travel International Inv HK		1,168
	124,115	*	Chipotle Mexican Grill, Inc (Class A)		26,394
	55,474	e	Choice Hotels International, Inc		2,123
	52,859	e	Churchill Downs, Inc		2,294
	11,685		Cie des Alpes		367
	7,692		City Lodge Hotels Ltd		95
	30,919	*,e	Club Mediterranee S.A.		639
	57,721	*	Codere S.A.		668
	140,318	*,e	Coinstar, Inc		7,920
	87,000	e	Colowide Co Ltd		489
	2,203,249		Compass Group plc		19,958
	89,492		Consumers’ Waterheater Income Fund		614
	374,221	*,e	Corinthian Colleges, Inc		1,950
	1,925		COX & Kings India Ltd		22
	48,996	e	CPI Corp		1,105
	276		Credu Corp		16
	329,347	e	Crown Ltd		2,779
	1,704	*,e	Ctrip.com International Ltd (ADR)		69
	9,000		Daisyo Corp		113
	1,443,089	e	Darden Restaurants, Inc		67,017
	610,376	*,e	Denny’s Corp		2,185
	446,802	e	DeVry, Inc		21,438
	76,095	e	Dignity plc		854
	78,742	*,e	DineEquity, Inc		3,888
	156,793		Domino’s Pizza UK & IRL plc		1,348
	282,228	*,e	Domino’s Pizza, Inc		4,502
	42,100	e	Doutor Nichires Holdings Co Ltd		574
	84,742	*,e	Education Management Corp		1,534
	9,440		Educomp Solutions Ltd		112
	120,814	*	Egyptian for Tourism Resorts		42
	13,448		EIH Ltd		34
	11,663	*	Einstein Noah Restaurant Group, Inc		164
	54,365	*,e	Empire Resorts, Inc		56
	103,634	*	Enjoy S.A.		26
	833,974	*	Enterprise Inns plc		1,536
	22,800		Estacio Participacoes S.A.		371
	31,247	*	Euro Disney SCA		172
	2,356		Everonn Education Ltd		33
	2,299		Famous Brands Ltd		15
	43,000		First Hotel		47
	150,337	e	Flight Centre Ltd		3,810
	32,670		Formosa International Hotels Corp		578

51

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	80,000	e	Fuji Kyuko Co Ltd	$	409
	69,000	e	Fujita Kanko, Inc		319
	1,807,000	*,e	Galaxy Entertainment Group Ltd		2,046
	176,890	*,e	Gaylord Entertainment Co		6,357
	3,610,340		Genting BHD		13,090
	366,000	*	Genting Hong Kong Ltd		165
	5,588,935	*	Genting International plc		9,537
	30,255		Gold Reef Resorts Ltd		90
	7,588,000	*	Golden Resorts Group Ltd		517
	135,709	*,e	Grand Canyon Education, Inc		2,659
	148,410		Grand Korea Leisure Co Ltd		2,700
	90,015	*	Great Canadian Gaming Corp		665
	510,302		Greene King plc		3,814
	663,000		GuocoLeisure Ltd		372
	1,445,633	e	H&R Block, Inc		17,217
	1,548		Hana Tour Service, Inc		59
	131,434	e	Hillenbrand, Inc		2,735
	28,500	e	HIS Co Ltd		710
	97,305		Holidaybreak plc		520
	3,212	*,e	Home Inns & Hotels Management, Inc (ADR)		132
	919,684	e	Hongkong & Shanghai Hotels		1,576
	12,227		Hotel Leela Venture Ltd		13
	1,800,000		Hotel Properties Ltd		3,913
	5,790		Hotel Shilla Co Ltd		142
	34,350	*	Huangshan Tourism Development Co Ltd		49
	328,063	*	Hurtigruten Group ASA		274
	168,843	*,e	Hyatt Hotels Corp		7,726
	8,700		Ichibanya Co Ltd		252
	244,359		Indian Hotels Co Ltd		528
	80,985		Intercontinental Hotels Group plc		1,569
	949,556		International Game Technology		16,798
	80,488		International Speedway Corp (Class A)		2,106
	180,598	*	Interval Leisure Group, Inc		2,915
	154,029		Intralot S.A.-Integrated Lottery Systems & Services		513
	320,715	e	Invocare Ltd		2,388
	80,736	*,e	Isle of Capri Casinos, Inc		825
	234,257	*,e	ITT Educational Services, Inc		14,920
	237,077	*,e	Jack in the Box, Inc		5,009
	246,533	*,e	Jamba, Inc		560
	86,000	*	Janfusun Fancyworld Corp		33
	442,800		Jollibee Foods Corp		899
	4,165	*	Jubilant Foodworks Ltd		58
	106,914	*,e	K12, Inc		3,064
	234,670		Kangwon Land, Inc		5,779
	18,050		Kappa Create Co Ltd		435
	23,300	e	Kisoji Co Ltd		496
	298,562	*,e	Krispy Kreme Doughnuts, Inc		2,084
	5,100	*	Kroton Educacional S.A.		67
	3,747		Kuoni Reisen Holding		1,820
	29,900		Kura Corp		469
	18,700		Kyoritsu Maintenance Co Ltd		318
	1,250,885		Ladbrokes plc		2,393

52

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	43,700		Landmarks BHD	$	24
	1,637,879	*,e	Las Vegas Sands Corp		75,261
	32,004	e	Learning Tree International, Inc		306
	35,000	*	Leofoo Development Co		25
	180,835	*,e	Life Time Fitness, Inc		7,412
	150,435		Lincoln Educational Services Corp		2,333
	257,000		Little Sheep Group Ltd		162
	510	*	Lotte Tour Development Co Ltd		10
	75,611	e	Lottomatica S.p.A.		937
	72,969	e	Mac-Gray Corp		1,091
	111,767	e	Marcus Corp		1,483
	1,424,601	e	Marriott International, Inc (Class A)		59,178
	789,919		Marston’s plc		1,410
	19,400		Masterskill Education Group BHD		13
	20,700		Matsuya Foods Co Ltd		348
	128,736	e	Matthews International Corp (Class A)		4,503
	72,050	*	McCormick & Schmick’s Seafood Restaurants, Inc		655
	4,844,715	e	McDonald’s Corp		371,880
	19,009	e	McDonald’s Holdings Co Japan Ltd		477
	798		MegaStudy Co Ltd		124
	1,068,213	e	Melco International Development		610
	55,827	*,e	Melco PBL Entertainment Macau Ltd (ADR)		355
	596,598	*,e	MGM Mirage		8,859
	214,220		Millennium & Copthorne Hotels plc		1,972
	564,100		Minor International PCL (Foreign)		221
	341,881	*	Mitchells & Butlers plc		1,866
	1,139		Modetour Network, Inc		36
	51,545	*	Monarch Casino & Resort, Inc		644
	91,509	*,e	Morgans Hotel Group Co		830
	33,200		MOS Food Services, Inc		617
	158,842	*,e	Multimedia Games, Inc		886
	582,000		NagaCorp Ltd		123
	32,007		National American University Holdings, Inc		235
	213,261		Navitas Ltd		842
	105,012	*,e	NH Hoteles S.A.		476
	96,173	*,e	O’Charleys, Inc		692
	16,000	*,e	Ohsho Food Service Corp		365
	267,414		OPAP S.A.		4,624
	17,637		Orascom Development Holding AG.		1,055
	5,076	*	Orbis S.A.		70
	85,981	e	Oriental Land Co Ltd		7,964
	5,943,900	*,a,e	Orient-Express Hotels Ltd (Class A)		77,211
	653	e	Pacific Golf Group International Holdings KK		453
	111,733		Paddy Power plc		4,584
	506,436		Paliburg Holdings Ltd		198
	197,036	*,e	Panera Bread Co (Class A)		19,942
	144,173	*,e	Papa John’s International, Inc		3,994
	4,604		Paradise Co Ltd		16
	3,019,375	*,e	PartyGaming plc		9,674
	52,152	*,e	Peet’s Coffee & Tea, Inc		2,177
	940,218	*,e	Penn National Gaming, Inc		33,049
	222,281	e	PF Chang’s China Bistro, Inc		10,772

53

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	6,428	e	Pierre & Vacances	$	519
	278,232	*,e	Pinnacle Entertainment, Inc		3,901
	27,600		Plenus Co Ltd		422
	33,077	*,e	Pre-Paid Legal Services, Inc		1,993
	81,435	*,e	Princeton Review, Inc		96
	152,263		Prommethean World plc		156
	1,286,993	*	Punch Taverns plc		1,505
	20,200		QSR Brands BHD		33
	2,381,000	*,e	Raffles Education Corp Ltd		473
	857,558		Rank Group plc		1,690
	60,224	*	Red Lion Hotels Corp		481
	87,276	*,e	Red Robin Gourmet Burgers, Inc		1,874
	737,000		Regal Hotels International Holdings Ltd		291
	303,976	e	Regis Corp		5,046
	41,062	*	Remco for Touristic Villages Construction		30
	7,028,600		Resorts World BHD		7,727
	105,000		Resorttrust, Inc		1,774
	617,616		Restaurant Group plc		2,648
	32,614,400	e	Rexcapital Financial Holdings Ltd		3,441
	190,889	*	Rezidor Hotel Group AB		1,161
	19,200		Ringer Hut Co Ltd		242
	178,300		Round One Corp		1,105
	669,276	*,e	Royal Caribbean Cruises Ltd		31,456
	33,700	e	Royal Holdings Co Ltd		351
	322,410	*,e	Ruby Tuesday, Inc		4,211
	112,605	*,e	Ruth’s Chris Steak House, Inc		521
	48,400	e	Saizeriya Co Ltd		979
	24,056,516	*	Sands China Ltd		52,862
	271,872	*,e	Scientific Games Corp (Class A)		2,708
	787,838	e	Service Corp International		6,500
	212,000		Shanghai Jin Jiang International Hotels Group Co Ltd		52
	17,300		Shanghai Jinjiang International Hotels Development Co Ltd		32
	7,300		Shanghai Jinjiang International Travel Co Ltd		13
	1,021,526		Shangri-La Asia Ltd		2,773
	424		Shinsegae Food Co Ltd		36
	239,711	*	Shuffle Master, Inc		2,745
	2,826,000	*	SITC International Co Ltd		1,680
	6,157,100		SJM Holdings Ltd		9,775
	28,447		SkiStar AB (Series B)		551
	905,158	e	Sky City Entertainment Group Ltd		2,285
	324,000	*	SMI Corp Ltd		16
	85,149	*	Snai S.p.A.		308
	6,123		Sodexho Alliance S.A.		422
	77,742	e	Sol Melia S.A.		722
	262,193	*,e	Sonic Corp		2,653
	857,241	e	Sotheby’s (Class A)		38,575
	57,614	e	Speedway Motorsports, Inc		883
	657,911		Sportingbet plc		633
	10,200	e	St Marc Holdings Co Ltd		424
	674,000		Stamford Land Corp Ltd		336
	627		Starbucks Coffee Japan Ltd		339

54

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,122,169	e	Starbucks Corp	$	132,445
	882,812	e	Starwood Hotels & Resorts Worldwide, Inc		53,657
	6,866	*,e	Steak N Shake Co		2,817
	66,301	*,e	Steiner Leisure Ltd		3,096
	372,701		Stewart Enterprises, Inc (Class A)		2,493
	60,174	e	Strayer Education, Inc		9,160
	19,622		Sun International Ltd		314
	1,116,153		TABCORP Holdings Ltd		8,117
	1,137,500		Tattersall’s Ltd		3,002
	248,589	*,e	Texas Roadhouse, Inc (Class A)		4,268
	97,304		Thomas Cook Group plc		288
	210,672	e	Tim Hortons, Inc (Toronto)		8,708
	5,667	*	Tipp24 SE		217
	239,000		Tokyo Dome Corp		651
	210,000	e	Tokyotokeiba Co Ltd		321
	107		Toridoll.corp		148
	8,632	*,e	TUI AG.		121
	112,281		TUI Travel plc		431
	163,362	e	Universal Technical Institute, Inc		3,597
	82,735		UP, Inc		601
	170,774	*,e	Vail Resorts, Inc		8,887
	28,900	e	WATAMI Co Ltd		584
	167,952	e	Weight Watchers International, Inc		6,297
	656,165		Wendy’s/Arby’s Group, Inc (Class A)		3,031
	155,048		Wetherspoon (J.D.) plc		1,088
	196,135		Whitbread plc		5,474
	1,190,099		William Hill plc		3,167
	718,114	*,e	WMS Industries, Inc		32,487
	1,254,810	e	Wyndham Worldwide Corp		37,594
	6,282,037		Wynn Macau Ltd		14,063
	153,630	e	Wynn Resorts Ltd		15,953
	335,000		YBM Sisa.com, Inc		2,297
	50,000		Yomiuri Land Co Ltd		168
	932	e	Yoshinoya D&C Co Ltd		1,166
	2,035,306	e	Yum! Brands, Inc		99,832
	81,304	*	Zee Learn Ltd		50
	105,200	e	Zensho Co Ltd		1,048
			TOTAL CONSUMER SERVICES		1,956,602
DIVERSIFIED FINANCIALS - 6.0%
	820,328		3i Group plc		4,201
	33,714	e	ABC Arbitrage		328
	941,394	e	Aberdeen Asset Management plc		2,978
	33,952		Ackermans & Van Haaren		2,835
	293,377	e	Acom Co Ltd		3,632
	25,956		Administradora de Fondos de Pensiones Provida S.A.		140
	8,400	e	Administradora de Fondos de Pensiones Provida S.A. (ADR)		670
	421,080	e	Advance America Cash Advance Centers, Inc		2,375
	80,544		Aeon Credit Service Co Ltd		1,139
	778,303		Aeon Thana Sinsap Thailand PCL		826
	824,200		Aeon Thana Sinsap Thailand Pcl (ADR)		875

55

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	265,086	*,e	Affiliated Managers Group, Inc	$	26,302
	1,074,204		African Bank Investments Ltd		6,319
	123,343	e	AGF Management Ltd		2,418
	353,750	e	Aiful Corp		327
	77,646	*	Altamir Amboise		666
	1,684,970	*	American Capital Ltd		12,738
	4,420,477	e	American Express Co		189,727
	862,390	e	Ameriprise Financial, Inc		49,631
	3,382,567		AMMB Holdings BHD		7,712
	915,269	e	Apollo Investment Corp		10,132
	1,075,200	f,g	ARA Asset Management Ltd (purchased 10/26/07, cost $554)		1,299
	592,621		Ares Capital Corp		9,766
	159,565		Artio Global Investors, Inc		2,354
	531,429	e	Ashmore Group plc		2,776
	72,029	*,e	Asset Acceptance Capital Corp		427
	41,991	e	Asta Funding, Inc		340
	231,272		Australian Stock Exchange Ltd		8,913
	32,151		Avanza AB		1,119
	302,756		Ayala Corp		2,723
	2,215	*	Ayala Corp Preferred		0	^
	147,187		Azimut Holding S.p.A.		1,334
	1,632		Bajaj Auto Finance Ltd		26
	4,158		Bajaj Auto Ltd		81
	150,556		Banca Finnat Euramerica S.p.A.		101
	123,372	e	Banca Generali S.p.A		1,494
	17,050		Banca IFIS S.p.A.		119
	319,925	*	Banca Profilo S.p.A.		191
	7,500		Banco ABC Brasil S.A.		66
	48,535,460	e	Bank of America Corp		647,462
	3,178,728	e	Bank of New York Mellon Corp		95,998
	115,295		Bank Sarasin & Compagnie AG.		5,253
	332,666	e	BGC Partners, Inc (Class A)		2,764
	101,202		BinckBank NV		1,569
	382,749	e	BlackRock Kelso Capital Corp		4,233
	887,828		BlackRock, Inc		169,203
	4,441,279		Blackstone Group LP		62,844
	4,417,463		BM&FBOVESPA S.A.		34,941
	6,000,251		Bolsa de Valores de Colombia		134
	25,681		Bolsa de Valores de Lima S.A.		87
	57,100		Bolsa Mexicana de Valores S.A. de C.V.		120
	109,818	e	Bolsas y Mercados Espanoles		2,617
	31,677	*,e	Boursorama		335
	24,700		Brait S.A.		91
	331,884		Brewin Dolphin Holdings plc		822
	596,675	*,e	Broadpoint Securities Group, Inc		1,414
	84,081		BT Investment Management Ltd		246
	110,672		Bure Equity AB		540
	426,600		Bursa Malaysia BHD		1,079
	121,583		Calamos Asset Management, Inc (Class A)		1,702
	3,489	e	California First National Bancorp		50
	109,805		Canaccord Capital, Inc		1,564
	1,634,420		Capital One Financial Corp		69,561

56

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,406,923		Capital Securities Corp	$	755
	14,975	e	Capital Southwest Corp		1,554
	219,470	*	Cardtronics, Inc		3,885
	157,280		Cash America International, Inc		5,808
	628,465	*,e,m	Cattles plc		67
	41,850		CBOE Holdings, Inc		957
	104,980		Century Leasing System, Inc		1,708
	26,000		CETIP S.A.-Balcao Organizado de Ativos e Derivativos		370
	1,205,653		Challenger Financial Services Group Ltd		5,796
	2,551,745		Charles Schwab Corp		43,660
	214,000		China Bills Finance Corp		77
	1,312,000	e	China Everbright Ltd		2,964
	22,000		China Merchants China Direct Investments Ltd		48
	3,236		Cholamandalam DBS Finance Ltd		14
	290,880	e	CI Financial Corp		6,582
	70,465	*	Citadel Capital Corp		111
	129,864,771	*	Citigroup, Inc		614,260
	199,019	e	Close Brothers Group plc		2,642
	382,427	e	CME Group, Inc		123,046
	75,496	e	Cohen & Steers, Inc		1,970
	681,047		Collins Stewart plc		831
	4,900		Compagnie Financiere Tradition S.A.		623
	186,745		Compass Diversified Trust		3,304
	81,893	e	CompuCredit Corp		572
	103,000	*	Concord Securities Corp		40
	54,246		Coronation Fund Managers Ltd		154
	20,291		Corp Financiera Alba		1,043
	139,626	*	Corp Financiera Colombiana S.A.		2,496
	207,933		Count Financial Ltd		270
	151,040	*,e	Cowen Group, Inc		704
	23,829	*,e	Credit Acceptance Corp		1,496
	874,360		Credit Saison Co Ltd		14,377
	4,340,600		Credit Suisse Group		174,878
	3,129,661	e	Criteria Caixacorp S.A.		16,653
	29,100	*,e,m	D Carnegie AB		77
	27,398		DAB Bank AG.		156
	175,020		Daewoo Securities Co Ltd		4,056
	8,920		Daishin Securities Co Ltd		130
	4,130		Daishin Securities Co Ltd PF		39
	1,819,448	*	Daiwa Securities Group, Inc		9,367
	45,216		Davis & Henderson Income Fund		902
	130,557	*	DeA Capital S.p.A.		199
	581,183		Deutsche Bank AG.		30,366
	36,915		Deutsche Beteiligungs AG.		1,036
	164,183		Deutsche Boerse AG.		11,365
	12,883	e	Diamond Hill Investment Group, Inc		932
	13,958		Dinamia		164
	3,665,962	e	Discover Financial Services		67,930
	105,351	*,e	Dollar Financial Corp		3,016
	68,420	*	Dom Maklerski IDMSA		69
	3,980		Dongbu Securities Co Ltd		27
	120,474	e	Duff & Phelps Corp		2,031

57

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	150,720	*	Dundee Corp	$	3,100
	101,470		DundeeWealth, Inc		2,189
	7,501,366	*,e	E*Trade Financial Corp		120,022
	41,398	*	East Capital Explorer AB		522
	468,934	e	Eaton Vance Corp		14,176
	57,548		Edelweiss Capital Ltd		60
	72,240	e	EFG International		989
	922,435		Egypt Kuwait Holding Co		1,568
	378,263		Egyptian Financial Group-Hermes Holding		2,210
	21,043	*	Elron Electronic Industries		113
	68,891	*	Encore Capital Group, Inc		1,615
	57,605	e	Epoch Holding Corp		895
	47,930	*	Eugene Investment & Securities Co Ltd		32
	35,562		Eurazeo		2,637
	123,396	e	Evercore Partners, Inc (Class A)		4,195
	321,315		Evolution Group plc		348
	410,710	e	Exor S.p.A.		13,545
	201,895	*,e	Ezcorp, Inc (Class A)		5,477
	639,466		F&C Asset Management plc		837
	225,756	*	FBR Capital Markets Corp		862
	180,062	e	Federated Investors, Inc (Class B)		4,712
	220,051	e	Fifth Street Finance Corp		2,671
	9,977		Fimalac		427
	68,199	*,e	Financial Engines, Inc		1,352
	198,664	*,e	First Cash Financial Services, Inc		6,157
	290,684	*,e	First Marblehead Corp		631
	2,959,501		First Pacific Co		2,665
	1,328,000		First Shanghai Investments Ltd		198
	5,510,210		FirstRand Ltd		16,319
	222,880		FlexiGroup Ltd		326
	468,831	e	Franklin Resources, Inc		52,139
	64,267	e	Friedman Billings Ramsey Group, Inc (Class A)		1,542
	10,914,594		Fubon Financial Holding Co Ltd		14,974
	9,165,992		Fuhwa Financial Holdings Co Ltd		6,853
	29,300		Fuyo General Lease Co Ltd		960
	33,706	e	GAMCO Investors, Inc (Class A)		1,618
	283,501	*,e	Gartmore Group Ltd		407
	117		GCA Savvian Group Corp		127
	4,412,000		Get Nice Holdings Ltd		284
	290,379	e	GFI Group, Inc		1,362
	24,061		Gimv NV		1,314
	140,741	e	Gladstone Capital Corp		1,621
	119,506	e	Gladstone Investment Corp		914
	19,448		Gluskin Sheff + Associates, Inc		407
	103,601		GMP Capital, Inc		1,261
	3,553,011		Goldman Sachs Group, Inc		597,475
	28,290	e	Golub Capital BDC, Inc		484
	17,598		Gottex Fund Management Holdings Ltd		109
	16,450	*,e	Green Dot Corp		933
	59,430	e	Greenhill & Co, Inc		4,854
	11,375		Grenkeleasing AG.		577
	154,255		Groupe Bruxelles Lambert S.A.		12,972

58

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	883	*	Groupe Bruxelles Lambert S.A. - STR VVPR	$	0	^
	10,362,413		Guinness Peat Group plc		5,814
	568,000		Guotai Junan International Hol		312
	899,610		Haci Omer Sabanci Holding AS		4,195
	7,560		Hanwha Securities Co		58
	354,359	e	Hargreaves Lansdown plc		3,238
	138,691	*,e	Harris & Harris Group, Inc		607
	78,863		Hellenic Exchanges S.A.		516
	1,112,024		Henderson Group plc		2,349
	178,488	e	Hercules Technology Growth Capital, Inc		1,849
	98,953	*	HFF, Inc (Class A)		956
	98,900		Hitachi Capital Corp		1,529
	2,280	*	HMC Investment Securities Co Ltd		43
	1,541,910	e	Hong Kong Exchanges and Clearing Ltd		34,973
	45,000	*	Horizon Securities Co Ltd		16
	324,207		Hyundai Securities Co		4,256
	30,100		IBJ Leasing Co Ltd		758
	12,353,638		ICAP plc		103,044
	216,800		Ichiyoshi Securities Co Ltd		1,642
	80,665		IFCI Ltd		121
	675,117		IG Group Holdings plc		5,368
	276,938	e	IGM Financial, Inc		12,105
	29,440		India Infoline Ltd		54
	58,197		Indiabulls Financial Services Ltd		227
	36,191		Indiabulls Securities Ltd		18
	98,898		Industrivarden AB		1,735
	1,341,966		Infrastructure Development Finance Co Ltd		5,480
	12,826,805	*	ING Groep NV		124,783
	72,983	e	Interactive Brokers Group, Inc (Class A)		1,301
	23,810		Interbolsa S.A.		36
	146,876	*,e	IntercontinentalExchange, Inc		17,500
	4,870	f	Intergroup Financial Services Corp (purchased 02/23/10, cost $112)		176
	908,846		Intermediate Capital Group plc		4,717
	79,990	*,e	International Assets Holding Corp		1,888
	586,205		International Personal Finance plc		3,510
	3,277,531	e	Invesco Ltd		78,857
	323,034		Investec Ltd		2,754
	1,295,524		Investec plc		10,645
	219,604	*,e	Investment Technology Group, Inc		3,595
	437,442		Investor AB (B Shares)		9,359
	883,570	e	IOOF Holdings Ltd		7,049
	19,498		Is Yatirim Menkul Degerler AS		33
	600,000	e	iShares MSCI Canada Index Fund		18,600
	1,220,171	e	iShares MSCI EAFE Index Fund		71,051
	267,741		iShares MSCI Emerging Markets		12,750
	473,307	e	iShares Russell 2000 Index Fund		37,027
	80,100		Iwai Securities Co Ltd		572
	179,000		Jaccs Co Ltd		507
	165,917	*,e	Jafco Co Ltd		4,823
	844,357		Janus Capital Group, Inc		10,951
	8,823,000	*,a,e	Japan Asia Investment Co Ltd		6,194

59

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,217,200	e	Japan Securities Finance Co Ltd	$	8,935
	232,472	e	Jefferies Group, Inc		6,191
	2,920,000	*	Jia Sheng Holdings Ltd		383
	194,000	*	Jih Sun Financial Holdings Co Ltd		91
	106,381	e	JMP Group, Inc		812
	22,200,627	e	JPMorgan Chase & Co		941,750
	15,027		JSE Ltd		180
	520,304		Julius Baer Group Ltd		24,374
	230,255		Julius Baer Holding AG.		3,805
	348,462	*	Jupiter Investment Management Group Ltd		1,632
	846,000		K1 Ventures Ltd		99
	113,800	e	kabu.com Securities Co Ltd		510
	79,360	*	Kardan NV		471
	16,102		KAS Bank NV		253
	39,901	e	Kayne Anderson Energy Development Co		719
	43,613	*	KBC Ancora		766
	161,898	e	KBW, Inc		4,520
	3,918,000		KGI Securities Co Ltd		2,237
	7,472,490		Kim Eng Holdings Ltd		14,265
	23,600		Kim Eng Securities Thailand PCL		12
	578,456		Kinnevik Investment AB (Series B)		11,783
	2,009		KIWOOM Securities Co Ltd		103
	477,454	*,e	Knight Capital Group, Inc (Class A)		6,584
	52,800		Korea Investment Holdings Co Ltd		2,077
	460,154		Kotak Mahindra Bank Ltd		4,668
	5,730	*	KTB Securities Co Ltd		27
	2,220		Kyobo Securities Co		18
	167,271	*,e	LaBranche & Co, Inc		602
	388,402	*,e	Ladenburg Thalmann Financial Services, Inc		454
	456,274		Lazard Ltd (Class A)		18,018
	870,011		Legg Mason, Inc		31,555
	602,480		Leucadia National Corp		17,580
	36,730	e	Life Partners Holdings, Inc		703
	126,917		London Stock Exchange Group plc		1,658
	16,200	*,e	LPL Investment Holdings, Inc		589
	28,798		Lundbergs AB (B Shares)		2,141
	246,998	*,e	Macquarie Group Ltd		9,350
	3,641		Mahindra & Mahindra Financial Services		60
	69,074	e	Main Street Capital Corp		1,256
	1,527,633		Man Group plc		7,050
	30,522		Manappuram General Finance & Leasing Ltd		102
	1,094,492		Marfin Investment Group S.A		1,024
	124,008	e	MarketAxess Holdings, Inc		2,581
	35,042	*,e	Marlin Business Services Corp		443
	93,300	e	Marusan Securities Co Ltd		558
	158,000		Masterlink Securities Corp		72
	451,628	e	Matsui Securities Co Ltd		3,215
	322,351		MCG Capital Corp		2,247
	15,789	*	MCI Management S.A.		46
	76,592		Medallion Financial Corp		628
	1,119,493		Mediobanca S.p.A.		9,963
	19,190	*	Meritz Securities Co Ltd		16

60

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	955,000		Metro Pacific Investments Corp	$	85
	5,315,406	*,e	MF Global Holdings Ltd		44,437
	26,000		MIN XIN Holdings Ltd		13
	31,109		Mirae Asset Securities Co Ltd		1,642
	68,000	e	Mito Securities Co Ltd		119
	191,830		Mitsubishi UFJ Lease & Finance Co Ltd		7,608
	597,000	*,e	Mizuho Investors Securities Co Ltd		647
	67,199		MLP AG.		682
	2,384		Monex Beans Holdings, Inc		704
	2,206,368	e	Moody’s Corp		58,557
	7,738,525		Morgan Stanley		210,566
	340,531	*,e	MSCI, Inc (Class A)		13,267
	140,100	*	Mulpha International BHD		24
	111,100		Multi-Purpose Holdings BHD		80
	104,901	e	MVC Capital, Inc		1,532
	75,010	*,e	Mvelaphanda Group Ltd		35
	52,114	*	Naeem Holding		26
	437,941	*,e	Nasdaq Stock Market, Inc		10,384
	73,300		National Finance PCL		88
	22,955		Nationale A Portefeuille		1,123
	145,437	e	Nelnet, Inc (Class A)		3,445
	97,600	*,e	Netspend Holdings, Inc		1,251
	103,557	*,e	NewStar Financial, Inc		1,095
	121,142	e	NGP Capital Resources Co		1,115
	5,040		NH Investment & Securities Co Ltd		46
	2,777,638	*	Nomura Holdings, Inc		17,619
	85,170		Nordnet AB (Series B)		295
	3,375,097		Norte Grande S.A.		62
	1,060,000	*	North Mining Shares Co Ltd		48
	479,866	e	Northern Trust Corp		26,589
	530,897		NYSE Euronext		15,916
	435,000		Okasan Holdings, Inc		1,795
	359,628		OKO Bank (Class A)		4,311
	213,200	*	OMC Card, Inc		407
	142,311		Onex Corp		4,327
	57,505	e	Oppenheimer Holdings, Inc		1,507
	284,370	e	optionsXpress Holdings, Inc		4,456
	46,332		Oresund Investment AB		803
	366,000	*,e	Orient Corp		428
	471,206	e	ORIX Corp		46,372
	607		Osaka Securities Exchange Co Ltd		3,062
	54,200		OSK Holdings BHD		35
	5,933		OZ Holding AG.		165
	1,071,000		Pacific Century Regional Developments Ltd		167
	66,546		Pargesa Holding S.A.		5,651
	26,426		Partners Group		5,014
	1,033,000	*	Pearl Oriental Innovation Ltd		154
	205,599	e	PennantPark Investment Corp		2,517
	143,570	*,e	Penson Worldwide, Inc		702
	517,000	*,m	Peregrine Investment Holdings		0	^
	120,748	e	Perpetual Trustees Australia Ltd		3,854
	248,234	*,e	PHH Corp		5,747

61

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	10,300		Philippine Stock Exchange, Inc	$	86
	98,797	*,e	Pico Holdings, Inc		3,142
	197,124	*	Pinetree Capital Ltd		821
	40,702		Pioneers Holding		22
	70,262	*,e	Piper Jaffray Cos		2,460
	271,967		Platinum Asset Mangement Ltd		1,388
	9,518,585		Polaris Securities Co Ltd		6,203
	7,091,160		Polytec Asset Holdings Ltd		1,104
	73,654	*,e	Portfolio Recovery Associates, Inc		5,539
	147,000		President Securities Corp		96
	87,444	*,e	Primus Guaranty Ltd		444
	143,718	e	Promise Co Ltd		827
	366,008	e	Prospect Capital Corp		3,953
	185,862	e	Provident Financial plc		2,533
	480,000		Public Financial Holdings Ltd		348
	36,545	e	Pzena Investment Management, Inc (Class A)		269
	173,819	*	Quest Capital Corp		308
	59,238	e	Rathbone Brothers		1,010
	245,914		Ratos AB (B Shares)		9,104
	197,985	e	Raymond James Financial, Inc		6,474
	141,689		Reliance Capital Ltd		2,118
	636,192		Remgro Ltd		10,908
	99,247	*	RHJ International		822
	42,800		Ricoh Leasing Co Ltd		1,176
	1,058,623		RMB Holdings Ltd		6,187
	83,598	*,e	Rodman & Renshaw Capital Group, Inc		224
	361,077		Rural Electrification Corp Ltd		2,415
	98,836	*,e	Safeguard Scientifics, Inc		1,688
	87,197		Samsung Card Co		4,840
	73,631		Samsung Securities Co Ltd		5,716
	122,143	e	Sanders Morris Harris Group, Inc		886
	17,089	*	SBI Holdings, Inc		2,593
	205,715		Schroders plc		5,950
	513,735	e	SEI Investments Co		12,222
	5	b,m	SFCG Co Ltd		0	^
	385,000		Shenyin Wanguo HK Ltd		166
	1,190,532	*	Shinko Securities Co Ltd		3,417
	290		Shinyoung Securities Co Ltd		10
	1,651,008	e	Singapore Exchange Ltd		10,832
	33,890		SK Securities Co Ltd		72
	50,692	*	SKS Microfinance Pvt Ltd		731
	1,558,262	*	SLM Corp		19,619
	286,271	*	SNS Reaal		1,220
	744		Societa Partecipazioni Finanziarie S.p.A.		0	^
	50,788	e	Solar Capital Ltd		1,259
	1,243	*,e	Sparx Group Co Ltd		140
	1,510,887		SPDR Trust Series 1		190,040
	63,868	e	Sprott, Inc		518
	11,925		SREI Infrastructure Finance Ltd		29
	2,678,768		State Street Corp		124,134
	149,465	*,e	Stifel Financial Corp		9,273
	13,222		Student Loan Corp		429

62

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	374,380		Suramericana de Inversiones S.A.	$	7,308
	12,751	e	Swissquote Group Holding S.A.		731
	123,749	e	SWS Group, Inc		625
	516,245	e	T Rowe Price Group, Inc		33,318
	26,000	*	Ta Chong Securities Co Ltd		13
	154,800		Ta Enterprise BHD		38
	294,337		Tai Fook Securities Group Ltd		219
	9,000		Taiwan Acceptance Corp		18
	170,000		Takagi Securities Co Ltd		230
	201,840	m	Takefuji Corp		2
	465,082	e	TD Ameritrade Holding Corp		8,832
	33,963		THL Credit, Inc		442
	148,797		TICC Capital Corp		1,668
	118,362	e	TMX Group, Inc		4,400
	448,680		Tokai Tokyo Securities Co Ltd		1,702
	112,871		Tong Yang Investment Bank		990
	93,000		Toyo Securities Co Ltd		162
	191,835	*,e	TradeStation Group, Inc		1,295
	59,216	e	Triangle Capital Corp		1,125
	521,573		Tullett Prebon plc		3,113
	9,516,611	*	UBS AG. (Switzerland)		156,235
	5,916		Union Financiere de France BQE S.A.		213
	1,017,565		UOB-Kay Hian Holdings Ltd		1,403
	166,137	*	Uranium Participation Corp		1,323
	239,214	e	Utilities Select Sector SPDR F		7,497
	1,711,000	e	Value Partners Group Ltd		1,717
	5,167	e	Verwalt & Privat-Bank AG.		634
	27,514	*,e	Virtus Investment Partners, Inc		1,248
	79,756		Vontobel Holding AG.		3,037
	103,050	*	Vostok Nafta Investment Ltd		572
	377,110	e	Waddell & Reed Financial, Inc (Class A)		13,308
	5,827	*	Warsaw Stock Exchange		96
	577,772		Waterland Financial Holdings		256
	26,242	e	Westwood Holdings Group, Inc		1,049
	1,040		Woori Financial Co Ltd		13
	148,400		Woori Investment & Securities Co Ltd		3,086
	84,506	*,e	World Acceptance Corp		4,462
			TOTAL DIVERSIFIED FINANCIALS		6,551,179
ENERGY - 10.6%
	1,289		Aban Offshore Ltd		24
	306,270	*,e	Abraxas Petroleum Corp		1,400
	413,786	e	Acergy S.A.		10,141
	16,975,000		Adaro Energy Tbk		4,804
	226,307	*	Advantage Oil & Gas Ltd		1,539
	348,364	*,m	AET&D Holdings No Ptd Ltd		0	^
	2,039,112	*	Afren plc		4,692
	34,582	e	Aker ASA (A Shares)		830
	10,425	e	Aker Kvaerner ASA		177
	34,700	*	Alam Maritim Resources BHD		11
	141,583	*,e	Allis-Chalmers Energy, Inc		1,004
	75,002	e	Alon USA Energy, Inc		449

63

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	532,204	*	Alpha Natural Resources, Inc	$	31,948
	112,619	e	AltaGas Income Trust		2,458
	154,717		AMEC plc		2,774
	14,000	*,e	Amyris Biotechnologies, Inc		374
	2,165,204		Anadarko Petroleum Corp		164,902
	76,800	*	Angle Energy, Inc		641
	231,565		Anglo Pacific Group plc		1,300
	34,000		Anhui Tianda Oil Pipe Co Ltd		15
	68,500	e	AOC Holdings, Inc		468
	2,810,209		Apache Corp		335,060
	45,179		APCO Argentina, Inc		2,598
	57,920	*,e	Approach Resources, Inc		1,338
	173,622	*,e	Aquila Resources Ltd		1,749
	164,178		ARC Energy Trust		4,196
	692,572	e	Arch Coal, Inc		24,282
	697,794	*	Athabasca Oil Sands Corp		10,590
	156,260	*	Atlas America, Inc		6,871
	194,038	*,e	ATP Oil & Gas Corp		3,248
	274,183	*,e	Atwood Oceanics, Inc		10,246
	328,961	*	Aurelian Oil & Gas plc		354
	767,813	*,e	Australian Worldwide Exploration Ltd		1,390
	2,046,572		Baker Hughes, Inc		117,003
	303,626	*	Bankers Petroleum Ltd		2,321
	289,050		Banpu PCL		7,556
	113,117	*,e	Basic Energy Services, Inc		1,864
	517,901		Baytex Energy Trust		24,278
	2,996,209		Beach Petroleum Ltd		2,651
	257,452	e	Berry Petroleum Co (Class A)		11,251
	5,559,573	e	BG Group plc		112,336
	205,981		Bharat Petroleum Corp Ltd		3,033
	236,513	*,e	Bill Barrett Corp		9,728
	132,013	*	Birchcliff Energy Ltd		1,267
	416,400	*	BlackPearl Resources, Inc		2,462
	79,275		Bonavista Energy Trust		2,296
	49,425	e	Bonterra Oil & Gas Ltd		2,567
	517,045	*	Borders & Southern Petroleum plc		508
	62,152	e	Bourbon S.A.		2,883
	607,000		Boustead Singapore Ltd		520
	338,142	*	Bow Energy Ltd		399
	327,540	*	BowLeven plc		1,935
	22,267,860		BP plc		161,629
	190,344	e	BP plc (ADR)		8,407
	423,728	*,e	BPZ Energy, Inc		2,017
	36,900	*	Brasil Ecodiesel Industria e Comercio de Biocombustiveis e Oleos Vegetais S.A.		22
	523,954	*,e	Brigham Exploration Co		14,273
	6,071,000		Brightoil Petroleum Holdings Ltd		3,163
	191,345	*,e	Bristow Group, Inc		9,060
	477,107	*,e	BW Offshore Ltd		1,333
	48,900	*	C&C Energia Ltd		615
	434,399		Cabot Oil & Gas Corp		16,442
	5,633,831	*	Cairn Energy plc		36,892

64

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	713,612	*	Cairn India Ltd	$	5,310
	414,882	*,e	Cal Dive International, Inc		2,352
	77,297	e	Calfrac Well Services Ltd		2,662
	125,335	*,e	Callon Petroleum Co		742
	824,373	e	Caltex Australia Ltd		12,116
	114,620	*	Calvalley Petroleums, Inc		576
	327,279	*	Cam Finanziaria S.p.A.		161
	615,949		Cameco Corp		24,965
	888,534	*,e	Cameron International Corp		45,075
	2,740,564		Canadian Natural Resources Ltd (Canada)		122,241
	797,929		Canadian Oil Sands Trust		21,226
	84,447		CARBO Ceramics, Inc		8,744
	508,896	*	Carbon Energy Ltd		193
	898,797	*	Carnarvon Petroleum Ltd		437
	137,550	*	Carrizo Oil & Gas, Inc		4,744
	73,552		CAT Oil AG.		744
	95,111	*	Celtic Exploration Ltd		1,695
	1,527,417	*	Cenovus Energy, Inc		51,124
	2,515,836	e	Cenovus Energy, Inc		83,626
	411,000		CH Offshore Ltd		159
	139,949	*	Chariot Oil & Gas Ltd		410
	546,000		Chemoil Energy Ltd		186
	301,046	*,e	Cheniere Energy, Inc		1,662
	1,511,232		Chesapeake Energy Corp		39,156
	7,996,172		Chevron Corp		729,650
	1,334,000		China Aviation Oil Singapore Corp Ltd		1,601
	11,790,000		China Coal Energy Co		18,414
	4,124,000		China Oilfield Services Ltd		8,935
	20,000	*	China Qinfa Group Ltd		12
	5,912,799		China Shenhua Energy Co Ltd		24,799
	271,179	*,e	Chinook Energy Inc		584
	574,131	e	Cimarex Energy Co		50,828
	617,397	*	Circle Oil plc		334
	26,577	*	Clayton Williams Energy, Inc		2,232
	177,791	*,e	Clean Energy Fuels Corp		2,461
	168,634	*,e	Cloud Peak Energy, Inc		3,917
	35,331,000		CNOOC Ltd		83,818
	1,927,675	*	Coal India Ltd		13,569
	2,831,557	*,e	Cobalt International Energy, Inc		34,573
	601,089	*	Cockatoo Coal Ltd		326
	9,370	*,e	Compagnie Generale de Geophysique S.A.		285
	382,933	*	Complete Production Services, Inc		11,316
	99,321	*,e	Comstock Resources, Inc		2,439
	3,531,665	*,e	Concho Resources, Inc		309,620
	782,457	*	Connacher Oil and Gas Ltd		1,047
	5,708,173		ConocoPhillips		388,726
	655,807	e	Consol Energy, Inc		31,964
	96,015	*,e	Contango Oil & Gas Co		5,562
	62,622	*,e	Continental Resources, Inc		3,685
	223,160	e	Core Laboratories NV		19,872
	115,388	*,e	Corridor Resources, Inc		689
	224,557		Cosmo Oil Co Ltd		736

65

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,170,900	e	Crescent Point Energy Corp	$	185,369
	191,649	*,g,m	Crescent Point Energy Corp 144A		8,518
	104,128	*	Crew Energy, Inc		2,000
	54,170		CropEnergies AG.		411
	189,565	e	Crosstex Energy, Inc		1,680
	352,255	e	Crude Carriers Corp		5,840
	137,583	*,e	CVR Energy, Inc		2,089
	42,447		D/S Torm AS		298
	72,581		d’aAmico International Shipping S.A.		95
	2,641	*	Daldrup & Soehne AG.		80
	635,487	*,e	Dart Energy Ltd		747
	35,932	*,e	Dawson Geophysical Co		1,146
	289,964	e	Daylight Resources Trust		3,012
	113,500	*,e	Deep Sea Supply plc		233
	668,838	*	Deep Yellow Ltd		222
	64,714	e	Delek US Holdings, Inc		471
	653,306	*,e	Delta Petroleum Corp		497
	15,808,210	*,e	Denbury Resources, Inc		301,779
	395,408	*	Denison Mines Corp		1,356
	370,044	*,e	Desire Petroleum plc		275
	74,095	*,e	Det Norske Oljeselskap ASA		343
	1,219,579	*,e	Devon Energy Corp		95,749
	202,604	e	DHT Maritime, Inc		942
	156,189	e	Diamond Offshore Drilling, Inc		10,444
	1,064,666	*,e	DNO International ASA		1,655
	20,919	*,e	Dockwise Ltd		563
	59,800	*	DOF ASA		507
	367,436	*	Dresser-Rand Group, Inc		15,649
	358,220	*,e	Dril-Quip, Inc		27,841
	977,650	*	Eastern Star Gas Ltd		805
	6,763,659		Ecopetrol S.A.		14,443
	3,683,268		El Paso Corp		50,682
	14,400		Enbridge Income Fund		262
	875,314	e	Enbridge, Inc		49,536
	868,601	e	EnCana Corp		25,412
	381,677	*	EnCore Oil plc		794
	97,035	*,e	Endeavour International Corp		1,339
	143,838	*,e	Energy Partners Ltd		2,137
	627,255	e	Energy Resources of Australia Ltd		7,141
	288,853	*,e	Energy XXI Bermuda Ltd		7,993
	195,725		Enerplus Resources Fund		6,037
	1,983,033		ENI S.p.A.		43,300
	804,620	*,e	Enquest plc		1,750
	450,369	e	Ensco International plc (ADR)		24,041
	179,000		Ensign Energy Services, Inc		2,706
	6,224		Envitec Biogas AG.		90
	658,442	e	EOG Resources, Inc		60,188
	324,667	e	Equitable Resources, Inc		14,558
	186,695	e	ERG S.p.A.		2,607
	320,572	*	Essar Energy plc		2,899
	8,564		Esso SA Francaise		1,150
	120,492		Etablissements Maurel et Prom		1,699

66

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,852	f	Eurasia Drilling Co Ltd (GDR) (purchased 10/06/10, cost $143)	$	190
	32,386		Euronav NV		549
	63,039	*	Evolution Petroleum Corp		411
	299,226		EXCO Resources, Inc		5,811
	32,946		Exmar NV		237
	426,307	*,e	Exterran Holdings, Inc		10,210
	103,318	*,e	Extract Resources Ltd		993
	19,112,677	e	Exxon Mobil Corp		1,397,518
	494,000	e	Ezion Holdings Ltd		273
	697,200	e	Ezra Holdings Ltd		978
	168,196	*	Fairborne Energy Ltd		714
	134,810	*	Falkland Oil & Gas Ltd		218
	190,854	*	Faroe Petroleum plc		536
	99,359		Fersa Energias Renovables S.A.		160
	122,690	*	Flint Energy Services Ltd		2,242
	432,322	*,e	FMC Technologies, Inc		38,438
	251,703	*,e	Forest Oil Corp		9,557
	2,013,580		Formosa Petrochemical Corp		6,830
	45,777	e	Fred Olsen Energy ASA		2,022
	74,200		Freehold Royalty Trust		1,529
	407,395		Frontier Oil Corp		7,337
	161,568	e	Frontline Ltd		4,099
	95,557	e	Frontline Ltd (Norway)		2,465
	7,827		Fugro NV		643
	208,498	*,e	FX Energy, Inc		1,282
	348,007	*	Galleon Energy, Inc		1,439
	143,824	e	Galp Energia SGPS S.A.		2,756
	252,140	*,e	Gastar Exploration Ltd		1,084
	3,922,355	e	Gazprom (ADR)		99,039
	45,520		Gazpromneft OAO (ADR)		947
	298,510	e	General Maritime Corp		970
	470,000	*	Genesis Energy Holdings Ltd		27
	55,453	*,e	Georesources, Inc		1,232
	25,463	*,e	Global Geophysical Services, Inc		264
	498,578	*,e	Global Industries Ltd		3,455
	131,801	*,e	GMX Resources, Inc		728
	24,767	*,e	Golar LNG Energy Ltd		53
	166,379		Golar LNG Ltd		2,497
	117,206	*,e	Goodrich Petroleum Corp		2,068
	8,999		Great Eastern Shipping Co Ltd		69
	1,327		Great Offshore Ltd		12
	97,433	*,e	Green Plains Renewable Energy, Inc		1,097
	168,938	*	Grupa Lotos S.A.		2,074
	151,809		GS Holdings Corp		8,721
	78,355		Gulf Island Fabrication, Inc		2,208
	991,859	*	Gulf Keystone Petroleum Ltd		2,606
	100,719	*,e	Gulfmark Offshore, Inc		3,062
	187,268	*,e	Gulfport Energy Corp		4,054
	229,912	*	Gulfsands Petroleum plc		1,363
	8,508		Hallador Petroleum Co		89
	3,783,914	e	Halliburton Co		154,497
	73		Hankook Shell Oil Co Ltd		14

67

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	74,919	*	Hardy Oil & Gas plc	$	251
	148,449	*,e	Harvest Natural Resources, Inc		1,807
	518,822	*,e	Helix Energy Solutions Group, Inc		6,298
	162,885		Hellenic Petroleum S.A.		1,276
	409,760		Helmerich & Payne, Inc		19,865
	690,983	*	Hercules Offshore, Inc		2,391
	276,005	e	Heritage Oil Ltd		1,931
	1,283,153	e	Hess Corp		98,213
	4,847		Hindustan Oil Exploration		26
	104,993		Holly Corp		4,281
	283,000	*	Honghua Group Ltd		46
	2,330,711	*	Horizon Oil Ltd		703
	128,852	*,e	Hornbeck Offshore Services, Inc		2,690
	79,251	e	Houston American Energy Corp		1,434
	218,766		Hunting PLC		2,493
	362,341	e	Husky Energy, Inc		9,675
	35,618		Idemitsu Kosan Co Ltd		3,782
	666,652		Imperial Oil Ltd		27,208
	943,618		Inner Mongolia Yitai Coal Co		6,733
	2,768		Inpex Holdings, Inc		16,211
	654,474	*,e	International Coal Group, Inc		5,066
	679,176	*	ION Geophysical Corp		5,759
	17,069,000		IRPC PCL		3,680
	5,237	*,e	Isramco, Inc		441
	92,953		Itochu Enex Co Ltd		504
	376,273	*	Ivanhoe Energy, Inc		1,029
	123,038	*,e	James River Coal Co		3,117
	18,200	*	Japan Drilling Co Ltd		625
	8,664		Japan Petroleum Exploration Co		330
	11,100	*	Jerusalem Oil Exploration		243
	401,229		JKX Oil & Gas plc		1,969
	797,857		John Wood Group plc		6,954
	848,877	*	JX Holdings, Inc		5,761
	51,000		Kanto Natural Gas Development Ltd		275
	226,105	*,e	Karoon Gas Australia Ltd		1,700
	121,600	*	Kencana Petroleum BHD		95
	624,538	*	Key Energy Services, Inc		8,107
	88,448		Keyera Facilities Income Fund		3,127
	101,519	e	Knightsbridge Tankers Ltd		2,261
	117,625	*	KNM Group BHD		108
	713,944	*,e	Kodiak Oil & Gas Corp		4,712
	70,695	*,e	L&L Energy, Inc		764
	156,800	*	Legacy Oil & Gas, Inc		2,452
	373,336	e	Linc Energy Ltd		1,012
	5,676	*	Lubelski Wegiel Bogdanka S.A.		211
	132,673		Lufkin Industries, Inc		8,277
	787,031		LUKOIL (ADR)		44,467
	326,586	*	Lundin Petroleum AB		4,062
	219,760	*,e	Magnum Hunter Resources Corp		1,582
	125,961	*	Mantra Resources Ltd		1,010
	3,119,097		Marathon Oil Corp		115,500
	16,432		Maridive & Oil Services SAE		58

68

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	596,672		Massey Energy Co	$	32,011
	84,129	e	Matrix Composites & Engineering Ltd		592
	143,128	*,e	Matrix Service Co		1,743
	1,041,803	*,e	McDermott International, Inc		21,555
	539,535	*,e	McMoRan Exploration Co		9,248
	54,815	*	MEG Energy Corp		2,508
	79,071		Melrose Resources plc		293
	56,214	*	Midnight Oil Exploration Ltd		466
	86,731	*,e	Miller Petroleum, Inc		451
	56,500		Mitsuuroko Co Ltd		346
	29,800	e	Modec, Inc		529
	67,138	*	MOL Hungarian Oil and Gas plc		6,709
	335,521	*,e	Molopo Energy Ltd		364
	1,805,117	*	Mongolia Energy Co ltd		539
	61,339		Motor Oil Hellas Corinth Refineries S.A.		615
	120,106	e	Mullen Group Ltd		2,043
	1,240,171		Murphy Oil Corp		92,455
	1,051,277	*,e	Nabors Industries Ltd		24,663
	98,000		NAL Oil & Gas Trust		1,276
	38,680	*	Naphtha Israel Petroleum Corp Ltd		166
	2,182,308	e	National Oilwell Varco, Inc		146,760
	71,016	*,e	Natural Gas Services Group, Inc		1,343
	7,842	e	Neste Oil Oyj		125
	511,671		New Zealand Oil & Gas Ltd		347
	669,345	*,e	Newfield Exploration Co		48,266
	994,000		Newocean Energy Holdings Ltd		208
	459,840	*,e	Newpark Resources, Inc		2,833
	663,940	e	Nexen, Inc		15,225
	1,835,205	*,e	Nexus Energy Ltd		835
	51,832		Niko Resources Ltd		5,379
	43,600	e	Nippon Gas Co Ltd		603
	514,567	e	Noble Energy, Inc		44,294
	206,179	e	Nordic American Tanker Shipping		5,365
	482,000	*	Norse Energy Corp ASA		132
	205,556	*	Northern Offshore Ltd		527
	283,387	*,e	Northern Oil And Gas, Inc		7,711
	282,500	*	Norwegian Energy Co AS		891
	212,690	f	NovaTek OAO (GDR) (purchased 03/10/06, cost $13,901)		25,416
	115,879	e	NuVista Energy Ltd		1,078
	251,068	*,e	Oasis Petroleum, Inc		6,809
	8,320,559	e	Occidental Petroleum Corp		816,246
	208,246	*,e	Oceaneering International, Inc		15,333
	1,948,877		OGX Petroleo e Gas Participacoes S.A.		23,480
	1,496,985		Oil Refineries Ltd		1,104
	675,322		Oil Search Ltd		4,863
	328,224	*,e	Oil States International, Inc		21,036
	376,273		OMV AG.		15,638
	410,736	*	OPTI Canada, Inc		277
	254,015		Origin Energy Ltd		4,328
	111,319	e	Overseas Shipholding Group, Inc		3,943
	20,693	*	OYO Geospace Corp		2,051
	1,764,718	*,e	PA Resources AB		1,968

69

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	183,762	*,e	Pacific Asia Petroleum, Inc	$	366
	407,785		Pacific Rubiales Energy Corp (Toronto)		13,842
	195,494	*,e	Paladin Resources Ltd		986
	35,052	e	Panhandle Oil and Gas, Inc (Class A)		961
	159,561	e	Paramount Energy Trust		631
	50,289	*,e	Paramount Resources Ltd (Class A)		1,602
	492,430	*,e	Parker Drilling Co		2,250
	30,715		Parkland Income Fund		355
	194,756	e	Pason Systems, Inc		2,734
	385,143	*,e	Patriot Coal Corp		7,460
	350,206	e	Patterson-UTI Energy, Inc		7,547
	7,090		Paz Oil Co Ltd		1,315
	1,089,345		Peabody Energy Corp		69,696
	302,599	e	Pembina Pipeline Income Fund		6,574
	390,927		Pengrowth Energy Trust		5,025
	232,882	e	Penn Virginia Corp		3,917
	634,844		Penn West Energy Trust		15,221
	82,921	e	PetroBakken Energy Ltd		1,811
	134,000	*	Petrobank Energy & Resources Ltd		3,403
	2,855,145	*	Petroceltic International plc		579
	1,482,673		Petrofac Ltd		36,686
	658,901	*,e	PetroHawk Energy Corp		12,025
	5,855,314		Petroleo Brasileiro S.A.		107,759
	2,637,814		Petroleo Brasileiro S.A. (ADR)		99,815
	6,517,366		Petroleo Brasileiro S.A. (Preference)		107,144
	99,174	*,e	Petroleum Development Corp		4,186
	303,437	*,e	Petroleum Geo-Services ASA		4,724
	13,621	*	Petrolinvest S.A.		27
	115,874	e	Petrominerales Ltd		3,864
	1,270,800		Petronas Dagangan BHD		4,822
	486,782	*,e	Petroneft Resources plc		535
	188,617		Petroplus Holdings AG.		2,485
	267,825	*,e	Petroquest Energy, Inc		2,017
	166,867		Peyto Energy Trust		3,103
	83,930	*,e	PHI, Inc		1,581
	232,878	*	Pioneer Drilling Co		2,052
	379,954		Pioneer Natural Resources Co		32,988
	310,113	*	Plains Exploration & Production Co		9,967
	363,491	*	Polarcus Ltd		379
	3,493,320		Polish Oil & Gas Co		4,213
	521,717	*	Polski Koncern Naftowy Orlen S.A.		8,071
	393,300	*	Precision Drilling Trust		3,797
	186,808	*	Premier Oil plc		5,679
	1,093,149	*,e	Pride International, Inc		36,074
	204,264	e	ProEx Energy Ltd		2,609
	382,887	e	ProSafe ASA		3,045
	369,100		Provident Energy Trust		2,936
	1,075,000	*	PT Benakat Petroleum Energy		12
	23,854,000		PT Bumi Resources Tbk		8,009
	40,000	*,m	PT Dian Swastatika Sentosa Tbk		80
	3,250,000	*	PT Energi Mega Persada Tbk		45
	117,500		PT Indika Energy Tbk		62

70

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	885,500		PT Indo Tambangraya Megah	$	4,988
	208,000		PT Medco Energi Internasional Tbk		78
	3,141,634		PT Tambang Batubara Bukit Asam Tbk		8,002
	1,872,298		PTT Aromatics & Refining PCL		2,376
	1,772,469		PTT Exploration & Production PCL		9,878
	1,459,250		PTT PCL		15,490
	618,059		Questar Market Resources, Inc		22,442
	263,567	*	Questerre Energy Corp		543
	281,286	*	Quicksilver Resources, Inc		4,146
	242,080	*,e	RAM Energy Resources, Inc		445
	360,004	e	Range Resources Corp		16,193
	26,824		REFINERIA LA PAMPILLA S.A. RELAPASA		16
	649		Reliance Industrial Infrastructure Ltd		10
	2,075,742		Reliance Industries Ltd		49,147
	777,633	*,e	Rentech, Inc		949
	1,037,404	e	Repsol YPF S.A.		28,904
	170,000	*,e	Resolute Energy Corp		2,509
	134,989	*,e	Rex Energy Corp		1,843
	30,755	*,e	Rex Stores Corp		472
	643,024	*,e	Riversdale Mining Ltd		11,181
	1,875,729	*	Roc Oil Co Ltd		787
	1,184,012	*	Rockhopper Exploration plc		6,784
	239,422	*,e	Rosetta Resources, Inc		9,012
	3,662,241	f	Rosneft Oil Co (GDR) (purchased 12/07/07, cost $24,169)		26,222
	660,971	*,e	Rowan Cos, Inc		23,074
	6,513,588	e	Royal Dutch Shell plc (A Shares)		217,172
	4,270,100		Royal Dutch Shell plc (B Shares)		140,806
	184,119	e	RPC, Inc		3,336
	2,455,673		Saipem S.p.A.		120,891
	296,713	*,e	Salamander Energy plc		1,247
	72,000		San-Ai Oil Co Ltd		355
	750,767	*,e	SandRidge Energy, Inc		5,496
	1,252,113		Santos Ltd		16,841
	120,700		SapuraCrest Petroleum BHD		121
	404,937	e	Saras S.p.A.		852
	1,254,233		Sasol Ltd		65,930
	109,438		Savanna Energy Services Corp		780
	10,650		SBM Offshore NV		239
	7,518,391	e	Schlumberger Ltd		627,787
	15,342		Schoeller-Bleckmann Oilfield Equipment AG.		1,322
	81,100	*	Scomi Group BHD		10
	43,285	*,e	Scorpio Tankers, Inc		438
	148,921	e	SEACOR Holdings, Inc		15,054
	849,694	e	SeaDrill Ltd		28,716
	84,217	*,e	Seahawk Drilling, Inc		754
	50	*	Serval Integrated Energy Services		0	^
	728,215	*,e	Sevan Marine ASA		812
	16,800		Shandong Molong Petroleum Machinery Co Ltd		23
	108,253		ShawCor Ltd		3,605
	109,500		Shengli Oil&Gas Pipe Holdings Ltd		21
	51,200		Shinko Plantech Co Ltd		473
	226,410	e	Ship Finance International Ltd		4,872

71

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	197,296	e	Showa Shell Sekiyu KK	$	1,808
	85,000		Sinanen Co Ltd		392
	810,000	*	Sino Prosper State Gold Resources Holdings Ltd		49
	48,000		Sinopec Kantons Holdings Ltd		29
	92,764		SK Energy Co Ltd		15,857
	370		SK Gas Co Ltd		13
	276,994	*,e	Soco International plc		1,596
	71,478		S-Oil Corp		5,826
	233,912	*	Songa Offshore SE		1,259
	446,700	*	Southern Pacific Resource Corp		750
	263,852	e	Southern Union Co		6,351
	783,838	*,e	Southwestern Energy Co		29,339
	1,785,922	e	Spectra Energy Corp		44,630
	169,090		St. Mary Land & Exploration Co		9,964
	518,791	e	Statoil ASA		12,323
	206,508	*	Sterling Energy plc		271
	292,074	*	Stone Energy Corp		6,510
	1,058,000	e	Straits Asia Resources Ltd		2,053
	149,848	*,e	Subsea 7, Inc		3,901
	3,025,707		Suncor Energy, Inc		116,488
	3,445,404		Suncor Energy, Inc (NY)		131,925
	544,184	e	Sunoco, Inc		21,936
	435,021	*	Superior Energy Services		15,221
	1,301,972	e	Surgutneftegaz (ADR)		13,801
	348,800		Surgutneftegaz (ADR) (London)		3,732
	433,000	*,e	Swiber Holdings Ltd		341
	204,893	*,e	Swift Energy Co		8,022
	317,181	*,e	Syntroleum Corp		587
	60,551	*	T-3 Energy Services, Inc		2,412
	1,255,697		Talisman Energy, Inc		27,935
	449,565		Tatneft (ADR)		14,881
	370,118		Technip S.A.		34,176
	34,540	e	Tecnicas Reunidas S.A.		2,198
	132,930		Teekay Corp		4,397
	124,740	e	Teekay Tankers Ltd (Class A)		1,539
	52,103		Tenaris S.A.		1,278
	152,398	*,e	Tesco Corp		2,420
	646,006	e	Tesoro Corp		11,977
	357,900	*	Tethys Petroleum Ltd		580
	573,119	*,e	Tetra Technologies, Inc		6,803
	218,104	e	TGS Nopec Geophysical Co ASA		4,915
	1,016,000		Thai Oil PCL		2,637
	1,538,600		Thai Oil PCL		3,994
	117,448	e	Tidewater, Inc		6,323
	2,800,000	*	Titan Petrochemicals Group Ltd		245
	102,142	*,f	TMK OAO (GDR) (purchased 11/01/06, cost $1,633)		2,110
	783,523	e	TonenGeneral Sekiyu KK		8,570
	2,998,057		Total S.A.		158,850
	359,000		Toyo Kanetsu K K		641
	653,282	*,e	TransAtlantic Petroleum Ltd		2,175
	983,473	e	TransCanada Corp		37,576
	269,705	*	Transocean Ltd		18,475

72

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	54	*	Transocean Ltd	$	4
	289,500	e	Trican Well Service Ltd		5,864
	75,680	e	Trilogy Energy Corp		936
	167,266	e	Trinidad Drilling Ltd		1,060
	5,549,197		Tullow Oil plc		109,099
	213,824		Tupras Turkiye Petrol Rafine		5,346
	7,467		Turcas Petrolculuk AS.		19
	327,198	*,e	UK Coal plc		207
	303,722	*	Ultra Petroleum Corp		14,509
	113,300		Ultrapar Participacoes S.A.		7,173
	89,598	*,e	Union Drilling, Inc		652
	94,796	*	Unit Corp		4,406
	279,968	*,e	Uranium Energy Corp		1,691
	679,254	e	Uranium One, Inc		3,252
	579,202	*,e	USEC, Inc		3,487
	226,119	e	Vaalco Energy, Inc		1,619
	1,585,757		Valero Energy Corp		36,663
	46,150	*	Valiant Petroleum plc		369
	564,344	*	Vantage Drilling Co		1,146
	98,843	*	Venoco, Inc		1,824
	298,267	e	Vermilion Energy Trust		13,865
	312,498	e	W&T Offshore, Inc		5,584
	90,200		Wah Seong Corp BHD		61
	349,174	*,e	Warren Resources, Inc		1,578
	4,775,291	*	Weatherford International Ltd		108,877
	139,069		Wellstream Holdings plc		1,713
	117,713	*,e	West Siberian Resources Ltd (GDR)		1,860
	494,037	*,e	Western Refining, Inc		5,227
	10,042	*,m	White Energy 2010 Performance		0	^
	10,042	*,m	White Energy 2011 Performance		0	^
	243,052		Whitehaven Coal Ltd		1,671
	297,545	*	Whiting Petroleum Corp		34,869
	265,806	*,e	Willbros Group, Inc		2,610
	2,198,079		Williams Cos, Inc		54,337
	289,174		Woodside Petroleum Ltd		12,588
	412,225	e	World Fuel Services Corp		14,906
	786,241		WorleyParsons Ltd		21,503
	421,571	*	Xenolith Resources Ltd		841
	3,016,000		Yanzhou Coal Mining Co Ltd		9,215
	15,500		Zargon Energy Trust		350
			TOTAL ENERGY		11,487,061
FOOD & STAPLES RETAILING - 1.8%
	1,975,798	e	Aeon Co Ltd		24,725
	9,700		Ain Pharmaciez Inc		341
	352,140		Alimentation Couche Tard, Inc		9,584
	7,855,400		Alliance Global Group, Inc		2,241
	181,465		Almacenes Exito S.A.		2,208
	100,861	e	Andersons, Inc		3,666
	34,679		Arcs Co Ltd		539
	5,715	e	Arden Group, Inc (Class A)		471
	34,269		Axfood AB		1,281

73

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	24,000		Beijing Jingkelong Co Ltd	$	32
	121,407		BIM Birlesik Magazalar AS		4,128
	112,258	*	BJ’s Wholesale Club, Inc		5,377
	12,492		Blue Square-Israel Ltd		111
	2,362,027		Booker Group plc		2,219
	669,482		Carrefour S.A.		27,599
	191,302	e	Casey’s General Stores, Inc		8,132
	338,606		Casino Guichard Perrachon S.A.		33,008
	20,300		Cawachi Ltd		418
	1,863,666		Centros Comerciales Sudamericanos S.A.		14,654
	2,498,300		China Resources Enterprise		10,237
	156,600		Circle K Sunkus Co Ltd		2,513
	15,060	e	Cocokara Fine Holdings, Inc		320
	19,637		Colruyt S.A.		998
	157,670		Companhia Brasileira de Distribuicao Grupo Pao de Acucar		6,582
	71,000	*	Controladora Comercial Mexicana S.A. de C.V.		87
	15,500		Cosmos Pharmaceutical Corp		595
	1,584,195	e	Costco Wholesale Corp		114,395
	2,758,500		CP Seven Eleven PCL		3,592
	10,600		CREATE SD HOLDINGS Co Ltd		234
	9,499,944	e	CVS Corp		330,314
	6,800		Daikokutenbussaan Co Ltd		237
	120,522		Delhaize Group		8,901
	102,300		Drogasil S.A.		832
	55,713		Empire Co Ltd		3,128
	12,348		Eurocash S.A.		108
	88,109		FamilyMart Co Ltd		3,321
	54,400	*,e	Fresh Market, Inc		2,241
	452,996		Fyffes plc		224
	107,417	e	George Weston Ltd		9,096
	11,700		Growell Holdings Co Ltd		299
	39,300	*,e	Grupo Comercial Chedraui S.a. DE C.V.		119
	72,266	e	Hakon Invest AB		1,264
	40,500		Heiwado Co Ltd		537
	430,500		Heng Tai Consumables Group Ltd		65
	63,725		Ingles Markets, Inc (Class A)		1,224
	6,200		Itochu-Shokuhin Co Ltd		218
	84,741		Izumiya Co Ltd		335
	3,294,502		J Sainsbury plc		19,328
	206,383		Jean Coutu Group PJC, Inc/The		1,999
	2,074,387		Jeronimo Martins SGPS S.A.		31,601
	70,500		Kasumi Co Ltd		392
	51,600		Kato Sangyo Co Ltd		864
	54,639		Kesko Oyj (B Shares)		2,550
	3,603,612		Koninklijke Ahold NV		47,558
	2,738,564	e	Kroger Co		61,234
	98,903		Lawson, Inc		4,891
	12,100		Liquor Stores Income Fund		185
	169,844	e	Loblaw Cos Ltd		6,896
	377,257	f	Magnit OAO (GDR) (purchased 04/06/10, cost $7,322)		11,054
	89,593		Majestic Wine plc		538

74

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	53,616	e	MARR S.p.A.	$	622
	91,000		Maruetsu, Inc		370
	286,843		Massmart Holdings Ltd		6,388
	44,000	e	Matsumotokiyoshi Holdings Co Ltd		956
	1,158,905	e	Metcash Ltd		4,872
	30,475		Metro AG.		2,194
	282,661		Metro, Inc		12,850
	77,700		Ministop Co Ltd		1,347
	53,537	e	Nash Finch Co		2,276
	43,739		North West Co Fund		907
	23,771	*,f,g	O’Key Group S.A. 144A (GDR) (purchased 02/02/10, cost $261)		327
	46,000		Okuwa Co Ltd		481
	412,201	e	Olam International Ltd		1,009
	129,853	*	Pantry, Inc		2,579
	70,033		Pick’n Pay Holdings Ltd		219
	334,212	e	Pick’n Pay Stores Ltd		2,456
	738,320		President Chain Store Corp		3,406
	64,177		Pricesmart, Inc		2,441
	16,900	*	Raia S.A.		259
	50,532		Rallye S.A.		2,173
	15,548		Rami Levi Chain Stores Hashikma Marketing 2006 Ltd		457
	2,691,233	*	Rite Aid Corp		2,377
	206,778	e	Ruddick Corp		7,618
	21,679		Ryoshoku Ltd		483
	31,000	e	S Foods, Inc		266
	1,657,358	e	Safeway, Inc		37,274
	11,000		San-A Co Ltd		432
	731,303		Seven & I Holdings Co Ltd		19,546
	23,800		Shanghai Friendship Group, Inc Ltd		53
	30,940		Shinsegae Co Ltd		16,739
	270,478	e	Shoppers Drug Mart Corp		10,753
	694,927		Shoprite Holdings Ltd		10,512
	166,085		Shufersal Ltd		1,029
	20,400		Siam Makro PCL		115
	33,308		Sligro Food Group NV		1,033
	230,171		Spar Group Ltd		3,417
	137,170	e	Spartan Stores, Inc		2,325
	43,400	e	Sugi Pharmacy Co Ltd		1,045
	46,100	e	Sundrug Co Ltd		1,345
	6,447,911	e	Supervalu, Inc		62,093
	35,758	*	Susser Holdings Corp		495
	1,835,367		Sysco Corp		53,960
	57,000		Taiwan TEA Corp		42
	12,546,958		Tesco plc		83,138
	821,104		Total Produce plc		411
	23,288		Tsuruha Holdings, Inc		1,111
	378,359	*,e	United Natural Foods, Inc		13,878
	150,746		UNY Co Ltd		1,524
	71,800		Valor Co Ltd		620
	32,083	e	Village Super Market (Class A)		1,059
	2,895,791		Walgreen Co		112,820
	8,803,621	e	Wal-Mart de Mexico S.A. de C.V. (Series V)		25,263

75

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	9,164,144		Wal-Mart Stores, Inc	$	494,223
	64,312	e	Weis Markets, Inc		2,594
	1,706,419		Wesfarmers Ltd		55,850
	145,125		Wesfarmers Ltd PPS		4,794
	867,626	*,e	Whole Foods Market, Inc		43,893
	267,731	*,e	Winn-Dixie Stores, Inc		1,920
	280,164		WM Morrison Supermarkets plc		1,169
	1,260,438		Woolworths Ltd		34,769
	811,000		Wumart Stores		1,999
	7,792	*,f	X 5 Retail Group NV (GDR) (purchased 04/06/10, cost $289)		360
	9,600		Yaoko Co Ltd		293
			TOTAL FOOD & STAPLES RETAILING		1,995,069
FOOD BEVERAGE & TOBACCO - 4.8%
	36,968		AarhusKarlshamn AB		1,036
	25,621		Afgri Ltd		30
	51,000	*	AGV Products Corp		25
	872,684		Ajinomoto Co, Inc		9,093
	20,579		Alico, Inc		491
	19,216	e	Alliance Grain Traders, Inc		545
	554,476	*,e	Alliance One International, Inc		2,351
	10,223,564	e	Altria Group, Inc		251,704
	288,540		Anadolu Efes Biracilik Ve Malt Sanayii AS		4,373
	2,974	*	Anheuser-Busch InBev NV		0	^
	10,400		Anhui Gujing Distillery Co Ltd		64
	3,310,303		Archer Daniels Midland Co		99,574
	24,900		Ariake Japan Co Ltd		422
	9,326		Aryzta AG.		430
	849,452	e	Asahi Breweries Ltd		16,458
	13,670	e	Asian Bamboo AG.		721
	79,624		Asian Citrus Holdings Ltd		99
	312,400		Asiatic Development BHD		892
	1,429,551		Associated British Foods plc		26,322
	6,422	*	Astral Foods Ltd		125
	16,936		Atria Group plc		204
	43,000		Ausnutria Dairy Corp Ltd		14
	266,527	e	Austevoll Seafood ASA		2,266
	211,861	*,e	Australian Agricultural Co Ltd		309
	50,294		AVI Ltd		230
	279,352		B&G Foods, Inc (Class A)		3,836
	18,471		Bajaj Hindusthan Ltd		49
	46,230	*	Bakkafrost P		392
	28,075		Balrampur Chini Mills Ltd		55
	2,641	*	Banvit		9
	7,148	*	Baron de Ley		430
	2,484		Barry Callebaut AG.		2,058
	1,267		Binggrae Co Ltd		63
	250,600	*	BioExx Specialty Proteins Ltd		592
	145,305	*,e	Black Earth Farming Ltd		573
	4,414	e	Bonduelle S.C.A.		422
	37,806	*,e	Boston Beer Co, Inc (Class A)		3,595
	3,842	e	Bridgford Foods Corp		55

76

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	151,700		British American Tobacco Malaysia BHD	$	2,214
	2,710,311		British American Tobacco plc		104,099
	550,547		Britvic plc		4,063
	213,262	e	Brown-Forman Corp (Class B)		14,847
	445,616	e	Bunge Ltd		29,197
	502,895		C&C Group plc		2,273
	10,102		Cairo Poultry Co		27
	57,344	e	Calavo Growers, Inc		1,322
	60,447	b,e	Cal-Maine Foods, Inc		1,909
	432,335		Campbell Soup Co		15,024
	22,351		Campofrio Alimentacion S.A.		222
	319,171		Carlsberg AS (Class B)		31,957
	5,500		Carlsberg Brewery-Malay BHD		11
	12,776	*	Casa Grande S.A.		76
	219,516	*,e	Central European Distribution Corp		5,027
	145,642		Cermaq ASA		2,246
	4,526,837	e	Chaoda Modern Agriculture		3,395
	5,380,400		Charoen Pokphand Foods PCL		4,409
	2,470,700	e	China Agri-Industries Holdings Ltd		2,804
	29,000	*	China Corn Oil Co Ltd		20
	87,000	e	China Green Holdings Ltd		85
	85,500	e	China Huiyuan Juice Group Ltd		59
	1,750,000	e	China Mengniu Dairy Co Ltd		4,638
	536,000	*	China Minzhong Food Corp Ltd		568
	4,190		China Ocean Resources Co Ltd		34
	336,000	*	China Precious Metal Resources Holdings Co Ltd		75
	210,000		China Starch Holdings Ltd		16
	64,000		China Tontine Wines Group Ltd		16
	1,817,000		China Yurun Food Group Ltd		5,973
	234,589	*,e	Chiquita Brands International, Inc		3,289
	14,077		CJ CheilJedang Corp		2,692
	19,107		Coca Cola Hellenic Bottling Co S.A.		494
	825,719		Coca-Cola Amatil Ltd		9,172
	26,654		Coca-Cola Bottling Co Consolidated		1,481
	54,300	e	Coca-Cola Central Japan Co Ltd		726
	10,808,568	e	Coca-Cola Co		710,881
	2,167,418	e	Coca-Cola Enterprises, Inc		54,250
	500,975		Coca-Cola Femsa S.A. de C.V.		4,145
	81,142		Coca-Cola Icecek AS		1,072
	104,123	e	Coca-Cola West Japan Co Ltd		1,886
	1,092,197	e	ConAgra Foods, Inc		24,662
	758,370	*,e	Constellation Brands, Inc (Class A)		16,798
	33,213	e	Copeinca ASA		317
	1,045,160	e	Corn Products International, Inc		48,077
	407,074		Cosan SA Industria e Comercio		6,771
	199,200	*	Cott Corp		1,793
	236,000		CP Pokphand Co		32
	83,236		Cranswick plc		1,116
	117,384		CSM		4,108
	250		Dae Han Flour Mills Co Ltd		40
	3,440	*	Daesang Corp		23
	185,753	e	Dairy Crest Group plc		1,226

77

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	76,487		Danisco AS	$	6,993
	503,689	*,e	Darling International, Inc		6,689
	398,971		Davide Campari-Milano S.p.A.		2,596
	5,176,492	*,e	Dean Foods Co		45,760
	701,345		Del Monte Foods Co		13,185
	539,418		Devro plc		2,128
	3,901,054		Diageo plc		72,073
	159,723	e	Diamond Foods, Inc		8,494
	189,355	*,e	Dole Food Co, Inc		2,558
	200		Dongwon F&B Co Ltd		9
	411		Dongwon Industries Co Ltd		50
	3,795,772		Dr Pepper Snapple Group, Inc		133,459
	20,900		Dydo Drinco, Inc		804
	82,000		Dynasty Fine Wines Group Ltd		45
	18,017		East Asiatic Co Ltd AS		581
	118,963	*	Ebro Puleva S.A.		2,516
	631,500	e	Embotelladoras Arca SAB de C.V.		3,068
	213,947	*	Empresas Iansa S.A.		32
	99,803		Ezaki Glico Co Ltd		1,174
	34,469	e	Farmer Bros Co		614
	646,000		First Resources Ltd		785
	231,380		Flowers Foods, Inc		6,226
	4,015,214	e	Fomento Economico Mexicano S.A. de C.V.		22,537
	1,461,427		Foster’s Group Ltd		8,490
	217,364	e	Fresh Del Monte Produce, Inc		5,423
	118,900		Fuji Oil Co Ltd		1,738
	24,832		Fujicco Co Ltd		305
	150,000	*,e	Fujiya Co Ltd		296
	1,303,881	*,e	Futuris Corp Ltd		780
	2,240,684	e	General Mills, Inc		79,746
	34,700		GFPT PCL		9
	183,692		Glanbia plc		904
	206,000	*,e	Global Bio-Chem Technology Group Co Ltd		31
	68,000		Global Sweeteners Holdings Ltd		13
	192,971		Globus Spirits Ltd		741
	1,804,000	*	GMG Global Ltd		415
	14,336		Gokul Refoils & Solvent Ltd		32
	22,880,412		Golden Agri-Resources Ltd		14,263
	2,524,922	e	Goodman Fielder Ltd		3,473
	653,846	e	GrainCorp Ltd		4,414
	46,000		Great Wall Enterprise Co		50
	341,628	*,e	Green Mountain Coffee Roasters, Inc		11,226
	292,448		Greencore Group plc		496
	237,809		Greggs plc		1,724
	47,547		Grieg Seafood ASA		152
	10,379	e	Griffin Land & Nurseries, Inc (Class A)		336
	1,576,381		Groupe Danone		99,048
	32,800	*	Gruma SAB de C.V.		62
	477,482	e	Grupo Bimbo S.A. de C.V. (Series A)		4,076
	1,488,701	e	Grupo Modelo S.A. (Series C)		9,214
	1,213,001	e	H.J. Heinz Co		59,995
	289,718	*,e	Hain Celestial Group, Inc		7,840

78

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,436	*,m	Halim Co Ltd	$	17
	762,280	*	Hansen Natural Corp		39,852
	70,600		Hap Seng Plantations Holdings BHD		77
	41,006	*	Harbinger Group, Inc		254
	409,101	*,e	Heckmann Corp		2,058
	162,221		Heineken Holding NV		7,051
	23,988		Heineken NV		1,176
	1,115,720		Hershey Co		52,606
	84,000		Hey Song Corp		81
	970		Hite Brewery Co Ltd		17
	26,079		Hite Brewery Co Ltd		2,769
	54,731		HKScan Oyj		523
	39,200	e	Hokuto Corp		911
	202,485		Hormel Foods Corp		10,379
	91,300		House Foods Corp		1,464
	42,000		IJM Plantations BHD		41
	47,149	*,e	Illovo Sugar Ltd		198
	87,020	e	Imperial Sugar Co		1,163
	2,497,577		Imperial Tobacco Group plc		76,633
	2,678,016		InBev NV		153,165
	744,978	*,e	Indofood Agri Resources Ltd		1,625
	30,000	*,m	International Hydron		1
	4,486,276		IOI Corp BHD		8,453
	3,922,234		ITC Ltd		15,320
	65,752		Ito En Ltd		1,093
	188,000	e	Itoham Foods, Inc		676
	82,825	e	J&J Snack Foods Corp		3,995
	236,670	e	J.M. Smucker Co		15,537
	4,375		Japan Tobacco, Inc		16,193
	683,321		JBS S.A.		2,951
	2,535		Jinro Distillers Co Ltd		28
	3,100		Jinro Ltd		97
	37,851	*,e	John B. Sanfilippo & Son, Inc		471
	122,000		J-Oil Mills, Inc		383
	29,155	*	JUHAYNA FOOD INDUSTRIES		31
	95,773	e	Kagome Co Ltd		1,762
	54,866		Karuturi Global Ltd		28
	511,827		Kellogg Co		26,144
	70,077	*	Kernel Holding S.A.		1,764
	111,421		Kerry Group plc (Class A)		3,718
	21,700	e	KEY Coffee, Inc		388
	71,200		Khon Kaen Sugar Industry PCL		30
	129,306		Kikkoman Corp		1,449
	160,000	*	Kingway Brewery Holdings Ltd		40
	1,718,950	e	Kirin Brewery Co Ltd		24,115
	94,664	*	Koninklijke Wessanen NV		374
	1,027		Kook Soon Dang Brewery Co Ltd		10
	6,715,132	e	Kraft Foods, Inc (Class A)		211,593
	55,948		KS Oils Ltd		59
	222,390		KT&G Corp		12,678
	1,200,873		Kuala Lumpur Kepong BHD		8,607
	1,224,227		Kulim Malaysia BHD		5,058

79

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	18,189		Kwality Dairy India Ltd	$	42
	3,199		KWS Saat AG.		621
	6,490		Lakshmi Energy & Foods Ltd		11
	82,762	e	Lancaster Colony Corp		4,734
	117,047		Lance, Inc		2,744
	3,681	e	Laurent-Perrier		394
	74,444	e	Leroy Seafood Group ASA		2,532
	64,000		Lien Hwa Industrial Corp		51
	22,994	*,e	Lifeway Foods, Inc		220
	33,472	e	Limoneira Co		961
	124		Lindt & Spruengli AG.		375
	97		Lindt & Spruengli AG. (Reg)		3,123
	1,204,910		Lorillard, Inc		98,875
	136		Lotte Chilsung Beverage Co Ltd		115
	993		Lotte Confectionery Co Ltd		1,319
	140		Lotte Samkang Co Ltd		34
	820		Maeil Dairy Industry Co Ltd		12
	75,169		Maple Leaf Foods, Inc		861
	174,901		Marfrig Alimentos S.A.		1,633
	337,000		Marudai Food Co Ltd		1,100
	702,000	e	Maruha Nichiro Holdings, Inc		1,167
	263,141	e	McCormick & Co, Inc		12,244
	9,605		McLeod Russel India Ltd		46
	1,033,911		Mead Johnson Nutrition Co		64,361
	87,700	e	Megmilk Snow Brand Co Ltd		1,625
	146,686		MEIJI Holdings Co Ltd		6,631
	11,500	e	Meito Sangyo Co Ltd		154
	3,060,000	*	Mewah International, Inc		2,504
	35,356	e	Mgp Ingredients, Inc		390
	7,839	*,f	MHP S.A. (GDR) (purchased 12/20/10, cost $134)		134
	20,818	*,f,g	MHP S.A. 144A (GDR) (purchased 12/08/10, cost $344)		356
	53,100	e	Mikuni Coca-Cola Bottling Co Ltd		483
	4,400	*	Minerva S.A.		19
	124,000		Mitsui Sugar Co Ltd		470
	261,918		Molson Coors Brewing Co (Class B)		13,146
	276,000		Morinaga & Co Ltd		649
	502,000		Morinaga Milk Industry Co Ltd		2,127
	95,189	*	MORPOL ASA		351
	68,881	*	Multiexport Foods S.A.		32
	30,000		Nagatanien Co Ltd		317
	14,000	*	Namchow Chemical Industrial Ltd		19
	105		Namyang Dairy Products Co Ltd		64
	52,022	e	National Beverage Corp		684
	4,881,925		Nestle S.A.		285,866
	621,000		Nichirei Corp		2,868
	152,000		Nippon Beet Sugar Manufacturing Co Ltd		359
	169,000		Nippon Flour Mills Co Ltd		837
	156,192		Nippon Meat Packers, Inc		2,041
	314,766	e	Nippon Suisan Kaisha Ltd		992
	156,000	e	Nisshin Oillio Group Ltd		792
	543,412		Nisshin Seifun Group, Inc		6,901
	74,561	e	Nissin Food Products Co Ltd		2,672

80

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	608		Nong Shim Co Ltd	$	109
	236		Nong Shim Holdings Co Ltd		12
	648,736	e	Northern Foods plc		635
	55,748		Nutreco Holding NV		4,231
	634		Orion Corp		216
	45,304		Osem Investments Ltd		786
	369		Ottogi Corp		42
	1,599,501		Pacific Andes International Holdings Ltd		327
	4,539,986	e	PAN Fish ASA		4,801
	325,775		Parmalat S.p.A.		892
	9,834,877		PepsiCo, Inc		642,513
	929,871		Perdigao S.A.		15,315
	12,882		Pernod-Ricard S.A.		1,211
	9,308		Pescanova S.A.		306
	121,000		Petra Foods Ltd		158
	472,437	*	PGG Wrightson Ltd		202
	200		Philip Morris CR		109
	9,750,550		Philip Morris International, Inc		570,701
	270,611	*,e	Pilgrim’s Pride Corp		1,919
	4,979		Pinar SUT Mamulleri Sanayii AS.		48
	72,783	*	Polski Koncern Miesny Duda S.A.		40
	571,300		PPB Group BHD		3,198
	2,987,546	*	Premier Foods plc		898
	367,000		Prima Meat Packers Ltd		411
	21,800	*,e	Primo Water		310
	976,624		PT Astra Agro Lestari Tbk		2,840
	1,579,500		PT Bakrie Sumatera Plantations Tbk		68
	290,500	*	PT Bisi International		60
	276,500		PT BW Plantation Tbk		40
	8,924,500		PT Charoen Pokphand Indonesia Tbk		1,823
	834,000		PT Gudang Garam Tbk		3,703
	12,522,100		PT Indofood Sukses Makmur Tbk		6,775
	88,500		PT Perusahaan Perkebunan London Sumatra Indonesia Tbk		126
	143,500		PT Sampoerna Agro Tbk		51
	217,300	e	Q.P. Corp		2,757
	30,400		QL Resources BHD		58
	7,463		Radico Khaitan Ltd		26
	342,925		Raisio plc (V Shares)		1,288
	115,384	*,e	Ralcorp Holdings, Inc		7,501
	73,372		REI Agro Ltd		45
	229,975		Remy Cointreau S.A.		16,272
	900,590	e	Reynolds American, Inc		29,377
	49,147		Robert Wiseman Dairies plc		263
	16,635	*	Royal UNIBREW AS		990
	21,211		Ruchi Soya Industries Ltd		57
	182,016		SABMiller plc		6,404
	280		Sajo Industries Co Ltd		11
	42,355	e	Sakata Seed Corp		572
	852		Samyang Corp		52
	203		Samyang Genex Co Ltd		11
	147,037	e	Sanderson Farms, Inc		5,756

81

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	9,200		Sao Martinho S.A.	$	147
	202,319	e	Sapporo Holdings Ltd		917
	364,198	e	Saputo, Inc		14,498
	3,208,398	e	Sara Lee Corp		56,179
	45,940	*,e	Seneca Foods Corp		1,239
	36,600	*	Shanghai Dajiang Group		14
	132,000		Showa Sangyo Co Ltd		387
	64,719		Shree Renuka Sugars Ltd		141
	1,040		Silla Co Ltd		11
	577,000	e	Silver base Group Holdings Ltd		513
	15,570		Sipef S.A		1,477
	23,245		SLC Agricola S.A.		308
	289,106	*,e	Smart Balance, Inc		1,252
	526,507	*	Smithfield Foods, Inc		10,862
	2,992		Societa per la Bonifica dei Terreni Ferraresi e Imprese Agricole S.p.A.		118
	329,002	*,e	SOS Cuetara S.A.		457
	107,731		Souza Cruz S.A.		5,866
	424,868	*,e	Star Scientific, Inc		828
	43,408		Strauss Group Ltd		704
	284,409		Suedzucker AG.		7,573
	225,000	e	Super Coffeemix Manufacturing Ltd		247
	127,783		Swedish Match AB		3,699
	82,195	*,e	Synutra International, Inc		1,106
	18,000		Taisun Enterprise Co Ltd		11
	15,000		Taiyen Biotech Co Ltd		12
	241,000	e	Takara Holdings, Inc		1,419
	157,149		Tassal Group Ltd		272
	13,990	*	TAT Konserve		39
	1,182		Tata Coffee Ltd		13
	42,899		Tata Tea Ltd		104
	715,108		Tate & Lyle plc		5,775
	56,300		Thai Union Frozen Products PCL		98
	45,100		Thai Vegetable Oil PCL		49
	319,910		Tiger Brands Ltd		9,403
	2,438,000	e	Tingyi Cayman Islands Holding Corp		6,242
	15,657	*	Tongaat Hulett Ltd		258
	101,456	e	Tootsie Roll Industries, Inc		2,939
	433,253		Toyo Suisan Kaisha Ltd		9,643
	167,198	*,e	TreeHouse Foods, Inc		8,542
	18,140	*	Triveni Engineering & Industries Ltd		45
	195		TS Corp		10
	484,000	e	Tsingtao Brewery Co Ltd		2,534
	2,186,678	e	Tyson Foods, Inc (Class A)		37,655
	15,475		Ulker Biskuvi Sanayi As		55
	2,321,672		Unilever NV		72,287
	338,167		Unilever NV (ADR)		10,618
	2,793,394		Unilever plc		85,492
	5,546,382		Uni-President Enterprises Corp		8,227
	162,548		United Breweries Co, Inc		2,032
	5,400		United Malacca BHD		12
	108,664		United Spirits Ltd		3,557

82

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	123,594	e	Universal Corp	$	5,030
	159,000		Universal Robina		127
	37,000		Ve Wong Corp		31
	256,303	e	Vector Group Ltd		4,439
	8,382	e	Vilmorin & Cie		954
	603,859		Vina Concha Y Toro S.A.		1,454
	82,026		Viscofan S.A.		3,109
	1,442,000		Vitasoy International Holdings Ltd		1,202
	409,542	*	Viterra, Inc		3,822
	2,672		Vranken - Pommery Monopole		119
	8,606,000		Want Want China Holdings Ltd		7,540
	58,000		Wei Chuan Food Corp		76
	250,818		Westway Group, Inc		941
	783,870	e	Wilmar International Ltd		3,439
	97,514	e	Wimm-Bill-Dann Foods OJSC (ADR)		3,215
	50,000		Xiwang Sugar Holdings Co Ltd		16
	97,317	e	Yakult Honsha Co Ltd		2,804
	112,162	e	Yamazaki Baking Co Ltd		1,352
	47,500		Yonekyu Corp		394
			TOTAL FOOD BEVERAGE & TOBACCO		5,207,662
HEALTH CARE EQUIPMENT & SERVICES - 3.2%
	99,984	*,e	Abaxis, Inc		2,685
	138,669	*,e	Abiomed, Inc		1,333
	85,575	*,e	Accretive Health, Inc		1,391
	217,267	*,e	Accuray, Inc		1,467
	1,143,404		Aetna, Inc		34,885
	337,888	*	AGFA-Gevaert NV		1,445
	1,109,664	*,e	Agilent Technologies, Inc		45,974
	51,390	*,e	Air Methods Corp		2,892
	170,771		Alcon, Inc		27,904
	107,201	e	Alfresa Holdings Corp		4,760
	376,317	*,e	Align Technology, Inc		7,353
	14,473	*,e	Alimera Sciences, Inc		150
	108,690	*,e	Alliance Imaging, Inc		461
	236,996	*,e	Allied Healthcare International, Inc		595
	231,905	*	Allscripts Healthcare Solutions, Inc		4,469
	70,445	*,e	Almost Family, Inc		2,706
	218,273	*,e	Alphatec Holdings, Inc		589
	124,217	*,e	Amedisys, Inc		4,161
	61,265	e	America Service Group, Inc		928
	80,757	*,e	American Dental Partners, Inc		1,091
	446,721	*,e	American Medical Systems Holdings, Inc		8,425
	266,034	*,e	AMERIGROUP Corp		11,684
	1,194,238	e	AmerisourceBergen Corp		40,747
	263,059	*,e	AMN Healthcare Services, Inc		1,615
	101,232		Amplifon S.p.A.		505
	174,124	*,e	Amsurg Corp		3,648
	56,970	e	Analogic Corp		2,821
	130,431	*,e	Angiodynamics, Inc		2,005
	275,794	e	Ansell Ltd		3,577
	305,121	*,e	Antares Pharma, Inc		519

83

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	824		Apollo Hospitals Enterprise Ltd	$	8
	54,144		Arseus NV		823
	327,213	*	Arthrocare Corp		10,163
	17,100	e	As One Corp		352
	42,450	*,e	Assisted Living Concepts, Inc (A Shares)		1,381
	143,514	*,e	athenahealth, Inc		5,881
	7,261		Atrion Corp		1,303
	6,887	e	Audika		154
	61,499	*	Axis-Shield plc		259
	73,100		Bangkok Chain Hospital PCL		15
	48,700		Bangkok Dusit Medical Service PCL		75
	449,154	e	Bard (C.R.), Inc		41,219
	2,545,289		Baxter International, Inc		128,842
	166,475		Beckman Coulter, Inc		12,524
	684,778	e	Becton Dickinson & Co		57,877
	2,574		BioMerieux		254
	103,365	*,e	Bio-Reference Labs, Inc		2,293
	191,529	*,e	BioScrip, Inc		1,002
	2,057,000	*	Biosensors International Group Ltd		1,811
	17,900		BML, Inc		503
	13,306,885	*	Boston Scientific Corp		100,732
	175,772	*,e	Brookdale Senior Living, Inc		3,763
	64,000		Bumrungrad Hospital PCL		67
	79,790	e	Cantel Medical Corp		1,867
	120,377	*	Capital Senior Living Corp		807
	2,089,414	e	Cardinal Health, Inc		80,045
	176,694	*,e	CardioNet, Inc		827
	777,182	*,e	CareFusion Corp		19,974
	45,021		Carl Zeiss Meditec AG.		859
	229,560	*,e	Catalyst Health Solutions, Inc		10,672
	83,210		Celesio AG.		2,068
	250,736	*,e	Centene Corp		6,354
	210,951	*,e	Cerner Corp		19,985
	165,709	*,e	Cerus Corp		408
	3,412	*	Chabio&Diostech Co Ltd		26
	130,193	e	Chemed Corp		8,269
	71,899	*,e	Chindex International, Inc		1,186
	1,537,127		Cigna Corp		56,351
	763		Clinica Baviera S.A.		7
	60,817		CML Healthcare Income Fund		699
	81,541	e	Cochlear Ltd		6,706
	31,161		Coloplast AS (Class B)		4,234
	4,688		Coltene Holding AG.		286
	193,631	*	Community Health Systems, Inc		7,236
	13,063		Compagnie Generale d’Optique Essilor International S.A.		841
	42,475	e	Computer Programs & Systems, Inc		1,990
	130,624	*,e	Conceptus, Inc		1,803
	135,810	*,e	Conmed Corp		3,589
	144,813	*,e	Continucare Corp		678
	377,574	e	Cooper Cos, Inc		21,273
	37,544	*,e	Corvel Corp		1,815

84

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	785,336	*,e	Coventry Health Care, Inc	$	20,733
	1,760,007		Covidien plc		80,362
	5,900		Cremer S.A.		62
	195,899	*,e	Cross Country Healthcare, Inc		1,659
	160,309	*	CryoLife, Inc		869
	63,243	*,e	Cutera, Inc		524
	121,956	*	Cyberonics, Inc		3,783
	46,006	*,e	Cynosure, Inc (Class A)		471
	339,797	*,e	DaVita, Inc		23,612
	180,397	*,e	Delcath Systems, Inc		1,768
	297,537	e	Dentsply International, Inc		10,167
	246,216	*,e	DexCom, Inc		3,361
	200,316		Diagnostic & Therapeutic Center of Athens Hygeia S.A.		161
	315,400		Diagnosticos da America S.A.		4,275
	30,138		DiaSorin S.p.A.		1,297
	23,008		Draegerwerk AG.		1,888
	4,294		Draegerwerk AG. & Co KGaA		287
	89,427	*,e	DynaVox, Inc		459
	1,401,365	*,e	Edwards Lifesciences Corp		113,285
	102,263	*,e	Electro-Optical Sciences, Inc		343
	185,022		Elekta AB (B Shares)		7,120
	59,958	*	Emdeon, Inc		812
	89,830	*,e	Emergency Medical Services Corp (Class A)		5,804
	81,524	*,e	Emeritus Corp		1,607
	221,838	*,e	Endologix, Inc		1,586
	59,939	e	Ensign Group, Inc		1,491
	1,849,546	*,a,e	EnteroMedics, Inc		5,697
	38,108	*,e	Exactech, Inc		717
	49,800	*,e	EXamWorks, Inc		920
	8,000		Excelsior Medical Co Ltd		25
	4,163,258	*	Express Scripts, Inc		225,025
	24,700		Faber Group BHD		20
	731,151		Fisher & Paykel Healthcare Corp		1,772
	118,729	*,e	Five Star Quality Care, Inc		839
	19,607		Fleury S.A.		315
	21,527	*	Fortis Healthcare Ltd		71
	224,131		Fresenius AG. (Preference)		19,189
	139,446		Fresenius Medical Care AG.		8,056
	77,776		Fresenius SE		6,522
	8,467	e	Galenica AG.		5,116
	77,839	*,e	Genoptix, Inc		1,480
	97,025	*	Gen-Probe, Inc		5,661
	142,585	*	Gentiva Health Services, Inc		3,793
	45,181		Getinge AB (B Shares)		947
	22,928	*	Given Imaging Ltd		337
	288,421	*	GN Store Nord		2,629
	15,128,212	*,e	Golden Meditech Co Ltd		2,842
	118,484	*,e	Greatbatch, Inc		2,861
	78,900		Green Hospital Supply, Inc		1,035
	108,199	*,e	Haemonetics Corp		6,836
	203,384	*	Hanger Orthopedic Group, Inc		4,310
	149,422	*,e	Hansen Medical, Inc		220

85

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	29,200		Hartalega Holdings BHD	$	51
	809,167	*	Health Management Associates, Inc (Class A)		7,719
	932,932	*	Health Net, Inc		25,460
	144,940	e	Healthcare Locums plc		294
	1,194,772	*,e	Healthsouth Corp		24,744
	295,559	*,e	Healthspring, Inc		7,841
	178,220	*,e	Healthways, Inc		1,989
	57,138	*,e	HeartWare International, Inc		5,004
	185,262	*,e	Henry Schein, Inc		11,373
	511,611		Hill-Rom Holdings, Inc		20,142
	227,000		Hitachi Medical Corp		2,242
	119,210	*,e	HMS Holdings Corp		7,721
	41,000	e	Hogy Medical Co Ltd		1,995
	4,727,193	*,e	Hologic, Inc		88,965
	1,544,136	*,e	Hospira, Inc		85,993
	865,999	*,e	Humana, Inc		47,405
	53,358	*,e	ICU Medical, Inc		1,948
	121,250	*,e	Idexx Laboratories, Inc		8,393
	426,394	*,e	Immucor, Inc		8,455
	25,167		Immunodiagnostic Systems Holdings plc		362
	876	*	Infopia Co Ltd		11
	164,095	*,e	Insulet Corp		2,543
	125,495	*	Integra LifeSciences Holdings Corp		5,936
	304,264	*,e	Intuitive Surgical, Inc		78,424
	171,564		Invacare Corp		5,174
	171,627	*,e	Inverness Medical Innovations, Inc		6,282
	25,315		Ion Beam Applications		280
	66,648	*,e	IPC The Hospitalist Co, Inc		2,600
	113,598	*,e	IRIS International, Inc		1,162
	93,000	e	Jeol Ltd		326
	31,847	*,e	Kensey Nash Corp		886
	204,394	*	Kindred Healthcare, Inc		3,755
	594,110	*,e	Kinetic Concepts, Inc		24,881
	21,500		Kossan Rubber Industries		22
	48,400		KPJ Healthcare BHD		58
	299,987	*	Laboratory Corp of America Holdings		26,375
	39,548	e	Landauer, Inc		2,372
	11,900		Latexx Partners BHD		10
	82,332	*,e	LCA-Vision, Inc		473
	62,978	*,e	LHC Group, Inc		1,889
	114,817	*,e	LifePoint Hospitals, Inc		4,220
	14,007	*	LifeWatch AG.		120
	376,323	e	Lincare Holdings, Inc		10,097
	5,101		LVL Medical Groupe S.A.		97
	172,047	*,e	Magellan Health Services, Inc		8,134
	113,469	*,e	MAKO Surgical Corp		1,727
	8,100		Mani, Inc		307
	223,712	e	Masimo Corp		6,503
	2,340,688	e	McKesson Corp		164,739
	185,165	*,e	MedAssets, Inc		3,738
	87,994	*,e	Medcath Corp		1,228
	1,409,473	*	Medco Health Solutions, Inc		86,358

86

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	62,210	*	Medica	$	1,153
	102,304	*,e	Medical Action Industries, Inc		980
	286,624		Mediceo Paltac Holdings Co Ltd		3,160
	131,133	*	Medidata Solutions, Inc		3,131
	48,673	e	MedQuist, Inc		421
	3,303,684	e	Medtronic, Inc		122,533
	183,198	*,e	Merge Healthcare, Inc		683
	177,827	e	Meridian Bioscience, Inc		4,118
	120,522	*,e	Merit Medical Systems, Inc		1,908
	180		Message Co Ltd		510
	192,985	*	Metropolitan Health Networks, Inc		863
	8,000		Microlife Corp		14
	1,472,000	*	Microport Scientific Corp		1,409
	220,000		Mingyuan Medicare Development Co Ltd		30
	63,100		Miraca Holdings, Inc		2,541
	61,034	*	Molina Healthcare, Inc		1,700
	54,671	*,e	MWI Veterinary Supply, Inc		3,452
	12,968	e	Nagaileben Co Ltd		348
	6,900		Nakanishi, Inc		731
	39,207	e	National Healthcare Corp		1,814
	3,974	e	National Research Corp		136
	125,862	*,e	Natus Medical, Inc		1,785
	98,822	*,e	Neogen Corp		4,055
	1,686,729	e	Network Healthcare Holdings Ltd		3,941
	94,600		Nichii Gakkan Co		834
	65,900		Nihon Kohden Corp		1,420
	87,767		Nikkiso Co Ltd		744
	61,266		Nipro Corp		1,228
	338,560		Nobel Biocare Holding AG.		6,384
	168,240	*,e	NuVasive, Inc		4,315
	194,964	*,e	NxStage Medical, Inc		4,851
	109,300		Odontoprev S.A.		1,652
	69,356		Olympus Corp		2,100
	21,546		Omega Pharma S.A.		1,034
	1,293,302	e	Omnicare, Inc		32,837
	216,032	*,e	Omnicell, Inc		3,122
	127,597		OPG Groep NV		2,387
	31,649		Opto Circuits India Ltd		190
	205,524	*	OraSure Technologies, Inc		1,182
	161,184		Oriola-KD Oyj (B Shares)		687
	30,103	e	Orpea		1,393
	116,543	*,e	Orthofix International NV		3,380
	304,335	*	Orthovita, Inc		612
	1,862	*	Osstem Implant Co Ltd		25
	372,398	e	Owens & Minor, Inc		10,960
	10,000		Pacific Hospital Supply Co Ltd		42
	89,265	*,e	Palomar Medical Technologies, Inc		1,268
	26,700		Paramount Bed Co Ltd		733
	205,526		Patterson Cos, Inc		6,295
	35,492	*	PDI, Inc		374
	96,344	*,e	Pediatrix Medical Group, Inc		6,483
	203,330	*	PharMerica Corp		2,328

87

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	452,734		Phonak Holding AG.	$	58,444
	20,000	*	Pihsiang Machinery Manufacturing Co Ltd		32
	1,008,657	e	Primary Health Care Ltd		3,889
	1,800		Profarma Distribuidora de Produtos Farmaceuticos S.A.		17
	91,063	*,e	Providence Service Corp		1,463
	526,250	*,e	PSS World Medical, Inc		11,893
	82,233	e	Quality Systems, Inc		5,742
	288,012	e	Quest Diagnostics, Inc		15,544
	89,765	*,e	Quidel Corp		1,297
	295,000		Raffles Medical Group Ltd		549
	109,166		Ramsay Health Care Ltd		1,987
	115,978	*,e	RehabCare Group, Inc		2,749
	396,585	*,e	Resmed, Inc		13,738
	186,507		Rhoen Klinikum AG.		4,105
	48,181	*,e	Rochester Medical Corp		526
	262,896	*,e	RTI Biologics, Inc		702
	92,691	*	Rural		1,351
	397,334		Ryman Healthcare Ltd		712
	32,585		Sartorius AG.		1,195
	15,427		Sartorius Stedim Biotech		777
	30,992		Selcuk Ecza Deposu Ticaret ve Sanayi AS		52
	228,837	*,e	Select Medical Holdings Corp		1,673
	2,535,000		Shandong Weigao Group Medical Polymer Co Ltd		7,191
	20,500		Shenzhen Accord Pharmaceutical Co Ltd		62
	1,613,071		Sigma Pharmaceuticals Ltd		660
	1,306,400		Sinopharm Group Co		4,555
	204,697	*,e	Sirona Dental Systems, Inc		8,552
	74,408	*	Skilled Healthcare Group, Inc (Class A)		668
	132,900		Smith & Nephew plc		1,402
	247,114	*,e	Solta Medical, Inc		754
	145		So-net M3, Inc		729
	408,587	e	Sonic Healthcare Ltd		4,848
	95,403	*,e	SonoSite, Inc		3,015
	342,858	*	Sorin S.p.A.		788
	145,054	*,e	Spectranetics Corp		748
	1,100,812	*,e	St. Jude Medical, Inc		47,060
	8,000		St. Shine Optical Co Ltd		106
	148,681	*,e	Staar Surgical Co		907
	145,510	*,e	Stereotaxis, Inc		557
	268,964	e	STERIS Corp		9,806
	10,007		Stratec Biomedical Systems AG.		427
	1,484	e	Straumann Holding AG.		340
	1,343,920	e	Stryker Corp		72,169
	100,693	*,e	Sun Healthcare Group, Inc		1,275
	248,695	*	Sunrise Senior Living, Inc		1,355
	20,500		Supermax Corp BHD		26
	78,151	*,e	SurModics, Inc		928
	67,229		Suzuken Co Ltd		2,054
	253,534	*,e	SXC Health Solutions Corp		10,866
	102,362	*	SXC Health Solutions Corp (Toronto)		4,386
	201,500	*,e	Symmetry Medical, Inc		1,864
	142,920		Synergy Healthcare plc		1,955

88

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	149,214	*,e	Syneron Medical Ltd	$	1,520
	54,455	*	Synovis Life Technologies, Inc		877
	6,897	e	Synthes, Inc		932
	32,408	e	Sysmex Corp		2,247
	3,786		TaiDoc Technology Corp		9
	66,637	*,e	Team Health Holdings, Inc		1,036
	81,073	e	Teleflex, Inc		4,363
	16,300	*	Tempo Participacoes S.A.		50
	1,635,017	*	Tenet Healthcare Corp		10,938
	142,046		Terumo Corp		7,995
	917,381	*,e	Thoratec Corp		25,980
	57,100	e	Toho Pharmaceutical Co Ltd		781
	252,161	*	TomoTherapy, Inc		910
	59,300		Top Glove Corp BHD		96
	38,999	*,e	Transcend Services, Inc		764
	63,000	*	Trauson Holdings Co Ltd		30
	105,951	*,e	Triple-S Management Corp (Class B)		2,022
	208,063	*,e	Unilife Corp		1,103
	450,679		United Drug plc		1,265
	9,454,820	e	UnitedHealth Group, Inc		341,415
	176,281	e	Universal American Financial Corp		3,605
	184,264	e	Universal Health Services, Inc (Class B)		8,001
	68,934	*	US Physical Therapy, Inc		1,366
	582,102	*,e	Varian Medical Systems, Inc		40,328
	82,659	*,e	Vascular Solutions, Inc		969
	176,818	*,e	VCA Antech, Inc		4,118
	64,126	*,e	Vital Images, Inc		896
	73,100	e	VITAL KSK Holdings, Inc		637
	218,701	*,e	Volcano Corp		5,973
	401,748	*,e	WellCare Health Plans, Inc		12,141
	2,537,548	*	WellPoint, Inc		144,285
	141,132	e	West Pharmaceutical Services, Inc		5,815
	3,017	*,e	William Demant Holding		223
	178,187	*,e	Wright Medical Group, Inc		2,767
	30,246		Young Innovations, Inc		968
	17,740,000	*	Yun Sky Chemical International Holdings Ltd		468
	879,393	*,e	Zimmer Holdings, Inc		47,206
	135,960	*	Zoll Medical Corp		5,062
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		3,526,712
HOUSEHOLD & PERSONAL PRODUCTS - 1.7%
	27,700	*,e	Aderans Co Ltd		372
	461,276		Alberto-Culver Co		17,086
	665		Amorepacific Corp		129
	4,960		Amorepacific Corp		4,978
	41,944	*	Atrium Innovations Inc		642
	1,006,216	e	Avon Products, Inc		29,241
	152,000		BaWang International Group Holding Ltd		56
	555,617		Beiersdorf AG.		30,830
	314,689	*,e	Central Garden and Pet Co (Class A)		3,109
	6,161	*	China King-highway Holdings Lt		22
	231,341	e	Church & Dwight Co, Inc		15,967

89

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	503,271	e	Clorox Co	$	31,847
	1,766,694	e	Colgate-Palmolive Co		141,990
	7,490		Colgate-Palmolive India Ltd		146
	20,000		Coslight Technology International Group Ltd		11
	219	e	Dr Ci:Labo Co Ltd		852
	105,040	*,e	Elizabeth Arden, Inc		2,417
	375,515	*	Energizer Holdings, Inc		27,375
	812,765	e	Estee Lauder Cos (Class A)		65,589
	72,500	e	Fancl Corp		1,089
	78,386	e	Female Health Co		446
	12,000		Grape King Industrial Co		19
	1,128,500		Hengan International Group Co Ltd		9,735
	31,493		Henkel KGaA		1,625
	1,404,741		Henkel KGaA (Preference)		87,353
	431,713	e	Herbalife Ltd		29,515
	1,334,601		Hindustan Lever Ltd		9,339
	372,069	*	Hypermarcas S.A.		5,050
	19,172		Inter Parfums S.A.		701
	94,460	e	Inter Parfums, Inc		1,781
	838,295		Kao Corp		22,591
	1,183,188	e	Kimberly-Clark Corp		74,588
	734,679	e	Kimberly-Clark de Mexico S.A. de C.V. (Class A)		4,505
	38,000		Kobayashi Pharmaceutical Co Ltd		1,765
	3,050		Korea Kolmar Co Ltd		22
	45,800		Kose Corp		1,185
	14,350		LG Household & Health Care Ltd		4,931
	442,000	e	Lion Corp		2,412
	54,286		L’Oreal S.A.		6,027
	49,479		Mandom Corp		1,341
	272,596		Mcbride plc		799
	111,388	*,e	Medifast, Inc		3,217
	33,000	*	Microbio Co Ltd		53
	13,310	e	Milbon Co Ltd		350
	247,538		Natura Cosmeticos S.A.		7,111
	830,000		Natural Beauty Bio-Technology Ltd		224
	27,322	*,e	Nature’s Sunshine Products, Inc		245
	6,392		Nirma Ltd		33
	39,900	e	Noevir Co Ltd		484
	1,511,824	e	Nu Skin Enterprises, Inc (Class A)		45,747
	54,882	*,e	Nutraceutical International Corp		779
	280,000		NVC Lighting Holdings Ltd		147
	21,396	e	Oil-Dri Corp of America		460
	59,850	e	Oriflame Cosmetics S.A.		3,150
	22,600	e	Pigeon Corp		768
	207,022	*,e	Prestige Brands Holdings, Inc		2,474
	15,428,570	e	Procter & Gamble Co		992,521
	1,827,500		PT Unilever Indonesia Tbk		3,347
	267,059		PZ Cussons plc		1,668
	2,246,360		Reckitt Benckiser Group plc		123,457
	73,112	*,e	Revlon, Inc (Class A)		719
	20,719,400	e	Ruinian International Ltd		14,368
	64,844	e	Schiff Nutrition International, Inc		589

90

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	299,920		Shiseido Co Ltd	$	6,553
	74,895	*,e	Spectrum Brands, Inc		2,334
	146,470		Uni-Charm Corp		5,827
	28,530	*,e	USANA Health Sciences, Inc		1,240
	185,000	e	Vinda International Holdings Ltd		204
	98,601	e	WD-40 Co		3,972
	69,000	*	YOUYUAN INTERNATIONAL HOLDIN		37
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,861,556
INSURANCE - 3.7%
	3,600,377		ACE Ltd		224,124
	1,484,934		Admiral Group plc		35,075
	2,313,654	*	Aegon NV		14,148
	3,123,608		Aflac, Inc		176,266
	11,236,200	*	AIA Group Ltd		31,586
	13,511		Aksigorta AS		20
	13,365	*	Alleghany Corp		4,095
	825,315		Allianz AG.		98,079
	385,870		Allied World Assurance Co Holdings Ltd		22,936
	3,483,771		Allstate Corp		111,064
	79,668	*,m	Alm Brand AS		202
	8,852	*	Alm Brand AS (New)		23
	281,695	e	American Equity Investment Life Holding Co		3,535
	748,039		American Financial Group, Inc		24,154
	246,909	*,e	American International Group, Inc		14,227
	13,833		American National Insurance Co		1,184
	76,210	*	American Safety Insurance Holdings Ltd		1,629
	83,345	*,e	Amerisafe, Inc		1,459
	129,514		Amil Participacoes S.A.		1,389
	820,407		Amlin plc		5,230
	3,359,730	e	AMP Ltd		18,178
	113,266	e	Amtrust Financial Services, Inc		1,982
	11,614		Anadolu Hayat Emeklilik AS		40
	10,206		Anadolu Sigorta		9
	728,867	e	AON Corp		33,535
	48,911		April Group		1,381
	317,855	*,e	Arch Capital Group Ltd		27,987
	175,470	e	Argo Group International Holdings Ltd		6,571
	208,839	e	Arthur J. Gallagher & Co		6,073
	604,800	e	Aspen Insurance Holdings Ltd		17,309
	1,054,777		Assicurazioni Generali S.p.A.		20,029
	1,077,066		Assurant, Inc		41,489
	367,620		Assured Guaranty Ltd		6,507
	5,566,518		Aviva plc		34,108
	1,313,421		AXA Asia Pacific Holdings Ltd		8,477
	1,748,753		AXA S.A.		29,094
	2,609,512	e	Axis Capital Holdings Ltd		93,630
	8,309		Bajaj Finserv Ltd		86
	35,293	e	Baldwin & Lyons, Inc (Class B)		830
	40,523		Baloise Holding AG.		3,944
	1,444,041		Beazley plc		2,589
	6,301,989	*,e	Berkshire Hathaway, Inc (Class B)		504,853

91

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	400	*	Brazil Insurance Participco	$	477
	144,097		Brit Insurance Holdings NV		2,341
	228,474	e	Brown & Brown, Inc		5,470
	9,688,071		Cathay Financial Holding Co Ltd		17,179
	775,966		Catlin Group Ltd		4,476
	18,000		Central Reinsurance Co Ltd		12
	739,021		Chaucer Holdings plc		602
	147,946		Chesnara plc		543
	1,136,908	*,e	China Insurance International Holdings Co Ltd		3,496
	12,003,419		China Life Insurance Co Ltd		49,031
	2,927,592		China Life Insurance Co Ltd (Taiwan)		3,118
	1,643,000	e	China Pacific Insurance Group Co Ltd		6,828
	1,330,798	e	Chubb Corp		79,369
	296,400	e	Cincinnati Financial Corp		9,393
	180,276	*,e	Citizens, Inc (Class A)		1,343
	26,645		Clal Insurance		771
	53,879	*,e	CNA Financial Corp		1,457
	98,185	*,e	CNA Surety Corp		2,325
	452,841		CNP Assurances		8,172
	1,107,198	*	Conseco, Inc		7,507
	1,175,721		Corp Mapfre S.A.		3,265
	152,184	*,e	Crawford & Co (Class B)		517
	11,782		Dai-ichi Mutual Life Insurance Co		19,141
	241,318		Delphi Financial Group, Inc (Class A)		6,960
	59,545		Delta Lloyd NV		1,200
	521,228		Discovery Holdings Ltd		3,119
	53,840	e	Donegal Group, Inc (Class A)		780
	61,177		Dongbu Insurance Co Ltd		2,426
	103,629	*,e	eHealth, Inc		1,470
	36,227	e	EMC Insurance Group, Inc		820
	180,701		Employers Holdings, Inc		3,159
	420,647	e	Endurance Specialty Holdings Ltd		19,379
	32,232	*,e	Enstar Group Ltd		2,726
	63,957	e	Erie Indemnity Co (Class A)		4,187
	18,554		Euler Hermes S.A.		1,769
	231,633		Everest Re Group Ltd		19,647
	45,068		Fairfax Financial Holdings Ltd		18,538
	29,619		FBD Holdings plc		245
	74,280	e	FBL Financial Group, Inc (Class A)		2,130
	469,614	e	Fidelity National Title Group, Inc (Class A)		6,424
	552,633	e	First American Financial Corp		8,256
	103,348		First Mercury Financial Corp		1,695
	326,055	e	Flagstone Reinsurance Holdings Ltd		4,108
	74,330	e	Fondiaria-Sai S.p.A RSP		388
	98,593	e	Fondiaria-Sai S.p.A.		825
	3,271,202		Fortis		7,475
	42,344	*	Fpic Insurance Group, Inc		1,565
	238,000	*	Fuji Fire & Marine Insurance Co Ltd		325
	2,084,208	*	Genworth Financial, Inc (Class A)		27,386
	2,600	*,e	Gerova Financial Group Ltd		78
	675,535	e	Great-West Lifeco, Inc		17,936
	132,036	*,e	Greenlight Capital Re Ltd (Class A)		3,540

92

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	57,430		Grupo Catalana Occidente S.A.	$	988
	7,531	*	Gunes Sigorta		10
	71,906	*	Hallmark Financial Services		654
	226,457	e	Hannover Rueckversicherung AG.		12,145
	90,187		Hanover Insurance Group, Inc		4,214
	5,140	*	Hanwha Non-Life Insurance Co Ltd		47
	11,401		Harel Insurance Investments & Finances Ltd		725
	49,469	e	Harleysville Group, Inc		1,817
	957,889	e	Hartford Financial Services Group, Inc		25,374
	444,725	e	HCC Insurance Holdings, Inc		12,870
	12,250		Helvetia Holding AG.		4,710
	145,802	*,e	Hilltop Holdings, Inc		1,446
	517,260		Hiscox Ltd		3,076
	228,548	e	Horace Mann Educators Corp		4,123
	13,440		Hyundai Marine & Fire Insurance Co Ltd		310
	214,919		Industrial Alliance Insurance and Financial Services, Inc		7,957
	67,602	e	Infinity Property & Casualty Corp		4,178
	266,903		ING Canada, Inc		13,653
	2,446,804		Insurance Australia Group Ltd		9,710
	385,301	*	Irish Life & Permanent Group Holdings plc		556
	208,033		Jardine Lloyd Thompson Group plc		2,040
	18,190	e	Kansas City Life Insurance Co		601
	256,770		Korea Life Insurance Co Ltd		1,799
	10,930		Korean Reinsurance Co		114
	200,764		Lancashire Holdings Ltd		1,731
	15,438,401		Legal & General Group plc		23,288
	319,238		Liberty Holdings Ltd		3,513
	5,190		LIG Insurance Co Ltd		105
	990,183	e	Lincoln National Corp		27,537
	640,710		Loews Corp		24,930
	2,560		Lotte Non-Life Insurance Co Ltd		18
	233,058	e	Maiden Holdings Ltd		1,832
	2,406,040	e	Manulife Financial Corp		41,500
	19,811	*	Markel Corp		7,491
	1,211,914	e	Marsh & McLennan Cos, Inc		33,134
	1,438,417	e	Max Capital Group Ltd		31,127
	299,562	*,e	MBIA, Inc		3,592
	320,188	e	Meadowbrook Insurance Group, Inc		3,282
	517,294	e	Mediolanum S.p.A.		2,138
	29,995	*	Menorah Mivtachim Holdings Ltd		433
	54,764	e	Mercury General Corp		2,355
	10,690		Meritz Fire & Marine Insurance Co Ltd		82
	5,728,121	e	Metlife, Inc		254,559
	1,061,398		Metropolitan Holdings Ltd		2,678
	325,021	e	Milano Assicurazioni S.p.A.		514
	83,529		Milano Assicurazioni S.p.A. (RSP)		149
	1,953,191		Millea Holdings, Inc		58,386
	681,926		Mitsui Sumitomo Insurance Group Holdings, Inc		17,092
	377,030	e	Montpelier Re Holdings Ltd		7,518
	303,904		Muenchener Rueckver AG.		46,073
	228,313	*,e	National Financial Partners Corp		3,059
	30,825		National Interstate Corp		660

93

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	10,407		National Western Life Insurance Co (Class A)	$	1,735
	56,626	*	Navigators Group, Inc		2,851
	2,331,026	*	NKSJ Holdings, Inc		17,169
	4,867,374		Old Mutual plc		9,342
	533,151	e	Old Republic International Corp		7,267
	49,508	e	OneBeacon Insurance Group Ltd (Class A)		751
	842,911		PartnerRe Ltd		67,728
	486,023	*,e	Phoenix Cos, Inc		1,234
	79,180	*	Phoenix Holdings Ltd		285
	5,787,000	*	PICC Property & Casualty Co Ltd		8,383
	2,938,500	e	Ping An Insurance Group Co of China Ltd		32,852
	222,251	e	Platinum Underwriters Holdings Ltd		9,995
	306,731		Porto Seguro S.A.		5,229
	456,669	e	Power Corp Of Canada		12,708
	635,776	e	Power Financial Corp		19,649
	66,973		Powszechny Zaklad Ubezpieczen S.A.		8,042
	269,160	*,e	Premafin Finanziaria S.p.A.		267
	100,345		Presidential Life Corp		996
	111,236	e	Primerica, Inc		2,697
	1,142,177	e	Principal Financial Group		37,189
	146,653	*,e	ProAssurance Corp		8,887
	1,337,150	e	Progressive Corp		26,569
	341,567	e	Protective Life Corp		9,099
	4,958,269	e	Prudential Financial, Inc		291,101
	4,355,568		Prudential plc		45,362
	75,996,000	*	PT Panin Life Tbk		1,771
	2,666,503		QBE Insurance Group Ltd		49,500
	401,722	e	Reinsurance Group of America, Inc (Class A)		21,576
	903,503	e	RenaissanceRe Holdings Ltd		57,544
	4,031,044		Resolution Ltd		14,713
	78,585	e	RLI Corp		4,131
	3,492,179		Royal & Sun Alliance Insurance Group plc		6,817
	53,573	e	Safety Insurance Group, Inc		2,548
	336,318		Sampo Oyj (A Shares)		9,011
	59,747		Samsung Fire & Marine Insurance Co Ltd		11,845
	74,855		Samsung Life Insurance Co Ltd		6,761
	3,507,956		Sanlam Ltd		14,868
	6,365		Santam Ltd		126
	18,007		Schweizerische National-Versicherungs-Gesellschaft		635
	511,340		SCOR		12,983
	93,831	e	SeaBright Insurance Holdings, Inc		865
	278,163	e	Selective Insurance Group, Inc		5,049
	7,767,473	*	Shin Kong Financial Holding Co Ltd		3,730
	59,321		Societa Cattolica di Assicurazioni SCRL		1,508
	1,393	e	Sony Financial Holdings, Inc		5,636
	268,806		St. James’s Place plc		1,114
	168,200	e	Stancorp Financial Group, Inc		7,593
	1,819,148		Standard Life plc		6,126
	78,783	e	State Auto Financial Corp		1,372
	73,694	e	Stewart Information Services Corp		850
	540,574	*	Storebrand ASA		4,044
	213,100		Sul America SA		2,670

94

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES				COMPANY	VALUE (000)
	807,059	e		Sun Life Financial, Inc	$	24,440
	2,156,615			Suncorp-Metway Ltd		18,992
	24,667			Swiss Life Holding		3,567
	637,469			Swiss Reinsurance Co		34,294
	60,303	e		Symetra Financial Corp		826
	258,620			T&D Holdings, Inc		6,562
	33,000			Taiwan Fire & Marine Insurance Co		33
	17,000			Taiwan Life Insurance Co Ltd		19
	4,640			Tong Yang Life Insurance		48
	19,910	*,e		Topdanmark AS		2,632
	324,870	e		Torchmark Corp		19,408
	2,014,193	e		Tower Australia Group Ltd		7,973
	192,825	e		Tower Group, Inc		4,932
	247,737			Tower Ltd		403
	292,767			Transatlantic Holdings, Inc		15,113
	1,372,245	e		Travelers Cos, Inc		76,448
	19,415	e		TrygVesta AS		896
	2,823,020			Unipol Gruppo Finanziario S.p.A.		1,741
	4,645,922	e		Unipol S.p.A.		2,232
	60,661	*		United America Indemnity Ltd		1,241
	117,153	e		United Fire & Casualty Co		2,615
	103,111			Unitrin, Inc		2,530
	129,897	e		Universal Insurance Holdings, Inc		633
	1,279,217	e		UnumProvident Corp		30,983
	475,171	e		Validus Holdings Ltd		14,545
	74,736			Vittoria Assicurazioni S.p.A.		355
	258,250			W.R. Berkley Corp		7,071
	3,443	e		Wesco Financial Corp		1,268
	15,159			White Mountains Insurance Group Ltd		5,087
	51,360	e		Wiener Staedtische Allgemeine Versicherung AG.		2,669
	2,847,922	e		XL Capital Ltd		62,142
	6,000	*		Yapi Kredi Sigorta AS.		55
	256,616			Zurich Financial Services AG.		66,473
				TOTAL INSURANCE		4,037,407
MATERIALS - 7.1			%
	159,579			A. Schulman, Inc		3,653
	7,360	e		Acerinox S.A.		129
	17,000			ACHEM TECHNOLOGY CORP		12
	270,000			Achilles Corp		392
	13,329			Adana Cimento		49
	159,800			ADEKA Corp		1,767
	1,178,301			Adelaide Brighton Ltd		3,977
	884,642	*,e		Aditya Birla Minerals Ltd		1,212
	25,629	*		Advanced Metallurgical Group NV		309
	17,897			Aeci Ltd		224
	24,025	*,e		AEP Industries, Inc		623
	244,579			African Barrick Gold Ltd		2,330
	29,529			African Oxygen Ltd		93
	146,376			African Rainbow Minerals Ltd		4,668
	89			Afyon Cimento Sanayi TAS		11
	192,545	e		Agnico-Eagle Mines Ltd		14,833

95

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	408,572		Agrium, Inc (Toronto)	$	37,599
	290,000	*	Aichi Steel Corp		1,990
	146,141		Air Liquide		18,482
	1,058,343	e	Air Products & Chemicals, Inc		96,256
	116,817		Air Water, Inc		1,492
	245,718	e	Airgas, Inc		15,348
	224,783	e	AK Steel Holding Corp		3,680
	13,112		Akcansa Cimento AS		64
	122,716		Akzo Nobel NV		7,623
	249,470		Alamos Gold, Inc		4,747
	1,072,008	e	Albemarle Corp		59,797
	2,025,626	e	Alcoa, Inc		31,174
	1,275		Alexandria Mineral Oils Co		10
	315,354	e	Allegheny Technologies, Inc		17,401
	318,655	*,e	Allied Nevada Gold Corp		8,384
	87,345	*,e	Altri SGPS S.A.		396
	2,495,587		Alumina Ltd		6,330
	5,856,000	*,e	Aluminum Corp of China Ltd		5,342
	1,110,140		Ambuja Cements Ltd		3,555
	105,785	e	AMCOL International Corp		3,279
	998,159		Amcor Ltd		6,891
	92,732	e	American Vanguard Corp		792
	192,075	*	Ampella Mining Ltd		654
	296,000		AMVIG Holdings Ltd		249
	29,051	*	Anadolu Cam Sanayii AS		62
	156,800	*	Anatolia Minerals Development Ltd		1,216
	1,710,720	e	Angang New Steel Co Ltd		2,619
	2,310		Anglo American plc		120
	3,153,876	e	Anglo American plc (London)		164,014
	122,617	*,e	Anglo Platinum Ltd		12,920
	615,546		AngloGold Ashanti Ltd		30,546
	1,350,870	e	Anhui Conch Cement Co Ltd		6,335
	28,300		ANN JOO Resources BHD		27
	1,225,351	e	Antofagasta plc		30,796
	138,730	*	Anvil Mining Ltd		841
	134,976	e	Aptargroup, Inc		6,421
	721,993	e	Aquarius Platinum Ltd		3,951
	347,782	*	Arafura Resources Ltd		526
	277,259		ArcelorMittal		10,515
	128,080	e	Arch Chemicals, Inc		4,858
	385,814		Arkema		27,773
	2,996,672		Asahi Kasei Corp		19,562
	94,000		Asahi Organic Chemicals Industry Co Ltd		249
	2,035,321	e	Ashland, Inc		103,516
	113,500		Asia Cement China Holdings Corp		55
	350		Asia Cement Co Ltd		14
	2,678,070		Asia Cement Corp		2,962
	23,000		Asia Polymer		37
	86,394		Associated Cement Co Ltd		2,078
	99,092	*	Aston Resources Pty Ltd		816
	27,600	*	Atlas Consolidated Mining & Development		11
	598,004	*,e	Atlas Iron Ltd		1,804

96

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	119,700	*	Augusta Resource Corp	$	455
	186,194	*	Aura Minerals, Inc		730
	19,679	e	Auriga Industries (Class B)		325
	291,897	*	Aurizon Mines Ltd		2,137
	539,369		Ausdrill Ltd		1,710
	503,102	*	Avoca Resources Ltd		1,811
	261,406	*,e	Avocet Mining plc		965
	327,935	*	B2Gold Corp		887
	257	*	Bagfas Bandirma Gubre Fabrik		28
	122,356		Balchem Corp		4,137
	548,917		Ball Corp		37,353
	68,488		Ballarpur Industries Ltd		60
	1,457,088		Barrick Gold Corp		77,489
	2,230,362		Barrick Gold Corp (Canada)		119,157
	1,867,272		BASF AG.		148,966
	2,138		BASF India Ltd		30
	2,033		Bayer CropScience Ltd		43
	1,594,000		BBMG Corp		2,161
	297,195		Bemis Co, Inc		9,706
	12,998		Berger Paints India Ltd		30
	5,100,286		BHP Billiton Ltd		236,051
	3,229,198		BHP Billiton plc		128,435
	335,585		Bhushan Steel Ltd		3,557
	175,106		Billerud AB		1,517
	582,012		BlueScope Steel Ltd		1,339
	1,120	*	BNG Steel Co Ltd		11
	341,213	e	Boise, Inc		2,706
	1,138,289		Boliden AB		23,136
	16,871		Bolu Cimento Sanayii		18
	574,507	e	Boral Ltd		2,838
	2,967		Borusan Mannesmann Boru Sanayi		35
	188,859	*	Boryszew S.A.		128
	317,793		Bradespar S.A.		8,293
	204,128	*	Braskem S.A.		2,505
	118,620	*	Brockman Resources Ltd		594
	95,592	*	Brush Engineered Materials, Inc		3,694
	209,962	e	Buckeye Technologies, Inc		4,411
	9,119		Bursa Cimento		28
	102,997	e	Buzzi Unicem S.p.A.		1,175
	108,270		Buzzi Unicem S.p.A. RSP		787
	9,600		C Uyemura & Co Ltd		427
	319,893		Cabot Corp		12,044
	217,668	*	Caledon Resources plc		336
	248,782	*,e	Calgon Carbon Corp		3,762
	252,968	*	Canfor Corp		2,824
	93,142		CAP S.A.		4,964
	291,319	*,e	Capital Gold Corp		1,477
	4,170	*	Capro Corp		75
	502,100	*	Capstone Mining Corp		2,267
	89,156	e	Carpenter Technology Corp		3,588
	93,652		Cascades, Inc		631
	78,610	*,e	Castle (A.M.) & Co		1,447

97

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	66,781		CCL Industries	$	1,989
	312,432		Celanese Corp (Series A)		12,863
	81,180		Cementir S.p.A.		229
	347,269		Cementos Argos S.A.		2,062
	51,814		Cementos Lima S.A.		89
	23,119	e	Cementos Portland Valderrivas S.A.		375
	15,567,373	*	Cemex S.A. de C.V.		16,602
	23,458	*	Cemex SAB de C.V. (ADR)		251
	1,472,700	*,e	Centamin Egypt Ltd		4,050
	609,649		Centerra Gold, Inc		12,165
	317,116	*,e	Century Aluminum Co		4,925
	7,050		Century Textile & Industries Ltd		68
	646,122		CF Industries Holdings, Inc		87,323
	27,548		Chambal Fertilizers & Chemicals Ltd		56
	60,930		Cheil Industries, Inc		5,959
	129,000		Cheng Loong Corp		61
	71,000		Chia Hsin Cement Corp		42
	72,000	*	Chiho-Tiande Group Ltd		43
	3,410,000	e	China BlueChemical Ltd		2,444
	198,000		China Forestry Holdings Ltd		92
	28,000		China General Plastics Corp		13
	24,000	*	China Glass Holdings Ltd		18
	892,000	*	China Grand Forestry Resources Group Ltd		28
	152,000	*	China Manmade Fibers Corp		81
	29,000		China Metal Products		33
	78,000	e	China Metal Recycling Holdings Ltd		81
	666,000	*	China Mining Resources Group Ltd		16
	1,833,861		China National Building Material Co Ltd		4,204
	104,000		China Nickel Resources Holding Co Ltd		19
	2,108,000	*	China Petrochemical Development Corp		2,089
	152,000	*,e	China Rare Earth Holdings Ltd		71
	486,000	*,e	China Resources Cement Holdings Ltd		369
	2,926,000	e	China Shanshui Cement Group Ltd		2,089
	29,000		China Steel Chemical Corp		119
	13,436,279		China Steel Corp		15,438
	80,500		China Sunshine Paper Holdings Co Ltd		24
	88,000		China Synthetic Rubber Corp		91
	112,000	*	China Vanadium Titano-Magnetite Mining Co Ltd		53
	568,000		China XLX Fertiliser Ltd		263
	3,751,600	e	China Zhongwang Holdings Ltd		2,090
	52,000	*	Chongqing Iron & Steel Co Ltd		14
	85,983		Christian Hansen Holding		1,757
	43,000	*	Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd		19
	111,000		Chuetsu Pulp & Paper Co Ltd		201
	77,000		Chugoku Marine Paints Ltd		653
	88,000		Chun Yuan Steel		45
	114,000	*	Chung Hung Steel Corp		67
	30,000	*	Chung Hwa Pulp Corp		16
	21,500	*	Cia Minera Autlan SAB de C.V.		53
	1,958	*	Ciech S.A.		16
	10,067		Ciments Francais S.A.		975

98

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	55,957	e	Cimpor Cimentos de Portugal S.A.	$	379
	10,667		Cimsa Cimento Sanayi Ve Tica		69
	1,966,296	*	Citadel Resource Group Ltd		1,056
	358,960	*	Clariant AG.		7,271
	1,434		Clariant Chemicals India Ltd		23
	75,391	*	Clearwater Paper Corp		5,903
	518,877		Cleveland-Cliffs, Inc		40,478
	602,213	*,e	Coal of Africa Ltd		862
	480,359	*,e	Coeur d’Alene Mines Corp		13,123
	113,100	*	Colossus Minerals, Inc		1,003
	543,955	e	Commercial Metals Co		9,024
	1,039,336		Companhia Siderurgica Nacional S.A.		16,698
	2,601,894	*	Companhia Vale do Rio Doce		86,726
	616,507	*	Companhia Vale do Rio Doce (ADR)		21,313
	2,981,376	*	Companhia Vale do Rio Doce (Preference)		87,107
	49,602		Compania de Minas Buenaventura S.A.		2,404
	262,755		Compania de Minas Buenaventura S.A. (ADR) (Series B)		12,864
	86,132	*	Compania Vale Do Ro Doce		0	^
	100,530	e	Compass Minerals International, Inc		8,974
	37,800		Confab Industrial S.A.		139
	256,107	*	Consolidated Thompson Iron Mines Ltd		3,629
	0	*,e	Contango ORE, Inc		0	^
	450	*	Corinth Pipeworks S.A.		0	^
	43,726		Corp Aceros Arequipa S.A.		51
	13,200	*	Corp Durango SAB de C.V.		13
	679,384	*	Cove Energy plc		1,022
	51,000		CPMC Holdings Ltd		35
	568,139		CRH plc		11,768
	285,763		Croda International plc		7,200
	108,100	*	Cronus Resources Ltd		1,087
	1,388,584	*,e	Crown Holdings, Inc		46,350
	16,900		CSC Steel Holdings Bhd		9
	140,972	*,e	Cudeco Ltd		656
	2,201,581		Cytec Industries, Inc		116,816
	1,480		Daehan Steel Co Ltd		12
	144,000	*,e	Dai Nippon Toryo Co Ltd		181
	978,936		Daicel Chemical Industries Ltd		7,150
	92,890	*	Daido Steel Co Ltd		546
	91,000		Daiken Corp		241
	209,857		Dainichiseika Color & Chemicals Manufacturing Co Ltd		1,148
	1,167,675		Dainippon Ink and Chemicals, Inc		2,618
	107,872		Daio Paper Corp		776
	90,000		Daiso Co Ltd		272
	27,000	*	Danhua Chemical Technology Co Ltd		31
	21,594		DC Chemical Co Ltd		6,279
	8,695		Deepak Fertilizers & Petrochemicals Corp Ltd		31
	47,490	e	Deltic Timber Corp		2,676
	478,008		Denki Kagaku Kogyo KK		2,273
	112,332	*	Detour Gold Corp		3,298
	91,685	e	Dominion Mining Ltd		312
	484,110		Domtar Corporation		36,754

99

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,390	*	Dongbu HiTek Co Ltd	$	23
	2,930		Dongbu Steel Co Ltd		26
	155		Dongil Industries Co Ltd		11
	2,486		Dongjin Semichem Co Ltd		14
	5,059		Dongkuk Industries Co Ltd		22
	46,340		Dongkuk Steel Mill Co Ltd		1,433
	171,000		Dongyue Group		106
	4,431,463	e	Dow Chemical Co		151,290
	108,773		Dowa Holdings Co Ltd		714
	27,357		DRDGOLD Ltd		14
	800,217		DS Smith plc		2,523
	503,360		DSM NV		28,658
	4,138,793	e	Du Pont (E.I.) de Nemours & Co		206,443
	501,860		DuluxGroup Ltd		1,412
	148,300	*	Dundee Precious Metals, Inc		1,399
	45,300		Dynasty Ceramic PCL		99
	143,243	e	Eagle Materials, Inc		4,047
	27,000	e	Earth Chemical Co Ltd		919
	1,376,185	*	Eastern Platinum Ltd		2,450
	361,779	e	Eastman Chemical Co		30,418
	1,583,999	e	Ecolab, Inc		79,865
	423,015	*	ECU Silver Mining, Inc		570
	7,000	*	EFUN Technologies Co Ltd		10
	502		EG Corp		17
	2,735	*	Egyptian Financial & Industrial Co		9
	8,574		EID Parry India Ltd		53
	262,133		El Ezz Steel Co		885
	1,261,786		Eldorado Gold Corp		23,477
	620,438		Elementis plc		1,383
	13,497	*	Empresa Siderurgica del Peru SAA		10
	208,757		Empresas CMPC S.A.		11,129
	11,236		EMS-Chemie Holding AG.		1,992
	3,943,206	*	Equinox Minerals Limited		24,231
	21,905	e	Eramet		7,508
	146,673	*	Ercros S.A.		140
	1,012,211	*	Eregli Demir ve Celik Fabrikalari TAS		3,343
	964,757		Eternal Chemical Co Ltd		1,125
	14,400		Eternit S.A.		104
	2,669	*	Eugene Corp		9
	1,237,851		Eurasian Natural Resources Corp		20,226
	164,098	*	European Goldfields Ltd		2,299
	6,101		Everest Kanto Cylinder Ltd		14
	31,700		Evergreen Fibreboard BHD		15
	45,000		Everlight Chemical Industrial Corp		49
	6,826	*,f	Evraz Group S.A. (GDR) (purchased 12/06/10, cost $239)		245
	96,100	*	Exeter Newco		650
	100,400	*	Exeter Resource Corp		626
	578,050		Feng Hsin Iron & Steel Co		1,104
	9,000		Ferbasa-Ferro Ligas DA Bahia		73
	244,441		Ferrexpo plc		1,585
	2,917,669	*	Ferro Corp		42,715
	128,172	*	Fertilizantes Fosfatados S.A.		1,466

100

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,500	*	Fertilizantes Heringer S.A.	$	14
	219,559	*	Fibria Celulose S.A.		3,504
	440,595		Filtrona plc		1,669
	16,688		Finolex Industries Ltd		36
	233,900	*	First Majestic Silver Corp		3,387
	91,983		First Quantum Minerals Ltd		9,991
	1,774,355	e	Fletcher Building Ltd		10,591
	144,446	e	FMC Corp		11,540
	4,190	*	Foosung Co Ltd		14
	5,733,733		Formosa Chemicals & Fibre Corp		19,311
	7,602,091		Formosa Plastics Corp		25,422
	57,000		Formosan Rubber Group, Inc		65
	81,000	*	Formosan Union Chemical		47
	2,986,829	*	Fortescue Metals Group Ltd		19,979
	2,675,800		Fosun International		1,966
	24,100		FP Corp		1,336
	144,448		Franco-Nevada Corp		4,832
	2,989,453		Freeport-McMoRan Copper & Gold, Inc (Class B)		359,004
	581,041	e	Fresnillo plc		15,110
	30,000	*	Froch Enterprise Co Ltd		17
	257,717	*	Fronteer Development Group, Inc		3,012
	61,952		Frutarom Industries Ltd		650
	8,094		Fuchs Petrolub AG.		1,068
	17,457		Fuchs Petrolub AG. (Preference)		2,587
	136,000		Fufeng Group Ltd		119
	26,652		Fuji Seal International, Inc		616
	31,500		Fujimi, Inc		484
	116,000		Furukawa-Sky Aluminum Corp		339
	4,379,800		Fushan International Energy Group Ltd		3,003
	2,281,700	*	G J Steel PCL		19
	633,800	*	G Steel PCL		15
	308,088	*	Gabriel Resources Ltd		2,463
	191,672	*	Gammon Gold, Inc		1,565
	171,319	*	Gem Diamonds Ltd		674
	270,649	*,e	General Moly, Inc		1,754
	651,046	*,e	Georgia Gulf Corp		15,664
	799,502		Gerdau S.A. Preference		10,919
	717,281	*,e	Gindalbie Metals Ltd		1,020
	177,109	*	Giralia Resources NL		797
	53,202		Givaudan S.A.		57,413
	273,263	e	Glatfelter		3,353
	477,200	*	Gleichen Resources Ltd		801
	309,384	e	Globe Specialty Metals, Inc		5,287
	32,000	*	Gloria Material Technology Corp		30
	175,000	e	Godo Steel Ltd		373
	1,097,370		Gold Fields Ltd		20,090
	40,000		Gold Fields Ltd (ADR)		725
	239,600	*	Gold Wheaton Gold Corp		1,239
	34,930	*,f	Gold Wheaton Gold Corp (GDR) (purchased 11/30/10, cost $330)		322
	1,184,631		Goldcorp, Inc		54,662
	1,281,116	*	Golden Star Resources Ltd		5,880
	587,538	*	Golden Star Resources Ltd (Toronto)		2,700

101

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,958,800		Goldsun Development & Construction Co Ltd	$	1,664
	348		Goltas Cimento		16
	76,026	*,e	Graham Packaging Co, Inc		991
	98,000		Grand Pacific Petrochemical		70
	134,200	*	Grande Cache Coal Corp		1,413
	326,968	*	Grange Resources Ltd		252
	509,431	*,e	Graphic Packaging Holding Co		1,982
	2,055		Grasim Industries Ltd		108
	486,455	*	Great Basin Gold Ltd		1,443
	17,000		Great China Metal Industry		16
	197,748	*,b,e	Great Southern Ltd		24
	69,172	e	Greif, Inc (Class A)		4,282
	101,421	*	Greystar Resources Ltd		412
	164,905	*	Grupo Empresarial Ence S.A.		524
	6,354,482	e	Grupo Mexico S.A. de C.V. (Series B)		26,030
	30,800	*,e	Grupo Simec SAB de C.V.		81
	2,420	*	Gubre Fabrikalari TAS		27
	19,732		Gujarat Mineral Development Corp Ltd		62
	9,476		Gujarat Narmada Valley Fertilizers Co Ltd		26
	60,874		Gujarat NRE Coke Ltd		89
	6,860		Gujarat State Fertilisers & Chemicals Ltd		58
	15,699		Gulf Oil Corp Ltd		37
	72,000		Gun-Ei Chemical Industry Co Ltd		202
	1,116,712	e	Gunns Ltd		714
	1,584	*	Gunns Ltd (Forest)		128
	547		Gurit Holding AG.		335
	101,642	*	Guyana Goldfields, Inc		1,094
	19,660		H&R WASAG AG.		553
	244,451	e	H.B. Fuller Co		5,016
	2,873	*	Hadera Paper Ltd		240
	4,080		Han Kuk Carbon Co Ltd		21
	54,038	*	Hanfeng Evergreen, Inc		324
	852		Hanil Cement Manufacturing		45
	1,486		Hanjin P&C Co Ltd		13
	3,670		Hansol Paper Co		34
	227,175		Hanwha Chemical Corp		6,205
	63,497		Hanwha Corp		2,613
	510,829		Harmony Gold Mining Co Ltd		6,436
	112,472	*	Harry Winston Diamond Corp		1,309
	43,675	e	Hawkins, Inc		1,939
	79,416	e	Haynes International, Inc		3,322
	267,571	*,e	Headwaters, Inc		1,225
	1,303,233	*,e	Hecla Mining Co		14,674
	9,215		HeidelbergCement AG.		578
	10,260	*	HeidelbergCement India Ltd		10
	1,731,000		Hidili Industry International Development Ltd		1,463
	958,900	*	High River Gold Mines Ltd		1,186
	342,646	*	Highland Gold Mining Ltd		1,006
	2,129,846		Hindalco Industries Ltd		11,765
	187,428		Hitachi Chemical Co Ltd		3,881
	61,671		Hitachi Metals Ltd		741
	95,000	*	Ho Tung Chemical Corp		55

102

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	273,914	e	Hochschild Mining plc	$	2,733
	61,726		Hoganas AB (Class B)		2,414
	173,500	e	Hokuetsu Paper Mills Ltd		989
	18,757		Holcim Ltd		1,417
	41,544		Holmen AB (B Shares)		1,368
	37,672		Honam Petrochemical Corp		8,929
	190,420	*,e	Horsehead Holding Corp		2,483
	20,000		Hsin Kuang Steel Co Ltd		22
	2,420,000		Huabao International Holdings Ltd		3,917
	19,000		Huaxin Cement Co Ltd		54
	35,100	*	Hubei Sanonda Co Ltd		17
	7,330		Huchems Fine Chemical Corp		127
	314,292		HudBay Minerals, Inc		5,680
	161,921		Huhtamaki Oyj		2,239
	254,000	*,e	Hunan Non-Ferrous Metal Ltd		109
	3,209,400	e	Huntsman Corp		50,099
	32,826		Hyosung Corp		3,066
	5,300		Hyundai Hysco		117
	108,479		Hyundai Steel Co		11,900
	401,206		IAMGOLD Corp		7,162
	631,789	*,e	Iluka Resources Ltd		5,906
	2,527		Imerys S.A.		168
	754,480		Impala Platinum Holdings Ltd		26,681
	37,900	*	Imperial Metals Corp		1,004
	35,938	*	Impexmetal S.A.		53
	4,418,141		Incitec Pivot Ltd		17,895
	287,092	e	Independence Group NL		2,334
	34,560		India Cements Ltd		83
	353,408	*	Indophil Resources NL		383
	1,303,900		Indorama Ventures PCL		2,498
	35,200	*	Industrias CH SAB de C.V.		137
	186,260		Industrias Penoles S.A. de C.V.		6,789
	74,932		Inmet Mining Corp		5,822
	92,538	e	Innophos Holdings, Inc		3,339
	994,363	*	Integra Mining Ltd		727
	269,750		International Flavors & Fragrances, Inc		14,995
	2,147,489	e	International Paper Co		58,497
	74,405	*,e	International Tower Hill Mines Ltd		758
	536,118	*	Intrepid Mines Ltd		1,102
	89,087	*,e	Intrepid Potash, Inc		3,322
	515,906		Inversiones Argos S.A.		5,347
	441,000	*	Ishihara Sangyo Kaisha Ltd		456
	98,786	*	Ispat Industries Ltd		52
	735,365		Israel Chemicals Ltd		12,606
	2,857	*	Israel Corp Ltd		3,466
	850		ISU Chemical Co Ltd		14
	96,712	e	Italcementi S.p.A.		817
	188,269		Italcementi S.p.A. RNC		876
	9,144	e	Italmobiliare S.p.A.		307
	59,723		Italmobiliare S.p.A. RSP		1,415
	114,249	*	Ivanhoe Australia Ltd		417
	447,073	*	Ivanhoe Mines Ltd		10,342

103

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,889	*	Izmir Demir Celik Sanayi AS	$	11
	369,987	*,e	Jaguar Mining, Inc		2,638
	115,800	*,e	Jaguar Mining, Inc (Toronto)		826
	11,560		JAI Corp Ltd		57
	403,555	*	James Hardie Industries NV		2,798
	241,826		JFE Holdings, Inc		8,423
	2,199,000	e	Jiangxi Copper Co Ltd		7,228
	4,296		Jindal Poly Films Ltd		51
	15,023		Jindal Saw Ltd		61
	933	*	Jindal South West Holdings Ltd		30
	508,261		Jindal Steel & Power Ltd		8,094
	143,700	*	Jinshan Gold Mines, Inc		785
	54,931		Johnson Matthey plc		1,745
	26,900	*	JSP Corp		397
	335,901		JSR Corp		6,268
	127,749		JSW Steel Ltd		3,363
	123,466		K+S AG.		9,299
	587,955	*,e	Kagara Zinc Ltd		487
	74,913		Kaiser Aluminum Corp		3,752
	308,915	*	Kalahari Minerals plc		1,204
	324,504		Kaneka Corp		2,250
	322,424	e	Kansai Paint Co Ltd		3,121
	56,000	e	Kanto Denka Kogyo Co Ltd		450
	199,307	*	Kapstone Paper and Packaging Corp		3,049
	12,637	*	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class A)		10
	42,920	*	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class D)		21
	188		Kartonsan Karton Sanayi		26
	61,434	e	Kazakhmys plc		1,546
	175,110		Kemira Oyj		2,738
	3,577		Kemrock Industries & Exports Ltd		43
	415,450		KGHM Polska Miedz S.A.		24,278
	63,900		Kian JOO CAN Factory BHD		35
	188,037	e	Kingsgate Consolidated Ltd		2,092
	1,389,517		Kinross Gold Corp		26,426
	44,900		Kinsteel BHD		13
	77,338	*	Kirkland Lake Gold, Inc		1,242
	580		KISCO Corp		14
	220		KISCO Holdings Co Ltd		10
	1,630		KISWIRE Ltd		53
	921,765		Klabin S.A.		3,248
	746,810		KME Group S.p.A.		332
	29,166	e	KMG Chemicals, Inc		483
	35,000		Koatsu Gas Kogyo Co Ltd		215
	2,621,059		Kobe Steel Ltd		6,650
	330		Kolon Corp		10
	1,931	*	Kolon Industries, Inc		125
	100		Konya Cimento Sanayii		16
	116,052		Koppers Holdings, Inc		4,152
	1,349	*	Korea Kumho Petrochemical		107
	232		Korea Petrochemical Ind Co Ltd		17

104

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	11,431		Korea Zinc Co Ltd	$	2,785
	4,457		Koza Altin Isletmeleri AS		59
	6,780		KP Chemical Corp		108
	274		KPX Chemical Co Ltd		15
	221		KPX FINE CHEMICA		11
	73,053	*,e	Kraton Polymers LLC		2,261
	109,000	e	Krosaki Harima Corp		444
	698		Kukdo Chemical Co Ltd		32
	247,783	e	Kumba Iron Ore Ltd		15,967
	171,857		Kumba Resources Ltd		3,554
	54,000	e	Kumiai Chemical Industry Co Ltd		182
	341,518		Kuraray Co Ltd		4,896
	163,000	e	KUREHA CORP		982
	21,200		Kyoei Steel Ltd		346
	387,725	*	La Seda de Barcelona S.A. (Class B)		33
	556,020		Lafarge Malayan Cement BHD		1,383
	97,276		Lafarge S.A.		6,099
	495,100	*	Lake Shore Gold Corp		2,071
	116,857	*,e	Landec Corp		699
	2,632,252	e	Lanxess AG.		207,884
	2,425,000	e	Lee & Man Paper Manufacturing Ltd		1,838
	435,000		LEE Chang Yung Chem IND Corp		888
	86,521		LG Chem Ltd		29,809
	12,001		LG Chem Ltd		1,681
	194,146		Linde AG.		29,459
	14,000		Lingbao Gold Co Ltd		12
	126,900		Lintec Corp		3,364
	45,100		Lion Industries Corp BHD		29
	2,490		Lock & Lock Co Ltd		79
	156,745	*	London Mining plc		769
	53,000		Long Chen Paper Co Ltd		23
	14,730	*,e	Lonmin plc		452
	120,000		Loudong General Nice Resources China Holdings Ltd		15
	1,190,776	*,e	Louisiana-Pacific Corp		11,265
	74,655	*	LSB Industries, Inc		1,811
	507,754		Lubrizol Corp		54,269
	142,000		Luks Group Vietnam Holdings Ltd		49
	86,000	e	Lumena Resources Corp		31
	728,670	*	Lundin Mining Corp		5,320
	2,427,298	*,e	Lynas Corp Ltd		5,114
	2,660,000	e	Maanshan Iron & Steel		1,417
	5,498,002		MacArthur Coal Ltd		71,980
	388,901		Madeco S.A.		24
	61,469	*	MAG. Silver Corp		766
	32,980		Major Drilling Group International		1,378
	269,479		Makhteshim-Agan Industries Ltd		1,381
	10,676		Mardin Cimento Sanayii		53
	279,237		Marshalls plc		456
	142,703	e	Martin Marietta Materials, Inc		13,164
	50,090		Maruichi Steel Tube Ltd		1,064
	413,197	*	Masisa S.A.		67
	26,000		Mayer Steel Pipe Corp		22

105

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	18,552		Mayr-Melnhof Karton AG.	$	2,158
	661,458	e	MeadWestvaco Corp		17,304
	425,284		Mechel Steel Group OAO (ADR)		12,431
	218,473	e	Medusa Mining Ltd		1,446
	396,596		Merafe Resources Ltd		100
	260,200	*,e	Mercator Minerals Ltd		1,039
	11,617	*	METabolic EXplorer S.A.		100
	90,136	*,e	Metals USA Holdings Corp		1,374
	342,300		Metalurgica Gerdau S.A.		5,526
	135,300		Methanex Corp		4,116
	163,599	*	Metorex Ltd		130
	1,154,932		Mexichem SAB de C.V.		4,134
	959,000	e	Midas Holdings Ltd		706
	60,700	*	Migao Corp		475
	1,977,526	e	Minara Resources Ltd		1,921
	956,324	e	Mincor Resources NL		1,844
	91,297	*,e	Minefinders Corp		1,003
	256,500	*	Minera Andes, Inc		748
	106,185	*	Mineral Deposits Ltd		603
	111,774	e	Minerals Technologies, Inc		7,311
	144,000	*,e	Minmetals Resources Ltd		100
	21,142		Miquel y Costas & Miquel S.A.		636
	612,404	*	Mirabela Nickel Ltd		1,428
	3,006,833		Mitsubishi Chemical Holdings Corp		20,406
	321,687		Mitsubishi Gas Chemical Co, Inc		2,286
	1,529,391	*,e	Mitsubishi Materials Corp		4,879
	400,000	e	Mitsubishi Paper Mills Ltd		478
	252,000	*	Mitsubishi Steel Manufacturing Co Ltd		767
	3,459,910	e	Mitsui Chemicals, Inc		12,401
	2,159,077		Mitsui Mining & Smelting Co Ltd		7,127
	286,500	e	Mitsui Mining Co Ltd		568
	223,240	e	Mittal Steel South Africa Ltd		2,685
	935,451	e	MMC Norilsk Nickel (ADR)		22,142
	205,129		MMC Norilsk Nickel (ADR) (London)		4,931
	203,518	*	MMX Mineracao e Metalicos S.A.		1,377
	1,352		MNTech Co Ltd		11
	117,200	*,e	Molycorp, Inc		5,848
	30,382		Mondi Ltd		248
	713,184		Mondi plc		5,710
	2,148		Monnet Ispat & Energy Ltd		27
	2,260,762	e	Monsanto Co		157,439
	1,220	*	Moorim P&P Co Ltd		13
	2,320		Moorim Paper Co Ltd		18
	733,214	e	Mosaic Co		55,988
	1,234,478	*,e	Mount Gibson Iron Ltd		2,677
	262,570	*	M-real Oyj (B Shares)		891
	432,570	*,e	Murchison Metals Ltd		564
	22,746	*	Mvelaphanda Resources Ltd		173
	190,773		Myers Industries, Inc		1,858
	105,633		Mytilineos Holdings S.A.		624
	53,750		Nagarjuna Fertilizers & Chemicals		41
	124,000	*	Nakayama Steel Works Ltd		162

106

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	420,927	e	Nalco Holding Co	$	13,444
	3,480		Namhae Chemical Corp		54
	97,674	*	Nampak Ltd		341
	8,045,057		Nan Ya Plastics Corp		20,060
	60,000		Nantex Industry Co Ltd		45
	63,591		Neenah Paper, Inc		1,251
	324,500	*	Neo Material Technologies Inc		2,559
	37,100		Neturen Co Ltd		312
	271,400	*	Nevsun Resources Ltd		2,028
	689,002	*	New Gold, Inc		6,708
	1,612,406	e	New World Resources NV		24,159
	1,325,276		Newcrest Mining Ltd		54,816
	44,052	e	NewMarket Corp		5,435
	1,727,865		Newmont Mining Corp		106,144
	440,000	*	Nickel Asia Corp		164
	61,000		Nihon Nohyaku Co Ltd		322
	63,874		Nihon Parkerizing Co Ltd		921
	116,000		Nihon Yamamura Glass Co Ltd		319
	9,015,000		Nine Dragons Paper Holdings Ltd		12,735
	115,000	e	Nippon Denko Co Ltd		912
	285,000		Nippon Kayaku Co Ltd		3,015
	102,000	*	Nippon Koshuha Steel Co Ltd		123
	730,000	*	Nippon Light Metal Co Ltd		1,358
	181,000	e	Nippon Metal Industry Co Ltd		239
	407,523		Nippon Paint Co Ltd		3,122
	205,971		Nippon Paper Group, Inc		5,404
	271,000		Nippon Shokubai Co Ltd		2,804
	182,000		Nippon Soda Co Ltd		870
	3,677,815		Nippon Steel Corp		13,227
	81,810		Nippon Synthetic Chemical Industry Co Ltd		548
	194,000		Nippon Valqua Industries Ltd		593
	149,500	e	Nippon Yakin Kogyo Co Ltd		444
	154,118		Nissan Chemical Industries Ltd		1,999
	210,253		Nisshin Steel Co Ltd		469
	139,000	*	Nittetsu Mining Co Ltd		700
	400,231		Nitto Denko Corp		18,856
	296,876	*	Nkwe Platinum Ltd		137
	45,222	e	NL Industries, Inc		505
	218,000		NOF Corp		1,066
	131,464	*	Noranda Aluminium Holding Corp		1,919
	29,985	*	Norbord, Inc		441
	44,916		Norddeutsche Affinerie AG.		2,652
	57,328	e	Norsk Hydro ASA		419
	221,100	*,e	Norske Skogindustrier ASA		525
	155,822	*	North American Palladium Ltd		1,080
	143,085	e	Northam Platinum Ltd		984
	77,963	*	Northern Dynasty Minerals		1,121
	205,853	*,e	Northern Iron Ltd		356
	402,658	*	Northgate Minerals Corp		1,288
	206,949	*	Novagold Resources, Inc		2,958
	131,971	f	Novolipetsk Steel (GDR) (purchased 05/18/06, cost $3,949)		6,295
	10,035		Novozymes AS (B Shares)		1,398

107

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	647,828	e	Nucor Corp	$	28,388
	236,670	e	Nufarm Ltd		1,244
	550,180	e	Nuplex Industries Ltd		1,513
	123,508	e	Nyrstar		1,850
	14,000	*	Ocean Plastics Co Ltd		12
	393,500	*	OceanaGold Corp		1,476
	10,300		Ohara, Inc		143
	1,389,384	e	OJI Paper Co Ltd		6,725
	94,000		Okamoto Industries, Inc		389
	357,185		Olin Corp		7,329
	43,471	e	Olympic Steel, Inc		1,247
	157,502	*	OM Group, Inc		6,065
	350,588	e	OM Holdings Ltd		504
	9,235	*	Omnia Holdings Ltd		108
	353,137	*,e	Omnova Solutions, Inc		2,952
	1,649,801		OneSteel Ltd		4,370
	1,131,271		Orica Ltd		28,811
	67,000		Oriental Union Chemical Corp		86
	26		Orissa Minerals Development Co Ltd		33
	20,000		Osaka Steel Co Ltd		356
	471,083	*	Osisko Mining Corp		6,879
	8,012	e	Outokumpu Oyj		149
	581,737	*	Owens-Illinois, Inc		17,859
	2,972,125	e	Oxiana Ltd		5,229
	237,507	e	Pacific Metals Co Ltd		2,021
	16,900	e	Pack Corp		301
	416,067	e	Packaging Corp of America		10,751
	1,813		Palabora Mining Co Ltd		31
	120,221	e	Pan American Silver Corp		4,949
	4,498,515	*	Pan Australian Resources Ltd		4,095
	42,999	*	Papeles y Cartones de Europa S.A.		201
	1,042,068	*	PaperlinX Ltd		437
	7,395	*	Park Elektrik Madencilik Sanayi Ve Ticaret AS.		19
	1,030	*,e	Penford Corp		6
	373,349	*	Perilya Ltd		225
	560,970	*	Perseus Mining Ltd		1,939
	240,531	e	Peter Hambro Mining plc		4,290
	58,453	*	Petkim Petrokimya Holding		90
	274,367	*	Petra Diamonds Ltd		582
	400,000	*	PetroAsian Energy Holdings Ltd		27
	2,710,800	*	Petronas Chemicals Group BHD		4,853
	351,500		Philex Mining Corp		129
	264,041	*,e,m	Pike River Coal Ltd		181
	412,977	*,e	Platinum Australia Ltd		268
	149,533	*,f	Polymetal (GDR) (purchased 06/30/09, cost $1,444)		2,738
	625,738	*	PolyOne Corp		7,815
	19,241		Polyus Gold Co (ADR)		697
	85,002	e	Polyus Gold Co (ADR) (London)		3,098
	730		Poongsan		28
	2,820		Poongsan Corp		119
	190,633		Portucel Empresa Produtora de Pasta e Papel S.A.		580
	98,134		POSCO		42,111

108

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	420		POSCO Coated & Color Steel Co Ltd	$	11
	449		POSCO Refractories & Environment Co Ltd		59
	23,082		Potash Corp of Saskatchewan		3,574
	412,213		Potash Corp of Saskatchewan Toronto		64,031
	843,183	e	PPG Industries, Inc		70,886
	6,425	*	Prakash Industries Ltd		18
	642,819	e	Praxair, Inc		61,370
	127,400	*	Premier Gold Mines Ltd		947
	738,368		Pretoria Portland Cement Co Ltd		3,917
	22,454		Prism Cement Ltd		27
	3,985,500		PT Aneka Tambang Tbk		1,084
	561,500	*	PT Barito Pacific Tbk		73
	988,000	*	PT Indah Kiat Pulp and Paper Corp Tbk		180
	2,146,300		PT Indocement Tunggal Prakarsa Tbk		3,799
	16,921,000		PT International Nickel Indonesia Tbk		9,155
	4,388,000		PT Semen Gresik Persero Tbk		4,602
	83,500		PT Sorini Agro Asia Corporindo Tbk		31
	305,500		PT Timah Tbk		93
	454,500		PTT Chemical PCL		2,216
	304,761	*	Quadra Mining Ltd		5,134
	50,883		Quaker Chemical Corp		2,120
	78,900	*	Queenston Mining, Inc		475
	96,000	*	Qunxing Paper Holdings Co Ltd		33
	1,133		Rallis India Ltd		37
	95,065	e	Randgold Resources Ltd		7,818
	4,925	e	Rautaruukki Oyj		115
	64,500	*,e	Real Gold Mining Ltd		112
	98,246		Recticel S.A.		1,041
	22,700	*,e	Recylex S.A.		198
	3,769,000		Regent Pacific Group Ltd		199
	431,917	*,e	Regis Resources Ltd		1,060
	276,556	e	Reliance Steel & Aluminum Co		14,132
	425,000		Rengo Co Ltd		2,884
	685,290	*,e	Resolute Mining Ltd		1,002
	860,342		Rexam plc		4,463
	35,465	*	RHI AG.		1,397
	209,332		Rhodia S.A.		6,923
	1,220,245	e	Rio Tinto Ltd		106,673
	3,561,648	e	Rio Tinto plc		249,135
	61,000	e	Rio Tinto plc (ADR)		4,371
	217,198	e	Rock-Tenn Co (Class A)		11,718
	301,009	*,e	Rockwood Holdings, Inc		11,775
	164,685	e	Royal Gold, Inc		8,997
	258,638		RPM International, Inc		5,716
	136,364	*	RTI International Metals, Inc		3,679
	295,600	*	Rubicon Minerals Corp		1,689
	21,754	e	Sa des Ciments Vicat		1,817
	167,000	*	Sabina Gold & Silver Corp		942
	625,200	*	Sahaviriya Steel Industries PCL		31
	163,000		Sakai Chemical Industry Co Ltd		807
	776,810		Sally Malay Mining Ltd		2,042
	157,394		Salzgitter AG.		12,151

109

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,830		Samsung Fine Chemicals Co Ltd	$	207
	143,918	*	Sandfire Resources NL		1,194
	126,000		Sanyo Chemical Industries Ltd		1,051
	185,000	*	Sanyo Special Steel Co Ltd		1,117
	736,164	*,e	Sappi Ltd		3,800
	479,484		Satipel Industrial S.A.		5,156
	36,335		Schmolz + Bickenbach AG.		368
	777,373		Schnitzer Steel Industries, Inc (Class A)		51,610
	80,813	e	Schweitzer-Mauduit International, Inc		5,085
	355,891		Scotts Miracle-Gro Co (Class A)		18,069
	42,100	*	Seabridge Gold, Inc		1,278
	2,080		Seah Besteel Corp		68
	117		SeAH Holdings Corp		13
	391		SeAH Steel Corp		18
	432,048	e	Sealed Air Corp		10,996
	773,000		Sekisui Plastics Co Ltd		3,485
	542,000	*,e	SEMAFO, Inc		5,860
	197,581		Semapa-Sociedade de Investimento e Gestao		2,186
	191,877	*,e	Senomyx, Inc		1,368
	221,620	e	Sensient Technologies Corp		8,140
	27,948	e	Sequana		435
	586,761		Sesa Goa Ltd		4,311
	17,000		Sesoda Corp		21
	270,690	f	Severstal (GDR) (purchased 04/23/07, cost $3,200)		4,561
	53,300	*	Shanghai Chlor-Alkali Chemical Co Ltd		28
	19,200	*	Shanghai Yaohua Pilkington Glass Co Ltd		16
	12,000		Sheng Yu Steel Co Ltd		9
	392,365		Sherritt International Corp		3,342
	288,925		Sherwin-Williams Co		24,197
	24,000	*	Shihlin Paper Corp		62
	47,000		Shikoku Chemicals Corp		282
	586,080		Shin-Etsu Chemical Co Ltd		31,762
	60,200	e	Shin-Etsu Polymer Co Ltd		377
	163,000		Shinkong Synthetic Fibers Corp		90
	2,372		Shinwha Intertek Corp		22
	11,000		Shiny Chemical Industrial Co Ltd		18
	124,000		Shougang Concord Century Holdings Ltd		15
	512,000	*,e	Shougang Concord International Enterprises Co Ltd		74
	1,255,067	e	Showa Denko KK		2,829
	1,443		Shree Cement Ltd		65
	406,700		Siam Cement PCL reg		4,870
	49,044	*	Sidenor Steel Products Manufacturing Co S.A.		164
	476,418		Sigma-Aldrich Corp		31,710
	55,000	*	Sijia Group Co		44
	1,968		Sika AG.		4,317
	314,680	e	Silgan Holdings, Inc		11,269
	210,324	*	Silver Lake Resources Ltd		510
	110,542	*,e	Silver Standard Resources, Inc		3,092
	490,013	*	Silver Wheaton Corp		19,210
	369,519		Silvercorp Metals, Inc		4,735
	34,640	*	Simmer & Jack Mines Ltd		5
	140,802	e	Sims Group Ltd		3,106

110

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	600,000	*	Sino Union Energy Investment Group Ltd	$	52
	3,862,000	e	Sinochem Hong Kong Holding Ltd		1,997
	299,011	*	Sino-Forest Corp		7,004
	54,000		Sinon Corp		27
	5,794,600	e	Sinopec Shanghai Petrochemical Co Ltd		3,004
	2,486		SK Chemicals Co Ltd		135
	3,260		SKC Co Ltd		109
	235,493	*	Smurfit Kappa Group plc		2,297
	360,771	*,e	Smurfit-Stone Container Enterprises, Inc		9,236
	79,584	*,e	Sociedad Nacional de Industrias Apicaciones Celulosa Espanola S.A.		121
	125,349		Sociedad Quimica y Minera de Chile S.A. (Class B)		7,125
	4,088		Societe Internationale de Plantations d’Heveas S.A.		455
	978		SODIFF Advanced Materials Co Ltd		88
	41,000		Solar Applied Materials Technology Co		91
	532,733	*	Solutia, Inc		12,295
	166,928		Solvay S.A.		17,790
	71,427	*	Sonae Industria SGPS S.A.		182
	1,190		Songwon Industrial Co Ltd		13
	941,869	e	Sonoco Products Co		31,713
	55,350		South Valley Cement		49
	26,000		Southeast Cement Co Ltd		12
	674,205	e	Southern Copper Corp (NY)		32,861
	243,068	*,e	Spartech Corp		2,275
	109,222	*,e	Sprott Resource Corp		502
	13,291		Ssab Svenskt Stal AB (Series A)		223
	3,220	*	Ssangyong Cement Industrial Co Ltd		19
	2,005		SSCP Co Ltd		8
	598,595	*,e	St Barbara Ltd		1,249
	17,200		ST Corp		199
	224,600	*	St. Andrew Goldfields Ltd		328
	853,517		Steel Authority Of India		3,484
	485,427	e	Steel Dynamics, Inc		8,883
	11,900	e	Stella Chemifa Corp		560
	17,500		Stella-Jones, Inc		586
	33,943	e	Stepan Co		2,589
	27,572		Sterling Biotech Ltd		64
	1,807,475		Sterlite Industries India Ltd		7,545
	222,466	*	Stillwater Mining Co		4,750
	3,438		STO AG.		435
	1,380,083	e	Stora Enso Oyj (R Shares)		14,173
	124,412	*,e	STR Holdings, Inc		2,488
	304,243	e	Straits Resources Ltd		700
	10,435	*	Sujana Towers Ltd		32
	876,221		Sumitomo Bakelite Co Ltd		5,159
	1,451,695	e	Sumitomo Chemical Co Ltd		7,152
	418,000	*	Sumitomo Light Metal Industries Ltd		505
	8,657,836		Sumitomo Metal Industries Ltd		21,327
	941,540		Sumitomo Metal Mining Co Ltd		16,456
	1,210,193		Sumitomo Osaka Cement Co Ltd		2,743
	61,000		Sumitomo Seika Chemicals Co Ltd		264
	25,212	e	Sumitomo Titanium Corp		1,191

111

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,011,979	*	Sundance Resources Ltd	$	1,771
	2,720	*	Sungshin Cement Co Ltd		10
	8,000		Super Dragon Technology Co Ltd		14
	3,219		Supreme Industries Ltd		10
	246,663		Suzano Papel e Celulose S.A.		2,196
	555,734		Svenska Cellulosa AB (B Shares)		8,775
	187,146		Symrise AG.		5,133
	74,694		Syngenta AG.		21,849
	120,154	*	Synthos S.A.		125
	29,500	e	T Hasegawa Co Ltd		502
	102,000		TA Chen Stainless Pipe		71
	3,050	*	Tae Kyung Industrial Co Ltd		13
	70		Taekwang Industrial Co Ltd		78
	102,900	*	Tahoe Resources, Inc		1,521
	1,476,553	*	Taiheiyo Cement Corp		1,891
	6,164,521		Taiwan Cement Corp		6,935
	1,136,500		Taiwan Fertilizer Co Ltd		4,249
	31,000		Taiwan Hon Chuan Enterprise Co Ltd		71
	20,000	*	Taiwan Pulp & Paper Corp		12
	100,000		Taiwan Styrene Monomer		52
	22,900		Taiyo Ink Manufacturing Co Ltd		734
	245,695	e	Taiyo Nippon Sanso Corp		2,170
	123,000		Takasago International Corp		735
	90,000		Takiron Co Ltd		309
	222,395	*,e	Talvivaara Mining Co Plc		2,065
	21,900	e	Tanaka Chemical Corp		364
	10,000	*	Tang Eng Iron Works Co Ltd		10
	120,154	*,e	Tanzanian Royalty Exploration Corp		880
	458,859	*	Taseko Mines Ltd		2,400
	436,048		Tata Steel Ltd		6,635
	514,200	*	Tata Steel Thailand PCL		28
	4,446		Tatung Fine Chemical Co		11
	1,198,000		TCC International Holdings Ltd		436
	1,496		Technosemichem Co Ltd		40
	1,222,820		Teck Cominco Ltd		75,992
	6,815,740		Teijin Ltd		29,130
	342,679	e	Temple-Inland, Inc		7,279
	22,400		Tenma Corp		247
	279,578	*	Teranga Gold Corp (ADR)		815
	68,493		Tessenderlo Chemie NV		2,489
	93,099	e	Texas Industries, Inc		4,262
	42,480	*,e	Texas Petrochemicals, Inc		1,288
	44,700		Thai Plastic & Chemical PCL		46
	679,917	*,e	Thompson Creek Metals Co, Inc		10,008
	194,881	*,e	Thompson Creek Metals Co, Inc (Toronto)		2,862
	33,000		Thye Ming Industrial Co Ltd		42
	1,431,002		ThyssenKrupp AG.		59,251
	19,000		Tiangong International Co Ltd		10
	36,799	*	Tikkurila Oy		812
	29,457		Time Technoplast Ltd		39
	13,377	*	Tire Kutsan Oluklu Mukavva		15
	73,935		Titan Cement Co S.A.		1,622

112

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	73,500	m	Titan Chemicals Corp	$	56
	537,721	*,e	Titanium Metals Corp		9,238
	324,000	e	Toagosei Co Ltd		1,516
	40,000	e	Toda Kogyo Corp		417
	42,400	e	Toho Titanium Co Ltd		1,025
	296,000		Toho Zinc Co Ltd		1,579
	499,000		Tokai Carbon Co Ltd		3,104
	261,563		Tokuyama Corp		1,353
	54,300		Tokyo Ohka Kogyo Co Ltd		1,169
	178,000	e	Tokyo Rope Manufacturing Co Ltd		594
	29,281	e	Tokyo Steel Manufacturing Co Ltd		320
	117,000		Ton Yi Industrial Corp		64
	7,040	*	Tong Yang Major Corp		15
	246,000		Topy Industries Ltd		654
	896,650		Toray Industries, Inc		5,356
	467,221	e	Tosoh Corp		1,519
	353,000		Toyo Ink Manufacturing Co Ltd		1,735
	131,000		Toyo Kohan Co Ltd		808
	459,050		Toyo Seikan Kaisha Ltd		8,735
	48,500		TPI Polene PCL		20
	2,714,500		TSRC Corp		6,284
	122,685	e	Tubacex S.A.		407
	127,313	*	Tubos Reunidos S.A.		311
	856,676		Tung Ho Steel Enterprise Corp		971
	2,147,795		UBE Industries Ltd		6,455
	6,888		Uflex Ltd		31
	92,988		Ultra Tech Cement Ltd		2,255
	108,213		Umicore		5,628
	34,600	*	Uniao de Industrias Petroquimicas S.A.		12
	1,006		Unid Co Ltd		49
	570	*	Union Steel		15
	20,000	*,e	Unipetrol		210
	316,123		United Phosphorus Ltd		1,223
	10,223	*,e	United States Lime & Minerals, Inc		431
	526,997	e	United States Steel Corp		30,787
	77,000		Universal Cement Corp		49
	35,909	*,e	Universal Stainless & Alloy		1,123
	78,000		UPC Technology Corp		65
	1,879,757		UPM-Kymmene Oyj		33,208
	220,949	e,f	Uralkali (GDR) (purchased 10/15/07, cost $5,166)		8,113
	116,440	*,e	US Energy Corp Wyoming		708
	448,807	*,e	US Gold Corp		3,622
	5,746		Usha Martin Ltd		9
	82,000		USI Corp		82
	209,500		Usinas Siderurgicas de Minas Gerais S.A.		2,694
	564,662		Usinas Siderurgicas de Minas Gerais S.A. (Preference)		6,517
	368,978		Valspar Corp		12,722
	33,031	e	Vedanta Resources plc		1,296
	89,700	*	Ventana Gold Corp		1,196
	26,628	*	Verbio AG		148
	43,562	*,e	Verso Paper Corp		149
	517		Vetropack Holding AG.		981

113

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	109,089		Victrex plc	$	2,522
	124,807		Viohalco S.A.		675
	150,730		Voestalpine AG.		7,181
	400,751	e	Vulcan Materials Co		17,778
	13,457		Wacker Chemie AG.		2,349
	1,810,383	e	Walter Energy, Inc		231,440
	243,452		Wausau Paper Corp		2,096
	19,024		Welspun-Gujarat Stahl Ltd		72
	780,000	*	West China Cement Ltd		286
	78,962		West Fraser Timber Co Ltd		3,720
	208,242		Western Areas NL		1,272
	406,800	*,e	Western Canadian Coal Corp		5,032
	90,324	e	Westlake Chemical Corp		3,926
	238,100	*,e	White Energy Co Ltd		838
	40,850	*	Woongjin Chemical Co Ltd		43
	275,288	e	Worthington Industries, Inc		5,065
	889,197	*	WR Grace & Co		31,237
	25,100		WTK Holdings BHD		10
	153,000		Xingda International Holdings Ltd		165
	108,000	e	Xinjiang Xinxin Mining Industry Co Ltd		68
	1,637,990		Xstrata plc		38,447
	842,104		Yamana Gold, Inc		10,815
	20,294		Yamato Kogyo Co Ltd		614
	203,722	e	Yara International ASA		11,783
	53,000		Yeun Chyang Industrial Co Ltd		43
	181,000		Yieh Phui Enterprise		70
	176,500	*,e	Yingde Gases		157
	60,000		Yip’s Chemical Holdings Ltd		74
	166,000		Yodogawa Steel Works Ltd		773
	2,300		Youlchon Chemical Co Ltd		18
	156,000		Yuen Foong Yu Paper Manufacturing Co Ltd		80
	746,500	*	Yukon-Nevada Gold Corp		646
	155,058	e	Yule Catto & Co plc		486
	1,865	*	Zaklady Azotowe w Tarnowie-Moscicach S.A.		21
	598,512	e	Zeon Corp		5,013
	97,104		Zep, Inc		1,930
	653,000	e	Zhaojin Mining Industry Co Ltd		2,672
	40,813		Zignago Vetro S.p.A.		261
	6,228,000	e	Zijin Mining Group Co Ltd		5,777
	125,212	*,e	Zoltek Cos, Inc		1,446
			TOTAL MATERIALS		7,752,911
MEDIA - 2.8%
	2,467	*	Adlabs Films Ltd		12
	1,236,251		Aegis Group plc		2,708
	6,349		Agora S.A.		56
	77,400	*,e	AH Belo Corp (Class A)		673
	68,838	e	Alma Media		762
	238,553		Antena 3 de Television S.A.		2,216
	740,041	e	APN News & Media Ltd		1,465
	119,391	e	Arbitron, Inc		4,957
	170,172	*,e	Arnoldo Mondadori Editore S.p.A.		603

114

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	67,605	*,e	AS. Roma S.p.A	$	95
	40,900	e	Asatsu-DK, Inc		1,116
	63,657	*,e	Ascent Media Corp (Series A)		2,467
	74,665		Astral Media, Inc		3,154
	3,882,335	*,e	Austar United Communications Ltd		3,792
	342,089		Austereo Group Ltd		632
	63,059		Avex Group Holdings, Inc		922
	45,697		Axel Springer AG.		7,450
	49,021	*,e	Ballantyne Strong, Inc		381
	9,671	*,e	Beasley Broadcasting Group, Inc		58
	2,905,800		BEC World PCL (Foreign)		3,061
	379,906	*,e	Belo (A.H.) Corp (Class A)		2,690
	402,700	*	Benpres Holdings Corp		49
	1,675	*	Besiktas Futbol Yatirimlari Sanayi ve Ticaret AS		10
	17,220,000	*	Big Media Group Ltd		288
	4,111,128		British Sky Broadcasting plc		47,175
	1,015,093		Cablevision Systems Corp (Class A)		34,351
	108,669		Cairo Communication S.p.A.		395
	54,666		Caltagirone Editore S.p.A.		124
	89,250		Canal Plus		599
	60,281	*,e	Carmike Cinemas, Inc		465
	3,318,202		CBS Corp (Class B)		63,212
	8,000	*	Central European Media Enterprises Ltd (Class A)		164
	89,334	*,e	Central European Media Enterprises Ltd (Class A) Nasdaq		1,818
	175,151	*,e	Charm Communications, Inc (ADR)		1,727
	17,690		Cheil Communications, Inc		216
	304,989	e	Cinemark Holdings, Inc		5,258
	92,500		Cineplex Galaxy Income Fund		2,085
	2,860		CJ CGV Co Ltd		71
	2,961		CJ Internet Corp		42
	293,250	*,e	CKX, Inc		1,182
	254,686	*,e	Clear Channel Outdoor Holdings, Inc (Class A)		3,576
	24,599		Cogeco Cable, Inc		1,015
	14,183,775	e	Comcast Corp (Class A)		311,617
	6,400	*,e	COOKPAD, Inc		186
	107,511	*,e	Corus Entertainment, Inc		2,395
	20,264	*	Creative Marketing Solutions Co Ltd		18
	93,361	*,e	Crown Media Holdings, Inc (Class A)		245
	9,396	e	CTC Media, Inc		220
	25,974		CTS Eventim AG.		1,604
	96,071	*,e	Cumulus Media, Inc (Class A)		414
	859		CyberAgent, Inc		1,873
	71,305		Cyfrowy Polsat S.A.		397
	9,870		Daekyo Co Ltd		52
	168,478		Daiichikosho Co Ltd		3,270
	631,090	e	Daily Mail & General Trust		5,648
	18,640		Deccan Chronicle Holdings Ltd		46
	1,500,340	*	DEN Networks Ltd		6,068
	271,977		Dentsu, Inc		8,445
	275,187	*,e	Dex One Corp		2,053
	4,647,763	*,e	DIRECTV		185,584

115

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	923,564	*,e	Discovery Communications, Inc (Class A)	$	38,513
	591,121	*	Discovery Communications, Inc (Class C)		21,688
	2,504,641		DISH Network Corp (Class A)		49,241
	7,030	*	Dogan Gazetecilik AS		14
	41,864	*	Dogan Yayin Holding		53
	189,940	*	DreamWorks Animation SKG, Inc (Class A)		5,598
	38,140	*	Egyptian Media Production City		36
	80,662	*	EM.Sport Media AG.		189
	7,332,802	*,e	Eniro AB		600
	102,728	*,e	Entercom Communications Corp (Class A)		1,190
	213,710	*,e	Entravision Communications Corp (Class A)		549
	48,227	*	Eros International plc		169
	1,115,000	*	eSun Holdings Ltd		188
	56,754	e	Euromoney Institutional Investor plc		612
	6,514		Eutelsat Communications		238
	155,828	*,e	EW Scripps Co (Class A)		1,582
	581		Fenerbahce Sportif Hizmetleri Sanayi ve Ticaret AS		20
	35,959	*,e	Fisher Communications, Inc		784
	5,996	*,e	Focus Media Holding Ltd (ADR)		131
	4,580		Fuji Television Network, Inc		7,243
	77,000	e	Gakken Co Ltd		169
	143		Galatasaray Sportif Sinai ve Ticari Yatirimlar AS		35
	1,176,495	e	Gannett Co, Inc		17,753
	110,276		Gestevision Telecinco S.A.		1,213
	22,392		GFK AG.		1,125
	1,360		GIIR, Inc		13
	77,666	*,e	Global Sources Ltd		739
	228,928	*,e	Gray Television, Inc		428
	283,923	e	Groupe Aeroplan, Inc		3,903
	3,573,939		Grupo Televisa S.A.		18,495
	174,408	*,e	Gruppo Editoriale L’Espresso S.p.A.		395
	18,364		Hakuhodo DY Holdings, Inc		1,053
	176,465	e	Harte-Hanks, Inc		2,253
	815,563	*	Hathway Cables and Datacom Pvt Ltd		3,046
	674,884		Havas S.A.		3,508
	51,624	*,e	Hi-Media S.A.		241
	21,599	*	Hot Telecommunication System Ltd		363
	35,796		Hurriyet Gazetecilik AS		42
	71,537	*	Impresa SGPS		134
	461,167	*	Independent News & Media plc		310
	1,098,377		Informa plc		6,978
	5,114,805	*,e	Interpublic Group of Cos, Inc		54,319
	30,468		IPSOS		1,446
	16,535,265	*	ITV plc		18,059
	1,164,705	*,e	JC Decaux S.A.		35,836
	3,842,158	e	John Fairfax Holdings Ltd		5,502
	110,705	e	John Wiley & Sons, Inc (Class A)		5,008
	839,274	*	Johnston Press plc		157
	217,007	*,e	Journal Communications, Inc (Class A)		1,096
	1,010		Jupiter Telecommunications Co		1,062
	97,559	*	Juventus Football Club S.p.A.		125
	158,801	*	Kabel Deutschland Holding AG.		7,401

116

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	94,308	e	Kadokawa Holdings, Inc	$	2,471
	19,880		Kinepolis		1,355
	142,893	*,e	Knology, Inc		2,233
	7,567		Lagardere S.C.A.		312
	118,141	*,e	Lamar Advertising Co (Class A)		4,707
	197,769	*,e	Lee Enterprises, Inc		487
	869,044	*,e	Liberty Global, Inc (Class A)		30,747
	300,123	*	Liberty Media Corp - Capital (Series A)		18,776
	376,358	*,e	Liberty Media Corp - Starz		25,020
	153,797	*,e	Lin TV Corp (Class A)		815
	298,309	*,e	Lions Gate Entertainment Corp		1,942
	717,692	*,e	Live Nation, Inc		8,196
	146,602	*,e	Lodgenet Entertainment Corp		623
	197,593		M6-Metropole Television		4,779
	227,737	*,e	Madison Square Garden, Inc		5,871
	110,500		Major Cineplex Group PCL		48
	110,584	*,e	Martha Stewart Living Omnimedia, Inc (Class A)		489
	209,178	*,e	McClatchy Co (Class A)		977
	1,842,637		McGraw-Hill Cos, Inc		67,090
	61,400		MCOT PCL		60
	152,381	*	Mecom Group plc		469
	95,474	*,e	Media General, Inc (Class A)		552
	97,800		Media Prima BHD		82
	191,472	*,e	Mediacom Communications Corp (Class A)		1,620
	278,248	e	Mediaset S.p.A.		1,683
	72,843	e	Meredith Corp		2,524
	4,877		Modern Times Group AB (B Shares)		323
	69,637	e	Morningstar, Inc		3,696
	580,787		Naspers Ltd (N Shares)		34,204
	328,547		National CineMedia, Inc		6,541
	35,904		Navneet Publications India		50
	283,901	*,e	New York Times Co (Class A)		2,782
	8,268,841		News Corp (Class A)		120,394
	23,786	*,e	Nexstar Broadcasting Group, Inc (Class A)		142
	798,000	*	Next Media Ltd		110
	23,585		NRJ Group		255
	1,870,994	e	Omnicom Group, Inc		85,692
	5,520	*	ON*Media Corp		19
	830,000	*	Oriental Press Group		115
	80,152	e	Outdoor Channel Holdings, Inc		575
	31,250	e	PagesJaunes Groupe S.A.		284
	5,412,585		Pearson plc		85,063
	176,000		Phoenix Satellite Television Holdings Ltd		60
	1,076,000		Pico Far East Holdings Ltd		228
	147,152	*	Playboy Enterprises, Inc (Class B)		768
	432,257	*	Premiere AG.		978
	79,497	e	Primedia, Inc		334
	154,674	*	Promotora de Informaciones S.A.		315
	87,054		ProSiebenSat.1 Media AG.		2,617
	6,400	*	Proto Corp		284
	818,500		PT Global MediaCom Tbk		59
	28,746,000		PT Media Nusantara Citra Tbk		2,999

117

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
			PT Multimedia Servicos de Telecomunicacoes e
	239,522	e	Multimedia SGPS S.A.	$	1,085
	304,329	e	Publicis Groupe S.A.		15,860
	2,390	*	PubliGroupe AG.		279
	289,123		Publishing & Broadcasting Ltd		923
	73,436		Quebecor, Inc		2,778
	137,132	*,e	Radio One, Inc		154
	213,601	*	RCS MediaGroup S.p.A.		293
	62,227		REA Group Ltd		785
	19,219	*,e	ReachLocal, Inc		383
	1,845,218		Reed Elsevier NV		22,826
	223,479		Reed Elsevier plc		1,887
	162,407	e	Regal Entertainment Group (Class A)		1,907
	45,056	*,e	Rentrak Corp		1,359
	134,367		Rightmove plc		1,632
	5,449	*	Roularta Media Group NV		187
	12,754		Sanoma-WSOY Oyj		276
	4,200		Saraiva S.A. Livreiros Editores		112
	13,800		SBS Media Holdings Co Ltd		33
	108,436		Schibsted ASA		3,196
	158,288	e	Scholastic Corp		4,676
	859,991		Scripps Networks Interactive (Class A)		44,505
	1,404,474	*,e	Seat Pagine Gialle S.p.A.		155
	17,282		SeLoger.com		814
	119,615	e	SES Global S.A.		2,848
	761,177	*,e	Shaw Communications, Inc (B Shares)		16,344
	104,000	e	Shochiku Co Ltd		671
	121,703		Shree Ashtavinyak Cine Vision Ltd		22
	188,187		Sinclair Broadcast Group, Inc (Class A)		1,539
	1,213,970	e	Singapore Press Holdings Ltd		3,765
	37,000		SinoMedia Holding Ltd		13
	13,778,361	*,e	Sirius XM Radio, Inc		22,597
	364,724		Sky Network Television Ltd		1,478
	3,710	e	Sky Perfect Jsat Corp		1,435
	1,103	*	SM Entertainment Co		16
	37,826		Societe Television Francaise 1		657
	520,302		Southern Cross Media Group		1,107
	3,061	*	Spir Communication		91
	940,562	*	Stroer Out-of-Home Media AG.		33,609
	1,058,865		STW Communications Group Ltd		1,148
	57,580	*,e	SuperMedia, Inc		502
	709,670	*,e	Telecom Italia Media S.p.A.		226
	527,254		Television Broadcasts Ltd		2,849
	9,923	*	Television Eighteen India Ltd		16
	1,012,803	e	Ten Network Holdings Ltd		1,466
	18,759	*	Tera Resource Co Ltd		16
	1,167,323		Thomson Corp		43,506
	476,361	e	Thomson Corp (Toronto)		17,841
	2,090,264	e	Time Warner Cable, Inc		138,020
	5,030,151		Time Warner, Inc		161,819
	238,000		Toei Animation Co Ltd		4,605
	342,885		Toei Co Ltd		1,660

118

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	85,842		Toho Co Ltd	$	1,379
	22,600		Tohokushinsha Film Corp		123
	1,858,000	*	Tom Group Ltd		194
	167,779		Torstar Corp		2,060
	1,045,863	*	Trinity Mirror plc		1,133
	277		TV Asahi Corp		482
	257,500		TV Azteca S.A. de C.V.		179
	14,000	*,e	TV Tokyo Corp		205
	171,723		TVN S.A.		992
	367,722		United Business Media Ltd		3,956
	143,246	*,e	Usen Corp		125
	2,375	*	UTV Software Communications Ltd		30
	238,985	*,e	Valassis Communications, Inc		7,731
	8,133	e	Value Line, Inc		118
	5,746,149		Viacom, Inc (Class B)		227,604
	1,535,418	e	Virgin Media, Inc		41,825
	3,341,928		Vivendi Universal S.A.		90,210
	360,000	e	VODone Ltd		111
	11,483,019	e	Walt Disney Co		430,727
	255,514	*,e	Warner Music Group Corp		1,439
	44,115	e	Washington Post Co (Class B)		19,389
	297,283	e	West Australian Newspapers Holdings Ltd		1,955
	8,074	*,e	Westwood One, Inc		74
	19,415		Wolters Kluwer NV		425
	3,670		Woongjin Thinkbig Co Ltd		70
	116,892	e	World Wrestling Entertainment, Inc (Class A)		1,665
	6,488,609		WPP plc		79,869
	4,063,232	*,e	Yell Group plc		919
	1,338,287	e	Yellow Pages Income Fund		8,345
	70,521	*	Zee Entertainment Enterprises Ltd		112
	650,434		ZEE Telefilms Ltd		2,142
	55,600	e	Zenrin Co Ltd		621
			TOTAL MEDIA		3,079,067
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.5%
	6,232,703		Abbott Laboratories		298,609
	272,561		Abcam plc		1,360
	73,781	*,b,m	Able Laboratories, Inc		0	^
	27,840	*	Ablynx NV		296
	3,000		Abnova Corp		9
	255,099	*	Accelrys, Inc		2,117
	165,722	*,e	Acorda Therapeutics, Inc		4,518
	248,605	*	Acrux Ltd		900
	539,024	*	Actelion Ltd		29,517
	49,050	*	Active Biotech AB		1,233
	20,634	*,e	Acura Pharmaceuticals, Inc		68
	38,565	*	Adcock Ingram Holdings Ltd		351
	13,100	*	Aegerion Pharmaceuticals, Inc		186
	158,789	*,e	Affymax, Inc		1,056
	354,106	*,e	Affymetrix, Inc		1,781
	231,749	*,e	Akorn, Inc		1,407
	232,277		Alapis Holding Industrial and Commercial S.A.		161

119

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	117,634	*,e	Albany Molecular Research, Inc	$	661
	241,641	*,e	Alexion Pharmaceuticals, Inc		19,464
	165,155	*,e	Alexza Pharmaceuticals, Inc		206
	41,977	*,e	Algeta ASA		978
	8,765		ALK-Abello AS		505
	435,055	*	Alkermes, Inc		5,342
	1,494,548		Allergan, Inc		102,631
	359,159	*,e	Allos Therapeutics, Inc		1,656
	155,524	*,e	Alnylam Pharmaceuticals, Inc		1,533
	200,433	*	AMAG Pharmaceuticals, Inc		3,628
	4,872,873	*	Amgen, Inc		267,520
	286,485	*,e	Amylin Pharmaceuticals, Inc		4,214
	27,300	*,e	Anacor Pharmaceuticals, Inc		147
	657,629	*,e	Anthera Pharmaceuticals, Inc		3,209
	13,000		Apex Biotechnology Corp		31
	58,046	*,e	Ardea Biosciences, Inc		1,509
	536,123	*,e	Arena Pharmaceuticals, Inc		922
	476,507	*,e	Ariad Pharmaceuticals, Inc		2,430
	232,341	*,e	Arqule, Inc		1,364
	264,618	*,e	Array Biopharma, Inc		791
	85,000		ASKA Pharmaceutical Co Ltd		642
	373,694		Aspen Pharmacare Holdings Ltd		5,220
	79,935	*,e	AspenBio Pharma, Inc		48
	525,119		Astellas Pharma, Inc		20,018
	524,851		AstraZeneca plc		23,911
	716,835	e	AstraZeneca plc (ADR)		33,111
	2,870		Aurobindo Pharma Ltd		84
	180,871	*,e	Auxilium Pharmaceuticals, Inc		3,816
	1,364,375	*,e	AVANIR Pharmaceuticals, Inc		5,567
	20,590	*,e	AVEO Pharmaceuticals, Inc		301
	443,201	*,e	AVI BioPharma, Inc		940
	6,432		Bachem Holding AG.		385
	11,315	*	Basilea Pharmaceutica		787
	14,033	*	Bavarian Nordic AS		616
	3,436,780		Bayer AG.		253,969
	17,199,208	*	BB Bioventures L.P.		2,355
	3,106		Bilcare Ltd		46
	11,547		Biocon Ltd		109
	106,387	*,e	BioCryst Pharmaceuticals, Inc		550
	63,819	*,e	Biodel, Inc		117
	18,219	e	Biogaia AB (B Shares)		260
	872,484	*,e	Biogen Idec, Inc		58,500
	66,793	*	BioInvent International AB		295
	202,763	*,e	BioMarin Pharmaceuticals, Inc		5,460
	71,177	*,e	BioMimetic Therapeutics, Inc		904
	89,149	*	Bio-Rad Laboratories, Inc (Class A)		9,258
	262,830	*,e	Biosante Pharmaceuticals, Inc		431
	18,434	*,e	Biospecifics Technologies Corp		472
	247,808	e	Biota Holdings Ltd		251
	6,592		Biotest AG.		431
	17,659		Biotest AG. (Preference)		1,094
	91,099	*,e	Biotime, Inc		759

120

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	807,526	*	Bioton S.A.	$	41
	395,581	e	Biovail Corp		11,191
	507,567		Biovail Corp		14,436
	12,076,891	*,a,e	Biovitrum AB		72,724
	149,703	*,e	BMP Sunstone Corp		1,484
	7,623		Boiron S.A.		290
	7,063,021	e	Bristol-Myers Squibb Co		187,029
	212,000	*	Broad Intelligence International Pharmaceutical Holdings Ltd		68
	458,531	*,e	Bruker BioSciences Corp		7,612
	357,033	*,e	BTG plc		1,288
	1,530		Bukwang Pharmaceutical Co Ltd		18
	507,642	*,e	Cadence Pharmaceuticals, Inc		3,833
	217,562	*,e	Caliper Life Sciences, Inc		1,379
	191,130	*,e	Cambrex Corp		988
	40,000	*	Cangene Corp		122
	51,984	*,e	Caraco Pharmaceutical Laboratories Ltd		236
	193,261	*,e	Cardiome Pharma Corp		1,240
	537,009	*,e	Celera Corp		3,383
	4,611,583	*,e	Celgene Corp		272,728
	115,548	*,e	Celldex Therapeutics, Inc		476
	76,084	*	Celltrion, Inc		2,246
	573,014	*,e	Cephalon, Inc		35,366
	258,851	*,e	Cepheid, Inc		5,889
	135,164	*,e	Charles River Laboratories International, Inc		4,804
	142,654	*,e	Chelsea Therapeutics International, Inc		1,070
	101,874	*,e	China Aoxing Pharmaceutical Co, Inc		284
	22,000		China Chemical & Pharmaceutical Co Ltd		22
	124,000	e	China Pharmaceutical Group Ltd		69
	642,000	e	China Shineway Pharmaceutical Group Ltd		1,842
	1,190		Chong Kun Dang Pharm Corp		24
	782		Choongwae Pharma Corp		11
	200,569	e	Chugai Pharmaceutical Co Ltd		3,681
	480,334		Cipla Ltd		3,972
	77,974		Cipla Medpro South Africa Ltd		85
	3,440,000	*	CK Life Sciences International Holdings, Inc		235
	33,517	*	Clal Biotechnology Industries Ltd		178
	55,620	*,e	Clinical Data, Inc		885
	1,550	e	CMIC Co Ltd		442
	37,115	*,e	Codexis, Inc		393
	282,132	*,e	Combinatorx, Inc		446
	13,900	*,e	Complete Genomics, Inc		104
	62,947	*	Compound partnering business		910
	108,840	*,e	Corcept Therapeutics, Inc		420
	50,092	*,e	Cornerstone Therapeutics, Inc		290
	134,474	*,e	Covance, Inc		6,913
	83,954	*,e	Crucell NV		2,648
	882,124	e	CSL Ltd		32,742
	348,554	*,e	Cubist Pharmaceuticals, Inc		7,459
	48,820	*,e	Cumberland Pharmaceuticals, Inc		292
	3,238	*	Curexo, Inc		35
	326,271	*,e	Curis, Inc		646

121

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	154,931	*,e	Cypress Bioscience, Inc	$	1,004
	299,577	*,e	Cytokinetics, Inc		626
	160,272	*,e	Cytori Therapeutics, Inc		832
	449,697	*,e	Cytrx		454
	1,030		Daewoong Pharmaceutical Co Ltd		43
	769,885		Daiichi Sankyo Co Ltd		16,850
	845,103		Dainippon Sumitomo Pharma Co Ltd		7,682
	76,000		Dawnrays Pharmaceutical Holdings Ltd		36
	91,589		Dechra Pharmaceuticals plc		714
	681,573	*,e	Dendreon Corp		23,801
	403,756	*,e	Depomed, Inc		2,568
	10,812	*	Deva Holding AS		23
	20,049	*	Devgen		129
	23,779	*,e	Diamyd Medical AB (B Shares)		472
	92,134	*	Dionex Corp		10,873
	1,396		Dong-A Pharmaceutical Co Ltd		151
	2,330		Dongwha Pharm Co Ltd		11
	187,438		Dr Reddy’s Laboratories Ltd		6,970
	375,438	*,e	Durect Corp		1,295
	387,067	*	Dyax Corp		828
	355,507	*,e	Dynavax Technologies Corp		1,138
	1,169		Egis Gyogyszergyar Rt		113
	22,271		EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS.		36
	897,845	e	Eisai Co Ltd		32,512
	373,430	*	Elan Corp plc		2,071
	3,875		Elder Pharmaceuticals Ltd		32
	3,942,596	e	Eli Lilly & Co		138,149
	92,950	*	Emergent Biosolutions, Inc		2,181
	881,206	*,e	Endo Pharmaceuticals Holdings, Inc		31,468
	164,819	*,e	Enzo Biochem, Inc		870
	291,538	*,e	Enzon Pharmaceuticals, Inc		3,548
	172	e	EPS Co Ltd		421
	209,384	*,e	eResearch Technology, Inc		1,539
	74,840	*	Eurand NV		885
	16,291		Eurofins Scientific		1,173
	128,488	*	Evolutec Group plc		206
	134,852	*	Evotec AG.		526
	159,234	*,e	Exact Sciences Corp		952
	734,081	*,e	Exelixis, Inc		6,027
	43,001	*,e	ExonHit Therapeutics S.A.		118
	180,000	*	Extrawell Pharmaceutical Holdings Ltd		14
	271,930		FAES FARMA S.A.		990
	5,222		FDC Ltd		13
	2,124,661	*	Forest Laboratories, Inc		67,947
	128,000	e	Fuso Pharmaceutical Industries Ltd		393
	544,565	*	Galapagos NV		8,645
	52,839	*,e	Genmab AS		620
	51,531	*,e	Genomic Health, Inc		1,102
	222,200	*,e	Genomma Lab Internacional S.A. de C.V.		532
	90,406		Genus plc		1,209
	1,474,581	*	Genzyme Corp		104,989

122

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	512,818	*,e	Geron Corp	$	2,651
	36,945		Gerresheimer AG.		1,629
	7,092,274	*	Gilead Sciences, Inc		257,023
	5,163,565		GlaxoSmithKline plc		99,826
	20,923		Glenmark Pharmaceuticals Ltd		169
	729		Green Cross Corp		89
	47,993	e	Grifols S.A.		654
	28,000	e	Guangzhou Pharmaceutical Co Ltd		46
	306,153	*,e	Halozyme Therapeutics, Inc		2,425
	2,580	*	Han All Pharmarceutical Co		17
	769	*	Hanmi Pharm Co Ltd		60
	346		Hanmi Pharm Co Ltd		11
	253,132	e	Hikma Pharmaceuticals plc		3,203
	67,016	e	Hisamitsu Pharmaceutical Co, Inc		2,823
	43,192	*,e	Hi-Tech Pharmacal Co, Inc		1,078
	144,000		Hua Han Bio-Pharmaceutical Holdings Ltd		49
	3,089,578	*,e	Human Genome Sciences, Inc		73,810
	310,078	*,e	Idenix Pharmaceuticals, Inc		1,563
	247,908	*,e	Illumina, Inc		15,702
	124		Ilsung Pharmaceuticals Co Ltd		10
	1,310	*	Ilyang Pharmaceutical Co Ltd		30
	296,243	*,e	Immunogen, Inc		2,743
	295,013	*,e	Immunomedics, Inc		1,056
	403,072	*	Impax Laboratories, Inc		8,106
	711,724	*,e	Incyte Corp		11,786
	82,065	*,e	Infinity Pharmaceuticals, Inc		487
	208,666	*,e	Inhibitex, Inc		543
	372,063	*,e	Inovio Biomedical Corp		428
	288,651	*	Inspire Pharmaceuticals, Inc		2,425
	105,511	*	Intercell AG.		1,636
	188,696	*,e	InterMune, Inc		6,869
	1,490		Ipca Laboratories Ltd		12
	46,438		Ipsen		1,417
	77,629	*,e	Ironwood Pharmaceuticals, Inc		803
	413,731	*,e	Isis Pharmaceuticals, Inc		4,187
	152,279	*,e	Jazz Pharmaceuticals, Inc		2,997
	19,000	*	JCR Pharmaceuticals Co Ltd		251
	720		Jeil Pharmaceutical Co		10
	11,657,526	e	Johnson & Johnson		721,017
	1,481		Jubilant Organosys Ltd		9
	168,681		Kaken Pharmaceutical Co Ltd		2,049
	125,163	*	Kendle International, Inc		1,363
	191,596	*,e	Keryx Biopharmaceuticals, Inc		878
	497,711	*	King Pharmaceuticals, Inc		6,993
	64,600		Kissei Pharmaceutical Co Ltd		1,270
	292		Kolon Life Science, Inc		9
	1,043	*	Komipharm International Co Ltd		35
	4,320		Kwang Dong Pharmaceutical Co Ltd		13
	111,000		Kyorin Co Ltd		1,943
	453,967	e	Kyowa Hakko Kogyo Co Ltd		4,674
	1,676		Kyungdong Pharm Co Ltd		13
	884,884		Laboratorios Almirall S.A.		8,064

123

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	42,891	e	Laboratorios Farmaceuticos Rovi S.A	$	275
	48,065	*,e	Lannett Co, Inc		269
	877,710	*,e	Lexicon Pharmaceuticals, Inc		1,264
	2,020	*	LG Life Sciences Ltd		94
	1,190,178	*,e	Life Technologies Corp		66,056
	89,018	*,e	Ligand Pharmaceuticals, Inc (Class B)		794
	210,000		Lijun International Pharmaceutical Holding Ltd		61
	15,000		Livzon Pharmaceutical, Inc		54
	977,107		Lonza Group AG.		78,326
	155,038	*	Luminex Corp		2,834
	188,950		Lupin Ltd		2,039
	277,749	*,e	MannKind Corp		2,239
	67,100	*,e	MAP Pharmaceuticals, Inc		1,123
	191,869	*,e	Martek Biosciences Corp		6,005
	126,339	e	Maxygen, Inc		497
	95,375	*,e	MDS, Inc		1,082
	480,791	e	Meda AB (A Shares)		3,660
	364,912	*,e	Medicines Co		5,156
	294,332	e	Medicis Pharmaceutical Corp (Class A)		7,885
	503	*	Medipost Co Ltd		19
	283,000	*,e	Medivation, Inc		4,293
	28,097	*	Medivir AB		584
	12,248,751	e	Merck & Co, Inc		441,445
	14,822		Merck KGaA		1,185
	128,639	*	Mesoblast Ltd		614
	114,207	*,e	Metabolix, Inc		1,390
	292,846	*,e	Mettler-Toledo International, Inc		44,282
	356,910	*,e	Micromet, Inc		2,898
	151,000	e	Mochida Pharmaceutical Co Ltd		1,618
	170,855	*,e	Momenta Pharmaceuticals, Inc		2,558
	29,508	*	Morphosys AG.		731
	22,167,242	*,a	MPM Bioventures II		5,409
	4,470,163	*,e	Mylan Laboratories, Inc		94,455
	183,928	*,e	Myriad Genetics, Inc		4,201
	321,340	*	Nabi Biopharmaceuticals		1,861
	75,727	*,e	Nanosphere, Inc		330
	191,666	*	Natraceutical S.A.		86
	402,396	*,e	Nektar Therapeutics		5,171
	75,139	*,e	Neostem, Inc		106
	193,946	*,e	Neuralstem, Inc		411
	405,574	*,e	Neurocrine Biosciences, Inc		3,099
	66,457	*,e	NeurogesX, Inc		423
	32,095	*,e	NeuroSearch AS		547
	30,400	e	Nichi-iko Pharmaceutical Co Ltd		1,066
	94,657	*,e	NicOx S.A.		278
	425,550	e	Nippon Chemiphar Co Ltd		1,468
	68,000		Nippon Shinyaku Co Ltd		973
	10,932	*,e	Novacea, Inc		81
	6,431,978		Novartis AG.		378,008
	595,655	e	Novartis AG. (ADR)		35,114
	367,000	*,e	Novavax, Inc		892
	42,733		Novo Nordisk AS (ADR)		4,810

124

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	915,222		Novo Nordisk AS (Class B)	$	103,204
	299,330	*	NPS Pharmaceuticals, Inc		2,365
	7,100	*,e	Nupathe, Inc		64
	67,822	*,e	Nymox Pharmaceutical Corp		477
	83,280	*,e	Obagi Medical Products, Inc		962
	301,456	*,e	Omeros Corp		2,484
	189	*	OncoTherapy Science, Inc		433
	100,833		Ono Pharmaceutical Co Ltd		4,707
	657,200	*,e	Onyx Pharmaceuticals, Inc		24,231
	326,782	*,e	Opko Health, Inc		1,199
	150,740	*,e	Optimer Pharmaceuticals, Inc		1,705
	4,251		Orchid Chemicals & Pharmaceuticals Ltd		29
	113,005	*,e	Orexigen Therapeutics, Inc		913
	43,897		Orion Oyj (Class B)		960
	73,955	*,e	Osiris Therapeutics, Inc		576
	59,600	*,e	Pacific Biosciences of California, Inc		948
	164,585	e	Pain Therapeutics, Inc		1,111
	20,700	*	Paladin Labs, Inc		684
	181,563	*,e	Par Pharmaceutical Cos, Inc		6,992
	347,873	*,e	Parexel International Corp		7,385
	800	*	Patheon, Inc		2
	693,399	e	PDL BioPharma, Inc		4,320
	214,119	*,e	Peregrine Pharmaceuticals, Inc		492
	786,382		PerkinElmer, Inc		20,304
	305,450	e	Perrigo Co		19,344
	46,949,865		Pfizer, Inc		822,091
	214,473	e	Pharmaceutical Product Development, Inc		5,821
	375,651	*,e	Pharmacyclics, Inc		2,284
	126,982	*,e	Pharmasset, Inc		5,512
	317,591	*,e	Pharmaxis Ltd		968
	12,182	*,f	Pharmstandard (GDR) (purchased 05/17/07, cost $316)		347
	20,000	*	Phytohealth Corp		32
	195,622		Piramal Healthcare Ltd		2,056
	125,159	*,e	Pozen, Inc		832
	134,574	*,e	Progenics Pharmaceuticals, Inc		735
	197,500	*,e	Pronova BioPharma AS		318
	7,017,500		PT Kalbe Farma Tbk		2,531
	144,299	*,e	Pure Bioscience		320
	112,196	*	Qiagen NV		2,193
	118,240		Q-Med AB		1,341
	376,301	*,e	Questcor Pharmaceuticals, Inc		5,543
	167,830	*	Ranbaxy Laboratories Ltd		2,247
	268,578		Recordati S.p.A.		2,532
	136,815	*,e	Regeneron Pharmaceuticals, Inc		4,492
	3,648,314	*	Renovo Group plc		3,996
	20,414		Richter Gedeon Nyrt		4,175
	244,201	*	Rigel Pharmaceuticals, Inc		1,839
	6,110	*	RNL BIO Co Ltd		14
	666,026		Roche Holding AG.		97,589
	114,000		Rohto Pharmaceutical Co Ltd		1,333
	253,544	*,e	Salix Pharmaceuticals Ltd		11,906
	2,330		Samjin Pharmaceutical Co Ltd		23

125

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	209,680	*,e	Sangamo Biosciences, Inc	$	1,392
	2,655,890		Sanofi-Aventis		169,823
	432,732	*,e	Santarus, Inc		1,415
	63,411		Santen Pharmaceutical Co Ltd		2,202
	369,398	*,e	Savient Pharmaceuticals, Inc		4,115
	21,500	e	Sawai Pharmaceutical Co Ltd		1,758
	7,508		Schweizerhall Holding AG.		717
	191,535	*,e	Sciclone Pharmaceuticals, Inc		801
	767,155	*,e	Seattle Genetics, Inc		11,469
	153,800		Seikagaku Corp		1,722
	351,891	*,e	Sequenom, Inc		2,822
	24,000		Shandong Luoxin Pharmacy Stock Co Ltd		30
	7,833	*	ShangPharma Corp (ADR)		90
	295,309	e	Shionogi & Co Ltd		5,831
	1,062,257		Shire Ltd		25,555
	146,879	e	Shire plc (ADR)		10,631
	138,551	*,e	SIGA Technologies, Inc		1,940
	47,000	*	Sihuan Pharmaceutical Holdings		34
	788,000	e	Sino Biopharmaceutical		293
	4,254,176	*,a	Skyline Venture Fund II Ltd		466
	976,029	*	Skyline Venture Fund III Ltd		423
	84,320	*,e	Somaxon Pharmaceuticals, Inc		266
	357,362	*,e	Spectrum Pharmaceuticals, Inc		2,455
	113,227		Stada Arzneimittel AG.		3,840
	9,376	e	Stallergenes		739
	9,000		Standard Chemical & Pharma		10
	715,564	*,e	StemCells, Inc		773
	22,557		Strides Arcolab Ltd		226
	52,873	*,e	Sucampo Pharmaceuticals, Inc (Class A)		203
	18,968	*	Sun Pharmaceutical Industries Ltd		40
	603,130		Sun Pharmaceuticals Industries Ltd		6,541
	366,245	*,e	SuperGen, Inc		960
	98,082	*,e	Synta Pharmaceuticals Corp		600
	10,800	e	Taiko Pharmaceutical Co Ltd		156
	129,161	e	Taisho Pharmaceutical Co Ltd		2,827
	116	*,e	Takara Bio, Inc		289
	1,187,739		Takeda Pharmaceutical Co Ltd		58,443
	249,227	*,e	Talecris Biotherapeutics Holdings Corp		5,807
	206,377		Tanabe Seiyaku Co Ltd		3,485
	155,281	*,e	Targacept, Inc		4,115
	387,095		Tecan Group AG.		32,292
	87,077	e	Techne Corp		5,718
	485,712		Teva Pharmaceutical Industries Ltd		25,459
	934,421		Teva Pharmaceutical Industries Ltd (ADR)		48,711
	88,001	*,e	Theratechnologies, Inc		484
	309,751	*,e	Theravance, Inc		7,765
	2,063,698	*,e	Thermo Electron Corp		114,247
	31,582	*,e	ThromboGenics NV		970
	18,000		Tong Ren Tang Technologies Co Ltd		54
	30,400		Torii Pharmaceutical Co Ltd		659
	13,100		Towa Pharmaceutical Co Ltd		728
	22,411	*,e	Transgene S.A.		419

126

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	350,000	*,m	Trius Therapeutics, Inc	$	1,295
	68,575		Tsumura & Co		2,221
	14,000		TTY Biopharm Co Ltd		65
	14,736	e	UCB S.A.		505
	1,670		Unichem Laboratories Ltd		9
	650,000	*	United Gene High-Tech Group Ltd		11
	976,000		United Laboratories Ltd		2,004
	214,435	*	United Therapeutics Corp		13,557
	1,610,533	*,a,e	Vanda Pharmaceuticals, Inc		15,236
	445,681	*	Vectura Group plc		486
	403,407	*,e	Vertex Pharmaceuticals, Inc		14,131
	230,796	*,e	Vical, Inc		466
	12,579		Virbac S.A.		2,185
	424,118	*,e	Viropharma, Inc		7,346
	323,804	*,e	Vivus, Inc		3,034
	5,189,034	e	Warner Chilcott plc		117,065
	320,218	*,e	Waters Corp		24,884
	5,349,624	*,e	Watson Pharmaceuticals, Inc		276,308
	6,326	*	Wockhardt Ltd		52
	7,855	*	WuXi PharmaTech Cayman, Inc (ADR)		127
	140,468	*,e	Xenoport, Inc		1,197
	11,367		Yuhan Corp		1,738
	18,160	*	Yungjin Pharmaceutical Co Ltd		14
	38,000	*	YungShin Global Holding Corp		53
	215,313	*,e	Zeltia S.A.		796
	27,000	e	ZERIA Pharmaceutical Co Ltd		329
	217,894	*,e	ZIOPHARM Oncology, Inc		1,015
	15,400	*,e	Zogenix, Inc		87
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		7,098,827
REAL ESTATE - 2.8%
	393,836	e	Abacus Property Group		922
	171,830	e	Acadia Realty Trust		3,134
	59,009		Acanthe Developpement S.A.		93
	24,701		Acucap Properties Ltd		131
	7,588	*,e	Advance Residence Investment Corp		16,991
	637,788	*	Aedes S.p.A.		159
	92,598		Aeon Mall Co Ltd		2,486
	20,116		Affine S.A.		460
	373,213	*	Afirma Grupo Inmobiliario S.A.		44
	81,582	*	Africa Israel Investments Ltd		522
	14,138	*	Africa Israel Properties Ltd		223
	3,106,000	e	Agile Property Holdings Ltd		4,571
	34,903	e	Agree Realty Corp		914
	1,781,000		AIMS AMP Capital Industrial REIT		305
	31,167	*	Airport City Ltd		152
	32,000		Airport Facilities Co Ltd		140
	773		Akmerkez Gayrimenkul Yatirim Ortakligi AS		41
	8,654	e	Alexander’s, Inc		3,568
	183,309	e	Alexandria Real Estate Equities, Inc		13,429
	67,184		Aliansce Shopping Centers S.A.		554
	171,284		Allan Gray Property Trust		182

127

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	32,339,400	e	Allco Commercial Real Estate Investment Trust	$	4,158
	9,525,000		Allgreen Properties Ltd		8,758
	66		Alliances Developpement Immobilier S.A.		6
	35,517		Allied Properties Real Estate Investment Trust		769
	15,951		Allreal Holding AG.		2,324
	142,968		Alony Hetz Properties & Investments Ltd		826
	5,797	*	AL-ROV Israel Ltd		226
	43,819		Alstria Office REIT-AG.		615
	503,500		Amata Corp PCL (For)		241
	342,300	e	AMB Property Corp		10,854
	404,802		American Campus Communities, Inc		12,857
	232,281	e	American Capital Agency Corp		6,676
	160,437		Amot Investments Ltd		487
	1,104,875		AMP NZ Office Trust		672
	25,066		Anant Raj Industries Ltd		60
	3,651,435	e	Annaly Mortgage Management, Inc		65,434
	14,503		Ansal Properties & Infrastructure Ltd		20
	704,971		Anworth Mortgage Asset Corp		4,935
	729,249	e	Apartment Investment & Management Co (Class A)		18,844
	82,143	e	Apollo Commercial Real Estate Finance, Inc		1,343
	39,151		Artis Real Estate Investment Trust		520
	629,293		Ascendas Real Estate Investment Trust		1,015
	1,412,403	e	Ascott Residence Trust		1,343
	244,676	*	Ashford Hospitality Trust, Inc		2,361
	74,600		Asian Property Development PCL (ADR)		14
	759,800		Asian Property Development PCL (Foreign)		146
	682,409	e	Aspen Group		335
	293,190	e	Associated Estates Realty Corp		4,483
	3,318		Atenor Group		149
	511,910	e	Atrium European Real Estate Ltd		2,989
	359,319	e	Australand Property Group		1,069
	353,393	e	AvalonBay Communities, Inc		39,774
	36,045	*,e	Avatar Holdings, Inc		714
	7,063,123		Ayala Land, Inc		2,654
	9,247,920	m	Ayala Land, Inc (Preference)		21
	740,827	e	Babcock & Brown Japan Property Trust		250
	73,700		Bandar Raya Developments BHD		56
	1,084,100	*	Bangkokland PCL		27
	2,406		Bayside Land Corp		635
	23,803	e	Befimmo SCA Sicafi		1,950
	158,000		Beijing Capital Land Ltd		53
	152,000	e	Beijing North Star Co		41
	971,000	*	Belle Corp		102
	1,301,413		Beni Stabili S.p.A.		1,101
	27,000	e	Beni Stabili S.p.A. (Paris)		23
	156,875		Big Yellow Group plc		857
	635,537	e	BioMed Realty Trust, Inc		11,853
	154	*,e	BLife Investment Corp		1,142
	65,159		Boardwalk Real Estate Investment Trust		2,703
	756,523	e	Boston Properties, Inc		65,137
	422,456		BR Malls Participacoes S.A.		4,352
	38,211		BR Properties S.A.		418

128

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	321,388	e	Brandywine Realty Trust	$	3,744
	15,000		Brasil Brokers Participacoes S.A.		86
	136,031	e	BRE Properties, Inc (Class A)		5,917
	435,776	*	Brioschi Sviluppo Immobiliare		83
	217,613		British Israel Investments Ltd		805
	1,534,476		British Land Co plc		12,548
	635,332	e	Brookfield Asset Management, Inc		21,214
	6,218	*	Brookfield Multiplex Group		496
	45,000		Brookfield Properties Corp		789
	768,275	e	Brookfield Properties Corp (Toronto)		13,568
	486,803	e	Bunnings Warehouse Property Trust		871
	265,000		C C Land Holdings Ltd		89
	145,907	*,e	CA Immobilien Anlagen AG.		2,322
	789,000		Cache Logistics Trust		593
	81,575		Calloway Real Estate Investment Trust		1,917
	1,191,840		Cambridge Industrial Trust		492
	296,138	e	Camden Property Trust		15,986
	129,600	e	Campus Crest Communities, Inc		1,817
	46,591		Canadian Apartment Properties REIT		803
	82,156		Canadian Real Estate Investment Trust		2,566
	3,900,400	e	CapitaCommercial Trust		4,559
	695,574	e	Capital & Counties Properties		1,634
	383,316	*	Capital & Regional plc		193
	395,083	e	Capital Lease Funding, Inc		2,299
	88,294		Capital Property Fund		110
	1,765,817		CapitaLand Ltd		5,105
	5,132,583		CapitaMall Trust		7,799
	1,127,760	e	CapitaMalls Asia Ltd		1,705
	94,100	*	CapitaMalls Malaysia Trust		34
	530,000		CapitaRetail China Trust		512
	412,118	e	Capstead Mortgage Corp		5,189
	305,560		Castellum AB		4,159
	242,000		Cathay Real Estate Development Co Ltd		153
	1,439,448	*,e	CB Richard Ellis Group, Inc (Class A)		29,480
	738,092	e	CBL & Associates Properties, Inc		12,917
	1,126,000		CDL Hospitality Trusts		1,825
	382,588	e	Cedar Shopping Centers, Inc		2,406
	124,000		Central China Real Estate Ltd		37
	197,000		Central Pattana PCL (Foreign)		175
	2,575	*	Centro Properties Group		0	^
	2,307,659	*	Centro Retail Group		566
	3,670,511	e	CFS Gandel Retail Trust		6,607
	43,400		CH Karnchang PCL		14
	695,438		Challenger Diversified Property Group		356
	5,610,682	e	Champion Real Estate Investment Trust		3,313
	308,539		Charter Hall Group		783
	42,407	e	Chatham Lodging Trust		732
	57,202	e	Chesapeake Lodging Trust		1,076
	5,658,508		Cheuk Nang Holdings Ltd		1,820
	1,562,898		Cheung Kong Holdings Ltd		24,109
	7,904,163	e	Chimera Investment Corp		32,486
	198,000		China Aoyuan Property Group Ltd		38

129

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	182,000	*	China Chengtong Development Group Ltd	$	11
	7,243,080		China Overseas Land & Investment Ltd		13,400
	106,000	*	China Properties Group Ltd		33
	3,190,000	e	China Resources Land Ltd		5,828
	260,000		China SCE Property Holdings Ltd		74
	234,000		China South City Holdings Ltd		44
	1,994,520		China Vanke Co Ltd		2,463
	291,000	e	Chinese Estates Holdings Ltd		481
	21,000		Chong Hong Construction Co		59
	230,967		City Developments Ltd		2,260
	193,338		Citycon Oyj		796
	54,874	*	CLS Holdings plc		457
	144,000	*	Coastal Greenland Ltd		9
	19,683		Cofinimmo		2,562
	322,206	e	Cogdell Spencer, Inc		1,869
	26,001	*	Colonia Real Estate AG.		194
	425,730		Colonial Properties Trust		7,684
	58,325	e	Colony Financial, Inc		1,168
	41,498		Cominar Real Estate Investment Trust		869
	4,680,617	e	Commonwealth Property Office Fund		3,973
	24,391	e	Consolidated-Tomoka Land Co		705
	168,343	e	Conwert Immobilien Invest AG.		2,419
	77,300	e	Coresite Realty		1,054
	131,674		Corio NV		8,449
	234,175	e	Corporate Office Properties Trust		8,184
	6,800,000	e	Country Garden Holdings Co Ltd		2,607
	562,004	e	Cousins Properties, Inc		4,687
	674		Crescendo Investment Corp		437
	68,522	e	CreXus Investment Corp		898
	995,447		Cromwell Group		774
	190,021		Cypress Sharpridge Investments, Inc		2,453
	2,912	e	DA Office Investment Corp		10,355
	75,100		Daibiru Corp		618
	548,000	*,e	Daikyo, Inc		1,114
	1,245,900		Daiman Development BHD		719
	295,393		Daito Trust Construction Co Ltd		20,229
	713,827		Daiwa House Industry Co Ltd		8,774
	3,363,311	e	DB RREEF Trust		2,735
	1,223,982	e	DCT Industrial Trust, Inc		6,499
	192,788	*	Delek Real Estate Ltd		74
	149,124		Derwent London plc		3,629
	70,703		Deutsche Euroshop AG.		2,738
	115,138	*	Deutsche Wohnen AG.		1,616
	1,215,936	e	Developers Diversified Realty Corp		17,133
	172,389		Development Securities plc		605
	852,712	e	DiamondRock Hospitality Co		10,233
	62,480		DIC Asset AG.		696
	285,277	e	Digital Realty Trust, Inc		14,703
	3,240,997		DLF Ltd		21,161
	249,450	e	Douglas Emmett, Inc		4,141
	130,917		Douja Promotion Groupe Addoha S.A.		1,629
	131,586	*	DTZ Holdings plc		91

130

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	529,647	e	Duke Realty Corp	$	6,599
	42,394		Dundee Real Estate Investment Trust		1,288
	180,145	e	DuPont Fabros Technology, Inc		3,832
	134,085	e	Dynex Capital, Inc		1,464
	40,000		Eastern & Oriental BHD		15
	125,233	e	EastGroup Properties, Inc		5,300
	263,342	e	Education Realty Trust, Inc		2,046
	19,877	*	Elbit Imaging Ltd		265
	14,911	*	Electra Real Estate Ltd		121
	78,906		Emira Property Fund		166
	149,838	*	Emlak Konut Gayrimenkul Yatiri		192
	2,956,000		Emperor International Holdings		700
	290,520	e	Entertainment Properties Trust		13,437
	169,183	e	Equity Lifestyle Properties, Inc		9,462
	163,347		Equity One, Inc		2,970
	1,252,786	e	Equity Residential		65,082
	180,237	e	Essex Property Trust, Inc		20,587
	36,007		Eurobank Properties Real Estate Investment Co		286
	54,781		Eurocommercial Properties NV		2,522
	900,000	e	Evergrande Real Estate Group		438
	65,201		Excel Trust, Inc		789
	472,999	e	Extra Space Storage, Inc		8,230
	217,253	e	Fabege AB		2,537
	282,000		Fantasia Holdings Group Co Ltd		48
	1,625,833		Far East Consortium		425
	1,167,700		Farglory Land Development Co Ltd		3,144
	190,037	e	Federal Realty Investment Trust		14,810
	617,301	*,e	FelCor Lodging Trust, Inc		4,346
	1,200,000		Filinvest Land, Inc		36
	94,280	e	First Capital Realty, Inc		1,433
	432,291	*,e	First Industrial Realty Trust, Inc		3,787
	193,658	e	First Potomac Realty Trust		3,257
	39,010	*	FirstService Corp		1,179
	1,417,228	e	FKP Property Group		1,239
	25,902	e	Fonciere Des Regions		2,506
	586,339	*,e	Forest City Enterprises, Inc (Class A)		9,786
	171,503	*,e	Forestar Real Estate Group, Inc		3,310
	1,887,000	e	Fortune Real Estate Investment Trust		971
	297,625	e	Franklin Street Properties Corp		4,241
	6,999,200	e	Franshion Properties China Ltd		2,107
	637,000		Frasers Centrepoint Trust		745
	499		Frontier Real Estate Investment Corp		4,763
	139	*	Fukuoka REIT Corp		1,089
	24,075	*	Future Mall Management Ltd		56
	137,120	e	GAGFAH S.A.		1,230
	1,700	*	Gant Development S.A.		10
	154,853		Gazit Globe Ltd		1,981
	27,708		Gazit, Inc		730
	51,550	e	Gecina S.A.		5,670
	2,056,338	b	General Growth Properties, Inc		31,832
	6,200	*	General Shopping Brasil S.A.		49
	86,908	e	Getty Realty Corp		2,718

131

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	40,927	e	Gladstone Commercial Corp	$	771
	393,359	e	Glimcher Realty Trust		3,304
	762,000	*,e	Global Logistic Properties		1,283
	434		Global One Real Estate Investment Corp		4,009
	140,479	*	Globe Trade Centre S.A.		1,163
	1,414,000		Glorious Property Holdings Ltd		486
	34,280		Goldcrest Co Ltd		896
	907,153	e	Goodman Property Trust		672
	119,351	e	Government Properties Income Trust		3,197
	1,141,472		GPT Group (ASE)		3,432
	557,280		Grainger plc		918
	582,399		Great Eagle Holdings Ltd		1,810
	533,421	e	Great Portland Estates plc		3,001
	947,500		Greentown China Holdings Ltd		1,048
	2,505,134		Growthpoint Properties Ltd		6,971
	6,456,400	*,e	Guangzhou Investment Co Ltd		1,728
	1,698,736	e	Guangzhou R&F Properties Co Ltd		2,430
	616,000		Guocoland Ltd		1,238
	185,000		GZI Real Estate Investment Trust		103
	18,000	*	H&R Real Estate Investment Trust		352
	1,273,424		Hammerson plc		8,283
	419,940		Hang Lung Group Ltd		2,761
	1,555,860		Hang Lung Properties Ltd		7,276
	182		Hankyu Reit, Inc		971
	181,174	e	Hatteras Financial Corp		5,484
	1,302,373	e	HCP, Inc		47,914
	498,087		Health Care REIT, Inc		23,729
	287,412	e	Healthcare Realty Trust, Inc		6,085
	235,000		Heiwa Real Estate Co Ltd		741
	124,877		Helical Bar plc		555
	14,816		Heliopolis Housing		64
	1,244,452	e	Henderson Land Development Co Ltd		8,485
	581,926	e	Hersha Hospitality Trust		3,841
	1,189,000		Highwealth Construction Corp		2,667
	343,687	e	Highwoods Properties, Inc		10,946
	1,665,600		HKR International Ltd		891
	376,000	e	Ho Bee Investment Ltd		475
	168,979	e	Home Properties, Inc		9,377
	481,000	*	Hong Fok Corp Ltd		234
	290,000	e	Hongkong Land Holdings Ltd		2,094
	695,745		Hopewell Holdings		2,184
	1,034,000	e	Hopson Development Holdings Ltd		1,112
	497,259	e	Hospitality Properties Trust		11,457
	3,395,803		Host Marriott Corp		60,683
	187,972	*	Housing Development & Infrastruture Ltd		820
	79,087	*	Howard Hughes Corp		4,304
	439,087	e	HRPT Properties Trust		11,201
	34,000		Huaku Development Co Ltd		103
	23,000		Huang Hsiang Construction Co		77
	44,900		Hudson Pacific Properties		676
	176,765		Hufvudstaden AB (Series A)		2,064
	83,200	e	Hulic Co Ltd		687

132

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	24,000		Hung Ching Development Co	$	16
	45,000		Hung Poo Real Estate Development Corp		67
	62,000		Hung Sheng Construction Co Ltd		43
	11,888		Hyprop Investments Ltd		103
	559,100		Hysan Development Co Ltd		2,633
	60,323		ICADE		6,155
	443,200		IGB Corp BHD		299
	7,200		Iguatemi Empresa de Shopping Centers S.A.		180
	51,100		Iida Home Max		554
	104,200		IJM Land BHD		97
	180,316		Immobiliare Grande Distribuzione		351
	795,962	*,e	IMMOFINANZ Immobilien Anlagen AG.		3,392
	645,672	*	Indiabulls Real Estate Ltd		2,011
	239		Industrial & Infrastructure Fund Investment Corp		1,158
	4,066,919		ING Industrial Fund		2,184
	4,341,072		ING Office Fund		2,464
	435,983		Inland Real Estate Corp		3,837
	1,845		Intershop Holdings		599
	9,356		Intervest Offices		294
	172,447	e	Invesco Mortgage Capital, Inc		3,766
	412,284	e	Investors Real Estate Trust		3,698
	45,010		Is Gayrimenkul Yatirim Ortakligi AS		51
	417,148	*,e	iStar Financial, Inc		3,262
	113,371	*,e	IVG Immobilien AG.		978
	85,506	*	IVR Prime Urban Developers Ltd		143
	358		Japan Excellent, Inc		2,372
	272	e	Japan Logistics Fund Inc		2,566
	3,253	e	Japan Prime Realty Investment Corp		10,017
	708		Japan Real Estate Investment Corp		7,342
	1,383	*	Japan Rental Housing Investments, Inc		611
	2,325	*	Japan Retail Fund Investment Corp		4,459
	22,373	*	Jerusalem Economy Ltd		262
	26,700		JHSF Participacoes S.A.		56
	71,600		Jiangsu Future Land Co Ltd		48
	1,293	e	Joint Reit Investment Corp		5,908
	279,141	e	Jones Lang LaSalle, Inc		23,426
	1,644,019	e	K Wah International Holdings Ltd		615
	45,000		KEE TAI Properties Co Ltd		38
	1,180	*	Kenedix Realty Investment Corp		5,545
	38,404	*	Kenedix, Inc		11,693
	91,078	*	Kennedy-Wilson Holdings, Inc		910
	825,603	e	Keppel Land Ltd		3,088
	980,114		Kerry Properties Ltd		5,107
	58,900		Killam Properties, Inc		619
	264,379	e	Kilroy Realty Corp		9,642
	1,867,599	e	Kimco Realty Corp		33,691
	36,000		Kindom Construction Co		41
	33,000		King’s Town Construction Co Ltd		39
	240,637	e	Kite Realty Group Trust		1,302
	1,009,141	e	Kiwi Income Property Trust		786
	5,298,578		KLCC Property Holdings BHD		5,757
	76,161		Klepierre		2,747

133

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	330,732		Klovern AB	$	1,672
	23,673	*	Korea Real Estate Investment Trust Co		16
	3,125,130		Kowloon Development Co Ltd		3,719
	488,000	e	K-REIT Asia		536
	59,700		KrisAssets Holdings BHD		65
	21,400		Kumpulan Perangsang Selangor BHD		9
	205,554		Kungsleden AB		1,880
	27,000	*	Kuoyang Construction Co Ltd		23
	2,554,500	e	KWG Property Holding Ltd		1,946
	90,888,000		Lai Fung Holdings Ltd		3,800
	7,827,000	*	Lai Sun Development		307
	357,400		Land and Houses PCL		76
	759,337		Land Securities Group plc		7,979
	386,994	e	LaSalle Hotel Properties		10,217
	3,097		Leasinvest Real Estate SCA		262
	430,360		Lend Lease Corp Ltd		3,799
	336,011	e	Leopalace21 Corp		650
	602,912	e	Lexington Corporate Properties Trust		4,793
	464,932		Liberty International plc		3,027
	236,869	e	Liberty Property Trust		7,561
	6,144,868		Link Real Estate Investment Trust		19,092
	1,095,000		Lippo-Mapletree Indonesia Retail Trust		452
	220,000		Liu Chong Hing Investment		280
	1,979,500	e	Longfor Properties Co Ltd		2,756
	44,400		LPN Development PCL		13
	5,300		LPS Brasil Consultoria de Imoveis S.A.		125
	164,386		LTC Properties, Inc		4,616
	597,627	e	Macerich Co		28,310
	289,661	e	Mack-Cali Realty Corp		9,576
	481,547	e	Macquarie CountryWide Trust		1,448
	4,780,261	e	Macquarie Goodman Group		3,178
	438,992		Macquarie Leisure Trust Group		456
	2,017,000	e	Macquarie MEAG Prime REIT		982
	849,383		Macquarie Office Trust		2,476
	298,785	*	Maguire Properties, Inc		822
	107,100		Mah Sing Group BHD		64
	35,779	*,e,m	Mapeley Ltd		112
	3,576,603		Mapletree Logistics Trust		2,689
	496,401	e	Medical Properties Trust, Inc		5,376
	1,948	*	Medinet Nasr Housing		11
	4,200,000	f	Megaworld Corp (purchased 08/03/06, cost $204)		238
	34,401		Melisron Ltd		967
	38,192		Mercialys S.A		1,434
	263,009	*	Metric Property Investments plc		441
	1,298,024	e	MFA Mortgage Investments, Inc		10,592
	228	e	MID Reit, Inc		680
	199,648	e	Mid-America Apartment Communities, Inc		12,676
	2,190,929		Midland Holdings Ltd		1,798
	171,565	*	Minerva plc		212
	360,000		Mingfa Group		115
	224,000	*	Minmetals Land Ltd		46
	3,604,577		Mirvac Group		4,516

134

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	302,247		Mission West Properties, Inc	$	2,022
	1,717,253		Mitsubishi Estate Co Ltd		31,853
	1,624,048		Mitsui Fudosan Co Ltd		32,385
	6,630		Mobimo Holding AG.		1,416
	126,954	e	Monmouth Real Estate Investment Corp (Class A)		1,079
	38,521		Morguard Real Estate Investment Trust		570
	649	e	Mori Hills REIT Investment Corp		2,510
	417		Mori Trust Sogo Reit, Inc		4,083
	84,696		Multiplan Empreendimentos Imobiliarios S.A.		1,883
	106,075	e	National Health Investors, Inc		4,775
	398,248		National Retail Properties, Inc		10,554
	850,243	e	Nationwide Health Properties, Inc		30,932
	138,000	*	Neo-China Land Group Holdings Ltd		52
	4,856,666		New World China Land Ltd		1,824
	18,629,132	e	New World Development Ltd		34,991
	237,417	*,e	Newcastle Investment Corp		1,591
	50,764	e	Nieuwe Steen Investments NV		1,016
	182		Nippon Accommodations Fund, Inc		1,408
	387	e	Nippon Building Fund, Inc		3,971
	48,098	*	Nitsba Holdings 1995 Ltd		526
	78,527		Nomura Real Estate Holdings, Inc		1,430
	397		Nomura Real Estate Office Fund, Inc		2,865
	204		Nomura Real Estate Residential Fund, Inc		1,188
	16,369		Northern Property Real Estate Investment Trust		476
	318,189	e	NorthStar Realty Finance Corp		1,511
	632,248	*	Norwegian Property ASA		1,121
	186,335		NRDC Acquisition Corp		1,847
	4,748		NTT Urban Development Corp		4,678
	436,262	e	Omega Healthcare Investors, Inc		9,790
	72,054		One Liberty Properties, Inc		1,203
	9,225		Orbit Corp Ltd		17
	500	*,e	Orix JREIT, Inc		3,252
	1,228,000		Pacific Century Premium Developments Ltd		226
	81,386		Pangbourne Properties Ltd		241
	564,000		Parkway Life Real Estate Investment Trust		725
	147,193	e	Parkway Properties, Inc		2,579
	76,456		Parque Arauco S.A		186
	50,516	*	Parsvnath Developers Ltd		66
	105,087	*,e	Patrizia Immobilien AG.		539
	165,206	e	Pebblebrook Hotel Trust		3,357
	228,919		Peet Ltd		468
	326,347	e	Pennsylvania Real Estate Investment Trust		4,742
	79,774	e	Pennymac Mortgage Investment Trust		1,448
	400,000		Phoenix Mills Ltd		1,993
	100,484	e	Piedmont Office Realty Trust, Inc		2,024
	1,701,992	*,e	Pirelli & C Real Estate S.p.A.		1,014
	472,285	e	Plum Creek Timber Co, Inc		17,687
	3,034,000	e	Poly Hong Kong Investment Ltd		2,967
	229,763	e	Post Properties, Inc		8,340
	174,427	e	Potlatch Corp		5,678
	260,000		Powerlong Real Estate Holdings Ltd		85
	332	e	Premier Investment Co		1,677

135

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	474,899	*	Prestige Estates Projects Ltd	$	1,827
	319,600		Preuksa Real Estate PCL (Foreign)		196
	50,116		Primaris Retail Real Estate Investment Trust		985
	270,900		Primary Health Properties plc		1,415
	112,000		Prince Housing & Development Corp		94
	1,398,183		Prologis		20,190
	1,679		Property & Building Corp		159
	2,813,000		Prosperity REIT		637
	108,166		PS Business Parks, Inc		6,027
	56,640		PSP Swiss Property AG.		4,543
	701,000		PT Alam Sutera Realty Tbk		23
	4,859,000		PT Bakrieland Development Tbk		85
	1,514,500		PT Bumi Serpong Damai		151
	2,195,500	*	PT Ciputra Development Tbk		85
	438,000		PT Ciputra Property Tbk		21
	710,500	*	PT Intiland Development Tbk		34
	4,894,813		PT Lippo Karawaci Tbk		369
	2,191,000	*	PT Sentul City Tbk		27
	978,000		PT Summarecon Agung Tbk		118
	668,706	e	Public Storage, Inc		67,820
	848,628	f	Puravankara Projects Ltd (purchased 01/21/08, cost $4,674)		2,109
	221,600		Quality House PCL		15
	758,306	*	Quintain Estates & Development plc		497
	50,000		Radium Life Tech Co Ltd		75
	387,527	*,e	RAIT Investment Trust		849
	258,933		Ramco-Gershenson Properties		3,224
	793,548		Raven Russia Ltd		773
	705,706	e	Rayonier, Inc		37,064
	235,853	e	Realty Income Corp		8,066
	4,689,044		Redefine Income Fund Ltd		5,687
	333,557		Redwood Trust, Inc		4,980
	38,805,000	e	Regal Real Estate Investment Trust		11,133
	222,168	e	Regency Centers Corp		9,384
	12,690,500	e	Renhe Commercial Holdings Co Ltd		2,220
	34,719		Resilient Property Income Fund Ltd		171
	163,283	e	Resource Capital Corp		1,205
	213,691		RioCan Real Estate Investment Trust		4,728
	581,000		Robinsons Land Corp		216
	591,000		Ruentex Development Co Ltd		1,040
	192,427		S.A. Corporate Real Estate Fund		93
	97,393	e	Sabra Healthcare REIT, Inc		1,792
	38,790		Sankei Building Co Ltd		232
	74,900		Sansiri PCL		14
	41,947	e	Saul Centers, Inc		1,986
	410,330		Savills plc		2,471
	310,000		SC Global Developments Ltd		401
	2,550,764		Segro plc		11,390
	671,599	e	Senior Housing Properties Trust		14,735
	470,725		Shaftesbury plc		3,288
	312,000		Shanghai Forte Land Co		100
	67,400		Shanghai Jinqiao Export Processing Zone Development Co Ltd		56

136

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
			Shanghai Lujiazui Finance & Trade Zone Development
	1,369,800		Co Ltd	$	2,192
	15,488,000	e	Shanghai Real Estate Ltd		1,554
	650,000		Shanghai Zendai Property Ltd		24
	646,000	e	Shenzhen Investment Ltd		225
	4,100	*	Shenzhen Special Economic Zone Real Estate & Properties Group Co Ltd		2
	3,530,500	e	Shimao Property Holdings Ltd		5,332
	53,000	*	Shining Building Business Co Ltd		77
	42,200		Shoei Co Ltd		385
	9,900,749	e	Shui On Land Ltd		4,764
	252,000		Silver Grant International		86
	1,694,075	e	Simon Property Group, Inc		168,544
	289,000		Singapore Land Ltd		1,671
	1,752,854		Sino Land Co		3,279
	400,000	*	Sinolink Worldwide Holdings Ltd		58
	14,113,500	e	Sino-Ocean Land Holdings Ltd		9,242
	124,465	*	Sinpas Gayrimenkul Yatirim Ortakligi AS		168
	42,000		Sinyi Realty Co		93
	2,972	*	Six of October Development & Investment		55
	460,798	e	SL Green Realty Corp		31,108
	5,992,852		SM Prime Holdings		1,557
	144,285		Sobha Developers Ltd		1,049
	6,768		Societe de la Tour Eiffel		524
	16,183		Societe Immobiliere de Location pour l’Industrie et le Commerce		2,004
	3,476,000	e	Soho China Ltd		2,585
	325,706	*	Songbird Estates plc		717
	116,830	e	Sovran Self Storage, Inc		4,301
	853,750		SP Setia BHD		1,647
	67,678	*,e	Sparkassen Immobilien AG.		478
	2,706,929		SPG Land Holdings Ltd		1,323
	307,387	e	Sponda Oyj		1,594
	211,726		ST Modwen Properties plc		545
	194,603	*,e	St. Joe Co		4,252
	452,104		Starwood Property Trust, Inc		9,711
	2,558,358	e	Stockland Trust Group		9,420
	838,188	*	Strategic Hotels & Resorts, Inc		4,434
	25,900	e	Sumitomo Real Estate Sales Co Ltd		1,340
	454,203		Sumitomo Realty & Development Co Ltd		10,847
	82,977	e	Sun Communities, Inc		2,764
	1,198,462		Sun Hung Kai Properties Ltd		19,905
	190,727	*	Sunland Group Ltd		146
	2,152,000		Sunlight Real Estate Investment Trust		662
	37,400		Sunrise BHD		38
	524,312	*,e	Sunstone Hotel Investors, Inc		5,416
	2,945,000		Suntec Real Estate Investment Trust		3,442
	5,819		Sunteck Realty Ltd		71
	46,500		Sunway City BHD		66
	260,500		Sunway Real Estate Investment		87
	66,500		Supalai PCL		23
	2,186,398		Swire Pacific Ltd (Class A)		35,948

137

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	75,166		Swiss Prime Site AG.	$	5,607
	17,349		Sycom Property Fund		55
	94,300		TA Global BHD		13
	42,725	*	TAG Tegernsee Immobilien und Beteiligungs AG.		363
	1,447,000		TAI Cheung Holdings		1,102
	36,000	*	Taiwan Land Development Corp		20
	1,321,594	*	Talaat Moustafa Group		1,965
	742,000	*	Tanayong PCL		20
	249,587	e	Tanger Factory Outlet Centers, Inc		12,776
	272,872	e	Taubman Centers, Inc		13,775
	203,907		Technopolis plc		1,112
	57,308	*	Tejon Ranch Co		1,579
	60,851	*,e	Terreno Realty Corp		1,091
	895,334	*,e	Thomas Properties Group, Inc		3,778
	284	*,b	Thornburg Mortgage, Inc		0	^
	79,500		Ticon Industrial Connection PCL		36
	53,341	*	TK Development		229
	106,800	e	TOC Co Ltd		458
	28,400	e	Toho Real Estate Co Ltd		207
	1,516,250	e	Tokyo Tatemono Co Ltd		7,022
	1,519,400		Tokyu Land Corp		7,635
	41,400	e	Tokyu Livable, Inc		496
	335		Tokyu REIT, Inc		2,418
	118,000		Tomson Group Ltd		51
	825		Top REIT Inc		5,548
	1,150		Tosei Corp		538
	107,064		Two Harbors Investment Corp		1,048
	392,005	e	UDR, Inc		9,220
	42,329		UMH Properties, Inc		432
	87,343		Unibail		17,274
	221,851	*	Unite Group plc		671
	8,906,701	*	Unitech Corporate Parks plc		4,270
	1,855,352		Unitech Ltd		2,751
	706,000	*	United Energy Group Ltd		141
	1,040,197		United Overseas Land Ltd		3,850
	5,776	e	United Urban Investment Corp		7,385
	46,875	e	Universal Health Realty Income Trust		1,712
	94,175	e	Urstadt Biddle Properties, Inc (Class A)		1,832
	545,008	e	U-Store-It Trust		5,194
	24,524		Vastned Offices/Industrial		411
	25,284		Vastned Retail NV		1,756
	886,440		Ventas, Inc		46,520
	597,000		Vista Land & Lifescapes, Inc		43
	687,427		Vornado Realty Trust		57,283
	22,930		Vukile Property Fund Ltd		51
	42,692		Wallenstam Byggnads AB (B Shares)		1,124
	111,944	e	Walter Investment Management Corp		2,008
	13,675		Warehouses De Pauw SCA		670
	267,771	e	Washington Real Estate Investment Trust		8,298
	244,711	e	Weingarten Realty Investors		5,814
	5,431		Wereldhave Belgium NV		497
	33,712		Wereldhave NV		3,291

138

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	7,547,717		Westfield Group	$	73,956
	10,168,779	*	WESTFIELD RETAIL TRUST		26,730
	1,724,839	e	Weyerhaeuser Co		32,651
	1,896,234		Wharf Holdings Ltd		14,589
	2,015,724		Wheelock & Co Ltd		8,156
	414,000	e	Wheelock Properties S Ltd		629
	91,327		Wihlborgs Fastigheter AB		2,648
	902,267	e	Wing Tai Holdings Ltd		1,188
	92,645	e	Winthrop Realty Trust		1,185
	1,864,374		Workspace Group plc		683
	965,000	e	Yanlord Land Group Ltd		1,263
	1,438,732		YNH Property BHD		793
	105,200	*	YTL Land & Development BHD		48
	155,000		Yuzhou Properties Co		48
	3,826,800		Zhong An Real Estate Ltd		931
	134,000	*	Zhuguang Holdings Group Co Ltd		35
	56,590	*	Zueblin Immobilien Holding AG.		225
			TOTAL REAL ESTATE		2,924,104
RETAILING - 3.2%
	141,515	*,e	1-800-FLOWERS.COM, Inc (Class A)		381
	186,346	*,e	99 Cents Only Stores		2,970
	7,015	e	ABC-Mart, Inc		251
	317,189	e	Abercrombie & Fitch Co (Class A)		18,280
	567,323	e	Advance Auto Parts, Inc		37,528
	191,637	*,e	Aeropostale, Inc		4,722
	22,000	e	Alpen Co Ltd		392
	1,567,760	*	Amazon.com, Inc		282,196
	2,486,451	e	American Eagle Outfitters, Inc		36,377
	39,376	*,e	America’s Car-Mart, Inc		1,066
	18,517		Amsterdam Commodities NV		274
	1,404,590	*,e	AnnTaylor Stores Corp		38,472
	47,000	e	AOKI Holdings, Inc		852
	96,000		Aoyama Trading Co Ltd		1,733
	85,284		ARB Corp Ltd		641
	47,000		Arc Land Sakamoto Co Ltd		576
	17,200		Asahi Co Ltd		233
	123,284	*,e	Asbury Automotive Group, Inc		2,278
	26,400		ASKUL Corp		550
	387,610	*,e	ASOS plc		9,621
	125,840	*	Audiovox Corp (Class A)		1,086
	32,000		Aurora Corp		60
	59,370		Autobacs Seven Co Ltd		2,333
	172,439		Automotive Holdings Group		432
	207,518	*,e	Autonation, Inc		5,852
	238,921	*	Autozone, Inc		65,127
	60,217		B2W Companhia Global Do Varejo		1,143
	176,665	e	Barnes & Noble, Inc		2,500
	50,661	e	BasicNet S.p.A		188
	259,501		Bebe Stores, Inc		1,547
	1,067,320	*	Bed Bath & Beyond, Inc		52,459
	6,755,400		Belle International Holdings Ltd		11,420

139

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	62,100		Belluna Co Ltd	$	345
	759,499		Best Buy Co, Inc		26,043
	66,000	e	Best Denki Co Ltd		215
	37,044		Beter BED Holding NV		1,052
	710	e	BIC CAMERA, Inc		294
	144,112	e	Big 5 Sporting Goods Corp		2,201
	550,478	*	Big Lots, Inc		16,768
	93,088		Bilia AB (A Shares)		1,792
	55,964	*,e	Blue Nile, Inc		3,193
	13,100	*,e	Body Central Corp		187
	2,244,000		Bonjour Holdings Ltd		433
	37,228	*,e	Bon-Ton Stores, Inc/the		471
	24,267	e	Books-A-Million, Inc		141
	192,960	*,e	Borders Group, Inc		174
	4,465	*	Boyner Buyuk Magazacilik		12
	247,525	e	Brown Shoe Co, Inc		3,448
	116,793	e	Buckle, Inc		4,411
	71,350	*,e	Build-A-Bear Workshop, Inc		545
	46,241	*	Byggmax Group AB		397
	201,867	*,e	Cabela’s, Inc		4,391
	122,086		Canadian Tire Corp Ltd		8,373
	17,935	*	Canon Marketing Japan, Inc		255
	456,631	*	Carmax, Inc		14,557
	51,298	e	Carpetright plc		639
	631		Cashbuild Ltd		9
	209,197	*	Casual Male Retail Group, Inc		992
	169,248		Cato Corp (Class A)		4,639
	4,877	*	CDON Group AB		23
	50,701		CFAO S.A.		2,207
	11,570		Charles Voegele Holding AG.		665
	526,184	*,e	Charming Shoppes, Inc		1,868
	1,549,876		Chico’s FAS, Inc		18,645
	144,990	*,e	Children’s Place Retail Stores, Inc		7,197
	530,000	*	China Seven Star Shopping Ltd		9
	33,400	e	Chiyoda Co Ltd		443
	375,000		Chow Sang Sang Holding		917
	159,877	e	Christopher & Banks Corp		983
	62,040	*	Citi Trends, Inc		1,523
	1,552	*	CJ O Shopping Co Ltd		316
	49,700	e	Clas Ohlson AB (B Shares)		813
	80,721	*	Clicks Group Ltd		531
	241,105	*	Coldwater Creek, Inc		764
	309,475	*	Collective Brands, Inc		6,530
	74,739	*,e	Conn’s, Inc		350
	58,639	*,e	Core-Mark Holding Co, Inc		2,087
	161,000	e	Culture Convenience Club Co Ltd		948
	1,090		Daegu Department Store		13
	250	*	Daesung Industrial Co Ltd		11
	8,270	*	Daewoo Motor Sales		16
	1,930,000		Dah Chong Hong Holdings Ltd		2,048
	149,450	*,e	Daiei, Inc		591
	881,474	e	David Jones Ltd		4,021

140

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	110,400	e	DCM Japan Holdings Co Ltd	$	696
	2,288,666	*,e	Debenhams plc		2,526
	37,103		Delek Automotive Systems Ltd		542
	4,018		Delek Israeli Fuel Corp Ltd		153
	9,513		Delticom AG.		845
	214,750		Dena Co Ltd		7,702
	23,541	*	Destination Maternity Corp		893
	832,610	*,e	Dick’s Sporting Goods, Inc		31,223
	7,500,500		Dickson Concepts International Ltd		6,070
	30,350		D’ieteren S.A.		1,914
	214,411	e	Dillard’s, Inc (Class A)		8,135
	16,515	*	Dogus Otomotiv Servis ve Ticaret AS		71
	1,205,608	*,e	Dollar General Corp		36,976
	778,191	*,e	Dollar Tree, Inc		43,641
	75,604	*	Dollarama, Inc		2,189
	69,300	e	Don Quijote Co Ltd		2,111
	2,238		Dongsuh Co, Inc		75
	14,100		Doshisha Co Ltd		329
	59,055	e	Douglas Holding AG.		3,314
	248,824	*,e	Dress Barn, Inc		6,574
	420,340	*,e	Drugstore.Com		929
	4,997,135	*,e	DSG International plc		1,786
	61,704	*,e	DSW, Inc (Class A)		2,413
	24,760	*	Dufry Group		3,331
	180,576	e	Dunelm Group plc		1,437
	115,783	e	EDION Corp		1,040
	9,000		E-LIFE MALL Corp		15
	2,960,000		Emperor Watch & Jewellery Ltd		427
	17,621		Empresas Hites S.A.		26
	52,596		Empresas La Polar S.A.		381
	823,985	e	Esprit Holdings Ltd		3,922
	8,859	*	Etam Developpement S.A.		432
	795,934	e	Expedia, Inc		19,970
	68,169	e	Express Parent LLC		1,282
	489,293	e	Family Dollar Stores, Inc		24,323
	1,205,687		Far Eastern Department Stores Co Ltd		2,016
	316,076		Fast Retailing Co Ltd		50,337
	17,441	e	Fielmann AG.		1,658
	677,786	*,e	Findel plc		153
	352,294	e	Finish Line, Inc (Class A)		6,056
	990,106	e	Foot Locker, Inc		19,426
	45,509		Forzani Group Ltd/The		835
	294,212		Foschini Ltd		4,020
	54,239		Fourlis Holdings S.A.		407
	186,498	e	Fred’s, Inc (Class A)		2,566
	24,400	e	Fuji Co Ltd		512
	80,425	e	Gaiam, Inc (Class A)		619
	10,455,275		Game Group plc		11,411
	948,105	*,e	GameStop Corp (Class A)		21,693
	1,440,351	e	Gap, Inc		31,889
	133,050	*,e	Genesco, Inc		4,988
	555,621	e	Genuine Parts Co		28,526

141

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	781	e	Geo Corp	$	890
	3,322,000		Giordano International Ltd		1,936
	1,077,000		Golden Eagle Retail Group Ltd		2,655
	61,000		Goldlion Holdings Ltd		27
	18,850,808	*,e	GOME Electrical Appliances Holdings Ltd		6,791
	12,000	*,e	Gordmans Stores, Inc		201
	110,505	e	Group 1 Automotive, Inc		4,615
	97,460	e	Grupo Elektra S.A. de C.V.		4,126
	39,000	*	Grupo Famsa SAB de C.V.		72
	48,154	*	Gruppo Coin S.p.A.		502
	612		GS Home Shopping, Inc		59
	313,041		Guess ?, Inc		14,813
	5,870	e	Gulliver International Co Ltd		278
	66		GwangjuShinsegae Co Ltd		10
	25,100		Hai-O Enterprise BHD		22
	472,733		Halfords Group plc		3,368
	146,716		Hankyu Department Stores, Inc		1,070
	505,114	e	Harvey Norman Holdings Ltd		1,519
	71,706	e	Haverty Furniture Cos, Inc		931
	38,588		Hellenic Duty Free Shops S.A.		609
	7,920,000	e	Hengdeli Holdings Ltd		4,718
	664,637		Hennes & Mauritz AB (B Shares)		22,136
	58,893	*,e	hhgregg, Inc		1,234
	124,852	*,e	Hibbett Sports, Inc		4,607
	31,894	e	Hikari Tsushin, Inc		697
	586,587	e	HMV Group plc		293
	4,968,648		Home Depot, Inc		174,200
	266,300		Home Product Center PCL		78
	678,142		Home Retail Group		1,993
	20,620	e	Honeys Co Ltd		243
	154,276	e	Hot Topic, Inc		967
	171,362	*,e	HSN, Inc		5,251
	100,000	*	HUIYIN HOUSEHOLD APPLIANCES		28
	25,922		Hyundai Department Store Co Ltd		3,186
	7,590		Hyundai H&S Co Ltd		75
	444,654		Imperial Holdings Ltd		8,605
	625,314	*	Inchcape plc		3,477
	594,492	e	Inditex S.A.		44,511
	2,861	*	Interpark Corp		12
	198,000		Intime Department Store Group Co Ltd		289
	436,904	e	Isetan Mitsukoshi Holdings Ltd		5,080
	1,078,000		IT Ltd		817
	82,100	e	Izumi Co Ltd		1,209
	112,181	*,e	J Crew Group, Inc		4,839
	400,050		J Front Retailing Co Ltd		2,188
	320,686		Jardine Cycle & Carriage Ltd		9,146
	156,269	e	JB Hi-Fi Ltd		2,861
	471,596	e	JC Penney Co, Inc		15,237
	29,513		JD Group Ltd		260
	120,466	*,e	Jo-Ann Stores, Inc		7,254
	104,642		John Menzies plc		771
	121,135	*,e	JOS A Bank Clothiers, Inc		4,884

142

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	90,000	e	Joshin Denki Co Ltd	$	877
	156,928		JUMBO S.A.		1,036
	1,080,000	*	Kai Yuan Holdings Ltd		37
	89,867	e	KappAhl Holding AB		608
	73,187	e	Keiyo Co Ltd		375
	928,415		Kesa Electricals plc		2,306
	3,176,467		Kingfisher plc		13,045
	145,749	*	Kirkland’s, Inc		2,045
	2,345,942	*	Kohl’s Corp		127,478
	32,000	e	Kohnan Shoji Co Ltd		404
	40,200	e	Kojima Co Ltd		235
	47,900		Komeri Co Ltd		1,100
	89,503		K’s Holdings Corp		2,435
	1,300,250	*	L’ Occitane International S.A.		3,597
	12,000		LES Enphants Co Ltd		20
	19,072	*	Lewis Group Ltd		235
	9,451,081		Li & Fung Ltd		54,838
	1,928,780	*,e	Liberty Media Holding Corp (Interactive A)		30,417
	564,176		Lifestyle International Holdings Ltd		1,389
	2,187,017	e	Limited Brands, Inc		67,207
	80,230		Lithia Motors, Inc (Class A)		1,146
	457,259	*	LKQ Corp		10,389
	402,687		Lojas Americanas S.A.		3,714
	206,649		Lojas Renner S.A.		7,021
	307,491		Lookers plc		297
	3,090		Lotte Midopa Co Ltd		40
	14,442		Lotte Shopping Co Ltd		6,019
	9,810,971		Lowe’s Cos, Inc		246,058
	340,000		Luk Fook Holdings International Ltd		1,188
	98,641	*,e	Lumber Liquidators, Inc		2,457
	5,150,265		Macy’s, Inc		130,302
	130,050	*,e	MarineMax, Inc		1,216
	3,494,264		Marks & Spencer Group plc		20,103
	544,419		Marui Co Ltd		4,439
	37,800	*	Matsuya Co Ltd		269
	27,490		Medion AG.		496
	43,000	e	Megane TOP Co Ltd		446
	39,328		Mekonomen AB		1,304
	255,066	e	Men’s Wearhouse, Inc		6,372
	50,000		Mercuries & Associates Ltd		42
	506,000		Metro Holdings Ltd		341
	1,914,314	*	MFI Furniture plc		3,050
	68,925	*,e	Midas, Inc		559
	44,325	e	Mobilezone Holding AG.		498
	128,964	e	Monro Muffler, Inc		4,461
	104,217	e	Mothercare plc		996
	57,283		Mr Price Group Ltd		578
	1,018,053		Myer Holdings Ltd		3,696
	325,106		N Brown Group plc		1,511
	14,200		Nafco Co Ltd		243
	10,000		National Petroleum Co Ltd		13
	11,310	*	NET Holding AS.		10

143

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	112,123	*,e	NetFlix, Inc	$	19,700
	6,275,744	*	New Carphone Warehouse plc		38,673
	114,000		New World Department Store China Ltd		94
	79,877	*,e	New York & Co, Inc		353
	366,364		Next plc		11,281
	94,000		Nice Holdings, Inc		207
	103,400		Nishimatsuya Chain Co Ltd		1,005
	59,000		Nissen Holdings Co Ltd		302
	19,143		Nitori Co Ltd		1,674
	2,673,208	e	Nordstrom, Inc		113,291
	121,389	e	Nutri/System, Inc		2,553
	268,015	*,e	Ocado Ltd		745
	1,534,000	*	Oceanus Group Ltd		365
	544,568	*,e	Office Depot, Inc		2,941
	480,720	*,e	OfficeMax, Inc		8,509
	62,972	*,e	Orbitz Worldwide, Inc		352
	281,017	*	O’Reilly Automotive, Inc		16,979
	1,280,000	e	OSIM International Ltd		1,636
	12,100		Otsuka Kagu Ltd		135
	67,694	*,e	Overstock.com, Inc		1,116
	1,289,280	*,e	Pacific Brands Ltd		1,292
	314,445	*	Pacific Sunwear Of California, Inc		1,704
	9,300	*	Pal Co Ltd		337
	43,100	*	Paltac Corp		769
	893,653		Pantaloon Retail India Ltd		7,334
	61,782		Parco Co Ltd		561
	36,800		Paris Miki, Inc		366
	600,201		Parkson Holdings BHD		1,049
	1,908,000	e	Parkson Retail Group Ltd		2,941
	29,658,000	e	PCD Stores Ltd		8,890
	860,666	*,e	Pendragon plc		275
	199,526	*,e	Penske Auto Group, Inc		3,476
	272,196		PEP Boys - Manny Moe & Jack		3,656
	99,471	e	PetMed Express, Inc		1,772
	410,371	e	Petsmart, Inc		16,341
	508,126	*,e	Pier 1 Imports, Inc		5,335
	20,270	e	Point, Inc		890
	309,000	*,e	Pou Sheng International Holdings Ltd		54
	55,061		PPR		8,756
	80,287	e	Praktiker Bau- und Heimwerkermaerkte AG.		854
	109,213		Premier Investments Ltd		693
	248,256	*,e	Priceline.com, Inc		99,190
	27,461		Prraneta Industries Ltd		43
	496,206	e	RadioShack Corp		9,175
	59,016	*,e	Rakuten, Inc		49,428
	99,637		Reitmans Canada Ltd		1,870
	32,182	e	Reject Shop Ltd		455
	331,305	e	Rent-A-Center, Inc		10,695
	196,199	*	Retail Ventures, Inc		3,198
	156,745	*,e	rnb Retail and Brands AB		170
	107,000		Robinson Department Store PCL		88

144

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	171,722	*	RONA, Inc	$	2,439
	797,150	e	Ross Stores, Inc		50,420
	64,873	*,e	Rue21, Inc		1,901
	30,800	e	Ryohin Keikaku Co Ltd		1,277
	1,704,000		SA SA International Holdings Ltd		1,063
	644,451		SACI Falabella		7,216
	641,317	*,e	Saks, Inc		6,862
	406,751	*,e	Sally Beauty Holdings, Inc		5,910
	802,670	e	Sanrio Co Ltd		18,814
	9,647		Scailex Corp Ltd		213
	90,555	*,e	Sears Holdings Corp		6,678
	395,968	*,e	Select Comfort Corp		3,615
	48,600	e	Senshukai Co Ltd		298
	932	*	Seobu Truck Terminal Co Ltd		15
	75,300		Shimachu Co Ltd		1,763
	7,426		Shimamura Co Ltd		689
	17,700	e	Shimojima Co Ltd		246
	45,178	*,e	Shoe Carnival, Inc		1,220
	39,016		Shopper’s Stop Ltd		651
	106,230	*,e	Shutterfly, Inc		3,721
	81,000		Sichuan Xinhua Winshare Chainstore Co Ltd		47
	436,291	*,e	Signet Jewelers Ltd		18,935
	213,971	e	Sonic Automotive, Inc (Class A)		2,833
	160,000		Sparkle Roll Group Ltd		30
	252,082	*	Sports Direct International plc		630
	208,456	e	Stage Stores, Inc		3,615
	4,674,698	e	Staples, Inc		106,442
	200		Start Today Co Ltd		799
	200,570	e	Stein Mart, Inc		1,855
	41,674	e	Stockmann Oyj Abp (B Share)		1,576
	11,385	*	Suny Electronic, Inc Ltd		139
	108,508		Super Cheap Auto Group Ltd		676
	484,705	*	Super Group Ltd		61
	38,311	*,e	SuperGroup plc		775
	39,342	e	Systemax, Inc		555
	665,973	e	Takashimaya Co Ltd		5,709
	36,569		Takihyo Co Ltd		183
	28,691		Takkt AG.		414
	609,644	*,e	Talbots, Inc		5,194
	5,428,993	e	Target Corp		326,446
	248	e	Telepark Corp		442
	7,964,605		Test-Rite International Co		6,283
	463,788		Tiffany & Co		28,880
	1,708,184	e	TJX Companies, Inc		75,825
	219,475		Topps Tiles plc		283
	140,018	e	Tractor Supply Co		6,789
	740	*	TravelCenters of America LLC		3
	748		Trent Ltd		16
	624,492		Truworths International Ltd		6,792
	186,603		Tsutsumi Jewelry Co Ltd		4,978
	148,405	*,e	Tuesday Morning Corp		784
	160,823	*,e	Ulta Salon Cosmetics & Fragrance, Inc		5,468

145

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	900,299	e	United Arrows Ltd	$	13,639
	381,321	*	Urban Outfitters, Inc		13,655
	54,490	*,e	US Auto Parts Network, Inc		458
	17,136		USS Co Ltd		1,401
	7,240		Valora Holding AG.		2,526
	60,106	*,e	Vitacost.com, Inc		343
	70,147	*,e	Vitamin Shoppe, Inc		2,360
	158,765		Warehouse Group Ltd		433
	90,251	*,e	West Marine, Inc		955
	620,468	*,e	Wet Seal, Inc (Class A)		2,296
	342,363		WH Smith plc		2,599
	811,623	e	Williams-Sonoma, Inc		28,967
	7,908	e	Winmark Corp		266
	1,489,043		Woolworths Holdings Ltd		6,090
	137,041		Wotif.com Holdings Ltd		698
	41,500		Xebio Co Ltd		898
	113,549		Yamada Denki Co Ltd		7,748
	135,000		Yokohama Reito Co Ltd		924
	50,638	*	Yoox S.p.A		651
	1,746	*,e	Zale Corp		7
	89,402	*,e	Zumiez, Inc		2,402
			TOTAL RETAILING		3,563,791
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.5%
	203,946	*	Advanced Analogic Technologies, Inc		818
	161,547	*,e	Advanced Energy Industries, Inc		2,204
	4,298,713	*,e	Advanced Micro Devices, Inc		35,163
	7,565,297		Advanced Semiconductor Engineering, Inc		8,757
	9,000		Advanced Wireless Semiconductor Co		14
	142,445	e	Advantest Corp		3,223
	636,039	e	Aixtron AG.		23,463
	12,000		Alcor Micro Corp		24
	38,000		ALI Corp		58
	47,132	*,e	Alpha & Omega Semiconductor Lt		605
	1,441,174	e	Altera Corp		51,277
	463,762	*,e	Amkor Technology, Inc		3,427
	457,128	*,e	Anadigics, Inc		3,168
	1,081,960		Analog Devices, Inc		40,757
	19,000		Anpec Electronics Corp		21
	5,261,219	e	Applied Materials, Inc		73,920
	278,538	*	Applied Micro Circuits Corp		2,975
	56,000		Ardentec Corp		58
	2,263,000	e	ARM Holdings plc		14,935
	140,529	*,e	ASM International NV		4,975
	840,031	e	ASM Pacific Technology		10,618
	781,177		ASML Holding NV		30,168
	218,879	*,e	Atheros Communications, Inc		7,862
	1,781,151	*	Atmel Corp		21,944
	200,987	*	ATMI, Inc		4,008
	4,293	*	Atto Co Ltd		33
	8,400		AUK Corp		34
	16,797	e	Austriamicrosystems AG.		804

146

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	611,658	e	Avago Technologies Ltd	$	17,414
	448,180	*	Axcelis Technologies, Inc		1,551
	9,200	e	Axell Corp		251
	130,387	*	AXT, Inc		1,361
	39,000		Bright Led Electronics Corp		51
	3,402,456		Broadcom Corp (Class A)		148,177
	432,995	*	Brooks Automation, Inc		3,927
	122,910	*,e	Cabot Microelectronics Corp		5,095
	3,000		Capella Microsystems Taiwan, Inc		18
	193,129	*,e	Cavium Networks, Inc		7,277
	13,192	*	Centrotherm Photovoltaics AG.		475
	95,246	*	Ceva, Inc		1,953
	11,538	*,e,m	China Energy Savings Technology, Inc		1
	520,000	*	China Resources Microelectronics Ltd		23
	72,000	*	Chipbond Technology Corp		126
	390,586	*,e	Cirrus Logic, Inc		6,242
	7,000	*	C-Media Electronics, Inc		11
	118,327	e	Cohu, Inc		1,962
	92,000		Comtec Solar Systems Group Ltd		35
	273,372	*,e	Conexant Systems, Inc		446
	21,000	*	Contrel Technology Co Ltd		14
	347,493	*,e	Cree, Inc		22,896
	372,598	*	CSR plc		2,069
	138,205	*,e	Cymer, Inc		6,229
	664,345	*	Cypress Semiconductor Corp		12,344
	409,000	*	Dainippon Screen Manufacturing Co Ltd		2,907
	18,385	*	DelSolar Co Ltd		37
	85,260	*	Dialog Semiconductor plc		1,940
	143,933	*,e	Diodes, Inc		3,885
	45,372	e	Disco Corp		2,755
	1,367	*	DMS Co Ltd		13
	168,328	*,e	DSP Group, Inc		1,370
	112,904	*	Duksan Hi-Metal Co Ltd		2,020
	21,000		Dynamic Electronics Co Ltd		14
	10,143		Edison Opto Corp		61
	62,000		Elan Microelectronics Corp		90
	5,000		Elite Advanced Laser Corp		13
	33,000		Elite Semiconductor Memory Technology, Inc		53
	984	*	ELK Corp		13
	516,335	*,e	Elpida Memory, Inc		6,010
	9,571		eMemory Technology, Inc		33
	14,000		ENE Technology, Inc		21
	196,658	*,e	Energy Conversion Devices, Inc		905
	654,018	*,e	Entegris, Inc		4,886
	280,771	*,e	Entropic Communications, Inc		3,392
	1,478		Eo Technics Co Ltd		41
	59,000	*	Episil Technologies, Inc		45
	849,578		Epistar Corp		3,103
	22,000	*	E-Ton Solar Tech Co Ltd		36
	60,000		Etron Technology, Inc		47
	954		Eugene Technology Co Ltd		12
	697,073	*	Evergreen Solar, Inc		406

147

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	180,376	*,e	Exar Corp	$	1,259
	1,058,708	*	Fairchild Semiconductor International, Inc		16,526
	42,000		Faraday Technology Corp		82
	261,123	*,e	FEI Co		6,896
	49,300		Ferrotec		676
	399,921	*,e	First Solar, Inc		52,046
	65,000		Forhouse Corp		66
	225,296	*,e	Formfactor, Inc		2,001
	44,000		Formosa Advanced Technologies Co Ltd		57
	49,000		Formosa Epitaxy, Inc		78
	117,626	*,e	FSI International, Inc		520
	5,000		Furuya Metal Co Ltd		288
	1,368,000	*	GCL Poly Energy Holdings Ltd		503
	3,334	*	GemVax & Kael Co Ltd		36
	16,876	*	Genesis Photonics, Inc		30
	2,116		Giga Solar Materials Corp		54
	41,000		Gintech Energy Corp		117
	12,000		Global Mixed Mode Technology, Inc		58
	13,000		Global Unichip Corp		54
	111,000		Greatek Electronics, Inc		116
	11,000		Green Energy Technology, Inc		32
	93,372	*,e	GSI Technology, Inc		756
	270,425	*,e	GT Solar International, Inc		2,466
	1,480		Hanmi Semiconductor Co Ltd		11
	960,000		Hannstar Board International Holdings Ltd		148
	1,035		Hansol LCD, Inc		56
	12,000		Harvatek Corp		14
	150,154	*,e	Hittite Microwave Corp		9,165
	33,000		Holtek Semiconductor, Inc		51
	10,075		Huga Optotech, Inc		10
	875,120	*	Hynix Semiconductor, Inc		18,506
	44,673	*,e	Ikanos Communications, Inc		60
	1,490	*	Iljin Display Co Ltd		15
	3,637,530	*	Infineon Technologies AG.		33,846
	2,348,377	*	Inotera Memories, Inc		1,124
	53,944	*,e	Inphi Corp		1,084
	799,120	*	Integrated Device Technology, Inc		5,322
	4,000	*	Integrated Memory Logic Ltd		14
	121,611	*	Integrated Silicon Solution, Inc		977
	28,682,158		Intel Corp		603,187
	141,476	*	International Rectifier Corp		4,200
	674,665	e	Intersil Corp (Class A)		10,302
	635,648	*	IQE plc		446
	25,000		ITE Technology, Inc		53
	118,944	*,e	IXYS Corp		1,382
	4,114	*	Jusung Engineering Co Ltd		72
	1,884		KC Tech Co Ltd		11
	9,430	*	KEC Corp		9
	212,000	*	King Yuan Electronics Co Ltd		108
	329,669		Kinsus Interconnect Technology Corp		1,119
	421,106	e	Kla-Tencor Corp		16,272
	71,130	e	Kontron AG.		759

148

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	400,745	*,e	Kopin Corp	$	1,667
	285,956	*,e	Kulicke & Soffa Industries, Inc		2,059
	1,511		L&F Co Ltd		30
	983,903	*,e	Lam Research Corp		50,946
	853,129	*	Lattice Semiconductor Corp		5,170
	7,000		Leadtrend Technology Corp		31
	43,441	*	Lextar Electronics Corp		83
	457,539		Linear Technology Corp		15,826
	26,000		Lingsen Precision Industries Ltd		22
	1,340,902	*	LSI Logic Corp		8,032
	227,681	*,e	LTX-Credence Corp		1,685
	2,754	*	Lumens Co Ltd		20
	4,000		Macroblock, Inc		19
	6,261,959		Macronix International		4,381
	3,055	*	Manz Automation AG.		206
	6,003,048	*,e	Marvell Technology Group Ltd		111,357
	254,093	*,e	Mattson Technology, Inc		762
	977,030	e	Maxim Integrated Products, Inc		23,077
	21,654	*,e	MaxLinear, Inc		233
	1,206,227		MediaTek, Inc		17,272
	80,047		Melexis NV		1,440
	1,765		Melfas, Inc		45
	44,382	*	Mellanox Technologies Ltd		1,149
	754,395	*	MEMC Electronic Materials, Inc		8,494
	248,534	e	Micrel, Inc		3,228
	375,009	e	Microchip Technology, Inc		12,829
	18,030,020	*,e	Micron Technology, Inc		144,601
	43,259	*	Micronas Semiconductor Holdings, Inc		509
	19,100		Micronics Japan Co Ltd		228
	379,696	*,e	Microsemi Corp		8,695
	30,400		Mimasu Semiconductor Industry Co Ltd		353
	140,285	*,e	Mindspeed Technologies, Inc		856
	268,259	*,e	MIPS Technologies, Inc		4,067
	31,800	*	Mitsui High-Tec, Inc		188
	259,128	*,e	MKS Instruments, Inc		6,346
	136,634	*,e	Monolithic Power Systems, Inc		2,257
	102,000	*	Mosel Vitelic, Inc		50
	114,207	*,e	MoSys, Inc		650
	489,805		Motech Industries, Inc		1,806
	11,000	*	MPI Corp		40
	87,758	*,e	Nanometrics, Inc		1,126
	1,593,918	*	Nanya Technology Corp		888
	496,202	e	National Semiconductor Corp		6,828
	32,000	*	Neo Solar Power Corp		78
	270,121	*,e	Netlogic Microsystems, Inc		8,485
	198,536		Nordic Semiconductor ASA		844
	623,826		Novatek Microelectronics Corp Ltd		2,011
	309,841	*,e	Novellus Systems, Inc		10,014
	15,300		NPC, Inc		318
	25,856	*,e	NVE Corp		1,495
	3,455,320	*,e	Nvidia Corp		53,212
	237,343	*,e	Omnivision Technologies, Inc		7,028

149

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	7,492,005	*,e	ON Semiconductor Corp	$	74,021
	106,000		Opto Technology Corp		76
	79,000	*	Orient Semiconductor Electronics Ltd		21
	5,000		Orise Technology Co Ltd		11
	36,000	*	Pan Jit International, Inc		47
	95,872	*,e	PDF Solutions, Inc		462
	119,923	*,e	Pericom Semiconductor Corp		1,317
	150,547		Phison Electronics Corp		842
	265,537	*,e	Photronics, Inc		1,569
	122,278		Pixart Imaging, Inc		608
	153,919	*,e	PLX Technology, Inc		556
	727,990	*,e	PMC - Sierra, Inc		6,253
	97,918	e	Power Integrations, Inc		3,930
	17,591,201	*	Powerchip Semiconductor Corp		3,499
	790,296		Powertech Technology, Inc		2,629
	810,894	e	PV Crystalox Solar plc		657
	141,720	*,e	Q-Cells AG.		475
	75,000		Radiant Opto-Electronics Corp		149
	22,000		Ralink Technology Corp		77
	219,130	*,e	Rambus, Inc		4,488
	11,161		Raydium Semiconductor Corp		64
	11,000	*	RDC Semiconductor Co Ltd		19
	479,138		Realtek Semiconductor Corp		1,144
	78,000		Regent Manner International Ltd		51
	243,424	*,e	Renewable Energy Corp AS		742
	2,944,685	*,e	RF Micro Devices, Inc		21,643
	166,661		Richtek Technology Corp		1,389
	148,220		Rohm Co Ltd		9,676
	18,965	*	Roth & Rau AG.		311
	66,178	*,e	Rubicon Technology, Inc		1,395
	144,845	*,e	Rudolph Technologies, Inc		1,192
	188,736		Samsung Electronics Co Ltd		157,821
	30,548		Samsung Electronics Co Ltd (Preference)		17,469
	3,000		San Chih Semiconductor Co		11
	226,000	*,e	Sanken Electric Co Ltd		997
	26,000		SDI Corp		36
	24,645,000	*,e	Semiconductor Manufacturing International		1,776
	5,801	*	Semileds Corp		169
	260,668	*,e	Semtech Corp		5,902
	39,203		Seoul Semiconductor Co Ltd		1,404
	42,000	*,e	Shibaura Mechatronics Corp		163
	90,000	*	Shindengen Electric Manufacturing Co Ltd		453
	20,500	e	Shinkawa Ltd		210
	312,527	e	Shinko Electric Industries		3,503
	2,210	*	Shinsung Holdings Co Ltd		16
	133,095	*,e	Sigma Designs, Inc		1,886
	41,000		Sigurd Microelectronics Corp		39
	117,108	*	Silex Systems Ltd		695
	313,260	*,e	Silicon Image, Inc		2,302
	116,000		Silicon Integrated Systems Corp		80
	92,641	*,e	Silicon Laboratories, Inc		4,263
	981	*	Silicon Works Co Ltd		29

150

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,828,031		Siliconware Precision Industries Co	$	4,595
	2,584	*	Simm Tech Co Ltd		32
	313,000		Sino-American Silicon Products, Inc		994
	4,900,000	*	Sino-Tech International Holdings Ltd		151
	22,000		Sitronix Technology Corp		49
	1,166,357	*,e	Skyworks Solutions, Inc		33,393
	108,088	*,e	SOITEC		1,168
	87,000	*	Solargiga Energy Holdings Ltd		20
	18,000		Solartech Energy Corp		45
	116,980	e	Solarworld AG.		1,167
	37,690,511		Solomon Systech International Ltd		2,134
	30,000		Sonix Technology Co Ltd		69
	426,014	*	Spansion, Inc		8,818
	17,000		Sporton International, Inc		40
	99,735	*	Standard Microsystems Corp		2,875
	1,006,391	e	STMicroelectronics NV		10,408
	119,317	*,e	Sumco Corp		1,705
	99,000	*	Sunplus Technology Co Ltd		72
	307,224	*,e	Sunpower Corp (Class A)		3,942
	27	*,e	Sunpower Corp (Class B)		0	^
	47,654	*,e	Supertex, Inc		1,152
	4,250	*	Taesan LCD Co Ltd		11
	32,000		TA-I Technology Co Ltd		38
	37,000	*	Taiwan IC Packaging Corp		13
	37,000		Taiwan Mask Corp		17
	38,000		Taiwan Semiconductor Co Ltd		30
	40,733,717		Taiwan Semiconductor Manufacturing Co Ltd		99,192
	886		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		11
	33,000		Taiwan Surface Mounting Technology Co Ltd		77
	36,000	*	Tekcore Co Ltd		45
	2,383,346	*,e	Teradyne, Inc		33,462
	303,951	*	Tessera Technologies, Inc		6,733
	3,267,572		Texas Instruments, Inc		106,196
	74	e	Thine Electronics Inc		113
	273,219		Tokyo Electron Ltd		17,297
	51,600	*	Tokyo Seimitsu Co Ltd		807
	33,000		Topco Scientific Co Ltd		45
	274,015	*	Tower Semiconductor Ltd		385
	260,508		Transcend Information, Inc		706
	521,374	*,e	Trident Microsystems, Inc		928
	852,694	*,e	Triquint Semiconductor, Inc		9,968
	67,000		Tyntek Corp		58
	107,142	*,e	Ultra Clean Holdings		997
	130,867	*	Ultratech, Inc		2,602
	71,300	e	Ulvac, Inc		1,863
	49,800		Unisem M BHD		37
	24,398,022		United Microelectronics Corp		13,640
	39,000		Unity Opto Technology Co Ltd		70
	2,077,743		Vanguard International Semiconductor Corp		1,055
	157,182	*,e	Varian Semiconductor Equipment Associates, Inc		5,811
	358,166	*,e	Veeco Instruments, Inc		15,387
	373,247	*	Verigy Ltd		4,860

151

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	95,000	*	Via Technologies, Inc	$	102
	28,000		Visual Photonics Epitaxy Co Ltd		58
	182,531	*,e	Volterra Semiconductor Corp		4,227
	44,000	*	Wafer Works Corp		63
	68,000		Walton Advanced Engineering, Inc		35
	38,000		Weltrend Semiconductor		32
	3,386,000	*	Winbond Electronics Corp		1,000
	159,582	*,e	Wolfson Microelectronics plc		724
	1,740	*	Woongjin Energy Co Ltd		29
	913,472	e	Xilinx, Inc		26,472
	6,045		XinTec, Inc		10
	10,000		Youngtek Electronics Corp		29
	5,000		Zentel Electronic Corp		11
	390,021	*,e	Zoran Corp		3,432
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		2,715,489
SOFTWARE & SERVICES - 6.5%
	22,257		3i Infotech Ltd		30
	34,000		A8 Digital Music Holdings Ltd		12
	2,573,533	e	Accenture plc		124,790
	574	*,e	Access Co Ltd		764
	166,608	*	ACI Worldwide, Inc		4,477
	1,658	*	Acotel Group S.p.A		98
	1,630,254		Activision Blizzard, Inc		20,280
	250,292	*,e	Actuate Corp		1,427
	421,980	*,e	Acxiom Corp		7,237
	1,968,821	*	Adobe Systems, Inc		60,600
	63,093	*,e	Advent Software, Inc		3,654
	689		Ahnlab, Inc		12
	1,095,837	*,e	Akamai Technologies, Inc		51,559
	1,807,500	e	Alibaba.com Ltd		3,242
	1,471,867	*,e	Alliance Data Systems Corp		104,546
	3,347		Allied Digital Services Ltd		14
	137,547		Alpha Systems, Inc		2,490
	33,117		Alten		1,088
	122,277	*,e	Altran Technologies S.A.		532
	587,708	*	Amadeus IT Holding S.A.		12,314
	846,505	*,e	Amdocs Ltd		23,253
	115,463	e	American Software, Inc (Class A)		782
	144,312	*,e	Ancestry.com, Inc		4,087
	279,887	*	Ansys, Inc		14,574
	2,803,578	*,e	AOL, Inc		66,473
	48,595	*,e	Archipelago Learning, Inc		477
	344,387		Argo Graphics, Inc		4,424
	389,466	*,e	Ariba, Inc		9,149
	868,367	*	Art Technology Group, Inc		5,193
	428,984	*	Aspen Technology, Inc		5,448
	75,615		Asseco Poland S.A.		1,354
	5,296	*	Asseco Poland S.A. (PDA)		97
	5,000	*	Astro Corp		11
	442,916	*	Atos Origin S.A.		23,580
	1,519,525	*,e	Autodesk, Inc		58,046

152

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,183,747		Automatic Data Processing, Inc	$	54,784
	5,607,114	*,e	Autonomy Corp plc		131,567
	520,062		Aveva Group plc		13,087
	100,607	*	Baidu, Inc (ADR)		9,712
	28,334		Bechtle AG.		1,098
	250,467		Blackbaud, Inc		6,487
	148,396	*,e	Blackboard, Inc		6,129
	368,457	*,e	Blinkx plc		478
	1,478,161	*,e	BMC Software, Inc		69,681
	27,500	*,e	Booz Allen Hamilton Holding Co		534
	125,987	*,e	Bottomline Technologies, Inc		2,735
	250,905	e	Broadridge Financial Solutions, Inc		5,502
	30,800	*,e	BroadSoft, Inc		736
	210,986	*	Buongiorno S.p.A.		330
	1,628,183		CA, Inc		39,793
	166,420	*,e	CACI International, Inc (Class A)		8,887
	573,927	*,e	Cadence Design Systems, Inc		4,741
	205,656	e	Cap Gemini S.A.		9,599
	120,886	e	Capcom Co Ltd		1,945
	145,283	e	carsales.com.au Ltd		698
	39,698	e	Cass Information Systems, Inc		1,506
	139,988	*,b,e	CDC Corp		491
	24,380		Cegid Group		738
	402,074	*	CGI Group, Inc		6,955
	157,867	*,e	Check Point Software Technologies		7,303
	55,000	*	China Cyber Port International Co Ltd		14
	90,000	*	Chinasoft International Ltd		23
	9,000		Chinese Gamer International Corp		78
	263,253	*,e	Ciber, Inc		1,232
	882,902	*,e	Citrix Systems, Inc		60,399
	1,302,246	*,e	Cognizant Technology Solutions Corp (Class A)		95,442
	592		ComBOTS AG.		7
	379,588	*	Commvault Systems, Inc		10,864
	954,643		Companhia Brasileira de Meios de Pagamento		7,735
	344,294		Computacenter plc		2,083
	1,177,610	e	Computer Sciences Corp		58,409
	70,488	*,e	Computer Task Group, Inc		767
	482,808		Computershare Ltd		5,323
	458,674	*,e	Compuware Corp		5,353
	101,803	*,e	comScore, Inc		2,271
	171,774	*,e	Concur Technologies, Inc		8,920
	119,496	*,e	Constant Contact, Inc		3,703
	800,081	*,e	Convergys Corp		10,537
	13,260	*,e	Convio, Inc		110
	9,374		Core Projects & Technologies Ltd		61
	1,035,000		CSE Global Ltd		1,048
	295,529		CSG Ltd		458
	231,660	*	CSG Systems International, Inc		4,388
	105,300	*	CSK Holdings Corp		484
	126,976		Customers Ltd		238
	21,000		Cyberlink Corp		79
	6,178	*	Daea TI Co Ltd		13

153

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,255	*	Danal Co Ltd	$	14
	3,880		Daou Technology, Inc		29
	74,513	e	Dassault Systemes S.A.		5,618
	2,065	*	Daum Communications		140
	173,478	*,e	DealerTrack Holdings, Inc		3,482
	100,385	*,e	Deltek, Inc		729
	81,813	*,e	DemandTec, Inc		887
	11,111		Devoteam S.A.		291
	84,802	*,e	Dice Holdings, Inc		1,217
	494	*,e	Digital Garage, Inc		1,225
	186,002	*	Digital River, Inc		6,402
	31,759	*,e	DMRC Corp		953
	899		Dragonfly GF Co Ltd		10
	301,493		DST Systems, Inc		13,371
	27,800		DTS Corp		345
	3,020	*	DuzonBIzon Co Ltd		45
	135	e	Dwango Co Ltd		285
	606,973		Earthlink, Inc		5,220
	4,751,635	*,e	eBay, Inc		132,239
	119,504	*,e	Ebix, Inc		2,829
	42,972	*,e	Echo Global Logistics, Inc		517
	12,320		Econocom Group		165
	93,000	*,e	EDB Business Partner ASA		253
	1,023,232	*,e	Electronic Arts, Inc		16,761
	248,495	e	Ementor ASA		2,481
	5,898		Engineering Ingegneria Informatica S.p.A.		167
	17,700	*	Envestnet, Inc		302
	232,738	*	Epicor Software Corp		2,351
	162,286	e	EPIQ Systems, Inc		2,228
	17,189	*,e	ePlus, Inc		406
	139,919	*	Equinix, Inc		11,370
	246,634	*	Euronet Worldwide, Inc		4,301
	17,784		Exact Holding NV		488
	73,049	*,e	ExlService Holdings, Inc		1,569
	12,100	*,e	Eyeblaster, Inc		166
	239,335	e	Factset Research Systems, Inc		22,440
	204,846	e	Fair Isaac Corp		4,787
	154,345	*,e	FalconStor Software, Inc		517
	540,004	e	Fidelity National Information Services, Inc		14,791
	66,899		Fidessa Group plc		1,617
	4,383		Financial Technologies India Ltd		88
	217,749		First American Corp		4,033
	30,457	*	Firstsource Solutions Ltd		17
	303,189	*	Fiserv, Inc		17,755
	1,539	*	Forhuman Co Ltd		10
	60,506	e	Forrester Research, Inc		2,135
	124,612	*	Forthnet S.A.		98
	265,123	*,e	Fortinet, Inc		8,577
	125,728	e	F-Secure Oyj		336
	46,400	e	FUJI SOFT, Inc		802
	249		Future Architect, Inc		106
	23,000		Gamania Digital Entertainment Co Ltd		37

154

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	15,033	*	GameHi Co Ltd	$	21
	90,239	*	GameLoft		658
	390	*	Gamevil, Inc		9
	447,077	*	Gartner, Inc		14,843
	138,100	*,e	Genpact Ltd		2,099
	828,121		Geodesic Information Systems Ltd		1,788
	55,397	e	GFI Informatique		221
	181,040	*,e	Global Cash Access, Inc		578
	361,793		Global Payments, Inc		16,718
	2,523		Glodyne Technoserve Ltd		39
	62,300	e	GMO internet, Inc		313
	1,477,075	*	Google, Inc (Class A)		877,339
	170	e	Gourmet Navigator, Inc		245
	350,000	*	Gravity Co Ltd (ADR)		599
	84,500	*,e	Gree, Inc		1,075
	17,970,000	*	G-Resources Group Ltd		1,410
	34,738		Groupe Steria SCA		901
	688,556	*,e	GSI Commerce, Inc		15,974
	51,635	*	Guidance Software, Inc		371
	136,217	*,e	Hackett Group, Inc		478
	5,436		HCL Infosystems Ltd		14
	202,000		HCL Technologies Ltd		2,061
	170,968	e	Heartland Payment Systems, Inc		2,636
	20,170		Hexaware Technologies Ltd		53
	315,000	*	Hi Sun Technology China Ltd		133
	67,702		HIQ International AB		386
	1,134,152	*	IAC/InterActiveCorp		32,550
	4,424		ICSA India Ltd		14
	105,357	e	iGate Corp		2,077
	428,915	e	Indra Sistemas S.A.		7,328
	59,506		Industrial & Financial Systems		949
	96,400		Ines Corp		786
	285,189	*,e	Informatica Corp		12,557
	431,900	a	Information Development Co		3,027
	18,000		Information Services International-Dentsu Ltd		130
	184,878	*,e	Infospace, Inc		1,534
	770,966		Infosys Technologies Ltd		59,359
	1,595	*	Infraware, Inc		12
	7,000		Insyde Software Corp		27
	102,016	*,e	Integral Systems, Inc		1,011
	56,976	*,e	Interactive Intelligence, Inc		1,490
	240,074	*,e	Internap Network Services Corp		1,460
	5,322,351		International Business Machines Corp		781,107
	12,000		International Games System Co Ltd		65
	229,335	*,e	Internet Capital Group, Inc		3,261
	8,299	*	Internet Gold-Golden Lines Ltd		280
	232		Internet Initiative Japan, Inc		659
	1,554,362	*	Intuit, Inc		76,630
	189,619	e	Iress Market Technology Ltd		1,693
	1,079	*	iSoftstone Holdings Ltd (ADR)		20
	128,760		IT Holdings Corp		1,716
	83,055	e	Itochu Techno-Science Corp		3,115

155

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	196,493	*,e	j2 Global Communications, Inc	$	5,688
	371,993	e	Jack Henry & Associates, Inc		10,844
	197,534	*,e	JDA Software Group, Inc		5,531
	742		Kakaku.com, Inc		4,414
	153,652	*,e	Kenexa Corp		3,348
	59,147		Keynote Systems, Inc		865
	288,000	e	Kingdee International Software Group Co Ltd		162
	106,000		Kingsoft Corp Ltd		53
	95,452	*,e	KIT Digital, Inc		1,531
	145,042	*,e	Knot, Inc		1,433
	337,888		Konami Corp		7,183
	11,473	*	Korea Digital Communications Corp		24
	9,024		KPIT Cummins Infosystems Ltd		29
	2,341	*	KT Hitel Co Ltd		17
	740,320	*,e	Lawson Software, Inc		6,848
	612,183		Lender Processing Services, Inc		18,072
	175,270	*,e	Limelight Networks, Inc		1,018
	308,110	*,e	Lionbridge Technologies		1,137
	71,673	*,e	Liquidity Services, Inc		1,007
	221,435	*,e	Liveperson, Inc		2,502
	71,415	*,e	Local.com Corp		463
	3,114,840		LogicaCMG plc		6,362
	108,241	*,e	LogMeIn, Inc		4,799
	3,517	*,e	Longtop Financial Technologies Ltd (ADR)		127
	120,535	*,e	LoopNet, Inc		1,339
	76,925	*	MacDonald Dettwiler & Associates Ltd		3,912
	75,200	e	Macromill, Inc		846
	240,680	*	Magma Design Automation, Inc		1,206
	1,150	*,f,g,m	Mail.ru 144A (GDR) (purchased 11/05/10, cost $32)		41
	116,091	*,e	Manhattan Associates, Inc		3,545
	104,111	*,e	Mantech International Corp (Class A)		4,303
	114,379	e	Marchex, Inc (Class B)		1,091
	505,359		Mastercard, Inc (Class A)		113,255
	52,927		Matrix IT Ltd		320
	109,277	e	MAXIMUS, Inc		7,166
	318,854	*,e	McAfee, Inc		14,766
	14,892		Meetic		323
	477,178	*,e	Mentor Graphics Corp		5,726
	430,973		Micro Focus International plc		2,612
	407,782	*	Micros Systems, Inc		17,885
	43,842,779		Microsoft Corp		1,224,089
	59,300	*,e	MicroStrategy, Inc (Class A)		5,068
	569,932	*,e	Misys plc		3,048
	107	*,e	Mixi Inc		583
	239,055	*,e	ModusLink Global Solutions, Inc		1,602
	429,258	*,e	MoneyGram International, Inc		1,163
	369,915		Moneysupermarket.com Group plc		450
	815,308	*	Monitise plc		254
	104,812	*	Monotype Imaging Holdings, Inc		1,163
	729,741	*,e	Monster Worldwide, Inc		17,244
	22,500	*,e	Motricity, Inc		418
	738,185	*,e	Move, Inc		1,897

156

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	108		MTI Ltd	$	211
	1,250,000	*	Nan Hai Corp Ltd		10
	31,962	*,e	NCI, Inc (Class A)		735
	18,721		Ncsoft		3,439
	42,700		NEC Fielding Ltd		554
	17,015		Nemetschek AG.		725
	109,940	*	Neowiz Games Corp		4,451
	33,617		Net Entertainment NE AB		350
	791		NET One Systems Co Ltd		1,172
	219,759	*,e	Netscout Systems, Inc		5,057
	78,270	*,e	NetSuite, Inc		1,957
	26,781		NetVision Ltd		347
	346,634	*	NeuStar, Inc (Class A)		9,030
	52,833	*	NHN Corp		10,568
	238,318		NIC, Inc		2,314
	76,469	*	Nice Systems Ltd		2,694
	75,900	e	Nihon Unisys Ltd		608
	10,913		NIIT Ltd		13
	158,238		Nintendo Co Ltd		46,444
	46,100	e	Nippon System Development Co Ltd		545
	130,209		Nomura Research Institute Ltd		2,900
	37,073		Novabase SGPS S.A.		144
	1,036,746	*	Novell, Inc		6,138
	25,700		NS Solutions Corp		561
	2,158		NTT Data Corp		7,472
	1,154,353	*	Nuance Communications, Inc		20,986
	6,950		OBIC Business Consultants Ltd		372
	17,590		Obic Co Ltd		3,622
	127,683	*,e	Online Resources Corp		594
	5,266	*	OnMobile Global Ltd		34
	70,370	*,e	Open Text Corp		3,236
	148,319	*,e	OpenTable, Inc		10,454
	397,901	*,e	Openwave Systems, Inc		844
	201,398	e	Opera Software ASA		1,001
	52,423	e	Opnet Technologies, Inc		1,403
	20,056,066		Oracle Corp		627,754
	19,163		Oracle Corp Japan		942
	34,461	e	ORC Software AB		655
	62,957	*,e	Ordina NV		309
	17,050	e	Otsuka Corp		1,163
	60,000		Pacific Online		27
	614,867	*,e	Parametric Technology Corp		13,853
	10,929		Patni Computer Systems Ltd		116
	654,293	e	Paychex, Inc		20,224
	5,000		PC Home Online		30
	275,000		PCA Corp		2,964
	57,841	e	Pegasystems, Inc		2,119
	105,944	*,e	Perficient, Inc		1,324
	49,500		Philweb Corp		18
	3,337,781	e	Playtech Ltd		22,065
	9,038		Polaris Software Lab Ltd		35
	7,051	*	POSDATA Co Ltd		60

157

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	184,313	*,e	Progress Software Corp	$	7,800
	94,575	*,e	PROS Holdings, Inc		1,077
	14,123		PSI AG. Gesellschaft Fuer Produkte und Systeme der Informationstechnologie		337
	28,109	*,e	QAD, Inc (Class A)		256
	7,027	*,e	QAD, Inc (Class B)		70
	265,944	*,e	QLIK Technologies, Inc		6,864
	351,856	*,e	Quest Software, Inc		9,760
	43,103	*,e	QuinStreet, Inc		828
	432,021	*,e	Rackspace Hosting, Inc		13,570
	231,174	*	Radiant Systems, Inc		4,524
	211,000	*	RCG Holdings Ltd		90
	63,800	*,e	RealD, Inc		1,654
	389,826	*,e	RealNetworks, Inc		1,637
	127,726	*,e	RealPage, Inc		3,951
	782,650	*	Red Hat, Inc		35,728
	403,200		Redecard S.A.		5,113
	88,193		Redflex Holdings Ltd		216
	78,009		Renaissance Learning, Inc		924
	17,420		Reply S.p.A.		460
	20,509	*	Retalix Ltd		281
	140,957	*,e	RightNow Technologies, Inc		3,336
	18,102		Rolta India Ltd		63
	46,380	*,e	Rosetta Stone, Inc		984
	387,698	*,e	Rovi Corp		24,041
	267,519	*,e	S1 Corp		1,846
	121,055	*	Saba Software, Inc		741
	2,459,254		Sage Group plc		10,483
	835,510	*,e	SAIC, Inc		13,251
	328,787	*	Salesforce.com, Inc		43,400
	1,252,721		SAP AG.		63,780
	440,870	e	Sapient Corp		5,335
	771,291	*	Satyam Computer Services Ltd		1,141
	159,561	*,e	SAVVIS, Inc		4,072
	1,377		SBSi Co Ltd		16
	107,203	*	SDL plc		1,086
	23,300		Shanghai Baosight Software Co Ltd		50
	5,977		SimCorp AS		959
	405	*	Simplex Technology, Inc		174
	92,916	*,e	Sina Corp		6,394
	20,717		SK C&C Co Ltd		1,592
	1,834	*	SK Communications Co Ltd		28
	125,006	*	Smith Micro Software, Inc		1,968
	168,678		SMS Management & Technology Ltd		1,149
	33,775		Software AG.		4,956
	17,000		Soft-World International Corp		81
	192,402	*,e	SolarWinds, Inc		3,704
	140,251		Solera Holdings, Inc		7,198
	63,698		Sonda S.A.		160
	182	e	So-net Entertainment Corp		547
	177,521	*,e	Sonic Solutions, Inc		2,663
	5,679		Sopra Group S.A.		439

158

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	166,104	*,e	Sourcefire, Inc	$	4,307
	34,000		Springsoft, Inc		43
	10,365	*,e	SPS Commerce, Inc		164
	81,815		Square Enix Co Ltd		1,451
	306,491	*	SRA International, Inc (Class A)		6,268
	53,725	*,e	SRS Labs, Inc		473
	54,831	*,e	SS&C Technologies Holdings, Inc		1,125
	55,550	e	Stamps.com, Inc		736
	790	*,e	StarTek, Inc		4
	10,011	*	Stream Global Services, Inc		40
	263,198	*,e	SuccessFactors, Inc		7,622
	26,271		Sumisho Computer Systems Corp		471
	207,693	*	SupportSoft, Inc		1,346
	10,232		Sword Group		312
	6,808,832	*,e	Symantec Corp		113,979
	94,129	*,e	Synchronoss Technologies, Inc		2,514
	298,569	*	Synopsys, Inc		8,034
	94,166	e	Syntel, Inc		4,500
	42,000		Systex Corp		68
	48,900	*	TA Indigo Holding Corp		915
	333,762	*,e	Take-Two Interactive Software, Inc		4,085
	295,409	*	Taleo Corp (Class A)		8,168
	829,917		Tata Consultancy Services Ltd		21,635
	44,732	*,e	TechTarget, Inc		355
	45,800		Tecmo Koei Holdings Co Ltd		360
	233,076	*	Telecity Group plc		1,709
	278,302	*,e	TeleCommunication Systems, Inc (Class A)		1,300
	33,589	*,e	TeleNav, Inc		245
	229,900	*,e	TeleTech Holdings, Inc		4,734
	364,748	*,e	Temenos Group AG.		15,175
	1,620,700	e	Tencent Holdings Ltd		35,217
	1,059,524	*,e	Teradata Corp		43,610
	246,358	*,e	Terremark Worldwide, Inc		3,190
	319,178	*,e	THQ, Inc		1,934
	1,086,581	*	TIBCO Software, Inc		21,417
	74,519	*,e	Tier Technologies, Inc		446
	93,892		Tietoenator Oyj		1,777
	1,933,079	*,e	Tiscali S.p.A.		208
	513,190	*,e	TiVo, Inc		4,429
	20,200	e	TKC		428
	114,576	*,e	TNS, Inc		2,383
	923,512		Total System Services, Inc		14,204
	32,100		Totvus S.A.		3,268
	59,257	*,e	TradeDoubler AB		436
	49,100	*	Trans Cosmos, Inc/Japan		487
	130,000		Travelsky Technology Ltd		136
	23,286	*,e	Travelzoo, Inc		960
	52,793	*,e	Trend Micro, Inc		1,743
	129,995	*,e	Tyler Technologies, Inc		2,699
	60	*,e	Ubiquitous Corp		210
	119,763	*,e	UBISOFT Entertainment		1,280
	104,348	*,e	Ultimate Software Group, Inc		5,074

159

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	482,068	*	Unisys Corp	$	12,481
	36,234	e	Unit 4 Agresso NV		1,173
	376,862		United Internet AG.		6,126
	548,855	e	United Online, Inc		3,622
	2,000		Userjoy Technology Co Ltd		17
	784,000	*	UURG Corp Ltd		30
	508,366	*,e	Valueclick, Inc		8,149
	125,488	*,e	Vasco Data Security International		1,020
	36,366	*	Velti Ltd		281
	646,466	*,e	VeriFone Holdings, Inc		24,928
	283		VeriSign Japan KK		129
	435,351		VeriSign, Inc		14,223
	178,376	e	VirnetX Holding Corp		2,649
	62,720	*,e	Virtusa Corp		1,026
	1,614,496		Visa, Inc (Class A)		113,627
	135,083	*,e	VistaPrint Ltd		6,214
	623,519	*	VMware, Inc (Class A)		55,437
	76,979	*,e	Vocus, Inc		2,129
	345,953	*,e	Wave Systems Corp		1,363
	128,770	*,e	WebMD Health Corp (Class A)		6,575
	284,243	*	Websense, Inc		5,756
	117		Wellnet Corp		91
	961		WeMade Entertainment Co Ltd		29
	4,627,564		Western Union Co		85,934
	679,397		Wipro Ltd		7,464
	133,557	e	Wirecard AG.		1,829
	444		Works Applications Co Ltd		231
	171,221	*,e	Wright Express Corp		7,876
	286,066	e	Xchanging plc		560
	4,227	*	XING AG.		205
	30,009	e	Yahoo! Japan Corp		11,643
	8,665,483	*	Yahoo!, Inc		144,108
	88,000		YTL E-Solutions BHD		37
	387		Zappallas, Inc		587
	284,013	*,e	Zix Corp		1,213
			TOTAL SOFTWARE & SERVICES		7,063,118
TECHNOLOGY HARDWARE & EQUIPMENT - 6.0%
	43,200	*	5N Plus, Inc		304
	1,490,000		AAC Acoustic Technologies Holdings, Inc		3,978
	28,447		Aastra Technologies Ltd		663
	56,000		Ability Enterprise Co Ltd		96
	47,000		Accton Technology Corp		33
	2,972	*	ACE Digitech Co Ltd		52
	4,452,325		Acer, Inc		13,759
	5,000	*	Acme Electronics Corp		21
	247,257	*,e	Acme Packet, Inc		13,144
	19,000		A-DATA Technology Co Ltd		32
	21,000		Adlink Technology, Inc		38
	265,139	e	Adtran, Inc		9,601
	87,732	*	ADVA AG. Optical Networking		687
	532,978		Advantech Co Ltd		1,508

160

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	191,005	*,e	Agilysys, Inc	$	1,075
	18,500		Aiphone Co Ltd		301
	3,662,028	*,e	Alcatel S.A.		10,668
	50,000		Alpha Networks, Inc		43
	333,700	*	Alps Electric Co Ltd		3,872
	2,529		Alti-Electronics Co Ltd		10
	82,284	*	Alvarion Ltd		198
	34,161	e	Amper S.A.		132
	445,128	e	Amphenol Corp (Class A)		23,494
	110,000		AmTRAN Technology Co Ltd		101
	84,403	*	Anaren, Inc		1,760
	200,447	e	Anixter International, Inc		11,973
	169,000	*,e	Anritsu Corp		1,397
	11,000		APCB, Inc		11
	5,549,398	*	Apple, Inc		1,790,015
	8,000		Arcadyan Technology Corp		17
	58,900	e	Arisawa Manufacturing Co Ltd		326
	794,420	*	Arris Group, Inc		8,913
	370,904	*,e	Arrow Electronics, Inc		12,703
	2,125,000	*	Artel Solutions Group Holdings Ltd		94
	329,953	*,e	Aruba Networks, Inc		6,889
	39,357	*	Ascom Holding AG.		619
	22,000		Asia Vital Components Co Ltd		26
	6,000		ASROCK, Inc		23
	1,234,978		Asustek Computer, Inc		11,733
	5,000		Aten International Co Ltd		9
	23,566,853		AU Optronics Corp		24,491
	636,377	*,e	AU Optronics Corp (ADR)		6,631
	45,629	*	Audiocodes Ltd		264
	29,261		Austria Technologie & Systemtechnik AG.		672
	14,000		AV Tech Corp		42
	1,173,808	*,e	Avanzit S.A.		715
	3,753,741		Avermedia Technologies		5,188
	129,749	*,e	Avid Technology, Inc		2,265
	496,915	*	Avnet, Inc		16,413
	273,881	e	AVX Corp		4,226
	52,816	e	Axis Communications AB		962
	49,966	*	Balda AG.		461
	16,988	*	Barco NV		1,096
	55,580		Bel Fuse, Inc (Class B)		1,328
	1,800		Bematech S.A.		9
	349,474	*	Benchmark Electronics, Inc		6,346
	1,748,120	*	Benq Corp		1,193
	192,846	*,e	BigBand Networks, Inc		540
	99,782	e	Black Box Corp		3,821
	265,138	*,e	Blue Coat Systems, Inc		7,920
	203,049	*,e	Bookham, Inc		2,670
	517,265	*,e	Brightpoint, Inc		4,516
	903,627	*,e	Brocade Communications Systems, Inc		4,780
	628,081		Brother Industries Ltd		9,314
	123,249	*,e	Bull S.A.		562
	151,000		BYD Electronic International Co Ltd		80

161

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	407,900		CalComp Electronics Thailand PCL	$	47
	25,843	*,e	Calix Networks, Inc		437
	89,538	*	Cando Corp		67
	33,000		Canon Electronics, Inc		934
	1,593,228	e	Canon, Inc		82,615
	39,000		Career Technology Co Ltd		60
	690,853		Catcher Technology Co Ltd		2,559
	300,257	*	Celestica, Inc		2,914
	50,000		Centron Telecom International Holdings Ltd		12
	37,029	*	Ceragon Networks Ltd		485
	5,000		Chang Wah Electromaterials, Inc		29
	15,000		Channel Well Technology Co Ltd		16
	198,501	*,e	Checkpoint Systems, Inc		4,079
	368,929		Cheng Uei Precision Industry Co Ltd		840
	501,347		Chicony Electronics Co Ltd		1,118
	234,000	e	China Aerospace International Holdings Ltd		34
	58,000		China All Access Holdings Ltd		21
	190,000	*	China Energine International Holdings Ltd		16
	86,000		China High Precision Automation Group Ltd		68
	135,000	*	China ITS Holdings Co Ltd		94
	975,000	*	China Public Healthcare Holding Ltd		11
	224,000		China Wireless Technologies Ltd		140
	83,000		Chin-Poon Industrial Co		71
	52,000		Chroma ATE, Inc		155
	4,982,825	*	Chunghwa Picture Tubes Ltd		796
	355,662	*,e	Ciena Corp		7,487
	24,151,213	*	Cisco Systems, Inc		488,578
	335,145		Citizen Watch Co Ltd		2,312
	636,212		Clevo Co		1,473
	3,248,000	*	CMC Magnetics Corp		890
	53,700	*,e	CMK Corp		307
	201,676	e	Cognex Corp		5,933
	155,047	*,e	Coherent, Inc		6,999
	120,500	e	Comba Telecom Systems Holdings Ltd		136
	293,246	*	CommScope, Inc		9,155
	56,000		Compal Communications, Inc		55
	7,662,469		Compal Electronics, Inc		10,157
	176,025	*,e	Compellent Technologies, Inc		4,857
	139,000	*	Compeq Manufacturing Co		98
	215,723	e	Comtech Telecommunications Corp		5,982
	108,397	*,e	Comverge, Inc		749
	2,753,800		Coretronic Corp		4,505
	8,274,132		Corning, Inc		159,857
	10,000		Coxon Precise Industrial Co Ltd		18
	54,602	*	CPI International, Inc		1,057
	256,880	*,e	Cray, Inc		1,837
	63,850		Creative Technology Ltd		201
	770	*	CRUCIALTEC CO Ltd		32
	194,783	e	CTS Corp		2,154
	6,000		CyberPower Systems, Inc		14
	52,000		CyberTAN Technology, Inc		73
	4,840		Daeduck Electronics Co		34

162

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,130		Daeduck GDS Co Ltd	$	26
	10,000	e	DAI-ICHI SEIKO Co Ltd		539
	152,215	e	Daktronics, Inc		2,423
	22,000		Darfon Electronics Corp		28
	1,250	*	Dasan Networks, Inc		12
	34,723		DataTec Ltd		176
	65,114	e	DDi Corp		766
	7,825,873	*	Dell, Inc		106,041
	83,300		Delta Electronics Thai PCL		97
	2,513,964		Delta Electronics, Inc		12,287
	136,000		Denki Kogyo Co Ltd		667
	109,941	*,e	DG FastChannel, Inc		3,175
	182,402		Diebold, Inc		5,846
	131,429	*,e	Digi International, Inc		1,459
	105,000		Digital China Holdings Ltd		196
	9,063	*	Digital Multimedia Technologies S.p.A.		183
	1,513		Digitech Systems Co Ltd		28
	358,864		Diploma plc		1,553
	91,000		D-Link Corp		94
	222,750	*,e	Dolby Laboratories, Inc (Class A)		14,857
	75,249	*,e	DTS, Inc		3,691
	59,900		Eastern Communications Co Ltd		28
	138,302	*,e	Echelon Corp		1,409
	111,183	*,e	EchoStar Corp (Class A)		2,776
	20,371		Eizo Nanao Corp		477
	72,149		Electro Rent Corp		1,166
	131,719	*,e	Electro Scientific Industries, Inc		2,111
	720,672		Electrocomponents plc		2,987
	192,067	*,e	Electronics for Imaging, Inc		2,748
	22,000		Elite Material Co Ltd		23
	131,000		Elitegroup Computer Systems Co Ltd		51
	288,300	*	Eltek ASA		163
	9,737,830	*,e	EMC Corp		222,997
	66,192	*,e	EMS Technologies, Inc		1,309
	397,293	*	Emulex Corp		4,632
	13,500		Enplas Corp		215
	11,000		Entire Technology Co Ltd		51
	3,172,815		Ericsson (LM) (B Shares)		36,867
	32,407	e	Esprinet S.p.A.		239
	334,970		Everlight Electronics Co Ltd		970
	14,896		EVS Broadcast Equipment S.A.		953
	32,563	*	Exfo Electro Optical Engineering, Inc		232
	381,553	*,e	Extreme Networks, Inc		1,179
	430,455	*,e	F5 Networks, Inc		56,028
	39,100	*,e	Fabrinet		841
	70,526	*,e	FARO Technologies, Inc		2,316
	111,000	*,e	FDK Corp		185
	694,034	*,e	Finisar Corp		20,606
	22,000		Firich Enterprises Co Ltd		45
	17,000		FLEXium Interconnect, Inc		32
	313,943	*	Flir Systems, Inc		9,340
	17,000		Flytech Technology Co Ltd		46

163

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,755,120	*,e	Foxconn International Holdings Ltd	$	1,925
	841,278		Foxconn Technology Co Ltd		3,376
	1,135,163		Fuji Folms Holdings Corp		41,050
	2,881,262		Fujitsu Ltd		20,051
	14,000	*	Fulltech Fiber Glass Corp		14
	28,700		Furuno Electric Co Ltd		141
	22,821	*	G Tech Optoelectronics Corp		110
	275,075	e	Gemalto NV		11,706
	50,000		Gemtek Technology Corp		76
	8,000		GeoVision, Inc		29
	140,413	*,e	Gerber Scientific, Inc		1,105
	41,000		Getac Technology Corp		26
	20,000	*	Giantplus Technology Co Ltd		14
	95,000		Gigabyte Technology Co Ltd		100
	22,000		Gigastorage Corp		34
	40,103	*	Gilat Satellite Networks Ltd		203
	32,000		Global Brands Manufacture Ltd		22
	109,556	*,e	Globecomm Systems, Inc		1,096
	88,000	*	Gold Circuit Electronics Ltd		41
	42,000		Great Wall Technology Co Ltd		21
	54,900		Hakuto Co Ltd		555
	521,438		Halma plc		2,919
	117,600		Hamamatsu Photonics KK		4,299
	109,200		Hana Microelectronics PCL		91
	45,000		Hannstar Board Corp		33
	5,539,441	*	HannStar Display Corp		1,123
	489,722	*,e	Harmonic, Inc		4,197
	779,113		Harris Corp		35,294
	333,790	*,e	Harris Stratex Networks, Inc (Class A)		1,692
	15,963,123	e	Hewlett-Packard Co		672,048
	1,815,967		High Tech Computer Corp		56,055
	57,373	*	Himachal Futuristic Communications		14
	10,200		Hioki EE Corp		212
	27,359		Hirose Electric Co Ltd		3,083
	87,249		Hitachi High-Technologies Corp		2,040
	65,000		Hitachi Kokusai Electric, Inc		646
	18,484,160	*	Hitachi Ltd		98,579
	10,000		HiTi Digital, Inc		15
	53,000		Holystone Enterprise Co Ltd		67
	15,159,829		Hon Hai Precision Industry Co, Ltd		61,094
	46,695	e	Horiba Ltd		1,325
	80,900		Hosiden Corp		954
	574,933	*	Hoya Corp		13,964
	40,202	*	Hughes Communications, Inc		1,626
	1,973		Humax Co Ltd		29
	134,785	*,e	Hutchinson Technology, Inc		500
	176,221	*	Hypercom Corp		1,475
	293,674	*	Ibiden Co Ltd		9,267
	31,000		Ichia Technologies, Inc		18
	25,000		I-Chiun Precision Industry Co Ltd		32
	12,200	e	Icom, Inc		334
	21,000		ICP Electronics, Inc		30

164

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	7,500	*	IdeiasNet S.A.	$	17
	795,434	*	Imagination Technologies Group plc		4,472
	162,323	*,e	Imation Corp		1,674
	136,882	*,e	Immersion Corp		918
	2,359		Inficon Holding AG.		453
	365,944	*,e	Infinera Corp		3,780
	52,000		Infortrend Technology, Inc		70
	45,714		Ingenico		1,655
	469,026	*	Ingram Micro, Inc (Class A)		8,954
	6,161,243		InnoLux Display Corp		8,516
	251,840	*	Insight Enterprises, Inc		3,314
	415,000	e	Inspur International Ltd		36
	805		Intelligent Digital Integrated Security		13
	189,570	*,e	InterDigital, Inc		7,894
	1,377		Interflex Co Ltd		40
	206,656	*	Intermec, Inc		2,616
	116,564	*,e	Intevac, Inc		1,633
	881		INTOPS Co Ltd		19
	4,091,356		Inventec Co Ltd		2,315
	114,890	*,e	IPG Photonics Corp		3,633
	40,000		ITEQ Corp		61
	256,633	*	Itron, Inc		14,230
	59,212		Ituran Location and Control Ltd		1,031
	167,805	*	Ixia		2,816
	9,000	*	J Touch Corp		33
	580,378		Jabil Circuit, Inc		11,660
	132,000		Japan Aviation Electronics Industry Ltd		1,052
	18,900	e	Japan Cash Machine Co Ltd		158
	54,400		Japan Digital Laboratory Co Ltd		619
	111,000	*,e	Japan Radio Co Ltd		332
	370,300		JCY International BHD		97
	4,096,821	*	JDS Uniphase Corp		59,322
	53,096	*	Jenoptik AG.		383
	3,000		Jentech Precision Industrial Co Ltd		16
	13,000		Jess-Link Products Co Ltd		31
	138,000		Ju Teng International Holdings Ltd		67
	2,506,179	*	Juniper Networks, Inc		92,527
	27,600		Kaga Electronics Co Ltd		354
	14,176		Kapsch TrafficCom AG.		1,364
	46,083		Keyence Corp		13,350
	1,354		KH Vatec Co Ltd		26
	1,479,776		Kingboard Chemical Holdings Ltd		8,862
	205,000	*	Kinpo Electronics		76
	1,665	*	KMW Co Ltd		10
	73,400		Koa Corp		942
	740,163		Konica Minolta Holdings, Inc		7,694
	46,641		Kudelski S.A.		998
	69,451	*	KVH Industries, Inc		830
	50,000		KYE Systems Corp		45
	265,331		Kyocera Corp		27,092
	377,983	*,e	L-1 Identity Solutions, Inc		4,502
	471,322		Laird Group plc		1,274

165

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	282,644		Largan Precision Co Ltd	$	7,028
	16,515,700	e	Lenovo Group Ltd		10,582
	967,991	*,e	Lexmark International, Inc (Class A)		33,705
	12,090		LG Innotek Co Ltd		1,427
	366,682		LG.Philips LCD Co Ltd		12,859
	64,000	*	Lite-On Semiconductor Corp		45
	4,651,334		Lite-On Technology Corp		6,397
	95,468	e	Littelfuse, Inc		4,493
	24,562	*,e	Logitech International S.A.		468
	1,797	*	LoJack Corp		12
	57,334	*,e	Loral Space & Communications, Inc		4,386
	6,000		Lotes Co Ltd		32
	21,000		Lumax International Corp Ltd		43
	27,100		Macnica, Inc		679
	7,000		Mag Layers Scientific-Technics Co Ltd		20
	145,000		Marubun Corp		854
	113,929	*,e	Maxwell Technologies, Inc		2,152
	859,000	m	Meadville Holdings Ltd		141
	65,952	*,e	Measurement Specialties, Inc		1,936
	21,800	*,e	Megachips Corp		442
	20,200		Meiko Electronics Co		480
	29,500	e	Melco Holdings, Inc		1,032
	140,334	*,e	Mercury Computer Systems, Inc		2,579
	23,491	*,e	Meru Networks, Inc		362
	178,803	e	Methode Electronics, Inc		2,319
	69,000	*	Microelectronics Technology, Inc		44
	163,000		Micro-Star International Co Ltd		96
	384,630	*,e	Microvision, Inc		715
	130	*	MidgardXXI, Inc		0	^
	17,000		MIN AIK Technology Co Ltd		56
	1,195,622		Mitac International		576
	68,467		Mitsumi Electric Co Ltd		1,260
	66,000		MOBI Development Co Ltd		22
	271,335	e	Molex, Inc		6,165
	11,026		Moser Baer India Ltd		15
	8,890,147	*	Motorola, Inc		80,633
	66,994	e	MTS Systems Corp		2,510
	88,874	*,e	Multi-Fineline Electronix, Inc		2,354
	445,410		Murata Manufacturing Co Ltd		31,215
	272,078		Nan Ya Printed Circuit Board Corp		1,012
	38,000	*	Nanjing Panda Electronics		11
	124,189		National Instruments Corp		4,674
	460,508	*	NCR Corp		7,078
	959,137		NEC Corp		2,882
	19,300		NEC Mobiling Ltd		565
	35,940	e	Neopost S.A.		3,131
	460,480	*,e	Net Insight AB		235
	1,606,023	*,e	NetApp, Inc		88,267
	154,950	*	Netgear, Inc		5,219
	5,000		Netronix, Inc		13
	170,064	*	Network Engines, Inc		258
	144,448	*,e	Network Equipment Technologies, Inc		669

166

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	6,000		Newmax Technology Co Ltd	$	33
	177,068	*,e	Newport Corp		3,076
	91,597	*,e	Nichicon Corp		1,296
	24,200		Nidec Copal Electronics Corp		194
	52,000		Nidec Sankyo Corp		427
	21,500	e	Nihon Dempa Kogyo Co Ltd		409
	19,800		Nippon Ceramic Co Ltd		352
	183,000	*,e	Nippon Chemi-Con Corp		933
	768,765		Nippon Electric Glass Co Ltd		11,097
	31,000		Nohmi Bosai Ltd		202
	5,648,755		Nokia Oyj		58,425
	95,994		Nolato AB (B Shares)		1,185
	298		Nortel Networks Netas Telekomunikasyon AS.		13
	140,129	*,e	Novatel Wireless, Inc		1,338
	51,754	*	Occam Networks, Inc		449
	1,494,000	*	Oki Electric Industry Co Ltd		1,288
	314,707		Omron Corp		8,338
	70,000	*	O-NET COMMUNICATIONS GROUP		49
	106,187	*,e	Oplink Communications, Inc		1,961
	155,671	*,e	OpNext, Inc		274
	34,000		Osaki Electric Co Ltd		295
	121,686	*,e	OSI Systems, Inc		4,425
	60,000		Pan-International Industrial		95
	8,000		Paragon Technologies Co Ltd		16
	91,607	e	Park Electrochemical Corp		2,748
	33,449	*	Parrot S.A.		1,077
	1,718		Partron Co Ltd		33
	52,217	*,e	PC Connection, Inc		463
	109,345	*,e	PC-Tel, Inc		656
	2,302,217	*	Pegatron Technology Corp		3,316
	1,871		People & Telecommunication, Inc		11
	1,784		Phoenix Mecano AG.		1,259
	278,466		Plantronics, Inc		10,365
	177,860	*,e	Plexus Corp		5,503
	584,518	*	Polycom, Inc		22,785
	22,000		Portwell, Inc		23
	3,300		Positivo Informatica S.A.		19
	23,000		Power Quotient International Co Ltd		14
	442,316	*,e	Power-One, Inc		4,512
	590,320	*,e	Powerwave Technologies, Inc		1,499
	899,829		Premier Farnell plc		4,025
	120,514	*,e	Presstek, Inc		268
	4,305,000	*	Prime View International Co Ltd		8,726
	10,000		P-Two Industries, Inc		15
	746,788	*,e	QLogic Corp		12,710
	9,436,663	e	Qualcomm, Inc		467,019
	3,619,250		Quanta Computer, Inc		7,597
	29,000		Quanta Storage, Inc		31
	1,003,608	*,e	Quantum Corp		3,733
	136,282	*,e	Rackable Systems, Inc		1,231
	127,999	*,e	Radisys Corp		1,139
	59,581	e	Renishaw plc		1,143

167

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	801,266	*	Research In Motion Ltd (Canada)	$	46,796
	105,525		Richardson Electronics Ltd		1,234
	2,146,912		Ricoh Co Ltd		31,467
	52,386	*,e	Rimage Corp		781
	36,300		Riso Kagaku Corp		640
	454,000	*	Ritek		134
	670,787	*,e	Riverbed Technology, Inc		23,592
	134,162	*,e	Rofin-Sinar Technologies, Inc		4,755
	71,834	*,e	Rogers Corp		2,748
	13,300	e	Roland DG Corp		215
	60,500		Ryosan Co Ltd		1,568
	32,700		Ryoyo Electro Corp		381
	1,160		Sam Young Electronics Co Ltd		12
	80,089		Samsung Electro-Mechanics Co Ltd		8,751
	44,002		Samsung SDI Co Ltd		6,514
	2,259,648	*,e	SanDisk Corp		112,666
	382,613	*	Sandvine Corp		1,081
	339,103	*	Sanmina-SCI Corp		3,893
	33,200		Sanshin Electronics Co Ltd		276
	136,042	*,e	Scansource, Inc		4,340
	7,000		Sea Sonic Electronics Co Ltd		13
	177,753	*	Seachange International, Inc		1,520
	6,323,462	*	Seagate Technology, Inc		95,042
	634,686		Seiko Epson Corp		11,570
	39,000		Senao International Co Ltd		79
	46,126		SFA Engineering Corp		1,992
	19,200	*	Shanghai Potevio Co Ltd		13
	20,700	*	Shenzhen SEG Co Ltd		8
	230,189	e	Shimadzu Corp		1,789
	46,400		Shinko Shoji Co Ltd		387
	199,268	*,e	ShoreTel, Inc		1,556
	51,000	*	Shuttle, Inc		38
	45,253	*	Sierra Wireless, Inc		676
	76,000		SIM Technology Group Ltd		14
	252,490		Simplo Technology Co Ltd		1,836
	24,000		Sinbon Electronics Co Ltd		19
	1,268		Sindoh Co Ltd		61
	108,000	*	Sintek Photronic Corp		92
	11,000		Sirtec International Co Ltd		23
	237,429	*	Smart Modular Technologies WWH, Inc		1,368
	61,300	*	Smart Technologies, Inc		578
	751,478	*,e	Smart Technologies, Inc (Class A)		7,094
	114,000	e	SMK Corp		628
	43,000	*	SNU Precision Co Ltd		665
	913,036	*,e	Sonus Networks, Inc		2,438
	159,234		Spectris plc		3,255
	64,743	*	Spectrum Control, Inc		970
	935,920		Spirent Communications plc		2,157
	53,100		Star Micronics Co Ltd		577
	166,430	*,e	STEC, Inc		2,937
	29,483		Sterlite Technologies Ltd		50
	87,801	*,e	Stratasys, Inc		2,866

168

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	43,000		Sunrex Technology Corp	$	48
	98,180	*,e	Super Micro Computer, Inc		1,133
	1,114		Suprema, Inc		12
	14,000		Supreme Electronics Co Ltd		11
	36,500	*	SVA Electron Co Ltd		22
	72,323	e	Sycamore Networks, Inc		1,489
	269,372	*,e	Symmetricom, Inc		1,910
	148,556	*,e	Synaptics, Inc		4,365
	15,000		Syncmold Enterprise Corp		25
	134,862	*,e	SYNNEX Corp		4,208
	1,526,198		Synnex Technology International Corp		4,120
	14,000		Taiflex Scientific Co Ltd		32
	17,000		Taiwan PCB Techvest Co Ltd		26
	156,803	e	Taiyo Yuden Co Ltd		2,395
	82,000	e	Tamura Corp		250
	103,000		TCL Communication Technology Holdings Ltd		101
	203,655		TDK Corp		14,172
	119,120	*,e	Tech Data Corp		5,244
	183,698	e	Technitrol, Inc		977
	32,000	*	Tecom Co Ltd		10
	336,070	*,e	Tekelec		4,003
	1,119,273		Tellabs, Inc		7,589
	25,847	e	Tessco Technologies, Inc		412
	19,000		Test Research, Inc		31
	19,000		Thinking Electronic Industrial Co Ltd		30
	15,108		Thrane & Thrane AS		645
	60,439		TKH Group NV		1,584
	107,000	*,e	Toko, Inc		208
	155,105	*	Tokyo Denpa Co Ltd		1,173
	1,249	*	Tollgrade Communications, Inc		12
	16,000		Tong Hsing Electronic Industries Ltd		71
	113,200	e	Topcon Corp		699
	26,000		Topoint Technology Co Ltd		29
	4,968,173	*	Toshiba Corp		27,047
	271,000		Toshiba TEC Corp		1,315
	35,900		Toyo Corp/Chuo-ku		385
	10,000	*	TPK HOLDING CO Ltd		230
	188,000	e	Tpv Technology Ltd		120
	252,702	*,e	Trimble Navigation Ltd		10,090
	480,507		Tripod Technology Corp		1,961
	42,000		Truly International Holdings		68
	519,560		TT electronics plc		1,393
	388,160	*,e	TTM Technologies, Inc		5,787
	50,000		TXC Corp		96
	799,700		Tyco Electronics Ltd		28,309
	6,914	*	U-Blox AG.		372
	1,331		Uju Electronics Co Ltd		39
	83,000	*	Uniden Corp		257
	2,945,756		Unimicron Technology Corp		5,739
	39,000	*	Unitech Printed Circuit Board Corp		26
	129,703	*,e	Universal Display Corp		3,975
	632,508	*,e	Utstarcom, Inc		1,303

169

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	48		V Technology Co Ltd	$	281
	384,795		Venture Corp Ltd		2,776
	146,106	*,e	Viasat, Inc		6,489
	13,778	*,e	Viasystems Group, Inc		277
	1,998,706	*,e	Vishay Intertechnology, Inc		29,341
	65,046	*,e	Vishay Precision Group, Inc		1,225
	714,000		VST Holdings Ltd		210
	216,800	e	Vtech Holdings Ltd		2,551
	498	e	Wacom Co Ltd		792
	8,000		Wah Hong Industrial Corp		20
	1,464,767		Wah Lee Industrial Corp		2,929
	49,000	*	Walsin Technology Corp		33
	90,000		Wasion Group Holdings Ltd		60
	48,000		Weikeng Industrial Co Ltd		45
	13,000		Wellypower Optronics Corp		14
	2,077,260	*	Western Digital Corp		70,419
	142,800		Wi-Lan, Inc		919
	49,043		Wincor Nixdorf AG.		3,998
	1,281,000	*	Wintek Corp		2,201
	2,758,116		Wistron Corp		5,619
	32,000		Wistron NeWeb Corp		77
	410	*	Woojin, Inc		9
	1,028,870		WPG Holdings Co Ltd		1,987
	33,000		WT Microelectronics Co Ltd		53
	36,000	*	WUS Printed Circuit Co Ltd		27
	9,988,949	e	Xerox Corp		115,072
	133,905	*,e	X-Rite, Inc		612
	151,335	*,e	Xyratex Ltd		2,468
	15,750	*,b,m	Ya Hsin Industrial Co Ltd		3
	719,000		Yageo Corp		354
	99,193	e	Yamatake Corp		2,352
	209,005	e	Yaskawa Electric Corp		1,977
	207,394	*	Yokogawa Electric Corp		1,650
	109,393		Young Fast Optoelectronics Co Ltd		1,045
	12,000		Yufo Electronics Co Ltd		11
	172,588	*	Zebra Technologies Corp (Class A)		6,557
	50,000		Zinwell Corp		98
	763,447		ZTE Corp		3,035
	80,022	*,e	Zygo Corp		979
	77,000	*	Zyxel Communications		78
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		6,535,767
TELECOMMUNICATION SERVICES - 3.3%
	14,471	*	012 Smile.Communications Ltd		532
	95,589		AboveNet, Inc		5,588
	1,772,800		Advanced Info Service PCL		4,955
	159,629	f	AFK Sistema (GDR) (purchased 06/30/05, cost $2,912)		3,980
	196,394	e	Alaska Communications Systems Group, Inc		2,180
	9,798		Allied Technologies Ltd		98
	31,968,230	e	America Movil S.A. de C.V. (Series L)		91,815
	1,570,453	*	American Tower Corp (Class A)		81,098
	28,503,669	e	AT&T, Inc		837,439

170

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES		COMPANY	VALUE (000)
38,698	e	Atlantic Tele-Network, Inc	$	1,484
210,500	*,e	Axtel SAB de CV		121
472,940	e	BCE, Inc		16,810
75,233		Belgacom S.A.		2,526
2,506,884		Bezeq Israeli Telecommunication Corp Ltd		7,644
752,187		Bharti Airtel Ltd		6,036
701,962		Brasil Telecom S.A. (Preference)		5,074
25,103,172		BT Group plc		70,762
7,743,439		Cable & Wireless plc		5,859
1,796,847		Cable & Wireless Worldwide		1,841
115,337	*,e	Cbeyond Communications, Inc		1,762
58,019		Cellcom Israel Ltd		1,884
1,234,282	e	CenturyTel, Inc		56,987
3,137,768		China Communications Services Corp Ltd		1,869
9,504,910		China Mobile Hong Kong Ltd		94,403
25,381,637		China Telecom Corp Ltd		13,290
8,635,215	e	China Unicom Ltd		12,354
7,463,648		Chunghwa Telecom Co Ltd		18,969
997,884	*,e	Cincinnati Bell, Inc		2,794
1,320,000	e	Citic 1616 Holdings Ltd		421
566,000	*	Citic 21CN Co Ltd		69
436,000		City Telecom (HK) Ltd		317
469,174	*,e	Clearwire Corp (Class A)		2,416
188,215	*,e	Cogent Communications Group, Inc		2,661
701,351	*,e	Colt Telecom Group S.A.		1,506
188,295	f	Comstar United Telesystems (GDR) (purchased 03/13/06, cost $962)		1,259
169,158		Consolidated Communications Holdings, Inc		3,265
1,114,117	*,e	Crown Castle International Corp		48,832
6,003,523		Deutsche Telekom AG.		77,457
801,600		Digi.Com BHD		6,395
85,132		Drillisch AG.		694
42,392		Egyptian Co for Mobile Services		1,204
56,593		Elisa Oyj (Series A)		1,230
149,262		Empresa Nacional de Telecomunicaciones S.A.		2,609
3,072,019		Far EasTone Telecommunications Co Ltd		4,457
209,104	*,e	FiberTower Corp		933
709,129		France Telecom S.A.		14,778
273,651		Freenet AG.		2,888
6,277,013	e	Frontier Communications Corp		61,075
185,889	*	General Communication, Inc (Class A)		2,353
177,979	*	Global Crossing Ltd		2,299
309,217	*,e	Globalstar, Inc		448
41,100		Globe Telecom, Inc		751
28,203	*	GTL Infrastructure Ltd		27
16,295		Hellenic Telecommunications Organization S.A.		133
2,330,351		Hutchison Telecommunications Hong Kong Holdings Ltd		714
403,590	*,e	ICO Global Communications Holdings Ltd (Class A)		605
95,437	e	IDT Corp (Class B)		2,448
229,677		iiNET Ltd		681
7,011	e	Iliad S.A.		763
179,282		Inmarsat plc		1,883

171

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES		COMPANY	VALUE (000)
147,173	*,e	Iridium Communications, Inc	$	1,214
837,700		Jasmine International PCL		56
279,401	*	Jazztel plc		1,325
1,432,963		Kcom Group plc		1,307
4,584		KDDI Corp		26,480
161,000		Keppel Telecommunications & Transportation Ltd		177
191,882		KT Corp		7,820
189,104	*,e	Leap Wireless International, Inc		2,318
5,308,958	*,e	Level 3 Communications, Inc		5,203
340,726		LG Telecom Ltd		2,153
894,136		Magyar Telekom		2,218
58,722	*	Mahanagar Telephone Nigam		72
29,700		Manitoba Telecom Services, Inc		851
240,811		Maroc Telecom		4,322
68,900	*,e	Maxcom Telecomunicaciones SAB de C.V.		36
4,274,400		Maxis BHD		7,347
3,089,982	*,e	MetroPCS Communications, Inc		39,026
45,100	e	Millicom International Cellular S.A.		4,332
825,461		Mobile TeleSystems (ADR)		17,227
633,809		MobileOne Ltd		1,161
11,398		Mobistar S.A.		739
2,694,315		MTN Group Ltd		54,978
47,020	*	Netia S.A.		83
137,934	*	Neutral Tandem, Inc		1,992
1,142,928	*,e	NII Holdings, Inc (Class B)		51,043
1,690,251		Nippon Telegraph & Telephone Corp		76,508
137,571		NTELOS Holdings Corp		2,621
18,797		NTT DoCoMo, Inc		32,829
246		Okinawa Cellular Telephone Co		545
6,442,302		Orascom Telecom Holding SAE		4,794
755,681	*,e	PAETEC Holding Corp		2,826
112,991		Partner Communications		2,293
9,195,817		PCCW Ltd		4,070
71,367		Philippine Long Distance Telephone Co		4,160
81,853	e	Portugal Telecom SGPS S.A.		917
322,008	*,e	Premiere Global Services, Inc		2,190
4,777,500	*	PT Bakrie Telecom Tbk		125
233,500	*	PT Excelcomindo Pratama		137
1,382,676		PT Indosat Tbk		829
13,038,821		PT Telekomunikasi Indonesia Tbk (Series B)		11,505
186,222	*	QSC AG.		821
16,325,844	e	Qwest Communications International, Inc		124,240
913,819		Reliance Communication Ventures Ltd		2,970
579,172	e	Rogers Communications, Inc (Class B)		20,154
600	e	Rostelecom (ADR)		18
3,969,577		Royal KPN NV		57,926
367,494	*	SBA Communications Corp (Class A)		15,045
112,623	e	Shenandoah Telecom Co		2,109
7,843,379		Singapore Telecommunications Ltd		18,641
161,162	*	SK Broadband Co Ltd		768
55,299		SK Telecom Co Ltd		8,454
29,200	e	SK Telecom Co Ltd (ADR)		544

172

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	625,000		SmarTone Telecommunications Holding Ltd	$	1,196
	1,960,964		Softbank Corp		67,893
	252,616	*,e	SONAECOM - SGPS S.A.		456
	24,075,609	*,e	Sprint Nextel Corp		101,840
	473,676		StarHub Ltd		971
	54,170		Swisscom AG.		23,817
	375,665	*,e	Syniverse Holdings, Inc		11,589
	3,366,715		Taiwan Mobile Co Ltd		8,048
	569,409		TalkTalk Telecom Group plc		1,420
	138,913	*	Tata Teleservices Maharashtra Ltd		60
	77,013		Tele Norte Leste Participacoes S.A.		1,499
	480,860		Tele Norte Leste Participacoes S.A. (Preference)		7,036
	417,479		Tele2 AB (B Shares)		8,665
	1,531,784		Telecom Corp of New Zealand Ltd		2,590
	864,519		Telecom Egypt		2,693
	27,811,996		Telecom Italia RSP		30,178
	12,101,273		Telecom Italia S.p.A.		15,637
	64,686		Telecom Plus plc		459
	162,407		Telefonica O2 Czech Republic AS		3,306
	3,907,768		Telefonica S.A.		88,590
	7,441,322	e	Telefonos de Mexico S.A. de C.V. (Series L)		6,031
	21,713		Telekom Austria AG.		305
	2,287,600		Telekom Malaysia BHD		2,604
	1,239,226		Telekomunikacja Polska S.A.		6,844
	57,496		Telemar Norte Leste S.A.		1,654
	76,894		Telenet Group Holding NV		3,029
	1,848,643		Telenor ASA		30,034
	562,834	e	Telephone & Data Systems, Inc		20,572
	228,618		Telesp Celular Participacoes S.A.		7,341
	1,039,908		TeliaSonera AB		8,241
	408,612		Telkom S.A. Ltd		2,357
	11,598,768		Telstra Corp Ltd		33,098
	63,513		TELUS Corp		2,905
	357,599	e	TELUS Corp, non-voting shares		15,555
	207,600	*	Thaicom PCL		43
	1,015,260		Tim Participacoes S.A.		3,370
	359,100	*	Time dotCom BHD		93
	5,025,200	*	TM International BHD		7,741
	95,500		Total Access Communication PCL		133
	455,942		TPG Telecom Ltd		760
	562,800	*	True Corp PCL		133
	8,406		Tulip Telecom Ltd		33
	886,187		Turk Telekomunikasyon AS		3,731
	1,116,299		Turkcell Iletisim Hizmet AS		7,628
	470,182	*,e	tw telecom inc (Class A)		8,017
	217,661	*,e	US Cellular Corp		10,870
	175,426	e	USA Mobility, Inc		3,117
	16,872,752		Verizon Communications, Inc		603,707
	649,438	e	Vodacom Group Pty Ltd		7,540
	63,308,186		Vodafone Group plc		163,652
	478,451	e	Vodafone Group plc (ADR)		12,645
	867,590	*,e	Vonage Holdings Corp		1,943

173

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,705,020		Windstream Corp	$	23,768
			TOTAL TELECOMMUNICATION SERVICES		3,606,681
TRANSPORTATION - 2.1%
	54,853		Abertis Infraestructuras S.A.		986
	58,961	*	ACE Aviation Holdings, Inc (Class A)		758
	31,232		Aegean Airlines S.A.		90
	272,473	*	AER Lingus		399
	89,903		Aeroports de Paris		7,097
	53,088	*	Air Berlin plc		263
	90,100	*,e	Air Canada (Class A)		313
	4,992,600	*,e	Air China Ltd		5,607
	519,014	*,e	Air France-KLM		9,453
	385,303	e	Air New Zealand Ltd		450
	273,286	*,e	Air Transport Services Group, Inc		2,159
	1,440,500	*	AirAsia BHD		1,182
	681,002	*,e	Airtran Holdings, Inc		5,033
	204,604	*,e	Alaska Air Group, Inc		11,599
	130,528	e	Alexander & Baldwin, Inc		5,225
	538,752		All America Latina Logistica S.A.		4,868
	860,439	*	All Nippon Airways Co Ltd		3,211
	64,805	e	Allegiant Travel Co		3,191
	41,677	*,e	Amerco, Inc		4,003
	1,307,768	*,e	AMR Corp		10,188
	84,000		Anhui Expressway Co		74
	98,713	e	Ansaldo STS S.p.A.		1,414
	128		AP Moller - Maersk AS (Class A)		1,128
	1,190		AP Moller - Maersk AS (Class B)		10,776
	129,694		Arkansas Best Corp		3,556
	7,665,741	*	Asciano Group		12,506
	14,230	*	Asiana Airlines		121
	133,220	*,e	Atlas Air Worldwide Holdings, Inc		7,438
	819,149		Auckland International Airport Ltd		1,391
	1,109,434	e	Australian Infrastructure Fund		2,133
	124,982		Autostrada Torino-Milano S.p.A.		1,678
	233,198		Autostrade S.p.A.		4,758
	438,171	*,e	Avis Budget Group, Inc		6,818
	128,314	*	Avis Europe plc		474
	65,850	e	Baltic Trading Ltd		672
	83,000		Bangkok Expressway PCL		54
	331,000	*	Bangkok Metro PCL		8
	738,849		BBA Aviation plc		2,553
	2,755,600	e	Beijing Capital International Airport Co Ltd		1,471
	43,077		Brisa-Auto Estradas de Portugal S.A.		300
	10,213,700	*,e	British Airways plc		43,393
	1,104,118	e	Canadian National Railway Co		73,678
	268,583	e	Canadian Pacific Railway Ltd		17,455
	4,360,896		Cathay Pacific Airways Ltd		12,034
	38,740	*	Cebu Air, Inc		100
	168,379	*,e	Celadon Group, Inc		2,490
	1,621		Celebi Hava Servisi		25
	2,851		Central Japan Railway Co		23,878

174

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	329,628		CH Robinson Worldwide, Inc	$	26,433
	2,910,127	*	China Airlines		2,575
	1,768,038	e	China Merchants Holdings International Co Ltd		6,983
	5,791,600	*,e	China Shipping Container Lines Co Ltd		2,563
	2,166,700		China Shipping Development Co Ltd		2,888
	2,596,000	*,e	China Southern Airlines Co Ltd		1,590
	26,000		Chinese Maritime Transport Ltd		61
	27,751		Clarkson plc		489
	2,929,546		ComfortDelgro Corp Ltd		3,538
	19,416		Compagnie Maritime Belge S.A.		598
	268,487		Companhia de Concessoes Rodoviarias		7,586
	171,887	*	Compania SudAmericana de Vapores S.A.		214
	7,003,402	e	ConnectEast Group		3,044
	829,400	e	Con-way, Inc		30,331
	95,176	e	Copa Holdings S.A. (Class A)		5,600
	4,183,975	e	COSCO Holdings		4,435
	2,766,000		COSCO Pacific Ltd		4,818
	291,894	*	Costamare, Inc		4,221
	1,995,444		CSX Corp		128,926
	293,000		CWT Ltd		228
	30,517		D/S Norden		1,108
	173,000	*,e	Daiichi Chuo Kisen Kaisha		435
	232,000	e	Dalian Port PDA Co Ltd		96
	81,800		Dazhong Transportation Group Co Ltd		59
	4,255,712	*	Delta Air Lines, Inc		53,622
	759,267		Deutsche Lufthansa AG.		16,594
	2,066,633		Deutsche Post AG.		35,073
	3,785	*	Dfds AS		284
	125,035	*	Dollar Thrifty Automotive Group, Inc		5,909
	271,918		DSV AS		6,011
	72,459	*	Dynamex, Inc		1,794
	344,883	*,e	Eagle Bulk Shipping, Inc		1,718
	588,805		East Japan Railway Co		38,292
	235,547	*	easyJet plc		1,616
	162,000		EcoRodovias Infraestrutura e Logistica S.A.		1,247
	1,000	*	Eitzen Chemical ASA		0	^
	1,892,520	*	Eva Airways Corp		2,389
	608,500		Evergreen International Storage & Transport Corp		596
	1,752,722	*	Evergreen Marine Corp Tawain Ltd		1,821
	271,131	*,e	Excel Maritime Carriers Ltd		1,526
	492,940	e	Expeditors International Washington, Inc		26,915
	15,000	*	Farglory F T Z Investment Holding Co Ltd		17
	1,301,208	e	FedEx Corp		121,025
	16,000		First Steamship Co Ltd		37
	1,077,473		Firstgroup plc		6,691
	16,373	e	Flughafen Wien AG.		1,121
	5,702		Flughafen Zuerich AG.		2,330
	191,464	*,b,m	FLYi, Inc		1
	62,707		Forth Ports plc		1,315
	128,167	e	Forward Air Corp		3,637
	105,622		Fraport AG. Frankfurt Airport Services Worldwide		6,656
	206,789		Freightways Ltd		511

175

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	338,000	e	Fukuyama Transporting Co Ltd	$	1,798
	2,247,929	*	Gemina S.p.A.		1,597
	148,258	*,e	Genco Shipping & Trading Ltd		2,135
	166,993	*,e	Genesee & Wyoming, Inc (Class A)		8,842
	8,823	f	Globaltrans Investment plc (GDR) (purchased 07/10/10, cost $130)		150
	16,000		GLOVIS Co Ltd		2,101
	77,084		Go-Ahead Group plc		1,588
	141,862		Gol Linhas Aereas Inteligentes S.A.		2,145
	433,000	e	Golden Ocean Group Ltd		603
	398,000	e	Goodpack Ltd		636
	77,934		Grindrod Ltd		224
	368,296		Groupe Eurotunnel S.A.		3,238
	34,700	*	Grupo Aeroportuario del Centro Norte Sab de C.V.		66
	976,891		Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		3,983
	41,800		Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		237
	51,700		Guangdong Provincial Expressway Development Co Ltd		25
	2,000,000	e	Guangshen Railway Co Ltd		787
	148,000		GZI Transportation Ltd		86
	23,000	*	Hainan Meilan International Airport Co Ltd		29
	203,117	e	Hamburger Hafen und Logistik AG.		9,379
	73,290	*	Hanjin Shipping Co Ltd		2,486
	1,170	*	Hanjin Shipping Holdings Co Ltd		19
	1,090		Hanjin Transportation Co Ltd		33
	60,052		Hargreaves Services plc		765
	287,256	*	Hawaiian Holdings, Inc		2,252
	339,902	e	Heartland Express, Inc		5,445
	1,170,798	*	Hertz Global Holdings, Inc		16,965
	82,900	e	Hitachi Transport System Ltd		1,286
	57,200		Hong Kong Aircraft Engineerg		956
	7,585		Hopewell Highway Infrastructure Ltd		6
	129,705	e	Horizon Lines, Inc (Class A)		567
	221,485	*	Hub Group, Inc (Class A)		7,783
	50,280		Hyundai Merchant Marine Co Ltd		1,708
	240,433	*	Iberia Lineas Aereas de Espana		1,027
	107,757	e	Iino Kaiun Kaisha Ltd		487
	214,200		International Container Term Services, Inc		220
	37,281	e	International Shipholding Corp		947
	27,900		Inui Steamship Co Ltd		166
	23,422	*	Irish Continental Group plc		486
	683,559	e	J.B. Hunt Transport Services, Inc		27,896
	52,855	e	Japan Airport Terminal Co Ltd		816
	89,500		Jazz Air Income Fund		468
	3,839	*	Jet Airways India Ltd		66
	2,640,169	*,e	JetBlue Airways Corp		17,452
	4,154,000		Jiangsu Express		4,756
	42,500	*	Jinzhou Port Co Ltd		21
	13,800	*	Julio Simoes Logistica S.A.		93
	660,477		Kamigumi Co Ltd		5,548
	647,715	*	Kansas City Southern Industries, Inc		31,000
	1,508,455	*	Kawasaki Kisen Kaisha Ltd		6,633

176

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	385,671	e	Keihin Electric Express Railway Co Ltd	$	3,406
	474,465		Keio Corp		3,238
	226,454		Keisei Electric Railway Co Ltd		1,512
	17,181	*	Kingfisher Airlines Ltd		25
	2,127,774	e	Kintetsu Corp		6,657
	19,900	e	Kintetsu World Express, Inc		569
	188,568	*,e	Kirby Corp		8,306
	261,472		Knight Transportation, Inc		4,968
	90,672		Koninklijke Vopak NV		4,283
	1,423	*	Korea Express Co Ltd		118
	1,181	*	Korea Line Corp		27
	52,283	*	Korean Air Lines Co Ltd		3,206
	54,538		Kuehne & Nagel International AG.		7,583
	173,754		Lan Airlines S.A.		5,421
	264,835	e	Landstar System, Inc		10,842
	100,010	*	LLX Logistica S.A.		285
	205,092		Localiza Rent A CAR		3,323
	5,000	*	Log-in Logistica Intermodal S.A.		31
	510,657		Macquarie Airports		1,562
	625,599	*,e	Macquarie Atlas Roads Group		973
	221,765		Mainfreight Ltd		1,348
	69,400		Malaysia Airports Holdings BHD		141
	1,157,466	*	Malaysian Airline System BHD		785
	26,800		Malaysian Bulk Carriers BHD		25
	64,878		Marten Transport Ltd		1,387
	133,000		Maruzen Showa Unyu Co Ltd		434
	31,252		Mercator Lines Ltd		41
	241,301		Mermaid Marine Australia Ltd		743
	2,296	*	Minoan Lines S.A.		9
	1,500,000		MISC BHD		4,067
	89,734	e	Mitsubishi Logistics Corp		1,196
	1,808,238		Mitsui OSK Lines Ltd		12,339
	123,610		Mitsui-Soko Co Ltd		516
	1,412,567		MTR Corp		5,143
	605,926	*	National Express Group plc		2,371
	2,329,378	*,e	Neptune Orient Lines Ltd		3,957
	721,469		Nippon Express Co Ltd		3,252
	175,000		Nippon Konpo Unyu Soko Co Ltd		2,130
	4,886,529		Nippon Yusen Kabushiki Kaisha		21,667
	466,714	e	Nishi-Nippon Railroad Co Ltd		1,954
	96,000		Nissin Corp		246
	1,747,062	e	Norfolk Southern Corp		109,750
	239,372	*	Northgate plc		1,052
	27,912	*,e	Norwegian Air Shuttle AS		562
	10,265	f	Novorossiysk Commercial Sea Port (GDR) (purchased 07/06/10, cost $101)		103
	515,897	e	Odakyu Electric Railway Co Ltd		4,804
	56,241	e	Oesterreichische Post AG.		1,858
	194,653	*,e	Old Dominion Freight Line		6,227
	295,148		Orient Overseas International Ltd		2,863
	176,017	*,e	Pacer International, Inc		1,204
	2,869,911		Pacific Basin Shipping Ltd		1,909
	14,505	*,e	PAM Transportation Services, Inc		163

177

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	18,886		Panalpina Welttransport Holding AG.	$	2,434
	34,440	*	Park-Ohio Holdings Corp		720
	7,851	*,e	Patriot Transportation Holding, Inc		730
	90,807	*	Pinnacle Airlines		717
	10,200		Piraeus Port Authority		157
	2,146,600		PLUS Expressways BHD		3,147
	373,105	*	PortX Operacoes Portuarias S.A.		834
	77,000		Precious Shipping PCL		46
	641,000	*	PT Berlian Laju Tanker Tbk		23
	398,000		PT Jasa Marga Tbk		151
	7,091,684	*	Qantas Airways Ltd		18,424
	2,266,713	*	QR National Ltd		6,376
	19,653	*,e	Quality Distribution, Inc		179
	92,615	*	RailAmerica, Inc		1,199
	40,200	*	Regional Container Lines PCL		20
	138,781	*,e	Republic Airways Holdings, Inc		1,016
	53,000	e	Road King Infrastructure		48
	56,698	*	Roadrunner Transportation Services Holdings, Inc		820
	55,719		Ryanair Holdings plc		281
	500		Ryanair Holdings plc (ADR)		15
	491,763		Ryder System, Inc		25,886
	725,000	e	Sagami Railway Co Ltd		2,402
	79,836	*,e	Saia, Inc		1,324
	96	*,m	SAir Group		0	^
	388,000		Sankyu, Inc		1,763
	20,400		Santos Brasil Participacoes S.A.		283
	232,067	*,e	SAS AB		776
	43,275		SAVE S.p.A.		444
	2,970		Sebang Co Ltd		41
	284,000		Seino Holdings Corp		1,952
	116,000		Senko Co Ltd		414
	18,300		Shandong Airlines Co Ltd		36
	20,700		Shanghai Jinjiang International Investment Holdings Co		22
	10,400		Shenzhen Chiwan Petroleum		16
	38,100		Shenzhen Chiwan Wharf Holdings Ltd		67
	112,000		Shenzhen Expressway Co Ltd		66
	1,585,000		Shenzhen International Holdings		135
	114,000		Shibusawa Warehouse Co Ltd		403
	45,000		Shih Wei Navigation Co Ltd		61
	118,000	e	Shinwa Kaiun Kaisha Ltd		295
	1,372,000	e	Shun TAK Holdings Ltd		858
	49,000		Sincere Navigation		59
	783,846		Singapore Airlines Ltd		9,345
	970,968		Singapore Airport Terminal Services Ltd		2,179
	3,716,423		Singapore Post Ltd		3,417
	316,000		Sinotrans Ltd		87
	281,000	e	Sinotrans Shipping Ltd		106
	10,161		Sixt AG.		516
	11,977		Sixt AG. (Preference)		417
	29,000	*	Skymark Airlines, Inc		423
	258,643	e	Skywest, Inc		4,040
	1,051,000	e	SMRT Corp Ltd		1,662

178

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	136,016		Societa Iniziative Autostradali e Servizi S.p.A.	$	1,314
	2,954,625	e	Southwest Airlines Co		38,351
	24,990	*	SpiceJet Ltd		45
	1,311,397	e	Stagecoach Group plc		4,339
	293,648		Stobart Group Ltd		657
	42,100		Stolt-Nielsen S.A.		1,028
	136,240		STX Pan Ocean Co Ltd		1,375
	228,767	e	Sumitomo Warehouse Co Ltd		1,206
	1,730,466	*,e	Swift Transportation Co, Inc		21,648
	68,000		T JOIN Transportation Co		69
	78		Tam S.A.		2
	237,470		Tam S.A. (Preference)		5,573
	5,600		Tegma Gestao Logistica		86
	666,300		Thai Airways International PCL		1,083
	15,000	*	Thoresen Thai Agencies PCL		10
	31,600	*	Tianjin Marine Shipping Co Ltd		17
	342,000	e	Tianjin Port Development Holdings Ltd		81
	379,000	*,e	Tiger Airways Holdings Ltd		549
	1,839,482		TNT NV		48,547
	670,497	e	Tobu Railway Co Ltd		3,766
	1,248,227		Tokyu Corp		5,719
	724,860	e	Toll Holdings Ltd		4,248
	11,400		TPI-Triunfo Participacoes e Investimentos S.A.		67
	105,456	e	TransForce, Inc		1,332
	1,064,153	e	Transurban Group		5,573
	593,997		Turk Hava Yollari		2,077
	2,303,521	*,e	UAL Corp		54,870
	96,645	*,e	Ultrapetrol Bahamas Ltd		621
	723,700		U-Ming Marine Transport Corp		1,576
	3,014,222	e	Union Pacific Corp		279,299
	6,096,164	e	United Parcel Service, Inc (Class B)		442,461
	46,078	e	Universal Truckload Services, Inc		734
	825,702	*,e	US Airways Group, Inc		8,265
	36,321	*,e	USA Truck, Inc		481
	1,026,389	e	UTI Worldwide, Inc		21,759
	232		Vantec Corp		345
	4,105,379	*,e	Virgin Blue Holdings Ltd		1,806
	23,971		VTG AG.		480
	21,222	*,e	Vueling Airlines S.A.		276
	1,267,670	*	Wan Hai Lines Ltd		1,115
	260,226	e	Werner Enterprises, Inc		5,881
	5,389		West Japan Railway Co		20,145
	91,700		Westshore Terminals Income Fund		2,119
	18,816		Wilh Wilhelmsen ASA		558
	168,472		Wincanton plc		457
	5,000		Wisdom Marine Lines Co Ltd		7
	4,580,000		Xiamen International Port Co Ltd		896
	390,595		Yamato Transport Co Ltd		5,561
	1,557,212		Yang Ming Marine Transport		1,509
	121	*,e	YRC Worldwide, Inc		0	^
	23,200		Yusen Air & Sea Service Co Ltd		337
	3,154,000	e	Zhejiang Expressway Co Ltd		3,108
			TOTAL TRANSPORTATION		2,424,861

179

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
UTILITIES - 3.3%
	80,697	e	A2A S.p.A.	$	111
	2,534,800		Aboitiz Power Corp		1,799
	20,730		Acciona S.A.		1,468
	1,857,581	e	ACEA S.p.A.		21,348
	100,798		Actelios S.p.A.		293
	3,262,955	*	AES Corp		39,743
	3,752,611		AES Gener S.A.		2,053
	144,844		AES Tiete S.A.		2,094
	546,812	e	AGL Energy Ltd		8,518
	154,623	e	AGL Resources, Inc		5,543
	32,457	*	Akenerji Elektrik Uretim AS		76
	224,535	e	Alerion Industries S.p.A.		159
	171,325		Algonquin Power & Utilities Corp		865
	489,669	e	Allegheny Energy, Inc		11,870
	142,788	e	Allete, Inc		5,320
	323,583		Alliant Energy Corp		11,898
	1,143,367		Ameren Corp		32,232
	80,926	*,e	American DG Energy, Inc		224
	2,469,306	e	American Electric Power Co, Inc		88,845
	80,303		American States Water Co		2,768
	691,508	e	American Water Works Co, Inc		17,489
	916,520	e	APA Group		3,797
	279,735	e	Aqua America, Inc		6,288
	30,851	e	Artesian Resources Corp		585
	179,236		Ascopiave S.p.A.		377
	89,145	e	Atco Ltd		5,303
	42,859		Athens Water Supply & Sewage Co S.A.		265
	85,734		Atlantic Power Corp		1,267
	278,173		Atmos Energy Corp		8,679
	294,947	e	Avista Corp		6,642
	24,610		Aygaz AS		132
	999,923	e	Babcock & Brown Wind Partners		547
	26,917,000	*	Beijing Enterprises Water Group Ltd		10,077
	3,285	*	BF Utilities Ltd		68
	536,000	*	Binhai Investment Co Ltd		39
	194,868	e	Black Hills Corp		5,846
	50,295	*	Boralex, Inc		410
	1,131,000	*	Borneo Lumbung Energi & Metal		168
	83,607		Brookfield Infrastructure Partners LP		1,760
	64,259	*,e	Cadiz, Inc		799
	83,927		California Water Service Group		3,128
	1,552,359	*	Calpine Corp		20,708
	204,600		Canadian Utilities Ltd		11,194
	30,200	e	Capital Power Corp		718
	8,302,502		Centerpoint Energy, Inc		130,515
	397,210		Centrais Eletricas Brasileiras S.A.		5,322
	510,624		Centrais Eletricas Brasileiras S.A. (Preference)		8,228
	800		Centrais Eletricas de Santa Catarina S.A.		19

180

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	95,550		Central Vermont Public Service Corp	$	2,089
	25,527,258		Centrica plc		131,975
	3,443		CESC Ltd		28
	247,724		CEZ AS		10,349
	69,172	e	CH Energy Group, Inc		3,382
	244,853		Challenger Infrastructure Fund		301
	63,541	e	Chesapeake Utilities Corp		2,638
	182,096	e	Cheung Kong Infrastructure Holdings Ltd		834
	4,154,000	e,m	China Gas Holdings Ltd		1,812
	2,900,000	*,e	China Longyuan Power Group Corp		2,653
	760,000	*	China Oil and Gas Group Ltd		87
	519,000	e	China Power International Development Ltd		106
	800,000	*,e	China Power New Energy Development Co Ltd		69
	3,724,000	e	China Resources Gas Group Ltd		5,299
	2,470,599		China Resources Power Holdings Co		4,475
	2,387,848		China Water Affairs Group Ltd		949
	4,540,000	*,e	China WindPower Group Ltd		456
	1,073,573		Chubu Electric Power Co, Inc		26,393
	326,463	e	Chugoku Electric Power Co, Inc		6,635
	12,500		Cia de Saneamento de Minas Gerais-COPASA		216
	49,724		Cia de Transmissao de Energia Electrica Paulista		1,650
	6,300		Cia Energetica do Ceara		107
	321,991	e	Cleco Corp		9,904
	2,670,459		CLP Holdings Ltd		21,679
	939,758	e	CMS Energy Corp		17,479
	10,321,699		Colbun S.A.		2,955
	230,373		Companhia de Saneamento Basico do Estado de Sao Paulo		5,911
	622,037		Companhia Energetica de Minas Gerais		10,009
	228,271		Companhia Energetica de Sao Paulo (Class B)		3,713
	150,919		Companhia Paranaense de Energia		3,773
	174,087	*,e	Conergy AG.		116
	36,204	e	Connecticut Water Service, Inc		1,009
	579,019	e	Consolidated Edison, Inc		28,702
	72,199	e	Consolidated Water Co, Inc		662
	3,170,791		Constellation Energy Group, Inc		97,121
	1,118,176	*,e	Contact Energy Ltd		5,428
	136,773		CPFL Energia S.A.		3,395
	9,236,000	e	Datang International Power Generation Co Ltd		3,244
	1,678,193		Dominion Resources, Inc		71,692
	351,635	e	DPL, Inc		9,041
	708,722		Drax Group plc		4,070
	642,093		DTE Energy Co		29,100
	1,845,600	e	DUET Group		3,181
	3,038,503	e	Duke Energy Corp		54,116
	516,018	*	Dynegy, Inc (Class A)		2,900
	765,285		E.ON AG.		23,454
	686		E1 Corp		33
	26,843		EDF Energies Nouvelles S.A.		1,136
	1,343,787	e	Edison International		51,870
	9,372,450		Edison S.p.A		10,771
	83,567		EDP - Energias do Brasil S.A.		1,949

181

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	183,517	*,e	EDP Renovaveis S.A.	$	1,064
	227,066	*,e	El Paso Electric Co		6,251
	96,405		Electric Power Development Co		3,024
	227,847	e	Electricite de France		9,346
	35,800		Electricity Generating PCL		123
	319,252		Eletropaulo Metropolitana de Sao Paulo S.A.		6,175
	172,685	e	Empire District Electric Co		3,834
	4,901,866		Empresa Nacional de Electricidad S.A.		9,175
	26,700		Enagas		532
	115,501		Enea S.A.		925
	1,224,864	*,e	Enel Green Power S.p.A		2,588
	4,427,207		Enel S.p.A.		22,126
	304,832		Energen Corp		14,711
	3,716,264	e	Energias de Portugal S.A.		12,370
	85,125		Energy Savings Income Fund		1,282
	1,024,060	*,e	Energy World Corp Ltd		597
	19,387,111		Enersis S.A.		9,006
	821,689		Entergy Corp		58,200
	1,055,846	e	Envestra Ltd		567
	116,037	*,e	EOS Russia AB		876
	732,000	*,e	Epure International Ltd		473
	14,200		Equatorial Energia S.A.		98
	3,863	*	Etrion Corp		3
	2,250,358	e	Exelon Corp		93,704
	9,212,200	*	First Gen Corp		2,561
	51,100		First Philippine Holdings Corp		73
	1,442,752	e	FirstEnergy Corp		53,411
	229,325	e	Fortis, Inc		7,837
	4,441,006		Fortum Oyj		133,704
	905,229		GAIL India Ltd		10,378
	1,475,072	e	Gas Natural SDG S.A.		22,648
	2,770,286		Gaz de France		99,397
	275,252	*	Geodynamics Ltd		106
	1,596,800		Glow Energy PCL		2,503
	1,267,204	*	GMR Infrastructure Ltd		1,301
	71,029		Great Lakes Hydro Income Fund		1,474
	270,321		Great Plains Energy, Inc		5,242
	63,156	*	Greentech Energy Systems		182
	4,570,000		Guangdong Investments Ltd		2,352
	41,366		Gujarat State Petronet Ltd		109
	1,583,840	*	GVK Power & Infrastructure Ltd		1,436
	811,425	e	Hastings Diversified Utilities Fund		1,403
	185,905	e	Hawaiian Electric Industries, Inc		4,237
	757,827		Hera S.p.A.		1,569
	145,402		Hokkaido Electric Power Co, Inc		2,973
	140,371	e	Hokuriku Electric Power Co		3,449
	3,644,100		Hong Kong & China Gas Ltd		8,589
	3,054,430		Hong Kong Electric Holdings Ltd		19,255
	119,800	*	Huadian Energy Co Ltd		42
	10,272,000	e	Huaneng Power International, Inc		5,431
	723,000	e	Hyflux Ltd		1,307
	3,714,198	e	Iberdrola Renovables		13,182

182

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,065,986		Iberdrola S.A.	$	8,216
	240,154		Idacorp, Inc		8,881
	9,123		Indraprastha Gas Ltd		70
	1,485,876		Infratil Ltd		2,246
	71,823	e	Innergex Renewable Energy, Inc		717
	317,366	e	Integrys Energy Group, Inc		15,395
	464,588		Interconexion Electrica S.A.		3,412
	9,418,131		International Power plc		64,256
	81,484		Inversiones Aguas Metropolitanas S.A.		133
	654,326		Iride S.p.A.		1,096
	100,011	e	ITC Holdings Corp		6,199
	394	e	Japan Wind Development Co Ltd		315
	1,794,833		Kansai Electric Power Co, Inc		44,302
	1,132		Korea District Heating Corp		79
	338,960	*	Korea Electric Power Corp		9,020
	47,719		Korea Gas Corp		2,039
	10,135	*	KSK Energy Ventures Ltd		31
	359,419		Kyushu Electric Power Co, Inc		8,057
	133,151	e	Laclede Group, Inc		4,865
	58,900		Macquarie Power & Infrastructure Income Fund		487
	260,400	*,e	Magma Energy Corp		385
	403,610		Manila Electric Co		2,101
	222,000		Manila Water Co, Inc		97
	652,630		MDU Resources Group, Inc		13,229
	113,558	e	MGE Energy, Inc		4,856
	63,575		Middlesex Water Co		1,167
	162,597	e	National Fuel Gas Co		10,670
	1,859,967		National Grid plc		16,036
	220,137	e	New Jersey Resources Corp		9,490
	1,953,171		NextEra Energy, Inc		101,544
	242,962	e	Nicor, Inc		12,129
	1,132,960		NiSource, Inc		19,963
	652,378	e	Northeast Utilities		20,798
	48,759		Northland Power Income Fund		768
	919,464		Northumbrian Water Group plc		4,745
	136,127	e	Northwest Natural Gas Co		6,326
	165,694		NorthWestern Corp		4,777
	2,180,099	*,e	NRG Energy, Inc		42,599
	210,242	e	NSTAR		8,870
	1,269,776		NTPC Ltd		5,698
	2,564,492	e	NV Energy, Inc		36,031
	9,358	e	Oest Elektrizitatswirts AG. (Class A)		349
	414,068		OGE Energy Corp		18,857
	50,300		Okinawa Electric Power Co, Inc		2,509
	292,006	e	Oneok, Inc		16,198
	41,752	e	Ormat Technologies, Inc		1,235
	3,890,045		Osaka Gas Co Ltd		15,093
	156,663	e	Otter Tail Corp		3,531
	48,400		Pampa Energia S.A. (ADR)		823
	448,000	*	Pan-Electric Industries		0	^
	552,604		Pennon Group plc		5,514
	919,008		Pepco Holdings, Inc		16,772

183

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,100,000		Petronas Gas BHD	$	3,960
	2,392,160		PG&E Corp		114,441
	390,444		Piedmont Natural Gas Co, Inc		10,917
	530,300	e	Pinnacle West Capital Corp		21,981
	404,301	e	PNM Resources, Inc		5,264
	10,545,750		PNOC Energy Development Corp		1,413
	1,385,984		Polska Grupa Energetyczna S.A.		10,857
	347,195		Portland General Electric Co		7,534
	448	*	Poweo		2
	1,078,266		Power Grid Corp of India Ltd		2,370
	2,223,159	e	PPL Corp		58,514
	733,279		Progress Energy, Inc		31,883
	17,071,500		PT Perusahaan Gas Negara		8,384
	21,633		PTC India Ltd		62
	281,147		Public Power Corp		4,035
	5,900,143		Public Service Enterprise Group, Inc		187,683
	11,400		Puncak Niaga Holding BHD		9
	1,403,336	e	Questar Corp		24,432
	600,000		Ratchaburi Electricity Generating Holding PCL		761
	356,327	e	Red Electrica de Espana		16,761
	18,300	*	Redentor Energia S.A.		87
	204,588		Redes Energeticas Nacionais S.A.		705
	193,948		Reliance Energy Ltd		3,657
	742,482	*	Reliance Power Ltd		2,626
	94,800		Rojana Industrial Park PCL		34
	10,771,803	*,e	RRI Energy, Inc		41,041
	18,514		Rubis		2,156
	630,446	*,e	RusHydro (ADR)		3,436
	1,124,909	*	RusHydro-SP (ADR)		6,131
	69,032		RWE AG.		4,602
	2,378		RWE AG. (Preference)		152
	812		Samchully Co Ltd		79
	352,319	e	SCANA Corp		14,304
	69,301		Scottish & Southern Energy plc		1,324
	23,693	e	Sechilienne-Sidec		602
	3,117,858	e	Sempra Energy		163,624
	363,948		Severn Trent plc		8,387
	138,993	e	Shikoku Electric Power Co, Inc		4,088
	92,500	e	Shizuoka Gas Co Ltd		554
	60,894	e	SJW Corp		1,612
	2,372,449		Snam Rete Gas S.p.A.		11,794
	130,513	e	South Jersey Industries, Inc		6,894
	1,910,422	e	Southern Co		73,035
	257,439	e	Southwest Gas Corp		9,440
	1,093,051		SP AusNet		973
	1,744,706	e,f	Spark Infrastructure Group (purchased 05/29/09, cost $1,669)		2,025
	153,936		Suez Environnement S.A.		3,178
	98,000		Taiwan Cogeneration Corp		62
	135,447		Tata Power Co Ltd		4,136
	1,726,792	*	Tauron Polska Energia S.A.		3,832
	703,158		TECO Energy, Inc		12,516
	3,468,875		Tenaga Nasional BHD		9,416

184

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	47,811		Terna Energy S.A.	$	195
	2,595,645		Terna Rete Elettrica Nazionale S.p.A.		10,961
	424,300		Thai Tap Water Supply PCL		89
	420,249	*,e	Theolia SA		657
	30,348		Thessaloniki Water Supply & Sewage Co S.A.		162
	464,969	e	Toho Gas Co Ltd		2,325
	425,920		Tohoku Electric Power Co, Inc		9,495
	50,000		Tokai Corp		208
	1,914,033		Tokyo Electric Power Co, Inc		46,749
	6,572,979		Tokyo Gas Co Ltd		29,145
	144,000		Towngas China Co Ltd		69
	190,532		Tractebel Energia S.A.		3,151
	247,735	e	TransAlta Corp		5,270
	348,576	e	Transfield Services Infrastructure Fund		223
	612,791	e	UGI Corp		19,352
	258,373	e	UIL Holdings Corp		7,741
	197,668	e	Unisource Energy Corp		7,084
	260,230		United Utilities Group plc		2,402
	53,264	e	Unitil Corp		1,211
	744,233		Vector Ltd		1,334
	162,700	e	Vectren Corp		4,129
	323,521		Veolia Environnement		9,455
	220,698	e	Westar Energy, Inc		5,553
	272,217	e	WGL Holdings, Inc		9,737
	532,412	e	Wisconsin Energy Corp		31,338
	4,321,982	e	Xcel Energy, Inc		101,783
	1,134,000		Xinao Gas Holdings Ltd		3,399
	55,878	e	York Water Co		966
	1,758,993		YTL Corp BHD		4,798
	2,934,390		YTL Power International BHD		2,322
	184,600		Zhejiang Southeast Electric Power Co (Class B)		112
	17,000		Zhengzhou Gas Co Ltd		34
	28,818	*	Zorlu Enerji Elektrik Uretim AS.		52
			TOTAL UTILITIES		3,643,956
			TOTAL COMMON STOCKS		108,244,202
			(Cost $91,853,646)
PREFERRED STOCKS - 0.0%
AUTOMOBILES & COMPONENTS - 0.0%
	722,689	*,b,e	Motors Liquidation Co		5,868
			TOTAL AUTOMOBILES & COMPONENTS		5,868
DIVERSIFIED FINANCIALS - 0.0%
	350,000		Daishin Securities Co Ltd Pref 2		2,954
			TOTAL DIVERSIFIED FINANCIALS		2,954
FOOD BEVERAGE & TOBACCO - 0.0%
	1,230,475	*	Ambev Cia De Bebidas Das		37,449
			TOTAL FOOD BEVERAGE & TOBACCO		37,449

185

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
REAL ESTATE - 0.0%
	85,180	*	Goodman PLUS Trust	$	6,469
			TOTAL REAL ESTATE		6,469
TRANSPORTATION - 0.0%
	1,366	*	Malaysian Airline System BHD		0	^
			TOTAL TRANSPORTATION		0	^
			TOTAL PREFERRED STOCKS		52,740
			(Cost $37,252)
RIGHTS / WARRANTS - 0.0%
BANKS - 0.0%
	50,948		Banco Bradesco S.A.		264
	157,448	e	Mediobanca S.p.A.		1
	125,865	m	Metropolitan Bank & Trust		63
			TOTAL BANKS		328
CAPITAL GOODS - 0.0%
	249,662		Gamuda Berhad		129
	6	m	GreenHunter Energy, Inc		0	^
	559	m	GS Global Corp		2
	94	m	Hyundai Elevator Co Ltd		7
	132,237		IJM Corp BHD - Warrants		118
			TOTAL CAPITAL GOODS		256
COMMERCIAL & PROFESSIONAL SERVICES - 0.0%
	13,954		Celgene Corp		68
	141,354	m	Transfield Services Ltd		52
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		120
CONSUMER SERVICES - 0.0%
	19,056		KFC Holdings Malaysia BHD		10
	23,136		Krispy Kreme Doughnuts, Inc - CW12		7
	15,410		Minor International PCL Warrants		2
	170,140	e	Promotora de Informaciones S.A.		68
			TOTAL CONSUMER SERVICES		87
ENERGY - 0.0%
	123,722	e	Etablissements Maurel et Prom CW14		29
			TOTAL ENERGY		29
HEALTH CARE EQUIPMENT & SERVICES - 0.0%
	627	m	Chabio&Diostech Co Ltd		1
	1,300,000	m	EnteroMedics, Inc		13
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		14
MATERIALS - 0.0%
	144,877	m	Indorama Ventures PCL		105
	447,073		Ivanhoe Mines Ltd		603
	2,339		Kinross Gold Corp		11

186

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	48,000	m	Qunxing Paper Holdings Co Ltd		$	12
	206,743		Yule Catto & Co plc			284
			TOTAL MATERIALS			1,015
REAL ESTATE - 0.0%
	276,421		Cheuk Nang Holdings Ltd			30
	4,761,352	m	GPT Group			0	^
	57,590		Henderson Land Development Co Ltd Warrant			13
	66,140		IJM Land BHD			35
	81,625		SP Setia BHD			44
			TOTAL REAL ESTATE			122
TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
	110,777		Kingboard Chemical Holdings Ltd (CW)			118
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT			118
			TOTAL RIGHTS / WARRANTS			2,089
			(Cost $226)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 4.9%
GOVERNMENT AGENCY DEBT - 0.0%
			Federal Home Loan Mortgage Corp (FHLMC)
$	20,100,000		FHLMC	03/28/11		20,095
			Federal National Mortgage Association (FNMA)
	20,000,000		FNMA	03/01/11		19,996
	10,000,000		FNMA	03/23/11		9,998
	9,900,000		FNMA	02/25/11		9,898
			TOTAL GOVERNMENT AGENCY DEBT			59,987
TREASURY DEBT - 0.2%
	123,000,000		United States Treasury Bill	03/31/11		122,963
	52,500,000		United States Treasury Bill	10/20/11		52,403
			TOTAL TREASURY DEBT			175,366
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 4.7%
REPURCHASE AGREEMENTS - 3.5%
	208,674,000	p	Barclay Capital			208,674
	879,000,000	q	Calyon			879,000
	327,000,000	r	CSFB			327,000
	198,000,000	s	Deutsche Bank			198,000
	80,000,000	t	Merrill Lynch			80,000
	95,000,000	u	Morgan Stanley			95,000
	980,000,000	v	Nomura Securities			980,000
	475,000,000	w	Royal Bank of Scotland			475,000
	237,000,000	x	Salomon Brothers			237,000
	346,000,000	y	UBS Warburg			346,000
			TOTAL REPURCHASE AGREEMENTS			3,825,674

187

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

PRINCIPAL		ISSUER	VALUE (000)
VARIABLE RATE SECURITY - 1.2%
$	82,000,000	American Express Credit Account Master	$	81,994
	58,000,000	American Express Credit Account Master		58,074
	85,000,000	American Express Credit Account Master		85,011
	64,000,000	BA Credit Card Trust		63,994
	25,000,000	Bank One Issuance Trust		24,984
	43,525,000	Capital One Multi-Asset Execution Trust		43,476
	17,000,000	Chase Issuance Trust 2007		16,998
	51,000,000	Chase Issuance Trust 2007		50,843
	110,000,000	Citibank Credit Card Issuance Trust		110,104
	24,263,748	GE Equipment Midticket LLC		24,244
	20,600,000	General Electric Cap Corp		20,603
	110,000,000	General Electric Cap Corp		110,254
	17,000,000	General Electric Cap Corp		17,024
	23,672,159	Granite Master Issuer plc 2006		21,991
	18,717,509	Granite Master Issuer plc 2007		17,389
	9,355,731	Medallion Trust Series 2005		9,072
	57,694,968	Nelnet Student Loan Trust 2006		57,548
	32,003,880	Nelnet Student Loan Trust 2007		31,874
	135,000,000	Permanent Master Issuer plc		133,025
	22,065,550	Puma Global Mortgage Backed Trust		20,798
	22,663,309	SLM Student Loan Trust 2006		22,647
	170,000,000	SLM Student Loan Trust 2007		163,748
	43,000,000	SLM Student Loan Trust 2008		43,104
	24,715,811	Wachovia Student Loan Trust 2005		24,693
		TOTAL VARIABLE RATE SECURITY		1,253,492
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED		5,079,166
		TOTAL SHORT-TERM INVESTMENTS		5,314,519
		(Cost $5,324,464)
		TOTAL INVESTMENTS - 104.6%		113,699,817
		(Cost $97,302,434)
		OTHER ASSETS & LIABILITIES, NET - (4.6)%		(4,999,926	)
		NET ASSETS - 100.0%	$	108,699,891

	Abbreviation(s):
ADR	American Depositary Receipt
REIT	Real Estate Investment Trust
SPDR	Standard & Poor’s Depository Receipts

188

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

*	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 December 31, 2010 the value of these securities amounted to $10,541,000 or 0.0% 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
p	Agreement with Barclay Capital, 0.20% dated 12/31/10 to be repurchased at $208,677,000 on 01/03/11, collateralized by U.S. Government Agencies Securities valued at $212,848,000.
q	Agreement with Calyon, 0.18% dated 12/31/10 to be repurchased at $879,000,000 on 01/03/11, collateralized by U.S. Government Agencies Securities valued at $896,580,000.
r	Agreement with CSFB, 0.15% dated 12/31/10 to be repurchased at $327,004,000 on 01/03/11, collateralized by U.S. Government Agencies Securities valued at $333,543,000.
s	Agreement with Deutsche Bank, 0.18% dated 12/31/10 to be repurchased at $198,003,000 on 01/03/11, collateralized by U.S. Government Agencies Securities valued at $201,960,000.
t	Agreement with Merrill Lynch, 0.05% dated 12/31/10 to be repurchased at $80,000,000 on 01/03/11, collateralized by U.S. Government Agencies Securities valued at $81,600,000.
u	Agreement with Morgan Stanley, 0.15% dated 12/31/10 to be repurchased at $95,002,000 on 01/03/11, collateralized by U.S. Government Agencies Securities valued at $96,900,000.
v	Agreement with Nomura Securities, 0.25% dated 12/31/10 to be repurchased at $980,020,000 on 01/03/11, collateralized by U.S. Government Agencies Securities valued at $999,600,000.
w	Agreement with Royal Bank of Scotland, 0.20% dated 12/31/10 to be repurchased at $475,008,000 on 01/03/11, collateralized by U.S. Government Agencies Securities valued at $484,505,000.
x	Agreement with Salomon Brothers, 0.23% dated 12/31/10 to be repurchased at $237,005,000 on 01/03/11, collateralized by U.S. Government Agencies Securities valued at $241,740,000.
y	Agreement with UBS Warburg, 0.23% dated 12/31/10 to be repurchased at $346,007,000 on 01/03/11, collateralized by U.S. Government Agencies Securities valued at $352,920,000.
	Cost amounts are in thousands.

189

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
SUMMARY OF MARKET VALUES BY COUNTRY
December 31, 2010

COUNTRY	VALUE (000)		% OF TOTAL PORTFOLIO
DOMESTIC
UNITED STATES	$	78,809,248		69.3	%
TOTAL DOMESTIC		78,809,248		69.3
FOREIGN
ARGENTINA		4,698		0.0
AUSTRALIA		1,963,341		1.7
AUSTRIA		154,134		0.1
BELGIUM		264,983		0.2
BERMUDA		60,363		0.1
BRAZIL		1,185,679		1.0
CAMBODIA		123		0.0
CANADA		3,220,331		2.8
CAYMAN ISLANDS		819		0.0
CHILE		106,079		0.1
CHINA		1,199,918		1.1
COLOMBIA		60,912		0.1
CYPRUS		2,846		0.0
CZECH REPUBLIC		49,054		0.1
DENMARK		258,500		0.2
EGYPT		31,873		0.0
FINLAND		315,584		0.3
FRANCE		2,209,417		1.9
GERMANY		2,118,364		1.9
GIBRALTAR		9,674		0.0
GREECE		48,094		0.0
GUERNSEY, C.I.		24,793		0.0
HONG KONG		703,570		0.6
HUNGARY		19,056		0.0
INDIA		583,558		0.5
INDONESIA		149,011		0.1
IRELAND		203,995		0.2
ISRAEL		167,040		0.2
ITALY		520,215		0.5
JAPAN		5,169,195		4.5
JERSEY, C.I.		10,030		0.0
KAZAKHSTAN		20,226		0.0
KOREA, REPUBLIC OF		951,634		0.9
LIECHTENSTEIN		1,952		0.0
LUXEMBOURG		21,291		0.0
MACAU		66,925		0.1
MALAYSIA		224,818		0.2
MEXICO		336,626		0.3
MONACO		438		0.0
MOROCCO		9,790		0.0

190

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COUNTRY	VALUE (000)		% OF TOTAL PORTFOLIO
NETHERLANDS	$	1,089,749		1.0	%
NEW ZEALAND		37,692		0.0
NORWAY		157,410		0.1
PANAMA		8,145		0.0
PERU		29,883		0.0
PHILIPPINES		36,197		0.0
POLAND		114,221		0.1
PORTUGAL		58,843		0.1
PUERTO RICO		8,803		0.0
RUSSIA		412,105		0.4
SINGAPORE		360,441		0.3
SOUTH AFRICA		530,547		0.5
SPAIN		581,883		0.5
SWEDEN		722,767		0.6
SWITZERLAND		2,595,292		2.3
TAIWAN		834,876		0.8
THAILAND		114,524		0.1
TURKEY		103,923		0.1
UKRAINE		2,254		0.0
UNITED ARAB EMIRATES		379		0.0
UNITED KINGDOM		4,641,686		4.1
TOTAL FOREIGN		34,890,569		30.7
TOTAL PORTFOLIO	$	113,699,817		100.0	%

191

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2010

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
BONDS - 0.6%
CORPORATE BONDS - 0.6%
UNITED STATES - 0.6%
$	29,845,445	e,n	General Motors Corp	7.200	%	01/15/11	$	10,073
	13,592,224	e,n	General Motors Corp	7.130		07/15/13		4,553
	18,106,794	e,n	General Motors Corp	7.700		04/15/16		5,975
	4,461,000	n	General Motors Corp	9.400		07/15/21		1,450
	61,921,000	e,n	General Motors Corp	8.380		07/15/33		22,137
	19,417,463	n	Motors Liquidation Co	8.800		03/01/21		6,602
	69,850,000	e,n	Motors Liquidation Co	8.250		07/15/23		24,273
	18,159,000	n	Motors Liquidation Co	7.400		09/01/25		6,083
	26,439,985	n	Motors Liquidation Co	6.750		05/01/28		8,990
			TOTAL UNITED STATES					90,136
			TOTAL CORPORATE BONDS					90,136
			(Cost $91,402)
			TOTAL BONDS					90,136
			(Cost $91,402)

SHARES			COMPANY
COMMON STOCKS - 98.3%
ARGENTINA - 0.0%
	53,379		Tenaris S.A.	1,309
			TOTAL ARGENTINA	1,309
AUSTRALIA - 3.1%
	132,821		AGL Energy Ltd	2,069
	712,381		Alumina Ltd	1,807
	323,742		Amcor Ltd	2,235
	670,550	e	AMP Ltd	3,628
	18,259		Aristocrat Leisure Ltd	56
	548,409	*	Asciano Group	895
	727,943		Australia & New Zealand Banking Group Ltd	17,385
	53,027		Australian Stock Exchange Ltd	2,044
	393,125	e	AXA Asia Pacific Holdings Ltd	2,537
	44,533	e	Bendigo Bank Ltd	453
	1,323,142		BHP Billiton Ltd	61,237
	15,794	e	Billabong International Ltd	132
	523,845	e	BlueScope Steel Ltd	1,206
	89,386	e	Boral Ltd	442

192

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	408,145		Brambles Ltd	$	2,972
	16,871	e	Caltex Australia Ltd		248
	272,907	e	CFS Gandel Retail Trust		491
	1,224,031	e	Challenger Financial Services Group Ltd		5,884
	164,175		Coca-Cola Amatil Ltd		1,824
	33,448	e	Cochlear Ltd		2,751
	498,514		Commonwealth Bank of Australia		25,887
	140,980		Computershare Ltd		1,554
	58,081	e	Crown Ltd		490
	161,201	e	CSL Ltd		5,983
	191,082	e	CSR Ltd		328
	13,627	*,e	Dart Energy Ltd		16
	691,803	e	DB RREEF Trust		563
	80,605		DuluxGroup Ltd		227
	27,987		First Quantum Minerals Ltd		3,040
	121,424	*	Fortescue Metals Group Ltd		812
	149,232		Foster’s Group Ltd		867
	167,652		Goodman Fielder Ltd		231
	253,033		GPT Group (ASE)		761
	63,311	e	Harvey Norman Holdings Ltd		190
	290,950		Incitec Pivot Ltd		1,178
	574,994		Insurance Australia Group Ltd		2,282
	54,235	*,e	James Hardie Industries NV		376
	263,997	e	John Fairfax Holdings Ltd		378
	37,571	e	Leighton Holdings Ltd		1,183
	184,263		Lend Lease Corp Ltd		1,626
	3,189,526		MacArthur Coal Ltd		41,757
	65,599		Macquarie Airports		201
	21,288	*,e	Macquarie Atlas Roads Group		33
	772,843	e	Macquarie Goodman Group		514
	113,576	*,e	Macquarie Group Ltd		4,299
	109,472	e	Metcash Ltd		460
	1,048,071		Mirvac Group		1,313
	113,602		Monadelphous Group Ltd		2,126
	1,487,688		National Australia Bank Ltd		36,062
	220,964		Newcrest Mining Ltd		9,140
	7,574	e	Nufarm Ltd		40
	394,908		OneSteel Ltd		1,046
	172,333		Orica Ltd		4,389
	279,923		Origin Energy Ltd		4,770
	1,047,213		Oxiana Ltd		1,842
	83,464	*,e	Paladin Resources Ltd		421
	1,949	e	Perpetual Trustees Australia Ltd		62
	4,555,647	*	Qantas Airways Ltd		11,835
	419,012		QBE Insurance Group Ltd		7,778
	130,500	*	QR National Ltd		367
	9,973		Ramsay Health Care Ltd		182
	425,240	e	Rio Tinto Ltd		37,174
	252,217		Santos Ltd		3,392
	19,949	e	Sims Group Ltd		440
	35,946	e	Sonic Healthcare Ltd		426
	168,241		SP AusNet		150

193

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	750,990	e	Stockland Trust Group	$	2,765
	415,710		Suncorp-Metway Ltd		3,661
	84,386		TABCORP Holdings Ltd		614
	158,587		Tattersall’s Ltd		418
	1,446,826		Telstra Corp Ltd		4,129
	242,624		Toll Holdings Ltd		1,422
	333,289	e	Transurban Group		1,746
	328,233		Wesfarmers Ltd		10,743
	14,795		Wesfarmers Ltd PPS		489
	3,706,767		Westfield Group		36,321
	5,018,313	*	WESTFIELD RETAIL TRUST		13,191
	1,389,027		Westpac Banking Corp		31,554
	189,112		Woodside Petroleum Ltd		8,232
	506,879		Woolworths Ltd		13,982
	35,416		WorleyParsons Ltd		969
			TOTAL AUSTRALIA		458,723
AUSTRIA - 0.2%
	64,462		bwin Interactive Entertainment		2,540
	26,227		Erste Bank der Oesterreichischen Sparkassen AG.		1,232
	67,394	*,e	IMMOFINANZ Immobilien Anlagen AG.		287
	10,341	e	Oest Elektrizitatswirts AG. (Class A)		385
	17,007		OMV AG.		707
	6,229	e	Raiffeisen International Bank Holding AG.		341
	37,019		Telekom Austria AG.		520
	12,848		Voestalpine AG.		612
	5,513		Wiener Staedtische Allgemeine Versicherung AG.		287
	1,015,333	*	Wienerberger AG.		19,389
			TOTAL AUSTRIA		26,300
BELGIUM - 0.5%
	31,925	*	Anheuser-Busch InBev NV		0	^
	55,715		Bekaert S.A.		6,395
	45,312		Belgacom S.A.		1,521
	26,770		Colruyt S.A.		1,361
	11,420		Delhaize Group		843
	76,777	*,e	Dexia		267
	297,000		Fortis		679
	9,158		Groupe Bruxelles Lambert S.A.		770
	477	*	Groupe Bruxelles Lambert S.A. - STR VVPR		0	^
	989,838		InBev NV		56,612
	21,741	*	KBC Groep NV		741
	3,567		Mobistar S.A.		231
	4,206		Nationale A Portefeuille		206
	31,700		Solvay S.A.		3,378
	13,630	e	UCB S.A.		468
	12,873		Umicore		670
			TOTAL BELGIUM		74,142
BERMUDA - 0.0%
	20,300		Allied World Assurance Co Holdings Ltd		1,207
	45,655		Validus Holdings Ltd		1,397
			TOTAL BERMUDA		2,604

194

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
BRAZIL - 0.8%
	113,057	e	Banco Bradesco S.A. (ADR)	$	2,294
	427,422		Banco do Brasil S.A.		8,090
	378,281		Banco Santander Brasil S.A. (ADR)		5,145
	1,447,455		BM&FBOVESPA S.A.		11,449
	2,500	*	Brazil Insurance Participco		2,982
	95,342	e	Companhia de Saneamento Basico do Estado de Sao Paulo (ADR)		5,042
	217,229	*	Companhia Vale do Rio Doce (ADR)		7,510
	494,329	e	Cosan Ltd		6,733
	202,148		Fleury S.A.		3,245
	450,000		Marcopolo S.A.		1,895
	458,800		Mills Estruturas e Servicos de		5,694
	2,923,840		PDG Realty S.A.		17,896
	1,019,134		Petroleo Brasileiro S.A. (ADR)		38,564
	21,400	*	Raia S.A.		328
	300,000		Satipel Industrial S.A.		3,226
			TOTAL BRAZIL		120,093
CANADA - 4.3%
	54,857		Agnico-Eagle Mines Ltd		4,226
	165,931		Agrium, Inc (Toronto)		15,270
	41,493		Alimentation Couche Tard, Inc		1,129
	44,320		ARC Energy Trust		1,133
	2,283		Astral Media, Inc		96
	56,841	*	Athabasca Oil Sands Corp		863
	210,176	e	Bank of Montreal		12,150
	515,721	e	Bank of Nova Scotia		29,616
	459,265		Barrick Gold Corp		24,424
	850,684		Barrick Gold Corp (Canada)		45,447
	31,585		Baytex Energy Trust		1,481
	323,427	e	BCE, Inc		11,495
	85,543		Biovail Corp		2,433
	505,238		Bombardier, Inc		2,546
	18,804		Bonavista Energy Trust		545
	179,774	e	Brookfield Asset Management, Inc		6,003
	85,034	e	CAE, Inc		984
	130,052		Cameco Corp		5,271
	170,040	e	Canadian Imperial Bank of Commerce/Canada		13,396
	358,898		Canadian National Railway Co		23,949
	541,754		Canadian Natural Resources Ltd (Canada)		24,165
	83,253		Canadian Oil Sands Trust		2,215
	164,560	e	Canadian Pacific Railway Ltd		10,695
	25,890		Canadian Tire Corp Ltd		1,776
	29,907		Canadian Utilities Ltd		1,636
	39,785	e	Canadian Western Bank		1,135
	162,000		Cenovus Energy, Inc		5,385
	368,062	*,e	Cenovus Energy, Inc		12,319
	46,523		Centerra Gold, Inc		928
	529,867	*	CGI Group, Inc		9,166

195

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	271,404	e	CI Financial Corp	$	6,142
	486,882	e	Crescent Point Energy Corp		21,639
	62,335	*,g,m	Crescent Point Energy Corp 144A		2,770
	173,215		Eldorado Gold Corp		3,223
	9,712		Empire Co Ltd		545
	160,072	e	Enbridge, Inc		9,059
	244,337	e	EnCana Corp		7,149
	61,902		Enerplus Resources Fund		1,909
	9,887		Ensign Energy Services, Inc		149
	422,087	*	Equinox Minerals Limited		2,594
	7,023		Fairfax Financial Holdings Ltd		2,889
	59,621		Finning International, Inc		1,624
	60,289	e	Fortis, Inc		2,060
	37,764		Franco-Nevada Corp		1,263
	17,090	e	George Weston Ltd		1,447
	38,208	*	Gildan Activewear, Inc		1,089
	258,809		Goldcorp, Inc		11,942
	99,790	e	Great-West Lifeco, Inc		2,650
	9,400		Groupe Aeroplan, Inc		129
	89,406	e	Husky Energy, Inc		2,387
	116,576		IAMGOLD Corp		2,081
	41,387	e	IGM Financial, Inc		1,809
	104,112		Imperial Oil Ltd		4,249
	27,547		Industrial Alliance Insurance and Financial Services, Inc		1,020
	16,780		Inmet Mining Corp		1,304
	75,112	*	Ivanhoe Mines Ltd		1,737
	351,001		Kinross Gold Corp		6,675
	36,794	e	Loblaw Cos Ltd		1,494
	120,000		Magna International, Inc - Class A (NY)		6,240
	71,818		Magna International, Inc (Class A)		3,749
	1,000		Manitoba Telecom Services, Inc		29
	576,180	e	Manulife Financial Corp		9,938
	13,356	*	MEG Energy Corp		611
	149,293		Metro, Inc		6,787
	56,880	e	National Bank of Canada		3,920
	319,610	e	Nexen, Inc		7,329
	16,013		Niko Resources Ltd		1,662
	31,401		Onex Corp		955
	20,124	*,e	Open Text Corp		926
	97,041	*	Osisko Mining Corp		1,417
	32,791	e	Pan American Silver Corp		1,350
	91,191		Pengrowth Energy Trust		1,172
	155,979		Penn West Energy Trust		3,740
	24,644	e	PetroBakken Energy Ltd		538
	5,000	*	Petrobank Energy & Resources Ltd		127
	20,655		Petrominerales Ltd		689
	17,918		Potash Corp of Saskatchewan		2,774
	98,195		Potash Corp of Saskatchewan Toronto		15,253
	121,849	e	Power Corp Of Canada		3,391
	86,758	e	Power Financial Corp		2,681
	59,023	e	ProEx Energy Ltd		754
	12,257		Provident Energy Trust		98

196

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	163,152	*	Research In Motion Ltd (Canada)	$	9,529
	38,925		RioCan Real Estate Investment Trust		861
	34,449	e	Ritchie Bros Auctioneers, Inc		794
	273,807	e	Rogers Communications, Inc (Class B)		9,528
	568,563	e	Royal Bank of Canada (Toronto)		29,918
	50,755	e	Saputo, Inc		2,020
	122,455	*,e	Shaw Communications, Inc (B Shares)		2,629
	97,535		Sherritt International Corp		831
	75,455	e	Shoppers Drug Mart Corp		3,000
	107,811	*	Silver Wheaton Corp		4,227
	84,646	*	Sino-Forest Corp		1,983
	52,931		SNC-Lavalin Group, Inc		3,182
	199,271	e	Sun Life Financial, Inc		6,034
	768,490		Suncor Energy, Inc		29,586
	159,444		Suncor Energy, Inc (NY)		6,105
	337,340		Talisman Energy, Inc		7,505
	187,845		Teck Cominco Ltd		11,673
	19,066		TELUS Corp		872
	51,090	e	TELUS Corp, non-voting shares		2,222
	123,859	e	Thomson Corp (Toronto)		4,639
	22,685		Tim Hortons, Inc		935
	49,497		Tim Hortons, Inc (Toronto)		2,046
	26,090	e	TMX Group, Inc		970
	295,705	e	Toronto-Dominion Bank		22,082
	75,453	e	TransAlta Corp		1,605
	254,453	e	TransCanada Corp		9,722
	6,116	e	Trican Well Service Ltd		124
	25,216	e	Vermilion Energy Trust		1,172
	120,580	*	Viterra, Inc		1,125
	245,143		Yamana Gold, Inc		3,148
	157,296	e	Yellow Pages Income Fund		981
			TOTAL CANADA		632,083
CHINA - 0.9%
	12,514,000	*,e	Agricultural Bank of China		6,279
	2,878,000	*,e	Air China Ltd		3,232
	18,230,600		Bank of China Ltd		9,616
	2,227,000	e	Bank of Communications Co Ltd		2,243
	25,362,000	*	Beijing Enterprises Water Group Ltd		9,496
	360,948		BOC Hong Kong Holdings Ltd		1,228
			Changsha Zoomlion Heavy Industry Science and
	4,204,200	*	Technology Development Co Ltd		9,498
	1,015,000		China Aoyuan Property Group Ltd		193
	3,726,847		China Coal Energy Co		5,821
	993,000		China Life Insurance Co Ltd		4,056
	1,000,000		China Resources Gas Group Ltd		1,423
	13,049,000	e	China South Locomotive and Rolling Stock Corp		17,157
	1,910,000		CNOOC Ltd		4,531
	700,000		Dongfang Electric Co Ltd		3,467
	189,000	e	Glorious Property Holdings Ltd		65
	10,221,000		Industrial & Commercial Bank of China		7,614
	674,500	e	KWG Property Holding Ltd		514

197

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	9,698,000	e	Lenovo Group Ltd	$	6,213
	267,800	*,e	Melco PBL Entertainment Macau Ltd (ADR)		1,703
	1,929,000	*	Microport Scientific Corp		1,846
	3,927,800	e	Nine Dragons Paper Holdings Ltd		5,549
	15,820,600	e	PCD Stores Ltd		4,742
	814,000		Shandong Weigao Group Medical Polymer Co Ltd		2,309
	7,267,000	e	Sino-Ocean Land Holdings Ltd		4,759
	4,672,000	*	SITC International Co Ltd		2,777
	926,000		Yanzhou Coal Mining Co Ltd		2,829
	1,920,000	e	Zhuzhou CSR Times Electric Co Ltd		7,546
			TOTAL CHINA		126,706
COLOMBIA - 0.0%
	53,340	e	BanColombia S.A. (ADR)		3,302
	81,302		Pacific Rubiales Energy Corp (Toronto)		2,760
			TOTAL COLOMBIA		6,062
CYPRUS - 0.0%
	101,133		Bank of Cyprus Public Co Ltd		349
			TOTAL CYPRUS		349
CZECH REPUBLIC - 0.0%
	309,566		New World Resources NV		4,638
			TOTAL CZECH REPUBLIC		4,638
DENMARK - 0.6%
	74		AP Moller - Maersk AS (Class A)		652
	140		AP Moller - Maersk AS (Class B)		1,268
	12,040		Carlsberg AS (Class B)		1,206
	332,769		Christian Hansen Holding		6,801
	2,618		Coloplast AS (Class B)		356
	118,291	*	Danske Bank AS		3,033
	95,622		DSV AS		2,114
	2,780	e	H Lundbeck AS		53
	453,405		Novo Nordisk AS (Class B)		51,127
	6,133		Novozymes AS (B Shares)		854
	393,533	*	Pandora AS		23,705
	672	*,e	Topdanmark AS		89
	2,869	e	TrygVesta AS		132
	27,172	*,e	Vestas Wind Systems AS		858
	2,712	*,e	William Demant Holding		200
			TOTAL DENMARK		92,448
FINLAND - 0.4%
	17,858		Elisa Oyj (Series A)		388
	1,043,508		Fortum Oyj		31,416
	7,563		Kesko Oyj (B Shares)		353
	39,075		Kone Oyj (Class B)		2,172
	16,978		Metso Oyj		948
	17,300	e	Neste Oil Oyj		276
	344,253		Nokia Oyj		3,561

198

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	14,474		Nokian Renkaat Oyj	$	531
	15,867		OKO Bank (Class A)		190
	6,290		Orion Oyj (Class B)		138
	14,230	e	Outokumpu Oyj		264
	25,865	e	Outotec Oyj		1,598
	9,689	e	Rautaruukki Oyj		227
	56,177		Sampo Oyj (A Shares)		1,505
	9,273		Sanoma-WSOY Oyj		201
	466,991	e	Stora Enso Oyj (R Shares)		4,796
	278,813		UPM-Kymmene Oyj		4,925
	71,538	e	Wartsila Oyj (B Shares)		5,459
			TOTAL FINLAND		58,948
FRANCE - 3.7%
	341,161		Accor S.A.		15,181
	2,776,729	*	Accor Services		65,733
	4,013		Aeroports de Paris		317
	15,440	*	Air France-KLM		281
	27,999		Air Liquide		3,541
	261,153	*	Alcatel S.A.		761
	23,161		Alstom RGPT		1,108
	65,400		Arkema		4,708
	440,235	*	Atos Origin S.A.		23,436
	187,452		AXA S.A.		3,119
	1,456		BioMerieux		144
	434,831		BNP Paribas		27,664
	19,757		Bouygues S.A.		852
	12,997		Bureau Veritas S.A.		985
	19,478		Cap Gemini S.A.		909
	69,490		Carrefour S.A.		2,865
	6,344		Casino Guichard Perrachon S.A.		618
	4,205		Christian Dior S.A.		601
	20,084		CNP Assurances		362
	267,039		Compagnie de Saint-Gobain		13,739
	19,195	*,e	Compagnie Generale de Geophysique S.A.		584
	1	*	Compagnie Generale de Geophysique-Veritas (ADR)		0	^
	26,736		Compagnie Generale d’Optique Essilor International S.A.		1,721
	103,530		Credit Agricole S.A.		1,315
	8,197	e	Dassault Systemes S.A.		618
	4,659	e	Eiffage S.A.		205
	34,294		Electricite de France		1,407
	624		Eramet		214
	3,329		Eurazeo		247
	8,686		Eutelsat Communications		318
	3,383	e	Fonciere Des Regions		327
	139,778		France Telecom S.A.		2,913
	296,021		Gaz de France		10,621
	2,158		Gecina S.A.		237
	181,431		Gemalto NV		7,721
	571,978		Groupe Danone		35,939
	32,437		Groupe Eurotunnel S.A.		285
	716	e	Hermes International		150

199

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	2,508		ICADE	$	256
	1,109	e	Iliad S.A.		121
	4,155		Imerys S.A.		277
	623,812	*	JC Decaux S.A.		19,194
	12,534		Klepierre		452
	22,637		Lafarge S.A.		1,419
	8,023		Lagardere S.C.A.		331
	15,809		Legrand S.A.		644
	20,128		L’Oreal S.A.		2,235
	145,682		LVMH Moet Hennessy Louis Vuitton S.A.		23,964
	4,389		M6-Metropole Television		106
	14,924		Michelin (C.G.D.E.) (Class B)		1,071
	99,070	*	Natixis		463
	4,168	e	Neopost S.A.		363
	8,599	e	PagesJaunes Groupe S.A.		78
	20,197	e	Pernod-Ricard S.A.		1,899
	604,688	*	Peugeot S.A.		22,957
	7,594		PPR		1,208
	10,636	e	Publicis Groupe S.A.		554
	100,000		Remy Cointreau S.A.		7,076
	227,032	*	Renault S.A.		13,197
	167,695		Safran S.A.		5,938
	776,266		Sanofi-Aventis		49,636
	250,785	e	Schneider Electric S.A.		37,533
	19,126		SCOR		486
	3,869		Societe BIC S.A.		333
	1,065		Societe Des Autoroutes Paris-Rhin-Rhone		73
	242,922		Societe Generale		13,056
	7,983		Societe Television Francaise 1		139
	8,100		Sodexho Alliance S.A.		558
	23,128		Suez Environnement S.A.		477
	109,097		Technip S.A.		10,074
	12,088		Thales S.A.		423
	545,471		Total S.A.		28,901
	11,620		Unibail		2,298
	278,400	*	Valeo S.A.		15,798
	496,250		Vallourec		52,124
	22,806		Veolia Environnement		667
	48,666		Vinci S.A.		2,646
	136,432		Vivendi Universal S.A.		3,683
			TOTAL FRANCE		554,454
GERMANY - 3.4%
	108,232		Adidas-Salomon AG.		7,071
	755,104	e	Aixtron AG.		27,854
	91,073		Allianz AG.		10,823
	952		Axel Springer AG.		155
	659,334		BASF AG.		52,600
	591,693		Bayer AG.		43,725
	126,251		Bayerische Motoren Werke AG.		9,929
	448		Bayerische Motoren Werke AG. (Preference)		23
	293,996		Beiersdorf AG.		16,313

200

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	61,615	*	Brenntag AG.	$	6,282
	10,935		Celesio AG.		272
	95,430	*,e	Commerzbank AG.		708
	3,405	*	Continental AG.		269
	1,168,593		DaimlerChrysler AG. (EUR)		79,220
	74,322		Deutsche Bank AG.		3,883
	25,994		Deutsche Boerse AG.		1,799
	25,747		Deutsche Lufthansa AG.		563
	96,116		Deutsche Post AG.		1,631
	4,067	*,e	Deutsche Postbank AG.		113
	669,470		Deutsche Telekom AG.		8,637
	216,531		E.ON AG.		6,636
	4,172		Fraport AG. Frankfurt Airport Services Worldwide		263
	10,731		Fresenius AG. (Preference)		919
	26,604		Fresenius Medical Care AG.		1,537
	3,249		Fresenius SE		272
	14,445		GEA Group AG.		418
	1,147		Hamburger Hafen und Logistik AG.		53
	8,152		Hannover Rueckversicherung AG.		437
	15,887		HeidelbergCement AG.		996
	14,715		Henkel KGaA		759
	20,182		Henkel KGaA (Preference)		1,255
	3,097	e	Hochtief AG.		263
	1,862,678	*	Infineon Technologies AG.		17,332
	17,690		K+S AG.		1,332
	135,741	*	Kabel Deutschland Holding AG.		6,326
	592,364		Lanxess AG.		46,782
	11,162		Linde AG.		1,694
	6,989		MAN AG.		831
	4,399		Merck KGaA		352
	13,983		Metro AG.		1,007
	129,924		Muenchener Rueckver AG.		19,697
	10,668		Porsche AG.		850
	239,898		ProSiebenSat.1 Media AG.		7,213
	361		Puma AG. Rudolf Dassler Sport		120
	77,355		Rheinmetall AG.		6,220
	54,498		RWE AG.		3,633
	3,812		RWE AG. (Preference)		244
	4,705		Salzgitter AG.		363
	520,307		SAP AG.		26,490
	502,500		Siemens AG.		62,247
	851	e	Solarworld AG.		8
	292,429	*	Stroer Out-of-Home Media AG.		10,449
	7,648		Suedzucker AG.		204
	228,800		ThyssenKrupp AG.		9,474
	9,417	*,e	TUI AG.		132
	8,183		United Internet AG.		133
	2,266	e	Volkswagen AG.		321
	52,620		Volkswagen AG. (Preference)		8,536
	1,066		Wacker Chemie AG.		186
			TOTAL GERMANY		517,854

201

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
GIBRALTAR - 0.0%
	757,838	*,e	PartyGaming plc	$	2,428
			TOTAL GIBRALTAR		2,428
GREECE - 0.0%
	58,177	*	Alpha Bank S.A.		295
	24,707		Coca Cola Hellenic Bottling Co S.A.		639
	218,308	*	Costamare, Inc		3,157
	36,983	*	EFG Eurobank Ergasias S.A.		185
	4,318		Hellenic Petroleum S.A.		34
	21,653		Hellenic Telecommunications Organization S.A.		177
	36,466		Marfin Investment Group S.A		34
	102,434	*	National Bank of Greece S.A.		828
	30,319		OPAP S.A.		524
	21,435	*	Piraeus Bank S.A.		105
	11,402		Public Power Corp		164
	2,719		Titan Cement Co S.A.		60
			TOTAL GREECE		6,202
GUERNSEY, C.I. - 0.0%
	120,659	*	Amdocs Ltd		3,315
			TOTAL GUERNSEY, C.I.		3,315
HONG KONG - 1.0%
	5,466,400	*	AIA Group Ltd		15,367
	15,458	e	ASM Pacific Technology		195
	148,605		Bank of East Asia Ltd		622
	1,242,237		Cathay Pacific Airways Ltd		3,428
	594,111		Cheung Kong Holdings Ltd		9,165
	34,661	e	Cheung Kong Infrastructure Holdings Ltd		159
	10,170	e	Chinese Estates Holdings Ltd		17
	605,456		CLP Holdings Ltd		4,915
	280,331		Esprit Holdings Ltd		1,334
	202,927		Hang Lung Group Ltd		1,334
	563,337		Hang Lung Properties Ltd		2,634
	253,870		Hang Seng Bank Ltd		4,174
	308,045	e	Henderson Land Development Co Ltd		2,100
	1,317,173		Hong Kong & China Gas Ltd		3,104
	382,279		Hong Kong Electric Holdings Ltd		2,410
	423,785	e	Hong Kong Exchanges and Clearing Ltd		9,612
	56,717		Hopewell Holdings		178
	1,523,776		Hutchison Whampoa Ltd		15,683
	49,482		Hysan Development Co Ltd		233
	69,927		Kerry Properties Ltd		364
	4,828,219		Li & Fung Ltd		28,015
	46,000		Lifestyle International Holdings Ltd		113
	1,139,110		Link Real Estate Investment Trust		3,539
	216,000	*	Mongolia Energy Co ltd		64
	415,915		MTR Corp		1,514
	2,020,200	e	New World Development Ltd		3,795
	288,640	e	Noble Group Ltd		488
	138,333	e	NWS Holdings Ltd		210

202

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	17,364		Orient Overseas International Ltd	$	168
	308,749		PCCW Ltd		137
	36,330,000	e	Rexcapital Financial Holdings Ltd		3,833
	22,059,500	e	Ruinian International Ltd		15,297
	2,192,000	e	Shanghai Real Estate Ltd		220
	124,037		Shangri-La Asia Ltd		337
	231,438		Sino Land Co		433
	2,719,000		SJM Holdings Ltd		4,317
	28,673,611		Solomon Systech International Ltd		1,623
	355,222		Sun Hung Kai Properties Ltd		5,900
	161,793		Swire Pacific Ltd (Class A)		2,660
	354,085		Wharf Holdings Ltd		2,724
	90,000		Wheelock & Co Ltd		364
	19,626		Wing Hang Bank Ltd		271
	58,089		Yue Yuen Industrial Holdings		209
			TOTAL HONG KONG		153,259
INDIA - 0.6%
	315,976		Adani Enterprises Ltd		4,592
	102,211		Aurobindo Pharma Ltd		3,003
	29,863		Bank of Baroda		599
	684,179		Bank of India		6,910
	35,020		Bharat Heavy Electricals		1,820
	1,461,498		Crompton Greaves Ltd		10,131
	675,371		Dabur India Ltd		1,514
	150,000	*	DEN Networks Ltd		607
	1,384,466		Dhanalakshmi Bank Ltd		3,941
	1,771,327		DLF Ltd		11,565
	199,312		Engineers India Ltd		1,486
	1,574,832		Geodesic Information Systems Ltd		3,400
	12,886		HDFC Bank Ltd		676
	3,822		ICICI Bank Ltd		98
	158,382		ICICI Bank Ltd (ADR)		8,020
	45,124		Infosys Technologies Ltd		3,474
	89,112		Infosys Technologies Ltd (ADR)		6,780
	175,016		Power Grid Corp of India Ltd		385
	124,438		Punjab National Bank Ltd		3,401
	135,641	f	Puravankara Projects Ltd (purchased 11/26/07, cost $742)		337
	60,361		Sobha Developers Ltd		439
	200,000		Strides Arcolab Ltd		2,006
	575,935		Sun Pharmaceuticals Industries Ltd		6,246
	87,014		Tata Consultancy Services Ltd		2,268
	38,959		Tata Power Co Ltd		1,190
	807,256		UCO Bank		2,096
	8,137	e	Vedanta Resources plc		319
			TOTAL INDIA		87,303
INDONESIA - 0.2%
	10,078,500		Adaro Energy Tbk		2,852
	3,439,500		Bank Rakyat Indonesia		4,008
	816,563		PT Astra International Tbk		4,944
	5,543,000		PT Kalbe Farma Tbk		1,999

203

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	5,039,000		PT Perusahaan Gas Negara	$	2,475
	3,679,500		PT Semen Gresik Persero Tbk		3,859
	1,203,800		PT Tambang Batubara Bukit Asam Tbk		3,066
			TOTAL INDONESIA		23,203
IRELAND - 0.4%
	96,389		Accenture plc		4,674
	147,992	*,m	Anglo Irish Bank Corp plc		43
	230,996	*	Bank of Ireland		116
	73,239		CRH plc		1,517
	6,125		CRH plc (IRELAND)		128
	55,057	*	Elan Corp plc		305
	101	*	Elan Corp plc (ADR)		1
	18,773		Kerry Group plc (Class A)		626
	33,186		Ryanair Holdings plc		167
	1,500		Ryanair Holdings plc (ADR)		46
	1,478,875		Shire Ltd		35,577
	88,889		Shire plc (ADR)		6,434
	674,523	*	Smurfit Kappa Group plc		6,580
			TOTAL IRELAND		56,214
ISRAEL - 0.2%
	67,476	*	Bank Hapoalim Ltd		351
	80,233		Bank Leumi Le-Israel		411
	118,311		Bezeq Israeli Telecommunication Corp Ltd		361
	3,385		Cellcom Israel Ltd		110
	80,000	*	Check Point Software Technologies		3,701
	271		Delek Group Ltd		70
	1,606		Elbit Systems Ltd		86
	29,252		Israel Chemicals Ltd		501
	157	*	Israel Corp Ltd		190
	38,355	*	Israel Discount Bank Ltd		87
	15,843		Makhteshim-Agan Industries Ltd		81
	8,405		Mizrahi Tefahot Bank Ltd		92
	4,258	*	Nice Systems Ltd		150
	5,823		Partner Communications		118
	61,571		Teva Pharmaceutical Industries Ltd		3,227
	379,259		Teva Pharmaceutical Industries Ltd (ADR)		19,771
			TOTAL ISRAEL		29,307
ITALY - 0.8%
	106,688	e	A2A S.p.A.		147
	228,506		ACEA S.p.A.		2,626
	132,365		Assicurazioni Generali S.p.A.		2,513
	12,557	*	Autogrill S.p.A.		177
	29,045		Autostrade S.p.A.		593
	69,062	e	Banca Carige S.p.A.		145
	1,027,486		Banca Intesa S.p.A.		2,787
	125,605		Banca Intesa S.p.A. RSP		299
	296,666	e	Banca Monte dei Paschi di Siena S.p.A.		337
	18,602		Banca Popolare di Milano		65
	79,717		Banche Popolari Unite Scpa		698

204

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	74,166	e	Banco Popolare Scarl	$	336
	7,368	e	Beni Stabili S.p.A. (Paris)		6
	77,000		DiaSorin S.p.A.		3,314
	100,000	*	Enel Green Power S.p.A		211
	487,454		Enel S.p.A.		2,436
	446,140		ENI S.p.A.		9,742
	7,737		Exor S.p.A.		255
	586,414	e	Fiat S.p.A.		12,091
	53,965		Finmeccanica S.p.A.		613
	2,895	e	Fondiaria-Sai S.p.A.		24
	3,331	e	Italcementi S.p.A.		28
	2,148	e	Lottomatica S.p.A.		27
	13,322		Luxottica Group S.p.A.		406
	81,355		Mediaset S.p.A.		492
	64,161		Mediobanca S.p.A.		571
	10,301	e	Mediolanum S.p.A.		43
	197,541		Parmalat S.p.A.		541
	11,033	*,e	Pirelli & C Real Estate S.p.A.		7
	477,650	e	Pirelli & C S.p.A.		3,862
	17,032	e	Prysmian S.p.A.		290
	1,264,747		Saipem S.p.A.		62,262
	13,407	e	Saras S.p.A.		28
	221,259		Snam Rete Gas S.p.A.		1,100
	6,774,528		Telecom Italia RSP		7,351
	891,473		Telecom Italia S.p.A.		1,152
	113,366		Terna Rete Elettrica Nazionale S.p.A.		479
	1,603,644		UniCredito Italiano S.p.A.		3,317
	34,384		Unipol Gruppo Finanziario S.p.A.		21
			TOTAL ITALY		121,392
JAPAN - 9.0%
	57,083		77 Bank Ltd		303
	1,600	e	ABC-Mart, Inc		57
	970	e	Acom Co Ltd		12
	3,324	*	Advance Residence Investment Corp		7,443
	20,542	e	Advantest Corp		465
	402,009	e	Aeon Co Ltd		5,031
	8,503		Aeon Credit Service Co Ltd		120
	8,900		Aeon Mall Co Ltd		239
	9,000		Air Water, Inc		115
	45,042	*	Aisin Seiki Co Ltd		1,594
	77,529		Ajinomoto Co, Inc		808
	5,957	e	Alfresa Holdings Corp		265
	689,435	*	All Nippon Airways Co Ltd		2,573
	1,100,744		Amada Co Ltd		8,962
	3,227,848	e	Aozora Bank Ltd		6,679
	54,607	e	Asahi Breweries Ltd		1,058
	1,095,773		Asahi Glass Co Ltd		12,808
	594,834		Asahi Kasei Corp		3,883
	10,000		Asics Corp		129
	147,041		Astellas Pharma, Inc		5,605
	80,653		Bank of Kyoto Ltd		765

205

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	355,971		Bank of Yokohama Ltd	$	1,846
	51,482		Benesse Corp		2,372
	211,904	e	Bridgestone Corp		4,095
	76,000		Brother Industries Ltd		1,127
	113,700		Canon Electronics, Inc		3,217
	6,964	*	Canon Marketing Japan, Inc		99
	558,097	e	Canon, Inc		28,940
	53,900	e	Capcom Co Ltd		867
	151,523	e	Casio Computer Co Ltd		1,222
	506		Central Japan Railway Co		4,238
	268,323		Chiba Bank Ltd		1,745
	277,000	e	Chiyoda Corp		2,757
	169,766		Chubu Electric Power Co, Inc		4,174
	28,858	e	Chugai Pharmaceutical Co Ltd		530
	38,100		Chugoku Bank Ltd		461
	65,792	e	Chugoku Electric Power Co, Inc		1,337
	15,542		Citizen Watch Co Ltd		107
	6,271	e	Coca-Cola West Japan Co Ltd		114
	190,343		Cosmo Oil Co Ltd		624
	117,055		Credit Saison Co Ltd		1,925
	106,076		Dai Nippon Printing Co Ltd		1,445
	16,630		Daicel Chemical Industries Ltd		121
	55,698	*	Daido Steel Co Ltd		327
	30,290	*	Daihatsu Motor Co Ltd		465
	2,301		Dai-ichi Mutual Life Insurance Co		3,738
	147,497		Daiichi Sankyo Co Ltd		3,228
	75,046		Daikin Industries Ltd		2,662
	27,000		Dainippon Ink and Chemicals, Inc		61
	17,463		Dainippon Sumitomo Pharma Co Ltd		159
	27,911		Daito Trust Construction Co Ltd		1,911
	53,856		Daiwa House Industry Co Ltd		662
	104,300	*	Daiwa Securities Group, Inc		537
	26,900		Dena Co Ltd		965
	168,676		Denki Kagaku Kogyo KK		802
	141,945		Denso Corp		4,899
	18,155		Dentsu, Inc		564
	27,318		Dowa Holdings Co Ltd		179
	95,052		East Japan Railway Co		6,181
	102,217	e	Eisai Co Ltd		3,701
	16,039		Electric Power Development Co		503
	19,608	*,e	Elpida Memory, Inc		228
	44,900		Exedy Corp		1,458
	6,644		FamilyMart Co Ltd		250
	74,643	*	Fanuc Ltd		11,464
	273,518	e	Fast Retailing Co Ltd		43,559
	35,900	e	FCC Co Ltd		837
	34,822	*	Fuji Electric Holdings Co Ltd		109
	346,684		Fuji Folms Holdings Corp		12,537
	772,342	*	Fuji Heavy Industries Ltd		5,993
	71,900		Fuji Oil Co Ltd		1,051
	55		Fuji Television Network, Inc		87
	988,991		Fujitsu Ltd		6,882

206

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	173,167		Fukuoka Financial Group, Inc	$	753
	204,805	e	Furukawa Electric Co Ltd		921
	150,200	*,e	Gree, Inc		1,911
	41,110	e	GS Yuasa Corp		285
	78,879		Gunma Bank Ltd		433
	80,842		Hachijuni Bank Ltd		452
	2,635		Hakuhodo DY Holdings, Inc		151
	4,037		Hamamatsu Photonics KK		148
	127,720		Hankyu Hanshin Holdings, Inc		593
	15,182	*	Hino Motors Ltd		82
	3,287		Hirose Electric Co Ltd		370
	103,744		Hiroshima Bank Ltd		437
	23,600	e	Hisamitsu Pharmaceutical Co, Inc		994
	11,252		Hitachi Chemical Co Ltd		233
	15,022	e	Hitachi Construction Machinery Co Ltd		360
	7,700		Hitachi High-Technologies Corp		180
	7,592,685	*	Hitachi Ltd		40,494
	45,000		Hitachi Metals Ltd		540
	23,382		Hokkaido Electric Power Co, Inc		478
	239,446		Hokuhoku Financial Group, Inc		487
	23,375	e	Hokuriku Electric Power Co		574
	927,168	e	Honda Motor Co Ltd		36,714
	102,353	*	Hoya Corp		2,486
	106,666	*	Ibiden Co Ltd		3,366
	2,347		Idemitsu Kosan Co Ltd		249
	607		Inpex Holdings, Inc		3,555
	220,781		Isetan Mitsukoshi Holdings Ltd		2,567
	82,178		Ishikawajima-Harima Heavy Industries Co Ltd		183
	193,169	*	Isuzu Motors Ltd		878
	6,937		Ito En Ltd		115
	1,097,123		Itochu Corp		11,108
	12,362	e	Itochu Techno-Science Corp		464
	50,652		Iyo Bank Ltd		406
	29,989		J Front Retailing Co Ltd		164
	9,300		Japan Petroleum Exploration Co		354
	473	e	Japan Prime Realty Investment Corp		1,456
	213		Japan Real Estate Investment Corp		2,209
	164	*	Japan Retail Fund Investment Corp		315
	333,428		Japan Steel Works Ltd		3,483
	1,295		Japan Tobacco, Inc		4,793
	144,404		JFE Holdings, Inc		5,030
	48,978		JGC Corp		1,066
	167,624		Joyo Bank Ltd		737
	73,623		JS Group Corp		1,620
	55,653		JSR Corp		1,038
	862,103		JTEKT Corp		10,172
	227		Jupiter Telecommunications Co		239
	749,500	*	JX Holdings, Inc		5,087
	91,372		Kajima Corp		243
	880	e	Kakaku.com, Inc		5,235
	28,126		Kamigumi Co Ltd		236
	31,900		Kaneka Corp		221

207

OLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	212,874		Kansai Electric Power Co, Inc	$	5,254
	22,480		Kansai Paint Co Ltd		218
	132,753		Kao Corp		3,578
	2,758,212		Kawasaki Heavy Industries Ltd		9,274
	354,186	*	Kawasaki Kisen Kaisha Ltd		1,557
	753		KDDI Corp		4,350
	157,722	e	Keihin Electric Express Railway Co Ltd		1,393
	198,310		Keio Corp		1,353
	92,426		Keisei Electric Railway Co Ltd		617
	40,983	*,e	Kenedix, Inc		12,479
	11,624		Keyence Corp		3,367
	46,795		Kikkoman Corp		524
	14,131		Kinden Corp		131
	380,914	e	Kintetsu Corp		1,192
	880,849	e	Kirin Brewery Co Ltd		12,357
	765,084		Kobe Steel Ltd		1,941
	6,000	*	Koito Manufacturing Co Ltd		94
	1,194,822		Komatsu Ltd		36,159
	5,773		Konami Corp		123
	110,613		Konica Minolta Holdings, Inc		1,150
	262,158		Kubota Corp		2,483
	51,087		Kuraray Co Ltd		732
	16,497		Kurita Water Industries Ltd		520
	53,812		Kyocera Corp		5,495
	79,486	e	Kyowa Hakko Kogyo Co Ltd		818
	97,184		Kyushu Electric Power Co, Inc		2,179
	20,151		Lawson, Inc		997
	6,500	e	Leopalace21 Corp		13
	2,816		Mabuchi Motor Co Ltd		145
	18,736	*	Makita Corp		766
	1,065,072		Marubeni Corp		7,491
	13,809		Marui Co Ltd		113
	4,696		Maruichi Steel Tube Ltd		100
	7,500	e	Matsui Securities Co Ltd		53
	427,455		Matsushita Electric Industrial Co Ltd		6,070
	944,150		Mazda Motor Corp		2,710
	4,100	e	McDonald’s Holdings Co Japan Ltd		103
	15,912		Mediceo Paltac Holdings Co Ltd		175
	48,449		MEIJI Holdings Co Ltd		2,190
	271,064		Millea Holdings, Inc		8,103
	20,716		Minebea Co Ltd		131
	3,300		Miraca Holdings, Inc		133
	711,219		Mitsubishi Chemical Holdings Corp		4,827
	1,152,441		Mitsubishi Corp		31,200
	1,428,037		Mitsubishi Electric Corp		14,986
	379,705		Mitsubishi Estate Co Ltd		7,043
	41,160		Mitsubishi Gas Chemical Co, Inc		293
	720,150		Mitsubishi Heavy Industries Ltd		2,705
	12,262	e	Mitsubishi Logistics Corp		163
	816,293	*,e	Mitsubishi Materials Corp		2,604
	482,130	*,e	Mitsubishi Motors Corp		701
	5,815,654		Mitsubishi UFJ Financial Group, Inc		31,446

208

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	267,850		Mitsubishi UFJ Lease & Finance Co Ltd	$	10,623
	980,004		Mitsui & Co Ltd		16,187
	261,087	e	Mitsui Chemicals, Inc		936
	42,875		Mitsui Engineering & Shipbuilding Co Ltd		114
	611,137		Mitsui Fudosan Co Ltd		12,188
	63,239		Mitsui Mining & Smelting Co Ltd		209
	1,391,399		Mitsui OSK Lines Ltd		9,494
	170,820		Mitsui Sumitomo Insurance Group Holdings, Inc		4,282
	1,980,750		Mitsui Trust Holdings, Inc		8,222
	5,022		Mitsumi Electric Co Ltd		92
	5,740,698		Mizuho Financial Group, Inc		10,818
	296,872	*,e	Mizuho Trust & Banking Co Ltd		307
	49,620		Murata Manufacturing Co Ltd		3,477
	5,600		Nabtesco Corp		119
	11,806		Namco Bandai Holdings, Inc		127
	458,615		NEC Corp		1,378
	55,179		NGK Insulators Ltd		901
	16,988		NGK Spark Plug Co Ltd		261
	88,138	*	NHK Spring Co Ltd		959
	97,106		Nidec Corp		9,819
	53,900		Nifco, Inc		1,461
	79,781		Nikon Corp		1,618
	35,558		Nintendo Co Ltd		10,437
	244	e	Nippon Building Fund, Inc		2,503
	54,175		Nippon Electric Glass Co Ltd		782
	92,441		Nippon Express Co Ltd		417
	11,944		Nippon Meat Packers, Inc		156
	189,000		Nippon Paint Co Ltd		1,448
	26,687		Nippon Paper Group, Inc		700
	82,507		Nippon Sheet Glass Co Ltd		223
	1,361,884		Nippon Steel Corp		4,898
	453,230		Nippon Telegraph & Telephone Corp		20,515
	874,408		Nippon Yusen Kabushiki Kaisha		3,877
	104,721		Nishi-Nippon City Bank Ltd		319
	15,155		Nissan Chemical Industries Ltd		197
	1,750,623	*	Nissan Motor Co Ltd		16,667
	61,118		Nisshin Seifun Group, Inc		776
	75,321		Nisshin Steel Co Ltd		168
	8,054		Nisshinbo Industries, Inc		88
	10,835		Nissin Food Products Co Ltd		388
	40,773		Nitori Co Ltd		3,566
	34,777		Nitto Denko Corp		1,638
	1,148,726	*	NKSJ Holdings, Inc		8,461
	83,651	*	NOK Corp		1,743
	885,763	*	Nomura Holdings, Inc		5,619
	10,274		Nomura Real Estate Holdings, Inc		187
	92		Nomura Real Estate Office Fund, Inc		664
	31,010		Nomura Research Institute Ltd		691
	36,206	e	NSK Ltd		327
	2,250,948	*	NTN Corp		11,949
	458		NTT Data Corp		1,586
	6,001		NTT DoCoMo, Inc		10,481

209

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	400		NTT Urban Development Corp	$	394
	492,259		Obayashi Corp		2,268
	757		Obic Co Ltd		156
	212,398	e	Odakyu Electric Railway Co Ltd		1,978
	279,797		OJI Paper Co Ltd		1,354
	27,712		Olympus Corp		839
	71,802		Omron Corp		1,902
	10,966		Ono Pharmaceutical Co Ltd		512
	72,617		Oriental Land Co Ltd		6,726
	338,669	e	ORIX Corp		33,329
	643,981		Osaka Gas Co Ltd		2,499
	389		Osaka Securities Exchange Co Ltd		1,962
	1,687	e	Otsuka Corp		115
	804,300	e	Park24 Co Ltd		8,609
	59,136	*,e	Rakuten, Inc		49,529
	123,830	e	Resona Holdings, Inc		743
	700,581		Ricoh Co Ltd		10,268
	139,699		Rinnai Corp		8,534
	20,624		Rohm Co Ltd		1,346
	3,380		Sankyo Co Ltd		191
	479,200	e	Sanrio Co Ltd		11,232
	11,156		Santen Pharmaceutical Co Ltd		387
	20,000		Sapporo Hokuyo Holdings, Inc		94
	26,795	e	Sapporo Holdings Ltd		121
	1,236	*	SBI Holdings, Inc		188
	56,134		Secom Co Ltd		2,658
	1,715,244		Sega Sammy Holdings, Inc		32,640
	44,083		Seiko Epson Corp		804
	46,951		Sekisui Chemical Co Ltd		337
	181,920		Sekisui House Ltd		1,840
	40,600	e	Senshu Ikeda Holdings, Inc		58
	231,881		Seven & I Holdings Co Ltd		6,198
	164	e	SEVEN BANK Ltd		347
	117,106	*,e	Sharp Corp		1,207
	22,600	e	Shikoku Electric Power Co, Inc		665
	27,982		Shimadzu Corp		217
	1,397		Shimamura Co Ltd		130
	4,081	e	Shimano, Inc		208
	63,062		Shimizu Corp		270
	106,000		Shin-Etsu Chemical Co Ltd		5,745
	7,774	e	Shinko Electric Industries		87
	151,751	*	Shinko Securities Co Ltd		435
	4,775,649	e	Shinsei Bank Ltd		6,235
	64,473		Shionogi & Co Ltd		1,273
	93,185		Shiseido Co Ltd		2,036
	235,301		Shizuoka Bank Ltd		2,171
	151,654	e	Showa Denko KK		342
	56,373	e	Showa Shell Sekiyu KK		517
	13,988		SMC Corp		2,397
	542,660		Softbank Corp		18,788
	135,236	*	Sojitz Holdings Corp		296
	648,902	*	Sony Corp		23,395

210

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	112		Sony Financial Holdings, Inc	$	453
	3,999	e	Square Enix Co Ltd		71
	18,535		Stanley Electric Co Ltd		346
	12,876	*,e	Sumco Corp		184
	170,883	e	Sumitomo Chemical Co Ltd		842
	440,363	e	Sumitomo Corp		6,232
	174,976		Sumitomo Electric Industries Ltd		2,431
	87,625		Sumitomo Heavy Industries Ltd		563
	2,296,400		Sumitomo Metal Industries Ltd		5,657
	150,464		Sumitomo Metal Mining Co Ltd		2,630
	670,179		Sumitomo Mitsui Financial Group, Inc		23,872
	236,256		Sumitomo Realty & Development Co Ltd		5,642
	18,563	e	Sumitomo Rubber Industries, Inc		194
	900	e	Sumitomo Titanium Corp		43
	844,488		Sumitomo Trust & Banking Co Ltd		5,326
	210,654		Suruga Bank Ltd		1,962
	26,187		Suzuken Co Ltd		800
	244,522	*	Suzuki Motor Corp		6,023
	2,100	e	Sysmex Corp		146
	101,598		T&D Holdings, Inc		2,578
	35,000	*	Taiheiyo Cement Corp		45
	109,743		Taisei Corp		257
	13,411	e	Taisho Pharmaceutical Co Ltd		294
	92,357	e	Taiyo Nippon Sanso Corp		816
	200,718		Takashimaya Co Ltd		1,721
	313,637		Takeda Pharmaceutical Co Ltd		15,433
	24,481		Tanabe Seiyaku Co Ltd		413
	13,227		TDK Corp		920
	4,744,807		Teijin Ltd		20,279
	49,876		Terumo Corp		2,807
	65,276		THK Co Ltd		1,501
	277,878	e	Tobu Railway Co Ltd		1,561
	37,875		Toho Co Ltd		608
	164,000		Toho Gas Co Ltd		820
	116,015		Tohoku Electric Power Co, Inc		2,586
	104,295		Tokuyama Corp		540
	1,700		Tokyo Broadcasting System, Inc		24
	362,360		Tokyo Electric Power Co, Inc		8,850
	54,710		Tokyo Electron Ltd		3,464
	1,338,624		Tokyo Gas Co Ltd		5,935
	20,040	e	Tokyo Steel Manufacturing Co Ltd		219
	35,572	e	Tokyo Tatemono Co Ltd		165
	356,852		Tokyu Corp		1,635
	49,414		Tokyu Land Corp		248
	87,427		Toppan Printing Co Ltd		799
	412,764		Toray Industries, Inc		2,466
	980,481	*	Toshiba Corp		5,338
	55,647		Tosoh Corp		181
	29,681		Toto Ltd		215
	16,439		Toyo Seikan Kaisha Ltd		313
	37,099		Toyo Suisan Kaisha Ltd		826
	15,997	*	Toyoda Gosei Co Ltd		376

211

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	7,200	*,e	Toyota Boshoku Corp	$	127
	40,261	*	Toyota Industries Corp		1,250
	1,293,348	*	Toyota Motor Corp		51,295
	23,094		Toyota Tsusho Corp		407
	33,128	*,e	Trend Micro, Inc		1,094
	148,274		Tsumura & Co		4,801
	852,932		UBE Industries Ltd		2,563
	65,069		Uni-Charm Corp		2,589
	935,600	e	United Arrows Ltd		14,174
	20,020		UNY Co Ltd		202
	26,984		Ushio, Inc		514
	26,882		USS Co Ltd		2,199
	397		West Japan Railway Co		1,484
	4,862	e	Yahoo! Japan Corp		1,886
	25,777		Yakult Honsha Co Ltd		743
	5,099		Yamada Denki Co Ltd		348
	46,666		Yamaguchi Financial Group, Inc		472
	40,388		Yamaha Corp		501
	43,883	*	Yamaha Motor Co Ltd		715
	9,200		Yamato Kogyo Co Ltd		278
	43,055		Yamato Transport Co Ltd		613
	12,553	e	Yamazaki Baking Co Ltd		151
	25,384	e	Yaskawa Electric Corp		240
	24,310	*	Yokogawa Electric Corp		193
	189,000		Zeon Corp		1,583
			TOTAL JAPAN		1,329,247
JERSEY, C.I. - 0.0%
	10,184		Randgold Resources Ltd		838
			TOTAL JERSEY, C.I.		838
KAZAKHSTAN - 0.0%
	17,554		Eurasian Natural Resources Corp		287
			TOTAL KAZAKHSTAN		287
KOREA, REPUBLIC OF - 0.6%
	26,000		Doosan Corp		3,528
	26,607	*	Duksan Hi-Metal Co Ltd		476
	100,000		Hankook Tire Co Ltd		2,798
	287,960		Hanwha Chemical Corp		7,866
	13,000		Hite Brewery Co Ltd		1,380
	25,000		Huchems Fine Chemical Corp		432
	11,000		Hyundai Heavy Industries		4,294
	898,200	*	Hyundai Hy Communications & Network Co		2,770
	14,511		Hyundai Mipo Dockyard		2,864
	21,276		Hyundai Mobis		5,334
	28,797		Hyundai Motor Co		4,402
	35,000		Hyundai Steel Co		3,840
	140,000		Kangwon Land, Inc		3,448
	127,251		KB Financial Group, Inc		6,728
	100,780		Kia Motors Corp		4,493
	15,838		LG Chem Ltd		5,457

212

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	5,695		LG Household & Health Care Ltd	$	1,957
	6,822		Samsung Electronics Co Ltd		5,705
	23,472		Samsung Engineering Co Ltd		3,971
	120,000		Samsung Heavy Industries Co Ltd		4,356
	66,490		Shinhan Financial Group Co Ltd		3,099
	127,432	*	Silicon Works Co Ltd		3,762
			TOTAL KOREA, REPUBLIC OF		82,960
LUXEMBOURG - 0.1%
	97,169		ArcelorMittal		3,685
	2,568,750	*	L’ Occitane International S.A.		7,105
	10,100	e	Millicom International Cellular S.A.		970
	39,062		SES Global S.A.		930
			TOTAL LUXEMBOURG		12,690
MACAU - 0.2%
	13,320,000	*	Sands China Ltd		29,269
	120,800		Wynn Macau Ltd		270
			TOTAL MACAU		29,539
MALAYSIA - 0.1%
	1,000,000		Bumiputra-Commerce Holdings BHD		2,757
	474,384	*	Genting International plc		810
	1,151,800		Public Bank BHD		4,863
	791,900		RHB Capital BHD		2,239
	30,659		YNH Property BHD		17
			TOTAL MALAYSIA		10,686
MEXICO - 0.1%
	131,550		America Movil S.A. de C.V. (ADR) (Series L)		7,543
	1,116,000	*	Compartamos SAB de C.V.		2,426
	12,197		Fresnillo plc		317
	2,303,745	*,e	Genomma Lab Internacional S.A. de C.V.		5,514
	596,093	*,e	Grupo Comercial Chedraui S.a. DE C.V.		1,811
			TOTAL MEXICO		17,611
NETHERLANDS - 2.0%
	207,041	*	Aegon NV		1,266
	26,296		Akzo Nobel NV		1,633
	48,979		ASML Holding NV		1,892
	7,312		Boskalis Westminster		349
	100,000	*	Chicago Bridge & Iron Co NV		3,290
	50,000	*	CNH Global NV		2,387
	7,535		Corio NV		483
	10,198		DSM NV		581
	46,137		European Aeronautic Defence and Space Co		1,075
	8,895		Fugro NV		731
	14,876		Heineken Holding NV		647
	34,496		Heineken NV		1,691
	10,067,884	*	ING Groep NV		97,942
	134,955		Koninklijke Ahold NV		1,781

213

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	845,915		Koninklijke Philips Electronics NV	$	25,909
	4,771		Koninklijke Vopak NV		225
	30,756	*	Qiagen NV		601
	12,340	*	Randstad Holdings NV		651
	79,450		Reed Elsevier NV		983
	1,551,334	e	Royal Dutch Shell plc (A Shares)		51,724
	921,251		Royal Dutch Shell plc (B Shares)		30,378
	228,464		Royal KPN NV		3,334
	21,632		SBM Offshore NV		485
	151,074	*,e	Sensata Technologies Holding BV		4,549
	1,530,727		TNT NV		40,399
	431,688		Unilever NV		13,441
	238,909		Unilever NV (ADR)		7,502
	32,721		Wolters Kluwer NV		717
			TOTAL NETHERLANDS		296,646
NEW ZEALAND - 0.0%
	106,579		Auckland International Airport Ltd		181
	37,847	*,e	Contact Energy Ltd		184
	88,103	e	Fletcher Building Ltd		526
	72,095	e	Sky City Entertainment Group Ltd		182
	270,409		Telecom Corp of New Zealand Ltd		457
			TOTAL NEW ZEALAND		1,530
NORWAY - 0.2%
	11,155	e	Aker Kvaerner ASA		190
	118,239		DNB NOR Holding ASA		1,660
	100,171		Norsk Hydro ASA		731
	87,112	e	Orkla ASA		846
	3,000,000	e	PAN Fish ASA		3,172
	70,830	*,e	Renewable Energy Corp AS		216
	37,035	e	SeaDrill Ltd		1,252
	126,392	e	Statoil ASA		3,002
	94,078		Telenor ASA		1,528
	229,963		Yara International ASA		13,301
			TOTAL NORWAY		25,898
PERU - 0.0%
	44,223		Credicorp Ltd (NY)		5,259
			TOTAL PERU		5,259
PHILIPPINES - 0.1%
	20,236,600		Alliance Global Group, Inc		5,774
	10,195,901	m	Ayala Land, Inc (Preference)		23
	2,599,600		Metropolitan Bank & Trust		4,272
			TOTAL PHILIPPINES		10,069
POLAND - 0.1%
	120,789		KGHM Polska Miedz S.A.		7,059
	141,305	*	Warsaw Stock Exchange		2,339
			TOTAL POLAND		9,398

214

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
PORTUGAL - 0.3%
	350,383	e	Banco Comercial Portugues S.A.	$	273
	61,082	e	Banco Espirito Santo S.A.		235
	26,838		Brisa-Auto Estradas de Portugal S.A.		187
	25,402	e	Cimpor Cimentos de Portugal S.A.		172
	21,063	*	EDP Renovaveis S.A.		122
	152,980		Energias de Portugal S.A.		509
	118,791		Galp Energia SGPS S.A.		2,276
	2,296,827		Jeronimo Martins SGPS S.A.		34,990
	77,319		Portugal Telecom SGPS S.A.		866
			TOTAL PORTUGAL		39,630
RUSSIA - 0.1%
	1		MMC Norilsk Nickel (ADR)		0	^
	215,187	*,f	Pharmstandard (GDR) (purchased 12/01/10, cost $5,025)		6,133
	9,000	f	Sberbank (GDR) (purchased 12/03/10, cost $3,320)		3,855
			TOTAL RUSSIA		9,988
SINGAPORE - 0.6%
	5,071,000		Allgreen Properties Ltd		4,663
	185,473	e	Ascendas Real Estate Investment Trust		299
	149,124		Avago Technologies Ltd		4,246
	850,082	e	CapitaLand Ltd		2,457
	698,974		CapitaMall Trust		1,062
	105,000	e	CapitaMalls Asia Ltd		159
	165,868	e	City Developments Ltd		1,623
	147,028		ComfortDelgro Corp Ltd		178
	78,584	e	Cosco Corp Singapore Ltd		131
	1,645,025		DBS Group Holdings Ltd		18,356
	172,015	*,e	Flextronics International Ltd		1,350
	796,103		Fraser and Neave Ltd		3,976
	119,000	*,e	Global Logistic Properties		200
	520,497		Golden Agri-Resources Ltd		324
	569,000		Hotel Properties Ltd		1,237
	255,945		Jardine Cycle & Carriage Ltd		7,299
	1,074,842		Keppel Corp Ltd		9,481
	56,000	e	Keppel Land Ltd		209
	23,000	*	K-Green Trust		19
	70,465	*,e	Neptune Orient Lines Ltd		120
	317,298	e	Olam International Ltd		776
	834,957		Oversea-Chinese Banking Corp		6,428
	1,390,811		SembCorp Industries Ltd		5,570
	640,857	e	SembCorp Marine Ltd		2,682
	134,492		Singapore Airlines Ltd		1,603
	4,152		Singapore Airport Terminal Services Ltd		9
	255,560	e	Singapore Exchange Ltd		1,677
	482,963	e	Singapore Press Holdings Ltd		1,498
	457,896		Singapore Technologies Engineering Ltd		1,220
	2,458,704		Singapore Telecommunications Ltd		5,843
	46,274		StarHub Ltd		95
	688,989		United Overseas Bank Ltd		9,771

215

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	60,965		United Overseas Land Ltd	$	226
	170,000	e	Wilmar International Ltd		746
	114,000		Yangzijiang Shipbuilding		170
			TOTAL SINGAPORE		95,703
SOUTH AFRICA - 0.2%
	750,000		Aveng Ltd		4,924
	650,000	*	Clicks Group Ltd		4,276
	250,000		Imperial Holdings Ltd		4,838
	72,071		Kumba Iron Ore Ltd		4,644
	370,000		Mr Price Group Ltd		3,735
	1,351,872		Woolworths Holdings Ltd		5,529
			TOTAL SOUTH AFRICA		27,946
SPAIN - 0.9%
	33,999		Abertis Infraestructuras S.A.		612
	3,395		Acciona S.A.		240
	13,375	e	Acerinox S.A.		235
	27,183	e	ACS Actividades Cons y Servicios S.A.		1,274
	437,839	*	Amadeus IT Holding S.A.		9,174
	1,630,045		Banco Bilbao Vizcaya Argentaria S.A.		16,467
	108,444	e	Banco de Sabadell S.A.		427
	25,001	e	Banco de Valencia S.A.		110
	99,930	e	Banco Popular Espanol S.A.		513
	3,915,087		Banco Santander Central Hispano S.A.		41,477
	41,242	e	Bankinter S.A.		229
	144,232	e	Bolsas y Mercados Espanoles		3,437
	56,285		Cintra Concesiones de Infraestructuras de Transporte S.A.		559
	100,574		Corp Mapfre S.A.		279
	114,176	e	Criteria Caixacorp S.A.		608
	15,698		Enagas		313
	4,402	e	Fomento de Construcciones y Contratas S.A.		116
	8,518		Gamesa Corp Tecnologica S.A.		65
	24,970	e	Gas Natural SDG S.A.		383
	11,794		Gestevision Telecinco S.A.		130
	18,631	e	Grifols S.A.		254
	75,822	e	Iberdrola Renovables		269
	467,106		Iberdrola S.A.		3,600
	54,713	*	Iberia Lineas Aereas de Espana		234
	219,085		Inditex S.A.		16,404
	11,691	e	Indra Sistemas S.A.		200
	320,000		Laboratorios Almirall S.A.		2,916
	9,504	e	Red Electrica de Espana		447
	98,270		Repsol YPF S.A.		2,738
	4,294	*,e	Sacyr Vallehermoso S.A.		27
	1,050,951		Telefonica S.A.		23,826
	19,182	e	Zardoya Otis S.A.		270
			TOTAL SPAIN		127,833
SWEDEN - 0.8%
	232,764		Alfa Laval AB		4,904
	163,657		Assa Abloy AB (Class B)		4,611

216

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	405,993		Atlas Copco AB (A Shares)	$	10,244
	51,658		Atlas Copco AB (B Shares)		1,168
	205,270		Autoliv, Inc		16,203
	4,308,847	*	Biovitrum AB		25,947
	18,592		Boliden AB		378
	3,424	*	CDON Group AB		16
	27,250		Electrolux AB (Series B)		774
	339,159		Ericsson (LM) (B Shares)		3,941
	22,988		Getinge AB (B Shares)		482
	193,963		Hennes & Mauritz AB (B Shares)		6,460
	16,972	e	Hexagon AB (B Shares)		364
	6,085		Holmen AB (B Shares)		200
	46,787		Husqvarna AB (B Shares)		391
	7,496		Industrivarden AB		132
	60,547		Investor AB (B Shares)		1,295
	14,738		Kinnevik Investment AB (Series B)		300
	9,947	*	Lundin Petroleum AB		124
	3,424		Modern Times Group AB (B Shares)		227
	366,782		Nordea Bank AB		3,989
	6,902		Ratos AB (B Shares)		256
	284,508		Sandvik AB		5,546
	42,501		Scania AB (B Shares)		978
	41,979		Securitas AB (B Shares)		491
	195,054		Skandinaviska Enskilda Banken AB (Class A)		1,627
	225,435		Skanska AB (B Shares)		4,468
	273,494		SKF AB (B Shares)		7,791
	20,662		Ssab Svenskt Stal AB (Series A)		347
	3,912		Ssab Svenskt Stal AB (Series B)		58
	145,393		Svedbergs i Dalstorp AB		1,059
	64,765		Svenska Cellulosa AB (B Shares)		1,023
	96,005		Svenska Handelsbanken (A Shares)		3,068
	81,736		Swedbank AB (A Shares)		1,140
	66,077		Swedish Match AB		1,913
	209,591		Tele2 AB (B Shares)		4,350
	298,687		TeliaSonera AB		2,367
	29,165		Volvo AB (A Shares)		499
	141,849		Volvo AB (B Shares)		2,499
			TOTAL SWEDEN		121,630
SWITZERLAND - 4.2%
	200,164		ABB Ltd		4,459
	13,675	*	Actelion Ltd		749
	403,797		Adecco S.A.		26,453
	9,538		Aryzta AG.		440
	6,764		Baloise Holding AG.		658
	83,400		Bank Sarasin & Compagnie AG.		3,800
	622		Bkw Fmb Energie AG		47
	681,005		Compagnie Financiere Richemont S.A.		40,058
	1,320,492		Credit Suisse Group		53,201
	10,227		Geberit AG.		2,365
	900		Givaudan S.A.		971
	27,772		Holcim Ltd		2,098

217

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	38,510		ING Canada, Inc	$	1,970
	262,700		ING Vysya Bank Ltd		2,164
	532,605		Julius Baer Group Ltd		24,950
	18,031		Julius Baer Holding AG.		298
	13,075		Kuehne & Nagel International AG.		1,818
	100		Lindt & Spruengli AG.		302
	12		Lindt & Spruengli AG. (Reg)		386
	24,346	*,e	Logitech International S.A.		463
	348,634		Lonza Group AG.		27,946
	1,605,216		Nestle S.A.		93,995
	8,342		Nobel Biocare Holding AG.		157
	2,215,529		Novartis AG.		130,208
	185,503	e	Novartis AG. (ADR)		10,935
	2,983		Pargesa Holding S.A.		253
	1,145,227		Philip Morris International, Inc		67,029
	132,345		Phonak Holding AG.		17,085
	92,949		Roche Holding AG.		13,619
	4,197		Schindler Holding AG.		496
	1,468		Schindler Holding AG. (Reg)		176
	685		SGS S.A.		1,149
	139		Sika AG.		305
	88,414		STMicroelectronics NV		914
	901	e	Straumann Holding AG.		206
	4,339		Swatch Group AG.		1,934
	2,898		Swatch Group AG. Reg		234
	4,081		Swiss Life Holding		590
	30,253		Swiss Reinsurance Co		1,628
	4,047		Swisscom AG.		1,779
	34,866		Syngenta AG.		10,199
	7,909	e	Synthes, Inc		1,068
	435,321	*,e	Temenos Group AG.		18,111
	3,247,880	*	UBS AG. (Switzerland)		53,321
	19,646		Zurich Financial Services AG.		5,089
			TOTAL SWITZERLAND		626,076
TAIWAN - 0.4%
	4,835,000		AU Optronics Corp		5,025
	1,000,000		Catcher Technology Co Ltd		3,704
	1,200,000		Formosa Chemicals & Fibre Corp		4,042
	1,100,000		Formosa Plastics Corp		3,678
	167,728	*,e	Foxconn International Holdings Ltd		117
	732,250		High Tech Computer Corp		22,603
	1,331,400		Hon Hai Precision Industry Co, Ltd		5,366
	200,000		Largan Precision Co Ltd		4,973
	7,330	*	Semileds Corp		213
	3,200,000		Taiwan Cement Corp		3,600
	194,114		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		2,434
	3,066,300		TSRC Corp		7,099
			TOTAL TAIWAN		62,854
THAILAND - 0.2%
	4,538,000		Bank of Ayudhya PCL (ADR)		3,876

218

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	219,437		Banpu PCL	$	5,736
	4,227,800		Charoen Pokphand Foods PCL		3,464
	1,157,000		Kasikornbank PCL - NVDR		4,817
	6,300,000		Krung Thai Bank PCL		3,616
	859,368		PTT Chemical PCL		4,191
	333,000		PTT PCL		3,535
			TOTAL THAILAND		29,235
TURKEY - 0.2%
	919,921		Arcelik AS		4,647
	875,936		KOC Holding AS		4,266
	875,936		Turk Telekomunikasyon AS		3,688
	1,163,904		Turkiye Is Bankasi (Series C)		4,146
	1,907,888	*	Yapi ve Kredi Bankasi		6,005
			TOTAL TURKEY		22,752
UNITED KINGDOM - 9.6%
	130,728		3i Group plc		670
	1,734,549		Admiral Group plc		40,970
	322,480		Aggreko plc		7,451
	159,224		AMEC plc		2,855
	1,705,369		Anglo American plc (London)		88,686
	328,235		Antofagasta plc		8,249
	86,984		ARM Holdings plc		574
	211,200	*,e	ASOS plc		5,242
	1,058,383		Associated British Foods plc		19,488
	300,245		AstraZeneca plc		13,678
	12,732		AstraZeneca plc (ADR)		588
	5,616,370	*	Autonomy Corp plc		131,785
	651,615		Aveva Group plc		16,397
	314,101		Aviva plc		1,925
	24,491		Babcock International Group		218
	393,375		BAE Systems plc		2,024
	92,075		Balfour Beatty plc		449
	7,332,186		Barclays plc		29,911
	5,831	*	Berkeley Group Holdings plc		81
	1,973,056		BG Group plc		39,867
	740,175		BHP Billiton plc		29,439
	6,153,700		BP plc		44,666
	5,321		BP plc (ADR)		235
	10,039,225	*,e	British Airways plc		42,653
	275,976		British American Tobacco plc		10,600
	1,042,520		British Land Co plc		8,525
	1,042,171		British Sky Broadcasting plc		11,959
	9,914,350		BT Group plc		27,948
	28,500		Bunzl plc		319
	659,888		Burberry Group plc		11,564
	169,488		Cable & Wireless plc		128
	348,206		Cable & Wireless Worldwide		357
	3,699,812	*	Cairn Energy plc		24,227
	116,741		Capita Group plc		1,269
	27,673		Capital & Counties Properties		65

219

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	11,410		Carnival plc	$	530
	7,460	*,m	Cattles plc		1
	7,740,943		Centrica plc		40,019
	101,341		Cobham plc		322
	300,946		Compass Group plc		2,726
	5,102		Delta Lloyd NV		103
	925,310		Diageo plc		17,095
	24,623		Drax Group plc		141
	16,640	*	Enquest plc		37
	9,706	*	Enquest plc		21
	75,377		Ensco International plc (ADR)		4,024
	20,988	*	Essar Energy plc		190
	158,452		Experian Group Ltd		1,972
	1,214		F&C Asset Management plc		2
	64,809		Firstgroup plc		402
	533,066		GlaxoSmithKline plc		10,306
	177,194		Group 4 Securicor plc		703
	81,619		Hammerson plc		531
	100,264		Home Retail Group		295
	9,026,397		HSBC Holdings plc		91,629
	2,025,355		ICAP plc		16,894
	1,672,529	*	Imagination Technologies Group plc		9,403
	581,716		Imperial Tobacco Group plc		17,849
	29,746		Inmarsat plc		312
	337,977		Intercontinental Hotels Group plc		6,550
	4,258,118		International Power plc		29,053
	10,702		Intertek Group plc		296
	266,919		Invensys plc		1,474
	59,118		Investec plc		486
	251,253	*	ITV plc		274
	135,774		J Sainsbury plc		797
	14,190		Johnson Matthey plc		451
	14,582		Kazakhmys plc		367
	156,168		Kingfisher plc		641
	42,281		Ladbrokes plc		81
	100,925		Land Securities Group plc		1,061
	1,246,422		Legal & General Group plc		1,880
	63,889		Liberty International plc		416
	11,441,728	*	Lloyds TSB Group plc		11,720
	21,978		London Stock Exchange Group plc		287
	10,947	*	Lonmin plc		336
	232,618		Man Group plc		1,074
	752,604		Marks & Spencer Group plc		4,330
	509,286		National Grid plc		4,391
	7,959,090	*	New Carphone Warehouse plc		49,047
	233,463		Next plc		7,189
	713,409		Old Mutual plc		1,369
	1,741,277		Pearson plc		27,365
	26,818		Petrofac Ltd		664
	3,801,589		Playtech Ltd		25,131
	2,775,995		Prudential plc		28,910
	378,259		Reckitt Benckiser Group plc		20,788

220

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	80,255		Reed Elsevier plc	$	678
	103,995		Resolution Ltd		380
	100,878		Rexam plc		523
	1,331,782		Rio Tinto plc		93,156
	72,500	e	Rio Tinto plc (ADR)		5,195
	379,958		Rolls-Royce Group plc		3,691
	455,031		Royal & Sun Alliance Insurance Group plc		888
	1,951,446	*	Royal Bank of Scotland Group plc		1,189
	82,801		SABMiller plc		2,913
	174,621		Sage Group plc		744
	13,371		Schroders plc		387
	177,506		Scottish & Southern Energy plc		3,390
	98,304		Segro plc		439
	402,044		Serco Group plc		3,482
	31,266		Severn Trent plc		720
	167,232		Smith & Nephew plc		1,764
	1,080,153		Smiths Group plc		20,967
	379,590		Standard Chartered plc		10,212
	297,081		Standard Life plc		1,000
	19,361		TalkTalk Telecom Group plc		48
	2,577,117		Tesco plc		17,076
	78,618		Thomas Cook Group plc		233
	64,300		TUI Travel plc		247
	2,911,032		Tullow Oil plc		57,232
	560,856		Unilever plc		17,165
	5,221,508	*	Unitech Corporate Parks plc		2,503
	90,211		United Utilities Group plc		833
	23,738,738		Vodafone Group plc		61,364
	17,099		Vodafone Group plc (ADR)		452
	13,741		Weir Group plc		381
	23,402		Whitbread plc		653
	277,504		WM Morrison Supermarkets plc		1,158
	293,808	*	Wolseley plc		9,372
	2,877,032		WPP plc		35,414
	144,771		Xstrata plc		3,398
			TOTAL UNITED KINGDOM		1,426,244
UNITED STATES - 47.2%
	141,825		3M Co		12,239
	195,000		A.O. Smith Corp		7,426
	330,876		Abbott Laboratories		15,852
	27,534		Abercrombie & Fitch Co (Class A)		1,587
	656,508		ACE Ltd		40,867
	22,114		Activision Blizzard, Inc		275
	199,867	*	Adobe Systems, Inc		6,152
	83,477		Advance Auto Parts, Inc		5,522
	23,609	*	Advanced Micro Devices, Inc		193
	46,360	*	Aeropostale, Inc		1,142
	181,374	*	AES Corp		2,209
	141,022		Aetna, Inc		4,303
	220,186		Aflac, Inc		12,425
	158,330	*	AGCO Corp		8,021

221

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	56,305	*	Agilent Technologies, Inc	$	2,333
	31,985		Air Products & Chemicals, Inc		2,909
	3,273	e	Airgas, Inc		204
	114,928	*	Akamai Technologies, Inc		5,407
	30,669	*	Alaska Air Group, Inc		1,739
	204,068		Alberto-Culver Co		7,559
	42,811		Alcoa, Inc		659
	15,532	*	Alexion Pharmaceuticals, Inc		1,251
	129,797		Allegheny Energy, Inc		3,146
	3,632	e	Allegheny Technologies, Inc		200
	104,409		Allergan, Inc		7,170
	628,735	*,e	Alliance Data Systems Corp		44,658
	12,115		Alliant Energy Corp		445
	172,174		Allstate Corp		5,489
	28,045	*	Alpha Natural Resources, Inc		1,684
	143,336		Altera Corp		5,100
	799,260		Altria Group, Inc		19,678
	70,067	*	Amazon.com, Inc		12,612
	14,649		AMB Property Corp		465
	52,436		Ameren Corp		1,478
	238,909	*	American Axle & Manufacturing Holdings, Inc		3,072
	229,451		American Eagle Outfitters, Inc		3,357
	98,528		American Electric Power Co, Inc		3,545
	223,478		American Express Co		9,592
	89,000		American Financial Group, Inc		2,874
	6,542	*,e	American International Group, Inc		377
	96,069	*	American Tower Corp (Class A)		4,961
	185,191		American Water Works Co, Inc		4,683
	22,602		Ameriprise Financial, Inc		1,301
	187,620		AmerisourceBergen Corp		6,402
	9,725		Ametek, Inc		382
	586,881	*	Amgen, Inc		32,220
	63,516		Amphenol Corp (Class A)		3,352
	149,318	*	AMR Corp		1,163
	359,468		Anadarko Petroleum Corp		27,377
	390,000	*	Anadigics, Inc		2,703
	69,842		Analog Devices, Inc		2,631
	402,559		Annaly Mortgage Management, Inc		7,214
	558,135	*	AOL, Inc		13,233
	59,919		AON Corp		2,757
	406,818		Apache Corp		48,505
	6,255		Apartment Investment & Management Co (Class A)		162
	35,245	*	Apollo Group, Inc (Class A)		1,392
	846,097	*	Apple, Inc		272,918
	429,511		Applied Materials, Inc		6,035
	2,770	e	Aqua America, Inc		62
	73,437	*	Arch Capital Group Ltd		6,466
	57,652		Arch Coal, Inc		2,021
	147,762		Archer Daniels Midland Co		4,445
	44,935	*	Arrow Electronics, Inc		1,539
	408,391		Ashland, Inc		20,771
	98,083		Assurant, Inc		3,778

222

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,933,071		AT&T, Inc	$	56,795
	34,067	*	Autodesk, Inc		1,301
	151,358		Automatic Data Processing, Inc		7,005
	28,492	*	Autozone, Inc		7,767
	22,543		AvalonBay Communities, Inc		2,537
	5,929		Avery Dennison Corp		251
	61,805	*	Avnet, Inc		2,041
	229,897		Avon Products, Inc		6,681
	589,216		Axis Capital Holdings Ltd		21,141
	37,865	*	Babcock & Wilcox Co		969
	480,991		Baker Hughes, Inc		27,498
	92,877		Ball Corp		6,320
	2,930,627		Bank of America Corp		39,095
	71,907		Bank of New York Mellon Corp		2,172
	40,096		Bard (C.R.), Inc		3,680
	165,637		Baxter International, Inc		8,385
	28,977		BB&T Corp		762
	11,220		Beckman Coulter, Inc		844
	61,108		Becton Dickinson & Co		5,165
	25,998	*	Bed Bath & Beyond, Inc		1,278
	122,082	*	Berkshire Hathaway, Inc (Class B)		9,780
	69,538		Best Buy Co, Inc		2,384
	8,500	*	Big Lots, Inc		259
	66,489	*	Biogen Idec, Inc		4,458
	168,398		BlackRock, Inc		32,093
	561,854		Blackstone Group LP		7,950
	124,066	*	BMC Software, Inc		5,848
	446,442		Boeing Co		29,135
	36,724	*	BorgWarner, Inc		2,657
	100,132		Boston Properties, Inc		8,621
	517,892	*	Boston Scientific Corp		3,920
	313,788		Bristol-Myers Squibb Co		8,309
	361,493		Broadcom Corp (Class A)		15,743
	83,075	e	Brookfield Properties Corp (Toronto)		1,467
	13,607		Brown-Forman Corp (Class B)		947
	18,023		Bucyrus International, Inc (Class A)		1,611
	5,565		Bunge Ltd		365
	25,415		CA, Inc		621
	158,754		Cablevision Systems Corp (Class A)		5,372
	64,592		Cabot Oil & Gas Corp		2,445
	107,955	*	Calpine Corp		1,440
	2,700		Camden Property Trust		146
	132,155	*	Cameron International Corp		6,704
	22,234		Campbell Soup Co		773
	60,700		Capital One Financial Corp		2,583
	105,474		Capitol Federal Financial		1,256
	118,246		Cardinal Health, Inc		4,530
	48,000	*	Career Education Corp		995
	186,021	*	CareFusion Corp		4,781
	14,059	*	Carmax, Inc		448
	19,232		Carnival Corp		887
	127,156		Caterpillar, Inc		11,909

223

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	21,952	*	CB Richard Ellis Group, Inc (Class A)	$	450
	360,628		CBS Corp (Class B)		6,870
	9,209		Celanese Corp (Series A)		379
	528,828	*	Celgene Corp		31,275
	1,618,549		Centerpoint Energy, Inc		25,444
	122,964	e	CenturyTel, Inc		5,677
	49,495	*	Cephalon, Inc		3,055
	4,350	*	Cerner Corp		412
	65,696		CF Industries Holdings, Inc		8,879
	15,458		CH Robinson Worldwide, Inc		1,240
	4,427	*,e	Charles River Laboratories International, Inc		157
	312,469		Charles Schwab Corp		5,346
	27,761		Chesapeake Energy Corp		719
	856,943		Chevron Corp		78,195
	2,140,228		Chimera Investment Corp		8,796
	6,770	*,e	ChinaCache International Holdings Ltd. (ADR)		141
	17,050	*	Chipotle Mexican Grill, Inc (Class A)		3,626
	179,889		Chubb Corp		10,729
	71,545		Church & Dwight Co, Inc		4,938
	192,017		Cigna Corp		7,039
	30,522		Cimarex Energy Co		2,702
	13,348		Cincinnati Financial Corp		423
	5,630		Cintas Corp		157
	2,725,395	*	Cisco Systems, Inc		55,134
	234,029	*	CIT Group, Inc		11,023
	15,560,812	*	Citigroup, Inc		73,603
	48,264	*	Citrix Systems, Inc		3,302
	34,539		Cleveland-Cliffs, Inc		2,694
	49,195		Clorox Co		3,113
	27,606		CME Group, Inc		8,882
	84,614		CMS Energy Corp		1,574
	250,574		Coach, Inc		13,859
	129,409	*	Cobalt International Energy, Inc		1,580
	1,177,593		Coca-Cola Co		77,451
	154,251		Coca-Cola Enterprises, Inc		3,861
	89,078	*	Cognizant Technology Solutions Corp (Class A)		6,529
	111,875		Colgate-Palmolive Co		8,991
	892,759		Comcast Corp (Class A)		19,614
	87,390	e	Comcast Corp (Special Class A)		1,819
	38,942		Comerica, Inc		1,645
	43	*	Compound partnering business		1
	343,997		Computer Sciences Corp		17,062
	51,487		ConAgra Foods, Inc		1,163
	222,458	*	Concho Resources, Inc		19,503
	313,756		ConocoPhillips		21,367
	90,305		Consol Energy, Inc		4,401
	120,210		Consolidated Edison, Inc		5,959
	32,934	*	Constellation Brands, Inc (Class A)		729
	257,925		Constellation Energy Group, Inc		7,900
	24,886		Con-way, Inc		910
	198,391		Cooper Industries plc		11,564
	29,800		Cooper Tire & Rubber Co		703

224

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	147,101		Corn Products International, Inc	$	6,767
	1,100,161		Corning, Inc		21,256
	170,052		Costco Wholesale Corp		12,279
	7,092	*	Covance, Inc		365
	74,860	*	Coventry Health Care, Inc		1,976
	83,006		Covidien plc		3,790
	147,027	*,e	Cree, Inc		9,688
	50,136	*	Crown Castle International Corp		2,197
	569,233	*	Crown Holdings, Inc		19,001
	252,486		Crude Carriers Corp		4,186
	280,580		CSX Corp		18,128
	111,396	e	CTC Media, Inc		2,610
	96,514		Cummins, Inc		10,618
	925,205		CVS Corp		32,169
	699,058		Cytec Industries, Inc		37,092
	235,536		Danaher Corp		11,110
	234,487		Darden Restaurants, Inc		10,890
	107,018	*	DaVita, Inc		7,437
	165,000	*	Dean Foods Co		1,459
	10,872	*	Deckers Outdoor Corp		867
	126,212		Deere & Co		10,482
	109,500		Del Monte Foods Co		2,059
	773,465	*	Dell, Inc		10,480
	149,078	*	Delta Air Lines, Inc		1,878
	1,068,631	*	Denbury Resources, Inc		20,400
	44,795	*	Dendreon Corp		1,564
	15,292		Dentsply International, Inc		523
	6,737		Developers Diversified Realty Corp		95
	36,724	*	Devon Energy Corp		2,883
	32,194		DeVry, Inc		1,545
	7,730	e	Diamond Offshore Drilling, Inc		517
	67,385	e	Dillard’s, Inc (Class A)		2,557
	520,231	*	DIRECTV		20,773
	461,609		Discover Financial Services		8,554
	184,941	*	Discovery Communications, Inc (Class A)		7,712
	10,111	*	Discovery Communications, Inc (Class C)		371
	457,850		DISH Network Corp (Class A)		9,001
	41,689	*	Dolby Laboratories, Inc (Class A)		2,781
	3,511	*	Dollar General Corp		108
	147,063	*	Dollar Tree, Inc		8,247
	96,527		Dominion Resources, Inc		4,124
	29,800		Domtar Corporation		2,262
	12,952		Dover Corp		757
	426,169		Dow Chemical Co		14,549
	196,688		DR Horton, Inc		2,346
	533,408		Dr Pepper Snapple Group, Inc		18,755
	15,840	*	Dril-Quip, Inc		1,231
	113,747	*,e	DSW, Inc (Class A)		4,448
	36,222		DTE Energy Co		1,642
	389,822		Du Pont (E.I.) de Nemours & Co		19,444
	128,454		Duke Energy Corp		2,288
	22,714		Duke Realty Corp		283

225

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	3,124		Dun & Bradstreet Corp	$	256
	4,940	*	Dynegy, Inc (Class A)		28
	5,238,893	*	E*Trade Financial Corp		83,821
	3,023		Eastman Chemical Co		254
	30,407		Eaton Corp		3,087
	6,914		Eaton Vance Corp		209
	278,439	*	eBay, Inc		7,749
	187,332		Ecolab, Inc		9,445
	34,497		Edison International		1,332
	453,153	*	Edwards Lifesciences Corp		36,633
	168,047		El Paso Corp		2,312
	20,323	*	Electronic Arts, Inc		333
	205,099		Eli Lilly & Co		7,187
	1,195,080	*	EMC Corp		27,367
	194,483		Emerson Electric Co		11,119
	86,226	*	Endo Pharmaceuticals Holdings, Inc		3,079
	34,200		Endurance Specialty Holdings Ltd		1,576
	13,957		Energen Corp		674
	200,718	*	Energizer Holdings, Inc		14,632
	3,050	*	EnerSys		98
	77,024		Entergy Corp		5,456
	71,050		EOG Resources, Inc		6,495
	22,651		Equifax, Inc		806
	14,554		Equitable Resources, Inc		653
	50,989		Equity Residential		2,649
	10,000		Essex Property Trust, Inc		1,142
	39,770		Estee Lauder Cos (Class A)		3,209
	2,270	*	Etrion Corp		2
	50,444		Everest Re Group Ltd		4,279
	180,432		Exelon Corp		7,513
	8,614		Expedia, Inc		216
	34,131		Expeditors International Washington, Inc		1,864
	421,727	*	Express Scripts, Inc		22,794
	3,000	*	Exterran Holdings, Inc		72
	1,806,150		Exxon Mobil Corp		132,065
	20,411	*	F5 Networks, Inc		2,657
	111,600		Family Dollar Stores, Inc		5,548
	5,578	e	Fastenal Co		334
	32,700	*,e	Federal Home Loan Mortgage Corp		10
	126,423	*	Federal Mogul Corp (Class A)		2,611
	205,500	*,e	Federal National Mortgage Association		62
	27,147		Federal Realty Investment Trust		2,116
	148,686		FedEx Corp		13,829
	1,078,768	*	Ferro Corp		15,793
	21,303		Fidelity National Information Services, Inc		583
	23,775		Fidelity National Title Group, Inc (Class A)		325
	184,228		Fifth Third Bancorp		2,704
	42,907	*,e	Finisar Corp		1,274
	4,625		First American Corp		86
	4,625		First American Financial Corp		69
	80,593	*	First Horizon National Corp		949
	3,233	*,e	First Solar, Inc		421

226

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	17,956		FirstEnergy Corp	$	665
	17,652	*	Fiserv, Inc		1,034
	64,053	*	Flir Systems, Inc		1,906
	10,895		Flowserve Corp		1,299
	11,006		Fluor Corp		729
	4,268		FMC Corp		341
	99,891	*	FMC Technologies, Inc		8,881
	2,096,034	*	Ford Motor Co		35,192
	3,000	*,e	Forest City Enterprises, Inc (Class A)		50
	372,956	*	Forest Laboratories, Inc		11,927
	24,048		Fortune Brands, Inc		1,449
	37,487	*	Fossil, Inc		2,642
	27,723	*,e	Foster Wheeler AG.		957
	44,172		Franklin Resources, Inc		4,912
	228,876		Freeport-McMoRan Copper & Gold, Inc (Class B)		27,486
	1,816,379		Frontier Communications Corp		17,673
	492	*	FTI Consulting, Inc		18
	57,084	*,e	GameStop Corp (Class A)		1,306
	333,647		Gap, Inc		7,387
	25,302	e	Garmin Ltd		784
	309,772		General Dynamics Corp		21,981
	3,985,759		General Electric Co		72,901
	496,047	b	General Growth Properties, Inc		7,679
	357,740		General Mills, Inc		12,732
	487,645	*	General Motors Co		17,975
	25,440		Genuine Parts Co		1,306
	30,481	*	Genworth Financial, Inc (Class A)		401
	65,878	*	Genzyme Corp		4,691
	2,692,126	*	Gilead Sciences, Inc		97,562
	402,828		Goldman Sachs Group, Inc		67,740
	225,559		Goodrich Corp		19,865
	9,730	*	Goodyear Tire & Rubber Co		115
	191,561	*	Google, Inc (Class A)		113,781
	103,567	*	GSI Commerce, Inc		2,403
	152,748		H&R Block, Inc		1,819
	1		H.B. Fuller Co		0	^
	194,211		H.J. Heinz Co		9,606
	320,883		Halliburton Co		13,102
	148,864	*	Hansen Natural Corp		7,783
	9,882		Harley-Davidson, Inc		343
	131,055		Harris Corp		5,937
	133,063		Harsco Corp		3,768
	24,956		Hartford Financial Services Group, Inc		661
	420,914		Hasbro, Inc		19,859
	82,571		HCP, Inc		3,038
	8,354		Health Care REIT, Inc		398
	77,073	*	Health Net, Inc		2,103
	482,796	*	Healthsouth Corp		9,999
	35,413		Helmerich & Payne, Inc		1,717
	9,894	*	Henry Schein, Inc		607
	97,639		Herbalife Ltd		6,676
	116,677		Hershey Co		5,501

227

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	136,126		Hess Corp	$	10,419
	1,649,131		Hewlett-Packard Co		69,429
	471,381	*	Hologic, Inc		8,871
	409,083		Home Depot, Inc		14,342
	829,151		Honeywell International, Inc		44,079
	33,824		Hormel Foods Corp		1,734
	193,237	*	Hospira, Inc		10,761
	314,356		Host Marriott Corp		5,618
	347,012		Hudson City Bancorp, Inc		4,421
	395,890	*	Human Genome Sciences, Inc		9,458
	57,090	*	Humana, Inc		3,125
	2,142,432		Huntington Bancshares, Inc		14,719
	173,368	*	IAC/InterActiveCorp		4,976
	2,617	*	IHS, Inc (Class A)		210
	174,327		Illinois Tool Works, Inc		9,309
	7,497	*	Illumina, Inc		475
	23,704		Ingersoll-Rand plc		1,116
	45,527		Integrys Energy Group, Inc		2,209
	2,163,990		Intel Corp		45,508
	3,963	*	IntercontinentalExchange, Inc		472
	576,872		International Business Machines Corp		84,661
	14,296		International Flavors & Fragrances, Inc		795
	34,266		International Game Technology		606
	103,695		International Paper Co		2,825
	506,221	*	Interpublic Group of Cos, Inc		5,376
	60,996	*	Intuit, Inc		3,007
	26,441	*	Intuitive Surgical, Inc		6,815
	331,428		Invesco Ltd		7,974
	11,157		Iron Mountain, Inc		279
	1,166,136	e	iShares MSCI Canada Index Fund		36,150
	1,355,852	e	iShares MSCI EAFE Index Fund		78,950
	1,792,078	e	iShares MSCI Japan Index Fund		19,552
	19,616	*,e	ITT Educational Services, Inc		1,249
	15,659		ITT Industries, Inc		816
	34,492		J.B. Hunt Transport Services, Inc		1,408
	4,977		J.M. Smucker Co		327
	361,231	*	Jacobs Engineering Group, Inc		16,562
	507,049		Jarden Corp		15,653
	8,899		JC Penney Co, Inc		288
	132,513	*	JDS Uniphase Corp		1,919
	7,167	e	Jefferies Group, Inc		191
	7,348		John Bean Technologies Corp		148
	1,116,090		Johnson & Johnson		69,031
	123,253		Johnson Controls, Inc		4,708
	133,422		Joy Global, Inc		11,574
	1,811,745		JPMorgan Chase & Co		76,854
	50,416	*	Juniper Networks, Inc		1,861
	64,216	*	Kansas City Southern Industries, Inc		3,073
	389,356		KBR, Inc		11,864
	40,453		Kellogg Co		2,066
	128,818		Keycorp		1,140
	82,703		Kimberly-Clark Corp		5,214

228

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	35,715		Kimco Realty Corp	$	644
	4,849	*	Kinder Morgan Management LLC		324
	33,330	*	Kinetic Concepts, Inc		1,396
	15,380		Kla-Tencor Corp		594
	233,568	*	Kohl’s Corp		12,692
	904,911		Kraft Foods, Inc (Class A)		28,514
	366,178		Kroger Co		8,188
	15,782		L-3 Communications Holdings, Inc		1,112
	37,077	*	Laboratory Corp of America Holdings		3,260
	12,716	*	Lam Research Corp		658
	13,816	*	Las Vegas Sands Corp		635
	115,703	*	Lear Corp (New)		11,421
	9,356		Legg Mason, Inc		339
	6,065		Leggett & Platt, Inc		138
	35,204		Lender Processing Services, Inc		1,039
	12,118		Leucadia National Corp		354
	16,722	*,e	Level 3 Communications, Inc		16
	100,380	*	Lexmark International, Inc (Class A)		3,495
	26,745	*,e	Liberty Global, Inc (Class A)		946
	8,409	*	Liberty Global, Inc (Series C)		285
	3	*	Liberty Media Corp - Starz		0	^
	23,794	*	Liberty Media Holding Corp (Interactive A)		375
	11,252	e	Liberty Property Trust		359
	165,113	*	Life Technologies Corp		9,164
	567,283		Limited Brands, Inc		17,433
	262,553		Lincoln National Corp		7,302
	40,185		Linear Technology Corp		1,390
	118,080		Lockheed Martin Corp		8,255
	31,151		Loews Corp		1,212
	139,770		Lorillard, Inc		11,470
	377,243		Lowe’s Cos, Inc		9,461
	39,596	*	LSI Logic Corp		237
	79,887		Lubrizol Corp		8,538
	5,193		M&T Bank Corp		452
	35,988		Macerich Co		1,705
	601,210		Macy’s, Inc		15,210
	1	*	Madison Square Garden, Inc		0	^
	4,845		Manpower, Inc		304
	184,849		Marathon Oil Corp		6,845
	41,990		Marriott International, Inc (Class A)		1,744
	144,060		Marsh & McLennan Cos, Inc		3,939
	20,620		Marshall & Ilsley Corp		143
	1,853	e	Martin Marietta Materials, Inc		171
	462,124	*	Marvell Technology Group Ltd		8,572
	1,130,054		Masco Corp		14,306
	36,076		Mastercard, Inc (Class A)		8,085
	140,216		Mattel, Inc		3,566
	163,671		Maxim Integrated Products, Inc		3,866
	16,474	*	McAfee, Inc		763
	38,585		McCormick & Co, Inc		1,795
	64,329	*	McDermott International, Inc		1,331
	591,579		McDonald’s Corp		45,409

229

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	122,335		McGraw-Hill Cos, Inc	$	4,454
	166,603		McKesson Corp		11,726
	20,300		MDC Holdings, Inc		584
	28,811		MDU Resources Group, Inc		584
	203,644		Mead Johnson Nutrition Co		12,677
	25,032		MeadWestvaco Corp		655
	46,732	*	Medco Health Solutions, Inc		2,863
	107,988		Medicis Pharmaceutical Corp (Class A)		2,893
	174,392		Medtronic, Inc		6,468
	47,150	*	MEMC Electronic Materials, Inc		531
	863,939		Merck & Co, Inc		31,136
	460,956		Metlife, Inc		20,485
	275,062	*	MetroPCS Communications, Inc		3,474
	5,064,279	*	MF Global Holdings Ltd		42,337
	13,436	*,e	MGM Mirage		200
	11,357	e	Microchip Technology, Inc		389
	1,220,811	*	Micron Technology, Inc		9,791
	4,876,552		Microsoft Corp		136,153
	3,692	*	Mohawk Industries, Inc		210
	6,836		Molson Coors Brewing Co (Class B)		343
	112,526		Monsanto Co		7,836
	197,076		Moody’s Corp		5,230
	569,123		Morgan Stanley		15,486
	233,088		Mosaic Co		17,799
	386,999	*	Motorola, Inc		3,510
	83,116		Murphy Oil Corp		6,196
	434,229	*	Mylan Laboratories, Inc		9,175
	953	*	Myriad Genetics, Inc		22
	54,490	*	Nabors Industries Ltd		1,278
	8,407	*	Nasdaq Stock Market, Inc		199
	247,358		National Oilwell Varco, Inc		16,635
	14,384		National Semiconductor Corp		198
	134,146	*	NetApp, Inc		7,373
	30,907	*,e	NetFlix, Inc		5,430
	38,007		New York Community Bancorp, Inc		716
	705,852		Newell Rubbermaid, Inc		12,832
	80,816	*	Newfield Exploration Co		5,828
	50,121		Newmont Mining Corp		3,079
	76,318		News Corp (Class A)		1,111
	18,342	e	News Corp (Class B)		301
	67,591		NextEra Energy, Inc		3,514
	110,966	*	NII Holdings, Inc (Class B)		4,956
	33,316		Nike, Inc (Class B)		2,846
	87,672		NiSource, Inc		1,545
	78,870		Noble Corp		2,821
	119,176		Noble Energy, Inc		10,259
	339,879		Nordstrom, Inc		14,403
	163,297		Norfolk Southern Corp		10,258
	43,540		Northeast Utilities		1,388
	18,390		Northern Trust Corp		1,019
	66,446		Northrop Grumman Corp		4,304
	214,023	*	Novell, Inc		1,267

230

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	558,501	*	NRG Energy, Inc	$	10,913
	6,409		NSTAR		270
	283,009		Nu Skin Enterprises, Inc (Class A)		8,564
	203,500	*	Nuance Communications, Inc		3,700
	13,207		Nucor Corp		579
	164,052	*	Nvidia Corp		2,526
	20,267	*	NVR, Inc		14,005
	16,111		NYSE Euronext		483
	970,218		Occidental Petroleum Corp		95,177
	10,400	*	Office Depot, Inc		56
	46,430		Old Republic International Corp		633
	7,472		Omnicare, Inc		190
	199,540		Omnicom Group, Inc		9,139
	240,000	*	ON Semiconductor Corp		2,371
	32,879		Oneok, Inc		1,824
	1,717,105		Oracle Corp		53,745
	2,403		Oracle Corp Japan		118
	36,088	*	O’Reilly Automotive, Inc		2,180
	1,782,843	*	Orient-Express Hotels Ltd (Class A)		23,159
	11,722	*	Owens-Illinois, Inc		360
	304,866		Paccar, Inc		17,505
	34,439		Pall Corp		1,707
	600	*	Panera Bread Co (Class A)		61
	87,502		Parker Hannifin Corp		7,551
	217,457		PartnerRe Ltd		17,473
	10,137		Patterson Cos, Inc		310
	10,761		Patterson-UTI Energy, Inc		232
	53,757		Paychex, Inc		1,662
	48,151		Peabody Energy Corp		3,081
	60,000	*	Penn National Gaming, Inc		2,109
	13,682		Pentair, Inc		500
	75,637		People’s United Financial, Inc		1,060
	63,823		Pepco Holdings, Inc		1,165
	1,085,227		PepsiCo, Inc		70,898
	228,955		PerkinElmer, Inc		5,912
	94,946		Perrigo Co		6,013
	27,483	*	PetroHawk Energy Corp		502
	45,021		Petsmart, Inc		1,793
	3,261,779		Pfizer, Inc		57,115
	314,973		PG&E Corp		15,068
	6,754		Pharmaceutical Product Development, Inc		183
	29,778		Pinnacle West Capital Corp		1,234
	27,197		Pioneer Natural Resources Co		2,361
	23,238		Pitney Bowes, Inc		562
	5,751	*	Plains Exploration & Production Co		185
	18,591		Plum Creek Timber Co, Inc		696
	185,181		PNC Financial Services Group, Inc		11,244
	21,074		Polo Ralph Lauren Corp (Class A)		2,338
	109,555		PPG Industries, Inc		9,210
	90,467		PPL Corp		2,381
	23,834		Praxair, Inc		2,275
	170,043		Precision Castparts Corp		23,672

231

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	7,749	*	Priceline.com, Inc	$	3,096
	448,437	*	Pride International, Inc		14,798
	239,875		Principal Financial Group		7,810
	931,592		Procter & Gamble Co		59,930
	39,232		Progress Energy, Inc		1,706
	39,405		Progressive Corp		783
	43,949		Prologis		635
	598,017		Prudential Financial, Inc		35,109
	216,000	*,e	PSS World Medical, Inc		4,882
	465,490		Public Service Enterprise Group, Inc		14,807
	35,040		Public Storage, Inc		3,554
	14,456	*	Pulte Homes, Inc		109
	669,967		Qualcomm, Inc		33,156
	12,769	*	Quanta Services, Inc		254
	9,554		Quest Diagnostics, Inc		516
	111,484		Questar Corp		1,941
	115,502		Questar Market Resources, Inc		4,194
	2,194,869		Qwest Communications International, Inc		16,703
	364,412		R.R. Donnelley & Sons Co		6,366
	34,830		RadioShack Corp		644
	2,234	*	Ralcorp Holdings, Inc		145
	14,342		Range Resources Corp		645
	51,883		Rayonier, Inc		2,725
	199,422		Raytheon Co		9,241
	11,557	*	Red Hat, Inc		528
	8,268		Regency Centers Corp		349
	453,120		Regions Financial Corp		3,172
	449		Reinsurance Group of America, Inc (Class A)		24
	302,476		RenaissanceRe Holdings Ltd		19,265
	274,811		Republic Services, Inc		8,206
	220,657		Reynolds American, Inc		7,198
	350,000	*	RF Micro Devices, Inc		2,573
	5,877		Robert Half International, Inc		180
	15,431		Rockwell Automation, Inc		1,107
	175,888		Rockwell Collins, Inc		10,247
	16,116		Roper Industries, Inc		1,232
	166,872		Ross Stores, Inc		10,555
	206,584	*	Rowan Cos, Inc		7,212
	89,212	*	Royal Caribbean Cruises Ltd		4,193
	57,316	*	RRI Energy, Inc		218
	60,833		Ryder System, Inc		3,202
	22,020		Safeway, Inc		495
	19,907	*	SAIC, Inc		316
	4,868	*	Salesforce.com, Inc		643
	242,543	*	SanDisk Corp		12,093
	134,713		Sara Lee Corp		2,359
	11,532	*	SBA Communications Corp (Class A)		472
	12,552	e	SCANA Corp		510
	813,329		Schlumberger Ltd		67,912
	86,822		Schnitzer Steel Industries, Inc (Class A)		5,764
	23,000		Scotts Miracle-Gro Co (Class A)		1,168
	115,746		Scripps Networks Interactive (Class A)		5,990

232

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	6,000		SEACOR Holdings, Inc	$	607
	1,325,064	*	Seagate Technology, Inc		19,916
	611	*,e	Seahawk Drilling, Inc		5
	6,555		Sealed Air Corp		167
	1,805	*,e	Sears Holdings Corp		133
	8,066		SEI Investments Co		192
	453,026		Sempra Energy		23,775
	20,422		Sherwin-Williams Co		1,710
	42,291		Sigma-Aldrich Corp		2,815
	192,449		Simon Property Group, Inc		19,147
	115,000	*	Skyworks Solutions, Inc		3,292
	22,900		SL Green Realty Corp		1,546
	77,703	*	SLM Corp		978
	54,750	*	Smithfield Foods, Inc		1,129
	414,462		Sotheby’s (Class A)		18,650
	112,242		Southern Co		4,291
	248,617		Southwest Airlines Co		3,227
	38,469	*	Southwestern Energy Co		1,440
	609,916		SPDR Trust Series 1		76,715
	163,040		Spectra Energy Corp		4,074
	114,477	*	Spirit Aerosystems Holdings, Inc (Class A)		2,382
	2,196,358	*	Sprint Nextel Corp		9,291
	2,053		SPX Corp		147
	34,163	*	St. Jude Medical, Inc		1,460
	30,507		Stanley Works		2,040
	691,801		Staples, Inc		15,752
	146,287		Starbucks Corp		4,700
	26,437		Starwood Hotels & Resorts Worldwide, Inc		1,607
	167,561		State Street Corp		7,765
	27,843	*	Stericycle, Inc		2,253
	111,157		Stryker Corp		5,969
	17,691		Sunoco, Inc		713
	2,883	*,e	Sunpower Corp (Class A)		37
	153,523		SunTrust Banks, Inc		4,530
	4,893,445		Supervalu, Inc		47,125
	938,863	*	Symantec Corp		15,717
	8,900	*	Synopsys, Inc		239
	108,065		Sysco Corp		3,177
	17,706		T Rowe Price Group, Inc		1,143
	368,962		Target Corp		22,185
	43,823		Taubman Centers, Inc		2,212
	631,939		TCF Financial Corp		9,359
	14,593		TD Ameritrade Holding Corp		277
	39,386		Telephone & Data Systems, Inc		1,440
	431,952		Tellabs, Inc		2,929
	70,577	*	Teradata Corp		2,905
	241,791		Texas Instruments, Inc		7,858
	263,997		Textron, Inc		6,241
	2,786		TFS Financial Corp		25
	29,864	*,e	Theravance, Inc		749
	378,411	*	Thermo Electron Corp		20,948
	44,795	*	Thoratec Corp		1,269

233

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	29,697		Tiffany & Co	$	1,849
	214,626		Time Warner Cable, Inc		14,172
	402,755		Time Warner, Inc		12,957
	66,233		Timken Co		3,161
	20,300	*	Titanium Metals Corp		349
	292,919		TJX Companies, Inc		13,003
	53,539	*	Toll Brothers, Inc		1,017
	93,626	e	TonenGeneral Sekiyu KK		1,024
	14,587		Torchmark Corp		871
	16,080		Toro Co		991
	48,040		Total System Services, Inc		739
	2,645		Transatlantic Holdings, Inc		137
	142,169		TransDigm Group, Inc		10,238
	11,725	*	Transocean Ltd		815
	20,941	*	Transocean Ltd		1,435
	64,237		Travelers Cos, Inc		3,579
	250,000	*	Triquint Semiconductor, Inc		2,923
	178,451	*	TRW Automotive Holdings Corp		9,404
	269,504		Tupperware Corp		12,847
	273,621		Tyco Electronics Ltd		9,686
	511,898		Tyco International Ltd		21,213
	264,865		Tyson Foods, Inc (Class A)		4,561
	365,353	*,e	UAL Corp		8,703
	14,094	*	Ultra Petroleum Corp		673
	100,000	*,e	Under Armour, Inc (Class A)		5,484
	283,753		Union Pacific Corp		26,293
	814,581		United Parcel Service, Inc (Class B)		59,122
	6,024	e	United States Steel Corp		352
	179,304		United Technologies Corp		14,115
	1,192,881		UnitedHealth Group, Inc		43,075
	175,185		UnumProvident Corp		4,243
	22,597	*	Urban Outfitters, Inc		809
	19,188	*	URS Corp		798
	2,072,656		US Bancorp		55,899
	88,563		Valero Energy Corp		2,048
	346,954	*	Vanda Pharmaceuticals, Inc		3,282
	20,354	*	Varian Medical Systems, Inc		1,410
	163,710	*,e	Veeco Instruments, Inc		7,033
	25,371		Ventas, Inc		1,331
	49,043	*	VeriFone Holdings, Inc		1,891
	43,100		VeriSign, Inc		1,408
	4,524	*	Verisk Analytics, Inc		154
	1,781,959		Verizon Communications, Inc		63,759
	11,940	*	Vertex Pharmaceuticals, Inc		418
	36,671		VF Corp		3,160
	948,327		Viacom, Inc (Class B)		37,563
	90,280	e	Virgin Media, Inc		2,459
	87,235		Visa, Inc (Class A)		6,140
	157,000	*	Vishay Intertechnology, Inc		2,305
	32,669	*,e	Vitamin Shoppe, Inc		1,099
	74,858	*	VMware, Inc (Class A)		6,656
	91,240		Vornado Realty Trust		7,603

234

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	5,347	e	Vulcan Materials Co	$	237
	8,494		W.R. Berkley Corp		233
	14,655		W.W. Grainger, Inc		2,024
	74,659	*	WABCO Holdings, Inc		4,549
	91,548		Walgreen Co		3,567
	573,299		Wal-Mart Stores, Inc		30,918
	1,341,987		Walt Disney Co		50,337
	391,458		Walter Energy, Inc		50,044
	897,831		Warner Chilcott plc		20,255
	3,977	e	Washington Post Co (Class B)		1,748
	387,467		Waste Connections, Inc		10,667
	112,141		Waste Management, Inc		4,135
	43,027	*	Waters Corp		3,344
	852,520	*	Watson Pharmaceuticals, Inc		44,033
	575,615	*	Weatherford International Ltd		13,124
	60,000	*	WellCare Health Plans, Inc		1,813
	566,768	*	WellPoint, Inc		32,226
	3,380,365		Wells Fargo & Co		104,757
	163,871	*	Western Digital Corp		5,555
	417,585		Western Union Co		7,755
	179,182		Westway Group, Inc		672
	24,224		Weyerhaeuser Co		459
	43,076		Whirlpool Corp		3,826
	623		White Mountains Insurance Group Ltd		209
	32,316	*	Whole Foods Market, Inc		1,635
	349,208		Williams Cos, Inc		8,632
	23,310	e	Willis Group Holdings plc		807
	28,653		Windstream Corp		399
	38,253		Wisconsin Energy Corp		2,252
	198,125	*	WMS Industries, Inc		8,963
	224,402	*	WR Grace & Co		7,883
	3,312		Wynn Resorts Ltd		344
	515,360		Xcel Energy, Inc		12,137
	1,250,645		Xerox Corp		14,407
	217,773		Xilinx, Inc		6,311
	536,039		XL Capital Ltd		11,696
	1,888,566	*	Yahoo!, Inc		31,407
	197,874		Yum! Brands, Inc		9,706
	24,556	*	Zimmer Holdings, Inc		1,318
			TOTAL UNITED STATES		6,995,687
			TOTAL COMMON STOCKS		14,577,572
			(Cost $12,538,887)
PREFERRED STOCKS - 0.0%
UNITED STATES - 0.0%
	530,757	*,b	Motors Liquidation Co		4,310
			TOTAL UNITED STATES		4,310
			TOTAL PREFERRED STOCKS		4,310
			(Cost $4,777)

235

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
RIGHTS / WARRANTS - 0.0%
AUSTRALIA - 0.0%
	681,005	m	GPT Group	$	0	^
			TOTAL AUSTRALIA		0	^
CANADA - 0.0%
	75,112		Ivanhoe Mines Ltd		101
			TOTAL CANADA		101
HONG KONG - 0.0%
	1,193		Henderson Land Development Co Ltd Warrant		0	^
			TOTAL HONG KONG		0	^
ITALY - 0.0%
	15,170		Mediobanca S.p.A.		0	^
	75,887	e	Unione di Banche Italiane SCPA		0	^
			TOTAL ITALY		0	^
MALAYSIA - 0.0%
	51,780		IJM Land BHD		27
			TOTAL MALAYSIA		27
PHILIPPINES - 0.0%
	272,010	m	Metropolitan Bank & Trust		137
			TOTAL PHILIPPINES		137
			TOTAL RIGHTS / WARRANTS		265
			(Cost $22)

PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 7.0%
GOVERNMENT AGENCY DEBT - 0.3%
			Federal Home Loan Mortgage Corp (FHLMC)
$	20,000,000		FHLMC	03/28/11	19,995
	2,500,000		FHLMC	04/12/11	2,498
	20,000,000		Federal National Mortgage Association	03/01/11	19,996
			TOTAL GOVERNMENT AGENCY DEBT		42,489
TREASURY DEBT - 0.7%
	10,000,000		United States Treasury Bill	03/10/11	9,998
	89,000,000		United States Treasury Bill	03/31/11	88,973
			TOTAL TREASURY DEBT		98,971
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 6.0%
REPURCHASE AGREEMENTS - 4.5%
	45,592,000	r	Barclay Capital		45,592
	55,000,000	s	Calyon		55,000
	58,000,000	t	CSFB		58,000
	100,000,000	u	Deutsche Bank		100,000

236

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

PRINCIPAL			ISSUER	VALUE (000)
$	60,000,000	v	Morgan Stanley	$	60,000
	195,000,000	w	Nomura Securities		195,000
	12,000,000	x	Royal Bank of Scotland		12,000
	145,000,000	y	UBS Warburg		145,000
			TOTAL REPURCHASE AGREEMENTS		670,592
VARIABLE RATE SECURITY - 1.5%
	14,000,000		American Express Credit Account Master		13,999
	11,000,000		American Express Credit Account Master		11,014
	15,000,000		American Express Credit Account Master		15,001
	11,000,000		BA Credit Card Trust		10,999
	5,000,000		Bank One Issuance Trust		4,997
	8,000,000		Capital One Multi-Asset Execution Trust		7,991
	3,875,000		Chase Issuance Trust 2007		3,875
	9,000,000		Chase Issuance Trust 2007		8,972
	20,000,000		Citibank Credit Card Issuance Trust		20,019
	4,977,179		GE Equipment Midticket LLC		4,973
	4,000,000		General Electric Cap Corp		4,001
	20,000,000		General Electric Cap Corp		20,046
	3,000,000		General Electric Cap Corp		3,004
	3,853,606		Granite Master Issuer plc 2006		3,580
	3,303,090		Granite Master Issuer plc 2007		3,069
	1,782,044		Medallion Trust Series 2005		1,728
	10,274,446		Nelnet Student Loan Trust 2006		10,248
	3,555,987		Nelnet Student Loan Trust 2007		3,542
	25,000,000		Permanent Master Issuer plc		24,634
	3,734,170		Puma Global Mortgage Backed Trust		3,520
	4,276,096		SLM Student Loan Trust 2006		4,273
	30,000,000		SLM Student Loan Trust 2007		28,897
	8,000,000		SLM Student Loan Trust 2008		8,019
	4,249,137		Wachovia Student Loan Trust 2005		4,245
			TOTAL VARIABLE RATE SECURITY		224,646
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED		895,238
			TOTAL SHORT-TERM INVESTMENTS		1,036,698
			(Cost $1,038,426)
			TOTAL INVESTMENTS - 105.9%		15,708,981
			(Cost $13,673,514)
			OTHER ASSETS & LIABILITIES, NET - (5.9)%		(875,853)
			NET ASSETS - 100.0%	$	14,833,128

	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 buyers. At December 31, 2010 the value of these securities amounted to $3,000 or 0.0% of net assets.
m	Indicates a security that has been deemed illiquid.
n	In default.

237

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

r	Agreement with Barclay Capital, 0.20% dated 12/31/10 to be repurchased at $45,593,000 on 01/03/11, collateralized by U.S. Government Agencies Securities valued at $46,504,000.
s	Agreement with Calyon, 0.18% dated 12/31/10 to be repurchased at $55,001,000 on 01/03/11, collateralized by U.S. Government Agencies Securities valued at $56,100,000.
t	Agreement with CSFB, 0.15% dated 12/31/10 to be repurchased at $58,001,000 on 01/03/11, collateralized by U.S. Government Agencies Securities valued at $59,162,000.
u	Agreement with Deutsche Bank, 0.18% dated 12/31/10 to be repurchased at $100,002,000 on 01/03/11, collateralized by U.S. Government Agencies Securities valued at $102,000,000.
v	Agreement with Morgan Stanley, 0.15% dated 12/31/10 to be repurchased at $60,001,000 on 01/03/11, collateralized by U.S. Government Agencies Securities valued at $61,200,000.
w	Agreement with Nomura Securities, 0.25% dated 12/31/10 to be repurchased at $195,004,000 on 01/03/11, collateralized by U.S. Government Agencies Securities valued at $198,900,000.
x	Agreement with Royal Bank of Scotland, 0.20% dated 12/31/10 to be repurchased at $12,000,000 on 01/03/11, collateralized by U.S. Government Agencies Securities valued at $12,241,000.
y	Agreement with UBS Warburg, 0.23% dated 12/31/10 to be repurchased at $145,003,000 on 01/03/11, collateralized by U.S. Government Agencies Securities valued at $147,900,000.

Cost amounts are in thousands.

238

COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
SUMMARY OF MARKET VALUES BY SECTOR
December 31, 2010

SECTOR	VALUE (000)			% OF NET ASSETS
FINANCIALS	$	2,891,618			19.5	%
CONSUMER DISCRETIONARY		1,997,926			13.5
INFORMATION TECHNOLOGY		1,969,431			13.3
INDUSTRIALS		1,772,537			11.9
ENERGY		1,384,689			9.3
HEALTH CARE		1,376,555			9.3
MATERIALS		1,224,799			8.3
CONSUMER STAPLES		1,206,890			8.1
TELECOMMUNICATION SERVICES		441,214			3.0
UTILITIES		406,624			2.7
SHORT - TERM INVESTMENTS		1,036,698			7.0
OTHER ASSETS & LIABILITIES, NET		(875,853	)		(5.9	)
NET ASSETS	$	14,833,128			100.0	%

239

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2010

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 98.7%
AUTOMOBILES & COMPONENTS - 2.3%
	229,920		Autoliv, Inc	$	18,150
	115,662	*	BorgWarner, Inc		8,369
	8,600	*	Federal Mogul Corp (Class A)		178
	6,019,533	*	Ford Motor Co		101,067
	228,184	*	General Motors Co		8,411
	148,780		Gentex Corp		4,398
	258,827	*	Goodyear Tire & Rubber Co		3,067
	252,903		Harley-Davidson, Inc		8,768
	11,700		Hyundai Mobis		2,933
	2,899,374		Johnson Controls, Inc		110,756
	147,210	*	Lear Corp (New)		14,531
	12,900	*	Tesla Motors, Inc		344
	35,974		Thor Industries, Inc		1,222
	431,173	*	TRW Automotive Holdings Corp		22,723
			TOTAL AUTOMOBILES & COMPONENTS		304,917
BANKS - 0.0%
	16,501		Bank of Hawaii Corp		779
	74,073		Capitol Federal Financial		882
	42,487		Hudson City Bancorp, Inc		541
	184,000		US Bancorp		4,962
			TOTAL BANKS		7,164
CAPITAL GOODS - 10.1%
	760,314		3M Co		65,615
	33,616	*	Aecom Technology Corp		940
	32,686	*	Alliant Techsystems, Inc		2,433
	170,226		Ametek, Inc		6,681
	2,269		Armstrong World Industries, Inc		98
	98,416	*	Babcock & Wilcox Co		2,518
	1,249,529		Boeing Co		81,544
	79,587		Bucyrus International, Inc (Class A)		7,115
	5,375		Carlisle Cos, Inc		214
	1,189,360		Caterpillar, Inc		111,394
			Changsha Zoomlion Heavy Industry Science and Technology
	1,270,000	*	Development Co Ltd		2,869
	151,333	*	Chicago Bridge & Iron Co NV		4,979
	298,000	*	CNH Global NV		14,227
	180,048		Cooper Industries plc		10,495
	777,046		Cummins, Inc		85,483
	1,415,439		Danaher Corp		66,766
	622,491		Deere & Co		51,698

240

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	82,272		Donaldson Co, Inc	$	4,795
	372,525		Dover Corp		21,774
	94,606		Eaton Corp		9,603
	2,147,642		Emerson Electric Co		122,780
	142,334		Fastenal Co		8,527
	51,215		Flowserve Corp		6,106
	11,862		Fluor Corp		786
	102,451		Gardner Denver, Inc		7,051
	15,559		GATX Corp		549
	19,203	*	General Cable Corp		674
	168,336		General Dynamics Corp		11,945
	2,640,222		General Electric Co		48,290
	164,257		Goodrich Corp		14,466
	65,117		Graco, Inc		2,569
	7,215		Harsco Corp		204
	1,420,977		Honeywell International, Inc		75,539
	25,908		Hubbell, Inc (Class B)		1,558
	72,036		IDEX Corp		2,818
	469,827		Illinois Tool Works, Inc		25,089
	81,113	*	Jacobs Engineering Group, Inc		3,719
	375,491		Joy Global, Inc		32,574
	372,018		KBR, Inc		11,335
	65,651		Kennametal, Inc		2,591
	50,458		Lennox International, Inc		2,385
	45,745		Lincoln Electric Holdings, Inc		2,986
	258,657		Lockheed Martin Corp		18,083
	141,085		Manitowoc Co, Inc		1,850
	118,054		Masco Corp		1,495
	46,405		MSC Industrial Direct Co (Class A)		3,002
	75,828	*	Navistar International Corp		4,391
	94,461	*	Oshkosh Truck Corp		3,329
	67,952	*	Owens Corning, Inc		2,117
	389,114		Paccar, Inc		22,343
	125,680		Pall Corp		6,231
	414,198		Parker Hannifin Corp		35,745
	55,054		Pentair, Inc		2,010
	593,425		Precision Castparts Corp		82,611
	34,627		Regal-Beloit Corp		2,312
	153,182		Rockwell Automation, Inc		10,985
	88,954		Rockwell Collins, Inc		5,182
	537,351		Roper Industries, Inc		41,070
	163,683		Schneider Electric S.A.		24,498
	52,223	*	Shaw Group, Inc		1,788
	17,196	*	Spirit Aerosystems Holdings, Inc (Class A)		358
	10,449		SPX Corp		747
	151,289		Textron, Inc		3,576
	9,816	*	Thomas & Betts Corp		474
	315,027		Timken Co		15,036
	33,396		Toro Co		2,059
	51,050		TransDigm Group, Inc		3,676
	78,933		Tyco International Ltd		3,271
	1,298,937		United Technologies Corp		102,253

241

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	21,991	*	USG Corp	$	370
	53,692		Vallourec		5,639
	23,525		Valmont Industries, Inc		2,087
	62,519		W.W. Grainger, Inc		8,634
	69,208	*	WABCO Holdings, Inc		4,217
	15,597	*	WESCO International, Inc		824
	8,357		Westinghouse Air Brake Technologies Corp		442
			TOTAL CAPITAL GOODS		1,358,487
COMMERCIAL & PROFESSIONAL SERVICES - 0.5%
	43,886		Aaron’s, Inc		895
	128,455		Avery Dennison Corp		5,439
	74,220	*	Copart, Inc		2,772
	14,997	*	Corrections Corp of America		376
	8,000		Covanta Holding Corp		138
	55,829		Dun & Bradstreet Corp		4,583
	40,750	*	FTI Consulting, Inc		1,519
	51,885	*	IHS, Inc (Class A)		4,171
	194,804		Iron Mountain, Inc		4,872
	4,208	*	KAR Auction Services, Inc		58
	155,200		Pitney Bowes, Inc		3,753
	483,627		R.R. Donnelley & Sons Co		8,449
	104,347		Republic Services, Inc		3,116
	162,755		Robert Half International, Inc		4,981
	153,156	*	Stericycle, Inc		12,393
	6,493		Towers Watson & Co		338
	111,033	*	Verisk Analytics, Inc		3,784
	605,694		Waste Connections, Inc		16,674
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		78,311
CONSUMER DURABLES & APPAREL - 2.0%
	881,182		Burberry Group plc		15,442
	325,218		Coach, Inc		17,988
	19,043		Fortune Brands, Inc		1,147
	185,730	*	Fossil, Inc		13,090
	7,368		Garmin Ltd		228
	101,939	*	Hanesbrands, Inc		2,589
	35,558	*	Harman International Industries, Inc		1,646
	746,532		Hasbro, Inc		35,222
	875,540		Jarden Corp		27,029
	94,744		Leggett & Platt, Inc		2,156
	189,610		LVMH Moet Hennessy Louis Vuitton S.A.		31,191
	225,487		Mattel, Inc		5,734
	7,191	*	Mohawk Industries, Inc		408
	594,479		Newell Rubbermaid, Inc		10,809
	708,497		Nike, Inc (Class B)		60,520
	6,223	*	NVR, Inc		4,300
	27,889	*	Pandora AS		1,680
	1,037,200		PDG Realty S.A.		6,348
	293,484		Phillips-Van Heusen Corp		18,492
	59,900		Polo Ralph Lauren Corp (Class A)		6,644
	77,770	*	Tempur-Pedic International, Inc		3,115

242

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	66,737		Tupperware Corp	$	3,181
	34,247		Whirlpool Corp		3,042
			TOTAL CONSUMER DURABLES & APPAREL		272,001
CONSUMER SERVICES - 3.4%
	138,469	*	Apollo Group, Inc (Class A)		5,468
	59,258	*	Bally Technologies, Inc		2,500
	96,116		Brinker International, Inc		2,007
	72,162	*	Career Education Corp		1,496
	174,021		Carnival Corp		8,024
	80,408	*	Chipotle Mexican Grill, Inc (Class A)		17,100
	2,133		Choice Hotels International, Inc		82
	608,287		Darden Restaurants, Inc		28,249
	69,496		DeVry, Inc		3,334
	16,100	*	Education Management Corp		291
	135,354		H&R Block, Inc		1,612
	62,083		Hillenbrand, Inc		1,292
	318,598		International Game Technology		5,636
	11,178		International Speedway Corp (Class A)		293
	34,026	*	ITT Educational Services, Inc		2,167
	1,290,765	*	Las Vegas Sands Corp		59,310
	289,111		Marriott International, Inc (Class A)		12,010
	1,147,123		McDonald’s Corp		88,052
	48,684	*	MGM Mirage		723
	807,363	*	Orient-Express Hotels Ltd (Class A)		10,488
	32,495	*	Panera Bread Co (Class A)		3,289
	54,990	*	Royal Caribbean Cruises Ltd		2,585
	19,784,900	*	Sands China Ltd		43,475
	211,342		Sotheby’s (Class A)		9,511
	2,177,557		Starbucks Corp		69,964
	457,518		Starwood Hotels & Resorts Worldwide, Inc		27,808
	14,779		Strayer Education, Inc		2,250
	32,653		Weight Watchers International, Inc		1,224
	134,548		Wendy’s/Arby’s Group, Inc (Class A)		622
	58,906	*	WMS Industries, Inc		2,665
	439,470		Wyndham Worldwide Corp		13,167
	81,051		Wynn Resorts Ltd		8,416
	498,353		Yum! Brands, Inc		24,444
			TOTAL CONSUMER SERVICES		459,554
DIVERSIFIED FINANCIALS - 3.9%
	54,499	*	Affiliated Managers Group, Inc		5,407
	1,257,525		American Express Co		53,973
	195,365		Ameriprise Financial, Inc		11,243
	258,563		BlackRock, Inc		49,278
	1,100,361		Blackstone Group LP		15,570
	5,800		CBOE Holdings, Inc		133
	1,684,338		Charles Schwab Corp		28,819
	101,669		CME Group, Inc		32,712
	125,825		Eaton Vance Corp		3,804
	68,560		Federated Investors, Inc (Class B)		1,794
	159,725		Franklin Resources, Inc		17,763

243

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	180,102		Goldman Sachs Group, Inc	$	30,286
	3,900	*	Green Dot Corp		221
	31,669		Greenhill & Co, Inc		2,587
	11,302		Interactive Brokers Group, Inc (Class A)		201
	79,462	*	IntercontinentalExchange, Inc		9,468
	609,227		Invesco Ltd		14,658
	2,470,750		iShares Russell 1000 Growth Index Fund		141,476
	754,851		Janus Capital Group, Inc		9,790
	256,036		Lazard Ltd (Class A)		10,111
	3,900	*	LPL Investment Holdings, Inc		142
	494,972		Moody’s Corp		13,137
	511,945		Morgan Stanley		13,930
	118,269	*	MSCI, Inc (Class A)		4,608
	147,665	*	Nasdaq Stock Market, Inc		3,501
	103,683		Northern Trust Corp		5,745
	60,484		NYSE Euronext		1,813
	160,749		SEI Investments Co		3,824
	276,823		T Rowe Price Group, Inc		17,866
	248,759		TD Ameritrade Holding Corp		4,724
	94,241		Waddell & Reed Financial, Inc (Class A)		3,326
			TOTAL DIVERSIFIED FINANCIALS		511,910
ENERGY - 9.6%
	17,259	*	Alpha Natural Resources, Inc		1,036
	315,958		Anadarko Petroleum Corp		24,063
	259,967		Apache Corp		30,996
	123,536		Arch Coal, Inc		4,331
	61,535	*	Atlas America, Inc		2,706
	12,230	*	Atwood Oceanics, Inc		457
	126,304		Baker Hughes, Inc		7,221
	148,679	*	Cameron International Corp		7,542
	491,272		Cenovus Energy, Inc		16,330
	112,757		Chevron Corp		10,289
	88,831		Cimarex Energy Co		7,864
	1,010,591	*	Concho Resources, Inc		88,599
	612,462		ConocoPhillips		41,709
	111,433		Consol Energy, Inc		5,431
	29,942	*	Continental Resources, Inc		1,762
	46,778		Core Laboratories NV		4,166
	1,123,742		Crescent Point Energy Corp		49,943
	1,062,209	*	Denbury Resources, Inc		20,278
	24,038		Diamond Offshore Drilling, Inc		1,607
	79,549	*	Dresser-Rand Group, Inc		3,388
	137,556		El Paso Corp		1,893
	269,900		EOG Resources, Inc		24,672
	148,913		Equitable Resources, Inc		6,677
	152,305		EXCO Resources, Inc		2,958
	5,216	*	Exterran Holdings, Inc		125
	5,554,724	d	Exxon Mobil Corp		406,161
	129,770	*	FMC Technologies, Inc		11,538
	77,791	*	Forest Oil Corp		2,954
	44,446		Frontline Ltd		1,128

244

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	968,126		Halliburton Co	$	39,529
	32,429		Holly Corp		1,322
	203,629		Marathon Oil Corp		7,540
	196,833	*	McDermott International, Inc		4,072
	23,894		Murphy Oil Corp		1,781
	122,266	*	Nabors Industries Ltd		2,868
	1,166,504		National Oilwell Varco, Inc		78,447
	849,573		Occidental Petroleum Corp		83,343
	3,700	*	Oil States International, Inc		237
	155,689		Peabody Energy Corp		9,961
	232,009	*	PetroHawk Energy Corp		4,234
	621,749		Petroleo Brasileiro S.A. (ADR)		23,527
	75,079	*	Pride International, Inc		2,478
	7,745	*	Quicksilver Resources, Inc		114
	171,319		Range Resources Corp		7,706
	15,777	*	Rowan Cos, Inc		551
	214,100	*	SandRidge Energy, Inc		1,567
	2,119,674		Schlumberger Ltd		176,993
	368,973	*	Southwestern Energy Co		13,811
	45,920		St. Mary Land & Exploration Co		2,706
	486,504		Suncor Energy, Inc (NY)		18,628
	5,800	*	Superior Energy Services		203
	432,500		Tullow Oil plc		8,503
	163,536	*	Ultra Petroleum Corp		7,812
	320,595	*	Weatherford International Ltd		7,310
	3,859	*	Whiting Petroleum Corp		452
	258,769		Williams Cos, Inc		6,397
			TOTAL ENERGY		1,299,916
FOOD & STAPLES RETAILING - 1.6%
	4,731	*	BJ’s Wholesale Club, Inc		227
	1,118,501		Costco Wholesale Corp		80,766
	162,240		CVS Corp		5,641
	39,482		Kroger Co		883
	36,700	*	Raia S.A.		562
	630,774		Sysco Corp		18,545
	905,181		Walgreen Co		35,266
	1,251,783		Wal-Mart Stores, Inc		67,509
	149,684	*	Whole Foods Market, Inc		7,573
			TOTAL FOOD & STAPLES RETAILING		216,972
FOOD BEVERAGE & TOBACCO - 4.4%
	2,265,253		Altria Group, Inc		55,771
	83,228		Brown-Forman Corp (Class B)		5,794
	118,478		Campbell Soup Co		4,117
	2,252,784		Coca-Cola Co		148,165
	221,331		Coca-Cola Enterprises, Inc		5,540
	43,408		ConAgra Foods, Inc		980
	320,808		Dr Pepper Snapple Group, Inc		11,280
	30,667		Flowers Foods, Inc		825
	418,526		General Mills, Inc		14,896
	117,573	*	Green Mountain Coffee Roasters, Inc		3,863

245

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	139,373		H.J. Heinz Co	$	6,893
	59,737	*	Hansen Natural Corp		3,123
	95,765		Hershey Co		4,515
	1,152,317		InBev NV		65,905
	245,584		Kellogg Co		12,544
	131,268		Lorillard, Inc		10,772
	70,966		McCormick & Co, Inc		3,302
	327,782		Mead Johnson Nutrition Co		20,405
	1,217,826		PepsiCo, Inc		79,561
	2,149,254		Philip Morris International, Inc		125,795
	500,374		Sara Lee Corp		8,762
			TOTAL FOOD BEVERAGE & TOBACCO		592,808
HEALTH CARE EQUIPMENT & SERVICES - 5.0%
	297,500		Aetna, Inc		9,077
	371,095	*	Agilent Technologies, Inc		15,374
	74,245		Alcon, Inc		12,132
	123,757	*	Allscripts Healthcare Solutions, Inc		2,385
	658,772		AmerisourceBergen Corp		22,477
	100,996		Bard (C.R.), Inc		9,268
	751,963		Baxter International, Inc		38,064
	248,834		Becton Dickinson & Co		21,031
	12,567	*	Brookdale Senior Living, Inc		269
	373,519		Cardinal Health, Inc		14,310
	41,260	*	CareFusion Corp		1,060
	73,323	*	Cerner Corp		6,947
	167,349		Cigna Corp		6,135
	67,295	*	Community Health Systems, Inc		2,515
	9,060		Cooper Cos, Inc		510
	534,388		Covidien plc		24,400
	105,815	*	DaVita, Inc		7,353
	157,539		Dentsply International, Inc		5,383
	589,730	*	Edwards Lifesciences Corp		47,674
	21,500	*	Emdeon, Inc		291
	31,463	*	Emergency Medical Services Corp (Class A)		2,033
	2,137,062	*	Express Scripts, Inc		115,507
	54,320	*	Gen-Probe, Inc		3,170
	266,830	*	Health Management Associates, Inc (Class A)		2,546
	97,440	*	Henry Schein, Inc		5,982
	57,244		Hill-Rom Holdings, Inc		2,254
	255,012	*	Hospira, Inc		14,202
	62,116	*	Idexx Laboratories, Inc		4,300
	340,062	*	Intuitive Surgical, Inc		87,652
	26,409	*	Inverness Medical Innovations, Inc		967
	5,979	*	Kinetic Concepts, Inc		250
	110,856	*	Laboratory Corp of America Holdings		9,746
	480,640		Lincare Holdings, Inc		12,896
	119,010		McKesson Corp		8,376
	533,952	*	Medco Health Solutions, Inc		32,714
	902,947		Medtronic, Inc		33,490
	12,700		Omnicare, Inc		322
	111,917		Patterson Cos, Inc		3,428

246

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	45,738	*	Pediatrix Medical Group, Inc	$	3,078
	131,486		Quest Diagnostics, Inc		7,096
	161,788	*	Resmed, Inc		5,604
	351,194	*	St. Jude Medical, Inc		15,014
	483,711		Stryker Corp		25,975
	64,862	*	SXC Health Solutions Corp		2,780
	6,692		Teleflex, Inc		360
	365,705	*	Tenet Healthcare Corp		2,447
	61,627	*	Thoratec Corp		1,745
	254,073		UnitedHealth Group, Inc		9,175
	7,338		Universal Health Services, Inc (Class B)		319
	190,496	*	Varian Medical Systems, Inc		13,198
	93,257	*	VCA Antech, Inc		2,172
	149,008	*	WellPoint, Inc		8,473
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		683,926
HOUSEHOLD & PERSONAL PRODUCTS - 1.3%
	23,279		Alberto-Culver Co		862
	456,712		Avon Products, Inc		13,272
	75,576		Church & Dwight Co, Inc		5,216
	137,726		Clorox Co		8,715
	437,700		Colgate-Palmolive Co		35,178
	65,500	*	Energizer Holdings, Inc		4,775
	708,658		Estee Lauder Cos (Class A)		57,189
	264,036		Herbalife Ltd		18,052
	349,566		Kimberly-Clark Corp		22,037
	183,391		Procter & Gamble Co		11,798
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		177,094
INSURANCE - 1.1%
	353,002		ACE Ltd		21,974
	911,050		Aflac, Inc		51,410
	63,347		AON Corp		2,915
	68,798	*	Arch Capital Group Ltd		6,058
	28,640		Arthur J. Gallagher & Co		833
	387,888		Axis Capital Holdings Ltd		13,917
	68,928		Brown & Brown, Inc		1,650
	138,561		Endurance Specialty Holdings Ltd		6,384
	23,031		Erie Indemnity Co (Class A)		1,508
	98,291	*	Genworth Financial, Inc (Class A)		1,292
	39,855		Hartford Financial Services Group, Inc		1,056
	531,658		Marsh & McLennan Cos, Inc		14,536
	537,059		Metlife, Inc		23,866
	57,839		Travelers Cos, Inc		3,222
	9,345		Validus Holdings Ltd		286
			TOTAL INSURANCE		150,907
MATERIALS - 4.9%
	571,161		Air Products & Chemicals, Inc		51,948
	89,649		Airgas, Inc		5,599
	17,407		AK Steel Holding Corp		285
	240,933		Albemarle Corp		13,439

247

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	159,902		Alcoa, Inc	$	2,461
	105,869		Allegheny Technologies, Inc		5,842
	267,509		Anglo American plc (London)		13,911
	237,285		Ashland, Inc		12,068
	125,546		Ball Corp		8,543
	214,712		Barrick Gold Corp		11,418
	47,292		Carpenter Technology Corp		1,903
	169,083		Celanese Corp (Series A)		6,961
	138,954		CF Industries Holdings, Inc		18,780
	144,170		Cleveland-Cliffs, Inc		11,247
	536,875	*	Companhia Vale do Rio Doce (ADR)		18,560
	34,727		Compass Minerals International, Inc		3,100
	173,113	*	Crown Holdings, Inc		5,779
	332,591		Du Pont (E.I.) de Nemours & Co		16,590
	47,103		Eagle Materials, Inc		1,331
	184,254		Eastman Chemical Co		15,492
	248,894		Ecolab, Inc		12,549
	53,038		FMC Corp		4,237
	1,066,687		Freeport-McMoRan Copper & Gold, Inc (Class B)		128,099
	85,508		International Flavors & Fragrances, Inc		4,753
	689,353		International Paper Co		18,778
	83,000		Lanxess AG.		6,555
	171,862		Lubrizol Corp		18,369
	48,847		Martin Marietta Materials, Inc		4,505
	581,386		Monsanto Co		40,488
	168,248		Mosaic Co		12,847
	140,231		Nalco Holding Co		4,479
	765,909		Newmont Mining Corp		47,050
	145,315		Nucor Corp		6,368
	54,853	*	Owens-Illinois, Inc		1,684
	142,913		PPG Industries, Inc		12,015
	326,236		Praxair, Inc		31,146
	8,600		Reliance Steel & Aluminum Co		439
	8,933		Royal Gold, Inc		488
	69,122		RPM International, Inc		1,528
	5,112		Schnitzer Steel Industries, Inc (Class A)		339
	49,318		Scotts Miracle-Gro Co (Class A)		2,504
	61,534		Sherwin-Williams Co		5,153
	119,583		Sigma-Aldrich Corp		7,959
	181,779		Southern Copper Corp (NY)		8,860
	21,144		Temple-Inland, Inc		449
	85,905	*	Titanium Metals Corp		1,476
	28,940		United States Steel Corp		1,691
	10,738		Valspar Corp		370
	335,375		Walter Energy, Inc		42,874
	173,700	*	WR Grace & Co		6,102
			TOTAL MATERIALS		659,411
MEDIA - 2.8%
	779,148		CBS Corp (Class B)		14,843
	873,905	*	DIRECTV		34,895
	819,800	*	Discovery Communications, Inc (Class A)		34,186

248

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	79,700	*	DreamWorks Animation SKG, Inc (Class A)	$	2,349
	4,564,260	*	Interpublic Group of Cos, Inc		48,472
	45,056		John Wiley & Sons, Inc (Class A)		2,038
	12,926	*	Lamar Advertising Co (Class A)		515
	20,944	*	Madison Square Garden, Inc		540
	236,147		McGraw-Hill Cos, Inc		8,598
	16,481		Meredith Corp		571
	21,551		Morningstar, Inc		1,144
	1,154,112		News Corp (Class A)		16,804
	1,131,063		Omnicom Group, Inc		51,803
	20,191		Regal Entertainment Group (Class A)		237
	96,209		Scripps Networks Interactive (Class A)		4,979
	4,102,895	*	Sirius XM Radio, Inc		6,729
	129,903		Thomson Corp		4,841
	694,426		Time Warner, Inc		22,340
	1,186,557		Viacom, Inc (Class B)		47,000
	2,078,870		Walt Disney Co		77,977
			TOTAL MEDIA		380,861
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.5%
	1,889,769		Abbott Laboratories		90,539
	145,902	*	Alexion Pharmaceuticals, Inc		11,752
	956,647		Allergan, Inc		65,693
	222,074	*	Amgen, Inc		12,192
	151,149	*	Amylin Pharmaceuticals, Inc		2,223
	111,294	*	BioMarin Pharmaceuticals, Inc		2,997
	2,439,279	*	Celgene Corp		144,259
	16,998	*	Charles River Laboratories International, Inc		604
	70,407	*	Covance, Inc		3,620
	269,150	*	Dendreon Corp		9,399
	249,025		Eli Lilly & Co		8,726
	200,628	*	Endo Pharmaceuticals Holdings, Inc		7,164
	218,235	*	Genzyme Corp		15,538
	1,306,562	*	Gilead Sciences, Inc		47,350
	501,697	*	Human Genome Sciences, Inc		11,986
	130,864	*	Illumina, Inc		8,289
	657,573		Johnson & Johnson		40,671
	336,515	*	Life Technologies Corp		18,678
	36,513	*	Mettler-Toledo International, Inc		5,521
	1,296,127	*	Mylan Laboratories, Inc		27,387
	98,593	*	Myriad Genetics, Inc		2,252
	266,624		Novo Nordisk AS (ADR)		30,014
	56,467		PerkinElmer, Inc		1,458
	196,947		Perrigo Co		12,473
	114,862		Pharmaceutical Product Development, Inc		3,117
	69,710	*	Regeneron Pharmaceuticals, Inc		2,289
	55,600	*	Talecris Biotherapeutics Holdings Corp		1,295
	39,780		Techne Corp		2,612
	204,573		Teva Pharmaceutical Industries Ltd (ADR)		10,664
	101,300	*	Thermo Electron Corp		5,608
	51,186	*	United Therapeutics Corp		3,236
	214,300	*	Vertex Pharmaceuticals, Inc		7,507

249

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	1,386,675		Warner Chilcott plc	$	31,283
	99,849	*	Waters Corp		7,759
	1,602,911	*	Watson Pharmaceuticals, Inc		82,790
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		738,945
REAL ESTATE - 0.6%
	15,856		AMB Property Corp		503
	61,870		Apartment Investment & Management Co (Class A)		1,599
	305,788	*	CB Richard Ellis Group, Inc (Class A)		6,262
	88,417		Digital Realty Trust, Inc		4,557
	13		Duke Realty Corp		0^
	19,084		Equity Residential		991
	12,532		Essex Property Trust, Inc		1,431
	39,436		Federal Realty Investment Trust		3,073
	339,547	b	General Growth Properties, Inc		5,256
	21,384	*	Howard Hughes Corp		1,164
	44,894		Jones Lang LaSalle, Inc		3,768
	72,067		Plum Creek Timber Co, Inc		2,699
	31,478		Prologis		455
	135,660		Public Storage, Inc		13,759
	25,369		Rayonier, Inc		1,332
	327,130		Simon Property Group, Inc		32,547
	91,635	*	St. Joe Co		2,002
	11,482		UDR, Inc		270
	44,365		Ventas, Inc		2,328
	15,483		Vornado Realty Trust		1,290
			TOTAL REAL ESTATE		85,286
RETAILING - 6.1%
	72,468		Abercrombie & Fitch Co (Class A)		4,176
	226,248		Advance Auto Parts, Inc		14,966
	99,779	*	Aeropostale, Inc		2,459
	1,012,994	*	Amazon.com, Inc		182,340
	55,345		American Eagle Outfitters, Inc		810
	23,860	*	Autonation, Inc		673
	64,190	*	Autozone, Inc		17,498
	282,846	*	Bed Bath & Beyond, Inc		13,902
	346,217		Best Buy Co, Inc		11,872
	80,628	*	Big Lots, Inc		2,456
	239,226	*	Carmax, Inc		7,627
	186,541		Chico’s FAS, Inc		2,244
	95,230	*	Dick’s Sporting Goods, Inc		3,571
	291,725	*	Dollar General Corp		8,947
	380,621	*	Dollar Tree, Inc		21,345
	423,762		Expedia, Inc		10,632
	137,208		Family Dollar Stores, Inc		6,821
	403,412		Gap, Inc		8,932
	64,746		Guess ?, Inc		3,064
	1,805,273		Home Depot, Inc		63,292
	57,369	*	J Crew Group, Inc		2,475
	82,239		JC Penney Co, Inc		2,657
	430,034	*	Kohl’s Corp		23,368

250

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	2,079,200		Li & Fung Ltd	$	12,064
	759,828		Limited Brands, Inc		23,350
	150,516	*	LKQ Corp		3,420
	1,171,782		Lowe’s Cos, Inc		29,387
	838,229		Macy’s, Inc		21,207
	76,478	*	NetFlix, Inc		13,437
	532,101		Nordstrom, Inc		22,550
	10,942	*	Office Depot, Inc		59
	147,306	*	O’Reilly Automotive, Inc		8,900
	127,224		Petsmart, Inc		5,066
	194,983	*	Priceline.com, Inc		77,905
	380,552		Ross Stores, Inc		24,070
	778,285		Staples, Inc		17,722
	1,388,705		Target Corp		83,504
	134,600		Tiffany & Co		8,382
	810,828		TJX Companies, Inc		35,992
	77,882		Tractor Supply Co		3,776
	130,982	*	Urban Outfitters, Inc		4,690
	365,696		Williams-Sonoma, Inc		13,052
			TOTAL RETAILING		824,660
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.0%
	923,480	*	Advanced Micro Devices, Inc		7,554
	542,379		Altera Corp		19,298
	489,946		Analog Devices, Inc		18,456
	1,431,959		Applied Materials, Inc		20,119
	75,078	*	Atheros Communications, Inc		2,697
	432,757	*	Atmel Corp		5,332
	312,757		Avago Technologies Ltd		8,904
	1,620,245		Broadcom Corp (Class A)		70,562
	393,168	*	Cree, Inc		25,906
	176,115	*	Cypress Semiconductor Corp		3,272
	367,480	*	First Solar, Inc		47,824
	5,330,179		Intel Corp		112,094
	45,054		Intersil Corp (Class A)		688
	169,372		Kla-Tencor Corp		6,545
	292,561	*	Lam Research Corp		15,149
	238,956		Linear Technology Corp		8,265
	944,338	*	Marvell Technology Group Ltd		17,517
	633,904		Maxim Integrated Products, Inc		14,973
	101,850	*	MEMC Electronic Materials, Inc		1,147
	190,628		Microchip Technology, Inc		6,521
	2,180,937	*	Micron Technology, Inc		17,491
	232,409		National Semiconductor Corp		3,198
	339,519	*	Novellus Systems, Inc		10,973
	1,119,440	*	Nvidia Corp		17,239
	1,594,689	*	ON Semiconductor Corp		15,756
	12,500	*	PMC - Sierra, Inc		107
	110,433	*	Rambus, Inc		2,262
	12,591	*	Semileds Corp		366
	49,308	*	Silicon Laboratories, Inc		2,269
	189,840	*	Skyworks Solutions, Inc		5,435

251

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	40,943	*	Sunpower Corp (Class A)	$	525
	680,129	*	Teradyne, Inc		9,549
	594,815		Texas Instruments, Inc		19,331
	80,741	*	Varian Semiconductor Equipment Associates, Inc		2,985
	255,700	*	Veeco Instruments, Inc		10,985
	276,258		Xilinx, Inc		8,006
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		539,300
SOFTWARE & SERVICES - 14.5%
	816,114		Accenture plc		39,573
	150,899		Activision Blizzard, Inc		1,877
	565,597	*	Adobe Systems, Inc		17,409
	403,457	*	Akamai Technologies, Inc		18,983
	212,855	*	Alliance Data Systems Corp		15,119
	57,052	*	Amadeus IT Holding S.A.		1,195
	418,884	*	Amdocs Ltd		11,507
	95,303	*	Ansys, Inc		4,962
	1,164,449	*	Autodesk, Inc		44,482
	536,477		Automatic Data Processing, Inc		24,828
	618,460	*	Baidu, Inc (ADR)		59,699
	366,493	*	BMC Software, Inc		17,276
	11,100	*	Booz Allen Hamilton Holding Co		216
	123,127		Broadridge Financial Solutions, Inc		2,700
	337,821		CA, Inc		8,256
	282,255	*	Cadence Design Systems, Inc		2,331
	198,259	*	Citrix Systems, Inc		13,563
	319,538	*	Cognizant Technology Solutions Corp (Class A)		23,419
	136,920	*	Compuware Corp		1,598
	103,699		DST Systems, Inc		4,599
	467,836	*	eBay, Inc		13,020
	336,741	*	Electronic Arts, Inc		5,516
	47,975	*	Equinix, Inc		3,898
	50,101		Factset Research Systems, Inc		4,697
	109,435	*	Fiserv, Inc		6,409
	78,446	*	Gartner, Inc		2,604
	69,004	*	Genpact Ltd		1,049
	89,560		Global Payments, Inc		4,139
	649,325	*	Google, Inc (Class A)		385,679
	277,616	*	IAC/InterActiveCorp		7,968
	98,695	*	Informatica Corp		4,346
	1,885,605		International Business Machines Corp		276,731
	2,456,494	*	Intuit, Inc		121,105
	105,264		Lender Processing Services, Inc		3,107
	243,392		Mastercard, Inc (Class A)		54,547
	166,498	*	McAfee, Inc		7,711
	85,624	*	Micros Systems, Inc		3,755
	8,911,197		Microsoft Corp		248,801
	65,156	*	Monster Worldwide, Inc		1,540
	78,954	*	NeuStar, Inc (Class A)		2,057
	851,172	*	Nuance Communications, Inc		15,474
	6,816,959		Oracle Corp		213,371
	344,186		Paychex, Inc		10,639

252

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	1,616,100	*	Red Hat, Inc	$	73,775
	109,406	*	Rovi Corp		6,784
	324,477	*	SAIC, Inc		5,146
	121,929	*	Salesforce.com, Inc		16,095
	91,762	*	Sina Corp		6,315
	72,734		Solera Holdings, Inc		3,733
	921,783	*	Symantec Corp		15,431
	9,848	*	Synopsys, Inc		265
	178,553	*	Teradata Corp		7,349
	186,072		VeriSign, Inc		6,079
	614,125		Visa, Inc (Class A)		43,222
	47,001	*	VistaPrint Ltd		2,162
	113,304	*	VMware, Inc (Class A)		10,074
	58,100	*	WebMD Health Corp (Class A)		2,967
	716,472		Western Union Co		13,305
	3,103,403	*	Yahoo!, Inc		51,610
			TOTAL SOFTWARE & SERVICES		1,976,067
TECHNOLOGY HARDWARE & EQUIPMENT - 12.2%
	185,061		Amphenol Corp (Class A)		9,768
	1,926,351	*	Apple, Inc		621,364
	16,004	*	Arrow Electronics, Inc		548
	401,496		AVX Corp		6,195
	99,536	*	Ciena Corp		2,095
	8,347,764	*	Cisco Systems, Inc		168,875
	1,140,360		Corning, Inc		22,032
	2,117,871	*	Dell, Inc		28,697
	15,278		Diebold, Inc		490
	57,169	*	Dolby Laboratories, Inc (Class A)		3,813
	3,015,145	*	EMC Corp		69,047
	85,472	*	F5 Networks, Inc		11,125
	695,663	*	Finisar Corp		20,654
	163,569	*	Flir Systems, Inc		4,866
	392,135		Harris Corp		17,764
	3,484,211		Hewlett-Packard Co		146,685
	10,457	*	Ingram Micro, Inc (Class A)		200
	116,925	*	Itron, Inc		6,483
	136,797		Jabil Circuit, Inc		2,748
	800,261	*	JDS Uniphase Corp		11,588
	3,033,007	*	Juniper Networks, Inc		111,979
	62,036		National Instruments Corp		2,335
	482,436	*	NCR Corp		7,415
	1,323,693	*	NetApp, Inc		72,750
	866,114	*	Polycom, Inc		33,761
	369,901	*	QLogic Corp		6,296
	4,287,618		Qualcomm, Inc		212,194
	693,351	*	SanDisk Corp		34,570
	378,030	*	Seagate Technology, Inc		5,682
	129,414	*	Trimble Navigation Ltd		5,168
	56,406	*	Western Digital Corp		1,912
	379,339		Xerox Corp		4,370
	158,131	*	Zebra Technologies Corp (Class A)		6,007
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1,659,476

253

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
TELECOMMUNICATION SERVICES - 0.5%
	430,149	*	American Tower Corp (Class A)	$	22,213
	121,210	*	Clearwire Corp (Class A)		624
	310,428	*	Crown Castle International Corp		13,606
	374,510		Frontier Communications Corp		3,645
	663,187	*	Level 3 Communications, Inc		650
	819,791	*	MetroPCS Communications, Inc		10,354
	141,749	*	NII Holdings, Inc (Class B)		6,331
	124,826	*	SBA Communications Corp (Class A)		5,110
	164,062	*	tw telecom inc (Class A)		2,797
	213,801		Windstream Corp		2,980
			TOTAL TELECOMMUNICATION SERVICES		68,310
TRANSPORTATION - 2.3%
	3,162,000	*	Air China Ltd		3,551
	115,841	*	AMR Corp		902
	176,961		CH Robinson Worldwide, Inc		14,191
	4,550		Con-way, Inc		166
	21,025		Copa Holdings S.A. (Class A)		1,237
	222,418		CSX Corp		14,370
	1,274,474	*	Delta Air Lines, Inc		16,059
	227,186		Expeditors International Washington, Inc		12,404
	376,662		FedEx Corp		35,033
	177,850	*	Hertz Global Holdings, Inc		2,577
	95,257		J.B. Hunt Transport Services, Inc		3,887
	63,559	*	Kansas City Southern Industries, Inc		3,042
	4,225	*	Kirby Corp		186
	54,882		Landstar System, Inc		2,247
	282,781		Norfolk Southern Corp		17,765
	238,760		Ryder System, Inc		12,568
	106,277		Southwest Airlines Co		1,379
	419,577	*	Swift Transportation Co, Inc		5,249
	815,886	*	UAL Corp		19,435
	323,581		Union Pacific Corp		29,984
	1,497,014		United Parcel Service, Inc (Class B)		108,653
	90,829		UTI Worldwide, Inc		1,926
			TOTAL TRANSPORTATION		306,811
UTILITIES - 0.1%
	174,421	*	Calpine Corp		2,326
	47,308		ITC Holdings Corp		2,933
	10,707		Ormat Technologies, Inc		317
	63,411		Power Grid Corp of India Ltd		139
	316,589		Public Service Enterprise Group, Inc		10,071
			TOTAL UTILITIES		15,786
			TOTAL COMMON STOCKS		13,368,880
			(Cost $10,953,337)

254

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES		COMPANY	VALUE (000)
RIGHTS / WARRANTS - 0.0%
COMMERCIAL & PROFESSIONAL SERVICES - 0.0%
	2,995	Celgene Corp	$	15
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		15
		TOTAL RIGHTS / WARRANTS		15
		(Cost $16)

PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 1.2%
TREASURY DEBT - 1.2%
$	163,000,000	United States Treasury Bill	03/31/11		162,951
		TOTAL TREASURY DEBT			162,951
		TOTAL SHORT-TERM INVESTMENTS			162,951
		(Cost $162,951)
		TOTAL INVESTMENTS - 99.9%			13,531,846
		(Cost $11,116,304)
		OTHER ASSETS & LIABILITIES, NET - 0.1%			7,849
		NET ASSETS - 100.0%		$	13,539,695

	Abbreviation(s):
ADR	American Depositary Receipt

*	Non-income producing.
^	Amount represents less than $1,000.
b	In bankruptcy
d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures transactions.
	Cost amounts are in thousands.

255

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
SUMMARY OF MARKET VALUES BY COUNTRY
December 31, 2010

COUNTRY	VALUE (000)		% OF TOTAL PORTFOLIO
DOMESTIC
UNITED STATES	$	12,794,103		94.5	%
TOTAL DOMESTIC		12,794,103		94.5
FOREIGN
BELGIUM		65,905		0.5
BERMUDA		3,576		0.0
BRAZIL		48,997		0.4
CANADA		101,161		0.7
CHINA		72,436		0.5
DENMARK		31,694		0.2
FRANCE		61,328		0.5
GERMANY		6,555		0.1
GUERNSEY, C.I.		11,507		0.1
HONG KONG		12,064		0.1
INDIA		139		0.0
IRELAND		39,573		0.3
ISRAEL		10,664		0.1
KOREA, REPUBLIC OF		2,933		0.0
MACAU		43,475		0.3
MEXICO		8,860		0.1
NETHERLANDS		23,371		0.2
PANAMA		1,237		0.0
SINGAPORE		8,904		0.1
SPAIN		1,195		0.0
SWEDEN		18,150		0.1
SWITZERLAND		125,796		0.9
TAIWAN		366		0.0
UNITED KINGDOM		37,857		0.3
TOTAL FOREIGN		737,743		5.5
TOTAL PORTFOLIO	$	13,531,846		100.0	%

256

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

COLLEGE RETIREMENT EQUITIES FUND
EQUITY INDEX ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2010

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
BONDS - 0.0%
CORPORATE BONDS - 0.0%
DIVERSIFIED FINANCIALS - 0.0%
$	21,000	j	GAMCO Investors, Inc	0.000	%	12/31/15	$	0	^
			TOTAL DIVERSIFIED FINANCIALS					0	^
			TOTAL CORPORATE BONDS					0	^
			(Cost $21)
			TOTAL BONDS					0	^
			(Cost $21)
SHARES			COMPANY
COMMON STOCKS - 99.1%
AUTOMOBILES & COMPONENTS - 1.0%
	47,981	*	American Axle & Manufacturing Holdings, Inc					617
	15,097	*	Amerigon, Inc (Class A)					164
	65,947		Autoliv, Inc					5,206
	89,459	*	BorgWarner, Inc					6,473
	45,804		Cooper Tire & Rubber Co					1,080
	108,188	*	Dana Holding Corp					1,862
	7,682	*	Dorman Products, Inc					278
	16,941		Drew Industries, Inc					385
	58,919	*	Exide Technologies					554
	13,635	*	Federal Mogul Corp (Class A)					282
	2,545,780	*	Ford Motor Co					42,743
	10,861	*	Fuel Systems Solutions, Inc					319
	105,796		Gentex Corp					3,127
	179,126	*	Goodyear Tire & Rubber Co					2,123
	181,591		Harley-Davidson, Inc					6,296
	515,188		Johnson Controls, Inc					19,680
	37,702	*	Lear Corp (New)					3,722
	36,302	*	Modine Manufacturing Co					563
	30,024		Spartan Motors, Inc					183
	11,969		Standard Motor Products, Inc					164
	10,374	*	Stoneridge, Inc					164
	17,715		Superior Industries International, Inc					376
	46,120	*	Tenneco, Inc					1,898
	11,700	*	Tesla Motors, Inc					312

257

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	25,787		Thor Industries, Inc	$	876
	60,301	*	TRW Automotive Holdings Corp		3,178
	24,826	*	Winnebago Industries, Inc		377
			TOTAL AUTOMOBILES & COMPONENTS		103,002
BANKS - 3.3%
	11,459		1st Source Corp		232
	17,104	*	1st United Bancorp, Inc		118
	17,560		Abington Bancorp, Inc		209
	3,251		Alliance Financial Corp		105
	4,510		American National Bankshares, Inc		106
	18,171		Ameris Bancorp		192
	4,648		Ames National Corp		101
	6,722		Arrow Financial Corp		185
	128,285		Associated Banc-Corp		1,944
	66,701		Astoria Financial Corp		928
	5,016		Bancfirst Corp		207
	21,466		Banco Latinoamericano de Exportaciones S.A. (Class E)		396
	2,914		Bancorp Rhode Island, Inc		85
	64,583		Bancorpsouth, Inc		1,030
	41,404		Bank Mutual Corp		198
	35,426		Bank of Hawaii Corp		1,672
	3,864		Bank of Marin Bancorp		135
	11,413		Bank of the Ozarks, Inc		495
	17,629		BankFinancial Corp		172
	527,029		BB&T Corp		13,856
	23,421	*	Beneficial Mutual Bancorp, Inc		207
	10,481		Berkshire Hills Bancorp, Inc		232
	5,599	*	BofI Holding, Inc		87
	19,305		BOK Financial Corp		1,031
	59,217		Boston Private Financial Holdings, Inc		388
	4,741		Bridge Bancorp, Inc		117
	48,082		Brookline Bancorp, Inc		522
	4,771		Bryn Mawr Bank Corp		83
	5,527		Camden National Corp		200
	9,158		Capital City Bank Group, Inc		115
	246,176		CapitalSource, Inc		1,748
	36,862		Capitol Federal Financial		439
	18,053		Cardinal Financial Corp		210
	61,647		Cathay General Bancorp		1,030
	27,645	*	Center Financial		210
	16,756		Centerstate Banks of Florida, Inc		133
	2,883		Century Bancorp, Inc		77
	18,856		Chemical Financial Corp		418
	153,256	*	CIT Group, Inc		7,218
	6,398		Citizens & Northern Corp		95
	306,766	*	Citizens Republic Bancorp, Inc		189
	12,921		City Holding Co		468
	35,113		City National Corp		2,155
	10,007		Clifton Savings Bancorp, Inc		108
	6,672		CNB Financial Corp		99
	21,290		CoBiz, Inc		129

258

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	31,348		Columbia Banking System, Inc	$	660
	134,008		Comerica, Inc		5,660
	57,572		Commerce Bancshares, Inc		2,287
	24,981		Community Bank System, Inc		694
	11,562		Community Trust Bancorp, Inc		335
	39,033		Cullen/Frost Bankers, Inc		2,386
	67,239		CVB Financial Corp		583
	17,535		Danvers Bancorp, Inc		310
	19,824		Dime Community Bancshares		289
	24,100	*	Doral Financial Corp		33
	12,747	*	Eagle Bancorp, Inc		184
	116,790		East West Bancorp, Inc		2,283
	6,100	*	Encore Bancshares, Inc		63
	11,656		Enterprise Financial Services Corp		122
	6,988		ESB Financial Corp		113
	12,436		ESSA Bancorp, Inc		164
	7,387		Federal Agricultural Mortgage Corp (Class C)		121
	607,123		Fifth Third Bancorp		8,913
	7,979		Financial Institutions, Inc		151
	9,860		First Bancorp (NC)		151
	78,912	*	First Bancorp (Puerto Rico)		36
	6,485		First Bancorp, Inc		102
	40,118		First Busey Corp		189
	4,158		First Citizens Bancshares, Inc (Class A)		786
	69,775		First Commonwealth Financial Corp		494
	12,139		First Community Bancshares, Inc		181
	44,691		First Financial Bancorp		826
	17,880		First Financial Bankshares, Inc		915
	8,954		First Financial Corp		315
	12,966		First Financial Holdings, Inc		149
	182,496	*	First Horizon National Corp		2,150
	9,546		First Interstate Bancsystem, Inc		145
	19,481		First Merchants Corp		173
	57,533		First Midwest Bancorp, Inc		663
	161,278		First Niagara Financial Group, Inc		2,255
	4,191		First of Long Island Corp		121
	5,157		First South Bancorp, Inc		33
	83,246		FirstMerit Corp		1,647
	35,463	*	Flagstar Bancorp, Inc		58
	19,779		Flushing Financial Corp		277
	87,796		FNB Corp		862
	4,602	*	Fox Chase Bancorp, Inc		55
	152,821		Fulton Financial Corp		1,580
	8,476		German American Bancorp, Inc		156
	56,600		Glacier Bancorp, Inc		855
	7,809		Great Southern Bancorp, Inc		184
	9,301	*	Greene County Bancshares, Inc		30
	22,696		Hancock Holding Co		791
	36,699	*	Hanmi Financial Corp		42
	10,342		Heartland Financial USA, Inc		181
	4,346	*	Heritage Financial Corp		60
	6,749	*	Home Bancorp, Inc		93

259

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	14,896		Home Bancshares, Inc	$	328
	12,641		Home Federal Bancorp, Inc		155
	357,734		Hudson City Bancorp, Inc		4,557
	10,014		Hudson Valley Holding Corp		248
	553,330		Huntington Bancshares, Inc		3,801
	20,591		IBERIABANK Corp		1,218
	17,904		Independent Bank Corp		484
	40,567		International Bancshares Corp		813
	37,852	*	Investors Bancorp, Inc		497
	14,732		Kearny Financial Corp		127
	667,379		Keycorp		5,906
	13,792		Lakeland Bancorp, Inc		151
	12,420		Lakeland Financial Corp		267
	55,756		M&T Bank Corp		4,854
	11,504		MainSource Financial Group, Inc		120
	406,126		Marshall & Ilsley Corp		2,810
	38,744		MB Financial, Inc		671
	3,784		Merchants Bancshares, Inc		104
	7,250	*	Meridian Interstate Bancorp, Inc		85
	155,567	*	MGIC Investment Corp		1,585
	3,556		Midsouth Bancorp, Inc		55
	5,267		MidWestOne Financial Group, Inc		80
	25,640	*	Nara Bancorp, Inc		252
	1,893		NASB Financial, Inc		32
	5,351		National Bankshares, Inc		169
	101,297		National Penn Bancshares, Inc		813
	27,027		NBT Bancorp, Inc		653
	331,783		New York Community Bancorp, Inc		6,253
	78,585		NewAlliance Bancshares, Inc		1,177
	14,313		Northfield Bancorp, Inc		191
	82,283		Northwest Bancshares, Inc		968
	10,808		OceanFirst Financial Corp		139
	57,265	*	Ocwen Financial Corp		546
	67,288		Old National Bancorp		800
	9,164	*	OmniAmerican Bancorp, Inc		124
	33,903		Oriental Financial Group, Inc		423
	37,054		Oritani Financial Corp		454
	3,841		Orrstown Financial Services, Inc		105
	14,467		Pacific Continental Corp		146
	22,250		PacWest Bancorp		476
	9,591		Park National Corp		697
	6,295		Peapack Gladstone Financial Corp		82
	2,964		Penns Woods Bancorp, Inc		118
	10,509	*	Pennsylvania Commerce Bancorp, Inc		116
	6,808		Peoples Bancorp, Inc		107
	280,419		People’s United Financial, Inc		3,929
	25,469	*	Pinnacle Financial Partners, Inc		346
	120,947	*	PMI Group, Inc		399
	401,473		PNC Financial Services Group, Inc		24,377
	772,337	*	Popular, Inc		2,425
	39,968		PrivateBancorp, Inc		575
	35,938		Prosperity Bancshares, Inc		1,412

260

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	45,191		Provident Financial Services, Inc	$	684
	30,181		Provident New York Bancorp		317
	102,881		Radian Group, Inc		830
	958,718		Regions Financial Corp		6,711
	15,054		Renasant Corp		255
	6,104		Republic Bancorp, Inc (Class A)		145
	6,115		Rockville Financial, Inc		75
	7,271		Roma Financial Corp		77
	20,998		S&T Bancorp, Inc		474
	8,198		S.Y. Bancorp, Inc		201
	18,232		Sandy Spring Bancorp, Inc		336
	9,604		SCBT Financial Corp		315
	3,786		Sierra Bancorp		41
	32,119	*	Signature Bank		1,606
	13,207		Simmons First National Corp (Class A)		376
	11,054		Southside Bancshares, Inc		233
	14,769		Southwest Bancorp, Inc		183
	10,282		State Bancorp, Inc		95
	16,183		StellarOne Corp		235
	27,752		Sterling Bancorp		291
	75,734		Sterling Bancshares, Inc		532
	7,140		Suffolk Bancorp		176
	382,258		SunTrust Banks, Inc		11,280
	102,135		Susquehanna Bancshares, Inc		989
	31,722	*	SVB Financial Group		1,683
	597,443		Synovus Financial Corp		1,577
	7,584	*	Taylor Capital Group, Inc		100
	110,460		TCF Financial Corp		1,636
	9,400		Territorial Bancorp, Inc		187
	31,378	*	Texas Capital Bancshares, Inc		667
	54,301		TFS Financial Corp		490
	16,995	*	The Bancorp, Inc		173
	7,054		Tompkins Trustco, Inc		276
	2,692		Tower Bancorp, Inc		59
	17,850		TowneBank		284
	9,919		Trico Bancshares		160
	62,026		Trustco Bank Corp NY		393
	49,168		Trustmark Corp		1,221
	24,801		UMB Financial Corp		1,027
	91,424		Umpqua Holdings Corp		1,114
	14,087		Union Bankshares Corp		208
	30,662		United Bankshares, Inc		895
	79,410	*	United Community Banks, Inc		155
	15,445		United Financial Bancorp, Inc		236
	12,704		Univest Corp of Pennsylvania		244
	1,463,843		US Bancorp		39,479
	124,246		Valley National Bancorp		1,777
	10,582		ViewPoint Financial Group		124
	14,744	*	Virginia Commerce Bancorp		91
	12,184		Washington Banking Co		167
	86,794		Washington Federal, Inc		1,469
	10,818		Washington Trust Bancorp, Inc		237

261

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	7,507	*	Waterstone Financial, Inc	$	24
	52,669		Webster Financial Corp		1,038
	3,714,650		Wells Fargo & Co		115,116
	19,012		WesBanco, Inc		360
	11,970		West Bancorporation, Inc		93
	72,421	*	West Coast Bancorp		204
	24,101		Westamerica Bancorporation		1,337
	49,360	*	Western Alliance Bancorp		363
	23,121		Westfield Financial, Inc		214
	75,084		Whitney Holding Corp		1,062
	71,613		Wilmington Trust Corp		311
	15,017		Wilshire Bancorp, Inc		114
	23,649		Wintrust Financial Corp		781
	4,467		WSFS Financial Corp		212
	132,472		Zions Bancorporation		3,210
			TOTAL BANKS		366,225
CAPITAL GOODS - 8.5%
	10,702	*	3D Systems Corp		337
	544,621		3M Co		47,001
	27,385		A.O. Smith Corp		1,043
	56,277	*	A123 Systems, Inc		537
	8,853		Aaon, Inc		250
	29,552	*	AAR Corp		812
	17,815		Aceto Corp		160
	52,376		Actuant Corp (Class A)		1,394
	33,751		Acuity Brands, Inc		1,946
	49,842	*	Advanced Battery Technologies, Inc		192
	75,836	*	Aecom Technology Corp		2,121
	14,335	*	Aerovironment, Inc		385
	69,519	*	AGCO Corp		3,522
	39,824		Aircastle Ltd		416
	4,490		Alamo Group, Inc		125
	23,047		Albany International Corp (Class A)		546
	24,185	*	Alliant Techsystems, Inc		1,800
	18,705	*	Altra Holdings, Inc		371
	5,081	*	Ameresco, Inc		73
	7,032	*	American Railcar Industries, Inc		156
	6,336		American Science & Engineering, Inc		540
	33,594	*	American Superconductor Corp		960
	8,518		American Woodmark Corp		209
	7,062		Ameron International Corp		539
	123,156		Ametek, Inc		4,834
	8,632		Ampco-Pittsburgh Corp		242
	25,458		Apogee Enterprises, Inc		343
	63,204	*	Applied Energetics, Inc		54
	32,556		Applied Industrial Technologies, Inc		1,057
	12,026		Applied Signal Technology, Inc		456
	5,631	*	Argan, Inc		52
	16,319		Armstrong World Industries, Inc		702
	73,192	*	ArvinMeritor, Inc		1,502
	15,638	*	Astec Industries, Inc		507

262

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	7,057	*	Astronics Corp	$	148
	10,559		AZZ, Inc		422
	88,162	*	Babcock & Wilcox Co		2,256
	13,564		Badger Meter, Inc		600
	35,945		Baldor Electric Co		2,266
	36,508		Barnes Group, Inc		755
	74,030	*	BE Aerospace, Inc		2,741
	35,044	*	Beacon Roofing Supply, Inc		626
	36,981		Belden CDT, Inc		1,362
	35,059	*	Blount International, Inc		553
	579,697		Boeing Co		37,832
	37,869		Brady Corp (Class A)		1,235
	39,839		Briggs & Stratton Corp		784
	71,104	*	Broadwind Energy, Inc		164
	57,020		Bucyrus International, Inc (Class A)		5,098
	22,099	*	Builders FirstSource, Inc		44
	9,868	*	CAI International, Inc		193
	185,893	*	Capstone Turbine Corp		178
	46,691		Carlisle Cos, Inc		1,856
	8,145		Cascade Corp		385
	479,716		Caterpillar, Inc		44,929
	19,382	*	Ceradyne, Inc		611
	23,060	*	Chart Industries, Inc		779
	76,040	*	Chicago Bridge & Iron Co NV		2,502
	12,832		CIRCOR International, Inc		543
	38,968		Clarcor, Inc		1,671
	19,959	*	CNH Global NV		953
	23,883	*	Colfax Corp		440
	12,813	*	Columbus McKinnon Corp		260
	33,040		Comfort Systems USA, Inc		435
	18,507	*	Commercial Vehicle Group, Inc		301
	129,157		Cooper Industries plc		7,529
	38,179		Crane Co		1,568
	12,848		Cubic Corp		606
	153,361		Cummins, Inc		16,871
	35,284		Curtiss-Wright Corp		1,171
	405,066		Danaher Corp		19,107
	323,929		Deere & Co		26,901
	21,025	*	DigitalGlobe, Inc		667
	58,727		Donaldson Co, Inc		3,423
	9,037		Douglas Dynamics, Inc		137
	142,151		Dover Corp		8,309
	7,637		Ducommun, Inc		166
	5,160	*	DXP Enterprises, Inc		124
	32,076	*	Dycom Industries, Inc		473
	12,440		Dynamic Materials Corp		281
	127,968		Eaton Corp		12,990
	50,074	*	EMCOR Group, Inc		1,451
	575,013		Emerson Electric Co		32,874
	15,305		Encore Wire Corp		384
	37,016	*	Ener1, Inc		140
	25,675	*	Energy Recovery, Inc		94

263

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	37,162	*	EnerSys	$	1,194
	15,889	*	EnPro Industries, Inc		660
	20,938		ESCO Technologies, Inc		792
	22,100	*	Esterline Technologies Corp		1,516
	102,129		Fastenal Co		6,119
	50,117		Federal Signal Corp		344
	26,655	*	Flow International Corp		109
	43,235		Flowserve Corp		5,154
	136,071		Fluor Corp		9,017
	56,935	*	Force Protection, Inc		314
	19,315		Franklin Electric Co, Inc		752
	12,439		Freightcar America, Inc		360
	46,577	*	FuelCell Energy, Inc		108
	25,764	*	Furmanite Corp		178
	39,732		Gardner Denver, Inc		2,734
	35,871		GATX Corp		1,266
	42,477	*	GenCorp, Inc		220
	14,500	*	Generac Holdings, Inc		234
	40,126	*	General Cable Corp		1,408
	264,727		General Dynamics Corp		18,785
	8,149,886		General Electric Co		149,060
	16,043	*	GeoEye, Inc		680
	20,138	*	Gibraltar Industries, Inc		273
	3,945	*	Global Defense Technology & Systems, Inc		67
	96,547		Goodrich Corp		8,503
	10,363		Gorman-Rupp Co		335
	46,150		Graco, Inc		1,821
	92,133	*	GrafTech International Ltd		1,828
	12,308		Graham Corp		246
	26,732		Granite Construction, Inc		733
	44,924		Great Lakes Dredge & Dock Corp		331
	15,267	*	Greenbrier Cos, Inc		320
	37,869	*	Griffon Corp		482
	21,180	*	H&E Equipment Services, Inc		245
	61,544		Harsco Corp		1,743
	22,583		Heico Corp		1,152
	9,696	*	Herley Industries, Inc		168
	74,803	*	Hexcel Corp		1,353
	584,874		Honeywell International, Inc		31,092
	12,024		Houston Wire & Cable Co		162
	46,993		Hubbell, Inc (Class B)		2,826
	62,789		IDEX Corp		2,456
	18,167	*	II-VI, Inc		842
	337,653		Illinois Tool Works, Inc		18,031
	245,948		Ingersoll-Rand plc		11,582
	28,439	*	Insituform Technologies, Inc (Class A)		754
	10,094		Insteel Industries, Inc		126
	27,412	*	Interline Brands, Inc		624
	139,710		ITT Industries, Inc		7,280
	96,369	*	Jacobs Engineering Group, Inc		4,419
	20,027		John Bean Technologies Corp		403
	77,648		Joy Global, Inc		6,736

264

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	9,545	*	Kadant, Inc	$	225
	21,747		Kaman Corp		632
	25,319		Kaydon Corp		1,031
	120,549		KBR, Inc		3,673
	62,712		Kennametal, Inc		2,475
	8,000	*	KEYW Holding Corp		117
	12,312	*	Kratos Defense & Security Solutions, Inc		162
	88,071		L-3 Communications Holdings, Inc		6,208
	8,713	*	LaBarge, Inc		137
	12,010	*	Ladish Co, Inc		584
	3,000		Lawson Products, Inc		75
	13,874	*	Layne Christensen Co		478
	7,262	*	LB Foster Co (Class A)		297
	36,321		Lennox International, Inc		1,718
	32,522		Lincoln Electric Holdings, Inc		2,123
	10,010		Lindsay Manufacturing Co		595
	6,398	*	LMI Aerospace, Inc		102
	235,579		Lockheed Martin Corp		16,469
	12,960		LSI Industries, Inc		110
	12,907	*	Lydall, Inc		104
	100,971		Manitowoc Co, Inc		1,324
	276,648		Masco Corp		3,503
	39,968	*	Mastec, Inc		583
	10,825		Met-Pro Corp		128
	7,039	*	Michael Baker Corp		219
	11,402	*	Middleby Corp		963
	7,280		Miller Industries, Inc		104
	36,229	*	Moog, Inc (Class A)		1,442
	32,978		MSC Industrial Direct Co (Class A)		2,133
	27,916		Mueller Industries, Inc		913
	119,077		Mueller Water Products, Inc (Class A)		497
	13,261	*	MYR Group, Inc		278
	4,424		Nacco Industries, Inc (Class A)		479
	54,093	*	Navistar International Corp		3,133
	19,754	*	NCI Building Systems, Inc		276
	25,402		Nordson Corp		2,334
	230,154		Northrop Grumman Corp		14,909
	8,845	*	Northwest Pipe Co		213
	44,747	*	Orbital Sciences Corp		767
	19,593	*	Orion Marine Group, Inc		227
	69,175	*	Oshkosh Truck Corp		2,438
	86,991	*	Owens Corning, Inc		2,710
	279,419		Paccar, Inc		16,044
	90,130		Pall Corp		4,469
	122,937		Parker Hannifin Corp		10,609
	76,198		Pentair, Inc		2,782
	20,289		Perini Corp		434
	12,323	*	Pike Electric Corp		106
	9,152	*	PMFG, Inc		150
	16,989	*	Polypore International, Inc		692
	5,761	*	Powell Industries, Inc		189
	12,071	*	PowerSecure International, Inc		94

265

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	108,623		Precision Castparts Corp	$	15,121
	1,801		Preformed Line Products Co		105
	15,193		Primoris Services Corp		145
	28,579		Quanex Building Products Corp		542
	162,009	*	Quanta Services, Inc		3,227
	11,399		Raven Industries, Inc		544
	290,073		Raytheon Co		13,442
	16,219	*	RBC Bearings, Inc		634
	29,680		Regal-Beloit Corp		1,981
	19,984		Robbins & Myers, Inc		715
	108,440		Rockwell Automation, Inc		7,777
	119,776		Rockwell Collins, Inc		6,978
	70,748		Roper Industries, Inc		5,407
	34,156	*	RSC Holdings, Inc		333
	21,664	*	Rush Enterprises, Inc (Class A)		443
	68,773	*	SatCon Technology Corp		309
	8,767	*	Sauer-Danfoss, Inc		248
	269		Seaboard Corp		536
	8,300		SeaCube Container Leasing Ltd		117
	65,055	*	Shaw Group, Inc		2,227
	29,264		Simpson Manufacturing Co, Inc		905
	44,614		Snap-On, Inc		2,524
	78,916	*	Spirit Aerosystems Holdings, Inc (Class A)		1,642
	37,552		SPX Corp		2,685
	11,927		Standex International Corp		357
	12,518	*	Sterling Construction Co, Inc		163
	7,928		Sun Hydraulics Corp		300
	11,400		TAL International Group, Inc		352
	44,785	*	Taser International, Inc		210
	10,545	*	Tecumseh Products Co (Class A)		138
	25,868	*	Teledyne Technologies, Inc		1,137
	14,645		Tennant Co		563
	83,705	*	Terex Corp		2,598
	7,088		Textainer Group Holdings Ltd		202
	208,523		Textron, Inc		4,929
	39,026	*	Thomas & Betts Corp		1,885
	66,676		Timken Co		3,182
	26,971		Titan International, Inc		527
	10,213	*	Titan Machinery, Inc		197
	24,372		Toro Co		1,502
	37,710		TransDigm Group, Inc		2,715
	19,671		Tredegar Corp		381
	13,203	*	Trex Co, Inc		316
	9,351	*	Trimas Corp		191
	61,064		Trinity Industries, Inc		1,625
	12,884		Triumph Group, Inc		1,152
	6,504		Twin Disc, Inc		194
	388,511		Tyco International Ltd		16,100
	45,976	*	United Rentals, Inc		1,046
	712,624		United Technologies Corp		56,099
	14,766		Universal Forest Products, Inc		574
	28,442	*	UQM Technologies, Inc		65

266

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	63,954	*	URS Corp	$	2,661
	51,472	*	USG Corp		866
	16,747		Valmont Industries, Inc		1,486
	12,845		Vicor Corp		211
	44,724		W.W. Grainger, Inc		6,177
	47,045	*	Wabash National Corp		557
	50,291	*	WABCO Holdings, Inc		3,064
	20,486		Watsco, Inc		1,292
	20,344		Watts Water Technologies, Inc (Class A)		744
	32,103	*	WESCO International, Inc		1,695
	34,990		Westinghouse Air Brake Technologies Corp		1,851
	46,042		Woodward Governor Co		1,729
	5,984	*,b	Xerium Technologies, Inc		95
			TOTAL CAPITAL GOODS		933,481
COMMERCIAL & PROFESSIONAL SERVICES - 1.0%
	56,057		Aaron’s, Inc		1,143
	37,566		ABM Industries, Inc		988
	24,912	*	Acacia Research (Acacia Technologies)		646
	34,106	*	ACCO Brands Corp		291
	16,355		Administaff, Inc		479
	13,465	*	Advisory Board Co		641
	14,202		American Ecology Corp		247
	26,021	*	American Reprographics Co		197
	20,202	*	APAC Customer Services, Inc		123
	85,225		Avery Dennison Corp		3,608
	6,166		Barrett Business Services, Inc		96
	34,810		Brink’s Co		936
	19,056	*	Casella Waste Systems, Inc (Class A)		135
	41,673	*	CBIZ, Inc		260
	7,981		CDI Corp		148
	38,005	*	Cenveo, Inc		203
	101,777		Cintas Corp		2,846
	17,301	*	Clean Harbors, Inc		1,455
	8,210	*	Consolidated Graphics, Inc		398
	55,676	*	Copart, Inc		2,079
	27,057		Corporate Executive Board Co		1,016
	88,315	*	Corrections Corp of America		2,213
	14,866	*	CoStar Group, Inc		856
	6,267		Courier Corp		97
	99,005		Covanta Holding Corp		1,702
	8,400	*	CRA International, Inc		197
	37,676		Deluxe Corp		867
	23,101	*	Dolan Media Co		322
	37,642		Dun & Bradstreet Corp		3,090
	67,718		EnergySolutions, Inc		377
	15,147	*	EnerNOC, Inc		362
	17,307		Ennis, Inc		296
	97,566		Equifax, Inc		3,473
	11,236	*	Exponent, Inc		422
	9,375	*	Franklin Covey Co		81
	36,298	*	FTI Consulting, Inc		1,353

267

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	12,288	*	Fuel Tech, Inc	$	119
	15,088		G & K Services, Inc (Class A)		466
	46,319	*	Geo Group, Inc		1,142
	12,104	*	GP Strategies Corp		124
	49,713		Healthcare Services Group		809
	14,300		Heidrick & Struggles International, Inc		410
	39,682		Herman Miller, Inc		1,004
	7,900	*	Higher One Holdings, Inc		160
	17,074	*	Hill International, Inc		110
	33,809		HNI Corp		1,055
	24,166	*	Hudson Highland Group, Inc		141
	16,505	*	Huron Consulting Group, Inc		437
	13,014	*	ICF International, Inc		335
	37,578	*	IHS, Inc (Class A)		3,021
	22,974	*	Innerworkings, Inc		150
	38,561		Interface, Inc (Class A)		603
	141,030		Iron Mountain, Inc		3,527
	21,500	*	KAR Auction Services, Inc		297
	20,372	*	Kelly Services, Inc (Class A)		383
	21,985	*	Kforce, Inc		356
	18,600		Kimball International, Inc (Class B)		128
	35,963		Knoll, Inc		602
	34,304	*	Korn/Ferry International		793
	19,634	*	LECG Corp		27
	8,556	*	M&F Worldwide Corp		198
	63,464		Manpower, Inc		3,983
	17,708		McGrath RentCorp		464
	39,317	*	Metalico, Inc		231
	21,996		Mine Safety Appliances Co		685
	7,800	*	Mistras Group, Inc		105
	28,189	*	Mobile Mini, Inc		555
	5,947		Multi-Color Corp		116
	40,393	*	Navigant Consulting, Inc		372
	25,372	*	On Assignment, Inc		207
	156,635		Pitney Bowes, Inc		3,787
	158,991		R.R. Donnelley & Sons Co		2,778
	247,946		Republic Services, Inc		7,404
	32,857		Resources Connection, Inc		611
	115,720		Robert Half International, Inc		3,541
	50,684		Rollins, Inc		1,001
	10,767		Schawk, Inc (Class A)		222
	14,249	*	School Specialty, Inc		198
	42,038	*	Spherion Corp		410
	12,140	*	Standard Parking Corp		229
	10,680		Standard Register Co		36
	54,705		Steelcase, Inc (Class A)		578
	64,556	*	Stericycle, Inc		5,224
	31,978	*	SYKES Enterprises, Inc		648
	13,336	*	Team, Inc		323
	47,935	*	Tetra Tech, Inc		1,201
	33,194		Towers Watson & Co		1,728
	37,265	*	TrueBlue, Inc		670

268

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	11,503		Unifirst Corp	$	633
	18,197	*	United Stationers, Inc		1,161
	79,778	*	Verisk Analytics, Inc		2,719
	15,178		Viad Corp		387
	12,149	*	Volt Information Sciences, Inc		105
	2,793		VSE Corp		92
	86,400		Waste Connections, Inc		2,379
	367,850		Waste Management, Inc		13,563
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		108,386
	CONSUMER DURABLES & APPAREL - 1.6%
	42,094	*	American Apparel, Inc		70
	30,538		American Greetings Corp (Class A)		677
	9,523	*	Arctic Cat, Inc		139
	91,719	*	Beazer Homes USA, Inc		494
	4,923		Blyth, Inc		170
	7,978	*	Brookfield Homes Corp		75
	69,036		Brunswick Corp		1,294
	51,179		Callaway Golf Co		413
	43,671	*	Carter’s, Inc		1,289
	4,557	*	Cavco Industries, Inc		213
	5,581		Cherokee, Inc		105
	233,042		Coach, Inc		12,890
	9,339		Columbia Sportswear Co		563
	62,394	*	CROCS, Inc		1,068
	5,480		CSS Industries, Inc		113
	7,017	*	Culp, Inc		73
	29,784	*	Deckers Outdoor Corp		2,375
	4,329	*	Delta Apparel, Inc		58
	215,214		DR Horton, Inc		2,568
	207,506	*	Eastman Kodak Co		1,112
	18,783		Ethan Allen Interiors, Inc		376
	117,473		Fortune Brands, Inc		7,078
	40,042	*	Fossil, Inc		2,822
	34,198	*	Furniture Brands International, Inc		176
	86,645		Garmin Ltd		2,685
	13,268	*	G-III Apparel Group Ltd		466
	73,677	*	Hanesbrands, Inc		1,871
	53,605	*	Harman International Industries, Inc		2,482
	93,213		Hasbro, Inc		4,398
	23,782	*	Helen of Troy Ltd		707
	7,413		Hooker Furniture Corp		105
	26,081	*	Hovnanian Enterprises, Inc (Class A)		107
	54,965	*	Iconix Brand Group, Inc		1,061
	16,171	*	iRobot Corp		402
	24,481	*	Jakks Pacific, Inc		446
	68,707		Jarden Corp		2,121
	31,304	*	Joe’s Jeans, Inc		49
	66,643		Jones Apparel Group, Inc		1,036
	58,687		KB Home		792
	6,203	*	Kenneth Cole Productions, Inc (Class A)		77
	19,366	*	K-Swiss, Inc (Class A)		241

269

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	3,811		Lacrosse Footwear, Inc	$	63
	39,237	*	La-Z-Boy, Inc		354
	34,167	*	Leapfrog Enterprises, Inc		190
	114,301		Leggett & Platt, Inc		2,601
	122,890		Lennar Corp (Class A)		2,304
	12,366	*	Libbey, Inc		191
	7,210	*	Lifetime Brands, Inc		101
	61,314	*	Liz Claiborne, Inc		439
	16,303	*	M/I Homes, Inc		251
	17,427	*	Maidenform Brands, Inc		414
	8,407	*	Marine Products Corp		56
	277,747		Mattel, Inc		7,063
	29,150		MDC Holdings, Inc		839
	24,046	*	Meritage Homes Corp		534
	43,299	*	Mohawk Industries, Inc		2,458
	12,667	*	Movado Group, Inc		204
	3,938		National Presto Industries, Inc		512
	221,507		Newell Rubbermaid, Inc		4,027
	275,639		Nike, Inc (Class B)		23,544
	4,355	*	NVR, Inc		3,009
	10,106		Oxford Industries, Inc		259
	8,860	*	Perry Ellis International, Inc		243
	43,642		Phillips-Van Heusen Corp		2,750
	24,262		Polaris Industries, Inc		1,893
	43,171		Polo Ralph Lauren Corp (Class A)		4,789
	38,375		Pool Corp		865
	256,906	*	Pulte Homes, Inc		1,932
	87,127	*	Quiksilver, Inc		442
	14,785	*	RC2 Corp		322
	6,477		RG Barry Corp		72
	9,824	*	Russ Berrie & Co, Inc		84
	35,106		Ryland Group, Inc		598
	47,340	*	Sealy Corp		138
	27,339	*	Skechers U.S.A., Inc (Class A)		547
	7,407		Skyline Corp		193
	52,271	*	Smith & Wesson Holding Corp		195
	70,229	*	Standard-Pacific Corp		323
	122,840		Stanley Works		8,213
	4,356	*	Steinway Musical Instruments, Inc		86
	17,467	*	Steven Madden Ltd		729
	14,503		Sturm Ruger & Co, Inc		222
	8,138	*	Summer Infant, Inc		62
	55,849	*	Tempur-Pedic International, Inc		2,237
	32,067	*	Timberland Co (Class A)		789
	109,135	*	Toll Brothers, Inc		2,074
	19,300	*	True Religion Apparel, Inc		430
	48,715		Tupperware Corp		2,322
	25,584	*	Under Armour, Inc (Class A)		1,403
	10,905	*	Unifi, Inc		185
	8,900	*	Universal Electronics, Inc		252
	9,600	*	Vera Bradley, Inc		317
	67,904		VF Corp		5,852

270

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	13,192		Volcom, Inc	$	249
	32,732	*	Warnaco Group, Inc		1,803
	5,214		Weyco Group, Inc		128
	57,906		Whirlpool Corp		5,144
	38,905		Wolverine World Wide, Inc		1,240
			TOTAL CONSUMER DURABLES & APPAREL		153,793
CONSUMER SERVICES - 2.1%
	18,260	*	AFC Enterprises		254
	14,656		Ambassadors Group, Inc		169
	13,862	*	American Public Education, Inc		516
	21,121		Ameristar Casinos, Inc		330
	97,895	*	Apollo Group, Inc (Class A)		3,867
	42,474	*	Bally Technologies, Inc		1,792
	17,427	*	BJ’s Restaurants, Inc		617
	15,345	*	Bluegreen Corp		49
	24,666		Bob Evans Farms, Inc		813
	33,945	*	Boyd Gaming Corp		360
	8,700	*	Bravo Brio Restaurant Group, Inc		167
	14,051	*	Bridgepoint Education, Inc		267
	78,146		Brinker International, Inc		1,632
	13,602	*	Buffalo Wild Wings, Inc		596
	14,693	*	California Pizza Kitchen, Inc		254
	12,339	*	Cambium Learning Group, Inc		42
	12,593	*	Capella Education Co		838
	50,534	*	Career Education Corp		1,048
	5,895	*	Caribou Coffee Co, Inc		59
	334,715		Carnival Corp		15,434
	8,099	*	Carrols Restaurant Group, Inc		60
	17,289		CBRL Group, Inc		947
	17,642	*	CEC Entertainment, Inc		685
	46,024	*	Cheesecake Factory		1,411
	24,297	*	Chipotle Mexican Grill, Inc (Class A)		5,167
	21,525		Choice Hotels International, Inc		824
	7,929		Churchill Downs, Inc		344
	23,500	*	Coinstar, Inc		1,326
	64,709	*	Corinthian Colleges, Inc		337
	3,696		CPI Corp		83
	107,900		Darden Restaurants, Inc		5,011
	75,312	*	Denny’s Corp		270
	48,586		DeVry, Inc		2,332
	13,678	*	DineEquity, Inc		675
	30,059	*	Domino’s Pizza, Inc		479
	29,912	*	Education Management Corp		541
	4,221	*	Einstein Noah Restaurant Group, Inc		59
	27,229	*	Gaylord Entertainment Co		979
	24,016	*	Grand Canyon Education, Inc		470
	235,532		H&R Block, Inc		2,806
	47,975		Hillenbrand, Inc		998
	33,800	*	Hyatt Hotels Corp		1,547
	230,043		International Game Technology		4,069
	20,889		International Speedway Corp (Class A)		547

271

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	34,104	*	Interval Leisure Group, Inc	$	550
	5,265	*	Isle of Capri Casinos, Inc		54
	24,366	*	ITT Educational Services, Inc		1,552
	39,870	*	Jack in the Box, Inc		842
	47,403	*	Jamba, Inc		108
	18,366	*	K12, Inc		526
	39,822	*	Krispy Kreme Doughnuts, Inc		278
	240,389	*	Las Vegas Sands Corp		11,046
	6,272		Learning Tree International, Inc		60
	31,445	*	Life Time Fitness, Inc		1,289
	12,699		Lincoln Educational Services Corp		197
	8,861		Mac-Gray Corp		132
	14,891		Marcus Corp		198
	207,209		Marriott International, Inc (Class A)		8,607
	23,085		Matthews International Corp (Class A)		808
	11,950	*	McCormick & Schmick’s Seafood Restaurants, Inc		109
	821,624		McDonald’s Corp		63,068
	228,510	*	MGM Mirage		3,393
	8,692	*	Monarch Casino & Resort, Inc		109
	23,956	*	Morgans Hotel Group Co		217
	20,438	*	Multimedia Games, Inc		114
	5,638		National American University Holdings, Inc		41
	14,289	*	O’Charleys, Inc		103
	67,477	*	Orient-Express Hotels Ltd (Class A)		877
	22,689	*	Panera Bread Co (Class A)		2,296
	18,183	*	Papa John’s International, Inc		504
	8,992	*	Peet’s Coffee & Tea, Inc		375
	51,327	*	Penn National Gaming, Inc		1,804
	18,084		PF Chang’s China Bistro, Inc		876
	48,180	*	Pinnacle Entertainment, Inc		675
	7,085	*	Pre-Paid Legal Services, Inc		427
	9,555	*	Princeton Review, Inc		11
	9,873	*	Red Lion Hotels Corp		79
	11,853	*	Red Robin Gourmet Burgers, Inc		254
	44,951		Regis Corp		746
	101,674	*	Royal Caribbean Cruises Ltd		4,779
	50,005	*	Ruby Tuesday, Inc		653
	26,831	*	Ruth’s Chris Steak House, Inc		124
	49,874	*	Scientific Games Corp (Class A)		497
	188,345		Service Corp International		1,554
	44,601	*	Shuffle Master, Inc		511
	45,772	*	Sonic Corp		463
	51,448		Sotheby’s (Class A)		2,316
	9,984		Speedway Motorsports, Inc		153
	570,721		Starbucks Corp		18,337
	144,154		Starwood Hotels & Resorts Worldwide, Inc		8,762
	958	*	Steak N Shake Co		393
	11,970	*	Steiner Leisure Ltd		559
	68,986		Stewart Enterprises, Inc (Class A)		462
	10,323		Strayer Education, Inc		1,571
	42,904	*	Texas Roadhouse, Inc (Class A)		737
	15,190		Universal Technical Institute, Inc		334

272

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	27,599	*	Vail Resorts, Inc	$	1,436
	24,280		Weight Watchers International, Inc		910
	253,576		Wendy’s/Arby’s Group, Inc (Class A)		1,172
	43,711	*	WMS Industries, Inc		1,977
	138,638		Wyndham Worldwide Corp		4,154
	58,046		Wynn Resorts Ltd		6,027
	355,872		Yum! Brands, Inc		17,456
			TOTAL CONSUMER SERVICES		238,733
DIVERSIFIED FINANCIALS - 6.5%
	36,918		Advance America Cash Advance Centers, Inc		208
	39,037	*	Affiliated Managers Group, Inc		3,873
	261,649	*	American Capital Ltd		1,978
	800,812		American Express Co		34,371
	196,431		Ameriprise Financial, Inc		11,305
	149,594		Apollo Investment Corp		1,656
	147,601		Ares Capital Corp		2,432
	21,300		Artio Global Investors, Inc		314
	11,658	*	Asset Acceptance Capital Corp		69
	8,522		Asta Funding, Inc		69
	7,657,597		Bank of America Corp		102,152
	925,875		Bank of New York Mellon Corp		27,961
	36,447		BGC Partners, Inc (Class A)		303
	54,667		BlackRock Kelso Capital Corp		605
	69,745		BlackRock, Inc		13,292
	77,753	*	Broadpoint Securities Group, Inc		184
	16,951		Calamos Asset Management, Inc (Class A)		237
	349,772		Capital One Financial Corp		14,886
	2,167		Capital Southwest Corp		225
	20,896	*	Cardtronics, Inc		370
	22,738		Cash America International, Inc		840
	10,200		CBOE Holdings, Inc		233
	755,390		Charles Schwab Corp		12,925
	16,145,649	*	Citigroup, Inc		76,369
	50,311		CME Group, Inc		16,188
	12,285		Cohen & Steers, Inc		321
	25,550		Compass Diversified Trust		452
	11,828		CompuCredit Corp		83
	28,011	*	Cowen Group, Inc		131
	5,106	*	Credit Acceptance Corp		321
	1,420		Diamond Hill Investment Group, Inc		103
	413,726		Discover Financial Services		7,666
	17,386	*	Dollar Financial Corp		498
	21,313		Duff & Phelps Corp		359
	169,616	*	E*Trade Financial Corp		2,714
	89,658		Eaton Vance Corp		2,710
	11,162	*	Encore Capital Group, Inc		262
	6,384		Epoch Holding Corp		99
	11,307		Evercore Partners, Inc (Class A)		384
	36,390	*	Ezcorp, Inc (Class A)		987
	39,284	*	FBR Capital Markets Corp		150
	65,791		Federated Investors, Inc (Class B)		1,722

273

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY		VALUE (000)
	35,957		Fifth Street Finance Corp	$	437
	9,807	*	Financial Engines, Inc		194
	23,334	*	First Cash Financial Services, Inc		723
	58,259	*	First Marblehead Corp		126
	113,021		Franklin Resources, Inc		12,569
	5,142		Friedman Billings Ramsey Group, Inc (Class A)		123
	6,584		GAMCO Investors, Inc (Class A)		316
	54,396		GFI Group, Inc		255
	15,081		Gladstone Capital Corp		174
	15,921		Gladstone Investment Corp		122
	392,945		Goldman Sachs Group, Inc		66,079
	5,889		Golub Capital BDC, Inc		101
	4,000	*	Green Dot Corp		227
	22,433		Greenhill & Co, Inc		1,832
	16,757	*	Harris & Harris Group, Inc		73
	24,455		Hercules Technology Growth Capital, Inc		253
	14,456	*	HFF, Inc (Class A)		140
	30,361		Interactive Brokers Group, Inc (Class A)		541
	56,257	*	IntercontinentalExchange, Inc		6,703
	13,392	*	International Assets Holding Corp		316
	353,671		Invesco Ltd		8,509
	34,884	*	Investment Technology Group, Inc		571
	89,823		iShares Russell 3000 Index Fund		6,732
	137,373		Janus Capital Group, Inc		1,782
	89,727		Jefferies Group, Inc		2,389
	11,011		JMP Group, Inc		84
	3,036,996		JPMorgan Chase & Co		128,829
	12,909		Kayne Anderson Energy Development Co		232
	26,819		KBW, Inc		749
	73,616	*	Knight Capital Group, Inc (Class A)		1,015
	33,500	*	LaBranche & Co, Inc		121
	73,441	*	Ladenburg Thalmann Financial Services, Inc		86
	70,810		Lazard Ltd (Class A)		2,796
	118,019		Legg Mason, Inc		4,281
	148,551		Leucadia National Corp		4,335
	5,396		Life Partners Holdings, Inc		103
	13,100	*	LPL Investment Holdings, Inc		476
	9,437		Main Street Capital Corp		172
	21,429		MarketAxess Holdings, Inc		446
	6,533	*	Marlin Business Services Corp		83
	50,285		MCG Capital Corp		350
	9,981		Medallion Financial Corp		82
	86,034	*	MF Global Holdings Ltd		719
	157,620		Moody’s Corp		4,183
	1,155,927		Morgan Stanley		31,453
	84,839	*	MSCI, Inc (Class A)		3,305
	17,411		MVC Capital, Inc		254
	104,606	*	Nasdaq Stock Market, Inc		2,480
	20,204		Nelnet, Inc (Class A)		479
	23,100	*	Netspend Holdings, Inc		296
	21,889	*	NewStar Financial, Inc		231
	12,077		NGP Capital Resources Co		111

274

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY		VALUE (000)
	185,246		Northern Trust Corp	$	10,264
	198,529		NYSE Euronext		5,952
	7,363		Oppenheimer Holdings, Inc		193
	30,987		optionsXpress Holdings, Inc		486
	24,585		PennantPark Investment Corp		301
	15,186	*	Penson Worldwide, Inc		74
	41,814	*	PHH Corp		968
	17,372	*	Pico Holdings, Inc		552
	13,978	*	Piper Jaffray Cos		489
	13,016	*	Portfolio Recovery Associates, Inc		979
	32,274	*	Primus Guaranty Ltd		164
	49,146		Prospect Capital Corp		531
	9,591		Pzena Investment Management, Inc (Class A)		70
	75,031		Raymond James Financial, Inc		2,454
	21,125	*	Safeguard Scientifics, Inc		361
	8,937		Sanders Morris Harris Group, Inc		65
	115,255		SEI Investments Co		2,742
	372,586	*	SLM Corp		4,691
	4,400		Solar Capital Ltd		109
	384,555		State Street Corp		17,820
	25,298	*	Stifel Financial Corp		1,569
	2,846		Student Loan Corp		92
	19,558		SWS Group, Inc		99
	198,395		T Rowe Price Group, Inc		12,804
	178,714		TD Ameritrade Holding Corp		3,394
	6,653		THL Credit, Inc		87
	20,926		TICC Capital Corp		235
	25,593	*	TradeStation Group, Inc		173
	8,996		Triangle Capital Corp		171
	4,394	*	Virtus Investment Partners, Inc		199
	64,858		Waddell & Reed Financial, Inc (Class A)		2,289
	3,869		Westwood Holdings Group, Inc		155
	12,929	*	World Acceptance Corp		683
			TOTAL DIVERSIFIED FINANCIALS		712,260
ENERGY - 11.1%
	51,525	*	Abraxas Petroleum Corp		235
	30,378	*	Allis-Chalmers Energy, Inc		215
	9,171		Alon USA Energy, Inc		55
	91,294	*	Alpha Natural Resources, Inc		5,480
	4,600	*	Amyris Biotechnologies, Inc		123
	377,123		Anadarko Petroleum Corp		28,722
	291,849		Apache Corp		34,797
	6,580		APCO Argentina, Inc		378
	6,556	*	Approach Resources, Inc		151
	125,528		Arch Coal, Inc		4,401
	59,928	*	Atlas America, Inc		2,635
	33,846	*	ATP Oil & Gas Corp		567
	41,374	*	Atwood Oceanics, Inc		1,546
	328,863		Baker Hughes, Inc		18,801
	22,381	*	Basic Energy Services, Inc		369
	39,652		Berry Petroleum Co (Class A)		1,733

275

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY		VALUE (000)
	33,673	*	Bill Barrett Corp	$	1,385
	80,973	*	BPZ Energy, Inc		385
	84,797	*	Brigham Exploration Co		2,310
	27,721	*	Bristow Group, Inc		1,313
	78,161		Cabot Oil & Gas Corp		2,958
	67,178	*	Cal Dive International, Inc		381
	27,753	*	Callon Petroleum Co		164
	186,418	*	Cameron International Corp		9,457
	14,570		CARBO Ceramics, Inc		1,509
	25,047	*	Carrizo Oil & Gas, Inc		864
	74,021	*	Cheniere Energy, Inc		409
	496,466		Chesapeake Energy Corp		12,863
	1,533,300		Chevron Corp		139,915
	63,590		Cimarex Energy Co		5,630
	4,602	*	Clayton Williams Energy, Inc		386
	30,062	*	Clean Energy Fuels Corp		416
	23,500	*	Cloud Peak Energy, Inc		546
	55,500	*	Cobalt International Energy, Inc		678
	58,166	*	Complete Production Services, Inc		1,719
	36,545	*	Comstock Resources, Inc		898
	78,511	*	Concho Resources, Inc		6,883
	1,136,576		ConocoPhillips		77,402
	171,765		Consol Energy, Inc		8,372
	9,021	*	Contango Oil & Gas Co		523
	24,174	*	Continental Resources, Inc		1,423
	34,938		Core Laboratories NV		3,111
	37,807		Crosstex Energy, Inc		335
	21,762	*	CVR Energy, Inc		330
	7,528	*	Dawson Geophysical Co		240
	7,530		Delek US Holdings, Inc		55
	82,546	*	Delta Petroleum Corp		63
	304,051	*	Denbury Resources, Inc		5,804
	341,170	*	Devon Energy Corp		26,785
	38,961		DHT Maritime, Inc		181
	51,848		Diamond Offshore Drilling, Inc		3,467
	63,584	*	Dresser-Rand Group, Inc		2,708
	24,885	*	Dril-Quip, Inc		1,934
	535,983		El Paso Corp		7,375
	11,673	*	Endeavour International Corp		161
	21,960	*	Energy Partners Ltd		326
	52,747	*	Energy XXI Bermuda Ltd		1,460
	193,111		EOG Resources, Inc		17,652
	113,016		Equitable Resources, Inc		5,068
	11,704	*	Evolution Petroleum Corp		76
	111,561		EXCO Resources, Inc		2,167
	48,293	*	Exterran Holdings, Inc		1,157
	3,894,717	d	Exxon Mobil Corp		284,783
	92,425	*	FMC Technologies, Inc		8,218
	85,352	*	Forest Oil Corp		3,241
	80,549		Frontier Oil Corp		1,451
	39,564		Frontline Ltd		1,004
	24,931	*	FX Energy, Inc		153

276

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY		VALUE (000)
	33,304	*	Gastar Exploration Ltd	$	143
	60,120		General Maritime Corp		195
	9,814	*	Georesources, Inc		218
	5,362	*	Global Geophysical Services, Inc		56
	79,950	*	Global Industries Ltd		554
	27,174	*	GMX Resources, Inc		150
	24,752		Golar LNG Ltd		372
	20,317	*	Goodrich Petroleum Corp		358
	12,062	*	Green Plains Renewable Energy, Inc		136
	9,089		Gulf Island Fabrication, Inc		256
	16,361	*	Gulfmark Offshore, Inc		497
	21,620	*	Gulfport Energy Corp		468
	693,543		Halliburton Co		28,317
	29,621	*	Harvest Natural Resources, Inc		360
	81,706	*	Helix Energy Solutions Group, Inc		992
	72,674		Helmerich & Payne, Inc		3,523
	109,893	*	Hercules Offshore, Inc		380
	228,536		Hess Corp		17,492
	34,558		Holly Corp		1,409
	18,746	*	Hornbeck Offshore Services, Inc		391
	14,150		Houston American Energy Corp		256
	100,658	*	International Coal Group, Inc		779
	100,154	*	ION Geophysical Corp		849
	823	*	Isramco, Inc		69
	21,317	*	James River Coal Co		540
	95,985	*	Key Energy Services, Inc		1,246
	11,975		Knightsbridge Tankers Ltd		267
	145,947	*	Kodiak Oil & Gas Corp		963
	12,300	*	L&L Energy, Inc		133
	21,068		Lufkin Industries, Inc		1,314
	40,129	*	Magnum Hunter Resources Corp		289
	540,886		Marathon Oil Corp		20,029
	79,487		Massey Energy Co		4,264
	23,922	*	Matrix Service Co		291
	176,324	*	McDermott International, Inc		3,648
	78,067	*	McMoRan Exploration Co		1,338
	14,504	*	Miller Petroleum, Inc		75
	146,026		Murphy Oil Corp		10,886
	216,456	*	Nabors Industries Ltd		5,078
	320,833		National Oilwell Varco, Inc		21,576
	11,326	*	Natural Gas Services Group, Inc		214
	101,338	*	Newfield Exploration Co		7,307
	69,901	*	Newpark Resources, Inc		431
	133,306		Noble Energy, Inc		11,475
	37,402		Nordic American Tanker Shipping		973
	34,375	*	Northern Oil And Gas, Inc		935
	36,800	*	Oasis Petroleum, Inc		998
	621,246		Occidental Petroleum Corp		60,944
	42,236	*	Oceaneering International, Inc		3,110
	37,449	*	Oil States International, Inc		2,400
	19,618		Overseas Shipholding Group, Inc		695
	2,713	*	OYO Geospace Corp		269

277

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY		VALUE (000)
	37,088	*	Pacific Asia Petroleum, Inc	$	74
	5,367		Panhandle Oil and Gas, Inc (Class A)		147
	96,030	*	Parker Drilling Co		439
	61,726	*	Patriot Coal Corp		1,196
	119,282		Patterson-UTI Energy, Inc		2,571
	205,178		Peabody Energy Corp		13,127
	35,015		Penn Virginia Corp		589
	227,814	*	PetroHawk Energy Corp		4,158
	16,488	*	Petroleum Development Corp		696
	43,261	*	Petroquest Energy, Inc		326
	9,723	*	PHI, Inc		183
	42,944	*	Pioneer Drilling Co		378
	88,660		Pioneer Natural Resources Co		7,697
	108,164	*	Plains Exploration & Production Co		3,476
	133,316	*	Pride International, Inc		4,399
	135,152		Questar Market Resources, Inc		4,907
	87,219	*	Quicksilver Resources, Inc		1,286
	43,093	*	RAM Energy Resources, Inc		79
	120,881		Range Resources Corp		5,437
	167,304	*	Rentech, Inc		204
	29,534	*	Resolute Energy Corp		436
	26,939	*	Rex Energy Corp		368
	6,400	*	Rex Stores Corp		98
	40,850	*	Rosetta Resources, Inc		1,538
	88,128	*	Rowan Cos, Inc		3,077
	27,684		RPC, Inc		502
	276,358	*	SandRidge Energy, Inc		2,023
	1,042,918		Schlumberger Ltd		87,084
	9,989	*	Scorpio Tankers, Inc		101
	16,143		SEACOR Holdings, Inc		1,632
	8,815	*	Seahawk Drilling, Inc		79
	34,031		Ship Finance International Ltd		732
	93,776		Southern Union Co		2,257
	265,005	*	Southwestern Energy Co		9,919
	492,423		Spectra Energy Corp		12,306
	47,539		St. Mary Land & Exploration Co		2,801
	36,323	*	Stone Energy Corp		810
	93,049		Sunoco, Inc		3,751
	59,956	*	Superior Energy Services		2,098
	28,748	*	Swift Energy Co		1,125
	49,984	*	Syntroleum Corp		92
	12,756	*	T-3 Energy Services, Inc		508
	32,878		Teekay Corp		1,088
	20,361		Teekay Tankers Ltd (Class A)		251
	23,351	*	Tesco Corp		371
	108,582		Tesoro Corp		2,013
	52,437	*	Tetra Technologies, Inc		622
	40,104		Tidewater, Inc		2,159
	113,201	*	TransAtlantic Petroleum Ltd		377
	116,837	*	Ultra Petroleum Corp		5,581
	10,127	*	Union Drilling, Inc		74
	29,837	*	Unit Corp		1,387

278

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	76,523	*	Uranium Energy Corp	$	462
	93,574	*	USEC, Inc		563
	48,465		Vaalco Energy, Inc		347
	431,612		Valero Energy Corp		9,979
	94,150	*	Vantage Drilling Co		191
	15,433	*	Venoco, Inc		285
	26,733		W&T Offshore, Inc		478
	67,894	*	Warren Resources, Inc		307
	566,588	*	Weatherford International Ltd		12,918
	34,300	*	Western Refining, Inc		363
	44,695	*	Whiting Petroleum Corp		5,238
	30,921	*	Willbros Group, Inc		304
	446,475		Williams Cos, Inc		11,037
	52,476		World Fuel Services Corp		1,898
			TOTAL ENERGY		1,221,209
FOOD & STAPLES RETAILING - 2.0%
	13,080		Andersons, Inc		475
	837		Arden Group, Inc (Class A)		69
	39,270	*	BJ’s Wholesale Club, Inc		1,881
	29,235		Casey’s General Stores, Inc		1,243
	336,225		Costco Wholesale Corp		24,279
	1,039,304		CVS Corp		36,137
	11,500	*	Fresh Market, Inc		474
	8,163		Ingles Markets, Inc (Class A)		157
	490,217		Kroger Co		10,961
	10,977		Nash Finch Co		467
	16,292	*	Pantry, Inc		324
	12,039		Pricesmart, Inc		458
	445,462	*	Rite Aid Corp		393
	33,448		Ruddick Corp		1,232
	295,728		Safeway, Inc		6,651
	18,527		Spartan Stores, Inc		314
	165,275		Supervalu, Inc		1,592
	5,570	*	Susser Holdings Corp		77
	450,553		Sysco Corp		13,246
	33,743	*	United Natural Foods, Inc		1,238
	4,652		Village Super Market (Class A)		154
	706,440		Walgreen Co		27,523
	1,483,480		Wal-Mart Stores, Inc		80,003
	8,834		Weis Markets, Inc		356
	106,647	*	Whole Foods Market, Inc		5,395
	41,829	*	Winn-Dixie Stores, Inc		300
			TOTAL FOOD & STAPLES RETAILING		215,399
FOOD, BEVERAGE & TOBACCO - 4.9%
	2,319		Alico, Inc		55
	68,179	*	Alliance One International, Inc		289
	1,589,700		Altria Group, Inc		39,139
	489,705		Archer Daniels Midland Co		14,731
	37,577		B&G Foods, Inc (Class A)		516
	6,724	*	Boston Beer Co, Inc (Class A)		639

279

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	80,902		Brown-Forman Corp (Class B)	$	5,632
	110,812		Bunge Ltd		7,260
	7,129		Calavo Growers, Inc		164
	10,929	b	Cal-Maine Foods, Inc		345
	142,333		Campbell Soup Co		4,946
	53,541	*	Central European Distribution Corp		1,226
	31,603	*	Chiquita Brands International, Inc		443
	4,202		Coca-Cola Bottling Co Consolidated		234
	1,607,968		Coca-Cola Co		105,755
	254,453		Coca-Cola Enterprises, Inc		6,369
	340,265		ConAgra Foods, Inc		7,683
	141,361	*	Constellation Brands, Inc (Class A)		3,131
	57,268		Corn Products International, Inc		2,634
	60,640	*	Darling International, Inc		805
	140,023	*	Dean Foods Co		1,238
	151,457		Del Monte Foods Co		2,847
	16,103		Diamond Foods, Inc		856
	27,600	*	Dole Food Co, Inc		373
	173,310		Dr Pepper Snapple Group, Inc		6,094
	5,320		Farmer Bros Co		95
	55,545		Flowers Foods, Inc		1,495
	31,042		Fresh Del Monte Produce, Inc		774
	505,964		General Mills, Inc		18,008
	85,098	*	Green Mountain Coffee Roasters, Inc		2,796
	2,482		Griffin Land & Nurseries, Inc (Class A)		80
	242,387		H.J. Heinz Co		11,989
	29,988	*	Hain Celestial Group, Inc		811
	51,477	*	Hansen Natural Corp		2,691
	7,067	*	Harbinger Group, Inc		44
	60,592	*	Heckmann Corp		305
	116,903		Hershey Co		5,512
	51,990		Hormel Foods Corp		2,665
	8,158		Imperial Sugar Co		109
	11,326		J&J Snack Foods Corp		546
	90,461		J.M. Smucker Co		5,939
	5,934	*	John B. Sanfilippo & Son, Inc		74
	197,923		Kellogg Co		10,111
	1,224,979		Kraft Foods, Inc (Class A)		38,600
	13,818		Lancaster Colony Corp		790
	22,384		Lance, Inc		525
	3,603	*	Lifeway Foods, Inc		34
	6,464		Limoneira Co		186
	116,784		Lorillard, Inc		9,583
	100,017		McCormick & Co, Inc		4,654
	156,241		Mead Johnson Nutrition Co		9,727
	9,066		Mgp Ingredients, Inc		100
	99,912		Molson Coors Brewing Co (Class B)		5,015
	5,604		National Beverage Corp		74
	1,231,103		PepsiCo, Inc		80,428
	1,413,709		Philip Morris International, Inc		82,745
	37,600	*	Pilgrim’s Pride Corp		267
	42,412	*	Ralcorp Holdings, Inc		2,757

280

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	255,856		Reynolds American, Inc	$	8,346
	17,484		Sanderson Farms, Inc		684
	504,203		Sara Lee Corp		8,829
	7,792	*	Seneca Foods Corp		210
	53,670	*	Smart Balance, Inc		232
	102,827	*	Smithfield Foods, Inc		2,121
	63,050	*	Star Scientific, Inc		123
	14,223	*	Synutra International, Inc		191
	20,485		Tootsie Roll Industries, Inc		593
	26,938	*	TreeHouse Foods, Inc		1,376
	230,318		Tyson Foods, Inc (Class A)		3,966
	18,707		Universal Corp		761
	33,438		Vector Group Ltd		579
			TOTAL FOOD, BEVERAGE & TOBACCO		540,944
HEALTH CARE EQUIPMENT & SERVICES - 4.5%
	15,924	*	Abaxis, Inc		428
	27,756	*	Abiomed, Inc		267
	9,173	*	Accretive Health, Inc		149
	38,943	*	Accuray, Inc		263
	309,598		Aetna, Inc		9,446
	265,746	*	Agilent Technologies, Inc		11,010
	7,464	*	Air Methods Corp		420
	53,512		Alcon, Inc		8,744
	47,580	*	Align Technology, Inc		930
	4,887	*	Alimera Sciences, Inc		51
	18,580	*	Alliance Imaging, Inc		79
	34,529	*	Allied Healthcare International, Inc		87
	88,579	*	Allscripts Healthcare Solutions, Inc		1,707
	7,268	*	Almost Family, Inc		279
	39,818	*	Alphatec Holdings, Inc		108
	21,596	*	Amedisys, Inc		723
	6,404		America Service Group, Inc		97
	9,851	*	American Dental Partners, Inc		133
	59,514	*	American Medical Systems Holdings, Inc		1,122
	37,665	*	AMERIGROUP Corp		1,654
	215,429		AmerisourceBergen Corp		7,350
	23,326	*	AMN Healthcare Services, Inc		143
	25,648	*	Amsurg Corp		537
	10,953		Analogic Corp		542
	18,523	*	Angiodynamics, Inc		285
	54,175	*	Antares Pharma, Inc		92
	20,843	*	Arthrocare Corp		647
	8,583	*	Assisted Living Concepts, Inc (A Shares)		279
	25,682	*	athenahealth, Inc		1,052
	1,039		Atrion Corp		186
	72,280		Bard (C.R.), Inc		6,633
	454,946		Baxter International, Inc		23,028
	52,670		Beckman Coulter, Inc		3,962
	177,892		Becton Dickinson & Co		15,035
	18,346	*	Bio-Reference Labs, Inc		407
	31,488	*	BioScrip, Inc		165

281

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	1,156,207	*	Boston Scientific Corp	$	8,752
	65,604	*	Brookdale Senior Living, Inc		1,405
	12,419		Cantel Medical Corp		291
	15,384	*	Capital Senior Living Corp		103
	277,015		Cardinal Health, Inc		10,612
	18,454	*	CardioNet, Inc		86
	139,222	*	CareFusion Corp		3,578
	27,814	*	Catalyst Health Solutions, Inc		1,293
	39,667	*	Centene Corp		1,005
	52,598	*	Cerner Corp		4,984
	28,816	*	Cerus Corp		71
	18,052		Chemed Corp		1,146
	8,056	*	Chindex International, Inc		133
	210,788		Cigna Corp		7,727
	72,212	*	Community Health Systems, Inc		2,699
	9,637		Computer Programs & Systems, Inc		451
	25,681	*	Conceptus, Inc		354
	22,053	*	Conmed Corp		583
	23,514	*	Continucare Corp		110
	34,815		Cooper Cos, Inc		1,961
	6,016	*	Corvel Corp		291
	114,216	*	Coventry Health Care, Inc		3,015
	381,890		Covidien plc		17,437
	22,090	*	Cross Country Healthcare, Inc		187
	27,223	*	CryoLife, Inc		148
	10,023	*	Cutera, Inc		83
	19,734	*	Cyberonics, Inc		612
	5,493	*	Cynosure, Inc (Class A)		56
	75,184	*	DaVita, Inc		5,225
	49,659	*	Delcath Systems, Inc		487
	110,654		Dentsply International, Inc		3,781
	45,477	*	DexCom, Inc		621
	7,198	*	DynaVox, Inc		37
	85,850	*	Edwards Lifesciences Corp		6,940
	28,435	*	Electro-Optical Sciences, Inc		95
	21,300	*	Emdeon, Inc		288
	22,414	*	Emergency Medical Services Corp (Class A)		1,448
	14,234	*	Emeritus Corp		281
	34,017	*	Endologix, Inc		243
	10,891		Ensign Group, Inc		271
	4,898	*	Exactech, Inc		92
	9,000	*	EXamWorks, Inc		166
	419,847	*	Express Scripts, Inc		22,694
	24,001	*	Five Star Quality Care, Inc		170
	17,233	*	Genoptix, Inc		328
	37,427	*	Gen-Probe, Inc		2,184
	22,160	*	Gentiva Health Services, Inc		589
	19,254	*	Greatbatch, Inc		465
	18,549	*	Haemonetics Corp		1,172
	22,869	*	Hanger Orthopedic Group, Inc		485
	32,412	*	Hansen Medical, Inc		48
	197,006	*	Health Management Associates, Inc (Class A)		1,879

282

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	76,650	*	Health Net, Inc	$	2,092
	71,500	*	Healthsouth Corp		1,481
	44,595	*	Healthspring, Inc		1,183
	28,116	*	Healthways, Inc		314
	7,155	*	HeartWare International, Inc		627
	69,402	*	Henry Schein, Inc		4,261
	49,054		Hill-Rom Holdings, Inc		1,931
	20,307	*	HMS Holdings Corp		1,315
	200,085	*	Hologic, Inc		3,766
	126,558	*	Hospira, Inc		7,048
	129,512	*	Humana, Inc		7,089
	9,095	*	ICU Medical, Inc		332
	43,803	*	Idexx Laboratories, Inc		3,032
	55,460	*	Immucor, Inc		1,100
	27,569	*	Insulet Corp		427
	16,250	*	Integra LifeSciences Holdings Corp		769
	29,949	*	Intuitive Surgical, Inc		7,719
	23,110		Invacare Corp		697
	63,072	*	Inverness Medical Innovations, Inc		2,308
	11,925	*	IPC The Hospitalist Co, Inc		465
	12,955	*	IRIS International, Inc		133
	8,260	*	Kensey Nash Corp		230
	29,869	*	Kindred Healthcare, Inc		549
	47,219	*	Kinetic Concepts, Inc		1,978
	79,656	*	Laboratory Corp of America Holdings		7,003
	8,629		Landauer, Inc		517
	11,885	*	LCA-Vision, Inc		68
	11,927	*	LHC Group, Inc		358
	42,511	*	LifePoint Hospitals, Inc		1,562
	74,282		Lincare Holdings, Inc		1,993
	25,596	*	Magellan Health Services, Inc		1,210
	17,643	*	MAKO Surgical Corp		269
	38,810		Masimo Corp		1,128
	195,278		McKesson Corp		13,744
	33,286	*	MedAssets, Inc		672
	11,469	*	Medcath Corp		160
	331,036	*	Medco Health Solutions, Inc		20,284
	9,627	*	Medical Action Industries, Inc		92
	14,224	*	Medidata Solutions, Inc		340
	8,997		MedQuist, Inc		78
	841,214		Medtronic, Inc		31,200
	38,200	*	Merge Healthcare, Inc		142
	31,965		Meridian Bioscience, Inc		740
	23,230	*	Merit Medical Systems, Inc		368
	30,372	*	Metropolitan Health Networks, Inc		136
	11,923	*	Molina Healthcare, Inc		332
	9,533	*	MWI Veterinary Supply, Inc		602
	6,756		National Healthcare Corp		313
	19,956	*	Natus Medical, Inc		283
	15,786	*	Neogen Corp		648
	30,456	*	NuVasive, Inc		781
	18,905	*	NxStage Medical, Inc		470

283

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	90,050		Omnicare, Inc	$	2,286
	24,067	*	Omnicell, Inc		348
	30,922	*	OraSure Technologies, Inc		178
	14,876	*	Orthofix International NV		431
	57,344	*	Orthovita, Inc		115
	48,567		Owens & Minor, Inc		1,429
	12,302	*	Palomar Medical Technologies, Inc		175
	79,206		Patterson Cos, Inc		2,426
	7,345	*	PDI, Inc		77
	35,963	*	Pediatrix Medical Group, Inc		2,420
	23,814	*	PharMerica Corp		273
	8,598	*	Providence Service Corp		138
	41,924	*	PSS World Medical, Inc		947
	15,188		Quality Systems, Inc		1,060
	107,798		Quest Diagnostics, Inc		5,818
	21,781	*	Quidel Corp		315
	18,890	*	RehabCare Group, Inc		448
	116,858	*	Resmed, Inc		4,048
	7,581	*	Rochester Medical Corp		83
	38,631	*	RTI Biologics, Inc		103
	14,756	*	Rural		215
	34,220	*	Select Medical Holdings Corp		250
	25,744	*	Sirona Dental Systems, Inc		1,076
	15,881	*	Skilled Healthcare Group, Inc (Class A)		143
	44,003	*	Solta Medical, Inc		134
	12,040	*	SonoSite, Inc		380
	21,581	*	Spectranetics Corp		111
	251,095	*	St. Jude Medical, Inc		10,734
	26,141	*	Staar Surgical Co		159
	16,786	*	Stereotaxis, Inc		64
	45,845		STERIS Corp		1,672
	241,276		Stryker Corp		12,957
	19,029	*	Sun Healthcare Group, Inc		241
	54,889	*	Sunrise Senior Living, Inc		299
	13,627	*	SurModics, Inc		162
	47,188	*	SXC Health Solutions Corp		2,022
	32,497	*	Symmetry Medical, Inc		301
	27,911	*	Syneron Medical Ltd		284
	9,221	*	Synovis Life Technologies, Inc		149
	11,500	*	Team Health Holdings, Inc		179
	30,710		Teleflex, Inc		1,653
	367,275	*	Tenet Healthcare Corp		2,457
	43,318	*	Thoratec Corp		1,227
	29,444	*	TomoTherapy, Inc		106
	4,824	*	Transcend Services, Inc		95
	14,800	*	Triple-S Management Corp (Class B)		282
	37,485	*	Unilife Corp		199
	867,689		UnitedHealth Group, Inc		31,333
	23,233		Universal American Financial Corp		475
	69,358		Universal Health Services, Inc (Class B)		3,012
	8,422	*	US Physical Therapy, Inc		167
	93,804	*	Varian Medical Systems, Inc		6,499

284

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	12,709	*	Vascular Solutions, Inc	$	149
	66,310	*	VCA Antech, Inc		1,544
	11,927	*	Vital Images, Inc		167
	37,127	*	Volcano Corp		1,014
	32,075	*	WellCare Health Plans, Inc		969
	304,790	*	WellPoint, Inc		17,330
	26,348		West Pharmaceutical Services, Inc		1,086
	28,863	*	Wright Medical Group, Inc		448
	4,290		Young Innovations, Inc		137
	155,004	*	Zimmer Holdings, Inc		8,321
	14,948	*	Zoll Medical Corp		557
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		487,418
HOUSEHOLD & PERSONAL PRODUCTS - 2.1%
	65,375		Alberto-Culver Co		2,421
	327,548		Avon Products, Inc		9,520
	46,305	*	Central Garden and Pet Co (Class A)		457
	53,334		Church & Dwight Co, Inc		3,681
	107,510		Clorox Co		6,803
	374,432		Colgate-Palmolive Co		30,093
	17,426	*	Elizabeth Arden, Inc		401
	54,076	*	Energizer Holdings, Inc		3,942
	85,023		Estee Lauder Cos (Class A)		6,861
	11,623		Female Health Co		66
	46,184		Herbalife Ltd		3,158
	9,091		Inter Parfums, Inc		171
	316,062		Kimberly-Clark Corp		19,925
	9,661	*	Medifast, Inc		279
	5,868	*	Nature’s Sunshine Products, Inc		53
	38,826		Nu Skin Enterprises, Inc (Class A)		1,175
	8,067	*	Nutraceutical International Corp		114
	3,981		Oil-Dri Corp of America		86
	32,300	*	Prestige Brands Holdings, Inc		386
	2,198,439		Procter & Gamble Co		141,425
	9,587	*	Revlon, Inc (Class A)		94
	9,325		Schiff Nutrition International, Inc		85
	11,963	*	Spectrum Brands, Inc		373
	6,878	*	USANA Health Sciences, Inc		299
	11,564		WD-40 Co		466
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		232,334
INSURANCE - 3.9%
	257,414		ACE Ltd		16,024
	359,602		Aflac, Inc		20,291
	4,869	*	Alleghany Corp		1,492
	32,822		Allied World Assurance Co Holdings Ltd		1,951
	409,110		Allstate Corp		13,042
	46,461		American Equity Investment Life Holding Co		583
	65,151		American Financial Group, Inc		2,104
	93,396	*	American International Group, Inc		5,381
	4,964		American National Insurance Co		425
	7,468	*	American Safety Insurance Holdings Ltd		160

285

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	13,065	*	Amerisafe, Inc	$	229
	17,807		Amtrust Financial Services, Inc		312
	249,787		AON Corp		11,493
	37,879	*	Arch Capital Group Ltd		3,335
	23,723		Argo Group International Holdings Ltd		888
	79,596		Arthur J. Gallagher & Co		2,315
	59,781		Aspen Insurance Holdings Ltd		1,711
	86,328		Assurant, Inc		3,325
	141,003		Assured Guaranty Ltd		2,496
	91,618		Axis Capital Holdings Ltd		3,287
	4,897		Baldwin & Lyons, Inc (Class B)		115
	1,320,307	*	Berkshire Hathaway, Inc (Class B)		105,769
	86,725		Brown & Brown, Inc		2,076
	232,827		Chubb Corp		13,886
	109,469		Cincinnati Financial Corp		3,469
	32,879	*	Citizens, Inc (Class A)		245
	19,762	*	CNA Financial Corp		535
	16,018	*	CNA Surety Corp		379
	177,105	*	Conseco, Inc		1,201
	14,025	*	Crawford & Co (Class B)		48
	36,264		Delphi Financial Group, Inc (Class A)		1,046
	9,364		Donegal Group, Inc (Class A)		136
	17,698	*	eHealth, Inc		251
	4,503		EMC Insurance Group, Inc		102
	34,055		Employers Holdings, Inc		595
	35,363		Endurance Specialty Holdings Ltd		1,629
	4,920	*	Enstar Group Ltd		416
	22,958		Erie Indemnity Co (Class A)		1,503
	44,269		Everest Re Group Ltd		3,755
	9,829		FBL Financial Group, Inc (Class A)		282
	178,542		Fidelity National Title Group, Inc (Class A)		2,442
	77,697		First American Financial Corp		1,161
	8,814		First Mercury Financial Corp		145
	40,236		Flagstone Reinsurance Holdings Ltd		507
	10,330	*	Fpic Insurance Group, Inc		382
	371,348	*	Genworth Financial, Inc (Class A)		4,880
	20,683	*	Greenlight Capital Re Ltd (Class A)		555
	7,438	*	Hallmark Financial Services		68
	32,699		Hanover Insurance Group, Inc		1,528
	10,427		Harleysville Group, Inc		383
	338,761		Hartford Financial Services Group, Inc		8,974
	87,439		HCC Insurance Holdings, Inc		2,530
	33,859	*	Hilltop Holdings, Inc		336
	29,235		Horace Mann Educators Corp		527
	10,619		Infinity Property & Casualty Corp		656
	2,078		Kansas City Life Insurance Co		69
	233,468		Lincoln National Corp		6,493
	240,330		Loews Corp		9,351
	34,934		Maiden Holdings Ltd		275
	7,378	*	Markel Corp		2,790
	411,379		Marsh & McLennan Cos, Inc		11,247
	74,338		Max Capital Group Ltd		1,609

286

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	113,030	*	MBIA, Inc	$	1,355
	42,189		Meadowbrook Insurance Group, Inc		432
	20,644		Mercury General Corp		888
	497,559		Metlife, Inc		22,111
	54,871		Montpelier Re Holdings Ltd		1,094
	36,167	*	National Financial Partners Corp		485
	9,917		National Interstate Corp		212
	1,551		National Western Life Insurance Co (Class A)		259
	8,494	*	Navigators Group, Inc		428
	195,723		Old Republic International Corp		2,668
	20,220		OneBeacon Insurance Group Ltd (Class A)		307
	59,200		PartnerRe Ltd		4,757
	98,653	*	Phoenix Cos, Inc		251
	32,655		Platinum Underwriters Holdings Ltd		1,468
	13,808		Presidential Life Corp		137
	18,348		Primerica, Inc		445
	244,384		Principal Financial Group		7,957
	23,604	*	ProAssurance Corp		1,430
	512,997		Progressive Corp		10,193
	65,519		Protective Life Corp		1,745
	355,512		Prudential Financial, Inc		20,871
	56,415		Reinsurance Group of America, Inc (Class A)		3,030
	41,793		RenaissanceRe Holdings Ltd		2,662
	14,489		RLI Corp		762
	11,015		Safety Insurance Group, Inc		524
	14,868		SeaBright Insurance Holdings, Inc		137
	40,400		Selective Insurance Group, Inc		733
	35,995		Stancorp Financial Group, Inc		1,625
	9,480		State Auto Financial Corp		165
	12,744		Stewart Information Services Corp		147
	25,000		Symetra Financial Corp		343
	62,213		Torchmark Corp		3,717
	31,231		Tower Group, Inc		799
	47,478		Transatlantic Holdings, Inc		2,451
	358,821		Travelers Cos, Inc		19,989
	12,914	*	United America Indemnity Ltd		264
	17,338		United Fire & Casualty Co		387
	39,343		Unitrin, Inc		965
	10,064		Universal Insurance Holdings, Inc		49
	253,134		UnumProvident Corp		6,131
	61,346		Validus Holdings Ltd		1,878
	97,634		W.R. Berkley Corp		2,673
	1,029		Wesco Financial Corp		379
	5,696		White Mountains Insurance Group Ltd		1,912
	246,530		XL Capital Ltd		5,379
			TOTAL INSURANCE		421,784
MATERIALS - 4.3%
	24,943		A. Schulman, Inc		571
	5,113	*	AEP Industries, Inc		133
	161,270		Air Products & Chemicals, Inc		14,668
	63,364		Airgas, Inc		3,958

287

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	78,358		AK Steel Holding Corp	$	1,283
	71,187		Albemarle Corp		3,971
	783,333		Alcoa, Inc		12,055
	75,995		Allegheny Technologies, Inc		4,193
	57,287	*	Allied Nevada Gold Corp		1,507
	18,209		AMCOL International Corp		564
	18,079		American Vanguard Corp		154
	52,265		Aptargroup, Inc		2,486
	17,411		Arch Chemicals, Inc		660
	60,252		Ashland, Inc		3,064
	21,090		Balchem Corp		713
	69,573		Ball Corp		4,735
	81,337		Bemis Co, Inc		2,656
	49,983		Boise, Inc		396
	14,781	*	Brush Engineered Materials, Inc		571
	26,323		Buckeye Technologies, Inc		553
	50,868		Cabot Corp		1,915
	45,612	*	Calgon Carbon Corp		690
	41,898	*	Capital Gold Corp		212
	34,840		Carpenter Technology Corp		1,402
	11,808	*	Castle (A.M.) & Co		217
	120,746		Celanese Corp (Series A)		4,971
	49,500	*	Century Aluminum Co		769
	54,360		CF Industries Holdings, Inc		7,347
	8,801	*	Clearwater Paper Corp		689
	103,149		Cleveland-Cliffs, Inc		8,047
	69,583	*	Coeur d’Alene Mines Corp		1,901
	86,134		Commercial Metals Co		1,429
	25,270		Compass Minerals International, Inc		2,256
	121,785	*	Crown Holdings, Inc		4,065
	38,318		Cytec Industries, Inc		2,033
	9,014		Deltic Timber Corp		508
	32,513		Domtar Corporation		2,468
	881,572		Dow Chemical Co		30,098
	691,653		Du Pont (E.I.) de Nemours & Co		34,501
	33,735		Eagle Materials, Inc		953
	55,878		Eastman Chemical Co		4,698
	178,172		Ecolab, Inc		8,983
	66,070	*	Ferro Corp		967
	54,712		FMC Corp		4,371
	359,361		Freeport-McMoRan Copper & Gold, Inc (Class B)		43,157
	84,902	*	General Moly, Inc		550
	25,535	*	Georgia Gulf Corp		614
	35,119		Glatfelter		431
	47,286		Globe Specialty Metals, Inc		808
	196,126	*	Golden Star Resources Ltd		900
	13,000	*	Graham Packaging Co, Inc		170
	86,187	*	Graphic Packaging Holding Co		335
	26,849		Greif, Inc (Class A)		1,662
	36,079		H.B. Fuller Co		740
	6,809		Hawkins, Inc		302
	9,402		Haynes International, Inc		393

288

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	54,162	*	Headwaters, Inc	$	248
	195,918	*	Hecla Mining Co		2,206
	33,599	*	Horsehead Holding Corp		438
	141,592		Huntsman Corp		2,210
	16,427		Innophos Holdings, Inc		593
	61,427		International Flavors & Fragrances, Inc		3,415
	333,283		International Paper Co		9,080
	33,342	*	Intrepid Potash, Inc		1,243
	65,101	*	Jaguar Mining, Inc		464
	11,905		Kaiser Aluminum Corp		596
	25,561	*	Kapstone Paper and Packaging Corp		391
	4,800		KMG Chemicals, Inc		80
	16,539		Koppers Holdings, Inc		592
	8,500	*	Kraton Polymers LLC		263
	14,893	*	Landec Corp		89
	91,007	*	Louisiana-Pacific Corp		861
	16,187	*	LSB Industries, Inc		393
	52,604		Lubrizol Corp		5,622
	35,019		Martin Marietta Materials, Inc		3,230
	131,629		MeadWestvaco Corp		3,443
	8,652	*	Metals USA Holdings Corp		132
	14,800		Minerals Technologies, Inc		968
	19,600	*	Molycorp, Inc		978
	416,069		Monsanto Co		28,976
	120,499		Mosaic Co		9,201
	23,791		Myers Industries, Inc		232
	100,113		Nalco Holding Co		3,198
	11,726		Neenah Paper, Inc		231
	7,956		NewMarket Corp		982
	363,189		Newmont Mining Corp		22,311
	4,943		NL Industries, Inc		55
	8,552	*	Noranda Aluminium Holding Corp		125
	240,914		Nucor Corp		10,557
	63,038		Olin Corp		1,294
	9,331		Olympic Steel, Inc		268
	23,303	*	OM Group, Inc		897
	32,453	*	Omnova Solutions, Inc		271
	127,123	*	Owens-Illinois, Inc		3,903
	79,420		Packaging Corp of America		2,052
	67,684	*	PolyOne Corp		845
	126,907		PPG Industries, Inc		10,669
	233,284		Praxair, Inc		22,272
	7,327		Quaker Chemical Corp		305
	55,860		Reliance Steel & Aluminum Co		2,854
	28,937		Rock-Tenn Co (Class A)		1,561
	40,015	*	Rockwood Holdings, Inc		1,565
	39,244		Royal Gold, Inc		2,144
	98,223		RPM International, Inc		2,171
	23,200	*	RTI International Metals, Inc		626
	16,575		Schnitzer Steel Industries, Inc (Class A)		1,100
	14,072		Schweitzer-Mauduit International, Inc		885
	34,625		Scotts Miracle-Gro Co (Class A)		1,758

289

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	123,206		Sealed Air Corp	$	3,136
	30,735	*	Senomyx, Inc		219
	38,347		Sensient Technologies Corp		1,408
	69,942		Sherwin-Williams Co		5,858
	92,044		Sigma-Aldrich Corp		6,126
	40,280		Silgan Holdings, Inc		1,442
	93,627	*	Solutia, Inc		2,161
	77,510		Sonoco Products Co		2,610
	130,495		Southern Copper Corp (NY)		6,360
	25,932	*	Spartech Corp		243
	165,292		Steel Dynamics, Inc		3,025
	5,500		Stepan Co		419
	34,216	*	Stillwater Mining Co		731
	21,697	*	STR Holdings, Inc		434
	83,185		Temple-Inland, Inc		1,767
	14,719		Texas Industries, Inc		674
	6,142	*	Texas Petrochemicals, Inc		186
	117,658	*	Thompson Creek Metals Co, Inc		1,732
	65,998	*	Titanium Metals Corp		1,134
	1,357	*	United States Lime & Minerals, Inc		57
	108,604		United States Steel Corp		6,345
	4,623	*	Universal Stainless & Alloy		145
	21,458	*	US Energy Corp Wyoming		130
	68,813	*	US Gold Corp		555
	76,637		Valspar Corp		2,642
	98,368		Vulcan Materials Co		4,364
	40,449		Walter Energy, Inc		5,171
	37,679		Wausau Paper Corp		324
	15,532		Westlake Chemical Corp		675
	46,555		Worthington Industries, Inc		857
	54,089	*	WR Grace & Co		1,900
	15,316		Zep, Inc		304
	19,213	*	Zoltek Cos, Inc		222
			TOTAL MATERIALS		468,642
MEDIA - 3.0%
	13,486	*	AH Belo Corp (Class A)		117
	20,466		Arbitron, Inc		850
	10,098	*	Ascent Media Corp (Series A)		391
	10,405	*	Ballantyne Strong, Inc		81
	72,008	*	Belo (A.H.) Corp (Class A)		510
	179,035		Cablevision Systems Corp (Class A)		6,059
	8,632	*	Carmike Cinemas, Inc		67
	521,879		CBS Corp (Class B)		9,942
	27,491	*	Central European Media Enterprises Ltd (Class A) Nasdaq		559
	39,403		Cinemark Holdings, Inc		679
	44,420	*	CKX, Inc		179
	28,047	*	Clear Channel Outdoor Holdings, Inc (Class A)		394
	2,148,426		Comcast Corp (Class A)		47,202
	13,062	*	Crown Media Holdings, Inc (Class A)		34
	17,373	*	Cumulus Media, Inc (Class A)		75
	38,457	*	Dex One Corp		287

290

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	621,172	*	DIRECTV	$	24,803
	216,573	*	Discovery Communications, Inc (Class A)		9,031
	150,884		DISH Network Corp (Class A)		2,966
	55,399	*	DreamWorks Animation SKG, Inc (Class A)		1,633
	18,269	*	Entercom Communications Corp (Class A)		212
	38,482	*	Entravision Communications Corp (Class A)		99
	21,197	*	EW Scripps Co (Class A)		215
	5,404	*	Fisher Communications, Inc		118
	184,081		Gannett Co, Inc		2,778
	8,856	*	Global Sources Ltd		84
	37,922	*	Gray Television, Inc		71
	33,505		Harte-Hanks, Inc		428
	376,254	*	Interpublic Group of Cos, Inc		3,996
	33,375		John Wiley & Sons, Inc (Class A)		1,510
	42,642	*	Journal Communications, Inc (Class A)		215
	23,300	*	Knology, Inc		364
	43,505	*	Lamar Advertising Co (Class A)		1,733
	35,471	*	Lee Enterprises, Inc		87
	180,524	*	Liberty Global, Inc (Class A)		6,387
	56,043	*	Liberty Media Corp - Capital (Series A)		3,506
	38,682	*	Liberty Media Corp - Starz		2,572
	29,608	*	Lin TV Corp (Class A)		157
	52,820	*	Lions Gate Entertainment Corp		344
	108,249	*	Live Nation, Inc		1,236
	14,920	*	Lodgenet Entertainment Corp		63
	45,616	*	Madison Square Garden, Inc		1,176
	29,313	*	Martha Stewart Living Omnimedia, Inc (Class A)		130
	51,376	*	McClatchy Co (Class A)		240
	240,494		McGraw-Hill Cos, Inc		8,756
	16,772	*	Media General, Inc (Class A)		97
	36,987	*	Mediacom Communications Corp (Class A)		313
	26,535		Meredith Corp		919
	16,901		Morningstar, Inc		897
	40,500		National CineMedia, Inc		806
	104,815	*	New York Times Co (Class A)		1,027
	1,743,736		News Corp (Class A)		25,389
	7,914	*	Nexstar Broadcasting Group, Inc (Class A)		47
	234,585		Omnicom Group, Inc		10,744
	11,051		Outdoor Channel Holdings, Inc		79
	12,663	*	Playboy Enterprises, Inc (Class B)		66
	31,380		Primedia, Inc		132
	24,625	*	Radio One, Inc		28
	3,854	*	ReachLocal, Inc		77
	60,087		Regal Entertainment Group (Class A)		705
	7,217	*	Rentrak Corp		218
	22,736		Scholastic Corp		672
	69,106		Scripps Networks Interactive (Class A)		3,576
	34,573		Sinclair Broadcast Group, Inc (Class A)		283
	2,914,689	*	Sirius XM Radio, Inc		4,780
	10,001	*	SuperMedia, Inc		87
	286,206		Thomson Corp		10,667
	269,897		Time Warner Cable, Inc		17,821

291

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	870,042		Time Warner, Inc	$	27,990
	38,340	*	Valassis Communications, Inc		1,240
	463,074		Viacom, Inc (Class B)		18,342
	256,036		Virgin Media, Inc		6,974
	1,495,715		Walt Disney Co		56,105
	39,735	*	Warner Music Group Corp		224
	4,250		Washington Post Co (Class B)		1,868
	3,997	*	Westwood One, Inc		36
	18,692		World Wrestling Entertainment, Inc (Class A)		266
			TOTAL MEDIA		334,811
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.6%
	1,178,349		Abbott Laboratories		56,455
	38,595	*	Accelrys, Inc		320
	29,951	*	Acorda Therapeutics, Inc		816
	6,188	*	Acura Pharmaceuticals, Inc		20
	14,564	*	Affymax, Inc		97
	56,476	*	Affymetrix, Inc		284
	31,521	*	Akorn, Inc		191
	17,349	*	Albany Molecular Research, Inc		98
	69,087	*	Alexion Pharmaceuticals, Inc		5,565
	29,730	*	Alexza Pharmaceuticals, Inc		37
	70,988	*	Alkermes, Inc		872
	231,686		Allergan, Inc		15,910
	63,430	*	Allos Therapeutics, Inc		292
	27,380	*	Alnylam Pharmaceuticals, Inc		270
	16,995	*	AMAG Pharmaceuticals, Inc		308
	731,615	*	Amgen, Inc		40,165
	110,387	*	Amylin Pharmaceuticals, Inc		1,624
	12,961	*	Ardea Biosciences, Inc		337
	86,496	*	Arena Pharmaceuticals, Inc		149
	95,008	*	Ariad Pharmaceuticals, Inc		485
	31,352	*	Arqule, Inc		184
	33,623	*	Array Biopharma, Inc		101
	33,391	*	Auxilium Pharmaceuticals, Inc		705
	68,911	*	AVANIR Pharmaceuticals, Inc		281
	6,772	*	AVEO Pharmaceuticals, Inc		99
	59,505	*	AVI BioPharma, Inc		126
	22,254	*	BioCryst Pharmaceuticals, Inc		115
	7,894	*	Biodel, Inc		14
	184,716	*	Biogen Idec, Inc		12,385
	76,417	*	BioMarin Pharmaceuticals, Inc		2,058
	8,360	*	BioMimetic Therapeutics, Inc		106
	14,217	*	Bio-Rad Laboratories, Inc (Class A)		1,476
	50,971	*	Biosante Pharmaceuticals, Inc		84
	2,885	*	Biospecifics Technologies Corp		74
	16,168	*	Biotime, Inc		135
	19,314	*	BMP Sunstone Corp		191
	1,313,307		Bristol-Myers Squibb Co		34,776
	55,811	*	Bruker BioSciences Corp		926
	17,732	*	Cadence Pharmaceuticals, Inc		134
	34,601	*	Caliper Life Sciences, Inc		219

292

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	20,927	*	Cambrex Corp	$	108
	5,883	*	Caraco Pharmaceutical Laboratories Ltd		27
	62,836	*	Celera Corp		396
	352,878	*	Celgene Corp		20,869
	24,391	*	Celldex Therapeutics, Inc		100
	56,502	*	Cephalon, Inc		3,487
	45,716	*	Cepheid, Inc		1,040
	45,191	*	Charles River Laboratories International, Inc		1,606
	14,400	*	Chelsea Therapeutics International, Inc		108
	17,449	*	China Aoxing Pharmaceutical Co, Inc		49
	7,443	*	Clinical Data, Inc		118
	7,697	*	Codexis, Inc		82
	51,595	*	Combinatorx, Inc		82
	7,338	*	Compound partnering business		106
	19,348	*	Corcept Therapeutics, Inc		75
	5,072	*	Cornerstone Therapeutics, Inc		29
	50,029	*	Covance, Inc		2,572
	45,663	*	Cubist Pharmaceuticals, Inc		977
	9,817	*	Cumberland Pharmaceuticals, Inc		59
	47,886	*	Curis, Inc		95
	35,559	*	Cypress Bioscience, Inc		230
	33,643	*	Cytokinetics, Inc		70
	30,280	*	Cytori Therapeutics, Inc		157
	80,922	*	Cytrx		82
	109,911	*	Dendreon Corp		3,838
	56,725	*	Depomed, Inc		361
	12,962	*	Dionex Corp		1,530
	50,131	*	Durect Corp		173
	69,074	*	Dyax Corp		148
	55,178	*	Dynavax Technologies Corp		177
	776,987		Eli Lilly & Co		27,226
	12,093	*	Emergent Biosolutions, Inc		284
	89,664	*	Endo Pharmaceuticals Holdings, Inc		3,202
	18,855	*	Enzo Biochem, Inc		100
	43,349	*	Enzon Pharmaceuticals, Inc		528
	35,238	*	eResearch Technology, Inc		259
	13,986	*	Eurand NV		165
	27,087	*	Exact Sciences Corp		162
	87,374	*	Exelixis, Inc		717
	217,582	*	Forest Laboratories, Inc		6,958
	11,423	*	Genomic Health, Inc		244
	202,644	*	Genzyme Corp		14,428
	88,925	*	Geron Corp		460
	640,222	*	Gilead Sciences, Inc		23,202
	59,871	*	Halozyme Therapeutics, Inc		474
	6,140	*	Hi-Tech Pharmacal Co, Inc		153
	144,582	*	Human Genome Sciences, Inc		3,454
	27,652	*	Idenix Pharmaceuticals, Inc		139
	93,920	*	Illumina, Inc		5,949
	54,113	*	Immunogen, Inc		501
	54,649	*	Immunomedics, Inc		196
	46,831	*	Impax Laboratories, Inc		942

293

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	67,377	*	Incyte Corp	$	1,116
	14,237	*	Infinity Pharmaceuticals, Inc		84
	36,185	*	Inhibitex, Inc		94
	60,884	*	Inovio Biomedical Corp		70
	47,438	*	Inspire Pharmaceuticals, Inc		398
	37,610	*	InterMune, Inc		1,369
	14,813	*	Ironwood Pharmaceuticals, Inc		153
	74,058	*	Isis Pharmaceuticals, Inc		749
	12,001	*	Jazz Pharmaceuticals, Inc		236
	2,105,454		Johnson & Johnson		130,223
	10,294	*	Kendle International, Inc		112
	39,709	*	Keryx Biopharmaceuticals, Inc		182
	190,295	*	King Pharmaceuticals, Inc		2,674
	7,363	*	Lannett Co, Inc		41
	154,334	*	Lexicon Pharmaceuticals, Inc		222
	138,630	*	Life Technologies Corp		7,694
	14,627	*	Ligand Pharmaceuticals, Inc (Class B)		130
	31,134	*	Luminex Corp		569
	55,893	*	MannKind Corp		450
	10,443	*	MAP Pharmaceuticals, Inc		175
	25,699	*	Martek Biosciences Corp		804
	16,427		Maxygen, Inc		65
	41,466	*	Medicines Co		586
	45,638		Medicis Pharmaceutical Corp (Class A)		1,223
	28,163	*	Medivation, Inc		427
	2,380,354		Merck & Co, Inc		85,789
	17,882	*	Metabolix, Inc		218
	25,184	*	Mettler-Toledo International, Inc		3,808
	60,776	*	Micromet, Inc		494
	34,069	*	Momenta Pharmaceuticals, Inc		510
	332,723	*	Mylan Laboratories, Inc		7,030
	72,298	*	Myriad Genetics, Inc		1,651
	40,164	*	Nabi Biopharmaceuticals		233
	8,950	*	Nanosphere, Inc		39
	76,148	*	Nektar Therapeutics		979
	19,348	*	Neostem, Inc		27
	33,107	*	Neuralstem, Inc		70
	37,513	*	Neurocrine Biosciences, Inc		287
	7,464	*	NeurogesX, Inc		47
	69,550	*	Novavax, Inc		169
	45,495	*	NPS Pharmaceuticals, Inc		359
	15,169	*	Nymox Pharmaceutical Corp		107
	12,855	*	Obagi Medical Products, Inc		148
	13,807	*	Omeros Corp		114
	48,332	*	Onyx Pharmaceuticals, Inc		1,782
	69,903	*	Opko Health, Inc		257
	22,266	*	Optimer Pharmaceuticals, Inc		252
	23,670	*	Orexigen Therapeutics, Inc		191
	12,630	*	Osiris Therapeutics, Inc		98
	11,600	*	Pacific Biosciences of California, Inc		185
	24,948		Pain Therapeutics, Inc		168
	26,028	*	Par Pharmaceutical Cos, Inc		1,002

294

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	46,868	*	Parexel International Corp	$	995
	115,867		PDL BioPharma, Inc		722
	39,629	*	Peregrine Pharmaceuticals, Inc		91
	89,639		PerkinElmer, Inc		2,314
	61,547		Perrigo Co		3,898
	6,157,268		Pfizer, Inc		107,815
	81,377		Pharmaceutical Product Development, Inc		2,209
	28,599	*	Pharmacyclics, Inc		174
	22,523	*	Pharmasset, Inc		978
	15,548	*	Pozen, Inc		103
	15,641	*	Progenics Pharmaceuticals, Inc		85
	26,244	*	Pure Bioscience		58
	45,923	*	Questcor Pharmaceuticals, Inc		676
	54,116	*	Regeneron Pharmaceuticals, Inc		1,777
	38,564	*	Rigel Pharmaceuticals, Inc		290
	43,161	*	Salix Pharmaceuticals Ltd		2,027
	32,625	*	Sangamo Biosciences, Inc		217
	40,020	*	Santarus, Inc		131
	60,281	*	Savient Pharmaceuticals, Inc		672
	28,586	*	Sciclone Pharmaceuticals, Inc		119
	64,120	*	Seattle Genetics, Inc		959
	81,143	*	Sequenom, Inc		651
	19,701	*	SIGA Technologies, Inc		276
	22,720	*	Somaxon Pharmaceuticals, Inc		72
	47,540	*	Spectrum Pharmaceuticals, Inc		327
	77,753	*	StemCells, Inc		84
	6,322	*	Sucampo Pharmaceuticals, Inc (Class A)		24
	44,629	*	SuperGen, Inc		117
	11,524	*	Synta Pharmaceuticals Corp		71
	38,600	*	Talecris Biotherapeutics Holdings Corp		899
	18,344	*	Targacept, Inc		486
	28,421		Techne Corp		1,866
	47,348	*	Theravance, Inc		1,187
	312,461	*	Thermo Electron Corp		17,298
	38,302	*	United Therapeutics Corp		2,421
	26,661	*	Vanda Pharmaceuticals, Inc		252
	159,837	*	Vertex Pharmaceuticals, Inc		5,599
	44,579	*	Vical, Inc		90
	60,661	*	Viropharma, Inc		1,051
	62,291	*	Vivus, Inc		584
	69,342		Warner Chilcott plc		1,564
	70,448	*	Waters Corp		5,475
	85,803	*	Watson Pharmaceuticals, Inc		4,432
	22,676	*	Xenoport, Inc		193
	38,472	*	ZIOPHARM Oncology, Inc		179
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		734,346
REAL ESTATE - 2.6%
	30,272		Acadia Realty Trust		552
	5,860		Agree Realty Corp		153
	1,423		Alexander’s, Inc		587
	41,774		Alexandria Real Estate Equities, Inc		3,060

295

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	129,655		AMB Property Corp	$	4,111
	49,786		American Campus Communities, Inc		1,581
	38,512		American Capital Agency Corp		1,107
	470,783		Annaly Mortgage Management, Inc		8,436
	87,436		Anworth Mortgage Asset Corp		612
	90,448		Apartment Investment & Management Co (Class A)		2,337
	13,700		Apollo Commercial Real Estate Finance, Inc		224
	34,038	*	Ashford Hospitality Trust, Inc		328
	38,683		Associated Estates Realty Corp		591
	63,799		AvalonBay Communities, Inc		7,181
	7,072	*	Avatar Holdings, Inc		140
	99,986		BioMed Realty Trust, Inc		1,865
	106,071		Boston Properties, Inc		9,132
	101,192		Brandywine Realty Trust		1,179
	49,261		BRE Properties, Inc (Class A)		2,143
	50,873		Camden Property Trust		2,746
	23,300		Campus Crest Communities, Inc		327
	54,804		Capital Lease Funding, Inc		319
	53,838		Capstead Mortgage Corp		678
	216,135	*	CB Richard Ellis Group, Inc (Class A)		4,425
	106,965		CBL & Associates Properties, Inc		1,872
	41,738		Cedar Shopping Centers, Inc		263
	6,764		Chatham Lodging Trust		117
	5,500		Chesapeake Lodging Trust		103
	757,920		Chimera Investment Corp		3,115
	39,627		Cogdell Spencer, Inc		230
	53,928		Colonial Properties Trust		973
	11,100		Colony Financial, Inc		222
	4,977		Consolidated-Tomoka Land Co		144
	15,000		Coresite Realty		205
	51,077		Corporate Office Properties Trust		1,785
	67,154		Cousins Properties, Inc		560
	10,600		CreXus Investment Corp		139
	24,156		Cypress Sharpridge Investments, Inc		312
	158,800		DCT Industrial Trust, Inc		843
	153,986		Developers Diversified Realty Corp		2,170
	116,611		DiamondRock Hospitality Co		1,399
	66,471		Digital Realty Trust, Inc		3,426
	94,119		Douglas Emmett, Inc		1,562
	192,154		Duke Realty Corp		2,394
	31,857		DuPont Fabros Technology, Inc		678
	11,587		Dynex Capital, Inc		127
	20,779		EastGroup Properties, Inc		879
	43,827		Education Realty Trust, Inc		341
	35,904		Entertainment Properties Trust		1,661
	19,332		Equity Lifestyle Properties, Inc		1,081
	26,061		Equity One, Inc		474
	216,420		Equity Residential		11,242
	23,054		Essex Property Trust, Inc		2,633
	11,724		Excel Trust, Inc		142
	64,214		Extra Space Storage, Inc		1,117
	46,343		Federal Realty Investment Trust		3,612

296

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	74,227	*	FelCor Lodging Trust, Inc	$	523
	51,100	*	First Industrial Realty Trust, Inc		448
	32,992		First Potomac Realty Trust		555
	97,002	*	Forest City Enterprises, Inc (Class A)		1,619
	29,389	*	Forestar Real Estate Group, Inc		567
	56,329		Franklin Street Properties Corp		803
	280,410	b	General Growth Properties, Inc		4,341
	14,898		Getty Realty Corp		466
	6,667		Gladstone Commercial Corp		126
	73,526		Glimcher Realty Trust		618
	20,981		Government Properties Income Trust		562
	35,236		Hatteras Financial Corp		1,067
	236,882		HCP, Inc		8,714
	112,007		Health Care REIT, Inc		5,336
	48,074		Healthcare Realty Trust, Inc		1,018
	89,483		Hersha Hospitality Trust		591
	54,288		Highwoods Properties, Inc		1,729
	30,266		Home Properties, Inc		1,679
	94,278		Hospitality Properties Trust		2,172
	502,942		Host Marriott Corp		8,987
	22,425	*	Howard Hughes Corp		1,220
	49,494		HRPT Properties Trust		1,263
	7,900		Hudson Pacific Properties		119
	53,550		Inland Real Estate Corp		471
	30,500		Invesco Mortgage Capital, Inc		666
	61,579		Investors Real Estate Trust		552
	98,938	*	iStar Financial, Inc		774
	32,173		Jones Lang LaSalle, Inc		2,700
	16,390	*	Kennedy-Wilson Holdings, Inc		164
	41,516		Kilroy Realty Corp		1,514
	312,567		Kimco Realty Corp		5,639
	35,097		Kite Realty Group Trust		190
	52,068		LaSalle Hotel Properties		1,375
	76,013		Lexington Corporate Properties Trust		604
	85,677		Liberty Property Trust		2,735
	21,755		LTC Properties, Inc		611
	100,140		Macerich Co		4,744
	59,666		Mack-Cali Realty Corp		1,973
	37,179	*	Maguire Properties, Inc		102
	86,187		Medical Properties Trust, Inc		933
	204,955		MFA Mortgage Investments, Inc		1,672
	23,305		Mid-America Apartment Communities, Inc		1,480
	14,218		Mission West Properties, Inc		95
	20,723		Monmouth Real Estate Investment Corp (Class A)		176
	18,385		National Health Investors, Inc		828
	64,357		National Retail Properties, Inc		1,705
	92,291		Nationwide Health Properties, Inc		3,358
	47,279	*	Newcastle Investment Corp		317
	63,283		NorthStar Realty Finance Corp		301
	32,022		NRDC Acquisition Corp		317
	70,665		Omega Healthcare Investors, Inc		1,586
	6,398		One Liberty Properties, Inc		107

297

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	16,523		Parkway Properties, Inc	$	289
	26,100		Pebblebrook Hotel Trust		530
	46,426		Pennsylvania Real Estate Investment Trust		675
	11,300		Pennymac Mortgage Investment Trust		205
	40,500		Piedmont Office Realty Trust, Inc		816
	123,433		Plum Creek Timber Co, Inc		4,623
	36,066		Post Properties, Inc		1,309
	30,874		Potlatch Corp		1,005
	435,387		Prologis		6,287
	13,782		PS Business Parks, Inc		768
	106,768		Public Storage, Inc		10,827
	84,870	*	RAIT Investment Trust		186
	29,459		Ramco-Gershenson Properties		367
	59,687		Rayonier, Inc		3,135
	90,237		Realty Income Corp		3,086
	59,452		Redwood Trust, Inc		888
	61,243		Regency Centers Corp		2,587
	32,667		Resource Capital Corp		241
	19,029		Sabra Healthcare REIT, Inc		350
	4,382		Saul Centers, Inc		207
	108,382		Senior Housing Properties Trust		2,378
	223,537		Simon Property Group, Inc		22,239
	60,155		SL Green Realty Corp		4,061
	21,282		Sovran Self Storage, Inc		783
	69,749	*	St. Joe Co		1,524
	36,500		Starwood Property Trust, Inc		784
	118,688	*	Strategic Hotels & Resorts, Inc		628
	14,717		Sun Communities, Inc		490
	89,758	*	Sunstone Hotel Investors, Inc		927
	31,091		Tanger Factory Outlet Centers, Inc		1,592
	42,522		Taubman Centers, Inc		2,147
	11,747	*	Tejon Ranch Co		324
	6,500	*	Terreno Realty Corp		117
	26,189	*	Thomas Properties Group, Inc		111
	19,797		Two Harbors Investment Corp		194
	138,969		UDR, Inc		3,269
	6,794		UMH Properties, Inc		69
	10,285		Universal Health Realty Income Trust		376
	19,529		Urstadt Biddle Properties, Inc (Class A)		380
	72,463		U-Store-It Trust		691
	120,079		Ventas, Inc		6,302
	123,063		Vornado Realty Trust		10,254
	23,146		Walter Investment Management Corp		415
	45,489		Washington Real Estate Investment Trust		1,410
	88,505		Weingarten Realty Investors		2,103
	409,459		Weyerhaeuser Co		7,751
	16,316		Winthrop Realty Trust		209
			TOTAL REAL ESTATE		291,756
RETAILING - 3.7%
	14,742	*	1-800-FLOWERS.COM, Inc (Class A)		40
	34,292	*	99 Cents Only Stores		547

298

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	68,065		Abercrombie & Fitch Co (Class A)	$	3,923
	66,226		Advance Auto Parts, Inc		4,381
	72,957	*	Aeropostale, Inc		1,798
	267,127	*	Amazon.com, Inc		48,082
	149,222		American Eagle Outfitters, Inc		2,183
	6,968	*	America’s Car-Mart, Inc		189
	42,913	*	AnnTaylor Stores Corp		1,175
	19,614	*	Asbury Automotive Group, Inc		362
	10,900	*	Audiovox Corp (Class A)		94
	50,389	*	Autonation, Inc		1,421
	20,083	*	Autozone, Inc		5,474
	28,636		Barnes & Noble, Inc		405
	23,033		Bebe Stores, Inc		137
	200,871	*	Bed Bath & Beyond, Inc		9,873
	247,752		Best Buy Co, Inc		8,495
	15,894		Big 5 Sporting Goods Corp		243
	57,683	*	Big Lots, Inc		1,757
	8,566	*	Blue Nile, Inc		489
	9,116	*	Bon-Ton Stores, Inc/the		115
	5,600		Books-A-Million, Inc		32
	41,091	*	Borders Group, Inc		37
	32,106		Brown Shoe Co, Inc		447
	19,480		Buckle, Inc		736
	10,668	*	Build-A-Bear Workshop, Inc		82
	30,566	*	Cabela’s, Inc		665
	173,107	*	Carmax, Inc		5,519
	32,976	*	Casual Male Retail Group, Inc		156
	21,208		Cato Corp (Class A)		581
	84,814	*	Charming Shoppes, Inc		301
	136,751		Chico’s FAS, Inc		1,645
	20,820	*	Children’s Place Retail Stores, Inc		1,034
	27,159		Christopher & Banks Corp		167
	12,866	*	Citi Trends, Inc		316
	46,768	*	Coldwater Creek, Inc		148
	48,995	*	Collective Brands, Inc		1,034
	12,208	*	Conn’s, Inc		57
	8,334	*	Core-Mark Holding Co, Inc		297
	3,762	*	Destination Maternity Corp		143
	67,126	*	Dick’s Sporting Goods, Inc		2,517
	35,338		Dillard’s, Inc (Class A)		1,341
	52,512	*	Dollar General Corp		1,611
	96,091	*	Dollar Tree, Inc		5,389
	45,763	*	Dress Barn, Inc		1,209
	61,220	*	Drugstore.Com		135
	12,248	*	DSW, Inc (Class A)		479
	158,241		Expedia, Inc		3,970
	12,097		Express Parent LLC		227
	96,798		Family Dollar Stores, Inc		4,812
	39,004		Finish Line, Inc (Class A)		670
	119,112		Foot Locker, Inc		2,337
	29,664		Fred’s, Inc (Class A)		408
	11,202		Gaiam, Inc (Class A)		86

299

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	117,815	*	GameStop Corp (Class A)	$	2,696
	324,261		Gap, Inc		7,179
	18,687	*	Genesco, Inc		701
	120,655		Genuine Parts Co		6,194
	17,217		Group 1 Automotive, Inc		719
	47,951		Guess ?, Inc		2,269
	16,062		Haverty Furniture Cos, Inc		208
	9,008	*	hhgregg, Inc		189
	20,590	*	Hibbett Sports, Inc		760
	1,293,091		Home Depot, Inc		45,337
	36,184		Hot Topic, Inc		227
	30,139	*	HSN, Inc		923
	41,094	*	J Crew Group, Inc		1,773
	179,300		JC Penney Co, Inc		5,793
	20,233	*	Jo-Ann Stores, Inc		1,218
	19,864	*	JOS A Bank Clothiers, Inc		801
	13,001	*	Kirkland’s, Inc		182
	235,033	*	Kohl’s Corp		12,771
	460,658	*	Liberty Media Holding Corp (Interactive A)		7,265
	206,045		Limited Brands, Inc		6,332
	20,412		Lithia Motors, Inc (Class A)		292
	110,420	*	LKQ Corp		2,509
	1,101,080		Lowe’s Cos, Inc		27,616
	16,815	*	Lumber Liquidators, Inc		419
	321,128		Macy’s, Inc		8,125
	16,477	*	MarineMax, Inc		154
	40,609		Men’s Wearhouse, Inc		1,014
	10,010	*	Midas, Inc		81
	22,581		Monro Muffler, Inc		781
	30,779	*	NetFlix, Inc		5,408
	15,006	*	New York & Co, Inc		66
	127,077		Nordstrom, Inc		5,386
	20,499		Nutri/System, Inc		431
	212,310	*	Office Depot, Inc		1,146
	64,982	*	OfficeMax, Inc		1,150
	23,547	*	Orbitz Worldwide, Inc		132
	106,456	*	O’Reilly Automotive, Inc		6,432
	11,517	*	Overstock.com, Inc		190
	47,625	*	Pacific Sunwear Of California, Inc		258
	30,900	*	Penske Auto Group, Inc		538
	37,199		PEP Boys - Manny Moe & Jack		500
	17,550		PetMed Express, Inc		313
	91,350		Petsmart, Inc		3,638
	81,262	*	Pier 1 Imports, Inc		853
	36,177	*	Priceline.com, Inc		14,455
	86,926		RadioShack Corp		1,607
	50,902		Rent-A-Center, Inc		1,643
	17,729	*	Retail Ventures, Inc		289
	94,342		Ross Stores, Inc		5,967
	11,225	*	Rue21, Inc		329
	102,354	*	Saks, Inc		1,095
	76,850	*	Sally Beauty Holdings, Inc		1,117

300

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	35,032	*	Sears Holdings Corp	$	2,584
	46,381	*	Select Comfort Corp		423
	5,056	*	Shoe Carnival, Inc		137
	19,739	*	Shutterfly, Inc		691
	65,800	*	Signet Jewelers Ltd		2,856
	27,187		Sonic Automotive, Inc (Class A)		360
	30,798		Stage Stores, Inc		534
	558,736		Staples, Inc		12,722
	17,973		Stein Mart, Inc		166
	9,938		Systemax, Inc		140
	54,244	*	Talbots, Inc		462
	562,444		Target Corp		33,819
	97,585		Tiffany & Co		6,077
	310,597		TJX Companies, Inc		13,787
	56,006		Tractor Supply Co		2,716
	21,617	*	Tuesday Morning Corp		114
	24,222	*	Ulta Salon Cosmetics & Fragrance, Inc		824
	93,986	*	Urban Outfitters, Inc		3,366
	9,604	*	US Auto Parts Network, Inc		81
	10,000	*	Vitacost.com, Inc		57
	12,284	*	Vitamin Shoppe, Inc		413
	11,292	*	West Marine, Inc		119
	73,584	*	Wet Seal, Inc (Class A)		272
	72,475		Williams-Sonoma, Inc		2,587
	1,945		Winmark Corp		65
	13,544	*	Zumiez, Inc		364
			TOTAL RETAILING		412,978
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.8%
	25,828	*	Advanced Analogic Technologies, Inc		104
	29,482	*	Advanced Energy Industries, Inc		402
	460,514	*	Advanced Micro Devices, Inc		3,767
	3,864	*	Alpha & Omega Semiconductor Lt		50
	229,987		Altera Corp		8,183
	86,945	*	Amkor Technology, Inc		643
	47,982	*	Anadigics, Inc		333
	226,902		Analog Devices, Inc		8,547
	1,021,491		Applied Materials, Inc		14,352
	51,846	*	Applied Micro Circuits Corp		554
	52,890	*	Atheros Communications, Inc		1,900
	351,660	*	Atmel Corp		4,332
	24,963	*	ATMI, Inc		498
	81,773		Avago Technologies Ltd		2,328
	78,190	*	Axcelis Technologies, Inc		271
	23,951	*	AXT, Inc		250
	380,138		Broadcom Corp (Class A)		16,554
	52,087	*	Brooks Automation, Inc		472
	17,424	*	Cabot Microelectronics Corp		722
	34,263	*	Cavium Networks, Inc		1,291
	14,775	*	Ceva, Inc		303
	50,384	*	Cirrus Logic, Inc		805
	15,857		Cohu, Inc		263

301

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	61,297	*	Conexant Systems, Inc	$	100
	81,881	*	Cree, Inc		5,395
	21,225	*	Cymer, Inc		957
	126,575	*	Cypress Semiconductor Corp		2,352
	24,448	*	Diodes, Inc		660
	21,955	*	DSP Group, Inc		179
	35,344	*	Energy Conversion Devices, Inc		163
	105,554	*	Entegris, Inc		788
	49,743	*	Entropic Communications, Inc		601
	143,685	*	Evergreen Solar, Inc		84
	25,111	*	Exar Corp		175
	95,996	*	Fairchild Semiconductor International, Inc		1,498
	29,895	*	FEI Co		790
	42,065	*	First Solar, Inc		5,474
	38,173	*	Formfactor, Inc		339
	24,625	*	FSI International, Inc		109
	13,134	*	GSI Technology, Inc		106
	49,455	*	GT Solar International, Inc		451
	19,674	*	Hittite Microwave Corp		1,201
	124,419	*	Integrated Device Technology, Inc		829
	19,660	*	Integrated Silicon Solution, Inc		158
	4,247,251		Intel Corp		89,319
	54,670	*	International Rectifier Corp		1,623
	94,162		Intersil Corp (Class A)		1,438
	16,725	*	IXYS Corp		194
	128,412		Kla-Tencor Corp		4,962
	50,517	*	Kopin Corp		210
	53,200	*	Kulicke & Soffa Industries, Inc		383
	95,532	*	Lam Research Corp		4,947
	81,127	*	Lattice Semiconductor Corp		492
	172,947		Linear Technology Corp		5,982
	504,520	*	LSI Logic Corp		3,022
	37,527	*	LTX-Credence Corp		278
	412,616	*	Marvell Technology Group Ltd		7,654
	39,119	*	Mattson Technology, Inc		117
	233,408		Maxim Integrated Products, Inc		5,513
	5,588	*	MaxLinear, Inc		60
	172,909	*	MEMC Electronic Materials, Inc		1,947
	40,439		Micrel, Inc		525
	142,077		Microchip Technology, Inc		4,860
	650,730	*	Micron Technology, Inc		5,219
	62,654	*	Microsemi Corp		1,435
	24,281	*	Mindspeed Technologies, Inc		148
	33,720	*	MIPS Technologies, Inc		511
	38,788	*	MKS Instruments, Inc		950
	28,410	*	Monolithic Power Systems, Inc		469
	20,301	*	MoSys, Inc		116
	13,765	*	Nanometrics, Inc		177
	183,833		National Semiconductor Corp		2,530
	47,835	*	Netlogic Microsystems, Inc		1,502
	70,808	*	Novellus Systems, Inc		2,289
	3,184	*	NVE Corp		184

302

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	436,646	*	Nvidia Corp	$	6,724
	39,050	*	Omnivision Technologies, Inc		1,156
	334,921	*	ON Semiconductor Corp		3,309
	17,237	*	PDF Solutions, Inc		83
	19,298	*	Pericom Semiconductor Corp		212
	39,345	*	Photronics, Inc		233
	26,715	*	PLX Technology, Inc		96
	173,538	*	PMC - Sierra, Inc		1,491
	20,115		Power Integrations, Inc		807
	80,610	*	Rambus, Inc		1,651
	197,404	*	RF Micro Devices, Inc		1,451
	11,027	*	Rubicon Technology, Inc		232
	20,900	*	Rudolph Technologies, Inc		172
	47,571	*	Semtech Corp		1,077
	27,850	*	Sigma Designs, Inc		395
	56,384	*	Silicon Image, Inc		414
	33,588	*	Silicon Laboratories, Inc		1,546
	136,529	*	Skyworks Solutions, Inc		3,909
	9,980	*	Spansion, Inc		207
	18,903	*	Standard Microsystems Corp		545
	74,916	*	Sunpower Corp (Class A)		961
	8,595	*	Supertex, Inc		208
	135,531	*	Teradyne, Inc		1,903
	36,930	*	Tessera Technologies, Inc		818
	933,392		Texas Instruments, Inc		30,334
	40,125	*	Trident Microsystems, Inc		71
	121,131	*	Triquint Semiconductor, Inc		1,416
	17,159	*	Ultra Clean Holdings		160
	18,851	*	Ultratech, Inc		375
	56,829	*	Varian Semiconductor Equipment Associates, Inc		2,101
	31,233	*	Veeco Instruments, Inc		1,342
	18,190	*	Volterra Semiconductor Corp		421
	197,613		Xilinx, Inc		5,727
	42,064	*	Zoran Corp		370
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		310,306
SOFTWARE & SERVICES - 8.7%
	466,048		Accenture plc		22,598
	27,282	*	ACI Worldwide, Inc		733
	400,384		Activision Blizzard, Inc		4,981
	40,528	*	Actuate Corp		231
	52,067	*	Acxiom Corp		893
	402,989	*	Adobe Systems, Inc		12,404
	12,368	*	Advent Software, Inc		716
	138,749	*	Akamai Technologies, Inc		6,528
	41,169	*	Alliance Data Systems Corp		2,924
	148,580	*	Amdocs Ltd		4,081
	15,720		American Software, Inc (Class A)		106
	14,356	*	Ancestry.com, Inc		407
	68,574	*	Ansys, Inc		3,571
	80,472	*	AOL, Inc		1,908
	5,600	*	Archipelago Learning, Inc		55

303

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	68,046	*	Ariba, Inc	$	1,598
	123,012	*	Art Technology Group, Inc		736
	47,691	*	Aspen Technology, Inc		606
	173,936	*	Autodesk, Inc		6,644
	383,271		Automatic Data Processing, Inc		17,738
	35,258		Blackbaud, Inc		913
	27,255	*	Blackboard, Inc		1,126
	137,695	*	BMC Software, Inc		6,491
	10,700	*	Booz Allen Hamilton Holding Co		208
	19,249	*	Bottomline Technologies, Inc		418
	96,770		Broadridge Financial Solutions, Inc		2,122
	5,700	*	BroadSoft, Inc		136
	295,845		CA, Inc		7,230
	23,036	*	CACI International, Inc (Class A)		1,230
	201,713	*	Cadence Design Systems, Inc		1,666
	6,400		Cass Information Systems, Inc		243
	25,953	*,b	CDC Corp		91
	52,926	*	Ciber, Inc		248
	141,433	*	Citrix Systems, Inc		9,675
	228,750	*	Cognizant Technology Solutions Corp (Class A)		16,765
	33,451	*	Commvault Systems, Inc		957
	117,163		Computer Sciences Corp		5,811
	11,045	*	Computer Task Group, Inc		120
	176,651	*	Compuware Corp		2,062
	16,785	*	comScore, Inc		374
	31,023	*	Concur Technologies, Inc		1,611
	21,930	*	Constant Contact, Inc		680
	76,174	*	Convergys Corp		1,003
	28,626	*	CSG Systems International, Inc		542
	30,663	*	DealerTrack Holdings, Inc		615
	13,498	*	Deltek, Inc		98
	14,464	*	DemandTec, Inc		157
	11,372	*	Dice Holdings, Inc		163
	29,296	*	Digital River, Inc		1,008
	5,437	*	DMRC Corp		163
	27,367		DST Systems, Inc		1,214
	82,942		Earthlink, Inc		713
	878,032	*	eBay, Inc		24,437
	19,973	*	Ebix, Inc		473
	7,871	*	Echo Global Logistics, Inc		95
	248,941	*	Electronic Arts, Inc		4,078
	42,487	*	Epicor Software Corp		429
	25,591		EPIQ Systems, Inc		351
	2,603	*	ePlus, Inc		62
	34,607	*	Equinix, Inc		2,812
	36,402	*	Euronet Worldwide, Inc		635
	13,663	*	ExlService Holdings, Inc		293
	35,065		Factset Research Systems, Inc		3,288
	36,812		Fair Isaac Corp		860
	22,225	*	FalconStor Software, Inc		74
	200,974		Fidelity National Information Services, Inc		5,505
	89,297		First American Corp		1,654

304

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	115,963	*	Fiserv, Inc	$	6,791
	11,266		Forrester Research, Inc		398
	30,708	*	Fortinet, Inc		993
	56,282	*	Gartner, Inc		1,869
	50,971	*	Genpact Ltd		775
	38,913	*	Global Cash Access, Inc		124
	60,916		Global Payments, Inc		2,815
	186,139	*	Google, Inc (Class A)		110,562
	47,777	*	GSI Commerce, Inc		1,108
	9,927	*	Guidance Software, Inc		71
	30,102	*	Hackett Group, Inc		106
	28,656		Heartland Payment Systems, Inc		442
	55,257	*	IAC/InterActiveCorp		1,586
	17,914		iGate Corp		353
	70,763	*	Informatica Corp		3,116
	23,086	*	Infospace, Inc		192
	11,404	*	Integral Systems, Inc		113
	9,285	*	Interactive Intelligence, Inc		243
	34,783	*	Internap Network Services Corp		211
	978,915		International Business Machines Corp		143,665
	32,107	*	Internet Capital Group, Inc		457
	214,304	*	Intuit, Inc		10,565
	34,679	*	j2 Global Communications, Inc		1,004
	64,463		Jack Henry & Associates, Inc		1,879
	32,026	*	JDA Software Group, Inc		897
	17,839	*	Kenexa Corp		389
	10,875		Keynote Systems, Inc		159
	15,369	*	KIT Digital, Inc		247
	19,259	*	Knot, Inc		190
	107,171	*	Lawson Software, Inc		991
	71,376		Lender Processing Services, Inc		2,107
	34,968	*	Limelight Networks, Inc		203
	44,720	*	Lionbridge Technologies		165
	10,323	*	Liquidity Services, Inc		145
	31,275	*	Liveperson, Inc		353
	12,916	*	Local.com Corp		84
	11,477	*	LogMeIn, Inc		509
	19,220	*	LoopNet, Inc		214
	40,409	*	Magma Design Automation, Inc		202
	19,563	*	Manhattan Associates, Inc		597
	15,918	*	Mantech International Corp (Class A)		658
	16,386		Marchex, Inc (Class B)		156
	74,150		Mastercard, Inc (Class A)		16,618
	12,761		MAXIMUS, Inc		837
	117,643	*	McAfee, Inc		5,448
	83,677	*	Mentor Graphics Corp		1,004
	62,689	*	Micros Systems, Inc		2,750
	5,847,026		Microsoft Corp		163,250
	6,831	*	MicroStrategy, Inc (Class A)		584
	33,165	*	ModusLink Global Solutions, Inc		222
	62,930	*	MoneyGram International, Inc		171
	17,209	*	Monotype Imaging Holdings, Inc		191

305

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	95,930	*	Monster Worldwide, Inc	$	2,267
	4,100	*	Motricity, Inc		76
	117,341	*	Move, Inc		302
	7,188	*	NCI, Inc (Class A)		165
	21,523	*	Netscout Systems, Inc		495
	12,764	*	NetSuite, Inc		319
	55,861	*	NeuStar, Inc (Class A)		1,455
	38,877		NIC, Inc		377
	263,166	*	Novell, Inc		1,558
	172,341	*	Nuance Communications, Inc		3,133
	14,464	*	Online Resources Corp		67
	12,172	*	OpenTable, Inc		858
	63,876	*	Openwave Systems, Inc		135
	9,552		Opnet Technologies, Inc		256
	2,909,296		Oracle Corp		91,061
	90,859	*	Parametric Technology Corp		2,047
	246,991		Paychex, Inc		7,634
	12,459		Pegasystems, Inc		456
	20,679	*	Perficient, Inc		258
	31,258	*	Progress Software Corp		1,323
	14,689	*	PROS Holdings, Inc		167
	3,321	*	QAD, Inc (Class A)		30
	830	*	QAD, Inc (Class B)		8
	10,200	*	QLIK Technologies, Inc		263
	47,293	*	Quest Software, Inc		1,312
	7,500	*	QuinStreet, Inc		144
	74,873	*	Rackspace Hosting, Inc		2,352
	21,037	*	Radiant Systems, Inc		412
	11,000	*	RealD, Inc		285
	72,153	*	RealNetworks, Inc		303
	10,100	*	RealPage, Inc		312
	143,118	*	Red Hat, Inc		6,533
	10,418		Renaissance Learning, Inc		123
	16,463	*	RightNow Technologies, Inc		390
	8,173	*	Rosetta Stone, Inc		173
	78,700	*	Rovi Corp		4,880
	41,988	*	S1 Corp		290
	18,173	*	Saba Software, Inc		111
	233,841	*	SAIC, Inc		3,709
	87,339	*	Salesforce.com, Inc		11,529
	79,532		Sapient Corp		962
	26,729	*	SAVVIS, Inc		682
	20,806	*	Smith Micro Software, Inc		327
	26,713	*	SolarWinds, Inc		514
	53,861		Solera Holdings, Inc		2,764
	32,071	*	Sonic Solutions, Inc		481
	20,938	*	Sourcefire, Inc		543
	31,079	*	SRA International, Inc (Class A)		636
	8,406	*	SRS Labs, Inc		74
	9,888	*	SS&C Technologies Holdings, Inc		203
	12,380		Stamps.com, Inc		164
	48,719	*	SuccessFactors, Inc		1,411

306

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	32,388	*	SupportSoft, Inc	$	210
	610,306	*	Symantec Corp		10,217
	17,694	*	Synchronoss Technologies, Inc		473
	112,101	*	Synopsys, Inc		3,017
	9,061		Syntel, Inc		433
	8,400	*	TA Indigo Holding Corp		157
	54,620	*	Take-Two Interactive Software, Inc		669
	30,543	*	Taleo Corp (Class A)		845
	4,323	*	TechTarget, Inc		34
	29,873	*	TeleCommunication Systems, Inc (Class A)		140
	6,471	*	TeleNav, Inc		47
	26,717	*	TeleTech Holdings, Inc		550
	126,052	*	Teradata Corp		5,188
	40,863	*	Terremark Worldwide, Inc		529
	48,928	*	THQ, Inc		297
	128,754	*	TIBCO Software, Inc		2,538
	13,125	*	Tier Technologies, Inc		79
	92,801	*	TiVo, Inc		801
	19,243	*	TNS, Inc		400
	127,282		Total System Services, Inc		1,958
	4,369	*	Travelzoo, Inc		180
	27,050	*	Tyler Technologies, Inc		562
	18,282	*	Ultimate Software Group, Inc		889
	32,818	*	Unisys Corp		850
	61,183		United Online, Inc		404
	63,761	*	Valueclick, Inc		1,022
	19,828	*	Vasco Data Security International		161
	64,752	*	VeriFone Holdings, Inc		2,497
	138,500		VeriSign, Inc		4,525
	39,619		VirnetX Holding Corp		588
	5,940	*	Virtusa Corp		97
	356,455		Visa, Inc (Class A)		25,086
	33,510	*	VistaPrint Ltd		1,541
	56,475	*	VMware, Inc (Class A)		5,021
	11,624	*	Vocus, Inc		322
	60,808	*	Wave Systems Corp		240
	45,304	*	WebMD Health Corp (Class A)		2,313
	33,540	*	Websense, Inc		679
	514,222		Western Union Co		9,549
	31,100	*	Wright Express Corp		1,431
	1,004,359	*	Yahoo!, Inc		16,702
	47,197	*	Zix Corp		202
			TOTAL SOFTWARE & SERVICES		948,908
TECHNOLOGY HARDWARE & EQUIPMENT - 6.7%
	33,935	*	Acme Packet, Inc		1,804
	45,706		Adtran, Inc		1,655
	18,766	*	Agilysys, Inc		106
	131,851		Amphenol Corp (Class A)		6,958
	14,600	*	Anaren, Inc		304
	21,570		Anixter International, Inc		1,288
	694,575	*	Apple, Inc		224,042

307

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	94,272	*	Arris Group, Inc	$	1,058
	92,479	*	Arrow Electronics, Inc		3,167
	55,893	*	Aruba Networks, Inc		1,167
	24,879	*	Avid Technology, Inc		434
	115,335	*	Avnet, Inc		3,809
	34,410		AVX Corp		531
	7,316		Bel Fuse, Inc (Class B)		175
	49,204	*	Benchmark Electronics, Inc		894
	24,403	*	BigBand Networks, Inc		68
	13,787		Black Box Corp		528
	32,159	*	Blue Coat Systems, Inc		961
	38,012	*	Bookham, Inc		500
	53,964	*	Brightpoint, Inc		471
	346,401	*	Brocade Communications Systems, Inc		1,832
	6,077	*	Calix Networks, Inc		103
	30,668	*	Checkpoint Systems, Inc		630
	70,799	*	Ciena Corp		1,490
	4,359,631	*	Cisco Systems, Inc		88,196
	32,766		Cognex Corp		964
	19,403	*	Coherent, Inc		876
	72,244	*	CommScope, Inc		2,255
	15,742	*	Compellent Technologies, Inc		434
	22,382		Comtech Telecommunications Corp		621
	15,782	*	Comverge, Inc		109
	1,190,563		Corning, Inc		23,001
	5,037	*	CPI International, Inc		97
	22,453	*	Cray, Inc		161
	23,637		CTS Corp		261
	22,322		Daktronics, Inc		355
	10,171		DDi Corp		120
	1,296,612	*	Dell, Inc		17,569
	20,194	*	DG FastChannel, Inc		583
	50,953		Diebold, Inc		1,633
	18,652	*	Digi International, Inc		207
	41,327	*	Dolby Laboratories, Inc (Class A)		2,757
	15,044	*	DTS, Inc		738
	24,998	*	Echelon Corp		255
	28,785	*	EchoStar Corp (Class A)		719
	11,677		Electro Rent Corp		189
	23,062	*	Electro Scientific Industries, Inc		370
	39,428	*	Electronics for Imaging, Inc		564
	1,569,765	*	EMC Corp		35,948
	10,542	*	EMS Technologies, Inc		209
	65,177	*	Emulex Corp		760
	89,895	*	Extreme Networks, Inc		278
	61,065	*	F5 Networks, Inc		7,948
	7,400	*	Fabrinet		159
	12,851	*	FARO Technologies, Inc		422
	58,332	*	Finisar Corp		1,732
	118,407	*	Flir Systems, Inc		3,523
	19,206	*	Gerber Scientific, Inc		151
	14,375	*	Globecomm Systems, Inc		144

308

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	68,074	*	Harmonic, Inc	$	583
	100,176		Harris Corp		4,538
	42,057	*	Harris Stratex Networks, Inc (Class A)		213
	1,790,146		Hewlett-Packard Co		75,365
	6,874	*	Hughes Communications, Inc		278
	18,310	*	Hutchinson Technology, Inc		68
	34,885	*	Hypercom Corp		292
	21,588	*	Imation Corp		223
	18,659	*	Immersion Corp		125
	67,383	*	Infinera Corp		696
	124,656	*	Ingram Micro, Inc (Class A)		2,380
	34,716	*	Insight Enterprises, Inc		457
	34,659	*	InterDigital, Inc		1,443
	38,292	*	Intermec, Inc		485
	14,156	*	Intevac, Inc		198
	17,746	*	IPG Photonics Corp		561
	31,091	*	Itron, Inc		1,724
	24,892	*	Ixia		418
	138,825		Jabil Circuit, Inc		2,789
	166,385	*	JDS Uniphase Corp		2,409
	402,421	*	Juniper Networks, Inc		14,857
	10,929	*	KVH Industries, Inc		131
	63,078	*	L-1 Identity Solutions, Inc		751
	60,595	*	Lexmark International, Inc (Class A)		2,110
	17,104		Littelfuse, Inc		805
	8,072	*	Loral Space & Communications, Inc		618
	17,242	*	Maxwell Technologies, Inc		326
	9,778	*	Measurement Specialties, Inc		287
	18,409	*	Mercury Computer Systems, Inc		338
	4,201	*	Meru Networks, Inc		65
	28,385		Methode Electronics, Inc		368
	60,310	*	Microvision, Inc		112
	102,620		Molex, Inc		2,332
	1,780,286	*	Motorola, Inc		16,147
	13,932		MTS Systems Corp		522
	9,079	*	Multi-Fineline Electronix, Inc		241
	43,965		National Instruments Corp		1,655
	122,276	*	NCR Corp		1,879
	263,399	*	NetApp, Inc		14,476
	28,803	*	Netgear, Inc		970
	29,221	*	Network Engines, Inc		44
	22,651	*	Network Equipment Technologies, Inc		105
	27,910	*	Newport Corp		485
	26,247	*	Novatel Wireless, Inc		251
	10,070	*	Occam Networks, Inc		87
	15,398	*	Oplink Communications, Inc		284
	13,224	*	OpNext, Inc		23
	10,891	*	OSI Systems, Inc		396
	18,452		Park Electrochemical Corp		554
	6,868	*	PC Connection, Inc		61
	14,951	*	PC-Tel, Inc		90
	37,039		Plantronics, Inc		1,379

309

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	31,345	*	Plexus Corp	$	970
	64,770	*	Polycom, Inc		2,525
	53,353	*	Power-One, Inc		544
	96,435	*	Powerwave Technologies, Inc		245
	22,048	*	Presstek, Inc		49
	86,041	*	QLogic Corp		1,464
	1,252,728		Qualcomm, Inc		61,999
	208,155	*	Quantum Corp		774
	25,143	*	Rackable Systems, Inc		227
	15,185	*	Radisys Corp		135
	11,626		Richardson Electronics Ltd		136
	7,282	*	Rimage Corp		109
	95,742	*	Riverbed Technology, Inc		3,367
	26,164	*	Rofin-Sinar Technologies, Inc		927
	12,342	*	Rogers Corp		472
	175,508	*	SanDisk Corp		8,751
	61,546	*	Sanmina-SCI Corp		707
	22,159	*	Scansource, Inc		707
	21,571	*	Seachange International, Inc		184
	369,941	*	Seagate Technology, Inc		5,560
	31,292	*	ShoreTel, Inc		244
	35,494	*	Smart Modular Technologies WWH, Inc		204
	165,491	*	Sonus Networks, Inc		442
	9,719	*	Spectrum Control, Inc		146
	31,304	*	STEC, Inc		553
	18,249	*	Stratasys, Inc		596
	16,272	*	Super Micro Computer, Inc		188
	14,861		Sycamore Networks, Inc		306
	35,188	*	Symmetricom, Inc		249
	26,694	*	Synaptics, Inc		784
	16,588	*	SYNNEX Corp		518
	35,560	*	Tech Data Corp		1,565
	38,313		Technitrol, Inc		204
	50,795	*	Tekelec		605
	291,644		Tellabs, Inc		1,977
	3,901		Tessco Technologies, Inc		62
	92,008	*	Trimble Navigation Ltd		3,674
	61,385	*	TTM Technologies, Inc		915
	22,074	*	Universal Display Corp		677
	87,200	*	Utstarcom, Inc		180
	24,217	*	Viasat, Inc		1,075
	3,408	*	Viasystems Group, Inc		69
	119,020	*	Vishay Intertechnology, Inc		1,747
	9,508	*	Vishay Precision Group, Inc		179
	175,363	*	Western Digital Corp		5,945
	1,054,812		Xerox Corp		12,151
	25,096	*	X-Rite, Inc		115
	23,047	*	Xyratex Ltd		376
	44,665	*	Zebra Technologies Corp (Class A)		1,697
	12,959	*	Zygo Corp		158
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		733,730

310

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
TELECOMMUNICATION SERVICES - 2.8%
	16,682		AboveNet, Inc	$	975
	39,332		Alaska Communications Systems Group, Inc		437
	307,504	*	American Tower Corp (Class A)		15,880
	4,510,739		AT&T, Inc		132,525
	7,918		Atlantic Tele-Network, Inc		304
	20,132	*	Cbeyond Communications, Inc		308
	229,408		CenturyTel, Inc		10,592
	168,115	*	Cincinnati Bell, Inc		471
	115,773	*	Clearwire Corp (Class A)		596
	35,274	*	Cogent Communications Group, Inc		499
	20,626		Consolidated Communications Holdings, Inc		398
	221,881	*	Crown Castle International Corp		9,725
	36,464	*	FiberTower Corp		163
	750,690		Frontier Communications Corp		7,304
	38,028	*	General Communication, Inc (Class A)		481
	23,031	*	Global Crossing Ltd		298
	55,768	*	Globalstar, Inc		81
	73,874	*	ICO Global Communications Holdings Ltd (Class A)		111
	10,513		IDT Corp (Class B)		270
	26,067	*	Iridium Communications, Inc		215
	46,753	*	Leap Wireless International, Inc		573
	1,248,110	*	Level 3 Communications, Inc		1,223
	193,503	*	MetroPCS Communications, Inc		2,444
	25,073	*	Neutral Tandem, Inc		362
	126,673	*	NII Holdings, Inc (Class B)		5,657
	23,518		NTELOS Holdings Corp		448
	89,041	*	PAETEC Holding Corp		333
	46,371	*	Premiere Global Services, Inc		315
	1,312,941		Qwest Communications International, Inc		9,991
	89,246	*	SBA Communications Corp (Class A)		3,654
	18,151		Shenandoah Telecom Co		340
	2,252,681	*	Sprint Nextel Corp		9,529
	53,811	*	Syniverse Holdings, Inc		1,660
	65,013		Telephone & Data Systems, Inc		2,376
	114,426	*	tw telecom inc (Class A)		1,951
	10,229	*	US Cellular Corp		511
	18,421		USA Mobility, Inc		327
	2,157,765		Verizon Communications, Inc		77,204
	79,353	*	Vonage Holdings Corp		178
	372,689		Windstream Corp		5,195
			TOTAL TELECOMMUNICATION SERVICES		305,904
TRANSPORTATION - 2.0%
	44,655	*	Air Transport Services Group, Inc		353
	97,497	*	Airtran Holdings, Inc		721
	27,508	*	Alaska Air Group, Inc		1,559
	30,756		Alexander & Baldwin, Inc		1,231
	12,324		Allegiant Travel Co		607
	6,973	*	Amerco, Inc		670
	258,366	*	AMR Corp		2,013
	19,331		Arkansas Best Corp		530

311

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	19,165	*	Atlas Air Worldwide Holdings, Inc	$	1,070
	79,295	*	Avis Budget Group, Inc		1,234
	12,726		Baltic Trading Ltd		130
	16,346	*	Celadon Group, Inc		242
	126,411		CH Robinson Worldwide, Inc		10,137
	40,201		Con-way, Inc		1,470
	23,678		Copa Holdings S.A. (Class A)		1,393
	298,100		CSX Corp		19,260
	600,350	*	Delta Air Lines, Inc		7,565
	22,195	*	Dollar Thrifty Automotive Group, Inc		1,049
	8,003	*	Dynamex, Inc		198
	51,764	*	Eagle Bulk Shipping, Inc		258
	26,769	*	Excel Maritime Carriers Ltd		151
	164,248		Expeditors International Washington, Inc		8,968
	239,917		FedEx Corp		22,315
	22,919		Forward Air Corp		650
	20,776	*	Genco Shipping & Trading Ltd		299
	27,636	*	Genesee & Wyoming, Inc (Class A)		1,463
	40,654	*	Hawaiian Holdings, Inc		319
	33,265		Heartland Express, Inc		533
	147,470	*	Hertz Global Holdings, Inc		2,137
	23,837		Horizon Lines, Inc (Class A)		104
	28,305	*	Hub Group, Inc (Class A)		995
	4,290		International Shipholding Corp		109
	70,799		J.B. Hunt Transport Services, Inc		2,889
	181,414	*	JetBlue Airways Corp		1,199
	76,927	*	Kansas City Southern Industries, Inc		3,682
	41,752	*	Kirby Corp		1,839
	43,324		Knight Transportation, Inc		823
	38,624		Landstar System, Inc		1,581
	10,239		Marten Transport Ltd		219
	281,890		Norfolk Southern Corp		17,708
	31,924	*	Old Dominion Freight Line		1,021
	31,042	*	Pacer International, Inc		212
	3,632	*	PAM Transportation Services, Inc		41
	6,136	*	Park-Ohio Holdings Corp		128
	1,137	*	Patriot Transportation Holding, Inc		106
	6,619	*	Pinnacle Airlines		52
	17,000	*	RailAmerica, Inc		220
	27,002	*	Republic Airways Holdings, Inc		198
	8,012	*	Roadrunner Transportation Services Holdings, Inc		116
	40,976		Ryder System, Inc		2,157
	9,635	*	Saia, Inc		160
	45,222		Skywest, Inc		706
	568,264		Southwest Airlines Co		7,376
	237,965	*	UAL Corp		5,668
	18,066	*	Ultrapetrol Bahamas Ltd		116
	386,368		Union Pacific Corp		35,801
	545,182		United Parcel Service, Inc (Class B)		39,569
	3,884		Universal Truckload Services, Inc		62
	116,271	*	US Airways Group, Inc		1,164
	5,744	*	USA Truck, Inc		76

312

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	81,226		UTI Worldwide, Inc	$	1,722
	33,067		Werner Enterprises, Inc		747
			TOTAL TRANSPORTATION		217,091
UTILITIES - 3.4%
	516,443	*	AES Corp		6,290
	57,820		AGL Resources, Inc		2,073
	129,395		Allegheny Energy, Inc		3,137
	23,857		Allete, Inc		889
	85,307		Alliant Energy Corp		3,137
	180,616		Ameren Corp		5,092
	15,457	*	American DG Energy, Inc		43
	366,757		American Electric Power Co, Inc		13,196
	16,487		American States Water Co		568
	126,851		American Water Works Co, Inc		3,209
	104,679		Aqua America, Inc		2,353
	4,909		Artesian Resources Corp		93
	71,863		Atmos Energy Corp		2,242
	43,026		Avista Corp		969
	29,085		Black Hills Corp		873
	8,402	*	Cadiz, Inc		105
	17,825		California Water Service Group		664
	267,409	*	Calpine Corp		3,567
	321,488		Centerpoint Energy, Inc		5,054
	10,819		Central Vermont Public Service Corp		237
	13,300		CH Energy Group, Inc		650
	8,826		Chesapeake Utilities Corp		366
	44,984		Cleco Corp		1,384
	188,036		CMS Energy Corp		3,497
	6,221		Connecticut Water Service, Inc		173
	214,283		Consolidated Edison, Inc		10,622
	10,306		Consolidated Water Co, Inc		95
	142,412		Constellation Energy Group, Inc		4,362
	454,874		Dominion Resources, Inc		19,432
	92,457		DPL, Inc		2,377
	129,557		DTE Energy Co		5,872
	1,000,917		Duke Energy Corp		17,825
	75,150	*	Dynegy, Inc (Class A)		422
	248,706		Edison International		9,600
	31,019	*	El Paso Electric Co		854
	30,976		Empire District Electric Co		688
	55,520		Energen Corp		2,679
	145,001		Entergy Corp		10,270
	504,245		Exelon Corp		20,996
	232,826		FirstEnergy Corp		8,619
	104,313		Great Plains Energy, Inc		2,023
	73,366		Hawaiian Electric Industries, Inc		1,672
	37,849		Idacorp, Inc		1,400
	57,780		Integrys Energy Group, Inc		2,803
	37,681		ITC Holdings Corp		2,335
	18,300		Laclede Group, Inc		669
	140,890		MDU Resources Group, Inc		2,856

313

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	18,500		MGE Energy, Inc	$	791
	9,765		Middlesex Water Co		179
	54,213		National Fuel Gas Co		3,557
	31,814		New Jersey Resources Corp		1,372
	315,982		NextEra Energy, Inc		16,428
	35,013		Nicor, Inc		1,748
	208,593		NiSource, Inc		3,675
	134,366		Northeast Utilities		4,284
	21,251		Northwest Natural Gas Co		988
	27,832		NorthWestern Corp		802
	196,806	*	NRG Energy, Inc		3,846
	80,686		NSTAR		3,404
	176,210		NV Energy, Inc		2,476
	76,050		OGE Energy Corp		3,463
	81,923		Oneok, Inc		4,545
	15,003		Ormat Technologies, Inc		444
	29,407		Otter Tail Corp		663
	168,153		Pepco Holdings, Inc		3,069
	297,442		PG&E Corp		14,230
	56,484		Piedmont Natural Gas Co, Inc		1,579
	83,675		Pinnacle West Capital Corp		3,468
	64,221		PNM Resources, Inc		836
	58,258		Portland General Electric Co		1,264
	368,560		PPL Corp		9,700
	217,468		Progress Energy, Inc		9,456
	385,137		Public Service Enterprise Group, Inc		12,251
	135,152		Questar Corp		2,353
	582,024	*	RRI Energy, Inc		2,218
	84,777		SCANA Corp		3,442
	189,219		Sempra Energy		9,930
	10,436		SJW Corp		276
	23,097		South Jersey Industries, Inc		1,220
	629,494		Southern Co		24,065
	34,400		Southwest Gas Corp		1,261
	163,004		TECO Energy, Inc		2,901
	85,402		UGI Corp		2,697
	38,476		UIL Holdings Corp		1,153
	27,775		Unisource Energy Corp		995
	11,594		Unitil Corp		264
	62,527		Vectren Corp		1,587
	91,296		Westar Energy, Inc		2,297
	36,542		WGL Holdings, Inc		1,307
	88,628		Wisconsin Energy Corp		5,217
	350,598		Xcel Energy, Inc		8,257
	9,006		York Water Co		156
			TOTAL UTILITIES		368,446
			TOTAL COMMON STOCKS		10,861,886
			(Cost $8,793,038)
RIGHTS / WARRANTS - 0.0%
COMMERCIAL & PROFESSIONAL SERVICES - 0.0%
	5,487		Celgene Corp		27

314

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES		COMPANY	VALUE (000)
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES	$	27
CONSUMER SERVICES - 0.0%
	2,604	Krispy Kreme Doughnuts, Inc - CW12		1
		TOTAL CONSUMER SERVICES		1
		TOTAL RIGHTS / WARRANTS		28
		(Cost $29)

PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 0.8%
GOVERNMENT AGENCY DEBT - 0.3%
$	20,000,000		Federal Home Loan Mortgage Corp	03/28/11		19,995
	10,000,000		Federal National Mortgage Association	03/01/11		9,998
			TOTAL GOVERNMENT AGENCY DEBT			29,993
TREASURY DEBT - 0.5%
	10,000,000		United States Treasury Bill	03/10/11		9,998
	43,000,000		United States Treasury Bill	03/31/11		42,987
			TOTAL TREASURY DEBT			52,985
			TOTAL SHORT-TERM INVESTMENTS			82,978
			(Cost $82,975)
			TOTAL INVESTMENTS - 99.9%			10,944,892
			(Cost $8,876,063)
			OTHER ASSETS & LIABILITIES, NET - 0.1%			16,760
			NET ASSETS - 100.0%		$	10,961,652
		*	Non-income producing.
		^	Amount represents less than $1,000.
		b	In bankruptcy
		d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures transactions.
		j	Zero coupon
			Cost amounts are in thousands.

315

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

COLLEGE RETIREMENT EQUITIES FUND
BOND MARKET ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2010

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE (000)
BANK LOAN OBLIGATIONS - 0.1%
CAPITAL GOODS - 0.1%
$	5,000,000	i	TransDigm Group, Inc	5.000	%	12/06/16	$	5,045
			TOTAL CAPITAL GOODS					5,045
COMMERCIAL & PROFESSIONAL SERVICES - 0.0%
	4,289,577	i	JohnsonDiversey, Inc	5.500		11/24/15		4,312
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					4,312
HOUSEHOLD & PERSONAL PRODUCTS - 0.0%
	4,906,641	i	Reynolds Consumer Products Term Loan	6.250		11/16/15		4,946
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					4,946
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	804,572	i	Mylan, Inc	3.750		10/02/14		808
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					808
			TOTAL BANK LOAN OBLIGATIONS					15,111
			(Cost $15,009)
BONDS - 98.4%
CORPORATE BONDS - 31.1%
AUTOMOBILES & COMPONENTS - 0.1%
	4,500,000		Ford Motor Co	7.450		07/16/31		4,820
	4,500,000	g	Hyundai Motor Manufacturer	4.500		04/15/15		4,618
			TOTAL AUTOMOBILES & COMPONENTS					9,438
BANKS - 5.6%
	5,480,000	g	Akbank TAS	5.130		07/22/15		5,535
	4,500,000	g	Alfa Bond Issuance plc for OJSC Alfa Bank	7.880		09/25/17		4,579
	4,500,000	g	Banco Bradesco S.A.	5.900		01/16/21		4,505
	3,080,000	g	Banco de Credito del Peru	5.380		09/16/20		3,034
	2,540,000	g	Banco del Estado de Chile	4.130		10/07/20		2,413
	4,450,000	g	Banco do Brasil S.A.	6.000		01/22/20		4,806
	4,500,000	g	Banco do Brasil S.A.	5.380		01/15/21		4,410
	4,500,000	g	Banco Santander Brasil	4.500		04/06/15		4,590
	4,400,000	g,i	Banco Santander Chile	1.540		04/20/12		4,398
	2,550,000	g	Banco Santander Chile	3.750		09/22/15		2,550
	3,270,000		BanColombia S.A.	6.130		07/26/20		3,348
	4,520,000		Bank of America	4.880		09/15/12		4,719
	28,000,000		Bank of America Corp	2.380		06/22/12		28,724
	4,850,000		Bank of America Corp	7.380		05/15/14		5,391

316

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE (000)
$	19,800,000		Bank of America Corp	3.700	%	09/01/15	$	19,630
	18,550,000		Bank of America Corp	5.300		03/15/17		18,799
	8,525,000		Bank of America Corp	6.000		09/01/17		8,934
	5,725,000		Bank of America Corp	5.750		12/01/17		5,958
	4,500,000	g	Bank of China Hong Kong Ltd	5.550		02/11/20		4,701
	30,700,000	g	Bank of Nova Scotia	1.650		10/29/15		29,346
	1,250,000	i	BB&T Capital Trust IV	6.820		06/12/57		1,233
	6,000,000		BB&T Corp	3.850		07/27/27		6,242
	2,500,000	g	Canadian Imperial Bank of Commerce	2.000		02/04/13		2,545
	4,000,000		CitiBank NA	1.380		08/10/11		4,024
	45,500,000		Citigroup, Inc	2.130		04/30/12		46,424
	8,075,000		Citigroup, Inc	6.000		12/13/13		8,824
	6,655,000		Citigroup, Inc	5.000		09/15/14		6,884
	5,800,000		Citigroup, Inc	5.500		10/15/14		6,249
	4,525,000		Citigroup, Inc	6.130		05/15/18		4,957
	12,875,000		Citigroup, Inc	5.380		08/09/20		13,377
	7,575,000		Citigroup, Inc	6.880		03/05/38		8,402
	3,825,000		Citigroup, Inc	8.130		07/15/39		4,866
	45,000,000	g	Depfa ACS Bank	5.130		03/16/37		29,997
	3,500,000		Deutsche Bank AG.	3.880		08/18/14		3,674
	5,980,000		Discover Bank	7.000		04/15/20		6,429
	4,660,000		Eksportfinans ASA	5.000		02/14/12		4,879
	10,290,000		Eksportfinans ASA	2.000		09/15/15		10,049
	4,700,000		First Horizon National Corp	5.380		12/15/15		4,744
	3,500,000		Golden West Financial Corp	4.750		10/01/12		3,703
	4,600,000	g	HSBC Bank plc	3.500		06/28/15		4,715
	7,350,000	g	HSBC Bank plc	4.130		08/12/20		7,064
	7,000,000		HSBC Bank USA NA	4.630		04/01/14		7,299
	3,000,000	g,i	HSBC Capital Funding LP	4.610		12/30/49		2,833
	2,100,000		HSBC Holdings plc	6.500		09/15/37		2,199
	5,590,000	g	ICICI Bank Ltd	5.500		03/25/15		5,817
	2,270,000	g	Itau Unibanco Banco Multiplo S.A.	6.200		04/15/20		2,332
	4,500,000	g	Itau Unibanco Holdings S.A.	5.750		01/22/21		4,489
	4,000,000		JP Morgan Chase Capital XXV	6.800		10/01/37		4,124
	50,000,000		JPMorgan Chase & Co	3.130		12/01/11		51,246
	2,595,000		JPMorgan Chase & Co	5.130		09/15/14		2,761
	8,350,000		JPMorgan Chase & Co	3.400		06/24/15		8,515
	33,100,000		JPMorgan Chase & Co	4.250		10/15/20		32,328
	3,025,000		JPMorgan Chase & Co	5.500		10/15/40		3,092
	10,000,000		KeyBank NA	3.200		06/15/12		10,374
	4,250,000	i	Manufacturers & Traders Trust Co	5.630		12/01/21		4,000
	10,000,000		New York Community Bank	3.000		12/16/11		10,240
	2,475,000		Noble Holding International Ltd	3.450		08/01/15		2,527
	7,550,000		Noble Holding International Ltd	4.900		08/01/20		7,810
	12,750,000		Northern Trust Corp	4.630		05/01/14		13,784
	8,000,000		PNC Funding Corp	5.130		02/08/20		8,338
	10,000,000		Regions Bank	3.250		12/09/11		10,264
	4,500,000	g	Shinhan Bank	4.380		09/15/15		4,558
	6,500,000		Sovereign Bancorp, Inc	2.750		01/17/12		6,648
	4,000,000		Sovereign Bancorp, Inc	2.500		06/15/12		4,109
	2,355,000	g	Sumitomo Mitsui Banking Corp	3.150		07/22/15		2,397
	2,000,000		Union Bank of California NA	5.950		05/11/16		2,129
	15,000,000		US Bancorp	2.250		03/13/12		15,304

317

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE (000)
$	5,000,000		US Bancorp	4.950	%	10/30/14	$	5,449
	9,500,000		US Central Federal Credit Union	1.900		10/19/12		9,700
	1,925,000		USB Capital XIII Trust	6.630		12/15/39		1,966
	3,200,000	g	Vnesheconombank	6.800		11/22/25		3,192
	5,000,000		Wachovia	4.880		02/15/14		5,265
	5,125,000		Wachovia Bank NA	5.300		10/15/11		5,312
	8,275,000		Wachovia Bank NA	4.800		11/01/14		8,798
	2,050,000		Wachovia Bank NA	5.850		02/01/37		2,063
	18,400,000		Wells Fargo & Co	2.130		06/15/12		18,823
	3,500,000		Wells Fargo & Co	5.250		10/23/12		3,752
	10,650,000		Wells Fargo & Co	4.750		02/09/15		11,298
	6,525,000		Wells Fargo & Co	3.630		04/15/15		6,766
	5,000,000		Western Corporate Federal Credit Union	1.750		11/02/12		5,090
	5,700,000		Westpac Banking Corp	3.000		08/04/15		5,729
	3,000,000		Zions Bancorporation	7.750		09/23/14		3,128
			TOTAL BANKS					685,499
	CAPITAL GOODS - 0.7%
	4,500,000	g	Adaro Indonesia PT	7.630		10/22/19		4,916
	1,500,000		Black & Decker Corp	8.950		04/15/14		1,784
	3,800,000		CRH America, Inc	4.130		01/15/16		3,776
	13,167,000		DIRECTV Holdings LLC	3.550		03/15/15		13,376
	4,000,000		Emerson Electric Co	4.500		05/01/13		4,306
	2,400,000	g	Gol Finance	9.250		07/20/20		2,478
	5,040,000	g	Gold Fields Orogen Holding BVI Ltd	4.880		10/07/20		4,822
	3,515,000		Goodrich Corp	6.130		03/01/19		3,978
	1,500,000		Goodrich Corp	4.880		03/01/20		1,576
	2,125,000		ITT Corp	4.900		05/01/14		2,281
	2,945,000		John Deere Capital Corp	2.950		03/09/15		3,025
	1,500,000		Kennametal, Inc	7.200		06/15/12		1,581
	2,500,000		Lockheed Martin Corp	4.120		03/14/13		2,657
	4,245,000	g	Myriad International Holding BV	6.380		07/28/17		4,447
	2,000,000	g	SPX Corp	6.880		09/01/17		2,125
	2,600,000	g	TAM Capital 2, Inc	9.500		01/29/20		2,821
	3,050,000		Tyco International Finance S.A.	6.000		11/15/13		3,383
	2,190,000		Tyco International Finance S.A.	4.130		10/15/14		2,322
	4,970,000		United Technologies Corp	5.400		05/01/35		5,147
	1,075,000		United Technologies Corp	6.050		06/01/36		1,214
	3,525,000		United Technologies Corp	5.700		04/15/40		3,843
	9,400,000		Valmont Industries, Inc	6.630		04/20/20		9,778
			TOTAL CAPITAL GOODS					85,636
	COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
	1,750,000		Corrections Corp of America	7.750		06/01/17		1,857
	3,250,000		Daimler Finance North America LLC	5.880		03/15/11		3,283
	7,400,000		Daimler Finance North America LLC	5.750		09/08/11		7,646
	536,000		Iron Mountain, Inc	7.750		01/15/15		537
	840,000		Iron Mountain, Inc	8.380		08/15/21		901
	3,220,000	g	National Agricultural Cooperative Federation	4.250		01/28/16		3,229
	1,274,000		News America, Inc	7.250		05/18/18		1,537
	4,250,000		News America, Inc	7.630		11/30/28		4,953
	3,800,000		News America, Inc	6.200		12/15/34		3,990
	3,575,000		News America, Inc	6.650		11/15/37		3,960

318

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE (000)
$	3,800,000		News America, Inc	6.900	%	08/15/39	$	4,351
	4,415,000		Republic Services, Inc	5.000		03/01/20		4,646
	4,135,000		Republic Services, Inc	5.250		11/15/21		4,358
	5,810,000		Republic Services, Inc	6.200		03/01/40		6,298
	7,680,000		Svensk Exportkredit AB	5.130		03/01/17		8,518
	9,040,000		Waste Management, Inc	6.130		11/30/39		9,674
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					69,738
CONSUMER DURABLES & APPAREL - 0.1%
	2,000,000		Alliant Techsystems, Inc	6.750		04/01/16		2,073
	3,000,000		Hanesbrands, Inc	8.000		12/15/16		3,218
	3,000,000		Phillips-Van Heusen Corp	7.380		05/15/20		3,188
	5,600,000		Whirlpool Corp	8.000		05/01/12		6,035
			TOTAL CONSUMER DURABLES & APPAREL					14,514
CONSUMER SERVICES - 0.2%
	2,000,000	g	DineEquity, Inc	9.500		10/30/18		2,120
	2,000,000	g	Knowledge Learning Corp, Inc	7.750		02/01/15		1,960
	5,340,000		McDonald’s Corp	3.500		07/15/20		5,151
	2,000,000		Penn National Gaming, Inc	8.750		08/15/19		2,205
	2,000,000		Speedway Motorsports, Inc	6.750		06/01/13		2,015
	6,375,000		Walt Disney Co	4.500		12/15/13		6,962
			TOTAL CONSUMER SERVICES					20,413
DIVERSIFIED FINANCIALS - 7.7%
	2,550,000		American Express Co	7.000		03/19/18		2,970
	8,875,000		American Express Co	8.130		05/20/19		11,042
	7,500,000		American General Finance Corp	6.900		12/15/17		6,056
	3,550,000		Ameriprise Financial, Inc	5.300		03/15/20		3,735
	4,500,000	g	Banco Mercantil del Norte S.A.	4.380		07/19/15		4,567
	4,500,000	g	Bangkok Bank PCL	4.800		10/18/20		4,312
	16,500,000	g	Bank of Montreal	2.850		06/09/15		16,761
	5,700,000		Bank of New York Mellon Corp	4.300		05/15/14		6,082
	4,125,000		Bank of New York Mellon Corp	5.450		05/15/19		4,531
	3,750,000		Barclays Bank plc	5.200		07/10/14		4,050
	7,250,000		BlackRock, Inc	3.500		12/10/14		7,518
	7,500,000		BlackRock, Inc	5.000		12/10/19		7,832
	3,200,000	g	BM&FBOVESPA S.A.	5.500		07/16/20		3,256
	5,000,000		Brookfield Asset Management, Inc	7.130		06/15/12		5,332
	6,000,000	g	Canadian Imperial Bank of Commerce	2.600		07/02/15		6,033
	3,750,000		Capital One Bank USA NA	8.800		07/15/19		4,613
	5,000,000		Capital One Capital V	8.880		05/15/40		5,206
	5,150,000		Capital One Financial Corp	5.700		09/15/11		5,316
	4,500,000	g	CCL Finance Ltd	9.500		08/15/14		5,164
	34,000,000		Citigroup Funding, Inc	2.000		03/30/12		34,555
	40,000,000		Citigroup Funding, Inc	1.880		10/22/12		40,801
	12,000,000		Citigroup Funding, Inc	2.250		12/10/12		12,343
	3,700,000		Countrywide Financial Corp	6.250		05/15/16		3,794
	6,850,000		Credit Suisse	5.000		05/15/13		7,373
	8,250,000		Credit Suisse	5.500		05/01/14		9,047
	3,275,000		Credit Suisse	5.300		08/13/19		3,459
	4,725,000		Credit Suisse AG.	5.400		01/14/20		4,826
	3,000,000		Credit Suisse USA, Inc	4.880		01/15/15		3,234

319

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE (000)
$	1,250,000		Eaton Vance Corp	6.500	%	10/02/17	$	1,417
	2,000,000		Ford Motor Credit Co LLC	7.500		08/01/12		2,126
	5,760,000		Franklin Resources, Inc	3.130		05/20/15		5,866
	25,000,000		General Electric Capital Corp	3.000		12/09/11		25,601
	61,500,000		General Electric Capital Corp	2.250		03/12/12		62,802
	37,400,000		General Electric Capital Corp	2.200		06/08/12		38,237
	15,000,000		General Electric Capital Corp	2.130		12/21/12		15,412
	7,000,000		General Electric Capital Corp	2.630		12/28/12		7,260
	2,100,000		General Electric Capital Corp	2.800		01/08/13		2,147
	11,950,000		General Electric Capital Corp	1.880		09/16/13		11,956
	21,200,000		General Electric Capital Corp	5.500		06/04/14		23,150
	22,700,000		General Electric Capital Corp	4.380		09/16/20		22,340
	5,000,000		General Electric Capital Corp	6.150		08/07/37		5,270
	375,000		General Electric Capital Corp	6.880		01/10/39		433
	54,875,000		GMAC, Inc	1.750		10/30/12		55,847
	61,800,000		GMAC, Inc	2.200		12/19/12		63,564
	4,900,000	i	Goldman Sachs Capital II	5.790		12/30/49		4,153
	3,825,000		Goldman Sachs Group, Inc	3.630		08/01/12		3,947
	3,250,000		Goldman Sachs Group, Inc	5.700		09/01/12		3,469
	7,300,000		Goldman Sachs Group, Inc	4.750		07/15/13		7,777
	1,550,000		Goldman Sachs Group, Inc	3.700		08/01/15		1,579
	9,037,000		Goldman Sachs Group, Inc	5.350		01/15/16		9,709
	4,000,000		Goldman Sachs Group, Inc	6.150		04/01/18		4,405
	4,975,000		Goldman Sachs Group, Inc	7.500		02/15/19		5,801
	5,000,000		Goldman Sachs Group, Inc	5.380		03/15/20		5,167
	3,000,000		Goldman Sachs Group, Inc	6.000		06/15/20		3,242
	1,150,000		Goldman Sachs Group, Inc	6.450		05/01/36		1,130
	3,100,000		Goldman Sachs Group, Inc	6.750		10/01/37		3,169
	10,000,000		HSBC Finance Corp	5.250		01/14/11		10,010
	8,465,000		HSBC Finance Corp	4.750		07/15/13		8,928
	9,599,000	g	HSBC Finance Corp	6.680		01/15/21		9,698
	1,440,000	g	Hyundai Capital America	3.750		04/06/16		1,414
	5,575,000		International Lease Finance Corp	5.750		06/15/11		5,603
	3,750,000	g	International Lease Finance Corp	6.500		09/01/14		3,975
	2,325,000	g	International Lease Finance Corp	8.630		09/15/15		2,499
	3,700,000		International Lease Finance Corp	8.250		12/15/20		3,811
	3,600,000		Jefferies Group, Inc	3.880		11/09/15		3,538
	4,150,000		Landwirtschaftliche Rentenbank	5.250		07/02/12		4,426
	5,000,000		Landwirtschaftliche Rentenbank	5.130		02/01/17		5,618
	3,150,000	n	Lehman Brothers Holdings Capital Trust V	5.860		12/30/49		0^
	3,875,000	g	Lloyds TSB Bank plc	5.800		01/13/20		3,826
	9,070,000	g	Lukoil International Finance BV	6.130		11/09/20		9,081
	4,000,000		MBNA Corp	6.130		03/01/13		4,295
	4,825,000		Merrill Lynch & Co, Inc	5.450		02/05/13		5,089
	4,675,000		Merrill Lynch & Co, Inc	6.400		08/28/17		4,943
	9,075,000		Merrill Lynch & Co, Inc	6.880		04/25/18		9,931
	30,000,000		Morgan Stanley	2.250		03/13/12		30,594
	14,775,000		Morgan Stanley	6.000		05/13/14		15,964
	3,925,000		Morgan Stanley	6.000		04/28/15		4,251
	9,350,000		Morgan Stanley	5.380		10/15/15		9,821
	9,125,000		Morgan Stanley	5.450		01/09/17		9,463
	4,775,000		Morgan Stanley	5.950		12/28/17		5,052
	3,850,000		Morgan Stanley	6.630		04/01/18		4,176

320

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE (000)
$	4,975,000		Morgan Stanley	7.300	%	05/13/19	$	5,600
	3,250,000		Morgan Stanley	5.500		01/26/20		3,276
	708,000		NASDAQ OMX Group, Inc	2.500		08/15/13		701
	3,500,000		NASDAQ OMX Group, Inc	4.000		01/15/15		3,562
	2,625,000		NASDAQ OMX Group, Inc	5.550		01/15/20		2,652
	3,415,000		National Rural Utilities Cooperative Finance Corp	2.610		09/16/12		3,510
	5,990,000		National Rural Utilities Cooperative Finance Corp	5.500		07/01/13		6,559
	3,800,000		National Rural Utilities Cooperative Finance Corp	10.380		11/01/18		5,242
	1,500,000		Nomura Holdings, Inc	5.000		03/04/15		1,564
	4,500,000	g	Odebrecht Finance Ltd	7.000		04/21/20		4,838
	5,500,000	g	Principal Life Global Funding I	5.130		10/15/13		5,910
	4,500,000	g	PTTEP Australia International Finance Pty Ltd	4.150		07/19/15		4,500
	7,000,000		Rabobank Nederland NV	2.130		10/13/15		6,770
	4,900,000	g,i	Rabobank Nederland NV	11.000		12/30/49		6,333
	39,000,000		State Street Corp	2.150		04/30/12		39,816
	6,350,000		State Street Corp	4.300		05/30/14		6,794
	9,000,000	g	Toronto-Dominion Bank	2.200		07/29/15		8,853
	6,675,000		UBS AG.	4.880		08/04/20		6,791
	4,500,000	g	Waha Aerospace BV	3.930		07/28/20		4,537
			TOTAL DIVERSIFIED FINANCIALS					934,598
ENERGY - 3.1%
	2,000,000		AmeriGas Partners LP	7.130		05/20/16		2,070
	5,450,000		Anadarko Petroleum Corp	5.950		09/15/16		5,855
	2,400,000		Anadarko Petroleum Corp	6.380		09/15/17		2,614
	2,310,000		Anadarko Petroleum Corp	8.700		03/15/19		2,821
	2,275,000		Anadarko Petroleum Corp	6.200		03/15/40		2,221
	5,000,000		Apache Corp	5.100		09/01/40		4,858
	1,000,000		Arch Coal, Inc	8.750		08/01/16		1,090
	3,000,000		Atlas Energy Operating Co LLC	10.750		02/01/18		3,664
	5,900,000		Baker Hughes, Inc	6.500		11/15/13		6,715
	1,500,000		Baker Hughes, Inc	5.130		09/15/40		1,465
	3,500,000		BJ Services Co	5.750		06/01/11		3,575
	4,725,000		BP Capital Markets plc	3.130		03/10/12		4,832
	11,675,000		BP Capital Markets plc	3.880		03/10/15		12,044
	6,900,000		BP Capital Markets plc	3.130		10/01/15		6,895
	7,750,000		Burlington Resources Finance Co	7.200		08/15/31		9,201
	3,250,000		Chesapeake Energy Corp	6.500		08/15/17		3,266
	7,000,000		Chevron Corp	3.450		03/03/12		7,223
	1,000,000		Cloud Peak Energy Resources LLC	8.250		12/15/17		1,074
	2,000,000		Cloud Peak Energy Resources LLC	8.500		12/15/19		2,190
	9,725,000		ConocoPhillips	4.600		01/15/15		10,600
	7,600,000		ConocoPhillips	6.500		02/01/39		9,037
	4,153,050		Dolphin Energy Ltd	5.890		06/15/19		4,444
	4,500,000	g	Drummond Co, Inc	7.380		02/15/16		4,663
	4,500,000	g	Empresa Nacional del Petroleo	6.250		07/08/19		4,856
	2,000,000	g	Empresa Nacional del Petroleo	5.250		08/10/20		1,999
	3,250,000		Enbridge Energy Partners LP	5.200		03/15/20		3,406
	1,525,000		EnCana Corp	6.630		08/15/37		1,668
	2,000,000		Encore Acquisition Co	9.500		05/01/16		2,220
	5,950,000		Enterprise Products Operating LLC	4.600		08/01/12		6,245
	4,000,000		Enterprise Products Operating LLC	5.600		10/15/14		4,417
	1,150,000		Enterprise Products Operating LLC	5.000		03/01/15		1,240

321

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE (000)
$	2,800,000		Enterprise Products Operating LLC	6.300	%	09/15/17	$	3,159
	1,600,000		Enterprise Products Operating LLC	6.500		01/31/19		1,817
	7,650,000		Enterprise Products Operating LLC	6.130		10/15/39		7,962
	2,325,000		EOG Resources, Inc	4.100		02/01/21		2,287
	3,000,000	g	Gaz Capital S.A.	5.090		11/29/15		3,075
	4,000,000		Gaz Capital S.A.	6.210		11/22/16		4,220
	4,500,000		Gaz Capital S.A.	6.510		03/07/22		4,590
	3,600,000		Hess Corp	8.130		02/15/19		4,548
	1,075,000		Hess Corp	6.000		01/15/40		1,127
	4,625,000		Hess Corp	5.600		02/15/41		4,591
	2,000,000		Inergy LP	6.880		12/15/14		2,030
	1,000,000	g	Inergy LP	7.000		10/01/18		1,008
	2,000,000		Kaneb Pipe Line Operating Partnership LP	5.880		06/01/13		2,165
	6,430,000	g	KMG Finance Sub BV	6.380		04/09/21		6,373
	2,225,000		Marathon Oil Corp	6.500		02/15/14		2,505
	1,000,000		MarkWest Energy Partners LP	6.750		11/01/20		1,000
	5,192,000		Nexen, Inc	6.400		05/15/37		5,030
	5,200,000		Nexen, Inc	7.500		07/30/39		5,655
	720,000	g	Niska Gas Storage	8.880		03/15/14		770
	7,450,000		Occidental Petroleum Corp	4.100		02/01/21		7,573
	1,500,000		Peabody Energy Corp	7.380		11/01/16		1,665
	2,800,000		Pemex Project Funding Master Trust	5.750		03/01/18		2,994
	3,150,000		Pemex Project Funding Master Trust	6.630		06/15/35		3,205
	1,890,000		Pemex Project Funding Master Trust	6.630		06/15/38		1,920
	4,500,000		Petrobras International Finance Co	7.880		03/15/19		5,320
	4,450,000		Petrobras International Finance Co	6.880		01/20/40		4,674
	2,900,000		Petroleos Mexicanos	8.000		05/03/19		3,495
	2,500,000		Petroleos Mexicanos	6.000		03/05/20		2,650
	4,000,000		Petroleos Mexicanos	5.500		01/21/21		4,050
	3,960,000	g	Petroleum Co of Trinidad & Tobago Ltd	9.750		08/14/19		4,752
	4,500,000	g	Petronas Capital Ltd	5.250		08/12/19		4,837
	3,000,000		Plains All American Pipeline LP	5.630		12/15/13		3,281
	8,200,000		Plains All American Pipeline LP	5.750		01/15/20		8,734
	2,674,000	g	Precision Drilling Trust	6.630		11/15/20		2,721
	2,000,000		Range Resources Corp	7.500		05/15/16		2,075
	700,000		Range Resources Corp	7.250		05/01/18		739
	3,768,296		Ras Laffan Liquefied Natural Gas Co Ltd	5.300		09/30/20		3,976
	3,000,000	g	Reliance Holdings USA	4.500		10/19/20		2,862
	4,025,000	g	Rockies Express Pipeline LLC	6.250		07/15/13		4,347
	4,318,057		Rowan Cos, Inc	3.530		05/01/20		4,410
	9,166,580		Rowan Cos, Inc	3.160		07/15/21		9,196
	3,750,000		SEACOR Holdings, Inc	7.380		10/01/19		3,890
	6,250,000		Shell International Finance BV	3.100		06/28/15		6,418
	7,620,000		Shell International Finance BV	4.300		09/22/19		7,944
	1,925,000		Shell International Finance BV	6.380		12/15/38		2,282
	3,464,000		Southwestern Energy Co	7.500		02/01/18		3,906
	2,800,000		Statoil ASA	2.900		10/15/14		2,895
	2,175,000		TransCanada Pipelines Ltd	4.000		06/15/13		2,305
	3,400,000		TransCanada Pipelines Ltd	5.850		03/15/36		3,560
	2,750,000	i	TransCanada Pipelines Ltd	6.350		05/15/67		2,715
	2,000,000		Vale Overseas Ltd	6.250		01/23/17		2,230
	2,760,000		Vale Overseas Ltd	6.880		11/21/36		3,036
	4,650,000		Vale Overseas Ltd	6.880		11/10/39		5,138

322

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE (000)
$	3,375,000		Valero Energy Corp	4.500	%	02/01/15	$	3,510
	8,000,000		Valero Energy Corp	6.130		02/01/20		8,497
	10,855,000		Weatherford Bermuda Holdings Ltd	5.130		09/15/20		10,801
	5,000,000		XTO Energy, Inc	6.250		04/15/13		5,570
	4,400,000		XTO Energy, Inc	4.630		06/15/13		4,777
			TOTAL ENERGY					371,330
FOOD & STAPLES RETAILING - 0.3%
	5,690,000		CVS Caremark Corp	3.250		05/18/15		5,782
	10,500,000		CVS Caremark Corp	5.750		06/01/17		11,682
	795,000		CVS Caremark Corp	6.600		03/15/19		931
	3,800,000		Delhaize Group S.A.	5.880		02/01/14		4,194
	3,800,000		Delhaize Group S.A.	6.500		06/15/17		4,308
	1,500,000		Ingles Markets, Inc	8.880		05/15/17		1,605
	1,500,000		Kroger Co	6.200		06/15/12		1,609
	1,205,000		Kroger Co	5.000		04/15/13		1,298
	1,600,000		Kroger Co	6.400		08/15/17		1,837
	775,000		Kroger Co	6.800		12/15/18		903
	5,000,000		New Albertsons, Inc	7.500		02/15/11		5,006
	880,000		Stater Brothers Holdings	7.750		04/15/15		904
	900,000	g	Stater Brothers Holdings	7.380		11/15/18		923
	640,000		SuperValu, Inc	8.000		05/01/16		613
			TOTAL FOOD & STAPLES RETAILING					41,595
FOOD, BEVERAGE & TOBACCO - 1.2%
	12,510,000		Anheuser-Busch InBev Worldwide, Inc	5.380		01/15/20		13,557
	7,175,000		Anheuser-Busch InBev Worldwide, Inc	5.000		04/15/20		7,583
	2,500,000		Anheuser-Busch InBev Worldwide, Inc	6.380		01/15/40		2,863
	4,300,000	g	BFF International Ltd	7.250		01/28/20		4,472
	6,400,000		Bottling Group LLC	6.950		03/15/14		7,416
	9,000,000		Coca-Cola Co	1.500		11/15/15		8,639
	7,200,000		Coca-Cola Co	3.150		11/15/20		6,756
	4,000,000		Coca-Cola Enterprises, Inc	4.250		03/01/15		4,310
	7,250,000		Dr Pepper Snapple Group, Inc	2.350		12/21/12		7,419
	3,775,000		Dr Pepper Snapple Group, Inc	6.120		05/01/13		4,163
	4,080,000		General Mills, Inc	5.200		03/17/15		4,504
	6,000,000		General Mills, Inc	5.650		02/15/19		6,680
	4,500,000	g	Grupo Bimbo SAB de C.V.	4.880		06/30/20		4,518
	7,400,000		Kellogg Co	4.000		12/15/20		7,298
	2,530,000		Kraft Foods, Inc	6.130		02/01/18		2,890
	8,750,000		Kraft Foods, Inc	5.380		02/10/20		9,416
	3,685,000		Kraft Foods, Inc	6.500		02/09/40		4,130
	4,115,000		Mead Johnson Nutrition Co	4.900		11/01/19		4,341
	2,750,000		Mead Johnson Nutrition Co	5.900		11/01/39		2,847
	2,025,000		PepsiAmericas, Inc	5.750		07/31/12		2,179
	625,000		PepsiAmericas, Inc	4.380		02/15/14		676
	4,800,000		PepsiCo, Inc	0.880		10/25/13		4,745
	680,000		PepsiCo, Inc	7.900		11/01/18		875
	3,750,000		PepsiCo, Inc	4.880		11/01/40		3,639
	2,900,000		Philip Morris International, Inc	4.880		05/16/13		3,139
	7,425,000		Philip Morris International, Inc	6.880		03/17/14		8,556
	1,600,000		Philip Morris International, Inc	6.380		05/16/38		1,857
	1,000,000	g	Smithfield Foods, Inc	10.000		07/15/14		1,153

323

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE	MATURITY DATE		VALUE (000)
			TOTAL FOOD, BEVERAGE & TOBACCO			$	140,621
HEALTH CARE EQUIPMENT & SERVICES - 0.4%
	1,700,000		Agilent Technologies, Inc	2.500	07/15/13		1,720
	3,750,000		Boston Scientific Corp	4.500	01/15/15		3,829
	2,000,000		CHS	8.880	07/15/15		2,100
	2,000,000		DaVita, Inc	6.380	11/01/18		1,990
	4,259,000	o	HCA, Inc	9.630	11/15/16		4,562
	2,000,000		Healthsouth Corp	7.250	10/01/18		2,040
	4,250,000		McKesson Corp	6.500	02/15/14		4,775
	5,000,000		Medtronic, Inc	4.750	09/15/15		5,535
	4,450,000		Medtronic, Inc	4.450	03/15/20		4,620
	3,500,000		Quest Diagnostics, Inc	6.400	07/01/17		3,833
	6,200,000		Stryker Corp	3.000	01/15/15		6,335
	6,225,000		Thermo Fisher Scientific, Inc	2.150	12/28/12		6,332
	1,695,000		Thermo Fisher Scientific, Inc	3.200	05/01/15		1,734
	1,750,000		Thermo Fisher Scientific, Inc	5.000	06/01/15		1,910
	2,560,000		Thermo Fisher Scientific, Inc	4.700	05/01/20		2,677
			TOTAL HEALTH CARE EQUIPMENT & SERVICES				53,992
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	1,570,000		Clorox Co	5.450	10/15/12		1,684
	4,975,000		Procter & Gamble Co	5.550	03/05/37		5,418
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS				7,102
INSURANCE - 1.1%
	3,825,000		ACE INA Holdings, Inc	5.880	06/15/14		4,289
	2,155,000		Aetna, Inc	6.500	09/15/18		2,482
	1,925,000		Aetna, Inc	6.630	06/15/36		2,116
	1,525,000		Aflac, Inc	6.900	12/17/39		1,638
	5,000,000	g	AIG SunAmerica Global Financing VI	6.300	05/10/11		5,075
	5,375,000		Allstate Corp	7.450	05/16/19		6,523
	4,375,000		American Financial Group, Inc	9.880	06/15/19		5,238
	500,000		American International Group, Inc	3.650	01/15/14		509
	3,750,000		Chubb Corp	6.000	05/11/37		4,064
	1,390,000		CIGNA Corp	5.130	06/15/20		1,441
	5,200,000		Genworth Financial, Inc	7.200	02/15/21		5,323
	7,600,000		Hartford Financial Services Group, Inc	4.000	03/30/15		7,621
	7,600,000		Hartford Financial Services Group, Inc	5.500	03/30/20		7,710
	3,725,000		Hartford Financial Services Group, Inc	6.630	03/30/40		3,785
	2,800,000		Lincoln National Corp	7.000	06/15/40		3,045
	3,000,000		Metlife, Inc	5.380	12/15/12		3,212
	5,620,000		Metlife, Inc	5.000	06/15/15		6,086
	7,675,000		Metlife, Inc	6.750	06/01/16		8,903
	2,500,000		Metlife, Inc	5.700	06/15/35		2,552
	2,000,000		Metlife, Inc	5.880	02/06/41		2,109
	2,000,000		Prudential Financial, Inc	5.100	09/20/14		2,148
	8,050,000		Prudential Financial, Inc	7.380	06/15/19		9,490
	5,000,000		Prudential Financial, Inc	6.630	06/21/40		5,579
	7,000,000		Prudential Financial, Inc	6.200	11/15/40		7,405
	3,000,000	g	Prudential Funding LLC	6.750	09/15/23		3,410
	4,250,000		Travelers Cos, Inc	5.800	05/15/18		4,761
	1,150,000		Travelers Cos, Inc	5.900	06/02/19		1,296

324

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE (000)
$	1,500,000		Unum Group	5.630	%	09/15/20	$	1,506
	4,902,000		WellPoint, Inc	6.380		01/15/12		5,167
	1,800,000		WellPoint, Inc	5.880		06/15/17		2,012
	2,250,000		WellPoint, Inc	5.850		01/15/36		2,322
	2,400,000		WR Berkley Corp	5.380		09/15/20		2,342
			TOTAL INSURANCE					131,159
MATERIALS - 1.4%
	3,385,000		3M Co	4.380		08/15/13		3,683
	4,150,000		3M Co	5.700		03/15/37		4,538
	4,600,000		Air Products & Chemicals, Inc	4.150		02/01/13		4,832
	6,630,000		Air Products & Chemicals, Inc	4.380		08/21/19		6,665
	1,125,000		Airgas, Inc	4.500		09/15/14		1,178
	1,000,000		Airgas, Inc	7.130		10/01/18		1,105
	2,035,000		Alcoa, Inc	6.150		08/15/20		2,090
	4,500,000	g	ALROSA Finance S.A.	7.750		11/03/20		4,719
	4,500,000	g	Anglo American Capital plc	2.150		09/27/13		4,539
	1,500,000		AngloGold Ashanti Holdings plc	5.380		04/15/20		1,560
	1,860,000		ArcelorMittal	3.750		08/05/15		1,875
	2,085,000		ArcelorMittal	9.850		06/01/19		2,635
	8,370,000		ArcelorMittal	7.000		10/15/39		8,686
	1,015,000		Ball Corp	7.130		09/01/16		1,094
	355,000		Ball Corp	7.380		09/01/19		382
	4,000,000		Ball Corp	5.750		05/15/21		3,870
	4,500,000	g	Braskem SA	7.000		05/07/20		4,646
	3,000,000	g	Celanese US Holdings LLC	6.630		10/15/18		3,098
	4,500,000	g	Cemex SAB de C.V.	9.500		12/14/16		4,640
	2,000,000		CF Industries, Inc	6.880		05/01/18		2,140
	3,175,000		CF Industries, Inc	7.130		05/01/20		3,477
	1,000,000		Clorox Co	3.550		11/01/15		1,029
	5,600,000	g	Corp Nacional del Cobre de Chile-CODELCO	3.750		11/04/20		5,306
	5,000,000		Crown Americas LLC	7.750		11/15/15		5,199
	4,500,000	g	CSN Resources S.A.	6.500		07/21/20		4,748
	1,000,000		Eastman Chemical Co	5.500		11/15/19		1,052
	6,450,000		EI Du Pont de Nemours & Co	3.250		01/15/15		6,695
	6,000,000		EI Du Pont de Nemours & Co	4.630		01/15/20		6,319
	4,500,000		Fibria Overseas Finance Ltd	7.500		05/04/20		4,725
	1,250,000	g	Georgia Gulf Corp	9.000		01/15/17		1,356
	375,000	g	Georgia-Pacific LLC	7.000		01/15/15		389
	5,000,000	g	Georgia-Pacific LLC	5.400		11/01/20		4,943
	5,300,000	g	Gerdau S.A.	5.750		01/30/21		5,313
	1,500,000		Graphic Packaging International, Inc	9.500		06/15/17		1,637
	1,400,000		Greif, Inc	7.750		08/01/19		1,533
	4,250,000		International Paper Co	7.300		11/15/39		4,843
	2,000,000		Lyondell Chemical Co	11.000		05/01/18		2,265
	3,955,000	g	Nalco Co	6.630		01/15/19		4,044
	1,940,000		Newmont Mining Corp	6.250		10/01/39		2,109
	4,500,000	g	POSCO	4.250		10/28/20		4,273
	5,050,000		Praxair, Inc	5.250		11/15/14		5,631
	10,115,000		Rio Tinto Finance USA Ltd	3.500		11/02/20		9,603
	1,000,000	g	Sappi Papier Holding AG.	6.750		06/15/12		1,025
	2,000,000		Silgan Holdings, Inc	7.250		08/15/16		2,130
	6,450,000	g	Sinochem Corp	6.300		11/12/40		6,598

325

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	3,140,000	g	Sociedad Quimica y Minera de Chile S.A.	5.500	%	04/21/20	$	3,203
	3,000,000		Solutia, Inc	7.880		03/15/20		3,210
	4,500,000	g	Suzano Trading Ltd	5.880		01/23/21		4,410
			TOTAL MATERIALS					175,040
MEDIA - 0.9%
	3,000,000		AMC Entertainment, Inc	8.750		06/01/19		3,203
	3,750,000		CBS Corp	4.300		02/15/21		3,561
	1,388,000		Cinemark USA, Inc	8.630		06/15/19		1,503
	1,011,000		Comcast Cable Communications Holdings, Inc	8.380		03/15/13		1,150
	6,500,000		Comcast Corp	5.650		06/15/35		6,315
	3,475,000		Comcast Corp	6.400		03/01/40		3,725
	1,455,000	g	CSC Holdings LLC	8.500		04/15/14		1,599
	4,740,000		DIRECTV Holdings LLC	7.630		05/15/16		5,255
	3,000,000		DIRECTV Holdings LLC	6.000		08/15/40		3,012
	4,680,000		DISH DBS Corp	7.880		09/01/19		4,891
	5,000,000		Grupo Televisa S.A.	6.000		05/15/18		5,500
	1,970,000		Interpublic Group of Cos, Inc	6.250		11/15/14		2,125
	375,000		Lamar Media Corp	6.630		08/15/15		381
	2,160,000		Lamar Media Corp	7.880		04/15/18		2,295
	8,700,000	g	NBC Universal, Inc	5.150		04/30/20		9,019
	11,930,000	g	NBC Universal, Inc	4.380		04/01/21		11,578
	1,425,000		Nielsen Finance LLC	12.500		08/01/16		1,496
	3,315,000	g	Nielsen Finance LLC	7.750		10/15/18		3,431
	5,495,000		Time Warner Cable, Inc	6.200		07/01/13		6,103
	2,100,000		Time Warner Cable, Inc	8.750		02/14/19		2,672
	9,675,000		Time Warner Cable, Inc	8.250		04/01/19		12,017
	4,860,000		Time Warner Cable, Inc	5.880		11/15/40		4,808
	3,000,000		Time Warner, Inc	3.150		07/15/15		3,048
	3,825,000		Time Warner, Inc	6.500		11/15/36		4,181
	3,875,000		Viacom, Inc	4.380		09/15/14		4,125
			TOTAL MEDIA					106,993
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.8%
	1,550,000		Abbott Laboratories	5.600		05/15/11		1,581
	8,100,000		Abbott Laboratories	4.130		05/27/20		8,236
	3,975,000		Abbott Laboratories	5.300		05/27/40		4,083
	9,575,000		Amgen, Inc	3.450		10/01/20		9,123
	6,170,000		Eli Lilly & Co	3.550		03/06/12		6,366
	3,750,000		GlaxoSmithKline Capital, Inc	5.650		05/15/18		4,288
	4,000,000		Johnson & Johnson	5.850		07/15/38		4,604
	3,140,000		Life Technologies Corp	3.500		01/15/16		3,130
	7,750,000		Merck & Co, Inc	3.880		01/15/21		7,702
	1,500,000	g	Mylan, Inc	7.880		07/15/20		1,616
	1,750,000	g	NBTY, Inc	9.000		10/01/18		1,868
	3,750,000		Novartis Capital Corp	4.130		02/10/14		4,002
	15,775,000		Novartis Capital Corp	2.900		04/24/15		16,205
	2,715,000		Novartis Capital Corp	4.400		04/24/20		2,847
	3,230,000		Pfizer, Inc	5.350		03/15/15		3,631
	5,140,000		Pfizer, Inc	6.200		03/15/19		6,021
	3,225,000		Schering-Plough Corp	6.550		09/15/37		3,929
	5,315,000		Teva Pharmaceutical Finance LLC	3.000		06/15/15		5,408
	3,000,000	g	Valeant Pharmaceuticals International	6.750		10/01/17		2,985
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					97,625

326

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
REAL ESTATE - 0.5%
	2,310,000		AMB Property LP	4.500	%	08/15/17	$	2,310
	1,610,000		Boston Properties LP	4.130		05/15/21		1,526
	1,875,000		Boston Properties LP	2.880		02/15/37		1,903
	1,525,000		Brandywine Operating Partnership LP	7.500		05/15/15		1,667
	1,525,000		Brandywine Operating Partnership LP	5.700		05/01/17		1,521
	4,500,000	g	Desarrolladora Homex SAB de C.V.	9.500		12/11/19		5,153
	2,325,000		Developers Diversified Realty Corp	7.500		04/01/17		2,597
	3,460,000		Developers Diversified Realty Corp	7.880		09/01/20		3,876
	255,000		Federal Realty Investment Trust	5.650		06/01/16		274
	700,000		Federal Realty Investment Trust	5.900		04/01/20		742
	2,775,000		Healthcare Realty Trust, Inc	5.750		01/15/21		2,775
	1,600,000		Highwoods Properties, Inc	5.850		03/15/17		1,647
	1,925,000		Kilroy Realty Corp	5.000		11/03/15		1,911
	840,000		Kimco Realty Corp	5.700		05/01/17		902
	2,850,000		Liberty Property LP	4.750		10/01/20		2,820
	1,480,000		Mack-Cali Realty Corp	7.750		08/15/19		1,722
	915,000		National Retail Properties, Inc	6.880		10/15/17		986
	900,000		Nationwide Health Properties, Inc	6.250		02/01/13		965
	1,485,000		ProLogis	7.630		08/15/14		1,675
	2,325,000		Realty Income Corp	5.950		09/15/16		2,551
	3,875,000		Realty Income Corp	5.750		01/15/21		4,007
	2,325,000		Regency Centers LP	5.250		08/01/15		2,426
	225,000		Regency Centers LP	5.880		06/15/17		240
	800,000		Simon Property Group LP	5.250		12/01/16		863
	3,040,000		Simon Property Group LP	10.350		04/01/19		4,157
	1,000,000		Simon Property Group LP	4.380		03/01/21		988
	1,750,000	g,i	USB Realty Corp	6.090		12/30/49		1,319
	2,760,000		Ventas Realty LP	3.130		11/30/15		2,659
	3,750,000		Washington Real Estate Investment Trust	4.950		10/01/20		3,565
			TOTAL REAL ESTATE					59,747
RETAILING - 0.6%
	5,250,000	g	Ace Hardware Corp	9.130		06/01/16		5,618
	7,750,000		Advance Auto Parts, Inc	5.750		05/01/20		8,095
	2,000,000		Asbury Automotive Group, Inc	7.630		03/15/17		2,020
	2,000,000	g	Ferrellgas Partners LP	6.500		05/01/21		1,950
	3,900,000		Home Depot, Inc	5.880		12/16/36		4,057
	3,150,000		Limited Brands, Inc	7.000		05/01/20		3,323
	14,062,000		Macy’s Retail Holdings, Inc	5.900		12/01/16		15,011
	3,000,000		Martin Marietta Materials, Inc	6.600		04/15/18		3,225
	1,000,000	g	QVC, Inc	7.130		04/15/17		1,048
	2,000,000	g	QVC, Inc	7.500		10/01/19		2,105
	3,875,000		Staples, Inc	9.750		01/15/14		4,696
	875,000		Wal-Mart Stores, Inc	3.000		02/03/14		909
	18,450,000		Wal-Mart Stores, Inc	3.250		10/25/20		17,341
	3,750,000		Wal-Mart Stores, Inc	5.250		09/01/35		3,774
	3,675,000		Wal-Mart Stores, Inc	5.000		10/25/40		3,569
			TOTAL RETAILING					76,741

327

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
$	3,838,000		Analog Devices, Inc	5.000	%	07/01/14	$	4,136
	2,250,000	g	Broadcom Corp	1.500		11/01/13		2,235
	5,350,000	g	Broadcom Corp	2.380		11/01/15		5,208
	2,150,000		National Semiconductor Corp	3.950		04/15/15		2,190
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					13,769
SOFTWARE & SERVICES - 0.5%
	3,825,000		Adobe Systems, Inc	3.250		02/01/15		3,897
	7,325,000		International Business Machines Corp	1.000		08/05/13		7,298
	3,655,000		Microsoft Corp	0.880		09/27/13		3,634
	4,095,000		Microsoft Corp	2.950		06/01/14		4,263
	10,625,000		Microsoft Corp	1.630		09/25/15		10,362
	4,750,000		Microsoft Corp	3.000		10/01/20		4,454
	3,925,000		Oracle Corp	3.750		07/08/14		4,172
	3,100,000		Oracle Corp	5.750		04/15/18		3,546
	3,750,000	g	Oracle Corp	3.880		07/15/20		3,728
	3,000,000	g	SunGard Data Systems, Inc	7.380		11/15/18		3,015
	7,500,000		Symantec Corp	2.750		09/15/15		7,319
			TOTAL SOFTWARE & SERVICES					55,688
TECHNOLOGY HARDWARE & EQUIPMENT - 0.5%
	4,000,000		Amphenol Corp	4.750		11/15/14		4,273
	1,000,000		Brocade Communications Systems, Inc	6.880		01/15/20		1,065
	10,685,000		Cisco Systems, Inc	4.450		01/15/20		11,195
	3,300,000		General Electric Co	5.250		12/06/17		3,564
	7,525,000		Hewlett-Packard Co	4.250		02/24/12		7,820
	2,550,000		Hewlett-Packard Co	2.950		08/15/12		2,629
	5,250,000		Hewlett-Packard Co	4.750		06/02/14		5,752
	1,225,000		Hewlett-Packard Co	3.750		12/01/20		1,198
	3,150,000		International Game Technology	7.500		06/15/19		3,546
	3,500,000		Jabil Circuit, Inc	5.630		12/15/20		3,439
	4,450,000		L-3 Communications Corp	6.380		10/15/15		4,584
	2,255,000		L-3 Communications Corp	5.200		10/15/19		2,292
	3,000,000	g	Pinafore LLC	9.000		10/01/18		3,240
	3,600,000		Xerox Corp	8.250		05/15/14		4,202
	5,000,000		Xerox Corp	4.250		02/15/15		5,231
	2,075,000		Xerox Corp	5.630		12/15/19		2,224
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					66,254
TELECOMMUNICATION SERVICES - 1.7%
	2,400,000		America Movil SAB de C.V.	5.000		03/30/20		2,495
	4,000,000		America Movil SAB de C.V.	6.130		03/30/40		4,242
	2,500,000		AT&T, Inc	2.500		08/15/15		2,491
	2,000,000		AT&T, Inc	6.150		09/15/34		2,066
	3,625,000		AT&T, Inc	6.500		09/01/37		3,909
	11,500,000		AT&T, Inc	6.300		01/15/38		12,132
	3,886,000	g	AT&T, Inc	5.350		09/01/40		3,655
	2,500,000	g	Axtel SAB de C.V.	9.000		09/22/19		2,375
	1,745,000		BellSouth Capital Funding Corp	7.880		02/15/30		2,102
	13,125,000		BellSouth Corp	5.200		09/15/14		14,328
	3,000,000	g	CC Holdings GS V LLC	7.750		05/01/17		3,278
	14,950,000		Cellco Partnership	3.750		05/20/11		15,133
	13,850,000		Cellco Partnership	8.500		11/15/18		18,122

328

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	1,500,000	g	Clearwire Communications LLC	12.000	%	12/01/15	$	1,616
	4,000,000		Deutsche Telekom International Finance BV	8.750		06/15/30		5,376
	8,500,000		France Telecom S.A.	2.130		09/16/15		8,274
	4,500,000	g	Globo Comunicacao e Participacoes S.A.	6.250		12/30/49		4,725
	2,500,000	g	Indosat Palapa Co	7.380		07/29/20		2,763
	2,000,000		Intelsat Jackson Holdings Ltd	11.250		06/15/16		2,155
	3,500,000	g	MTS International Funding Ltd	8.630		06/22/20		3,976
	5,150,000	g	Qtel International Finance	4.750		02/16/21		4,913
	3,000,000	g	Qwest Communications International, Inc	7.130		04/01/18		3,105
	3,000,000		Qwest Corp	8.880		03/15/12		3,244
	3,280,000	g	Sable International Finance Ltd	7.750		02/15/17		3,469
	2,000,000		SBA Telecommunications, Inc	8.000		08/15/16		2,165
	1,225,000		Sprint Nextel Corp	6.000		12/01/16		1,184
	3,075,000		Telecom Italia Capital S.A.	6.180		06/18/14		3,270
	2,825,000		Telecom Italia Capital S.A.	7.000		06/04/18		2,991
	6,275,000		Telecom Italia Capital S.A.	7.180		06/18/19		6,714
	7,465,000		Telefonica Emisiones SAU	5.130		04/27/20		7,187
	3,315,000	g	Telefonica Moviles Chile S.A.	2.880		11/09/15		3,182
	4,500,000		Telefonos de Mexico SAB de C.V.	5.500		11/15/19		4,751
	8,728,000	g	Telemar Norte Leste S.A.	5.500		10/23/20		8,401
	5,550,000		Verizon Communications, Inc	4.350		02/15/13		5,902
	1,250,000		Verizon Communications, Inc	5.500		02/15/18		1,374
	2,905,000		Verizon Communications, Inc	8.750		11/01/18		3,793
	3,875,000		Verizon Communications, Inc	6.250		04/01/37		4,135
	2,900,000		Verizon Communications, Inc	6.400		02/15/38		3,208
	3,100,000		Verizon Communications, Inc	8.950		03/01/39		4,418
	6,500,000		Verizon Virginia, Inc	4.630		03/15/13		6,865
	4,500,000		Virgin Media Finance plc	9.500		08/15/16		5,085
	735,000		Windstream Corp	8.130		09/01/18		772
			TOTAL TELECOMMUNICATION SERVICES					205,341
TRANSPORTATION - 0.7%
	2,000,000	g	Bombardier, Inc	7.750		03/15/20		2,155
	2,840,000		Bristow Group, Inc	7.500		09/15/17		2,996
	3,750,000		Burlington Northern Santa Fe Corp	6.750		07/15/11		3,877
	7,650,000		Burlington Northern Santa Fe Corp	4.700		10/01/19		7,995
	2,400,000		Burlington Northern Santa Fe Corp	6.150		05/01/37		2,580
	7,000,000		Burlington Northern Santa Fe Corp	5.750		05/01/40		7,242
	4,500,000	g	DP World Ltd	6.850		07/02/37		4,138
	2,325,000		Embraer Overseas Ltd	6.380		01/15/20		2,453
	1,000,000	g	Hertz Corp	7.500		10/15/18		1,038
	2,000,000	g	Hertz Corp	7.380		01/15/21		2,020
	2,640,000		Kansas City Southern de Mexico S.A. de C.V.	8.000		02/01/18		2,858
	4,500,000	g	Kansas City Southern de Mexico S.A. de C.V.	6.630		12/15/20		4,511
	2,450,000	g	Kazakhstan Temir Zholy Finance BV	6.380		10/06/20		2,557
	2,500,000		Norfolk Southern Corp	5.750		01/15/16		2,809
	2,800,000		Norfolk Southern Corp	5.750		04/01/18		3,162
	2,056,000		Norfolk Southern Corp	5.590		05/17/25		2,124
	6,778,000		Northrop Grumman Corp	5.050		11/15/40		6,333
	3,782,813		Totem Ocean Trailer Express, Inc	4.510		12/18/19		4,074
	1,500,000		Union Pacific Corp	6.500		04/15/12		1,602
	6,375,000		Union Pacific Corp	5.130		02/15/14		6,880
	7,750,000		United Parcel Service, Inc	3.130		01/15/21		7,200
			TOTAL TRANSPORTATION					80,604

329

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
UTILITIES - 2.2%
	2,500,000		AES Corp	7.750	%	03/01/14	$	2,669
	2,250,000		AGL Capital Corp	5.250		08/15/19		2,376
	2,000,000		AGL Capital Corp	6.000		10/01/34		1,977
	8,435,000		Alliant Energy Corp	4.000		10/15/14		8,739
	5,500,000		Atmos Energy Corp	8.500		03/15/19		6,885
	2,000,000	g	Calpine Corp	7.500		02/15/21		1,970
	4,500,000		Carolina Power & Light Co	5.130		09/15/13		4,936
	4,750,000		Carolina Power & Light Co	5.300		01/15/19		5,273
	2,750,000		Carolina Power & Light Co	5.700		04/01/35		2,841
	2,100,000		CenterPoint Energy Houston Electric LLC	7.000		03/01/14		2,400
	4,250,000		CenterPoint Energy Resources Corp	7.880		04/01/13		4,804
	3,550,000		CenterPoint Energy Resources Corp	6.250		02/01/37		3,714
	2,800,000	g	Cia de Saneamento Basico do Estado de Sao Paulo	6.250		12/16/20		2,833
	2,500,000		CMS Energy Corp	5.050		02/15/18		2,472
	4,375,000	g	Colbun S.A.	6.000		01/21/20		4,550
	3,055,000		Commonwealth Edison Co	4.000		08/01/20		3,006
	4,200,000		Commonweatlh Edison Co	5.900		03/15/36		4,339
	2,750,000		Connecticut Light & Power Co	5.500		02/01/19		3,056
	3,500,000		Consolidated Edison Co of New York, Inc	5.700		06/15/40		3,723
	3,500,000		Consolidated Natural Gas Co	6.250		11/01/11		3,648
	4,250,000		Consolidated Natural Gas Co	5.000		12/01/14		4,621
	900,000	g	Dubai Electricity & Water Authority	8.500		04/22/15		957
	3,600,000	g	Dubai Electricity & Water Authority	7.380		10/21/20		3,367
	7,150,000		Duke Energy Carolinas LLC	5.750		11/15/13		8,010
	1,400,000		Duke Energy Carolinas LLC	4.300		06/15/20		1,444
	2,500,000	g	Empresa Electrica del Norte Grande S.A.	5.630		01/15/21		2,477
	2,000,000		Florida Power Corp	6.400		06/15/38		2,326
	3,500,000		FPL Group Capital, Inc	2.600		09/01/15		3,427
	5,000,000		Georgia Power Co	5.400		06/01/40		5,051
	5,000,000		Indiana Michigan Power Co	7.000		03/15/19		5,904
	2,725,000		Integrys Energy Group, Inc	4.170		11/01/20		2,601
	1,000,000	g	Kansas Gas & Electric	6.700		06/15/19		1,153
	2,460,000	g	Kazatomprom	6.250		05/20/15		2,608
	5,000,000	g	Kentucky Utilities Co	3.750		11/15/20		4,760
	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		3,558
	3,850,000		Kinder Morgan Energy Partners LP	6.500		09/01/39		3,977
	1,850,000	g	Korea Hydro & Nuclear Power Co Ltd	3.130		09/16/15		1,793
	4,500,000	g	Majapahit Holding BV	7.880		06/29/37		5,175
	5,950,000		Midamerican Energy Holdings Co	5.950		05/15/37		6,276
	2,092,000		Mirant North America LLC	7.380		12/31/13		2,131
	4,000,000		National Fuel Gas Co	5.250		03/01/13		4,241
	2,800,000		Nevada Power Co	6.500		08/01/18		3,233
	3,500,000		Nevada Power Co	6.650		04/01/36		3,916
	3,250,000		Nevada Power Co	5.380		09/15/40		3,128
	3,500,000		NRG Energy, Inc	7.250		02/01/14		3,570
	2,850,000	g	Oncor Electric Delivery Co LLC	5.250		09/30/40		2,738
	4,075,000		ONEOK Partners LP	5.900		04/01/12		4,304
	5,250,000		Pacific Gas & Electric Co	8.250		10/15/18		6,821
	2,750,000		PacifiCorp	6.000		01/15/39		3,033

330

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	4,825,000		Pepco Holdings, Inc	2.700	%	10/01/15	$	4,703
	6,750,000		PG&E Corp	5.750		04/01/14		7,388
	750,000		Potomac Electric Power Co	7.900		12/15/38		1,005
	4,500,000	g	Power Sector Assets & Liabilities Management Corp	7.390		12/02/24		5,333
	3,825,000		Progress Energy, Inc	7.050		03/15/19		4,538
	2,000,000		Public Service Co of Colorado	7.880		10/01/12		2,228
	4,625,000		Public Service Co of Colorado	3.200		11/15/20		4,361
	8,800,000		Public Service Co of Oklahoma	5.150		12/01/19		9,213
	2,640,000		Public Service Electric & Gas Co	5.300		05/01/18		2,953
	5,000,000		Public Service Electric & Gas Co	3.500		08/15/20		4,820
	1,250,000		Questar Market Resources, Inc	6.880		03/01/21		1,313
	2,000,000		Sabine Pass LNG LP	7.250		11/30/13		1,945
	3,100,000		San Diego Gas & Electric Co	5.350		05/15/40		3,169
	4,000,000		Sempra Energy	6.000		10/15/39		4,226
	2,000,000		Spectra Energy Capital LLC	6.250		02/15/13		2,169
	2,600,000		Veolia Environnement	5.250		06/03/13		2,809
	4,500,000		Virginia Electric and Power Co	4.750		03/01/13		4,800
	3,000,000		Williams Partners LP	3.800		02/15/15		3,100
	5,350,000		Williams Partners LP	5.250		03/15/20		5,546
	6,200,000		Williams Partners LP	6.300		04/15/40		6,453
	3,000,000		Wisconsin Electric Power Co	5.630		05/15/33		3,106
			TOTAL UTILITIES					271,007
			TOTAL CORPORATE BONDS					3,774,444
			(Cost $3,628,951)
GOVERNMENT BONDS - 61.2%
AGENCY SECURITIES - 5.4%
			Federal Farm Credit Bank (FFCB)
	31,850,000		FFCB	2.630		04/21/11		32,081
	7,250,000		FFCB	5.380		07/18/11		7,448
	9,750,000		FFCB	1.380		06/25/13		9,877
			Federal Home Loan Bank (FHLB)
	3,000,000		FHLB	3.630		09/16/11		3,070
	15,000,000		FHLB	1.880		06/21/13		15,350
			Federal Home Loan Mortgage Corp (FHLMC)
	5,000,000		FHLMC	1.750		06/15/12		5,088
	15,000,000		FHLMC	5.500		08/20/12		16,191
	8,600,000		FHLMC	2.130		09/21/12		8,820
	5,000,000		FHLMC	4.130		12/21/12		5,329
	6,000,000		FHLMC	3.500		05/29/13		6,373
	27,600,000		FHLMC	2.500		04/23/14		28,596
	20,000,000		FHLMC	3.000		07/28/14		21,054
			Federal National Mortgage Association (FNMA)
	19,400,000		FNMA	1.380		04/28/11		19,475
	8,000,000		FNMA	5.000		10/15/11		8,289
	20,000,000		FNMA	2.000		01/09/12		20,322
	2,000,000		FNMA	1.130		07/30/12		2,017
	10,000,000		FNMA	3.630		02/12/13		10,602
	20,500,000		FNMA	1.250		08/20/13		20,634
	24,500,000		FNMA	2.750		02/05/14		25,602
	76,000,000		FNMA	2.750		03/13/14		79,437

331

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	25,500,000		FNMA	2.500	%	05/15/14	$	26,457
	23,500,000		FNMA	3.000		09/16/14		24,752
	35,000,000		FNMA	2.630		11/20/14		36,331
	22,831,439		AMAL Ltd	3.470		08/21/21		23,263
	5,105,466		Cal Dive I- Title XI, Inc	4.930		02/01/27		5,311
	3,500,000		European Investment Bank	4.880		02/15/36		3,579
	26,000,000	g,j	FDIC Structured Sale Guarantee	0.000		10/25/12		25,308
	5,000,000		International Finance Corp	5.130		05/02/11		5,082
	1,794,024		Overseas Private Investment Corp	3.420		01/15/15		1,877
	23,711,024		Premier Aircraft Leasing	3.580		02/06/22		24,016
	13,000,000		Private Export Funding Corp	4.900		12/15/11		13,554
	25,000,000		Private Export Funding Corp	3.550		04/15/13		26,489
	10,000,000		Private Export Funding Corp	3.050		10/15/14		10,533
	7,000,000		Private Export Funding Corp	4.550		05/15/15		7,737
	17,000,000		Private Export Funding Corp	5.450		09/15/17		19,406
	10,000,000		Private Export Funding Corp	2.250		12/15/17		9,478
	10,000,000		Private Export Funding Corp	4.380		03/15/19		10,666
	20,000,000		Private Export Funding Corp	4.300		12/15/21		20,568
	9,148,834		San Clemente Leasing LLC	3.590		08/27/21		9,209
	3,000,000		US Department of Housing and Urban Development	5.380		08/01/18		3,441
			TOTAL AGENCY SECURITIES					652,712
FOREIGN GOVERNMENT BONDS - 4.1%
	2,270,000	g	Arab Republic of Egypt	5.750		04/29/20		2,338
	3,200,000	g	Bahrain Government International Bond	5.500		03/31/20		3,259
	5,300,000	g	Banco Nacional de Desenvolvimento Economico e Social	6.500		06/10/19		5,817
	4,500,000	g	Banco Nacional de Desenvolvimento Economico e Social	5.500		07/12/20		4,624
	1,675,000		Banque Centrale de Tunisie	8.250		09/19/27		2,035
	4,163,000	g	Belgium Government International Bond	2.880		09/15/14		4,145
	3,750,000		Belgium Kingdom	2.750		03/05/15		3,687
	5,460,000		Brazilian Government International Bond	5.880		01/15/19		6,061
	6,920,000		Brazilian Government International Bond	4.880		01/22/21		7,058
	825,000		Brazilian Government International Bond	7.130		01/20/37		984
	4,500,000		Brazilian Government International Bond	5.630		01/07/41		4,466
	12,200,000		Canada Government International Bond	2.380		09/10/14		12,579
	6,300,000		Chile Government International Bond	3.880		08/05/20		6,193
	4,500,000		Colombia Government International Bond	6.130		01/18/41		4,613
	4,500,000	g	Commonwealth of the Bahamas	6.950		11/20/29		4,643
	15,000,000		Council of Europe Development Bank	2.750		02/10/15		15,422
	4,370,000	g	Croatia Government International Bond	6.630		07/14/20		4,512
	2,350,000	g	Democratic Socialist Republic of Sri Lanka	7.400		01/22/15		2,591
	3,750,000	g	Dominican Republic International Bond	7.500		05/06/21		4,041
	15,350,000		Export Development Canada	2.250		05/28/15		15,542
	3,196,000		Export-Import Bank of Korea	5.880		01/14/15		3,461
	7,450,000		Export-Import Bank of Korea	4.130		09/09/15		7,571
	5,000,000		Export-Import Bank of Korea	5.130		06/29/20		5,148
	9,895,000		Federative Republic of Brazil	6.000		01/17/17		11,196
	3,583,333		Federative Republic of Brazil	8.000		01/15/18		4,193
	4,400,000		Italy Government International Bond	5.380		06/12/17		4,514
	4,000,000		Italy Government International Bond	6.880		09/27/23		4,408
	3,330,000		Korea Development Bank	3.250		03/09/16		3,238
	12,000,000		Kreditanstalt fuer Wiederaufbau	4.000		01/27/20		12,441
	5,000,000	g	Lithuania Government International Bond	5.130		09/14/17		4,926

332

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	1,000,000		Mexico Government International Bond	6.380	%	01/16/13	$	1,093
	2,900,000		Mexico Government International Bond	6.750		09/27/34		3,263
	3,592,000		Mexico Government International Bond	6.050		01/11/40		3,673
	4,500,000		Panama Government International Bond	6.700		01/26/36		5,018
	2,435,000		Peruvian Government International Bond	7.130		03/30/19		2,910
	1,200,000		Peruvian Government International Bond	7.350		07/21/25		1,460
	2,500,000		Peruvian Government International Bond	6.550		03/14/37		2,738
	4,500,000		Poland Government International Bond	3.880		07/16/15		4,574
	8,385,000		Poland Government International Bond	6.380		07/15/19		9,393
	7,000,000	g	Portugal Government International Bond	3.500		03/25/15		6,467
	13,825,000		Province of British Columbia Canada	2.850		06/15/15		14,232
	1,000,000	g	Province of Buenos Aires Argentina	11.750		10/05/15		1,033
	3,000,000	g	Province of Cordoba	12.380		08/17/17		3,120
	7,400,000		Province of Manitoba Canada	5.000		02/15/12		7,757
	3,000,000		Province of Manitoba Canada	2.130		04/22/13		3,067
	12,000,000		Province of Nova Scotia Canada	2.380		07/21/15		12,012
	20,000,000		Province of Ontario Canada	2.630		01/20/12		20,411
	27,400,000		Province of Ontario Canada	4.100		06/16/14		29,596
	24,250,000		Province of Ontario Canada	2.950		02/05/15		25,031
	35,525,000		Province of Ontario Canada	2.700		06/16/15		36,165
	10,000,000		Province of Ontario Canada	4.000		10/07/19		10,273
	13,000,000		Province of Ontario Canada	4.400		04/14/20		13,591
	2,250,000		Province of Quebec Canada	5.130		11/14/16		2,523
	8,835,000		Province of Quebec Canada	4.630		05/14/18		9,558
	22,500,000		Province of Quebec Canada	3.500		07/29/20		21,781
	6,000,000		Province of Quebec Canada	7.500		09/15/29		8,239
	230,000	g	Qatar Government International Bond	4.000		01/20/15		238
	3,000,000		Qatar Government International Bond	5.250		01/20/20		3,165
	2,700,000		Republic of Hungary	6.250		01/29/20		2,612
	4,500,000		Republic of Korea	5.750		04/16/14		4,916
	2,250,000	g	Republic of Lithuania	6.750		01/15/15		2,430
	3,733,334		Republic of Serbia	6.750		11/01/24		3,655
	4,500,000		Republic of Turkey	7.500		07/14/17		5,321
	7,000,000	g	Russian Foreign Bond - Eurobond	3.630		04/29/15		7,009
	3,500,000	g	Russian Foreign Bond - Eurobond	5.000		04/29/20		3,500
	4,502,000		South Africa Government International Bond	6.880		05/27/19		5,273
	3,500,000		South Africa Government International Bond	5.500		03/09/20		3,723
	3,700,000	g	Sri Lanka Government International Bond	6.250		10/04/20		3,751
	4,500,000		Turkey Government International Bond	5.630		03/30/21		4,680
	3,500,000	g	Ukraine Government International Bond	6.880		09/23/15		3,557
	3,500,000	g	Ukraine Government International Bond	7.750		09/23/20		3,561
	2,180,000		United Mexican States	5.880		02/17/14		2,480
	3,500,000		United Mexican States	5.950		03/19/19		3,903
	500,000		United Mexican States	5.130		01/15/20		521
	4,500,000		Uruguay Government International Bond	6.880		09/28/25		5,130
			TOTAL FOREIGN GOVERNMENT BONDS					504,109
MORTGAGE BACKED - 31.1%
			Federal Home Loan Mortgage Corp (FHLMC)
	947,297		FHLMC	5.750		12/15/18		983
	6,174,735	i	FHLMC	2.600		02/01/36		6,429
	6,304,203	i	FHLMC	5.810		07/01/36		6,585
	4,714,766	i	FHLMC	2.910		09/01/36		4,916

333

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	3,776,099	i	FHLMC	5.630	%	09/01/36	$	3,968
	5,055,465	i	FHLMC	5.870		09/01/36		5,348
	3,688,620	i	FHLMC	5.920		09/01/36		3,900
	9,535,360	i	FHLMC	5.750		02/01/37		10,198
	10,907,349	i	FHLMC	5.500		03/01/37		11,532
	9,679,431	i	FHLMC	5.880		04/01/37		10,373
	711,168	i	FHLMC	5.720		05/01/37		761
	7,314,089	i	FHLMC	5.590		06/01/37		7,752
	5,851,371	i	FHLMC	5.640		08/01/37		6,220
	5,840,571	i	FHLMC	5.640		09/01/37		6,205
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	7,012		FGLMC	6.000		04/01/11		7
	159,534		FGLMC	7.000		07/01/13		170
	898,068		FGLMC	6.500		12/01/16		977
	6,841,554		FGLMC	5.000		09/01/18		7,296
	3,210,538		FGLMC	4.500		10/01/18		3,389
	1,910,996		FGLMC	4.500		11/01/18		2,017
	1,873,428		FGLMC	5.500		01/01/19		2,035
	893,741		FGLMC	4.000		06/01/19		927
	3,835,121		FGLMC	4.500		01/01/20		4,048
	2,756,860		FGLMC	4.500		07/01/20		2,909
	1,923,029		FGLMC	4.500		08/01/20		2,030
	276,440		FGLMC	7.000		10/01/20		314
	27,607,555		FGLMC	4.500		06/01/21		29,109
	8,951,944		FGLMC	4.500		06/01/21		9,439
	3,501,340		FGLMC	5.000		04/01/23		3,699
	46,813		FGLMC	7.000		05/01/23		53
	594,101		FGLMC	6.000		10/01/23		652
	574,854		FGLMC	6.000		11/01/23		632
	12,653,198		FGLMC	4.000		07/01/24		13,013
	4,420,288		FGLMC	4.500		09/01/24		4,619
	33,000,000	h	FGLMC	5.000		01/15/26		34,846
	133,719		FGLMC	8.000		01/01/31		156
	72,654		FGLMC	7.000		11/01/31		83
	171,416		FGLMC	7.000		12/01/31		195
	86,174		FGLMC	7.000		12/01/31		98
	143,307		FGLMC	7.000		12/01/31		163
	6,592		FGLMC	7.000		01/01/32		8
	368,496		FGLMC	8.000		02/01/32		431
	5,840,185		FGLMC	4.500		07/01/33		6,032
	2,969,798		FGLMC	5.500		11/01/33		3,227
	13,822,905		FGLMC	5.500		12/01/33		14,843
	3,833,126		FGLMC	5.500		12/01/33		4,118
	19,709,552		FGLMC	7.000		12/01/33		22,447
	43,306,186		FGLMC	5.000		01/01/34		45,717
	9,153,410		FGLMC	5.000		05/01/34		9,651
	5,573,399		FGLMC	6.000		09/01/34		6,099
	18,826,971		FGLMC	4.500		10/01/34		19,446
	1,443,882		FGLMC	5.500		12/01/34		1,550
	7,487,906		FGLMC	4.500		04/01/35		7,725
	2,686,509		FGLMC	6.000		05/01/35		2,947
	1,653,825		FGLMC	6.000		05/01/35		1,814
	2,136,564		FGLMC	6.000		05/01/35		2,337

334

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	2,784,956		FGLMC	6.000	%	05/01/35	$	3,053
	4,876,435		FGLMC	6.000		05/01/35		5,331
	3,100,204		FGLMC	6.000		05/01/35		3,391
	8,003,265		FGLMC	7.000		05/01/35		9,115
	1,441,333		FGLMC	5.500		06/01/35		1,547
	1,388,454		FGLMC	5.500		06/01/35		1,489
	4,871,193		FGLMC	5.500		06/01/35		5,224
	16,508,452		FGLMC	5.500		06/01/35		17,713
	3,047,834		FGLMC	6.000		06/01/35		3,338
	12,723,750		FGLMC	4.500		08/01/35		13,118
	1,551,635		FGLMC	5.000		10/01/35		1,635
	448,014		FGLMC	6.500		11/01/35		505
	1,842,690		FGLMC	6.000		01/01/36		2,003
	3,593,437		FGLMC	5.000		02/01/36		3,787
	1,484,402		FGLMC	5.500		04/01/36		1,592
	1,254,411		FGLMC	6.500		05/01/36		1,395
	9,048,352		FGLMC	6.500		10/01/36		10,064
	15,931,779		FGLMC	5.500		04/01/37		16,998
	24,971,633		FGLMC	5.500		05/01/37		26,643
	9,080,565		FGLMC	6.000		08/01/37		9,920
	3,772,326		FGLMC	6.000		09/01/37		4,121
	6,034,355		FGLMC	6.500		11/01/37		6,696
	17,262,411		FGLMC	5.000		04/01/38		18,213
	13,571,239		FGLMC	6.000		11/01/38		14,715
	13,646,776		FGLMC	4.500		05/01/39		13,997
	17,445,478		FGLMC	4.000		06/01/39		17,337
	9,879,224		FGLMC	5.000		07/01/39		10,367
	9,000,000	h	FGLMC	6.000		01/15/40		9,748
	50,000,000	h	FGLMC	4.500		01/15/41		51,234
	100,000,000	h	FGLMC	5.000		01/15/41		104,875
	49,000,000	h	FGLMC	5.500		01/15/41		52,216
			Federal National Mortgage Association (FNMA)
	712		FNMA	8.000		06/01/11		1
	307		FNMA	8.000		07/01/11		0	^
	106,294		FNMA	5.000		06/01/13		114
	2,646,359		FNMA	4.440		07/01/13		2,790
	3,521,757		FNMA	4.760		10/01/13		3,671
	1,358,057		FNMA	4.780		02/01/14		1,456
	5,254,359		FNMA	4.440		04/01/14		5,590
	1,512,658		FNMA	4.560		01/01/15		1,612
	264,600		FNMA	7.500		02/01/15		290
	638,742		FNMA	7.500		04/01/15		700
	532,163		FNMA	7.500		04/01/15		570
	57,658		FNMA	6.500		03/01/16		63
	20,952		FNMA	6.500		04/01/16		23
	471,124		FNMA	6.500		10/01/16		514
	341,310		FNMA	6.500		11/01/16		372
	3,902,462		FNMA	5.000		12/01/17		4,174
	961,164		FNMA	6.500		02/01/18		1,052
	2,814,270		FNMA	5.500		03/01/18		3,036
	6,841,149		FNMA	5.500		04/01/18		7,381
	556,533		FNMA	5.500		04/01/18		601
	743,370		FNMA	6.500		04/01/18		813

335

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	186,861		FNMA	5.500	%	05/01/18	$	202
	10,826,851		FNMA	4.500		12/01/18		11,470
	351,928		FNMA	6.000		01/01/19		384
	75,145		FNMA	6.000		02/01/19		82
	6,377,431		FNMA	5.000		04/01/19		6,821
	3,338,673		FNMA	4.500		06/01/19		3,533
	4,625,002		FNMA	5.000		03/01/20		4,952
	2,382,723		FNMA	5.500		07/01/20		2,587
	1,590,170		FNMA	4.500		11/01/20		1,683
	4,709,745		FNMA	5.000		12/01/20		5,031
	7,027,984		FNMA	5.000		03/01/21		7,525
	4,308,994		FNMA	5.500		08/01/21		4,638
	5,422,270		FNMA	4.500		03/01/23		5,693
	103,913		FNMA	8.000		03/01/23		120
	12,176,387		FNMA	4.500		06/01/23		12,785
	12,257,902		FNMA	5.000		07/01/23		13,011
	9,656,917		FNMA	5.000		07/01/23		10,250
	3,717,590		FNMA	5.000		12/01/23		3,959
	1,081,181		FNMA	5.500		02/01/24		1,170
	13,207,450		FNMA	4.000		05/01/24		13,622
	2,068,788		FNMA	5.500		07/01/24		2,236
	318,792		FNMA	8.000		07/01/24		367
	4,200,918		FNMA	4.500		08/01/24		4,406
	2,821,783		FNMA	5.500		08/01/24		3,050
	17,818,583		FNMA	4.000		09/01/24		18,378
	22,000,000	h	FNMA	4.500		01/25/25		23,062
	9,672,701		FNMA	5.000		10/01/25		10,286
	67,151		FNMA	9.000		11/01/25		78
	31,000,000	h	FNMA	4.000		01/25/26		31,925
	53,000,000	h	FNMA	5.000		01/25/26		56,230
	5,177,284		FNMA	6.500		07/01/32		5,821
	248,073		FNMA	7.000		07/01/32		283
	623,509		FNMA	7.000		07/01/32		711
	6,735,601		FNMA	5.500		01/01/33		7,252
	7,642,764		FNMA	6.000		01/01/33		8,335
	994,117		FNMA	5.000		02/01/33		1,051
	7,094,011		FNMA	4.500		03/25/33		7,522
	3,987,800		FNMA	4.500		08/01/33		4,123
	4,212,120		FNMA	5.000		08/01/33		4,455
	6,887,732		FNMA	4.500		10/01/33		7,122
	3,999,499		FNMA	5.000		10/01/33		4,230
	2,469,230		FNMA	5.000		10/01/33		2,612
	1,136,482		FNMA	5.000		10/01/33		1,202
	32,120,568		FNMA	5.000		11/01/33		33,972
	631,550		FNMA	5.000		11/01/33		668
	7,153,510		FNMA	5.000		11/01/33		7,566
	6,339,686		FNMA	5.000		11/01/33		6,705
	5,824,163		FNMA	5.500		12/01/33		6,320
	767,661		FNMA	5.500		12/01/33		827
	2,024,566		FNMA	5.500		12/01/33		2,182
	1,717,213		FNMA	5.000		03/01/34		1,816
	4,278,505		FNMA	5.000		03/01/34		4,525
	1,486,552		FNMA	5.000		03/01/34		1,572

336

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	11,344,876		FNMA	5.000	%	03/01/34	$	11,999
	1,352,068		FNMA	5.000		03/01/34		1,430
	5,127,605		FNMA	5.500		03/01/34		5,559
	11,026,490		FNMA	5.000		04/01/34		11,648
	42,587,693		FNMA	5.000		08/01/34		45,011
	6,537,586		FNMA	6.000		08/01/34		7,202
	3,182,245		FNMA	5.500		09/01/34		3,446
	2,086,398		FNMA	5.500		09/01/34		2,259
	1,919,135		FNMA	5.500		10/01/34		2,081
	1,792,025		FNMA	5.500		10/01/34		1,931
	2,088,172		FNMA	6.000		12/01/34		2,293
	4,163,935		FNMA	5.500		01/01/35		4,484
	45,406,056		FNMA	5.500		02/01/35		48,944
	3,156,747		FNMA	5.500		04/01/35		3,422
	4,231,736		FNMA	6.000		04/01/35		4,642
	11,170,009		FNMA	4.500		05/01/35		11,549
	14,199,159		FNMA	5.500		05/01/35		15,270
	4,877,518		FNMA	6.000		05/01/35		5,347
	2,430,164		FNMA	5.500		06/01/35		2,615
	1,763,115		FNMA	5.500		06/01/35		1,897
	3,411,127		FNMA	5.500		06/01/35		3,668
	569,092		FNMA	5.500		06/01/35		612
	722,928		FNMA	5.500		06/01/35		783
	114,018		FNMA	7.500		06/01/35		131
	1,419,203		FNMA	5.500		07/01/35		1,526
	2,267,138		FNMA	6.000		07/01/35		2,474
	6,444,906		FNMA	4.500		08/01/35		6,652
	8,598,430		FNMA	5.000		08/01/35		9,078
	9,003,989		FNMA	5.500		09/01/35		9,762
	9,172,929		FNMA	5.000		10/01/35		9,685
	5,086,802		FNMA	5.500		11/01/35		5,470
	9,799,980		FNMA	5.000		02/01/36		10,347
	4,855,091	i	FNMA	5.630		02/01/36		5,080
	18,860,471		FNMA	6.000		03/01/36		20,559
	3,391,064		FNMA	5.000		04/01/36		3,570
	2,411,154	i	FNMA	5.880		07/01/36		2,542
	3,923,120		FNMA	6.500		09/01/36		4,397
	7,283,535		FNMA	6.000		12/01/36		7,939
	6,826,242		FNMA	6.500		03/01/37		7,650
	232,892		FNMA	6.500		03/01/37		259
	4,575,454		FNMA	7.000		04/01/37		5,181
	8,455,640		FNMA	6.500		08/01/37		9,476
	2,504,679		FNMA	6.500		08/01/37		2,817
	4,922,806		FNMA	6.000		09/01/37		5,461
	5,285,108		FNMA	6.000		09/01/37		5,863
	3,078,266		FNMA	6.000		09/01/37		3,415
	4,125,250		FNMA	6.000		09/01/37		4,577
	8,181,557		FNMA	6.500		09/01/37		9,100
	7,054,033		FNMA	6.500		09/01/37		7,905
	3,613,024		FNMA	6.500		09/01/37		4,019
	6,673,050		FNMA	6.500		09/01/37		7,422
	972,000		FNMA	6.500		09/01/37		1,088
	11,960,905	i	FNMA	5.850		10/01/37		12,751

337

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	2,493,384		FNMA	7.000	%	11/01/37	$	2,824
	854,904		FNMA	6.500		01/01/38		951
	215,975		FNMA	6.500		02/01/38		241
	4,598,759		FNMA	6.500		03/01/38		5,114
	372,670		FNMA	6.500		03/01/38		414
	1,140,824		FNMA	6.500		03/01/38		1,269
	4,288,933		FNMA	5.000		04/01/38		4,512
	7,978,477		FNMA	5.000		05/01/38		8,394
	16,724,647		FNMA	6.000		07/01/38		18,199
	7,017,615	i	FNMA	4.950		10/01/38		7,419
	29,440,321		FNMA	6.000		10/01/38		32,036
	11,292,606		FNMA	4.500		01/01/39		11,602
	7,423,587		FNMA	5.500		01/01/39		7,947
	8,481,945		FNMA	6.000		01/01/39		9,227
	6,754,343		FNMA	6.000		01/01/39		7,348
	11,571,603		FNMA	4.500		02/01/39		11,889
	20,418,897		FNMA	4.500		02/01/39		20,978
	7,397,187		FNMA	5.500		02/01/39		7,919
	10,165,243		FNMA	4.000		04/01/39		10,135
	17,118,292		FNMA	4.500		05/01/39		17,590
	13,707,153		FNMA	4.500		08/01/39		14,085
	180,000,000	h	FNMA	4.000		01/25/40		179,044
	49,000,000	h	FNMA	4.500		01/25/40		50,294
	201,000,000	h	FNMA	5.000		01/25/40		211,301
	248,000,000	h	FNMA	5.500		01/25/40		265,321
	297,000,000	h	FNMA	6.000		01/25/40		322,803
	25,000,000	h	FNMA	6.500		01/25/40		27,781
	83,456,517		FNMA	4.500		09/01/40		85,745
	56,800,526		FNMA	4.500		09/01/40		58,358
	19,957,284		FNMA	4.000		11/01/40		19,873
	32,582,430		FNMA	4.500		11/01/40		33,475
	22,000,000	h	FNMA	3.500		01/25/41		21,010
			Government National Mortgage Association (GNMA)
	21,172		GNMA	9.000		06/15/16		24
	4,521		GNMA	9.000		09/15/16		5
	8,611		GNMA	9.000		09/15/16		10
	12,746		GNMA	9.000		11/15/16		13
	6,487		GNMA	9.000		12/15/16		7
	9,007		GNMA	9.000		12/15/16		9
	90,615		GNMA	9.500		12/15/16		103
	36,482		GNMA	8.000		06/15/24		43
	61,982		GNMA	8.500		11/20/30		75
	73,776		GNMA	8.500		12/20/30		89
	3,145,617		GNMA	5.500		07/15/33		3,417
	1,568,592		GNMA	5.500		11/20/33		1,699
	5,936,634		GNMA	5.500		03/20/35		6,419
	3,540,417		GNMA	5.500		12/20/35		3,828
	2,386,214		GNMA	6.000		10/20/36		2,624
	2,515,308		GNMA	6.000		01/20/37		2,760
	6,917,569		GNMA	6.000		02/20/37		7,591
	6,879,854		GNMA	6.000		12/15/37		7,577
	9,450,134		GNMA	5.000		04/15/38		10,054
	12,066,863		GNMA	5.500		07/15/38		13,053

338

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	10,378,871		GNMA	5.500	%	07/20/38	$	11,180
	3,612,448		GNMA	6.000		08/15/38		3,977
	3,484,160		GNMA	6.000		08/20/38		3,822
	4,574,622		GNMA	6.500		11/20/38		5,140
	12,904,524		GNMA	4.500		03/15/39		13,415
	14,793,869		GNMA	4.500		05/15/39		15,379
	6,959,516		GNMA	5.000		06/15/39		7,478
	6,386,279		GNMA	5.000		06/15/39		6,862
	15,775,924		GNMA	4.500		07/20/39		16,403
	5,189,525		GNMA	5.000		07/20/39		5,520
	5,735,495		GNMA	4.000		08/15/39		5,788
	172,000,000	h	GNMA	4.500		01/15/40		178,558
	152,000,000	h	GNMA	5.000		01/15/40		161,595
	48,000,000	h	GNMA	5.500		01/15/40		51,870
	35,000,000	h	GNMA	4.000		01/15/41		35,235
	40,000,000	h	GNMA	6.000		01/15/41		43,981
	50,000,000	h	GNMA	5.000		01/20/41		53,149
	10,225,977		GNMA	6.230		09/15/43		10,878
	7,949,564		GNMA	6.500		01/15/44		8,664
	4,173,755		National Credit Union Administration	1.840		10/07/20		4,132
			TOTAL MORTGAGE BACKED					3,774,861
MUNICIPAL BONDS - 0.6%
	2,000,000		Charlotte-Mecklenburg Hospital Authority	5.000		08/01/15		2,123
	13,000,000		Grant County Public Utility District No 2	5.630		01/01/27		12,006
	13,000,000		Long Island Power Authority	5.850		05/01/41		11,920
	16,100,000		State of California	7.630		03/01/40		16,799
	15,250,000		State of Illinois	6.730		04/01/35		13,997
	15,000,000		UNM Sandoval Regional Medical Center	4.500		07/20/36		13,871
			TOTAL MUNICIPAL BONDS					70,716
U.S. TREASURY SECURITIES - 20.0%
	358,872,000		United States Treasury Bond	8.000		11/15/21		507,580
	22,000,000		United States Treasury Bond	6.380		08/15/27		28,311
	49,175,000		United States Treasury Bond	5.250		02/15/29		56,398
	111,861,000		United States Treasury Bond	5.380		02/15/31		130,580
	677,000		United States Treasury Bond	4.500		02/15/36		701
	13,495,000		United States Treasury Bond	3.500		02/15/39		11,629
	90,332,000		United States Treasury Bond	4.380		05/15/40		90,769
	62,385,000		United States Treasury Bond	3.880		08/15/40		57,462
	12,000,000		United States Treasury Note	1.000		04/30/12		12,097
	26,650,000		United States Treasury Note	1.880		06/15/12		27,211
	5,410,000		United States Treasury Note	0.630		06/30/12		5,426
	8,300,000		United States Treasury Note	0.630		07/31/12		8,323
	3,000,000		United States Treasury Note	0.380		08/31/12		2,995
	6,477,000		United States Treasury Note	1.380		10/15/12		6,572
	102,500,000		United States Treasury Note	1.380		11/15/12		104,030
	30,940,000		United States Treasury Note	1.130		06/15/13		31,194
	8,590,000		United States Treasury Note	0.750		08/15/13		8,573
	25,195,000		United States Treasury Note	3.130		08/31/13		26,728
	44,650,000		United States Treasury Note	0.750		09/15/13		44,507
	81,829,000		United States Treasury Note	3.130		09/30/13		86,809
	3,835,000		United States Treasury Note	0.500		10/15/13		3,792

339

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	62,337,000		United States Treasury Note	2.750	%	10/31/13	$	65,527
	24,675,000		United States Treasury Note	0.500		11/15/13		24,357
	189,533,000		United States Treasury Note	2.000		11/30/13		195,130
	2,155,000		United States Treasury Note	0.750		12/15/13		2,140
	10,967,000		United States Treasury Note	2.250		05/31/14		11,345
	22,985,000		United States Treasury Note	2.380		08/31/14		23,811
	22,415,000		United States Treasury Note	2.130		11/30/14		22,961
	76,420,000		United States Treasury Note	2.250		01/31/15		78,450
	62,411,000		United States Treasury Note	2.500		04/30/15		64,522
	197,421,000		United States Treasury Note	2.130		05/31/15		200,567
	37,717,000		United States Treasury Note	1.880		06/30/15		37,867
	70,952,000		United States Treasury Note	1.750		07/31/15		70,725
	200,332,500		United States Treasury Note	1.250		09/30/15		194,369
	18,485,000		United States Treasury Note	1.250		10/31/15		17,890
	21,347,000		United States Treasury Note	1.380		11/30/15		20,745
	300,000		United States Treasury Note	2.630		02/29/16		308
	9,800,000		United States Treasury Note	2.380		03/31/16		9,924
	18,075,000		United States Treasury Note	2.630		04/30/16		18,503
	50,000,000		United States Treasury Note	3.130		10/31/16		52,156
	1,075,000		United States Treasury Note	3.000		02/28/17		1,109
	17,690,000		United States Treasury Note	1.880		08/31/17		16,887
	17,000,000		United States Treasury Note	2.250		11/30/17		16,531
	26,579,500		United States Treasury Note	2.630		11/15/20		25,072
	25,000,000	j	United States Treasury Strip Principal	0.000		08/15/27		12,140
			TOTAL U.S. TREASURY SECURITIES					2,434,723
			TOTAL GOVERNMENT BONDS					7,437,121
			(Cost $7,268,132)
	STRUCTURED ASSETS - 6.1%
	ASSET BACKED - 1.5%
	3,690,000	g	Ally Master Owner Trust	2.880		04/15/13		3,779
			Series - 2010 3 (Class A)
	500,000	g	Ally Master Owner Trust	4.250		04/15/17		529
			Series - 2010 2 (Class A)
	5,000,000		AmeriCredit Automobile Receivables Trust	5.190		08/17/15		5,288
			Series - 2010 1 (Class C)
	4,950,000		AmeriCredit Automobile Receivables Trust	3.340		04/08/16		4,999
			Series - 2010 3 (Class C)
	74,236	g	Asset Backed Funding Corp NIM Trust	5.900		07/26/35		0	^
			Series - 2006 WMC1 (Class N1)
	5,500,000	g	Avis Budget Rental Car Funding AESOP LLC	3.150		03/20/17		5,371
			Series - 2010 5A (Class A)
	2,200,000		CarMax Auto Owner Trust	3.750		12/15/15		2,251
			Series - 2010 1 (Class B)
	2,360,274	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		1,377
			Series - 2004 2 (Class 1M1)
	1,180,137	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		514
			Series - 2004 2 (Class 1M2)
	927,250	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		234
			Series - 2004 2 (Class 1B)
	3,228,921		CIT Group Home Equity Loan Trust	6.200		02/25/30		3,076
			Series - 2002 1 (Class AF6)

340

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	682,305		CIT Group Home Equity Loan Trust	6.390	%	12/25/30	$	113
			Series - 2002 2 (Class MF2)
	11,018		CIT Group Home Equity Loan Trust	6.830		06/25/33		0	^
			Series - 2002 2 (Class BF)
	14,700,349		Citicorp Mortgage Securities, Inc	5.710		07/25/36		14,843
			Series - 2006 1 (Class A3)
	4,639,867		Citicorp Mortgage Securities, Inc	5.560		09/25/36		4,669
			Series - 2006 2 (Class A3)
	6,570,000	i	Countrywide Asset-Backed Certificates	5.680		10/25/46		6,445
			Series - 2006 15 (Class A2)
	649,177	i	Countrywide Home Equity Loan Trust	0.480		02/15/29		367
			Series - 2004 B (Class 1A)
	4,297,613	g	Credit-Based Asset Servicing and Securitization LLC	6.160		12/25/36		4,225
			Series - 2007 MX1 (Class A1)
	20,413,618	g	Flagstar Home Equity Loan Trust	5.780		01/25/35		16,897
			Series - 2007 1A (Class AF3)
	2,865,000	g	Ford Credit Floorplan Master Owner Trust	4.640		02/15/17		3,013
			Series - 2010 3 (Class B)
	1,000,000	g	GE Equipment Midticket LLC	1.470		07/14/15		991
			Series - 2010 1 (Class A4)
	2,621,908		GMAC Commercial Mortgage Securities, Inc	5.590		10/25/29		2,534
			Series - 2006 HLTV (Class A3)
	2,600,000		GMAC Commercial Mortgage Securities, Inc	5.810		10/25/29		2,088
			Series - 2006 HLTV (Class A4)
	1,026,891		HFC Home Equity Loan Asset Backed Certificates	5.910		03/20/36		1,032
			Series - 2007 1 (Class A1F)
	2,236,093	i	Morgan Stanley ABS Capital I	0.270		01/25/37		2,167
			Series - 2007 HE2 (Class A2A)
	1,080,000	g	Navistar Financial Corp Owner Trust	4.080		03/19/18		1,063
			Series - 2010 B (Class C)
	8,025,000		Renaissance Home Equity Loan Trust	5.590		11/25/36		4,585
			Series - 2006 3 (Class AF3)
	10,033,387	i	Residential Asset Mortgage Products, Inc	0.880		11/25/34		8,541
			Series - 2004 RS11 (Class M1)
	560,066	i	Residential Asset Securities Corp	6.490		10/25/30		488
			Series - 2001 KS2 (Class AI6)
	4,191,785		Residential Funding Mortgage Securities II, Inc	5.520		04/25/21		4,110
			Series - 2006 HI5 (Class A2)
	13,500,000		Residential Funding Mortgage Securities II, Inc	5.500		08/25/25		11,459
			Series - 2006 HI5 (Class A3)
	4,344,753		Residential Funding Mortgage Securities II, Inc	5.450		08/25/34		3,303
			Series - 2005 HI1 (Class A5)
	849,434		Residential Funding Mortgage Securities II, Inc	5.750		02/25/36		845
			Series - 2006 HI2 (Class A2)
	302,350		Residential Funding Mortgage Securities II, Inc	5.950		02/25/36		301
			Series - 2006 HI3 (Class A2)
	6,000,000		Residential Funding Mortgage Securities II, Inc	5.960		02/25/36		5,666
			Series - 2006 HI3 (Class A3)
	2,500,000		Residential Funding Mortgage Securities II, Inc	6.010		02/25/36		1,446
			Series - 2006 HI1 (Class M1)
	350,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		120
			Series - 2006 HI1 (Class M2)

341

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	30,000,000		Residential Funding Mortgage Securities II, Inc	5.440	%	09/25/36	$	27,564
			Series - 2006 HI4 (Class A3)
	574,280		Residential Funding Mortgage Securities II, Inc	5.450		09/25/36		572
			Series - 2006 HI4 (Class A2)
	3,890,605	i	Securitized Asset Backed Receivables LLC Trust	0.410		03/25/36		3,696
			Series - 2006 NC2 (Class A2)
	8,585,000	g	Vornado DP LLC	5.280		09/13/28		8,419
			Series - 2010 VNO (Class C)
	1,492,516	g,m	Wachovia Amortization Controlled Heloc NIM	5.680		08/12/47		1,231
			Series - 2006 N1 (Class N1)
	3,212,255	g,i	Wachovia Loan Trust	0.620		05/25/35		1,997
			Series - 2005 SD1 (Class A)
	3,646,115	i	Wells Fargo Home Equity Trust	0.400		07/25/36		3,312
			Series - 2006 2 (Class A3)
	540,000		World Financial Network Credit Card Master Trust	5.200		04/15/19		554
			Series - 2010 A (Class M)
	5,000,000		World Financial Network Credit Card Master Trust	6.750		04/15/19		5,353
			Series - 2010 A (Class B)
			TOTAL ASSET BACKED					181,427
OTHER MORTGAGE BACKED - 4.6%
	7,314,000	i	Banc of America Commercial Mortgage, Inc	4.770		07/10/43		6,826
			Series - 2005 3 (Class AJ)
	6,410,000		Banc of America Commercial Mortgage, Inc	5.360		10/10/45		6,699
			Series - 2006 6 (Class A4)
	9,773,000	i	Banc of America Commercial Mortgage, Inc	5.690		04/10/49		10,213
			Series - 2007 2 (Class A4)
	12,875,000	g,i	Banc of America Large Loan, Inc	5.770		12/24/49		13,611
			Series - 2009 UB2 (Class A4AB)
	369,319		Bank of America Alternative Loan Trust	5.500		09/25/19		376
			Series - 2004 8 (Class 3A1)
	3,570,153		Bear Stearns Commercial Mortgage Securities	5.200		12/11/38		3,771
			Series - 2006 PW14 (Class A4)
	4,000,000	i	Bear Stearns Commercial Mortgage Securities	5.460		03/11/39		4,325
			Series - 2006 PW11 (Class A4)
	7,525,000		Bear Stearns Commercial Mortgage Securities	4.670		06/11/41		7,895
			Series - 2005 PWR8 (Class A4)
	6,800,000	i	Bear Stearns Commercial Mortgage Securities	5.580		09/11/41		6,882
			Series - 2006 PW13 (Class AM)
	8,000,000		Bear Stearns Commercial Mortgage Securities	5.540		10/12/41		8,613
			Series - 2006 T24 (Class A4)
	725,000	i	Bear Stearns Commercial Mortgage Securities	4.980		07/11/42		774
			Series - 2004 PWR5 (Class A5)
	10,445,000	i	Bear Stearns Commercial Mortgage Securities	4.750		02/13/46		10,994
			Series - 2004 T16 (Class A6)
	8,540,000	i	Bear Stearns Commercial Mortgage Securities	5.690		06/11/50		9,053
			Series - 2007 PW17 (Class A4)
	9,150,000		Bear Stearns Commercial Mortgage Securities	5.700		06/11/50		9,534
			Series - 2007 PW18 (Class A4)
	6,225,000		Chase Mortgage Finance Corp	5.500		10/25/35		6,292
			Series - 2005 S2 (Class A24)
	6,792,500		Citigroup, Inc	5.320		12/11/49		7,041
			Series - 2007 CD4 (Class A4)

342

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	17,274,000	i	Commercial Mortgage Pass Through Certificates	5.810	%	12/10/49	$	18,584
			Series - 2007 C9 (Class A4)
	6,932,579		Countrywide Alternative Loan Trust	5.500		08/25/16		6,778
			Series - 2004 30CB (Class 1A15)
	3,730,220		Countrywide Home Loan Mortgage Pass Through Trust	5.250		09/25/35		3,814
			Series - 2005 17 (Class 1A10)
	3,026,054		Countrywide Home Loan Mortgage Pass Through Trust	5.500		09/25/35		3,017
			Series - 2005 J3 (Class 1A1)
	14,207,463	g,i	Credit Suisse Mortgage Capital Certificates	0.440		04/15/22		13,289
			Series - 2007 TF2A (Class A1)
			Credit Suisse/Morgan Stanley Commercial Mortgage
	3,938,240	g,i	Certificate	0.450		05/15/23		3,869
			Series - 2006 HC1A (Class A1)
	3,700,000		CS First Boston Mortgage Securities Corp	4.050		05/15/38		3,740
			Series - 2003 C3 (Class B)
	9,863,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		10,542
			Series - 2005 C5 (Class A4)
	2,710,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		2,622
			Series - 2005 C5 (Class AJ)
	1,056,545		First Horizon Asset Securities, Inc	5.500		11/25/33		1,079
			Series - 2003 9 (Class 1A4)
	7,452,740	i	GMAC Mortgage Corp Loan Trust	4.580		10/19/33		7,411
			Series - 2003 AR1 (Class A5)
	5,537,800	i	Greenwich Capital Commercial Funding Corp	5.880		07/10/38		6,042
			Series - 2006 GG7 (Class A4)
	8,240,000	i	Greenwich Capital Commercial Funding Corp	5.890		07/10/38		8,486
			Series - 2006 GG7 (Class AM)
	15,180,000		Greenwich Capital Commercial Funding Corp	5.440		03/10/39		15,993
			Series - 2007 GG9 (Class A4)
	4,425,000		Greenwich Capital Commercial Funding Corp	5.480		03/10/39		4,421
			Series - 2007 GG9 (Class AM)
	29,292,248		Greenwich Capital Commercial Funding Corp	5.740		12/10/49		30,951
			Series - 2007 GG11 (Class A4)
	6,410,000	i	GS Mortgage Securities Corp II	5.550		04/10/38		6,885
			Series - 2006 GG6 (Class A4)
	9,300,000	i	GS Mortgage Securities Corp II	5.620		04/10/38		9,396
			Series - 2006 GG6 (Class AM)
	16,615,000		GS Mortgage Securities Corp II	5.560		11/10/39		17,624
			Series - 2006 GG8 (Class A4)
	8,762,000	g	GS Mortgage Securities Corp II	5.150		08/10/43		8,903
			Series - 2010 C1 (Class B)
	3,175,000	g,i	GS Mortgage Securities Corp II	5.230		12/10/43		3,011
			Series - 2010 C2 (Class C)
	3,194,526	i	GSR Mortgage Loan Trust	2.960		01/25/36		3,089
			Series - 2006 AR1 (Class 2A2)
	4,700,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	0.440		02/15/20		4,325
			Series - 2006 FL1A (Class A2)
	4,650,000	g	JP Morgan Chase Commercial Mortgage Securities Corp	5.630		12/05/27		4,986
			Series - 2009 IWST (Class A2)
	11,000,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.380		07/12/37		11,494
			Series - 2002 C1 (Class A3)
	1,290,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.070		11/15/43		1,220
			Series - 2010 C2 (Class B)

343

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	2,500,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.530	%	11/15/43	$	2,340
			Series - 2010 C2 (Class C)
	14,695,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.340		05/15/47		15,251
			Series - 2006 LDP9 (Class A3)
	5,102,186		JP Morgan Chase Commercial Mortgage Securities Corp	5.440		06/12/47		5,347
			Series - 2007 CB18 (Class A4)
	10,400,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.820		06/15/49		10,881
			Series - 2007 LD11 (Class A4)
	5,497,777	i	JP Morgan Mortgage Trust	4.310		04/25/35		5,531
			Series - 2005 A2 (Class 5A1)
	7,799,000		LB-UBS Commercial Mortgage Trust	4.740		02/15/30		8,169
			Series - 2005 C1 (Class A4)
	7,500,000	i	LB-UBS Commercial Mortgage Trust	5.150		04/15/30		7,869
			Series - 2005 C2 (Class A5)
	3,160,000		LB-UBS Commercial Mortgage Trust	4.390		03/15/32		3,311
			Series - 2003 C1 (Class A4)
	17,500,000		LB-UBS Commercial Mortgage Trust	5.420		02/15/40		18,377
			Series - 2007 C1 (Class A4)
	12,325,000		LB-UBS Commercial Mortgage Trust	5.430		02/15/40		12,710
			Series - 2007 C2 (Class A3)
	2,594,000	i	LB-UBS Commercial Mortgage Trust	5.860		07/15/40		2,725
			Series - 2007 C6 (Class A4)
	3,729,128	i	Merrill Lynch Mortgage Trust	5.110		07/12/38		3,792
			Series - 2005 CIP1 (Class AM)
	2,500,000	i	Merrill Lynch Mortgage Trust	5.660		05/12/39		2,694
			Series - 2006 C1 (Class A4)
	4,700,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.420		02/12/39		5,074
			Series - 2006 1 (Class A4)
	5,670,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.960		08/12/49		5,603
			Series - 2007 8 (Class AM)
	12,565,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.170		12/12/49		13,005
			Series - 2006 4 (Class A3)
	9,930,000	i	Morgan Stanley Capital I	5.270		06/13/41		10,636
			Series - 2004 T15 (Class A4)
	8,712,000		Morgan Stanley Capital I	5.170		01/14/42		9,324
			Series - 2005 HQ5 (Class A4)
	7,500,000	i	Morgan Stanley Capital I	5.730		10/15/42		8,231
			Series - 2006 IQ11 (Class A4)
	13,200,000	i	Morgan Stanley Capital I	5.450		02/12/44		13,699
			Series - 2007 HQ11 (Class A4)
	6,710,000		Morgan Stanley Capital I	5.360		03/15/44		6,922
			Series - 2007 IQ13 (Class A4)
	4,587,000	i	Morgan Stanley Capital I	5.730		07/12/44		4,977
			Series - 2006 HQ9 (Class A4)
	3,075,000	i	Morgan Stanley Capital I	5.540		11/12/49		3,134
			Series - 2007 T25 (Class AM)
	3,075,000		Morgan Stanley Capital I	4.770		07/15/56		2,953
			Series - 0 IQ9 (Class AJ)
	6,714,000	g,i	RBSCF Trust	4.670		04/15/24		6,511
			Series - 2010 MB1 (Class D)
	2,370,970	i	Structured Adjustable Rate Mortgage Loan Trust	0.640		03/25/35		2,314
			Series - 2005 6XS (Class A3)
	1,642,300	i	Structured Adjustable Rate Mortgage Loan Trust	5.750		07/25/36		1,636
			Series - 2006 6 (Class 2A1)

344

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	3,165,000	i	Wachovia Bank Commercial Mortgage Trust	5.360	%	12/15/44	$	2,957
			Series - 2005 C22 (Class AJ)
	7,595,000		Wachovia Bank Commercial Mortgage Trust	5.500		04/15/47		7,616
			Series - 2007 C31 (Class A5)
	10,735,000	i	Wachovia Bank Commercial Mortgage Trust	5.370		11/15/48		9,538
			Series - 2006 C29 (Class AJ)
	6,125,000	i	Wachovia Bank Commercial Mortgage Trust	5.900		02/15/51		6,357
			Series - 2007 C33 (Class A4)
	8,565,000	i	Wachovia Bank Commercial Mortgage Trust	5.900		02/15/51		8,842
			Series - 2007 C33 (Class A5)
	4,725,000	g,i	Wells Fargo Mortgage Backed Securities Trust	5.280		10/15/57		4,758
			Series - 2010 C1 (Class B)
			TOTAL OTHER MORTGAGE BACKED					557,554
			TOTAL STRUCTURED ASSETS					738,981
			(Cost $712,567)
			TOTAL BONDS					11,950,546
			(Cost $11,609,650)
SHARES			COMPANY
PREFERRED STOCKS - 0.0%
BANKS - 0.0%
	470,597	*	Federal Home Loan Mortgage Corp (FHLMC)	8.380		12/30/49		296
	1,527,061	*	Federal National Mortgage Association (FNMA)	8.250		12/30/49		855
			TOTAL BANKS					1,151
			TOTAL PREFERRED STOCKS					1,151
			(Cost $49,941)
TIAA-CREF MUTUAL FUND- 0.0%
	574,127	a	TIAA-CREF High-Yield Fund					5,632
			TOTAL TIAA-CREF MUTUAL FUND					5,632
			(Cost $5,319)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 16.7%
GOVERNMENT AGENCY DEBT - 9.5%
			Federal Home Loan Bank (FHLB)
$	50,000,000		FHLB			01/03/11		50,000
	38,296,000		FHLB			01/04/11		38,296
	25,857,000		FHLB			01/05/11		25,857
	50,000,000		FHLB			01/07/11		49,999
	50,000,000		FHLB			01/10/11		49,999
	149,204,000		FHLB			01/13/11		149,202
	115,922,000		FHLB			01/14/11		115,918
	25,000,000		FHLB			01/19/11		24,998
	27,689,000		FHLB			01/21/11		27,687
	19,700,000		FHLB			01/24/11		19,698
	88,000,000		FHLB			01/26/11		87,991
	50,000,000		FHLB			01/28/11		49,995

345

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL		ISSUER	RATE	MATURITY DATE	VALUE (000)
$	100,000,000	FHLB		02/11/11	$	99,984
	29,748,000	FHLB		03/16/11		29,741
		Federal Home Loan Mortgage Corp (FHLMC)
	60,970,000	FHLMC		01/18/11		60,967
	50,000,000	FHLMC		01/24/11		49,996
	50,000,000	FHLMC		01/31/11		49,994
	16,000,000	FHLMC		02/07/11		15,998
		Federal National Mortgage Association (FNMA)
	40,000,000	FNMA		01/05/11		40,000
	22,145,000	FNMA		02/14/11		22,141
	50,000,000	FNMA		02/16/11		49,991
	50,000,000	FNMA		02/17/11		49,993
		TOTAL GOVERNMENT AGENCY DEBT				1,158,445
TREASURY DEBT - 7.2%
	29,343,000	United States Treasury Bill		01/06/11		29,343
	387,502,000	United States Treasury Bill		01/13/11		387,493
	221,346,000	United States Treasury Bill		01/20/11		221,337
	50,000,000	United States Treasury Bill		02/03/11		49,995
	50,000,000	United States Treasury Bill		03/03/11		49,990
	42,000,000	United States Treasury Bill		03/10/11		41,991
	75,000,000	United States Treasury Bill		03/31/11		74,976
	12,000,000	United States Treasury Bill		12/15/11		11,970
		TOTAL TREASURY DEBT				867,095
		TOTAL SHORT-TERM INVESTMENTS				2,025,540
		(Cost $2,025,536)
		TOTAL INVESTMENTS - 115.2%				13,997,980
		(Cost $13,705,455)
		OTHER ASSETS & LIABILITIES, NET - (15.2)%				(1,849,510	)
		NET ASSETS - 100.0%			$	12,148,470

*	Non-income producing.
^	Amount represents less than $1,000.
a	Affiliated holding.
b	In bankruptcy
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At December 31, 2010 the value of these securities amounted to $796,475,000 or 6.6% 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.
n	In default
o	Payment in Kind Bond
	Cost amounts are in thousands.

346

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

COLLEGE RETIREMENT EQUITIES FUND
INFLATION-LINKED BOND
SCHEDULE OF INVESTMENTS
December 31, 2010

PRINCIPAL			ISSUER	VALUE (000)
GOVERNMENT BONDS - 99.2%
U.S. TREASURY SECURITIES - 99.2%
		k	United States Treasury Inflation Indexed Bonds
$	79,375,618		3.380%, 01/15/12	$	82,979
	227,975,299		2.000, 04/15/12		236,257
	359,890,515		3.000, 07/15/12		382,271
	184,023,174		0.630, 04/15/13		189,587
	344,257,561		1.880, 07/15/13		367,091
	359,045,209		2.000, 01/15/14		385,469
	228,691,420		1.250, 04/15/14		240,501
	305,346,162		2.000, 07/15/14		330,036
	319,472,327		1.630, 01/15/15		340,662
	169,542,240		0.500, 04/15/15		173,304
	285,142,768		1.880, 07/15/15		308,890
	278,174,655		2.000, 01/15/16		302,906
	264,860,051		2.500, 07/15/16		297,264
	240,549,317		2.380, 01/15/17		268,062
	217,377,380		2.630, 07/15/17		247,386
	223,455,357		1.630, 01/15/18		239,115
	210,547,920		1.380, 07/15/18		221,881
	218,498,280		2.130, 01/15/19		241,782
	226,365,880		1.880, 07/15/19		246,120
	257,087,712		1.380, 01/15/20		267,170
	245,322,303		1.250, 07/15/20		251,187
	388,401,942		2.380, 01/15/25		432,218
	260,957,468		2.000, 01/15/26		277,084
	213,319,183		2.380, 01/15/27		237,068
	214,112,094		1.750, 01/15/28		217,959
	274,526,345		3.630, 04/15/28		354,375
	201,079,536		2.500, 01/15/29		228,163
	300,515,020		3.880, 04/15/29		403,042
	85,337,324		3.380, 04/15/32		110,292
	218,713,539		2.130, 02/15/40		231,495
			TOTAL U.S. TREASURY SECURITIES		8,111,616
			TOTAL GOVERNMENT BONDS
			(Cost $7,558,652)		8,111,616
SHORT-TERM INVESTMENTS - 0.1%
TREASURY DEBT - 0.1%
			United States Treasury Bill
	6,000,000		03/10/11		5,999
					5,999
			TOTAL SHORT-TERM INVESTMENTS		5,999
			(Cost $5,999)

347

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

PRINCIPAL	ISSUER	VALUE (000)
	TOTAL INVESTMENTS - 99.3%	$	8,117,615
	(Cost $7,564,651)
	OTHER ASSETS AND LIABILITIES, NET - 0.7%		59,207
	NET ASSETS - 100.0%	$	8,176,822

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

348

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

COLLEGE RETIREMENT EQUITIES FUND
SOCIAL CHOICE ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2010

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE (000)
BONDS - 37.6%
CORPORATE BONDS - 9.2%
AUTOMOBILES & COMPONENTS - 0.1%
$	2,350,000		BorgWarner, Inc	4.630	%	09/15/20	$	2,320
	5,000,000	g	Harley-Davidson Funding Corp	6.800		06/15/18		5,267
	3,250,000		Johnson Controls, Inc	5.000		03/30/20		3,452
			TOTAL AUTOMOBILES & COMPONENTS					11,039
BANKS - 1.8%
	9,590,000	g	Bank of Nova Scotia	1.650		10/29/15		9,167
	5,000,000	e	BB&T Corp	3.380		09/25/13		5,236
	5,000,000		BB&T Corp	3.850		07/27/27		5,201
	1,250,000	g	Canadian Imperial Bank of Commerce	2.000		02/04/13		1,272
	6,900,000		Comerica, Inc	3.000		09/16/15		6,821
	3,000,000	g	Corestates Capital Trust I	8.000		12/15/26		3,062
	8,800,000	g	Depfa ACS Bank	5.130		03/16/37		5,866
	2,375,000		Discover Bank	7.000		04/15/20		2,553
	2,750,000		Eksportfinans ASA	5.000		02/14/12		2,879
	8,750,000		First Horizon National Corp	5.380		12/15/15		8,832
	5,000,000		First Niagara Financial Group, Inc	6.750		03/19/20		5,207
	5,000,000	i	First Tennessee Bank NA	0.430		02/14/11		4,999
	3,000,000		First Union National Bank of Florida	6.180		02/15/36		3,258
	4,500,000	e	KeyBank NA	3.200		06/15/12		4,668
	1,500,000		M&I Marshall & Ilsley Bank	5.300		09/08/11		1,511
	400,000		Manufacturers & Traders Trust Co	6.630		12/04/17		449
	3,612,000	i	Manufacturers & Traders Trust Co	5.590		12/28/20		3,421
	6,076,000	i	Manufacturers & Traders Trust Co	5.630		12/01/21		5,719
	5,000,000		Mercantile Bankshares Corp	4.630		04/15/13		5,255
	1,250,000		Mercantile-Safe Deposit & Trust Co	5.700		11/15/11		1,300
	4,500,000		New York Community Bank	3.000		12/16/11		4,608
	6,100,000		Northern Trust Corp	4.630		05/01/14		6,595
	5,000,000		PNC Funding Corp	3.630		02/08/15		5,170
	5,000,000		PNC Funding Corp	5.130		02/08/20		5,211
	4,000,000		Regions Bank	3.250		12/09/11		4,106
	5,000,000		Silicon Valley Bank	5.700		06/01/12		5,167
	1,800,000	e	SVB Financial Group	5.380		09/15/20		1,731
	4,900,000		US Bancorp	2.000		06/14/13		4,973
	3,000,000		US Bancorp	4.950		10/30/14		3,269
	5,000,000		US Bancorp	2.880		11/20/14		5,116
	10,000,000		US Central Federal Credit Union	1.900		10/19/12		10,210
	2,500,000		USB Capital XIII Trust	6.630		12/15/39		2,554
	5,000,000		Webster Bank	5.880		01/15/13		5,032
	5,000,000	e	Wells Fargo & Co	2.130		06/15/12		5,115

349

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	5,000,000		Wells Fargo & Co	3.750	%	10/01/14	$	5,219
	5,000,000		Wells Fargo & Co	4.750		02/09/15		5,304
	2,475,000	e	Wells Fargo & Co	3.630		04/15/15		2,566
	3,100,000		Wells Fargo & Co	5.630		12/11/17		3,432
	5,000,000		Western Corporate Federal Credit Union	1.750		11/02/12		5,090
	4,000,000		Zions Bancorporation	7.750		09/23/14		4,170
			TOTAL BANKS					181,314
CAPITAL GOODS - 0.2%
	1,800,000	e	Deere & Co	5.380		10/16/29		1,904
	4,340,000		Deere & Co	8.100		05/15/30		5,845
	3,150,000		Masco Corp	7.130		03/15/20		3,295
	2,625,000		Pall Corp	5.000		06/15/20		2,699
	5,000,000		Timken Co	6.000		09/15/14		5,504
	4,900,000		Valmont Industries, Inc	6.630		04/20/20		5,097
			TOTAL CAPITAL GOODS					24,344
COMMERCIAL & PROFESSIONAL SERVICES - 0.0%
	5,000,000		Howard Hughes Medical Institute	3.450		09/01/14		5,278
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					5,278
CONSUMER DURABLES & APPAREL - 0.1%
	4,000,000		Leggett & Platt, Inc	4.700		04/01/13		4,228
	2,500,000		Whirlpool Corp	8.000		05/01/12		2,694
	1,100,000		Whirlpool Corp	8.600		05/01/14		1,268
			TOTAL CONSUMER DURABLES & APPAREL					8,190
CONSUMER SERVICES - 0.3%
	2,000,000		American National Red Cross	5.390		11/15/12		2,019
	4,000,000		American National Red Cross	5.570		11/15/17		3,869
	5,000,000		Andrew W Mellon Foundation	3.950		08/01/14		5,338
	1,250,000		McDonald’s Corp	5.000		02/01/19		1,367
	4,000,000		McDonald’s Corp	3.500		07/15/20		3,858
	5,000,000		Nature Conservancy	6.300		07/01/19		5,411
	5,145,000		Salvation Army	5.640		09/01/26		5,017
			TOTAL CONSUMER SERVICES					26,879
DIVERSIFIED FINANCIALS - 0.7%
	1,675,000		American Express Co	7.000		03/19/18		1,951
	3,325,000		American Express Co	8.130		05/20/19		4,137
	2,200,000		Ameriprise Financial, Inc	5.300		03/15/20		2,315
	3,400,000		Bank of New York Mellon Corp	4.300		05/15/14		3,628
	5,000,000	e	Bank of New York Mellon Corp	3.100		01/15/15		5,129
	5,000,000	e	Bank of New York Mellon Corp	2.950		06/18/15		5,064
	2,675,000		Bank of New York Mellon Corp	5.450		05/15/19		2,938
	5,000,000		Capital One Bank USA NA	8.800		07/15/19		6,150
	3,500,000		Capital One Capital V	8.880		05/15/40		3,644
	4,000,000		Capital One Financial Corp	5.700		09/15/11		4,129
	5,900,000		Ford Motor Credit Co LLC	7.000		04/15/15		6,340
	1,940,000		Franklin Resources, Inc	3.130		05/20/15		1,976
	4,750,000		Jefferies Group, Inc	3.880		11/09/15		4,669

350

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE (000)
$	7,000,000		NASDAQ OMX Group, Inc	2.500	%	08/15/13	$	6,930
	2,500,000	g	Principal Life Global Funding I	5.130		10/15/13		2,686
	8,050,000	e	State Street Corp	2.150		04/30/12		8,218
	3,000,000		State Street Corp	4.300		05/30/14		3,210
			TOTAL DIVERSIFIED FINANCIALS					73,114
ENERGY - 0.7%
	5,000,000		Apache Corp	5.250		04/15/13		5,440
	5,500,000		Apache Corp	5.100		09/01/40		5,344
	1,750,000		Chesapeake Energy Corp	6.500		08/15/17		1,759
	1,500,000		Chesapeake Energy Corp	6.630		08/15/20		1,478
	2,500,000	e	Devon Energy Corp	6.300		01/15/19		2,942
	5,000,000		Diamond Offshore Drilling, Inc	4.880		07/01/15		5,406
	5,000,000		EOG Resources, Inc	2.950		06/01/15		5,035
	3,000,000		EOG Resources, Inc	4.100		02/01/21		2,951
	5,000,000		EQT Corp	8.130		06/01/19		5,818
	2,500,000		Hess Corp	8.130		02/15/19		3,158
	4,000,000		Hess Corp	6.000		01/15/40		4,193
	2,000,000		Hess Corp	5.600		02/15/41		1,985
	1,430,000		Marathon Oil Corp	6.500		02/15/14		1,610
	1,678,000		Marathon Oil Corp	5.900		03/15/18		1,903
	2,500,000		Noble Energy, Inc	8.250		03/01/19		3,124
	2,159,029		Rowan Cos, Inc	3.530		05/01/20		2,205
	5,829,028		Rowan Cos, Inc	3.160		07/15/21		5,848
	5,000,000		SEACOR Holdings, Inc	7.380		10/01/19		5,186
	2,650,000		Weatherford Bermuda Holdings Ltd	5.130		09/15/20		2,637
			TOTAL ENERGY					68,022
FOOD & STAPLES RETAILING - 0.1%
	3,000,000		CVS Caremark Corp	5.750		06/01/17		3,338
	1,024,369	g	CVS Caremark Corp	5.300		01/11/27		1,006
	4,100,000	e	Safeway, Inc	3.950		08/15/20		3,882
	2,500,000		Sysco Corp	6.630		03/17/39		3,024
			TOTAL FOOD & STAPLES RETAILING					11,250
FOOD, BEVERAGE & TOBACCO - 0.4%
	5,900,000		Coca-Cola Enterprises, Inc	1.130		11/12/13		5,843
	5,000,000		General Mills, Inc	5.650		02/15/19		5,566
	1,600,000	g	HJ Heinz Finance Co	7.130		08/01/39		1,881
	2,500,000		Kellogg Co	4.150		11/15/19		2,546
	4,900,000		Kellogg Co	4.000		12/15/20		4,833
	5,000,000		Kraft Foods, Inc	2.630		05/08/13		5,142
	5,000,000		Kraft Foods, Inc	6.500		02/09/40		5,603
	2,500,000		PepsiCo, Inc	0.880		10/25/13		2,471
	428,000		PepsiCo, Inc	7.900		11/01/18		551
	7,500,000	e	PepsiCo, Inc	4.880		11/01/40		7,278
			TOTAL FOOD, BEVERAGE & TOBACCO					41,714
HEALTH CARE EQUIPMENT & SERVICES - 0.5%
	2,500,000		Agilent Technologies, Inc	2.500		07/15/13		2,529
	4,000,000		Becton Dickinson & Co	5.000		05/15/19		4,341
	2,000,000		Becton Dickinson & Co	6.000		05/15/39		2,258

351

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE (000)
$	3,500,000		Medtronic, Inc	4.750	%	09/15/15	$	3,874
	2,650,000		Medtronic, Inc	4.450		03/15/20		2,751
	2,500,000		Medtronic, Inc	6.500		03/15/39		2,888
	5,000,000		Providence Health & Services	5.050		10/01/14		5,253
	1,500,000		Quest Diagnostics, Inc	6.400		07/01/17		1,643
	3,750,000		Quest Diagnostics, Inc	4.750		01/30/20		3,709
	5,000,000		St. Jude Medical, Inc	4.880		07/15/19		5,299
	2,165,000		Thermo Fisher Scientific, Inc	2.150		12/28/12		2,202
	2,000,000		Thermo Fisher Scientific, Inc	3.200		05/01/15		2,046
	1,750,000		Thermo Fisher Scientific, Inc	5.000		06/01/15		1,910
	7,697,000		Zimmer Holdings, Inc	5.750		11/30/39		7,861
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					48,564
HOUSEHOLD & PERSONAL PRODUCTS - 0.0%
	965,000		Clorox Co	5.450		10/15/12		1,035
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					1,035
INSURANCE - 0.5%
	2,500,000		Aflac, Inc	6.900		12/17/39		2,685
	2,400,000		AON Corp	3.500		09/30/15		2,401
	3,500,000		Cincinnati Financial Corp	6.130		11/01/34		3,302
	3,400,000	e	Genworth Financial, Inc	7.200		02/15/21		3,480
	5,000,000		Hartford Financial Services Group, Inc	4.000		03/30/15		5,014
	2,000,000		Hartford Financial Services Group, Inc	6.630		03/30/40		2,032
	2,500,000	i	Hartford Life Global Funding Trusts	0.400		03/15/11		2,500
	5,000,000	g	Health Care Service Corp	7.750		06/15/11		5,064
	4,150,000		Lincoln National Corp	4.300		06/15/15		4,275
	2,000,000		Markel Corp	6.800		02/15/13		2,119
	2,500,000		Markel Corp	7.130		09/30/19		2,715
	5,300,000		Markel Corp	7.350		08/15/34		5,512
	3,000,000		Progressive Corp	6.380		01/15/12		3,136
	5,000,000		Protective Life Corp	7.380		10/15/19		5,413
	2,000,000		Travelers Cos, Inc	5.900		06/02/19		2,253
	2,000,000		Unum Group	5.630		09/15/20		2,008
			TOTAL INSURANCE					53,909
MATERIALS - 0.5%
	2,500,000	e	3M Co	6.380		02/15/28		2,907
	3,335,000		Air Products & Chemicals, Inc	4.380		08/21/19		3,353
	2,800,000		Airgas, Inc	4.500		09/15/14		2,933
	3,900,000	e	Alcoa, Inc	6.150		08/15/20		4,005
	1,000,000		Ball Corp	6.750		09/15/20		1,050
	1,144,000		Bemis Co, Inc	4.880		04/01/12		1,191
	1,000,000		Bemis Co, Inc	5.650		08/01/14		1,095
	4,000,000		Bemis Co, Inc	6.800		08/01/19		4,596
	2,300,000		Eastman Chemical Co	5.500		11/15/19		2,420
	2,650,000		International Paper Co	7.300		11/15/39		3,020
	5,000,000	e	MeadWestvaco Corp	7.380		09/01/19		5,273
	5,000,000		Praxair, Inc	4.380		03/31/14		5,342
	2,500,000		Praxair, Inc	5.250		11/15/14		2,787
	5,000,000	e	Praxair, Inc	4.500		08/15/19		5,255
	2,000,000		Reliance Steel & Aluminum Co	6.850		11/15/36		1,852

352

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE (000)
$	2,400,000		United States Steel Corp	7.380	%	04/01/20	$	2,460
	2,500,000	e	Vulcan Materials Co	6.300		06/15/13		2,654
			TOTAL MATERIALS					52,193
MEDIA - 0.3%
	3,500,000	e	Time Warner Cable, Inc	3.500		02/01/15		3,596
	3,200,000		Time Warner Cable, Inc	8.750		02/14/19		4,072
	3,900,000		Time Warner Cable, Inc	8.250		04/01/19		4,844
	5,000,000		Time Warner Cable, Inc	5.000		02/01/20		5,146
	5,000,000		Time Warner Cable, Inc	4.130		02/15/21		4,758
	3,500,000		Time Warner Cable, Inc	6.550		05/01/37		3,747
	5,234,000		Time Warner Entertainment Co LP	10.150		05/01/12		5,812
			TOTAL MEDIA					31,975
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.3%
	1,000,000		Abbott Laboratories	3.750		03/15/11		1,007
	3,100,000		Abbott Laboratories	2.700		05/27/15		3,161
	2,000,000		Hospira, Inc	5.600		09/15/40		1,966
	4,600,000	e	Johnson & Johnson	4.500		09/01/40		4,355
	8,080,000		Life Technologies Corp	3.500		01/15/16		8,055
	5,000,000	e	Merck & Co, Inc	2.250		01/15/16		4,937
	5,000,000		Merck & Co, Inc	3.880		01/15/21		4,969
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					28,450
REAL ESTATE - 0.3%
	3,080,000		Boston Properties LP	4.130		05/15/21		2,920
	5,000,000		Brandywine Operating Partnership LP	7.500		05/15/15		5,465
	1,400,000		Federal Realty Investment Trust	5.900		04/01/20		1,485
	3,400,000		Healthcare Realty Trust, Inc	5.750		01/15/21		3,400
	3,000,000		Highwoods Properties, Inc	5.850		03/15/17		3,089
	2,500,000		Kilroy Realty Corp	5.000		11/03/15		2,482
	1,160,000		Liberty Property LP	7.250		03/15/11		1,173
	1,000,000		Liberty Property LP	4.750		10/01/20		990
	1,000,000		ProLogis	7.630		08/15/14		1,128
	3,460,000		Ventas Realty LP	3.130		11/30/15		3,334
	3,000,000		Washington Real Estate Investment Trust	5.130		03/15/13		3,094
	4,850,000		Washington Real Estate Investment Trust	4.950		10/01/20		4,609
			TOTAL REAL ESTATE					33,169
RETAILING - 0.2%
	4,900,000		Advance Auto Parts, Inc	5.750		05/01/20		5,119
	5,000,000		AutoZone, Inc	5.750		01/15/15		5,502
	5,000,000		Home Depot, Inc	5.880		12/16/36		5,201
	3,050,000		Macy’s Retail Holdings, Inc	5.900		12/01/16		3,256
	2,150,000		Staples, Inc	7.750		04/01/11		2,185
	500,000		Staples, Inc	9.750		01/15/14		606
			TOTAL RETAILING					21,869
SOFTWARE & SERVICES - 0.1%
	5,000,000		Adobe Systems, Inc	3.250		02/01/15		5,094
	5,000,000		International Business Machines Corp	1.000		08/05/13		4,982

353

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE (000)
$	3,550,000		Symantec Corp	2.750	%	09/15/15	$	3,464
			TOTAL SOFTWARE & SERVICES					13,540
TECHNOLOGY HARDWARE & EQUIPMENT - 0.2%
	666,000		Cisco Systems, Inc	2.900		11/17/14		691
	3,000,000		Hewlett-Packard Co	2.950		08/15/12		3,093
	2,030,000		Hewlett-Packard Co	3.750		12/01/20		1,986
	5,000,000		Xerox Corp	8.250		05/15/14		5,836
	2,500,000		Xerox Corp	4.250		02/15/15		2,616
	2,500,000		Xerox Corp	5.630		12/15/19		2,680
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					16,902
TELECOMMUNICATION SERVICES - 0.1%
	1,265,000		Sprint Capital Corp	8.380		03/15/12		1,338
	3,235,000		Sprint Nextel Corp	6.000		12/01/16		3,126
	2,500,000		Verizon Communications, Inc	4.350		02/15/13		2,659
	1,000,000		Verizon New Jersey, Inc	5.880		01/17/12		1,047
			TOTAL TELECOMMUNICATION SERVICES					8,170
TRANSPORTATION - 0.6%
	1,440,000		CSX Corp	6.150		05/01/37		1,548
	1,900,000		CSX Transportation, Inc	7.820		04/01/11		1,928
	10,312,000		Delta Air Lines, Inc	7.110		09/18/11		10,647
	2,500,000		Delta Air Lines, Inc	7.710		09/18/11		2,563
	5,000,000	e	Delta Air Lines, Inc	6.420		07/02/12		5,175
	2,500,000		FedEx Corp	7.380		01/15/14		2,867
	2,500,000		Norfolk Southern Corp	5.750		01/15/16		2,809
	5,000,000		Norfolk Southern Corp	5.900		06/15/19		5,661
	2,500,000		Norfolk Southern Corp	5.590		05/17/25		2,583
	4,815,000		Norfolk Southern Corp	5.640		05/17/29		5,034
	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
	10,000,000	g	Southwest Airlines Co	10.500		12/15/11		10,768
			United Parcel Service of America, Inc (Step Bond 8.375%
	1,360,000		until 04/01/20, 7.620% until 04/01/30)	8.375		04/01/30		1,745
	5,000,000	e	United Parcel Service, Inc	3.130		01/15/21		4,645
			TOTAL TRANSPORTATION					58,156
UTILITIES - 1.2%
	2,000,000		Atmos Energy Corp	8.500		03/15/19		2,504
	5,000,000		CenterPoint Energy Houston Electric LLC	7.000		03/01/14		5,714
	2,000,000		Connecticut Light & Power	5.750		03/01/37		2,054
	1,200,000		Connecticut Light & Power Co	5.500		02/01/19		1,333
	3,245,677	g	Great River Energy	5.830		07/01/17		3,669
	5,000,000		Hawaiian Electric Industries, Inc	6.140		08/15/11		5,156
	5,000,000		Idaho Power Co	5.500		04/01/33		4,924
	2,500,000		Idaho Power Co	6.250		10/15/37		2,688
	7,500,000	g	International Transmission Co	4.450		07/15/13		7,885
	4,900,000	g	Kentucky Utilities Co	3.250		11/01/20		4,622
	2,000,000		Laclede Gas Co	6.150		06/01/36		2,052
	6,000,000		Nevada Power Co	6.650		04/01/36		6,713

354

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE (000)
$	1,000,000	e	Nevada Power Co	5.380	%	09/15/40	$	962
	2,000,000		Nicor, Inc	6.580		02/15/28		2,167
	5,000,000		Northeast Utilities	5.650		06/01/13		5,432
	1,500,000		Northwest Natural Gas Co	5.620		11/21/23		1,602
	1,600,000		NSTAR Electric Co	5.500		03/15/40		1,647
	5,000,000		Pacific Gas & Electric Co	8.250		10/15/18		6,496
	4,750,000		Pacific Gas & Electric Co	5.800		03/01/37		5,034
	3,750,000		Pacific Gas & Electric Co	5.400		01/15/40		3,788
	3,000,000		Pepco Holdings, Inc	2.700		10/01/15		2,924
	3,850,000		Portland General Electric Co	6.100		04/15/19		4,420
	2,500,000		PPL Electric Utilities Corp	6.250		05/15/39		2,826
	1,000,000		Public Service Electric & Gas Co	5.380		11/01/39		1,018
	2,000,000		Questar Pipeline Co	6.570		09/26/11		2,075
	620,000		San Diego Gas & Electric Co	6.000		06/01/39		688
	1,380,000		San Diego Gas & Electric Co	5.350		05/15/40		1,411
	5,000,000		Spectra Energy Capital LLC	5.650		03/01/20		5,311
	2,500,000		Tennessee Gas Pipeline Co	8.000		02/01/16		2,901
	5,000,000	g	Texas Eastern Transmission LP	4.130		12/01/20		4,890
	3,000,000		Transcontinental Gas Pipe Line Co LLC	6.050		06/15/18		3,392
	5,000,000		Washington Gas Light Co	5.440		08/11/25		5,452
	2,250,000		Williams Partners LP	3.800		02/15/15		2,325
	3,900,000		Williams Partners LP	6.300		04/15/40		4,059
	1,000,000		Wisconsin Power & Light Co	5.000		07/15/19		1,079
			TOTAL UTILITIES					121,213
			TOTAL CORPORATE BONDS					940,289
			(Cost $898,082)
GOVERNMENT BONDS 25.9%
AGENCY SECURITIES - 2.9%
			Federal Home Loan Bank (FHLB)
	5,500,000		FHLB	5.000		11/17/17		6,236
			Federal Home Loan Mortgage Corp (FHLMC)
	7,780,000		FHLMC	2.500		04/23/14		8,061
	3,000,000		FHLMC	3.500		05/29/13		3,186
	2,000,000		FHLMC	4.130		12/21/12		2,132
			Federal National Mortgage Association (FNMA)
	13,500,000		FNMA	3.000		09/16/14		14,219
	10,000,000		FNMA	2.630		11/20/14		10,380
	3,000,000		FNMA	2.500		05/15/14		3,113
	2,000,000		FNMA	1.130		07/30/12		2,017
	6,000,000		FNMA	1.250		08/20/13		6,039
	23,557,479		AMAL Ltd	3.470		08/21/21		24,003
	7,841,996		Cal Dive I- Title XI, Inc	4.930		02/01/27		8,157
	9,350,993		COP I LLC	3.610		12/05/21		9,725
	6,961,757		COP I LLC	3.650		12/05/21		7,073
	2,000,000		European Investment Bank	4.880		02/15/36		2,045
	11,000,000	g,j	FDIC Structured Sale Guarantee	0.000		10/25/12		10,707
	9,232,565		Gate Capital Cayman Two	3.550		06/11/21		9,256

355

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE (000)
$	4,000,000	j	Government Trust Certificate	0.000	%	04/01/21	$	2,512
	1,227,738		Overseas Private Investment Corp	1.900		12/10/11		1,266
	660,869		Overseas Private Investment Corp	5.410		12/15/11		677
	3,850,000	j	Overseas Private Investment Corp	0.000		07/12/14		3,849
	4,700,000	j	Overseas Private Investment Corp	0.000		07/12/14		5,055
	4,500,000	j,m	Overseas Private Investment Corp	0.000		12/14/14		4,500
	3,000,000	j	Overseas Private Investment Corp	0.000		12/14/14		3,305
	6,976,759		Overseas Private Investment Corp	3.420		01/15/15		7,299
	590,442		Overseas Private Investment Corp	3.740		04/15/15		618
	4,280,306		Overseas Private Investment Corp	5.140		12/15/23		4,692
	9,205,211		Overseas Private Investment Corp	4.440		02/27/27		9,344
	5,000,000	m	Overseas Private Investment Corp	3.430		05/15/30		4,529
	9,783,168		Premier Aircraft Leasing	3.580		02/06/22		9,909
	1,050,000		Private Export Funding Corp	4.550		05/15/15		1,161
	8,000,000		Private Export Funding Corp	2.250		12/15/17		7,583
	10,000,000		Private Export Funding Corp	4.380		03/15/19		10,666
	7,500,000		Private Export Funding Corp	4.300		12/15/21		7,713
	9,519,362		San Clemente Leasing LLC	3.590		08/27/21		9,582
	4,744,901		Tayarra Ltd	3.630		02/15/22		4,948
	4,665,847		Tricahue Leasing LLC	3.500		11/19/21		4,615
	9,000,000		US Department of Housing and Urban Development	5.190		08/01/14		10,169
	8,000,000		US Department of Housing and Urban Development	4.560		08/01/17		8,873
	5,007,000		US Department of Housing and Urban Development	5.380		08/01/18		5,742
	15,467,000		US Department of Housing and Urban Development	4.960		08/01/20		16,931
	13,500,000	e	US Department of Housing and Urban Development	5.050		08/01/21		14,727
	6,901,918	g	US Trade Funding Corp	4.260		11/15/14		7,288
			TOTAL AGENCY SECURITIES					293,902
FOREIGN GOVERNMENT BONDS - 1.3%
	3,900,000		Canada Government International Bond	2.380		09/10/14		4,021
	10,000,000		Council of Europe Development Bank	2.750		02/10/15		10,281
	6,082,000		Hydro Quebec	8.400		01/15/22		8,381
	12,375,000	i	India Government AID Bond	0.390		02/01/27		11,450
	5,000,000	g	International Finance Facility for Immunisation	5.000		11/14/11		5,173
	2,850,000	e	Italy Government International Bond	5.380		06/12/17		2,924
	4,500,000	e	Kreditanstalt fuer Wiederaufbau	4.000		01/27/20		4,665
	4,000,000		Province of British Columbia Canada	2.850		06/15/15		4,118
	5,000,000	e	Province of Manitoba Canada	5.000		02/15/12		5,241
	2,000,000		Province of Manitoba Canada	2.130		04/22/13		2,045
	5,000,000		Province of Nova Scotia Canada	2.380		07/21/15		5,005
	10,000,000		Province of Ontario Canada	2.630		01/20/12		10,205
	8,700,000		Province of Ontario Canada	4.100		06/16/14		9,398
	8,100,000	e	Province of Ontario Canada	2.950		02/05/15		8,361
	11,200,000	e	Province of Ontario Canada	2.700		06/16/15		11,402
	6,000,000		Province of Ontario Canada	4.000		10/07/19		6,164
	5,000,000		Province of Ontario Canada	4.400		04/14/20		5,227
	10,000,000	e	Province of Quebec Canada	3.500		07/29/20		9,681
	5,000,000		Province of Quebec Canada	7.500		09/15/29		6,866
			TOTAL FOREIGN GOVERNMENT BONDS					130,608
MORTGAGE BACKED - 11.4%
			Federal Home Loan Mortgage Corp (FHLMC)

356

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE (000)
$	5,287,986	i	FHLMC	5.880	%	04/01/37	$	5,667
	5,947,216	i	FHLMC	5.500		03/01/37		6,288
	5,474,371	i	FHLMC	5.640		09/01/37		5,816
	2,913,993	i	FHLMC	5.640		08/01/37		3,098
	4,560,389	i	FHLMC	5.750		02/01/37		4,877
	3,912,953	i	FHLMC	5.810		07/01/36		4,087
	3,174,756	i	FHLMC	2.600		02/01/36		3,305
	5,664,148	i	FHLMC	5.630		09/01/36		5,952
	1,568,783	i	FHLMC	2.910		09/01/36		1,636
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	4,161,200		FGLMC	4.500		09/01/35		4,290
	4,103,385		FGLMC	4.500		09/01/35		4,231
	1,431,359		FGLMC	4.500		09/01/35		1,476
	8,047,591		FGLMC	5.000		09/01/35		8,480
	1,048,086		FGLMC	5.000		02/01/36		1,104
	684,887		FGLMC	4.500		12/01/35		706
	1,357,681		FGLMC	5.000		10/01/35		1,431
	1,607,422		FGLMC	6.000		08/01/35		1,752
	1,616,585		FGLMC	6.000		05/01/35		1,768
	1,054,647		FGLMC	6.000		05/01/35		1,153
	1,586,464		FGLMC	6.000		05/01/35		1,735
	566,921		FGLMC	6.000		05/01/35		621
	1,738,476		FGLMC	5.500		06/01/35		1,865
	3,515,157		FGLMC	7.000		05/01/35		4,003
	566,839		FGLMC	6.000		05/01/35		619
	15,445,070		FGLMC	5.500		04/01/36		16,556
	3,084,877		FGLMC	5.000		07/01/39		3,237
	9,903,809		FGLMC	4.500		06/01/39		10,158
	5,509,098		FGLMC	4.000		06/01/39		5,475
	16,000,000	h	FGLMC	6.000		01/15/40		17,330
	32,000,000	h	FGLMC	5.500		01/15/41		34,100
	31,000,000	h	FGLMC	5.000		01/15/41		32,511
	13,000,000	h	FGLMC	4.500		01/15/41		13,321
	1,705,847		FGLMC	4.500		05/01/39		1,750
	2,020,889		FGLMC	6.000		09/01/37		2,208
	1,515,544		FGLMC	6.500		10/01/36		1,686
	250,882		FGLMC	6.500		05/01/36		279
	1,884,464		FGLMC	6.500		11/01/37		2,091
	1,467,161		FGLMC	6.000		11/01/38		1,591
	6,346,475		FGLMC	5.000		04/01/38		6,696
	4,168,252		FGLMC	6.000		02/01/38		4,593
	297,371		FGLMC	4.500		07/01/20		314
	1,197,667		FGLMC	4.500		01/01/20		1,264
	1,631,774		FGLMC	5.000		02/01/19		1,746
	230,367		FGLMC	7.000		10/01/20		262
	2,296,532		FGLMC	4.500		03/01/23		2,403
	2,441,439		FGLMC	4.500		06/01/21		2,574
	8,819,080		FGLMC	4.500		06/01/21		9,299
	1,802,179		FGLMC	5.500		01/01/19		1,957
	428,726		FGLMC	6.000		12/01/17		468
	233,888		FGLMC	6.500		12/01/16		254
	2,752		FGLMC	6.000		03/01/11		3

357

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE (000)
$	2,989,289		FGLMC	4.500	%	10/01/18	$	3,156
	4,843,883		FGLMC	4.500		01/01/19		5,122
	4,217,163		FGLMC	4.500		11/01/18		4,452
	3,591,438		FGLMC	4.500		11/01/18		3,791
	1,124,929		FGLMC	5.000		04/01/23		1,188
	8,661,237		FGLMC	5.000		01/01/34		9,143
	8,660,370		FGLMC	7.000		12/01/33		9,863
	7,072,184		FGLMC	5.500		12/01/33		7,594
	2,784,986		FGLMC	5.000		05/01/34		2,937
	1,009,978		FGLMC	6.000		05/01/35		1,105
	1,101,521		FGLMC	5.500		12/01/34		1,182
	1,781,508		FGLMC	6.000		09/01/34		1,950
	3,481,965		FGLMC	5.500		09/01/33		3,741
	1,420,173		FGLMC	4.500		09/01/24		1,484
	3,938,283		FGLMC	4.000		07/01/24		4,050
	18,736		FGLMC	7.000		05/01/23		21
	5,000,000	h	FGLMC	5.000		01/15/26		5,280
	3,909,330		FGLMC	5.500		09/01/33		4,200
	2,563,142		FGLMC	4.500		07/01/33		2,647
	79,484		FGLMC	8.000		01/01/31		93
			Federal National Mortgage Association (FNMA)
	9,193,772		FNMA	4.000		10/01/35		9,237
	5,496,589		FNMA	5.000		09/01/35		5,865
	3,767,056		FNMA	5.000		10/01/35		3,977
	2,943,850		FNMA	5.000		02/01/36		3,108
	8,500,755		FNMA	5.500		10/01/35		9,216
	57,857		FNMA	7.500		06/01/35		66
	1,563,862		FNMA	5.500		06/01/35		1,695
	636,755		FNMA	6.000		07/01/35		695
	3,792,949		FNMA	5.000		08/01/35		4,005
	2,061,140		FNMA	4.500		08/01/35		2,127
	2,125,909		FNMA	6.000		12/01/36		2,317
	1,961,560		FNMA	6.500		09/01/36		2,198
	13,594,485	i	FNMA	5.870		01/01/37		14,527
	3,413,121		FNMA	6.500		03/01/37		3,825
	964,479		FNMA	7.000		02/01/37		1,092
	677,017		FNMA	6.500		02/01/36		758
	1,240,745	i	FNMA	5.630		02/01/36		1,298
	924,860		FNMA	6.500		02/01/36		1,035
	1,424,070	i	FNMA	5.880		07/01/36		1,501
	3,445,942		FNMA	6.000		03/01/36		3,756
	7,842,937		FNMA	5.500		01/01/35		8,503
	541,378		FNMA	6.000		12/01/34		594
	2,446,046		FNMA	5.500		01/01/35		2,634
	1,568,625		FNMA	5.500		04/01/35		1,701
	536,559		FNMA	5.500		03/01/35		582
	47,684		FNMA	4.500		07/01/34		49
	138,439		FNMA	4.500		07/01/34		143
	62,770		FNMA	4.500		08/01/34		65
	47,252		FNMA	4.500		09/01/34		49
	1,259,641		FNMA	4.500		08/01/34		1,300
	275,388		FNMA	5.500		05/01/35		299

358

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE (000)
$	533,463		FNMA	5.500	%	05/01/35	$	578
	3,243,576		FNMA	6.000		05/01/35		3,586
	2,265,354		FNMA	5.500		06/01/35		2,456
	2,778,554		FNMA	5.500		06/01/35		3,012
	1,827,105		FNMA	5.500		04/01/35		1,981
	1,807,737		FNMA	5.500		04/01/35		1,960
	8,936,451		FNMA	4.500		05/01/35		9,240
	692,267		FNMA	5.500		05/01/35		746
	3,071,409		FNMA	5.500		05/01/35		3,330
	6,537,002		FNMA	4.500		04/01/39		6,717
	3,696,452		FNMA	4.000		04/01/39		3,686
	21,668,725		FNMA	4.500		05/01/39		22,266
	10,376,391		FNMA	6.000		09/01/39		11,285
	4,435,186		FNMA	4.500		08/01/39		4,557
	2,580,996		FNMA	6.000		01/01/39		2,808
	2,228,199		FNMA	5.500		01/01/39		2,385
	2,168,273		FNMA	6.000		01/01/39		2,359
	10,938,695		FNMA	4.500		02/01/39		11,238
	3,714,706		FNMA	4.500		02/01/39		3,817
	17,272,763		FNMA	4.500		09/01/40		17,746
	23,814,612		FNMA	4.500		09/01/40		24,467
	9,978,642		FNMA	4.000		11/01/40		9,937
	7,000,000	h	FNMA	3.500		01/25/41		6,685
	9,975,513		FNMA	4.500		11/01/40		10,249
	14,000,000	h	FNMA	4.500		01/25/40		14,370
	37,000,000	h	FNMA	4.000		01/25/40		36,803
	56,000,000	h	FNMA	5.000		01/25/40		58,870
	66,000,000	h	FNMA	6.000		01/25/40		71,734
	40,000,000	h	FNMA	5.500		01/25/40		42,794
	2,209,956		FNMA	6.000		09/01/37		2,452
	1,649,071		FNMA	6.000		09/01/37		1,830
	1,534,042		FNMA	6.500		09/01/37		1,706
	677,442		FNMA	6.500		09/01/37		753
	653,154		FNMA	6.500		09/01/37		732
	782,930		FNMA	6.500		08/01/37		877
	915,091		FNMA	7.000		04/01/37		1,036
	1,104,324		FNMA	6.500		08/01/37		1,242
	2,831,308		FNMA	6.000		09/01/37		3,141
	2,637,217		FNMA	6.000		09/01/37		2,926
	99,460		FNMA	6.500		03/01/38		111
	1,226,321		FNMA	6.500		03/01/38		1,364
	304,145		FNMA	6.500		03/01/38		338
	3,627,659		FNMA	4.500		01/01/39		3,727
	2,695,678	i	FNMA	4.950		10/01/38		2,850
	1,113,029	i	FNMA	5.850		10/01/37		1,187
	417,249		FNMA	6.500		09/01/37		467
	1,274,759		FNMA	7.000		11/01/37		1,444
	57,533		FNMA	6.500		02/01/38		64
	228,121		FNMA	6.500		01/01/38		254
	600,000		FNMA	4.000		02/25/19		631
	321,965		FNMA	6.000		02/01/19		351
	112,686		FNMA	4.500		03/01/19		119

359

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE		VALUE (000)
$	1,042,631	FNMA	4.500	%	06/01/19	$	1,103
	480,800	FNMA	4.500		05/01/19		509
	4,641,430	FNMA	5.500		11/01/18		5,008
	39,209	FNMA	5.500		05/01/18		42
	2,877,549	FNMA	5.000		12/01/18		3,081
	287,641	FNMA	6.000		01/01/19		314
	2,488,966	FNMA	5.000		01/01/19		2,676
	28,499	FNMA	8.000		03/01/23		33
	2,380,509	FNMA	4.500		03/01/23		2,500
	5,441,395	FNMA	5.000		07/01/23		5,776
	540,591	FNMA	5.500		02/01/24		585
	175,169	FNMA	5.000		01/01/24		187
	496,592	FNMA	4.500		11/01/20		525
	1,125,000	FNMA	5.000		03/01/20		1,205
	1,376,181	FNMA	5.000		12/01/20		1,470
	3,693,423	FNMA	5.500		08/01/21		3,976
	1,709,510	FNMA	5.000		03/01/21		1,831
	620	FNMA	7.500		10/01/11		1
	2,956	FNMA	7.500		10/01/11		3
	26,931	FNMA	7.000		04/01/12		28
	2,646,359	FNMA	4.440		07/01/13		2,790
	39,368	FNMA	5.000		06/01/13		42
	614	FNMA	8.000		07/01/11		1
	1,892	FNMA	7.500		06/01/11		2
	1,061	FNMA	7.500		08/01/11		1
	85	FNMA	7.500		10/01/11		0	^
	736	FNMA	7.500		09/01/11		1
	715,076	FNMA	6.500		04/01/17		782
	160,968	FNMA	6.500		10/01/16		176
	1,725,692	FNMA	5.000		12/01/17		1,846
	278,267	FNMA	5.500		04/01/18		300
	289,987	FNMA	6.500		02/01/18		317
	1,589,868	FNMA	4.560		05/01/14		1,700
	3,629,943	FNMA	4.020		08/01/13		3,811
	4,076,794	FNMA	4.270		06/01/14		4,323
	5,716	FNMA	8.500		11/01/14		6
	2,954,867	FNMA	4.530		10/01/14		3,160
	446,475	FNMA	5.000		03/01/34		472
	93,448	FNMA	7.000		01/01/34		106
	996,720	FNMA	5.000		03/01/34		1,054
	17,371,842	FNMA	5.000		03/01/34		18,373
	386,603	FNMA	5.000		03/01/34		409
	2,366,872	FNMA	5.500		11/01/33		2,551
	1,922,520	FNMA	5.500		11/01/33		2,072
	1,846,395	FNMA	5.500		11/01/33		1,990
	738,373	FNMA	5.500		12/01/33		796
	347,549	FNMA	5.500		12/01/33		375
	51,308	FNMA	4.500		06/01/34		53
	42,636	FNMA	4.500		06/01/34		44
	42,729	FNMA	4.500		06/01/34		44
	151,850	FNMA	4.500		07/01/34		157
	201,256	FNMA	4.500		06/01/34		208

360

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE (000)
$	2,941,538		FNMA	5.000	%	04/01/34	$	3,107
	338,017		FNMA	5.000		03/01/34		358
	791,312		FNMA	4.500		05/01/34		817
	49,268		FNMA	4.500		05/01/34		51
	49,329		FNMA	4.500		05/01/34		51
	10,000,000	h	FNMA	4.000		01/25/26		10,298
	14,106,022		FNMA	5.000		10/01/25		15,000
	4,000,000	h	FNMA	5.000		01/25/26		4,244
	265,747		FNMA	5.000		02/01/33		281
	1,609,694		FNMA	6.500		07/01/32		1,810
	88,199		FNMA	8.000		07/01/24		102
	4,661,453		FNMA	4.000		05/01/24		4,808
	2,527,739		FNMA	4.500		08/01/24		2,651
	8,000,000	h	FNMA	4.500		01/25/25		8,386
	8,909,292		FNMA	4.000		09/01/24		9,189
	979,945		FNMA	5.000		10/01/33		1,036
	1,152,372		FNMA	5.000		10/01/33		1,219
	1,598,676		FNMA	5.000		11/01/33		1,691
	1,775,841		FNMA	5.500		11/01/33		1,914
	1,348,030		FNMA	5.500		11/01/33		1,453
	749,828		FNMA	5.500		07/01/33		808
	3,547,005		FNMA	4.500		03/25/33		3,761
	1,700,300		FNMA	4.500		08/01/33		1,758
	284,895		FNMA	4.500		09/01/33		295
	1,053,030		FNMA	5.000		08/01/33		1,114
			Government National Mortgage Association (GNMA)
	4,625,162		GNMA	4.500		07/20/39		4,809
	1,620,634		GNMA	5.000		07/20/39		1,724
	1,842,729		GNMA	4.000		08/15/39		1,859
	870,228		GNMA	4.500		05/15/39		905
	1,457,931		GNMA	6.000		08/20/38		1,599
	2,287,311		GNMA	6.500		11/20/38		2,570
	4,032,664		GNMA	4.500		03/15/39		4,192
	10,000,000	h	GNMA	6.000		01/15/41		10,995
	20,000,000	h	GNMA	5.000		01/20/41		21,260
	4,909,019		GNMA	6.230		09/15/43		5,222
	5,000,000	h	GNMA	4.000		01/15/41		5,034
	47,000,000	h	GNMA	4.500		01/15/40		48,792
	20,000,000	h	GNMA	5.000		01/15/40		21,263
	22,000,000	h	GNMA	5.500		01/15/40		23,774
	11,966		GNMA	6.500		08/15/23		14
	4,785,282		GNMA	4.390		08/16/30		4,848
	229,776		GNMA	6.500		05/20/31		260
	41,578		GNMA	6.500		08/15/23		47
	2,568,664		GNMA	5.220		04/15/15		2,583
	72,524		GNMA	9.000		12/15/17		82
	50,271		GNMA	8.000		06/15/22		59
	3,463,168		GNMA	6.000		02/20/37		3,800
	2,875,609		GNMA	5.000		04/15/38		3,059
	1,512,114		GNMA	6.000		08/15/38		1,665
	3,209,674		GNMA	5.500		02/15/37		3,473
	890,394		GNMA	5.500		07/15/33		967

361

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	639,034		GNMA	6.000	%	10/20/36	$	703
	673,589		GNMA	6.000		01/20/37		739
	2,318,753		National Credit Union Administration	1.840		10/07/20		2,295
			TOTAL MORTGAGE BACKED					1,166,175
MUNICIPAL BONDS - 1.6%
	1,860,000		Allegheny County Redevelopment Authority	5.000		09/01/11		1,901
	570,000		Atlanta Urban Residential Finance Authority	5.070		12/01/11		580
	4,500,000	g	Basin Electric Power Coop	6.130		06/01/41		4,054
	2,390,000		Charlotte-Mecklenburg Hospital Authority	5.000		08/01/15		2,537
			Chicago Metropolitan Water Reclamation District-Greater
	5,000,000		Chicago	5.720		12/01/38		4,968
	1,250,000		City & County of Honolulu HI	6.110		07/01/29		1,252
	4,000,000		City of Dallas TX	5.080		02/15/22		4,111
	1,500,000		City of Dallas TX	5.200		02/15/35		1,420
	925,000		City of Eugene OR	6.320		08/01/22		976
	5,000,000		City of New York NY	4.500		06/01/15		5,233
	1,055,000	j	City of Oakland CA	0.000		12/15/11		1,025
	4,750,000		Clean Water Services	5.700		10/01/30		4,683
	5,000,000		Commonwealth of Massachusetts	5.460		12/01/39		5,013
	325,000		County of Harnett NC	5.150		05/01/12		327
	2,335,000		County of Mercer NJ	5.380		02/01/17		2,381
	4,000,000		Dallas County Hospital District	5.620		08/15/44		4,048
			Douglas County Public Utility District No 1 Wells
	1,680,000		Hydroelectric	5.110		09/01/18		1,707
	1,400,000		Elkhart Redevelopment District	5.500		06/15/18		1,507
	8,035,000		Fiscal Year 2005 Securitization Corp	4.760		08/15/19		8,262
	3,500,000		Grant County Public Utility District No 2	5.630		01/01/27		3,232
	1,900,000		Guadalupe Valley Electric Coop, Inc	5.670		10/01/32		1,571
	1,000,000		Kansas Development Finance Authority	4.590		05/01/14		1,054
	1,350,000		Kansas Development Finance Authority	4.720		05/01/15		1,441
	1,880,000	g	LL & P Wind Energy, Inc	5.220		12/01/12		1,883
	7,400,000		Massachusetts Housing Finance Agency	4.780		12/01/20		7,165
	4,900,000		Massachusetts St. Water Pollution Abatement	5.190		08/01/40		4,688
	3,000,000		Metropolitan Washington Airports Authority	5.690		10/01/30		2,883
	5,000,000		Metropolitan Water District of Southern California	6.250		07/01/39		4,977
	5,000,000		Mississippi Development Bank Special Obligation	5.320		07/01/14		5,236
	1,095,000		New York State Environmental Facilities Corp	4.900		12/15/11		1,111
	3,000,000		New York State Urban Development Corp	6.500		12/15/18		3,324
	2,500,000		Newport News Economic Development Authority	5.640		01/15/29		2,433
	2,450,000		Ohio State Water Development Authority	4.880		12/01/34		2,339
	2,500,000		Oklahoma Capital Improvement Authority	5.180		07/01/14		2,730
	3,750,000		State of California	7.630		03/01/40		3,913
	5,000,000		State of Connecticut	5.090		10/01/30		4,724
	2,050,000		State of Hawaii	4.670		05/01/14		2,197
	5,000,000		State of Illinois	4.070		01/01/14		5,034
	5,570,000		State of Illinois	4.350		06/01/18		5,222
	5,750,000		State of Michigan	4.600		11/01/11		5,916
	5,000,000		State of Michigan	2.300		11/01/14		4,884
	2,500,000		State of Ohio	5.410		09/01/28		2,558
	3,050,000		State of Oregon	5.030		08/01/14		3,344
	3,265,000		State of Texas	4.900		08/01/20		3,307

362

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
$	5,000,000	State of Texas	6.070	%	10/01/29	$	5,198
	4,735,000	State of Washington	5.050		01/01/18		4,778
	1,033,000	State of Wisconsin	5.700		05/01/26		1,066
	5,000,000	State Public School Building Authority	5.000		09/15/27		4,512
	5,000,000	Tuolumne Wind Project Authority	6.920		01/01/34		5,005
	2,025,000	University Central Fl University Revenues	5.130		10/01/20		1,862
	4,900,000	UNM Sandoval Regional Medical Center	4.500		07/20/36		4,531
		TOTAL MUNICIPAL BONDS					170,103
U.S. TREASURY SECURITIES - 8.7%
	86,143,000	United States Treasury Bond	8.000		11/15/21		121,839
	5,000,000	United States Treasury Bond	6.380		08/15/27		6,434
	20,000,000	United States Treasury Bond	5.250		02/15/29		22,938
	13,176,000	United States Treasury Bond	5.380		02/15/31		15,381
	26,913,500	United States Treasury Bond	4.380		05/15/40		27,044
	20,640,000	United States Treasury Bond	3.880		08/15/40		19,011
	11,875,000	United States Treasury Note	1.000		09/30/11		11,939
	1,400,000	United States Treasury Note	0.750		11/30/11		1,406
	42,254,000	United States Treasury Note	1.000		12/31/11		42,530
	12,750,000	United States Treasury Note	0.880		02/29/12		12,824
	4,275,000	United States Treasury Note	0.630		06/30/12		4,288
	36,625,000	United States Treasury Note	1.380		11/15/12		37,172
	1,400,000	United States Treasury Note	0.500		11/30/12		1,398
	14,280,000	United States Treasury Note	1.130		12/15/12		14,427
	6,140,000	United States Treasury Note	0.750		08/15/13		6,128
	6,000,000	United States Treasury Note	0.750		09/15/13		5,981
	2,670,000	United States Treasury Note	3.130		09/30/13		2,832
	34,100,000	United States Treasury Note	0.500		10/15/13		33,719
	20,170,000	United States Treasury Note	0.500		11/15/13		19,910
	2,280,000	United States Treasury Note	0.750		12/15/13		2,264
	34,030,000	United States Treasury Note	2.250		05/31/14		35,202
	33,395,000	United States Treasury Note	2.380		08/31/14		34,595
	17,585,000	United States Treasury Note	2.130		11/30/14		18,014
	8,650,000	United States Treasury Note	2.250		01/31/15		8,880
	14,631,000	United States Treasury Note	2.500		04/30/15		15,126
	17,895,000	United States Treasury Note	1.880		06/30/15		17,966
	134,579,500	United States Treasury Note	1.250		09/30/15		130,574
	106,225,000	United States Treasury Note	1.250		10/31/15		102,806
	39,870,000	United States Treasury Note	1.380		11/30/15		38,746
	3,575,000	United States Treasury Note	1.880		08/31/17		3,413
	78,390,000	United States Treasury Note	2.630		11/15/20		73,944
		TOTAL U.S. TREASURY SECURITIES					888,731
		TOTAL GOVERNMENT BONDS					2,649,519
		(Cost $2,606,882)
STRUCTURED ASSETS - 2.5%
ASSET BACKED - 0.7%
	5,000,000	AmeriCredit Automobile Receivables Trust	5.190		08/17/15		5,288
		Series - 2010 1 (Class C)
	1,500,000	AmeriCredit Prime Automobile Receivable	4.990		07/17/17		1,564
		Series - 2009 1 (Class C)

363

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	3,000,000	g	Avis Budget Rental Car Funding AESOP LLC	3.150	%	03/20/17	$	2,930
			Series - 2010 5A (Class A)
	3,501,139	i	Chase Funding Loan Acquisition Trust	0.830		06/25/34		2,919
			Series - 2004 OPT1 (Class M1)
	674,364	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		170
			Series - 2004 2 (Class 1B)
	1,500,000		CNH Equipment Trust	4.980		04/15/16		1,546
			Series - 2009 C (Class B)
	2,150,000	i	Countrywide Asset-Backed Certificates	5.680		10/25/46		2,109
			Series - 2006 15 (Class A2)
	590,161	i	Countrywide Home Equity Loan Trust	0.480		02/15/29		333
			Series - 2004 B (Class 1A)
	2,422,291	g	Credit-Based Asset Servicing and Securitization LLC	6.160		12/25/36		2,381
			Series - 2007 MX1 (Class A1)
	9,798,537	g	Flagstar Home Equity Loan Trust	5.780		01/25/35		8,110
			Series - 2007 1A (Class AF3)
	1,403,806		GMAC Commercial Mortgage Securities, Inc	5.590		10/25/29		1,356
			Series - 2006 HLTV (Class A3)
	2,282,000		GMAC Commercial Mortgage Securities, Inc	5.810		10/25/29		1,833
			Series - 2006 HLTV (Class A4)
	509,202		HFC Home Equity Loan Asset Backed Certificates	5.910		03/20/36		512
			Series - 2007 1 (Class A1F)
	735,975	i	Morgan Stanley ABS Capital I	0.270		01/25/37		713
			Series - 2007 HE2 (Class A2A)
	4,010,000		Renaissance Home Equity Loan Trust	5.590		11/25/36		2,291
			Series - 2006 3 (Class AF3)
	1,943,868		Residential Asset Mortgage Products, Inc	4.970		09/25/33		1,967
			Series - 2003 RZ5 (Class A7)
	2,995,929		Residential Funding Mortgage Securities II, Inc	5.520		04/25/21		2,938
			Series - 2006 HI5 (Class A2)
	9,000,000		Residential Funding Mortgage Securities II, Inc	5.500		08/25/25		7,639
			Series - 2006 HI5 (Class A3)
	424,717		Residential Funding Mortgage Securities II, Inc	5.750		02/25/36		422
			Series - 2006 HI2 (Class A2)
	5,700,000		Residential Funding Mortgage Securities II, Inc	5.960		02/25/36		5,383
			Series - 2006 HI3 (Class A3)
	2,000,000		Residential Funding Mortgage Securities II, Inc	6.010		02/25/36		1,157
			Series - 2006 HI1 (Class M1)
	200,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		68
			Series - 2006 HI1 (Class M2)
	18,000,000		Residential Funding Mortgage Securities II, Inc	5.440		09/25/36		16,538
			Series - 2006 HI4 (Class A3)
	417,528		Residential Funding Mortgage Securities II, Inc	5.450		09/25/36		416
			Series - 2006 HI4 (Class A2)
	1,274,109	i	Securitized Asset Backed Receivables LLC Trust	0.410		03/25/36		1,210
			Series - 2006 NC2 (Class A2)
	2,750,000	g	Vornado DP LLC	5.280		09/13/28		2,697
			Series - 2010 VNO (Class C)
	1,092,085	g,m	Wachovia Amortization Controlled Heloc NIM	5.680		08/12/47		901
			Series - 2006 N1 (Class N1)
	1,665,614	g,i	Wachovia Loan Trust	0.620		05/25/35		1,035
			Series - 2005 SD1 (Class A)

364

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	1,193,823	i	Wells Fargo Home Equity Trust	0.400	%	07/25/36	$	1,084
			Series - 2006 2 (Class A3)
			TOTAL ASSET BACKED					77,510
OTHER MORTGAGE BACKED - 1.8%
	2,415,000	i	Banc of America Commercial Mortgage, Inc	4.770		07/10/43		2,254
			Series - 2005 3 (Class AJ)
	1,875,000		Banc of America Commercial Mortgage, Inc	5.360		10/10/45		1,959
			Series - 2006 6 (Class A4)
	3,565,000	i	Banc of America Commercial Mortgage, Inc	5.690		04/10/49		3,725
			Series - 2007 2 (Class A4)
	4,250,000	g,i	Banc of America Large Loan, Inc	5.770		12/24/49		4,493
			Series - 2009 UB2 (Class A4AB)
	1,261,842		Bank of America Alternative Loan Trust	5.500		09/25/19		1,285
			Series - 2004 8 (Class 3A1)
	505,000		Bear Stearns Commercial Mortgage Securities	5.200		12/11/38		533
			Series - 2006 PW14 (Class A4)
	1,100,000	i	Bear Stearns Commercial Mortgage Securities	5.460		03/11/39		1,189
			Series - 2006 PW11 (Class A4)
	1,430,000		Bear Stearns Commercial Mortgage Securities	4.670		06/11/41		1,500
			Series - 2005 PWR8 (Class A4)
	2,200,000	i	Bear Stearns Commercial Mortgage Securities	5.580		09/11/41		2,227
			Series - 2006 PW13 (Class AM)
	2,655,000	i	Bear Stearns Commercial Mortgage Securities	4.750		02/13/46		2,795
			Series - 2004 T16 (Class A6)
	3,665,000	i	Bear Stearns Commercial Mortgage Securities	5.690		06/11/50		3,885
			Series - 2007 PW17 (Class A4)
	3,020,000		Bear Stearns Commercial Mortgage Securities	5.700		06/11/50		3,147
			Series - 2007 PW18 (Class A4)
	1,900,000		Chase Mortgage Finance Corp	5.500		10/25/35		1,920
			Series - 2005 S2 (Class A24)
	2,565,000		Citigroup, Inc	5.320		12/11/49		2,659
			Series - 2007 CD4 (Class A4)
	3,530,000	i	Commercial Mortgage Pass Through Certificates	5.810		12/10/49		3,798
			Series - 2007 C9 (Class A4)
	3,397,105		Countrywide Alternative Loan Trust	5.500		08/25/16		3,321
			Series - 2004 30CB (Class 1A15)
	3,298,148		Countrywide Home Loan Mortgage Pass Through Trust	4.750		09/25/18		3,389
			Series - 2003 35 (Class 1A1)
	1,243,407		Countrywide Home Loan Mortgage Pass Through Trust	5.250		09/25/35		1,271
			Series - 2005 17 (Class 1A10)
	1,024,243		Countrywide Home Loan Mortgage Pass Through Trust	5.500		09/25/35		1,021
			Series - 2005 J3 (Class 1A1)
	4,836,296	g,i	Credit Suisse Mortgage Capital Certificates	0.440		04/15/22		4,524
			Series - 2007 TF2A (Class A1)
			Credit Suisse/Morgan Stanley Commercial Mortgage
	2,166,032	g,i	Certificate	0.450		05/15/23		2,128
			Series - 2006 HC1A (Class A1)
	1,210,000		CS First Boston Mortgage Securities Corp	4.050		05/15/38		1,223
			Series - 2003 C3 (Class B)
	3,367,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		3,599
			Series - 2005 C5 (Class A4)

365

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	900,000	i	CS First Boston Mortgage Securities Corp	5.100	%	08/15/38	$	871
			Series - 2005 C5 (Class AJ)
	2,314,516	i	GMAC Mortgage Corp Loan Trust	4.580		10/19/33		2,302
			Series - 2003 AR1 (Class A5)
	2,075,000	i	Greenwich Capital Commercial Funding Corp	5.880		07/10/38		2,264
			Series - 2006 GG7 (Class A4)
	8,330,000	i	Greenwich Capital Commercial Funding Corp	5.890		07/10/38		8,579
			Series - 2006 GG7 (Class AM)
	7,495,000		Greenwich Capital Commercial Funding Corp	5.440		03/10/39		7,897
			Series - 2007 GG9 (Class A4)
	1,750,000		Greenwich Capital Commercial Funding Corp	5.480		03/10/39		1,748
			Series - 2007 GG9 (Class AM)
	9,330,000		Greenwich Capital Commercial Funding Corp	5.740		12/10/49		9,859
			Series - 2007 GG11 (Class A4)
	1,875,000	i	GS Mortgage Securities Corp II	5.550		04/10/38		2,014
			Series - 2006 GG6 (Class A4)
	3,000,000	i	GS Mortgage Securities Corp II	5.620		04/10/38		3,031
			Series - 2006 GG6 (Class AM)
	3,880,000		GS Mortgage Securities Corp II	5.560		11/10/39		4,116
			Series - 2006 GG8 (Class A4)
	2,750,000	g	GS Mortgage Securities Corp II	5.150		08/10/43		2,794
			Series - 2010 C1 (Class B)
	1,050,000	g,i	GS Mortgage Securities Corp II	5.230		12/10/43		996
			Series - 2010 C2 (Class C)
	1,045,904	i	GSR Mortgage Loan Trust	2.960		01/25/36		1,011
			Series - 2006 AR1 (Class 2A2)
	3,525,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	0.440		02/15/20		3,243
			Series - 2006 FL1A (Class A2)
	1,500,000	g	JP Morgan Chase Commercial Mortgage Securities Corp	5.630		12/05/27		1,608
			Series - 2009 IWST (Class A2)
	380,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.070		11/15/43		359
			Series - 2010 C2 (Class B)
	775,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.530		11/15/43		725
			Series - 2010 C2 (Class C)
	4,380,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.340		05/15/47		4,546
			Series - 2006 LDP9 (Class A3)
	2,265,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.440		06/12/47		2,374
			Series - 2007 CB18 (Class A4)
	4,120,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.820		06/15/49		4,311
			Series - 2007 LD11 (Class A4)
	1,681,493	i	JP Morgan Mortgage Trust	4.310		04/25/35		1,692
			Series - 2005 A2 (Class 5A1)
	2,330,000		LB-UBS Commercial Mortgage Trust	4.740		02/15/30		2,440
			Series - 2005 C1 (Class A4)
	900,000	i	LB-UBS Commercial Mortgage Trust	5.150		04/15/30		944
			Series - 2005 C2 (Class A5)
	1,015,000		LB-UBS Commercial Mortgage Trust	4.390		03/15/32		1,063
			Series - 2003 C1 (Class A4)
	6,120,000		LB-UBS Commercial Mortgage Trust	5.420		02/15/40		6,427
			Series - 2007 C1 (Class A4)
	3,975,000		LB-UBS Commercial Mortgage Trust	5.430		02/15/40		4,099
			Series - 2007 C2 (Class A3)

366

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	2,450,000	i	LB-UBS Commercial Mortgage Trust	5.860	%	07/15/40	$	2,574
			Series - 2007 C6 (Class A4)
	5,800,000	i	Merrill Lynch Mortgage Trust	5.240		11/12/37		6,243
			Series - 2005 CKI1 (Class A6)
	1,645,209	i	Merrill Lynch Mortgage Trust	5.110		07/12/38		1,673
			Series - 2005 CIP1 (Class AM)
	1,300,000	i	Merrill Lynch Mortgage Trust	5.660		05/12/39		1,401
			Series - 2006 C1 (Class A4)
	2,515,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.960		08/12/49		2,485
			Series - 2007 8 (Class AM)
	4,040,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.170		12/12/49		4,182
			Series - 2006 4 (Class A3)
	2,225,000	i	Morgan Stanley Capital I	5.270		06/13/41		2,383
			Series - 2004 T15 (Class A4)
	2,650,000		Morgan Stanley Capital I	5.170		01/14/42		2,836
			Series - 2005 HQ5 (Class A4)
	6,300,000	i	Morgan Stanley Capital I	5.450		02/12/44		6,538
			Series - 2007 HQ11 (Class A4)
	1,211,000	i	Morgan Stanley Capital I	5.730		07/12/44		1,314
			Series - 2006 HQ9 (Class A4)
	850,000	i	Morgan Stanley Capital I	5.540		11/12/49		866
			Series - 2007 T25 (Class AM)
	1,010,000		Morgan Stanley Capital I	4.770		07/15/56		970
			Series - 0 IQ9 (Class AJ)
	2,750,000	g	OBP DEPOSITOR LLC TRUST	4.650		07/15/45		2,806
			Series - 2010 OBP (Class A)
	2,215,000	g,i	RBSCF Trust	4.670		04/15/24		2,148
			Series - 2010 MB1 (Class D)
	804,071	i	Structured Adjustable Rate Mortgage Loan Trust	0.640		03/25/35		785
			Series - 2005 6XS (Class A3)
	556,236	i	Structured Adjustable Rate Mortgage Loan Trust	5.750		07/25/36		554
			Series - 2006 6 (Class 2A1)
	965,000	i	Wachovia Bank Commercial Mortgage Trust	5.360		12/15/44		902
			Series - 2005 C22 (Class AJ)
	2,505,000		Wachovia Bank Commercial Mortgage Trust	5.500		04/15/47		2,512
			Series - 2007 C31 (Class A5)
	3,545,000	i	Wachovia Bank Commercial Mortgage Trust	5.370		11/15/48		3,150
			Series - 2006 C29 (Class AJ)
	2,175,000	i	Wachovia Bank Commercial Mortgage Trust	5.900		02/15/51		2,257
			Series - 2007 C33 (Class A4)
	2,830,000	i	Wachovia Bank Commercial Mortgage Trust	5.900		02/15/51		2,921
			Series - 2007 C33 (Class A5)
			TOTAL OTHER MORTGAGE BACKED					190,658
			TOTAL STRUCTURED ASSETS					268,168
			(Cost $262,396)
			TOTAL BONDS					3,857,976
			(Cost $3,767,360)

367

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 60.6%
AUTOMOBILES & COMPONENTS - 1.3%
	24,300	*	Aisin Seiki Co Ltd	$	860
	93,201	*	American Axle & Manufacturing Holdings, Inc		1,199
	127,203		Bayerische Motoren Werke AG.		10,003
	8,400		Bayerische Motoren Werke AG. (Preference)		432
	51,856	*	BorgWarner, Inc		3,752
	11,649	*	Continental AG.		921
	130,600		Denso Corp		4,507
	1,930		Drew Industries, Inc		44
	2,520,066	*	Ford Motor Co		42,313
	8,129	*,e	Fuel Systems Solutions, Inc		239
	63,051		Gentex Corp		1,864
	189,806		Harley-Davidson, Inc		6,581
	305,980		Honda Motor Co Ltd		12,116
	513,205		Johnson Controls, Inc		19,604
	38,400	*	Modine Manufacturing Co		595
	599,000	*	Nissan Motor Co Ltd		5,703
	54,787	*	Peugeot S.A.		2,080
	97,815		Pirelli & C S.p.A.		791
	83,765	*	Renault S.A.		4,869
	48,870		Superior Industries International, Inc		1,037
	112,093	*	Tenneco, Inc		4,614
	25,000	*	Toyota Industries Corp		776
	77,972		Volkswagen AG. (Preference)		12,649
	102,500	*	Yamaha Motor Co Ltd		1,670
			TOTAL AUTOMOBILES & COMPONENTS		139,219
BANKS - 4.2%
	7,264		Associated Banc-Corp		110
	429,947		Australia & New Zealand Banking Group Ltd		10,268
	1,316,621		Banca Intesa S.p.A.		3,572
	766,621		Banca Intesa S.p.A. RSP		1,827
	864,692		Banco Bilbao Vizcaya Argentaria S.A.		8,735
	209,409		Banco Comercial Portugues S.A.		163
	349,583		Banco Espirito Santo S.A.		1,345
	978,847		Banco Santander Central Hispano S.A.		10,370
	2,020	e	Bancorpsouth, Inc		32
	202,377	*	Bank Hapoalim Ltd		1,053
	310,755		Bank Leumi Le-Israel		1,591
	17,096		Bank of Hawaii Corp		807
	194,500		Bank of Nova Scotia		11,170
	608,682		BB&T Corp		16,001
	3,237		Capitol Federal Financial		39
	3,360		Cathay General Bancorp		56
	559,724	*	Citizens Republic Bancorp, Inc		344
	33,051		City National Corp		2,028
	2,120		Columbia Banking System, Inc		45
	118,264		Comerica, Inc		4,995
	1,101		Commerce Bancshares, Inc		44
	88,939	*	Commerzbank AG.		660

368

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	301,281		Commonwealth Bank of Australia	$	15,644
	2,000	e	Community Bank System, Inc		56
	700		Cullen/Frost Bankers, Inc		43
	54,758	*	Danske Bank AS		1,404
	352,155	*	Dexia		1,224
	172,388		DNB NOR Holding ASA		2,420
	2,420		East West Bancorp, Inc		47
	53,552		Erste Bank der Oesterreichischen Sparkassen AG.		2,515
	786,736		Fifth Third Bancorp		11,549
	170,377	*,h	First Horizon National Corp		2,007
	2,900		First Niagara Financial Group, Inc		41
	22,979		Fulton Financial Corp		238
	2,590		Glacier Bancorp, Inc		39
	1,000		Hancock Holding Co		35
	275,400		Hang Seng Bank Ltd		4,528
	2,408,118		HSBC Holdings plc		24,445
	202,875		Hudson City Bancorp, Inc		2,584
	1,147		International Bancshares Corp		23
	99,529	*	Israel Discount Bank Ltd		227
	90,119	*	KBC Groep NV		3,071
	615,552		Keycorp		5,448
	127,214		M&T Bank Corp		11,074
	200,023		Marshall & Ilsley Corp		1,384
	1,800		MB Financial, Inc		31
	1,558,700		Mitsubishi UFJ Financial Group, Inc		8,428
	3,311,900		Mizuho Financial Group, Inc		6,241
	344,419		National Australia Bank Ltd		8,349
	87,930	*	National Bank of Greece S.A.		711
	6,490		National Penn Bancshares, Inc		52
	1,500		NBT Bancorp, Inc		36
	152,393		New York Community Bancorp, Inc		2,872
	20,699		NewAlliance Bancshares, Inc		310
	567,438		Nordea Bank AB		6,172
	19,938		Old National Bancorp		237
	600	e	Park National Corp		44
	18,109		People’s United Financial, Inc		254
	2,500	*	Pinnacle Financial Partners, Inc		34
	29,650	*,e	PMI Group, Inc		98
	357,725		PNC Financial Services Group, Inc		21,720
	1,906,222	*	Popular, Inc		5,986
	1,100		Prosperity Bancshares, Inc		43
	48,979		Provident Financial Services, Inc		740
	39,760	e	Radian Group, Inc		321
	956,941		Regions Financial Corp		6,699
	244,110		Royal Bank of Canada (Toronto)		12,845
	3,701,376	*	Royal Bank of Scotland Group plc		2,255
	1,000		S&T Bancorp, Inc		23
	685,000		Shinsei Bank Ltd		894
	410,200		Shizuoka Bank Ltd		3,784
	1,200	*	Signature Bank		60
	155,678		Skandinaviska Enskilda Banken AB (Class A)		1,299
	291,341		Standard Chartered plc		7,838

369

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	6,990		Sterling Bancshares, Inc	$	49
	408,900		Sumitomo Trust & Banking Co Ltd		2,579
	466,142		SunTrust Banks, Inc		13,756
	5,030		Susquehanna Bancshares, Inc		49
	23,595	*	SVB Financial Group		1,252
	244,510		Svenska Handelsbanken (A Shares)		7,813
	1,756,384	e	Synovus Financial Corp		4,637
	2,400		TCF Financial Corp		36
	122,211		Toronto-Dominion Bank		9,126
	1,700		Trustmark Corp		42
	3,150		Umpqua Holdings Corp		38
	2,122,460		UniCredito Italiano S.p.A.		4,391
	1,419,643		US Bancorp		38,287
	6,478		Washington Federal, Inc		110
	2,724		Webster Financial Corp		54
	2,381,432		Wells Fargo & Co		73,800
	5,690	*	Western Alliance Bancorp		42
	591,023		Westpac Banking Corp		13,426
	1,700	e	Whitney Holding Corp		24
	1,110		Wintrust Financial Corp		37
	15,516	e	Zions Bancorporation		376
			TOTAL BANKS		433,601
CAPITAL GOODS - 4.9%
	465,201		3M Co		40,147
	5,700		A.O. Smith Corp		217
	31,650		ACS Actividades Cons y Servicios S.A.		1,483
	2,100		Actuant Corp (Class A)		56
	56,861	*	AGCO Corp		2,881
	1,300		Albany International Corp (Class A)		31
	66,830		Alfa Laval AB		1,408
	600		American Science & Engineering, Inc		51
	2,655	*,e	American Superconductor Corp		76
	419,283		Ametek, Inc		16,457
	4,300		Ampco-Pittsburgh Corp		121
	5,965		Apogee Enterprises, Inc		80
	1,440		Applied Industrial Technologies, Inc		47
	42,760		Armstrong World Industries, Inc		1,839
	57,264	*	ArvinMeritor, Inc		1,175
	291,000		Asahi Glass Co Ltd		3,401
	35,700		Assa Abloy AB (Class B)		1,006
	10,969	*	Astec Industries, Inc		356
	1,090		AZZ, Inc		44
	1,030		Badger Meter, Inc		46
	21,754		Baldor Electric Co		1,371
	81,414		Balfour Beatty plc		397
	109,330		Barnes Group, Inc		2,260
	211,538	*	BE Aerospace, Inc		7,833
	2,120	*	Beacon Roofing Supply, Inc		38
	333,800		Bombardier, Inc		1,682
	77,493		Bouygues S.A.		3,341
	1,300		Brady Corp (Class A)		42

370

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES		COMPANY	VALUE (000)
26,790		Briggs & Stratton Corp	$	527
23,239	*,e	Builders FirstSource, Inc		46
295,728		Bunzl plc		3,315
448,498		Caterpillar, Inc		42,005
118,516		Cintra Concesiones de Infraestructuras de Transporte S.A.		1,178
1,100		Clarcor, Inc		47
7,900	*	Columbus McKinnon Corp		161
2,050		Comfort Systems USA, Inc		27
81,816		Compagnie de Saint-Gobain		4,209
27,671		Cooper Industries plc		1,613
653,002		CSR Ltd		1,122
223,631		Cummins, Inc		24,602
26,300		Daikin Industries Ltd		933
711,722		Danaher Corp		33,571
354,904		Deere & Co		29,475
1,560		Delek Group Ltd		402
22,715		Dover Corp		1,328
41,047		Dynamic Materials Corp		926
86,403		Eaton Corp		8,771
1,740	*	EMCOR Group, Inc		50
669,491		Emerson Electric Co		38,275
1,280	*	EnPro Industries, Inc		53
1,450		ESCO Technologies, Inc		55
59,100	*	Fanuc Ltd		9,077
17,150	e	Fastenal Co		1,027
14,800		Federal Signal Corp		102
3,800		Finning International, Inc		104
39,671		Fluor Corp		2,629
23,380		Fomento de Construcciones y Contratas S.A.		614
2,330		Gardner Denver, Inc		160
8,591		Geberit AG.		1,986
1,350	*	General Cable Corp		47
48,876	*	Gibraltar Industries, Inc		663
1,200		Gorman-Rupp Co		39
63,837		Graco, Inc		2,518
51,754	*	GrafTech International Ltd		1,027
1,240		Granite Construction, Inc		34
32,600		Hitachi Construction Machinery Co Ltd		781
6,000		Hochtief AG.		509
46,983		Hubbell, Inc (Class B)		2,825
594,408		Illinois Tool Works, Inc		31,740
53,867		Ingersoll-Rand plc		2,537
1,900	*	Insituform Technologies, Inc (Class A)		50
2,300		Insteel Industries, Inc		29
336,346		Invensys plc		1,857
17,936		John Bean Technologies Corp		361
27,700		JS Group Corp		610
119,400		Komatsu Ltd		3,613
347,730		Koninklijke Philips Electronics NV		10,650
288,000		Kubota Corp		2,728
6,983	*	Layne Christensen Co		240
36,587	*	LB Foster Co (Class A)		1,498

371

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY		VALUE (000)
	12,110		Lincoln Electric Holdings, Inc	$	790
	600	e	Lindsay Manufacturing Co		36
	11,900	*	Makita Corp		487
	347,539		Masco Corp		4,401
	12,396		Metso Oyj		692
	750	*	Middleby Corp		63
	320,000		Mitsubishi Electric Corp		3,358
	900		MSC Industrial Direct Co (Class A)		58
	114,717	*	NCI Building Systems, Inc		1,605
	83,000		NGK Insulators Ltd		1,355
	28,000		Nidec Corp		2,831
	67,410		Nordson Corp		6,194
	86,000		NSK Ltd		777
	74,893		Orkla ASA		728
	74,136	*	Owens Corning, Inc		2,309
	229,865		Paccar, Inc		13,199
	42,932		Pall Corp		2,129
	35,043		Pentair, Inc		1,279
	2,350		Perini Corp		50
	928	*	Polypore International, Inc		38
	22,768		Precision Castparts Corp		3,170
	34,002		Quanex Building Products Corp		645
	77,762	*	Quanta Services, Inc		1,549
	2,000	e	Robbins & Myers, Inc		72
	62,526		Rockwell Automation, Inc		4,484
	37,308		Roper Industries, Inc		2,851
	5,140	*	RSC Holdings, Inc		50
	3,300	*	Rush Enterprises, Inc (Class A)		67
	175,680		Sandvik AB		3,424
	2,100	*	Sauer-Danfoss, Inc		59
	157,500		Scania AB (B Shares)		3,623
	91,044		Schneider Electric S.A.		13,626
	1,733,500		SembCorp Industries Ltd		6,943
	98,000		Shimizu Corp		419
	1,310		Simpson Manufacturing Co, Inc		40
	41,300		Skanska AB (B Shares)		819
	3,270		Smiths Group plc		63
	20,075		Snap-On, Inc		1,136
	182,710	*	Spirit Aerosystems Holdings, Inc (Class A)		3,802
	700		SPX Corp		50
	93,600		Sumitomo Electric Industries Ltd		1,300
	1,680		TAL International Group, Inc		52
	14,706	*	Tecumseh Products Co (Class A)		192
	99,430		Tennant Co		3,819
	1,480		Timken Co		71
	69,914		Tredegar Corp		1,355
	1,800	*,e	Trex Co, Inc		43
	88,962		Tyco International Ltd		3,687
	1,070		Universal Forest Products, Inc		42
	74,252	*,e	Valence Technology, Inc		125
	37,780	*	Vestas Wind Systems AS		1,193
	2,600		Vicor Corp		43

372

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	165,360		Vinci S.A.	$	8,990
	341,990		Volvo AB (B Shares)		6,026
	114,769		W.W. Grainger, Inc		15,851
	39,926	*	WABCO Holdings, Inc		2,433
	730	e	Watsco, Inc		46
	17,580	*	WESCO International, Inc		928
	44,700		Westinghouse Air Brake Technologies Corp		2,364
	131,715	*	Wolseley plc		4,202
	14,175		Zardoya Otis S.A.		200
			TOTAL CAPITAL GOODS		502,865
COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
	2,050		Aaron’s, Inc		42
	10,492	*	Acacia Research (Acacia Technologies)		272
	23,001	*	ACCO Brands Corp		196
	41,858		Adecco S.A.		2,742
	4,500		Administaff, Inc		132
	10,400		Aggreko plc		240
	164,413		Avery Dennison Corp		6,962
	127,102		Brambles Ltd		926
	2,370		Brink’s Co		64
	120,569		Capita Group plc		1,309
	2,000		CDI Corp		37
	5,300		Corporate Executive Board Co		199
	800	*	CoStar Group, Inc		46
	188,000		Dai Nippon Printing Co Ltd		2,561
	18,020		Deluxe Corp		415
	3,270	*	Dolan Media Co		46
	69,765		Dun & Bradstreet Corp		5,728
	1,310	*,e	EnerNOC, Inc		31
	291,317		Experian Group Ltd		3,625
	15,128	*	FTI Consulting, Inc		564
	2,000		Heidrick & Struggles International, Inc		57
	8,629		Herman Miller, Inc		218
	23,219	e	HNI Corp		724
	1,850	*	Huron Consulting Group, Inc		49
	700	*	IHS, Inc (Class A)		56
	57,672		Iron Mountain, Inc		1,442
	3,011	*	Kforce, Inc		49
	2,980		Knoll, Inc		50
	3,300	*	Korn/Ferry International		76
	3,565	*	M&F Worldwide Corp		82
	34,790		Manpower, Inc		2,183
	148,484	*,e	Metalico, Inc		873
	2,100	*,e	Mobile Mini, Inc		41
	19,200	*	Navigant Consulting, Inc		177
	36,720		Pitney Bowes, Inc		888
	72,774		R.R. Donnelley & Sons Co		1,271
	15,200	*	Randstad Holdings NV		802
	1,900		Resources Connection, Inc		35
	112,456		Robert Half International, Inc		3,441
	53,100		Secom Co Ltd		2,515

373

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	5,810		Steelcase, Inc (Class A)	$	61
	46,400	*	Tetra Tech, Inc		1,163
	179,000		Toppan Printing Co Ltd		1,636
	900		Towers Watson & Co		47
	7,956		Unifirst Corp		438
	700	*	United Stationers, Inc		45
	2,100		Viad Corp		53
	2,100	*	Volt Information Sciences, Inc		18
	19,305		Waste Management, Inc		712
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		45,339
CONSUMER DURABLES & APPAREL - 1.1%
	3,048		Adidas-Salomon AG.		199
	2,700		American Greetings Corp (Class A)		60
	5,400		Billabong International Ltd		45
	1,024		Blyth, Inc		35
	3,524	*,e	Brookfield Homes Corp		33
	45,900		Burberry Group plc		804
	32,738		Callaway Golf Co		264
	1,540	*	Carter’s, Inc		45
	3,360	e	Cherokee, Inc		63
	24,676		Christian Dior S.A.		3,525
	165,529		Coach, Inc		9,156
	1,000	e	Columbia Sportswear Co		60
	54,572		Compagnie Financiere Richemont S.A.		3,210
	800		CSS Industries, Inc		16
	2,733	*	Deckers Outdoor Corp		218
	2,380	e	Ethan Allen Interiors, Inc		48
	138,868	e	Garmin Ltd		4,304
	7,100	*	Gildan Activewear, Inc		202
	1,300		Hasbro, Inc		61
	2,770	*	Iconix Brand Group, Inc		53
	6,710		KB Home		91
	105,864		Leggett & Platt, Inc		2,409
	45,954	*,e	Liz Claiborne, Inc		329
	38,075		LVMH Moet Hennessy Louis Vuitton S.A.		6,264
	30,753	*	M/I Homes, Inc		473
	1,990	*	Maidenform Brands, Inc		47
	320,300		Matsushita Electric Industrial Co Ltd		4,549
	495,290		Mattel, Inc		12,596
	23,800	*,e	Movado Group, Inc		384
	368,126		Nike, Inc (Class B)		31,446
	197,000		Nikon Corp		3,996
	22,800		Oxford Industries, Inc		584
	30,030		Phillips-Van Heusen Corp		1,892
	2,000		Pool Corp		45
	1,352		Puma AG. Rudolf Dassler Sport		448
	91,872	*	Quiksilver, Inc		466
	44,000		Sekisui Chemical Co Ltd		316
	81,000		Sekisui House Ltd		819
	132,000	*	Sharp Corp		1,361
	134,400	*	Sony Corp		4,845

374

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	1,107,436	*,e	Standard-Pacific Corp	$	5,093
	1,270	*	Steven Madden Ltd		53
	9,700	*	Tempur-Pedic International, Inc		389
	400	*	Timberland Co (Class A)		10
	1,780	*,e	True Religion Apparel, Inc		40
	20,265		Tupperware Corp		966
	1,150	*,e	Under Armour, Inc (Class A)		63
	38,601		VF Corp		3,327
	1,900		e Volcom, Inc		36
	970	*	Warnaco Group, Inc		53
	14,200		Weyco Group, Inc		348
	9,286		Whirlpool Corp		825
	123,400		Yamaha Corp		1,532
			TOTAL CONSUMER DURABLES & APPAREL		108,496
CONSUMER SERVICES - 1.1%
	35,220	*	AFC Enterprises		490
	800	*	American Public Education, Inc		30
	30,700		Benesse Corp		1,414
	1,710	*	BJ’s Restaurants, Inc		61
	7,343		Bob Evans Farms, Inc		242
	2,820		Brinker International, Inc		59
	440	*,e	Capella Education Co		29
	1,020	*	CEC Entertainment, Inc		40
	95,076	e	Choice Hotels International, Inc		3,639
	1,200	*,e	Coinstar, Inc		68
	480,983		Compass Group plc		4,357
	105,531		Darden Restaurants, Inc		4,901
	900		DeVry, Inc		43
	1,346	*,e	DineEquity, Inc		66
	3,400		* Domino’s Pizza, Inc		54
	66,381	*,e	Gaylord Entertainment Co		2,386
	72,757		Hillenbrand, Inc		1,515
	36,000	*	Interval Leisure Group, Inc		581
	1,810	*	Jack in the Box, Inc		38
	1,210	*	Life Time Fitness, Inc		50
	1,680		Lincoln Educational Services Corp		26
	43,668		Marcus Corp		579
	287,671		Marriott International, Inc (Class A)		11,950
	650,379		McDonald’s Corp		49,922
	12,376	*,e	O’Charleys, Inc		89
	530	*	Panera Bread Co (Class A)		54
	1,300	*	Papa John’s International, Inc		36
	1,110	*	Peet’s Coffee & Tea, Inc		46
	930	e	PF Chang’s China Bistro, Inc		45
	700	*,e	Pre-Paid Legal Services, Inc		42
	35,896		Regis Corp		596
	6,040	*	Ruby Tuesday, Inc		79
	29,578	*	Sonic Corp		299
	1,800		Sotheby’s (Class A)		81
	584,956		Starbucks Corp		18,794
	124,901		Starwood Hotels & Resorts Worldwide, Inc		7,591

375

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	155	*	Steak N Shake Co	$	64
	33,399		Stewart Enterprises, Inc (Class A)		223
	190	e	Strayer Education, Inc		29
	2,840	*	Texas Roadhouse, Inc (Class A)		49
	2,200		Universal Technical Institute, Inc		48
	960	*	Vail Resorts, Inc		50
	6,510		Weight Watchers International, Inc		244
	24,104		Wyndham Worldwide Corp		722
	85,600		Yum! Brands, Inc		4,199
			TOTAL CONSUMER SERVICES		115,920
DIVERSIFIED FINANCIALS - 2.9%
	117,356	*	American Capital Ltd		887
	754,923		American Express Co		32,401
	145,327		Ameriprise Financial, Inc		8,364
	1,065,268		Bank of New York Mellon Corp		32,171
	77,234		BlackRock, Inc		14,719
	325,726		Capital One Financial Corp		13,863
	1,292,453		Charles Schwab Corp		22,114
	52,701		CME Group, Inc		16,956
	844,100	*	Daiwa Securities Group, Inc		4,346
	41,143		Deutsche Boerse AG.		2,848
	374,996		Discover Financial Services		6,949
	48,717		Duff & Phelps Corp		821
	31,220		Eaton Vance Corp		944
	51,550		Evercore Partners, Inc (Class A)		1,753
	46,159	e	Federated Investors, Inc (Class B)		1,208
	234,984		Franklin Resources, Inc		26,133
	570	e	Greenhill & Co, Inc		47
	246,000		Hong Kong Exchanges and Clearing Ltd		5,580
	906,575	*	ING Groep NV		8,819
	77,230	*	IntercontinentalExchange, Inc		9,201
	1,750	*	International Assets Holding Corp		41
	418,596		Invesco Ltd		10,071
	3,030	*	Investment Technology Group, Inc		50
	3,510		Janus Capital Group, Inc		46
	1,570		KBW, Inc		44
	84,613		Legg Mason, Inc		3,069
	454,885	*	MF Global Holdings Ltd		3,803
	81,929	*	Nasdaq Stock Market, Inc		1,943
	130,606	*	NewStar Financial, Inc		1,381
	721,800	*	Nomura Holdings, Inc		4,578
	194,049		Northern Trust Corp		10,752
	254,612		NYSE Euronext		7,633
	7,510	*	PHH Corp		174
	15,778	*	Safeguard Scientifics, Inc		269
	92,049		SEI Investments Co		2,190
	463,000		Singapore Exchange Ltd		3,038
	497,483		State Street Corp		23,053
	760		* Stifel Financial Corp		47
	252,140		T Rowe Price Group, Inc		16,273
	29,020	*	TradeStation Group, Inc		196
			TOTAL DIVERSIFIED FINANCIALS		298,775

376

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
ENERGY - 6.1%
	256,504	*	Allis-Chalmers Energy, Inc	$	1,819
	345,706		Apache Corp		41,220
	49,684	*	Atlas America, Inc		2,185
	218,947	*,e	ATP Oil & Gas Corp		3,665
	4,366	*	Atwood Oceanics, Inc		163
	37,958		Berry Petroleum Co (Class A)		1,659
	706,010		BG Group plc		14,266
	74,150	*,e	BPZ Energy, Inc		353
	2,730	*	Brigham Exploration Co		74
	9,766	*	Bronco Drilling Co, Inc		78
	108,819		Cabot Oil & Gas Corp		4,119
	135,202	*	Cairn Energy plc		885
	7,080	*	Cal Dive International, Inc		40
	193,317	*	Cameron International Corp		9,807
	110,600		Canadian Oil Sands Trust		2,942
	21,895		CARBO Ceramics, Inc		2,267
	5,590	*	Carrizo Oil & Gas, Inc		193
	245,100	*	Cenovus Energy, Inc		8,204
	700,834		Chesapeake Energy Corp		18,159
	110,102		Cimarex Energy Co		9,747
	258,739	*,e	Clean Energy Fuels Corp		3,581
	38,527	*	Compagnie Generale de Geophysique S.A.		1,173
	48,215	*	Complete Production Services, Inc		1,425
	43,560	*	Contango Oil & Gas Co		2,523
	103,000		Cosmo Oil Co Ltd		337
	184,621	e	Crosstex Energy, Inc		1,636
	6,000	*	Dawson Geophysical Co		191
	431,993	*	Denbury Resources, Inc		8,247
	478,227	*	Devon Energy Corp		37,546
	214,686	e	Diamond Offshore Drilling, Inc		14,356
	1,400	*	Dresser-Rand Group, Inc		60
	14,074	*	Dril-Quip, Inc		1,094
	770,227		El Paso Corp		10,598
	127,737		Enbridge, Inc		7,229
	575,299		ENI S.p.A.		12,562
	279,833		EOG Resources, Inc		25,580
	350,471		Equitable Resources, Inc		15,715
	26,900		EXCO Resources, Inc		522
	8,401	*	Exterran Holdings, Inc		201
	108,543	*	FMC Technologies, Inc		9,651
	12,700		Fugro NV		1,044
	70,800		Galp Energia SGPS S.A.		1,357
	164,944	*	Global Industries Ltd		1,143
	16,840	*,e	GMX Resources, Inc		93
	47,478	*,e	Goodrich Petroleum Corp		838
	22,906		Gulf Island Fabrication, Inc		645
	60,130	*	Gulfmark Offshore, Inc		1,828
	12,100	*	Gulfport Energy Corp		262
	40,000	*	Hercules Offshore, Inc		138

377

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	403,553		Hess Corp	$	30,888
	151,299	*,e	Hornbeck Offshore Services, Inc		3,159
	1,300		Idemitsu Kosan Co Ltd		138
	670		Inpex Holdings, Inc		3,924
	49,728	*	ION Geophysical Corp		422
	5,100		Japan Petroleum Exploration Co		194
	4,180	*	Key Energy Services, Inc		54
	2,051	*	Kinder Morgan Management LLC		137
	12,938		Lufkin Industries, Inc		807
	750,014		Marathon Oil Corp		27,773
	1,478,000	*	Mongolia Energy Co ltd		441
	484,644		National Oilwell Varco, Inc		32,593
	101,331		Neste Oil Oyj		1,618
	145,045	*	Newfield Exploration Co		10,459
	245,777		Nexen, Inc		5,636
	119,405	e	Noble Corp		4,271
	302,224		Noble Energy, Inc		26,015
	8,456	*	Northern Oil And Gas, Inc		230
	10,868	*	Oceaneering International, Inc		800
	14,886	*	Oil States International, Inc		954
	133,109		OMV AG.		5,532
	368,600		Origin Energy Ltd		6,281
	1,130	e	Overseas Shipholding Group, Inc		40
	2,970	*	OYO Geospace Corp		294
	116,560	*	Parker Drilling Co		533
	5,600		Penn West Energy Trust		134
	228,895	*	PetroHawk Energy Corp		4,177
	32,190	*	Petroleum Development Corp		1,359
	67,500	*,e	Petroquest Energy, Inc		508
	86,690	*	Pioneer Drilling Co		764
	179,870		Pioneer Natural Resources Co		15,616
	166,370	*	Pride International, Inc		5,490
	278,391		Questar Market Resources, Inc		10,108
	104,726	*	Quicksilver Resources, Inc		1,544
	91,308		Range Resources Corp		4,107
	769,765	*,e	Rentech, Inc		939
	293,175		Repsol YPF S.A.		8,168
	36,777	*,e	Rex Energy Corp		502
	13,890	*	Rosetta Resources, Inc		523
	10,751	e	RPC, Inc		195
	19,311		Saipem S.p.A.		951
	11,371	*,e	SandRidge Energy, Inc		83
	439,137		Santos Ltd		5,906
	400		SEACOR Holdings, Inc		40
	229,704	*	Southwestern Energy Co		8,598
	1,140,353		Spectra Energy Corp		28,497
	82,840		St. Mary Land & Exploration Co		4,882
	360,004		Suncor Energy, Inc		13,860
	38,401		Sunoco, Inc		1,548
	63,016	*	Swift Energy Co		2,467
	393,500		Talisman Energy, Inc		8,754
	6,769		Technip S.A.		625

378

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	126,056		Tenaris S.A.	$	3,091
	800		Tidewater, Inc		43
	167,904		Tullow Oil plc		3,301
	125,428	*	Ultra Petroleum Corp		5,992
	41,805	*	Unit Corp		1,943
	70,198	*	Venoco, Inc		1,295
	68,320	e	W&T Offshore, Inc		1,221
	222,688	*	Weatherford International Ltd		5,077
	46,955	*	Whiting Petroleum Corp		5,503
	637,678		Williams Cos, Inc		15,763
	23,892		WorleyParsons Ltd		653
			TOTAL ENERGY		620,840
FOOD & STAPLES RETAILING - 1.7%
	114,200		Aeon Co Ltd		1,429
	179,256		Carrefour S.A.		7,390
	1,300		Casey’s General Stores, Inc		55
	3,876		Casino Guichard Perrachon S.A.		378
	472,434		Costco Wholesale Corp		34,113
	880,423		CVS Corp		30,612
	10,250		Delhaize Group		757
	46,668		J Sainsbury plc		274
	54,500		Jeronimo Martins SGPS S.A.		830
	6,988		Kesko Oyj (B Shares)		326
	216,057		Koninklijke Ahold NV		2,851
	310,757		Kroger Co		6,949
	9,800		Lawson, Inc		485
	31,000		Loblaw Cos Ltd		1,259
	58,366		Metro AG.		4,202
	8,100		Metro, Inc		368
	13,956		Nash Finch Co		593
	1,400		Ruddick Corp		52
	407,601		Safeway, Inc		9,167
	89,900		Seven & I Holdings Co Ltd		2,403
	18,582		Spartan Stores, Inc		315
	819,575		Sysco Corp		24,096
	1,655,276		Tesco plc		10,968
	1,270	*	United Natural Foods, Inc		47
	770,158		Walgreen Co		30,005
	59,485	*	Whole Foods Market, Inc		3,009
	2,600	*	Winn-Dixie Stores, Inc		19
	28,443		WM Morrison Supermarkets plc		119
	157,977		Woolworths Ltd		4,358
			TOTAL FOOD & STAPLES RETAILING		177,429
FOOD, BEVERAGE & TOBACCO - 2.2%
	97,000		Ajinomoto Co, Inc		1,011
	400		Alico, Inc		10
	25,518		Aryzta AG.		1,178
	143,384		Associated British Foods plc		2,640
	322,028		Campbell Soup Co		11,190
	189,544		Coca Cola Hellenic Bottling Co S.A.		4,904

379

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	75,475		ConAgra Foods, Inc	$	1,704
	5,450	*	Darling International, Inc		72
	2,800		Del Monte Foods Co		53
	1,010	e	Diamond Foods, Inc		54
	1,400		Flowers Foods, Inc		38
	744,260		General Mills, Inc		26,488
	20,437	*,e	Green Mountain Coffee Roasters, Inc		672
	169,225		Groupe Danone		10,633
	341,849		H.J. Heinz Co		16,908
	2,100	*	Hain Celestial Group, Inc		57
	12,910	*	Hansen Natural Corp		675
	9,587		Hormel Foods Corp		491
	37,588		J.M. Smucker Co		2,468
	428,859		Kellogg Co		21,906
	13,464		Kerry Group plc (Class A)		449
	31,000		Kikkoman Corp		347
	1,053,635		Kraft Foods, Inc (Class A)		33,199
	2,677		Lancaster Colony Corp		153
	1,600		Lance, Inc		38
	21,747		McCormick & Co, Inc		1,012
	28,500		Nisshin Seifun Group, Inc		362
	10,900		Nissin Food Products Co Ltd		391
	851,953		PepsiCo, Inc		55,658
	1,876	*	Ralcorp Holdings, Inc		122
	22,200		Saputo, Inc		884
	556,346		Sara Lee Corp		9,742
	10,773	e	Tootsie Roll Industries, Inc		312
	890	*	TreeHouse Foods, Inc		45
	334,862		Unilever NV		10,426
	361,651		Unilever plc		11,068
	68,900	*	Viterra, Inc		643
	40,900		Yakult Honsha Co Ltd		1,178
			TOTAL FOOD, BEVERAGE & TOBACCO		229,181
HEALTH CARE EQUIPMENT & SERVICES - 2.0%
	478,977		Aetna, Inc		14,614
	277,569	*	Agilent Technologies, Inc		11,499
	1,880	*	American Medical Systems Holdings, Inc		35
	10,800	*	Amsurg Corp		226
	3,704		Analogic Corp		183
	1,610	*,e	athenahealth, Inc		66
	579,568		Baxter International, Inc		29,339
	62,688		Beckman Coulter, Inc		4,716
	315,215		Becton Dickinson & Co		26,642
	3,600	*	CardioNet, Inc		17
	22,716	*	Catalyst Health Solutions, Inc		1,056
	39,170	*	Centene Corp		993
	9,990		Chemed Corp		634
	1,190		Cigna Corp		44
	2,310	*	Conceptus, Inc		32
	4,670	*	Corvel Corp		226
	1,930	*	Coventry Health Care, Inc		51

380

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	115,816		Dentsply International, Inc	$	3,957
	3,100	*	Gen-Probe, Inc		181
	12,050	*	Greatbatch, Inc		291
	730	*	Haemonetics Corp		46
	5,210	*	Health Management Associates, Inc (Class A)		50
	20,090	*	Healthways, Inc		224
	16,830	*	Henry Schein, Inc		1,033
	69,737		Hill-Rom Holdings, Inc		2,746
	760	*	HMS Holdings Corp		49
	28,636	*	Hospira, Inc		1,595
	100,596	*	Humana, Inc		5,507
	39,913	*,e	Idexx Laboratories, Inc		2,763
	1,200	*	Integra LifeSciences Holdings Corp		57
	12,868	*	Intuitive Surgical, Inc		3,317
	4,500		Invacare Corp		136
	48,070	*,e	Inverness Medical Innovations, Inc		1,759
	29,553	*	Kinetic Concepts, Inc		1,238
	50,210	*	LifePoint Hospitals, Inc		1,845
	1,760		Masimo Corp		51
	87,175		McKesson Corp		6,135
	1,730	*	MedAssets, Inc		35
	104,927	*	Medco Health Solutions, Inc		6,429
	926,509		Medtronic, Inc		34,365
	2,350	e	Meridian Bioscience, Inc		54
	1,166	*	Merit Medical Systems, Inc		18
	27,680	*	Molina Healthcare, Inc		771
	8,672	*	MWI Veterinary Supply, Inc		548
	69,800		Olympus Corp		2,113
	3,000	*	Omnicell, Inc		43
	8,337		Owens & Minor, Inc		245
	1,888	*	Palomar Medical Technologies, Inc		27
	78,813		Patterson Cos, Inc		2,414
	24,754	*	PharMerica Corp		283
	2,500	*	PSS World Medical, Inc		57
	22,842	*	Resmed, Inc		791
	1,120	*	Sirona Dental Systems, Inc		47
	40,359		STERIS Corp		1,471
	3,100		Universal American Financial Corp		63
	1,840	*	Volcano Corp		50
	493,038	*	WellPoint, Inc		28,034
	1,000		West Pharmaceutical Services, Inc		41
	2,100	*	Wright Medical Group, Inc		33
	5,140	*	Zoll Medical Corp		191
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		201,476
HOUSEHOLD & PERSONAL PRODUCTS - 1.8%
	5,870		Alberto-Culver Co		217
	254,286		Avon Products, Inc		7,390
	9,680		Beiersdorf AG.		537
	7,875		Church & Dwight Co, Inc		544
	69,468		Clorox Co		4,396
	281,781		Colgate-Palmolive Co		22,647

381

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	38,043		Estee Lauder Cos (Class A)	$	3,070
	106		Henkel KGaA		5
	156,880		Henkel KGaA (Preference)		9,756
	181,200		Kao Corp		4,883
	405,376		Kimberly-Clark Corp		25,555
	63,795		L’Oreal S.A.		7,083
	1,610		Nu Skin Enterprises, Inc (Class A)		49
	1,245,557		Procter & Gamble Co		80,126
	152,666		Reckitt Benckiser Group plc		8,390
	190,000		Shiseido Co Ltd		4,151
	18,375	*,e	USANA Health Sciences, Inc		798
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		179,597
INSURANCE - 2.3%
	500,495		Aflac, Inc		28,242
	762	*	Alleghany Corp		233
	4,400		American Equity Investment Life Holding Co		55
	836,991		AMP Ltd		4,529
	19,698	*	Arch Capital Group Ltd		1,734
	1,500		Arthur J. Gallagher & Co		44
	126,789		Aspen Insurance Holdings Ltd		3,629
	421,772		Assicurazioni Generali S.p.A.		8,009
	96,941		Assurant, Inc		3,734
	18,354		Axis Capital Holdings Ltd		659
	435,146		Chubb Corp		25,951
	402,055		Cincinnati Financial Corp		12,741
	101,311		CNP Assurances		1,828
	1,400		Donegal Group, Inc (Class A)		20
	2,400		Employers Holdings, Inc		42
	49,047		Endurance Specialty Holdings Ltd		2,260
	27,664		Erie Indemnity Co (Class A)		1,811
	8,696		Everest Re Group Ltd		738
	583,156	*	Genworth Financial, Inc (Class A)		7,663
	22,550		Hanover Insurance Group, Inc		1,054
	1,200		Harleysville Group, Inc		44
	3,500	*	Hilltop Holdings, Inc		35
	418,327		Insurance Australia Group Ltd		1,660
	342,419		Lincoln National Corp		9,523
	5,014	*	Markel Corp		1,896
	4,850		Meadowbrook Insurance Group, Inc		50
	116,855		Montpelier Re Holdings Ltd		2,330
	65,128		Muenchener Rueckver AG.		9,874
	55,212	*,e	National Financial Partners Corp		740
	700	*	Navigators Group, Inc		35
	2,327,839		Old Mutual plc		4,468
	6,698		PartnerRe Ltd		538
	363,767	*	Phoenix Cos, Inc		924
	53,051		Platinum Underwriters Holdings Ltd		2,386
	328,986		Principal Financial Group		10,712
	700	*	ProAssurance Corp		42
	857,690		Progressive Corp		17,042
	31,426		Protective Life Corp		837

382

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	706,164		Prudential plc	$	7,355
	700		RLI Corp		37
	1,347,546		Royal & Sun Alliance Insurance Group plc		2,630
	900		Safety Insurance Group, Inc		43
	2,400		Selective Insurance Group, Inc		44
	5,540		Stancorp Financial Group, Inc		250
	982,936		Standard Life plc		3,310
	532,520		Suncorp-Metway Ltd		4,690
	140,685		Swiss Reinsurance Co		7,568
	88,990		T&D Holdings, Inc		2,258
	509,088		Travelers Cos, Inc		28,360
	120,475		W.R. Berkley Corp		3,299
	100		Wesco Financial Corp		37
	130		White Mountains Insurance Group Ltd		44
	200,570		XL Capital Ltd		4,376
			TOTAL INSURANCE		232,413
MATERIALS - 4.3%
	37,300		Acerinox S.A.		654
	57,558		Agnico-Eagle Mines Ltd		4,434
	20,600		Agrium, Inc (Toronto)		1,896
	87,628		Air Liquide		11,082
	307,860		Air Products & Chemicals, Inc		27,999
	21,000		Air Water, Inc		268
	6,480	e	Airgas, Inc		405
	19,300		Akzo Nobel NV		1,199
	1,136,280		Alcoa, Inc		17,487
	66,030	e	Allegheny Technologies, Inc		3,644
	70,826	*	Allied Nevada Gold Corp		1,863
	1,087,717		Alumina Ltd		2,759
	122,822		AMCOL International Corp		3,807
	279,194		Antofagasta plc		7,017
	21,600		Aptargroup, Inc		1,028
	1,400		Arch Chemicals, Inc		53
	203,000		Asahi Kasei Corp		1,325
	18,822		Ball Corp		1,281
	88,978		BASF AG.		7,098
	86,309		Bemis Co, Inc		2,819
	372,433		BlueScope Steel Ltd		857
	13,556		Boliden AB		276
	52,800		Buckeye Technologies, Inc		1,109
	27,330	*	Calgon Carbon Corp		413
	1,160		Carpenter Technology Corp		47
	50,895	*	Castle (A.M.) & Co		937
	72,203		Cimpor Cimentos de Portugal S.A.		489
	1,186	*	Clearwater Paper Corp		93
	141,049		Cleveland-Cliffs, Inc		11,003
	167,851	*	Coeur d’Alene Mines Corp		4,586
	110,909		Commercial Metals Co		1,840
	10,420		Compass Minerals International, Inc		930
	270,968		CRH plc		5,612
	5,992		Domtar Corporation		455

383

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	74,000		Dowa Holdings Co Ltd	$	486
	5,800		DSM NV		330
	900		Eastman Chemical Co		76
	370,453		Ecolab, Inc		18,678
	5,690	*	Ferro Corp		83
	422		Fletcher Building Ltd		3
	630,839	*	Fortescue Metals Group Ltd		4,220
	74,210	*	General Moly, Inc		481
	1,052		Givaudan S.A.		1,135
	22,564		Glatfelter		277
	84,077		H.B. Fuller Co		1,725
	41,614		HeidelbergCement AG.		2,608
	30,000		Hitachi Metals Ltd		360
	53,966		Holcim Ltd		4,078
	2,400		Holmen AB (B Shares)		79
	39,200	*	Horsehead Holding Corp		511
	49,200		Inmet Mining Corp		3,823
	22,086		Innophos Holdings, Inc		797
	1,000		International Flavors & Fragrances, Inc		56
	209,544		International Paper Co		5,708
	154,662		Israel Chemicals Ltd		2,651
	48,900		JSR Corp		912
	77,699		K+S AG.		5,852
	38,000		Kaneka Corp		264
	226,300		Kinross Gold Corp		4,304
	58,000		Kuraray Co Ltd		832
	46,374		Linde AG.		7,037
	39,055	*	Lonmin plc		1,197
	121,887	*	Louisiana-Pacific Corp		1,153
	55,925		Lubrizol Corp		5,977
	100,756		MacArthur Coal Ltd		1,319
	241,936		MeadWestvaco Corp		6,330
	24,336		Minerals Technologies, Inc		1,592
	297,500		Mitsubishi Chemical Holdings Corp		2,019
	48,000		Mitsubishi Gas Chemical Co, Inc		341
	120,960		Mitsui Chemicals, Inc		434
	475,000		Mitsui Mining & Smelting Co Ltd		1,568
	2,100		Myers Industries, Inc		20
	38,497		Nalco Holding Co		1,230
	2,220		Neenah Paper, Inc		44
	227,840		Newcrest Mining Ltd		9,424
	1,787,000		Nippon Steel Corp		6,427
	212,000		Nisshin Steel Co Ltd		473
	31,500		Nitto Denko Corp		1,484
	577,043		Norsk Hydro ASA		4,214
	6,330		Novozymes AS (B Shares)		882
	414,559		Nucor Corp		18,166
	29,346		Olympic Steel, Inc		842
	1,370	*	OM Group, Inc		53
	439,577		OneSteel Ltd		1,164
	43,142		Orica Ltd		1,099
	34,763	*	Owens-Illinois, Inc		1,067

384

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	863,952		Oxiana Ltd	$	1,520
	31,500		Potash Corp of Saskatchewan Toronto		4,893
	314,717		Praxair, Inc		30,045
	1,380		Quaker Chemical Corp		58
	30,024		Rautaruukki Oyj		703
	127,308	e	Reliance Steel & Aluminum Co		6,505
	15,189		Rock-Tenn Co (Class A)		819
	152,260		Royal Gold, Inc		8,318
	13,953		Salzgitter AG.		1,077
	850		Schnitzer Steel Industries, Inc (Class A)		56
	48,265		Sealed Air Corp		1,228
	34,028		Sensient Technologies Corp		1,250
	92,200		Shin-Etsu Chemical Co Ltd		4,997
	200,228		Sigma-Aldrich Corp		13,327
	53,104		Sims Group Ltd		1,172
	10,200		Solvay S.A.		1,087
	105,431		Sonoco Products Co		3,551
	11,100	*	Spartech Corp		104
	67,100		Ssab Svenskt Stal AB (Series A)		1,127
	600		Stepan Co		46
	44,488	*	Stillwater Mining Co		950
	153,116		Stora Enso Oyj (R Shares)		1,572
	360,000		Sumitomo Chemical Co Ltd		1,774
	1,291,000		Sumitomo Metal Industries Ltd		3,180
	331,000		Sumitomo Metal Mining Co Ltd		5,785
	121,590		Svenska Cellulosa AB (B Shares)		1,920
	42,000		Taiyo Nippon Sanso Corp		371
	174,600		Teck Cominco Ltd		10,850
	74,000		Teijin Ltd		316
	47,558		Temple-Inland, Inc		1,010
	68,329	*	Titanium Metals Corp		1,174
	305,000		Toray Industries, Inc		1,822
	41,000		Tosoh Corp		133
	117,300		Toyo Seikan Kaisha Ltd		2,232
	268,000		UBE Industries Ltd		805
	15,649		Umicore		814
	375,904	e	United States Steel Corp		21,960
	133,335		UPM-Kymmene Oyj		2,355
	56,795	*	US Gold Corp		458
	45,540		Valspar Corp		1,570
	28,882		Voestalpine AG.		1,376
	112,777	e	Vulcan Materials Co		5,003
	10,800		Wausau Paper Corp		93
	260,642		Worthington Industries, Inc		4,796
	665,023		Xstrata plc		15,610
	254,700		Yamana Gold, Inc		3,271
	8,300		Yamato Kogyo Co Ltd		251
	20,900		Yara International ASA		1,209
	6,400	*	Zoltek Cos, Inc		74
			TOTAL MATERIALS		437,267

385

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
MEDIA - 1.7%
	1,380		Arbitron, Inc	$	57
	107,294	*	Discovery Communications, Inc (Class A)		4,474
	55,452	*	Discovery Communications, Inc (Class C)		2,035
	48,307	*	DreamWorks Animation SKG, Inc (Class A)		1,424
	33,529	*	Entercom Communications Corp (Class A)		388
	345,020	*	Entravision Communications Corp (Class A)		887
	78,791	*	EW Scripps Co (Class A)		800
	22,077	*	Fisher Communications, Inc		481
	40,459		Harte-Hanks, Inc		517
	11,122		John Wiley & Sons, Inc (Class A)		503
	215,606	*	Journal Communications, Inc (Class A)		1,089
	3,232	*	Knology, Inc		51
	11,413		Lagardere S.C.A.		470
	274,436	*,e	Liberty Global, Inc (Class A)		9,710
	250,634	*	Lin TV Corp (Class A)		1,328
	169,294	*,e	McClatchy Co (Class A)		791
	63,593	*	Mediacom Communications Corp (Class A)		538
	35,360	e	Meredith Corp		1,225
	195,819	*	New York Times Co (Class A)		1,919
	428,809		Omnicom Group, Inc		19,639
	551,411		Pearson plc		8,666
	1,550	e	Scholastic Corp		46
	123,844		Scripps Networks Interactive (Class A)		6,409
	2,426,998	*,e	Sirius XM Radio, Inc		3,980
	137,261		Thomson Corp (Toronto)		5,141
	394,679		Time Warner Cable, Inc		26,061
	38,064	*	Valassis Communications, Inc		1,231
	315,030	e	Virgin Media, Inc		8,581
	1,299,088		Walt Disney Co		48,728
	18,736	e	Washington Post Co (Class B)		8,234
	25,400		Wolters Kluwer NV		557
	683,960		WPP plc		8,419
	239,700		Yellow Pages Income Fund		1,495
			TOTAL MEDIA		175,874
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.5%
	875,251		Abbott Laboratories		41,932
	17,804	*	Affymetrix, Inc		90
	80,912	*	Akorn, Inc		491
	13,974	*	Alkermes, Inc		172
	251,413		Allergan, Inc		17,265
	1,400	*	Alnylam Pharmaceuticals, Inc		14
	718,472	*	Amgen, Inc		39,443
	62	*	Amylin Pharmaceuticals, Inc		1
	16,702	*,e	Arena Pharmaceuticals, Inc		29
	61,621	*,e	Ariad Pharmaceuticals, Inc		314
	167,180		Astellas Pharma, Inc		6,373
	13,508	*,e	Auxilium Pharmaceuticals, Inc		285
	235,505	*	Biogen Idec, Inc		15,790
	55,710	*	BioMimetic Therapeutics, Inc		708
	400	*	Bio-Rad Laboratories, Inc (Class A)		42
	34,162		Biovail Corp		972

386

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	1,366,323		Bristol-Myers Squibb Co	$	36,179
	25,700	*	Bruker BioSciences Corp		427
	28,175	*	Celera Corp		178
	50,897	*	Cepheid, Inc		1,158
	171,400		Chugai Pharmaceutical Co Ltd		3,146
	64,111		CSL Ltd		2,380
	1,940	*	Cubist Pharmaceuticals, Inc		42
	17,881	*	Cypress Bioscience, Inc		116
	68,874	*	Dendreon Corp		2,405
	500	*	Dionex Corp		59
	251,617	*	Durect Corp		868
	18,820	*	Dyax Corp		40
	118,891	*	Endo Pharmaceuticals Holdings, Inc		4,246
	227,606	*	Genzyme Corp		16,205
	29,826	*,e	Geron Corp		154
	810,723	*	Gilead Sciences, Inc		29,380
	888,880		GlaxoSmithKline plc		17,185
	4,270	*,e	Immunogen, Inc		40
	104,026	*,e	Incyte Corp		1,723
	54,690	*	Isis Pharmaceuticals, Inc		553
	1,221,240		Johnson & Johnson		75,533
	45,556	*	Life Technologies Corp		2,528
	1,615,048		Merck & Co, Inc		58,205
	6,209		Merck KGaA		497
	235,303	*	Nektar Therapeutics		3,024
	71,281	*	Neurocrine Biosciences, Inc		545
	353,003		Novartis AG.		20,746
	122,745		Novo Nordisk AS (Class B)		13,841
	1,100	*	Onyx Pharmaceuticals, Inc		41
	28,980	*,e	Orexigen Therapeutics, Inc		234
	85,677		PDL BioPharma, Inc		534
	1,900		PerkinElmer, Inc		49
	21,168	*	Pharmasset, Inc		919
	73,809	*	Pozen, Inc		491
	27,366	*,e	Progenics Pharmaceuticals, Inc		149
	25,743	*,e	Regeneron Pharmaceuticals, Inc		845
	121,925		Roche Holding AG.		17,865
	72,210	*	Salix Pharmaceuticals Ltd		3,391
	3,300	*	Seattle Genetics, Inc		49
	7,300	*,e	Sequenom, Inc		59
	24,140	*,e	SIGA Technologies, Inc		338
	1,297	*,e	Synta Pharmaceuticals Corp		8
	127,500		Takeda Pharmaceutical Co Ltd		6,274
	2,390		Techne Corp		157
	3,140	*,e	Theravance, Inc		79
	11,024	*	United Therapeutics Corp		697
	3,900	*	Viropharma, Inc		68
	88,049	*,e	Vivus, Inc		825
	62,597	*	Waters Corp		4,864
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		453,260

387

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
REAL ESTATE - 1.2%
	2,571		Acadia Realty Trust	$	47
	55,900		Aeon Mall Co Ltd		1,501
	620		Alexandria Real Estate Equities, Inc		45
	37,122		AMB Property Corp		1,177
	1,500		American Campus Communities, Inc		48
	1,171,038		Annaly Mortgage Management, Inc		20,984
	113,850		Anworth Mortgage Asset Corp		797
	386,280	*	Ashford Hospitality Trust, Inc		3,728
	1,500		BioMed Realty Trust, Inc		28
	86,695		Boston Properties, Inc		7,464
	600		Brandywine Realty Trust		7
	1,010		BRE Properties, Inc (Class A)		44
	195,440		British Land Co plc		1,598
	3,200		Capital Lease Funding, Inc		19
	62,720		Capstead Mortgage Corp		790
	25,300		CBL & Associates Properties, Inc		443
	21,544		Cedar Shopping Centers, Inc		136
	1,080		Corporate Office Properties Trust		38
	5,865		Cousins Properties, Inc		49
	198,000		Daiwa House Industry Co Ltd		2,434
	2,000,999		DB RREEF Trust		1,627
	4,630		DiamondRock Hospitality Co		56
	24,718	e	Digital Realty Trust, Inc		1,274
	2,780		Douglas Emmett, Inc		46
	173,397		Duke Realty Corp		2,161
	1,000		EastGroup Properties, Inc		42
	6,440		Education Realty Trust, Inc		50
	2,600		Equity One, Inc		47
	2,900		Extra Space Storage, Inc		50
	11,054		Federal Realty Investment Trust		861
	166,347	*	FelCor Lodging Trust, Inc		1,171
	276,111	*,e	First Industrial Realty Trust, Inc		2,419
	2,300		First Potomac Realty Trust		39
	4,731	*,e	Forest City Enterprises, Inc (Class A)		79
	26,565	*	Forestar Real Estate Group, Inc		513
	2,600		Franklin Street Properties Corp		37
	52,310		Glimcher Realty Trust		439
	297,596		GPT Group (ASE)		895
	1,200		Hatteras Financial Corp		36
	112,205		HCP, Inc		4,128
	66,499		Health Care REIT, Inc		3,168
	2,000		Healthcare Realty Trust, Inc		42
	82,790		Hersha Hospitality Trust		546
	7,346		Highwoods Properties, Inc		234
	559,090		Host Marriott Corp		9,990
	22,144		HRPT Properties Trust		565
	816		Investors Real Estate Trust		7
	2,160		Jones Lang LaSalle, Inc		181
	1,340		Kilroy Realty Corp		49
	261,715		Kimco Realty Corp		4,721
	279,836		Land Securities Group plc		2,941
	1,880		LaSalle Hotel Properties		50

388

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	16,326	e	Lexington Corporate Properties Trust	$	130
	348,312		Liberty International plc		2,268
	44,728	e	Liberty Property Trust		1,428
	6,565		LTC Properties, Inc		184
	36,619		Macerich Co		1,735
	4,400		Medical Properties Trust, Inc		48
	32,830		MFA Mortgage Investments, Inc		268
	14,820		Mid-America Apartment Communities, Inc		941
	321,032		Mirvac Group		402
	305,810		Mitsui Fudosan Co Ltd		6,098
	343,486	e	NorthStar Realty Finance Corp		1,632
	1,200		Parkway Properties, Inc		21
	5,168		Post Properties, Inc		188
	504,551		Prologis		7,286
	700		PS Business Parks, Inc		39
	613,167	*,e	RAIT Investment Trust		1,343
	11,900		Regency Centers Corp		503
	423,884		Segro plc		1,893
	606,928		Stockland Trust Group		2,235
	1,530	e	Sun Communities, Inc		51
	4,490	*	Sunstone Hotel Investors, Inc		46
	1,020		Tanger Factory Outlet Centers, Inc		52
	1,060		Taubman Centers, Inc		54
	26,606		UDR, Inc		626
	13,412		Unibail		2,653
	1,100		Universal Health Realty Income Trust		40
	5,660		Urstadt Biddle Properties, Inc (Class A)		110
	5,300		U-Store-It Trust		51
	36,228		Ventas, Inc		1,901
	112,570		Vornado Realty Trust		9,379
	1,500		Washington Real Estate Investment Trust		46
			TOTAL REAL ESTATE		123,492
RETAILING - 2.3%
	2,050		Advance Auto Parts, Inc		136
	83,950		American Eagle Outfitters, Inc		1,228
	10,610	*	AnnTaylor Stores Corp		291
	42,068	*	Autozone, Inc		11,467
	900	e	Barnes & Noble, Inc		13
	157,245	*	Bed Bath & Beyond, Inc		7,729
	274,012		Best Buy Co, Inc		9,396
	810	*,e	Blue Nile, Inc		46
	1,200	e	Buckle, Inc		45
	8,200		Canadian Tire Corp Ltd		562
	50,476	*	Carmax, Inc		1,609
	10,800		Cato Corp (Class A)		296
	12,190	*	Charming Shoppes, Inc		43
	46,310		Chico’s FAS, Inc		557
	3,400		Christopher & Banks Corp		21
	1,710	*,e	DSW, Inc (Class A)		67
	249,700		Esprit Holdings Ltd		1,189
	12,500		Fast Retailing Co Ltd		1,991

389

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	2,586		Finish Line, Inc (Class A)	$	44
	51,032		Foot Locker, Inc		1,001
	31,240	*	GameStop Corp (Class A)		715
	473,986		Gap, Inc		10,494
	282,106		Genuine Parts Co		14,483
	2,200	e	Haverty Furniture Cos, Inc		29
	175,315		Hennes & Mauritz AB (B Shares)		5,839
	1,630	*,e	hhgregg, Inc		34
	121,498	*	Hibbett Sports, Inc		4,483
	109,700		Home Retail Group		322
	19,710		Hot Topic, Inc		124
	36,700	*	HSN, Inc		1,124
	56,720		Inditex S.A.		4,247
	129,084		JC Penney Co, Inc		4,171
	1,125	*,e	JOS A Bank Clothiers, Inc		45
	380,300		Kingfisher plc		1,562
	277,287	*	Kohl’s Corp		15,068
	747,810		Li & Fung Ltd		4,339
	402,420	*	Liberty Media Holding Corp (Interactive A)		6,347
	242,300		Limited Brands, Inc		7,446
	2,500	*	LKQ Corp		57
	1,134,508		Lowe’s Cos, Inc		28,452
	93,736		Macy’s, Inc		2,372
	3,280		Men’s Wearhouse, Inc		82
	1,635		Monro Muffler, Inc		57
	94,376		Nordstrom, Inc		4,000
	78,565	*	Office Depot, Inc		424
	99,751	*	Orbitz Worldwide, Inc		558
	800	*	O’Reilly Automotive, Inc		48
	10,103	*,e	Overstock.com, Inc		166
	4,580		PEP Boys - Manny Moe & Jack		62
	2,400	e	PetMed Express, Inc		43
	30,830		Petsmart, Inc		1,228
	9,430	*	Pier 1 Imports, Inc		99
	29,641		RadioShack Corp		548
	10,500	*	Retail Ventures, Inc		171
	5,240	*	Sally Beauty Holdings, Inc		76
	1,800	*	Shoe Carnival, Inc		49
	14,007		Stage Stores, Inc		243
	543,281		Staples, Inc		12,370
	3,300		Stein Mart, Inc		31
	4,010	*	Talbots, Inc		34
	646,103		Target Corp		38,849
	38,755		Tiffany & Co		2,413
	397,962		TJX Companies, Inc		17,665
	1,220		Tractor Supply Co		59
	1,820	*	Ulta Salon Cosmetics & Fragrance, Inc		62
	11,490		Williams-Sonoma, Inc		410
			TOTAL RETAILING		229,231
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.4%
	63,345		* Advanced Energy Industries, Inc		864

390

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	769,561	*	Advanced Micro Devices, Inc	$	6,295
	53,685	*	Anadigics, Inc		372
	1,298,344		Applied Materials, Inc		18,242
	42,857		ASML Holding NV		1,655
	146,136	*	Atmel Corp		1,800
	7,922	*	Cabot Microelectronics Corp		328
	1,100	*	Cymer, Inc		50
	2,380	*	Diodes, Inc		64
	141,124	*,e	Energy Conversion Devices, Inc		649
	76,949	*	Entegris, Inc		575
	46	*	Evergreen Solar, Inc		0	^
	4,220	*	Fairchild Semiconductor International, Inc		66
	7,010	*,e	GT Solar International, Inc		64
	7,300	*	Integrated Device Technology, Inc		49
	2,922,828		Intel Corp		61,468
	1,811	*	IXYS Corp		21
	60,054	*	Lattice Semiconductor Corp		364
	344,113	*	LSI Logic Corp		2,061
	27,338	*	LTX-Credence Corp		202
	14,183	*,e	Mattson Technology, Inc		43
	3,840		Micrel, Inc		50
	9,615	*	MKS Instruments, Inc		235
	507,568	*	ON Semiconductor Corp		5,015
	1,300		Power Integrations, Inc		52
	21,351	*	RF Micro Devices, Inc		157
	15,400		Rohm Co Ltd		1,005
	1,340	*,e	Rubicon Technology, Inc		28
	9,021	*	Rudolph Technologies, Inc		74
	16,682	*	Sigma Designs, Inc		236
	58,685	*	Skyworks Solutions, Inc		1,680
	65,663		STMicroelectronics NV		679
	223,528	*,e	Sunpower Corp (Class A)		2,868
	53,521	*,e	Sunpower Corp (Class B)		664
	4,270	*	Teradyne, Inc		60
	1,097,771		Texas Instruments, Inc		35,678
	10,500	*	Ultratech, Inc		209
	114,448		Xilinx, Inc		3,317
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		147,239
SOFTWARE & SERVICES - 4.3%
	627,576		Accenture plc		30,431
	373,461	*	Adobe Systems, Inc		11,495
	830	*,e	Advent Software, Inc		48
	60,961	*	Akamai Technologies, Inc		2,868
	4,609	*	Ansys, Inc		240
	2,440	*	Ariba, Inc		57
	225,855	*	Art Technology Group, Inc		1,351
	139,678	*	Autodesk, Inc		5,336
	9,500	*,e	Blackboard, Inc		392
	103,131	e	Broadridge Financial Solutions, Inc		2,262
	44,183		CA, Inc		1,080
	29,200	*	Ciber, Inc		137

391

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	95,888	*	Compuware Corp	$	1,119
	940	*	Concur Technologies, Inc		49
	1,910	*,e	Constant Contact, Inc		59
	3,620	*	Convergys Corp		48
	12,200	*	CSG Systems International, Inc		231
	2,530	*	DealerTrack Holdings, Inc		51
	97,800		Earthlink, Inc		841
	27,660	*,e	Ebix, Inc		655
	2,100		EPIQ Systems, Inc		29
	23,879	*	Equinix, Inc		1,940
	570		Factset Research Systems, Inc		53
	54,216	*,e	FalconStor Software, Inc		182
	2,253	*	Gartner, Inc		75
	900		Global Payments, Inc		42
	116,088	*	Google, Inc (Class A)		68,953
	2,600		iGate Corp		51
	73,887	*	Informatica Corp		3,253
	42,117	*	Internap Network Services Corp		256
	585,550		International Business Machines Corp		85,935
	34,644	*	Intuit, Inc		1,708
	1,740	*	j2 Global Communications, Inc		50
	58,800		Jack Henry & Associates, Inc		1,714
	1,810	*	JDA Software Group, Inc		51
	91,500	*	Lawson Software, Inc		846
	24,926	*	Liquidity Services, Inc		350
	12,193	*	Liveperson, Inc		138
	40,415		Marchex, Inc (Class B)		386
	49,167	*	Mentor Graphics Corp		590
	1,210	*	Micros Systems, Inc		53
	3,490,550		Microsoft Corp		97,456
	600	*	MicroStrategy, Inc (Class A)		51
	14,350	*	NeuStar, Inc (Class A)		374
	165,999		NIC, Inc		1,612
	12,200		Nintendo Co Ltd		3,581
	286,573	*	Novell, Inc		1,697
	104		NTT Data Corp		360
	1,336,717		Oracle Corp		41,839
	16,200	e	Pegasystems, Inc		593
	3,114	*	Perficient, Inc		39
	1,500	*	Progress Software Corp		63
	675	*,e	Rackspace Hosting, Inc		21
	75,439	*	RealNetworks, Inc		317
	54,977	*	S1 Corp		379
	84,209	*	Salesforce.com, Inc		11,116
	166,184		SAP AG.		8,461
	84,070		Sapient Corp		1,017
	51,141	*	Smith Micro Software, Inc		805
	22,225	*,e	Sonic Solutions, Inc		333
	2,000	*	Sourcefire, Inc		52
	714,908	*	Symantec Corp		11,968
	1,700	*	Synopsys, Inc		46
	1,700		Syntel, Inc		81

392

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	1,610	*	Taleo Corp (Class A)	$	45
	69,179	*,e	Terremark Worldwide, Inc		896
	141,310	*	TIBCO Software, Inc		2,785
	61,369	*	TNS, Inc		1,276
	207,162		Total System Services, Inc		3,186
	7,832	*,e	Travelzoo, Inc		323
	23,000	*	Tyler Technologies, Inc		477
	15,133	*	Ultimate Software Group, Inc		736
	2,370	*	Unisys Corp		61
	55,653		United Online, Inc		367
	32,414	*	Vasco Data Security International		264
	1,500	*	Vocus, Inc		41
	23,300	*	Wright Express Corp		1,072
	966,330	*	Yahoo!, Inc		16,070
			TOTAL SOFTWARE & SERVICES		435,265
TECHNOLOGY HARDWARE & EQUIPMENT - 2.7%
	41,720	*	Acme Packet, Inc		2,218
	1,400		Adtran, Inc		51
	121,197	*	Agilysys, Inc		682
	11,531	*	Avid Technology, Inc		201
	20,420	*	Benchmark Electronics, Inc		371
	36,913	*,e	Bookham, Inc		485
	223,500		Canon, Inc		11,589
	2,955,017	*	Cisco Systems, Inc		59,780
	4,800		Cognex Corp		141
	129,390	*	Cray, Inc		925
	7,400		CTS Corp		82
	12,100		Daktronics, Inc		193
	1,592,923	*	Dell, Inc		21,584
	2,120	*	DG FastChannel, Inc		61
	3,605	*	DTS, Inc		177
	924,688	*	EMC Corp		21,175
	76,433	*,e	Finisar Corp		2,269
	74,500		Fuji Folms Holdings Corp		2,694
	592,000		Fujitsu Ltd		4,120
	69,668	*	Harmonic, Inc		597
	1,247,948		Hewlett-Packard Co		52,540
	28,700	*	Ibiden Co Ltd		906
	6,100	*	Infinera Corp		63
	1,900	*	Ingram Micro, Inc (Class A)		36
	22,232	*,e	InterDigital, Inc		926
	9,686	*	Intermec, Inc		123
	22,664	*	Intevac, Inc		318
	1,920	*	Itron, Inc		106
	118,500		Konica Minolta Holdings, Inc		1,232
	27,700		Kyocera Corp		2,829
	628	*	L-1 Identity Solutions, Inc		7
	43,645	*	Lexmark International, Inc (Class A)		1,520
	1,068		Littelfuse, Inc		50
	63,953	*	Loral Space & Communications, Inc		4,892
	2,200	e	Molex, Inc		50

393

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	2,137,656	*	Motorola, Inc	$	19,389
	1,400		National Instruments Corp		53
	155,116	*	NetApp, Inc		8,525
	1,910	*	Netgear, Inc		64
	883,690		Nokia Oyj		9,140
	30,400		Omron Corp		805
	69,596	*	Oplink Communications, Inc		1,285
	40,673		Plantronics, Inc		1,514
	1,420	*	Plexus Corp		44
	57,360	*	Polycom, Inc		2,236
	210,352	*,e	Power-One, Inc		2,146
	68,816	*	QLogic Corp		1,171
	872,171	*	Quantum Corp		3,244
	112,997	*,e	Radisys Corp		1,006
	89,600	*	Research In Motion Ltd (Canada)		5,233
	163,000		Ricoh Co Ltd		2,389
	2,940	*	Riverbed Technology, Inc		103
	2,500	*	Rofin-Sinar Technologies, Inc		89
	1,300	*	Scansource, Inc		41
	5,918	*	Seachange International, Inc		51
	258,084	*	Seagate Technology, Inc		3,879
	28,831	*	Smart Modular Technologies WWH, Inc		166
	54,795	*,e	STEC, Inc		967
	6,268	*	Super Micro Computer, Inc		72
	8,445		Sycamore Networks, Inc		174
	145,266	*	Symmetricom, Inc		1,030
	17,463	*,e	Synaptics, Inc		513
	20,700		TDK Corp		1,441
	3,600	*	Tech Data Corp		158
	40,403	*	Tekelec		481
	205,546		Tellabs, Inc		1,394
	37,576	*	Trimble Navigation Ltd		1,500
	11,800	*	TTM Technologies, Inc		176
	2,300	*,e	Universal Display Corp		70
	1,085,966		Xerox Corp		12,511
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		278,053
TELECOMMUNICATION SERVICES - 1.7%
	148,096	e	Alaska Communications Systems Group, Inc		1,644
	233,762	*	American Tower Corp (Class A)		12,071
	107,000		BCE, Inc		3,803
	337,089		Bezeq Israeli Telecommunication Corp Ltd		1,028
	22,322		Cellcom Israel Ltd		725
	266,348	e	CenturyTel, Inc		12,297
	56,248	*	Cincinnati Bell, Inc		157
	90,445	*	Crown Castle International Corp		3,964
	303,562		France Telecom S.A.		6,326
	1,590,083		Frontier Communications Corp		15,473
	894		KDDI Corp		5,164
	333,554	*	MetroPCS Communications, Inc		4,213
	2,950	*	Neutral Tandem, Inc		43
	161,180	*	NII Holdings, Inc (Class B)		7,198

394

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	4,926		NTT DoCoMo, Inc	$	8,603
	13,063	*	PAETEC Holding Corp		49
	219,990		Portugal Telecom SGPS S.A.		2,463
	2,638,628		Qwest Communications International, Inc		20,081
	54,500		Rogers Communications, Inc (Class B)		1,897
	9,560	*	SBA Communications Corp (Class A)		391
	50,700		Softbank Corp		1,755
	3,338,335	*	Sprint Nextel Corp		14,121
	20,557		Swisscom AG.		9,038
	56,434	*	Syniverse Holdings, Inc		1,741
	2,598,797		Telecom Italia S.p.A.		3,358
	35,000		Telekom Austria AG.		492
	97,700		Telenor ASA		1,587
	3,516		Telephone & Data Systems, Inc		129
	485,994		TeliaSonera AB		3,851
	61,025	*	tw telecom inc (Class A)		1,040
	2,448	*	US Cellular Corp		122
	8,691,163		Vodafone Group plc		22,468
	636,288		Windstream Corp		8,870
			TOTAL TELECOMMUNICATION SERVICES		176,162
TRANSPORTATION - 1.8%
	173,946		Abertis Infraestructuras S.A.		3,127
	438,715	*	Airtran Holdings, Inc		3,242
	13,811		Alexander & Baldwin, Inc		553
	800	e	Allegiant Travel Co		39
	1,490		Arkansas Best Corp		41
	639,647		Auckland International Airport Ltd		1,087
	85,122		Autostrade S.p.A.		1,736
	97,628		Brisa-Auto Estradas de Portugal S.A.		681
	66,237	*	British Airways plc		281
	79,000		Canadian National Railway Co		5,272
	14,500		Canadian Pacific Railway Ltd		942
	816,000		Cathay Pacific Airways Ltd		2,252
	205		Central Japan Railway Co		1,717
	26,343		CH Robinson Worldwide, Inc		2,112
	398,150		CSX Corp		25,724
	411,879	*	Delta Air Lines, Inc		5,190
	134,669		Deutsche Lufthansa AG.		2,943
	493,298		Deutsche Post AG.		8,372
	17,775	*	Dollar Thrifty Automotive Group, Inc		840
	44,000		East Japan Railway Co		2,861
	26,179		Expeditors International Washington, Inc		1,429
	297,149		FedEx Corp		27,638
	1,500		Forward Air Corp		43
	1,613		Fraport AG. Frankfurt Airport Services Worldwide		102
	4,700	*	Genesee & Wyoming, Inc (Class A)		249
	2,200		Heartland Express, Inc		35
	63,185	*	Hertz Global Holdings, Inc		916
	2,064	*	Hub Group, Inc (Class A)		73
	1,100		J.B. Hunt Transport Services, Inc		45
	54,060	*	Kansas City Southern Industries, Inc		2,587

395

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	153,000	*	Kawasaki Kisen Kaisha Ltd	$	673
	41,000		Keihin Electric Express Railway Co Ltd		362
	46,000		Keio Corp		314
	1,100	*	Kirby Corp		48
	900		Landstar System, Inc		37
	61,000		Mitsui OSK Lines Ltd		416
	1,476,197		MTR Corp		5,375
	408,752		Norfolk Southern Corp		25,678
	95,900		Odakyu Electric Railway Co Ltd		893
	9,835		Ryder System, Inc		518
	603,887		Southwest Airlines Co		7,839
	49,137		TNT NV		1,297
	61,000		Tobu Railway Co Ltd		343
	215,000		Tokyu Corp		985
	88,331		Transurban Group		463
	497,153		United Parcel Service, Inc (Class B)		36,083
	1,600	e	Werner Enterprises, Inc		36
	105,100		Yamato Transport Co Ltd		1,496
			TOTAL TRANSPORTATION		184,985
UTILITIES - 2.7%
	5,000		Acciona S.A.		354
	162,406	e	AGL Resources, Inc		5,823
	147,159		Alliant Energy Corp		5,411
	134,154	e	Aqua America, Inc		3,015
	154,309		Atmos Energy Corp		4,814
	322,632		Avista Corp		7,266
	2,700		California Water Service Group		101
	191,538	*	Calpine Corp		2,555
	7,100		Canadian Utilities Ltd		388
	289,986		Centerpoint Energy, Inc		4,559
	22,932		Central Vermont Public Service Corp		501
	22,260		CH Energy Group, Inc		1,088
	272,000		Cheung Kong Infrastructure Holdings Ltd		1,246
	393,869		Cleco Corp		12,115
	701,000		CLP Holdings Ltd		5,691
	445,091		Consolidated Edison, Inc		22,064
	151,789	*	Contact Energy Ltd		737
	24,039		DTE Energy Co		1,089
	779		Energias de Portugal S.A.		3
	156,400		Gas Natural SDG S.A.		2,401
	382,804		Hawaiian Electric Industries, Inc		8,724
	1,494,250		Hong Kong & China Gas Ltd		3,522
	291,500		Hong Kong Electric Holdings Ltd		1,838
	987,020		Iberdrola S.A.		7,608
	329,147		Idacorp, Inc		12,172
	749,969		International Power plc		5,117
	12,040		ITC Holdings Corp		746
	30,844		Laclede Group, Inc		1,127
	1,800		MDU Resources Group, Inc		36
	67,199		MGE Energy, Inc		2,873
	1,088,320		National Grid plc		9,383

396

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	13,270		New Jersey Resources Corp	$	572
	386,268		NextEra Energy, Inc		20,080
	103,323	e	Nicor, Inc		5,159
	686,326		NiSource, Inc		12,093
	191,351		Northeast Utilities		6,100
	12,740		Northwest Natural Gas Co		592
	81,478		NSTAR		3,438
	442,404		NV Energy, Inc		6,216
	54,813		Oest Elektrizitatswirts AG. (Class A)		2,042
	6,372		Oneok, Inc		353
	1,420	e	Ormat Technologies, Inc		42
	897,000		Osaka Gas Co Ltd		3,480
	775,805		Pepco Holdings, Inc		14,158
	190,975		PG&E Corp		9,136
	181,487		Piedmont Natural Gas Co, Inc		5,074
	1,700		Portland General Electric Co		37
	394,877		PPL Corp		10,393
	187,134		Public Power Corp		2,686
	15,203	e	SCANA Corp		617
	455,571		Scottish & Southern Energy plc		8,701
	198,129		Sempra Energy		10,398
	30,331		SJW Corp		803
	317,700		Snam Rete Gas S.p.A.		1,579
	61,735		South Jersey Industries, Inc		3,261
	24,429		Southwest Gas Corp		896
	2,934		SP AusNet		3
	10,826		Suez Environnement S.A.		224
	179,100		Terna Rete Elettrica Nazionale S.p.A.		756
	722,790		Tokyo Gas Co Ltd		3,205
	6,500		TransAlta Corp		138
	27,622		UIL Holdings Corp		828
	67,641		Veolia Environnement		1,977
	47,867		WGL Holdings, Inc		1,712
	18,096		Wisconsin Energy Corp		1,065
	53,751		Xcel Energy, Inc		1,266
			TOTAL UTILITIES		273,447
			TOTAL COMMON STOCKS		6,199,426
			(Cost $5,009,601)
PREFERRED STOCKS - 0.0%
BANKS - 0.0%
	233,115	*	Federal Home Loan Mortgage Corp		147
	740,991	*	Federal National Mortgage Association		415
			TOTAL BANKS		562
			TOTAL PREFERRED STOCKS		562
			(Cost $24,353)

397

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL		ISSUER	MATURITY DATE	VALUE (000)
SHORT-TERM INVESTMENTS - 8.0%
GOVERNMENT AGENCY DEBT - 4.3%
		Federal Home Loan Bank (FHLB)
$	928,000	FHLB	1/07/11	$	926
	26,700,000	FHLB	1/19/11		26,698
	6,100,000	FHLB	2/02/11		6,099
	7,000,000	FHLB	2/04/11		6,999
	20,000,000	FHLB	2/09/11		19,997
	43,487,000	FHLB	2/11/11		43,480
	10,000,000	FHLB	2/16/11		9,998
	25,700,000	FHLB	2/18/11		25,694
	1,800,000	FHLB	2/25/11		1,800
	21,000,000	FHLB	3/11/11		20,995
		Federal Home Loan Mortgage Corp (FHLMC)
	23,500,000	FHLMC	1/03/11		23,500
	26,615,000	FHLMC	1/10/11		26,614
	4,905,000	FHLMC	2/14/11		4,904
	30,000,000	FHLMC	3/02/11		29,995
	22,000,000	FHLMC	3/14/11		21,996
	50,000,000	FHLMC	3/28/11		49,987
		Federal National Mortgage Association (FNMA)
	37,700,000	FMNA	2/09/11		37,694
	11,955,000	FNMA	2/14/11		11,953
	10,000,000	FNMA	2/22/11		9,998
	23,553,000	FNMA	3/01/11		23,542
	25,000,000	FNMA	3/23/11		24,995
		TOTAL GOVERNMENT AGENCY DEBT			427,864
TREASURY DEBT - 1.8%
	8,865,000	United States Treasury Bill	2/17/11		8,864
	25,000,000	United States Treasury Bill	3/03/11		24,994
	75,000,000	United States Treasury Bill	3/10/11		74,983
	21,000,000	United States Treasury Bill	3/24/11		20,995
	50,000,000	United States Treasury Bill	3/31/11		49,984
	6,500,000	United States Treasury Bill	12/15/11		6,486
		TOTAL TREASURY DEBT			186,306
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 1.9%
GOVERNMENT AGENCY DEBT - 1.9%
		Federal Home Loan Bank (FHLB)
	67,872,000	FHLB	1/07/11		67,872
	44,800,000	FHLB	2/23/11		44,789
	35,900,000	Federal Home Loan Mortgage Corp (FHLMC)	2/22/11		35,893
	51,447,000	Federal National Mortgage Association (FNMA)	3/01/11		51,439
		TOTAL GOVERNMENT AGENCY DEBT			199,993
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED		199,993
		TOTAL SHORT-TERM INVESTMENTS		814,163
		(Cost $814,139)

398

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES	COMPANY	VALUE (000)
	TOTAL INVESTMENTS - 106.2%	$	10,872,127
	(Cost $9,615,453)
	OTHER ASSETS & LIABILITIES, NET - (6.2)%		(633,601)
	NET ASSETS - 100.0%	$	10,238,526

*	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 December 31, 2010 the value of these securities amounted to $140,271,000 or 1.4% 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.

399

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

COLLEGE RETIREMENT EQUITIES FUND
MONEY MARKET ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2010

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
SHORT-TERM INVESTMENTS - 100.0%
CERTIFICATE OF DEPOSIT - 9.6%
$	50,000,000		Bank of Montreal	0.230	%	01/06/11	$	50,000
	25,000,000		Bank of Montreal	0.240		01/18/11		25,000
	50,000,000		Bank of Montreal	0.240		01/27/11		50,000
	50,000,000		Bank of Montreal	0.250		02/28/11		50,000
	35,000,000		Bank of Nova Scotia	0.290		01/20/11		35,000
	45,000,000		Bank of Nova Scotia	0.240		01/25/11		45,000
	40,000,000		Bank of Nova Scotia	0.250		02/02/11		40,000
	20,000,000		Bank of Nova Scotia	0.250		02/24/11		20,000
	50,000,000		Bank of Nova Scotia	0.240		02/28/11		50,000
	30,000,000		Bank of Nova Scotia	0.270		03/01/11		30,000
	24,600,000		Bank of Nova Scotia	0.290		03/03/11		24,600
	45,000,000	i	Barclays Bank plc	0.510		01/11/11		45,000
	25,000,000		Barclays Bank plc	0.470		04/21/11		25,000
	40,510,000		Barclays Bank plc	0.450		05/23/11		40,510
	25,000,000		Barclays Bank plc	0.400		06/20/11		25,000
	25,000,000		BNP Paribas	0.300		01/10/11		25,000
	25,000,000		BNP Paribas	0.250		01/18/11		25,000
	30,000,000		BNP Paribas	0.630		01/27/11		30,007
	29,000,000		BNP Paribas	0.310		02/11/11		29,000
	30,000,000		BNP Paribas	0.270		02/15/11		30,000
	25,000,000	i	Canadian Imperial Bank of Commerce	0.400		04/28/11		25,000
	25,000,000		Credit Agricole S.A.	0.260		01/19/11		25,000
	50,000,000		Deutsche Bank AG.	0.250		01/25/11		50,000
	20,000,000		Rabobank Nederland NV	0.290		01/06/11		20,000
	30,000,000		Rabobank Nederland NV	0.240		02/08/11		30,000
	30,000,000		Rabobank Nederland NV	0.250		03/02/11		30,000
	63,550,000		Rabobank Nederland NV	0.330		03/11/11		63,555
	25,000,000		Royal Bank of Scotland plc	0.410		03/07/11		25,000
	25,000,000		Societe Generale	0.280		01/11/11		25,000
	40,000,000		Toronto-Dominion Bank	0.250		01/13/11		40,000
	25,000,000		Toronto-Dominion Bank	0.230		01/27/11		25,000
	47,400,000		Toronto-Dominion Bank	0.240		02/23/11		47,400
	30,000,000		Toronto-Dominion Bank	0.240		02/25/11		30,000
	25,000,000		Toronto-Dominion Bank	0.300		05/09/11		25,000
			TOTAL CERTIFICATE OF DEPOSIT					1,155,072
COMMERCIAL PAPER - 36.6%
	17,000,000		Abbott Laboratories			01/11/11		16,999
	25,000,000		Abbott Laboratories			01/18/11		24,998
	25,000,000		Abbott Laboratories			01/25/11		24,997
	7,000,000		American Honda Finance Corp			01/06/11		7,000
	20,000,000		American Honda Finance Corp			01/12/11		19,999
	25,000,000		American Honda Finance Corp			01/21/11		24,996

400

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE	MATURITY DATE	VALUE (000)
$	20,000,000	American Honda Finance Corp		01/27/11	$	19,997
	4,550,000	American Honda Finance Corp		01/28/11		4,549
	55,365,000	American Honda Finance Corp		02/03/11		55,354
	25,000,000	American Honda Finance Corp		02/22/11		24,991
	24,226,000	American Honda Finance Corp		02/23/11		24,217
	25,000,000	American Honda Finance Corp		03/01/11		24,991
	12,000,000	American Honda Finance Corp		03/02/11		11,995
	9,700,000	American Honda Finance Corp		03/03/11		9,696
	59,300,000	Australia & New Zealand Banking Group Ltd		01/10/11		59,296
	34,500,000	Australia & New Zealand Banking Group Ltd		02/08/11		34,491
	25,000,000	Australia & New Zealand Banking Group Ltd		03/16/11		24,984
	22,000,000	Bank of Nova Scotia		01/06/11		21,999
	20,000,000	Bank of Nova Scotia		01/07/11		19,999
	25,000,000	Bank of Nova Scotia		03/21/11		24,985
	15,000,000	Barclays US Funding Corp		05/27/11		14,965
	25,000,000	BNP Paribas Finance, Inc		01/03/11		25,000
	25,000,000	BNP Paribas Finance, Inc		02/09/11		24,992
	25,720,000	Coca-Cola Co		01/04/11		25,719
	18,695,000	Coca-Cola Co		01/10/11		18,694
	25,000,000	Coca-Cola Co		01/11/11		24,998
	10,827,000	Coca-Cola Co		01/19/11		10,826
	36,060,000	Coca-Cola Co		01/28/11		36,054
	34,700,000	Coca-Cola Co		02/17/11		34,690
	40,000,000	Coca-Cola Co		03/25/11		39,977
	1,380,000	Commonwealth Bank of Australia		01/25/11		1,380
	25,000,000	Commonwealth Bank of Australia		02/16/11		24,991
	11,050,000	Commonwealth Bank of Australia		03/07/11		11,045
	25,000,000	Commonwealth Bank of Australia		03/10/11		24,987
	22,480,000	Commonwealth Bank of Australia		03/15/11		22,467
	25,855,000	Credit Agricole North America, Inc		01/05/11		25,854
	25,000,000	Credit Agricole North America, Inc		01/07/11		24,999
	22,000,000	Credit Agricole North America, Inc		01/12/11		21,998
	20,000,000	Credit Agricole North America, Inc		02/03/11		19,995
	20,000,000	Deutsche Bank Financial, Inc		01/03/11		20,000
	9,534,000	Fairway Finance LLC		01/04/11		9,534
	3,818,000	Fairway Finance LLC		01/05/11		3,818
	3,050,000	Fairway Finance LLC		01/12/11		3,050
	6,021,000	Fairway Finance LLC		02/02/11		6,019
	23,345,000	Fairway Finance LLC		02/09/11		23,338
	3,000,000	Fairway Finance LLC		03/03/11		2,998
	6,000,000	Fairway Finance LLC		03/07/11		5,997
	20,543,000	Fairway Finance LLC		03/10/11		20,532
	30,000,000	General Electric Capital Corp		02/10/11		29,993
	50,000,000	General Electric Capital Corp		02/22/11		49,984
	50,000,000	General Electric Capital Corp		03/14/11		49,976
	5,495,000	General Electric Capital Corp		03/21/11		5,492
	20,000,000	General Electric Capital Corp		03/29/11		19,989
	2,160,000	General Electric Capital Corp		04/01/11		2,159
	30,000,000	General Electric Capital Corp		04/06/11		29,979
	20,000,000	General Electric Capital Corp		05/03/11		19,983
	43,605,000	ING US Funding LLC		01/10/11		43,602
	19,300,000	International Business Machines Corp		01/04/11		19,300
	19,500,000	International Business Machines Corp		01/14/11		19,499

401

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE	MATURITY DATE	VALUE (000)
$	25,000,000	Johnson & Johnson		01/05/11	$	25,000
	25,000,000	Johnson & Johnson		01/07/11		24,999
	72,950,000	Johnson & Johnson		01/14/11		72,945
	32,640,000	Johnson & Johnson		01/24/11		32,636
	13,500,000	Johnson & Johnson		01/27/11		13,498
	31,590,000	Johnson & Johnson		02/01/11		31,585
	20,000,000	Johnson & Johnson		02/03/11		19,996
	18,823,000	Johnson & Johnson		03/09/11		18,816
	9,615,000	Johnson & Johnson		03/22/11		9,611
	19,090,000	Johnson & Johnson		03/30/11		19,080
	14,000,000	Johnson & Johnson		05/03/11		13,989
	439,000	JPMorgan Chase Bank NA		02/02/11		439
	3,199,000	JPMorgan Chase Bank NA		02/03/11		3,198
	22,500,000	Lloyds TSB Bank plc		01/07/11		22,499
	25,000,000	Lloyds TSB Bank plc		01/20/11		24,997
	8,100,000	Lloyds TSB Bank plc		02/01/11		8,098
	46,450,000	Lloyds TSB Bank plc		02/11/11		46,438
	25,000,000	National Australia Funding(Delaware)		01/03/11		25,000
	20,000,000	National Australia Funding(Delaware)		01/12/11		19,998
	7,550,000	National Australia Funding(Delaware)		02/01/11		7,549
	45,000,000	Nestle Capital Corp		01/04/11		44,999
	6,300,000	Nestle Capital Corp		01/05/11		6,300
	14,760,000	Nestle Capital Corp		01/11/11		14,759
	42,505,000	Nestle Capital Corp		01/14/11		42,501
	30,000,000	Nestle Capital Corp		02/08/11		29,994
	36,520,000	Nestle Capital Corp		02/10/11		36,512
	2,500,000	Nestle Capital Corp		03/14/11		2,499
	17,330,000	Nestle Capital Corp		04/01/11		17,320
	71,980,000	Nestle Capital Corp		04/05/11		71,934
	5,175,000	Novartis Finance Corp		05/09/11		5,171
	18,130,000	Old Line Funding LLC		01/04/11		18,130
	28,988,000	Old Line Funding LLC		01/07/11		28,987
	20,000,000	Old Line Funding LLC		01/12/11		19,999
	50,000,000	Old Line Funding LLC		01/20/11		49,993
	20,000,000	Old Line Funding LLC		01/21/11		19,997
	75,000,000	Old Line Funding LLC		01/25/11		74,988
	22,000,000	Old Line Funding LLC		01/26/11		21,996
	6,060,000	Old Line Funding LLC		03/18/11		6,056
	25,000,000	Private Export Funding Corp		01/10/11		24,998
	20,000,000	Private Export Funding Corp		01/13/11		19,998
	10,000,000	Private Export Funding Corp		01/18/11		9,998
	30,000,000	Private Export Funding Corp		02/01/11		29,995
	30,000,000	Private Export Funding Corp		02/04/11		29,993
	31,815,000	Private Export Funding Corp		02/28/11		31,801
	25,000,000	Private Export Funding Corp		03/02/11		24,990
	21,000,000	Private Export Funding Corp		03/03/11		20,991
	28,500,000	Private Export Funding Corp		03/04/11		28,488
	22,000,000	Private Export Funding Corp		03/08/11		21,988
	21,000,000	Private Export Funding Corp		03/11/11		20,990
	21,000,000	Private Export Funding Corp		03/15/11		20,989
	10,000,000	Private Export Funding Corp		04/11/11		9,985
	10,000,000	Private Export Funding Corp		07/05/11		9,980
	15,000,000	Private Export Funding Corp		07/06/11		14,969

402

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE	MATURITY DATE	VALUE (000)
$	44,500,000	Procter & Gamble Co		01/05/11	$	44,499
	8,900,000	Procter & Gamble Co		01/13/11		8,899
	20,000,000	Procter & Gamble Co		01/31/11		19,997
	50,000,000	Procter & Gamble Co		02/09/11		49,987
	18,615,000	Procter & Gamble Co		04/04/11		18,602
	25,000,000	Procter & Gamble Co		04/08/11		24,984
	32,390,000	Procter & Gamble Co		04/12/11		32,367
	11,150,000	Procter & Gamble Co		05/04/11		11,140
	10,750,000	Procter & Gamble Co		05/11/11		10,740
	20,000,000	Procter & Gamble International Funding S.C.A		01/06/11		20,000
	50,085,000	Rabobank USA Financial Corp		02/07/11		50,071
	51,730,000	Rabobank USA Financial Corp		02/08/11		51,716
	6,350,000	Rabobank USA Financial Corp		03/04/11		6,347
	12,500,000	Rabobank USA Financial Corp		03/10/11		12,494
	5,000,000	Rabobank USA Financial Corp		03/21/11		4,997
	6,750,000	Rabobank USA Financial Corp		04/08/11		6,745
	25,000,000	Royal Bank of Canada		01/06/11		24,999
	25,000,000	Royal Bank of Canada		01/12/11		24,999
	50,000,000	Royal Bank of Canada		02/24/11		49,984
	39,665,000	Royal Bank of Canada		03/04/11		39,650
	50,000,000	Royal Bank of Canada		03/18/11		49,974
	50,000,000	Royal Bank of Canada		04/25/11		49,958
	35,000,000	Sheffield Receivables Corp		01/13/11		34,997
	28,500,000	Sheffield Receivables Corp		02/04/11		28,493
	30,000,000	Sheffield Receivables Corp		02/10/11		29,991
	30,000,000	Sheffield Receivables Corp		02/18/11		29,990
	7,555,000	Sheffield Receivables Corp		03/02/11		7,552
	20,000,000	Sheffield Receivables Corp		03/03/11		19,991
	28,940,000	Sheffield Receivables Corp		03/11/11		28,924
	20,000,000	Sheffield Receivables Corp		03/24/11		19,986
	3,700,000	Societe Generale North America, Inc		01/03/11		3,700
	18,300,000	Societe Generale North America, Inc		01/07/11		18,299
	27,000,000	Societe Generale North America, Inc		01/13/11		26,998
	10,000,000	Societe Generale North America, Inc		01/14/11		9,999
	15,000,000	Societe Generale North America, Inc		01/24/11		14,997
	1,605,000	Societe Generale North America, Inc		01/27/11		1,605
	32,000,000	Societe Generale North America, Inc		02/01/11		31,991
	27,000,000	Straight-A Funding LLC		01/06/11		26,999
	9,000,000	Straight-A Funding LLC		01/07/11		9,000
	13,500,000	Straight-A Funding LLC		01/11/11		13,499
	15,000,000	Straight-A Funding LLC		01/13/11		14,999
	10,000,000	Straight-A Funding LLC		01/18/11		9,999
	20,000,000	Straight-A Funding LLC		01/25/11		19,997
	40,000,000	Straight-A Funding LLC		02/01/11		39,991
	4,932,000	Straight-A Funding LLC		02/01/11		4,931
	19,000,000	Straight-A Funding LLC		02/03/11		18,996
	18,555,000	Straight-A Funding LLC		02/04/11		18,551
	9,000,000	Straight-A Funding LLC		02/08/11		8,998
	20,000,000	Straight-A Funding LLC		02/10/11		19,994
	4,582,000	Straight-A Funding LLC		02/14/11		4,581
	5,033,000	Straight-A Funding LLC		02/15/11		5,031
	30,000,000	Straight-A Funding LLC		02/15/11		29,991
	20,000,000	Straight-A Funding LLC		02/15/11		19,994

403

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
$	18,500,000	Straight-A Funding LLC			02/15/11	$	18,495
	30,000,000	Straight-A Funding LLC			02/17/11		29,991
	24,541,000	Straight-A Funding LLC			03/02/11		24,531
	12,000,000	Straight-A Funding LLC			03/03/11		11,995
	23,500,000	Straight-A Funding LLC			03/08/11		23,489
	25,520,000	Straight-A Funding LLC			03/09/11		25,508
	20,000,000	Toronto-Dominion Holdings USA, Inc			01/13/11		19,999
	53,700,000	Toronto-Dominion Holdings USA, Inc			01/20/11		53,693
	5,000,000	Toronto-Dominion Holdings USA, Inc			01/25/11		4,999
	35,000,000	Toronto-Dominion Holdings USA, Inc			02/17/11		34,989
	30,000,000	Toyota Motor Credit Corp			01/25/11		29,994
	27,300,000	Toyota Motor Credit Corp			01/27/11		27,295
	24,565,000	Unilever Capital Corp			01/10/11		24,564
	9,000,000	Unilever Capital Corp			01/21/11		8,999
	50,000,000	Unilever Capital Corp			01/26/11		49,994
	3,050,000	Unilever Capital Corp			02/28/11		3,049
	76,170,000	US Bank NA	0.250	%	01/11/11		76,170
	30,000,000	US Bank NA			03/28/11		29,984
	300,000	Variable Funding Capital Co LLC			01/25/11		300
	48,690,000	Variable Funding Capital Co LLC			02/15/11		48,675
	50,000,000	Wal-Mart Stores, Inc			01/12/11		49,996
	20,000,000	Westpac Banking Corp			02/01/11		19,996
	20,000,000	Westpac Banking Corp			02/07/11		19,994
	8,415,000	Westpac Banking Corp			05/17/11		8,405
	3,000,000	Westpac Banking Corp			06/14/11		2,994
		TOTAL COMMERCIAL PAPER					4,406,376
GOVERNMENT AGENCY DEBT - 29.8%
		Federal Farm Credit Bank (FFCB)
	30,350,000	FFCB			03/25/11		30,336
	17,000,000	FFCB			05/09/11		16,990
		Federal Home Loan Bank (FHLB)
	36,000,000	FHLB			01/04/11		35,999
	42,375,000	FHLB			01/05/11		42,374
	30,000,000	FHLB			01/06/11		29,999
	52,950,000	FHLB			01/07/11		52,949
	8,950,000	FHLB			01/12/11		8,950
	37,231,000	FHLB			01/14/11		37,229
	60,316,000	FHLB			01/19/11		60,311
	158,835,000	FHLB			01/21/11		158,820
	1,980,000	FHLB			01/24/11		1,980
	62,585,000	FHLB			01/26/11		62,577
	160,246,000	FHLB			01/28/11		160,225
	151,524,000	FHLB			02/02/11		151,502
	70,000,000	FHLB			02/04/11		69,990
	41,000,000	FHLB			02/09/11		40,993
	44,000,000	FHLB			02/10/11		43,993
	45,720,000	FHLB			02/11/11		45,712
	28,000,000	FHLB			02/16/11		27,994
	83,425,000	FHLB			02/18/11		83,406
	64,370,000	FHLB			02/23/11		64,354
	28,250,000	FHLB			02/25/11		28,242
	32,733,000	FHLB			03/02/11		32,724

404

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE	MATURITY DATE	VALUE (000)
$	40,000,000	FHLB		03/04/11	$	39,988
	41,785,000	FHLB		03/09/11		41,773
	29,500,000	FHLB		03/11/11		29,491
	45,000,000	FHLB		03/16/11		44,985
	9,525,000	FHLB		03/23/11		9,522
	2,245,000	FHLB		05/06/11		2,243
		Federal Home Loan Mortgage Corp (FHLMC)
	70,000,000	FHLMC		01/03/11		69,999
	10,000,000	FHLMC		01/05/11		10,000
	53,605,000	FHLMC		01/10/11		53,603
	17,050,000	FHLMC		01/11/11		17,049
	86,480,000	FHLMC		01/18/11		86,473
	59,940,000	FHLMC		01/19/11		59,935
	122,338,000	FHLMC		01/24/11		122,324
	2,184,000	FHLMC		01/25/11		2,184
	163,140,000	FHLMC		01/31/11		163,117
	90,015,000	FHLMC		02/07/11		89,998
	17,000,000	FHLMC		02/08/11		16,997
	21,900,000	FHLMC		02/14/11		21,896
	15,000,000	FHLMC		02/18/11		14,997
	94,450,000	FHLMC		02/22/11		94,427
	30,000,000	FHLMC		02/24/11		29,993
	62,415,000	FHLMC		02/25/11		62,400
	10,000,000	FHLMC		03/01/11		9,997
	27,175,000	FHLMC		03/07/11		27,165
	17,088,000	FHLMC		03/14/11		17,082
	17,000,000	FHLMC		03/15/11		16,994
	32,840,000	FHLMC		03/21/11		32,829
	12,480,000	FHLMC		03/28/11		12,475
	5,000,000	FHLMC		04/11/11		4,998
	40,000,000	FHLMC		04/18/11		39,977
	16,100,000	FHLMC		04/21/11		16,091
	20,000,000	FHLMC		05/02/11		19,971
	19,570,000	FHLMC		05/03/11		19,557
	2,100,000	FHLMC		05/04/11		2,099
	10,000,000	FHLMC		05/25/11		9,990
	5,377,000	FHLMC		06/20/11		5,371
		Federal National Mortgage Association (FNMA)
	20,000,000	FNMA		01/04/11		20,000
	31,727,000	FNMA		01/05/11		31,726
	51,981,000	FNMA		01/12/11		51,978
	29,825,000	FNMA		01/18/11		29,822
	40,000,000	FNMA		01/19/11		39,996
	5,800,000	FNMA		01/21/11		5,799
	25,215,000	FNMA		01/24/11		25,212
	66,072,000	FNMA		01/26/11		66,064
	18,047,000	FNMA		02/01/11		18,044
	7,360,000	FNMA		02/03/11		7,359
	150,520,000	FNMA		02/14/11		150,490
	78,055,000	FNMA		02/16/11		78,034
	70,399,000	FNMA		02/23/11		70,381
	1,715,000	FNMA		02/28/11		1,714
	87,358,000	FNMA		03/01/11		87,310

405

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	10,333,000		FNMA			03/02/11	$	10,330
	23,300,000		FNMA			03/08/11		23,292
	42,200,000		FNMA			03/09/11		42,187
	40,000,000		FNMA			03/14/11		39,987
	55,000,000		FNMA			03/16/11		54,982
	1,420,000		FNMA			03/29/11		1,418
	25,000,000		FNMA			03/30/11		24,990
	12,575,000		FNMA			04/11/11		12,559
	980,000		FNMA			04/25/11		979
	3,304,000		FNMA			04/26/11		3,299
	8,510,000		FNMA			05/02/11		8,496
	2,250,000		FNMA			05/19/11		2,248
			Federal National Mortgage Association (FNMA)
	11,900,000		FMNA			02/09/11		11,898
	69,554,000		FMNA			04/13/11		69,516
			TOTAL GOVERNMENT AGENCY DEBT					3,595,749
TREASURY DEBT - 16.5%
	30,000,000		United States Treasury Bill			01/13/11		29,999
	155,800,000		United States Treasury Bill			01/20/11		155,789
	54,810,000		United States Treasury Bill			01/27/11		54,804
	23,040,000		United States Treasury Bill			02/10/11		23,037
	42,000,000		United States Treasury Bill			02/17/11		41,993
	40,850,000		United States Treasury Bill			02/24/11		40,843
	28,445,000		United States Treasury Bill			03/03/11		28,437
	139,070,000		United States Treasury Bill			03/10/11		139,027
	100,000,000		United States Treasury Bill			03/17/11		99,961
	30,000,000		United States Treasury Bill			03/24/11		29,990
	31,110,000		United States Treasury Bill			04/14/11		31,095
	101,270,000		United States Treasury Bill			04/21/11		101,219
	40,000,000		United States Treasury Bill			04/28/11		39,976
	60,000,000		United States Treasury Bill			05/05/11		59,968
	100,000,000		United States Treasury Bill			05/12/11		99,937
	101,330,000		United States Treasury Bill			05/19/11		101,255
	34,540,000		United States Treasury Bill			05/26/11		34,517
	20,000,000		United States Treasury Bill			06/09/11		19,985
	20,000,000		United States Treasury Bill			06/16/11		19,984
	20,000,000		United States Treasury Bill			06/23/11		19,982
	47,750,000		United States Treasury Note	0.880	%	01/31/11		47,770
	143,830,000		United States Treasury Note	0.880		02/28/11		143,974
	145,000,000		United States Treasury Note	0.880		03/31/11		145,248
	192,875,000		United States Treasury Note	0.880		04/30/11		193,274
	112,500,000		United States Treasury Note	0.880		05/31/11		112,797
	100,000,000		United States Treasury Note	1.130		06/30/11		100,449
	32,000,000		United States Treasury Note	1.000		07/31/11		32,142
	26,000,000		United States Treasury Note	1.000		08/31/11		26,124
	20,000,000		United States Treasury Note	1.000		09/30/11		20,109
			TOTAL TREASURY DEBT					1,993,685
VARIABLE RATE NOTES - 7.5%
			Federal Farm Credit Bank (FFCB)
	40,000,000	i	FFCB	0.160		05/16/11		39,998
	45,000,000	i	FFCB	0.400		06/01/11		44,991

406

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	20,000,000	i	FFCB	0.290	%	06/17/11	$	20,003
	45,000,000	i	FFCB	0.260		07/15/11		44,999
			Federal Home Loan Bank (FHLB)
	25,000,000	i	FHLB	0.240		05/06/11		24,997
	50,000,000	i	FHLB	0.220		05/26/11		49,974
	90,000,000	i	FHLB	0.320		05/26/11		90,000
	90,000,000	i	FHLB	0.370		06/01/11		90,008
	120,000,000	i	FHLB	0.160		07/11/11		119,986
	100,000,000	i	FHLB	0.270		08/12/11		100,000
			Federal Home Loan Mortgage Corp (FHLMC)
	27,400,000	i	FHLMC	0.330		11/07/11		27,413
	151,500,000	i	FHLMC	0.180		11/09/11		151,404
	100,000,000	i	FHLMC	0.350		01/09/12		100,077
			TOTAL VARIABLE RATE NOTES					903,850
			TOTAL SHORT-TERM INVESTMENTS					12,054,732
			(Cost $12,054,732)
			TOTAL INVESTMENTS - 100.0%					12,054,732
			(Cost $12,054,732)
			OTHER ASSETS & LIABILITIES, NET - 0.0%					(1,047)
			NET ASSETS - 100.0%					$12,053,685
		i	Floating or variable rate security. Coupon rate reflects the rate at period end.
			Cost amounts are in thousands.

407

Report of Independent Registered Public Accounting Firm

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

We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the financial statements of the Stock Account, Global Equities Account, Growth Account, Equity Index Account, Bond Market Account, Inflation-Linked Bond Account, Social Choice Account and Money Market Account (constituting the College Retirement Equities Fund, hereafter referred to as the “Accounts”) as of December 31, 2010, and for each of the periods presented, and have issued our unqualified report thereon dated February 18, 2011 (which report and financial statements are included in Item 1 of this Certified Shareholder Report on Form N-CSR). Our audit included an audit of each of the Account’s schedule of investments in securities (the Schedules) as of December 31, 2010 appearing in Item 6 of this Form N-CSR. This Schedule is the responsibility of the Funds’ management. Our responsibility is to express an opinion on these Schedules based on our audits.

In our opinion, the Schedules referred to above, when read in conjunction with the financial statements of the Funds referred to above, present fairly, in all material respects, the information set forth therein.

/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Boston, Massachusetts
February 18, 2011

408

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which participants may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

12(a)(1) Copy of current code of ethics
12(a)(2)(i) Section 302 certification of the principal executive officer
12(a)(2)(ii) Section 302 certification of the principal financial officer
12(b) Section 906 certification of principal executive officer and principal financial officer

SIGNATURES

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

		COLLEGE RETIREMENT EQUITIES FUND
Date:	February 18, 2011	By:	/s/ Roger W. Ferguson, Jr.
			Roger W. Ferguson, Jr.
			President and Chief Executive Officer

          Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Date:	February 18, 2011	By:	/s/ Roger W. Ferguson, Jr.
			Roger W. Ferguson, Jr.
			President and Chief Executive Officer
			(principal executive officer)
Date:	February 18, 2011	By:	/s/ Virginia Wilson
			Virginia Wilson
			Executive Vice President and Chief Financial Officer
			(principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

12(a)(1) Copy of current SOX code of ethics for Senior Financial Officers
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.CODE ETH

Exhibit 12(a)(1)

TIAA AND TIAA-CREF FUNDS
CODE OF ETHICS
FOR
SENIOR FINANCIAL OFFICERS

Introduction

As noted in TIAA-CREF’s Code of Business Conduct:

TIAA-CREF is committed to the highest level of legal, ethical, and moral standards in the conduct of our business. This extends to every action we take in working with participants, educational institutions, and other business or investment organizations. Moreover, upholding high standards in dealing with others requires that we, as associates, act ethically and responsibly among ourselves. At the heart of ethical conduct is a commitment to serve others fairly and well.

The honesty, integrity and sound judgment of the principal executive officers, principal financial officers, principal accounting officers or controllers of TIAA and of the TIAA-CREF Funds (referred to herein collectively as the “Senior Financial Officers”) is fundamental to our reputation and success. Thus, in addition to complying with the Code of Business Conduct, each Senior Financial Officer is subject to this Code of Ethics.

Specific Provisions

Conflicts of Interest. Each Senior Finance Officer should avoid actual or apparent conflicts of interest between personal and professional relationships.

A “conflict of interest” occurs when a Senior Financial Officer’s private interest interferes with the interests of TIAA-CREF. For example, the Officer should not cause TIAA-CREF to take action, or fail to take action, for the personal benefit of the officer rather than the benefit of TIAA-CREF. Other conflicts could occur from outside business activities that detract from an individual’s ability to devote appropriate time and attention to TIAA-CREF. Any questions relating to potential conflict of interest situations should be discussed with the General Counsel.

Complete and Accurate Disclosures. Each Senior Financial Officer is required to be familiar, and comply, with TIAA-CREF’s disclosure controls and procedures so that TIAA-CREF’s documents filed with the SEC comply in all material respects with the applicable federal securities laws. In addition, each Senior Financial Officer having direct or supervisory authority regarding SEC filings or TIAA-CREF’s other public communications should, to the extent appropriate within his or her area of responsibility, consult with other TIAA-CREF officers and employees and take other appropriate steps

regarding these disclosures with the goal of making full, fair, accurate, timely and understandable disclosure.

Each Senior Financial Officer must:

• Familiarize himself or herself with the disclosure requirements applicable to TIAA-CREF as well as the business and financial operations of TIAA-CREF;

• Not knowingly misrepresent, or cause others to misrepresent, facts about TIAA-CREF to others, whether within or outside TIAA-CREF, including to TIAA-CREF’s internal auditors, independent Trustees, independent auditors, and to governmental regulators and self-regulatory organizations; and

• Adhere to the standards and restrictions imposed by applicable laws, rules and regulations, including those relating to affiliated transactions, accounting and auditing matters.

Reporting and Accountability. Each Senior Financial Officer must:

• Upon receipt of this Code of Ethics, sign and submit to the General Counsel an acknowledgement stating that he or she has received, read, and understands the Code;

• Annually thereafter submit a form to General Counsel confirming that he or she has received, read and understands the Code of Ethics and has complied with the requirements of the Code; and

• Notify the General Counsel promptly if he or she becomes aware of any existing or potential violation of this Code. Failure to do so is itself a violation of this Code.

Except as described otherwise below, the General Counsel is responsible for applying this Code to specific situations and has the authority to interpret this Code in any particular situation. The General Counsel shall take all action he considers appropriate to investigate any actual or potential violations reported to him.

The TIAA and TIAA-CREF Funds Audit Committees shall have the sole discretionary authority to approve any deviation or waiver from this Code of Ethics for their respective Senior Financial Officers. Any waiver, including an implicit waiver, shall be promptly disclosed as required either through an SEC filing or through a posting on TIAA-CREF’s Internet website. Such disclosure shall include a brief description of the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver. For purposes of such disclosure, the term “waiver” means the approval by the TIAA and TIAA-CREF Funds Audit Committee(s) of a material departure from a provision of this Code of Ethics, and the term “implicit waiver” means the Audit

Committee’s failure to take action within a reasonable period of time regarding a material departure from a provision of this Code of Ethics.

TIAA-CREF will promptly disclose any amendment to this Code of Ethics as required in accordance with the SEC’s rules.

EX-99.CERT

Exhibit 12(a)(2)(i)

CERTIFICATION

I, Roger W. Ferguson, Jr., certify that:

1. I have reviewed this report on Form N-CSR of the College Retirement Equities Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	February 18, 2011	By:	/s/ Roger W. Ferguson, Jr.
			Roger W. Ferguson, Jr.
			President and Chief Executive Officer
			(principal executive officer)

Exhibit 12(a)(2)(ii)

CERTIFICATION

I, Virginia Wilson, certify that:

1. I have reviewed this report on Form N-CSR of the College Retirement Equities Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	February 18, 2011	By:	/s/ Virginia Wilson
			Virginia Wilson
			Executive Vice President and Chief Financial Officer
			(principal financial officer)

EX-99.906 CERT

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 December 31, 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:   February 18, 2011	By:	/s/ Roger W. Ferguson, Jr.
		Roger W. Ferguson, Jr.
		President and Chief Executive Officer
		(principal executive officer)
Date:   February 18, 2011	By:	/s/ Virginia Wilson
		Virginia Wilson
		Executive Vice President and Chief Financial Officer
		(principal financial officer)